Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-23695 | |
Entity Registrant Name | BROOKLINE BANCORPĀ INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3402944 | |
Entity Address, Address Line One | 131 Clarendon Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02116 | |
City Area Code | 617 | |
Local Phone Number | 425-4600 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BRKL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 78,919,273 | |
Entity Central Index Key | 0001049782 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 38,522 | $ 33,589 |
Short-term investments | 216,394 | 44,201 |
Total cash and cash equivalents | 254,916 | 77,790 |
Investment securities available-for-sale | 854,505 | 498,995 |
Investment securities held-to-maturity (fair value of $0 and $87,561, respectively) | 0 | 86,780 |
Equity securities held-for-trading | 1,992 | 3,581 |
Total investment securities | 856,497 | 589,356 |
Total loans and leases | 7,407,697 | 6,737,816 |
Allowance for loan and lease losses | (119,553) | (61,082) |
Net loans and leases | 7,288,144 | 6,676,734 |
Restricted equity securities | 71,638 | 53,818 |
Premises and equipment, net of accumulated depreciation of $79,788 and $76,763, respectively | 73,127 | 74,350 |
Right-of-use asset operating leases | 24,343 | 24,876 |
Deferred tax asset | 42,683 | 25,017 |
Goodwill | 160,427 | 160,427 |
Identified intangible assets, net of accumulated amortization of $38,128 and $37,481, respectively | 3,776 | 4,423 |
Other real estate owned (OREO) and repossessed assets, net | 1,454 | 2,631 |
Other assets | 292,662 | 167,431 |
Total assets | 9,069,667 | 7,856,853 |
Deposits: | ||
Demand checking accounts | 1,603,037 | 1,141,578 |
Interest-bearing deposits | 4,837,196 | 4,688,494 |
Total deposits | 6,440,233 | 5,830,072 |
Borrowed funds: | ||
Advances from the Federal Home Loan Bank of Boston (FHLBB) | 1,267,570 | 758,469 |
Subordinated debentures and notes | 83,668 | 83,591 |
Other borrowed funds | 55,431 | 60,689 |
Total borrowed funds | 1,406,669 | 902,749 |
Operating lease liabilities | 24,343 | 24,876 |
Mortgagors' escrow accounts | 6,467 | 7,232 |
Accrued expenses and other liabilities | 265,542 | 146,318 |
Total liabilities | 8,143,254 | 6,911,247 |
Commitments and contingencies (Note 12) | ||
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 | 738,155 | 736,601 |
Retained earnings, partially restricted | 237,808 | 265,376 |
Accumulated other comprehensive income | 19,538 | 2,283 |
Treasury stock, at cost; 5,859,708 shares and 5,003,127 shares, respectively | (69,572) | (59,073) |
Unallocated common stock held by Employee Stock Ownership Plan (ESOP); 65,334 shares and 79,548 shares, respectively | (368) | (433) |
Total stockholders' equity | 926,413 | 945,606 |
Total liabilities and stockholders' equity | 9,069,667 | 7,856,853 |
Commercial real estate loans | ||
ASSETS | ||
Total loans and leases | 3,837,703 | 3,669,222 |
Commercial loans and leases | ||
ASSETS | ||
Total loans and leases | 2,361,463 | 1,838,748 |
Consumer loans | ||
ASSETS | ||
Total loans and leases | $ 1,208,531 | $ 1,229,846 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 0 | $ 87,561 |
Premises and equipment, accumulated depreciation and amortization | 79,788 | 76,763 |
Identified intangible assets, accumulated amortization | $ 38,128 | $ 37,481 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 85,177,172 | 85,177,172 |
Treasury stock, shares (in shares) | 5,859,708 | 5,003,127 |
Unallocated common stock held by ESOP, (in shares) | 65,344 | 79,548 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest and dividend income: | ||||
Loans and leases | $ 77,416 | $ 82,798 | $ 156,975 | $ 163,470 |
Debt securities | 3,701 | 3,158 | 6,677 | 6,394 |
Marketable and restricted equity securities | 908 | 877 | 1,686 | 1,788 |
Short-term investments | 99 | 351 | 308 | 618 |
Total interest and dividend income | 82,124 | 87,184 | 165,646 | 172,270 |
Interest expense: | ||||
Deposits | 12,778 | 17,712 | 29,018 | 33,660 |
Borrowed funds | 5,058 | 6,338 | 10,628 | 12,477 |
Total interest expense | 17,836 | 24,050 | 39,646 | 46,137 |
Net interest income | 64,288 | 63,134 | 126,000 | 126,133 |
Provision for credit losses | 5,347 | 3,757 | 59,461 | 5,110 |
Net interest income after provision for credit losses | 58,941 | 59,377 | 66,539 | 121,023 |
Non-interest income: | ||||
Loan level derivative income, net | 1,440 | 1,772 | 3,596 | 3,517 |
Gain on investment securities, net | 586 | 357 | 1,916 | 491 |
Gain on sales of loans and leases held-for-sale | 299 | 561 | 419 | 850 |
Other | 1,468 | 1,710 | 4,182 | 3,236 |
Total non-interest income | 6,235 | 7,478 | 15,563 | 14,108 |
Non-interest expense: | ||||
Compensation and employee benefits | 24,619 | 23,953 | 49,838 | 47,696 |
Occupancy | 3,825 | 3,752 | 7,778 | 7,699 |
Equipment and data processing | 4,155 | 4,641 | 8,858 | 9,302 |
Professional services | 1,056 | 1,087 | 2,707 | 2,163 |
FDIC insurance | 858 | 745 | 1,236 | 1,338 |
Advertising and marketing | 1,017 | 1,112 | 2,092 | 2,181 |
Amortization of identified intangible assets | 311 | 420 | 647 | 822 |
Other | 3,268 | 3,894 | 6,701 | 7,274 |
Total non-interest expense | 39,109 | 39,604 | 79,857 | 78,475 |
Income before provision for income taxes | 26,067 | 27,251 | 2,245 | 56,656 |
Provision (benefit) for income taxes | 6,496 | 6,780 | (50) | 13,675 |
Net income before noncontrolling interest in subsidiary | 19,571 | 20,471 | 2,295 | 42,981 |
Less: net income attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 43 |
Net income attributable to Brookline Bancorp, Inc. | $ 19,571 | $ 20,471 | $ 2,295 | $ 42,938 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.03 | $ 0.54 |
Diluted (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.03 | $ 0.54 |
Weighted average common shares outstanding during the year: | ||||
Basic (in shares) | 78,849,282 | 79,669,922 | 79,165,372 | 79,664,284 |
Diluted (in shares) | 79,015,274 | 79,886,292 | 79,340,524 | 79,859,572 |
Dividends paid per common share (in dollars per share) | $ 0.115 | $ 0.11 | $ 0.230 | $ 0.215 |
Deposit fees | ||||
Non-interest income: | ||||
Non-interest income, fees | $ 1,929 | $ 2,680 | $ 4,387 | $ 5,203 |
Loan fees | ||||
Non-interest income: | ||||
Non-interest income, fees | $ 513 | $ 398 | $ 1,063 | $ 811 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income before noncontrolling interest in subsidiary | $ 19,571 | $ 20,471 | $ 2,295 | $ 42,981 |
Investment securities available-for-sale: | ||||
Unrealized securities holding gains (losses) | 3,952 | 7,099 | 25,115 | 13,598 |
Income tax (expense) benefit | (867) | (1,565) | (5,533) | (2,997) |
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes | 3,085 | 5,534 | 19,582 | 10,601 |
Gain on sales of securities, net | 634 | 0 | 2,987 | 0 |
Income tax expense | (140) | 0 | (660) | 0 |
Net reclassification adjustments for securities gains included in net income | 494 | 0 | 2,327 | 0 |
Net unrealized securities holding gains (losses) | 2,591 | 5,534 | 17,255 | 10,601 |
Comprehensive (loss) income | 22,162 | 26,005 | 19,550 | 53,582 |
Less: net income attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 43 |
Comprehensive (loss) income attributable to Brookline Bancorp, Inc. | $ 22,162 | $ 26,005 | $ 19,550 | $ 53,539 |
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 | Adoption of ASU 2016-13 (CECL) | Adoption of ASU 2016-13 (CECL)Retained Earnings | Adoption of ASU 2016-13 (CECL)Total Brookline Bancorp, Inc. Stockholders' Equity |
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. | 42,938 | 42,938 | 42,938 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 43 | 43 | ||||||||||
Other comprehensive income | 10,601 | 10,601 | 10,601 | |||||||||
Common stock dividends | (17,151) | (17,151) | (17,151) | |||||||||
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 | 1,391 | 1,470 | (79) | 1,391 | ||||||||
Common stock held by ESOP committed to be released | 176 | 112 | 64 | 176 | ||||||||
Balance at Jun. 30, 2019 | $ 918,468 | 852 | 737,584 | 238,625 | 1,141 | (59,199) | (535) | 918,468 | 0 | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||
Balance at Dec. 31, 2018 | $ 910,619 | 852 | 755,629 | 212,838 | (9,460) | (59,120) | (599) | 900,140 | 10,479 | |||
Balance at Dec. 31, 2019 | 945,606 | 852 | 736,601 | 265,376 | 2,283 | (59,073) | (433) | 945,606 | 0 | $ (11,523) | $ (11,523) | $ (11,523) |
Balance at Mar. 31, 2019 | 900,572 | 852 | 736,872 | 226,929 | (4,393) | (59,121) | (567) | 900,572 | 0 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 20,471 | 20,471 | 20,471 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 0 | |||||||||||
Other comprehensive income | 5,534 | 5,534 | 5,534 | |||||||||
Common stock dividends | (8,775) | (8,775) | (8,775) | |||||||||
Compensation under recognition and retention plan | 578 | 656 | (78) | 578 | ||||||||
Common stock held by ESOP committed to be released | 88 | 56 | 32 | 88 | ||||||||
Balance at Jun. 30, 2019 | 918,468 | 852 | 737,584 | 238,625 | 1,141 | (59,199) | (535) | 918,468 | 0 | |||
Balance at Dec. 31, 2019 | 945,606 | 852 | 736,601 | 265,376 | 2,283 | (59,073) | (433) | 945,606 | 0 | $ (11,523) | $ (11,523) | $ (11,523) |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 2,295 | 2,295 | 2,295 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 0 | |||||||||||
Other comprehensive income | 17,255 | 17,255 | 17,255 | |||||||||
Common stock dividends | (18,249) | (18,249) | (18,249) | |||||||||
Compensation under recognition and retention plan | 1,278 | 1,459 | (91) | (90) | 1,278 | |||||||
Treasury stock, repurchase shares | (10,409) | (10,409) | (10,409) | |||||||||
Common stock held by ESOP committed to be released | 160 | 95 | 65 | 160 | ||||||||
Balance at Jun. 30, 2020 | 926,413 | 852 | 738,155 | 237,808 | 19,538 | (69,572) | (368) | 926,413 | 0 | |||
Balance at Mar. 31, 2020 | 912,568 | 852 | 737,422 | 227,359 | 16,947 | (69,617) | (395) | 912,568 | 0 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 19,571 | 19,571 | 19,571 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 0 | |||||||||||
Other comprehensive income | 2,591 | 2,591 | 2,591 | |||||||||
Common stock dividends | (9,076) | (9,076) | (9,076) | |||||||||
Compensation under recognition and retention plan | 700 | 701 | (46) | 45 | 700 | |||||||
Common stock held by ESOP committed to be released | 59 | 32 | 27 | 59 | ||||||||
Balance at Jun. 30, 2020 | $ 926,413 | $ 852 | $ 738,155 | $ 237,808 | $ 19,538 | $ (69,572) | $ (368) | $ 926,413 | $ 0 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends, per share (in dollars per share) | $ 0.115 | $ 0.11 | $ 0.230 | $ 0.215 |
Common stock held by ESOP committed to be released, shares | 7,107 | 5,871 | 14,214 | 11,742 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income attributable to Brookline Bancorp, Inc. | $ 2,295 | $ 42,938 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Net income attributable to noncontrolling interest in subsidiary | 0 | 43 |
Provision for credit losses | 59,461 | 5,110 |
Origination of loans and leases held-for-sale | 0 | (14,104) |
Proceeds from sales of loans and leases held-for-sale, net | 0 | 16,364 |
Deferred income tax benefit | (22,539) | (499) |
Depreciation of premises and equipment | 3,025 | 3,514 |
Amortization of investment securities premiums and discounts, net | 1,048 | 916 |
Amortization of deferred loan and lease origination costs, net | 3,913 | 3,521 |
Amortization of identified intangible assets | 647 | 822 |
Amortization of debt issuance costs | 51 | 50 |
Accretion of acquisition fair value adjustments, net | (389) | (693) |
Gain on investment securities, net | (1,916) | (491) |
Gain on sales of loans and leases held-for-sale | (419) | (850) |
Loss on sales of OREO and other repossessed assets, net | 0 | 130 |
Write-down of OREO and other repossessed assets | 830 | 219 |
Compensation under recognition and retention plans | 1,370 | 1,520 |
ESOP shares committed to be released | 160 | 176 |
Net change in: | ||
Cash surrender value of bank-owned life insurance | (509) | (512) |
Equity securities held-for-trading | 518 | 0 |
Other assets | (120,680) | (51,562) |
Accrued expenses and other liabilities | 106,198 | 32,266 |
Net cash provided from operating activities | 33,064 | 38,878 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 131,499 | 0 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 56,194 | 33,229 |
Purchases of investment securities available-for-sale | (438,658) | 0 |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 6,302 | 11,453 |
Purchases of investment securities held-to-maturity | 0 | (500) |
Proceeds from redemption/sales of restricted equity securities | 3,662 | 12,759 |
Purchase of restricted equity securities | (21,482) | (6,278) |
Proceeds from sales of loans and leases held-for-investment, net | 5,901 | 7,682 |
Net increase in loans and leases | (685,516) | (219,921) |
Purchase of premises and equipment, net | (1,906) | (2,590) |
Proceeds from sales of OREO and other repossessed assets | 3,148 | 3,926 |
Net cash used for investing activities | (940,856) | (160,240) |
Cash flows from financing activities: | ||
Increase (decrease) in demand checking, NOW, savings and money market accounts | 679,855 | (26,839) |
(Decrease) increase in certificates of deposit | (69,356) | 195,854 |
Proceeds from FHLBB advances | 2,225,600 | 2,752,800 |
Repayment of FHLBB advances | (1,716,499) | (2,745,616) |
(Decrease) increase in other borrowed funds, net | (5,258) | 2,959 |
(Decrease) in mortgagors' escrow accounts, net | (765) | (603) |
Repurchases of common stock | (10,410) | 0 |
Payment of dividends on common stock | (18,249) | (17,151) |
Payment of income taxes for shares withheld in share based activity | 0 | (49) |
Redemption of noncontrolling interest in subsidiary | 0 | (35,851) |
Payment of dividends to owners of noncontrolling interest in subsidiary | 0 | (930) |
Net cash provided from financing activities | 1,084,918 | 124,574 |
Net increase in cash and cash equivalents | 177,126 | 3,212 |
Cash and cash equivalents at beginning of period | 77,790 | 89,584 |
Cash and cash equivalents at end of period | 254,916 | 92,796 |
Cash paid during the period for: | ||
Interest on deposits, borrowed funds and subordinated debt | 40,577 | 46,125 |
Income taxes | 13,160 | 15,386 |
Non-cash investing activities: | ||
Transfer from loans to other real estate owned | $ 2,801 | $ 2,222 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
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 trust company and Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution (collectively referred to as the "Banks"). The Banks are both 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. Until February 15, 2020 (the "Merger Closing Date"), the Company was also the parent of First Ipswich Bank ("First Ipswich"), a Massachusetts-chartered trust company. Effective upon the Merger Closing Date, First Ipswich was merged with and into Brookline Bank, with Brookline as the surviving institution. Brookline Bank, which includes its wholly-owned subsidiaries BBS Investment Corp., Longwood Securities Corp. ("LSC"), Eastern Funding LLC ("Eastern Funding"), First Ipswich Insurance Agency and First Ipswich Securities II Corp., operates 30 full-service banking offices in the greater Boston metropolitan area with 2 additional lending offices. 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. The Banks' activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in New England, 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. Brookline Bank 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 ("the FRB"). As a Massachusetts-chartered trust company, Brookline Bank is also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks (the "DOB"). 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 subject to supervision, examination and regulation by the FDIC. As previously disclosed on a Form 8-K filed with the SEC, on July 31, 2019, Brookline Bank ended its membership in the Depositors Insurance Fund (āDIFā), a private industry-sponsored fund which insures Massachusetts-chartered savings bank deposit balances in excess of federal deposit insurance coverage. Brookline Bankās growth in deposit size necessitated its withdrawal from the DIF and the concurrent charter conversion of Brookline Bank from a Massachusetts-chartered savings bank to a Massachusetts-chartered trust company. 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 (āSECā) 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 (āGAAPā). 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, 2019 . 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, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. Recent Accounting Pronouncements Accounting Standards Adopted in 2020 In June 2016, the FASB issued ASU 2016-13, āFinancial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrumentsā (āASU 2016-13ā). ASU 2016-13 replaced the previous GAAP method of calculating credit losses. Previously, GAAP required the use of the incurred loss methodology, which used a higher threshold at which probable losses were calculated and recorded. ASU 2016-13 requires the use of an expected loss methodology, referred to as the current expected credit loss (āCECLā) methodology, which requires institutions to account for probable losses that previously would not have been part of the calculation. The CECL methodology incorporates future forecasting in addition to historical and current measures. The Company adopted all of the above mentioned ASU as of January 1, 2020. The standard had an impact on our consolidated balance sheet. On adoption, the Company recognized an increase in the allowance for loan and lease losses of $6.6 million , and an increase in the reserve for unfunded commitments of $8.9 million . The net, after-tax impact of the increase in the allowance for loan and lease losses and reserve for unfunded commitments was a decrease to retained earnings of $11.5 million shown in the Consolidated Statements of Changes in Stockholdersā Equity. Additional details can be found in Note 3, 4 and 5. In August 2018, FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)" ("ASU 2018-13"), to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts set forth 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. Certain provisions under ASU 2018-13 required prospective application, while other provisions required retrospective application to all periods presented in the consolidated financial statements upon adoption. The Company adopted the provisions of ASU 2018-13 effective January 1, 2020 and the adoption did not have a material impact on the Companyās consolidated financial statements. |
Acquisitions and Mergers
Acquisitions and Mergers | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Mergers | Acquisitions and Mergers First Ipswich Bank On February 15, 2020, the merger of First Ipswich Bank with and into Brookline Bank was completed. First Ipswich was already a wholly-owned subsidiary of the Company, therefore the merger qualified as a tax-free reorganization for federal income tax purposes and there was minimal impact to customers. All of First Ipswich Bank's six |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Adoption of Topic 326 Effective January 1, 2020, the Company adopted the provisions of ASU 2016-13 using the modified retrospective method. Therefore, prior period comparative information has not been adjusted and continues to be reported under GAAP in effect prior to the adoption of Topic 326. There was a de minimis allowance for credit loss ("ACL") on available-for-sale debt securities recognized upon adoption and as of March 31, 2020. The following tables set forth investment securities available-for-sale, held-to-maturity and equity securities held-for-trading at the dates indicated: At June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 314,497 $ 7,005 $ 19 $ 321,483 GSE CMOs 57,275 1,308 19 58,564 GSE MBSs 376,180 11,484 7 387,657 SBA commercial loan asset-backed securities 1 ā ā 1 Corporate debt obligations 25,359 1,212 ā 26,571 U.S. Treasury bonds 55,734 4,008 ā 59,742 Foreign government obligations 500 ā 13 487 Total investment securities available-for-sale $ 829,546 $ 25,017 $ 58 $ 854,505 Equity securities held-for-trading $ 1,992 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 182,922 $ 2,939 $ 58 $ 185,803 GSE CMOs 87,001 22 1,091 85,932 GSE MBSs 153,049 797 503 153,343 SBA commercial loan asset-backed securities 34 ā ā 34 Corporate debt obligations 28,484 502 ā 28,986 U.S. Treasury bonds 44,675 338 116 44,897 Total investment securities available-for-sale $ 496,165 $ 4,598 $ 1,768 $ 498,995 Investment securities held-to-maturity: GSE debentures $ 31,228 $ 113 $ 51 $ 31,290 GSEs MBSs 9,360 ā 81 9,279 Municipal obligations 45,692 822 ā 46,514 Foreign government obligations 500 ā 22 478 Total investment securities held-to-maturity $ 86,780 $ 935 $ 154 $ 87,561 Equity securities held-for-trading $ 3,581 As of June 30, 2020 , the fair value of all investment securities available-for-sale was $854.5 million , with net unrealized gains of $25.0 million , compared to a fair value of $499.0 million and net unrealized gains of $2.8 million as of December 31, 2019 . As of June 30, 2020 , $14.7 million , or 1.7% of the portfolio, had gross unrealized losses of $0.1 million , compared to $205.6 million , or 41.2% of the portfolio, with gross unrealized losses of $1.8 million as of December 31, 2019 . Effective March 31, 2020 , all investment securities classified as held-to-maturity were reclassified as available for sale to prudently reflect the ability and intent to not hold these assets to maturity due to the economic uncertainty created by the COVID-19 pandemic. As of December 31, 2019 , the fair value of investment securities held-to-maturity had a fair value of $87.6 million with net unrealized gains of $0.8 million . As of December 31, 2019 , $22.3 million , or 25.5% of the portfolio had gross unrealized losses of $0.2 million . As of June 30, 2020 , the Company recorded a fair value of $2.0 million of equity securities held-for-trading. As of December 31, 2019 , the Company recorded a fair value of $3.6 million of equity securities held-for-trading. Investment Securities as Collateral As of June 30, 2020 and December 31, 2019 , respectively, $624.5 million and $433.6 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and Federal Home Loan Bank of Boston ("FHLBB") borrowings. The Banks had no outstanding FRB borrowings as of June 30, 2020 and December 31, 2019 . Allowance for Credit Losses-Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $2.8 million and $2.0 million , respectively, as of June 30, 2020 and December 31, 2019 . A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the three months ended June 30, 2020 and 2019 . Assessment for Available for Sale Securities for Impairment Investment securities as of June 30, 2020 and December 31, 2019 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At June 30, 2020 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 $ 8,045 $ 19 $ ā $ ā $ 8,045 $ 19 GSE CMOs 1,609 11 1,298 8 2,907 19 GSE MBSs 3,130 7 101 ā 3,231 7 SBA commercial loan asset-backed securities 1 ā ā ā 1 ā Foreign government obligations 487 13 ā ā 487 13 Temporarily impaired investment securities available-for-sale 13,272 50 1,399 8 14,671 58 Total temporarily impaired investment securities $ 13,272 $ 50 $ 1,399 $ 8 $ 14,671 $ 58 At December 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 $ 10,965 $ 58 $ ā $ ā $ 10,965 $ 58 GSE CMOs 28,659 217 55,885 874 84,544 1,091 GSE MBSs 42,046 115 42,257 388 84,303 503 SBA commercial loan asset-backed securities ā ā 33 ā 33 ā U.S. Treasury bonds 25,754 116 ā ā 25,754 116 Temporarily impaired investment securities available-for-sale 107,424 506 98,175 1,262 205,599 1,768 Investment securities held-to-maturity: GSE debentures 8,714 30 2,977 21 11,691 51 GSEs MBSs ā ā 9,257 81 9,257 81 Municipal obligations 710 ā 205 ā 915 ā Foreign government obligations 478 22 ā ā 478 22 Temporarily impaired investment securities held-to-maturity 9,902 52 12,439 102 22,341 154 Total temporarily impaired investment securities $ 117,326 $ 558 $ 110,614 $ 1,364 $ 227,940 $ 1,922 The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, 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 impairment 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 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 impairment 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 Companyās available-for-sale portfolio were impaired as of June 30, 2020 . Based on the analysis below, it was determined that is it 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 impaired as of June 30, 2020 . If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment 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 June 30, 2020 , 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 $12.2 million were backed explicitly by the full faith and credit of the U.S. Government, compared to $17.4 million as of December 31, 2019 . As of June 30, 2020 , the Company owned 63 GSE debentures with a total fair value of $321.5 million , and a net unrealized gain of $7.0 million . As of December 31, 2019 , the Company held 60 GSE debentures with a total fair value of $185.8 million , with a net unrealized gain of $2.9 million . As of June 30, 2020 , 1 of the 63 securities in this portfolio was in an unrealized loss position. As of December 31, 2019 , 5 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 six months ended June 30, 2020 , the Company purchased $169.0 million GSE debentures. This compares to the same period in 2019 when the Company did no t purchase any GSE debentures. During the six months ended June 30, 2020 , the Company transferred 9 held-to-maturity GSE debentures with a total fair value of $25.5 million to the available-for-sale portfolio. As of June 30, 2020 , the Company owned 33 GSE CMOs with a total fair value of $58.6 million and a net unrealized gain of $1.3 million . As of December 31, 2019 , the Company held 61 GSE CMOs with a total fair value of $85.9 million with a net unrealized loss of $1.1 million . As of June 30, 2020 , 2 of the 33 securities in this portfolio were in an unrealized loss position. As of December 31, 2019 , 45 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 six months ended June 30, 2020 and 2019 , the Company did no t purchase any GSE CMOs. As of June 30, 2020 , the Company owned 138 GSE MBSs with a total fair value of $387.7 million and a net unrealized gain of $11.5 million . As of December 31, 2019 , the Company held 150 GSE MBSs with a total fair value of $153.3 million with a net unrealized gain of $0.3 million . As of June 30, 2020 , 15 of the 138 securities in this portfolio were in an unrealized loss position. As of December 31, 2019 , 48 of the 150 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 six months ended June 30, 2020 , the Company purchased $248.4 million GSE MBSs. This compares to the same period in 2019 when the Company did no t purchase any GSE MBSs. During the six months ended June 30, 2020 , the Company transferred 8 held-to-maturity GSE MBSs with a total fair value of $9.0 million to the available-for-sale portfolio. SBA Commercial Loan Asset-Backed As of June 30, 2020 , the Company owned 1 SBA security with a nominal fair value which approximated amortized cost. As of December 31, 2019 , the Company owned 4 SBA securities with a total fair value of $34.0 thousand , which approximated amortized cost. As of June 30, 2020 , none of the securities in this portfolio were in an unrealized loss position. As of December 31, 2019 , 3 of the 4 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 six months ended June 30, 2020 and 2019 , 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 June 30, 2020 , the Company held 7 corporate obligation securities with a total fair value of $26.6 million and a net unrealized gain of $1.2 million . As of December 31, 2019 , the Company held 8 corporate obligation securities with a total fair value of $29.0 million and a net unrealized gain of $0.5 million . As of June 30, 2020 and December 31, 2019 , none 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 six months ended June 30, 2020 and 2019 , the Company did no t purchase any corporate obligations. During the six months ended June 30, 2020 , the Company transferred 1 held-to-maturity corporate obligation security with a total fair value of $ 0.5 million to the available-for-sale portfolio. U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of June 30, 2020 , the Company owned 10 U.S. Treasury bonds with a total fair value of $59.7 million and an unrealized gain of $4.0 million . This compares to 9 U.S. Treasury bonds with a total fair value of $44.9 million and an unrealized gain of $0.2 million as of December 31, 2019 . As of June 30, 2020 , none of the securities in this portfolio were in an unrealized loss position. As of December 31, 2019 , 5 of the 9 securities in this portfolio were in unrealized loss positions. During the six months ended June 30, 2020 the Company purchased $21.2 million U.S. Treasury bonds, compared to the same period in 2019 when the Company did no t purchase any U.S. Treasury bonds. Municipal Obligations As of June 30, 2020 , the Company held no municipal obligation securities. As of December 31, 2019 , the Company owned 93 municipal obligation securities classified as held-to-maturity with a total fair value and total amortized cost of $ 46.5 million and $45.7 million , respectively. As of December 31, 2019 , 6 of the 93 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2019 , the Company did no t purchase any municipal obligations. Foreign Government Obligations As of June 30, 2020 and December 31, 2019 , the Company owned 1 foreign government obligation security with a fair value of $0.5 million , which approximated cost. As of June 30, 2020 and December 31, 2019 respectively, the security was in an unrealized loss position. During the six months ended June 30, 2020 , the Company did no t purchase any foreign government obligations, compared to the same period in 2019 when the Company repurchased an existing foreign government obligation that had matured. Equity Securities Held-for-Trading From time to time, the Company will invest in equity securities held-for-trading. As of June 30, 2020 and December 31, 2019 , the Company owned equity securities held-for-trading with a fair value of $2.0 million and $3.6 million , respectively. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At June 30, 2020 At December 31, 2019 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 $ 14,456 $ 14,578 2.06 % $ 12,797 $ 12,804 1.76 % After 1 year through 5 years 180,991 189,423 2.17 % 217,569 220,757 2.19 % After 5 years through 10 years 233,204 238,271 1.57 % 93,805 94,212 2.04 % Over 10 years 400,895 412,233 1.95 % 171,994 171,222 2.12 % $ 829,546 $ 854,505 1.89 % $ 496,165 $ 498,995 2.13 % Investment securities held-to-maturity: Within 1 year $ ā $ ā ā % $ 6,366 $ 6,381 1.33 % After 1 year through 5 years ā ā ā % 63,898 64,559 1.81 % After 5 years through 10 years ā ā ā % 7,177 7,364 1.79 % Over 10 years ā ā ā % 9,339 9,257 1.90 % $ ā $ ā ā % $ 86,780 $ 87,561 1.82 % 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 June 30, 2020 , issuers of debt securities with an estimated fair value of $130.2 million had the right to call or prepay the obligations. Of the $130.2 million , approximately $3.0 million matures within 1 year, $13.5 million matures in 1 - 5 years, $93.5 million matures in 6 - 10 years, and $20.1 million matures after ten years. As of December 31, 2019 , issuers of debt securities with an estimated fair value of approximately $37.6 million had the right to call or prepay the obligations. Of the $37.6 million , approximately $3.0 million matures within 1 year, $34.6 million matures in 1-5 years, and none mature after 5 years. Security Sales There were $131.5 million securities sold during the six months ended June 30, 2020 . There were no securities sold during the six months ended June 30, 2019 . Sales of investment and restricted equity securities are summarized as follows: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (In Thousands) Proceeds from sale of trust preferred, marketable and restricted equity securities $ 518 $ ā Sales of trading securities $ 131,497 $ ā Gross gains from securities sales 3,153 ā Gross losses from securities sales (166 ) ā Gain on sales of securities, net $ 2,987 $ ā |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated: At June 30, 2020 At December 31, 2019 Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,609,762 3.65 % $ 2,491,011 4.33 % Multi-family mortgage 968,761 3.52 % 932,163 4.20 % Construction 259,180 3.80 % 246,048 5.09 % Total commercial real estate loans 3,837,703 3.63 % 3,669,222 4.34 % Commercial loans and leases: Commercial (1) 1,222,986 2.54 % 729,502 4.66 % Equipment financing 1,085,869 7.53 % 1,052,408 7.71 % Condominium association 52,608 4.69 % 56,838 4.84 % Total commercial loans and leases 2,361,463 4.88 % 1,838,748 6.41 % Consumer loans: Residential mortgage 804,282 3.95 % 814,245 4.10 % Home equity 370,322 3.27 % 376,819 4.46 % Other consumer 33,927 3.05 % 38,782 4.48 % Total consumer loans 1,208,531 3.72 % 1,229,846 4.22 % Total loans and leases $ 7,407,697 4.04 % $ 6,737,816 4.88 % ______________________________________________________________________ (1) Including $565,769 of PPP loans as of June 30, 2020. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of June 30, 2020. Accrued interest on loans and leases, which were excluded from the amortized cost of loans and leases totaled $ 26.7 million and $17.4 million at June 30, 2020 and December 31, 2019 , respectively, and were included in other assets in the consolidated balance sheets. The following table presents the recorded investments of loans and leases and weighted average coupon rates for the originated and acquired loan and lease portfolios at the date indicated: At December 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 $ 2,400,037 4.32 % $ 90,974 4.63 % $ 2,491,011 4.33 % Multi-family mortgage 896,482 4.18 % 35,681 4.59 % 932,163 4.20 % Construction 239,015 5.04 % 7,033 6.73 % 246,048 5.09 % Total commercial real estate loans 3,535,534 4.33 % 133,688 4.73 % 3,669,222 4.34 % Commercial loans and leases: Commercial 713,875 4.65 % 15,627 5.14 % 729,502 4.66 % Equipment financing 1,049,997 7.71 % 2,411 5.98 % 1,052,408 7.71 % Condominium association 56,838 4.84 % ā ā % 56,838 4.84 % Total commercial loans and leases 1,820,710 6.42 % 18,038 5.25 % 1,838,748 6.41 % Consumer loans: Residential mortgage 711,522 4.06 % 102,723 4.40 % 814,245 4.10 % Home equity 343,247 4.41 % 33,572 4.93 % 376,819 4.46 % Other consumer 38,674 4.44 % 108 17.91 % 38,782 4.48 % Total consumer loans 1,093,443 4.18 % 136,403 4.54 % 1,229,846 4.22 % Total loans and leases $ 6,449,687 4.89 % $ 288,129 4.67 % $ 6,737,816 4.88 % The net unamortized deferred loan origination (fees) costs included in total loans and leases were $(1.1) million and $15.7 million as of June 30, 2020 and December 31, 2019 , respectively. The decrease in net unamortized deferred loan origination fees and costs was primarily due to the net deferred origination fees of $15.5 million for the SBA's Payment Protection Program ("PPP") loans which were originated during the quarter. The Banks and their subsidiaries lend primarily in all New England states, with the exception of equipment financing, 27.5% of which is in the greater New York and New Jersey metropolitan area and 72.5% of which is in other areas in the United States of America as of June 30, 2020 . Accretable Yield for the Acquired Loan Portfolio On a quarterly basis prior to the adoption of ASU 2016-13, management reforecasted the expected cash flows for acquired ASC 310-30 loans, and took into account prepayment speeds, probability of default and loss given defaults. Management compared cash flow projections per the reforecast to the original cash flow projections and determined whether any reduction in cash flow expectations were due to deterioration, or if the change in cash flow expectation was related to noncredit events. This cash flow analysis was used to evaluate the need for a provision for loan and lease losses and/or prospective yield adjustments for the acquired portfolio. Upon adoption of ASU 2016-13, the Company did not reassess whether previously recognized purchased credit impaired loans accounted for under prior accounting guidance met the criteria of a purchased credit deteriorated (PCD) loan as of the date of adoption. PCD loans are initially recorded at fair value along with an ACL determined using the same methodology as originated loans. The sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACL are recorded through provision for credit losses. As of June 30, 2020 , there were no PCD loans in the Company's portfolios. The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2019 (In Thousands) Balance at beginning of period $ 7,166 $ 7,905 Acquisitions ā ā Accretion (1,041 ) (1,841 ) Reclassification from nonaccretable difference as a result of changes in expected cash flows 727 788 Balance at end of period $ 6,852 $ 6,852 During the three months ended June 30, 2019 , accretable yield adjustments totaling $0.7 million was made for certain loan pools. During the six months ended June 30, 2019 , accretable yield adjustments totaling $0.8 million were made for certain loan pools. These accretable yield adjustments, which were subject to continued re-assessment, will be recognized over the remaining lives of those pools. As of June 30, 2019 , the accretable yield was fully accreted. Loans and Leases Pledged as Collateral As of June 30, 2020 and 2019 , there were $3.5 billion and $2.9 billion respectively of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLBB borrowings. The Banks did no t have any outstanding FRB borrowings as of June 30, 2020 and December 31, 2019 . |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 6 Months Ended |
Jun. 30, 2020 | |
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 in loans and leases by portfolio segment for the periods indicated: Three Months Ended June 30, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at March 31, 2020 $ 82,179 $ 26,774 $ 4,228 $ 113,181 Charge-offs ā (1,794 ) (9 ) (1,803 ) Recoveries 94 296 30 420 Provision (credit) for loan and lease losses excluding unfunded commitments 7,738 (338 ) 355 7,755 Balance at June 30, 2020 $ 90,011 $ 24,938 $ 4,604 $ 119,553 Three Months Ended June 30, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at March 31, 2019 $ 28,349 $ 24,240 $ 5,452 $ 58,041 Charge-offs ā (3,401 ) (11 ) (3,412 ) Recoveries ā 294 36 330 Provision for loan and lease losses 319 3,200 157 3,676 Balance at June 30, 2019 $ 28,668 $ 24,333 $ 5,634 $ 58,635 Six Months Ended June 30, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2019 $ 30,285 $ 24,826 $ 5,971 $ 61,082 Adoption of ASU 2016-13 (CECL) 11,694 (2,672 ) (2,390 ) 6,632 Charge-offs ā (4,321 ) (21 ) (4,342 ) Recoveries 94 543 88 725 Provision for loan and lease losses excluding unfunded commitments 47,938 6,562 956 55,456 Balance at June 30, 2020 $ 90,011 $ 24,938 $ 4,604 $ 119,553 Six Months Ended June 30, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 Charge-offs ā (5,913 ) (41 ) (5,954 ) Recoveries ā 682 89 771 Provision for loan and lease losses 481 4,281 364 5,126 Balance at June 30, 2019 $ 28,668 $ 24,333 $ 5,634 $ 58,635 The allowance for credit losses for unfunded credit commitments, which is included in other liabilities, was $14.8 million and $1.9 million at June 30, 2020 and December 31, 2019 , respectively. The increase in allowance for unfunded commitments was primarily driven by the adoption of CECL and the effect of the latest available economic forecast which incorporates the impact of the COVID-19 pandemic. No credit commitments were charged off against the liability account in the six month periods ended June 30, 2020 and 2019 . Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Provision for loan and lease losses: Commercial real estate $ 7,738 $ 319 $ 47,938 $ 481 Commercial (338 ) 3,200 6,562 4,281 Consumer 355 157 956 364 Total provision for loan and lease losses 7,755 3,676 55,456 5,126 Unfunded credit commitments (2,408 ) 81 4,005 (16 ) Total provision for credit losses $ 5,347 $ 3,757 $ 59,461 $ 5,110 Allowance for Loan and Lease Losses Methodology Management has established a methodology to determine the adequacy of the allowance for credit losses that assesses the risks and losses expected on the loan and lease portfolio. Additions to the allowance for credit 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. To calculate the allowance, management uses models developed by a third party. The models include: Commercial real estate (CRE) lifetime, Commercial and industrial (C&I) lifetime, Retail lifetime, C&I historical, and Retail historical. Lifetime loss rate models calculate the expected losses over the life of the loan based on loan attributes and reasonable, supportable economic forecasts. Historical loss rate models apply a loss rate to the outstanding balance of the loan. Management uses historical loss rates for condominium association, auto, and government lease portfolio segments because these loans have distinct, historical, or expected loss patterns and a de minimus effect on the overall allowance and provision. Management elected to use multiple economic forecasts in determining the reserve to account for economic uncertainty. The forecasts include various projections of Gross Domestic Product ("GDP"), interest rates, property price indices, and employment measures. The forecasts are probability-weighted in accordance with best practices and available information at the time of the calculation execution. Scenario weighting and model parameters are reviewed for each calculation and are subject to change. The models recognize that the life of a loan may exceed the economic forecast therefore the models employ mean reversion techniques to predict credit losses for loans that are expected to mature beyond the forecast period. The June 30, 2020 forecasts reflect the immediate and longer-term effects of the COVID-19 pandemic as well as the associated policies and provision provided by local and national authorities. The CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models were developed using the historical loss experience of all banks in the modelās developmental dataset. Banks in the modelās developmental dataset may have different loss experiences as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses for each model using a scalar. Each scalar was calculated by examining the loss rates of peer banks that have similar operations and asset bases. Peer group loss rates were used in the scalar calculation because management believes the peer groupās historical losses provide a better reflection of the Companyās current portfolio and operating procedures than the Companyās historical losses. Qualitative adjustments are also applied to select segments of the loan portfolio where applicable. For June 30, 2020, management applied qualitative adjustments to the CRE lifetime loss rate and C&I lifetime loss rate. These adjustments were made based on historical loss patterns, current loan and portfolio metrics, and expert judgment based on professional experience. The qualitative adjustments resulted in reductions in reserves for the CRE portfolio and additions to reserves for the C&I portfolio, as compared to the model output. Specific reserves are established for loans individually evaluated for impairment when amortized cost basis is greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent loans, when there is an excess of a loan's amortized cost basis over the fair value of its underlying collateral. When loans and leases do not share risk characteristics with other financial assets they are evaluated individually. Individually evaluated loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. Beginning January 1, 2020, the Company implemented the CECL methodology to calculate the allowance for credit losses. As of January 1, 2020, the allowance for loan and lease losses increased by $6.6 million as a result of the adoption of CECL. Prior to January 1, 2020, the Company calculated the allowance for loan and lease losses using the incurred losses methodology. The allowance for loan and lease losses was $112.5 million as of June 30, 2020 , compared to $59.3 million as of December 31, 2019 . The increase in general allowance for loan and lease losses was driven by the effect of the latest available economic forecast, inclusive of the COVID-19 pandemic and legislative initiatives, on the Company's loan and lease portfolios. The specific allowance for loan and lease losses was $7.1 million as of June 30, 2020 , compared to $1.8 million as of December 31, 2019 . The specific allowance increased by $5.3 million during the six months ended June 30, 2020 primarily due to the specific reserves of $3.1 million for an individually evaluated commercial relationship and $2.3 million for an individually evaluated commercial real estate relationship during the six months ended June 30, 2020 . As of June 30, 2020 , 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 over the lifetime of the Companyās loan portfolios. 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 credit 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, adversely risk-rated, 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 troubled debt restructuring ("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 RatingāPass 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 RatingāOther 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 RatingāSubstandard 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 RatingāDoubtful 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 RatingāDefinite 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 table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of June 30, 2020 . June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 214,318 $ 424,343 $ 292,473 $ 280,329 $ 285,244 $ 1,018,739 $ 54,076 $ 11,491 $ 2,581,013 OAEM ā 490 ā ā 2,221 14,014 ā ā 16,725 Substandard ā ā ā 221 237 11,500 ā 66 12,024 Total 214,318 424,833 292,473 280,550 287,702 1,044,253 54,076 11,557 2,609,762 Multi-Family Mortgage Pass 59,867 111,993 154,919 109,133 129,623 341,824 49,333 12,069 968,761 Total 59,867 111,993 154,919 109,133 129,623 341,824 49,333 12,069 968,761 Construction Pass 17,489 68,116 147,643 9,132 3,126 718 9,038 ā 255,262 OAEM ā 1,000 ā ā 2,918 ā ā ā 3,918 Total 17,489 69,116 147,643 9,132 6,044 718 9,038 ā 259,180 Commercial Pass 603,874 78,792 60,175 76,219 28,708 125,801 216,325 3,725 1,193,619 OAEM ā 5,668 23 ā 54 27 7,497 ā 13,269 Substandard ā ā 809 641 1,809 10,178 2,001 659 16,097 Doubtful ā ā ā ā ā ā ā 1 1 Total 603,874 84,460 61,007 76,860 30,571 136,006 225,823 4,385 1,222,986 Equipment Financing Pass 159,673 359,464 255,091 155,486 76,578 59,310 715 1,023 1,067,340 OAEM ā 2,612 1,395 ā 1,321 41 ā ā 5,369 Substandard ā 1,953 3,734 2,609 1,550 1,953 ā ā 11,799 Doubtful ā 534 58 418 300 51 ā ā 1,361 Total 159,673 364,563 260,278 158,513 79,749 61,355 715 1,023 1,085,869 Condominium Association Pass 2,211 10,515 5,459 8,204 5,865 17,365 2,288 512 52,419 Substandard ā ā ā ā 123 66 ā ā 189 Total 2,211 10,515 5,459 8,204 5,988 17,431 2,288 512 52,608 June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Other Consumer Pass 584 612 8,512 40 576 429 23,155 13 33,921 Substandard ā ā ā ā ā ā 6 ā 6 Total 584 612 8,512 40 576 429 23,161 13 33,927 Total Pass 1,058,016 1,053,835 924,272 638,543 529,720 1,564,186 354,930 28,833 6,152,335 OAEM ā 9,770 1,418 ā 6,514 14,082 7,497 ā 39,281 Substandard ā 1,953 4,543 3,471 3,719 23,697 2,007 725 40,115 Doubtful ā 534 58 418 300 51 ā 1 1,362 Total $ 1,058,016 $ 1,066,092 $ 930,291 $ 642,432 $ 540,253 $ 1,602,016 $ 364,434 $ 29,559 $ 6,233,093 For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. At June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 66,521 $ 107,427 $ 74,852 $ 63,569 $ 54,715 $ 144,997 $ 3,820 $ ā $ 515,901 661 - 700 10,682 22,314 13,139 18,302 10,582 27,181 ā ā 102,200 600 and below 4,537 5,282 5,172 8,325 6,701 15,945 ā ā 45,962 Data not available* 10,070 19,059 10,228 15,736 5,607 78,170 ā 1,349 140,219 Total 91,810 154,082 103,391 105,932 77,605 266,293 3,820 1,349 804,282 Home Equity Credit Scores Over 700 1,046 4,307 3,448 3,536 1,250 14,780 266,269 3,419 298,055 661 - 700 172 506 575 677 333 3,495 43,734 1,713 51,205 600 and below ā 157 276 14 41 587 10,047 874 11,996 Data not available* ā ā ā ā ā 1,817 5,766 1,483 9,066 Total $ 1,218 $ 4,970 $ 4,299 $ 4,227 $ 1,624 $ 20,679 $ 325,816 $ 7,489 $ 370,322 _______________________________________________________________________________ * Represents loans and leases for which data are not available. The following tables present the recorded investment in loans in each class as of December 31, 2019 , by credit quality indicator. At December 31, 2019 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,379,925 $ 896,398 $ 239,015 $ 688,268 $ 1,038,793 $ 56,687 $ 38,673 $ 5,337,759 OAEM 17,006 ā ā 10,803 1,389 ā ā 29,198 Substandard 3,106 84 ā 14,801 7,995 151 1 26,138 Doubtful ā ā ā 3 1,820 ā ā 1,823 Total originated 2,400,037 896,482 239,015 713,875 1,049,997 56,838 38,674 5,394,918 Acquired: Loan rating: Pass 81,360 35,681 7,033 15,215 2,404 ā 108 141,801 OAEM 597 ā ā 210 ā ā ā 807 Substandard 9,017 ā ā 202 7 ā ā 9,226 Total acquired 90,974 35,681 7,033 15,627 2,411 ā 108 151,834 Total loans $ 2,491,011 $ 932,163 $ 246,048 $ 729,502 $ 1,052,408 $ 56,838 $ 38,782 $ 5,546,752 As of December 31, 2019 , there were no loans categorized as definite loss. At December 31, 2019 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 184,628 22.7 % $ 132,736 35.2 % 50%ā69% 293,976 36.1 % 91,681 24.3 % 70%ā79% 204,600 25.1 % 81,459 21.6 % 80% and over 25,664 3.2 % 37,371 9.9 % Data not available* 2,654 0.3 % ā ā % Total originated 711,522 87.4 % 343,247 91.0 % Acquired: Loan-to-value ratio: Less than 50% 32,838 4.0 % 16,882 4.5 % 50%ā69% 44,754 5.4 % 7,958 2.1 % 70%ā79% 14,305 1.8 % 705 0.2 % 80% and over 4,608 0.6 % 4,726 1.3 % Data not available 6,218 0.8 % 3,301 0.9 % Total acquired 102,723 12.6 % 33,572 9.0 % Total loans $ 814,245 100.0 % $ 376,819 100.0 % _______________________________________________________________________________ * 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 June 30, 2020 At December 31, 2019 (In Thousands) Amortized cost basis in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ ā $ 110 Age Analysis of Past Due Loans and Leases The following table presents an age analysis of the amortized cost basis in loans and leases as of June 30, 2020 . At June 30, 2020 Past Due Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Non-accrual Non-accrual with No Related Allowance (In Thousands) Commercial real estate loans: Commercial real estate $ 4,351 $ 6,460 $ 10,134 $ 20,945 $ 2,588,817 $ 2,609,762 $ 145 $ 10,139 $ 1,783 Multi-family mortgage 7,940 242 ā 8,182 960,579 968,761 ā ā ā Construction ā ā ā ā 259,180 259,180 ā ā ā Total commercial real estate loans 12,291 6,702 10,134 29,127 3,808,576 3,837,703 145 10,139 1,783 Commercial loans and leases: Commercial 585 2,283 10,444 13,312 1,209,674 1,222,986 248 12,427 7,643 Equipment financing 3,348 6,946 9,272 19,566 1,066,303 1,085,869 418 13,100 4,160 Condominium association 137 ā 48 185 52,423 52,608 48 190 123 Total commercial loans and leases 4,070 9,229 19,764 33,063 2,328,400 2,361,463 714 25,717 11,926 Consumer loans: Residential mortgage 9,373 5,543 4,058 18,974 785,308 804,282 808 4,157 3,388 Home equity 1,743 2,385 740 4,868 365,454 370,322 307 1,278 767 Other consumer 12 3 7 22 33,905 33,927 ā 9 ā Total consumer loans 11,128 7,931 4,805 23,864 1,184,667 1,208,531 1,115 5,444 4,155 Total loans and leases $ 27,489 $ 23,862 $ 34,703 $ 86,054 $ 7,321,643 $ 7,407,697 $ 1,974 $ 41,300 $ 17,864 There is no interest income recognized on non-accrual loans for the six months ended June 30, 2020 . The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2019 . At December 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 $ 3,330 $ 2,032 $ 1,606 $ 6,968 $ 2,393,069 $ 2,400,037 $ 51 $ 2,751 Multi-family mortgage 3,559 553 ā 4,112 892,370 896,482 ā 84 Construction ā ā ā ā 239,015 239,015 ā ā Total commercial real estate loans 6,889 2,585 1,606 11,080 3,524,454 3,535,534 51 2,835 Commercial loans and leases: Commercial 5,010 199 3,875 9,084 704,791 713,875 ā 4,707 Equipment financing 3,098 1,558 7,246 11,902 1,038,095 1,049,997 ā 9,822 Condominium association 458 ā ā 458 56,380 56,838 ā 151 Total commercial loans and leases 8,566 1,757 11,121 21,444 1,799,266 1,820,710 ā 14,680 Consumer loans: Residential mortgage 1,014 ā 3 1,017 710,505 711,522 ā 753 Home equity 794 501 139 1,434 341,813 343,247 2 276 Other consumer 46 1 1 48 38,626 38,674 ā 1 Total consumer loans 1,854 502 143 2,499 1,090,944 1,093,443 2 1,030 Total originated loans and leases $ 17,309 $ 4,844 $ 12,870 $ 35,023 $ 6,414,664 $ 6,449,687 $ 53 $ 18,545 At December 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 (1) (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 539 $ 59 $ 8,989 $ 9,587 $ 81,387 $ 90,974 $ 8,919 $ 94 Multi-family mortgage ā ā ā ā 35,681 35,681 ā ā Construction ā ā ā ā 7,033 7,033 ā ā Total commercial real estate loans 539 59 8,989 9,587 124,101 133,688 8,919 94 Commercial loans and leases: Commercial ā ā ā ā 15,627 15,627 ā 202 Equipment financing ā ā 7 7 2,404 2,411 7 ā Total commercial loans and leases ā ā 7 7 18,031 18,038 7 202 Consumer loans: Residential mortgage 35 75 1,090 1,200 101,523 102,723 1,090 ā Home equity 430 ā 42 472 33,100 33,572 40 620 Other consumer ā ā ā ā 108 108 ā ā Total consumer loans 465 75 1,132 1,672 134,731 136,403 1,130 620 Total acquired loans and leases $ 1,004 $ 134 $ 10,128 $ 11,266 $ 276,863 $ 288,129 $ 10,056 $ 916 Total loans and leases $ 18,313 $ 4,978 $ 22,998 $ 46,289 $ 6,691,527 $ 6,737,816 $ 10,109 $ 19,461 ___________________________________________________________ (1) Loans and leases acquired with deteriorated credit quality are always accruing. 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 loans and leases risk-rated "substandard" or worse are considered impaired. The Company has also defined the population of impaired loans to include nonaccrual loans and TDR loans. Impaired loans and leases which do not share similar risk characteristics with other loans are individually evaluated for credit losses. Specific reserves are established for loans and leases with deterioration in the present value of expected future cash flows or, in the case of collateral-dependent loans and leases, any increase in the loan or lease amortized cost basis over the fair value of the underlying collateral discounted for estimated selling costs. In contrast, the loans and leases which share similar risk characteristics and are not included in the individually evaluated population are collectively evaluated for credit losses. The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. Periods prior to January 1, 2020 are presented in accordance with accounting rules effective at that time. At June 30, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 2,419 $ 4,544 $ 114 $ 7,077 Collectively evaluated 91,155 16,831 4,490 112,476 Total 93,574 21,375 4,604 119,553 Loans and Leases: Individually evaluated $ 11,801 $ 27,867 $ 6,438 $ 46,106 Collectively evaluated 3,825,902 2,333,596 1,202,093 7,361,591 Total 3,837,703 2,361,463 1,208,531 7,407,697 At December 31, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 7 $ 1,672 $ 70 $ 1,749 Collectively evaluated for impairment 28,415 22,853 5,850 57,118 Total originated loans and leases 28,422 24,525 5,920 58,867 Acquired: Individually evaluated for impairment ā ā 40 40 Collectively evaluated for impairment 65 197 11 273 Acquired with deteriorated credit quality 1,798 104 ā 1,902 Total acquired loans and leases 1,863 301 51 2,215 Total allowance for loan and lease losses $ 30,285 $ 24,826 $ 5,971 $ 61,082 Loans and Leases: Originated: Individually evaluated for impairment $ 3,956 $ 20,019 $ 3,326 $ 27,301 Collectively evaluated for impairment 3,531,578 1,800,691 1,090,117 6,422,386 Total originated loans and leases 3,535,534 1,820,710 1,093,443 6,449,687 Acquired: Individually evaluated for impairment 2,942 397 1,841 5,180 Collectively evaluated for impairment 79,465 15,465 110,758 205,688 Acquired with deteriorated credit quality 51,281 2,176 23,804 77,261 Total acquired loans and leases 133,688 18,038 136,403 288,129 Total loans and leases $ 3,669,222 $ 1,838,748 $ 1,229,846 $ 6,737,816 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 December 31, 2019 Recorded Investment (1) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,899 $ 3,892 $ ā Commercial 28,539 28,533 ā Consumer 2,237 2,223 ā Total originated with no related allowance recorded 34,675 34,648 ā With an allowance recorded: Commercial real estate 68 68 7 Commercial 5,980 6,055 1,672 Consumer 1,224 1,220 70 Total originated with an allowance recorded 7,272 7,343 1,749 Total originated impaired loans and leases 41,947 41,991 1,749 Acquired: With no related allowance recorded: Commercial real estate 12,365 12,366 ā Commercial 437 437 ā Consumer 3,516 3,516 ā Total acquired with no related allowance recorded 16,318 16,319 ā With an allowance recorded: Commercial real estate ā ā ā Commercial ā ā ā Consumer 447 447 40 Total acquired with an allowance recorded 447 447 40 Total acquired impaired loans and leases 16,765 16,766 40 Total impaired loans and leases $ 58,712 $ 58,757 $ 1,789 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $18.5 million and $0.9 million , respectively as of December 31, 2019 . Three Months Ended June 30, 2019 Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,374 $ 15 Commercial 38,211 338 Consumer 2,644 8 Total originated with no related allowance recorded 44,229 361 With an allowance recorded: Commercial real estate 71 1 Commercial 5,903 33 Consumer 660 6 Total originated with an allowance recorded 6,634 40 Total originated impaired loans and leases 50,863 401 Acquired: With no related allowance recorded: Commercial real estate 9,497 9 Commercial 507 5 Consumer 4,531 15 Total acquired with no related allowance recorded 14,535 29 With an allowance recorded: Consumer 155 1 Total acquired with an allowance recorded 155 1 Total acquired impaired loans and leases 14,690 30 Total impaired loans and leases $ 65,553 $ 431 Six Months Ended June 30, 2019 Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 6,037 $ 80 Commercial 36,687 687 Consumer 2,688 16 Total originated with no related allowance recorded 45,412 783 With an allowance recorded: Commercial real estate 270 2 Commercial 7,185 61 Consumer 662 12 Total originated with an allowance recorded 8,117 75 Total originated impaired loans and leases 53,529 858 Acquired: With no related allowance recorded: Commercial real estate 9,325 12 Commercial 533 9 Consumer 4,737 30 Total acquired with no related allowance recorded 14,595 51 With an allowance recorded: Consumer 154 2 Total acquired with an allowance recorded 154 2 Total acquired impaired loans and leases 14,749 53 Total impaired loans and leases $ 68,278 $ 911 Troubled Debt Restructuring Loans and Lease The following table sets forth information regarding TDR loans and leases at the dates indicated: At June 30, 2020 At December 31, 2019 (In Thousands) Troubled debt restructurings: On accrual $ 10,172 $ 17,076 On nonaccrual 5,972 6,104 Total troubled debt restructurings $ 16,144 $ 23,180 Total TDR loans and leases decreased by $7.1 million to $16.1 million at June 30, 2020 from $23.2 million at December 31, 2019 , driven primarily by the payments and payoffs of the commercial and construction TDRs, partially offset by the new equipment financing TDRs during the six months ended June 30, 2020 . The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios, that were modified during the periods indicated, are as follows. At and for the Three Months Ended June 30, 2020 Amortized Cost Specific Allowance for Credit Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Number of Loans/ Leases Amortized Cost (Dollars in Thousands) Commercial real estate ā $ ā $ ā $ ā $ ā 1 $ 221 Equipment financing 11 1,174 1,160 ā 1,160 ā ā Total 11 $ 1,174 $ 1,160 $ ā $ 1,160 1 $ 221 ______________________________________________________________________ (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 June 30, 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 1 520 520 ā ā ā ā Equipment financing 2 554 554 192 497 ā ā Total originated 3 $ 1,074 $ 1,074 $ 192 $ 497 ā $ ā ______________________________________________________________________ (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 Six Months Ended June 30, 2020 Amortized Cost Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Amortized Cost (Dollars in Thousands) Commercial real estate ā $ ā $ ā $ ā $ ā $ ā $ 1 $ 221 Commercial 2 297 302 ā ā ā ā ā Equipment financing 11 1,174 1,160 ā 1,160 ā ā ā Home equity 1 200 200 ā ā ā ā ā Total 14 $ 1,671 $ 1,662 $ ā $ 1,160 ā 1 $ 221 At and for the Six Months Ended June 30, 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 Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial real estate 1 $ 73 $ 71 $ 8 $ ā ā ā $ ā Commercial 7 17,274 18,907 ā ā ā ā ā Equipment financing 5 1,369 1,113 380 1,056 ā ā ā Total originated 13 18,716 20,091 388 1,056 ā ā ā The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Extended maturity $ 334 $ 520 $ 636 $ 6,503 Adjusted principal 44 ā 44 ā Combination maturity, principal, interest rate 782 554 982 13,588 Total 1,160 1,074 1,662 20,091 The TDR loans and leases that were modified for the three months ended June 30, 2020 and 2019 were $1.2 million and $1.1 million , respectively. The TDR loans and leases that were modified for the six months ended June 30, 2020 and 2019 were $ 1.7 million and $20.1 million , respectively. The decrease in TDR loans and leases that were modified for the six months ended June 30, 2020 was primarily due to the modification of four commercial relationships totaling $18.9 million during the six months ended June 30, 2019 . The net charge-offs for performing and nonperforming TDR loans and leases for the three and six months ended June 30, 2020 were $0.5 million and $0.6 m |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 At December 31, 2019 (In Thousands) Goodwill (beginning) $ 160,427 $ 160,427 Additions ā ā Balance at end of period 160,427 160,427 Other intangible assets: Core deposits 2,687 3,334 Trade name 1,089 1,089 Total other intangible assets 3,776 4,423 Total goodwill and other intangible assets $ 164,203 $ 164,850 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 6.14 . 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 2020 $ 624 Year ending: 2021 857 2022 500 2023 268 2024 158 2025 104 Thereafter 176 Total $ 2,687 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) For the six months ended June 30, 2020 and 2019 , the Companyās accumulated other comprehensive (loss) income 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 by component, net of tax, were as follows for the periods indicated: Three Months Ended June 30, 2020 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at March 31, 2020 $ 16,863 $ 84 $ 16,947 Other comprehensive income 3,085 ā 3,085 Less: amounts reclassified from accumulated other comprehensive income 494 ā 494 Balance at June 30, 2020 $ 19,454 $ 84 $ 19,538 Three Months Ended June 30, 2019 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at March 31, 2019 $ (4,645 ) $ 252 $ (4,393 ) Other comprehensive income 5,534 ā 5,534 Balance at June 30, 2019 $ 889 $ 252 $ 1,141 Six Months Ended June 30, 2020 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at December 31, 2019 $ 2,199 $ 84 $ 2,283 Other comprehensive income 19,582 ā 19,582 Less: amounts reclassified from accumulated other comprehensive income 2,327 ā 2,327 Balance at June 30, 2020 $ 19,454 $ 84 $ 19,538 Six Months Ended June 30, 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 10,601 ā 10,601 Balance at June 30, 2019 $ 889 $ 252 $ 1,141 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities 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. 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". 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. The Company uses interest rate futures that are designated and qualify as cash flow hedging instruments. Positions are marked to market as an unrealized gain or loss with off-setting entries recognized in Accumulated Other Comprehensive Income. Gains and losses are recognized on the income statement in the account of the hedged item during the period in which the derivative settles. The fair value of these hedges on June 30, 2020 was a net liability position of $6 thousand compared to no position in December 31, 2019. 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 present 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 June 30, 2020 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 135 $ 23,939 $ 8,686 $ 24,584 $ 18,942 $ 1,191,796 $ 1,267,947 $ 163,744 Pay fixed, receive variable 135 23,939 8,686 24,584 18,942 1,191,796 1,267,947 163,744 Risk participation-out agreements 43 13,495 ā 7,077 ā 251,624 272,196 2,641 Risk participation-in agreements 7 ā ā ā 19,000 40,119 59,119 467 Foreign exchange contracts Buys foreign currency, sells U.S. currency 21 $ 1,332 $ ā $ ā $ ā $ ā $ 1,332 $ 96 Sells foreign currency, buys U.S. currency 23 1,441 ā ā ā ā 1,441 117 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, 2019 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 119 $ 24,777 $ ā $ 31,131 $ 16,794 $ 1,028,491 $ 1,101,193 $ 58,102 Pay fixed, receive variable 119 24,777 ā 31,131 16,794 1,028,491 1,101,193 58,102 Risk participation-out agreements 40 13,967 ā ā 7,143 214,583 235,693 1,229 Risk participation-in agreements 7 ā ā ā 19,000 36,281 55,281 283 Foreign exchange contracts Buys foreign currency, sells U.S. currency 16 $ 1,125 $ ā $ ā $ ā $ ā $ 1,125 $ 54 Sells foreign currency, buys U.S. currency 18 1,230 ā ā ā ā 1,230 53 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 $173.3 million and $86.5 million in the normal course of business as of June 30, 2020 and December 31, 2019 , respectively. Dealer counterparties posted no collateral to the Company in the normal course of business as of June 30, 2020 and December 31, 2019 . 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 June 30, 2020 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 $ 165,756 $ ā $ 165,756 $ ā $ ā $ 165,756 Risk participation-out agreements 2,641 ā 2,641 ā ā 2,641 Foreign exchange contracts 117 ā 117 ā ā 117 Total $ 168,514 $ ā $ 168,514 $ ā $ ā $ 168,514 Liability derivatives Loan level derivatives $ 165,756 $ ā $ 165,756 $ 162,140 $ 11,210 $ (7,594 ) Risk participation-in agreements 467 ā 467 ā ā 467 Foreign exchange contracts 96 ā 96 ā ā 96 Total $ 166,319 $ ā $ 166,319 $ 162,140 $ 11,210 $ (7,031 ) At December 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 $ 59,365 $ ā $ 59,365 $ ā $ 11,900 $ 47,465 Risk participation-out agreements 1,229 ā 1,229 ā ā 1,229 Foreign exchange contracts 54 ā 54 ā ā 54 Total $ 60,648 $ ā $ 60,648 $ ā $ 11,900 $ 48,748 Liability derivatives Loan level derivatives $ 59,365 $ ā $ 59,365 $ 86,521 $ ā $ (27,156 ) Risk participation-in agreements 283 ā 283 ā ā 283 Foreign exchange contracts 53 ā 53 ā ā 53 Total $ 59,701 $ ā $ 59,701 $ 86,521 $ ā $ (26,820 ) 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 | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of June 30, 2020 , the Company had 2 active equity 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 15 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 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 and six months ended June 30, 2020 and 2019 , no shares were issued upon satisfaction of required conditions of the Plans. Total expense for the Plans was $0.7 million and $0.7 million for the three months ended June 30, 2020 and 2019 , respectively. Total expense for the Plans was $1.4 million and $1.5 million for the six months ended June 30, 2020 and 2019 |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 June 30, 2019 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 19,571 $ 19,571 $ 20,471 $ 20,471 Denominator: Weighted average shares outstanding 78,849,282 78,849,282 79,669,922 79,669,922 Effect of dilutive securities ā 165,992 ā 216,370 Adjusted weighted average shares outstanding 78,849,282 79,015,274 79,669,922 79,886,292 EPS $ 0.25 $ 0.25 $ 0.26 $ 0.26 Six Months Ended June 30, 2020 June 30, 2019 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 2,295 $ 2,295 $ 42,938 $ 42,938 Denominator: Weighted average shares outstanding 79,165,372 79,165,372 79,664,284 79,664,284 Effect of dilutive securities ā 175,152 ā 195,288 Adjusted weighted average shares outstanding 79,165,372 79,340,524 79,664,284 79,859,572 EPS $ 0.03 $ 0.03 $ 0.54 $ 0.54 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
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 and six months ended June 30, 2020 and 2019 . 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 June 30, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ ā $ 321,483 $ ā $ 321,483 GSE CMOs ā 58,564 ā 58,564 GSE MBSs ā 387,657 ā 387,657 SBA commercial loan asset-backed securities ā 1 ā 1 Corporate debt obligations ā 26,571 ā 26,571 U.S. Treasury bonds ā 59,742 ā 59,742 Foreign government obligations ā 487 ā $ 487 Total investment securities available-for-sale $ ā $ 854,505 $ ā $ 854,505 Equity securities held-for-trading $ 1,469 $ 523 $ ā $ 1,992 Loan level derivatives ā 165,756 ā 165,756 Risk participation-out agreements ā 2,641 ā 2,641 Foreign exchange contracts ā 117 ā 117 Liabilities: Loan level derivatives $ ā $ 165,756 $ ā $ 165,756 Risk participation-in agreements ā 467 ā 467 Foreign exchange contracts ā 96 ā 96 Carrying Value as of December 31, 2019 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ ā $ 185,803 $ ā $ 185,803 GSE CMOs ā 85,932 ā 85,932 GSE MBSs ā 153,343 ā 153,343 SBA commercial loan asset-backed securities ā 34 ā 34 Corporate debt obligations ā 28,986 ā 28,986 U.S. Treasury bonds ā 44,897 ā 44,897 Total investment securities available-for-sale $ ā $ 498,995 $ ā $ 498,995 Equity securities held-for-trading $ 2,569 $ 1,012 $ ā $ 3,581 Loan level derivatives ā 59,365 ā 59,365 Risk participation-out agreements ā 1,229 ā 1,229 Foreign exchange contracts ā 54 ā 54 Liabilities: Loan level derivatives $ ā $ 59,365 $ ā $ 59,365 Risk participation-in agreements ā 283 ā 283 Foreign exchange contracts ā 53 ā 53 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 June 30, 2020 and December 31, 2019 , 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 and Level 2. 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 and six months ended June 30, 2020 and 2019 , 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 June 30, 2020 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 $ ā $ ā $ 8,941 $ 8,941 Repossessed assets ā 1,454 ā 1,454 Total assets measured at fair value on a non-recurring basis $ ā $ 1,454 $ 8,941 $ 10,395 Carrying Value as of December 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 $ ā $ ā $ 2,243 $ 2,243 Repossessed assets ā 2,631 ā 2,631 Total assets measured at fair value on a non-recurring basis $ ā $ 2,631 $ 2,243 $ 4,874 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 June 30, At December 31, 2019 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 8,941 $ 2,243 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 June 30, 2020 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net 7,288,144 7,256,940 ā ā 7,256,940 Restricted equity securities 71,638 71,638 ā ā 71,638 Financial liabilities: Certificates of deposits 1,951,948 1,973,770 ā 1,973,770 ā Borrowed funds 1,406,669 1,409,465 ā 1,409,465 ā Fair Value Measurements at December 31, 2019 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Investment securities held-to-maturity: GSE debentures $ 31,228 $ 31,290 $ ā $ 31,290 $ ā GSE MBSs 9,360 9,279 ā 9,279 ā Municipal obligations 45,692 46,514 ā 46,514 ā Foreign government obligations 500 478 ā ā 478 Loans and leases, net 6,676,734 6,697,583 ā ā 6,697,583 Restricted equity securities 53,818 53,818 ā ā 53,818 Financial liabilities: Certificates of deposit 2,021,642 2,026,683 ā 2,026,683 ā Borrowed funds 902,749 902,670 ā 902,670 ā 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 and Leases The fair values of performing loans and leases was estimated by segregating the portfolio into its primary loan and lease categoriesācommercial 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 | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Financial Instruments The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, 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 June 30, 2020 At December 31, 2019 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 45,299 $ 50,034 Commercial 102,133 78,058 Residential mortgage 32,323 25,998 Unadvanced portion of loans and leases 823,324 808,681 Unused lines of credit: Home equity 565,382 528,251 Other consumer 48,699 25,374 Other commercial 447 380 Unused letters of credit: Financial standby letters of credit 10,802 10,166 Performance standby letters of credit 6,068 4,652 Commercial and similar letters of credit 2,447 3,823 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 1,267,947 1,101,193 Pay fixed, receive variable 1,267,947 1,101,193 Risk participation-out agreements 272,196 235,693 Risk participation-in agreements 59,119 55,281 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,332 1,125 Sells foreign currency, buys U.S. currency 1,441 1,230 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 credit 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 a 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 these derivatives are presented in Footnote 8. 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 3 years to over 25 years . Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. 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 June 30, 2020 as the discount rate to determine the net present value of the remaining lease payments. At June 30, 2020 At June 30, 2019 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 3,233 $ 3,033 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 $ 3,302 $ 3,106 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ ā $ 66 At June 30, 2020 At December 31, 2019 (In Thousands) Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 24,343 $ 24,876 Operating lease liabilities 24,343 24,876 Weighted Average Remaining Lease Term Operating leases 7.06 7.47 Weighted Average Discount Rate Operating leases 3.2 % 3.2 % A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments June 30, 2020 (In Thousands) Remainder of 2020 $ 3,135 Year ending: 2021 5,858 2022 5,156 2023 4,027 2024 2,626 2025 1,587 Thereafter 4,675 Total $ 27,064 Less imputed interest (2,721 ) Present value of lease liability $ 24,343 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. The total real estate taxes were $0.9 million and other expenditures were $0.2 million for both the six months ended June 30, 2020 , and 2019 . Total rental expense was $1.6 million for both the three months ended June 30, 2020 , and 2019 , respectively. Total rental expense was $3.1 million and $3.0 million for the six months ended June 30, 2020 and 2019 , respectively. Legal Proceedings In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
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 (āASCā) ("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 Companyās 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 in gross 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. A substantial portion of the Companyās 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 customerās 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 Banks. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events From March 1, 2020 through the earlier of December 31, 2020 or 60 days after the termination date of the national emergency declared by the President on March 13, 2020 concerning the COVID-19 outbreak (the ānational emergencyā), a financial institution may elect to suspend the requirements under accounting principles generally accepted in the U.S. for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a troubled debt restructured, including impairment accounting. This troubled debt restructuring relief applies for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. Financial institutions are required to maintain records of the volume of loans involved in modifications to which troubled debt restructuring relief is applicable. As of the filing date, the Company has granted 5,422 short-term deferrals on loan and lease balances of $1.2 billion , which represented 16.6% of total loan and lease balances. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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 (āSECā) 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 (āGAAPā). 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, 2019 . |
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, the review of goodwill and intangible assets 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 Accounting Standards Adopted in 2020 In June 2016, the FASB issued ASU 2016-13, āFinancial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrumentsā (āASU 2016-13ā). ASU 2016-13 replaced the previous GAAP method of calculating credit losses. Previously, GAAP required the use of the incurred loss methodology, which used a higher threshold at which probable losses were calculated and recorded. ASU 2016-13 requires the use of an expected loss methodology, referred to as the current expected credit loss (āCECLā) methodology, which requires institutions to account for probable losses that previously would not have been part of the calculation. The CECL methodology incorporates future forecasting in addition to historical and current measures. The Company adopted all of the above mentioned ASU as of January 1, 2020. The standard had an impact on our consolidated balance sheet. On adoption, the Company recognized an increase in the allowance for loan and lease losses of $6.6 million , and an increase in the reserve for unfunded commitments of $8.9 million . The net, after-tax impact of the increase in the allowance for loan and lease losses and reserve for unfunded commitments was a decrease to retained earnings of $11.5 million shown in the Consolidated Statements of Changes in Stockholdersā Equity. Additional details can be found in Note 3, 4 and 5. In August 2018, FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)" ("ASU 2018-13"), to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts set forth 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. Certain provisions under ASU 2018-13 required prospective application, while other provisions required retrospective application to all periods presented in the consolidated financial statements upon adoption. The Company adopted the provisions of ASU 2018-13 effective January 1, 2020 and the adoption did not have a material impact on the Companyās consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 314,497 $ 7,005 $ 19 $ 321,483 GSE CMOs 57,275 1,308 19 58,564 GSE MBSs 376,180 11,484 7 387,657 SBA commercial loan asset-backed securities 1 ā ā 1 Corporate debt obligations 25,359 1,212 ā 26,571 U.S. Treasury bonds 55,734 4,008 ā 59,742 Foreign government obligations 500 ā 13 487 Total investment securities available-for-sale $ 829,546 $ 25,017 $ 58 $ 854,505 Equity securities held-for-trading $ 1,992 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In Thousands) Investment securities available-for-sale: GSE debentures $ 182,922 $ 2,939 $ 58 $ 185,803 GSE CMOs 87,001 22 1,091 85,932 GSE MBSs 153,049 797 503 153,343 SBA commercial loan asset-backed securities 34 ā ā 34 Corporate debt obligations 28,484 502 ā 28,986 U.S. Treasury bonds 44,675 338 116 44,897 Total investment securities available-for-sale $ 496,165 $ 4,598 $ 1,768 $ 498,995 Investment securities held-to-maturity: GSE debentures $ 31,228 $ 113 $ 51 $ 31,290 GSEs MBSs 9,360 ā 81 9,279 Municipal obligations 45,692 822 ā 46,514 Foreign government obligations 500 ā 22 478 Total investment securities held-to-maturity $ 86,780 $ 935 $ 154 $ 87,561 Equity securities held-for-trading $ 3,581 |
Schedule of investment securities in a continuous unrealized loss position | Investment securities as of June 30, 2020 and December 31, 2019 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At June 30, 2020 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 $ 8,045 $ 19 $ ā $ ā $ 8,045 $ 19 GSE CMOs 1,609 11 1,298 8 2,907 19 GSE MBSs 3,130 7 101 ā 3,231 7 SBA commercial loan asset-backed securities 1 ā ā ā 1 ā Foreign government obligations 487 13 ā ā 487 13 Temporarily impaired investment securities available-for-sale 13,272 50 1,399 8 14,671 58 Total temporarily impaired investment securities $ 13,272 $ 50 $ 1,399 $ 8 $ 14,671 $ 58 At December 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 $ 10,965 $ 58 $ ā $ ā $ 10,965 $ 58 GSE CMOs 28,659 217 55,885 874 84,544 1,091 GSE MBSs 42,046 115 42,257 388 84,303 503 SBA commercial loan asset-backed securities ā ā 33 ā 33 ā U.S. Treasury bonds 25,754 116 ā ā 25,754 116 Temporarily impaired investment securities available-for-sale 107,424 506 98,175 1,262 205,599 1,768 Investment securities held-to-maturity: GSE debentures 8,714 30 2,977 21 11,691 51 GSEs MBSs ā ā 9,257 81 9,257 81 Municipal obligations 710 ā 205 ā 915 ā Foreign government obligations 478 22 ā ā 478 22 Temporarily impaired investment securities held-to-maturity 9,902 52 12,439 102 22,341 154 Total temporarily impaired investment securities $ 117,326 $ 558 $ 110,614 $ 1,364 $ 227,940 $ 1,922 |
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 June 30, 2020 At December 31, 2019 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 $ 14,456 $ 14,578 2.06 % $ 12,797 $ 12,804 1.76 % After 1 year through 5 years 180,991 189,423 2.17 % 217,569 220,757 2.19 % After 5 years through 10 years 233,204 238,271 1.57 % 93,805 94,212 2.04 % Over 10 years 400,895 412,233 1.95 % 171,994 171,222 2.12 % $ 829,546 $ 854,505 1.89 % $ 496,165 $ 498,995 2.13 % Investment securities held-to-maturity: Within 1 year $ ā $ ā ā % $ 6,366 $ 6,381 1.33 % After 1 year through 5 years ā ā ā % 63,898 64,559 1.81 % After 5 years through 10 years ā ā ā % 7,177 7,364 1.79 % Over 10 years ā ā ā % 9,339 9,257 1.90 % $ ā $ ā ā % $ 86,780 $ 87,561 1.82 % |
Summary of gains and losses from sale of securities | Sales of investment and restricted equity securities are summarized as follows: Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 (In Thousands) Proceeds from sale of trust preferred, marketable and restricted equity securities $ 518 $ ā Sales of trading securities $ 131,497 $ ā Gross gains from securities sales 3,153 ā Gross losses from securities sales (166 ) ā Gain on sales of securities, net $ 2,987 $ ā |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of loan and lease balances for the originated and acquired portfolios | The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated: At June 30, 2020 At December 31, 2019 Balance Weighted Average Coupon Balance Weighted Average Coupon (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,609,762 3.65 % $ 2,491,011 4.33 % Multi-family mortgage 968,761 3.52 % 932,163 4.20 % Construction 259,180 3.80 % 246,048 5.09 % Total commercial real estate loans 3,837,703 3.63 % 3,669,222 4.34 % Commercial loans and leases: Commercial (1) 1,222,986 2.54 % 729,502 4.66 % Equipment financing 1,085,869 7.53 % 1,052,408 7.71 % Condominium association 52,608 4.69 % 56,838 4.84 % Total commercial loans and leases 2,361,463 4.88 % 1,838,748 6.41 % Consumer loans: Residential mortgage 804,282 3.95 % 814,245 4.10 % Home equity 370,322 3.27 % 376,819 4.46 % Other consumer 33,927 3.05 % 38,782 4.48 % Total consumer loans 1,208,531 3.72 % 1,229,846 4.22 % Total loans and leases $ 7,407,697 4.04 % $ 6,737,816 4.88 % ______________________________________________________________________ (1) Including $565,769 of PPP loans as of June 30, 2020. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of June 30, 2020. Accrued interest on loans and leases, which were excluded from the amortized cost of loans and leases totaled $ 26.7 million and $17.4 million at June 30, 2020 and December 31, 2019 , respectively, and were included in other assets in the consolidated balance sheets. The following table presents the recorded investments of loans and leases and weighted average coupon rates for the originated and acquired loan and lease portfolios at the date indicated: At December 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 $ 2,400,037 4.32 % $ 90,974 4.63 % $ 2,491,011 4.33 % Multi-family mortgage 896,482 4.18 % 35,681 4.59 % 932,163 4.20 % Construction 239,015 5.04 % 7,033 6.73 % 246,048 5.09 % Total commercial real estate loans 3,535,534 4.33 % 133,688 4.73 % 3,669,222 4.34 % Commercial loans and leases: Commercial 713,875 4.65 % 15,627 5.14 % 729,502 4.66 % Equipment financing 1,049,997 7.71 % 2,411 5.98 % 1,052,408 7.71 % Condominium association 56,838 4.84 % ā ā % 56,838 4.84 % Total commercial loans and leases 1,820,710 6.42 % 18,038 5.25 % 1,838,748 6.41 % Consumer loans: Residential mortgage 711,522 4.06 % 102,723 4.40 % 814,245 4.10 % Home equity 343,247 4.41 % 33,572 4.93 % 376,819 4.46 % Other consumer 38,674 4.44 % 108 17.91 % 38,782 4.48 % Total consumer loans 1,093,443 4.18 % 136,403 4.54 % 1,229,846 4.22 % Total loans and leases $ 6,449,687 4.89 % $ 288,129 4.67 % $ 6,737,816 4.88 % |
Schedule of activities in residential mortgage loans | The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2019 2019 (In Thousands) Balance at beginning of period $ 7,166 $ 7,905 Acquisitions ā ā Accretion (1,041 ) (1,841 ) Reclassification from nonaccretable difference as a result of changes in expected cash flows 727 788 Balance at end of period $ 6,852 $ 6,852 |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 in loans and leases by portfolio segment for the periods indicated: Three Months Ended June 30, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at March 31, 2020 $ 82,179 $ 26,774 $ 4,228 $ 113,181 Charge-offs ā (1,794 ) (9 ) (1,803 ) Recoveries 94 296 30 420 Provision (credit) for loan and lease losses excluding unfunded commitments 7,738 (338 ) 355 7,755 Balance at June 30, 2020 $ 90,011 $ 24,938 $ 4,604 $ 119,553 Three Months Ended June 30, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at March 31, 2019 $ 28,349 $ 24,240 $ 5,452 $ 58,041 Charge-offs ā (3,401 ) (11 ) (3,412 ) Recoveries ā 294 36 330 Provision for loan and lease losses 319 3,200 157 3,676 Balance at June 30, 2019 $ 28,668 $ 24,333 $ 5,634 $ 58,635 Six Months Ended June 30, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2019 $ 30,285 $ 24,826 $ 5,971 $ 61,082 Adoption of ASU 2016-13 (CECL) 11,694 (2,672 ) (2,390 ) 6,632 Charge-offs ā (4,321 ) (21 ) (4,342 ) Recoveries 94 543 88 725 Provision for loan and lease losses excluding unfunded commitments 47,938 6,562 956 55,456 Balance at June 30, 2020 $ 90,011 $ 24,938 $ 4,604 $ 119,553 Six Months Ended June 30, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 Charge-offs ā (5,913 ) (41 ) (5,954 ) Recoveries ā 682 89 771 Provision for loan and lease losses 481 4,281 364 5,126 Balance at June 30, 2019 $ 28,668 $ 24,333 $ 5,634 $ 58,635 |
Schedule of provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Provision for loan and lease losses: Commercial real estate $ 7,738 $ 319 $ 47,938 $ 481 Commercial (338 ) 3,200 6,562 4,281 Consumer 355 157 956 364 Total provision for loan and lease losses 7,755 3,676 55,456 5,126 Unfunded credit commitments (2,408 ) 81 4,005 (16 ) Total provision for credit losses $ 5,347 $ 3,757 $ 59,461 $ 5,110 |
Summary of the recorded investments by credit quality indicator, by loan class | Credit Quality Information The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of June 30, 2020 . June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 214,318 $ 424,343 $ 292,473 $ 280,329 $ 285,244 $ 1,018,739 $ 54,076 $ 11,491 $ 2,581,013 OAEM ā 490 ā ā 2,221 14,014 ā ā 16,725 Substandard ā ā ā 221 237 11,500 ā 66 12,024 Total 214,318 424,833 292,473 280,550 287,702 1,044,253 54,076 11,557 2,609,762 Multi-Family Mortgage Pass 59,867 111,993 154,919 109,133 129,623 341,824 49,333 12,069 968,761 Total 59,867 111,993 154,919 109,133 129,623 341,824 49,333 12,069 968,761 Construction Pass 17,489 68,116 147,643 9,132 3,126 718 9,038 ā 255,262 OAEM ā 1,000 ā ā 2,918 ā ā ā 3,918 Total 17,489 69,116 147,643 9,132 6,044 718 9,038 ā 259,180 Commercial Pass 603,874 78,792 60,175 76,219 28,708 125,801 216,325 3,725 1,193,619 OAEM ā 5,668 23 ā 54 27 7,497 ā 13,269 Substandard ā ā 809 641 1,809 10,178 2,001 659 16,097 Doubtful ā ā ā ā ā ā ā 1 1 Total 603,874 84,460 61,007 76,860 30,571 136,006 225,823 4,385 1,222,986 Equipment Financing Pass 159,673 359,464 255,091 155,486 76,578 59,310 715 1,023 1,067,340 OAEM ā 2,612 1,395 ā 1,321 41 ā ā 5,369 Substandard ā 1,953 3,734 2,609 1,550 1,953 ā ā 11,799 Doubtful ā 534 58 418 300 51 ā ā 1,361 Total 159,673 364,563 260,278 158,513 79,749 61,355 715 1,023 1,085,869 Condominium Association Pass 2,211 10,515 5,459 8,204 5,865 17,365 2,288 512 52,419 Substandard ā ā ā ā 123 66 ā ā 189 Total 2,211 10,515 5,459 8,204 5,988 17,431 2,288 512 52,608 June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Other Consumer Pass 584 612 8,512 40 576 429 23,155 13 33,921 Substandard ā ā ā ā ā ā 6 ā 6 Total 584 612 8,512 40 576 429 23,161 13 33,927 Total Pass 1,058,016 1,053,835 924,272 638,543 529,720 1,564,186 354,930 28,833 6,152,335 OAEM ā 9,770 1,418 ā 6,514 14,082 7,497 ā 39,281 Substandard ā 1,953 4,543 3,471 3,719 23,697 2,007 725 40,115 Doubtful ā 534 58 418 300 51 ā 1 1,362 Total $ 1,058,016 $ 1,066,092 $ 930,291 $ 642,432 $ 540,253 $ 1,602,016 $ 364,434 $ 29,559 $ 6,233,093 For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. At June 30, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 66,521 $ 107,427 $ 74,852 $ 63,569 $ 54,715 $ 144,997 $ 3,820 $ ā $ 515,901 661 - 700 10,682 22,314 13,139 18,302 10,582 27,181 ā ā 102,200 600 and below 4,537 5,282 5,172 8,325 6,701 15,945 ā ā 45,962 Data not available* 10,070 19,059 10,228 15,736 5,607 78,170 ā 1,349 140,219 Total 91,810 154,082 103,391 105,932 77,605 266,293 3,820 1,349 804,282 Home Equity Credit Scores Over 700 1,046 4,307 3,448 3,536 1,250 14,780 266,269 3,419 298,055 661 - 700 172 506 575 677 333 3,495 43,734 1,713 51,205 600 and below ā 157 276 14 41 587 10,047 874 11,996 Data not available* ā ā ā ā ā 1,817 5,766 1,483 9,066 Total $ 1,218 $ 4,970 $ 4,299 $ 4,227 $ 1,624 $ 20,679 $ 325,816 $ 7,489 $ 370,322 _______________________________________________________________________________ * Represents loans and leases for which data are not available. The following tables present the recorded investment in loans in each class as of December 31, 2019 , by credit quality indicator. At December 31, 2019 Commercial Real Estate Multi- Family Mortgage Construction Commercial Equipment Financing Condominium Association Other Consumer Total (In Thousands) Originated: Loan rating: Pass $ 2,379,925 $ 896,398 $ 239,015 $ 688,268 $ 1,038,793 $ 56,687 $ 38,673 $ 5,337,759 OAEM 17,006 ā ā 10,803 1,389 ā ā 29,198 Substandard 3,106 84 ā 14,801 7,995 151 1 26,138 Doubtful ā ā ā 3 1,820 ā ā 1,823 Total originated 2,400,037 896,482 239,015 713,875 1,049,997 56,838 38,674 5,394,918 Acquired: Loan rating: Pass 81,360 35,681 7,033 15,215 2,404 ā 108 141,801 OAEM 597 ā ā 210 ā ā ā 807 Substandard 9,017 ā ā 202 7 ā ā 9,226 Total acquired 90,974 35,681 7,033 15,627 2,411 ā 108 151,834 Total loans $ 2,491,011 $ 932,163 $ 246,048 $ 729,502 $ 1,052,408 $ 56,838 $ 38,782 $ 5,546,752 As of December 31, 2019 , there were no loans categorized as definite loss. At December 31, 2019 Residential Mortgage Home Equity (Dollars In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 184,628 22.7 % $ 132,736 35.2 % 50%ā69% 293,976 36.1 % 91,681 24.3 % 70%ā79% 204,600 25.1 % 81,459 21.6 % 80% and over 25,664 3.2 % 37,371 9.9 % Data not available* 2,654 0.3 % ā ā % Total originated 711,522 87.4 % 343,247 91.0 % Acquired: Loan-to-value ratio: Less than 50% 32,838 4.0 % 16,882 4.5 % 50%ā69% 44,754 5.4 % 7,958 2.1 % 70%ā79% 14,305 1.8 % 705 0.2 % 80% and over 4,608 0.6 % 4,726 1.3 % Data not available 6,218 0.8 % 3,301 0.9 % Total acquired 102,723 12.6 % 33,572 9.0 % Total loans $ 814,245 100.0 % $ 376,819 100.0 % _______________________________________________________________________________ * Represents in process general ledger accounts for which data are not available. |
Schedule of information regarding troubled debt restructuring loans | The following table sets forth information regarding TDR loans and leases at the dates indicated: At June 30, 2020 At December 31, 2019 (In Thousands) Troubled debt restructurings: On accrual $ 10,172 $ 17,076 On nonaccrual 5,972 6,104 Total troubled debt restructurings $ 16,144 $ 23,180 The following table presents information regarding foreclosed residential real estate property for the periods indicated: At June 30, 2020 At December 31, 2019 (In Thousands) Amortized cost basis in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ ā $ 110 |
Schedule of information regarding the aging of past due loans, by loan class | The following table presents an age analysis of the amortized cost basis in loans and leases as of June 30, 2020 . At June 30, 2020 Past Due Past Due Greater Than 90 Days and Accruing 31-60 Days 61-90 Days Greater Than 90 Days Total Current Total Loans and Leases Non-accrual Non-accrual with No Related Allowance (In Thousands) Commercial real estate loans: Commercial real estate $ 4,351 $ 6,460 $ 10,134 $ 20,945 $ 2,588,817 $ 2,609,762 $ 145 $ 10,139 $ 1,783 Multi-family mortgage 7,940 242 ā 8,182 960,579 968,761 ā ā ā Construction ā ā ā ā 259,180 259,180 ā ā ā Total commercial real estate loans 12,291 6,702 10,134 29,127 3,808,576 3,837,703 145 10,139 1,783 Commercial loans and leases: Commercial 585 2,283 10,444 13,312 1,209,674 1,222,986 248 12,427 7,643 Equipment financing 3,348 6,946 9,272 19,566 1,066,303 1,085,869 418 13,100 4,160 Condominium association 137 ā 48 185 52,423 52,608 48 190 123 Total commercial loans and leases 4,070 9,229 19,764 33,063 2,328,400 2,361,463 714 25,717 11,926 Consumer loans: Residential mortgage 9,373 5,543 4,058 18,974 785,308 804,282 808 4,157 3,388 Home equity 1,743 2,385 740 4,868 365,454 370,322 307 1,278 767 Other consumer 12 3 7 22 33,905 33,927 ā 9 ā Total consumer loans 11,128 7,931 4,805 23,864 1,184,667 1,208,531 1,115 5,444 4,155 Total loans and leases $ 27,489 $ 23,862 $ 34,703 $ 86,054 $ 7,321,643 $ 7,407,697 $ 1,974 $ 41,300 $ 17,864 There is no interest income recognized on non-accrual loans for the six months ended June 30, 2020 . The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2019 . At December 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 $ 3,330 $ 2,032 $ 1,606 $ 6,968 $ 2,393,069 $ 2,400,037 $ 51 $ 2,751 Multi-family mortgage 3,559 553 ā 4,112 892,370 896,482 ā 84 Construction ā ā ā ā 239,015 239,015 ā ā Total commercial real estate loans 6,889 2,585 1,606 11,080 3,524,454 3,535,534 51 2,835 Commercial loans and leases: Commercial 5,010 199 3,875 9,084 704,791 713,875 ā 4,707 Equipment financing 3,098 1,558 7,246 11,902 1,038,095 1,049,997 ā 9,822 Condominium association 458 ā ā 458 56,380 56,838 ā 151 Total commercial loans and leases 8,566 1,757 11,121 21,444 1,799,266 1,820,710 ā 14,680 Consumer loans: Residential mortgage 1,014 ā 3 1,017 710,505 711,522 ā 753 Home equity 794 501 139 1,434 341,813 343,247 2 276 Other consumer 46 1 1 48 38,626 38,674 ā 1 Total consumer loans 1,854 502 143 2,499 1,090,944 1,093,443 2 1,030 Total originated loans and leases $ 17,309 $ 4,844 $ 12,870 $ 35,023 $ 6,414,664 $ 6,449,687 $ 53 $ 18,545 At December 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 (1) (In Thousands) Acquired: Commercial real estate loans: Commercial real estate $ 539 $ 59 $ 8,989 $ 9,587 $ 81,387 $ 90,974 $ 8,919 $ 94 Multi-family mortgage ā ā ā ā 35,681 35,681 ā ā Construction ā ā ā ā 7,033 7,033 ā ā Total commercial real estate loans 539 59 8,989 9,587 124,101 133,688 8,919 94 Commercial loans and leases: Commercial ā ā ā ā 15,627 15,627 ā 202 Equipment financing ā ā 7 7 2,404 2,411 7 ā Total commercial loans and leases ā ā 7 7 18,031 18,038 7 202 Consumer loans: Residential mortgage 35 75 1,090 1,200 101,523 102,723 1,090 ā Home equity 430 ā 42 472 33,100 33,572 40 620 Other consumer ā ā ā ā 108 108 ā ā Total consumer loans 465 75 1,132 1,672 134,731 136,403 1,130 620 Total acquired loans and leases $ 1,004 $ 134 $ 10,128 $ 11,266 $ 276,863 $ 288,129 $ 10,056 $ 916 Total loans and leases $ 18,313 $ 4,978 $ 22,998 $ 46,289 $ 6,691,527 $ 6,737,816 $ 10,109 $ 19,461 ___________________________________________________________ (1) Loans and leases acquired with deteriorated credit quality are always accruing. |
Schedule of 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 December 31, 2019 Recorded Investment (1) Unpaid Related (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,899 $ 3,892 $ ā Commercial 28,539 28,533 ā Consumer 2,237 2,223 ā Total originated with no related allowance recorded 34,675 34,648 ā With an allowance recorded: Commercial real estate 68 68 7 Commercial 5,980 6,055 1,672 Consumer 1,224 1,220 70 Total originated with an allowance recorded 7,272 7,343 1,749 Total originated impaired loans and leases 41,947 41,991 1,749 Acquired: With no related allowance recorded: Commercial real estate 12,365 12,366 ā Commercial 437 437 ā Consumer 3,516 3,516 ā Total acquired with no related allowance recorded 16,318 16,319 ā With an allowance recorded: Commercial real estate ā ā ā Commercial ā ā ā Consumer 447 447 40 Total acquired with an allowance recorded 447 447 40 Total acquired impaired loans and leases 16,765 16,766 40 Total impaired loans and leases $ 58,712 $ 58,757 $ 1,789 ___________________________________________________________________________ (1) Includes originated and acquired nonaccrual loans of $18.5 million and $0.9 million , respectively as of December 31, 2019 . Three Months Ended June 30, 2019 Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 3,374 $ 15 Commercial 38,211 338 Consumer 2,644 8 Total originated with no related allowance recorded 44,229 361 With an allowance recorded: Commercial real estate 71 1 Commercial 5,903 33 Consumer 660 6 Total originated with an allowance recorded 6,634 40 Total originated impaired loans and leases 50,863 401 Acquired: With no related allowance recorded: Commercial real estate 9,497 9 Commercial 507 5 Consumer 4,531 15 Total acquired with no related allowance recorded 14,535 29 With an allowance recorded: Consumer 155 1 Total acquired with an allowance recorded 155 1 Total acquired impaired loans and leases 14,690 30 Total impaired loans and leases $ 65,553 $ 431 Six Months Ended June 30, 2019 Average Interest (In Thousands) Originated: With no related allowance recorded: Commercial real estate $ 6,037 $ 80 Commercial 36,687 687 Consumer 2,688 16 Total originated with no related allowance recorded 45,412 783 With an allowance recorded: Commercial real estate 270 2 Commercial 7,185 61 Consumer 662 12 Total originated with an allowance recorded 8,117 75 Total originated impaired loans and leases 53,529 858 Acquired: With no related allowance recorded: Commercial real estate 9,325 12 Commercial 533 9 Consumer 4,737 30 Total acquired with no related allowance recorded 14,595 51 With an allowance recorded: Consumer 154 2 Total acquired with an allowance recorded 154 2 Total acquired impaired loans and leases 14,749 53 Total impaired loans and leases $ 68,278 $ 911 |
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. Periods prior to January 1, 2020 are presented in accordance with accounting rules effective at that time. At June 30, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 2,419 $ 4,544 $ 114 $ 7,077 Collectively evaluated 91,155 16,831 4,490 112,476 Total 93,574 21,375 4,604 119,553 Loans and Leases: Individually evaluated $ 11,801 $ 27,867 $ 6,438 $ 46,106 Collectively evaluated 3,825,902 2,333,596 1,202,093 7,361,591 Total 3,837,703 2,361,463 1,208,531 7,407,697 At December 31, 2019 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Originated: Individually evaluated for impairment $ 7 $ 1,672 $ 70 $ 1,749 Collectively evaluated for impairment 28,415 22,853 5,850 57,118 Total originated loans and leases 28,422 24,525 5,920 58,867 Acquired: Individually evaluated for impairment ā ā 40 40 Collectively evaluated for impairment 65 197 11 273 Acquired with deteriorated credit quality 1,798 104 ā 1,902 Total acquired loans and leases 1,863 301 51 2,215 Total allowance for loan and lease losses $ 30,285 $ 24,826 $ 5,971 $ 61,082 Loans and Leases: Originated: Individually evaluated for impairment $ 3,956 $ 20,019 $ 3,326 $ 27,301 Collectively evaluated for impairment 3,531,578 1,800,691 1,090,117 6,422,386 Total originated loans and leases 3,535,534 1,820,710 1,093,443 6,449,687 Acquired: Individually evaluated for impairment 2,942 397 1,841 5,180 Collectively evaluated for impairment 79,465 15,465 110,758 205,688 Acquired with deteriorated credit quality 51,281 2,176 23,804 77,261 Total acquired loans and leases 133,688 18,038 136,403 288,129 Total loans and leases $ 3,669,222 $ 1,838,748 $ 1,229,846 $ 6,737,816 |
Summary of loans restructured or defaulted | The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios, that were modified during the periods indicated, are as follows. At and for the Three Months Ended June 30, 2020 Amortized Cost Specific Allowance for Credit Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Number of Loans/ Leases Amortized Cost (Dollars in Thousands) Commercial real estate ā $ ā $ ā $ ā $ ā 1 $ 221 Equipment financing 11 1,174 1,160 ā 1,160 ā ā Total 11 $ 1,174 $ 1,160 $ ā $ 1,160 1 $ 221 ______________________________________________________________________ (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 June 30, 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 1 520 520 ā ā ā ā Equipment financing 2 554 554 192 497 ā ā Total originated 3 $ 1,074 $ 1,074 $ 192 $ 497 ā $ ā ______________________________________________________________________ (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 Six Months Ended June 30, 2020 Amortized Cost Specific Allowance for Loan and Lease Losses Defaulted (1) Number of Loans/ Leases At Modification At End of Period Nonaccrual Loans and Leases Additional Commitment Number of Loans/ Leases Amortized Cost (Dollars in Thousands) Commercial real estate ā $ ā $ ā $ ā $ ā $ ā $ 1 $ 221 Commercial 2 297 302 ā ā ā ā ā Equipment financing 11 1,174 1,160 ā 1,160 ā ā ā Home equity 1 200 200 ā ā ā ā ā Total 14 $ 1,671 $ 1,662 $ ā $ 1,160 ā 1 $ 221 At and for the Six Months Ended June 30, 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 Additional Commitment Number of Loans/ Leases Recorded Investment (Dollars in Thousands) Originated: Commercial real estate 1 $ 73 $ 71 $ 8 $ ā ā ā $ ā Commercial 7 17,274 18,907 ā ā ā ā ā Equipment financing 5 1,369 1,113 380 1,056 ā ā ā Total originated 13 18,716 20,091 388 1,056 ā ā ā |
Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (In Thousands) Extended maturity $ 334 $ 520 $ 636 $ 6,503 Adjusted principal 44 ā 44 ā Combination maturity, principal, interest rate 782 554 982 13,588 Total 1,160 1,074 1,662 20,091 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 At December 31, 2019 (In Thousands) Goodwill (beginning) $ 160,427 $ 160,427 Additions ā ā Balance at end of period 160,427 160,427 Other intangible assets: Core deposits 2,687 3,334 Trade name 1,089 1,089 Total other intangible assets 3,776 4,423 Total goodwill and other intangible assets $ 164,203 $ 164,850 |
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 2020 $ 624 Year ending: 2021 857 2022 500 2023 268 2024 158 2025 104 Thereafter 176 Total $ 2,687 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income by component, net of tax, were as follows for the periods indicated: Three Months Ended June 30, 2020 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at March 31, 2020 $ 16,863 $ 84 $ 16,947 Other comprehensive income 3,085 ā 3,085 Less: amounts reclassified from accumulated other comprehensive income 494 ā 494 Balance at June 30, 2020 $ 19,454 $ 84 $ 19,538 Three Months Ended June 30, 2019 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Loss (In Thousands) Balance at March 31, 2019 $ (4,645 ) $ 252 $ (4,393 ) Other comprehensive income 5,534 ā 5,534 Balance at June 30, 2019 $ 889 $ 252 $ 1,141 Six Months Ended June 30, 2020 Investment Securities Available-for-Sale Postretirement Benefits Accumulated Other Comprehensive Income (In Thousands) Balance at December 31, 2019 $ 2,199 $ 84 $ 2,283 Other comprehensive income 19,582 ā 19,582 Less: amounts reclassified from accumulated other comprehensive income 2,327 ā 2,327 Balance at June 30, 2020 $ 19,454 $ 84 $ 19,538 Six Months Ended June 30, 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 10,601 ā 10,601 Balance at June 30, 2019 $ 889 $ 252 $ 1,141 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 present 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 June 30, 2020 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 135 $ 23,939 $ 8,686 $ 24,584 $ 18,942 $ 1,191,796 $ 1,267,947 $ 163,744 Pay fixed, receive variable 135 23,939 8,686 24,584 18,942 1,191,796 1,267,947 163,744 Risk participation-out agreements 43 13,495 ā 7,077 ā 251,624 272,196 2,641 Risk participation-in agreements 7 ā ā ā 19,000 40,119 59,119 467 Foreign exchange contracts Buys foreign currency, sells U.S. currency 21 $ 1,332 $ ā $ ā $ ā $ ā $ 1,332 $ 96 Sells foreign currency, buys U.S. currency 23 1,441 ā ā ā ā 1,441 117 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, 2019 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 119 $ 24,777 $ ā $ 31,131 $ 16,794 $ 1,028,491 $ 1,101,193 $ 58,102 Pay fixed, receive variable 119 24,777 ā 31,131 16,794 1,028,491 1,101,193 58,102 Risk participation-out agreements 40 13,967 ā ā 7,143 214,583 235,693 1,229 Risk participation-in agreements 7 ā ā ā 19,000 36,281 55,281 283 Foreign exchange contracts Buys foreign currency, sells U.S. currency 16 $ 1,125 $ ā $ ā $ ā $ ā $ 1,125 $ 54 Sells foreign currency, buys U.S. currency 18 1,230 ā ā ā ā 1,230 53 |
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 June 30, 2020 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 $ 165,756 $ ā $ 165,756 $ ā $ ā $ 165,756 Risk participation-out agreements 2,641 ā 2,641 ā ā 2,641 Foreign exchange contracts 117 ā 117 ā ā 117 Total $ 168,514 $ ā $ 168,514 $ ā $ ā $ 168,514 Liability derivatives Loan level derivatives $ 165,756 $ ā $ 165,756 $ 162,140 $ 11,210 $ (7,594 ) Risk participation-in agreements 467 ā 467 ā ā 467 Foreign exchange contracts 96 ā 96 ā ā 96 Total $ 166,319 $ ā $ 166,319 $ 162,140 $ 11,210 $ (7,031 ) At December 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 $ 59,365 $ ā $ 59,365 $ ā $ 11,900 $ 47,465 Risk participation-out agreements 1,229 ā 1,229 ā ā 1,229 Foreign exchange contracts 54 ā 54 ā ā 54 Total $ 60,648 $ ā $ 60,648 $ ā $ 11,900 $ 48,748 Liability derivatives Loan level derivatives $ 59,365 $ ā $ 59,365 $ 86,521 $ ā $ (27,156 ) Risk participation-in agreements 283 ā 283 ā ā 283 Foreign exchange contracts 53 ā 53 ā ā 53 Total $ 59,701 $ ā $ 59,701 $ 86,521 $ ā $ (26,820 ) |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended June 30, 2020 June 30, 2019 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 19,571 $ 19,571 $ 20,471 $ 20,471 Denominator: Weighted average shares outstanding 78,849,282 78,849,282 79,669,922 79,669,922 Effect of dilutive securities ā 165,992 ā 216,370 Adjusted weighted average shares outstanding 78,849,282 79,015,274 79,669,922 79,886,292 EPS $ 0.25 $ 0.25 $ 0.26 $ 0.26 Six Months Ended June 30, 2020 June 30, 2019 Basic Fully Diluted Basic Fully Diluted (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 2,295 $ 2,295 $ 42,938 $ 42,938 Denominator: Weighted average shares outstanding 79,165,372 79,165,372 79,664,284 79,664,284 Effect of dilutive securities ā 175,152 ā 195,288 Adjusted weighted average shares outstanding 79,165,372 79,340,524 79,664,284 79,859,572 EPS $ 0.03 $ 0.03 $ 0.54 $ 0.54 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, At December 31, 2019 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 8,941 $ 2,243 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 June 30, 2020 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net 7,288,144 7,256,940 ā ā 7,256,940 Restricted equity securities 71,638 71,638 ā ā 71,638 Financial liabilities: Certificates of deposits 1,951,948 1,973,770 ā 1,973,770 ā Borrowed funds 1,406,669 1,409,465 ā 1,409,465 ā Fair Value Measurements at December 31, 2019 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Investment securities held-to-maturity: GSE debentures $ 31,228 $ 31,290 $ ā $ 31,290 $ ā GSE MBSs 9,360 9,279 ā 9,279 ā Municipal obligations 45,692 46,514 ā 46,514 ā Foreign government obligations 500 478 ā ā 478 Loans and leases, net 6,676,734 6,697,583 ā ā 6,697,583 Restricted equity securities 53,818 53,818 ā ā 53,818 Financial liabilities: Certificates of deposit 2,021,642 2,026,683 ā 2,026,683 ā Borrowed funds 902,749 902,670 ā 902,670 ā |
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 June 30, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ ā $ 321,483 $ ā $ 321,483 GSE CMOs ā 58,564 ā 58,564 GSE MBSs ā 387,657 ā 387,657 SBA commercial loan asset-backed securities ā 1 ā 1 Corporate debt obligations ā 26,571 ā 26,571 U.S. Treasury bonds ā 59,742 ā 59,742 Foreign government obligations ā 487 ā $ 487 Total investment securities available-for-sale $ ā $ 854,505 $ ā $ 854,505 Equity securities held-for-trading $ 1,469 $ 523 $ ā $ 1,992 Loan level derivatives ā 165,756 ā 165,756 Risk participation-out agreements ā 2,641 ā 2,641 Foreign exchange contracts ā 117 ā 117 Liabilities: Loan level derivatives $ ā $ 165,756 $ ā $ 165,756 Risk participation-in agreements ā 467 ā 467 Foreign exchange contracts ā 96 ā 96 Carrying Value as of December 31, 2019 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ ā $ 185,803 $ ā $ 185,803 GSE CMOs ā 85,932 ā 85,932 GSE MBSs ā 153,343 ā 153,343 SBA commercial loan asset-backed securities ā 34 ā 34 Corporate debt obligations ā 28,986 ā 28,986 U.S. Treasury bonds ā 44,897 ā 44,897 Total investment securities available-for-sale $ ā $ 498,995 $ ā $ 498,995 Equity securities held-for-trading $ 2,569 $ 1,012 $ ā $ 3,581 Loan level derivatives ā 59,365 ā 59,365 Risk participation-out agreements ā 1,229 ā 1,229 Foreign exchange contracts ā 54 ā 54 Liabilities: Loan level derivatives $ ā $ 59,365 $ ā $ 59,365 Risk participation-in agreements ā 283 ā 283 Foreign exchange contracts ā 53 ā 53 |
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 June 30, 2020 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 $ ā $ ā $ 8,941 $ 8,941 Repossessed assets ā 1,454 ā 1,454 Total assets measured at fair value on a non-recurring basis $ ā $ 1,454 $ 8,941 $ 10,395 Carrying Value as of December 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 $ ā $ ā $ 2,243 $ 2,243 Repossessed assets ā 2,631 ā 2,631 Total assets measured at fair value on a non-recurring basis $ ā $ 2,631 $ 2,243 $ 4,874 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At June 30, 2020 At December 31, 2019 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 45,299 $ 50,034 Commercial 102,133 78,058 Residential mortgage 32,323 25,998 Unadvanced portion of loans and leases 823,324 808,681 Unused lines of credit: Home equity 565,382 528,251 Other consumer 48,699 25,374 Other commercial 447 380 Unused letters of credit: Financial standby letters of credit 10,802 10,166 Performance standby letters of credit 6,068 4,652 Commercial and similar letters of credit 2,447 3,823 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 1,267,947 1,101,193 Pay fixed, receive variable 1,267,947 1,101,193 Risk participation-out agreements 272,196 235,693 Risk participation-in agreements 59,119 55,281 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,332 1,125 Sells foreign currency, buys U.S. currency 1,441 1,230 |
Schedule of lease cost, supplemental cash flow and supplemental balance sheet information | At June 30, 2020 At June 30, 2019 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 3,233 $ 3,033 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 $ 3,302 $ 3,106 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ ā $ 66 At June 30, 2020 At December 31, 2019 (In Thousands) Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 24,343 $ 24,876 Operating lease liabilities 24,343 24,876 Weighted Average Remaining Lease Term Operating leases 7.06 7.47 Weighted Average Discount Rate Operating leases 3.2 % 3.2 % |
Schedule of maturities of operating leases | A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments June 30, 2020 (In Thousands) Remainder of 2020 $ 3,135 Year ending: 2021 5,858 2022 5,156 2023 4,027 2024 2,626 2025 1,587 Thereafter 4,675 Total $ 27,064 Less imputed interest (2,721 ) Present value of lease liability $ 24,343 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | Jan. 01, 2020USD ($) | Jun. 30, 2020USD ($)bankoffice | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Basis of Presentation | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||||
Number of full-service banking offices | bank | 30 | ||||||
Number of lending offices | office | 2 | ||||||
Allowance for loan and lease losses | $ 119,553 | $ 61,082 | $ 113,181 | $ 58,635 | $ 58,041 | $ 58,692 | |
BankRI | |||||||
Basis of Presentation | |||||||
Number of full-service banking offices | bank | 20 | ||||||
Adoption of ASU 2016-13 (CECL) | |||||||
Basis of Presentation | |||||||
Allowance for loan and lease losses | $ 6,600 | $ 6,632 | |||||
Reserve for unfunded commitments | 8,900 | ||||||
Retained earnings | $ 11,500 |
Acquisitions and Mergers (Narra
Acquisitions and Mergers (Narrative) (Details) | Feb. 15, 2020branch |
First Ipswich Bancorp | |
Business Acquisition [Line Items] | |
Number of branch locations retained and converted | 6 |
Investment Securities (Summary
Investment Securities (Summary of Available-for-sale and Held-to-maturity Securities) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 829,546,000 | $ 496,165,000 |
Gross Unrealized Gains | 25,017,000 | 4,598,000 |
Gross Unrealized Losses | 58,000 | 1,768,000 |
Estimated Fair Value | 854,505,000 | 498,995,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 0 | 86,780,000 |
Gross Unrealized Gains | 935,000 | |
Gross Unrealized Losses | 154,000 | |
Estimated Fair Value | 0 | 87,561,000 |
Equity securities held-for-trading | ||
Estimated Fair Value | 1,992,000 | 3,581,000 |
GSE debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 314,497,000 | 182,922,000 |
Gross Unrealized Gains | 7,005,000 | 2,939,000 |
Gross Unrealized Losses | 19,000 | 58,000 |
Estimated Fair Value | 321,483,000 | 185,803,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 31,228,000 | |
Gross Unrealized Gains | 113,000 | |
Gross Unrealized Losses | 51,000 | |
Estimated Fair Value | 31,290,000 | |
GSE CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 57,275,000 | 87,001,000 |
Gross Unrealized Gains | 1,308,000 | 22,000 |
Gross Unrealized Losses | 19,000 | 1,091,000 |
Estimated Fair Value | 58,564,000 | 85,932,000 |
GSE MBSs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 376,180,000 | 153,049,000 |
Gross Unrealized Gains | 11,484,000 | 797,000 |
Gross Unrealized Losses | 7,000 | 503,000 |
Estimated Fair Value | 387,657,000 | 153,343,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 9,360,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 81,000 | |
Estimated Fair Value | 9,279,000 | |
SBA commercial loan asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,000 | 34,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 1,000 | 34,000 |
Municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 46,500,000 | |
Investment securities held-to-maturity | ||
Gross Unrealized Gains | 822,000 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 46,514,000 | |
Corporate debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25,359,000 | 28,484,000 |
Gross Unrealized Gains | 1,212,000 | 502,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 26,571,000 | 28,986,000 |
U.S. Treasury bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 55,734,000 | 44,675,000 |
Gross Unrealized Gains | 4,008,000 | 338,000 |
Gross Unrealized Losses | 0 | 116,000 |
Estimated Fair Value | 59,742,000 | 44,897,000 |
Foreign government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 13,000 | |
Estimated Fair Value | $ 487,000 | 500,000 |
Investment securities held-to-maturity | ||
Amortized Cost | 500,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 22,000 | |
Estimated Fair Value | $ 478,000 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)security | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)security | |
Investment Securities | |||
Investment securities available-for-sale | $ 854,505,000 | $ 498,995,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | 25,000,000 | 2,800,000 | |
Debt securities, available-for-sale, unrealized loss position | $ 14,671,000 | $ 205,599,000 | |
Percentage of securities in unrealized loss positions, available-for-sale securities | 1.70% | 41.20% | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 58,000 | $ 1,768,000 | |
Investment securities held to maturity, fair value | 0 | 87,561,000 | |
Net unrealized gain (loss), held-to-maturity securities | 800,000 | ||
Fair value | $ 22,341,000 | ||
Percentage of securities in unrealized loss positions, held-to-maturity securities | 25.50% | ||
Gross unrealized losses | $ 154,000 | ||
Equity securities held-for-trading | $ 1,992,000 | 3,581,000 | |
Number of days past due to be placed in nonaccrual status | 90 days | ||
Purchases of securities available-for-sale | $ 438,658,000 | $ 0 | |
Estimated fair value of debt securities have right to call or prepay the obligations | 130,200,000 | 37,600,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities within one year | 3,000,000 | 3,000,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 13,500,000 | 34,600,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after five years through ten years | 93,500,000 | 0 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | 20,100,000 | ||
Sales of trading securities | 131,497,000 | 0 | |
Debt Securities, Available-For-Sale | |||
Investment Securities | |||
Accrued interest receivable | 2,800,000 | 2,000,000 | |
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities | |||
Investment Securities | |||
Investment securities available-for-sale | 12,200,000 | 17,400,000 | |
GSE debentures | |||
Investment Securities | |||
Investment securities available-for-sale | 321,483,000 | 185,803,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 7,000,000 | 2,900,000 | |
Investment securities held to maturity, fair value | 31,290,000 | ||
Gross unrealized losses | $ 51,000 | ||
AFS number of positions | security | 63 | 60 | |
Number of securities in unrealized loss positions | security | 1 | 5 | |
Purchases of securities available-for-sale | $ 169,000,000 | 0 | |
Number of securities transferred | security | 9 | ||
Amount of transfer | $ 25,500,000 | ||
GSE CMOs | |||
Investment Securities | |||
Investment securities available-for-sale | 58,600,000 | $ 85,900,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 1,300,000 | $ (1,100,000) | |
AFS number of positions | security | 33 | 61 | |
Number of securities in unrealized loss positions | security | 2 | 45 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
GSE mortgage-related securities | |||
Investment Securities | |||
Investment securities available-for-sale | 387,700,000 | $ 153,300,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 11,500,000 | $ 300,000 | |
AFS number of positions | security | 138 | 150 | |
Number of securities in unrealized loss positions | security | 15 | 48 | |
Purchases of securities available-for-sale | $ 248,400,000 | 0 | |
Number of securities transferred | security | 8 | ||
Amount of transfer | $ 9,000,000 | ||
SBA commercial loan asset-backed securities | |||
Investment Securities | |||
Investment securities available-for-sale | $ 1,000 | $ 34,000 | |
AFS number of positions | security | 1 | 4 | |
Number of securities in unrealized loss positions | security | 0 | 3 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
Corporate debt obligations | |||
Investment Securities | |||
Investment securities available-for-sale | 26,571,000 | $ 28,986,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 1,200,000 | $ 500,000 | |
AFS number of positions | security | 7 | 8 | |
Number of securities in unrealized loss positions | security | 0 | ||
Purchases of securities available-for-sale | $ 0 | 0 | |
Number of securities transferred | security | 1 | ||
Amount of transfer | $ 500,000 | ||
U.S. Treasury bonds | |||
Investment Securities | |||
Investment securities available-for-sale | 59,700,000 | $ 44,900,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 4,000,000 | $ 200,000 | |
AFS number of positions | security | 10 | 9 | |
Number of securities in unrealized loss positions | security | 5 | ||
Purchases of securities available-for-sale | $ 0 | 21,200,000 | |
Municipal obligations | |||
Investment Securities | |||
Investment securities available-for-sale | $ 46,500,000 | ||
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | 45,692,000 | ||
Investment securities held to maturity, fair value | 46,514,000 | ||
Gross unrealized losses | $ 0 | ||
Number of securities in unrealized loss positions | security | 6 | ||
Purchases of securities available-for-sale | $ 0 | ||
Number of securities transferred | security | 0 | 93 | |
Foreign government obligations | |||
Investment Securities | |||
Investment securities available-for-sale | $ 487,000 | $ 500,000 | |
Investment securities held to maturity, fair value | 478,000 | ||
Gross unrealized losses | $ 22,000 | ||
AFS number of positions | security | 1 | 1 | |
Purchases of securities available-for-sale | $ 0 | ||
Collateral Pledged | |||
Investment Securities | |||
Investment securities pledged as collateral | 624,500,000 | $ 433,600,000 | |
Outstanding borrowings | $ 0 | $ 0 |
Investment Securities (Other-Th
Investment Securities (Other-Than-Temporary Impairment) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | $ 13,272 | $ 107,424 |
Less than twelve months, unrealized losses | 50 | 506 |
Twelve months or longer, estimated fair value | 1,399 | 98,175 |
Twelve months or longer, unrealized losses | 8 | 1,262 |
Total, fair value | 14,671 | 205,599 |
Total, unrealized losses | 58 | 1,768 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 9,902 | |
Less than twelve months, unrealized losses | 52 | |
Twelve months or longer, estimated fair value | 12,439 | |
Twelve months or longer, unrealized losses | 102 | |
Total, estimated fair value | 22,341 | |
Total, unrealized losses | 154 | |
Available-for-sale Securities and Held-to-maturity Securities [Abstract] (Deprecated 2018-01-31) | ||
Less than twelve months, estimated fair value | 13,272 | 117,326 |
Less than twelve months, unrealized losses | 50 | 558 |
Twelve months or longer, estimated fair value | 1,399 | 110,614 |
Twelve months or longer, unrealized losses | 8 | 1,364 |
Total, estimated fair value | 14,671 | 227,940 |
Total, unrealized losses | 58 | 1,922 |
GSE debentures | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 8,045 | 10,965 |
Less than twelve months, unrealized losses | 19 | 58 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, fair value | 8,045 | 10,965 |
Total, unrealized losses | 19 | 58 |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 8,714 | |
Less than twelve months, unrealized losses | 30 | |
Twelve months or longer, estimated fair value | 2,977 | |
Twelve months or longer, unrealized losses | 21 | |
Total, estimated fair value | 11,691 | |
Total, unrealized losses | 51 | |
GSE CMOs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 1,609 | 28,659 |
Less than twelve months, unrealized losses | 11 | 217 |
Twelve months or longer, estimated fair value | 1,298 | 55,885 |
Twelve months or longer, unrealized losses | 8 | 874 |
Total, fair value | 2,907 | 84,544 |
Total, unrealized losses | 19 | 1,091 |
GSE MBSs | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 3,130 | 42,046 |
Less than twelve months, unrealized losses | 7 | 115 |
Twelve months or longer, estimated fair value | 101 | 42,257 |
Twelve months or longer, unrealized losses | 0 | 388 |
Total, fair value | 3,231 | 84,303 |
Total, unrealized losses | 7 | 503 |
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 | 9,257 | |
Twelve months or longer, unrealized losses | 81 | |
Total, estimated fair value | 9,257 | |
Total, unrealized losses | 81 | |
SBA commercial loan asset-backed securities | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 1 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 0 | 33 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, fair value | 1 | 33 |
Total, unrealized losses | 0 | 0 |
U.S. Treasury bonds | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 25,754 | |
Less than twelve months, unrealized losses | 116 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, fair value | 25,754 | |
Total, unrealized losses | 116 | |
Municipal obligations | ||
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 710 | |
Less than twelve months, unrealized losses | 0 | |
Twelve months or longer, estimated fair value | 205 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 915 | |
Total, unrealized losses | 0 | |
Foreign government obligations | ||
Investment securities available-for-sale | ||
Less than twelve months, estimated fair value | 487 | |
Less than twelve months, unrealized losses | 13 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, fair value | 487 | |
Total, unrealized losses | $ 13 | |
Investment securities held-to-maturity | ||
Less than twelve months, estimated fair value | 478 | |
Less than twelve months, unrealized losses | 22 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Total, estimated fair value | 478 | |
Total, unrealized losses | $ 22 |
Investment Securities (Portfoli
Investment Securities (Portfolio Maturities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 14,456 | $ 12,797 |
After 1 year through 5 years | 180,991 | 217,569 |
After 5 years through 10 years | 233,204 | 93,805 |
Over 10 years | 400,895 | 171,994 |
Amortized Cost | 829,546 | 496,165 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 14,578 | 12,804 |
After 1 year through 5 years | 189,423 | 220,757 |
After 5 years through 10 years | 238,271 | 94,212 |
Over 10 years | 412,233 | 171,222 |
Total | $ 854,505 | $ 498,995 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 2.06% | 1.76% |
After 1 year through 5 years (as a percent) | 2.17% | 2.19% |
After 5 years through 10 years (as a percent) | 1.57% | 2.04% |
Over 10 years (as a percent) | 1.95% | 2.12% |
Total (as a percent) | 1.89% | 2.13% |
Held-to-Maturity, Amortized Cost | ||
Within 1 year | $ 0 | $ 6,366 |
After 1 year through 5 years | 0 | 63,898 |
After 5 years through 10 years | 0 | 7,177 |
Over 10 years | 0 | 9,339 |
Total | 0 | 86,780 |
Held-to-Maturity, Estimated Fair Value | ||
Within 1 year | 0 | 6,381 |
After 1 year through 5 years | 0 | 64,559 |
After 5 years through 10 years | 0 | 7,364 |
Over 10 years | 0 | 9,257 |
Total | $ 0 | $ 87,561 |
Held-to-Maturity, Weighted Average Rate | ||
Within 1 year (as a percent) | 0.00% | 1.33% |
After 1 year through 5 years (as a percent) | 0.00% | 1.81% |
After 5 years through 10 years (as a percent) | 0.00% | 1.79% |
Over 10 years (as a percent) | 0.00% | 1.90% |
Total (as a percent) | 0.00% | 1.82% |
Investment Securities (Security
Investment Securities (Security Sales) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of trust preferred, marketable and restricted equity securities | $ 518,000 | $ 0 |
Sales of trading securities | 131,497,000 | 0 |
Gross gains from securities sales | 3,153,000 | 0 |
Gross losses from securities sales | (166,000) | 0 |
Gain on sales of securities, net | $ 2,987,000 | $ 0 |
Loans and Leases (Summary of Lo
Loans and Leases (Summary of Loan and Lease Balances and Weighted Average Coupon Rates) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 7,407,697 | $ 6,737,816 |
Total, weighted average coupon (as a percent) | 4.04% | 4.88% |
Originated loans | $ 6,449,687 | |
Originated, weighted average coupon (as a percent) | 4.89% | |
Acquired loans | $ 288,129 | |
Acquired, weighted average coupon (as a percent) | 4.67% | |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,609,762 | $ 2,491,011 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 968,761 | 932,163 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 259,180 | 246,048 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,222,986 | 729,502 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,085,869 | 1,052,408 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 52,608 | 56,838 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 804,282 | 814,245 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 370,322 | 376,819 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 33,927 | 38,782 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 3,837,703 | $ 3,669,222 |
Total, weighted average coupon (as a percent) | 3.63% | 4.34% |
Originated loans | $ 3,535,534 | |
Originated, weighted average coupon (as a percent) | 4.33% | |
Acquired loans | $ 133,688 | |
Acquired, weighted average coupon (as a percent) | 4.73% | |
Commercial real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,609,762 | $ 2,491,011 |
Total, weighted average coupon (as a percent) | 3.65% | 4.33% |
Originated loans | $ 2,400,037 | |
Originated, weighted average coupon (as a percent) | 4.32% | |
Acquired loans | $ 90,974 | |
Acquired, weighted average coupon (as a percent) | 4.63% | |
Commercial real estate loans | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 968,761 | $ 932,163 |
Total, weighted average coupon (as a percent) | 3.52% | 4.20% |
Originated loans | $ 896,482 | |
Originated, weighted average coupon (as a percent) | 4.18% | |
Acquired loans | $ 35,681 | |
Acquired, weighted average coupon (as a percent) | 4.59% | |
Commercial real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 259,180 | $ 246,048 |
Total, weighted average coupon (as a percent) | 3.80% | 5.09% |
Originated loans | $ 239,015 | |
Originated, weighted average coupon (as a percent) | 5.04% | |
Acquired loans | $ 7,033 | |
Acquired, weighted average coupon (as a percent) | 6.73% | |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,361,463 | $ 1,838,748 |
Total, weighted average coupon (as a percent) | 4.88% | 6.41% |
Originated loans | $ 1,820,710 | |
Originated, weighted average coupon (as a percent) | 6.42% | |
Acquired loans | $ 18,038 | |
Acquired, weighted average coupon (as a percent) | 5.25% | |
Commercial loans and leases | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,222,986 | $ 729,502 |
Total, weighted average coupon (as a percent) | 2.54% | 4.66% |
Originated loans | $ 713,875 | |
Originated, weighted average coupon (as a percent) | 4.65% | |
Acquired loans | $ 15,627 | |
Acquired, weighted average coupon (as a percent) | 5.14% | |
Commercial loans and leases | SBA PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 565,769 | |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,085,869 | $ 1,052,408 |
Total, weighted average coupon (as a percent) | 7.53% | 7.71% |
Originated loans | $ 1,049,997 | |
Originated, weighted average coupon (as a percent) | 7.71% | |
Acquired loans | $ 2,411 | |
Acquired, weighted average coupon (as a percent) | 5.98% | |
Commercial loans and leases | Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 52,608 | $ 56,838 |
Total, weighted average coupon (as a percent) | 4.69% | 4.84% |
Originated loans | $ 56,838 | |
Originated, weighted average coupon (as a percent) | 4.84% | |
Acquired loans | $ 0 | |
Acquired, weighted average coupon (as a percent) | 0.00% | |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,208,531 | $ 1,229,846 |
Total, weighted average coupon (as a percent) | 3.72% | 4.22% |
Originated loans | $ 1,093,443 | |
Originated, weighted average coupon (as a percent) | 4.18% | |
Acquired loans | $ 136,403 | |
Acquired, weighted average coupon (as a percent) | 4.54% | |
Consumer loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 804,282 | $ 814,245 |
Total, weighted average coupon (as a percent) | 3.95% | 4.10% |
Originated loans | $ 711,522 | |
Originated, weighted average coupon (as a percent) | 4.06% | |
Acquired loans | $ 102,723 | |
Acquired, weighted average coupon (as a percent) | 4.40% | |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 370,322 | $ 376,819 |
Total, weighted average coupon (as a percent) | 3.27% | 4.46% |
Originated loans | $ 343,247 | |
Originated, weighted average coupon (as a percent) | 4.41% | |
Acquired loans | $ 33,572 | |
Acquired, weighted average coupon (as a percent) | 4.93% | |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 33,927 | $ 38,782 |
Total, weighted average coupon (as a percent) | 3.05% | 4.48% |
Originated loans | $ 38,674 | |
Originated, weighted average coupon (as a percent) | 4.44% | |
Acquired loans | $ 108 | |
Acquired, weighted average coupon (as a percent) | 17.91% |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unamortized deferred loan origination fees and costs | $ (1,100,000) | $ 15,700,000 | ||
Deferred loan origination fees net | $ 15,500,000 | |||
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 27.50% | |||
Percentage of loans to aggregate outstanding amount in other areas of the United States | 72.50% | |||
Loans and leases pledged as collateral | $ 2,900,000,000 | $ 3,500,000,000 | $ 2,900,000,000 | |
Total loans and leases | 7,407,697,000 | 6,737,816,000 | ||
Loans and Leases Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable | 26,700,000 | 17,400,000 | ||
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Reclassification from nonaccretable difference as a result of changes in expected cash flows | $ 727,000 | $ 788,000 | ||
Total loans and leases | $ 288,129,000 | |||
FRB Borrowings | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans and leases | $ 0 |
Loans and Leases (Accretable Yi
Loans and Leases (Accretable Yield for the Acquired Loan Portfolio) (Details) - Acquired - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Summarized activity in accretable yield for the acquired loan portfolio | ||
Balance at beginning of period | $ 7,166 | $ 7,905 |
Acquisitions | 0 | 0 |
Accretion | (1,041) | (1,841) |
Reclassification from nonaccretable difference as a result of changes in expected cash flows | 727 | 788 |
Balance at end of period | $ 6,852 | $ 6,852 |
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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | $ 113,181 | $ 58,041 | $ 61,082 | $ 58,692 |
Charge-offs | (1,803) | (3,412) | (4,342) | (5,954) |
Recoveries | 420 | 330 | 725 | 771 |
Provision (credit) for loan and lease losses excluding unfunded commitments | 7,755 | 3,676 | 55,456 | 5,126 |
Balance at the end of the period | 119,553 | 58,635 | 119,553 | 58,635 |
Provisions for credit losses | ||||
Provision for loan and lease losses | 7,755 | 3,676 | 55,456 | 5,126 |
Unfunded credit commitments | (2,408) | 81 | 4,005 | (16) |
Total provision for credit losses | 5,347 | 3,757 | 59,461 | 5,110 |
Commercial Real Estate | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 82,179 | 28,349 | 30,285 | 28,187 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 94 | 0 | 94 | 0 |
Provision (credit) for loan and lease losses excluding unfunded commitments | 7,738 | 319 | 47,938 | 481 |
Balance at the end of the period | 90,011 | 28,668 | 90,011 | 28,668 |
Provisions for credit losses | ||||
Provision for loan and lease losses | 7,738 | 319 | 47,938 | 481 |
Commercial | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 26,774 | 24,240 | 24,826 | 25,283 |
Charge-offs | (1,794) | (3,401) | (4,321) | (5,913) |
Recoveries | 296 | 294 | 543 | 682 |
Provision (credit) for loan and lease losses excluding unfunded commitments | (338) | 3,200 | 6,562 | 4,281 |
Balance at the end of the period | 24,938 | 24,333 | 24,938 | 24,333 |
Provisions for credit losses | ||||
Provision for loan and lease losses | (338) | 3,200 | 6,562 | 4,281 |
Consumer | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 4,228 | 5,452 | 5,971 | 5,222 |
Charge-offs | (9) | (11) | (21) | (41) |
Recoveries | 30 | 36 | 88 | 89 |
Provision (credit) for loan and lease losses excluding unfunded commitments | 355 | 157 | 956 | 364 |
Balance at the end of the period | 4,604 | 5,634 | 4,604 | 5,634 |
Provisions for credit losses | ||||
Provision for loan and lease losses | $ 355 | $ 157 | 956 | $ 364 |
Adoption of ASU 2016-13 (CECL) | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 6,632 | |||
Adoption of ASU 2016-13 (CECL) | Commercial Real Estate | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 11,694 | |||
Adoption of ASU 2016-13 (CECL) | Commercial | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | (2,672) | |||
Adoption of ASU 2016-13 (CECL) | Consumer | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | $ (2,390) |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Unfunded credit commitments liability included in other liabilities | $ 14,800,000 | $ 14,800,000 | $ 1,900,000 | ||||||
Unfunded credit commitments liability charged off | 0 | $ 0 | |||||||
Allowance for loan and lease losses | 119,553,000 | $ 58,635,000 | 119,553,000 | 58,635,000 | $ 113,181,000 | 61,082,000 | $ 58,041,000 | $ 58,692,000 | |
General allowance for loan and lease losses | 112,500,000 | 112,500,000 | 59,300,000 | ||||||
Specific allowance for loan and lease losses | 7,100,000 | 7,100,000 | 1,800,000 | ||||||
Increase (decrease) in specific portion of the allowance for loan and lease losses | 5,300,000 | ||||||||
Interest income on nonaccrual loans | 0 | ||||||||
Decrease in total debt restructured loans and leases | (7,100,000) | ||||||||
Total troubled debt restructurings | 16,144,000 | 16,144,000 | 23,180,000 | ||||||
Recorded investment, at end of period | 1,200,000 | 1,100,000 | 1,700,000 | 20,100,000 | |||||
Decrease from TDR loans and leases that were modified | 18,900,000 | ||||||||
Financial impact of modification of performing and nonperforming loans | 500,000 | 800,000 | 600,000 | 1,700,000 | |||||
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 1,800,000 | 1,500,000 | |||||||
Total loans and leases | 7,407,697,000 | 7,407,697,000 | 6,737,816,000 | ||||||
Originated | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 119,553,000 | 119,553,000 | 58,867,000 | ||||||
Total loans and leases | 7,407,697,000 | 7,407,697,000 | 6,449,687,000 | ||||||
Total | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 6,233,093,000 | 6,233,093,000 | 5,546,752,000 | ||||||
Commercial real estate | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Increase (decrease) in specific portion of the allowance for loan and lease losses | 2,300,000 | ||||||||
Total loans and leases | 2,609,762,000 | 2,609,762,000 | 2,491,011,000 | ||||||
Multi-family mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 968,761,000 | 968,761,000 | 932,163,000 | ||||||
Construction | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 259,180,000 | 259,180,000 | 246,048,000 | ||||||
Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Increase (decrease) in specific portion of the allowance for loan and lease losses | 3,100,000 | ||||||||
Total loans and leases | 1,222,986,000 | 1,222,986,000 | 729,502,000 | ||||||
Equipment financing | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 1,085,869,000 | 1,085,869,000 | 1,052,408,000 | ||||||
Condominium association | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 52,608,000 | 52,608,000 | 56,838,000 | ||||||
Residential mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 804,282,000 | 804,282,000 | 814,245,000 | ||||||
Home equity | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 370,322,000 | 370,322,000 | 376,819,000 | ||||||
Other consumer | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | $ 33,927,000 | $ 33,927,000 | 38,782,000 | ||||||
Loans With Short-Term Deferments | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of loans | loan | 5,366 | 5,366 | |||||||
Total loans and leases | $ 1,200,000,000 | $ 1,200,000,000 | |||||||
Percent of total loan balance | 16.00% | 16.00% | |||||||
Commercial loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | $ 24,938,000 | 24,333,000 | $ 24,938,000 | 24,333,000 | 26,774,000 | 24,826,000 | 24,240,000 | 25,283,000 | |
Total loans and leases | 2,361,463,000 | 2,361,463,000 | 1,838,748,000 | ||||||
Commercial loans | Originated | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 21,375,000 | 21,375,000 | 24,525,000 | ||||||
Total loans and leases | 2,361,463,000 | 2,361,463,000 | 1,820,710,000 | ||||||
Commercial loans | Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 1,222,986,000 | 1,222,986,000 | 729,502,000 | ||||||
Commercial loans | Equipment financing | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 1,085,869,000 | 1,085,869,000 | 1,052,408,000 | ||||||
Commercial loans | Condominium association | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 52,608,000 | 52,608,000 | 56,838,000 | ||||||
Commercial real estate loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 90,011,000 | 28,668,000 | 90,011,000 | 28,668,000 | 82,179,000 | 30,285,000 | 28,349,000 | 28,187,000 | |
Total loans and leases | 3,837,703,000 | 3,837,703,000 | 3,669,222,000 | ||||||
Commercial real estate loans | Originated | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 93,574,000 | 93,574,000 | 28,422,000 | ||||||
Total loans and leases | 3,837,703,000 | 3,837,703,000 | 3,535,534,000 | ||||||
Commercial real estate loans | Commercial real estate | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 2,609,762,000 | 2,609,762,000 | 2,491,011,000 | ||||||
Commercial real estate loans | Multi-family mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 968,761,000 | 968,761,000 | 932,163,000 | ||||||
Commercial real estate loans | Construction | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 259,180,000 | 259,180,000 | 246,048,000 | ||||||
Consumer loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 4,604,000 | $ 5,634,000 | 4,604,000 | $ 5,634,000 | $ 4,228,000 | 5,971,000 | $ 5,452,000 | $ 5,222,000 | |
Total loans and leases | 1,208,531,000 | 1,208,531,000 | 1,229,846,000 | ||||||
Consumer loans | Originated | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | 4,604,000 | 4,604,000 | 5,920,000 | ||||||
Total loans and leases | 1,208,531,000 | 1,208,531,000 | 1,093,443,000 | ||||||
Consumer loans | Residential mortgage | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 804,282,000 | 804,282,000 | 814,245,000 | ||||||
Consumer loans | Home equity | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | 370,322,000 | 370,322,000 | 376,819,000 | ||||||
Consumer loans | Other consumer | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | $ 33,927,000 | $ 33,927,000 | 38,782,000 | ||||||
Accounting Standards Update 2016-13 | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Allowance for loan and lease losses | $ 6,600,000 | ||||||||
Definite Loss | Total | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total loans and leases | $ 0 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses (Credit Quality Information) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Credit Quality Information | ||
Total Loans and Leases | $ 7,407,697 | $ 6,737,816 |
Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 7,407,697 | 6,449,687 |
Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 288,129 | |
Commercial real estate | ||
Credit Quality Information | ||
2020 | 214,318 | |
2019 | 424,833 | |
2018 | 292,473 | |
2017 | 280,550 | |
2016 | 287,702 | |
Prior | 1,044,253 | |
Revolving Loans | 54,076 | |
Revolving Loans Converted to Term Loans | 11,557 | |
Total Loans and Leases | 2,609,762 | 2,491,011 |
Commercial real estate | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 2,400,037 | |
Commercial real estate | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 90,974 | |
Commercial real estate | Pass | ||
Credit Quality Information | ||
2020 | 214,318 | |
2019 | 424,343 | |
2018 | 292,473 | |
2017 | 280,329 | |
2016 | 285,244 | |
Prior | 1,018,739 | |
Revolving Loans | 54,076 | |
Revolving Loans Converted to Term Loans | 11,491 | |
Total Loans and Leases | 2,581,013 | |
Commercial real estate | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 2,379,925 | |
Commercial real estate | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 81,360 | |
Commercial real estate | OAEM | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 490 | |
2018 | 0 | |
2017 | 0 | |
2016 | 2,221 | |
Prior | 14,014 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 16,725 | |
Commercial real estate | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 17,006 | |
Commercial real estate | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 597 | |
Commercial real estate | Substandard | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 221 | |
2016 | 237 | |
Prior | 11,500 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 66 | |
Total Loans and Leases | 12,024 | |
Commercial real estate | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 3,106 | |
Commercial real estate | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 9,017 | |
Commercial real estate | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Multi-family mortgage | ||
Credit Quality Information | ||
2020 | 59,867 | |
2019 | 111,993 | |
2018 | 154,919 | |
2017 | 109,133 | |
2016 | 129,623 | |
Prior | 341,824 | |
Revolving Loans | 49,333 | |
Revolving Loans Converted to Term Loans | 12,069 | |
Total Loans and Leases | 968,761 | 932,163 |
Multi-family mortgage | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 896,482 | |
Multi-family mortgage | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 35,681 | |
Multi-family mortgage | Pass | ||
Credit Quality Information | ||
2020 | 59,867 | |
2019 | 111,993 | |
2018 | 154,919 | |
2017 | 109,133 | |
2016 | 129,623 | |
Prior | 341,824 | |
Revolving Loans | 49,333 | |
Revolving Loans Converted to Term Loans | 12,069 | |
Total Loans and Leases | 968,761 | |
Multi-family mortgage | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 896,398 | |
Multi-family mortgage | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 35,681 | |
Multi-family mortgage | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Multi-family mortgage | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Multi-family mortgage | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 84 | |
Multi-family mortgage | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Multi-family mortgage | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | ||
Credit Quality Information | ||
2020 | 17,489 | |
2019 | 69,116 | |
2018 | 147,643 | |
2017 | 9,132 | |
2016 | 6,044 | |
Prior | 718 | |
Revolving Loans | 9,038 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 259,180 | 246,048 |
Construction | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 239,015 | |
Construction | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 7,033 | |
Construction | Pass | ||
Credit Quality Information | ||
2020 | 17,489 | |
2019 | 68,116 | |
2018 | 147,643 | |
2017 | 9,132 | |
2016 | 3,126 | |
Prior | 718 | |
Revolving Loans | 9,038 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 255,262 | |
Construction | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 239,015 | |
Construction | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 7,033 | |
Construction | OAEM | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 1,000 | |
2018 | 0 | |
2017 | 0 | |
2016 | 2,918 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 3,918 | |
Construction | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Commercial | ||
Credit Quality Information | ||
2020 | 603,874 | |
2019 | 84,460 | |
2018 | 61,007 | |
2017 | 76,860 | |
2016 | 30,571 | |
Prior | 136,006 | |
Revolving Loans | 225,823 | |
Revolving Loans Converted to Term Loans | 4,385 | |
Total Loans and Leases | 1,222,986 | 729,502 |
Commercial | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 713,875 | |
Commercial | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 15,627 | |
Commercial | Pass | ||
Credit Quality Information | ||
2020 | 603,874 | |
2019 | 78,792 | |
2018 | 60,175 | |
2017 | 76,219 | |
2016 | 28,708 | |
Prior | 125,801 | |
Revolving Loans | 216,325 | |
Revolving Loans Converted to Term Loans | 3,725 | |
Total Loans and Leases | 1,193,619 | |
Commercial | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 688,268 | |
Commercial | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 15,215 | |
Commercial | OAEM | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 5,668 | |
2018 | 23 | |
2017 | 0 | |
2016 | 54 | |
Prior | 27 | |
Revolving Loans | 7,497 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 13,269 | |
Commercial | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 10,803 | |
Commercial | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 210 | |
Commercial | Substandard | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 809 | |
2017 | 641 | |
2016 | 1,809 | |
Prior | 10,178 | |
Revolving Loans | 2,001 | |
Revolving Loans Converted to Term Loans | 659 | |
Total Loans and Leases | 16,097 | |
Commercial | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 14,801 | |
Commercial | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 202 | |
Commercial | Doubtful | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 1 | |
Total Loans and Leases | 1 | |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 3 | |
Equipment financing | ||
Credit Quality Information | ||
2020 | 159,673 | |
2019 | 364,563 | |
2018 | 260,278 | |
2017 | 158,513 | |
2016 | 79,749 | |
Prior | 61,355 | |
Revolving Loans | 715 | |
Revolving Loans Converted to Term Loans | 1,023 | |
Total Loans and Leases | 1,085,869 | 1,052,408 |
Equipment financing | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,049,997 | |
Equipment financing | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 2,411 | |
Equipment financing | Pass | ||
Credit Quality Information | ||
2020 | 159,673 | |
2019 | 359,464 | |
2018 | 255,091 | |
2017 | 155,486 | |
2016 | 76,578 | |
Prior | 59,310 | |
Revolving Loans | 715 | |
Revolving Loans Converted to Term Loans | 1,023 | |
Total Loans and Leases | 1,067,340 | |
Equipment financing | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,038,793 | |
Equipment financing | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 2,404 | |
Equipment financing | OAEM | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 2,612 | |
2018 | 1,395 | |
2017 | 0 | |
2016 | 1,321 | |
Prior | 41 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 5,369 | |
Equipment financing | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,389 | |
Equipment financing | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Equipment financing | Substandard | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 1,953 | |
2018 | 3,734 | |
2017 | 2,609 | |
2016 | 1,550 | |
Prior | 1,953 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 11,799 | |
Equipment financing | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 7,995 | |
Equipment financing | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 7 | |
Equipment financing | Doubtful | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 534 | |
2018 | 58 | |
2017 | 418 | |
2016 | 300 | |
Prior | 51 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 1,361 | |
Equipment financing | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,820 | |
Condominium association | ||
Credit Quality Information | ||
2020 | 2,211 | |
2019 | 10,515 | |
2018 | 5,459 | |
2017 | 8,204 | |
2016 | 5,988 | |
Prior | 17,431 | |
Revolving Loans | 2,288 | |
Revolving Loans Converted to Term Loans | 512 | |
Total Loans and Leases | 52,608 | 56,838 |
Condominium association | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 56,838 | |
Condominium association | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Condominium association | Pass | ||
Credit Quality Information | ||
2020 | 2,211 | |
2019 | 10,515 | |
2018 | 5,459 | |
2017 | 8,204 | |
2016 | 5,865 | |
Prior | 17,365 | |
Revolving Loans | 2,288 | |
Revolving Loans Converted to Term Loans | 512 | |
Total Loans and Leases | 52,419 | |
Condominium association | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 56,687 | |
Condominium association | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Condominium association | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Condominium association | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Condominium association | Substandard | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 123 | |
Prior | 66 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 189 | |
Condominium association | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 151 | |
Condominium association | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Condominium association | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Other consumer | ||
Credit Quality Information | ||
2020 | 584 | |
2019 | 612 | |
2018 | 8,512 | |
2017 | 40 | |
2016 | 576 | |
Prior | 429 | |
Revolving Loans | 23,161 | |
Revolving Loans Converted to Term Loans | 13 | |
Total Loans and Leases | 33,927 | 38,782 |
Other consumer | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 38,674 | |
Other consumer | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 108 | |
Other consumer | Pass | ||
Credit Quality Information | ||
2020 | 584 | |
2019 | 612 | |
2018 | 8,512 | |
2017 | 40 | |
2016 | 576 | |
Prior | 429 | |
Revolving Loans | 23,155 | |
Revolving Loans Converted to Term Loans | 13 | |
Total Loans and Leases | 33,921 | |
Other consumer | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 38,673 | |
Other consumer | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 108 | |
Other consumer | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Other consumer | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Other consumer | Substandard | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans | 6 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 6 | |
Other consumer | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1 | |
Other consumer | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Other consumer | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Total | ||
Credit Quality Information | ||
2020 | 1,058,016 | |
2019 | 1,066,092 | |
2018 | 930,291 | |
2017 | 642,432 | |
2016 | 540,253 | |
Prior | 1,602,016 | |
Revolving Loans | 364,434 | |
Revolving Loans Converted to Term Loans | 29,559 | |
Total Loans and Leases | 6,233,093 | 5,546,752 |
Total | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 5,394,918 | |
Total | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 151,834 | |
Total | Pass | ||
Credit Quality Information | ||
2020 | 1,058,016 | |
2019 | 1,053,835 | |
2018 | 924,272 | |
2017 | 638,543 | |
2016 | 529,720 | |
Prior | 1,564,186 | |
Revolving Loans | 354,930 | |
Revolving Loans Converted to Term Loans | 28,833 | |
Total Loans and Leases | 6,152,335 | |
Total | Pass | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 5,337,759 | |
Total | Pass | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 141,801 | |
Total | OAEM | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 9,770 | |
2018 | 1,418 | |
2017 | 0 | |
2016 | 6,514 | |
Prior | 14,082 | |
Revolving Loans | 7,497 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 39,281 | |
Total | OAEM | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 29,198 | |
Total | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 807 | |
Total | Substandard | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 1,953 | |
2018 | 4,543 | |
2017 | 3,471 | |
2016 | 3,719 | |
Prior | 23,697 | |
Revolving Loans | 2,007 | |
Revolving Loans Converted to Term Loans | 725 | |
Total Loans and Leases | 40,115 | |
Total | Substandard | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 26,138 | |
Total | Substandard | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 9,226 | |
Total | Doubtful | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 534 | |
2018 | 58 | |
2017 | 418 | |
2016 | 300 | |
Prior | 51 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 1 | |
Total Loans and Leases | 1,362 | |
Total | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,823 | |
Residential mortgage | ||
Credit Quality Information | ||
2020 | 91,810 | |
2019 | 154,082 | |
2018 | 103,391 | |
2017 | 105,932 | |
2016 | 77,605 | |
Prior | 266,293 | |
Revolving Loans | 3,820 | |
Revolving Loans Converted to Term Loans | 1,349 | |
Total Loans and Leases | 804,282 | $ 814,245 |
Percentage of loans to aggregate outstanding amount | 100.00% | |
Residential mortgage | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 711,522 | |
Percentage of loans to aggregate outstanding amount | 87.40% | |
Residential mortgage | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 102,723 | |
Percentage of loans to aggregate outstanding amount | 12.60% | |
Residential mortgage | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 184,628 | |
Percentage of loans to aggregate outstanding amount | 22.70% | |
Residential mortgage | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 32,838 | |
Percentage of loans to aggregate outstanding amount | 4.00% | |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 293,976 | |
Percentage of loans to aggregate outstanding amount | 36.10% | |
Residential mortgage | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 44,754 | |
Percentage of loans to aggregate outstanding amount | 5.40% | |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 204,600 | |
Percentage of loans to aggregate outstanding amount | 25.10% | |
Residential mortgage | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 14,305 | |
Percentage of loans to aggregate outstanding amount | 1.80% | |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 25,664 | |
Percentage of loans to aggregate outstanding amount | 3.20% | |
Residential mortgage | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 4,608 | |
Percentage of loans to aggregate outstanding amount | 0.60% | |
Residential mortgage | Data not available | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 2,654 | |
Percentage of loans to aggregate outstanding amount | 0.30% | |
Residential mortgage | Data not available | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 6,218 | |
Percentage of loans to aggregate outstanding amount | 0.80% | |
Home equity | ||
Credit Quality Information | ||
2020 | 1,218 | |
2019 | 4,970 | |
2018 | 4,299 | |
2017 | 4,227 | |
2016 | 1,624 | |
Prior | 20,679 | |
Revolving Loans | 325,816 | |
Revolving Loans Converted to Term Loans | 7,489 | |
Total Loans and Leases | 370,322 | $ 376,819 |
Percentage of loans to aggregate outstanding amount | 100.00% | |
Home equity | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 343,247 | |
Percentage of loans to aggregate outstanding amount | 91.00% | |
Home equity | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 33,572 | |
Percentage of loans to aggregate outstanding amount | 9.00% | |
Home equity | Loan-to-value ratio, less than 50% | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 132,736 | |
Percentage of loans to aggregate outstanding amount | 35.20% | |
Home equity | Loan-to-value ratio, less than 50% | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 16,882 | |
Percentage of loans to aggregate outstanding amount | 4.50% | |
Home equity | Loan-to-value ratio, 50% - 69% | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 91,681 | |
Percentage of loans to aggregate outstanding amount | 24.30% | |
Home equity | Loan-to-value ratio, 50% - 69% | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 7,958 | |
Percentage of loans to aggregate outstanding amount | 2.10% | |
Home equity | Loan-to-value ratio, 70% - 79% | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 81,459 | |
Percentage of loans to aggregate outstanding amount | 21.60% | |
Home equity | Loan-to-value ratio, 70% - 79% | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 705 | |
Percentage of loans to aggregate outstanding amount | 0.20% | |
Home equity | Loan-to-value ratio, 80% and greater than | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 37,371 | |
Percentage of loans to aggregate outstanding amount | 9.90% | |
Home equity | Loan-to-value ratio, 80% and greater than | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 4,726 | |
Percentage of loans to aggregate outstanding amount | 1.30% | |
Home equity | Data not available | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | $ 0 | |
Percentage of loans to aggregate outstanding amount | 0.00% | |
Home equity | Data not available | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | $ 3,301 | |
Percentage of loans to aggregate outstanding amount | 0.90% | |
Over 700 | Residential mortgage | ||
Credit Quality Information | ||
2020 | 66,521 | |
2019 | 107,427 | |
2018 | 74,852 | |
2017 | 63,569 | |
2016 | 54,715 | |
Prior | 144,997 | |
Revolving Loans | 3,820 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 515,901 | |
Over 700 | Home equity | ||
Credit Quality Information | ||
2020 | 1,046 | |
2019 | 4,307 | |
2018 | 3,448 | |
2017 | 3,536 | |
2016 | 1,250 | |
Prior | 14,780 | |
Revolving Loans | 266,269 | |
Revolving Loans Converted to Term Loans | 3,419 | |
Total Loans and Leases | 298,055 | |
661 - 700 | Residential mortgage | ||
Credit Quality Information | ||
2020 | 10,682 | |
2019 | 22,314 | |
2018 | 13,139 | |
2017 | 18,302 | |
2016 | 10,582 | |
Prior | 27,181 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 102,200 | |
661 - 700 | Home equity | ||
Credit Quality Information | ||
2020 | 172 | |
2019 | 506 | |
2018 | 575 | |
2017 | 677 | |
2016 | 333 | |
Prior | 3,495 | |
Revolving Loans | 43,734 | |
Revolving Loans Converted to Term Loans | 1,713 | |
Total Loans and Leases | 51,205 | |
600 and below | Residential mortgage | ||
Credit Quality Information | ||
2020 | 4,537 | |
2019 | 5,282 | |
2018 | 5,172 | |
2017 | 8,325 | |
2016 | 6,701 | |
Prior | 15,945 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 45,962 | |
600 and below | Home equity | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 157 | |
2018 | 276 | |
2017 | 14 | |
2016 | 41 | |
Prior | 587 | |
Revolving Loans | 10,047 | |
Revolving Loans Converted to Term Loans | 874 | |
Total Loans and Leases | 11,996 | |
Data not available | Residential mortgage | ||
Credit Quality Information | ||
2020 | 10,070 | |
2019 | 19,059 | |
2018 | 10,228 | |
2017 | 15,736 | |
2016 | 5,607 | |
Prior | 78,170 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 1,349 | |
Total Loans and Leases | 140,219 | |
Data not available | Home equity | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,817 | |
Revolving Loans | 5,766 | |
Revolving Loans Converted to Term Loans | 1,483 | |
Total Loans and Leases | $ 9,066 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses (Foreclosed Residential Real Estate Property) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Amortized cost basis in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 0 | $ 110 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses (Past Due Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Age analysis of past due loans | ||
Past Due | $ 46,289 | |
Current | 6,691,527 | |
Total Loans and Leases | $ 7,407,697 | 6,737,816 |
Past Due Greater Than 90 Days and Accruing | 10,109 | |
Non-accrual | 19,461 | |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,609,762 | 2,491,011 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 968,761 | 932,163 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 259,180 | 246,048 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,222,986 | 729,502 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,085,869 | 1,052,408 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,608 | 56,838 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 804,282 | 814,245 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 370,322 | 376,819 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 33,927 | 38,782 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 3,837,703 | 3,669,222 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,609,762 | 2,491,011 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 968,761 | 932,163 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 259,180 | 246,048 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,361,463 | 1,838,748 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,222,986 | 729,502 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,085,869 | 1,052,408 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 52,608 | 56,838 |
Consumer loans | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,208,531 | 1,229,846 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 804,282 | 814,245 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 370,322 | 376,819 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 33,927 | 38,782 |
31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 18,313 | |
61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,978 | |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 22,998 | |
Originated | ||
Age analysis of past due loans | ||
Past Due | 86,054 | 35,023 |
Current | 7,321,643 | 6,414,664 |
Total Loans and Leases | 7,407,697 | 6,449,687 |
Past Due Greater Than 90 Days and Accruing | 1,974 | 53 |
Non-accrual | 41,300 | 18,545 |
Non-accrual with No Related Allowance | 17,864 | |
Originated | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,400,037 | |
Originated | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 896,482 | |
Originated | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 239,015 | |
Originated | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 713,875 | |
Originated | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,049,997 | |
Originated | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 56,838 | |
Originated | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 711,522 | |
Originated | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 343,247 | |
Originated | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 38,674 | |
Originated | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 29,127 | 11,080 |
Current | 3,808,576 | 3,524,454 |
Total Loans and Leases | 3,837,703 | 3,535,534 |
Past Due Greater Than 90 Days and Accruing | 145 | 51 |
Non-accrual | 10,139 | 2,835 |
Non-accrual with No Related Allowance | 1,783 | |
Originated | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 20,945 | 6,968 |
Current | 2,588,817 | 2,393,069 |
Total Loans and Leases | 2,609,762 | 2,400,037 |
Past Due Greater Than 90 Days and Accruing | 145 | 51 |
Non-accrual | 10,139 | 2,751 |
Non-accrual with No Related Allowance | 1,783 | |
Originated | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 8,182 | 4,112 |
Current | 960,579 | 892,370 |
Total Loans and Leases | 968,761 | 896,482 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 0 | 84 |
Non-accrual with No Related Allowance | 0 | |
Originated | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Current | 259,180 | 239,015 |
Total Loans and Leases | 259,180 | 239,015 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Non-accrual with No Related Allowance | 0 | |
Originated | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 33,063 | 21,444 |
Current | 2,328,400 | 1,799,266 |
Total Loans and Leases | 2,361,463 | 1,820,710 |
Past Due Greater Than 90 Days and Accruing | 714 | 0 |
Non-accrual | 25,717 | 14,680 |
Non-accrual with No Related Allowance | 11,926 | |
Originated | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 13,312 | 9,084 |
Current | 1,209,674 | 704,791 |
Total Loans and Leases | 1,222,986 | 713,875 |
Past Due Greater Than 90 Days and Accruing | 248 | 0 |
Non-accrual | 12,427 | 4,707 |
Non-accrual with No Related Allowance | 7,643 | |
Originated | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 19,566 | 11,902 |
Current | 1,066,303 | 1,038,095 |
Total Loans and Leases | 1,085,869 | 1,049,997 |
Past Due Greater Than 90 Days and Accruing | 418 | 0 |
Non-accrual | 13,100 | 9,822 |
Non-accrual with No Related Allowance | 4,160 | |
Originated | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 185 | 458 |
Current | 52,423 | 56,380 |
Total Loans and Leases | 52,608 | 56,838 |
Past Due Greater Than 90 Days and Accruing | 48 | 0 |
Non-accrual | 190 | 151 |
Non-accrual with No Related Allowance | 123 | |
Originated | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 23,864 | 2,499 |
Current | 1,184,667 | 1,090,944 |
Total Loans and Leases | 1,208,531 | 1,093,443 |
Past Due Greater Than 90 Days and Accruing | 1,115 | 2 |
Non-accrual | 5,444 | 1,030 |
Non-accrual with No Related Allowance | 4,155 | |
Originated | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 18,974 | 1,017 |
Current | 785,308 | 710,505 |
Total Loans and Leases | 804,282 | 711,522 |
Past Due Greater Than 90 Days and Accruing | 808 | 0 |
Non-accrual | 4,157 | 753 |
Non-accrual with No Related Allowance | 3,388 | |
Originated | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 4,868 | 1,434 |
Current | 365,454 | 341,813 |
Total Loans and Leases | 370,322 | 343,247 |
Past Due Greater Than 90 Days and Accruing | 307 | 2 |
Non-accrual | 1,278 | 276 |
Non-accrual with No Related Allowance | 767 | |
Originated | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 22 | 48 |
Current | 33,905 | 38,626 |
Total Loans and Leases | 33,927 | 38,674 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 9 | 1 |
Non-accrual with No Related Allowance | 0 | |
Originated | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 27,489 | 17,309 |
Originated | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 12,291 | 6,889 |
Originated | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 4,351 | 3,330 |
Originated | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 7,940 | 3,559 |
Originated | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 4,070 | 8,566 |
Originated | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 585 | 5,010 |
Originated | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 3,348 | 3,098 |
Originated | 31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 137 | 458 |
Originated | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 11,128 | 1,854 |
Originated | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 9,373 | 1,014 |
Originated | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1,743 | 794 |
Originated | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 12 | 46 |
Originated | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 23,862 | 4,844 |
Originated | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 6,702 | 2,585 |
Originated | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 6,460 | 2,032 |
Originated | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 242 | 553 |
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 | 9,229 | 1,757 |
Originated | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 2,283 | 199 |
Originated | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 6,946 | 1,558 |
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 | 7,931 | 502 |
Originated | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 5,543 | 0 |
Originated | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 2,385 | 501 |
Originated | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 3 | 1 |
Originated | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 34,703 | 12,870 |
Originated | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 10,134 | 1,606 |
Originated | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 10,134 | 1,606 |
Originated | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | 0 |
Originated | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 19,764 | 11,121 |
Originated | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 10,444 | 3,875 |
Originated | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 9,272 | 7,246 |
Originated | Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 48 | 0 |
Originated | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 4,805 | 143 |
Originated | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 4,058 | 3 |
Originated | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 740 | 139 |
Originated | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | $ 7 | 1 |
Acquired | ||
Age analysis of past due loans | ||
Past Due | 11,266 | |
Current | 276,863 | |
Total Loans and Leases | 288,129 | |
Past Due Greater Than 90 Days and Accruing | 10,056 | |
Non-accrual | 916 | |
Acquired | Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 90,974 | |
Acquired | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 35,681 | |
Acquired | Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 7,033 | |
Acquired | Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 15,627 | |
Acquired | Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,411 | |
Acquired | Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 0 | |
Acquired | Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 102,723 | |
Acquired | Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 33,572 | |
Acquired | Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 108 | |
Acquired | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 9,587 | |
Current | 124,101 | |
Total Loans and Leases | 133,688 | |
Past Due Greater Than 90 Days and Accruing | 8,919 | |
Non-accrual | 94 | |
Acquired | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 9,587 | |
Current | 81,387 | |
Total Loans and Leases | 90,974 | |
Past Due Greater Than 90 Days and Accruing | 8,919 | |
Non-accrual | 94 | |
Acquired | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Current | 35,681 | |
Total Loans and Leases | 35,681 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 0 | |
Acquired | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Current | 7,033 | |
Total Loans and Leases | 7,033 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 0 | |
Acquired | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 7 | |
Current | 18,031 | |
Total Loans and Leases | 18,038 | |
Past Due Greater Than 90 Days and Accruing | 7 | |
Non-accrual | 202 | |
Acquired | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Current | 15,627 | |
Total Loans and Leases | 15,627 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 202 | |
Acquired | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 7 | |
Current | 2,404 | |
Total Loans and Leases | 2,411 | |
Past Due Greater Than 90 Days and Accruing | 7 | |
Non-accrual | 0 | |
Acquired | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 1,672 | |
Current | 134,731 | |
Total Loans and Leases | 136,403 | |
Past Due Greater Than 90 Days and Accruing | 1,130 | |
Non-accrual | 620 | |
Acquired | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,200 | |
Current | 101,523 | |
Total Loans and Leases | 102,723 | |
Past Due Greater Than 90 Days and Accruing | 1,090 | |
Non-accrual | 0 | |
Acquired | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 472 | |
Current | 33,100 | |
Total Loans and Leases | 33,572 | |
Past Due Greater Than 90 Days and Accruing | 40 | |
Non-accrual | 620 | |
Acquired | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Current | 108 | |
Total Loans and Leases | 108 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 0 | |
Acquired | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 1,004 | |
Acquired | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 539 | |
Acquired | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 539 | |
Acquired | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 465 | |
Acquired | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 35 | |
Acquired | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 430 | |
Acquired | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 134 | |
Acquired | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 59 | |
Acquired | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 59 | |
Acquired | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 75 | |
Acquired | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 75 | |
Acquired | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 10,128 | |
Acquired | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 8,989 | |
Acquired | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 8,989 | |
Acquired | Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 7 | |
Acquired | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Acquired | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 7 | |
Acquired | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 1,132 | |
Acquired | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,090 | |
Acquired | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 42 | |
Acquired | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | $ 0 |
Allowance for Loan and Lease _8
Allowance for Loan and Lease Losses (Recorded Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | $ 58,635 | $ 58,635 | $ 119,553 | $ 113,181 | $ 61,082 | $ 58,041 | $ 58,692 |
Total Loans and Leases | 7,407,697 | 6,737,816 | |||||
Recorded investment | 58,712 | ||||||
Unpaid principal balance | 58,757 | ||||||
Related allowance | 1,789 | ||||||
Average recorded investment | 65,553 | 68,278 | |||||
Interest income recognized, total | 431 | 911 | |||||
Originated | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 7,077 | 1,749 | |||||
Collectively evaluated for impairment, allowance | 112,476 | 57,118 | |||||
Total, Allowance | 119,553 | 58,867 | |||||
Individually evaluated for impairment, loans and leases | 46,106 | 27,301 | |||||
Collectively evaluated for impairment, loans and leases | 7,361,591 | 6,422,386 | |||||
Total Loans and Leases | 7,407,697 | 6,449,687 | |||||
Recorded investment, loans with no related allowance recorded | 34,675 | ||||||
Recorded investment, loans with related allowance recorded | 7,272 | ||||||
Recorded investment | 41,947 | ||||||
Unpaid principal balance with no related allowance recorded | 34,648 | ||||||
Unpaid principal balance with related allowance recorded | 7,343 | ||||||
Unpaid principal balance | 41,991 | ||||||
Related allowance | 1,749 | ||||||
Recorded investment, nonaccrual loans | 18,500 | ||||||
Average recorded investment with no related allowance recorded | 44,229 | 45,412 | |||||
Average recorded investment with related allowance recorded | 6,634 | 8,117 | |||||
Average recorded investment | 50,863 | 53,529 | |||||
Interest income recognized with no related allowance recorded | 361 | 783 | |||||
Interest income recognized with related allowance recorded | 40 | 75 | |||||
Interest income recognized, total | 401 | 858 | |||||
Acquired | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 2,215 | ||||||
Total Loans and Leases | 288,129 | ||||||
Recorded investment, loans with no related allowance recorded | 16,318 | ||||||
Recorded investment, loans with related allowance recorded | 447 | ||||||
Recorded investment | 16,765 | ||||||
Unpaid principal balance with no related allowance recorded | 16,319 | ||||||
Unpaid principal balance with related allowance recorded | 447 | ||||||
Unpaid principal balance | 16,766 | ||||||
Related allowance | 40 | ||||||
Recorded investment, nonaccrual loans | 900 | ||||||
Average recorded investment with no related allowance recorded | 14,535 | 14,595 | |||||
Average recorded investment with related allowance recorded | 155 | 154 | |||||
Average recorded investment | 14,690 | 14,749 | |||||
Interest income recognized with no related allowance recorded | 29 | 51 | |||||
Interest income recognized with related allowance recorded | 1 | 2 | |||||
Interest income recognized, total | 30 | 53 | |||||
Financial Asset Acquired and No Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 40 | ||||||
Collectively evaluated for impairment, allowance | 273 | ||||||
Individually evaluated for impairment, loans and leases | 5,180 | ||||||
Collectively evaluated for impairment, loans and leases | 205,688 | ||||||
Financial Asset Acquired with Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 1,902 | ||||||
Total Loans and Leases | 77,261 | ||||||
Commercial real estate loans | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 28,668 | 28,668 | 90,011 | 82,179 | 30,285 | 28,349 | 28,187 |
Total Loans and Leases | 3,837,703 | 3,669,222 | |||||
Commercial real estate loans | Originated | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 2,419 | 7 | |||||
Collectively evaluated for impairment, allowance | 91,155 | 28,415 | |||||
Total, Allowance | 93,574 | 28,422 | |||||
Individually evaluated for impairment, loans and leases | 11,801 | 3,956 | |||||
Collectively evaluated for impairment, loans and leases | 3,825,902 | 3,531,578 | |||||
Total Loans and Leases | 3,837,703 | 3,535,534 | |||||
Recorded investment, loans with no related allowance recorded | 3,899 | ||||||
Recorded investment, loans with related allowance recorded | 68 | ||||||
Unpaid principal balance with no related allowance recorded | 3,892 | ||||||
Unpaid principal balance with related allowance recorded | 68 | ||||||
Related allowance | 7 | ||||||
Average recorded investment with no related allowance recorded | 3,374 | 6,037 | |||||
Average recorded investment with related allowance recorded | 71 | 270 | |||||
Interest income recognized with no related allowance recorded | 15 | 80 | |||||
Interest income recognized with related allowance recorded | 1 | 2 | |||||
Commercial real estate loans | Acquired | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 1,863 | ||||||
Total Loans and Leases | 133,688 | ||||||
Recorded investment, loans with no related allowance recorded | 12,365 | ||||||
Recorded investment, loans with related allowance recorded | 0 | ||||||
Unpaid principal balance with no related allowance recorded | 12,366 | ||||||
Unpaid principal balance with related allowance recorded | 0 | ||||||
Related allowance | 0 | ||||||
Average recorded investment with no related allowance recorded | 9,497 | 9,325 | |||||
Interest income recognized with no related allowance recorded | 9 | 12 | |||||
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 | ||||||
Collectively evaluated for impairment, allowance | 65 | ||||||
Individually evaluated for impairment, loans and leases | 2,942 | ||||||
Collectively evaluated for impairment, loans and leases | 79,465 | ||||||
Commercial real estate loans | Financial Asset Acquired with Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 1,798 | ||||||
Total Loans and Leases | 51,281 | ||||||
Commercial | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 24,333 | 24,333 | 24,938 | 26,774 | 24,826 | 24,240 | 25,283 |
Total Loans and Leases | 2,361,463 | 1,838,748 | |||||
Commercial | Originated | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 4,544 | 1,672 | |||||
Collectively evaluated for impairment, allowance | 16,831 | 22,853 | |||||
Total, Allowance | 21,375 | 24,525 | |||||
Individually evaluated for impairment, loans and leases | 27,867 | 20,019 | |||||
Collectively evaluated for impairment, loans and leases | 2,333,596 | 1,800,691 | |||||
Total Loans and Leases | 2,361,463 | 1,820,710 | |||||
Recorded investment, loans with no related allowance recorded | 28,539 | ||||||
Recorded investment, loans with related allowance recorded | 5,980 | ||||||
Unpaid principal balance with no related allowance recorded | 28,533 | ||||||
Unpaid principal balance with related allowance recorded | 6,055 | ||||||
Related allowance | 1,672 | ||||||
Average recorded investment with no related allowance recorded | 38,211 | 36,687 | |||||
Average recorded investment with related allowance recorded | 5,903 | 7,185 | |||||
Interest income recognized with no related allowance recorded | 338 | 687 | |||||
Interest income recognized with related allowance recorded | 33 | 61 | |||||
Commercial | Acquired | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 301 | ||||||
Total Loans and Leases | 18,038 | ||||||
Recorded investment, loans with no related allowance recorded | 437 | ||||||
Recorded investment, loans with related allowance recorded | 0 | ||||||
Unpaid principal balance with no related allowance recorded | 437 | ||||||
Unpaid principal balance with related allowance recorded | 0 | ||||||
Related allowance | 0 | ||||||
Average recorded investment with no related allowance recorded | 507 | 533 | |||||
Interest income recognized with no related allowance recorded | 5 | 9 | |||||
Commercial | Financial Asset Acquired and No Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 0 | ||||||
Collectively evaluated for impairment, allowance | 197 | ||||||
Individually evaluated for impairment, loans and leases | 397 | ||||||
Collectively evaluated for impairment, loans and leases | 15,465 | ||||||
Commercial | Financial Asset Acquired with Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 104 | ||||||
Total Loans and Leases | 2,176 | ||||||
Consumer | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 5,634 | 5,634 | 4,604 | $ 4,228 | 5,971 | $ 5,452 | $ 5,222 |
Total Loans and Leases | 1,208,531 | 1,229,846 | |||||
Consumer | Originated | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 114 | 70 | |||||
Collectively evaluated for impairment, allowance | 4,490 | 5,850 | |||||
Total, Allowance | 4,604 | 5,920 | |||||
Individually evaluated for impairment, loans and leases | 6,438 | 3,326 | |||||
Collectively evaluated for impairment, loans and leases | 1,202,093 | 1,090,117 | |||||
Total Loans and Leases | $ 1,208,531 | 1,093,443 | |||||
Recorded investment, loans with no related allowance recorded | 2,237 | ||||||
Recorded investment, loans with related allowance recorded | 1,224 | ||||||
Unpaid principal balance with no related allowance recorded | 2,223 | ||||||
Unpaid principal balance with related allowance recorded | 1,220 | ||||||
Related allowance | 70 | ||||||
Average recorded investment with no related allowance recorded | 2,644 | 2,688 | |||||
Average recorded investment with related allowance recorded | 660 | 662 | |||||
Interest income recognized with no related allowance recorded | 8 | 16 | |||||
Interest income recognized with related allowance recorded | 6 | 12 | |||||
Consumer | Acquired | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 51 | ||||||
Total Loans and Leases | 136,403 | ||||||
Recorded investment, loans with no related allowance recorded | 3,516 | ||||||
Recorded investment, loans with related allowance recorded | 447 | ||||||
Unpaid principal balance with no related allowance recorded | 3,516 | ||||||
Unpaid principal balance with related allowance recorded | 447 | ||||||
Related allowance | 40 | ||||||
Average recorded investment with no related allowance recorded | 4,531 | 4,737 | |||||
Average recorded investment with related allowance recorded | 155 | 154 | |||||
Interest income recognized with no related allowance recorded | 15 | 30 | |||||
Interest income recognized with related allowance recorded | $ 1 | $ 2 | |||||
Consumer | Financial Asset Acquired and No Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Individually evaluated for impairment, allowance | 40 | ||||||
Collectively evaluated for impairment, allowance | 11 | ||||||
Individually evaluated for impairment, loans and leases | 1,841 | ||||||
Collectively evaluated for impairment, loans and leases | 110,758 | ||||||
Consumer | Financial Asset Acquired with Credit Deterioration | |||||||
Recorded investment in loans and leases by portfolio segment | |||||||
Total, Allowance | 0 | ||||||
Total Loans and Leases | $ 23,804 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Losses (Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2019USD ($)loan | Dec. 31, 2019USD ($) | |
Receivables [Abstract] | |||||
On accrual | $ 10,172 | $ 10,172 | $ 17,076 | ||
On nonaccrual | 5,972 | 5,972 | 6,104 | ||
Total troubled debt restructurings | 16,144 | 16,144 | $ 23,180 | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Recorded investment, at end of period | 1,200 | $ 1,100 | 1,700 | $ 20,100 | |
Loans with one modification | 1,160 | 1,074 | 1,662 | 20,091 | |
Extended maturity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans with one modification | 334 | 520 | 636 | 6,503 | |
Adjusted principal | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans with one modification | 44 | 0 | 44 | 0 | |
Combination maturity, principal, interest rate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Loans with one modification | $ 782 | $ 554 | $ 982 | $ 13,588 | |
Originated | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans/ Leases | loan | 11 | 3 | 14 | 13 | |
Recorded Investment, At Modification | $ 1,174 | $ 1,074 | $ 1,671 | $ 18,716 | |
Recorded investment, at end of period | 1,160 | 1,074 | 1,662 | 20,091 | |
Specific Allowance for Credit Losses | 0 | 192 | 0 | 388 | |
Nonaccrual Loans and Leases | $ 1,160 | $ 497 | 1,160 | 1,056 | |
Additional Commitment | $ 0 | $ 0 | |||
Defaulted, number of loans/leases | loan | 1 | 0 | 1 | 0 | |
Defaulted, recorded investment | $ 221 | $ 0 | $ 221 | $ 0 | |
Originated | Commercial real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans/ Leases | loan | 0 | 0 | 1 | ||
Recorded Investment, At Modification | $ 0 | $ 0 | $ 73 | ||
Recorded investment, at end of period | 0 | 0 | 71 | ||
Specific Allowance for Credit Losses | 0 | 0 | 8 | ||
Nonaccrual Loans and Leases | $ 0 | 0 | 0 | ||
Additional Commitment | $ 0 | $ 0 | |||
Defaulted, number of loans/leases | loan | 1 | 1 | 0 | ||
Defaulted, recorded investment | $ 221 | $ 221 | $ 0 | ||
Originated | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans/ Leases | loan | 1 | 2 | 7 | ||
Recorded Investment, At Modification | $ 520 | $ 297 | $ 17,274 | ||
Recorded investment, at end of period | 520 | 302 | 18,907 | ||
Specific Allowance for Credit Losses | 0 | 0 | 0 | ||
Nonaccrual Loans and Leases | $ 0 | 0 | 0 | ||
Additional Commitment | $ 0 | $ 0 | |||
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | ||
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 | ||
Originated | Equipment financing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans/ Leases | loan | 11 | 2 | 11 | 5 | |
Recorded Investment, At Modification | $ 1,174 | $ 554 | $ 1,174 | $ 1,369 | |
Recorded investment, at end of period | 1,160 | 554 | 1,160 | 1,113 | |
Specific Allowance for Credit Losses | 0 | 192 | 0 | 380 | |
Nonaccrual Loans and Leases | $ 1,160 | $ 497 | 1,160 | 1,056 | |
Additional Commitment | $ 0 | $ 0 | |||
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Originated | Home equity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans/ Leases | loan | 1 | ||||
Recorded Investment, At Modification | $ 200 | ||||
Recorded investment, at end of period | 200 | ||||
Specific Allowance for Credit Losses | 0 | ||||
Nonaccrual Loans and Leases | 0 | ||||
Additional Commitment | $ 0 | ||||
Defaulted, number of loans/leases | loan | 0 | ||||
Defaulted, recorded investment | $ 0 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Carrying Value of Goodwill and Other Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill (beginning) | $ 160,427 | $ 160,427 |
Additions | 0 | 0 |
Balance at end of period | 160,427 | 160,427 |
Total other intangible assets | 3,776 | 4,423 |
Total goodwill and other intangible assets | 164,203 | 164,850 |
Core deposits | ||
Goodwill [Roll Forward] | ||
Total other intangible assets | 2,687 | 3,334 |
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 | 6 Months Ended | |
Jun. 30, 2020 | 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 1 month 20 days |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Future Amortization Expense) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2020 | $ 624 |
Year ending: | |
2021 | 857 |
2022 | 500 |
2023 | 268 |
2024 | 158 |
2025 | 104 |
Thereafter | 176 |
Total | $ 2,687 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance | $ 912,568 | $ 900,572 | $ 945,606 | $ 910,619 |
Other comprehensive income | 3,085 | 5,534 | 19,582 | 10,601 |
Less: amounts reclassified from accumulated other comprehensive income | 494 | 2,327 | ||
Balance | 926,413 | 918,468 | 926,413 | 918,468 |
Accumulated Other Comprehensive Income | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance | 16,947 | (4,393) | 2,283 | (9,460) |
Balance | 19,538 | 1,141 | 19,538 | 1,141 |
Investment Securities Available-for-Sale | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance | 16,863 | (4,645) | 2,199 | (9,712) |
Other comprehensive income | 3,085 | 5,534 | 19,582 | 10,601 |
Less: amounts reclassified from accumulated other comprehensive income | 494 | 2,327 | ||
Balance | 19,454 | 889 | 19,454 | 889 |
Postretirement Benefits | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance | 84 | 252 | 84 | 252 |
Other comprehensive income | 0 | 0 | 0 | 0 |
Less: amounts reclassified from accumulated other comprehensive income | 0 | 0 | ||
Balance | $ 84 | $ 252 | $ 84 | $ 252 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Customer Related Derivative Positions) (Details) | Jun. 30, 2020USD ($)derivative | Dec. 31, 2019USD ($)derivative |
Derivatives and Hedging Activities | ||
Collateral posted | $ 173,300,000 | $ 86,500,000 |
Collateral posted, dealer counterparties | 0 | 0 |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,267,947,000 | $ 1,101,193,000 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 135,000 | 119,000 |
Notional Amount Maturing, Less than 1 year | $ 23,939,000 | $ 24,777,000 |
Notional Amount Maturing, Less than 2 years | 8,686,000 | 0 |
Notional Amount Maturing, Less than 3 years | 24,584,000 | 31,131,000 |
Notional Amount Maturing, Less than 4 years | 18,942,000 | 16,794,000 |
Notional Amount Maturing, Thereafter | 1,191,796,000 | 1,028,491,000 |
Total | 1,267,947,000 | 1,101,193,000 |
Fair Value | 163,744,000 | 58,102,000 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,267,947,000 | $ 1,101,193,000 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 135,000 | 119,000 |
Notional Amount Maturing, Less than 1 year | $ 23,939,000 | $ 24,777,000 |
Notional Amount Maturing, Less than 2 years | 8,686,000 | 0 |
Notional Amount Maturing, Less than 3 years | 24,584,000 | 31,131,000 |
Notional Amount Maturing, Less than 4 years | 18,942,000 | 16,794,000 |
Notional Amount Maturing, Thereafter | 1,191,796,000 | 1,028,491,000 |
Total | 1,267,947,000 | 1,101,193,000 |
Fair Value | 163,744,000 | 58,102,000 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | 272,196,000 | $ 235,693,000 |
Risk participation-out agreements | Designated as hedging instrument | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 0 | |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Net liability position | $ 6,000 | |
Number of Positions | derivative | 43,000 | 40,000 |
Notional Amount Maturing, Less than 1 year | $ 13,495,000 | $ 13,967,000 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 7,077,000 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 7,143,000 |
Notional Amount Maturing, Thereafter | 251,624,000 | 214,583,000 |
Total | 272,196,000 | 235,693,000 |
Fair Value | 2,641,000 | 1,229,000 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 59,119,000 | $ 55,281,000 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 7,000 | 7,000 |
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 | 19,000,000 | 19,000,000 |
Notional Amount Maturing, Thereafter | 40,119,000 | 36,281,000 |
Total | 59,119,000 | 55,281,000 |
Fair Value | 467,000 | 283,000 |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 1,332,000 | $ 1,125,000 |
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 | 16,000 |
Notional Amount Maturing, Less than 1 year | $ 1,332,000 | $ 1,125,000 |
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 | 1,332,000 | 1,125,000 |
Fair Value | 96,000 | 54,000 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | ||
Derivatives and Hedging Activities | ||
Total | $ 1,441,000 | $ 1,230,000 |
Sells foreign currency, buys U.S. currency | Foreign exchange contracts | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 23,000 | 18,000 |
Notional Amount Maturing, Less than 1 year | $ 1,441,000 | $ 1,230,000 |
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 | 1,441,000 | 1,230,000 |
Fair Value | $ 117,000 | $ 53,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Offsetting of Derivatives and Amounts Subject to Master Netting Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Asset derivatives | ||
Assets, Gross Amounts Recognized | $ 168,514 | $ 60,648 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 168,514 | 60,648 |
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 | 11,900 |
Assets, Net Amount | 168,514 | 48,748 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 166,319 | 59,701 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 166,319 | 59,701 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 162,140 | 86,521 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 11,210 | 0 |
Liabilities, Net Amount | (7,031) | (26,820) |
Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 165,756 | 59,365 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 165,756 | 59,365 |
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 | 11,900 |
Assets, Net Amount | 165,756 | 47,465 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 165,756 | 59,365 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 165,756 | 59,365 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 162,140 | 86,521 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 11,210 | 0 |
Liabilities, Net Amount | (7,594) | (27,156) |
Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 2,641 | 1,229 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 2,641 | 1,229 |
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 | 2,641 | 1,229 |
Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 467 | 283 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 467 | 283 |
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 | 467 | 283 |
Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 117 | 54 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 117 | 54 |
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 | 117 | 54 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 96 | 53 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 96 | 53 |
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 | $ 96 | $ 53 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)financial_institutionplanshares | Jun. 30, 2019USD ($)shares | Jun. 30, 2020USD ($)financial_institutionplanshares | Jun. 30, 2019USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans | plan | 2 | 2 | ||
Shares issued upon satisfaction of required conditions of the Plans (in shares) | 0 | 0 | 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 | 15 | 15 | ||
Plans | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of authorized shares (in shares) | 1,750,000 | 1,750,000 | ||
Share-based compensation expense | $ | $ 0.7 | $ 0.7 | $ 1.4 | $ 1.5 |
2011 Restricted Stock Award Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of authorized shares (in shares) | 500,000 | 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 | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net income | $ 19,571 | $ 20,471 | $ 2,295 | $ 42,938 |
Denominator: | ||||
Weighted average shares outstanding (in shares) | 78,849,282 | 79,669,922 | 79,165,372 | 79,664,284 |
Effect of dilutive securities (in shares) | 165,992 | 216,370 | 175,152 | 195,288 |
Adjusted weighted average shares outstanding (in shares) | 79,015,274 | 79,886,292 | 79,340,524 | 79,859,572 |
Basic EPS (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.03 | $ 0.54 |
Diluted EPS (in dollars per share) | $ 0.25 | $ 0.26 | $ 0.03 | $ 0.54 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Carrying and Fair Value of Assets and Liabilities on a Recurring Basis) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Assets: | ||
Investment securities available-for-sale | $ 854,505,000 | $ 498,995,000 |
Equity securities held-for-trading | 1,992,000 | 3,581,000 |
Derivatives | 168,514,000 | 60,648,000 |
Liabilities: | ||
Loan level derivatives | $ 166,319,000 | 59,701,000 |
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 | $ 1,992,000 | 3,581,000 |
Recurring basis | Level 1 | ||
Assets: | ||
Equity securities held-for-trading | 1,469,000 | 2,569,000 |
Recurring basis | Level 2 | ||
Assets: | ||
Equity securities held-for-trading | 523,000 | 1,012,000 |
Recurring basis | Level 3 | ||
Assets: | ||
Equity securities held-for-trading | 0 | 0 |
Investment securities available for sale | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 854,505,000 | 498,995,000 |
Investment securities available for sale | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Investment securities available for sale | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 854,505,000 | 498,995,000 |
Investment securities available for sale | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 321,483,000 | 185,803,000 |
GSE debentures | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 321,483,000 | 185,803,000 |
GSE debentures | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE debentures | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 321,483,000 | 185,803,000 |
GSE debentures | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 58,564,000 | 85,932,000 |
GSE CMOs | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 58,564,000 | 85,932,000 |
GSE CMOs | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE CMOs | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 58,564,000 | 85,932,000 |
GSE CMOs | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 387,657,000 | 153,343,000 |
GSE MBSs | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 387,657,000 | 153,343,000 |
GSE MBSs | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE MBSs | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 387,657,000 | 153,343,000 |
GSE MBSs | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
SBA commercial loan asset-backed securities | ||
Assets: | ||
Investment securities available-for-sale | 1,000 | 34,000 |
SBA commercial loan asset-backed securities | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 1,000 | 34,000 |
SBA commercial loan asset-backed securities | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
SBA commercial loan asset-backed securities | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 1,000 | 34,000 |
SBA commercial loan asset-backed securities | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 26,571,000 | 28,986,000 |
Corporate debt obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 26,571,000 | 28,986,000 |
Corporate debt obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Corporate debt obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 26,571,000 | 28,986,000 |
Corporate debt obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 59,700,000 | 44,900,000 |
U.S. Treasury bonds | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 59,742,000 | 44,897,000 |
U.S. Treasury bonds | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
U.S. Treasury bonds | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 59,742,000 | 44,897,000 |
U.S. Treasury bonds | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Foreign government obligations | ||
Assets: | ||
Investment securities available-for-sale | 487,000 | 500,000 |
Foreign government obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 487,000 | |
Foreign government obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | |
Foreign government obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 487,000 | |
Foreign government obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | |
Loan level derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 165,756,000 | 59,365,000 |
Liabilities: | ||
Loan level derivatives | 165,756,000 | 59,365,000 |
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 | 165,756,000 | 59,365,000 |
Liabilities: | ||
Loan level derivatives | 165,756,000 | 59,365,000 |
Loan level derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | ||
Assets: | ||
Derivatives | 2,641,000 | 1,229,000 |
Risk participation-out agreements | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 2,641,000 | 1,229,000 |
Risk participation-out agreements | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | Recurring basis | ||
Liabilities: | ||
Loan level derivatives | 467,000 | 283,000 |
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 | 467,000 | 283,000 |
Risk participation-in agreements | Recurring basis | Level 3 | ||
Liabilities: | ||
Loan level derivatives | 0 | 0 |
Foreign exchange contracts | Recurring basis | ||
Assets: | ||
Derivatives | 117,000 | 54,000 |
Liabilities: | ||
Loan level derivatives | 96,000 | 53,000 |
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 | 117,000 | 54,000 |
Liabilities: | ||
Loan level derivatives | 96,000 | 53,000 |
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 | Jun. 30, 2020 | Dec. 31, 2019 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 10,395 | $ 4,874 |
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 | 1,454 | 2,631 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 8,941 | 2,243 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 8,941 | 2,243 |
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 | 8,941 | 2,243 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 1,454 | 2,631 |
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 | 1,454 | 2,631 |
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 | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 10,395 | $ 4,874 |
Level 3 | Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 8,941 | 2,243 |
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% | |
Collateral-dependent impaired loans and leases | Level 3 | Nonrecurring basis | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 8,941 | $ 2,243 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Investment securities held-to-maturity: | $ 0 | $ 87,561 |
Loans and leases, net | 7,288,144 | 6,676,734 |
Restricted equity securities | 71,638 | 53,818 |
Financial liabilities: | ||
Borrowed funds | 55,431 | 60,689 |
Level 1 | ||
Financial assets: | ||
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposits | 1,973,770 | 2,026,683 |
Borrowed funds | 1,409,465 | 902,670 |
Level 3 | ||
Financial assets: | ||
Loans and leases, net | 7,256,940 | 6,697,583 |
Restricted equity securities | 71,638 | 53,818 |
Financial liabilities: | ||
Certificates of deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans and leases, net | 7,288,144 | 6,676,734 |
Restricted equity securities | 71,638 | 53,818 |
Financial liabilities: | ||
Certificates of deposits | 1,951,948 | 2,021,642 |
Borrowed funds | 1,406,669 | 902,749 |
Estimated Fair Value | ||
Financial assets: | ||
Loans and leases, net | 7,256,940 | 6,697,583 |
Restricted equity securities | 71,638 | 53,818 |
Financial liabilities: | ||
Certificates of deposits | 1,973,770 | 2,026,683 |
Borrowed funds | $ 1,409,465 | 902,670 |
GSE debentures | ||
Financial assets: | ||
Investment securities held-to-maturity: | 31,290 | |
GSE debentures | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
GSE debentures | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 31,290 | |
GSE debentures | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
GSE debentures | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 31,228 | |
GSE debentures | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 31,290 | |
GSE MBSs | ||
Financial assets: | ||
Investment securities held-to-maturity: | 9,279 | |
GSE MBSs | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
GSE MBSs | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 9,279 | |
GSE MBSs | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
GSE MBSs | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 9,360 | |
GSE MBSs | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 9,279 | |
Municipal obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 46,514 | |
Municipal obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
Municipal obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 46,514 | |
Municipal obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
Municipal obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 45,692 | |
Municipal obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 46,514 | |
Foreign government obligations | ||
Financial assets: | ||
Investment securities held-to-maturity: | 478 | |
Foreign government obligations | Level 1 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
Foreign government obligations | Level 2 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 0 | |
Foreign government obligations | Level 3 | ||
Financial assets: | ||
Investment securities held-to-maturity: | 478 | |
Foreign government obligations | Carrying Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | 500 | |
Foreign government obligations | Estimated Fair Value | ||
Financial assets: | ||
Investment securities held-to-maturity: | $ 478 |
Commitments and Contingencies_2
Commitments and Contingencies (Financial Instrument with Off-balance-sheet Risk) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 823,324 | $ 808,681 |
Unused lines of credit: | ||
Home equity | 565,382 | 528,251 |
Other consumer | 48,699 | 25,374 |
Other commercial | 447 | 380 |
Unused letters of credit: | ||
Financial standby letters of credit | 10,802 | 10,166 |
Performance standby letters of credit | 6,068 | 4,652 |
Commercial and similar letters of credit | 2,447 | 3,823 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 45,299 | 50,034 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 102,133 | 78,058 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | 32,323 | 25,998 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 1,267,947 | 1,101,193 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 1,267,947 | 1,101,193 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Derivatives | 272,196 | 235,693 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Derivatives | 59,119 | 55,281 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,332 | 1,125 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | $ 1,441 | $ 1,230 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Real estate taxes | $ 0.9 | $ 0.9 | ||
Other expenditures | 0.2 | 0.2 | ||
Total operating rental expense | $ 1.6 | $ 1.6 | $ 3.1 | $ 3 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 3 years | 3 years | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 25 years | 25 years |
Commitments and Contingencies_4
Commitments and Contingencies (Lease Costs, Cash Flows and Balance Sheet Supplemental Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 3,233 | $ 3,033 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | 3,302 | 3,106 | |
Right-of-use assets obtained in exchange for new lease obligations: | |||
Operating leases | 0 | $ 66 | |
Supplemental balance sheet information related to operating leases was as follows: | |||
Operating lease right-of-use assets | 24,343 | $ 24,876 | |
Operating lease liabilities | $ 24,343 | $ 24,876 | |
Weighted Average Remaining Lease Term | |||
Operating leases | 7 years 21 days | 7 years 5 months 19 days | |
Weighted Average Discount Rate | |||
Operating leases | 3.20% | 3.20% |
Commitments and Contingencies_5
Commitments and Contingencies (Maturities of Operating Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Operating Leases, After Adoption of 842 | ||
Remainder of 2020 | $ 3,135 | |
2021 | 5,858 | |
2022 | 5,156 | |
2023 | 4,027 | |
2024 | 2,626 | |
2025 | 1,587 | |
Thereafter | 4,675 | |
Total | 27,064 | |
Less imputed interest | (2,721) | |
Present value of lease liability | $ 24,343 | $ 24,876 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Aug. 06, 2020USD ($)loan | Jun. 30, 2020USD ($)loan | Dec. 31, 2019USD ($) |
Subsequent Event [Line Items] | |||
Total loans and leases | $ 7,407,697 | $ 6,737,816 | |
Loans With Short-Term Deferments | |||
Subsequent Event [Line Items] | |||
Number of loans | loan | 5,366 | ||
Total loans and leases | $ 1,200,000 | ||
Percent of total loan balance | 16.00% | ||
Subsequent Event | Loans With Short-Term Deferments | |||
Subsequent Event [Line Items] | |||
Number of loans | loan | 5,422 | ||
Total loans and leases | $ 1,200,000 | ||
Percent of total loan balance | 16.60% |