Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 08, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | BROOKLINE BANCORP INC | |
Entity Central Index Key | 0001049782 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth | false | |
Entity Small Business | false | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 79,774,286 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 51,276 | $ 47,542 |
Short-term investments | 61,063 | 42,042 |
Total cash and cash equivalents | 112,339 | 89,584 |
Investment securities available-for-sale | 489,020 | 502,793 |
Investment securities held-to-maturity (fair value of $113,089 and $112,830, respectively) | 113,694 | 114,776 |
Equity securities held-for-trading | 4,341 | 4,207 |
Total investment securities | 607,055 | 621,776 |
Loans held-for-sale | 869 | 3,247 |
Total loans and leases | 6,388,197 | 6,303,516 |
Allowance for loan and lease losses | (58,041) | (58,692) |
Net loans and leases | 6,330,156 | 6,244,824 |
Restricted equity securities | 54,192 | 61,751 |
Premises and equipment, net of accumulated depreciation of $71,831 and $70,140, respectively | 75,520 | 76,382 |
Right-of-use asset operating leases | 26,205 | |
Deferred tax asset | 27,084 | 21,495 |
Goodwill | 160,427 | 160,427 |
Identified intangible assets, net of accumulated amortization of $36,220 and $35,818, respectively | 5,684 | 6,086 |
Other real estate owned (OREO) and repossessed assets, net | 3,912 | 4,019 |
Other assets | 115,687 | 103,214 |
Total assets | 7,519,130 | 7,392,805 |
Deposits: | ||
Demand checking accounts | 1,011,031 | 1,033,551 |
Interest-bearing deposits: | ||
NOW accounts | 369,896 | 336,317 |
Savings accounts | 625,770 | 619,961 |
Money market accounts | 1,706,708 | 1,675,050 |
Certificate of deposit accounts | 1,907,228 | 1,789,165 |
Total interest-bearing deposits | 4,609,602 | 4,420,493 |
Total deposits | 5,620,633 | 5,454,044 |
Borrowed funds: | ||
Advances from the Federal Home Loan Bank of Boston (FHLBB) | 730,018 | 784,375 |
Subordinated debentures and notes | 83,472 | 83,433 |
Other borrowed funds | 52,515 | 52,734 |
Total borrowed funds | 866,005 | 920,542 |
Operating lease liabilities | 26,205 | |
Mortgagors' escrow accounts | 7,517 | 7,426 |
Accrued expenses and other liabilities | 98,198 | 100,174 |
Total liabilities | 6,618,558 | 6,482,186 |
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 85,177,172 shares issued, respectively | 852 | 852 |
Additional paid-in capital | 736,872 | 755,629 |
Retained earnings, partially restricted | 226,929 | 212,838 |
Accumulated other comprehensive loss | (4,393) | (9,460) |
Treasury stock, at cost; 5,020,025 shares and 5,020,025 shares, respectively | (59,121) | (59,120) |
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 104,079 shares and 109,950 shares, respectively | (567) | (599) |
Total Brookline Bancorp, Inc. stockholders' equity | 900,572 | 900,140 |
Noncontrolling interest in subsidiary | 0 | 10,479 |
Total stockholders' equity | 900,572 | 910,619 |
Total liabilities and stockholders' equity | 7,519,130 | 7,392,805 |
Commercial real estate loans | ||
ASSETS | ||
Total loans and leases | 3,410,468 | 3,351,736 |
Commercial loans and leases | ||
ASSETS | ||
Total loans and leases | 1,786,582 | 1,768,958 |
Consumer loans | ||
ASSETS | ||
Total loans and leases | $ 1,191,147 | $ 1,182,822 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 113,089 | $ 112,830 |
Premises and equipment, accumulated depreciation and amortization | 71,831 | 70,140 |
Identified intangible assets, accumulated amortization | $ 36,220 | $ 35,818 |
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 | 85,177,172 |
Treasury stock, shares | 5,020,025 | 5,020,025 |
Unallocated common stock held by ESOP, shares | 104,079 | 109,950 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest and dividend income: | ||
Loans and leases | $ 80,672 | $ 67,272 |
Debt securities | 3,236 | 3,323 |
Marketable and restricted equity securities | 911 | 924 |
Short-term investments | 267 | 120 |
Total interest and dividend income | 85,086 | 71,639 |
Interest expense: | ||
Deposits | 15,948 | 7,099 |
Borrowed funds | 6,139 | 5,049 |
Total interest expense | 22,087 | 12,148 |
Net interest income | 62,999 | 59,491 |
Provision for credit losses | 1,353 | 641 |
Net interest income after provision for credit losses | 61,646 | 58,850 |
Non-interest income: | ||
Loan level derivative income, net | 1,745 | 866 |
Gain on investment securities, net | 134 | 1,162 |
Gain on sales of loans and leases held-for-sale | 289 | 299 |
Other | 1,526 | 1,088 |
Total non-interest income | 6,630 | 6,168 |
Non-interest expense: | ||
Compensation and employee benefits | 23,743 | 22,314 |
Occupancy | 3,947 | 3,959 |
Equipment and data processing | 4,661 | 4,618 |
Professional services | 1,076 | 1,144 |
FDIC insurance | 593 | 635 |
Advertising and marketing | 1,069 | 1,057 |
Amortization of identified intangible assets | 402 | 467 |
Merger and acquisition expense | 0 | 2,905 |
Other | 3,380 | 2,839 |
Total non-interest expense | 38,871 | 39,938 |
Income before provision for income taxes | 29,405 | 25,080 |
Provision for income taxes | 6,895 | 5,652 |
Net income before noncontrolling interest in subsidiary | 22,510 | 19,428 |
Less: net income attributable to noncontrolling interest in subsidiary | 43 | 795 |
Net income attributable to Brookline Bancorp, Inc. | $ 22,467 | $ 18,633 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.28 | $ 0.24 |
Diluted (in dollars per share) | $ 0.28 | $ 0.24 |
Weighted average common shares outstanding during the year: | ||
Basic (in shares) | 79,658,583 | 77,879,593 |
Diluted (in shares) | 79,843,578 | 78,167,800 |
Dividends paid per common share (in dollars per share) | $ 0.105 | $ 0.090 |
Deposit fees | ||
Non-interest income: | ||
Non-interest income, fees | $ 2,523 | $ 2,463 |
Loan fees | ||
Non-interest income: | ||
Non-interest income, fees | $ 413 | $ 290 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income before noncontrolling interest in subsidiary | $ 22,510 | $ 19,428 |
Investment securities available-for-sale: | ||
Unrealized securities holding gains (losses) | 6,500 | (7,401) |
Income tax (benefit) expense | (1,433) | 1,632 |
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes | 5,067 | (5,769) |
Less reclassification adjustments for securities gains included in net income: | ||
Loss on sales of securities, net | 0 | (68) |
Income tax benefit | 0 | 15 |
Net reclassification adjustments for securities gains included in net income | 0 | (53) |
Net unrealized securities holding (losses) gains | 5,067 | (5,716) |
Comprehensive income | 27,577 | 13,712 |
Less: net income attributable to noncontrolling interest in subsidiary | 43 | 795 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $ 27,534 | $ 12,917 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Unallocated Common Stock Held by ESOP | Total Brookline Bancorp, Inc. Stockholders' Equity | Noncontrolling Interest in Subsidiary |
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 | 55,146 | 55,181 | |||||
Issuance of noncontrolling interest | 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 | 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 |
Balance at Dec. 31, 2018 | 910,619 | 852 | 755,629 | 212,838 | (9,460) | (59,120) | (599) | 900,140 | 10,479 |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income attributable to Brookline Bancorp, Inc. | 22,467 | 22,467 | 22,467 | ||||||
Net income attributable to noncontrolling interest in subsidiary | 43 | 43 | |||||||
Common stock issued for acquisition | 0 | ||||||||
Issuance of noncontrolling interest | 0 | ||||||||
Other comprehensive income (loss) | 5,067 | 5,067 | 5,067 | ||||||
Common stock dividends | (8,376) | (8,376) | (8,376) | ||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (930) | (930) | (930) | ||||||
Redemption of noncontrolling interest in subsidiary | (29,219) | (18,697) | (18,697) | (10,522) | |||||
Compensation under recognition and retention plan | 813 | 814 | (1) | 813 | |||||
Common stock held by ESOP committed to be released | 88 | 56 | 32 | 88 | |||||
Balance at Mar. 31, 2019 | $ 900,572 | $ 852 | $ 736,872 | $ 226,929 | $ (4,393) | $ (59,121) | $ (567) | $ 900,572 | $ 0 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends, per share (in dollars per share) | $ 0.105 | $ 0.090 |
Common stock held by ESOP committed to be released, shares | 5,871 | 8,094 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income attributable to Brookline Bancorp, Inc. | $ 22,467 | $ 18,633 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Net income attributable to noncontrolling interest in subsidiary | 43 | 795 |
Provision for credit losses | 1,353 | 641 |
Origination of loans and leases held-for-sale | (5,511) | (7,198) |
Proceeds from sales of loans and leases held-for-sale, net | 8,109 | 9,362 |
Deferred income tax benefit | (390) | (2,520) |
Depreciation of premises and equipment | 1,782 | 1,801 |
Amortization of investment securities premiums and discounts, net | 445 | 507 |
Amortization of deferred loan and lease origination costs, net | 1,782 | 1,625 |
Amortization of identified intangible assets | 402 | 467 |
Amortization of debt issuance costs | 25 | 25 |
(Accretion) amortization of acquisition fair value adjustments, net | (704) | 1,185 |
Gain on sales of investment securities, net | (134) | (1,162) |
Gain on sales of loans and leases held-for-sale | (289) | (299) |
Write-down of OREO and other repossessed assets | 49 | 197 |
Compensation under recognition and retention plans | 861 | 682 |
ESOP shares committed to be released | 88 | 132 |
Cash surrender value of bank-owned life insurance | (254) | (254) |
Other assets | (12,219) | (1,397) |
Accrued expenses and other liabilities | (1,926) | 6,143 |
Net cash provided from operating activities | 15,979 | 29,365 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 0 | 1,470 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 19,935 | 21,632 |
Purchases of investment securities available-for-sale | 0 | (49,108) |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 1,475 | 1,158 |
Purchases of investment securities held-to-maturity | (500) | (8,915) |
Proceeds from redemption/sales of restricted equity securities | 7,958 | 1,230 |
Purchase of restricted equity securities | (399) | (6,795) |
Proceeds from sales of loans and leases held-for-investment, net | 3,408 | 285 |
Net increase in loans and leases | (92,280) | (386,752) |
Acquisitions, net of cash and cash equivalents acquired | 0 | (25,126) |
Purchase of premises and equipment, net | (961) | (1,827) |
Proceeds from sales of OREO and other repossessed assets | 563 | 853 |
Net cash used for investing activities | (60,801) | (451,895) |
Cash flows from financing activities: | ||
Increase in demand checking, NOW, savings and money market accounts | 48,526 | 165,925 |
Increase in certificates of deposit | 118,694 | 153,091 |
Proceeds from FHLBB advances | 1,621,000 | 3,250,390 |
Repayment of FHLBB advances | (1,675,357) | (3,157,766) |
(Decrease) in other borrowed funds, net | (219) | (14,054) |
Increase in mortgagors' escrow accounts, net | 91 | 709 |
Proceeds from issuance of common stock | (1) | 0 |
Common stock issued for acquisition | 0 | 55,181 |
Payment of dividends on common stock | (8,376) | (6,916) |
Redemption of noncontrolling interest in subsidiary | (35,851) | 0 |
Proceeds from issuance of noncontrolling units | 0 | 129 |
Payment of dividends to owners of noncontrolling interest in subsidiary | (930) | (708) |
Net cash provided from financing activities | 67,577 | 445,981 |
Net increase in cash and cash equivalents | 22,755 | 23,451 |
Cash and cash equivalents at beginning of period | 89,584 | 61,005 |
Cash and cash equivalents at end of period | 112,339 | 84,456 |
Cash paid during the period for: | ||
Interest on deposits, borrowed funds and subordinated debt | 23,230 | 12,880 |
Income taxes | 8,774 | 928 |
Non-cash investing activities: | ||
Transfer from loans to other real estate owned | 505 | 594 |
Acquisition of First Commons Bank, N.A.: | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 0 | 292,025 |
Fair value of liabilities assumed | $ 0 | $ 278,988 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. ("LSC") and Eastern Funding LLC ("Eastern Funding"), operates 25 full-service banking offices in the greater Boston metropolitan area with 2 additional lending offices. As of December 31, 2018, Brookline Bank, a wholly-owned subsidiary of the Company, held an 84.07 percent ownership interest its subsidiary, Eastern Funding. As previously announced, on January 4, 2019, Brookline Bank completed the purchase of the remaining 15.93 percent interest in Eastern Funding for a total cash consideration of $35.9 million . 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 6 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, 2018 . 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 changes 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 Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2019, FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments to improve the Codifications or correct any unintended application. Codification improvements to Update 2016-13 (Topic 326) will be effective on the same date as requirements in 2016-13. Codification improvements to Update 2017-12 (Topic 815) will be effective as of the beginning of the first annual period beginning after the issuance date and Update 2016-01 (Topic 825) will be effective for fiscal years beginning after December 15, 2019. Management believes that this ASU does apply and has not determined the impact, if any, as of March 31, 2019 . In February 2016, FASB issued ASU 2016-02, Leases (“ASU 2016-02”). 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. Subsequently, the FASB has issued ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 to update provisions to ASU 2016-02. The company has adopted all of the above mentioned ASU's regarding leases as of January 1, 2019. The standard had a material impact on our consolidated balance sheet by recognizing right-of-use asset operating leases and operating lease liabilities on the balance sheet. However, there was no impact on our consolidated income statement as the timing of the expense recognition has not changed. Additional details can be found in Note 12. In August 2018, FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), to add additional guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance for determining when the arrangement includes a software license. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of the amendments in this update is permitted, including adoption in any interim period, for all entities. Management is still determining the impact of this ASU, if any, as of March 31, 2019 . In August 2018, FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20), to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted. Management believes that this ASU does apply and has not determined the impact, if any, as of March 31, 2019 . In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management believes that this ASU does apply and has not determined the impact, if any, as of March 31, 2019 . 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. In November 2018, FASB issued ASU 2018-19 to clarify that operating lease receivables are not in scope of the credit losses standard. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of March 31, 2019 . 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. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables set forth investment securities available-for-sale, held-to-maturity and equity securities held-for-trading at the dates indicated: At March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 183,607 $ 640 $ 1,402 $ 182,845 GSE CMOs 103,113 20 3,015 100,118 GSE MBSs 161,809 300 2,337 159,772 SBA commercial loan asset-backed securities 43 — — 43 Corporate debt obligations 32,584 48 277 32,355 U.S. Treasury bonds 13,822 111 46 13,887 Total investment securities available-for-sale $ 494,978 $ 1,119 $ 7,077 $ 489,020 Investment securities held-to-maturity: GSE debentures $ 50,551 $ 70 $ 481 $ 50,140 GSEs MBSs 11,080 — 238 10,842 Municipal obligations 51,563 201 157 51,607 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 113,694 $ 271 $ 876 $ 113,089 Equity securities held-for-trading $ 4,341 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 184,072 $ 99 $ 3,092 $ 181,079 GSE CMOs 107,363 17 4,250 103,130 GSE MBSs 169,334 124 4,369 165,089 SBA commercial loan asset-backed securities 51 — — 51 Corporate debt obligations 40,618 — 910 39,708 U.S. Treasury bonds 13,812 65 141 13,736 Total investment securities available-for-sale $ 515,250 $ 305 $ 12,762 $ 502,793 Investment securities held-to-maturity: GSE debentures $ 50,546 $ 22 $ 967 $ 49,601 GSEs MBSs 11,426 — 295 11,131 Municipal obligations 52,304 10 716 51,598 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 114,776 $ 32 $ 1,978 $ 112,830 Equity securities held-for-trading $ 4,207 As of March 31, 2019 , the fair value of all investment securities available-for-sale was $489.0 million , with net unrealized losses of $6.0 million , compared to a fair value of $502.8 million and net unrealized losses of $12.5 million as of December 31, 2018 . As of March 31, 2019 , $406.9 million , or 83.2% of the portfolio, had gross unrealized losses of $7.1 million , compared to $466.7 million , or 92.8% of the portfolio, with gross unrealized losses of $12.8 million as of December 31, 2018 . As of March 31, 2019 , the fair value of all investment securities held-to-maturity was $113.1 million , with net unrealized losses of $0.6 million , compared to a fair value of $112.8 million with net unrealized losses of $1.9 million as of December 31, 2018 . As of March 31, 2019 , $80.8 million , or 71.5% of the portfolio, had gross unrealized losses of $0.9 million . As of December 31, 2018 , $102.1 million , or 90.5% of the portfolio had gross unrealized losses of $2.0 million . As of March 31, 2019 , the Company reported a fair value of $4.3 million of equity securities held-for-trading. As of December 31, 2018 , the Company reported a fair value of $4.2 million of equity securities held-for-trading. Investment Securities as Collateral As of March 31, 2019 and December 31, 2018 , respectively, $420.8 million and $442.5 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, 2019 and December 31, 2018 . Other-Than-Temporary Impairment ("OTTI") Investment securities as of March 31, 2019 and December 31, 2018 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, 2019 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 $ — $ — $ 140,316 $ 1,402 $ 140,316 $ 1,402 GSE CMOs — — 99,635 3,015 99,635 3,015 GSE MBSs — — 135,892 2,337 135,892 2,337 SBA commercial loan asset-backed securities — — 43 — 43 — Corporate debt obligations — — 26,189 277 26,189 277 U.S. Treasury bonds — — 4,819 46 4,819 46 Temporarily impaired investment securities available-for-sale — — 406,894 7,077 406,894 7,077 Investment securities held-to-maturity: GSE debentures — — 41,141 481 41,141 481 GSEs MBSs — — 10,756 238 10,756 238 Municipal obligations 1,444 2 27,507 155 28,951 157 Temporarily impaired investment securities held-to-maturity 1,444 2 79,404 874 80,848 876 Total temporarily impaired investment securities $ 1,444 $ 2 $ 486,298 $ 7,951 $ 487,742 $ 7,953 December 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 $ 25,780 $ 191 $ 130,284 $ 2,901 $ 156,064 $ 3,092 GSE CMOs — — 102,630 4,250 102,630 4,250 GSE MBSs 21,487 113 138,051 4,256 159,538 4,369 SBA commercial loan asset-backed securities — — 51 — 51 — Corporate debt obligations 10,019 93 29,689 817 39,708 910 U.S. Treasury bonds 3,927 37 4,753 104 8,680 141 Temporarily impaired investment securities available-for-sale 61,213 434 405,458 12,328 466,671 12,762 Investment securities held-to-maturity: GSE debentures — — 40,653 967 40,653 967 GSEs MBSs — — 11,080 295 11,080 295 Municipal obligations 14,813 107 35,058 609 49,871 716 Foreign government obligations — — 500 — 500 — Temporarily impaired investment securities held-to-maturity 14,813 107 87,291 1,871 102,104 1,978 Total temporarily impaired investment securities $ 76,026 $ 541 $ 492,749 $ 14,199 $ 568,775 $ 14,740 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, 2019 . 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, 2019 . 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, 2019 , 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 $19.7 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $20.6 million as of December 31, 2018 . As of March 31, 2019 , the Company owned 60 GSE debentures with a total fair value of $182.8 million , and a net unrealized loss of $0.8 million . As of December 31, 2018 , the Company held 60 GSE debentures with a total fair value of $181.1 million , with a net unrealized loss of $3.0 million . As of March 31, 2019 , 46 of the 60 securities in this portfolio were in an unrealized loss position. As of December 31, 2018 , 51 of the 60 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, 2019 , the Company did no t purchase any GSE debentures. This compares to $33.9 million purchased during the same period in 2018 . As of March 31, 2019 , the Company owned 61 GSE CMOs with a total fair value of $100.1 million and a net unrealized loss of $3.0 million . As of December 31, 2018 , the Company held 61 GSE CMOs with a total fair value of $103.1 million with a net unrealized loss of $4.2 million . As of March 31, 2019 , 46 of the 61 securities in this portfolio were in an unrealized loss position. As of December 31, 2018 , 46 of the 61 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, 2019 and 2018 , the Company did no t purchase any GSE CMOs. As of March 31, 2019 , the Company owned 160 GSE MBSs with a total fair value of $159.8 million and a net unrealized loss of $2.0 million . As of December 31, 2018 , the Company held 165 GSE MBSs with a total fair value of $165.1 million with a net unrealized loss of $4.2 million . As of March 31, 2019 , 83 of the 160 securities in this portfolio were in an unrealized loss position. As of December 31, 2018 , 93 of the 165 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, 2019 , the Company did no t purchase any GSE MBSs. This compares to $15.2 million purchased during the same period in 2018 . SBA Commercial Loan Asset-Backed As of March 31, 2019 , the Company owned 4 SBA securities with a total fair value of $43.0 thousand , which approximated amortized cost. As of December 31, 2018 , the Company owned 4 SBA securities with a total fair value of $51.0 thousand , which approximated amortized cost. As of March 31, 2019 and December 31, 2018 , all 4 of the 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, 2019 and 2018 , 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, 2019 , the Company held 10 corporate obligation securities with a total fair value of $32.4 million and a net unrealized loss of $0.2 million . As of December 31, 2018 , the Company held 11 corporate obligation securities with a total fair value of $39.7 million and a net unrealized loss of $0.9 million . As of March 31, 2019 , 7 of the 10 securities in this portfolio were in an unrealized loss position. As of December 31, 2018 , all 11 of the 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, 2019 and 2018 , 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, 2019 , the Company owned 3 U.S. Treasury bonds with a total fair value of $13.9 million and an unrealized loss of $0.1 million . This compares to 3 U.S. Treasury bonds with a total fair value of $13.7 million and an unrealized loss of $0.1 million as of December 31, 2018 . During the three months ended March 31, 2019 and 2018 , the Company did no t purchase any U.S. Treasury bonds. Equity Securities Held-for-Trading From time to time, the Company will invest in equity securities held-for-trading. As of March 31, 2019 and December 31, 2018 , the Company owned 3 equity securities held-for-trading with a fair value of $4.3 million and $4.2 million , respectively. 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, 2019 . Management has the ability and the intent to hold the securities until maturity. U.S. Government-Sponsored Enterprises As of March 31, 2019 , the Company owned 17 GSE debentures with a total fair value of $50.1 million and a net unrealized loss of $0.4 million . As of December 31, 2018 , the Company owned 17 GSE debentures with a total fair value of $49.6 million and an unrealized loss of $0.9 million . As of March 31, 2019 and December 31, 2018 , 14 of the 17 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, 2019 , the Company did no t purchase any GSE debentures as compared to the same period in 2018 , when the Company purchased a total of $8.9 million in GSE debentures. As of March 31, 2019 , the Company owned 11 GSE MBSs with a total fair value of $10.8 million and an unrealized loss of $0.2 million . As of December 31, 2018 , the Company owned 11 GSE MBSs with a total fair value of $11.1 million and an unrealized loss of $0.3 million . As of March 31, 2019 and December 31, 2018 , 8 of the 11 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, 2019 and 2018 , 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, 2019 , the Company owned 97 municipal obligation securities with a total fair value of $51.6 million and a net unrealized loss of $44 thousand . As of December 31, 2018 , the Company owned 98 municipal obligation securities with a total fair value of $51.6 million and an unrealized loss of $0.7 million . As of March 31, 2019 , 53 of the 97 securities in this portfolio were in an unrealized loss position as compared to December 31, 2018 , when 94 of the 98 securities were in an unrealized loss position. During the three months ended March 31, 2019 and 2018 , the Company did no t purchase any municipal obligations. Foreign Government Obligations As of March 31, 2019 and December 31, 2018 , the Company owned 1 foreign government obligation security with a fair value of $0.5 million , which approximated cost. As of March 31, 2019 and December 31, 2018 respectively, the security was in an unrealized loss position. During the three months ended March 31, 2019 the Company repurchased the foreign government obligation that had matured as compared to the same period in 2018 , when the Company did no t 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, 2019 At December 31, 2018 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 $ 4,033 $ 4,021 2.14 % $ 12,041 $ 12,007 2.03 % After 1 year through 5 years 199,200 198,209 2.13 % 195,701 192,692 2.14 % After 5 years through 10 years 106,738 105,701 2.20 % 115,665 112,819 2.18 % Over 10 years 185,007 181,089 2.16 % 191,843 185,275 2.17 % $ 494,978 $ 489,020 2.16 % $ 515,250 $ 502,793 2.16 % Investment securities held-to-maturity: Within 1 year $ 7,123 $ 7,117 1.00 % $ 7,640 $ 7,618 1.17 % After 1 year through 5 years 75,544 75,185 1.90 % 72,735 71,492 1.84 % After 5 years through 10 years 20,032 20,031 2.08 % 23,025 22,640 2.20 % Over 10 years 10,995 10,756 2.03 % 11,376 11,080 2.13 % $ 113,694 $ 113,089 1.89 % $ 114,776 $ 112,830 1.89 % 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, 2019 , issuers of debt securities with an estimated fair value of $19.5 million had the right to call or prepay the obligations. Of the $19.5 million , approximately $8.5 million matures in 1 - 5 years, $11.0 million matures in 6 - 10 years, and none mature after ten years. As of December 31, 2018 , issuers of debt securities with an estimated fair value of approximately $19.1 million had the right to call or prepay the obligations. Of the $19.1 million , $8.4 million matures in 1-5 years, $10.7 million matures in 6-10 years, and none mature 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 acquired in the merger. When securities were sold, the adjusted cost of the specific security sold was used to compute the gain or loss on the sale. 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 three 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 and restricted equity securities. There were no securities sold during the three months ended March 31, 2019 . Sales of investment and restricted equity securities are summarized as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In Thousands) Proceeds from sale of trust preferred, marketable and restricted equity securities $ — $ 2,700 Gross gains from securities sales — 1,230 Gross losses from securities sales — (68 ) Gain on sales of securities, net $ — $ 1,162 |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 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 $ 2,244,088 4.66 % $ 111,419 4.65 % $ 2,355,507 4.66 % Multi-family mortgage 808,583 4.56 % 47,120 4.57 % 855,703 4.56 % Construction 180,775 5.61 % 18,483 6.74 % 199,258 5.72 % Total commercial real estate loans 3,233,446 4.69 % 177,022 4.85 % 3,410,468 4.70 % Commercial loans and leases: Commercial 719,992 5.01 % 21,585 5.30 % 741,577 5.02 % Equipment financing 993,138 7.69 % 2,725 5.98 % 995,863 7.68 % Condominium association 49,142 4.78 % — — % 49,142 4.78 % Total commercial loans and leases 1,762,272 6.51 % 24,310 5.38 % 1,786,582 6.50 % Consumer loans: Residential mortgage 649,491 4.14 % 126,087 4.50 % 775,578 4.20 % Home equity 333,474 5.13 % 42,652 5.44 % 376,126 5.16 % Other consumer 39,337 5.20 % 106 17.80 % 39,443 5.23 % Total consumer loans 1,022,302 4.50 % 168,845 4.75 % 1,191,147 4.54 % Total loans and leases $ 6,018,020 5.19 % $ 370,177 4.84 % $ 6,388,197 5.17 % At December 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 $ 2,208,904 4.61 % $ 121,821 4.62 % $ 2,330,725 4.61 % Multi-family mortgage 799,813 4.51 % 47,898 4.58 % 847,711 4.51 % Construction 151,138 5.62 % 22,162 6.74 % 173,300 5.76 % Total commercial real estate loans 3,159,855 4.63 % 191,881 4.85 % 3,351,736 4.64 % Commercial loans and leases: Commercial 712,630 4.96 % 23,788 5.39 % 736,418 4.97 % Equipment financing 978,840 7.61 % 3,249 5.97 % 982,089 7.60 % Condominium association 50,451 4.70 % — — % 50,451 4.70 % Total commercial loans and leases 1,741,921 6.44 % 27,037 5.46 % 1,768,958 6.43 % Consumer loans: Residential mortgage 653,059 4.09 % 129,909 4.45 % 782,968 4.15 % Home equity 331,014 5.05 % 45,470 5.39 % 376,484 5.09 % Other consumer 23,260 5.55 % 110 17.81 % 23,370 5.61 % Total consumer loans 1,007,333 4.44 % 175,489 4.70 % 1,182,822 4.48 % Total loans and leases $ 5,909,109 5.13 % $ 394,407 4.83 % $ 6,303,516 5.11 % The net unamortized deferred loan origination fees and costs included in total loans and leases were $15.7 million and $15.6 million as of March 31, 2019 and December 31, 2018 , respectively. The Banks and subsidiaries lend primarily in all New England states, with the exception of equipment financing, 26.6% of which is in the greater New York and New Jersey metropolitan area and 73.4% of which is in other areas in the United States of America as of March 31, 2019 . 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, 2019 2018 (In Thousands) Balance at beginning of period $ 7,905 $ 10,522 Accretion (800 ) (1,185 ) Reclassification from nonaccretable difference as a result of changes in expected cash flows 61 316 Balance at end of period $ 7,166 $ 9,653 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, 2019 and 2018 , accretable yield adjustments totaling $61 thousand and $316 thousand , 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, 2019 and December 31, 2018 , there were $3.0 billion 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, 2019 and December 31, 2018 . |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 Charge-offs — (2,512 ) (30 ) (2,542 ) Recoveries — 388 53 441 Provision for loan and lease losses 162 1,081 207 1,450 Balance at March 31, 2019 $ 28,349 $ 24,240 $ 5,452 $ 58,041 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 for loan and lease losses 252 451 (76 ) 627 Balance at March 31, 2018 $ 27,361 $ 26,252 $ 5,101 $ 58,714 The liability for unfunded credit commitments, which is included in other liabilities, was $1.8 million and $1.9 million at March 31, 2019 and December 31, 2018 , respectively. No credit commitments were charged off against the liability account in the three -month periods ended March 31, 2019 and 2018 . Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Three Months Ended March 31, 2019 2018 (In Thousands) Provision for loan and lease losses: Commercial real estate $ 162 $ 252 Commercial 1,081 451 Consumer 207 (76 ) Total provision for loan and lease losses 1,450 627 Unfunded credit commitments (97 ) 14 Total provision for credit losses $ 1,353 $ 641 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 TDR 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, 2019 , 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, 2019 , the Company had a portfolio of approximately $12.0 million in loans secured by taxi medallions issued by the cities of Boston and Cambridge, Massachusetts. As of December 31, 2018 , this portfolio was approximately $13.7 million . For collateral valuation purposes, taxi medallions are currently estimated at $35 thousand for Boston and $20 thousand for Cambridge. The Company has no taxi medallion exposure outside Massachusetts. As of March 31, 2019 , the Company had an allowance for loan and lease losses associated with taxi medallion loans of $1.5 million of which $1.0 million were specific reserves and $0.5 million was a general reserve. As of December 31, 2018 , the Company had an allowance for loan and lease losses associated with taxi medallion loans of $2.5 million of which $1.9 million were specific reserves and $0.6 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 charge-offs in the taxi medallion portfolio. The total TDRs secured by taxi medallions decreased by $1.3 million from $3.7 million at December 31, 2018 to $2.4 million at March 31, 2019 . The total loans and leases secured by taxi medallions that were placed on nonaccrual decreased by $1.3 million to $2.4 million at March 31, 2019 from $3.7 million at December 31, 2018 due to the charge-offs of non-accruing taxi medallion relationships. 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 $55.6 million as of both March 31, 2019 and December 31, 2018 . The specific allowance for loan and lease losses was $2.4 million as of March 31, 2019 , compared to $3.1 million as of December 31, 2018 . The specific allowance decreased by $0.7 million during the three months ended March 31, 2019 primarily due to charge-offs on loans collateralized by taxi medallions. 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, 2019 , by credit quality indicator. At March 31, 2019 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,236,474 $ 808,482 $ 175,793 $ 687,253 $ 982,468 $ 48,918 $ 39,334 $ 4,978,722 OAEM 4,140 — — 10,139 39 — — 14,318 Substandard 3,474 101 4,982 22,483 8,287 224 3 39,554 Doubtful — — — 117 2,344 — — 2,461 Total originated 2,244,088 808,583 180,775 719,992 993,138 49,142 39,337 5,035,055 Acquired: Loan rating: Pass 100,218 47,084 18,483 20,855 2,717 — 106 189,463 OAEM 2,163 — — 405 — — — 2,568 Substandard 9,038 36 — 325 8 — — 9,407 Total acquired 111,419 47,120 18,483 21,585 2,725 — 106 201,438 Total loans $ 2,355,507 $ 855,703 $ 199,258 $ 741,577 $ 995,863 $ 49,142 $ 39,443 $ 5,236,493 As of March 31, 2019 , there were no loans categorized as definite loss. At March 31, 2019 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 176,376 22.7 % $ 138,732 36.9 % 50% - 69% 281,204 36.3 % 84,592 22.5 % 70% - 79% 175,560 22.6 % 77,971 20.7 % 80% and over 16,239 2.1 % 32,154 8.5 % Data not available* 112 — % 25 — % Total originated 649,491 83.7 % 333,474 88.6 % Acquired: Loan-to-value ratio: Less than 50% 37,617 4.9 % 21,914 5.8 % 50%—69% 52,628 6.7 % 10,046 2.7 % 70%—79% 23,360 3.0 % 984 0.3 % 80% and over 6,612 0.9 % 4,749 1.3 % Data not available* 5,870 0.8 % 4,959 1.3 % Total acquired 126,087 16.3 % 42,652 11.4 % Total loans $ 775,578 100.0 % $ 376,126 100.0 % _______________________________________________________________________________ * 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, 2018 , by credit quality indicator. At December 31, 2018 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,198,377 $ 799,483 $ 150,742 $ 685,773 $ 969,275 $ 50,186 $ 23,249 $ 4,877,085 OAEM 6,096 — — 3,726 52 — — 9,874 Substandard 4,431 330 396 22,870 6,895 265 11 35,198 Doubtful — — — 261 2,618 — — 2,879 Total originated 2,208,904 799,813 151,138 712,630 978,840 50,451 23,260 4,925,036 Acquired: Loan rating: Pass 111,919 47,715 22,162 23,250 3,240 — 110 208,396 OAEM 626 — — 236 — — — 862 Substandard 9,276 183 — 302 9 — — 9,770 Total acquired 121,821 47,898 22,162 23,788 3,249 — 110 219,028 Total loans $ 2,330,725 $ 847,711 $ 173,300 $ 736,418 $ 982,089 $ 50,451 $ 23,370 $ 5,144,064 As of December 31, 2018 , there were no loans categorized as definite loss. At December 31, 2018 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 171,523 21.9 % $ 142,534 37.9 % 50%—69% 287,337 36.7 % 84,423 22.4 % 70%—79% 173,870 22.2 % 73,898 19.6 % 80% and over 19,030 2.4 % 30,129 8.0 % Data not available* 1,299 0.2 % 30 — % Total originated 653,059 83.4 % 331,014 87.9 % Acquired: Loan-to-value ratio: Less than 50% 36,752 4.6 % 24,705 6.6 % 50%—69% 53,788 6.9 % 10,353 2.7 % 70%—79% 26,510 3.4 % 1,000 0.3 % 80% and over 6,701 0.9 % 4,348 1.2 % Data not available* 6,158 0.8 % 5,064 1.3 % Total acquired 129,909 16.6 % 45,470 12.1 % Total loans $ 782,968 100.0 % $ 376,484 100.0 % _______________________________________________________________________________ * 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, 2019 At December 31, (In Thousands) Foreclosed residential real estate property held by the creditor $ 629 $ 629 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 1,063 $ 121 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, 2019 and December 31, 2018 . At March 31, 2019 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 $ 1,898 $ 839 $ 2,584 $ 5,321 $ 2,238,767 $ 2,244,088 $ 600 $ 2,781 Multi-family mortgage 887 7,568 — 8,455 800,128 808,583 — 101 Construction — — 396 396 180,379 180,775 — 396 Total commercial real estate loans 2,785 8,407 2,980 14,172 3,219,274 3,233,446 600 3,278 Commercial loans and leases: Commercial 2,086 6,515 4,353 12,954 707,038 719,992 296 5,525 Equipment financing 3,026 1,919 6,350 11,295 981,843 993,138 53 10,253 Condominium association 139 — — 139 49,003 49,142 — 224 Total commercial loans and leases 5,251 8,434 10,703 24,388 1,737,884 1,762,272 349 16,002 Consumer loans: Residential mortgage 11,359 784 779 12,922 636,569 649,491 — 1,902 Home equity 219 26 82 327 333,147 333,474 2 198 Other consumer 30 3 7 40 39,297 39,337 — 8 Total consumer loans 11,608 813 868 13,289 1,009,013 1,022,302 2 2,108 Total originated loans and leases $ 19,644 $ 17,654 $ 14,551 $ 51,849 $ 5,966,171 $ 6,018,020 $ 951 $ 21,388 At March 31, 2019 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 $ — $ 74 $ 8,864 $ 8,938 $ 102,481 $ 111,419 $ 8,794 $ 108 Multi-family mortgage — — — — 47,120 47,120 — — Construction — 2,587 4,811 7,398 11,085 18,483 4,811 — Total commercial real estate loans — 2,661 13,675 16,336 160,686 177,022 13,605 108 Commercial loans and leases: Commercial 44 — 314 358 21,227 21,585 111 203 Equipment financing — — 8 8 2,717 2,725 8 — Total commercial loans and leases 44 — 322 366 23,944 24,310 119 203 Consumer loans: Residential mortgage 341 845 2,085 3,271 122,816 126,087 2,085 286 Home equity 148 86 267 501 42,151 42,652 40 824 Other consumer 3 — — 3 103 106 — — Total consumer loans 492 931 2,352 3,775 165,070 168,845 2,125 1,110 Total acquired loans and leases $ 536 $ 3,592 $ 16,349 $ 20,477 $ 349,700 $ 370,177 $ 15,849 $ 1,421 Total loans and leases $ 20,180 $ 21,246 $ 30,900 $ 72,326 $ 6,315,871 $ 6,388,197 $ 16,800 $ 22,809 At December 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 $ 5,139 $ 896 $ 2,962 $ 8,997 $ 2,199,907 $ 2,208,904 $ 277 $ 3,806 Multi-family mortgage 893 — 145 1,038 798,775 799,813 — 330 Construction 297 — 396 693 150,445 151,138 — 396 Total commercial real estate loans 6,329 896 3,503 10,728 3,149,127 3,159,855 277 4,532 Commercial loans and leases: Commercial 2,021 582 6,244 8,847 703,783 712,630 1,962 6,421 Equipment financing 2,509 650 5,685 8,844 969,996 978,840 12 9,500 Condominium association 320 — — 320 50,131 50,451 — 265 Total commercial loans and leases 4,850 1,232 11,929 18,011 1,723,910 1,741,921 1,974 16,186 Consumer loans: Residential mortgage 400 — 1,597 1,997 651,062 653,059 — 1,842 Home equity 761 25 183 969 330,045 331,014 1 191 Other consumer 51 18 15 84 23,176 23,260 — 17 Total consumer loans 1,212 43 1,795 3,050 1,004,283 1,007,333 1 2,050 Total originated loans and leases $ 12,391 $ 2,171 $ 17,227 $ 31,789 $ 5,877,320 $ 5,909,109 $ 2,252 $ 22,768 At December 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 $ — $ 215 $ 9,087 $ 9,302 $ 112,519 $ 121,821 $ 9,018 $ 122 Multi-family mortgage 348 — — 348 47,550 47,898 — — Construction 360 242 — 602 21,560 22,162 — — Total commercial real estate loans 708 457 9,087 10,252 181,629 191,881 9,018 122 Commercial loans and leases: Commercial 124 44 290 458 23,330 23,788 90 200 Equipment financing — — 9 9 3,240 3,249 9 — Total commercial loans and leases 124 44 299 467 26,570 27,037 99 200 Consumer loans: Residential mortgage — 371 2,113 2,484 127,425 129,909 2,113 290 Home equity 191 265 2 458 45,012 45,470 — 717 Other consumer — — — — 110 110 — — Total consumer loans 191 636 2,115 2,942 172,547 175,489 2,113 1,007 Total acquired loans and leases $ 1,023 $ 1,137 $ 11,501 $ 13,661 $ 380,746 $ 394,407 $ 11,230 $ 1,329 Total loans and leases $ 13,414 $ 3,308 $ 28,728 $ 45,450 $ 6,258,066 $ 6,303,516 $ 13,482 $ 24,097 Commercial Real Estate Loans —As of March 31, 2019 , 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 -- 36.8% ; multi-family mortgage loans -- 13.4% ; and construction loans -- 3.2% . 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, 2019 , 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 -- 11.6% ; equipment financing loans -- 15.6% ; and loans to condominium associations -- 0.8% . 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, 2019 , 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 -- 12.1% , home equity loans -- 5.9% , and other consumer loans -- 0.6% . 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 or more days 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 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, 2019 At December 31, 2018 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 8,893 $ 8,912 $ — $ 5,569 $ 5,545 $ — Commercial 35,666 35,764 — 30,927 31,053 — Consumer 2,721 2,710 — 2,989 2,978 — Total originated with no related allowance recorded 47,280 47,386 — 39,485 39,576 — With an allowance recorded: Commercial real estate 468 468 14 396 396 5 Commercial 8,171 8,144 2,268 8,224 8,208 2,961 Consumer 663 662 88 665 664 89 Total originated with an allowance recorded 9,302 9,274 2,370 9,285 9,268 3,055 Total originated impaired loans and leases 56,582 56,660 2,370 48,770 48,844 3,055 Acquired: With no related allowance recorded: Commercial real estate 9,148 9,148 — 9,538 9,538 — Commercial 560 560 — 531 531 — Consumer 4,923 4,923 — 4,772 4,772 — Total acquired with no related allowance recorded 14,631 14,631 — 14,841 14,841 — With an allowance recorded: Consumer 152 152 26 154 154 26 Total acquired with an allowance recorded 152 152 26 154 154 26 Total acquired impaired loans and leases 14,783 14,783 26 14,995 14,995 26 Total impaired loans and leases $ 71,365 $ 71,443 $ 2,396 $ 63,765 $ 63,839 $ 3,081 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $21.3 million and $1.4 million , respectively as of March 31, 2019 . (2) Includes originated and acquired nonaccrual loans of $22.7 million and $1.3 million , respectively as of December 31, 2018 . Three Months Ended March 31, 2019 March 31, 2018 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 8,699 $ 65 $ 7,985 $ 30 Commercial 35,162 349 27,761 272 Consumer 2,732 8 3,353 13 Total originated with no related allowance recorded 46,593 422 39,099 315 With an allowance recorded: Commercial real estate 469 1 — — Commercial 8,467 28 7,993 16 Consumer 663 6 134 1 Total originated with an allowance recorded 9,599 35 8,127 17 Total originated impaired loans and leases 56,192 457 47,226 332 Acquired: With no related allowance recorded: Commercial real estate 9,153 3 10,681 1 Commercial 559 4 1,624 4 Consumer 4,943 15 4,860 15 Total acquired with no related allowance recorded 14,655 22 17,165 20 With an allowance recorded: Consumer 153 1 114 1 Total acquired with an allowance recorded 153 1 114 1 Total acquired impaired loans and leases 14,808 23 17,279 21 Total impaired loans and leases $ 71,000 $ 480 $ 64,505 $ 353 The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: At March 31, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 14 $ 2,268 $ 88 $ 2,370 Collectively evaluated for impairment 26,779 21,785 5,312 53,876 Total originated loans and leases 26,793 24,053 5,400 56,246 Acquired: Individually evaluated for impairment — — 26 26 Collectively evaluated for impairment 30 80 18 128 Acquired with deteriorated credit quality 1,526 107 8 1,641 Total acquired loans and leases 1,556 187 52 1,795 Total allowance for loan and lease losses $ 28,349 $ 24,240 $ 5,452 $ 58,041 Loans and Leases: Originated: Individually evaluated for impairment $ 9,107 $ 37,413 $ 3,224 $ 49,744 Collectively evaluated for impairment 3,224,339 1,724,859 1,019,078 5,968,276 Total originated loans and leases 3,233,446 1,762,272 1,022,302 6,018,020 Acquired: Individually evaluated for impairment — 407 2,174 2,581 Collectively evaluated for impairment 109,113 21,229 136,377 266,719 Acquired with deteriorated credit quality 67,909 2,674 30,294 100,877 Total acquired loans and leases 177,022 24,310 168,845 370,177 Total loans and leases $ 3,410,468 $ 1,786,582 $ 1,191,147 $ 6,388,197 At December 31, 2018 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 5 $ 2,961 $ 89 $ 3,055 Collectively evaluated for impairment 26,617 22,131 5,075 53,823 Total originated loans and leases 26,622 25,092 5,164 56,878 Acquired: Individually evaluated for impairment — — 26 26 Collectively evaluated for impairment 32 83 20 135 Acquired with deteriorated credit quality 1,533 108 12 1,653 Total acquired loans and leases 1,565 191 58 1,814 Total allowance for loan and lease losses $ 28,187 $ 25,283 $ 5,222 $ 58,692 Loans and Leases: Originated: Individually evaluated for impairment $ 5,610 $ 32,127 $ 3,502 $ 41,239 Collectively evaluated for impairment 3,154,245 1,709,794 1,003,831 5,867,870 Total originated loans and leases 3,159,855 1,741,921 1,007,333 5,909,109 Acquired: Individually evaluated for impairment — 404 2,072 2,476 Collectively evaluated for impairment 121,119 24,094 142,194 287,407 Acquired with deteriorated credit quality 70,762 2,539 31,223 104,524 Total acquired loans and leases 191,881 27,037 175,489 394,407 Total loans and leases $ 3,351,736 $ 1,768,958 $ 1,182,822 $ 6,303,516 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, 2019 At December 31, 2018 (In Thousands) Troubled debt restructurings: On accrual $ 28,543 $ 12,257 On nonaccrual 7,597 8,684 Total troubled debt restructurings $ 36,140 $ 20,941 Total TDR loans and leases increased by $15.2 million to $36.1 million at March 31, 2019 from $20.9 million at December 31, 2018 , driven primarily by new troubled debt restructurings on three commercial relationships. 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, 2019 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 Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial real estate 1 $ 73 $ 72 $ 9 $ — 1 $ 635 Commercial 6 16,754 16,730 — — 3 1,074 Equipment financing 3 816 815 182 425 1 52 Residential mortgage — — — — — 1 341 Total originated 10 $ 17,643 $ 17,617 $ 191 $ 425 6 $ 2,102 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. 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 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. 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, |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 At December 31, 2018 (In Thousands) Goodwill $ 160,427 $ 137,890 Additions — 22,537 Balance at end of period 160,427 160,427 Other intangible assets: Core deposits 4,595 4,997 Trade name 1,089 1,089 Total other intangible assets 5,684 6,086 Total goodwill and other intangible assets $ 166,111 $ 166,513 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 core deposit intangible is 6.9 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 2019 $ 1,297 Year ending: 2020 1,261 2021 850 2022 494 2023 263 2024 153 Thereafter 277 Total $ 4,595 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) For the three months ended March 31, 2019 and 2018 , 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, 2019 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2018 $ (9,712 ) $ 252 $ (9,460 ) Other comprehensive income (loss) 5,067 — 5,067 Balance at March 31, 2019 $ (4,645 ) $ 252 $ (4,393 ) 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 (loss) (5,716 ) — (5,716 ) Balance at March 31, 2018 $ (11,829 ) $ 163 $ (11,666 ) The Company did not reclassify any amounts out of accumulated other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 or December 31, 2018 . 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, 2019 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 91 $ — $ 26,017 $ — $ 43,656 $ 720,242 $ 789,915 $ 24,018 Pay fixed, receive variable 91 — 26,017 — 43,656 720,242 789,915 24,018 Risk participation-out agreements 31 — 14,666 — — 135,958 150,624 742 Risk participation-in agreements 7 — — — — 55,679 55,679 230 Foreign exchange contracts Buys foreign currency, sells U.S. currency 21 $ 1,646 $ — $ — $ — $ — $ 1,646 $ 41 Sells foreign currency, buys U.S. currency 30 1,652 — — — — 1,652 36 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, 2018 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 86 $ 1,931 $ 26,419 $ — $ 31,762 $ 654,388 $ 714,500 $ 6,081 Pay fixed, receive variable 86 1,931 26,419 — 31,762 654,388 714,500 6,081 Risk participation-out agreements 26 — 14,892 — — 85,639 100,531 344 Risk participation-in agreements 5 — — — — 35,838 35,838 84 Foreign exchange contracts Buys foreign currency, sells U.S. currency 22 $ 6,573 $ — $ — $ — $ — $ 6,573 $ 123 Sells foreign currency, buys U.S. currency 37 6,582 — — — — 6,582 131 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 $32.1 million and $5.9 million in the normal course of business as of March 31, 2019 and December 31, 2018 , respectively. Dealer counterparties posted $0.3 million to the Company in the normal course of business as of March 31, 2019 compared to no collateral as of December 31, 2018 . 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, 2019 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 $ 30,695 $ — $ 30,695 $ — $ — $ 30,695 Risk participation-out agreements 742 — 742 — — 742 Foreign exchange contracts 41 — 41 — — 41 Total $ 31,478 $ — $ 31,478 $ — $ — $ 31,478 Liability derivatives Loan level derivatives $ 30,695 $ — $ 30,695 $ 5,848 $ 26,250 $ — Risk participation-in agreements 230 — 230 — — 230 Foreign exchange contracts 36 — 36 — — 36 Total $ 30,961 $ — $ 30,961 $ 5,848 $ 26,250 $ 266 At December 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 $ 22,013 $ — $ 22,013 $ — $ 50 $ 21,963 Risk participation-out agreements 344 — 344 — — 344 Foreign exchange contracts 131 — 131 — — 131 Total $ 22,488 $ — $ 22,488 $ — $ 50 $ 22,438 Liability derivatives Loan level derivatives $ 22,013 $ — $ 22,013 $ 5,877 $ — $ 16,136 Risk participation-in agreements 84 — 84 — — 84 Foreign exchange contracts 123 — 123 — — 123 Total $ 22,220 $ — $ 22,220 $ 5,877 $ — $ 16,343 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, 2019 | |
Retirement Benefits [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of March 31, 2019 , the Company had 2 active recognition and retention plans: 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 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 45 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 usually 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, 2019 and 2018 , no shares were issued upon satisfaction of required conditions of the Plans. Total expense for the Plans was $0.9 million and $0.7 million for the three months ended March 31, 2019 and 2018 , respectively. |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 March 31, 2018 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 22,467 $ 22,467 $ 18,633 $ 18,633 Denominator: Weighted average shares outstanding 79,658,583 79,658,583 77,879,593 77,879,593 Effect of dilutive securities — 184,995 — 288,207 Adjusted weighted average shares outstanding 79,658,583 79,843,578 77,879,593 78,167,800 EPS $ 0.28 $ 0.28 $ 0.24 $ 0.24 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 . 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, 2019 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 182,845 $ — $ 182,845 GSE CMOs — 100,118 — 100,118 GSE MBSs — 159,772 — 159,772 SBA commercial loan asset-backed securities — 43 — 43 Corporate debt obligations — 32,355 — 32,355 U.S. Treasury bonds — 13,887 — 13,887 Total investment securities available-for-sale $ — $ 489,020 $ — $ 489,020 Equity securities held-for-trading $ 3,355 $ 986 $ — $ 4,341 Loan level derivatives — 30,695 — 30,695 Risk participation-out agreements — 742 — 742 Foreign exchange contracts — 41 — 41 Liabilities: Loan level derivatives $ — $ 30,695 $ — $ 30,695 Risk participation-in agreements — 230 — 230 Foreign exchange contracts — 36 — 36 Carrying Value as of December 31, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 181,079 $ — $ 181,079 GSE CMOs — 103,130 — 103,130 GSE MBSs — 165,089 — 165,089 SBA commercial loan asset-backed securities — 51 — 51 Corporate debt obligations — 39,708 — 39,708 U.S. Treasury bonds — 13,736 — 13,736 Total investment securities available-for-sale $ — $ 502,793 $ — $ 502,793 Equity securities held-for-trading $ 3,235 $ 972 $ — $ 4,207 Loan level derivatives — 22,013 — 22,013 Risk participation-out agreements — 344 — 344 Foreign exchange contracts — 131 — 131 Liabilities: Loan level derivatives $ — $ 22,013 $ — $ 22,013 Risk participation-in agreements — 84 — 84 Foreign exchange contracts — 123 — 123 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. 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, 2019 and December 31, 2018 , 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. Equity Securities Held-for-Trading The fair value of equity securities held-for-trading is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services. The Company's 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. 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, 2019 and 2018 , 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, 2019 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 $ — $ — $ 4,574 $ 4,574 OREO — — 3,054 3,054 Repossessed assets — 858 — 858 Total assets measured at fair value on a non-recurring basis $ — $ 858 $ 7,628 $ 8,486 Carrying Value as of December 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 $ — $ — $ 4,203 $ 4,203 OREO — — 3,054 3,054 Repossessed assets — 965 — 965 Total assets measured at fair value on a non-recurring basis $ — $ 965 $ 7,257 $ 8,222 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 non-recurring basis at the dates indicated. Fair Value Valuation Technique At March 31, At December 31, 2018 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 4,574 $ 4,203 Appraisal of collateral (1) Other real estate owned 3,054 3,054 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 at March 31, 2019 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Investment securities held-to-maturity: GSE debentures $ 50,551 $ 50,140 $ — $ 50,140 $ — GSE MBSs 11,080 10,842 — 10,842 — Municipal obligations 51,563 51,607 — 51,607 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 869 869 — 869 — Loans and leases, net 6,330,156 6,258,682 — — 6,258,682 Restricted equity securities 54,192 54,192 — — 54,192 Financial liabilities: Certificates of deposit 1,907,228 1,903,253 — 1,903,253 — Borrowed funds 866,005 857,772 — 857,772 — Fair Value Measurements at December 31, 2018 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Investment securities held-to-maturity: GSE debentures $ 50,546 $ 49,601 $ — $ 49,601 $ — GSE MBSs 11,426 11,131 — 11,131 — Municipal obligations 52,304 51,598 — 51,598 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 3,247 3,247 — 3,247 — Loans and leases, net 6,244,824 6,154,704 — — 6,154,704 Restricted equity securities 61,751 61,751 — — 61,751 Financial liabilities: Certificates of deposit 1,789,165 1,778,860 — 1,778,860 — Borrowed funds 920,542 886,545 — 886,545 — 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). Using the exit price valuation method, 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, 2019 | |
Leases [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, 2019 At December 31, 2018 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 108,311 $ 76,642 Commercial 75,321 75,713 Residential mortgage 18,752 16,363 Unadvanced portion of loans and leases 720,852 707,997 Unused lines of credit: Home equity 503,283 487,476 Other consumer 36,293 50,404 Other commercial 455 347 Unused letters of credit: Financial standby letters of credit 10,026 11,491 Performance standby letters of credit 3,332 3,075 Commercial and similar letters of credit 4,573 4,573 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 789,915 714,500 Pay fixed, receive variable 789,915 714,500 Risk participation-out agreements 150,624 100,531 Risk participation-in agreements 55,679 35,838 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,646 6,573 Sells foreign currency, buys U.S. currency 1,652 6,582 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 $31.5 million and $31.0 million , respectively, as of March 31, 2019 . The fair value of derivative assets and liabilities was $22.5 million and $22.2 million , respectively, as of December 31, 2018 . The fair value of foreign exchange assets and liabilities was $41 thousand and $36 thousand , respectively, as of March 31, 2019 . The fair value of foreign exchange assets and liabilities was $131 thousand and $123 thousand as of December 31, 2018 . Lease Commitments The Company leases certain office space under various noncancellable operating leases as well as certain other assets. These leases have original terms ranging from 2 years to over 20 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. All of the Company's current outstanding leases are classified as operating leases. The Company considered the following criteria when determining whether a contract contains a lease, the existence of an identifiable asset and the right to obtain substantially all of the economic benefits from use of the asset through the period. The Company used the FHLB classic advance rates available as of March 31, 2019 as the discount rate to determined the net present value of the remaining lease payments. At March 31, 2019 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 1,459 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,525 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 71 Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 26,205 Operating lease liabilities 26,205 Weighted Average Remaining Lease Term Operating leases 7.9 years Weighted Average Discount Rate Operating leases 3.0 % A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments March 31, 2019 December 31, 2018 (In Thousands) Remainder of 2019 $ 4,539 $ 4,224 Year ending: 2020 5,409 4,932 2021 4,640 4,418 2022 3,962 3,602 2023 3,182 2,734 2024 1,951 1,866 Thereafter 5,583 6,637 Total $ 29,266 $ 28,413 Less imputed interest (3,061 ) Present value of lease liability $ 26,205 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. The total real estate taxes were $0.5 million and other expenditures were $0.1 million for both the three months ended March 31, 2019 and 2018 . Total rental expense was $1.4 million for both the three months ended March 31, 2019 and 2018 . 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, 2019 | |
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 Note. 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, 2019 , 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 represents 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, 2019 | |
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, 2018 . |
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 changes 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 April 2019, FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments to improve the Codifications or correct any unintended application. Codification improvements to Update 2016-13 (Topic 326) will be effective on the same date as requirements in 2016-13. Codification improvements to Update 2017-12 (Topic 815) will be effective as of the beginning of the first annual period beginning after the issuance date and Update 2016-01 (Topic 825) will be effective for fiscal years beginning after December 15, 2019. Management believes that this ASU does apply and has not determined the impact, if any, as of March 31, 2019 . In February 2016, FASB issued ASU 2016-02, Leases (“ASU 2016-02”). 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. Subsequently, the FASB has issued ASU 2018-10, ASU 2018-11, ASU 2018-20 and ASU 2019-01 to update provisions to ASU 2016-02. The company has adopted all of the above mentioned ASU's regarding leases as of January 1, 2019. The standard had a material impact on our consolidated balance sheet by recognizing right-of-use asset operating leases and operating lease liabilities on the balance sheet. However, there was no impact on our consolidated income statement as the timing of the expense recognition has not changed. Additional details can be found in Note 12. In August 2018, FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), to add additional guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement by providing guidance for determining when the arrangement includes a software license. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. For all other entities, the amendments in this update are effective for annual reporting periods beginning after December 15, 2020, and interim periods within annual periods beginning after December 15, 2021. Early adoption of the amendments in this update is permitted, including adoption in any interim period, for all entities. Management is still determining the impact of this ASU, if any, as of March 31, 2019 . In August 2018, FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20), to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. This ASU is effective for fiscal years ending after December 15, 2020, for public business entities and for fiscal years ending after December 15, 2021, for all other entities. Early adoption is permitted. Management believes that this ASU does apply and has not determined the impact, if any, as of March 31, 2019 . In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management believes that this ASU does apply and has not determined the impact, if any, as of March 31, 2019 . 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. In November 2018, FASB issued ASU 2018-19 to clarify that operating lease receivables are not in scope of the credit losses standard. Management has determined that ASU 2016-13 does apply, but has not determined the impact, if any, as of March 31, 2019 . 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. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale, held-to-maturity and equity securities held-for-trading at the dates indicated: At March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 183,607 $ 640 $ 1,402 $ 182,845 GSE CMOs 103,113 20 3,015 100,118 GSE MBSs 161,809 300 2,337 159,772 SBA commercial loan asset-backed securities 43 — — 43 Corporate debt obligations 32,584 48 277 32,355 U.S. Treasury bonds 13,822 111 46 13,887 Total investment securities available-for-sale $ 494,978 $ 1,119 $ 7,077 $ 489,020 Investment securities held-to-maturity: GSE debentures $ 50,551 $ 70 $ 481 $ 50,140 GSEs MBSs 11,080 — 238 10,842 Municipal obligations 51,563 201 157 51,607 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 113,694 $ 271 $ 876 $ 113,089 Equity securities held-for-trading $ 4,341 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 184,072 $ 99 $ 3,092 $ 181,079 GSE CMOs 107,363 17 4,250 103,130 GSE MBSs 169,334 124 4,369 165,089 SBA commercial loan asset-backed securities 51 — — 51 Corporate debt obligations 40,618 — 910 39,708 U.S. Treasury bonds 13,812 65 141 13,736 Total investment securities available-for-sale $ 515,250 $ 305 $ 12,762 $ 502,793 Investment securities held-to-maturity: GSE debentures $ 50,546 $ 22 $ 967 $ 49,601 GSEs MBSs 11,426 — 295 11,131 Municipal obligations 52,304 10 716 51,598 Foreign government obligations 500 — — 500 Total investment securities held-to-maturity $ 114,776 $ 32 $ 1,978 $ 112,830 Equity securities held-for-trading $ 4,207 |
Investment securities in a continuous unrealized loss position | Investment securities as of March 31, 2019 and December 31, 2018 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, 2019 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 $ — $ — $ 140,316 $ 1,402 $ 140,316 $ 1,402 GSE CMOs — — 99,635 3,015 99,635 3,015 GSE MBSs — — 135,892 2,337 135,892 2,337 SBA commercial loan asset-backed securities — — 43 — 43 — Corporate debt obligations — — 26,189 277 26,189 277 U.S. Treasury bonds — — 4,819 46 4,819 46 Temporarily impaired investment securities available-for-sale — — 406,894 7,077 406,894 7,077 Investment securities held-to-maturity: GSE debentures — — 41,141 481 41,141 481 GSEs MBSs — — 10,756 238 10,756 238 Municipal obligations 1,444 2 27,507 155 28,951 157 Temporarily impaired investment securities held-to-maturity 1,444 2 79,404 874 80,848 876 Total temporarily impaired investment securities $ 1,444 $ 2 $ 486,298 $ 7,951 $ 487,742 $ 7,953 December 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 $ 25,780 $ 191 $ 130,284 $ 2,901 $ 156,064 $ 3,092 GSE CMOs — — 102,630 4,250 102,630 4,250 GSE MBSs 21,487 113 138,051 4,256 159,538 4,369 SBA commercial loan asset-backed securities — — 51 — 51 — Corporate debt obligations 10,019 93 29,689 817 39,708 910 U.S. Treasury bonds 3,927 37 4,753 104 8,680 141 Temporarily impaired investment securities available-for-sale 61,213 434 405,458 12,328 466,671 12,762 Investment securities held-to-maturity: GSE debentures — — 40,653 967 40,653 967 GSEs MBSs — — 11,080 295 11,080 295 Municipal obligations 14,813 107 35,058 609 49,871 716 Foreign government obligations — — 500 — 500 — Temporarily impaired investment securities held-to-maturity 14,813 107 87,291 1,871 102,104 1,978 Total temporarily impaired investment securities $ 76,026 $ 541 $ 492,749 $ 14,199 $ 568,775 $ 14,740 |
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, 2019 At December 31, 2018 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 $ 4,033 $ 4,021 2.14 % $ 12,041 $ 12,007 2.03 % After 1 year through 5 years 199,200 198,209 2.13 % 195,701 192,692 2.14 % After 5 years through 10 years 106,738 105,701 2.20 % 115,665 112,819 2.18 % Over 10 years 185,007 181,089 2.16 % 191,843 185,275 2.17 % $ 494,978 $ 489,020 2.16 % $ 515,250 $ 502,793 2.16 % Investment securities held-to-maturity: Within 1 year $ 7,123 $ 7,117 1.00 % $ 7,640 $ 7,618 1.17 % After 1 year through 5 years 75,544 75,185 1.90 % 72,735 71,492 1.84 % After 5 years through 10 years 20,032 20,031 2.08 % 23,025 22,640 2.20 % Over 10 years 10,995 10,756 2.03 % 11,376 11,080 2.13 % $ 113,694 $ 113,089 1.89 % $ 114,776 $ 112,830 1.89 % |
Summary of Gains and Losses from Sale of Securities | Sales of investment and restricted equity securities are summarized as follows: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In Thousands) Proceeds from sale of trust preferred, marketable and restricted equity securities $ — $ 2,700 Gross gains from securities sales — 1,230 Gross losses from securities sales — (68 ) Gain on sales of securities, net $ — $ 1,162 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 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 $ 2,244,088 4.66 % $ 111,419 4.65 % $ 2,355,507 4.66 % Multi-family mortgage 808,583 4.56 % 47,120 4.57 % 855,703 4.56 % Construction 180,775 5.61 % 18,483 6.74 % 199,258 5.72 % Total commercial real estate loans 3,233,446 4.69 % 177,022 4.85 % 3,410,468 4.70 % Commercial loans and leases: Commercial 719,992 5.01 % 21,585 5.30 % 741,577 5.02 % Equipment financing 993,138 7.69 % 2,725 5.98 % 995,863 7.68 % Condominium association 49,142 4.78 % — — % 49,142 4.78 % Total commercial loans and leases 1,762,272 6.51 % 24,310 5.38 % 1,786,582 6.50 % Consumer loans: Residential mortgage 649,491 4.14 % 126,087 4.50 % 775,578 4.20 % Home equity 333,474 5.13 % 42,652 5.44 % 376,126 5.16 % Other consumer 39,337 5.20 % 106 17.80 % 39,443 5.23 % Total consumer loans 1,022,302 4.50 % 168,845 4.75 % 1,191,147 4.54 % Total loans and leases $ 6,018,020 5.19 % $ 370,177 4.84 % $ 6,388,197 5.17 % At December 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 $ 2,208,904 4.61 % $ 121,821 4.62 % $ 2,330,725 4.61 % Multi-family mortgage 799,813 4.51 % 47,898 4.58 % 847,711 4.51 % Construction 151,138 5.62 % 22,162 6.74 % 173,300 5.76 % Total commercial real estate loans 3,159,855 4.63 % 191,881 4.85 % 3,351,736 4.64 % Commercial loans and leases: Commercial 712,630 4.96 % 23,788 5.39 % 736,418 4.97 % Equipment financing 978,840 7.61 % 3,249 5.97 % 982,089 7.60 % Condominium association 50,451 4.70 % — — % 50,451 4.70 % Total commercial loans and leases 1,741,921 6.44 % 27,037 5.46 % 1,768,958 6.43 % Consumer loans: Residential mortgage 653,059 4.09 % 129,909 4.45 % 782,968 4.15 % Home equity 331,014 5.05 % 45,470 5.39 % 376,484 5.09 % Other consumer 23,260 5.55 % 110 17.81 % 23,370 5.61 % Total consumer loans 1,007,333 4.44 % 175,489 4.70 % 1,182,822 4.48 % Total loans and leases $ 5,909,109 5.13 % $ 394,407 4.83 % $ 6,303,516 5.11 % |
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, 2019 2018 (In Thousands) Balance at beginning of period $ 7,905 $ 10,522 Accretion (800 ) (1,185 ) Reclassification from nonaccretable difference as a result of changes in expected cash flows 61 316 Balance at end of period $ 7,166 $ 9,653 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 Charge-offs — (2,512 ) (30 ) (2,542 ) Recoveries — 388 53 441 Provision for loan and lease losses 162 1,081 207 1,450 Balance at March 31, 2019 $ 28,349 $ 24,240 $ 5,452 $ 58,041 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 for loan and lease losses 252 451 (76 ) 627 Balance at March 31, 2018 $ 27,361 $ 26,252 $ 5,101 $ 58,714 |
Provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Three Months Ended March 31, 2019 2018 (In Thousands) Provision for loan and lease losses: Commercial real estate $ 162 $ 252 Commercial 1,081 451 Consumer 207 (76 ) Total provision for loan and lease losses 1,450 627 Unfunded credit commitments (97 ) 14 Total provision for credit losses $ 1,353 $ 641 |
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, 2019 , by credit quality indicator. At March 31, 2019 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,236,474 $ 808,482 $ 175,793 $ 687,253 $ 982,468 $ 48,918 $ 39,334 $ 4,978,722 OAEM 4,140 — — 10,139 39 — — 14,318 Substandard 3,474 101 4,982 22,483 8,287 224 3 39,554 Doubtful — — — 117 2,344 — — 2,461 Total originated 2,244,088 808,583 180,775 719,992 993,138 49,142 39,337 5,035,055 Acquired: Loan rating: Pass 100,218 47,084 18,483 20,855 2,717 — 106 189,463 OAEM 2,163 — — 405 — — — 2,568 Substandard 9,038 36 — 325 8 — — 9,407 Total acquired 111,419 47,120 18,483 21,585 2,725 — 106 201,438 Total loans $ 2,355,507 $ 855,703 $ 199,258 $ 741,577 $ 995,863 $ 49,142 $ 39,443 $ 5,236,493 As of March 31, 2019 , there were no loans categorized as definite loss. At March 31, 2019 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 176,376 22.7 % $ 138,732 36.9 % 50% - 69% 281,204 36.3 % 84,592 22.5 % 70% - 79% 175,560 22.6 % 77,971 20.7 % 80% and over 16,239 2.1 % 32,154 8.5 % Data not available* 112 — % 25 — % Total originated 649,491 83.7 % 333,474 88.6 % Acquired: Loan-to-value ratio: Less than 50% 37,617 4.9 % 21,914 5.8 % 50%—69% 52,628 6.7 % 10,046 2.7 % 70%—79% 23,360 3.0 % 984 0.3 % 80% and over 6,612 0.9 % 4,749 1.3 % Data not available* 5,870 0.8 % 4,959 1.3 % Total acquired 126,087 16.3 % 42,652 11.4 % Total loans $ 775,578 100.0 % $ 376,126 100.0 % _______________________________________________________________________________ * 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, 2018 , by credit quality indicator. At December 31, 2018 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,198,377 $ 799,483 $ 150,742 $ 685,773 $ 969,275 $ 50,186 $ 23,249 $ 4,877,085 OAEM 6,096 — — 3,726 52 — — 9,874 Substandard 4,431 330 396 22,870 6,895 265 11 35,198 Doubtful — — — 261 2,618 — — 2,879 Total originated 2,208,904 799,813 151,138 712,630 978,840 50,451 23,260 4,925,036 Acquired: Loan rating: Pass 111,919 47,715 22,162 23,250 3,240 — 110 208,396 OAEM 626 — — 236 — — — 862 Substandard 9,276 183 — 302 9 — — 9,770 Total acquired 121,821 47,898 22,162 23,788 3,249 — 110 219,028 Total loans $ 2,330,725 $ 847,711 $ 173,300 $ 736,418 $ 982,089 $ 50,451 $ 23,370 $ 5,144,064 As of December 31, 2018 , there were no loans categorized as definite loss. At December 31, 2018 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 171,523 21.9 % $ 142,534 37.9 % 50%—69% 287,337 36.7 % 84,423 22.4 % 70%—79% 173,870 22.2 % 73,898 19.6 % 80% and over 19,030 2.4 % 30,129 8.0 % Data not available* 1,299 0.2 % 30 — % Total originated 653,059 83.4 % 331,014 87.9 % Acquired: Loan-to-value ratio: Less than 50% 36,752 4.6 % 24,705 6.6 % 50%—69% 53,788 6.9 % 10,353 2.7 % 70%—79% 26,510 3.4 % 1,000 0.3 % 80% and over 6,701 0.9 % 4,348 1.2 % Data not available* 6,158 0.8 % 5,064 1.3 % Total acquired 129,909 16.6 % 45,470 12.1 % Total loans $ 782,968 100.0 % $ 376,484 100.0 % _______________________________________________________________________________ * 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, 2019 At December 31, (In Thousands) Foreclosed residential real estate property held by the creditor $ 629 $ 629 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 1,063 $ 121 The following table sets forth information regarding TDR loans and leases at the dates indicated: At March 31, 2019 At December 31, 2018 (In Thousands) Troubled debt restructurings: On accrual $ 28,543 $ 12,257 On nonaccrual 7,597 8,684 Total troubled debt restructurings $ 36,140 $ 20,941 |
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, 2019 and December 31, 2018 . At March 31, 2019 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 $ 1,898 $ 839 $ 2,584 $ 5,321 $ 2,238,767 $ 2,244,088 $ 600 $ 2,781 Multi-family mortgage 887 7,568 — 8,455 800,128 808,583 — 101 Construction — — 396 396 180,379 180,775 — 396 Total commercial real estate loans 2,785 8,407 2,980 14,172 3,219,274 3,233,446 600 3,278 Commercial loans and leases: Commercial 2,086 6,515 4,353 12,954 707,038 719,992 296 5,525 Equipment financing 3,026 1,919 6,350 11,295 981,843 993,138 53 10,253 Condominium association 139 — — 139 49,003 49,142 — 224 Total commercial loans and leases 5,251 8,434 10,703 24,388 1,737,884 1,762,272 349 16,002 Consumer loans: Residential mortgage 11,359 784 779 12,922 636,569 649,491 — 1,902 Home equity 219 26 82 327 333,147 333,474 2 198 Other consumer 30 3 7 40 39,297 39,337 — 8 Total consumer loans 11,608 813 868 13,289 1,009,013 1,022,302 2 2,108 Total originated loans and leases $ 19,644 $ 17,654 $ 14,551 $ 51,849 $ 5,966,171 $ 6,018,020 $ 951 $ 21,388 At March 31, 2019 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 $ — $ 74 $ 8,864 $ 8,938 $ 102,481 $ 111,419 $ 8,794 $ 108 Multi-family mortgage — — — — 47,120 47,120 — — Construction — 2,587 4,811 7,398 11,085 18,483 4,811 — Total commercial real estate loans — 2,661 13,675 16,336 160,686 177,022 13,605 108 Commercial loans and leases: Commercial 44 — 314 358 21,227 21,585 111 203 Equipment financing — — 8 8 2,717 2,725 8 — Total commercial loans and leases 44 — 322 366 23,944 24,310 119 203 Consumer loans: Residential mortgage 341 845 2,085 3,271 122,816 126,087 2,085 286 Home equity 148 86 267 501 42,151 42,652 40 824 Other consumer 3 — — 3 103 106 — — Total consumer loans 492 931 2,352 3,775 165,070 168,845 2,125 1,110 Total acquired loans and leases $ 536 $ 3,592 $ 16,349 $ 20,477 $ 349,700 $ 370,177 $ 15,849 $ 1,421 Total loans and leases $ 20,180 $ 21,246 $ 30,900 $ 72,326 $ 6,315,871 $ 6,388,197 $ 16,800 $ 22,809 At December 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 $ 5,139 $ 896 $ 2,962 $ 8,997 $ 2,199,907 $ 2,208,904 $ 277 $ 3,806 Multi-family mortgage 893 — 145 1,038 798,775 799,813 — 330 Construction 297 — 396 693 150,445 151,138 — 396 Total commercial real estate loans 6,329 896 3,503 10,728 3,149,127 3,159,855 277 4,532 Commercial loans and leases: Commercial 2,021 582 6,244 8,847 703,783 712,630 1,962 6,421 Equipment financing 2,509 650 5,685 8,844 969,996 978,840 12 9,500 Condominium association 320 — — 320 50,131 50,451 — 265 Total commercial loans and leases 4,850 1,232 11,929 18,011 1,723,910 1,741,921 1,974 16,186 Consumer loans: Residential mortgage 400 — 1,597 1,997 651,062 653,059 — 1,842 Home equity 761 25 183 969 330,045 331,014 1 191 Other consumer 51 18 15 84 23,176 23,260 — 17 Total consumer loans 1,212 43 1,795 3,050 1,004,283 1,007,333 1 2,050 Total originated loans and leases $ 12,391 $ 2,171 $ 17,227 $ 31,789 $ 5,877,320 $ 5,909,109 $ 2,252 $ 22,768 At December 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 $ — $ 215 $ 9,087 $ 9,302 $ 112,519 $ 121,821 $ 9,018 $ 122 Multi-family mortgage 348 — — 348 47,550 47,898 — — Construction 360 242 — 602 21,560 22,162 — — Total commercial real estate loans 708 457 9,087 10,252 181,629 191,881 9,018 122 Commercial loans and leases: Commercial 124 44 290 458 23,330 23,788 90 200 Equipment financing — — 9 9 3,240 3,249 9 — Total commercial loans and leases 124 44 299 467 26,570 27,037 99 200 Consumer loans: Residential mortgage — 371 2,113 2,484 127,425 129,909 2,113 290 Home equity 191 265 2 458 45,012 45,470 — 717 Other consumer — — — — 110 110 — — Total consumer loans 191 636 2,115 2,942 172,547 175,489 2,113 1,007 Total acquired loans and leases $ 1,023 $ 1,137 $ 11,501 $ 13,661 $ 380,746 $ 394,407 $ 11,230 $ 1,329 Total loans and leases $ 13,414 $ 3,308 $ 28,728 $ 45,450 $ 6,258,066 $ 6,303,516 $ 13,482 $ 24,097 |
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, 2019 At December 31, 2018 Recorded (1) Unpaid Related Recorded Investment (2) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 8,893 $ 8,912 $ — $ 5,569 $ 5,545 $ — Commercial 35,666 35,764 — 30,927 31,053 — Consumer 2,721 2,710 — 2,989 2,978 — Total originated with no related allowance recorded 47,280 47,386 — 39,485 39,576 — With an allowance recorded: Commercial real estate 468 468 14 396 396 5 Commercial 8,171 8,144 2,268 8,224 8,208 2,961 Consumer 663 662 88 665 664 89 Total originated with an allowance recorded 9,302 9,274 2,370 9,285 9,268 3,055 Total originated impaired loans and leases 56,582 56,660 2,370 48,770 48,844 3,055 Acquired: With no related allowance recorded: Commercial real estate 9,148 9,148 — 9,538 9,538 — Commercial 560 560 — 531 531 — Consumer 4,923 4,923 — 4,772 4,772 — Total acquired with no related allowance recorded 14,631 14,631 — 14,841 14,841 — With an allowance recorded: Consumer 152 152 26 154 154 26 Total acquired with an allowance recorded 152 152 26 154 154 26 Total acquired impaired loans and leases 14,783 14,783 26 14,995 14,995 26 Total impaired loans and leases $ 71,365 $ 71,443 $ 2,396 $ 63,765 $ 63,839 $ 3,081 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $21.3 million and $1.4 million , respectively as of March 31, 2019 . (2) Includes originated and acquired nonaccrual loans of $22.7 million and $1.3 million , respectively as of December 31, 2018 . Three Months Ended March 31, 2019 March 31, 2018 Average Interest Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 8,699 $ 65 $ 7,985 $ 30 Commercial 35,162 349 27,761 272 Consumer 2,732 8 3,353 13 Total originated with no related allowance recorded 46,593 422 39,099 315 With an allowance recorded: Commercial real estate 469 1 — — Commercial 8,467 28 7,993 16 Consumer 663 6 134 1 Total originated with an allowance recorded 9,599 35 8,127 17 Total originated impaired loans and leases 56,192 457 47,226 332 Acquired: With no related allowance recorded: Commercial real estate 9,153 3 10,681 1 Commercial 559 4 1,624 4 Consumer 4,943 15 4,860 15 Total acquired with no related allowance recorded 14,655 22 17,165 20 With an allowance recorded: Consumer 153 1 114 1 Total acquired with an allowance recorded 153 1 114 1 Total acquired impaired loans and leases 14,808 23 17,279 21 Total impaired loans and leases $ 71,000 $ 480 $ 64,505 $ 353 |
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, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 14 $ 2,268 $ 88 $ 2,370 Collectively evaluated for impairment 26,779 21,785 5,312 53,876 Total originated loans and leases 26,793 24,053 5,400 56,246 Acquired: Individually evaluated for impairment — — 26 26 Collectively evaluated for impairment 30 80 18 128 Acquired with deteriorated credit quality 1,526 107 8 1,641 Total acquired loans and leases 1,556 187 52 1,795 Total allowance for loan and lease losses $ 28,349 $ 24,240 $ 5,452 $ 58,041 Loans and Leases: Originated: Individually evaluated for impairment $ 9,107 $ 37,413 $ 3,224 $ 49,744 Collectively evaluated for impairment 3,224,339 1,724,859 1,019,078 5,968,276 Total originated loans and leases 3,233,446 1,762,272 1,022,302 6,018,020 Acquired: Individually evaluated for impairment — 407 2,174 2,581 Collectively evaluated for impairment 109,113 21,229 136,377 266,719 Acquired with deteriorated credit quality 67,909 2,674 30,294 100,877 Total acquired loans and leases 177,022 24,310 168,845 370,177 Total loans and leases $ 3,410,468 $ 1,786,582 $ 1,191,147 $ 6,388,197 At December 31, 2018 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 5 $ 2,961 $ 89 $ 3,055 Collectively evaluated for impairment 26,617 22,131 5,075 53,823 Total originated loans and leases 26,622 25,092 5,164 56,878 Acquired: Individually evaluated for impairment — — 26 26 Collectively evaluated for impairment 32 83 20 135 Acquired with deteriorated credit quality 1,533 108 12 1,653 Total acquired loans and leases 1,565 191 58 1,814 Total allowance for loan and lease losses $ 28,187 $ 25,283 $ 5,222 $ 58,692 Loans and Leases: Originated: Individually evaluated for impairment $ 5,610 $ 32,127 $ 3,502 $ 41,239 Collectively evaluated for impairment 3,154,245 1,709,794 1,003,831 5,867,870 Total originated loans and leases 3,159,855 1,741,921 1,007,333 5,909,109 Acquired: Individually evaluated for impairment — 404 2,072 2,476 Collectively evaluated for impairment 121,119 24,094 142,194 287,407 Acquired with deteriorated credit quality 70,762 2,539 31,223 104,524 Total acquired loans and leases 191,881 27,037 175,489 394,407 Total loans and leases $ 3,351,736 $ 1,768,958 $ 1,182,822 $ 6,303,516 |
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, 2019 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 Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial real estate 1 $ 73 $ 72 $ 9 $ — 1 $ 635 Commercial 6 16,754 16,730 — — 3 1,074 Equipment financing 3 816 815 182 425 1 52 Residential mortgage — — — — — 1 341 Total originated 10 $ 17,643 $ 17,617 $ 191 $ 425 6 $ 2,102 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. 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 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. |
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, 2019 2018 (In Thousands) Loans with one modification: Extended maturity $ 6,319 $ — Combination maturity, principal, interest rate 11,298 2,190 Total loans with one modification $ 17,617 $ 2,190 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of 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, 2019 At December 31, 2018 (In Thousands) Goodwill $ 160,427 $ 137,890 Additions — 22,537 Balance at end of period 160,427 160,427 Other intangible assets: Core deposits 4,595 4,997 Trade name 1,089 1,089 Total other intangible assets 5,684 6,086 Total goodwill and other intangible assets $ 166,111 $ 166,513 |
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 2019 $ 1,297 Year ending: 2020 1,261 2021 850 2022 494 2023 263 2024 153 Thereafter 277 Total $ 4,595 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at December 31, 2018 $ (9,712 ) $ 252 $ (9,460 ) Other comprehensive income (loss) 5,067 — 5,067 Balance at March 31, 2019 $ (4,645 ) $ 252 $ (4,393 ) 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 (loss) (5,716 ) — (5,716 ) Balance at March 31, 2018 $ (11,829 ) $ 163 $ (11,666 ) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 91 $ — $ 26,017 $ — $ 43,656 $ 720,242 $ 789,915 $ 24,018 Pay fixed, receive variable 91 — 26,017 — 43,656 720,242 789,915 24,018 Risk participation-out agreements 31 — 14,666 — — 135,958 150,624 742 Risk participation-in agreements 7 — — — — 55,679 55,679 230 Foreign exchange contracts Buys foreign currency, sells U.S. currency 21 $ 1,646 $ — $ — $ — $ — $ 1,646 $ 41 Sells foreign currency, buys U.S. currency 30 1,652 — — — — 1,652 36 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, 2018 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 86 $ 1,931 $ 26,419 $ — $ 31,762 $ 654,388 $ 714,500 $ 6,081 Pay fixed, receive variable 86 1,931 26,419 — 31,762 654,388 714,500 6,081 Risk participation-out agreements 26 — 14,892 — — 85,639 100,531 344 Risk participation-in agreements 5 — — — — 35,838 35,838 84 Foreign exchange contracts Buys foreign currency, sells U.S. currency 22 $ 6,573 $ — $ — $ — $ — $ 6,573 $ 123 Sells foreign currency, buys U.S. currency 37 6,582 — — — — 6,582 131 |
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, 2019 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 $ 30,695 $ — $ 30,695 $ — $ — $ 30,695 Risk participation-out agreements 742 — 742 — — 742 Foreign exchange contracts 41 — 41 — — 41 Total $ 31,478 $ — $ 31,478 $ — $ — $ 31,478 Liability derivatives Loan level derivatives $ 30,695 $ — $ 30,695 $ 5,848 $ 26,250 $ — Risk participation-in agreements 230 — 230 — — 230 Foreign exchange contracts 36 — 36 — — 36 Total $ 30,961 $ — $ 30,961 $ 5,848 $ 26,250 $ 266 At December 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 $ 22,013 $ — $ 22,013 $ — $ 50 $ 21,963 Risk participation-out agreements 344 — 344 — — 344 Foreign exchange contracts 131 — 131 — — 131 Total $ 22,488 $ — $ 22,488 $ — $ 50 $ 22,438 Liability derivatives Loan level derivatives $ 22,013 $ — $ 22,013 $ 5,877 $ — $ 16,136 Risk participation-in agreements 84 — 84 — — 84 Foreign exchange contracts 123 — 123 — — 123 Total $ 22,220 $ — $ 22,220 $ 5,877 $ — $ 16,343 |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 March 31, 2018 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 22,467 $ 22,467 $ 18,633 $ 18,633 Denominator: Weighted average shares outstanding 79,658,583 79,658,583 77,879,593 77,879,593 Effect of dilutive securities — 184,995 — 288,207 Adjusted weighted average shares outstanding 79,658,583 79,843,578 77,879,593 78,167,800 EPS $ 0.28 $ 0.28 $ 0.24 $ 0.24 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 non-recurring basis at the dates indicated. Fair Value Valuation Technique At March 31, At December 31, 2018 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 4,574 $ 4,203 Appraisal of collateral (1) Other real estate owned 3,054 3,054 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 at March 31, 2019 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Investment securities held-to-maturity: GSE debentures $ 50,551 $ 50,140 $ — $ 50,140 $ — GSE MBSs 11,080 10,842 — 10,842 — Municipal obligations 51,563 51,607 — 51,607 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 869 869 — 869 — Loans and leases, net 6,330,156 6,258,682 — — 6,258,682 Restricted equity securities 54,192 54,192 — — 54,192 Financial liabilities: Certificates of deposit 1,907,228 1,903,253 — 1,903,253 — Borrowed funds 866,005 857,772 — 857,772 — Fair Value Measurements at December 31, 2018 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Investment securities held-to-maturity: GSE debentures $ 50,546 $ 49,601 $ — $ 49,601 $ — GSE MBSs 11,426 11,131 — 11,131 — Municipal obligations 52,304 51,598 — 51,598 — Foreign government obligations 500 500 — — 500 Loans held-for-sale 3,247 3,247 — 3,247 — Loans and leases, net 6,244,824 6,154,704 — — 6,154,704 Restricted equity securities 61,751 61,751 — — 61,751 Financial liabilities: Certificates of deposit 1,789,165 1,778,860 — 1,778,860 — Borrowed funds 920,542 886,545 — 886,545 — |
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, 2019 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 182,845 $ — $ 182,845 GSE CMOs — 100,118 — 100,118 GSE MBSs — 159,772 — 159,772 SBA commercial loan asset-backed securities — 43 — 43 Corporate debt obligations — 32,355 — 32,355 U.S. Treasury bonds — 13,887 — 13,887 Total investment securities available-for-sale $ — $ 489,020 $ — $ 489,020 Equity securities held-for-trading $ 3,355 $ 986 $ — $ 4,341 Loan level derivatives — 30,695 — 30,695 Risk participation-out agreements — 742 — 742 Foreign exchange contracts — 41 — 41 Liabilities: Loan level derivatives $ — $ 30,695 $ — $ 30,695 Risk participation-in agreements — 230 — 230 Foreign exchange contracts — 36 — 36 Carrying Value as of December 31, 2018 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 181,079 $ — $ 181,079 GSE CMOs — 103,130 — 103,130 GSE MBSs — 165,089 — 165,089 SBA commercial loan asset-backed securities — 51 — 51 Corporate debt obligations — 39,708 — 39,708 U.S. Treasury bonds — 13,736 — 13,736 Total investment securities available-for-sale $ — $ 502,793 $ — $ 502,793 Equity securities held-for-trading $ 3,235 $ 972 $ — $ 4,207 Loan level derivatives — 22,013 — 22,013 Risk participation-out agreements — 344 — 344 Foreign exchange contracts — 131 — 131 Liabilities: Loan level derivatives $ — $ 22,013 $ — $ 22,013 Risk participation-in agreements — 84 — 84 Foreign exchange contracts — 123 — 123 |
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, 2019 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 $ — $ — $ 4,574 $ 4,574 OREO — — 3,054 3,054 Repossessed assets — 858 — 858 Total assets measured at fair value on a non-recurring basis $ — $ 858 $ 7,628 $ 8,486 Carrying Value as of December 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 $ — $ — $ 4,203 $ 4,203 OREO — — 3,054 3,054 Repossessed assets — 965 — 965 Total assets measured at fair value on a non-recurring basis $ — $ 965 $ 7,257 $ 8,222 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [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, 2019 At December 31, 2018 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 108,311 $ 76,642 Commercial 75,321 75,713 Residential mortgage 18,752 16,363 Unadvanced portion of loans and leases 720,852 707,997 Unused lines of credit: Home equity 503,283 487,476 Other consumer 36,293 50,404 Other commercial 455 347 Unused letters of credit: Financial standby letters of credit 10,026 11,491 Performance standby letters of credit 3,332 3,075 Commercial and similar letters of credit 4,573 4,573 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 789,915 714,500 Pay fixed, receive variable 789,915 714,500 Risk participation-out agreements 150,624 100,531 Risk participation-in agreements 55,679 35,838 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,646 6,573 Sells foreign currency, buys U.S. currency 1,652 6,582 |
Schedule of Lease Cost, Supplemental Cash Flow and Supplemental Balance Sheet Information | At March 31, 2019 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 1,459 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 1,525 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 71 Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 26,205 Operating lease liabilities 26,205 Weighted Average Remaining Lease Term Operating leases 7.9 years Weighted Average Discount Rate Operating leases 3.0 % |
Maturities of Operating Leases | A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments March 31, 2019 December 31, 2018 (In Thousands) Remainder of 2019 $ 4,539 $ 4,224 Year ending: 2020 5,409 4,932 2021 4,640 4,418 2022 3,962 3,602 2023 3,182 2,734 2024 1,951 1,866 Thereafter 5,583 6,637 Total $ 29,266 $ 28,413 Less imputed interest (3,061 ) Present value of lease liability $ 26,205 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Millions | Jan. 04, 2019USD ($) | Mar. 31, 2019bankoffice | Dec. 31, 2018 |
Basis of Presentation | |||
Number of full-service banking offices | 25 | ||
Number of lending offices | office | 2 | ||
Percentage of insurance offered | 100.00% | ||
BankRI | |||
Basis of Presentation | |||
Number of full-service banking offices | 20 | ||
First Ipswich | |||
Basis of Presentation | |||
Number of full-service banking offices | 6 | ||
Brookline Bank | |||
Basis of Presentation | |||
Ownership percentage by noncontrolling owners | 84.07% | ||
Brookline Bank | |||
Basis of Presentation | |||
Percentage of voting interest acquired | 15.93% | ||
Payments to acquired additional interest in subsidiaries | $ | $ 35.9 |
Investment Securities (Summary
Investment Securities (Summary of Available-for-sale and Held-to-maturity Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 494,978 | $ 515,250 |
Gross Unrealized Gains | 1,119 | 305 |
Gross Unrealized Losses | 7,077 | 12,762 |
Estimated Fair Value | 489,020 | 502,793 |
Investment securities held-to-maturity | ||
Amortized Cost | 113,694 | 114,776 |
Gross Unrealized Gains | 271 | 32 |
Gross Unrealized Losses | 876 | 1,978 |
Estimated Fair Value | 113,089 | 112,830 |
Equity securities held-for-trading | ||
Estimated Fair Value | 4,341 | 4,207 |
GSE debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 183,607 | 184,072 |
Gross Unrealized Gains | 640 | 99 |
Gross Unrealized Losses | 1,402 | 3,092 |
Estimated Fair Value | 182,845 | 181,079 |
Investment securities held-to-maturity | ||
Amortized Cost | 50,551 | 50,546 |
Gross Unrealized Gains | 70 | 22 |
Gross Unrealized Losses | 481 | 967 |
Estimated Fair Value | 50,140 | 49,601 |
GSE CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 103,113 | 107,363 |
Gross Unrealized Gains | 20 | 17 |
Gross Unrealized Losses | 3,015 | 4,250 |
Estimated Fair Value | 100,118 | 103,130 |
GSE MBSs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 161,809 | 169,334 |
Gross Unrealized Gains | 300 | 124 |
Gross Unrealized Losses | 2,337 | 4,369 |
Estimated Fair Value | 159,772 | 165,089 |
Investment securities held-to-maturity | ||
Amortized Cost | 11,080 | 11,426 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 238 | 295 |
Estimated Fair Value | 10,842 | 11,131 |
SBA commercial loan asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 43 | 51 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 43 | 51 |
Corporate debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,584 | 40,618 |
Gross Unrealized Gains | 48 | 0 |
Gross Unrealized Losses | 277 | 910 |
Estimated Fair Value | 32,355 | 39,708 |
U.S. Treasury bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,822 | 13,812 |
Gross Unrealized Gains | 111 | 65 |
Gross Unrealized Losses | 46 | 141 |
Estimated Fair Value | 13,887 | 13,736 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 51,563 | 52,304 |
Gross Unrealized Gains | 201 | 10 |
Gross Unrealized Losses | 157 | 716 |
Estimated Fair Value | 51,607 | 51,598 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 500 | $ 500 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | Mar. 06, 2018USD ($)shares | Mar. 31, 2018USD ($)securityshares | Mar. 31, 2019USD ($)security | Mar. 31, 2018USD ($)security | Dec. 31, 2018USD ($)security | Feb. 03, 2017$ / sharesshares |
Investment Securities | ||||||
Investment securities available-for-sale | $ 489,020,000 | $ 502,793,000 | ||||
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | (6,000,000) | (12,500,000) | ||||
Debt securities, available-for-sale, unrealized loss position | $ 406,894,000 | $ 466,671,000 | ||||
Percentage of securities in unrealized loss positions, available-for-sale securities | 83.20% | 92.80% | ||||
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 7,077,000 | $ 12,762,000 | ||||
Investment securities held to maturity, fair value | 113,089,000 | 112,830,000 | ||||
Net unrealized loss, held-to-maturity securities | (600,000) | (1,900,000) | ||||
Fair value | $ 80,848,000 | $ 102,104,000 | ||||
Percentage of securities in unrealized loss positions, held-to-maturity securities | 71.50% | 90.50% | ||||
Gross unrealized losses | $ 876,000 | $ 1,978,000 | ||||
Equity securities held-for-trading | 4,341,000 | $ 4,207,000 | ||||
Purchases of securities available-for-sale | $ 0 | $ 49,108,000 | ||||
Number of equity securities, trading | security | 3 | 3 | ||||
Purchases of investment securities held-to-maturity | $ 500,000 | 8,915,000 | ||||
Estimated fair value of debt securities have right to call or prepay the obligations | 19,500,000 | $ 19,100,000 | ||||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 8,500,000 | 8,400,000 | ||||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after five years through ten years | 11,000,000 | 10,700,000 | ||||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | 0 | 0 | ||||
Sales of trust preferred, marketable and restricted equity securities | 0 | 2,700,000 | ||||
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 19,700,000 | 20,600,000 | ||||
GSE debentures | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 182,845,000 | 181,079,000 | ||||
Investment securities held to maturity, fair value | 50,140,000 | 49,601,000 | ||||
Net unrealized loss, held-to-maturity securities | (400,000) | (900,000) | ||||
Fair value | 50,100,000 | 49,600,000 | ||||
Gross unrealized losses | 481,000 | 967,000 | ||||
Investment securities available-for-sale | $ 182,800,000 | $ 181,100,000 | ||||
AFS number of positions | security | 60 | 60 | ||||
AFS accumulated gross unrealized loss | $ (800,000) | $ (3,000,000) | ||||
Number of securities in unrealized loss positions | security | 46 | 51 | ||||
Purchases of securities available-for-sale | $ 0 | 33,900,000 | ||||
Number of securities | security | 17 | 17 | ||||
Number of securities in an unrealized loss position | security | 14 | 14 | ||||
Purchases of investment securities held-to-maturity | $ 0 | 8,900,000 | ||||
GSE CMOs | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 100,100,000 | $ 103,100,000 | ||||
AFS number of positions | security | 61 | 61 | ||||
AFS accumulated gross unrealized loss | $ (3,000,000) | $ (4,200,000) | ||||
Number of securities in unrealized loss positions | security | 46 | 46 | ||||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
GSE mortgage-related securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 159,800,000 | $ 165,100,000 | ||||
AFS number of positions | security | 160 | 165 | ||||
AFS accumulated gross unrealized loss | $ (2,000,000) | $ (4,200,000) | ||||
Number of securities in unrealized loss positions | security | 83 | 93 | ||||
Purchases of securities available-for-sale | $ 0 | 15,200,000 | ||||
SBA commercial loan asset-backed securities | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 43,000 | $ 51,000 | ||||
Investment securities available-for-sale | $ 43,000 | $ 51,000 | ||||
AFS number of positions | security | 4 | 4 | ||||
Number of securities in unrealized loss positions | security | 4 | 4 | ||||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
Corporate debt obligations | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 32,355,000 | $ 39,708,000 | ||||
Investment securities available-for-sale | $ 32,400,000 | $ 39,700,000 | ||||
AFS number of positions | security | 10 | 11 | ||||
AFS accumulated gross unrealized loss | $ (200,000) | $ (900,000) | ||||
Number of securities in unrealized loss positions | security | 7 | 11 | ||||
Purchases of securities available-for-sale | $ 0 | 0 | ||||
U.S. Treasury bonds | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | $ 13,900,000 | $ 13,700,000 | ||||
AFS number of positions | security | 3 | 3 | ||||
AFS accumulated gross unrealized loss | $ (100,000) | $ (100,000) | ||||
Purchases of securities available-for-sale | 0 | 0 | ||||
GSE MBSs | ||||||
Investment Securities | ||||||
Investment securities available-for-sale | 159,772,000 | 165,089,000 | ||||
Investment securities held to maturity, fair value | 10,842,000 | 11,131,000 | ||||
Net unrealized loss, held-to-maturity securities | (200,000) | (300,000) | ||||
Fair value | 10,800,000 | 11,100,000 | ||||
Gross unrealized losses | $ 238,000 | $ 295,000 | ||||
Number of securities | security | 11 | 11 | ||||
Number of securities in an unrealized loss position | security | 8 | 8 | ||||
Purchases of investment securities held-to-maturity | $ 0 | 0 | ||||
Municipal obligations | ||||||
Investment Securities | ||||||
Investment securities held to maturity, fair value | 51,607,000 | $ 51,598,000 | ||||
Net unrealized loss, held-to-maturity securities | (44,000) | (700,000) | ||||
Fair value | 51,600,000 | 51,600,000 | ||||
Gross unrealized losses | $ 157,000 | $ 716,000 | ||||
Number of securities | security | 97 | 98 | ||||
Number of securities in an unrealized loss position | security | 53 | 94 | ||||
Purchases of investment securities held-to-maturity | $ 0 | $ 0 | ||||
Foreign government obligations | ||||||
Investment Securities | ||||||
Investment securities held to maturity, fair value | 500,000 | $ 500,000 | ||||
Fair value | 500,000 | 500,000 | ||||
Gross unrealized losses | $ 0 | $ 0 | ||||
Number of securities | security | 1 | 1 | ||||
Number of securities in an unrealized loss position | security | 1 | 1 | 1 | |||
Purchases of investment securities held-to-maturity | $ 0 | $ 0 | ||||
Community Bank Systems, Inc. | Brookline Securities Corp | ||||||
Investment Securities | ||||||
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 | |||||
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 of investments | $ 600,000 | |||||
Northeast Retirement Services | Brookline Securities Corp | ||||||
Investment Securities | ||||||
Number of shares held as investment | shares | 9,721 | |||||
Longwood Securities | Brookline Securities Corp | ||||||
Investment Securities | ||||||
Shares sold (in shares) | shares | 3 | |||||
Gain (loss) on sale of investments | $ (100,000) | |||||
Book value | $ 1,500,000 | $ 1,500,000 | ||||
Collateral Pledged | ||||||
Investment Securities | ||||||
Investment securities pledged as collateral | $ 420,800,000 | $ 442,500,000 |
Investment Securities (Other-Th
Investment Securities (Other-Than-Temporary Impairment) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | $ 0 | $ 61,213 |
Less than twelve months, unrealized losses | 0 | 434 |
Twelve months or longer, estimated fair value | 406,894 | 405,458 |
Twelve months or longer, unrealized losses | 7,077 | 12,328 |
Total, fair value | 406,894 | 466,671 |
Total, unrealized losses | 7,077 | 12,762 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 1,444 | 14,813 |
Less than twelve months, unrealized losses | 2 | 107 |
Twelve months or longer, estimated fair value | 79,404 | 87,291 |
Twelve months or longer, unrealized losses | 874 | 1,871 |
Total, estimated fair value | 80,848 | 102,104 |
Total, unrealized losses | 876 | 1,978 |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] (Deprecated 2018-01-31) | ||
Less than twelve months, estimated fair value | 1,444 | 76,026 |
Less than twelve months, unrealized losses | 2 | 541 |
Twelve months or longer, estimated fair value | 486,298 | 492,749 |
Twelve months or longer, unrealized losses | 7,951 | 14,199 |
Total, estimated fair value | 487,742 | 568,775 |
Total, unrealized losses | 7,953 | 14,740 |
GSE debentures | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 25,780 |
Less than twelve months, unrealized losses | 0 | 191 |
Twelve months or longer, estimated fair value | 140,316 | 130,284 |
Twelve months or longer, unrealized losses | 1,402 | 2,901 |
Total, fair value | 140,316 | 156,064 |
Total, unrealized losses | 1,402 | 3,092 |
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 | 41,141 | 40,653 |
Twelve months or longer, unrealized losses | 481 | 967 |
Total, estimated fair value | 41,141 | 40,653 |
Total, unrealized losses | 481 | 967 |
GSE CMOs | ||
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 | 99,635 | 102,630 |
Twelve months or longer, unrealized losses | 3,015 | 4,250 |
Total, fair value | 99,635 | 102,630 |
Total, unrealized losses | 3,015 | 4,250 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 21,487 |
Less than twelve months, unrealized losses | 0 | 113 |
Twelve months or longer, estimated fair value | 135,892 | 138,051 |
Twelve months or longer, unrealized losses | 2,337 | 4,256 |
Total, fair value | 135,892 | 159,538 |
Total, unrealized losses | 2,337 | 4,369 |
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 | 10,756 | 11,080 |
Twelve months or longer, unrealized losses | 238 | 295 |
Total, estimated fair value | 10,756 | 11,080 |
Total, unrealized losses | 238 | 295 |
SBA commercial loan asset-backed 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 | 43 | 51 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, fair value | 43 | 51 |
Total, unrealized losses | 0 | 0 |
Corporate debt obligations | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 10,019 |
Less than twelve months, unrealized losses | 0 | 93 |
Twelve months or longer, estimated fair value | 26,189 | 29,689 |
Twelve months or longer, unrealized losses | 277 | 817 |
Total, fair value | 26,189 | 39,708 |
Total, unrealized losses | 277 | 910 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 0 | 3,927 |
Less than twelve months, unrealized losses | 0 | 37 |
Twelve months or longer, estimated fair value | 4,819 | 4,753 |
Twelve months or longer, unrealized losses | 46 | 104 |
Total, fair value | 4,819 | 8,680 |
Total, unrealized losses | 46 | 141 |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 1,444 | 14,813 |
Less than twelve months, unrealized losses | 2 | 107 |
Twelve months or longer, estimated fair value | 27,507 | 35,058 |
Twelve months or longer, unrealized losses | 155 | 609 |
Total, estimated fair value | 28,951 | 49,871 |
Total, unrealized losses | $ 157 | 716 |
Foreign government obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 0 | |
Less than twelve months, unrealized losses | 0 | |
Twelve months or longer, estimated fair value | 500 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 500 | |
Total, unrealized losses | $ 0 |
Investment Securities (Portfoli
Investment Securities (Portfolio Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 4,033 | $ 12,041 |
After 1 year through 5 years | 199,200 | 195,701 |
After 5 years through 10 years | 106,738 | 115,665 |
Over 10 years | 185,007 | 191,843 |
Amortized Cost | 494,978 | 515,250 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 4,021 | 12,007 |
After 1 year through 5 years | 198,209 | 192,692 |
After 5 years through 10 years | 105,701 | 112,819 |
Over 10 years | 181,089 | 185,275 |
Total | $ 489,020 | $ 502,793 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 2.14% | 2.03% |
After 1 year through 5 years (as a percent) | 2.13% | 2.14% |
After 5 years through 10 years (as a percent) | 2.20% | 2.18% |
Over 10 years (as a percent) | 2.16% | 2.17% |
Total (as a percent) | 2.16% | 2.16% |
Held-to-Maturity, Amortized Cost | ||
Within 1 year | $ 7,123 | $ 7,640 |
After 1 year through 5 years | 75,544 | 72,735 |
After 5 years through 10 years | 20,032 | 23,025 |
Over 10 years | 10,995 | 11,376 |
Total | 113,694 | 114,776 |
Held-to-Maturity, Estimated Fair Value | ||
Within 1 year | 7,117 | 7,618 |
After 1 year through 5 years | 75,185 | 71,492 |
After 5 years through 10 years | 20,031 | 22,640 |
Over 10 years | 10,756 | 11,080 |
Total | $ 113,089 | $ 112,830 |
Held-to-Maturity, Weighted Average Rate | ||
Within 1 year (as a percent) | 1.00% | 1.17% |
After 1 year through 5 years (as a percent) | 1.90% | 1.84% |
After 5 years through 10 years (as a percent) | 2.08% | 2.20% |
Over 10 years (as a percent) | 2.03% | 2.13% |
Total (as a percent) | 1.89% | 1.89% |
Investment Securities (Security
Investment Securities (Security Sales) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of trust preferred, marketable and restricted equity securities | $ 0 | $ 2,700 |
Gross gains from securities sales | 0 | 1,230 |
Gross losses from securities sales | 0 | (68) |
Gain on sales of securities, net | $ 0 | $ 1,162 |
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, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 6,018,020 | $ 5,909,109 |
Originated, Weighted Average Coupon (as a percent) | 5.19% | 5.13% |
Acquired loans | $ 370,177 | $ 394,407 |
Acquired, Weighted Average Coupon (as a percent) | 4.84% | 4.83% |
Total loans and leases | $ 6,388,197 | $ 6,303,516 |
Total, Weighted Average Coupon (as a percent) | 5.17% | 5.11% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,355,507 | $ 2,330,725 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 855,703 | 847,711 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 199,258 | 173,300 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 741,577 | 736,418 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 995,863 | 982,089 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 49,142 | 50,451 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 775,578 | 782,968 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 376,126 | 376,484 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 39,443 | 23,370 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 3,233,446 | $ 3,159,855 |
Originated, Weighted Average Coupon (as a percent) | 4.69% | 4.63% |
Acquired loans | $ 177,022 | $ 191,881 |
Acquired, Weighted Average Coupon (as a percent) | 4.85% | 4.85% |
Total loans and leases | $ 3,410,468 | $ 3,351,736 |
Total, Weighted Average Coupon (as a percent) | 4.70% | 4.64% |
Commercial real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 2,244,088 | $ 2,208,904 |
Originated, Weighted Average Coupon (as a percent) | 4.66% | 4.61% |
Acquired loans | $ 111,419 | $ 121,821 |
Acquired, Weighted Average Coupon (as a percent) | 4.65% | 4.62% |
Total loans and leases | $ 2,355,507 | $ 2,330,725 |
Total, Weighted Average Coupon (as a percent) | 4.66% | 4.61% |
Commercial real estate loans | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 808,583 | $ 799,813 |
Originated, Weighted Average Coupon (as a percent) | 4.56% | 4.51% |
Acquired loans | $ 47,120 | $ 47,898 |
Acquired, Weighted Average Coupon (as a percent) | 4.57% | 4.58% |
Total loans and leases | $ 855,703 | $ 847,711 |
Total, Weighted Average Coupon (as a percent) | 4.56% | 4.51% |
Commercial real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 180,775 | $ 151,138 |
Originated, Weighted Average Coupon (as a percent) | 5.61% | 5.62% |
Acquired loans | $ 18,483 | $ 22,162 |
Acquired, Weighted Average Coupon (as a percent) | 6.74% | 6.74% |
Total loans and leases | $ 199,258 | $ 173,300 |
Total, Weighted Average Coupon (as a percent) | 5.72% | 5.76% |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 1,762,272 | $ 1,741,921 |
Originated, Weighted Average Coupon (as a percent) | 6.51% | 6.44% |
Acquired loans | $ 24,310 | $ 27,037 |
Acquired, Weighted Average Coupon (as a percent) | 5.38% | 5.46% |
Total loans and leases | $ 1,786,582 | $ 1,768,958 |
Total, Weighted Average Coupon (as a percent) | 6.50% | 6.43% |
Commercial loans and leases | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 719,992 | $ 712,630 |
Originated, Weighted Average Coupon (as a percent) | 5.01% | 4.96% |
Acquired loans | $ 21,585 | $ 23,788 |
Acquired, Weighted Average Coupon (as a percent) | 5.30% | 5.39% |
Total loans and leases | $ 741,577 | $ 736,418 |
Total, Weighted Average Coupon (as a percent) | 5.02% | 4.97% |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 993,138 | $ 978,840 |
Originated, Weighted Average Coupon (as a percent) | 7.69% | 7.61% |
Acquired loans | $ 2,725 | $ 3,249 |
Acquired, Weighted Average Coupon (as a percent) | 5.98% | 5.97% |
Total loans and leases | $ 995,863 | $ 982,089 |
Total, Weighted Average Coupon (as a percent) | 7.68% | 7.60% |
Commercial loans and leases | Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 49,142 | $ 50,451 |
Originated, Weighted Average Coupon (as a percent) | 4.78% | 4.70% |
Acquired loans | $ 0 | $ 0 |
Acquired, Weighted Average Coupon (as a percent) | 0.00% | 0.00% |
Total loans and leases | $ 49,142 | $ 50,451 |
Total, Weighted Average Coupon (as a percent) | 4.78% | 4.70% |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 1,022,302 | $ 1,007,333 |
Originated, Weighted Average Coupon (as a percent) | 4.50% | 4.44% |
Acquired loans | $ 168,845 | $ 175,489 |
Acquired, Weighted Average Coupon (as a percent) | 4.75% | 4.70% |
Total loans and leases | $ 1,191,147 | $ 1,182,822 |
Total, Weighted Average Coupon (as a percent) | 4.54% | 4.48% |
Consumer loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 649,491 | $ 653,059 |
Originated, Weighted Average Coupon (as a percent) | 4.14% | 4.09% |
Acquired loans | $ 126,087 | $ 129,909 |
Acquired, Weighted Average Coupon (as a percent) | 4.50% | 4.45% |
Total loans and leases | $ 775,578 | $ 782,968 |
Total, Weighted Average Coupon (as a percent) | 4.20% | 4.15% |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 333,474 | $ 331,014 |
Originated, Weighted Average Coupon (as a percent) | 5.13% | 5.05% |
Acquired loans | $ 42,652 | $ 45,470 |
Acquired, Weighted Average Coupon (as a percent) | 5.44% | 5.39% |
Total loans and leases | $ 376,126 | $ 376,484 |
Total, Weighted Average Coupon (as a percent) | 5.16% | 5.09% |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Originated loans | $ 39,337 | $ 23,260 |
Originated, Weighted Average Coupon (as a percent) | 5.20% | 5.55% |
Acquired loans | $ 106 | $ 110 |
Acquired, Weighted Average Coupon (as a percent) | 17.80% | 17.81% |
Total loans and leases | $ 39,443 | $ 23,370 |
Total, Weighted Average Coupon (as a percent) | 5.23% | 5.61% |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Unamortized deferred loan origination fees and costs | $ 15.7 | $ 15.6 |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 26.60% | |
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 73.40% | |
Loans and leases pledged as collateral | $ 3,000 | $ 3,000 |
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, 2019 | Mar. 31, 2018 | |
Summarized activity in accretable yield for the acquired loan portfolio | ||
Balance at beginning of period | $ 7,905 | $ 10,522 |
Accretion | (800) | (1,185) |
Reclassification from nonaccretable difference as a result of changes in expected cash flows | 61 | 316 |
Balance at end of period | $ 7,166 | $ 9,653 |
Allowance for Loan and Lease _3
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, 2019 | Mar. 31, 2018 | |
Changes in allowance for loan losses | ||
Balance at the beginning of the period | $ 58,692 | $ 58,592 |
Charge-offs | (2,542) | (792) |
Recoveries | 441 | 287 |
Provision for loan and lease losses | 1,450 | 627 |
Balance at the end of the period | 58,041 | 58,714 |
Provisions for credit losses | ||
Total provision for loan and lease losses | 1,450 | 627 |
Unfunded credit commitments | (97) | 14 |
Total provision for credit losses | 1,353 | 641 |
Commercial Real Estate | ||
Changes in allowance for loan losses | ||
Balance at the beginning of the period | 28,187 | 27,112 |
Charge-offs | 0 | (3) |
Recoveries | 0 | 0 |
Provision for loan and lease losses | 162 | 252 |
Balance at the end of the period | 28,349 | 27,361 |
Provisions for credit losses | ||
Total provision for loan and lease losses | 162 | 252 |
Commercial | ||
Changes in allowance for loan losses | ||
Balance at the beginning of the period | 25,283 | 26,333 |
Charge-offs | (2,512) | (733) |
Recoveries | 388 | 201 |
Provision for loan and lease losses | 1,081 | 451 |
Balance at the end of the period | 24,240 | 26,252 |
Provisions for credit losses | ||
Total provision for loan and lease losses | 1,081 | 451 |
Consumer | ||
Changes in allowance for loan losses | ||
Balance at the beginning of the period | 5,222 | 5,147 |
Charge-offs | (30) | (56) |
Recoveries | 53 | 86 |
Provision for loan and lease losses | 207 | (76) |
Balance at the end of the period | 5,452 | 5,101 |
Provisions for credit losses | ||
Total provision for loan and lease losses | $ 207 | $ (76) |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)classloan | Mar. 31, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unfunded credit commitments liability included in other liabilities | $ 1,800,000 | $ 1,900,000 | |
Unfunded credit commitments liability charged off | 0 | $ 0 | |
Total loans and leases | 6,388,197,000 | 6,303,516,000 | |
Related allowance | 2,396,000 | 3,081,000 | |
Specific allowance for loan and lease losses | 2,400,000 | 3,100,000 | |
General allowance for loan and lease losses | 55,600,000 | 55,600,000 | |
Increase (decrease) in total debt restructured loans and leases | 15,200,000 | ||
Total troubled debt restructurings | 36,140,000 | 20,941,000 | |
Nonaccrual loans and leases | 22,809,000 | 24,097,000 | |
Increase (decrease) in specific portion of the allowance for loan and lease losses | (700,000) | ||
Recorded investment, at end of period | $ 17,600,000 | $ 2,200,000 | |
TDR loans and leases with more than one modification | loan | 0 | 0 | |
Financial impact of modification of performing and nonperforming loans | $ 878,000 | $ 103,000 | |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 2,800,000 | $ 200,000 | |
Originated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 6,018,020,000 | 5,909,109,000 | |
Related allowance | 2,370,000 | 3,055,000 | |
Total TDRs | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase (decrease) in total debt restructured loans and leases | (1,300,000) | ||
Total troubled debt restructurings | 2,400,000 | 3,700,000 | |
Taxi Medallion Portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 12,000,000 | 13,700,000 | |
Related allowance | 1,500,000 | 2,500,000 | |
Specific allowance for loan and lease losses | 1,000,000 | 1,900,000 | |
General allowance for loan and lease losses | 500,000 | 600,000 | |
Increase (decrease) in total debt restructured loans and leases | (1,300,000) | ||
Nonaccrual loans and leases | 2,400,000 | 3,700,000 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 2,355,507,000 | 2,330,725,000 | |
Multi-family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 855,703,000 | 847,711,000 | |
Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 199,258,000 | 173,300,000 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 741,577,000 | 736,418,000 | |
Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 995,863,000 | 982,089,000 | |
Condominium association | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 49,142,000 | 50,451,000 | |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 775,578,000 | 782,968,000 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 376,126,000 | 376,484,000 | |
Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 39,443,000 | 23,370,000 | |
Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan classes within specific portfolio | class | 3 | ||
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of loan classes within specific portfolio | class | 3 | ||
Total loans and leases | $ 1,786,582,000 | 1,768,958,000 | |
Commercial loans | Originated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 1,762,272,000 | 1,741,921,000 | |
Related allowance | 2,268,000 | 2,961,000 | |
Commercial loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 741,577,000 | 736,418,000 | |
Percentage of loans to aggregate outstanding amount | 11.60% | ||
Commercial loans | Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 995,863,000 | 982,089,000 | |
Percentage of loans to aggregate outstanding amount | 15.60% | ||
Commercial loans | Condominium association | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 49,142,000 | 50,451,000 | |
Percentage of loans to aggregate outstanding amount | 0.80% | ||
Consumer Loan | |||
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 | $ 3,410,468,000 | 3,351,736,000 | |
Commercial real estate loans | Originated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 3,233,446,000 | 3,159,855,000 | |
Related allowance | 14,000 | 5,000 | |
Commercial real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 2,355,507,000 | 2,330,725,000 | |
Percentage of loans to aggregate outstanding amount | 36.80% | ||
Commercial real estate loans | Multi-family mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 855,703,000 | 847,711,000 | |
Percentage of loans to aggregate outstanding amount | 13.40% | ||
Commercial real estate loans | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 199,258,000 | 173,300,000 | |
Percentage of loans to aggregate outstanding amount | 3.20% | ||
Consumer loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 1,191,147,000 | 1,182,822,000 | |
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 | Originated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 1,022,302,000 | 1,007,333,000 | |
Related allowance | 88,000 | 89,000 | |
Consumer loans | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 775,578,000 | 782,968,000 | |
Percentage of loans to aggregate outstanding amount | 12.10% | ||
Consumer loans | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 376,126,000 | 376,484,000 | |
Percentage of loans to aggregate outstanding amount | 5.90% | ||
Consumer loans | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 39,443,000 | $ 23,370,000 | |
Percentage of loans to aggregate outstanding amount | 0.60% | ||
Boston | Taxi Medallion Portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Collateral valuation | $ 35,000 | ||
Cambridge | Taxi Medallion Portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Collateral valuation | $ 20,000 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses (Credit Quality Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Credit Quality Information | ||
Recorded investment | $ 6,388,197 | $ 6,303,516 |
Originated | ||
Credit Quality Information | ||
Recorded investment | 6,018,020 | 5,909,109 |
Acquired | ||
Credit Quality Information | ||
Recorded investment | 370,177 | 394,407 |
Commercial real estate | ||
Credit Quality Information | ||
Recorded investment | 2,355,507 | 2,330,725 |
Commercial real estate | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,244,088 | 2,208,904 |
Commercial real estate | Acquired | ||
Credit Quality Information | ||
Recorded investment | 111,419 | 121,821 |
Commercial real estate | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,236,474 | 2,198,377 |
Commercial real estate | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 100,218 | 111,919 |
Commercial real estate | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,140 | 6,096 |
Commercial real estate | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 2,163 | 626 |
Commercial real estate | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 3,474 | 4,431 |
Commercial real estate | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 9,038 | 9,276 |
Commercial real estate | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Multi-family mortgage | ||
Credit Quality Information | ||
Recorded investment | 855,703 | 847,711 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | 808,583 | 799,813 |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | 47,120 | 47,898 |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 808,482 | 799,483 |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 47,084 | 47,715 |
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 | 101 | 330 |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 36 | 183 |
Multi-family mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | ||
Credit Quality Information | ||
Recorded investment | 199,258 | 173,300 |
Construction | Originated | ||
Credit Quality Information | ||
Recorded investment | 180,775 | 151,138 |
Construction | Acquired | ||
Credit Quality Information | ||
Recorded investment | 18,483 | 22,162 |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 175,793 | 150,742 |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 18,483 | 22,162 |
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 | 4,982 | 396 |
Construction | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Construction | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Commercial | ||
Credit Quality Information | ||
Recorded investment | 741,577 | 736,418 |
Commercial | Originated | ||
Credit Quality Information | ||
Recorded investment | 719,992 | 712,630 |
Commercial | Acquired | ||
Credit Quality Information | ||
Recorded investment | 21,585 | 23,788 |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 687,253 | 685,773 |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 20,855 | 23,250 |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 10,139 | 3,726 |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 405 | 236 |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 22,483 | 22,870 |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 325 | 302 |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 117 | 261 |
Equipment financing | ||
Credit Quality Information | ||
Recorded investment | 995,863 | 982,089 |
Equipment financing | Originated | ||
Credit Quality Information | ||
Recorded investment | 993,138 | 978,840 |
Equipment financing | Acquired | ||
Credit Quality Information | ||
Recorded investment | 2,725 | 3,249 |
Equipment financing | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 982,468 | 969,275 |
Equipment financing | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 2,717 | 3,240 |
Equipment financing | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 39 | 52 |
Equipment financing | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Equipment financing | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 8,287 | 6,895 |
Equipment financing | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 8 | 9 |
Equipment financing | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,344 | 2,618 |
Condominium association | ||
Credit Quality Information | ||
Recorded investment | 49,142 | 50,451 |
Condominium association | Originated | ||
Credit Quality Information | ||
Recorded investment | 49,142 | 50,451 |
Condominium association | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 48,918 | 50,186 |
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 | 224 | 265 |
Condominium association | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Condominium association | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | ||
Credit Quality Information | ||
Recorded investment | 39,443 | 23,370 |
Other consumer | Originated | ||
Credit Quality Information | ||
Recorded investment | 39,337 | 23,260 |
Other consumer | Acquired | ||
Credit Quality Information | ||
Recorded investment | 106 | 110 |
Other consumer | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 39,334 | 23,249 |
Other consumer | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 106 | 110 |
Other consumer | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 3 | 11 |
Other consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Other consumer | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 0 | 0 |
Total | ||
Credit Quality Information | ||
Recorded investment | 5,236,493 | 5,144,064 |
Total | Originated | ||
Credit Quality Information | ||
Recorded investment | 5,035,055 | 4,925,036 |
Total | Acquired | ||
Credit Quality Information | ||
Recorded investment | 201,438 | 219,028 |
Total | Pass | Originated | ||
Credit Quality Information | ||
Recorded investment | 4,978,722 | 4,877,085 |
Total | Pass | Acquired | ||
Credit Quality Information | ||
Recorded investment | 189,463 | 208,396 |
Total | OAEM | Originated | ||
Credit Quality Information | ||
Recorded investment | 14,318 | 9,874 |
Total | OAEM | Acquired | ||
Credit Quality Information | ||
Recorded investment | 2,568 | 862 |
Total | Substandard | Originated | ||
Credit Quality Information | ||
Recorded investment | 39,554 | 35,198 |
Total | Substandard | Acquired | ||
Credit Quality Information | ||
Recorded investment | 9,407 | 9,770 |
Total | Doubtful | Originated | ||
Credit Quality Information | ||
Recorded investment | 2,461 | 2,879 |
Residential mortgage | ||
Credit Quality Information | ||
Recorded investment | $ 775,578 | $ 782,968 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 649,491 | $ 653,059 |
Percentage of loans to aggregate outstanding amount | 83.70% | 83.40% |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 126,087 | $ 129,909 |
Percentage of loans to aggregate outstanding amount | 16.30% | 16.60% |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 176,376 | $ 171,523 |
Percentage of loans to aggregate outstanding amount | 22.70% | 21.90% |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 37,617 | $ 36,752 |
Percentage of loans to aggregate outstanding amount | 4.90% | 4.60% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 281,204 | $ 287,337 |
Percentage of loans to aggregate outstanding amount | 36.30% | 36.70% |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 52,628 | $ 53,788 |
Percentage of loans to aggregate outstanding amount | 6.70% | 6.90% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 175,560 | $ 173,870 |
Percentage of loans to aggregate outstanding amount | 22.60% | 22.20% |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 23,360 | $ 26,510 |
Percentage of loans to aggregate outstanding amount | 3.00% | 3.40% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 16,239 | $ 19,030 |
Percentage of loans to aggregate outstanding amount | 2.10% | 2.40% |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 6,612 | $ 6,701 |
Percentage of loans to aggregate outstanding amount | 0.90% | 0.90% |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 112 | $ 1,299 |
Percentage of loans to aggregate outstanding amount | 0.00% | 0.20% |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 5,870 | $ 6,158 |
Percentage of loans to aggregate outstanding amount | 0.80% | 0.80% |
Home equity | ||
Credit Quality Information | ||
Recorded investment | $ 376,126 | $ 376,484 |
Percentage of loans to aggregate outstanding amount | 100.00% | 100.00% |
Home equity | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 333,474 | $ 331,014 |
Percentage of loans to aggregate outstanding amount | 88.60% | 87.90% |
Home equity | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 42,652 | $ 45,470 |
Percentage of loans to aggregate outstanding amount | 11.40% | 12.10% |
Home equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 138,732 | $ 142,534 |
Percentage of loans to aggregate outstanding amount | 36.90% | 37.90% |
Home equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 21,914 | $ 24,705 |
Percentage of loans to aggregate outstanding amount | 5.80% | 6.60% |
Home equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 84,592 | $ 84,423 |
Percentage of loans to aggregate outstanding amount | 22.50% | 22.40% |
Home equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 10,046 | $ 10,353 |
Percentage of loans to aggregate outstanding amount | 2.70% | 2.70% |
Home equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 77,971 | $ 73,898 |
Percentage of loans to aggregate outstanding amount | 20.70% | 19.60% |
Home equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 984 | $ 1,000 |
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 | $ 32,154 | $ 30,129 |
Percentage of loans to aggregate outstanding amount | 8.50% | 8.00% |
Home equity | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 4,749 | $ 4,348 |
Percentage of loans to aggregate outstanding amount | 1.30% | 1.20% |
Home equity | Data not available | Originated | ||
Credit Quality Information | ||
Recorded investment | $ 25 | $ 30 |
Percentage of loans to aggregate outstanding amount | 0.00% | 0.00% |
Home equity | Data not available | Acquired | ||
Credit Quality Information | ||
Recorded investment | $ 4,959 | $ 5,064 |
Percentage of loans to aggregate outstanding amount | 1.30% | 1.30% |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses Allowance for Loan and Lease Losses (Foreclosed Residential Real Estate Property) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Foreclosed residential real estate property held by the creditor | $ 629 | $ 629 |
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 1,063 | $ 121 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses (Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Age analysis of past due loans | ||
Past Due | $ 72,326 | $ 45,450 |
Current | 6,315,871 | 6,258,066 |
Total Loans and Leases | 6,388,197 | 6,303,516 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 16,800 | 13,482 |
Nonaccrual Loans and Leases | 22,809 | 24,097 |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,355,507 | 2,330,725 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 855,703 | 847,711 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 199,258 | 173,300 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 741,577 | 736,418 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 995,863 | 982,089 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 49,142 | 50,451 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 775,578 | 782,968 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 376,126 | 376,484 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 39,443 | 23,370 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 3,410,468 | 3,351,736 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,355,507 | 2,330,725 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 855,703 | 847,711 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 199,258 | 173,300 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,786,582 | 1,768,958 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 741,577 | 736,418 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 995,863 | 982,089 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 49,142 | 50,451 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,191,147 | 1,182,822 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 775,578 | 782,968 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 376,126 | 376,484 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 39,443 | 23,370 |
31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 20,180 | 13,414 |
61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 21,246 | 3,308 |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 30,900 | 28,728 |
Originated | ||
Age analysis of past due loans | ||
Past Due | 51,849 | 31,789 |
Current | 5,966,171 | 5,877,320 |
Total Loans and Leases | 6,018,020 | 5,909,109 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 951 | 2,252 |
Nonaccrual Loans and Leases | 21,388 | 22,768 |
Originated | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,244,088 | 2,208,904 |
Originated | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 808,583 | 799,813 |
Originated | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 180,775 | 151,138 |
Originated | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 719,992 | 712,630 |
Originated | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 993,138 | 978,840 |
Originated | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 49,142 | 50,451 |
Originated | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 649,491 | 653,059 |
Originated | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 333,474 | 331,014 |
Originated | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 39,337 | 23,260 |
Originated | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 14,172 | 10,728 |
Current | 3,219,274 | 3,149,127 |
Total Loans and Leases | 3,233,446 | 3,159,855 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 600 | 277 |
Nonaccrual Loans and Leases | 3,278 | 4,532 |
Originated | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 5,321 | 8,997 |
Current | 2,238,767 | 2,199,907 |
Total Loans and Leases | 2,244,088 | 2,208,904 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 600 | 277 |
Nonaccrual Loans and Leases | 2,781 | 3,806 |
Originated | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 8,455 | 1,038 |
Current | 800,128 | 798,775 |
Total Loans and Leases | 808,583 | 799,813 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 101 | 330 |
Originated | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 396 | 693 |
Current | 180,379 | 150,445 |
Total Loans and Leases | 180,775 | 151,138 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 396 | 396 |
Originated | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 24,388 | 18,011 |
Current | 1,737,884 | 1,723,910 |
Total Loans and Leases | 1,762,272 | 1,741,921 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 349 | 1,974 |
Nonaccrual Loans and Leases | 16,002 | 16,186 |
Originated | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 12,954 | 8,847 |
Current | 707,038 | 703,783 |
Total Loans and Leases | 719,992 | 712,630 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 296 | 1,962 |
Nonaccrual Loans and Leases | 5,525 | 6,421 |
Originated | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 11,295 | 8,844 |
Current | 981,843 | 969,996 |
Total Loans and Leases | 993,138 | 978,840 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 53 | 12 |
Nonaccrual Loans and Leases | 10,253 | 9,500 |
Originated | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 139 | 320 |
Current | 49,003 | 50,131 |
Total Loans and Leases | 49,142 | 50,451 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 224 | 265 |
Originated | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 13,289 | 3,050 |
Current | 1,009,013 | 1,004,283 |
Total Loans and Leases | 1,022,302 | 1,007,333 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 1 |
Nonaccrual Loans and Leases | 2,108 | 2,050 |
Originated | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 12,922 | 1,997 |
Current | 636,569 | 651,062 |
Total Loans and Leases | 649,491 | 653,059 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 1,902 | 1,842 |
Originated | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 327 | 969 |
Current | 333,147 | 330,045 |
Total Loans and Leases | 333,474 | 331,014 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2 | 1 |
Nonaccrual Loans and Leases | 198 | 191 |
Originated | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 40 | 84 |
Current | 39,297 | 23,176 |
Total Loans and Leases | 39,337 | 23,260 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 8 | 17 |
Originated | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 19,644 | 12,391 |
Originated | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 2,785 | 6,329 |
Originated | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 1,898 | 5,139 |
Originated | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 887 | 893 |
Originated | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 297 |
Originated | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 5,251 | 4,850 |
Originated | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 2,086 | 2,021 |
Originated | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 3,026 | 2,509 |
Originated | 31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 139 | 320 |
Originated | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 11,608 | 1,212 |
Originated | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 11,359 | 400 |
Originated | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 219 | 761 |
Originated | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 30 | 51 |
Originated | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 17,654 | 2,171 |
Originated | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 8,407 | 896 |
Originated | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 839 | 896 |
Originated | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 7,568 | 0 |
Originated | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 8,434 | 1,232 |
Originated | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 6,515 | 582 |
Originated | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 1,919 | 650 |
Originated | 61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 813 | 43 |
Originated | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 784 | 0 |
Originated | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 26 | 25 |
Originated | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 3 | 18 |
Originated | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 14,551 | 17,227 |
Originated | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 2,980 | 3,503 |
Originated | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 2,584 | 2,962 |
Originated | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 145 |
Originated | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 396 | 396 |
Originated | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 10,703 | 11,929 |
Originated | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 4,353 | 6,244 |
Originated | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 6,350 | 5,685 |
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 | 868 | 1,795 |
Originated | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 779 | 1,597 |
Originated | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 82 | 183 |
Originated | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 7 | 15 |
Acquired | ||
Age analysis of past due loans | ||
Past Due | 20,477 | 13,661 |
Current | 349,700 | 380,746 |
Total Loans and Leases | 370,177 | 394,407 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 15,849 | 11,230 |
Nonaccrual Loans and Leases | 1,421 | 1,329 |
Acquired | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 111,419 | 121,821 |
Acquired | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 47,120 | 47,898 |
Acquired | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 18,483 | 22,162 |
Acquired | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 21,585 | 23,788 |
Acquired | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,725 | 3,249 |
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 | 126,087 | 129,909 |
Acquired | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 42,652 | 45,470 |
Acquired | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 106 | 110 |
Acquired | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 16,336 | 10,252 |
Current | 160,686 | 181,629 |
Total Loans and Leases | 177,022 | 191,881 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 13,605 | 9,018 |
Nonaccrual Loans and Leases | 108 | 122 |
Acquired | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 8,938 | 9,302 |
Current | 102,481 | 112,519 |
Total Loans and Leases | 111,419 | 121,821 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 8,794 | 9,018 |
Nonaccrual Loans and Leases | 108 | 122 |
Acquired | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 348 |
Current | 47,120 | 47,550 |
Total Loans and Leases | 47,120 | 47,898 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 7,398 | 602 |
Current | 11,085 | 21,560 |
Total Loans and Leases | 18,483 | 22,162 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 4,811 | 0 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 366 | 467 |
Current | 23,944 | 26,570 |
Total Loans and Leases | 24,310 | 27,037 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 119 | 99 |
Nonaccrual Loans and Leases | 203 | 200 |
Acquired | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 358 | 458 |
Current | 21,227 | 23,330 |
Total Loans and Leases | 21,585 | 23,788 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 111 | 90 |
Nonaccrual Loans and Leases | 203 | 200 |
Acquired | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 8 | 9 |
Current | 2,717 | 3,240 |
Total Loans and Leases | 2,725 | 3,249 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 8 | 9 |
Nonaccrual Loans and Leases | 0 | 0 |
Acquired | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 3,775 | 2,942 |
Current | 165,070 | 172,547 |
Total Loans and Leases | 168,845 | 175,489 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,125 | 2,113 |
Nonaccrual Loans and Leases | 1,110 | 1,007 |
Acquired | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,271 | 2,484 |
Current | 122,816 | 127,425 |
Total Loans and Leases | 126,087 | 129,909 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 2,085 | 2,113 |
Nonaccrual Loans and Leases | 286 | 290 |
Acquired | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 501 | 458 |
Current | 42,151 | 45,012 |
Total Loans and Leases | 42,652 | 45,470 |
Loans and Leases Past Due Greater Than 90 Days and Accruing | 40 | 0 |
Nonaccrual Loans and Leases | 824 | 717 |
Acquired | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 3 | 0 |
Current | 103 | 110 |
Total Loans and Leases | 106 | 110 |
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 | 536 | 1,023 |
Acquired | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 0 | 708 |
Acquired | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 348 |
Acquired | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 360 |
Acquired | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 44 | 124 |
Acquired | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 44 | 124 |
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 | 492 | 191 |
Acquired | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 341 | 0 |
Acquired | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 148 | 191 |
Acquired | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 3 | 0 |
Acquired | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 3,592 | 1,137 |
Acquired | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 2,661 | 457 |
Acquired | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 74 | 215 |
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 | 2,587 | 242 |
Acquired | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 0 | 44 |
Acquired | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | 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 | 931 | 636 |
Acquired | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 845 | 371 |
Acquired | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 86 | 265 |
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 | 16,349 | 11,501 |
Acquired | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 13,675 | 9,087 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 8,864 | 9,087 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Acquired | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 4,811 | 0 |
Acquired | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 322 | 299 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 314 | 290 |
Acquired | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 8 | 9 |
Acquired | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,352 | 2,115 |
Acquired | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,085 | 2,113 |
Acquired | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 267 | 2 |
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 _8
Allowance for Loan and Lease Losses (Recorded Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Impaired Loans and Leases | |||
Recorded investment | $ 71,365 | $ 63,765 | |
Unpaid principal balance | 71,443 | 63,839 | |
Related allowance | 2,396 | 3,081 | |
Average recorded investment | 71,000 | $ 64,505 | |
Interest income recognized, total | 480 | 353 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 58,041 | 58,692 | |
Total Loans and Leases | 6,388,197 | 6,303,516 | |
Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 47,280 | 39,485 | |
Recorded investment, loans with related allowance recorded | 9,302 | 9,285 | |
Recorded investment | 56,582 | 48,770 | |
Unpaid principal balance with no related allowance recorded | 47,386 | 39,576 | |
Unpaid principal balance with related allowance recorded | 9,274 | 9,268 | |
Unpaid principal balance | 56,660 | 48,844 | |
Related allowance | 2,370 | 3,055 | |
Recorded investment, nonaccrual loans | 21,300 | 22,700 | |
Average recorded investment with no related allowance recorded | 46,593 | 39,099 | |
Average recorded investment with related allowance recorded | 9,599 | 8,127 | |
Average recorded investment | 56,192 | 47,226 | |
Interest income recognized with no related allowance recorded | 422 | 315 | |
Interest income recognized with related allowance recorded | 35 | 17 | |
Interest income recognized, total | 457 | 332 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 2,370 | 3,055 | |
Collectively evaluated for impairment, allowance | 53,876 | 53,823 | |
Total, Allowance | 56,246 | 56,878 | |
Individually evaluated for impairment, Loans and Leases | 49,744 | 41,239 | |
Collectively evaluated for impairment, Loans and Leases | 5,968,276 | 5,867,870 | |
Total Loans and Leases | 6,018,020 | 5,909,109 | |
Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 14,631 | 14,841 | |
Recorded investment, loans with related allowance recorded | 152 | 154 | |
Recorded investment | 14,783 | 14,995 | |
Unpaid principal balance with no related allowance recorded | 14,631 | 14,841 | |
Unpaid principal balance with related allowance recorded | 152 | 154 | |
Unpaid principal balance | 14,783 | 14,995 | |
Related allowance | 26 | 26 | |
Recorded investment, nonaccrual loans | 1,400 | 1,300 | |
Average recorded investment with no related allowance recorded | 14,655 | 17,165 | |
Average recorded investment with related allowance recorded | 153 | 114 | |
Average recorded investment | 14,808 | 17,279 | |
Interest income recognized with no related allowance recorded | 22 | 20 | |
Interest income recognized with related allowance recorded | 1 | 1 | |
Interest income recognized, total | 23 | 21 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 1,795 | 1,814 | |
Total Loans and Leases | 370,177 | 394,407 | |
Financial Asset Acquired and No Credit Deterioration | |||
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 26 | 26 | |
Collectively evaluated for impairment, allowance | 128 | 135 | |
Individually evaluated for impairment, Loans and Leases | 2,581 | 2,476 | |
Collectively evaluated for impairment, Loans and Leases | 266,719 | 287,407 | |
Financial Asset Acquired with Credit Deteriorated | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 1,641 | 1,653 | |
Total Loans and Leases | 100,877 | 104,524 | |
Commercial real estate loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 28,349 | 28,187 | |
Total Loans and Leases | 3,410,468 | 3,351,736 | |
Commercial real estate loans | Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 8,893 | 5,569 | |
Recorded investment, loans with related allowance recorded | 468 | 396 | |
Unpaid principal balance with no related allowance recorded | 8,912 | 5,545 | |
Unpaid principal balance with related allowance recorded | 468 | 396 | |
Related allowance | 14 | 5 | |
Average recorded investment with no related allowance recorded | 8,699 | 7,985 | |
Average recorded investment with related allowance recorded | 469 | 0 | |
Interest income recognized with no related allowance recorded | 65 | 30 | |
Interest income recognized with related allowance recorded | 1 | 0 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 14 | 5 | |
Collectively evaluated for impairment, allowance | 26,779 | 26,617 | |
Total, Allowance | 26,793 | 26,622 | |
Individually evaluated for impairment, Loans and Leases | 9,107 | 5,610 | |
Collectively evaluated for impairment, Loans and Leases | 3,224,339 | 3,154,245 | |
Total Loans and Leases | 3,233,446 | 3,159,855 | |
Commercial real estate loans | Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 9,148 | 9,538 | |
Unpaid principal balance with no related allowance recorded | 9,148 | 9,538 | |
Average recorded investment with no related allowance recorded | 9,153 | 10,681 | |
Interest income recognized with no related allowance recorded | 3 | 1 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 1,556 | 1,565 | |
Total Loans and Leases | 177,022 | 191,881 | |
Commercial real estate loans | Financial Asset Acquired and No Credit Deterioration | |||
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 30 | 32 | |
Individually evaluated for impairment, Loans and Leases | 0 | 0 | |
Collectively evaluated for impairment, Loans and Leases | 109,113 | 121,119 | |
Commercial real estate loans | Financial Asset Acquired with Credit Deteriorated | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 1,526 | 1,533 | |
Total Loans and Leases | 67,909 | 70,762 | |
Commercial | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 24,240 | 25,283 | |
Total Loans and Leases | 1,786,582 | 1,768,958 | |
Commercial | Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 35,666 | 30,927 | |
Recorded investment, loans with related allowance recorded | 8,171 | 8,224 | |
Unpaid principal balance with no related allowance recorded | 35,764 | 31,053 | |
Unpaid principal balance with related allowance recorded | 8,144 | 8,208 | |
Related allowance | 2,268 | 2,961 | |
Average recorded investment with no related allowance recorded | 35,162 | 27,761 | |
Average recorded investment with related allowance recorded | 8,467 | 7,993 | |
Interest income recognized with no related allowance recorded | 349 | 272 | |
Interest income recognized with related allowance recorded | 28 | 16 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 2,268 | 2,961 | |
Collectively evaluated for impairment, allowance | 21,785 | 22,131 | |
Total, Allowance | 24,053 | 25,092 | |
Individually evaluated for impairment, Loans and Leases | 37,413 | 32,127 | |
Collectively evaluated for impairment, Loans and Leases | 1,724,859 | 1,709,794 | |
Total Loans and Leases | 1,762,272 | 1,741,921 | |
Commercial | Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 560 | 531 | |
Unpaid principal balance with no related allowance recorded | 560 | 531 | |
Average recorded investment with no related allowance recorded | 559 | 1,624 | |
Interest income recognized with no related allowance recorded | 4 | 4 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 187 | 191 | |
Total Loans and Leases | 24,310 | 27,037 | |
Commercial | Financial Asset Acquired and No Credit Deterioration | |||
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 0 | 0 | |
Collectively evaluated for impairment, allowance | 80 | 83 | |
Individually evaluated for impairment, Loans and Leases | 407 | 404 | |
Collectively evaluated for impairment, Loans and Leases | 21,229 | 24,094 | |
Commercial | Financial Asset Acquired with Credit Deteriorated | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 107 | 108 | |
Total Loans and Leases | 2,674 | 2,539 | |
Consumer loans | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 5,452 | 5,222 | |
Total Loans and Leases | 1,191,147 | 1,182,822 | |
Consumer loans | Originated | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 2,721 | 2,989 | |
Recorded investment, loans with related allowance recorded | 663 | 665 | |
Unpaid principal balance with no related allowance recorded | 2,710 | 2,978 | |
Unpaid principal balance with related allowance recorded | 662 | 664 | |
Related allowance | 88 | 89 | |
Average recorded investment with no related allowance recorded | 2,732 | 3,353 | |
Average recorded investment with related allowance recorded | 663 | 134 | |
Interest income recognized with no related allowance recorded | 8 | 13 | |
Interest income recognized with related allowance recorded | 6 | 1 | |
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 88 | 89 | |
Collectively evaluated for impairment, allowance | 5,312 | 5,075 | |
Total, Allowance | 5,400 | 5,164 | |
Individually evaluated for impairment, Loans and Leases | 3,224 | 3,502 | |
Collectively evaluated for impairment, Loans and Leases | 1,019,078 | 1,003,831 | |
Total Loans and Leases | 1,022,302 | 1,007,333 | |
Consumer loans | Acquired | |||
Impaired Loans and Leases | |||
Recorded investment, loans with no related allowance recorded | 4,923 | 4,772 | |
Recorded investment, loans with related allowance recorded | 152 | 154 | |
Unpaid principal balance with no related allowance recorded | 4,923 | 4,772 | |
Unpaid principal balance with related allowance recorded | 152 | 154 | |
Related allowance | 26 | 26 | |
Average recorded investment with no related allowance recorded | 4,943 | 4,860 | |
Average recorded investment with related allowance recorded | 153 | 114 | |
Interest income recognized with no related allowance recorded | 15 | 15 | |
Interest income recognized with related allowance recorded | 1 | $ 1 | |
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 52 | 58 | |
Total Loans and Leases | 168,845 | 175,489 | |
Consumer loans | Financial Asset Acquired and No Credit Deterioration | |||
Recorded investment in loans and leases by portfolio segment | |||
Individually evaluated for impairment, allowance | 26 | 26 | |
Collectively evaluated for impairment, allowance | 18 | 20 | |
Individually evaluated for impairment, Loans and Leases | 2,174 | 2,072 | |
Collectively evaluated for impairment, Loans and Leases | 136,377 | 142,194 | |
Consumer loans | Financial Asset Acquired with Credit Deteriorated | |||
Recorded investment in loans and leases by portfolio segment | |||
Total, Allowance | 8 | 12 | |
Total Loans and Leases | $ 30,294 | $ 31,223 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)loan | Mar. 31, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Receivables [Abstract] | |||
On accrual | $ 28,543 | $ 12,257 | |
On nonaccrual | 7,597 | 8,684 | |
Total troubled debt restructurings | 36,140 | $ 20,941 | |
Financing Receivable, Modifications [Line Items] | |||
Recorded investment, at end of period | 17,600 | $ 2,200 | |
Loans with one modification | 17,617 | 2,190 | |
Extended maturity | |||
Financing Receivable, Modifications [Line Items] | |||
Loans with one modification | 6,319 | 0 | |
Combination maturity, principal, interest rate | |||
Financing Receivable, Modifications [Line Items] | |||
Loans with one modification | $ 11,298 | $ 2,190 | |
Originated | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 10 | 12 | |
Recorded Investment, At Modification | $ 17,643 | $ 2,190 | |
Recorded investment, at end of period | 17,617 | 2,190 | |
Specific Allowance for Loan and Lease Losses | 191 | 41 | |
Nonaccrual Loans and Leases | $ 425 | $ 635 | |
Defaulted, number of loans/leases | loan | 6 | 1 | |
Defaulted, recorded investment | $ 2,102 | $ 929 | |
Originated | Commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 1 | ||
Recorded Investment, At Modification | $ 73 | ||
Recorded investment, at end of period | 72 | ||
Specific Allowance for Loan and Lease Losses | 9 | ||
Nonaccrual Loans and Leases | $ 0 | ||
Defaulted, number of loans/leases | loan | 1 | ||
Defaulted, recorded investment | $ 635 | ||
Originated | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 6 | 6 | |
Recorded Investment, At Modification | $ 16,754 | $ 635 | |
Recorded investment, at end of period | 16,730 | 635 | |
Specific Allowance for Loan and Lease Losses | 0 | 41 | |
Nonaccrual Loans and Leases | $ 0 | $ 635 | |
Defaulted, number of loans/leases | loan | 3 | 1 | |
Defaulted, recorded investment | $ 1,074 | $ 929 | |
Originated | Equipment financing | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 3 | 6 | |
Recorded Investment, At Modification | $ 816 | $ 1,555 | |
Recorded investment, at end of period | 815 | 1,555 | |
Specific Allowance for Loan and Lease Losses | 182 | 0 | |
Nonaccrual Loans and Leases | $ 425 | $ 0 | |
Defaulted, number of loans/leases | loan | 1 | 0 | |
Defaulted, recorded investment | $ 52 | $ 0 | |
Originated | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans/ Leases | loan | 0 | ||
Recorded Investment, At Modification | $ 0 | ||
Recorded investment, at end of period | 0 | ||
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 0 | ||
Defaulted, number of loans/leases | loan | 1 | ||
Defaulted, recorded investment | $ 341 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Carrying Value of Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 160,427 | $ 137,890 |
Additions | 0 | 22,537 |
Balance at end of period | 160,427 | 160,427 |
Total other intangible assets | 5,684 | 6,086 |
Total goodwill and other intangible assets | 166,111 | 166,513 |
Core deposits | ||
Goodwill [Roll Forward] | ||
Total other intangible assets | 4,595 | 4,997 |
Trade name | ||
Goodwill [Roll Forward] | ||
Total other intangible assets | $ 1,089 | $ 1,089 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2013 | |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1.1 | |
Core deposits | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 6 years 10 months 24 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 1,297 |
Year ending: | |
2020 | 1,261 |
2021 | 850 |
2022 | 494 |
2023 | 263 |
2024 | 153 |
Thereafter | 277 |
Total | $ 4,595 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | $ 910,619,000 | $ 812,583,000 |
Other comprehensive income (loss) | 5,067,000 | (5,716,000) |
Balance | 900,572,000 | 874,746,000 |
Amounts reclassified out of AOCI | 0 | 0 |
Accumulated Other Comprehensive Loss | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | (9,460,000) | (5,950,000) |
Balance | (4,393,000) | (11,666,000) |
Investment Securities Available-for-Sale | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | (9,712,000) | (6,113,000) |
Other comprehensive income (loss) | 5,067,000 | (5,716,000) |
Balance | (4,645,000) | (11,829,000) |
Postretirement Benefits | ||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||
Balance | 252,000 | 163,000 |
Other comprehensive income (loss) | 0 | 0 |
Balance | $ 252,000 | $ 163,000 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Customer Related Derivative Positions) (Details) | Mar. 31, 2019USD ($)derivative | Dec. 31, 2018USD ($)derivative |
Derivatives and Hedging Activities | ||
Collateral posted | $ 32,100,000 | $ 5,900,000 |
Collateral posted, dealer counterparties | 300,000 | 0 |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 789,915,000 | $ 714,500,000 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 91,000 | 86,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 1,931,000 |
Notional Amount Maturing, Less than 2 years | 26,017,000 | 26,419,000 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 43,656,000 | 31,762,000 |
Notional Amount Maturing, Thereafter | 720,242,000 | 654,388,000 |
Total | 789,915,000 | 714,500,000 |
Fair Value | 24,018,000 | 6,081,000 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 789,915,000 | $ 714,500,000 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 91,000 | 86,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 1,931,000 |
Notional Amount Maturing, Less than 2 years | 26,017,000 | 26,419,000 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 43,656,000 | 31,762,000 |
Notional Amount Maturing, Thereafter | 720,242,000 | 654,388,000 |
Total | 789,915,000 | 714,500,000 |
Fair Value | 24,018,000 | 6,081,000 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 150,624,000 | $ 100,531,000 |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 31,000 | 26,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 14,666,000 | 14,892,000 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 135,958,000 | 85,639,000 |
Total | 150,624,000 | 100,531,000 |
Fair Value | 742,000 | 344,000 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 55,679,000 | $ 35,838,000 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 7,000 | 5,000 |
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 | 55,679,000 | 35,838,000 |
Total | 55,679,000 | 35,838,000 |
Fair Value | 230,000 | 84,000 |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 1,646,000 | $ 6,573,000 |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 21,000 | 22,000 |
Notional Amount Maturing, Less than 1 year | $ 1,646,000 | $ 6,573,000 |
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 | 1,646,000 | 6,573,000 |
Fair Value | 41,000 | 123,000 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 1,652,000 | $ 6,582,000 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 30,000 | 37,000 |
Notional Amount Maturing, Less than 1 year | $ 1,652,000 | $ 6,582,000 |
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 | 1,652,000 | 6,582,000 |
Fair Value | $ 36,000 | $ 131,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Offsetting of Derivatives and Amounts Subject to Master Netting Agreements) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Asset derivatives | ||
Assets, Gross Amounts Recognized | $ 31,478 | $ 22,488 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 31,478 | 22,488 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 50 |
Assets, Net Amount | 31,478 | 22,438 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 30,961 | 22,220 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 30,961 | 22,220 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 5,848 | 5,877 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 26,250 | 0 |
Liabilities, Net Amount | 266 | 16,343 |
Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 30,695 | 22,013 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 30,695 | 22,013 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 50 |
Assets, Net Amount | 30,695 | 21,963 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 30,695 | 22,013 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 30,695 | 22,013 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 5,848 | 5,877 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 26,250 | 0 |
Liabilities, Net Amount | 0 | 16,136 |
Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 742 | 344 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 742 | 344 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Assets, Net Amount | 742 | 344 |
Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 230 | 84 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 230 | 84 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Liabilities, Net Amount | 230 | 84 |
Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 41 | 131 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 41 | 131 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Assets, Net Amount | 41 | 131 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 36 | 123 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 36 | 123 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Liabilities, Net Amount | $ 36 | $ 123 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)financial_institutionplanshares | Mar. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based compensation plans | plan | 2 | |
Shares issued upon satisfaction of required conditions of the Plans | 0 | 0 |
Performance-based shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of financial institutions comprising peer group | financial_institution | 45 | |
Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of authorized shares | 1,750,000 | |
Share-based compensation expense | $ | $ 0.9 | $ 0.7 |
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") (Det
Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net income | $ 22,467 | $ 18,633 |
Denominator: | ||
Weighted average shares outstanding | 79,658,583 | 77,879,593 |
Effect of dilutive securities (in shares) | 184,995 | 288,207 |
Adjusted weighted average shares outstanding | 79,843,578 | 78,167,800 |
Basic EPS (in dollars per share) | $ 0.28 | $ 0.24 |
Diluted EPS (in dollars per share) | $ 0.28 | $ 0.24 |
Fair Value of Financial Instr_3
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, 2019 | Dec. 31, 2018 | |
Assets: | ||
Equity securities held-for-trading | $ 4,341 | $ 4,207 |
Derivatives | 31,478 | 22,488 |
Liabilities: | ||
Loan level derivatives | $ 30,961 | 22,220 |
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 | ||
Assets: | ||
Equity securities held-for-trading | $ 4,341 | 4,207 |
Recurring basis | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 489,020 | 502,793 |
Recurring basis | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 182,845 | 181,079 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 100,118 | 103,130 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 159,772 | 165,089 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 43 | 51 |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 32,355 | 39,708 |
Recurring basis | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 13,887 | 13,736 |
Recurring basis | Level 1 | ||
Assets: | ||
Equity securities held-for-trading | 3,355 | 3,235 |
Recurring basis | Level 1 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
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 2 | ||
Assets: | ||
Equity securities held-for-trading | 986 | 972 |
Recurring basis | Level 2 | Investment securities available for sale | ||
Assets: | ||
Investment securities available-for-sale | 489,020 | 502,793 |
Recurring basis | Level 2 | GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 182,845 | 181,079 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 100,118 | 103,130 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 159,772 | 165,089 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 43 | 51 |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 32,355 | 39,708 |
Recurring basis | Level 2 | U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 13,887 | 13,736 |
Recurring basis | Level 3 | ||
Assets: | ||
Equity securities held-for-trading | 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 |
Loan level derivatives | ||
Assets: | ||
Derivatives | 30,695 | 22,013 |
Liabilities: | ||
Loan level derivatives | 30,695 | 22,013 |
Loan level derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 30,695 | 22,013 |
Liabilities: | ||
Loan level derivatives | 30,695 | 22,013 |
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 | 30,695 | 22,013 |
Liabilities: | ||
Loan level derivatives | 30,695 | 22,013 |
Loan level derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Risk participation-out agreements | ||
Assets: | ||
Derivatives | 742 | 344 |
Risk participation-out agreements | Recurring basis | ||
Assets: | ||
Derivatives | 742 | 344 |
Risk participation-out agreements | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 742 | 344 |
Risk participation-out agreements | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | ||
Liabilities: | ||
Loan level derivatives | 230 | 84 |
Risk participation-in agreements | Recurring basis | ||
Liabilities: | ||
Loan level derivatives | 230 | 84 |
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 | 230 | 84 |
Risk participation-in agreements | Recurring basis | Level 3 | ||
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Foreign exchange contracts | ||
Assets: | ||
Derivatives | 41 | 131 |
Liabilities: | ||
Loan level derivatives | 36 | 123 |
Foreign exchange contracts | Recurring basis | ||
Assets: | ||
Derivatives | 41 | 131 |
Liabilities: | ||
Loan level derivatives | 36 | 123 |
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 | 41 | 131 |
Liabilities: | ||
Loan level derivatives | 36 | 123 |
Foreign exchange contracts | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | $ 0 | $ 0 |
Fair Value of Financial Instr_4
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, 2019 | Dec. 31, 2018 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 8,486 | $ 8,222 |
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 | 858 | 965 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 7,628 | 7,257 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 4,574 | 4,203 |
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 | 4,574 | 4,203 |
OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 3,054 | 3,054 |
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 | 3,054 | 3,054 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 858 | 965 |
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 | 858 | 965 |
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 Instr_5
Fair Value of Financial Instruments (Quantitative Information for Level 3 Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 8,486 | $ 8,222 |
Nonrecurring basis | Other real estate owned | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 3,054 | 3,054 |
Level 3 | Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 7,628 | 7,257 |
Level 3 | Nonrecurring basis | Collateral-dependent impaired loans and leases | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 4,574 | 4,203 |
Level 3 | Nonrecurring basis | Other real estate owned | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 3,054 | 3,054 |
Level 3 | Nonrecurring basis | Other real estate owned | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 3,054 | $ 3,054 |
Minimum | Level 3 | 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 | Level 3 | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Maximum | Level 3 | 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 | Level 3 | 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 Instr_6
Fair Value of Financial Instruments (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Investment securities held-to-maturity: | $ 113,089 | $ 112,830 |
Loans and leases, net | 6,330,156 | 6,244,824 |
Restricted equity securities | 54,192 | 61,751 |
Financial liabilities: | ||
Borrowed funds | 52,515 | 52,734 |
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 | 869 | 3,247 |
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 1,903,253 | 1,778,860 |
Borrowed funds | 857,772 | 886,545 |
Level 3 | ||
Financial assets: | ||
Loans held-for-sale | 0 | 0 |
Loans and leases, net | 6,258,682 | 6,154,704 |
Restricted equity securities | 54,192 | 61,751 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans held-for-sale | 869 | 3,247 |
Loans and leases, net | 6,330,156 | 6,244,824 |
Restricted equity securities | 54,192 | 61,751 |
Financial liabilities: | ||
Certificates of deposit | 1,907,228 | 1,789,165 |
Borrowed funds | 866,005 | 920,542 |
Estimated Fair Value | ||
Financial assets: | ||
Loans held-for-sale | 869 | 3,247 |
Loans and leases, net | 6,258,682 | 6,154,704 |
Restricted equity securities | 54,192 | 61,751 |
Financial liabilities: | ||
Certificates of deposit | 1,903,253 | 1,778,860 |
Borrowed funds | 857,772 | 886,545 |
GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity: | 50,140 | 49,601 |
GSE debentures | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE debentures | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 50,140 | 49,601 |
GSE debentures | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE debentures | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 50,551 | 50,546 |
GSE debentures | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 50,140 | 49,601 |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity: | 10,842 | 11,131 |
GSE MBSs | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 10,842 | 11,131 |
GSE MBSs | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
GSE MBSs | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 11,080 | 11,426 |
GSE MBSs | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 10,842 | 11,131 |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 51,607 | 51,598 |
Municipal obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 51,607 | 51,598 |
Municipal obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | 0 |
Municipal obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 51,563 | 52,304 |
Municipal obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 51,607 | 51,598 |
Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 500 | 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: | 500 | 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: | $ 500 | $ 500 |
Commitments and Contingencies_2
Commitments and Contingencies (Financial Instrument with Off-balance-sheet Risk) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 720,852 | $ 707,997 |
Unused lines of credit: | ||
Home equity | 503,283 | 487,476 |
Other consumer | 36,293 | 50,404 |
Other commercial | 455 | 347 |
Unused letters of credit: | ||
Financial standby letters of credit | 10,026 | 11,491 |
Performance standby letters of credit | 3,332 | 3,075 |
Commercial and similar letters of credit | 4,573 | 4,573 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 108,311 | 76,642 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 75,321 | 75,713 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | 18,752 | 16,363 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 789,915 | 714,500 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 789,915 | 714,500 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Derivatives | 150,624 | 100,531 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Derivatives | 55,679 | 35,838 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,646 | 6,573 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | $ 1,652 | $ 6,582 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Fair value of interest rate swap assets | $ 31,500 | $ 22,500 | |
Fair value of interest rate swap liabilities | 31,000 | 22,200 | |
Derivative asset | 31,478 | 22,488 | |
Derivative liability | 30,961 | $ 22,220 | |
Lessee, Lease, Description [Line Items] | |||
Real estate taxes | 500 | $ 500 | |
Other expenditures | 100 | 100 | |
Total operating rental expense | $ 1,400 | ||
Total rental expense | $ 1,400 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 2 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lease term | 20 years |
Commitments and Contingencies_4
Commitments and Contingencies (Lease Costs, Cash Flows and Balance Sheet Supplemental Information) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 1,459 |
Supplemental cash flow information related to leases was as follows: | |
Operating cash flows for operating leases | 1,525 |
Operating leases | 71 |
Supplemental balance sheet information related to leases was as follows: | |
Operating lease right-of-use assets | 26,205 |
Operating lease liabilities | $ 26,205 |
Weighted Average Remaining Lease Term | |
Operating leases | 7 years 11 months 1 day |
Weighted Average Discount Rate | |
Operating leases | 3.00% |
Commitments and Contingencies_5
Commitments and Contingencies (Maturites of Operating Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Leases, After Adoption of 842 | ||
Remainder of 2019 | $ 4,539 | |
2020 | 5,409 | |
2021 | 4,640 | |
2022 | 3,962 | |
2023 | 3,182 | |
2024 | 1,951 | |
Thereafter | 5,583 | |
Total | 29,266 | |
Less imputed interest | (3,061) | |
Operating lease liabilities | $ 26,205 | |
Operating Leases, Before Adoption of 842 | ||
2019 | $ 4,224 | |
2020 | 4,932 | |
2021 | 4,418 | |
2022 | 3,602 | |
2023 | 2,734 | |
2024 | 1,866 | |
Thereafter | 6,637 | |
Total | $ 28,413 |