Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | BROOKLINE BANCORP INC | |
Entity Central Index Key | 1,049,782 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 80,316,597 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 34,713 | $ 25,622 |
Short-term investments | 49,743 | 35,383 |
Total cash and cash equivalents | 84,456 | 61,005 |
Investment securities available-for-sale | 558,357 | 540,124 |
Investment securities held-to-maturity (fair value of $114,810 and $108,523, respectively) | 117,352 | 109,730 |
Total investment securities | 675,709 | 649,854 |
Loans held-for-sale | 756 | 2,628 |
Total loans and leases | 6,114,461 | 5,730,679 |
Allowance for loan and lease losses | (58,714) | (58,592) |
Net loans and leases | 6,055,747 | 5,672,087 |
Restricted equity securities | 66,164 | 59,369 |
Premises and equipment, net of accumulated depreciation of $65,150 and $63,423, respectively | 80,268 | 80,283 |
Deferred tax asset | 19,198 | 15,061 |
Goodwill | 160,896 | 137,890 |
Identified intangible assets, net of accumulated amortization of $34,205 and $33,738, respectively | 7,697 | 6,044 |
Other real estate owned (OREO) and repossessed assets, net | 3,963 | 4,419 |
Other assets | 93,260 | 91,609 |
Total assets | 7,248,114 | 6,780,249 |
Deposits: | ||
Demand checking accounts | 987,153 | 942,583 |
Interest-bearing deposits: | ||
NOW accounts | 342,374 | 350,568 |
Savings accounts | 637,920 | 646,359 |
Money market accounts | 1,862,351 | 1,724,363 |
Certificate of deposit accounts | 1,361,722 | 1,207,470 |
Total interest-bearing deposits | 4,204,367 | 3,928,760 |
Total deposits | 5,191,520 | 4,871,343 |
Borrowed funds: | ||
Advances from the Federal Home Loan Bank of Boston (FHLBB) | 982,533 | 889,909 |
Subordinated debentures and notes | 83,311 | 83,271 |
Other borrowed funds | 33,585 | 47,639 |
Total borrowed funds | 1,099,429 | 1,020,819 |
Mortgagors' escrow accounts | 8,395 | 7,686 |
Accrued expenses and other liabilities | 74,024 | 67,818 |
Total liabilities | 6,373,368 | 5,967,666 |
Commitments and contingencies | ||
Brookline Bancorp, Inc. stockholders' equity: | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 81,695,695 shares issued, respectively | 852 | 817 |
Additional paid-in capital | 755,843 | 699,976 |
Retained earnings, partially restricted | 172,934 | 161,217 |
Accumulated other comprehensive loss | (11,666) | (5,950) |
Treasury stock, at cost; 4,401,333 shares and 4,440,665 shares, respectively | (51,454) | (51,454) |
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 134,238 shares and 142,332 shares, respectively | (732) | (776) |
Total Brookline Bancorp, Inc. stockholders' equity | 865,777 | 803,830 |
Noncontrolling interest in subsidiary | 8,969 | 8,753 |
Total stockholders' equity | 874,746 | 812,583 |
Total liabilities and stockholders' equity | 7,248,114 | 6,780,249 |
Commercial real estate loans | ||
ASSETS | ||
Total loans and leases | 3,240,258 | 3,075,777 |
Commercial loans and leases | ||
ASSETS | ||
Total loans and leases | 1,707,002 | 1,624,111 |
Consumer loans | ||
ASSETS | ||
Total loans and leases | $ 1,167,201 | $ 1,030,791 |
Unaudited Consolidated Balance3
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 114,810 | $ 108,523 |
Premises and equipment, accumulated depreciation and amortization | 65,150 | 63,423 |
Identified intangible assets, accumulated amortization | $ 34,205 | $ 33,738 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 85,177,172 | 81,695,695 |
Treasury stock, shares | 4,401,333 | 4,440,665 |
Unallocated common stock held by ESOP, shares | 134,238 | 142,332 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Interest and dividend income: | ||
Loans and leases | $ 67,272 | $ 58,558 |
Debt securities | 3,323 | 3,000 |
Marketable and restricted equity securities | 924 | 726 |
Short-term investments | 120 | 67 |
Total interest and dividend income | 71,639 | 62,351 |
Interest expense: | ||
Deposits | 7,099 | 5,080 |
Borrowed funds | 5,049 | 4,173 |
Total interest expense | 12,148 | 9,253 |
Net interest income | 59,491 | 53,098 |
Provision for credit losses | 641 | 13,402 |
Net interest income after provision for credit losses | 58,850 | 39,696 |
Non-interest income: | ||
Deposit fees | 2,463 | 2,252 |
Loan fees | 290 | 261 |
Loan level derivative income, net | 866 | 402 |
Gain on sales of investment securities, net | 1,162 | 11,393 |
Gain on sales of loans and leases held-for-sale | 299 | 353 |
Other | 1,088 | 1,247 |
Total non-interest income | 6,168 | 15,908 |
Non-interest expense: | ||
Compensation and employee benefits | 22,314 | 19,784 |
Occupancy | 3,959 | 3,645 |
Equipment and data processing | 4,618 | 4,063 |
Professional services | 1,144 | 1,106 |
FDIC insurance | 635 | 855 |
Advertising and marketing | 1,057 | 817 |
Amortization of identified intangible assets | 467 | 532 |
Merger and acquisition expense | 2,905 | 0 |
Other | 2,839 | 2,954 |
Total non-interest expense | 39,938 | 33,756 |
Income before provision for income taxes | 25,080 | 21,848 |
Provision for income taxes | 5,652 | 7,835 |
Net income before noncontrolling interest in subsidiary | 19,428 | 14,013 |
Less net income attributable to noncontrolling interest in subsidiary | 795 | 568 |
Net income attributable to Brookline Bancorp, Inc. | $ 18,633 | $ 13,445 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.24 | $ 0.19 |
Diluted (in dollars per share) | $ 0.24 | $ 0.19 |
Weighted average common shares outstanding during the year: | ||
Basic (in shares) | 77,879,593 | 70,386,766 |
Diluted (in shares) | 78,167,800 | 70,844,096 |
Dividends declared per common share (in dollars per share) | $ 0.10 | $ 0.09 |
Unaudited Consolidated Stateme5
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interest in subsidiary | $ 19,428 | $ 14,013 |
Investment securities available-for-sale: | ||
Unrealized securities holding (losses) gains | (7,401) | 870 |
Income tax expense (benefit) | 1,632 | (313) |
Net unrealized securities holding (losses) gains before reclassification adjustments, net of taxes | (5,769) | 557 |
Less reclassification adjustments for securities gains included in net income: | ||
Loss on sales of securities, net | (68) | 0 |
Income tax expense | 15 | 0 |
Net reclassification adjustments for securities gains included in net income | (53) | 0 |
Net unrealized securities holding (losses) gains | (5,716) | 557 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax [Abstract] | ||
Adjustment of accumulated obligation for postretirement benefits | 0 | 0 |
Income tax expense | 0 | 0 |
Net adjustment of accumulated obligation for postretirement benefits | 0 | 0 |
Other comprehensive (loss) income, net of taxes | (5,716) | 557 |
Comprehensive income | 13,712 | 14,570 |
Net income attributable to noncontrolling interest in subsidiary | 795 | 568 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $ 12,917 | $ 14,002 |
Unaudited Consolidated Stateme6
Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Unallocated Common Stock Held by ESOP | Total Brookline Bancorp, Inc. Stockholders' Equity | Noncontrolling Interest in Subsidiary |
Balance at Dec. 31, 2016 | $ 702,749 | $ 757 | $ 616,734 | $ 136,671 | $ (3,818) | $ (53,837) | $ (963) | $ 695,544 | $ 7,205 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income attributable to Brookline Bancorp, Inc. | 13,445 | 13,445 | 13,445 | ||||||
Net income attributable to noncontrolling interest in subsidiary | 568 | 568 | |||||||
Issuance of noncontrolling units | 118 | 118 | |||||||
Other comprehensive income (loss) | 557 | 557 | 557 | ||||||
Common stock dividends | 0 | 0 | 0 | ||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (6,865) | (6,350) | (6,350) | (515) | |||||
Compensation under recognition and retention plan | 559 | 559 | 0 | 559 | |||||
Common stock held by ESOP committed to be released | 118 | 71 | 47 | 118 | |||||
Balance at Mar. 31, 2017 | 711,249 | 757 | 617,364 | 143,766 | (3,261) | (53,837) | (916) | 703,873 | 7,376 |
Balance at Dec. 31, 2017 | 812,583 | 817 | 699,976 | 161,217 | (5,950) | (51,454) | (776) | 803,830 | 8,753 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income attributable to Brookline Bancorp, Inc. | 18,633 | 18,633 | 18,633 | ||||||
Net income attributable to noncontrolling interest in subsidiary | 795 | 795 | |||||||
Common stock issued for acquisition | 55,181 | 35 | 55,181 | ||||||
Issuance of noncontrolling units | 129 | 129 | |||||||
Other comprehensive income (loss) | (5,716) | (5,716) | (5,716) | ||||||
Common stock dividends | (6,916) | (6,916) | (6,916) | ||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (708) | (708) | |||||||
Compensation under recognition and retention plan | 633 | 633 | 0 | 633 | |||||
Common stock held by ESOP committed to be released | 132 | 88 | 44 | 132 | |||||
Balance at Mar. 31, 2018 | $ 874,746 | $ 852 | $ 755,843 | $ 172,934 | $ (11,666) | $ (51,454) | $ (732) | $ 865,777 | $ 8,969 |
Unaudited Consolidated Stateme7
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends, per share (in dollars per share) | $ 0.09 | $ 0.09 |
Common stock held by ESOP committed to be released, shares | 8,094 | 8,589 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income attributable to Brookline Bancorp, Inc. | $ 18,633 | $ 13,445 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Net income attributable to noncontrolling interest in subsidiary | 795 | 568 |
Provision for credit losses | 641 | 13,402 |
Origination of loans and leases held-for-sale | (7,198) | (8,493) |
Proceeds from sales of loans and leases held-for-sale, net | 9,362 | 13,246 |
Deferred income tax benefit | (2,520) | (4,925) |
Depreciation of premises and equipment | 1,801 | 1,795 |
Amortization of investment securities premiums and discounts, net | 507 | 416 |
Amortization of deferred loan and lease origination costs, net | 1,625 | 1,626 |
Amortization of identified intangible assets | 467 | 532 |
Amortization of debt issuance costs | 25 | 25 |
Amortization (accretion) of acquisition fair value adjustments, net | 1,185 | (617) |
Gain on sales of investment securities, net | (1,162) | (11,393) |
Gain on sales of loans and leases held-for-sale | (299) | (353) |
Gain on sales of OREO and other repossessed assets, net | 0 | (10) |
Write-down of OREO and other repossessed assets | 197 | 56 |
Compensation under recognition and retention plans | 682 | 579 |
ESOP shares committed to be released | 132 | 118 |
Net change in: | ||
Cash surrender value of bank-owned life insurance | (254) | (256) |
Other assets | (1,397) | 1,986 |
Accrued expenses and other liabilities | 6,143 | (2,781) |
Net cash provided from (used for) operating activities | 29,365 | 18,966 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 1,470 | 11,515 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 21,632 | 19,592 |
Purchases of investment securities available-for-sale | (49,108) | (23,935) |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 1,158 | 1,300 |
Proceeds from redemption/sales of restricted equity securities | 1,230 | 0 |
Purchases of investment securities held-to-maturity | (8,915) | (14,873) |
Purchase of restricted equity securities | (6,795) | (3,676) |
Proceeds from sales of loans and leases held-for-investment, net | 285 | 698 |
Net increase in loans and leases | (386,752) | (59,893) |
Acquisitions, net of cash and cash equivalents acquired | (25,126) | 0 |
Purchase of premises and equipment, net | (1,827) | (2,659) |
Proceeds from sales of OREO and other repossessed assets | 853 | 413 |
Net cash used for investing activities | (451,895) | (71,518) |
Cash flows from financing activities: | ||
Increase (decrease) in demand checking, NOW, savings and money market accounts | 165,925 | (8,798) |
Increase in certificates of deposit | 153,091 | 49,625 |
Proceeds from FHLBB advances | 3,250,390 | 1,294,000 |
Repayment of FHLBB advances | (3,157,766) | (1,274,259) |
Decrease in other borrowed funds, net | (14,054) | (6,570) |
Increase in mortgagors' escrow accounts, net | 709 | 387 |
Common stock issued for acquisition | 55,181 | 0 |
Payment of dividends on common stock | (6,916) | (6,350) |
Proceeds from issuance of noncontrolling units | 129 | 118 |
Payment of dividends to owners of noncontrolling interest in subsidiary | (708) | (515) |
Net cash (used for) provided from used for financing activities | 445,981 | 47,638 |
Net increase (decrease) in cash and cash equivalents | 23,451 | (4,914) |
Cash and cash equivalents at beginning of period | 61,005 | 67,657 |
Cash and cash equivalents at end of period | 84,456 | 62,743 |
Cash paid during the period for: | ||
Interest on deposits, borrowed funds and subordinated debt | 12,880 | 10,789 |
Income taxes | 928 | 4,861 |
Non-cash investing activities: | ||
Transfer from loans and leases held-for-sale to loans and leases | 0 | 7,500 |
Transfer from loans to other real estate owned | 594 | 1,346 |
Acquisition of First Commons Bank, N.A.: | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 292,025 | 0 |
Fair value of liabilities assumed | $ 278,988 | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered savings bank; Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution; and First Ipswich Bank ("First Ipswich"), a Massachusetts-chartered trust company (collectively referred to as the "Banks"). The Banks are all members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through the Banks and its non-bank subsidiaries. On March 1, 2018, the Company completed the acquisition of First Commons Bank, N.A. ("First Commons Bank"). First Commons Bank was merged with and into Brookline Bank. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. ("LSC") and its 84.1% -owned subsidiary, Eastern Funding LLC ("Eastern Funding"), operates 27 full-service banking offices in the greater Boston metropolitan area, including two additional branches from the First Commons Bank acquisition. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., Macrolease Corporation ("Macrolease"), BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence, Rhode Island area. First Ipswich, which includes its wholly-owned subsidiaries First Ipswich Insurance Agency and First Ipswich Securities II Corp., operates six full-service banking offices on the north shore of eastern Massachusetts. The Company's activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in all New England states, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries Eastern Funding, which is based in New York City, New York, and Macrolease, which is based in Plainview, New York. The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System ("FRB"). As a Massachusetts-chartered savings bank and trust company respectively, Brookline Bank and First Ipswich are also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks. As a Rhode Island-chartered financial institution, BankRI is subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation. The Federal Deposit Insurance Corporation ("FDIC") offers insurance coverage on all deposits up to $250,000 per depositor at each of the Banks. As FDIC-insured depository institutions, the Banks are also secondarily subject to supervision, examination and regulation by the FDIC. Additionally, as a Massachusetts-chartered savings bank, the deposits of Brookline Bank are insured by the Depositors Insurance Fund ("DIF"), a private industry-sponsored insurance company. The DIF insures savings bank deposits in excess of the FDIC insurance limits. As such, Brookline Bank offers 100% insurance on all deposits as a result of a combination of insurance from the FDIC and the DIF. Brookline Bank is required to file reports with the DIF. Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of Management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, Management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowances. The judgments used by Management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. Recent Accounting Pronouncements In February 2018, FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU was issued to add improvements to update ASU 2016-01 to increase stakeholders’ awareness of the amendments and to expedite the improvements. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017 and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. Management has determined that ASU 2018-03 does apply, but has not determined the impact, if any, as of March 31, 2018. In February 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" was issued to address a narrow-scope financial reporting issue that arose as a consequence of the change in the tax law. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Tax Reform Act”). The ASU No. 2018-02 requires a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate of 35 percent and the newly enacted 21 percent corporate income tax rate. The ASU No. 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period, for (i) public business entities for reporting periods for which financial statements have not yet been issued and (ii) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The changes are required to be applied retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 is recognized. Management early adopted this ASU as of December 31, 2017, which resulted in the reclassification from accumulated other comprehensive loss to retained earnings totaling $1.1 million , reflected in the Consolidated Statements of Changes in Stockholders' Equity. In November 2017, the FASB issued ASU 2017-14, Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403. This ASU was issued to amend certain SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No.116 and SEC Release No. 33-10403, which bring existing guidance into conformity with Topic 606, Revenue from Contract with Customers. The ASU was effective for annual periods beginning after December 15, 2017. Management has determined that this ASU does apply as of January 1, 2018 and has determined the impact to be immaterial as of March 31, 2018 . In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. FASB issued this Update to address the diversity in practice as well as the cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation, to a change to the terms or conditions of a share-based payment award. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017. Management has determined that this ASU does apply as of January 1, 2018 and has determined the impact to be immaterial as of March 31, 2018 . In March 2017, the FASB issued Accounting Standards Update ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). This ASU was issued primarily to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. This ASU is effective for annual reporting periods beginning after December 15, 2017. Management has determined that this ASU does apply as of January 1, 2018 and has determined the impact to be immaterial as of March 31, 2018 . In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This ASU was issued to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and application should be on a prospective basis. Management has evaluated this ASU and as of December 31, 2017, the Company has adopted the ASU and determined the impact to be immaterial as of March 31, 2018 . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This ASU was issued to provide clarification and uniformity on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows under Topic 230. Early adoption is permitted as of the fiscal years beginning after December 15, 2017, for public entities that file with the SEC. The Company adopted ASU 2016-15 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The intent of this ASU is to replace the current GAAP method of calculating credit losses. Current GAAP uses a higher threshold at which likely losses can be calculated and recorded. The new process will require institutions to account for likely losses that originally would not have been part of the calculation. The calculation will incorporate future forecasting in addition to historical and current measures. For public entities that file with the SEC, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU must be applied prospectively to debt securities marked as other than temporarily impaired. A retrospective approach will be applied cumulatively to retained earnings. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of March 31, 2018 . In preparation for the adoption in 2020 of this ASU, management formed a steering committee to oversee the adoption of ASU 2016-13. The steering committee along with a project team has developed an approach for implementation and has selected a third party software service provider. The project team is in the testing phase of the third party software. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU was issued as part of the FASB Simplification Initiative which intends to reduce the complexity of GAAP while improving usefulness to users. The ASU was effective for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods with early adoption available. The Company adopted ASU 2016-09 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to record most leases on their balance sheet but recognize expenses on their income statements in a manner similar to current accounting. This ASU also eliminates current real estate-specific provisions for all companies. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. Management believes that this ASU applies and has not determined the impact, if any, as of March 31, 2018 . Management has met to discuss the impact and will assemble a project team to assess steps required for adoption. The steps will include a review of third party lease software service providers. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. This ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods therein. Management has determined that ASU 2016-01 does apply as of January 1, 2018 and management has determined the impact to be immaterial as of March 31, 2018 . Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), was issued in May 2014 and provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. As issued, ASU 2014-09 was effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, Accounting Standards Update No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”) was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. In 2016, Accounting Standards Update No. 2016-08, “Principal versus Agent Considerations” (“ASU 2016-08”), Accounting Standards Update No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”) and Accounting Standards Update No. 2016-12, “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) were issued. These ASUs did not change the core principle for revenue recognition in Topic 606; instead, the amendments provided more detailed guidance in a few areas and additional implementation guidance and examples to reduce the degree of judgment necessary to comply with Topic 606. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 were the same as those provided by ASU 2015-14. Management assembled a project team to address the changes pursuant to Topic 606. The project team completed a scope assessment and contract review for in-scope revenue streams. Topic 606 did not apply to several income generating streams. Management excluded from their analysis, income associated with financial instruments, gains on sale of investment securities and loans, gains on Low Income Housing Tax Credits ("LIHTC") and loan level derivative income. Revenue streams that were included were service charges on deposit accounts, loan fees, and income received through a third party relationship. Management adopted the provisions of ASU 2014-09 effective January 1, 2018, using the modified retrospective transition method. The adoption did not have a material impact on the Company's consolidated financial statements. See Note 13, "Revenue from Contracts with Customers," for further details. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions First Commons Bank, N.A. On March 1, 2018, the Company completed the acquisition (the “Transaction”) of First Commons Bank. First Commons Bank was merged with and into the Company’s subsidiary bank, Brookline Bank. First Commons Bank has two branch locations in Newton Centre and Wellesley, Massachusetts. These branch locations are expected to be closed on June 1, 2018 and consolidated into Brookline Bank’s existing branch locations in Newton Centre and Wellesley, Massachusetts. The Transaction qualified as a tax-free reorganization for federal income tax purposes. The total Transaction consideration was $56.0 million . First Commons Bank stockholders received, for each share of First Commons Bank common stock, the right to receive 1.089 shares of the Company’s common stock with cash in lieu of fractional shares, options, and warrants, resulting in a total cash consideration payment of $851 thousand and an increase to the Company’s outstanding shares of 3,481,477 shares. The Company accounted for the Transaction using the estimated fair value of assets and liabilities assumed as of the acquisition date. The excess of consideration paid over the fair value of identifiable net assets was recorded as goodwill in the consolidated financial statements. Accordingly, the Company recorded merger and acquisition expenses of $2.9 million for the three months ended March 31, 2018. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition: Net Assets Acquired at Fair Value (In Thousands) ASSETS Cash $ 42,995 Restricted stock 1,884 Loans 262,095 Premises and equipment 583 Goodwill 23,005 Core deposit and other intangibles 2,122 Other assets 2,336 Total assets acquired 335,020 LIABILITIES Deposits 273,701 Borrowings 5,000 Other liabilities 287 Total liabilities assumed 278,988 Purchase price $ 56,032 Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Cash and Cash Equivalents The fair values of cash and cash equivalents approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities. Restricted Stock The fair value of restricted stock approximate the respective carrying amount. The stock is comprised of $880 thousand of FHLBB stock and $1.0 million of FRB stock. These amounts were transferred to the Brookline Bank name at each respective institution. Loans The loans acquired were recorded at fair value without a carryover of the allowance for loan losses. There were no credit related issues with the acquired portfolio. For the loan purchase accounting, management used the following assumptions: no specific credit mark valuations as determined by the Company's Credit Risk Management; segregation of portfolio into certain loan categories; loan level valuations versus a pooled approach; prepayment rate assumptions and market discount rates. The Company recorded a $1.6 million discount from the results of the loan accounting valuation. There was $27 thousand of accretion recorded as of March 31, 2018. Deposits - Core Deposit Intangible ("CDI") Accounts included in the CDI include demand deposits, NOW accounts, money market accounts and savings accounts. The fair value of the core deposit intangible was derived from using the following assumptions: account retention rates, alternative cost of funds, effective cost of funds, cost savings, present value of annual net cost savings and market discount rate. The Company recorded a $2.1 million CDI from the results of the deposit valuation. There was $41 thousand of amortization recorded as of March 31, 2018. Certificate of Deposits The certificates of deposits were recorded at fair value. The determination of the fair value was calculated using a discounted cash flow analysis, which involved present valuing the contractual payments over the remaining life of the certificate of deposit at market based-rates. The Company recorded a $1.2 million discount from the results of the certificate of deposit valuation. There was $82 thousand of accretion recorded as of March 31, 2018. Borrowings The borrowings at acquisition typically require a fair market valuation performed as of the acquisition date. The difference between the current recorded balance and the fair market value will be reflected as a fair value mark. The Company’s Treasury team performed two valuations to review the fair value mark. After reviewing the results, the fair value mark was immaterial and management decided not to record any fair market value adjustment on the acquired borrowings. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: At March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 184,760 $ 71 $ 3,863 $ 180,968 GSE CMOs 125,061 18 5,382 119,697 GSE MBSs 197,083 231 5,129 192,185 SBA commercial loan asset-backed securities 70 — 1 69 Corporate debt obligations 56,784 5 917 55,872 U.S. Treasury bonds 8,794 — 197 8,597 Trust preferred securities — — — — Marketable equity securities 980 6 17 969 Total investment securities available-for-sale $ 573,532 $ 331 $ 15,506 $ 558,357 Investment securities held-to-maturity: GSE debentures $ 50,529 $ 4 $ 1,358 $ 49,175 GSEs MBSs 13,344 — 340 13,004 Municipal obligations 52,979 11 856 52,134 Foreign government obligations 500 — 3 497 Total investment securities held-to-maturity $ 117,352 $ 15 $ 2,557 $ 114,810 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 151,483 $ 70 $ 1,629 $ 149,924 GSE CMOs 131,082 27 4,087 127,022 GSE MBSs 191,281 354 2,322 189,313 SBA commercial loan asset-backed securities 73 — 1 72 Corporate debt obligations 62,811 110 238 62,683 U.S. Treasury bonds 8,785 7 62 8,730 Trust preferred securities 1,471 — 73 1,398 Marketable equity securities 978 13 9 982 Total investment securities available-for-sale $ 547,964 $ 581 $ 8,421 $ 540,124 Investment securities held-to-maturity: GSE debentures $ 41,612 $ — $ 811 $ 40,801 GSEs MBSs 13,923 — 218 13,705 Municipal obligations 53,695 159 337 53,517 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 109,730 $ 159 $ 1,366 $ 108,523 As of March 31, 2018 , the fair value of all investment securities available-for-sale was $558.4 million , with net unrealized losses of $15.2 million , compared to a fair value of $540.1 million and net unrealized losses of $7.8 million as of December 31, 2017 . As of March 31, 2018 , $512.1 million , or 91.7% of the portfolio, had gross unrealized losses of $15.5 million , compared to $ 469.2 million , or 86.9% of the portfolio, with gross unrealized losses of $8.4 million as of December 31, 2017 . As of March 31, 2018 , the fair value of all investment securities held-to-maturity was $114.8 million , with net unrealized losses of $2.5 million , compared to a fair value of $108.5 million with net unrealized losses of $1.2 million as of December 31, 2017 . As of March 31, 2018 , $109.0 million , or 95.0% of the portfolio, had gross unrealized losses of $2.6 million . There were $92.9 million , or 85.6% of the portfolio, with gross unrealized losses of $1.4 million as of December 31, 2017 . Investment Securities as Collateral As of March 31, 2018 and December 31, 2017 , respectively, $463.1 million and $431.2 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of March 31, 2018 and December 31, 2017 . Other-Than-Temporary Impairment ("OTTI") Investment securities as of March 31, 2018 and December 31, 2017 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At March 31, 2018 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 143,716 $ 3,284 $ 12,256 $ 579 $ 155,972 $ 3,863 GSE CMOs 2,614 64 116,505 5,318 119,119 5,382 GSE MBSs 109,406 2,250 70,625 2,879 180,031 5,129 SBA commercial loan asset-backed securities 32 — 31 1 63 1 Corporate debt obligations 45,522 761 2,350 156 47,872 917 U.S. Treasury bonds 8,597 197 — — 8,597 197 Trust preferred securities — — — — — — Marketable equity securities — — 495 17 495 17 Temporarily impaired investment securities available-for-sale 309,887 6,556 202,262 8,950 512,149 15,506 Investment securities held-to-maturity: GSE debentures 32,196 628 14,007 730 46,203 1,358 GSEs MBSs 1,872 34 11,081 306 12,953 340 Municipal obligations 42,717 591 6,644 265 49,361 856 Foreign government obligations — — 497 3 497 3 Temporarily impaired investment securities held-to-maturity 76,785 1,253 32,229 1,304 109,014 2,557 Total temporarily impaired investment securities $ 386,672 $ 7,809 $ 234,491 $ 10,254 $ 621,163 $ 18,063 December 31, 2017 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 120,409 $ 1,263 $ 12,481 $ 366 $ 132,890 $ 1,629 GSE CMOs 2,862 34 123,548 4,053 126,410 4,087 GSE MBSs 94,985 753 74,782 1,569 169,767 2,322 SBA commercial loan asset-backed securities 34 — 33 1 67 1 Corporate debt obligations 30,978 154 2,423 84 33,401 238 U.S. Treasury bonds 4,767 62 — — 4,767 62 Trust preferred securities — — 1,398 73 1,398 73 Marketable equity securities — — 503 9 503 9 Temporarily impaired investment securities available-for-sale 254,035 2,266 215,168 6,155 469,203 8,421 Investment securities held-to-maturity: GSE debentures 26,594 281 14,208 530 40,802 811 GSEs MBSs 1,996 15 11,674 203 13,670 218 Municipal obligations 30,542 235 7,408 102 37,950 337 Foreign government obligations — — 500 — 500 — Temporarily impaired investment securities held-to-maturity 59,132 531 33,790 835 92,922 1,366 Total temporarily impaired investment securities $ 313,167 $ 2,797 $ 248,958 $ 6,990 $ 562,125 $ 9,787 The Company performs regular analysis of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is OTTI. In making these OTTI determinations, management considers, among other factors, the length of time and extent to which the fair value has been less than amortized cost; projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers. Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a decline in fair value is OTTI and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's unaudited consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the OTTI impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a decline in fair value is OTTI and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's unaudited consolidated statement of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were OTTI as of March 31, 2018 . Based on the analysis below and the determination that, it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not OTTI as of March 31, 2018 . If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional OTTI in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by U.S. Government-sponsored enterprises ("GSEs"), including GSE debentures, mortgage-backed securities ("MBSs"), and collateralized mortgage obligations ("CMOs"). GSE securities include obligations issued by the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Government National Mortgage Association ("GNMA"), the FHLBB and the Federal Farm Credit Bank. As of March 31, 2018 , only GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities in our available-for-sale portfolio with an estimated fair value of $23.1 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $23.7 million as of December 31, 2017 . As of March 31, 2018 , the Company owned 60 GSE debentures with a total fair value of $181.0 million , and a net unrealized loss of $3.8 million . As of December 31, 2017 , the Company held 48 GSE debentures with a total fair value of $149.9 million , with a net unrealized loss of $1.6 million . As of March 31, 2018 , 51 of the 60 securities in this portfolio were in an unrealized loss position. As of December 31, 2017 , 43 of the 48 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S Government. During the three months ended March 31, 2018 , the Company purchased a total of $33.9 million GSE debentures. This compares to $23.9 million purchased during the same period in 2017 . As of March 31, 2018 , the Company owned 62 GSE CMOs with a total fair value of $119.7 million and a net unrealized loss of $5.4 million . As of December 31, 2017 , the Company held 62 GSE CMOs with a total fair value of $127.0 million with a net unrealized loss of $4.1 million . As of March 31, 2018 , 47 of the 62 securities in this portfolio were in an unrealized loss position. As of December 31, 2017 , 47 of the 62 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the three months ended March 31, 2018 and 2017, the Company did no t purchase any GSE CMOs. As of March 31, 2018 , the Company owned 195 GSE MBSs with a total fair value of $192.2 million and a net unrealized loss of $4.9 million . As of December 31, 2017 , the Company held 194 GSE MBSs with a total fair value of $189.3 million with a net unrealized loss of $2.0 million . As of March 31, 2018 , 94 of the 195 securities in this portfolio were in an unrealized loss position. As of December 31, 2017 , 82 of the 194 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the three months ended March 31, 2018 , the Company purchased a total of $15.2 million GSE MBSs, as compared to the same period in 2017 , when the Company did no t purchased any GSE MBSs. SBA Commercial Loan Asset-Backed As of March 31, 2018 , the Company owned five SBA securities with a total fair value of $0.1 million , which approximated amortized cost. As of December 31, 2017 , the Company owned five SBA securities with a total fair value of $0.1 million , which approximated amortized cost. As of March 31, 2018 , four of the five securities in this portfolio were in an unrealized loss position. As of December 31, 2017 , four of the five securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the explicit guarantee of the U.S Government. During the three months ended March 31, 2018 and 2017 , the Company did no t purchase any SBA securities. Corporate Obligations The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of March 31, 2018 , the Company held 17 corporate obligation securities with a total fair value of $55.9 million and a net unrealized loss of $0.9 million . As of December 31, 2017 , the Company held 19 corporate obligation securities with a total fair value of $62.7 million and a net unrealized loss of $0.1 million . As of March 31, 2018 , 14 of the 17 securities in this portfolio were in an unrealized loss position. As of December 31, 2017 , nine of the nineteen securities in this portfolio were in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the three months ended March 31, 2018 and 2017 , the Company did no t purchase any corporate obligations. U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of March 31, 2018 , the Company owned two U.S. Treasury bonds with a total fair value of $8.6 million and an unrealized loss of $0.2 million . This compares to two U.S. Treasury bonds with a total fair value of $8.7 million and an unrealized loss of $0.1 million as of December 31, 2017 . During the three months ended March 31, 2018 and 2017 , the Company did no t purchase any U.S. Treasury bonds. Trust Preferred Securities Trust preferred securities represent subordinated debt issued by financial institutions. As of March 31, 2018 , the Company sold the remaining two trust preferred securities with a total fair value of $1.4 million and a realized loss of $0.1 million . This compares to two trust preferred securities with a total fair value of $1.4 million and an unrealized loss of $0.1 million as of December 31, 2017 . Marketable Equity Securities From time to time, the Company will invest in mutual funds for community reinvestment purposes. As of March 31, 2018 and December 31, 2017 , the Company owned two marketable equity securities with a fair value of $1.0 million , which approximated amortized cost. As of March 31, 2018 and December 31, 2017 , one of the two securities in this portfolio was in an unrealized loss position. During the three months ended March 31, 2018 and 2017 , the Company did no t purchase any marketable equity securities. Investment Securities Held-to-Maturity Impairment Analysis The following discussion summarizes by investment security type, the basis for evaluating if the applicable investment securities within the Company's held-to-maturity portfolio were OTTI at March 31, 2018 . Management has the ability and the intent to hold the securities until maturity. U.S. Government-Sponsored Enterprises As of March 31, 2018 , the Company owned 17 GSE debentures with a total fair value of $49.2 million and a net unrealized loss of $1.4 million . As of December 31, 2017 , the Company owned 14 GSE debentures with a total fair value of $40.8 million and an unrealized loss of $0.8 million . As of March 31, 2018 , 16 of the 17 securities in this portfolio were in an unrealized loss position. At December 31, 2017 , all 14 of the securities in this portfolio were in unrealized loss positions. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the three months ended March 31, 2018 and 2017 , the Company purchased a total of $8.9 million and $14.9 million in GSE debentures, respectively. As of March 31, 2018 , the Company owned 11 GSE MBSs with a total fair value of $13.0 million and an unrealized loss of $0.3 million . As of December 31, 2017 , the Company owned 11 GSE MBSs with a total fair value of $13.7 million and an unrealized loss of $0.2 million . As of March 31, 2018 and December 31, 2017 , eight of the eleven securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the three months ended March 31, 2018 and 2017, the Company did no t purchase any GSE MBSs. Municipal Obligations The Company invests in certain state and municipal securities with high credit ratings for portfolio diversification and tax planning purposes. As of March 31, 2018 , the Company owned 100 municipal obligation securities with a total fair value of $52.1 million and and a net unrealized loss of $0.8 million . As of December 31, 2017 , the Company owned 100 municipal obligation securities with a total fair value of $53.5 million and an unrealized loss of $0.2 million . As of March 31, 2018 , 93 of the 100 securities in this portfolio were in an unrealized loss position as compared to December 31, 2017 , when 69 of the 100 securities were in an unrealized loss position. During the three months ended March 31, 2018 and 2017, the Company did no t purchase any municipal obligations. Foreign Government Obligations As of March 31, 2018 and December 31, 2017 , the Company owned one foreign government obligation security with a fair value of $0.5 million , which approximated cost. As of March 31, 2018 and December 31, 2017 respectively, the security was in an unrealized loss position. During the three months ended March 31, 2018 and 2017, the Company did not purchase any foreign government obligations. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At March 31, 2018 At December 31, 2017 Amortized Cost Estimated Fair Value Weighted Average Rate Amortized Cost Estimated Fair Value Weighted Average Rate (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 25,290 $ 25,250 2.23 % $ 23,612 $ 23,652 2.27 % After 1 year through 5 years 162,284 159,464 2.13 % 142,772 142,029 2.05 % After 5 years through 10 years 146,756 142,749 2.15 % 136,746 134,978 2.06 % Over 10 years 238,222 229,925 2.15 % 243,856 238,483 2.06 % $ 572,552 $ 557,388 2.15 % $ 546,986 $ 539,142 2.07 % Investment securities held-to-maturity: Within 1 year $ 1,470 $ 1,463 1.00 % $ 918 $ 916 0.78 % After 1 year through 5 years 60,727 59,838 1.80 % 58,335 57,939 1.74 % After 5 years through 10 years 41,863 40,556 1.98 % 36,589 35,998 1.79 % Over 10 years 13,292 12,953 2.23 % 13,888 13,670 1.98 % $ 117,352 $ 114,810 1.90 % $ 109,730 $ 108,523 1.78 % Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows. As of March 31, 2018 , issuers of debt securities with an estimated fair value of $30.8 million had the right to call or prepay the obligations. Of the $30.8 million , approximately $17.7 million matures in 1 - 5 years, $13.1 million matures in 6 - 10 years, and none mature after ten years. As of December 31, 2017 , issuers of debt securities with an estimated fair value of approximately $58.8 million had the right to call or prepay the obligations. Of the $58.8 million , $32.7 million matures in 1-5 years, $25.2 million matures in 6-10 years, and $0.9 million matures after ten years. Security Sales On February 3, 2017, the Company, through BSC, received $319 in cash and 14.876 shares of Community Bank Systems, Inc. (“CBU”) common stock in exchange for each of the 9,721 shares of Northeast Retirement Services, Inc. (“NRS”) stock held by BSC. The exchange was completed in accordance with the merger agreement entered into between NRS and CBU. As part of the merger agreement, the Company was restricted to selling 5,071 shares of CBU per day in the open market. During the quarter ended March 31, 2017, the Company completed the sale of all the CBU shares required in the merger. When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The table below includes the activity with respect to the sale of the CBU shares. On March 6, 2018, the Company, through its wholly owned subsidiary, BSC, received $0.6 million in cash and 11,303 shares of CBU common stock as settlement for the indemnification escrow on the 12 month anniversary date of the merger between NRS and CBU. The Company subsequently sold all 11,303 shares of the CBU stock and recognized a gain on the sale of $0.6 million . During the month of March, 2018, the Company, through Brookline Bank’s wholly owned subsidiary, LSC, sold two trust preferred securities with a book value of $1.5 million for a loss of $0.1 million . The table below includes the activity with respect to the sale of the trust preferred securities. Sales of investment and restricted equity securities are summarized as follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (In Thousands) Sales of marketable and restricted equity securities $ 2,700 $ 11,393 Gross gains from sales 1,230 11,612 Gross losses from sales (68 ) (219 ) Gain on sales of securities, net $ 1,162 $ 11,393 |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: At March 31, 2018 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,129,110 4.28 % $ 148,918 4.44 % $ 2,278,028 4.29 % Multi-family mortgage 740,603 4.21 % 52,987 4.56 % 793,590 4.23 % Construction 136,784 4.80 % 31,856 — % 168,640 3.89 % Total commercial real estate loans 3,006,497 4.29 % 233,761 3.86 % 3,240,258 4.26 % Commercial loans and leases: Commercial 726,852 4.49 % 35,070 5.89 % 761,922 4.55 % Equipment financing 888,494 7.35 % 3,847 5.94 % 892,341 7.34 % Condominium association 52,739 4.52 % — — % 52,739 4.52 % Total commercial loans and leases 1,668,085 6.01 % 38,917 5.89 % 1,707,002 6.01 % Consumer loans: Residential mortgage 613,370 3.90 % 159,633 4.38 % 773,003 4.00 % Home equity 315,085 4.42 % 49,785 4.75 % 364,870 4.47 % Other consumer 29,187 4.92 % 141 18.00 % 29,328 4.98 % Total consumer loans 957,642 4.10 % 209,559 4.48 % 1,167,201 4.17 % Total loans and leases $ 5,632,224 4.77 % $ 482,237 4.29 % $ 6,114,461 4.73 % At December 31, 2017 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,069,392 4.17 % $ 105,577 4.37 % $ 2,174,969 4.18 % Multi-family mortgage 735,921 4.09 % 24,749 4.48 % 760,670 4.10 % Construction 140,138 4.58 % — — % 140,138 4.58 % Total commercial real estate loans 2,945,451 4.17 % 130,326 4.39 % 3,075,777 4.18 % Commercial loans and leases: Commercial 696,825 4.35 % 8,179 5.77 % 705,004 4.37 % Equipment financing 861,974 7.28 % 4,514 5.92 % 866,488 7.27 % Condominium association 52,619 4.49 % — — % 52,619 4.49 % Total commercial loans and leases 1,611,418 5.92 % 12,693 5.82 % 1,624,111 5.92 % Consumer loans: Residential mortgage 604,897 3.81 % 55,168 4.28 % 660,065 3.85 % Home equity 314,189 4.16 % 41,765 4.62 % 355,954 4.21 % Other consumer 14,667 5.51 % 105 18.00 % 14,772 5.60 % Total consumer loans 933,753 3.95 % 97,038 4.44 % 1,030,791 4.00 % Total loans and leases $ 5,490,622 4.65 % $ 240,057 4.49 % $ 5,730,679 4.64 % The net unamortized deferred loan origination fees and costs included in total loans and leases were $15.8 million and $15.5 million as of March 31, 2018 and December 31, 2017 , respectively. The Banks and subsidiaries lend primarily in all New England states, with the exception of equipment financing, 15.3% of which is in the greater New York and New Jersey metropolitan area and 84.7% of which is in other areas in the United States of America as of March 31, 2018 . Accretable Yield for the Acquired Loan Portfolio The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended March 31, 2018 2017 (In Thousands) Balance at beginning of period $ 10,522 $ 14,353 Accretion (1,185 ) (1,407 ) Reclassification from (to) nonaccretable difference as a result of changes in expected cash flows 316 126 Balance at end of period $ 9,653 $ 13,072 On a quarterly basis, subsequent to acquisition, management reforecasts the expected cash flows for acquired ASC 310-30 loans, taking into account prepayment speeds, probability of default and loss given defaults. Management compares cash flow projections per the reforecast to the original cash flow projections and determines whether any reduction in cash flow expectations are due to deterioration, or if the change in cash flow expectation is related to noncredit events. This cash flow analysis is used to evaluate the need for a provision for loan and lease losses and/or prospective yield adjustments. During the three months ended March 31, 2018 and 2017 , accretable yield adjustments totaling $0.3 million and $0.1 million , respectively, were made for certain loan pools. These accretable yield adjustments, which are subject to continued re-assessment, will be recognized over the remaining lives of those pools. Loans and Leases Pledged as Collateral As of March 31, 2018 and December 31, 2017 , there were $2.2 billion and $2.3 billion , respectively, of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of March 31, 2018 and December 31, 2017 . |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Three Months Ended March 31, 2018 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2017 $ 27,112 $ 26,333 $ 5,147 $ 58,592 Charge-offs (3 ) (733 ) (56 ) (792 ) Recoveries — 201 86 287 Provision (credit) for loan and lease losses 252 451 (76 ) 627 Balance at March 31, 2018 $ 27,361 $ 26,252 $ 5,101 $ 58,714 Three Months Ended March 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2016 $ 27,645 $ 20,906 $ 5,115 $ 53,666 Charge-offs (24 ) (1,207 ) (151 ) (1,382 ) Recoveries 140 142 105 387 Provision (credit) for loan and lease losses 227 13,442 (207 ) 13,462 Balance at March 31, 2017 $ 27,988 $ 33,283 $ 4,862 $ 66,133 The liability for unfunded credit commitments, which is included in other liabilities, was $1.7 million at both March 31, 2018 and December 31, 2017 . The changes in the liability for unfunded credit commitments reflect changes in the estimate of loss exposure associated with certain unfunded credit commitments. No credit commitments were charged off against the liability account in the three-month periods ended March 31, 2018 and 2017 . Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Three Months Ended March 31, 2018 2017 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 252 $ 227 Commercial 451 13,442 Consumer (76 ) (207 ) Total provision for loan and lease losses 627 13,462 Unfunded credit commitments 14 (60 ) Total provision for credit losses $ 641 $ 13,402 Allowance for Loan and Lease Losses Methodology Management has established a methodology to determine the adequacy of the allowance for loan and lease losses that assesses the risks and losses inherent in the loan and lease portfolio. Additions to the allowance for loan and lease losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. Management uses a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. For purposes of determining the allowance for loan and lease losses, the Company has segmented certain loans and leases in the portfolio by product type into the following segments: (1) commercial real estate loans, (2) commercial loans and leases, and (3) consumer loans. Portfolio segments are further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans are divided into three classes: commercial real estate loans, multi-family mortgage loans, and construction loans. Commercial loans and leases are divided into three classes: commercial loans which include taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans are divided into three classes: residential mortgage loans, home equity loans, and other consumer loans. A formula-based credit evaluation approach is applied to each group, coupled with an analysis of certain loans for impairment. For each class of loan, management makes significant judgments in selecting the estimation method that fits the credit characteristics of its class and portfolio segment as set forth below. The general allowance related to loans collectively evaluated for impairment is determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represents incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors include, but are not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment is determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination are the same as those used for originated loans. Specific valuation allowances are established for impaired originated loans with book values greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent impaired loans, for any excess of a loan's book balance over the fair value of its underlying collateral. Specific valuation allowances are established for acquired loans with deterioration in the discounted present value of expected future cash flows since acquisitions or, in the case of collateral dependent impaired loans, for any increase in the excess of a loan's book balance greater than the fair value of its underlying collateral. A specific valuation allowance for losses on troubled debt restructured ("TDR") loans is determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. Impaired loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. As of March 31, 2018 , management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on probable losses incurred in the Company’s loan portfolios. As of March 31, 2018 , the Company had a portfolio of approximately $18.5 million in loans secured by taxi medallions issued by the cities of Boston and Cambridge. As of December 31, 2017 , this portfolio was approximately $19.7 million . Application-based mobile ride services, such as Uber and Lyft, have generated increased competition in the transportation sector, resulting in a reduction in taxi utilization and, as a result, a reduction in the collateral value and credit quality of taxi medallion loans. This has increased the likelihood that loans secured by taxi medallions may default, or that the borrowers may be unable to repay these loans at maturity, potentially resulting in an increase in past due loans, TDRs, and charge-offs. The Company’s allowance calculation included a further segmentation of the commercial loans and leases to reflect the increased risk in the Company’s taxi medallion portfolio. This allowance calculation segmentation represents management’s estimations of the current risks associated with the portfolio. As of March 31, 2018 , the Company had an allowance for loan and lease losses associated with taxi medallion loans of $2.9 million of which $2.1 million were specific reserves and $0.8 million was a general reserve. The general reserve includes coverage for one taxi medallion relationship of $0.2 million which is treated as a commercial loan for allowance purposes due to the strength of personal guarantees supported by commercial real estate and other assets. As of December 31, 2017 , the Company had an allowance for loan and lease losses associated with taxi medallion loans of $3.8 million of which $2.7 million were specific reserves and $1.1 million was a general reserve. The decrease in the allowance for loan and leases associated with taxi medallion loans was primarily driven by the decrease in specific reserves due to changes in the underlying collateral value of taxi medallions. The total TDRs secured by taxi medallions increased by $0.2 million from $3.7 million at December 31, 2017 to $3.9 million at March 31, 2018 due to one taxi medallion relationship which was restructured during the first quarter of 2018. The total loans and leases secured by taxi medallions that were placed on nonaccrual decreased to $7.6 million at March 31, 2018 from $7.8 million at December 31, 2017 due to the charge-off of three taxi medallion relationships which were placed on nonaccrual status. In addition, further declines in demand for taxi services or further deterioration in the value of taxi medallions may result in higher delinquencies and losses beyond that provided for in the allowance for loan and lease losses. The general allowance for loan and lease losses was $56.2 million as of March 31, 2018 , compared to $55.5 million as of December 31, 2017 . The general allowance for loan and lease losses increased by $0.7 million during the three months ended March 31, 2018 , as a result of the continued growth in the Company's loan portfolios. The specific allowance for loan and lease losses was $2.5 million as of March 31, 2018 , compared to $3.1 million as of December 31, 2017 . The specific allowance decreased by $0.7 million during the three months ended March 31, 2018 , primarily due to changes in the underlying collateral value of taxi medallions and charge-offs taken during the three months ended March 31, 2018 . Credit Quality Assessment At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a TDR loan. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—Other Assets Especially Mentioned ("OAEM") Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating—Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating—Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating—Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. Credit Quality Information The following tables present the recorded investment in loans in each class as of March 31, 2018 , by credit quality indicator. At March 31, 2018 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,118,831 $ 740,015 $ 135,924 $ 692,888 $ 878,539 $ 52,739 $ 29,134 $ 4,648,070 OAEM 5,684 — — 13,762 1,833 — — 21,279 Substandard 4,394 588 860 19,271 5,357 — 53 30,523 Doubtful 201 — — 931 2,765 — — 3,897 Total originated 2,129,110 740,603 136,784 726,852 888,494 52,739 29,187 4,703,769 Acquired: Loan rating: Pass 136,685 52,706 31,856 33,452 3,836 — 140 258,675 OAEM 1,930 — — 275 — — 1 2,206 Substandard 10,303 281 — 1,343 11 — — 11,938 Doubtful — — — — — — — — Total acquired 148,918 52,987 31,856 35,070 3,847 — 141 272,819 Total loans $ 2,278,028 $ 793,590 $ 168,640 $ 761,922 $ 892,341 $ 52,739 $ 29,328 $ 4,976,588 As of March 31, 2018 , there were no loans categorized as definite loss. At March 31, 2018 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 155,121 20.1 % $ 144,513 39.6 % 50% - 69% 270,273 35.0 % 75,826 20.8 % 70% - 79% 166,304 21.5 % 66,491 18.2 % 80% and over 19,988 2.6 % 28,212 7.7 % Data not available* 1,684 0.2 % 43 — % Total originated 613,370 79.4 % 315,085 86.3 % Acquired: Loan-to-value ratio: Less than 50% 32,140 4.0 % 29,519 8.3 % 50%—69% 45,905 5.9 % 13,150 3.5 % 70%—79% 40,067 5.2 % 985 0.3 % 80% and over 29,930 3.9 % 886 0.2 % Data not available* 11,591 1.6 % 5,245 1.4 % Total acquired 159,633 20.6 % 49,785 13.7 % Total loans $ 773,003 100.0 % $ 364,870 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. The following tables present the recorded investment in loans in each class as of December 31, 2017 , by credit quality indicator. At December 31, 2017 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,054,376 $ 735,313 $ 139,278 $ 670,265 $ 850,006 $ 52,619 $ 14,628 $ 4,516,485 OAEM 8,889 — — 7,691 3,630 — — 20,210 Substandard 5,926 608 860 17,681 5,012 — 39 30,126 Doubtful 201 — — 1,188 3,326 — — 4,715 Total originated 2,069,392 735,921 140,138 696,825 861,974 52,619 14,667 4,571,536 Acquired: Loan rating: Pass 94,244 24,459 — 6,643 4,501 — 104 129,951 OAEM 9,839 — — 265 — — 1 10,105 Substandard 1,494 290 — 1,271 13 — — 3,068 Doubtful — — — — — — — — Total acquired 105,577 24,749 — 8,179 4,514 — 105 143,124 Total loans $ 2,174,969 $ 760,670 $ 140,138 $ 705,004 $ 866,488 $ 52,619 $ 14,772 $ 4,714,660 As of December 31, 2017 , there were no loans categorized as definite loss. At December 31, 2017 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 153,373 23.2 % $ 148,137 41.6 % 50%—69% 265,328 40.2 % 75,099 21.1 % 70%—79% 168,272 25.5 % 63,742 17.9 % 80% and over 16,547 2.5 % 27,122 7.6 % Data not available* 1,377 0.2 % 89 — % Total originated 604,897 91.6 % 314,189 88.2 % Acquired: Loan-to-value ratio: Less than 50% 16,521 2.5 % 25,312 7.1 % 50%—69% 19,182 2.9 % 13,883 3.9 % 70%—79% 10,507 1.6 % 943 0.3 % 80% and over 7,893 1.2 % 582 0.2 % Data not available* 1,065 0.2 % 1,045 0.3 % Total acquired 55,168 8.4 % 41,765 11.8 % Total loans $ 660,065 100.0 % $ 355,954 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. The following table presents information regarding foreclosed residential real estate property for the periods indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure — 633 There were no foreclosed residential real estate property held by the creditor at March 31, 2018 or December 31, 2017 . Age Analysis of Past Due Loans and Leases The following tables present an age analysis of the recorded investment in total loans and leases as of March 31, 2018 and December 31, 2017 . At March 31, 2018 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 8,466 $ 633 $ 2,645 $ 11,744 $ 2,117,366 $ 2,129,110 $ — $ 3,954 Multi-family mortgage 1,032 — — 1,032 739,571 740,603 — 588 Construction 297 — 860 1,157 135,627 136,784 — 860 Total commercial real estate loans 9,795 633 3,505 13,933 2,992,564 3,006,497 — 5,402 Commercial loans and leases: Commercial 1,453 1,642 6,133 9,228 717,624 726,852 — 9,927 Equipment financing 4,207 778 4,241 9,226 879,268 888,494 — 6,661 Condominium association 855 161 — 1,016 51,723 52,739 — — Total commercial loans and leases 6,515 2,581 10,374 19,470 1,648,615 1,668,085 — 16,588 Consumer loans: Residential mortgage 1,553 — 580 2,133 611,237 613,370 — 1,962 Home equity 285 1 51 337 314,748 315,085 1 130 Other consumer 113 13 34 160 29,027 29,187 — 53 Total consumer loans 1,951 14 665 2,630 955,012 957,642 1 2,145 Total originated loans and leases $ 18,261 $ 3,228 $ 14,544 $ 36,033 $ 5,596,191 $ 5,632,224 $ 1 $ 24,135 At March 31, 2018 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 8,680 $ 55 $ 1,604 $ 10,339 $ 138,579 $ 148,918 $ 1,534 $ 126 Multi-family mortgage — — — — 52,987 52,987 — — Construction — — — — 31,856 31,856 — — Total commercial real estate loans 8,680 55 1,604 10,339 223,422 233,761 1,534 126 Commercial loans and leases: Commercial 93 38 836 967 34,103 35,070 1 1,223 Equipment financing — — 11 11 3,836 3,847 5 — Total commercial loans and leases 93 38 847 978 37,939 38,917 6 1,223 Consumer loans: Residential mortgage 431 767 2,201 3,399 156,234 159,633 2,201 — Home equity 260 88 265 613 49,172 49,785 140 795 Other consumer — — — — 141 141 — — Total consumer loans 691 855 2,466 4,012 205,547 209,559 2,341 795 Total acquired loans and leases $ 9,464 $ 948 $ 4,917 $ 15,329 $ 466,908 $ 482,237 $ 3,881 $ 2,144 Total loans and leases $ 27,725 $ 4,176 $ 19,461 $ 51,362 $ 6,063,099 $ 6,114,461 $ 3,882 $ 26,279 At December 31, 2017 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 3,294 $ 391 $ 1,843 $ 5,528 $ 2,063,864 $ 2,069,392 $ — $ 3,182 Multi-family mortgage 6,141 2,590 — 8,731 727,190 735,921 — 608 Construction 6,537 330 860 7,727 132,411 140,138 — 860 Total commercial real estate loans 15,972 3,311 2,703 21,986 2,923,465 2,945,451 — 4,650 Commercial loans and leases: Commercial 1,344 597 7,724 9,665 687,160 696,825 — 10,365 Equipment financing 3,214 2,494 3,203 8,911 853,063 861,974 224 8,106 Condominium association 857 262 — 1,119 51,500 52,619 — — Total commercial loans and leases 5,415 3,353 10,927 19,695 1,591,723 1,611,418 224 18,471 Consumer loans: Residential mortgage 1,256 166 728 2,150 602,747 604,897 — 1,979 Home equity 643 19 32 694 313,495 314,189 1 132 Other consumer 238 20 28 286 14,381 14,667 — 43 Total consumer loans 2,137 205 788 3,130 930,623 933,753 1 2,154 Total originated loans and leases $ 23,524 $ 6,869 $ 14,418 $ 44,811 $ 5,445,811 $ 5,490,622 $ 225 $ 25,275 At December 31, 2017 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 1,008 $ — $ 656 $ 1,664 $ 103,913 $ 105,577 $ 586 $ 131 Multi-family mortgage — — 3 3 24,746 24,749 3 — Construction — — — — — — — — Total commercial real estate loans 1,008 — 659 1,667 128,659 130,326 589 131 Commercial loans and leases: Commercial — 44 1,022 1,066 7,113 8,179 17 1,254 Equipment financing — — 13 13 4,501 4,514 13 — Total commercial loans and leases — 44 1,035 1,079 11,614 12,693 30 1,254 Consumer loans: Residential mortgage — 463 1,990 2,453 52,715 55,168 1,990 — Home equity 508 — 186 694 41,071 41,765 186 612 Other consumer — — — — 105 105 — — Total consumer loans 508 463 2,176 3,147 93,891 97,038 2,176 612 Total acquired loans and leases $ 1,516 $ 507 $ 3,870 $ 5,893 $ 234,164 $ 240,057 $ 2,795 $ 1,997 Total loans and leases $ 25,040 $ 7,376 $ 18,288 $ 50,704 $ 5,679,975 $ 5,730,679 $ 3,020 $ 27,272 Commercial Real Estate Loans —As of March 31, 2018 , loans outstanding in the three classes within this segment expressed as a percentage of total loans and leases outstanding were as follows: commercial real estate loans -- 37.1% ; multi-family mortgage loans -- 13.0% ; and construction loans -- 2.8% . Loans in this portfolio that are on nonaccrual status and/or risk-rated "substandard" or worse are evaluated on an individual loan basis for impairment. For non-impaired commercial real estate loans, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. The factors applied are based primarily on historic loan loss experience and an assessment of internal and external factors and other relevant information. Commercial Loans and Leases —As of March 31, 2018 , loans and leases outstanding in the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: commercial loans and leases -- 12.5% ; equipment financing loans -- 14.6% ; and loans to condominium associations -- 0.9% . Loans and leases in this portfolio that are on nonaccrual status and/or risk-rated "substandard" or worse are evaluated on an individual basis for impairment. For non-impaired commercial loans and leases, loss factors are applied to outstanding loans by risk rating for each of the three classes in the portfolio. Consumer Loans —As of March 31, 2018 , loans outstanding within the three classes within this segment expressed as a percent of total loans and leases outstanding were as follows: residential mortgage loans -- 12.6% , home equity loans -- 6.0% , and other consumer loans -- 0.5% . Significant risk characteristics related to the residential mortgage and home equity loan portfolios are the geographic concentration of the properties financed within selected communities in the greater Boston and Providence metropolitan areas. The payment status and loan-to-value ratio are the primary credit quality indicators used for residential mortgage loans and home equity loans. Generally, loans are not made when the loan-to-value ratio exceeds 80% unless private mortgage insurance is obtained and/or there is a financially strong guarantor. Consumer loans that become 90 days or more past due, or are placed on nonaccrual. Impaired Loans and Leases A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured ("TDR") loans. When the ultimate collectability of the total principal of an impaired loan or lease is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan or lease is not in doubt and the loan or lease is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired. At March 31, 2018 At December 31, 2017 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 7,962 $ 7,946 $ — $ 9,978 $ 9,962 $ — Commercial 27,032 27,027 — 24,906 25,040 — Consumer 3,338 3,330 — 3,508 3,500 — Total originated with no related allowance recorded 38,332 38,303 — 38,392 38,502 — With an allowance recorded: Commercial real estate — — — 3,056 3,056 — Commercial 7,953 7,942 2,509 8,912 8,862 3,105 Consumer 134 134 18 — — — Total originated with an allowance recorded 8,087 8,076 2,527 11,968 11,918 3,105 Total originated impaired loans and leases 46,419 46,379 2,527 50,360 50,420 3,105 Acquired: With no related allowance recorded: Commercial real estate 10,676 10,676 — 1,880 1,880 — Commercial 1,607 1,607 — 1,594 1,594 — Consumer 4,839 4,839 — 4,736 4,736 — Total acquired with no related allowance recorded 17,122 17,122 — 8,210 8,210 — With an allowance recorded: Consumer 114 114 22 115 115 22 Total acquired with an allowance recorded 114 114 22 115 115 22 Total acquired impaired loans and leases 17,236 17,236 22 8,325 8,325 22 Total impaired loans and leases $ 63,655 $ 63,615 $ 2,549 $ 58,685 $ 58,745 $ 3,127 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $23.8 million and $2.1 million , respectively as of March 31, 2018 . (2) Includes originated and acquired nonaccrual loans of $24.9 million and $2.0 million , respectively as of December 31, 2017 . Three Months Ended March 31, 2018 March 31, 2017 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 7,985 $ 30 $ 9,363 $ 32 Commercial 27,761 272 21,058 164 Consumer 3,353 13 5,306 16 Total originated with no related allowance recorded 39,099 315 35,727 212 With an allowance recorded: Commercial real estate — — 4,000 48 Commercial 7,993 16 22,322 1 Consumer 134 1 — — Total originated with an allowance recorded 8,127 17 26,322 49 Total originated impaired loans and leases 47,226 332 62,049 261 Acquired: With no related allowance recorded: Commercial real estate 10,681 1 9,419 19 Commercial 1,624 4 2,934 10 Consumer 4,860 15 6,133 16 Total acquired with no related allowance recorded 17,165 20 18,486 45 With an allowance recorded: Commercial real estate — — — — Commercial — — — — Consumer 114 1 168 1 Total acquired with an allowance recorded 114 1 168 1 Total acquired impaired loans and leases 17,279 21 18,654 46 Total impaired loans and leases $ 64,505 $ 353 $ 80,703 $ 307 The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: At March 31, 2018 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ — $ 2,509 $ 18 $ 2,527 Collectively evaluated for impairment 26,674 23,613 4,990 55,277 Total originated loans and leases 26,674 26,122 5,008 57,804 Acquired: Individually evaluated for impairment — — 22 22 Collectively evaluated for impairment 104 12 15 131 Acquired with deteriorated credit quality 583 118 56 757 Total acquired loans and leases 687 130 93 910 Total allowance for loan and lease losses $ 27,361 $ 26,252 $ 5,101 $ 58,714 Loans and Leases: Originated: Individually evaluated for impairment $ 7,959 $ 30,561 $ 3,406 $ 41,926 Collectively evaluated for impairment 2,998,538 1,637,524 954,236 5,590,298 Total originated loans and leases 3,006,497 1,668,085 957,642 5,632,224 Acquired: Individually evaluated for impairment — 1,447 1,964 3,411 Collectively evaluated for impairment 139,761 33,145 169,453 342,359 Acquired with deteriorated credit quality 94,000 4,325 38,142 136,467 Total acquired loans and leases 233,761 38,917 209,559 482,237 Total loans and leases $ 3,240,258 $ 1,707,002 $ 1,167,201 $ 6,114,461 At December 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ — $ 3,105 $ — $ 3,105 Collectively evaluated for impairment 26,366 23,078 5,003 54,447 Total originated loans and leases 26,366 26,183 5,003 57,552 Acquired: Individually evaluated for impairment — — 22 22 Collectively evaluated for impairment 145 13 17 175 Acquired with deteriorated credit quality 601 137 105 843 Total acquired loans and leases 746 150 144 1,040 Total allowance for loan and lease losses $ 27,112 $ 26,333 $ 5,147 $ 58,592 Loans and Leases: Originated: Individually evaluated for impairment $ 13,031 $ 29,386 $ 3,070 $ 45,487 Collectively evaluated for impairment 2,932,420 1,582,032 930,683 5,445,135 Total originated loans and leases 2,945,451 1,611,418 933,753 5,490,622 Acquired: Individually evaluated for impairment — 1,487 1,867 3,354 Collectively evaluated for impairment 34,244 6,399 55,921 96,564 Acquired with deteriorated credit quality 96,082 4,807 39,250 140,139 Total acquired loans and leases 130,326 12,693 97,038 240,057 Total loans and leases $ 3,075,777 $ 1,624,111 $ 1,030,791 $ 5,730,679 Troubled Debt Restructured Loans and Leases A specific valuation allowance for losses on TDR loans is determined by comparing the net carrying amount of the TDR loan with the restructured loan's cash flows discounted at the original effective rate. The following table sets forth information regarding TDR loans and leases at the dates indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Troubled debt restructurings: On accrual $ 14,294 $ 16,241 On nonaccrual 8,610 9,770 Total troubled debt restructurings $ 22,904 $ 26,011 Total TDR loans and leases decreased by $3.1 million to $22.9 million at March 31, 2018 from $26.0 million at December 31, 2017 , primarily driven by the payoff of a commercial real estate relationship. The recorded investment in TDR loans and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, that were modified during the periods indicated, are as follows. At and |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Goodwill $ 137,890 $ 137,890 Additions 23,006 — Balance at end of period 160,896 137,890 Other intangible assets: Core deposits 6,608 4,955 Trade name 1,089 1,089 Total other intangible assets 7,697 6,044 Total goodwill and other intangible assets $ 168,593 $ 143,934 The addition of goodwill and the increase in core deposit intangibles, at March 31, 2018 are due to the excess of the purchase paid over the fair value of the net assets acquired from the First Commons Bank acquisition. At December 31, 2013, the Company concluded that the BankRI name would continue to be utilized in its marketing strategies; therefore, the trade name with carrying value of $1.1 million , has an indefinite life and ceased to amortize. The weighted-average amortization period for the CDI is 8.5 years. The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2018 $ 1,691 Year ending: 2019 1,682 2020 1,247 2021 839 2022 486 2023 256 Thereafter 407 Total $ 6,608 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) For the three months ended March 31, 2018 and 2017 , the Company’s accumulated other comprehensive income (loss) includes the following two components: (i) unrealized holding gains (losses) on investment securities available-for-sale; and (ii) adjustment of accumulated obligation for postretirement benefits. Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended March 31, 2018 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2017 $ (6,113 ) $ 163 $ (5,950 ) Other comprehensive income (5,716 ) — (5,716 ) Balance at March 31, 2018 $ (11,829 ) $ 163 $ (11,666 ) Three Months Ended March 31, 2017 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2016 $ (4,213 ) $ 395 $ (3,818 ) Other comprehensive income 557 — 557 Balance at March 31, 2017 $ (3,656 ) $ 395 $ (3,261 ) The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the three months ended March 31, 2018 and 2017 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company utilizes loan level derivatives which consist of interest-rate contracts (swaps, caps and floors), and risk participation agreements as part of the Company's interest-rate risk management strategy for certain assets and liabilities and not for speculative purposes. Based on the Company's intended use for the loan level derivatives at inception, the Company designates the derivative as either an economic hedge of an asset or liability, or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging". Interest-rate swap, cap and floor agreements are entered into as hedges against future interest-rate fluctuations on specifically identified assets or liabilities. The Company did not have derivative fair value hedges or derivative cash flow hedges as of March 31, 2018 or December 31, 2017 . Derivatives not designated as hedges are not speculative but rather result from a service the Company provides to certain customers for a fee. The Company executes loan level derivative products such as interest-rate swap agreements with commercial banking customers to aid them in managing their interest-rate risk. The interest-rate swap contracts allow the commercial banking customers to convert floating-rate loan payments to fixed-rate loan payments. The Company concurrently enters into offsetting swaps with a third party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third-party financial institution exchanges the customer's fixed-rate loan payments for floating-rate loan payments. As the interest-rate swap agreements associated with this program do not meet hedge accounting requirements, changes in the fair value are recognized directly in earnings. The Company utilizes risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. Risk participation agreements are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and therefore, changes in fair value are recorded directly through earnings at each reporting period. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. Under a risk participation-in agreement, a derivative liability, the Company assumes, or participates in, a portion of the credit risk associated with the interest rate swap position with the commercial borrower, for a fee received from the other bank. The Company offers foreign exchange contracts to commercial borrowers to accommodate their business needs. These foreign exchange contracts do not qualify as hedges for accounting purposes. To mitigate the market and liquidity risk associated with these foreign exchange contracts, the Company enters into similar offsetting positions. Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets. The following tables presents the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value March 31, 2018 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 66 $ 3,872 $ 2,010 $ 27,607 $ — $ 504,205 $ 537,694 $ 13,594 Pay fixed, receive variable 66 3,872 2,010 27,607 — 504,205 537,694 13,594 Risk participation-out agreements 8 — — 8,495 — 28,667 37,162 43 Risk participation-in agreements 1 — — — — 3,825 3,825 7 Foreign exchange contracts Buys foreign currency, sells U.S. currency 18 $ 1,330 $ — $ — $ — $ — $ 1,330 $ 65 Sells foreign currency, buys U.S. currency 36 1,335 — — — — 1,335 60 Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2017 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 66 $ 3,903 $ 2,036 $ 27,992 $ — $ 460,728 $ 494,659 $ 8,865 Pay fixed, receive variable 66 3,903 2,036 27,992 — 460,728 494,659 8,865 Risk participation-out agreements 8 — — 8,613 — 28,014 36,627 65 Risk participation-in agreements 1 — — — — 3,825 3,825 10 Foreign exchange contracts Buys foreign currency, sells U.S. currency 22 $ 1,495 $ — $ — $ — $ — $ 1,495 $ 65 Sells foreign currency, buys U.S. currency 44 1,502 — — — — 1,502 72 Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral to dealer counterparties of $25.5 million and $26.7 million in the normal course of business as of March 31, 2018 and December 31, 2017 , respectively. Dealer counterparties posted $0.5 million to the Company in the normal course of business as of March 31, 2018 compared to no collateral as of December 31, 2017. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At March 31, 2018 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 13,594 $ — $ 13,594 $ — $ 530 $ 13,064 Risk participation-out agreements 43 — 43 — — 43 Foreign exchange contracts 65 — 65 — — 65 Total $ 13,702 $ — $ 13,702 $ — $ 530 $ 13,172 Liability derivatives Loan level derivatives $ 13,594 $ — $ 13,594 $ 24,017 $ 1,510 $ — Risk participation-in agreements 7 — 7 — — 7 Foreign exchange contracts 60 — 60 — — 60 Total $ 13,661 $ — $ 13,661 $ 24,017 $ 1,510 $ 67 At December 31, 2017 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 8,865 $ — $ 8,865 $ — $ — $ 8,865 Risk participation-out agreements 65 — 65 — — 65 Foreign exchange contracts 72 — 72 — — 72 Total $ 9,002 $ — $ 9,002 $ — $ — $ 9,002 Liability derivatives Loan level derivatives $ 8,865 $ — $ 8,865 $ 25,159 $ 1,510 $ — Risk participation-in agreements 10 — 10 — — — Foreign exchange contracts 65 — 65 — — — Total $ 8,940 $ — $ 8,940 $ 25,159 $ 1,510 $ — The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Retirement Benefits [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of March 31, 2018 , the Company had three active recognition and retention plans: the 2003 Recognition and Retention Plan (the "2003 RRP") with 1,250,000 authorized shares, the 2011 Restricted Stock Award Plan ("2011 RSA") with 500,000 authorized shares and the 2014 Equity Incentive Plan ("2014 Plan") with 1,750,000 authorized shares. The 2003 RRP, the 2011 RSA and the 2014 Plan are collectively referred to as the "Plans". The purpose of the Plans is to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company's stockholders. Of the awarded shares, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. These are referred to as "time-based shares". The remaining 50% of each award has a cliff vesting schedule and will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group comprised of 17 financial institutions. These are referred to as "performance-based shares". If a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest. Under all the Plans, shares of the Company's common stock were reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three months ended March 31, 2018 , and 2017 , no shares were issued upon satisfaction of required conditions of the Plans. Total expense for the Plans was $0.7 million and $0.6 million for the three months ended March 31, 2018 and 2017 , respectively. |
Earnings per Share (EPS)
Earnings per Share (EPS) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share (EPS) | Earnings per Share ("EPS") The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended March 31, 2018 March 31, 2017 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 18,633 $ 18,633 $ 13,445 $ 13,445 Denominator: Weighted average shares outstanding 77,879,593 77,879,593 70,386,766 70,386,766 Effect of dilutive securities — 288,207 — 457,330 Adjusted weighted average shares outstanding 77,879,593 78,167,800 70,386,766 70,844,096 EPS $ 0.24 $ 0.24 $ 0.19 $ 0.19 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three months ended March 31, 2018 and 2017 . Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of March 31, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 180,968 $ — $ 180,968 GSE CMOs — 119,697 — 119,697 GSE MBSs — 192,185 — 192,185 SBA commercial loan asset-backed securities — 69 — 69 Corporate debt obligations — 55,872 — 55,872 U.S. Treasury bonds — 8,597 — 8,597 Trust preferred securities — — — — Marketable equity securities 969 — — 969 Total investment securities available-for-sale $ 969 $ 557,388 $ — $ 558,357 Loan level derivatives $ — $ 13,594 $ — $ 13,594 Risk participation-out agreements — 43 — 43 Foreign exchange contracts — 65 — 65 Liabilities: Loan level derivatives $ — $ 13,594 $ — $ 13,594 Risk participation-in agreements — 7 — 7 Foreign exchange contracts — 60 — 60 Carrying Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 149,924 $ — $ 149,924 GSE CMOs — 127,022 — 127,022 GSE MBSs — 189,313 — 189,313 SBA commercial loan asset-backed securities — 72 — 72 Corporate debt obligations — 62,683 — 62,683 U.S. Treasury bonds — 8,730 — 8,730 Trust preferred securities — 1,398 — 1,398 Marketable equity securities 982 — — 982 Total investment securities available-for-sale $ 982 $ 539,142 $ — $ 540,124 Loan level derivatives $ — $ 8,865 $ — $ 8,865 Risk participation-out agreements — 65 — 65 Foreign exchange contracts — 72 — 72 Liabilities: Loan level derivatives $ — $ 8,865 $ — $ 8,865 Risk participation-in agreements — 10 — 10 Foreign exchange contracts — 65 — 65 Investment Securities Available-for-Sale The fair value of investment securities is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. The Company's marketable equity securities are priced this way and are included in Level 1. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds where applicable. These investments include GSE debentures, GSE mortgage-related securities, SBA commercial loan asset backed securities, corporate debt securities, and trust preferred securities, all of which are included in Level 2. As of March 31, 2018 and December 31, 2017 , no investment securities were valued using pricing models included in Level 3. Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management's expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15 -year and 30 -year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for a particular security. Derivatives and Hedging Instruments The fair values for the interest-rate swap assets and liabilities, risk participation agreements (RPA in/out), and foreign exchange derivatives represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves and foreign exchange rates where applicable. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. To date, the Company has not realized any losses due to a counterparty's inability to pay any net uncollateralized position. Refer also to Note 8, "Derivatives and Hedging Activities." There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2018 and 2017 , respectively. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of March 31, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 17,284 $ 17,284 OREO — — 3,235 3,235 Repossessed assets — 728 — 728 Total assets measured at fair value on a non-recurring basis $ — $ 728 $ 20,519 $ 21,247 Carrying Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 21,195 $ 21,195 OREO — — 3,235 3,235 Repossessed assets — 1,184 — 1,184 Total assets measured at fair value on a non-recurring basis $ — $ 1,184 $ 24,430 $ 25,614 Collateral-Dependent Impaired Loans and Leases For nonperforming loans and leases where the credit quality of the borrower has deteriorated significantly, fair values of the underlying collateral were estimated using purchase and sales agreements (Level 2), or comparable sales or recent appraisals (Level 3), adjusted for selling costs and other expenses. Other Real Estate Owned The Company records OREO at the lower of cost or fair value. In estimating fair value, the Company utilizes purchase and sales agreements (Level 2) or comparable sales, recent appraisals or cash flows discounted at an interest rate commensurate with the risk associated with these cash flows (Level 3), adjusted for selling costs and other expenses. Repossessed Assets Repossessed assets are carried at estimated fair value less costs to sell based on auction pricing (Level 2). The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis at the dates indicated. Fair Value Valuation Technique At March 31, At December 31, 2017 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 17,284 $ 21,195 Appraisal of collateral (1) Other real estate owned 3,235 3,235 Appraisal of collateral (1) _______________________________________________________________________________ (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. Summary of Estimated Fair Values of Financial Instruments The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) At March 31, 2018 Financial assets: Investment securities held-to-maturity: GSE debentures $ 50,529 $ 49,175 $ — $ 49,175 $ — GSE MBSs 13,344 13,004 — 13,004 — Municipal obligations 52,979 52,134 — 52,134 — Foreign government obligations 500 497 — — 497 Loans held-for-sale 756 756 — 756 — Loans and leases, net 6,055,747 5,947,840 — — 5,947,840 Restricted equity securities 66,164 66,164 — — 66,164 Financial liabilities: Certificates of deposit 1,361,722 1,346,500 — 1,346,500 — Borrowed funds 1,099,429 1,075,857 — 1,075,857 — Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) At December 31, 2017 Financial assets: Investment securities held-to-maturity: GSE debentures $ 41,612 $ 40,801 $ — $ 40,801 $ — GSE MBSs 13,923 13,705 — 13,705 — Municipal obligations 53,695 53,517 — 53,517 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 2,628 2,628 — 2,628 — Loans and leases, net 5,672,087 5,594,543 — — 5,594,543 Restricted equity securities 59,369 59,369 — — 59,369 Financial liabilities: Certificates of deposit 1,207,470 1,198,201 — 1,198,201 — Borrowed funds 1,020,819 995,335 — 995,335 — Investment Securities Held-to-Maturity The fair values of certain investment securities held-to-maturity are estimated using market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds where applicable. These investments include GSE debentures, GSE MBSs, and municipal obligations, all of which are included in Level 2. Additionally, fair values of foreign government obligations are estimated using pricing models and are considered to be Level 3. Loans Held-for-Sale Fair value is measured using quoted market prices when available. These assets are typically categorized as Level 1. If quoted market prices are not available, comparable market values may be utilized. These assets are typically categorized as Level 2. Loans and Leases The fair values of performing loans and leases was estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, residential mortgage, home equity and other consumer. These categories were further disaggregated based upon significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). The Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. Restricted Equity Securities The fair values of certain restricted equity securities are estimated using observable inputs adjusted for other unobservable information, including but not limited to probability assumptions and similar discounts where applicable. These restricted equity securities are considered to be Level 3. Deposits The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company's core deposit relationships (deposit-based intangibles). Borrowed Funds The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Financial Instruments The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credits, and loan level derivatives. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss in the event of non-performance by the counterparty is represented by the fair value of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Financial instruments with off-balance-sheet risk at the dates indicated follow: At March 31, 2018 At December 31, 2017 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 34,112 $ 76,653 Commercial 106,956 83,032 Residential mortgage 24,162 28,745 Unadvanced portion of loans and leases 608,440 571,668 Unused lines of credit: Home equity 435,594 407,552 Other consumer 29,730 34,191 Other commercial 336 323 Unused letters of credit: Financial standby letters of credit 9,972 12,422 Performance standby letters of credit 736 736 Commercial and similar letters of credit 184 184 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 537,694 494,659 Pay fixed, receive variable 537,694 494,659 Risk participation-out agreements 37,162 36,627 Risk participation-in agreements 3,825 3,825 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,330 1,495 Sells foreign currency, buys U.S. currency 1,335 1,502 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management's credit evaluation of the borrower. Standby and commercial letters of credits are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company's commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. From time to time, the Company enters into loan level derivatives, risk participation agreements or foreign exchange contracts with commercial customers and third-party financial institutions. These derivatives allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate or foreign exchange risk of holding those loans. In a loan level derivative transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into an loan level derivative with that customer. Concurrently, the Company enters into offsetting swaps with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value of derivative assets and liabilities was $13.7 million and $13.7 million , respectively, as of March 31, 2018 . The fair value of derivative assets and liabilities was $9.1 million and $8.9 million , respectively, as of December 31, 2017 . The fair value of foreign exchange assets and liabilities was $65.0 thousand and $60.0 thousand , respectively, as of March 31, 2018 . The fair value of foreign exchange assets and liabilities was $72.0 thousand and $65.0 thousand as of December 31, 2017 . Lease Commitments The Company leases certain office space under various noncancellable operating leases. These leases have original terms ranging from 5 years to over 25 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. Total lease commitments increased from $29,665 thousand as of December 31, 2017 to $31,004 thousand as of March 31, 2018 . The increase is due to the addition of the leases of 2 former First Commons Bank branches and an ATM location, the opening of 2 new C&I lending offices in Braintree and Wakefield and the execution of a lease extension made for Eastern Funding. A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments (In Thousands) Remainder of 2018 $ 4,323 Year ending: 2019 5,366 2020 4,691 2021 3,635 2022 2,807 2023 2,225 Thereafter 7,957 Total $ 31,004 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. Total rental expense was $1.4 million and $1.4 million for the three months ended March 31, 2018 and 2017 , respectively. Legal Proceedings In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Overview Revenue from contracts with customers in the scope of Accounting Standards Codification (“ASC”) Topic 606 is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (referring to another party to provide services), the Company reports its net fee or commission retained as revenue. Accounting Policy Updates The Company adopted Topic 606 “Revenue from Contracts with Customers” effective January 1, 2018 and has applied the guidance to all contracts within the scope of Topic 606 as of that date. As a result, the Company has modified its accounting policy for revenue recognition as detailed in this footnote. As discussed in Note 1, the Company applied Topic 606 using the modified retrospective method, therefore, the prior period comparative information has not been adjusted and continues to be reported under Topic 605. There was no cumulative effect adjustment as of January 1, 2018, and there were no material changes to our consolidated financial statements at or for the three months ended March 31, 2018, as a result of adopting Topic 606. The Company applied the practical expedient pertaining to contracts with original expected duration of one year or less and does not disclose information about remaining performance obligations on such contracts. The Company also applied the practical expedient pertaining to contracts for which, at contract inception, the period between when the entity transfers the services and when the customer pays for those services will be one year or less. As such, the Company does not adjust the consideration from customers for the effects of a significant financing component. A substantial portion of the Company’s revenue is specifically excluded from the scope of Topic 606. This exclusion is associated with financial instruments, including interest income on loans and investment securities, in addition to loan derivative income and gains on loan and investment sales. For the revenue that is in-scope of Topic 606, the following is a description of principal activities from which the Company generates its revenue from contracts with customers, separated by the timing of revenue recognition. Revenue Recognized at a Point in Time The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as letters of credit, line renewal fees and application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. Revenue Recognized Over Time The Company recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes commissions on investments, insurance sales and service charges on deposit accounts. Fee revenue from service charges on deposit accounts represent the service charges assessed to customers who hold deposit accounts at the Bank. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of Management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2017 . |
Consolidation | The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | In preparing these consolidated financial statements, Management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant change in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans and leases, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowances. The judgments used by Management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Reclassification | Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2018, FASB issued ASU 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU was issued to add improvements to update ASU 2016-01 to increase stakeholders’ awareness of the amendments and to expedite the improvements. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years beginning after June 15, 2018. Public business entities with fiscal years beginning between December 15, 2017 and June 15, 2018, are not required to adopt these amendments until the interim period beginning after June 15, 2018, and public business entities with fiscal years beginning between June 15, 2018, and December 15, 2018, are not required to adopt these amendments before adopting the amendments in Update 2016-01. Management has determined that ASU 2018-03 does apply, but has not determined the impact, if any, as of March 31, 2018. In February 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-02, "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" was issued to address a narrow-scope financial reporting issue that arose as a consequence of the change in the tax law. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Tax Reform Act”). The ASU No. 2018-02 requires a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate. The amount of the reclassification would be the difference between the historical corporate income tax rate of 35 percent and the newly enacted 21 percent corporate income tax rate. The ASU No. 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years with early adoption permitted, including adoption in any interim period, for (i) public business entities for reporting periods for which financial statements have not yet been issued and (ii) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The changes are required to be applied retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act of 2017 is recognized. Management early adopted this ASU as of December 31, 2017, which resulted in the reclassification from accumulated other comprehensive loss to retained earnings totaling $1.1 million , reflected in the Consolidated Statements of Changes in Stockholders' Equity. In November 2017, the FASB issued ASU 2017-14, Income Statement-Reporting Comprehensive Income (Topic 220), Revenue Recognition (Topic 605), and Revenue from Contracts with Customers (Topic 606): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403. This ASU was issued to amend certain SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No.116 and SEC Release No. 33-10403, which bring existing guidance into conformity with Topic 606, Revenue from Contract with Customers. The ASU was effective for annual periods beginning after December 15, 2017. Management has determined that this ASU does apply as of January 1, 2018 and has determined the impact to be immaterial as of March 31, 2018 . In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. FASB issued this Update to address the diversity in practice as well as the cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation, to a change to the terms or conditions of a share-based payment award. For public entities, this ASU is effective for annual reporting periods beginning after December 15, 2017. Management has determined that this ASU does apply as of January 1, 2018 and has determined the impact to be immaterial as of March 31, 2018 . In March 2017, the FASB issued Accounting Standards Update ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (Topic 715). This ASU was issued primarily to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. This ASU is effective for annual reporting periods beginning after December 15, 2017. Management has determined that this ASU does apply as of January 1, 2018 and has determined the impact to be immaterial as of March 31, 2018 . In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350). This ASU was issued to simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. For public entities, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted and application should be on a prospective basis. Management has evaluated this ASU and as of December 31, 2017, the Company has adopted the ASU and determined the impact to be immaterial as of March 31, 2018 . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230). This ASU was issued to provide clarification and uniformity on the presentation and classification of certain cash receipts and cash payments in the statement of cash flows under Topic 230. Early adoption is permitted as of the fiscal years beginning after December 15, 2017, for public entities that file with the SEC. The Company adopted ASU 2016-15 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The intent of this ASU is to replace the current GAAP method of calculating credit losses. Current GAAP uses a higher threshold at which likely losses can be calculated and recorded. The new process will require institutions to account for likely losses that originally would not have been part of the calculation. The calculation will incorporate future forecasting in addition to historical and current measures. For public entities that file with the SEC, this ASU is effective for the fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. This ASU must be applied prospectively to debt securities marked as other than temporarily impaired. A retrospective approach will be applied cumulatively to retained earnings. Early adoption is permitted as of the fiscal years beginning after December 15, 2018. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of March 31, 2018 . In preparation for the adoption in 2020 of this ASU, management formed a steering committee to oversee the adoption of ASU 2016-13. The steering committee along with a project team has developed an approach for implementation and has selected a third party software service provider. The project team is in the testing phase of the third party software. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This ASU was issued as part of the FASB Simplification Initiative which intends to reduce the complexity of GAAP while improving usefulness to users. The ASU was effective for annual periods beginning after December 15, 2016, and interim periods within those annual reporting periods with early adoption available. The Company adopted ASU 2016-09 effective January 1, 2017 and the adoption did not have a material impact on the Company’s consolidated financial statements. In February 2016, FASB issued ASU 2016-02, Leases. This ASU requires lessees to record most leases on their balance sheet but recognize expenses on their income statements in a manner similar to current accounting. This ASU also eliminates current real estate-specific provisions for all companies. For lessors, this ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods therein. Early adoption is permitted. Management believes that this ASU applies and has not determined the impact, if any, as of March 31, 2018 . Management has met to discuss the impact and will assemble a project team to assess steps required for adoption. The steps will include a review of third party lease software service providers. In January 2016, the FASB issued ASU 2016-01, Financial Instruments. This ASU significantly revises an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods therein. Management has determined that ASU 2016-01 does apply as of January 1, 2018 and management has determined the impact to be immaterial as of March 31, 2018 . Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), was issued in May 2014 and provides a revenue recognition framework for any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other accounting standards. As issued, ASU 2014-09 was effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period with early adoption not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, Accounting Standards Update No. 2015-14, “Deferral of the Effective Date” (“ASU 2015-14”) was issued and delayed the effective date of ASU 2014-09 to annual and interim periods in fiscal years beginning after December 15, 2017. In 2016, Accounting Standards Update No. 2016-08, “Principal versus Agent Considerations” (“ASU 2016-08”), Accounting Standards Update No. 2016-10, “Identifying Performance Obligations and Licensing” (“ASU 2016-10”) and Accounting Standards Update No. 2016-12, “Narrow-Scope Improvements and Practical Expedients” (“ASU 2016-12”) were issued. These ASUs did not change the core principle for revenue recognition in Topic 606; instead, the amendments provided more detailed guidance in a few areas and additional implementation guidance and examples to reduce the degree of judgment necessary to comply with Topic 606. The effective date and transition requirements for ASU 2016-08, ASU 2016-10 and ASU 2016-12 were the same as those provided by ASU 2015-14. Management assembled a project team to address the changes pursuant to Topic 606. The project team completed a scope assessment and contract review for in-scope revenue streams. Topic 606 did not apply to several income generating streams. Management excluded from their analysis, income associated with financial instruments, gains on sale of investment securities and loans, gains on Low Income Housing Tax Credits ("LIHTC") and loan level derivative income. Revenue streams that were included were service charges on deposit accounts, loan fees, and income received through a third party relationship. Management adopted the provisions of ASU 2014-09 effective January 1, 2018, using the modified retrospective transition method. The adoption did not have a material impact on the Company's consolidated financial statements. See Note 13, "Revenue from Contracts with Customers," for further details. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Acquisitions | Net Assets Acquired at Fair Value (In Thousands) ASSETS Cash $ 42,995 Restricted stock 1,884 Loans 262,095 Premises and equipment 583 Goodwill 23,005 Core deposit and other intangibles 2,122 Other assets 2,336 Total assets acquired 335,020 LIABILITIES Deposits 273,701 Borrowings 5,000 Other liabilities 287 Total liabilities assumed 278,988 Purchase price $ 56,032 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale and held-to-maturity at the dates indicated: At March 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 184,760 $ 71 $ 3,863 $ 180,968 GSE CMOs 125,061 18 5,382 119,697 GSE MBSs 197,083 231 5,129 192,185 SBA commercial loan asset-backed securities 70 — 1 69 Corporate debt obligations 56,784 5 917 55,872 U.S. Treasury bonds 8,794 — 197 8,597 Trust preferred securities — — — — Marketable equity securities 980 6 17 969 Total investment securities available-for-sale $ 573,532 $ 331 $ 15,506 $ 558,357 Investment securities held-to-maturity: GSE debentures $ 50,529 $ 4 $ 1,358 $ 49,175 GSEs MBSs 13,344 — 340 13,004 Municipal obligations 52,979 11 856 52,134 Foreign government obligations 500 — 3 497 Total investment securities held-to-maturity $ 117,352 $ 15 $ 2,557 $ 114,810 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 151,483 $ 70 $ 1,629 $ 149,924 GSE CMOs 131,082 27 4,087 127,022 GSE MBSs 191,281 354 2,322 189,313 SBA commercial loan asset-backed securities 73 — 1 72 Corporate debt obligations 62,811 110 238 62,683 U.S. Treasury bonds 8,785 7 62 8,730 Trust preferred securities 1,471 — 73 1,398 Marketable equity securities 978 13 9 982 Total investment securities available-for-sale $ 547,964 $ 581 $ 8,421 $ 540,124 Investment securities held-to-maturity: GSE debentures $ 41,612 $ — $ 811 $ 40,801 GSEs MBSs 13,923 — 218 13,705 Municipal obligations 53,695 159 337 53,517 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 109,730 $ 159 $ 1,366 $ 108,523 |
Investment securities in a continuous unrealized loss position | Investment securities as of March 31, 2018 and December 31, 2017 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At March 31, 2018 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 143,716 $ 3,284 $ 12,256 $ 579 $ 155,972 $ 3,863 GSE CMOs 2,614 64 116,505 5,318 119,119 5,382 GSE MBSs 109,406 2,250 70,625 2,879 180,031 5,129 SBA commercial loan asset-backed securities 32 — 31 1 63 1 Corporate debt obligations 45,522 761 2,350 156 47,872 917 U.S. Treasury bonds 8,597 197 — — 8,597 197 Trust preferred securities — — — — — — Marketable equity securities — — 495 17 495 17 Temporarily impaired investment securities available-for-sale 309,887 6,556 202,262 8,950 512,149 15,506 Investment securities held-to-maturity: GSE debentures 32,196 628 14,007 730 46,203 1,358 GSEs MBSs 1,872 34 11,081 306 12,953 340 Municipal obligations 42,717 591 6,644 265 49,361 856 Foreign government obligations — — 497 3 497 3 Temporarily impaired investment securities held-to-maturity 76,785 1,253 32,229 1,304 109,014 2,557 Total temporarily impaired investment securities $ 386,672 $ 7,809 $ 234,491 $ 10,254 $ 621,163 $ 18,063 December 31, 2017 Less than Twelve Months Twelve Months or Longer Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses (In Thousands) Investment securities available-for-sale: GSE debentures $ 120,409 $ 1,263 $ 12,481 $ 366 $ 132,890 $ 1,629 GSE CMOs 2,862 34 123,548 4,053 126,410 4,087 GSE MBSs 94,985 753 74,782 1,569 169,767 2,322 SBA commercial loan asset-backed securities 34 — 33 1 67 1 Corporate debt obligations 30,978 154 2,423 84 33,401 238 U.S. Treasury bonds 4,767 62 — — 4,767 62 Trust preferred securities — — 1,398 73 1,398 73 Marketable equity securities — — 503 9 503 9 Temporarily impaired investment securities available-for-sale 254,035 2,266 215,168 6,155 469,203 8,421 Investment securities held-to-maturity: GSE debentures 26,594 281 14,208 530 40,802 811 GSEs MBSs 1,996 15 11,674 203 13,670 218 Municipal obligations 30,542 235 7,408 102 37,950 337 Foreign government obligations — — 500 — 500 — Temporarily impaired investment securities held-to-maturity 59,132 531 33,790 835 92,922 1,366 Total temporarily impaired investment securities $ 313,167 $ 2,797 $ 248,958 $ 6,990 $ 562,125 $ 9,787 |
Schedule of maturities of the investments in debt securities | The final stated maturities of the debt securities are as follows for the periods indicated: At March 31, 2018 At December 31, 2017 Amortized Cost Estimated Fair Value Weighted Average Rate Amortized Cost Estimated Fair Value Weighted Average Rate (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 25,290 $ 25,250 2.23 % $ 23,612 $ 23,652 2.27 % After 1 year through 5 years 162,284 159,464 2.13 % 142,772 142,029 2.05 % After 5 years through 10 years 146,756 142,749 2.15 % 136,746 134,978 2.06 % Over 10 years 238,222 229,925 2.15 % 243,856 238,483 2.06 % $ 572,552 $ 557,388 2.15 % $ 546,986 $ 539,142 2.07 % Investment securities held-to-maturity: Within 1 year $ 1,470 $ 1,463 1.00 % $ 918 $ 916 0.78 % After 1 year through 5 years 60,727 59,838 1.80 % 58,335 57,939 1.74 % After 5 years through 10 years 41,863 40,556 1.98 % 36,589 35,998 1.79 % Over 10 years 13,292 12,953 2.23 % 13,888 13,670 1.98 % $ 117,352 $ 114,810 1.90 % $ 109,730 $ 108,523 1.78 % |
Summary of Gains and Losses from Sale of Securities | The table below includes the activity with respect to the sale of the CBU shares. On March 6, 2018, the Company, through its wholly owned subsidiary, BSC, received $0.6 million in cash and 11,303 shares of CBU common stock as settlement for the indemnification escrow on the 12 month anniversary date of the merger between NRS and CBU. The Company subsequently sold all 11,303 shares of the CBU stock and recognized a gain on the sale of $0.6 million . During the month of March, 2018, the Company, through Brookline Bank’s wholly owned subsidiary, LSC, sold two trust preferred securities with a book value of $1.5 million for a loss of $0.1 million . The table below includes the activity with respect to the sale of the trust preferred securities. Sales of investment and restricted equity securities are summarized as follows: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (In Thousands) Sales of marketable and restricted equity securities $ 2,700 $ 11,393 Gross gains from sales 1,230 11,612 Gross losses from sales (68 ) (219 ) Gain on sales of securities, net $ 1,162 $ 11,393 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Summary of loan and lease balances for the originated and acquired portfolios | The following tables present loan and lease balances and weighted average coupon rates for the originated and acquired loan and lease portfolios at the dates indicated: At March 31, 2018 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,129,110 4.28 % $ 148,918 4.44 % $ 2,278,028 4.29 % Multi-family mortgage 740,603 4.21 % 52,987 4.56 % 793,590 4.23 % Construction 136,784 4.80 % 31,856 — % 168,640 3.89 % Total commercial real estate loans 3,006,497 4.29 % 233,761 3.86 % 3,240,258 4.26 % Commercial loans and leases: Commercial 726,852 4.49 % 35,070 5.89 % 761,922 4.55 % Equipment financing 888,494 7.35 % 3,847 5.94 % 892,341 7.34 % Condominium association 52,739 4.52 % — — % 52,739 4.52 % Total commercial loans and leases 1,668,085 6.01 % 38,917 5.89 % 1,707,002 6.01 % Consumer loans: Residential mortgage 613,370 3.90 % 159,633 4.38 % 773,003 4.00 % Home equity 315,085 4.42 % 49,785 4.75 % 364,870 4.47 % Other consumer 29,187 4.92 % 141 18.00 % 29,328 4.98 % Total consumer loans 957,642 4.10 % 209,559 4.48 % 1,167,201 4.17 % Total loans and leases $ 5,632,224 4.77 % $ 482,237 4.29 % $ 6,114,461 4.73 % At December 31, 2017 Originated Acquired Total Balance Weighted Average Coupon Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,069,392 4.17 % $ 105,577 4.37 % $ 2,174,969 4.18 % Multi-family mortgage 735,921 4.09 % 24,749 4.48 % 760,670 4.10 % Construction 140,138 4.58 % — — % 140,138 4.58 % Total commercial real estate loans 2,945,451 4.17 % 130,326 4.39 % 3,075,777 4.18 % Commercial loans and leases: Commercial 696,825 4.35 % 8,179 5.77 % 705,004 4.37 % Equipment financing 861,974 7.28 % 4,514 5.92 % 866,488 7.27 % Condominium association 52,619 4.49 % — — % 52,619 4.49 % Total commercial loans and leases 1,611,418 5.92 % 12,693 5.82 % 1,624,111 5.92 % Consumer loans: Residential mortgage 604,897 3.81 % 55,168 4.28 % 660,065 3.85 % Home equity 314,189 4.16 % 41,765 4.62 % 355,954 4.21 % Other consumer 14,667 5.51 % 105 18.00 % 14,772 5.60 % Total consumer loans 933,753 3.95 % 97,038 4.44 % 1,030,791 4.00 % Total loans and leases $ 5,490,622 4.65 % $ 240,057 4.49 % $ 5,730,679 4.64 % |
Schedule of activity in the accretable yield for acquired loan portfolio | The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended March 31, 2018 2017 (In Thousands) Balance at beginning of period $ 10,522 $ 14,353 Accretion (1,185 ) (1,407 ) Reclassification from (to) nonaccretable difference as a result of changes in expected cash flows 316 126 Balance at end of period $ 9,653 $ 13,072 |
Allowance for Loan and Lease 26
Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for loan and lease losses | The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Three Months Ended March 31, 2018 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2017 $ 27,112 $ 26,333 $ 5,147 $ 58,592 Charge-offs (3 ) (733 ) (56 ) (792 ) Recoveries — 201 86 287 Provision (credit) for loan and lease losses 252 451 (76 ) 627 Balance at March 31, 2018 $ 27,361 $ 26,252 $ 5,101 $ 58,714 Three Months Ended March 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2016 $ 27,645 $ 20,906 $ 5,115 $ 53,666 Charge-offs (24 ) (1,207 ) (151 ) (1,382 ) Recoveries 140 142 105 387 Provision (credit) for loan and lease losses 227 13,442 (207 ) 13,462 Balance at March 31, 2017 $ 27,988 $ 33,283 $ 4,862 $ 66,133 |
Provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Three Months Ended March 31, 2018 2017 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 252 $ 227 Commercial 451 13,442 Consumer (76 ) (207 ) Total provision for loan and lease losses 627 13,462 Unfunded credit commitments 14 (60 ) Total provision for credit losses $ 641 $ 13,402 |
Summary of the recorded investments by credit quality indicator, by loan class | Credit Quality Information The following tables present the recorded investment in loans in each class as of March 31, 2018 , by credit quality indicator. At March 31, 2018 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,118,831 $ 740,015 $ 135,924 $ 692,888 $ 878,539 $ 52,739 $ 29,134 $ 4,648,070 OAEM 5,684 — — 13,762 1,833 — — 21,279 Substandard 4,394 588 860 19,271 5,357 — 53 30,523 Doubtful 201 — — 931 2,765 — — 3,897 Total originated 2,129,110 740,603 136,784 726,852 888,494 52,739 29,187 4,703,769 Acquired: Loan rating: Pass 136,685 52,706 31,856 33,452 3,836 — 140 258,675 OAEM 1,930 — — 275 — — 1 2,206 Substandard 10,303 281 — 1,343 11 — — 11,938 Doubtful — — — — — — — — Total acquired 148,918 52,987 31,856 35,070 3,847 — 141 272,819 Total loans $ 2,278,028 $ 793,590 $ 168,640 $ 761,922 $ 892,341 $ 52,739 $ 29,328 $ 4,976,588 As of March 31, 2018 , there were no loans categorized as definite loss. At March 31, 2018 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 155,121 20.1 % $ 144,513 39.6 % 50% - 69% 270,273 35.0 % 75,826 20.8 % 70% - 79% 166,304 21.5 % 66,491 18.2 % 80% and over 19,988 2.6 % 28,212 7.7 % Data not available* 1,684 0.2 % 43 — % Total originated 613,370 79.4 % 315,085 86.3 % Acquired: Loan-to-value ratio: Less than 50% 32,140 4.0 % 29,519 8.3 % 50%—69% 45,905 5.9 % 13,150 3.5 % 70%—79% 40,067 5.2 % 985 0.3 % 80% and over 29,930 3.9 % 886 0.2 % Data not available* 11,591 1.6 % 5,245 1.4 % Total acquired 159,633 20.6 % 49,785 13.7 % Total loans $ 773,003 100.0 % $ 364,870 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. The following tables present the recorded investment in loans in each class as of December 31, 2017 , by credit quality indicator. At December 31, 2017 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,054,376 $ 735,313 $ 139,278 $ 670,265 $ 850,006 $ 52,619 $ 14,628 $ 4,516,485 OAEM 8,889 — — 7,691 3,630 — — 20,210 Substandard 5,926 608 860 17,681 5,012 — 39 30,126 Doubtful 201 — — 1,188 3,326 — — 4,715 Total originated 2,069,392 735,921 140,138 696,825 861,974 52,619 14,667 4,571,536 Acquired: Loan rating: Pass 94,244 24,459 — 6,643 4,501 — 104 129,951 OAEM 9,839 — — 265 — — 1 10,105 Substandard 1,494 290 — 1,271 13 — — 3,068 Doubtful — — — — — — — — Total acquired 105,577 24,749 — 8,179 4,514 — 105 143,124 Total loans $ 2,174,969 $ 760,670 $ 140,138 $ 705,004 $ 866,488 $ 52,619 $ 14,772 $ 4,714,660 As of December 31, 2017 , there were no loans categorized as definite loss. At December 31, 2017 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 153,373 23.2 % $ 148,137 41.6 % 50%—69% 265,328 40.2 % 75,099 21.1 % 70%—79% 168,272 25.5 % 63,742 17.9 % 80% and over 16,547 2.5 % 27,122 7.6 % Data not available* 1,377 0.2 % 89 — % Total originated 604,897 91.6 % 314,189 88.2 % Acquired: Loan-to-value ratio: Less than 50% 16,521 2.5 % 25,312 7.1 % 50%—69% 19,182 2.9 % 13,883 3.9 % 70%—79% 10,507 1.6 % 943 0.3 % 80% and over 7,893 1.2 % 582 0.2 % Data not available* 1,065 0.2 % 1,045 0.3 % Total acquired 55,168 8.4 % 41,765 11.8 % Total loans $ 660,065 100.0 % $ 355,954 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. |
Information regarding troubled debt restructuring loans | The following table presents information regarding foreclosed residential real estate property for the periods indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure — 633 The following table sets forth information regarding TDR loans and leases at the dates indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Troubled debt restructurings: On accrual $ 14,294 $ 16,241 On nonaccrual 8,610 9,770 Total troubled debt restructurings $ 22,904 $ 26,011 |
Information regarding the aging of past due loans, by loan class | The following tables present an age analysis of the recorded investment in total loans and leases as of March 31, 2018 and December 31, 2017 . At March 31, 2018 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 8,466 $ 633 $ 2,645 $ 11,744 $ 2,117,366 $ 2,129,110 $ — $ 3,954 Multi-family mortgage 1,032 — — 1,032 739,571 740,603 — 588 Construction 297 — 860 1,157 135,627 136,784 — 860 Total commercial real estate loans 9,795 633 3,505 13,933 2,992,564 3,006,497 — 5,402 Commercial loans and leases: Commercial 1,453 1,642 6,133 9,228 717,624 726,852 — 9,927 Equipment financing 4,207 778 4,241 9,226 879,268 888,494 — 6,661 Condominium association 855 161 — 1,016 51,723 52,739 — — Total commercial loans and leases 6,515 2,581 10,374 19,470 1,648,615 1,668,085 — 16,588 Consumer loans: Residential mortgage 1,553 — 580 2,133 611,237 613,370 — 1,962 Home equity 285 1 51 337 314,748 315,085 1 130 Other consumer 113 13 34 160 29,027 29,187 — 53 Total consumer loans 1,951 14 665 2,630 955,012 957,642 1 2,145 Total originated loans and leases $ 18,261 $ 3,228 $ 14,544 $ 36,033 $ 5,596,191 $ 5,632,224 $ 1 $ 24,135 At March 31, 2018 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 8,680 $ 55 $ 1,604 $ 10,339 $ 138,579 $ 148,918 $ 1,534 $ 126 Multi-family mortgage — — — — 52,987 52,987 — — Construction — — — — 31,856 31,856 — — Total commercial real estate loans 8,680 55 1,604 10,339 223,422 233,761 1,534 126 Commercial loans and leases: Commercial 93 38 836 967 34,103 35,070 1 1,223 Equipment financing — — 11 11 3,836 3,847 5 — Total commercial loans and leases 93 38 847 978 37,939 38,917 6 1,223 Consumer loans: Residential mortgage 431 767 2,201 3,399 156,234 159,633 2,201 — Home equity 260 88 265 613 49,172 49,785 140 795 Other consumer — — — — 141 141 — — Total consumer loans 691 855 2,466 4,012 205,547 209,559 2,341 795 Total acquired loans and leases $ 9,464 $ 948 $ 4,917 $ 15,329 $ 466,908 $ 482,237 $ 3,881 $ 2,144 Total loans and leases $ 27,725 $ 4,176 $ 19,461 $ 51,362 $ 6,063,099 $ 6,114,461 $ 3,882 $ 26,279 At December 31, 2017 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Originated: Commercial real estate loans: Commercial real estate $ 3,294 $ 391 $ 1,843 $ 5,528 $ 2,063,864 $ 2,069,392 $ — $ 3,182 Multi-family mortgage 6,141 2,590 — 8,731 727,190 735,921 — 608 Construction 6,537 330 860 7,727 132,411 140,138 — 860 Total commercial real estate loans 15,972 3,311 2,703 21,986 2,923,465 2,945,451 — 4,650 Commercial loans and leases: Commercial 1,344 597 7,724 9,665 687,160 696,825 — 10,365 Equipment financing 3,214 2,494 3,203 8,911 853,063 861,974 224 8,106 Condominium association 857 262 — 1,119 51,500 52,619 — — Total commercial loans and leases 5,415 3,353 10,927 19,695 1,591,723 1,611,418 224 18,471 Consumer loans: Residential mortgage 1,256 166 728 2,150 602,747 604,897 — 1,979 Home equity 643 19 32 694 313,495 314,189 1 132 Other consumer 238 20 28 286 14,381 14,667 — 43 Total consumer loans 2,137 205 788 3,130 930,623 933,753 1 2,154 Total originated loans and leases $ 23,524 $ 6,869 $ 14,418 $ 44,811 $ 5,445,811 $ 5,490,622 $ 225 $ 25,275 At December 31, 2017 Past Due Loans and Leases Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Nonaccrual Loans and Leases (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 1,008 $ — $ 656 $ 1,664 $ 103,913 $ 105,577 $ 586 $ 131 Multi-family mortgage — — 3 3 24,746 24,749 3 — Construction — — — — — — — — Total commercial real estate loans 1,008 — 659 1,667 128,659 130,326 589 131 Commercial loans and leases: Commercial — 44 1,022 1,066 7,113 8,179 17 1,254 Equipment financing — — 13 13 4,501 4,514 13 — Total commercial loans and leases — 44 1,035 1,079 11,614 12,693 30 1,254 Consumer loans: Residential mortgage — 463 1,990 2,453 52,715 55,168 1,990 — Home equity 508 — 186 694 41,071 41,765 186 612 Other consumer — — — — 105 105 — — Total consumer loans 508 463 2,176 3,147 93,891 97,038 2,176 612 Total acquired loans and leases $ 1,516 $ 507 $ 3,870 $ 5,893 $ 234,164 $ 240,057 $ 2,795 $ 1,997 Total loans and leases $ 25,040 $ 7,376 $ 18,288 $ 50,704 $ 5,679,975 $ 5,730,679 $ 3,020 $ 27,272 |
Impaired loans and leases, by loan and leases class | The following tables include the recorded investment and unpaid principal balances of impaired loans and leases with the related allowance amount, if applicable, for the originated and acquired loan and lease portfolios at the dates indicated. Also presented are the average recorded investments in the impaired loans and leases and the related amount of interest recognized during the period that the impaired loans were impaired. At March 31, 2018 At December 31, 2017 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 7,962 $ 7,946 $ — $ 9,978 $ 9,962 $ — Commercial 27,032 27,027 — 24,906 25,040 — Consumer 3,338 3,330 — 3,508 3,500 — Total originated with no related allowance recorded 38,332 38,303 — 38,392 38,502 — With an allowance recorded: Commercial real estate — — — 3,056 3,056 — Commercial 7,953 7,942 2,509 8,912 8,862 3,105 Consumer 134 134 18 — — — Total originated with an allowance recorded 8,087 8,076 2,527 11,968 11,918 3,105 Total originated impaired loans and leases 46,419 46,379 2,527 50,360 50,420 3,105 Acquired: With no related allowance recorded: Commercial real estate 10,676 10,676 — 1,880 1,880 — Commercial 1,607 1,607 — 1,594 1,594 — Consumer 4,839 4,839 — 4,736 4,736 — Total acquired with no related allowance recorded 17,122 17,122 — 8,210 8,210 — With an allowance recorded: Consumer 114 114 22 115 115 22 Total acquired with an allowance recorded 114 114 22 115 115 22 Total acquired impaired loans and leases 17,236 17,236 22 8,325 8,325 22 Total impaired loans and leases $ 63,655 $ 63,615 $ 2,549 $ 58,685 $ 58,745 $ 3,127 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $23.8 million and $2.1 million , respectively as of March 31, 2018 . (2) Includes originated and acquired nonaccrual loans of $24.9 million and $2.0 million , respectively as of December 31, 2017 . Three Months Ended March 31, 2018 March 31, 2017 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 7,985 $ 30 $ 9,363 $ 32 Commercial 27,761 272 21,058 164 Consumer 3,353 13 5,306 16 Total originated with no related allowance recorded 39,099 315 35,727 212 With an allowance recorded: Commercial real estate — — 4,000 48 Commercial 7,993 16 22,322 1 Consumer 134 1 — — Total originated with an allowance recorded 8,127 17 26,322 49 Total originated impaired loans and leases 47,226 332 62,049 261 Acquired: With no related allowance recorded: Commercial real estate 10,681 1 9,419 19 Commercial 1,624 4 2,934 10 Consumer 4,860 15 6,133 16 Total acquired with no related allowance recorded 17,165 20 18,486 45 With an allowance recorded: Commercial real estate — — — — Commercial — — — — Consumer 114 1 168 1 Total acquired with an allowance recorded 114 1 168 1 Total acquired impaired loans and leases 17,279 21 18,654 46 Total impaired loans and leases $ 64,505 $ 353 $ 80,703 $ 307 |
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: At March 31, 2018 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ — $ 2,509 $ 18 $ 2,527 Collectively evaluated for impairment 26,674 23,613 4,990 55,277 Total originated loans and leases 26,674 26,122 5,008 57,804 Acquired: Individually evaluated for impairment — — 22 22 Collectively evaluated for impairment 104 12 15 131 Acquired with deteriorated credit quality 583 118 56 757 Total acquired loans and leases 687 130 93 910 Total allowance for loan and lease losses $ 27,361 $ 26,252 $ 5,101 $ 58,714 Loans and Leases: Originated: Individually evaluated for impairment $ 7,959 $ 30,561 $ 3,406 $ 41,926 Collectively evaluated for impairment 2,998,538 1,637,524 954,236 5,590,298 Total originated loans and leases 3,006,497 1,668,085 957,642 5,632,224 Acquired: Individually evaluated for impairment — 1,447 1,964 3,411 Collectively evaluated for impairment 139,761 33,145 169,453 342,359 Acquired with deteriorated credit quality 94,000 4,325 38,142 136,467 Total acquired loans and leases 233,761 38,917 209,559 482,237 Total loans and leases $ 3,240,258 $ 1,707,002 $ 1,167,201 $ 6,114,461 At December 31, 2017 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ — $ 3,105 $ — $ 3,105 Collectively evaluated for impairment 26,366 23,078 5,003 54,447 Total originated loans and leases 26,366 26,183 5,003 57,552 Acquired: Individually evaluated for impairment — — 22 22 Collectively evaluated for impairment 145 13 17 175 Acquired with deteriorated credit quality 601 137 105 843 Total acquired loans and leases 746 150 144 1,040 Total allowance for loan and lease losses $ 27,112 $ 26,333 $ 5,147 $ 58,592 Loans and Leases: Originated: Individually evaluated for impairment $ 13,031 $ 29,386 $ 3,070 $ 45,487 Collectively evaluated for impairment 2,932,420 1,582,032 930,683 5,445,135 Total originated loans and leases 2,945,451 1,611,418 933,753 5,490,622 Acquired: Individually evaluated for impairment — 1,487 1,867 3,354 Collectively evaluated for impairment 34,244 6,399 55,921 96,564 Acquired with deteriorated credit quality 96,082 4,807 39,250 140,139 Total acquired loans and leases 130,326 12,693 97,038 240,057 Total loans and leases $ 3,075,777 $ 1,624,111 $ 1,030,791 $ 5,730,679 |
Summary of loans restructured or defaulted | The recorded investment in TDR loans and the associated specific allowances for loan and lease losses, in the originated and acquired loan and lease portfolios, that were modified during the periods indicated, are as follows. At and for the Three Months Ended March 31, 2018 Recorded Investment Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial 6 $ 635 $ 635 $ 41 $ 635 $ — 1 $ 929 Equipment financing 6 1,555 1,555 — — — — — Total originated 12 $ 2,190 $ 2,190 $ 41 $ 635 $ — 1 $ 929 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. There were no acquired loans and leases that met the definition of a TDR during the three months ended March 31, 2018 . At and for the Three Months Ended March 31, 2017 Recorded Investment Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial 3 $ 765 $ 765 $ 364 $ 741 $ — 3 $ 800 Total originated 3 $ 765 $ 765 $ 364 $ 741 — 3 $ 800 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. There were no acquired loans and leases that met the definition of a TDR during the three months ended March 31, 2017 . |
Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company's end-of-period balances for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended March 31, 2018 2017 (In Thousands) Loans with one modification: Adjusted principal $ — $ 375 Combination maturity, principal, interest rate 2,190 390 Total loans with one modification $ 2,190 $ 765 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Goodwill $ 137,890 $ 137,890 Additions 23,006 — Balance at end of period 160,896 137,890 Other intangible assets: Core deposits 6,608 4,955 Trade name 1,089 1,089 Total other intangible assets 7,697 6,044 Total goodwill and other intangible assets $ 168,593 $ 143,934 |
Schedule of composition of other intangible assets | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At March 31, 2018 At December 31, 2017 (In Thousands) Goodwill $ 137,890 $ 137,890 Additions 23,006 — Balance at end of period 160,896 137,890 Other intangible assets: Core deposits 6,608 4,955 Trade name 1,089 1,089 Total other intangible assets 7,697 6,044 Total goodwill and other intangible assets $ 168,593 $ 143,934 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2018 $ 1,691 Year ending: 2019 1,682 2020 1,247 2021 839 2022 486 2023 256 Thereafter 407 Total $ 6,608 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended March 31, 2018 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2017 $ (6,113 ) $ 163 $ (5,950 ) Other comprehensive income (5,716 ) — (5,716 ) Balance at March 31, 2018 $ (11,829 ) $ 163 $ (11,666 ) Three Months Ended March 31, 2017 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2016 $ (4,213 ) $ 395 $ (3,818 ) Other comprehensive income 557 — 557 Balance at March 31, 2017 $ (3,656 ) $ 395 $ (3,261 ) |
Derivatives and Hedging Activ29
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value and classification of derivative financial instruments on the consolidated balance sheets and the effect of the derivative financial instruments on the consolidated income statements | The following tables presents the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value March 31, 2018 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 66 $ 3,872 $ 2,010 $ 27,607 $ — $ 504,205 $ 537,694 $ 13,594 Pay fixed, receive variable 66 3,872 2,010 27,607 — 504,205 537,694 13,594 Risk participation-out agreements 8 — — 8,495 — 28,667 37,162 43 Risk participation-in agreements 1 — — — — 3,825 3,825 7 Foreign exchange contracts Buys foreign currency, sells U.S. currency 18 $ 1,330 $ — $ — $ — $ — $ 1,330 $ 65 Sells foreign currency, buys U.S. currency 36 1,335 — — — — 1,335 60 Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2017 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 66 $ 3,903 $ 2,036 $ 27,992 $ — $ 460,728 $ 494,659 $ 8,865 Pay fixed, receive variable 66 3,903 2,036 27,992 — 460,728 494,659 8,865 Risk participation-out agreements 8 — — 8,613 — 28,014 36,627 65 Risk participation-in agreements 1 — — — — 3,825 3,825 10 Foreign exchange contracts Buys foreign currency, sells U.S. currency 22 $ 1,495 $ — $ — $ — $ — $ 1,495 $ 65 Sells foreign currency, buys U.S. currency 44 1,502 — — — — 1,502 72 |
Schedule of offsetting derivatives and amounts subject to master netting agreements not offset in the audited consolidated balance sheet | The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At March 31, 2018 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 13,594 $ — $ 13,594 $ — $ 530 $ 13,064 Risk participation-out agreements 43 — 43 — — 43 Foreign exchange contracts 65 — 65 — — 65 Total $ 13,702 $ — $ 13,702 $ — $ 530 $ 13,172 Liability derivatives Loan level derivatives $ 13,594 $ — $ 13,594 $ 24,017 $ 1,510 $ — Risk participation-in agreements 7 — 7 — — 7 Foreign exchange contracts 60 — 60 — — 60 Total $ 13,661 $ — $ 13,661 $ 24,017 $ 1,510 $ 67 At December 31, 2017 Gross Gross Amounts Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Statement of Financial Position Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 8,865 $ — $ 8,865 $ — $ — $ 8,865 Risk participation-out agreements 65 — 65 — — 65 Foreign exchange contracts 72 — 72 — — 72 Total $ 9,002 $ — $ 9,002 $ — $ — $ 9,002 Liability derivatives Loan level derivatives $ 8,865 $ — $ 8,865 $ 25,159 $ 1,510 $ — Risk participation-in agreements 10 — 10 — — — Foreign exchange contracts 65 — 65 — — — Total $ 8,940 $ — $ 8,940 $ 25,159 $ 1,510 $ — |
Earnings per Share (EPS) (Table
Earnings per Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended March 31, 2018 March 31, 2017 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 18,633 $ 18,633 $ 13,445 $ 13,445 Denominator: Weighted average shares outstanding 77,879,593 77,879,593 70,386,766 70,386,766 Effect of dilutive securities — 288,207 — 457,330 Adjusted weighted average shares outstanding 77,879,593 78,167,800 70,386,766 70,844,096 EPS $ 0.24 $ 0.24 $ 0.19 $ 0.19 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair value of assets and liabilities | |
Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis at the dates indicated. Fair Value Valuation Technique At March 31, At December 31, 2017 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 17,284 $ 21,195 Appraisal of collateral (1) Other real estate owned 3,235 3,235 Appraisal of collateral (1) _______________________________________________________________________________ (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. |
Summary of the carrying values and estimated fair values | The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) At March 31, 2018 Financial assets: Investment securities held-to-maturity: GSE debentures $ 50,529 $ 49,175 $ — $ 49,175 $ — GSE MBSs 13,344 13,004 — 13,004 — Municipal obligations 52,979 52,134 — 52,134 — Foreign government obligations 500 497 — — 497 Loans held-for-sale 756 756 — 756 — Loans and leases, net 6,055,747 5,947,840 — — 5,947,840 Restricted equity securities 66,164 66,164 — — 66,164 Financial liabilities: Certificates of deposit 1,361,722 1,346,500 — 1,346,500 — Borrowed funds 1,099,429 1,075,857 — 1,075,857 — Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) At December 31, 2017 Financial assets: Investment securities held-to-maturity: GSE debentures $ 41,612 $ 40,801 $ — $ 40,801 $ — GSE MBSs 13,923 13,705 — 13,705 — Municipal obligations 53,695 53,517 — 53,517 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 2,628 2,628 — 2,628 — Loans and leases, net 5,672,087 5,594,543 — — 5,594,543 Restricted equity securities 59,369 59,369 — — 59,369 Financial liabilities: Certificates of deposit 1,207,470 1,198,201 — 1,198,201 — Borrowed funds 1,020,819 995,335 — 995,335 — |
Recurring basis | |
Fair value of assets and liabilities | |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of March 31, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 180,968 $ — $ 180,968 GSE CMOs — 119,697 — 119,697 GSE MBSs — 192,185 — 192,185 SBA commercial loan asset-backed securities — 69 — 69 Corporate debt obligations — 55,872 — 55,872 U.S. Treasury bonds — 8,597 — 8,597 Trust preferred securities — — — — Marketable equity securities 969 — — 969 Total investment securities available-for-sale $ 969 $ 557,388 $ — $ 558,357 Loan level derivatives $ — $ 13,594 $ — $ 13,594 Risk participation-out agreements — 43 — 43 Foreign exchange contracts — 65 — 65 Liabilities: Loan level derivatives $ — $ 13,594 $ — $ 13,594 Risk participation-in agreements — 7 — 7 Foreign exchange contracts — 60 — 60 Carrying Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 149,924 $ — $ 149,924 GSE CMOs — 127,022 — 127,022 GSE MBSs — 189,313 — 189,313 SBA commercial loan asset-backed securities — 72 — 72 Corporate debt obligations — 62,683 — 62,683 U.S. Treasury bonds — 8,730 — 8,730 Trust preferred securities — 1,398 — 1,398 Marketable equity securities 982 — — 982 Total investment securities available-for-sale $ 982 $ 539,142 $ — $ 540,124 Loan level derivatives $ — $ 8,865 $ — $ 8,865 Risk participation-out agreements — 65 — 65 Foreign exchange contracts — 72 — 72 Liabilities: Loan level derivatives $ — $ 8,865 $ — $ 8,865 Risk participation-in agreements — 10 — 10 Foreign exchange contracts — 65 — 65 |
Nonrecurring basis | |
Fair value of assets and liabilities | |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of March 31, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 17,284 $ 17,284 OREO — — 3,235 3,235 Repossessed assets — 728 — 728 Total assets measured at fair value on a non-recurring basis $ — $ 728 $ 20,519 $ 21,247 Carrying Value as of December 31, 2017 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 21,195 $ 21,195 OREO — — 3,235 3,235 Repossessed assets — 1,184 — 1,184 Total assets measured at fair value on a non-recurring basis $ — $ 1,184 $ 24,430 $ 25,614 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At March 31, 2018 At December 31, 2017 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 34,112 $ 76,653 Commercial 106,956 83,032 Residential mortgage 24,162 28,745 Unadvanced portion of loans and leases 608,440 571,668 Unused lines of credit: Home equity 435,594 407,552 Other consumer 29,730 34,191 Other commercial 336 323 Unused letters of credit: Financial standby letters of credit 9,972 12,422 Performance standby letters of credit 736 736 Commercial and similar letters of credit 184 184 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 537,694 494,659 Pay fixed, receive variable 537,694 494,659 Risk participation-out agreements 37,162 36,627 Risk participation-in agreements 3,825 3,825 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,330 1,495 Sells foreign currency, buys U.S. currency 1,335 1,502 |
Schedule of future minimum rental payments under noncancellable operating leases | Total lease commitments increased from $29,665 thousand as of December 31, 2017 to $31,004 thousand as of March 31, 2018 . The increase is due to the addition of the leases of 2 former First Commons Bank branches and an ATM location, the opening of 2 new C&I lending offices in Braintree and Wakefield and the execution of a lease extension made for Eastern Funding. A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments (In Thousands) Remainder of 2018 $ 4,323 Year ending: 2019 5,366 2020 4,691 2021 3,635 2022 2,807 2023 2,225 Thereafter 7,957 Total $ 31,004 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018bank | Dec. 31, 2017USD ($) | |
Basis of Presentation | ||
Number of full-service banking offices | 27 | |
Percentage of insurance offered | 100.00% | |
Eastern Funding LLC | ||
Basis of Presentation | ||
Percentage of ownership in subsidiary | 84.10% | |
BankRI | ||
Basis of Presentation | ||
Number of full-service banking offices | 20 | |
First Ipswich | ||
Basis of Presentation | ||
Number of full-service banking offices | 6 | |
Retained Earnings | ||
Basis of Presentation | ||
Reclassifications related to TCJA | $ | $ 1.1 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Mar. 01, 2018USD ($)branchshares | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||
Merger and acquisition expense | $ 2,905 | $ 0 | |
Amortization of identified intangible assets | 467 | $ 532 | |
First Commons Bank | |||
Business Acquisition [Line Items] | |||
Number of branches acquired | branch | 2 | ||
Consideration transferred | $ 56,000 | ||
Share exchange ratio | 1.089 | ||
Stock consideration payment | $ 851 | ||
Increase in shares outstanding (in shares) | shares | 3,481,477 | ||
Federal home loan bank stock | $ 880 | ||
Federal reserve bank stock | 1,000 | ||
Discount from loan accounting valuation | 1,600 | ||
Total consolidated assets | 335,020 | ||
Core deposit and other intangibles | 2,122 | ||
Discount from results of certificate of deposit valuation | 1,200 | ||
Core deposits | First Commons Bank | |||
Business Acquisition [Line Items] | |||
Amortization of identified intangible assets | 41 | ||
Core deposit and other intangibles | $ 2,100 | ||
Loans | First Commons Bank | |||
Business Acquisition [Line Items] | |||
Accretion recorded | 27 | ||
Certificates of Deposit | First Commons Bank | |||
Business Acquisition [Line Items] | |||
Accretion recorded | $ 82 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation) (Details) - First Commons Bank $ in Thousands | Mar. 01, 2018USD ($) |
ASSETS | |
Cash | $ 42,995 |
Restricted stock | 1,884 |
Loans | 262,095 |
Premises and equipment | 583 |
Goodwill | 23,005 |
Core deposit and other intangibles | 2,122 |
Other assets | 2,336 |
Total assets acquired | 335,020 |
LIABILITIES | |
Deposits | 273,701 |
Borrowings | 5,000 |
Other liabilities | 287 |
Total liabilities assumed | 278,988 |
Purchase price | $ 56,032 |
Investment Securities (Summary
Investment Securities (Summary of Available-for-sale and Held-to-maturity Securities)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment securities available-for-sale | ||
Amortized Cost | $ 573,532 | $ 547,964 |
Gross Unrealized Gains | 331 | 581 |
Gross Unrealized Losses | 15,506 | 8,421 |
Estimated Fair Value | 558,357 | 540,124 |
Investment securities held-to-maturity | ||
Amortized Cost | 117,352 | 109,730 |
Gross Unrealized Gains | 15 | 159 |
Gross Unrealized Losses | 2,557 | 1,366 |
Estimated Fair Value | 114,810 | 108,523 |
GSE debentures | ||
Investment securities available-for-sale | ||
Amortized Cost | 184,760 | 151,483 |
Gross Unrealized Gains | 71 | 70 |
Gross Unrealized Losses | 3,863 | 1,629 |
Estimated Fair Value | 180,968 | 149,924 |
Investment securities held-to-maturity | ||
Amortized Cost | 50,529 | 41,612 |
Gross Unrealized Gains | 4 | 0 |
Gross Unrealized Losses | 1,358 | 811 |
Estimated Fair Value | 49,175 | 40,801 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Amortized Cost | 125,061 | 131,082 |
Gross Unrealized Gains | 18 | 27 |
Gross Unrealized Losses | 5,382 | 4,087 |
Estimated Fair Value | 119,697 | 127,022 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Amortized Cost | 197,083 | 191,281 |
Gross Unrealized Gains | 231 | 354 |
Gross Unrealized Losses | 5,129 | 2,322 |
Estimated Fair Value | 192,185 | 189,313 |
Investment securities held-to-maturity | ||
Amortized Cost | 13,344 | 13,923 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 340 | 218 |
Estimated Fair Value | 13,004 | 13,705 |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 70 | 73 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 1 | 1 |
Estimated Fair Value | 69 | 72 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Amortized Cost | 56,784 | 62,811 |
Gross Unrealized Gains | 5 | 110 |
Gross Unrealized Losses | 917 | 238 |
Estimated Fair Value | 55,872 | 62,683 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Amortized Cost | 8,794 | 8,785 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | 197 | 62 |
Estimated Fair Value | 8,597 | 8,730 |
Trust preferred securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 0 | 1,471 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 73 |
Estimated Fair Value | 0 | 1,398 |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Amortized Cost | 980 | 978 |
Gross Unrealized Gains | 6 | 13 |
Gross Unrealized Losses | 17 | 9 |
Estimated Fair Value | 969 | 982 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 52,979 | 53,695 |
Gross Unrealized Gains | 11 | 159 |
Gross Unrealized Losses | 856 | 337 |
Estimated Fair Value | 52,134 | 53,517 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3 | 0 |
Estimated Fair Value | $ 497 | $ 500 |
Investment Securities (Narrativ
Investment Securities (Narrative)(Details) | Mar. 06, 2018USD ($)shares | Mar. 31, 2018USD ($)securityshares | Mar. 31, 2018USD ($)security | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)security | Feb. 03, 2017$ / sharesshares |
Investment Securities | ||||||
Investment securities available-for-sale | $ 558,357,000 | $ 558,357,000 | $ 540,124,000 | |||
Loss on sales of securities | 1,162,000 | $ 11,393,000 | ||||
Net unrealized loss | 15,200,000 | 15,200,000 | 7,800,000 | |||
Estimated fair value | $ 512,100,000 | $ 512,100,000 | $ 469,200,000 | |||
Percentage of securities in unrealized loss positions, available-for-sale securities | 91.70% | 91.70% | 86.90% | |||
Gross Unrealized Losses | $ 15,506,000 | $ 15,506,000 | $ 8,421,000 | |||
Investment securities held to maturity, fair value | 114,810,000 | 114,810,000 | 108,523,000 | |||
Net unrealized (loss), held-to-maturity securities | 2,500,000 | 2,500,000 | 1,200,000 | |||
Fair value | $ 109,000,000 | $ 109,000,000 | $ 92,900,000 | |||
Percentage of securities in unrealized loss positions, held-to-maturity securities | 95.00% | 95.00% | 85.60% | |||
Gross Unrealized Losses | $ 2,557,000 | $ 2,557,000 | $ 1,366,000 | |||
Investment securities pledged as collateral | 463,100,000 | 463,100,000 | 431,200,000 | |||
Purchases of securities available-for-sale | 49,108,000 | 23,935,000 | ||||
Purchases of investment securities held-to-maturity | 8,915,000 | 14,873,000 | ||||
Estimated fair value of debt securities have right to call or prepay the obligations | 30,800,000 | 30,800,000 | 58,800,000 | |||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 17,700,000 | 17,700,000 | 32,700,000 | |||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after five years through ten years | 13,100,000 | 13,100,000 | 25,200,000 | |||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | 0 | 0 | 900,000 | |||
Proceeds from sales of investment securities available-for-sale | 1,470,000 | 11,515,000 | ||||
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 23,100,000 | 23,100,000 | 23,700,000 | |||
GSE debentures | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 180,968,000 | 180,968,000 | 149,924,000 | |||
Net unrealized loss | (3,800,000) | (3,800,000) | (1,600,000) | |||
Gross Unrealized Losses | 3,863,000 | 3,863,000 | 1,629,000 | |||
Investment securities held to maturity, fair value | 49,175,000 | 49,175,000 | 40,801,000 | |||
Net unrealized (loss), held-to-maturity securities | (1,400,000) | (1,400,000) | (800,000) | |||
Fair value | 49,200,000 | 49,200,000 | 40,800,000 | |||
Gross Unrealized Losses | $ 1,358,000 | $ 1,358,000 | $ 811,000 | |||
Number of securities | security | 60 | 60 | 48 | |||
Number of securities in unrealized loss positions | security | 51 | 51 | 43 | |||
Purchases of securities available-for-sale | $ 33,900,000 | 23,900,000 | ||||
Number of securities | security | 17 | 17 | 14 | |||
Number of securities in an unrealized loss position | security | 16 | 16 | 14 | |||
Purchases of investment securities held-to-maturity | $ 8,900,000 | 14,900,000 | ||||
GSE CMOs | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 119,700,000 | 119,700,000 | $ 127,000,000 | |||
Net unrealized loss | $ (5,400,000) | $ (5,400,000) | $ (4,100,000) | |||
Number of securities | security | 62 | 62 | 62 | |||
Number of securities in unrealized loss positions | security | 47 | 47 | 47 | |||
Purchases of securities available-for-sale | $ 0 | |||||
GSE mortgage-related securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 192,200,000 | 192,200,000 | $ 189,300,000 | |||
Net unrealized loss | $ (4,900,000) | $ (4,900,000) | $ (2,000,000) | |||
Number of securities | security | 195 | 195 | 194 | |||
Number of securities in unrealized loss positions | security | 94 | 94 | 82 | |||
Purchases of securities available-for-sale | $ 15,200,000 | 0 | ||||
SBA commercial loan asset-backed securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 69,000 | 69,000 | $ 72,000 | |||
Gross Unrealized Losses | $ 1,000 | $ 1,000 | $ 1,000 | |||
Number of securities | security | 5 | 5 | 5 | |||
Number of securities in unrealized loss positions | security | 4 | 4 | 4 | |||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
Corporate debt obligations | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 55,872,000 | 55,872,000 | $ 62,683,000 | |||
Net unrealized loss | (900,000) | (900,000) | (100,000) | |||
Gross Unrealized Losses | $ 917,000 | $ 917,000 | $ 238,000 | |||
Number of securities | security | 17 | 17 | 19 | |||
Number of securities in unrealized loss positions | security | 14 | 14 | 9 | |||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
U.S. Treasury bonds | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 8,597,000 | 8,597,000 | $ 8,730,000 | |||
Net unrealized loss | 200,000 | 200,000 | (100,000) | |||
Gross Unrealized Losses | $ 197,000 | $ 197,000 | $ 62,000 | |||
Number of securities | security | 2 | 2 | 2 | |||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
Trust preferred securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 0 | 0 | $ 1,398,000 | |||
Loss on sales of securities | (100,000) | |||||
Net unrealized loss | (100,000) | |||||
Gross Unrealized Losses | $ 0 | $ 0 | $ 73,000 | |||
Number of securities | security | 2 | 2 | 2 | |||
Marketable equity securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 969,000 | $ 969,000 | $ 982,000 | |||
Gross Unrealized Losses | $ 17,000 | $ 17,000 | $ 9,000 | |||
Number of securities | security | 2 | 2 | 2 | |||
Number of securities in unrealized loss positions | security | 1 | 1 | 1 | |||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
GSE MBSs | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 192,185,000 | 192,185,000 | $ 189,313,000 | |||
Gross Unrealized Losses | 5,129,000 | 5,129,000 | 2,322,000 | |||
Investment securities held to maturity, fair value | 13,004,000 | 13,004,000 | 13,705,000 | |||
Net unrealized (loss), held-to-maturity securities | (300,000) | (300,000) | (200,000) | |||
Fair value | 13,000,000 | 13,000,000 | 13,700,000 | |||
Gross Unrealized Losses | $ 340,000 | $ 340,000 | $ 218,000 | |||
Number of securities | security | 11 | 11 | 11 | |||
Number of securities in an unrealized loss position | security | 8 | 8 | 8 | |||
Purchases of investment securities held-to-maturity | $ 0 | $ 0 | ||||
Municipal obligations | ||||||
Investment Securities | ||||||
Investment securities held to maturity, fair value | $ 52,134,000 | 52,134,000 | $ 53,517,000 | |||
Net unrealized (loss), held-to-maturity securities | (800,000) | (800,000) | (200,000) | |||
Fair value | 52,100,000 | 52,100,000 | 53,500,000 | |||
Gross Unrealized Losses | $ 856,000 | $ 856,000 | $ 337,000 | |||
Number of securities | security | 100 | 100 | 100 | |||
Number of securities in an unrealized loss position | security | 93 | 93 | 69 | |||
Purchases of investment securities held-to-maturity | $ 0 | |||||
Foreign government obligations | ||||||
Investment Securities | ||||||
Investment securities held to maturity, fair value | $ 497,000 | 497,000 | $ 500,000 | |||
Fair value | 500,000 | 500,000 | 500,000 | |||
Gross Unrealized Losses | $ 3,000 | $ 3,000 | $ 0 | |||
Number of securities | security | 1 | 1 | 1 | |||
Community Bank Systems, Inc. | Brookline Securities Corp | ||||||
Investment Securities | ||||||
Cash proceeds from settlement | $ 600,000 | |||||
Shares received in settlement (in shares) | shares | 11,303 | |||||
Shares sold (in shares) | shares | 11,303 | |||||
Gain (loss) on sale | $ 600,000 | |||||
Cash received per share at exchange (in dollars per share) | $ / shares | $ 319 | |||||
Number of acquirer shares received per acquiree shares held at exchange (in shares) | shares | 14.876 | |||||
Daily authorized amount of shares that can be sold (in shares) | shares | 5,071 | |||||
Longwood Securities | Brookline Securities Corp | ||||||
Investment Securities | ||||||
Shares sold (in shares) | shares | 2 | |||||
Book value | $ 1,500,000 | $ 1,500,000 | ||||
Gain (loss) on sale | (100,000) | |||||
Northeast Retirement Services | Brookline Securities Corp | ||||||
Investment Securities | ||||||
Number of shares held as investment | shares | 9,721 | |||||
Debt Securities | ||||||
Investment Securities | ||||||
Estimated fair value | 512,149,000 | 512,149,000 | $ 469,203,000 | |||
Fair value | 109,014,000 | 109,014,000 | 92,922,000 | |||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 2,557,000 | $ 2,557,000 | $ 1,366,000 |
Investment Securities (Other-Th
Investment Securities (Other-Than-Temporary Impairment)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment securities available-for-sale | ||
Estimated Fair Value | $ 512,100 | $ 469,200 |
Investment securities held-to-maturity | ||
Total, estimated fair value | 109,000 | 92,900 |
GSE debentures | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 143,716 | 120,409 |
Less than twelve months, unrealized losses | 3,284 | 1,263 |
Twelve months or longer, estimated fair value | 12,256 | 12,481 |
Twelve months or longer, unrealized losses | 579 | 366 |
Estimated Fair Value | 155,972 | 132,890 |
Total, unrealized losses | 3,863 | 1,629 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 32,196 | 26,594 |
Less than twelve months, unrealized losses | 628 | 281 |
Twelve months or longer, estimated fair value | 14,007 | 14,208 |
Twelve months or longer, unrealized losses | 730 | 530 |
Total, estimated fair value | 46,203 | 40,802 |
Total, unrealized losses | 1,358 | 811 |
GSE CMOs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 2,614 | 2,862 |
Less than twelve months, unrealized losses | 64 | 34 |
Twelve months or longer, estimated fair value | 116,505 | 123,548 |
Twelve months or longer, unrealized losses | 5,318 | 4,053 |
Estimated Fair Value | 119,119 | 126,410 |
Total, unrealized losses | 5,382 | 4,087 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 109,406 | 94,985 |
Less than twelve months, unrealized losses | 2,250 | 753 |
Twelve months or longer, estimated fair value | 70,625 | 74,782 |
Twelve months or longer, unrealized losses | 2,879 | 1,569 |
Estimated Fair Value | 180,031 | 169,767 |
Total, unrealized losses | 5,129 | 2,322 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 1,872 | 1,996 |
Less than twelve months, unrealized losses | 34 | 15 |
Twelve months or longer, estimated fair value | 11,081 | 11,674 |
Twelve months or longer, unrealized losses | 306 | 203 |
Total, estimated fair value | 12,953 | 13,670 |
Total, unrealized losses | 340 | 218 |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 32 | 34 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 31 | 33 |
Twelve months or longer, unrealized losses | 1 | 1 |
Estimated Fair Value | 63 | 67 |
Total, unrealized losses | 1 | 1 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 45,522 | 30,978 |
Less than twelve months, unrealized losses | 761 | 154 |
Twelve months or longer, estimated fair value | 2,350 | 2,423 |
Twelve months or longer, unrealized losses | 156 | 84 |
Estimated Fair Value | 47,872 | 33,401 |
Total, unrealized losses | 917 | 238 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 8,597 | 4,767 |
Less than twelve months, unrealized losses | 197 | 62 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Estimated Fair Value | 8,597 | 4,767 |
Total, unrealized losses | 197 | 62 |
Trust preferred securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 0 | 1,398 |
Twelve months or longer, unrealized losses | 0 | 73 |
Estimated Fair Value | 0 | 1,398 |
Total, unrealized losses | 0 | 73 |
Marketable equity securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 495 | 503 |
Twelve months or longer, unrealized losses | 17 | 9 |
Estimated Fair Value | 495 | 503 |
Total, unrealized losses | 17 | 9 |
Debt Securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 309,887 | 254,035 |
Less than twelve months, unrealized losses | 6,556 | 2,266 |
Twelve months or longer, estimated fair value | 202,262 | 215,168 |
Twelve months or longer, unrealized losses | 8,950 | 6,155 |
Estimated Fair Value | 512,149 | 469,203 |
Total, unrealized losses | 15,506 | 8,421 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 76,785 | 59,132 |
Less than twelve months, unrealized losses | 1,253 | 531 |
Twelve months or longer, estimated fair value | 32,229 | 33,790 |
Twelve months or longer, unrealized losses | 1,304 | 835 |
Total, estimated fair value | 109,014 | 92,922 |
Total, unrealized losses | 2,557 | 1,366 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] | ||
Less Than Twelve Months, Estimated Fair Value | 386,672 | 313,167 |
Less Than Twelve Months, Unrealized Losses | 7,809 | 2,797 |
Twelve Months or Longer, Estimated Fair Value | 234,491 | 248,958 |
Twelve Months or Longer, Unrealized Losses | 10,254 | 6,990 |
Total, Estimated Fair Value | 621,163 | 562,125 |
Total, Unrealized Losses | 18,063 | 9,787 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 42,717 | 30,542 |
Less than twelve months, unrealized losses | 591 | 235 |
Twelve months or longer, estimated fair value | 6,644 | 7,408 |
Twelve months or longer, unrealized losses | 265 | 102 |
Total, estimated fair value | 49,361 | 37,950 |
Total, unrealized losses | 856 | 337 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 0 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 497 | 500 |
Twelve months or longer, unrealized losses | 3 | 0 |
Total, estimated fair value | 497 | 500 |
Total, unrealized losses | $ 3 | $ 0 |
Investment Securities (Portfoli
Investment Securities (Portfolio Maturities)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 25,290 | $ 23,612 |
After 1 year through 5 years | 162,284 | 142,772 |
After 5 years through 10 years | 146,756 | 136,746 |
Over 10 years | 238,222 | 243,856 |
Total | 572,552 | 546,986 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 25,250 | 23,652 |
After 1 year through 5 years | 159,464 | 142,029 |
After 5 years through 10 years | 142,749 | 134,978 |
Over 10 years | 229,925 | 238,483 |
Total | $ 557,388 | $ 539,142 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 2.23% | 2.27% |
After 1 year through 5 years (as a percent) | 2.13% | 2.05% |
After 5 years through 10 years (as a percent) | 2.15% | 2.06% |
Over 10 years (as a percent) | 2.15% | 2.06% |
Total (as a percent) | 2.15% | 2.07% |
Held-to-Maturity, Amortized Cost | ||
Within 1 year | $ 1,470 | $ 918 |
After 1 year through 5 years | 60,727 | 58,335 |
After 5 years through 10 years | 41,863 | 36,589 |
Over 10 years | 13,292 | 13,888 |
Total | 117,352 | 109,730 |
Held-to-Maturity, Estimated Fair Value | ||
Within 1 year | 1,463 | 916 |
After 1 year through 5 years | 59,838 | 57,939 |
After 5 years through 10 years | 40,556 | 35,998 |
Over 10 years | 12,953 | 13,670 |
Total | $ 114,810 | $ 108,523 |
Held-to-Maturity, Weighted Average Rate | ||
Within 1 year (as a percent) | 1.00% | 0.78% |
After 1 year through 5 years (as a percent) | 1.80% | 1.74% |
After 5 years through 10 years (as a percent) | 1.98% | 1.79% |
Over 10 years (as a percent) | 2.23% | 1.98% |
Total (as a percent) | 1.90% | 1.78% |
Investment Securities (Security
Investment Securities (Security Sales)(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Sales of marketable and restricted equity securities | $ 2,700 | $ 11,393 |
Gross gains from sales | 1,230 | 11,612 |
Gross losses from sales | (68) | (219) |
Gain on sales of securities, net | $ 1,162 | $ 11,393 |
Loans and Leases (Summary of Lo
Loans and Leases (Summary of Loan and Lease Balances and Weighted Average Coupon Rates)(Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 5,632,224 | $ 5,490,622 |
Originated, Weighted Average Coupon (as a percent) | 4.77% | 4.65% |
Acquired loans | $ 482,237 | $ 240,057 |
Acquired, Weighted Average Coupon (as a percent) | 4.29% | 4.49% |
Total loans and leases | $ 6,114,461 | $ 5,730,679 |
Total, Weighted Average Coupon (as a percent) | 4.73% | 4.64% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,278,028 | $ 2,174,969 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 793,590 | 760,670 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 168,640 | 140,138 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 761,922 | 705,004 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 892,341 | 866,488 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 52,739 | 52,619 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 773,003 | 660,065 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 364,870 | 355,954 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 29,328 | 14,772 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 3,006,497 | $ 2,945,451 |
Originated, Weighted Average Coupon (as a percent) | 4.29% | 4.17% |
Acquired loans | $ 233,761 | $ 130,326 |
Acquired, Weighted Average Coupon (as a percent) | 3.86% | 4.39% |
Total loans and leases | $ 3,240,258 | $ 3,075,777 |
Total, Weighted Average Coupon (as a percent) | 4.26% | 4.18% |
Commercial real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 2,129,110 | $ 2,069,392 |
Originated, Weighted Average Coupon (as a percent) | 4.28% | 4.17% |
Acquired loans | $ 148,918 | $ 105,577 |
Acquired, Weighted Average Coupon (as a percent) | 4.44% | 4.37% |
Total loans and leases | $ 2,278,028 | $ 2,174,969 |
Total, Weighted Average Coupon (as a percent) | 4.29% | 4.18% |
Commercial real estate loans | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 740,603 | $ 735,921 |
Originated, Weighted Average Coupon (as a percent) | 4.21% | 4.09% |
Acquired loans | $ 52,987 | $ 24,749 |
Acquired, Weighted Average Coupon (as a percent) | 4.56% | 4.48% |
Total loans and leases | $ 793,590 | $ 760,670 |
Total, Weighted Average Coupon (as a percent) | 4.23% | 4.10% |
Commercial real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 136,784 | $ 140,138 |
Originated, Weighted Average Coupon (as a percent) | 4.80% | 4.58% |
Acquired loans | $ 31,856 | $ 0 |
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% |
Total loans and leases | $ 168,640 | $ 140,138 |
Total, Weighted Average Coupon (as a percent) | 3.89% | 4.58% |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 1,668,085 | $ 1,611,418 |
Originated, Weighted Average Coupon (as a percent) | 6.01% | 5.92% |
Acquired loans | $ 38,917 | $ 12,693 |
Acquired, Weighted Average Coupon (as a percent) | 5.89% | 5.82% |
Total loans and leases | $ 1,707,002 | $ 1,624,111 |
Total, Weighted Average Coupon (as a percent) | 6.01% | 5.92% |
Commercial loans and leases | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 726,852 | $ 696,825 |
Originated, Weighted Average Coupon (as a percent) | 4.49% | 4.35% |
Acquired loans | $ 35,070 | $ 8,179 |
Acquired, Weighted Average Coupon (as a percent) | 5.89% | 5.77% |
Total loans and leases | $ 761,922 | $ 705,004 |
Total, Weighted Average Coupon (as a percent) | 4.55% | 4.37% |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 888,494 | $ 861,974 |
Originated, Weighted Average Coupon (as a percent) | 7.35% | 7.28% |
Acquired loans | $ 3,847 | $ 4,514 |
Acquired, Weighted Average Coupon (as a percent) | 5.94% | 5.92% |
Total loans and leases | $ 892,341 | $ 866,488 |
Total, Weighted Average Coupon (as a percent) | 7.34% | 7.27% |
Commercial loans and leases | Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 52,739 | $ 52,619 |
Originated, Weighted Average Coupon (as a percent) | 4.52% | 4.49% |
Acquired loans | $ 0 | $ 0 |
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% |
Total loans and leases | $ 52,739 | $ 52,619 |
Total, Weighted Average Coupon (as a percent) | 4.52% | 4.49% |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 957,642 | $ 933,753 |
Originated, Weighted Average Coupon (as a percent) | 4.10% | 3.95% |
Acquired loans | $ 209,559 | $ 97,038 |
Acquired, Weighted Average Coupon (as a percent) | 4.48% | 4.44% |
Total loans and leases | $ 1,167,201 | $ 1,030,791 |
Total, Weighted Average Coupon (as a percent) | 4.17% | 4.00% |
Consumer loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 613,370 | $ 604,897 |
Originated, Weighted Average Coupon (as a percent) | 3.90% | 3.81% |
Acquired loans | $ 159,633 | $ 55,168 |
Acquired, Weighted Average Coupon (as a percent) | 4.38% | 4.28% |
Total loans and leases | $ 773,003 | $ 660,065 |
Total, Weighted Average Coupon (as a percent) | 4.00% | 3.85% |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 315,085 | $ 314,189 |
Originated, Weighted Average Coupon (as a percent) | 4.42% | 4.16% |
Acquired loans | $ 49,785 | $ 41,765 |
Acquired, Weighted Average Coupon (as a percent) | 4.75% | 4.62% |
Total loans and leases | $ 364,870 | $ 355,954 |
Total, Weighted Average Coupon (as a percent) | 4.47% | 4.21% |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 29,187 | $ 14,667 |
Originated, Weighted Average Coupon (as a percent) | 4.92% | 5.51% |
Acquired loans | $ 141 | $ 105 |
Acquired, Weighted Average Coupon (as a percent) | 18.00% | 18.00% |
Total loans and leases | $ 29,328 | $ 14,772 |
Total, Weighted Average Coupon (as a percent) | 4.98% | 5.60% |
Loans and Leases (Narrative)(De
Loans and Leases (Narrative)(Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | ||
Unamortized deferred loan origination fees and costs | $ 15.8 | $ 15.5 |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 15.30% | |
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 84.70% | |
Loans and leases pledged as collateral | $ 2,200 | $ 2,300 |
Loans and Leases (Accretable Yi
Loans and Leases (Accretable Yield for the Acquired Loan Portfolio)(Details) - Acquired - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Summarized activity in accretable yield for the acquired loan portfolio | ||
Balance at beginning of period | $ 10,522 | $ 14,353 |
Accretion | (1,185) | (1,407) |
Reclassification from (to) nonaccretable difference as a result of changes in expected cash flows | 316 | 126 |
Balance at end of period | $ 9,653 | $ 13,072 |
Allowance for Loan and Lease 44
Allowance for Loan and Lease Losses (Summary of Changes in the Allowance for Loan and Lease Losses and Recorded Investments by Portfolio Segment)(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in allowance for loan losses | ||
Balance at the beginning of the period | $ 58,592 | $ 53,666 |
Charge-offs | (792) | (1,382) |
Recoveries | 287 | 387 |
Provision (credit) for loan and lease losses | 627 | 13,462 |
Balance at the end of the period | 58,714 | 66,133 |
Provisions for credit losses | ||
Total provision for loan and lease losses | 627 | 13,462 |
Unfunded credit commitments | 14 | (60) |
Total provision for credit losses | 641 | 13,402 |
Commercial Real Estate | ||
Changes in allowance for loan losses | ||
Balance at the beginning of the period | 27,112 | 27,645 |
Charge-offs | (3) | (24) |
Recoveries | 0 | 140 |
Provision (credit) for loan and lease losses | 252 | 227 |
Balance at the end of the period | 27,361 | 27,988 |
Provisions for credit losses | ||
Total provision for loan and lease losses | 252 | 227 |
Commercial | ||
Changes in allowance for loan losses | ||
Balance at the beginning of the period | 26,333 | 20,906 |
Charge-offs | (733) | (1,207) |
Recoveries | 201 | 142 |
Provision (credit) for loan and lease losses | 451 | 13,442 |
Balance at the end of the period | 26,252 | 33,283 |
Provisions for credit losses | ||
Total provision for loan and lease losses | 451 | 13,442 |
Consumer | ||
Changes in allowance for loan losses | ||
Balance at the beginning of the period | 5,147 | 5,115 |
Charge-offs | (56) | (151) |
Recoveries | 86 | 105 |
Provision (credit) for loan and lease losses | (76) | (207) |
Balance at the end of the period | 5,101 | 4,862 |
Provisions for credit losses | ||
Total provision for loan and lease losses | $ (76) | $ (207) |
Allowance for Loan and Lease 45
Allowance for Loan and Lease Losses (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($)loanclass | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unfunded credit commitments liability included in other liabilities | $ 1,700,000 | $ 1,700,000 | |
Unfunded credit commitments liability charged off | 0 | $ 0 | |
Total loans and leases | 6,114,461,000 | 5,730,679,000 | |
Related allowance | 2,549,000 | 3,127,000 | |
Specific allowance for loan and lease losses | 2,500,000 | 3,100,000 | |
General allowance for loan and lease losses | 56,200,000 | 55,500,000 | |
Increase (decrease) in total debt restructured loans and leases | (3,100,000) | ||
Total troubled debt restructurings | 22,904,000 | 26,011,000 | |
Nonaccrual Loans and Leases | 26,279,000 | 27,272,000 | |
Increase in general portion of the allowance for loan and lease losses | 700,000 | ||
Increase (decrease) in specific portion of the allowance for loan and lease losses | (700,000) | ||
Recorded Investment, At end of period | 2,200,000 | 800,000 | |
Financial impact of modification of performing and nonperforming loans | 103,000 | 7,000 | |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 0 | $ 0 | |
Taxi Medallion Portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 18,500,000 | 19,700,000 | |
Related allowance | 2,900,000 | 3,800,000 | |
Specific allowance for loan and lease losses | 2,100,000 | 2,700,000 | |
General allowance for loan and lease losses | 800,000 | 1,100,000 | |
Increase (decrease) in total debt restructured loans and leases | 200,000 | ||
Total troubled debt restructurings | $ 3,900,000 | 3,700,000 | |
Number of Loans/ Leases | loan | 1 | ||
Nonaccrual Loans and Leases | $ 7,600,000 | 7,800,000 | |
Charge-off of loans | loan | 2 | ||
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 2,278,028,000 | 2,174,969,000 | |
Multi-family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 793,590,000 | 760,670,000 | |
Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 168,640,000 | 140,138,000 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 761,922,000 | 705,004,000 | |
Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 892,341,000 | 866,488,000 | |
Condominium association | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 52,739,000 | 52,619,000 | |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 773,003,000 | 660,065,000 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 364,870,000 | 355,954,000 | |
Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 29,328,000 | 14,772,000 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan classes within specific portfolio | class | 3 | ||
Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan classes within specific portfolio | class | 3 | ||
Total loans and leases | $ 3,240,258,000 | 3,075,777,000 | |
Commercial real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 2,278,028,000 | 2,174,969,000 | |
Percentage of loans to aggregate outstanding amount | 37.10% | ||
Commercial real estate loans | Multi-family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 793,590,000 | 760,670,000 | |
Percentage of loans to aggregate outstanding amount | 13.00% | ||
Commercial real estate loans | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 168,640,000 | 140,138,000 | |
Percentage of loans to aggregate outstanding amount | 2.80% | ||
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan classes within specific portfolio | class | 3 | ||
Total loans and leases | $ 1,707,002,000 | 1,624,111,000 | |
Commercial loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 761,922,000 | 705,004,000 | |
Percentage of loans to aggregate outstanding amount | 12.50% | ||
Commercial loans | Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 892,341,000 | 866,488,000 | |
Percentage of loans to aggregate outstanding amount | 14.60% | ||
Commercial loans | Condominium association | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 52,739,000 | 52,619,000 | |
Percentage of loans to aggregate outstanding amount | 0.90% | ||
Consumer Loan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan classes within specific portfolio | class | 3 | ||
Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 1,167,201,000 | 1,030,791,000 | |
Loans not made, loan to value ratio, minimum (as a percent) | 80.00% | ||
Number of days past due, non-accrual status (in days) | 90 days | ||
Consumer loans | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 773,003,000 | 660,065,000 | |
Percentage of loans to aggregate outstanding amount | 12.60% | ||
Consumer loans | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 364,870,000 | 355,954,000 | |
Percentage of loans to aggregate outstanding amount | 6.00% | ||
Consumer loans | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 29,328,000 | 14,772,000 | |
Percentage of loans to aggregate outstanding amount | 0.50% | ||
Acquired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 482,237,000 | 240,057,000 | |
Related allowance | 22,000 | 22,000 | |
Nonaccrual Loans and Leases | 2,144,000 | 1,997,000 | |
Acquired | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 148,918,000 | 105,577,000 | |
Acquired | Multi-family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 52,987,000 | 24,749,000 | |
Acquired | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 31,856,000 | 0 | |
Acquired | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 35,070,000 | 8,179,000 | |
Acquired | Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 3,847,000 | 4,514,000 | |
Acquired | Condominium association | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 0 | 0 | |
Acquired | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 159,633,000 | 55,168,000 | |
Acquired | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 49,785,000 | 41,765,000 | |
Acquired | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 141,000 | 105,000 | |
Acquired | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 233,761,000 | 130,326,000 | |
Nonaccrual Loans and Leases | 126,000 | 131,000 | |
Acquired | Commercial real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 148,918,000 | 105,577,000 | |
Nonaccrual Loans and Leases | 126,000 | 131,000 | |
Acquired | Commercial real estate loans | Multi-family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 52,987,000 | 24,749,000 | |
Nonaccrual Loans and Leases | 0 | 0 | |
Acquired | Commercial real estate loans | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 31,856,000 | 0 | |
Nonaccrual Loans and Leases | 0 | 0 | |
Acquired | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 38,917,000 | 12,693,000 | |
Nonaccrual Loans and Leases | 1,223,000 | 1,254,000 | |
Acquired | Commercial loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 35,070,000 | 8,179,000 | |
Nonaccrual Loans and Leases | 1,223,000 | 1,254,000 | |
Acquired | Commercial loans | Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 3,847,000 | 4,514,000 | |
Nonaccrual Loans and Leases | 0 | 0 | |
Acquired | Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 209,559,000 | 97,038,000 | |
Related allowance | 22,000 | 22,000 | |
Nonaccrual Loans and Leases | 795,000 | 612,000 | |
Acquired | Consumer loans | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 159,633,000 | 55,168,000 | |
Nonaccrual Loans and Leases | 0 | 0 | |
Acquired | Consumer loans | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 49,785,000 | 41,765,000 | |
Nonaccrual Loans and Leases | 795,000 | 612,000 | |
Acquired | Consumer loans | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 141,000 | 105,000 | |
Nonaccrual Loans and Leases | 0 | 0 | |
Receivables Acquired with Deteriorated Credit Quality | Acquired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 136,467,000 | 140,139,000 | |
Receivables Acquired with Deteriorated Credit Quality | Acquired | Commercial real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 94,000,000 | 96,082,000 | |
Receivables Acquired with Deteriorated Credit Quality | Acquired | Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 4,325,000 | 4,807,000 | |
Receivables Acquired with Deteriorated Credit Quality | Acquired | Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 38,142,000 | $ 39,250,000 |
Allowance for Loan and Lease 46
Allowance for Loan and Lease Losses (Credit Quality Information)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Credit Quality Information | ||
Recorded investment | $ 6,114,461 | $ 5,730,679 |
Originated | ||
Credit Quality Information | ||
Recorded investment | 5,632,224 | 5,490,622 |
Acquired | ||
Credit Quality Information | ||
Recorded investment | 482,237 | 240,057 |
Commercial real estate | ||
Credit Quality Information | ||
Recorded investment | 2,278,028 | 2,174,969 |
Commercial real estate | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,129,110 | 2,069,392 |
Commercial real estate | Acquired | ||
Credit Quality Information | ||
Recorded investment | 148,918 | 105,577 |
Commercial real estate | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,118,831 | 2,054,376 |
Commercial real estate | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 136,685 | 94,244 |
Commercial real estate | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 5,684 | 8,889 |
Commercial real estate | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 1,930 | 9,839 |
Commercial real estate | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,394 | 5,926 |
Commercial real estate | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 10,303 | 1,494 |
Commercial real estate | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 201 | 201 |
Commercial real estate | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | ||
Credit Quality Information | ||
Recorded investment | 793,590 | 760,670 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 740,603 | 735,921 |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 52,987 | 24,749 |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 740,015 | 735,313 |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 52,706 | 24,459 |
Multi-family mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 588 | 608 |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 281 | 290 |
Multi-family mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | ||
Credit Quality Information | ||
Recorded investment | 168,640 | 140,138 |
Construction | Originated | ||
Credit Quality Information | ||
Recorded investment | 136,784 | 140,138 |
Construction | Acquired | ||
Credit Quality Information | ||
Recorded investment | 31,856 | 0 |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 135,924 | 139,278 |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 31,856 | 0 |
Construction | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 860 | 860 |
Construction | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Commercial | ||
Credit Quality Information | ||
Recorded investment | 761,922 | 705,004 |
Commercial | Originated | ||
Credit Quality Information | ||
Recorded investment | 726,852 | 696,825 |
Commercial | Acquired | ||
Credit Quality Information | ||
Recorded investment | 35,070 | 8,179 |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 692,888 | 670,265 |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 33,452 | 6,643 |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 13,762 | 7,691 |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 275 | 265 |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 19,271 | 17,681 |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 1,343 | 1,271 |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 931 | 1,188 |
Commercial | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | ||
Credit Quality Information | ||
Recorded investment | 892,341 | 866,488 |
Equipment financing | Originated | ||
Credit Quality Information | ||
Recorded investment | 888,494 | 861,974 |
Equipment financing | Acquired | ||
Credit Quality Information | ||
Recorded investment | 3,847 | 4,514 |
Equipment financing | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 878,539 | 850,006 |
Equipment financing | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 3,836 | 4,501 |
Equipment financing | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 1,833 | 3,630 |
Equipment financing | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 5,357 | 5,012 |
Equipment financing | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 11 | 13 |
Equipment financing | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,765 | 3,326 |
Equipment financing | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | ||
Credit Quality Information | ||
Recorded investment | 52,739 | 52,619 |
Condominium association | Originated | ||
Credit Quality Information | ||
Recorded investment | 52,739 | 52,619 |
Condominium association | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 52,739 | 52,619 |
Condominium association | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | ||
Credit Quality Information | ||
Recorded investment | 29,328 | 14,772 |
Other consumer | Originated | ||
Credit Quality Information | ||
Recorded investment | 29,187 | 14,667 |
Other consumer | Acquired | ||
Credit Quality Information | ||
Recorded investment | 141 | 105 |
Other consumer | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 29,134 | 14,628 |
Other consumer | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 140 | 104 |
Other consumer | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 1 | 1 |
Other consumer | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 53 | 39 |
Other consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Total | ||
Credit Quality Information | ||
Recorded investment | 4,976,588 | 4,714,660 |
Total | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,703,769 | 4,571,536 |
Total | Acquired | ||
Credit Quality Information | ||
Recorded investment | 272,819 | 143,124 |
Total | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,648,070 | 4,516,485 |
Total | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 258,675 | 129,951 |
Total | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 21,279 | 20,210 |
Total | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 2,206 | 10,105 |
Total | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 30,523 | 30,126 |
Total | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 11,938 | 3,068 |
Total | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 3,897 | 4,715 |
Total | Doubtful | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Residential mortgage | ||
Credit Quality Information | ||
Recorded investment | $ 773,003 | $ 660,065 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 613,370 | $ 604,897 |
Percentage of loans to aggregate outstanding amount | 79.40% | 91.60% |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 159,633 | $ 55,168 |
Percentage of loans to aggregate outstanding amount | 20.60% | 8.40% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 155,121 | $ 153,373 |
Percentage of loans to aggregate outstanding amount | 20.10% | 23.20% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 32,140 | $ 16,521 |
Percentage of loans to aggregate outstanding amount | 4.00% | 2.50% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 270,273 | $ 265,328 |
Percentage of loans to aggregate outstanding amount | 35.00% | 40.20% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 45,905 | $ 19,182 |
Percentage of loans to aggregate outstanding amount | 5.90% | 2.90% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 166,304 | $ 168,272 |
Percentage of loans to aggregate outstanding amount | 21.50% | 25.50% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 40,067 | $ 10,507 |
Percentage of loans to aggregate outstanding amount | 5.20% | 1.60% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 19,988 | $ 16,547 |
Percentage of loans to aggregate outstanding amount | 2.60% | 2.50% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 29,930 | $ 7,893 |
Percentage of loans to aggregate outstanding amount | 3.90% | 1.20% |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 1,684 | $ 1,377 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.20% |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 11,591 | $ 1,065 |
Percentage of loans to aggregate outstanding amount | 1.60% | 0.20% |
Home equity | ||
Credit Quality Information | ||
Recorded investment | $ 364,870 | $ 355,954 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home equity | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 315,085 | $ 314,189 |
Percentage of loans to aggregate outstanding amount | 86.30% | 88.20% |
Home equity | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 49,785 | $ 41,765 |
Percentage of loans to aggregate outstanding amount | 13.70% | 11.80% |
Home equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 144,513 | $ 148,137 |
Percentage of loans to aggregate outstanding amount | 39.60% | 41.60% |
Home equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 29,519 | $ 25,312 |
Percentage of loans to aggregate outstanding amount | 8.30% | 7.10% |
Home equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 75,826 | $ 75,099 |
Percentage of loans to aggregate outstanding amount | 20.80% | 21.10% |
Home equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 13,150 | $ 13,883 |
Percentage of loans to aggregate outstanding amount | 3.50% | 3.90% |
Home equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 66,491 | $ 63,742 |
Percentage of loans to aggregate outstanding amount | 18.20% | 17.90% |
Home equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 985 | $ 943 |
Percentage of loans to aggregate outstanding amount | 0.30% | 0.30% |
Home equity | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 28,212 | $ 27,122 |
Percentage of loans to aggregate outstanding amount | 7.70% | 7.60% |
Home equity | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 886 | $ 582 |
Percentage of loans to aggregate outstanding amount | 0.20% | 0.20% |
Home equity | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 43 | $ 89 |
Percentage of loans to aggregate outstanding amount | 0.00% | 0.00% |
Home equity | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 5,245 | $ 1,045 |
Percentage of loans to aggregate outstanding amount | 1.40% | 0.30% |
Allowance for Loan and Lease 47
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses (Foreclosed Residential Real Estate Property)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 0 | $ 633 |
On accrual | 14,294 | 16,241 |
On nonaccrual | 8,610 | 9,770 |
Total troubled debt restructurings | $ 22,904 | $ 26,011 |
Allowance for Loan and Lease 48
Allowance for Loan and Lease Losses (Past Due Loans)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Age analysis of past due loans | ||
Past Due | $ 51,362 | $ 50,704 |
Current | 6,063,099 | 5,679,975 |
Total Loans and Leases | 6,114,461 | 5,730,679 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,882 | 3,020 |
Nonaccrual Loans and Leases | 26,279 | 27,272 |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,278,028 | 2,174,969 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 793,590 | 760,670 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 168,640 | 140,138 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 761,922 | 705,004 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 892,341 | 866,488 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,739 | 52,619 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 773,003 | 660,065 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 364,870 | 355,954 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 29,328 | 14,772 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 3,240,258 | 3,075,777 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,278,028 | 2,174,969 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 793,590 | 760,670 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 168,640 | 140,138 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,707,002 | 1,624,111 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 761,922 | 705,004 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 892,341 | 866,488 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,739 | 52,619 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,167,201 | 1,030,791 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 773,003 | 660,065 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 364,870 | 355,954 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 29,328 | 14,772 |
31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 27,725 | 25,040 |
61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,176 | 7,376 |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 19,461 | 18,288 |
Originated | ||
Age analysis of past due loans | ||
Past Due | 36,033 | 44,811 |
Current | 5,596,191 | 5,445,811 |
Total Loans and Leases | 5,632,224 | 5,490,622 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1 | 225 |
Nonaccrual Loans and Leases | 24,135 | 25,275 |
Originated | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,129,110 | 2,069,392 |
Originated | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 740,603 | 735,921 |
Originated | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 136,784 | 140,138 |
Originated | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 726,852 | 696,825 |
Originated | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 888,494 | 861,974 |
Originated | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,739 | 52,619 |
Originated | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 613,370 | 604,897 |
Originated | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 315,085 | 314,189 |
Originated | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 29,187 | 14,667 |
Originated | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 13,933 | 21,986 |
Current | 2,992,564 | 2,923,465 |
Total Loans and Leases | 3,006,497 | 2,945,451 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 5,402 | 4,650 |
Originated | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 11,744 | 5,528 |
Current | 2,117,366 | 2,063,864 |
Total Loans and Leases | 2,129,110 | 2,069,392 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 3,954 | 3,182 |
Originated | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,032 | 8,731 |
Current | 739,571 | 727,190 |
Total Loans and Leases | 740,603 | 735,921 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 588 | 608 |
Originated | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 1,157 | 7,727 |
Current | 135,627 | 132,411 |
Total Loans and Leases | 136,784 | 140,138 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 860 | 860 |
Originated | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 19,470 | 19,695 |
Current | 1,648,615 | 1,591,723 |
Total Loans and Leases | 1,668,085 | 1,611,418 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 224 |
Nonaccrual Loans and Leases | 16,588 | 18,471 |
Originated | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 9,228 | 9,665 |
Current | 717,624 | 687,160 |
Total Loans and Leases | 726,852 | 696,825 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 9,927 | 10,365 |
Originated | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 9,226 | 8,911 |
Current | 879,268 | 853,063 |
Total Loans and Leases | 888,494 | 861,974 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 224 |
Nonaccrual Loans and Leases | 6,661 | 8,106 |
Originated | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 1,016 | 1,119 |
Current | 51,723 | 51,500 |
Total Loans and Leases | 52,739 | 52,619 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Originated | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,630 | 3,130 |
Current | 955,012 | 930,623 |
Total Loans and Leases | 957,642 | 933,753 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1 | 1 |
Nonaccrual Loans and Leases | 2,145 | 2,154 |
Originated | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,133 | 2,150 |
Current | 611,237 | 602,747 |
Total Loans and Leases | 613,370 | 604,897 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 1,962 | 1,979 |
Originated | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 337 | 694 |
Current | 314,748 | 313,495 |
Total Loans and Leases | 315,085 | 314,189 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1 | 1 |
Nonaccrual Loans and Leases | 130 | 132 |
Originated | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 160 | 286 |
Current | 29,027 | 14,381 |
Total Loans and Leases | 29,187 | 14,667 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 53 | 43 |
Originated | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 18,261 | 23,524 |
Originated | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 9,795 | 15,972 |
Originated | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 8,466 | 3,294 |
Originated | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,032 | 6,141 |
Originated | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 297 | 6,537 |
Originated | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 6,515 | 5,415 |
Originated | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 1,453 | 1,344 |
Originated | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 4,207 | 3,214 |
Originated | 31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 855 | 857 |
Originated | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 1,951 | 2,137 |
Originated | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,553 | 1,256 |
Originated | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 285 | 643 |
Originated | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 113 | 238 |
Originated | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 3,228 | 6,869 |
Originated | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 633 | 3,311 |
Originated | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 633 | 391 |
Originated | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 2,590 |
Originated | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 330 |
Originated | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 2,581 | 3,353 |
Originated | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 1,642 | 597 |
Originated | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 778 | 2,494 |
Originated | 61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 161 | 262 |
Originated | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 14 | 205 |
Originated | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 166 |
Originated | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1 | 19 |
Originated | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 13 | 20 |
Originated | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 14,544 | 14,418 |
Originated | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 3,505 | 2,703 |
Originated | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 2,645 | 1,843 |
Originated | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 860 | 860 |
Originated | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 10,374 | 10,927 |
Originated | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 6,133 | 7,724 |
Originated | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 4,241 | 3,203 |
Originated | Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 665 | 788 |
Originated | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 580 | 728 |
Originated | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 51 | 32 |
Originated | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 34 | 28 |
Acquired | ||
Age analysis of past due loans | ||
Past Due | 15,329 | 5,893 |
Current | 466,908 | 234,164 |
Total Loans and Leases | 482,237 | 240,057 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 3,881 | 2,795 |
Nonaccrual Loans and Leases | 2,144 | 1,997 |
Acquired | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 148,918 | 105,577 |
Acquired | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,987 | 24,749 |
Acquired | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 31,856 | 0 |
Acquired | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 35,070 | 8,179 |
Acquired | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 3,847 | 4,514 |
Acquired | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | 0 |
Acquired | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 159,633 | 55,168 |
Acquired | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 49,785 | 41,765 |
Acquired | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 141 | 105 |
Acquired | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 10,339 | 1,667 |
Current | 223,422 | 128,659 |
Total Loans and Leases | 233,761 | 130,326 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1,534 | 589 |
Nonaccrual Loans and Leases | 126 | 131 |
Acquired | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 10,339 | 1,664 |
Current | 138,579 | 103,913 |
Total Loans and Leases | 148,918 | 105,577 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1,534 | 586 |
Nonaccrual Loans and Leases | 126 | 131 |
Acquired | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 3 |
Current | 52,987 | 24,746 |
Total Loans and Leases | 52,987 | 24,749 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 3 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 31,856 | 0 |
Total Loans and Leases | 31,856 | 0 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 978 | 1,079 |
Current | 37,939 | 11,614 |
Total Loans and Leases | 38,917 | 12,693 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 6 | 30 |
Nonaccrual Loans and Leases | 1,223 | 1,254 |
Acquired | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 967 | 1,066 |
Current | 34,103 | 7,113 |
Total Loans and Leases | 35,070 | 8,179 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 1 | 17 |
Nonaccrual Loans and Leases | 1,223 | 1,254 |
Acquired | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 11 | 13 |
Current | 3,836 | 4,501 |
Total Loans and Leases | 3,847 | 4,514 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 5 | 13 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 4,012 | 3,147 |
Current | 205,547 | 93,891 |
Total Loans and Leases | 209,559 | 97,038 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,341 | 2,176 |
Nonaccrual Loans and Leases | 795 | 612 |
Acquired | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,399 | 2,453 |
Current | 156,234 | 52,715 |
Total Loans and Leases | 159,633 | 55,168 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,201 | 1,990 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 613 | 694 |
Current | 49,172 | 41,071 |
Total Loans and Leases | 49,785 | 41,765 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 140 | 186 |
Nonaccrual Loans and Leases | 795 | 612 |
Acquired | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 141 | 105 |
Total Loans and Leases | 141 | 105 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 9,464 | 1,516 |
Acquired | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 8,680 | 1,008 |
Acquired | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 8,680 | 1,008 |
Acquired | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 93 | 0 |
Acquired | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 93 | 0 |
Acquired | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 691 | 508 |
Acquired | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 431 | 0 |
Acquired | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 260 | 508 |
Acquired | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 948 | 507 |
Acquired | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 55 | 0 |
Acquired | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 55 | 0 |
Acquired | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 38 | 44 |
Acquired | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 38 | 44 |
Acquired | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 855 | 463 |
Acquired | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 767 | 463 |
Acquired | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 88 | 0 |
Acquired | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,917 | 3,870 |
Acquired | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 1,604 | 659 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 1,604 | 656 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 3 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 847 | 1,035 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 836 | 1,022 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 11 | 13 |
Acquired | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,466 | 2,176 |
Acquired | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,201 | 1,990 |
Acquired | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 265 | 186 |
Acquired | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | $ 0 | $ 0 |
Allowance for Loan and Lease 49
Allowance for Loan and Lease Losses (Recorded Investment)(Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Impaired Loans and Leases | |||
Recorded investment | $ 63,655 | $ 58,685 | |
Unpaid principal balance | 63,615 | 58,745 | |
Related allowance | 2,549 | 3,127 | |
Average recorded investment | 64,505 | $ 80,703 | |
Interest income recognized, Total | 353 | 307 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 58,714 | 58,592 | |
Total Loans and Leases | 6,114,461 | 5,730,679 | |
Commercial real estate loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 27,361 | 27,112 | |
Total Loans and Leases | 3,240,258 | 3,075,777 | |
Commercial | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 26,252 | 26,333 | |
Total Loans and Leases | 1,707,002 | 1,624,111 | |
Consumer loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 5,101 | 5,147 | |
Total Loans and Leases | 1,167,201 | 1,030,791 | |
Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 38,332 | 38,392 | |
Recorded investment, loans with related allowance recorded | 8,087 | 11,968 | |
Recorded investment | 46,419 | 50,360 | |
Unpaid principal balance with no related allowance recorded | 38,303 | 38,502 | |
Unpaid principal balance with related allowance recorded | 8,076 | 11,918 | |
Unpaid principal balance | 46,379 | 50,420 | |
Related allowance | 2,527 | 3,105 | |
Recorded investment, nonaccrual loans | 23,800 | 24,900 | |
Average recorded investment with no related allowance recorded | 39,099 | 35,727 | |
Average recorded investment with related allowance recorded | 8,127 | 26,322 | |
Average recorded investment | 47,226 | 62,049 | |
Interest income recognized with no related allowance recorded | 315 | 212 | |
Interest income recognized with related allowance recorded | 17 | 49 | |
Interest income recognized, Total | 332 | 261 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 2,527 | 3,105 | |
Collectively evaluated for impairment, allowance | 55,277 | 54,447 | |
Total, Allowance | 57,804 | 57,552 | |
Individually evaluated for impairment, Loans and Leases | 41,926 | 45,487 | |
Collectively evaluated for impairment, Loans and Leases | 5,590,298 | 5,445,135 | |
Total Loans and Leases | 5,632,224 | 5,490,622 | |
Originated | Commercial real estate loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 7,962 | 9,978 | |
Recorded investment, loans with related allowance recorded | 0 | 3,056 | |
Unpaid principal balance with no related allowance recorded | 7,946 | 9,962 | |
Unpaid principal balance with related allowance recorded | 0 | 3,056 | |
Related allowance | 0 | 0 | |
Average recorded investment with no related allowance recorded | 7,985 | 9,363 | |
Average recorded investment with related allowance recorded | 0 | 4,000 | |
Interest income recognized with no related allowance recorded | 30 | 32 | |
Interest income recognized with related allowance recorded | 0 | 48 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 26,674 | 26,366 | |
Total, Allowance | 26,674 | 26,366 | |
Individually evaluated for impairment, Loans and Leases | 7,959 | 13,031 | |
Collectively evaluated for impairment, Loans and Leases | 2,998,538 | 2,932,420 | |
Total Loans and Leases | 3,006,497 | 2,945,451 | |
Originated | Commercial | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 27,032 | 24,906 | |
Recorded investment, loans with related allowance recorded | 7,953 | 8,912 | |
Unpaid principal balance with no related allowance recorded | 27,027 | 25,040 | |
Unpaid principal balance with related allowance recorded | 7,942 | 8,862 | |
Related allowance | 2,509 | 3,105 | |
Average recorded investment with no related allowance recorded | 27,761 | 21,058 | |
Average recorded investment with related allowance recorded | 7,993 | 22,322 | |
Interest income recognized with no related allowance recorded | 272 | 164 | |
Interest income recognized with related allowance recorded | 16 | 1 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 2,509 | 3,105 | |
Collectively evaluated for impairment, allowance | 23,613 | 23,078 | |
Total, Allowance | 26,122 | 26,183 | |
Individually evaluated for impairment, Loans and Leases | 30,561 | 29,386 | |
Collectively evaluated for impairment, Loans and Leases | 1,637,524 | 1,582,032 | |
Total Loans and Leases | 1,668,085 | 1,611,418 | |
Originated | Consumer loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 3,338 | 3,508 | |
Recorded investment, loans with related allowance recorded | 134 | 0 | |
Unpaid principal balance with no related allowance recorded | 3,330 | 3,500 | |
Unpaid principal balance with related allowance recorded | 134 | 0 | |
Related allowance | 18 | 0 | |
Average recorded investment with no related allowance recorded | 3,353 | 5,306 | |
Average recorded investment with related allowance recorded | 134 | 0 | |
Interest income recognized with no related allowance recorded | 13 | 16 | |
Interest income recognized with related allowance recorded | 1 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 18 | 0 | |
Collectively evaluated for impairment, allowance | 4,990 | 5,003 | |
Total, Allowance | 5,008 | 5,003 | |
Individually evaluated for impairment, Loans and Leases | 3,406 | 3,070 | |
Collectively evaluated for impairment, Loans and Leases | 954,236 | 930,683 | |
Total Loans and Leases | 957,642 | 933,753 | |
Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 17,122 | 8,210 | |
Recorded investment, loans with related allowance recorded | 114 | 115 | |
Recorded investment | 17,236 | 8,325 | |
Unpaid principal balance with no related allowance recorded | 17,122 | 8,210 | |
Unpaid principal balance with related allowance recorded | 114 | 115 | |
Unpaid principal balance | 17,236 | 8,325 | |
Related allowance | 22 | 22 | |
Recorded investment, nonaccrual loans | 2,100 | 2,000 | |
Average recorded investment with no related allowance recorded | 17,165 | 18,486 | |
Average recorded investment with related allowance recorded | 114 | 168 | |
Average recorded investment | 17,279 | 18,654 | |
Interest income recognized with no related allowance recorded | 20 | 45 | |
Interest income recognized with related allowance recorded | 1 | 1 | |
Interest income recognized, Total | 21 | 46 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 22 | 22 | |
Collectively evaluated for impairment, allowance | 131 | 175 | |
Total, Allowance | 910 | 1,040 | |
Individually evaluated for impairment, Loans and Leases | 3,411 | 3,354 | |
Collectively evaluated for impairment, Loans and Leases | 342,359 | 96,564 | |
Total Loans and Leases | 482,237 | 240,057 | |
Acquired | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 757 | 843 | |
Total Loans and Leases | 136,467 | 140,139 | |
Acquired | Commercial real estate loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 10,676 | 1,880 | |
Unpaid principal balance with no related allowance recorded | 10,676 | 1,880 | |
Average recorded investment with no related allowance recorded | 10,681 | 9,419 | |
Average recorded investment with related allowance recorded | 0 | 0 | |
Interest income recognized with no related allowance recorded | 1 | 19 | |
Interest income recognized with related allowance recorded | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 104 | 145 | |
Total, Allowance | 687 | 746 | |
Individually evaluated for impairment, Loans and Leases | 0 | 0 | |
Collectively evaluated for impairment, Loans and Leases | 139,761 | 34,244 | |
Total Loans and Leases | 233,761 | 130,326 | |
Acquired | Commercial real estate loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 583 | 601 | |
Total Loans and Leases | 94,000 | 96,082 | |
Acquired | Commercial | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 1,607 | 1,594 | |
Unpaid principal balance with no related allowance recorded | 1,607 | 1,594 | |
Average recorded investment with no related allowance recorded | 1,624 | 2,934 | |
Average recorded investment with related allowance recorded | 0 | 0 | |
Interest income recognized with no related allowance recorded | 4 | 10 | |
Interest income recognized with related allowance recorded | 0 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 12 | 13 | |
Total, Allowance | 130 | 150 | |
Individually evaluated for impairment, Loans and Leases | 1,447 | 1,487 | |
Collectively evaluated for impairment, Loans and Leases | 33,145 | 6,399 | |
Total Loans and Leases | 38,917 | 12,693 | |
Acquired | Commercial | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 118 | 137 | |
Total Loans and Leases | 4,325 | 4,807 | |
Acquired | Consumer loans | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 4,839 | 4,736 | |
Recorded investment, loans with related allowance recorded | 114 | 115 | |
Unpaid principal balance with no related allowance recorded | 4,839 | 4,736 | |
Unpaid principal balance with related allowance recorded | 114 | 115 | |
Related allowance | 22 | 22 | |
Average recorded investment with no related allowance recorded | 4,860 | 6,133 | |
Average recorded investment with related allowance recorded | 114 | 168 | |
Interest income recognized with no related allowance recorded | 15 | 16 | |
Interest income recognized with related allowance recorded | 1 | $ 1 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 22 | 22 | |
Collectively evaluated for impairment, allowance | 15 | 17 | |
Total, Allowance | 93 | 144 | |
Individually evaluated for impairment, Loans and Leases | 1,964 | 1,867 | |
Collectively evaluated for impairment, Loans and Leases | 169,453 | 55,921 | |
Total Loans and Leases | 209,559 | 97,038 | |
Acquired | Consumer loans | Receivables Acquired with Deteriorated Credit Quality | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 56 | 105 | |
Total Loans and Leases | $ 38,142 | $ 39,250 |
Allowance for Loan and Lease 50
Allowance for Loan and Lease Losses (Troubled Debt Restructurings)(Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)loan | Mar. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment, At end of period | $ 2,200 | $ 800 |
Loans with one modification | 2,190 | 765 |
Adjusted principal | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with one modification | 0 | 375 |
Combination maturity, principal, interest rate | ||
Financing Receivable, Modifications [Line Items] | ||
Loans with one modification | $ 2,190 | $ 390 |
Originated | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 12 | 3 |
Recorded Investment, At Modification | $ 2,190 | $ 765 |
Recorded Investment, At end of period | 2,190 | 765 |
Specific Allowance for Loan and Lease Losses | 41 | 364 |
Nonaccrual Loans and Leases | 635 | 741 |
Additional Commitment | $ 0 | $ 0 |
Defaulted, number of loans/leases | loan | 1 | 3 |
Defaulted, recorded investment | $ 929 | $ 800 |
Originated | Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 6 | 3 |
Recorded Investment, At Modification | $ 635 | $ 765 |
Recorded Investment, At end of period | 635 | 765 |
Specific Allowance for Loan and Lease Losses | 41 | 364 |
Nonaccrual Loans and Leases | 635 | 741 |
Additional Commitment | $ 0 | $ 0 |
Defaulted, number of loans/leases | loan | 1 | 3 |
Defaulted, recorded investment | $ 929 | $ 800 |
Originated | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans/ Leases | loan | 6 | |
Recorded Investment, At Modification | $ 1,555 | |
Recorded Investment, At end of period | 1,555 | |
Specific Allowance for Loan and Lease Losses | 0 | |
Nonaccrual Loans and Leases | 0 | |
Additional Commitment | $ 0 | |
Defaulted, number of loans/leases | loan | 0 | |
Defaulted, recorded investment | $ 0 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets (Carrying Value of Goodwill and Other Intangible Assets)(Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 137,890 | $ 137,890 | |
Additions | 23,006 | 0 | |
Balance at end of period | 160,896 | $ 137,890 | |
Total other intangible assets | 7,697 | $ 6,044 | |
Total goodwill and other intangible assets | 168,593 | 143,934 | |
Core deposits | |||
Goodwill [Roll Forward] | |||
Total other intangible assets | 6,608 | 4,955 | |
Trade name | |||
Goodwill [Roll Forward] | |||
Total other intangible assets | $ 1,089 | $ 1,089 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Narrative)(Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2013 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 8 years 6 months | |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1.1 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Future Amortization Expense)(Details) $ in Thousands | Mar. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2018 | $ 1,691 |
Year ending: | |
2,019 | 1,682 |
2,020 | 1,247 |
2,021 | 839 |
2,022 | 486 |
2,023 | 256 |
Thereafter | 407 |
Total | $ 6,608 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | $ 812,583 | $ 702,749 |
Other comprehensive income | (5,716) | 557 |
Balance | 874,746 | 711,249 |
Accumulated Other Comprehensive Loss | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | (5,950) | (3,818) |
Balance | (11,666) | (3,261) |
Investment Securities Available-for-Sale | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | (6,113) | (4,213) |
Other comprehensive income | (5,716) | 557 |
Balance | (11,829) | (3,656) |
Postretirement Benefits | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | 163 | 395 |
Other comprehensive income | 0 | 0 |
Balance | $ 163 | $ 395 |
Derivatives and Hedging Activ55
Derivatives and Hedging Activities (Customer Related Derivative Positions)(Details) $ in Thousands | Mar. 31, 2018USD ($)derivative | Dec. 31, 2017USD ($)derivative |
Derivatives and Hedging Activities | ||
Collateral posted | $ 25,500 | $ 26,700 |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 537,694 | $ 494,659 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 66,000 | 66,000 |
Notional Amount Maturing, Less than 1 year | $ 3,872 | $ 3,903 |
Notional Amount Maturing, Less than 2 years | 2,010 | 2,036 |
Notional Amount Maturing, Less than 3 years | 27,607 | 27,992 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 504,205 | 460,728 |
Total | 537,694 | 494,659 |
Fair Value | 13,594 | 8,865 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 537,694 | $ 494,659 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 66,000 | 66,000 |
Notional Amount Maturing, Less than 1 year | $ 3,872 | $ 3,903 |
Notional Amount Maturing, Less than 2 years | 2,010 | 2,036 |
Notional Amount Maturing, Less than 3 years | 27,607 | 27,992 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 504,205 | 460,728 |
Total | 537,694 | 494,659 |
Fair Value | 13,594 | 8,865 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 37,162 | $ 36,627 |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 8,000 | 8,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 8,495 | 8,613 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 28,667 | 28,014 |
Total | 37,162 | 36,627 |
Fair Value | 43 | 65 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 3,825 | $ 3,825 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 1,000 | 1,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 3,825 | 3,825 |
Total | 3,825 | 3,825 |
Fair Value | 7 | 10 |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 1,330 | $ 1,495 |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 18,000 | 22,000 |
Notional Amount Maturing, Less than 1 year | $ 1,330 | $ 1,495 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 1,330 | 1,495 |
Fair Value | 65 | 65 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 1,335 | $ 1,502 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 36,000 | 44,000 |
Notional Amount Maturing, Less than 1 year | $ 1,335 | $ 1,502 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 1,335 | 1,502 |
Fair Value | $ 60 | $ 72 |
Derivatives and Hedging Activ56
Derivatives and Hedging Activities (Offsetting of Derivatives and Amounts Subject to Master Netting Agreements)(Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Asset derivatives | ||
Gross Amounts Recognized, Assets | $ 13,702,000 | $ 9,002,000 |
Net Amounts Presented in the Statement of Financial Position | 13,702,000 | 9,002,000 |
Cash Collateral Pledged | 530,000 | |
Net Amount | 13,172,000 | 9,002,000 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 13,661,000 | 8,940,000 |
Net Amounts Presented in the Statement of Financial Position | 13,661,000 | 8,940,000 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 24,017,000 | 25,159,000 |
Cash Collateral Pledged | 1,510,000 | 1,510,000 |
Net Amount | 67,000 | 0 |
Loan level derivatives | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 13,594,000 | 8,865,000 |
Net Amounts Presented in the Statement of Financial Position | 13,594,000 | 8,865,000 |
Cash Collateral Pledged | 530,000 | |
Net Amount | 13,064,000 | 8,865,000 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 13,594,000 | 8,865,000 |
Net Amounts Presented in the Statement of Financial Position | 13,594,000 | 8,865,000 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Financial Instruments Pledged | 24,017,000 | 25,159,000 |
Cash Collateral Pledged | 1,510,000 | 1,510,000 |
Net Amount | 0 | 0 |
Risk participation-out agreements | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 43,000 | 65,000 |
Net Amounts Presented in the Statement of Financial Position | 43,000 | 65,000 |
Net Amount | 43,000 | 65,000 |
Risk participation-in agreements | ||
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 7,000 | 10,000 |
Net Amounts Presented in the Statement of Financial Position | 7,000 | 10,000 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Net Amount | 7,000 | 0 |
Foreign exchange contracts | ||
Asset derivatives | ||
Gross Amounts Recognized, Assets | 65,000 | 72,000 |
Net Amounts Presented in the Statement of Financial Position | 65,000 | 72,000 |
Net Amount | 65,000 | 72,000 |
Liability derivatives | ||
Gross Amounts Recognized, Liabilities | 60,000 | 65,000 |
Net Amounts Presented in the Statement of Financial Position | 60,000 | 65,000 |
Gross Amounts Not Offset in the Statement of Financial Position | ||
Net Amount | $ 60,000 | $ 0 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)financial_institutionplanshares | Mar. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based compensation plans | plan | 3 | |
Shares issued upon satisfaction of required conditions of the Plans | 0 | |
Performance-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of financial institutions comprising peer group | financial_institution | 17 | |
Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of authorized shares | 1,750,000 | |
Share-based compensation expense | $ | $ 0.7 | $ 0.6 |
2003 RRP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of authorized shares | 1,250,000 | |
2011 Restricted Stock Award Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of authorized shares | 500,000 | |
Vesting equally over three years | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of shares in tranche | 50.00% | |
Award vesting period | 3 years | |
Vesting, First Anniversary | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 33.33% | |
Vesting, Second Anniversary | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 33.33% | |
Vesting, Third Anniversary | Time-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting percentage | 33.33% | |
Vesting after achievement of performance targets | Performance-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percent of shares in tranche | 50.00% | |
Award vesting period | 3 years |
Earnings per Share (EPS) (Detai
Earnings per Share (EPS) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net income | $ 18,633 | $ 13,445 |
Denominator: | ||
Weighted average shares outstanding | 77,879,593 | 70,386,766 |
Effect of dilutive securities (in shares) | 288,207 | 457,330 |
Adjusted weighted average shares outstanding | 78,167,800 | 70,844,096 |
Basic EPS (in dollars per share) | $ 0.24 | $ 0.19 |
Diluted EPS (in dollars per share) | $ 0.24 | $ 0.19 |
Fair Value of Financial Instr59
Fair Value of Financial Instruments (Carrying and Vair Value of Assets and Liabilities on a Recurring Basis)(Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Assets: | ||
Investment securities available-for-sale | $ 558,357 | $ 540,124 |
Derivatives | 13,702 | 9,002 |
Liabilities: | ||
Loan level derivatives | $ 13,661 | 8,940 |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service (in years) | 15 years | |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service (in years) | 30 years | |
Recurring basis | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | $ 558,357 | 540,124 |
Recurring basis | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 180,968 | 149,924 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 119,697 | 127,022 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 192,185 | 189,313 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 69 | 72 |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 55,872 | 62,683 |
Recurring basis | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 8,597 | 8,730 |
Recurring basis | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 1,398 |
Recurring basis | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 969 | 982 |
Recurring basis | Level 1 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 969 | 982 |
Recurring basis | Level 1 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 1 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 969 | 982 |
Recurring basis | Level 2 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 557,388 | 539,142 |
Recurring basis | Level 2 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 180,968 | 149,924 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 119,697 | 127,022 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 192,185 | 189,313 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 69 | 72 |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 55,872 | 62,683 |
Recurring basis | Level 2 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 8,597 | 8,730 |
Recurring basis | Level 2 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 1,398 |
Recurring basis | Level 2 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Trust preferred securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Recurring basis | Level 3 | Marketable equity securities | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Loan level derivatives | ||
Assets: | ||
Derivatives | 13,594 | 8,865 |
Liabilities: | ||
Loan level derivatives | 13,594 | 8,865 |
Loan level derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 13,594 | 8,865 |
Liabilities: | ||
Loan level derivatives | 13,594 | 8,865 |
Loan level derivatives | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Loan level derivatives | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 13,594 | 8,865 |
Liabilities: | ||
Loan level derivatives | 13,594 | 8,865 |
Loan level derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Risk participation-out agreements | ||
Assets: | ||
Derivatives | 43 | 65 |
Risk participation-out agreements | Recurring basis | ||
Assets: | ||
Derivatives | 43 | 65 |
Risk participation-out agreements | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 43 | 65 |
Risk participation-out agreements | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | ||
Liabilities: | ||
Loan level derivatives | 7 | 10 |
Risk participation-in agreements | Recurring basis | ||
Liabilities: | ||
Loan level derivatives | 7 | 10 |
Risk participation-in agreements | Recurring basis | Level 1 | ||
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Risk participation-in agreements | Recurring basis | Level 2 | ||
Liabilities: | ||
Loan level derivatives | 7 | 10 |
Risk participation-in agreements | Recurring basis | Level 3 | ||
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Foreign exchange contracts | ||
Assets: | ||
Derivatives | 65 | 72 |
Liabilities: | ||
Loan level derivatives | 60 | 65 |
Foreign exchange contracts | Recurring basis | ||
Assets: | ||
Derivatives | 65 | 72 |
Liabilities: | ||
Loan level derivatives | 60 | 65 |
Foreign exchange contracts | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Foreign exchange contracts | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 65 | 72 |
Liabilities: | ||
Loan level derivatives | 60 | 65 |
Foreign exchange contracts | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | $ 0 | $ 0 |
Fair Value of Financial Instr60
Fair Value of Financial Instruments (Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis)(Details) - Nonrecurring basis - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 21,247 | $ 25,614 |
Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 728 | 1,184 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 20,519 | 24,430 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 17,284 | 21,195 |
Collateral-dependent impaired loans and leases | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 17,284 | 21,195 |
OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 3,235 | 3,235 |
OREO | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
OREO | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
OREO | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 3,235 | 3,235 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 728 | 1,184 |
Repossessed assets | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Repossessed assets | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 728 | 1,184 |
Repossessed assets | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (Quantitative Information for Level 3 Assets Measured at Fair Value on a Recurring Basis)(Details) - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Recurring basis | Collateral-dependent impaired loans and leases | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 17,284 | $ 21,195 |
Recurring basis | Other real estate owned | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 3,235 | $ 3,235 |
Minimum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Minimum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Maximum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 10.00% | |
Maximum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 15.00% |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Estimated Fair Values of Financial Instruments)(Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financial assets: | ||
Investment securities held-to-maturity: | $ 114,810 | $ 108,523 |
Loans and leases, net | 6,055,747 | 5,672,087 |
Restricted equity securities | 66,164 | 59,369 |
Derivative, assets | 13,702 | 9,002 |
Financial liabilities: | ||
Borrowed funds | 33,585 | 47,639 |
Derivatives, liabilities | 13,661 | 8,940 |
Level 1 | ||
Financial assets: | ||
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Loans held-for-sale | 756 | 2,628 |
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 1,346,500 | 1,198,201 |
Borrowed funds | 1,075,857 | 995,335 |
Level 3 | ||
Financial assets: | ||
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 5,947,840 | 5,594,543 |
Restricted equity securities | 66,164 | 59,369 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans held-for-sale | 756 | 2,628 |
Loans and leases, net | 6,055,747 | 5,672,087 |
Restricted equity securities | 66,164 | 59,369 |
Financial liabilities: | ||
Certificates of deposit | 1,361,722 | 1,207,470 |
Borrowed funds | 1,099,429 | 1,020,819 |
Estimated Fair Value | ||
Financial assets: | ||
Loans held-for-sale | 756 | 2,628 |
Loans and leases, net | 5,947,840 | 5,594,543 |
Restricted equity securities | 66,164 | 59,369 |
Financial liabilities: | ||
Certificates of deposit | 1,346,500 | 1,198,201 |
Borrowed funds | 1,075,857 | 995,335 |
GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity: | 49,175 | 40,801 |
GSE debentures | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE debentures | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 49,175 | 40,801 |
GSE debentures | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE debentures | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 50,529 | 41,612 |
GSE debentures | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 49,175 | 40,801 |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity: | 13,004 | 13,705 |
GSE MBSs | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 13,004 | 13,705 |
GSE MBSs | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 13,344 | 13,923 |
GSE MBSs | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 13,004 | 13,705 |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 52,134 | 53,517 |
Municipal obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 52,134 | 53,517 |
Municipal obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 52,979 | 53,695 |
Municipal obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 52,134 | 53,517 |
Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 497 | 500 |
Foreign government obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Foreign government obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Foreign government obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 497 | 500 |
Foreign government obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 500 | 500 |
Foreign government obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 497 | 500 |
Loan level derivatives | ||
Financial assets: | ||
Derivative, assets | 13,594 | 8,865 |
Financial liabilities: | ||
Derivatives, liabilities | 13,594 | 8,865 |
Risk participation-out agreements | ||
Financial assets: | ||
Derivative, assets | 43 | 65 |
Foreign exchange contracts | ||
Financial assets: | ||
Derivative, assets | 65 | 72 |
Financial liabilities: | ||
Derivatives, liabilities | $ 60 | $ 65 |
Commitments and Contingencies63
Commitments and Contingencies (Financial Instrument with Off-balance-sheet Risk)(Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 608,440,000 | $ 571,668,000 |
Unused lines of credit: | ||
Home equity | 435,594,000 | 407,552,000 |
Other consumer | 29,730,000 | 34,191,000 |
Other commercial | 336,000 | 323,000 |
Unused letters of credit: | ||
Financial standby letters of credit | 9,972,000 | 12,422,000 |
Performance standby letters of credit | 736,000 | 736,000 |
Commercial and similar letters of credit | 184,000 | 184,000 |
Fair value of interest rate swap assets | 13,700,000 | 9,100,000 |
Fair value of interest rate swap liabilities | 13,700,000 | 8,900,000 |
Derivative asset | 13,702,000 | 9,002,000 |
Derivative liability | 13,661,000 | 8,940,000 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 34,112,000 | 76,653,000 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 106,956,000 | 83,032,000 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | 24,162,000 | 28,745,000 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 537,694,000 | 494,659,000 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 537,694,000 | 494,659,000 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Derivatives | 37,162,000 | 36,627,000 |
Derivative asset | 43,000 | 65,000 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Derivatives | 3,825,000 | 3,825,000 |
Derivative liability | 7,000 | 10,000 |
Foreign exchange contracts | ||
Unused letters of credit: | ||
Derivative asset | 65,000 | 72,000 |
Derivative liability | 60,000 | 65,000 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,330,000 | 1,495,000 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | $ 1,335,000 | $ 1,502,000 |
Commitments and Contingencies64
Commitments and Contingencies (Lease Commitments)(Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Summary of future minimum rental payments under noncancellable operating leases year ending December 31 | |||
Remainder of 2018 | $ 4,323 | ||
2,018 | 5,366 | ||
2,019 | 4,691 | ||
2,020 | 3,635 | ||
2,021 | 2,807 | ||
2,022 | 2,225 | ||
Thereafter | 7,957 | ||
Total | 31,004 | $ 29,665 | |
Total rental expense | $ 1,400 | $ 1,400 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease | 5 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Term of operating lease | 25 years |