Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 28, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 0-23695 | ||
Entity Registrant Name | BROOKLINE BANCORP, 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, par value of $0.01 per share | ||
Trading Symbol | BRKL | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0.8 | ||
Entity Common Stock, Shares Outstanding | 78,192,589 | ||
Entity Central Index Key | 0001049782 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 36,069 | $ 33,589 |
Short-term investments | 398,848 | 44,201 |
Total cash and cash equivalents | 434,917 | 77,790 |
Investment securities available-for-sale | 745,822 | 498,995 |
Investment securities held-to-maturity (fair value of $0 and $87,561, respectively) | 0 | 86,780 |
Equity securities held-for-trading | 526 | 3,581 |
Total investment securities | 746,348 | 589,356 |
Total Loans and Leases | 7,269,553 | 6,737,816 |
Allowance for loan and lease losses | (114,379) | (61,082) |
Net loans and leases | 7,155,174 | 6,676,734 |
Restricted equity securities | 49,786 | 53,818 |
Premises and equipment, net of accumulated depreciation of $82,233 and $76,763, respectively | 71,568 | 74,350 |
Right-of-use asset operating leases | 24,143 | 24,876 |
Deferred tax asset | 40,129 | 25,017 |
Goodwill | 160,427 | 160,427 |
Identified intangible assets, net of accumulated amortization of $38,752 and $37,481, respectively | 3,152 | 4,423 |
Other real estate owned ("OREO") and repossessed assets, net | 6,515 | 2,631 |
Other assets | 250,265 | 167,431 |
Total assets | 8,942,424 | 7,856,853 |
Non-interest-bearing deposits: | ||
Demand checking accounts | 1,592,205 | 1,141,578 |
Interest-bearing deposits: | ||
NOW accounts | 513,948 | 371,380 |
Savings accounts | 701,659 | 613,467 |
Money market accounts | 2,018,977 | 1,682,005 |
Certificate of deposit accounts | 1,389,998 | 1,671,738 |
Brokered deposit accounts | 693,909 | 349,904 |
Total interest-bearing deposits | 5,318,491 | 4,688,494 |
Total deposits | 6,910,696 | 5,830,072 |
Borrowed funds: | ||
Advances from the Federal Home Loan Bank of Boston ("FHLBB") | 648,849 | 758,469 |
Subordinated debentures and notes | 83,746 | 83,591 |
Other borrowed funds | 87,652 | 60,689 |
Total borrowed funds | 820,247 | 902,749 |
Operating lease liabilities | 24,143 | 24,876 |
Mortgagors' escrow accounts | 5,901 | 7,232 |
Accrued expenses and other liabilities | 239,659 | 146,318 |
Total liabilities | 8,000,646 | 6,911,247 |
Commitments and contingencies | ||
Brookline Bancorp, Inc. stockholders' equity: | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively | 852 | 852 |
Additional paid-in capital | 737,178 | 736,601 |
Retained earnings, partially restricted | 264,892 | 265,376 |
Accumulated other comprehensive loss | 16,490 | 2,283 |
Treasury stock, at cost; 6,525,783 shares and 5,003,127 shares, respectively | (77,343) | (59,073) |
Unallocated common stock held by ESOP; 51,114 shares and 79,548 shares, respectively | (291) | (433) |
Total stockholders' equity | 941,778 | 945,606 |
Total liabilities and stockholders' equity | 8,942,424 | 7,856,853 |
Commercial real estate loans | ||
ASSETS | ||
Total Loans and Leases | 3,823,826 | 3,669,222 |
Commercial loans and leases | ||
ASSETS | ||
Total Loans and Leases | 2,274,899 | 1,838,748 |
Consumer loans | ||
ASSETS | ||
Total Loans and Leases | $ 1,170,828 | $ 1,229,846 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 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 | 82,233 | 76,763 |
Identified intangible assets, accumulated amortization | $ 38,752 | $ 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) | 6,525,783 | 5,003,127 |
Unallocated common stock held by ESOP, shares (in shares) | 51,114 | 79,548 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income: | |||
Loans and leases | $ 309,798 | $ 330,345 | $ 295,269 |
Debt securities | 13,758 | 12,281 | 13,960 |
Marketable and restricted equity securities | 2,848 | 3,477 | 3,964 |
Short-term investments | 413 | 1,523 | 700 |
Total interest and dividend income | 326,817 | 347,626 | 313,893 |
Interest expense: | |||
Deposits | 48,426 | 69,615 | 41,978 |
Borrowed funds | 18,228 | 24,711 | 24,216 |
Total interest expense | 66,654 | 94,326 | 66,194 |
Net interest income | 260,163 | 253,300 | 247,699 |
Provision for credit losses | 61,886 | 9,583 | 4,951 |
Net interest income after provision for credit losses | 198,277 | 243,717 | 242,748 |
Non-interest income: | |||
Loan level derivative income, net | 4,268 | 8,262 | 5,440 |
Gain on investment securities, net | 1,970 | 508 | 227 |
Gain on sales of loans and leases held-for-sale | 1,118 | 1,709 | 1,883 |
Other | 6,190 | 6,594 | 5,847 |
Total non-interest income | 24,644 | 29,793 | 25,224 |
Non-interest expense: | |||
Compensation and employee benefits | 100,985 | 96,554 | 91,535 |
Occupancy | 15,386 | 15,696 | 14,991 |
Equipment and data processing | 17,345 | 18,652 | 18,213 |
Professional services | 5,157 | 4,366 | 4,404 |
FDIC insurance | 4,229 | 1,445 | 2,722 |
Advertising and marketing | 4,126 | 4,044 | 4,016 |
Amortization of identified intangible assets | 1,271 | 1,663 | 2,080 |
Merger and acquisition expense | 0 | 1,125 | 3,787 |
Other | 12,345 | 13,936 | 13,484 |
Total non-interest expense | 160,844 | 157,481 | 155,232 |
Income before provision for income taxes | 62,077 | 116,029 | 112,740 |
Provision for income taxes | 14,442 | 28,269 | 26,189 |
Net income before noncontrolling interest in subsidiary | 47,635 | 87,760 | 86,551 |
Less net income attributable to noncontrolling interest in subsidiary | 0 | 43 | 3,489 |
Net income attributable to Brookline Bancorp, Inc. | $ 47,635 | $ 87,717 | $ 83,062 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 0.60 | $ 1.10 | $ 1.04 |
Diluted (in dollars per share) | $ 0.60 | $ 1.10 | $ 1.04 |
Weighted average common shares outstanding during the year: | |||
Basic (in shares) | 78,951,892 | 79,679,781 | 79,669,668 |
Diluted (in shares) | 79,103,289 | 79,856,921 | 79,909,251 |
Dividends declared per common share (in dollars per share) | $ 0.460 | $ 0.450 | $ 0.395 |
Deposit fees | |||
Non-interest income: | |||
Non-interest income, fees | $ 9,050 | $ 10,623 | $ 10,400 |
Loan fees | |||
Non-interest income: | |||
Non-interest income, fees | $ 2,048 | $ 2,097 | $ 1,427 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income before noncontrolling interest in subsidiary | $ 47,635 | $ 87,760 | $ 86,551 |
Investment securities available-for-sale: | |||
Unrealized securities holding gains (losses) | 21,683 | 15,290 | (4,444) |
Income tax (expense) benefit | (4,770) | (3,379) | 980 |
Net unrealized securities holding gains (losses) before reclassification adjustments | 16,913 | 11,911 | (3,464) |
Less reclassification adjustments for securities gains included in net income: | |||
Gain on sales of securities, net | 3,245 | 0 | 173 |
Income tax expense | (715) | 0 | (38) |
Net reclassification adjustments for securities gains included in net income | 2,530 | 0 | 135 |
Net unrealized securities holding gains | 14,383 | 11,911 | (3,599) |
Cash flow hedges: | |||
Net change in fair value of Cash flow hedges | 7 | 0 | 0 |
Income tax benefit | 0 | 0 | 0 |
Net change in fair value of Cash flow hedges | 7 | 0 | 0 |
Postretirement benefits: | |||
Adjustment of accumulated obligation for postretirement benefits | (248) | (227) | 121 |
Income tax benefit (expense) | 65 | 59 | (32) |
Net adjustment of accumulated obligation for postretirement benefits | (183) | (168) | 89 |
Other comprehensive gain, net of taxes | 14,207 | 11,743 | (3,510) |
Comprehensive income | 61,842 | 99,503 | 83,041 |
Net income attributable to noncontrolling interest in subsidiary | 0 | 43 | 3,489 |
Comprehensive income attributable to Brookline Bancorp, Inc. | $ 61,842 | $ 99,460 | $ 79,552 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Adoption of ASU 2016-13 (CECL) | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsAdoption of ASU 2016-13 (CECL) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Unallocated Common Stock Held by ESOP | Total Brookline Bancorp, Inc. Stockholders' Equity | Total Brookline Bancorp, Inc. Stockholders' EquityAdoption of ASU 2016-13 (CECL) | Noncontrolling Interest in Subsidiary |
Balance beginning of period at Dec. 31, 2017 | $ 812,583 | $ 817 | $ 699,976 | $ 161,217 | $ (5,950) | $ (51,454) | $ (776) | $ 803,830 | $ 8,753 | |||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Net income attributable to Brookline Bancorp, Inc. | 83,062 | 83,062 | 83,062 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 3,489 | 3,489 | ||||||||||
Common stock issued for acquisition | 55,183 | 35 | 55,148 | 55,183 | ||||||||
Issuance of noncontrolling interest | 130 | 130 | ||||||||||
Other comprehensive income (loss) | (3,510) | (3,510) | (3,510) | |||||||||
Common stock dividends | (31,441) | (31,441) | (31,441) | |||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (1,893) | (1,893) | ||||||||||
Restricted stock awards, net of awards surrendered | 2,473 | 139 | 2,334 | 2,473 | ||||||||
Treasury stock, repurchase shares | (10,000) | (10,000) | (10,000) | |||||||||
Common stock held by ESOP committed to be released | 543 | 366 | 177 | 543 | ||||||||
Balance end of period 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. | 87,717 | 87,717 | 87,717 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 43 | 43 | ||||||||||
Other comprehensive income (loss) | 11,743 | 11,743 | 11,743 | |||||||||
Common stock dividends | (35,110) | (35,110) | (35,110) | |||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary | (930) | (930) | (930) | 0 | ||||||||
Redemption of noncontrolling interest in subsidiary | (28,992) | (18,470) | (18,470) | (10,522) | ||||||||
Restricted stock awards, net of awards surrendered | 1,929 | 80 | (69) | 1,918 | 1,929 | |||||||
Treasury stock, repurchase shares | (1,871) | (1,871) | (1,871) | |||||||||
Common stock held by ESOP committed to be released | 458 | 292 | 166 | 458 | ||||||||
Balance end of period at Dec. 31, 2019 | $ 945,606 | $ (11,523) | 852 | 736,601 | 265,376 | $ (11,523) | 2,283 | (59,073) | (433) | 945,606 | $ (11,523) | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ 47,635 | 47,635 | 47,635 | |||||||||
Net income attributable to noncontrolling interest in subsidiary | 0 | |||||||||||
Other comprehensive income (loss) | 14,207 | 14,207 | 14,207 | |||||||||
Common stock dividends | (36,396) | (36,396) | (36,396) | |||||||||
Restricted stock awards, net of awards surrendered | (375) | (2,105) | 1,730 | (375) | ||||||||
Compensation under recognition and retention plans | 2,320 | 2,520 | (200) | 2,320 | ||||||||
Treasury stock, repurchase shares | (20,000) | (20,000) | (20,000) | |||||||||
Common stock held by ESOP committed to be released | 304 | 162 | 142 | 304 | ||||||||
Balance end of period at Dec. 31, 2020 | $ 941,778 | $ 852 | $ 737,178 | $ 264,892 | $ 16,490 | $ (77,343) | $ (291) | $ 941,778 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in dollars per share) | $ 0.46 | $ 0.44 | $ 0.395 |
Common stock held by ESOP committed to be released, shares (in shares) | 28,434 | 30,402 | 32,382 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income attributable to Brookline Bancorp, Inc. | $ 47,635 | $ 87,717 | $ 83,062 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Net income attributable to noncontrolling interest in subsidiary | 0 | 43 | 3,489 |
Provision for credit losses | 61,886 | 9,583 | 4,951 |
Origination of loans and leases held-for-sale | 0 | (15,361) | (25,370) |
Proceeds from sales of loans and leases held-for-sale, net | 0 | 19,930 | 26,519 |
Deferred income tax benefit | (19,102) | (2) | (5,453) |
Depreciation of premises and equipment | 5,486 | 6,861 | 7,382 |
Amortization of investment securities premiums and discounts, net | 2,809 | 1,810 | 2,200 |
Amortization of deferred loan and lease origination costs, net | 7,316 | 7,045 | 6,971 |
Amortization of identified intangible assets | 1,271 | 1,663 | 2,080 |
Amortization of debt issuance costs | 101 | 100 | 100 |
(Accretion) amortization of acquisition fair value adjustments, net | (420) | (809) | 354 |
Gain on investment securities, net | (1,970) | (508) | (227) |
Gain on sales of loans and leases held-for-sale | (1,118) | (1,709) | (1,883) |
Loss (gain) on sales of OREO and other repossessed assets, net | 0 | 108 | 0 |
Write-down of OREO and other repossessed assets | 1,036 | 903 | 1,234 |
Compensation under recognition and retention plans | 2,361 | 2,683 | 2,546 |
ESOP shares committed to be released | 304 | 458 | 543 |
Net change in: | |||
Cash surrender value of bank-owned life insurance | (1,007) | (1,030) | (1,039) |
Equity securities held-for-trading | 1,781 | 1,215 | (5,371) |
Other assets | (77,778) | (63,235) | (10,855) |
Accrued expenses and other liabilities | 81,897 | 45,254 | 31,796 |
Net cash provided from operating activities | 112,488 | 102,719 | 123,029 |
Cash flows from investing activities: | |||
Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading | 141,448 | 0 | 22,210 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 214,571 | 68,165 | 82,896 |
Purchases of investment securities available-for-sale | (503,495) | (50,400) | (73,852) |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 6,302 | 28,858 | 3,290 |
Purchases of investment securities held-to-maturity | 0 | (1,430) | (8,915) |
Proceeds from redemption/sales of restricted equity securities | 33,927 | 20,857 | 12,110 |
Purchase of restricted equity securities | (29,895) | (12,924) | (13,262) |
Proceeds from sales of loans and leases held-for-investment, net | 7,370 | 13,860 | 7,294 |
Net increase in loans and leases | (567,284) | (467,493) | (593,968) |
Acquisitions, net of cash and cash equivalents acquired | 0 | 0 | (24,659) |
Purchase of premises and equipment, net | (2,909) | (4,997) | (3,352) |
Proceeds from sales of OREO and other repossessed assets | 4,436 | 6,482 | 2,186 |
Net cash used for investing activities | (695,529) | (399,022) | (588,022) |
Cash flows from financing activities: | |||
Increase in demand checking, NOW, savings and money market accounts | 1,018,359 | 143,551 | 1,006 |
Increase in certificates of deposit | 62,603 | 232,911 | 580,878 |
Proceeds from FHLBB advances | 2,987,656 | 4,029,662 | 6,607,745 |
Repayment of FHLBB advances | (3,097,276) | (4,055,568) | (6,713,279) |
Increase in other borrowed funds, net | 26,963 | 7,955 | 5,095 |
Decrease in mortgagors' escrow accounts, net | (1,331) | (194) | (260) |
Proceeds from exercise of stock options | 0 | 0 | 490 |
Repurchases of common stock | (20,000) | (1,871) | (10,000) |
Common stock issued for acquisition | 0 | 0 | 55,182 |
Payment of dividends on common stock | (36,396) | (35,110) | (31,441) |
Payment of income taxes for shares withheld in share based activity | (410) | (46) | (81) |
Redemption of noncontrolling interest in subsidiary | 0 | (35,851) | 0 |
Proceeds from issuance of noncontrolling units | 0 | 0 | 130 |
Payment of dividends to owners of noncontrolling interest in subsidiary | 0 | (930) | (1,893) |
Net cash provided from financing activities | 940,168 | 284,509 | 493,572 |
Net increase (decrease) in cash and cash equivalents | 357,127 | (11,794) | 28,579 |
Cash and cash equivalents at beginning of year | 77,790 | 89,584 | 61,005 |
Cash and cash equivalents at end of year | 434,917 | 77,790 | 89,584 |
Cash paid during the year for: | |||
Interest on deposits, borrowed funds and subordinated debt | 68,510 | 94,533 | 65,182 |
Income taxes | 29,392 | 27,345 | 21,129 |
Non-cash investing activities: | |||
Transfer from loans to other real estate owned | 9,356 | 6,105 | 3,020 |
First Commons Bank | |||
Non-cash investing activities: | |||
Fair value of assets acquired, net of cash and cash equivalents acquired | 0 | 0 | 292,025 |
Fair value of liabilities assumed | $ 0 | $ 0 | $ 278,988 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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 all members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through the Banks and its non-bank subsidiaries. Until February 14, 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 Longwood Securities Corp., Eastern Funding LLC ("Eastern Funding") and First Ipswich Insurance Agency, operates 30 full-service banking offices in the greater Boston metropolitan area with two 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 Company's activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in all New England states, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries Eastern Funding, which is based in New York City, New York, and Macrolease, which is based in Plainview, New York. The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System ("FRB"). As a Massachusetts-chartered 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. As a Rhode Island-chartered financial institution, BankRI is subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation. The Federal Deposit Insurance Corporation ("FDIC") offers insurance coverage on all deposits up to $250,000 per depositor at each of the Banks. As FDIC-insured depository institutions, the Banks are also secondarily subject to supervision, examination and regulation by the FDIC. Basis of Financial Statement Presentation The Company's consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification and through the rules and interpretive releases of the Securities and Exchange Commission ("SEC") under the authority of federal securities laws. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowance. The judgments used by management in applying these significant estimates 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. Cash and Cash Equivalents For purposes of reporting asset balances and cash flows, cash and cash equivalents includes cash on hand and due from banks (including cash items in process of clearing), interest-bearing deposits with banks, federal funds sold, money market mutual funds and other short-term investments with original maturities of three months or less. Investment Securities Investment securities, other than those reported as short-term investments, are classified at the time of purchase as "available-for-sale," "held-to-maturity," or "held-for-trading." Classification is periodically re-evaluated for consistency with the Company's goals and objectives. Equity investments in the Federal Home Loan Bank of Boston ("FHLBB"), the Federal Reserve Bank of Boston and other restricted equities are discussed in more detail in Note 5, "Restricted Equity Securities." Investment Securities Available-for-Sale, Held-to-Maturity, and Held-for-Trading Investment securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Those investment securities held for indefinite periods of time but not necessarily to maturity are classified as available-for-sale. Investment securities held for indefinite periods of time include investment securities that management intends to use as part of its asset/liability, liquidity, and/or capital management strategies and may be sold in response to changes in interest rates, maturities, asset/liability mix, liquidity needs, regulatory capital needs or other business factors. Investment securities available-for-sale are carried at estimated fair value, primarily obtained from a third-party pricing service, with unrealized gains and losses reported on an after-tax basis in stockholders' equity as accumulated other comprehensive income or loss. Investment securities expected to be held for very short term duration, used for hedging, or are marketable equity securities are typically designated held-for-trading. Held-for-trading securities are carried at estimated fair value principally based on market prices and dealer quotes received from third-party and nationally-recognized pricing services. Gains and losses for held-for-trading are reported on the income statement as gains on investment securities, net. As of December 31, 2020 and 2019, the Company did not make any adjustments to the prices provided by the third-party pricing service. Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and are recorded in non-interest income. Interest and dividends on securities are recorded using the accrual method. Premiums and discounts on securities are amortized or accreted into interest income using the level-yield method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities ("MBSs") and collateralized mortgage obligations ("CMOs"). These estimates of prepayment assumptions are made based upon the actual performance of the underlying security, current interest rates, the general market consensus regarding changes in mortgage interest rates, the contractual repayment terms of the underlying loans, the priority rights of the investors to the cash flows from the mortgage securities and other economic conditions. When differences arise between anticipated prepayments and actual prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. Unamortized premium or discount is adjusted to the amount that would have existed had the new effective yield been applied since purchase, with a corresponding charge or credit to interest income. Restricted Equity Securities The Company invests in the stock of the FHLBB, the Federal Reserve Bank of Boston and a small amount of other restricted securities. No ready market exists for these stocks, and they have no quoted market values. The Banks, as members of the FHLBB, are required to maintain investments in the capital stock of the FHLBB equal to their membership base investments plus an activity-based investment determined according to the Banks' level of outstanding FHLBB advances. Federal Reserve Bank of Boston stock was purchased and is redeemable at par. The Company reviews for impairment of these securities based on the ultimate recoverability of the cost basis in the stock. As of December 31, 2020 and 2019, no impairment has been recognized. Loans Originated Loans Loans the Company originates for the portfolio, and for which it has the intent and ability to hold to maturity, are reported at amortized cost, inclusive of deferred loan origination fees and expenses, less unadvanced funds due to borrowers on loans and the allowance for loan and lease losses. Interest income on loans and leases originated for the portfolio is accrued on unpaid principal balances as earned. Loan origination fees and direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the interest method. Deferred amounts are recognized for fixed-rate loans over the contractual life of the loans and for adjustable-rate loans over the period of time required to adjust the contractual interest rate to a yield approximating a market rate at the origination date. If a loan is prepaid, the unamortized portion of the loan origination costs, including third party referral related costs not subject to rebate from the dealer, is charged to income. Loans and Leases Held-for-Sale Management identifies and designates certain newly originated loans and leases for sale to specific financial institutions, subject to the underwriting criteria of those financial institutions. These loans and leases are held for sale and are carried at the lower of cost or market as determined in the aggregate. Deferred loan fees and costs are included in the determination of the gain or loss on sale. Acquired Loans 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 December 31, 2020, there were no PCD loans in the Company's portfolios. Nonperforming Loans Nonaccrual Loans Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management's judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are generally applied to principal. If collection of the principal is reasonably assured, interest payments are recognized as income on the cash basis. Loans are generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of at least six consecutive months of performance has been achieved. Impaired Loans 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. Smaller-balance, homogeneous loans that are evaluated collectively for impairment, such as residential, home equity and other consumer loans are specifically excluded from the impaired loan portfolio except where the loan is classified as a troubled debt restructuring. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured ("TDR") loans. When the ultimate collectability of the total principal of an impaired loan or lease is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan or lease is not in doubt and the loan or lease is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. The value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral if the loan is collateral-dependent and its payment is expected solely based on the underlying collateral. For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Company will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Interest collected on impaired loans is either applied against principal or reported as income according to management's judgment as to the collectability of principal. If management does not consider a loan ultimately collectible within an acceptable time frame, payments are applied as principal to reduce the loan balance. If full collection of the remaining recorded investment should subsequently occur, interest receipts are recorded as interest income on a cash basis. Troubled Debt Restructured Loans In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a TDR loan. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, whether the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, if the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics. Large groups of small-balance homogeneous loans such as residential real estate, residential construction, home equity and other consumer portfolios are collectively evaluated for impairment. As such, the Company does not typically identify individual loans within these groupings as impaired loans or for impairment evaluation and disclosure. However, the Company evaluates all TDRs for impairment on an individual loan basis regardless of loan type. Modifications may include interest-rate reductions, short-term (defined as one year or less) changes in payment structure to interest-only payments, short-term extensions of the loan's original contractual term, or less frequently, principal forgiveness, interest capitalization, forbearance and other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral. Typically, TDRs are placed on nonaccrual status and reported as nonperforming loans. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of six Loans restructured at an interest rate equal to or greater than that of a new loan with comparable risk at the time the loan agreement is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if they are in compliance with the modified terms. Allowance for Credit Losses 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 December 31, 2020 allowance for loans collectively evaluated, 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. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available. 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 based on 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 at the input level to predict credit losses for loans that are expected to mature beyond the forecast period. The December 31, 2020 forecasts reflect the immediate and longer-term effects of the COVID-19 pandemic as well as the associated policies and fiscal support 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 model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a scalar for each model. Each scalar was calculated by examining the loss rates of peer banks that have similar operations and asset bases to the Company and comparing these peer group loss rates to the model results. Peer group loss rates were used in the scalar calculation because management believes the peer group’s historical losses provide a better reflection of the Company’s current portfolio and operating procedures than the Company’s historical losses. Qualitative adjustments are also applied to select segments of the loan portfolio where applicable. For December 31, 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. These qualitative adjustments resulted in additions to reserves for the CRE and C&I portfolio, as compared to the model output. Prior to the implementation of ASU 2016-13 on January 1, 2020, Management used a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. For purposes of determining the allowance for loan and lease losses, the Company had segmented certain loans and leases in the portfolio by product type into the following segments: (1) commercial real estate loans, (2) commercial loans and leases, (3) and consumer loans. Portfolio segments were further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans were divided into three classes: commercial real estate mortgage loans, multi-family mortgage loans, and construction loans. Commercial loans and leases were divided into three classes: commercial loans which includes taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans were divided into three classes: residential mortgage loans, home equity loans, and other consumer loans. A formula-based credit evaluation approach was applied to each group, coupled with an analysis of certain loans for impairment. The general allowance related to loans collectively evaluated for impairment was determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates over a lookback period, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represented incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors included, but were not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment were determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination was the same as those used for originated loans. During the year ended December 31, 2020 and 2019, 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. Liability for Unfunded Commitments In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan and lease losses. Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization, except for land which is carried at cost. Premises and equipment are depreciated using the straight-line method over the estimated useful life of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. Costs related to internal-use software development projects that provide significant new functionality are capitalized. Internal-use software is software acquired or modified solely to meet the Company's needs and for which there is no plan to market the software externally. Direct and indirect costs associated with the application development stage of internal use software are capitalized until such time that the software is substantially complete and ready for its intended use. Capitalized costs are amortized on a straight-line basis over the remaining estimated life of the software. Computer software and development costs incurred in the preliminary project stage, as well as training and maintenance costs, are expensed as incurred. Leases 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. Right-Of-Use Lease Assets are carried on the balance sheet at amortized cost and corresponding lease liabilities are carried on the balance sheet at present value of the future minimum lease payments, adjusted for any initial direct costs and incentives. All of the Company's current outstanding leases are classified as operating leases. Bank-Owned Life Insurance The Company acquired bank-owned life insurance ("BOLI") plans as part of its acquisitions of First Ipswich Bank and BankRI. BOLI represents life insurance on the lives of certain current and former employees who have provided positive consent allowing their employer to be the beneficiary of such policies. BankRI and Brookline Bank as successor in interest to First Ipswich Bank are the beneficiaries of their respective policies. BankRI and Brookline Bank utilize BOLI as tax-efficient financing for their benefit obligations to their employees, including their retirement obligations and Supplemental Executive Retirement Plans ("SERPs"). Since BankRI and Brookline Bank are the primary beneficiaries of their respective insurance policies, increases in the cash value of the policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. BOLI is recorded at the cash value of the policies, less any applicable cash surrender charges, and is reflected as an asset in the accompanying consolidated balance sheets. Cash proceeds, if any, are classified as cash flows from investing activities. The Company reviews the financial strength of the insurance carriers prior to the purchase of BOLI to ensure minimum credit ratings of at least investment grade. The financial strength of the carriers is reviewed at least annually, and BOLI with any individual carrier is limited to 10% of the Company's capital. Total BOLI is limited to 25% of the Company's capital. Goodwill and Other Identified Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived identified intangible assets are not subject to amortization. Definite-lived identified intangible assets are assets resulting from acquisitions that are being amortized over their estimated useful lives. The recoverability of goodwill and identified intangible assets is evaluated for impairment at least annually. A Company can perform a qualitative assessment of whether it is more likely than not that the fair value of an acquired asset is greater than its carrying amount. If the Company qualitatively concludes that it is more likely than not that the fair value of an acquired asset is greater than its carrying amount, no further testing is necessary. If, however, the Company qualitatively concludes that the fair value of an acquired asset is less than its carrying value, the Company should recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. However, in accordance with ASC 350-20-35-3B, an entity can bypass the qualitative assessment and perform the quantitative impairment test. Given the current economic environment, a quantitative analysis was performed where Management selected a sample of comparable acquisitions and calculated the control premium associated with each sale. The Company’s market capitalization times the sampled control premium allowed Management to compare the calculated fair value to the Company’s current book value to determine if an adjustment to goodwill is warranted. The Company did not have any impairment of Goodwill and other identified intangible assets as of December 31, 2020 . Further analysis of the Company’s goodwill can be found in Note 9 “Goodwill and Other Intangible Assets” within notes to the consolidated financial statements. OREO and Other Repossessed Assets OREO and other repossessed assets consists of properties acquired through foreclosure, real estate acquired through acceptance of a deed in lieu of foreclosure and loans determined to be substantively repossessed. Real estate loans that are substantively repossessed include only those loans for which the Company has taken possession of the collateral. OREO and other repossessed assets which consist of vehicles and equipment, if any, are recorded initially at estimated fair value less costs to sell, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated cost to sell) of the foreclosed or repossessed asset is charged to the allowance for loan and lease losses. Such evaluations are based on an analysis of individual properties/assets as well as a general assessment of current real estate market conditions. Subsequent declines in the fair value of the foreclosed or repossessed asset below the new cost basis are recorded through the use |
Acquisitions and Mergers
Acquisitions and Mergers | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Mergers | Acquisitions and MergersFirst Ipswich Bank On February 15, 2020, the merger of First Ipswich Bank with and into Brookline Bank was completed. First Ipswich Bank 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 branch locations were retained and converted to Brookline Bank branches. |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments | Cash, Cash Equivalents and Short-Term Investments The Banks are required to maintain average reserve balances with the FRB based upon a percentage of certain of the Banks' deposits. As of December 31, 2020, there was no average amount required to be held before a credit for vault cash compared to 2019, when the amount was $10.5 million. Aggregate reserve balances included in cash and cash equivalents were $410.1 million and $53.0 million, respectively, as of December 31, 2020 and 2019. Short-term investments are summarized as follows: At December 31, 2020 2019 (In Thousands) FRB interest bearing reserve $ 398,202 $ 39,964 FHLB overnight deposits 646 4,237 Total short-term investments $ 398,848 $ 44,201 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 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. As of January 1, 2020, the Company recognized a de minimis ACL on available-for-sale debt securities, which was no longer required as of December 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 December 31, 2020 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 273,820 $ 5,455 $ 630 $ 278,645 GSE CMOs 44,937 1,103 12 46,028 GSE MBSs 312,658 10,956 5 323,609 Corporate debt obligations 22,299 1,168 — 23,467 U.S. Treasury bonds 70,339 3,318 80 73,577 Foreign government obligations 500 — 4 496 Total investment securities available-for-sale $ 724,553 $ 22,000 $ 731 $ 745,822 Equity securities held-for-trading $ 526 At December 31, 2019 Amortized Gross Gross Estimated (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 — — 34 Corporate debt obligations 28,484 502 — 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 — 81 9,279 Municipal obligations 45,692 822 — 46,514 Foreign government obligations 500 — 22 478 Total investment securities held-to-maturity $ 86,780 $ 935 $ 154 $ 87,561 Equity securities held for trading $ 3,581 As of December 31, 2020, the fair value of all investment securities available-for-sale was $745.8 million, with net unrealized gains of $21.3 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 December 31, 2020, $86.9 million, or 11.7% of the portfolio, had gross unrealized losses of $0.7 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 was $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 December 31, 2020, the Company reported a fair value of $0.5 million of equity securities held-for-trading. As of December 31, 2019, the Company reported a fair value of $3.6 million of equity securities held-for-trading. Investment Securities as Collateral As of December 31, 2020 and 2019, respectively, $448.7 million and $433.6 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits ("TT&L"); swap agreements; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of December 31, 2020 and 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 totale d $2.6 million and $2.0 million, respectively, as of December 31, 2020 and 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 year ended December 31, 2020 and 2019. Prior to the implementation of ASU 2016-13 on January 1, 2020, Management evaluated securities for other-than-temporary impairment ("OTTI") on a periodic basis. Factors considered in determining whether an impairment was OTTI included: (1) the length of time and the extent to which the fair value had been less than amortized cost, (2) projected future cash flows, (3) the financial condition and near-term prospects of the issuers, and (4) the intent and ability of the Company to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. The Company did not identify OTTI in their impairment evaluation in the years ended December 31, 2019 and 2018. Assessment for Available for Sale Securities for Impairment Investment securities as of December 31, 2020 and 2019 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At December 31, 2020 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 72,745 $ 630 $ — $ — $ 72,745 $ 630 GSE CMOs 832 7 872 5 1,704 12 GSE MBSs 2,102 5 97 — 2,199 5 U.S. Treasury bonds 9,750 80 — — 9,750 80 Foreign government obligations — — 496 4 496 4 Temporarily impaired investment securities available-for-sale 85,429 722 1,465 9 86,894 731 Total temporarily impaired investment securities $ 85,429 $ 722 $ 1,465 $ 9 $ 86,894 $ 731 At December 31, 2019 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 10,965 $ 58 $ — $ — $ 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 — — 33 — 33 — U.S. Treasury bonds 25,754 116 — — 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 — — 9,257 81 9,257 81 Municipal obligations 710 — 205 — 915 — Foreign government obligations 478 22 — — 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 analysis on 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 security investment is impaired 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 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 security is impaired 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 consolidated statement of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of December 31, 2020. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of December 31, 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 December 31, 2020, the Company held 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 $7.3 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 December 31, 2020, the Company owned 54 GSE debentures with a total fair value of $278.6 million, and a net unrealized gain of $4.8 million. As of December 31, 2019, the Company held 60 GSE debentures with a total fair value of $185.8 million, and a net unrealized gain of $2.9 million. As of December 31, 2020, 7 of the 54 securities in this portfolio were 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. For the year ended December 31, 2020, the Company purchased $208.9 million GSE debentures, compared to the year ended December 31, 2019, when the Company did not purchase any GSE debentures. For the year ended December 31, 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 December 31, 2020, the Company owned 33 GSE CMOs with a total fair value of $46.0 million and a net unrealized gain of $1.1 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 December 31, 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. For the years ended December 31, 2020 and 2019, the Company did not purchase any GSE CMOs. As of December 31, 2020, the Company owned 140 GSE MBSs with a total fair value of $323.6 million and a net unrealized gain of $11.0 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 December 31, 2020, 17 of the 140 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. For the year ended December 31, 2020 and 2019, the Company purchased $258.7 million and $19.6 million, respectively, of GSE MBSs. For the year ended December 31, 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 December 31, 2020, the Company did not own any SBA securities. 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 December 31, 2019, 3 of the 4 securities in this portfolio were in an unrealized loss position. As of December 31, 2019, all securities are performing and backed by the explicit guarantee of the U.S. Government. For the years ended December 31, 2020 and 2019, the Company did not 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 December 31, 2020, the Company owned 6 corporate obligation securities with a total fair value of $23.5 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 December 31, 2020 and 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. For the years ended December 31, 2020 and 2019, the Company did not purchase any corporate obligations. For the year ended December 31, 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 December 31, 2020, the Company owned 12 U.S. Treasury bonds with a total fair value of $73.6 million and a net unrealized gain of $3.2 million. As of December 31, 2019, the Company owned 9 U.S. Treasury bonds with a total fair value of $44.9 million and a net unrealized gain of $0.2 million. As of December 31, 2020, 1 of the 12 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. For the years ended December 31, 2020 and 2019, the Company purchased $35.9 million and $30.8 million, respectively, of U.S. Treasury bonds. Municipal Obligations As of December 31, 2020, the Company did not hold any 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. For the year ended December 31, 2019, the Company purchased a total of $0.9 million of municipal obligations. Foreign Government Obligations As of December 31, 2020 and 2019, the Company owned 1 foreign government obligation security with a fair value and amortized cost of $0.5 million. During the year ended December 31, 2019, the Company repurchased the foreign government obligation security that matured during the first quarter of 2019. As of December 31, 2020 and 2019, the security was in an unrealized loss position. During the year ended December 31, 2020 and 2019, the Company did not purchase any additional foreign government obligation securities. Equity Securities Held-for-Trading From time to time, the Company will invest in equity securities held-for-trading. As of December 31, 2020 and 2019, the Company owned equity securities held-for-trading with a fair value of $0.5 million and $3.6 million, respectively. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At December 31, 2020 2019 Amortized Estimated Weighted Amortized Estimated Weighted (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 31,633 $ 32,013 2.02% $ 12,797 $ 12,804 1.76% After 1 year through 5 years 146,274 153,262 2.22% 217,569 220,757 2.19% After 5 years through 10 years 222,271 225,568 1.43% 93,805 94,212 2.04% Over 10 years 324,375 334,979 1.86% 171,994 171,222 2.12% $ 724,553 $ 745,822 1.81% $ 496,165 $ 498,995 2.13% Investment securities held-to-maturity: Within 1 year $ — $ — —% $ 6,366 $ 6,381 1.33% After 1 year through 5 years — — —% 63,898 64,559 1.81% After 5 years through 10 years — — —% 7,177 7,364 1.79% Over 10 years — — —% 9,339 9,257 1.90% $ — $ — —% $ 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 December 31, 2020, issuers of debt securities with an estimated fair value of $90.8 million had the right to call or prepay the obligations. Of the $90.8 million, approximately $12.9 million matures in 1-5 years, $68.1 million matures in 6 - 10 years, and $9.8 million mature 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 mature within 1 year, $34.6 million mature in 1-5 years, and none mature after five years. Security Sales The proceeds from the sale of investment securities available-for-sale and equity securities held-for-trading were $143.2 million during the year ended December 31, 2020. This compares to $1.2 million securities sold during the year ended December 31, 2019. Year Ended December 31, 2020 2019 (In Thousands) Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading $ 143,229 $ 1,212 Gross gains from sales 3,423 — Gross losses from sales (1,473) (232) Gain on sales of securities, net $ 1,950 $ (232) |
Restricted Equity Securities
Restricted Equity Securities | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Investments Note [Abstract] | |
Restricted Equity Securities | Restricted Equity Securities Investments in the restricted equity securities of various entities are as follows: At December 31, 2020 2019 (In Thousands) FHLBB stock $ 31,293 $ 35,482 FRB stock 18,241 18,084 Other restricted equity securities 252 252 $ 49,786 $ 53,818 The Company invests in the stock of FHLBB as one of the requirements to borrow. As of December 31, 2020 and 2019, FHLBB stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. The FHLBB stated that it remained in compliance with all regulatory capital ratios as of December 31, 2020 and was classified as "adequately capitalized" by its regulator, based on the FHLBB's financial information as of September 30, 2020. The FHLBB paid a dividend to member banks at an annualized rate of 464 basis points in 2020. The FHLBB decreased its dividend from 546 basis points in the first quarter of 2020 to 376 basis points in the fourth quarter of 2020. As of December 31, 2020, the Company's investment in FHLBB stock exceeded its required investment which provides for additional borrowing capacity. The Company invests in the stock of the Federal Reserve Bank of Boston as required by its the Banks' membership in the Federal Reserve system. As of December 31, 2020 and 2019, Federal Reserve Bank of Boston stock is recorded at its carrying value, which is equal to cost and which management believes approximates its fair value. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 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 December 31, 2020 At December 31, 2019 Balance Weighted Balance Weighted (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,578,773 3.58 % $ 2,491,011 4.33 % Multi-family mortgage 1,013,432 3.53 % 932,163 4.20 % Construction 231,621 3.49 % 246,048 5.09 % Total commercial real estate loans 3,823,826 3.56 % 3,669,222 4.34 % Commercial loans and leases: Commercial (1) 1,131,668 2.55 % 729,502 4.66 % Equipment financing 1,092,461 7.26 % 1,052,408 7.71 % Condominium association 50,770 4.55 % 56,838 4.84 % Total commercial loans and leases 2,274,899 4.86 % 1,838,748 6.41 % Consumer loans: Residential mortgage 791,317 3.74 % 814,245 4.10 % Home equity 346,652 3.26 % 376,819 4.46 % Other consumer 32,859 3.04 % 38,782 4.48 % Total consumer loans 1,170,828 3.58 % 1,229,846 4.22 % Total loans and leases $ 7,269,553 3.97 % $ 6,737,816 4.88 % (1) Including $489,216 of PPP loans as of December 31, 2020. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of December 31, 2020. Accrued interest on loans and leases, which were excluded from the amortized cost of loans and leases totaled $20.5 million and $17.4 million at December 31, 2020 and December 31, 2019, respectively, and were included in other assets in the accompanying consolidated balance sheets. At December 31, 2019 Originated Acquired Total Balance Weighted Balance Weighted Balance Weighted (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 % — — % 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 and costs included in total loans and leases were $4.1 million and $15.7 million as of December 31, 2020 and 2019, respectively. The Banks and their subsidiaries lend primarily in all New England states, with the exception of equipment financing, 27.8% of which is in the greater New York and New Jersey metropolitan area and 72.2% of which is in other areas in the United States of America as of December 31, 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 December 31, 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: 2019 2018 (Dollars In Thousands) Balance at beginning of year 7,905 10,522 Accretion (3,769) (4,117) Reclassification from nonaccretable difference as a result from changes in expected cash flows 1,086 1,500 Balance at end of year $ 5,222 $ 7,905 During the year ended December 31, 2019, accretable yield adjustments totaling $1.1 million were made for certain loan pools, which were subject to continued re-assessment and will be recognized over the remaining lives of those pools. As of December 31, 2019, the accretable yield was fully accreted. Related Party Loans The Banks' authority to extend credit to their respective directors and executive officers, as well as to entities controlled by such persons, is currently governed by the requirements of the Sarbanes-Oxley Act and Regulation O of the FRB. Among other things, these provisions require that extensions of credit to insiders (1) be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons and that do not involve more than the normal risk of repayment or present other unfavorable features; and (2) not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the Banks' capital. In addition, the extensions of credit to insiders must be approved by the applicable Bank's Board of Directors. The following table summarizes the change in the total amounts of loans and advances to directors, executive officers and their affiliates for the periods indicated. All loans were performing as of December 31, 2020. Year Ended December 31, 2020 2019 (Dollars In Thousands) Balance at beginning of year $ 70,400 $ 46,771 New loans granted during the year 11,003 34 Loans reclassified as insider loans 5,465 16,800 Advances on lines of credit 61,089 8,652 Repayments (69,756) (1,857) Balance at end of year $ 78,201 $ 70,400 Unfunded commitments on extensions of credit to related parties totaled $15.0 million and $12.8 million as of December 31, 2020 and 2019, respectively. The new loans granted during the year ending December 31, 2020 were $11.0 million, of which $9.6 million were PPP loans. Loans and Leases Pledged as Collateral As of December 31, 2020 and 2019, there were $3.5 billion and $3.0 billion, respectively, of loans and leases pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; and FHLBB borrowings. The Banks did not have any outstanding FRB borrowings as of December 31, 2020 and 2019. |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The following tables present the changes in the allowance for loan and lease losses and the recorded investment in loans and leases by portfolio segment for the periods indicated: Year Ended December 31, 2020 Commercial 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 Balance at beginning of period, adjusted 41,979 22,154 3,581 67,714 Charge-offs (3,514) (11,113) (36) (14,663) Recoveries 94 1,407 201 1,702 Provision for loan and lease losses excluding unfunded commitments 41,573 17,050 1,003 59,626 Balance at December 31, 2020 $ 80,132 $ 29,498 $ 4,749 $ 114,379 Year Ended December 31, 2019 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 Charge-offs — (8,911) (127) (9,038) Recoveries — 1,688 179 1,867 Provision for loan and lease losses 2,098 6,766 697 9,561 Balance at December 31, 2019 $ 30,285 $ 24,826 $ 5,971 $ 61,082 Year Ended December 31, 2018 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2017 $ 27,112 $ 26,333 $ 5,147 $ 58,592 Charge-offs (103) (6,585) (540) (7,228) Recoveries — 2,287 290 2,577 (Credit) provision for loan and lease losses 1,178 3,248 325 4,751 Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 The allowance for credit losses for unfunded credit commitments, which is included in other liabilities, was $13.1 million and $1.9 million at December 31, 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 year ended December 31, 2020 and 2019. Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Year Ended December 31, 2020 2019 2018 (In Thousands) Provision for loan and lease losses: Commercial real estate $ 41,573 $ 2,098 $ 1,178 Commercial 17,050 6,766 3,248 Consumer 1,003 697 325 Total provision for loan and lease losses 59,626 9,561 4,751 Unfunded credit commitments 2,260 22 200 Total provision for credit losses $ 61,886 $ 9,583 $ 4,951 Allowance for Credit 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 and unfunded commitments. 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 for loans collectively evaluated, management uses models developed by a third party. The models include: Commercial real estate ("CRE"), Commercial and industrial ("C&I"), and Retail lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions and utilization of expected utilization assumptions. The expected loss estimates for two small commercial portfolios and a runoff auto portfolio are based on historical loss rates. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes availa ble . The ACL estimate incorporates reasonable and supportable forecasts of various macro-economic variables over the remaining life of loans and leases. The development of the reasonable and supportable forecast assume each macro-economic variable will revert to long-term expectations, with reversion characteristics unique to specific economic indicators and forecasts. Reversion towards long-term expectations generally begins two to three years from the forecast start date and largely completes within the first five years. Because the reasonable and supportable economic forecasts used in the models are mean reverting, the models are therefore considered to be implicitly mean reverting. 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. Scenario weighting and model parameters are reviewed for each calculation and are subject to change. The December 31, 2020 forecasts reflect the immediate and longer-term effects of the COVID-19 pandemic as well as the associated policies and fiscal support 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 model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a scalar for each model. Each scalar was calculated by examining the loss rates of peer banks that have similar operations and asset bases to the Company and comparing these peer group loss rates to the model results. Peer group loss rates were used in the scalar calculation because management believes the peer group’s historical losses provide a better reflection of the Company’s current portfolio and operating procedures than the Company’s historical losses. Qualitative adjustments are also applied to the results of the three loss rate models. For December 31, 2020, management applied qualitative adjustments to the CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models. These adjustments addressed model limitations, were based on historical loss patterns, and targeted specific risks within the certain portfolios. A general qualitative adjustment was applied to all models to account for general economic uncertainty by placing a greater probability on negative economic forecasts as compared to previous quarters. Additional qualitative adjustments were applied to the Commercial, Multifamily, and commercial real estate portfolios based on the Company’s historical loss experience and the loss experience of the Company’s peer group. High risk segments of the Eastern Funding and Macrolease portfolios also received additional qualitative adjustments based on recent loss history and expected liquidation values. These qualitative adjustments resulted in additions to reserves for all portfolios, 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, and the reserve for unfunded commitments increased by $8.9 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 loss methodology. The general allowance for loan and lease losses was $112.1 million as of December 31, 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 $2.3 million as of December 31, 2020, compared to $1.8 million as of December 31, 2019. The increase of $0.5 million was primarily driven by the increase in specific reserve on an equipment financing relationship for $0.7 million, partially off set by the decrease in specific reserve due to the charge-offs on a commercial real estate relationship for $1.7 million. As of December 31, 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 expected losses over the lifetime of the Company’s loan portfolio. In 2019, Management used a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. For purposes of determining the allowance for loan and lease losses, the Company had segmented certain loans and leases in the portfolio by product type into the following segments: (1) commercial real estate loans, (2) commercial loans and leases, (3) and consumer loans. Portfolio segments were further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans were divided into three classes: commercial real estate mortgage loans, multi-family mortgage loans, and construction loans. Commercial loans and leases were divided into three classes: commercial loans which includes taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans were divided into three classes: residential mortgage loans, home equity loans, and other consumer loans. A formula-based credit evaluation approach was applied to each group, coupled with an analysis of certain loans for impairment. The general allowance related to loans collectively evaluated for impairment was determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates over a lookback period, which included estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represented incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors included, but were not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment was determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination were the same as those used for originated loans. 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 periodically monitors the quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—Other Assets Especially Mentioned ("OAEM") Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating—Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating—Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating—Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. Credit Quality Information The following tables present the recorded investment in loans in each class as of December 31, 2020 by credit quality indicator and year originated. December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 352,832 $ 412,071 $ 282,629 $ 255,786 $ 243,477 $ 944,676 $ 55,392 $ 12,585 $ 2,559,448 OAEM — 477 — — 3,312 8,991 — — 12,780 Substandard — — — 1,261 2 5,220 — 62 6,545 Total 352,832 412,548 282,629 257,047 246,791 958,887 2,578,773 Multi-Family Mortgage Pass 125,434 136,620 162,180 103,997 127,873 304,224 15,845 34,871 1,011,044 OAEM — — — — — 2,388 — — 2,388 Total 125,434 136,620 162,180 103,997 127,873 306,612 1,013,432 Construction Pass 46,249 56,074 112,856 1,799 2,788 404 3,834 — 224,004 Substandard 4,853 2,764 7,617 Total 46,249 60,927 112,856 1,799 5,552 404 231,621 Commercial Pass 574,542 66,278 41,325 62,112 22,085 113,715 226,495 1,687 1,108,239 OAEM 310 4,850 — — 35 17 5,382 — 10,594 Substandard 80 — 129 389 29 7,612 3,930 664 12,833 Doubtful — — — — — — — 2 2 Total 574,932 71,128 41,454 62,501 22,149 121,344 235,807 2,353 1,131,668 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Equipment Financing Pass 332,375 306,231 209,219 121,845 56,241 45,451 636 576 1,072,574 OAEM 196 1,066 290 93 609 85 — 2,339 Substandard 402 4,385 5,280 3,545 1,891 631 — — 16,134 Doubtful 1 64 24 27 1,292 6 — — 1,414 Total 332,974 311,746 214,813 125,510 60,033 46,173 1,092,461 Condominium Association Pass 6,455 9,918 5,399 7,928 5,213 12,682 2,684 379 50,658 Substandard — — — — 112 — — — 112 Total 6,455 9,918 5,399 7,928 5,325 12,682 50,770 Other Consumer Pass 694 549 1,938 32 570 301 28,755 18 32,857 Substandard — — — — — — — 2 2 Total 694 549 1,938 32 570 301 32,859 Total Pass 1,438,581 987,741 815,546 553,499 458,247 1,421,453 333,641 50,116 6,058,824 OAEM 506 6,393 290 93 3,956 11,481 5,382 — 28,101 Substandard 482 9,238 5,409 5,195 4,798 13,463 3,930 728 43,243 Doubtful 1 64 24 27 1,292 6 — 2 1,416 Total $ 1,439,570 1,003,436 821,269 558,814 468,293 1,446,403 342,953 50,846 6,131,584 As of December 31, 2020, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 119,566 94,300 62,452 53,662 47,327 124,999 4,442 — $ 506,748 661 - 700 21,820 19,426 10,943 15,616 8,132 23,282 — — $ 99,219 600 and below 6,901 5,659 4,763 4,318 4,553 13,997 — — $ 40,191 Data not available* 19,209 17,082 16,199 14,153 5,729 71,456 — 1,331 $ 145,159 Total 167,496 136,467 94,357 87,749 65,741 233,734 4,442 1,331 791,317 Home Equity Credit Scores Over 700 1,546 2,832 2,440 2,770 910 12,804 247,538 2,397 273,237 661 - 700 122 459 499 566 305 2,793 45,356 1,334 51,434 600 and below 59 108 266 13 39 541 10,139 878 12,043 Data not available* 61 — — — — 1,387 7,330 1,160 9,938 Total $ 1,788 $ 3,399 $ 3,205 $ 3,349 $ 1,254 $ 17,525 $ 310,363 $ 5,769 $ 346,652 * Represents accounts for which data are not available. 2020 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 Multi- Construction Commercial Equipment Condominium Other 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 — — 10,803 1,389 — — 29,198 Substandard 3,106 84 — 14,801 7,995 151 1 26,138 Doubtful — — — 3 1,820 — — 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 — 108 141,801 OAEM 597 — — 210 — — — 807 Substandard 9,017 — — 202 7 — — 9,226 Total acquired 90,974 35,681 7,033 15,627 2,411 — 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 ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 184,628 22.7 % $ 132,736 35.2 % 50%—69% 293,976 36.1 % 91,681 24.3 % 70%—79% 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 % — — % 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%—69% 44,754 5.4 % 7,958 2.1 % 70%—79% 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 accounts for which data are not available. The following table presents information regarding foreclosed residential real estate property for the periods indicated: At December 31, 2020 At December 31, 2019 (In Thousands) Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ — $ 110 Age Analysis of Past Due Loans and Leases The following tables present an age analysis of the recorded investment in total loans and leases as of December 31, 2020 and 2019. At December 31, 2020 Past Due Past Non-accrual Non-accrual with no related Allowance 31-60 61-90 Greater Total Current Total Loans (In Thousands) Commercial real estate loans: Commercial real estate $ 18,294 $ 12,402 $ 7,272 $ 37,968 $ 2,540,805 $ 2,578,773 $ 4,722 $ 3,300 $ 2,580 Multi-family mortgage 813 — — 813 1,012,619 1,013,432 — — — Construction — — 7,617 7,617 224,004 231,621 3,764 3,853 3,853 Total commercial real estate loans 19,107 12,402 14,889 46,398 3,777,428 3,823,826 8,486 7,153 6,433 Commercial loans and leases: Commercial 451 304 9,171 9,926 1,121,742 1,131,668 3,486 7,702 6,263 Equipment financing 5,970 2,263 9,391 17,624 1,074,837 1,092,461 — 16,757 4,062 Condominium association 282 297 — 579 50,191 50,770 — 112 112 Total commercial loans and leases 6,703 2,864 18,562 28,129 2,246,770 2,274,899 3,486 24,571 10,437 Consumer loans: Residential mortgage 2,161 648 3,841 6,650 784,667 791,317 — 5,587 5,117 Home equity 580 215 588 1,383 345,269 346,652 3 1,136 824 Other consumer 13 — 1 14 32,845 32,859 — 1 — Total consumer loans 2,754 863 4,430 8,047 1,162,781 1,170,828 3 6,724 5941 Total loans and leases $ 28,564 $ 16,129 $ 37,881 $ 82,574 $ 7,186,979 $ 7,269,553 $ 11,975 $ 38,448 $ 22,811 There is no interest income recognized on non-accrual loans for the year ending December 31, 2020. At December 31, 2019 Past Due Loans and 31-60 61-90 Greater Total Current Total Loans Nonaccrual (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 — 4,112 892,370 896,482 — 84 Construction — — — — 239,015 239,015 — — 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 — 4,707 Equipment financing 3,098 1,558 7,246 11,902 1,038,095 1,049,997 — 9,822 Condominium association 458 — — 458 56,380 56,838 — 151 Total commercial loans and leases 8,566 1,757 11,121 21,444 1,799,266 1,820,710 — 14,680 Consumer loans: Residential mortgage 1,014 — 3 1,017 710,505 711,522 — 753 Home equity 794 501 139 1,434 341,813 343,247 2 276 Other consumer 46 1 1 48 38,626 38,674 — 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 (Continued) At December 31, 2019 Past Due Loans and 31-60 61-90 Greater Total Current Total Loans Nonaccrual (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 — — — — 35,681 35,681 — — Construction — — — — 7,033 7,033 — — Total commercial real estate loans 539 59 8,989 9,587 124,101 133,688 8,919 94 Commercial loans and leases: Commercial — — — — 15,627 15,627 — 202 Equipment financing — — 7 7 2,404 2,411 7 — Total commercial loans and leases — — 7 7 18,031 18,038 7 202 Consumer loans: Residential mortgage 35 75 1,090 1,200 101,523 102,723 1,090 — Home equity 430 — 42 472 33,100 33,572 40 620 Other consumer — — — — 108 108 — — 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 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 December 31, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated for impairment $ 183 2,020 108 2,311 Collectively evaluated for impairment 79,949 27,478 4,641 112,068 Total $ 80,132 29,498 4,749 114,379 Loans and Leases: Individually evaluated for impairment $ 14,159 24,727 8,760 47,646 Collectively evaluated for impairment 3,809,667 2,250,172 1,162,068 7,221,907 Total $ 3,823,826 2,274,899 1,170,828 7,269,553 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 Unpaid Related Allowance for Loan and Lease Losses: Originated: With no related allowance recorded: Commercial real estate $ 3,899 $ 3,892 $ — Commercial 28,539 28,533 — Consumer 2,237 2,223 — Total originated with no related allowance recorded 34,675 34,648 — 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 — Commercial 437 437 — Consumer 3,516 3,516 — Total acquired with no related allowance recorded 16,318 16,319 — With an allowance recorded: 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 December 31, 2019 December 31, 2018 Average Interest Average Interest Originated: With no related allowance recorded: Commercial real estate $ 5,148 $ 110 $ 6,484 $ 87 Commercial 29,759 1,009 26,514 993 Consumer 2,662 42 2,801 54 Total originated with no related allowance recorded 37,569 1,161 35,799 1,134 With an allowance recorded: Commercial real estate 269 3 99 — Commercial 7,125 76 9,026 96 Consumer 946 32 835 11 Total originated with an allowance recorded 8,340 111 9,960 107 Total originated impaired loans and leases 45,909 1,272 45,759 1,241 Acquired: With no related allowance recorded: Commercial real estate 11,409 163 9,868 7 Commercial 511 11 1,212 16 Consumer 4,298 39 5,061 61 Total acquired with no related allowance recorded 16,218 213 16,141 84 With an allowance recorded: Consumer 302 11 135 4 Total acquired with an allowance recorded 302 11 135 4 Total acquired impaired loans and leases 16,520 224 16,276 88 Total impaired loans and leases $ 62,429 $ 1,496 $ 62,035 $ 1,329 The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: 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 — — 40 40 Collectively evaluated for impairment 65 197 11 273 Acquired with deteriorated credit quality 1,798 104 — 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 Troubled Debt Restructured Loans and Leases A specific valuation allowance for losses on troubled debt restructured loans is initially determined by comparing the net carrying amount of the troubled debt restructured loan with the restructured loan's cash flows discounted at the original effective rate. The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated: At December 31, 2020 At December 31, 2019 (In Thousands) Troubled debt restructurings: On accrual $ 11,483 $ 17,076 On nonaccrual 7,476 6,104 Total troubled debt restructurings $ 18,959 $ 23,180 Total troubled debt restructuring loans and leases decreased by $4.2 million to $19.0 million at December 31, 2020 from $23.2 million at December 31, 2019, primarily driven by the payoffs of one construction loan of $2.9 million, and one commercial loan of $3.0 million, partially offset by new TDRs added during the year ended December 31, 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 Year Ended December 31, 2020 Recorded Investment Specific Defaulted (1) |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment consist of the following: At December 31, Estimated 2020 2019 (In Thousands) (In Years) Land $ 12,329 $ 12,320 NA Fine art 553 545 NA Computer equipment 12,296 11,886 3 Vehicles 135 135 3 to 5 Core processing system and software 21,096 20,748 3 to 7.5 Furniture, fixtures and equipment 15,732 15,393 5 to 25 Office building and improvements 91,660 90,086 10 to 40 Total 153,801 151,113 Accumulated depreciation and amortization 82,233 76,763 Total premises and equipment $ 71,568 $ 74,350 Depreciation and amortization expense is calculated using the straight-line method and is included in occupancy and equipment and data processing expense in the Consolidated Statements of Income. For the years ended December 31, 2020, 2019 and 2018, depreciation and amortization expense related to premises and equipment totaled $5.7 million, $7.0 million, and $7.5 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying value of goodwill for the periods indicated were as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Balance at beginning of year $ 160,427 $ 160,427 $ 137,890 Additions — — 22,537 Balance at end of year $ 160,427 $ 160,427 $ 160,427 The following is a summary of the Company's other intangible assets: At December 31, 2020 At December 31, 2019 Gross Accumulated Carrying Gross Accumulated Carrying (In Thousands) Other intangible assets: Core deposits $ 38,294 $ 36,231 $ 2,063 $ 38,294 $ 34,960 $ 3,334 Trade name 1,600 511 1,089 1,600 511 1,089 Trust relationship 1,568 1,568 — 1,568 1,568 — Other intangible 442 442 — 442 442 — Total other intangible assets $ 41,904 $ 38,752 $ 3,152 $ 41,904 $ 37,481 $ 4,423 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 6.44 years. There were no impairment losses relating to other acquisition-related intangible assets recorded during the years ended December 31, 2020, 2019 and 2018. The estimated aggregate future amortization expense for other intangible assets for each of the next five years and thereafter is as follows: Year ended December 31: Amount (In Thousands) 2021 $ 857 2022 500 2023 268 2024 158 2025 104 Thereafter 176 Total $ 2,063 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets BOLI BOLI is recorded at the cash surrender value of the policies, less any applicable cash surrender charges, and is recorded in other assets. As of December 31, 2020 and 2019, BankRI owned seven policies with a net cash surrender value of $42.0 million and $41.0 million, respectively. As of December 31, 2020 and 2019, Brookline Bank, as successor-in-interest to First Ipswich Bank owned two policies with a net cash surrender value of $0.7 million, respectively. The Company recorded a total of $1.0 million, $1.0 million, and $1.0 million of tax exempt income from these nine policies in 2020, 2019, and 2018, respectively. They are included in the Company’s other non-interest income in the consolidated statements of income. Affordable Housing Investments The Company invests in affordable housing projects that benefit low- and moderate-income individuals. As of December 31, 2020, the Company had investments in 17 of these projects. The project sponsor or general partner controls the project's management. In each case, the Company is a limited partner with less than 50% of the outstanding equity interest in any single project. The Company uses the proportional amortization method to account for investments in affordable housing projects. The proportional amortization method calculation and the operating losses or gains for these investments are included as a component of the provision for income taxes in the Company’s consolidated statements of income. Under the proportional amortization method, the initial costs of the investment in qualified affordable housing projects is amortized based on the tax credits and other benefits received. Further information regarding the Company's investments in affordable housing projects follows: At December 31, 2020 2019 (In Thousands) Investments in affordable housing projects included in other assets $ 26,789 $ 29,939 Unfunded commitments related to affordable housing projects included in other liabilities 14,480 20,286 Investment in affordable housing tax credits 2,377 2,042 Investment in affordable housing tax benefits 823 540 For the year ended December 31, 2020 2019 2018 (In Thousands) Investment amortization included in provision for income taxes $ 3,097 $ 2,097 $ 1,916 Amount recognized as income tax benefit 823 540 585 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Deposits A summary of deposits follows: December 31, 2020 December 31, 2019 Amount Weighted Amount Weighted (Dollars in Thousands) Demand checking accounts $ 1,592,205 — % $ 1,141,578 — % NOW accounts 513,948 0.09 % 371,380 0.11 % Savings accounts 701,659 0.13 % 613,467 0.46 % Money market accounts 2,018,977 0.31 % 1,682,005 1.15 % Total core deposit accounts 4,826,789 0.16 % 3,808,430 0.59 % Certificate of deposit accounts maturing: Within six months $ 676,860 1.60 % $ 603,817 2.17 % After six months but within 1 year 461,944 1.08 % 508,782 2.27 % After 1 year but within 2 years 140,481 1.19 % 413,979 2.37 % After 2 years but within 3 years 61,302 2.44 % 56,508 2.19 % After 3 years but within 4 years 28,525 2.62 % 58,491 2.64 % After 4 years but within 5 years 20,788 1.47 % 29,759 2.58 % 5+ Years 98 0.75 % 402 2.19 % Total certificate of deposit accounts 1,389,998 1.44 % 1,671,738 2.28 % Brokered deposit accounts $ 693,909 0.39 % $ 349,904 2.18 % Total deposits $ 6,910,696 0.44 % $ 5,830,072 1.17 % Certificate of deposit accounts issued in amounts of $250,000 or more totaled $443.0 million and $557.5 million as of December 31, 2020 and 2019, respectively. Interest expense on deposit balances is summarized as follows Year Ended December 31, 2020 2019 2018 (In Thousands) Interest-bearing deposits: NOW accounts $ 484 $ 436 $ 283 Savings accounts 1,503 2,900 1,804 Money market accounts 9,519 21,206 15,369 Certificate of deposit accounts 30,355 36,326 19,017 Brokered deposit accounts 6,565 8,747 5,505 Total interest-bearing deposits $ 48,426 $ 69,615 $ 41,978 Related Party Deposits Deposit accounts of directors, executive officers and their affiliates totaled $72.6 million and $70.4 million as of December 31, 2020 and 2019, respectively. Collateral Pledged to Deposits As of December 31, 2020 and 2019, $217.6 million and $184.0 million, respectively, of collateral was pledged for municipal deposits and TT&L. |
Borrowed Funds
Borrowed Funds | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds are comprised of the following: At December 31, 2020 2019 (In Thousands) Advances from the FHLBB $ 648,849 $ 758,469 Subordinated debentures and notes 83,746 83,591 Other borrowed funds 87,652 60,689 Total borrowed funds $ 820,247 $ 902,749 Interest expense on borrowed funds for the periods indicated is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Advances from the FHLBB $ 12,842 $ 18,701 $ 18,650 Subordinated debentures and notes 5,038 5,206 5,181 Other borrowed funds 348 804 385 Total interest expense on borrowed funds $ 18,228 $ 24,711 $ 24,216 Collateral Pledged to Borrowed Funds As of December 31, 2020 and 2019, $2.9 billion and $2.5 billion, respectively, of investment securities and loans and leases, were pledged as collateral for repurchase agreements, swap agreements, FHLBB borrowings, and municipal deposits and TT&L. The Banks did not have any outstanding FRB borrowings as of December 31, 2020 and 2019. FHLBB Advances FHLBB advances mature as follows: At December 31, 2020 2019 Amount Callable Weighted Amount Callable Weighted (Dollars in Thousands) Within 1 year $ 623,611 $ — 1.05 % $ 599,262 $ — 2.27 % Over 1 year to 2 years 4,805 — 0.53 % 139,762 — 2.12 % Over 2 years to 3 years 4,000 — 0.40 % 3,210 — 0.01 % Over 3 years to 4 years 3,880 — 3.86 % — — — % Over 4 years to 5 years 1,462 — 0.67 % 4,025 — 3.91 % Over 5 years 11,091 — 3.41 % 12,210 — 3.28 % $ 648,849 $ — 1.10 % $ 758,469 $ — 2.26 % Actual maturities of the advances may differ from those presented above since the FHLBB has the right to call certain advances prior to the scheduled maturity. The FHLBB advances are secured by blanket pledge agreements which require the Banks to maintain certain qualifying assets as collateral. The Banks did not have any FRB borrowings as of December 31, 2020. Total available borrowing capacity for advances from the FHLBB and FRB was $2.5 billion as of December 31, 2020 for the Banks. The total amount of qualifying collateral for FHLBB and FRB borrowings was $4.0 billion as of December 31, 2020. Other Borrowed Funds Information concerning other borrowed funds is as follows for the periods indicated below: Year Ended December 31, 2020 2019 (Dollars In Thousands) Outstanding at end of year $ 87,652 $ 60,689 Average outstanding for the year 90,587 79,276 Maximum outstanding at any month-end 170,854 122,776 Weighted average rate at end of year 0.16 % 0.60 % Weighted average rate paid for the year 0.38 % 1.01 % In addition to advances from the FHLBB and subordinated debentures and notes, the Company utilizes other funding sources as part of the overall liquidity strategy. Those funding sources include repurchase agreements, committed and uncommitted lines of credit with several financial institutions. The Company periodically enters into repurchase agreements with its larger deposit and commercial customers as part of its cash management services which are typically overnight borrowings. Repurchase agreements with customers increased $15.0 million to $57.7 million as of December 31, 2020 from $42.7 million as of December 31, 2019. The Company has access to a $12.0 million committed line of credit as of December 31, 2020. As of December 31, 2020 and December 31, 2019, the Company did not have any borrowings on this committed line of credit outstanding. The Banks also have access to funding through several uncommitted lines of credit of $865.0 million. As of December 31, 2020, the Company had $30.0 million borrowings on outstanding uncommitted lines of credit as compared to December 31, 2019, when the Company had $18.0 million borrowings on outstanding uncommitted lines of credit. Subordinated Debentures and Notes On September 15, 2014, the Company issued $75.0 million of 6.0% fixed-to-floating subordinated notes due September 15, 2029. The Company is obligated to pay 6.0% interest semiannually between September 2014 and September 2024. Subsequently, the Company is obligated to pay 3-month LIBOR plus 3.315% quarterly until the notes mature in September 2029. The following table summarizes the Company's subordinated debentures and notes at the dates indicated. Carrying Amount Issue Date Rate Maturity Date Next Call Date December 31, 2020 December 31, 2019 (Dollars in Thousands) June 26, 2003 Variable; 3-month LIBOR + 3.10% June 26, 2033 March 25, 2021 $ 4,848 $ 4,826 March 17, 2004 Variable; 3-month LIBOR + 2.79% March 17, 2034 March 16, 2021 4,772 4,739 September 15, 2014 6.0% Fixed-to-Variable; 3-month LIBOR + 3.315% September 15, 2029 September 15, 2024 74,126 74,026 Total $ 83,746 $ 83,591 The above carrying amounts of the acquired subordinated debentures included $0.4 million of accretion adjustments and $0.9 million of capitalized debt issuance costs as of December 31, 2020. This compares to $0.4 million of accretion adjustments and $1.0 million of capitalized debt issuance costs as of December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Financial Instruments The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credits, and loan level derivatives. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss in the event of non-performance by the counterparty is represented by the fair value of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Financial instruments with off-balance-sheet risk at the dates indicated follow: At December 31, 2020 2019 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 174,240 $ 50,034 Commercial 80,291 78,058 Residential mortgage 30,418 25,998 Unadvanced portion of loans and leases 759,053 808,681 Unused lines of credit: Home equity 584,881 528,251 Other consumer 38,954 25,374 Other commercial 408 380 Unused letters of credit: Financial standby letters of credit 14,746 10,166 Performance standby letters of credit 5,903 4,652 Commercial and similar letters of credit 5,105 3,823 Loan level derivatives: Receive fixed, pay variable 1,214,146 1,101,193 Pay fixed, receive variable 1,214,146 1,101,193 Risk participation-out agreements 252,655 235,693 Risk participation-in agreements 60,619 55,281 Foreign exchange contracts: Buys foreign currency, sells U.S. currency 1,266 1,125 Sells foreign currency, buys U.S. currency 1,273 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 credits are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company's commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. The reserve for unfunded credit commitments, which is included in other liabilities, was $13.1 million and $1.9 million as of December 31, 2020 and December 31, 2019, respectively. See Footnote 6 for further discussion on the Company's methodology for determining the ACL, which includes the reserve for unfunded commitments. 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 16. Lease Commitments The Company leases certain office space under various noncancellable operating leases. 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. 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 as of December 31, 2020 as the discount rate to determine the net present value of the remaining lease payments. At December 31, 2020 At December 31, 2019 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 6,386 $ 6,461 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 $ 6,518 $ 6,515 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 72 $ 66 Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 24,143 $ 24,876 Operating lease liabilities 24,143 24,876 Weighted Average Remaining Lease Term Operating leases 6.95 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: Year ended December 31, Minimum Rental Payments (In Thousands) 2021 $ 6,077 2022 5,497 2023 4,569 2024 3,291 2025 2,266 Thereafter 5,064 Total $ 26,764 Less imputed interest (2,621) $ 24,143 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. Total rental expense was $6.1 million in 2020. This compares to total rent expense of $6.2 million in 2019. In 2018, total rent expense was $5.8 million. The decrease in expense is due to lease expirations. A portion of the Company's headquarters was rented to third-party tenants which generated rental income of $0.2 million in 2020 compared to $0.4 million in 2019 and 2018 respectively. The decrease in 2020 was due to the negotiated early termination of a lease with one of the third party tenants and the modification to an existing lease for a retail tenant. Rental income was reported in non-interest income in the Company's consolidated statements of income. 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. |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 12 Months Ended |
Dec. 31, 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: For the year ended December 31, 2020 2019 2018 Basic Fully Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 47,635 $ 47,635 $ 87,717 $ 87,717 $ 83,062 $ 83,062 Denominator: Weighted average shares outstanding 78,951,892 78,951,892 79,679,781 79,679,781 79,669,668 79,669,668 Effect of dilutive securities — 151,397 — 177,140 — 239,583 Adjusted weighted average shares outstanding 78,951,892 79,103,289 79,679,781 79,856,921 79,669,668 79,909,251 EPS $ 0.60 $ 0.60 $ 1.10 $ 1.10 $ 1.04 $ 1.04 |
Comprehensive Income_(Loss)
Comprehensive Income/(Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income (loss) represents the sum of net income (loss) and other comprehensive income (loss). For the years ended December 31, 2020, 2019 and 2018, the Company’s other comprehensive income (loss) include the following three components: (i) unrealized holding gains (losses) on investment securities available-for-sale; (ii) change in the fair value of cash flow hedges and (iii) adjustment of accumulated obligation for postretirement benefits. Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Year Ended December 31, 2020 Investment Securities Available-for-Sale Hedge Assets Postretirement Accumulated Other (In Thousands) Balance at December 31, 2019 $ 2,199 $ — $ 84 $ 2,283 Other comprehensive income (loss) 14,383 7 (183) 14,207 Balance at December 31, 2020 $ 16,582 $ 7 $ (99) $ 16,490 Year Ended December 31, 2019 Investment Securities Available-for-Sale Postretirement Accumulated Other (In Thousands) Balance at December 31, 2018 $ (9,712) $ 252 $ (9,460) Other comprehensive (loss) income 11,911 (168) 11,743 Reclassification due to adoption of ASU 2018-02 — — — Balance at December 31, 2019 $ 2,199 $ 84 $ 2,283 Year Ended December 31, 2018 Investment Securities Available-for-Sale Postretirement Accumulated Other (In Thousands) Balance at December 31, 2017 $ (6,113) $ 163 $ (5,950) Other comprehensive (loss) income (3,599) 89 (3,510) Reclassification due to adoption of ASU 2018-02 — — — Balance at December 31, 2018 $ (9,712) $ 252 $ (9,460) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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 believes using interest rate derivatives adds stability to interest income and expense and allows the Company to manage its exposure to interest rate movements. The Company enters into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. The Company enters into interest rate swaps as hedging instruments against the interest rate risk associated with the Company's FHLB borrowings. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income ("OCI"), and is reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of December 31, 2020, the Company pays its counterparties a fixed weighted average interest rate of 0.05% over a maximum period of 2 years for derivative instruments that are designated as and qualify as cash flow hedging instruments. 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 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 December 31, 2020 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 136 $ — $ 8,541 $ 16,447 $ 99,014 $ 1,090,144 $ 1,214,146 $ 129,284 Pay fixed, receive variable 136 — 8,541 16,447 99,014 1,090,144 1,214,146 129,284 Risk participation-out agreements 37 — — 7,009 22,733 222,913 252,655 1,843 Risk participation-in agreements 8 — — 19,000 — 41,619 60,619 361 Foreign exchange contracts Buys foreign currency, sells U.S. currency 18 $ 1,266 $ — $ — $ — $ — $ 1,266 $ 156 Sells foreign currency, buys U.S. currency 20 1,273 — — — — 1,273 148 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 $ — $ 31,131 $ 16,794 $ 1,028,491 $ 1,101,193 $ 58,102 Pay fixed, receive variable 119 24,777 — 31,131 16,794 1,028,491 1,101,193 58,102 Risk participation-out agreements 40 13,967 — — 7,143 214,583 235,693 1,229 Risk participation-in agreements 7 — — — 19,000 36,281 55,281 283 Foreign exchange contracts Buys foreign currency, sells U.S. currency 16 $ 1,125 $ — $ — $ — $ — $ 1,125 $ 54 Sells foreign currency, buys U.S. currency 18 1,230 — — — — 1,230 53 Changes in the fair value are recognized directly in the Company's consolidated statements of income and are included in other non-interest income in the consolidated statements of income. The table below presents the net gain (loss) recognized in income due to changes in the fair value for the year ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 (In Thousands) Net gain recognized in income on: Net risk participation agreements $ 538 $ 686 Foreign exchange contracts 7 (7) Total $ 545 $ 679 By using derivative financial instruments, the Company exposes itself to credit risk which is the risk of failure by the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes the Company, which creates credit risk for the Company. When the fair value of a derivative is negative, the Company owes the counterparty and, therefore, it does not possess credit risk. The credit risk in derivative instruments is mitigated by entering into transactions with highly-rated counterparties that management believes to be creditworthy and by limiting the amount of exposure to each counterparty by either cross collateralizing the underlying hedged loan or through bilateral posting of collateral to cover exposure. As the swaps are subject to master netting agreements, the Company had limited exposure relating to loan level derivatives with institutional counterparties as of December 31, 2020 and 2019. The estimated net credit risk exposure for derivative financial instruments was zero as of December 31, 2020, and 2019. Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral of $166.5 million and $86.5 million in the normal course of business as of December 31, 2020 and 2019, respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the consolidated balance sheet at the dates indicated: At December 31, 2020 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 8 $ — $ 8 $ — $ — $ 8 Derivatives not designated as hedging instruments: Loan level derivatives $ 131,328 $ — $ 131,328 $ — $ — $ 131,328 Risk participation-out agreements 1,843 — 1,843 — — 1,843 Foreign exchange contracts 156 — 156 — — 156 Total $ 133,335 $ — $ 133,335 $ — $ — $ 133,335 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ — $ — $ — $ — $ — $ — Derivatives not designated as hedging instruments: Loan level derivatives $ 131,328 $ — $ 131,328 $ 155,220 $ 11,280 $ (35,172) Risk participation-in agreements 361 — 361 — — 361 Foreign exchange contracts 148 — 148 — — 148 Total $ 131,837 $ — $ 131,837 $ 155,220 $ 11,280 $ (34,663) At December 31, 2019 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 59,365 $ — $ 59,365 $ — $ 11,900 $ 47,465 Risk participation-out agreements 1,229 — 1,229 — — 1,229 Foreign exchange contracts 54 — 54 — — 54 Total $ 60,648 $ — $ 60,648 $ — $ 11,900 $ 48,748 Liability derivatives Loan level derivatives $ 59,365 $ — $ 59,365 $ 86,521 $ — $ (27,156) Risk participation-in agreements 283 — 283 — — 283 Foreign exchange contracts 53 — 53 — — 53 Total $ 59,701 $ — $ 59,701 $ 86,521 $ — $ (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. Fair Value Year Ended December 31, 2020 Year Ended December 31, 2019 (Dollars in Thousands) Derivatives designated as hedges $ 8 $ — Gain in OCI on derivatives (effective portion), net of tax $ 7 $ — Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) $ 1 $ — The guidance in ASU 2017-12 requires that amounts in Accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. A portion of the balance reported in Accumulated other comprehensive income related to derivatives will be reclassified to Interest expense as interest payments are made or received on the Company’s interest rate swaps. The Company monitors the risk of counterparty default on an ongoing basis. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense is comprised of the following amounts: Year Ended December 31, 2020 2019 2018 (In Thousands) Current provision: Federal $ 22,450 $ 21,706 $ 23,949 State 7,077 6,565 7,693 Total current provision 29,527 28,271 31,642 Deferred (benefit) provision Federal (11,452) 701 (4,323) State (3,633) (703) (1,130) Total deferred (benefit) provision (15,085) (2) (5,453) Total provision for income taxes $ 14,442 $ 28,269 $ 26,189 Total provision for income taxes differed from the amounts computed due to the following: Year Ended December 31, 2020 2019 2018 (Dollars In Thousands) Expected income tax expense at statutory federal tax rate $ 13,036 $ 24,366 $ 23,675 State taxes, net of federal income tax benefit 2,722 4,837 5,184 Bank-owned life insurance (212) (216) (218) Tax-exempt interest income (220) (435) (487) Income attributable to noncontrolling interest in subsidiary — (11) (933) Merger and acquisition expense — — 32 Tax Act Adjustment — — (707) Investments in affordable housing projects (595) (369) (358) Other, net (289) 97 1 Total provision for income taxes $ 14,442 $ 28,269 $ 26,189 Effective income tax rate 23.3 % 24.4 % 23.2 % The Company's effective tax rate was 23.3% as of December 31, 2020 compared to 24.4% as of December 31, 2019. The Company's expected income tax expense was $11.3 million lower in 2020 primarily due to the impacts of the COVID-19 pandemic. In 2019, the Company's effective tax rate was increased as a result of Brookline Bank's acquisition of the remaining interest of Eastern Funding. Tax savings of approximately $0.9 million were recognized for this portion of Eastern Funding in 2018, but not in 2019. In 2018, the Company made an adjustment related to the Tax Act that reduced the provision for income taxes by $0.7 million. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at the dates indicated are as follows: At December 31, 2020 2019 (In Thousands) Deferred tax assets: Allowance for credit losses $ 33,045 $ 16,294 Right-of-use asset - operating leases 6,260 6,450 Deferred compensation 4,365 4,748 Identified intangible assets and goodwill 6,455 6,567 Supplemental Executive Retirement Plans 3,290 3,023 Net operating loss carryforwards — 187 Postretirement benefits 545 458 Nonaccrual interest 634 557 Restricted stock and stock option plans 466 751 Employee stock ownership plan 55 83 Unamortized SBA-PPP fee income 2,534 — Other 404 733 Total gross deferred tax assets 58,053 39,851 Deferred tax liabilities: Operating leases - liability 6,260 6,450 Identified intangible assets and goodwill 2,048 2,248 Deferred loan origination costs, net 2,884 3,785 Depreciation 408 420 Unrealized gain on investment securities available-for-sale 4,688 622 Prepaid expense 58 110 Accrued Expense 481 122 Acquisition fair value adjustments 1,097 1,077 Total gross deferred tax liabilities 17,924 14,834 Net deferred tax asset $ 40,129 $ 25,017 The Company has determined that a valuation allowance is not required for any of its deferred tax assets because it believes that it is more likely than not that these assets will reverse against future taxable income. For federal income tax purposes, the Company has a $1.8 million reserve for credit losses which remains subject to recapture. If any portion of the reserve is used for purposes other than to absorb the losses for which it was established, approximately 150% of the amount actually used (limited to the amount of the reserve) would be subject to taxation in the year in which used. As the Company intends to use the reserve only to absorb credit losses, no provision has been made for the $0.5 million liability that would result if 100% of the reserve were recaptured. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Preferred Stock The Company is authorized to issue 50,000,000 shares of serial preferred stock, par value $0.01 per share, from time to time in one or more series subject to limitations of law. The Board of Directors is authorized to fix the designations, powers, preferences, limitations and rights of the shares of each such series. As of December 31, 2020, there were no shares of preferred stock issued. Capital Distributions and Restrictions Thereon The Company is a legal entity separate and distinct from each of the Banks and Brookline Securities Corp. The Company's primary source of revenue is dividends paid to it by the Banks and Brookline Securities Corp. The FRB has authority to prohibit the Company from paying dividends to the Company's shareholders if such payment is deemed to be an unsafe or unsound practice. The FRB has indicated generally that it may be an unsafe or unsound practice for bank holding companies to pay dividends unless the bank holding company's net income over the preceding year is sufficient to fund the dividends and the expected rate of earnings retention is consistent with the organization's capital needs, asset quality and overall financial condition. The FRB also has the authority to use its enforcement powers to prohibit the Banks from paying dividends to the Company if, in its opinion, the payment of dividends would constitute an unsafe or unsound practice. Federal law also prohibits the payment of dividends by a bank that will result in the bank failing to meet its applicable capital requirements on a pro forma basis. In addition, a state bank that is a member of the Federal Reserve System may not declare or pay a dividend if the total of all dividends declared during the calendar year, including the proposed dividend, exceeds the sum of the bank's net income (as reportable in its Reports of Condition and Income) during the current calendar year and the retained net income of the prior two calendar years, unless the dividend has been approved by the FRB. Payment of dividends by a bank is also restricted pursuant to various state regulatory limitations, including the Massachusetts Division of Banks in the case of Brookline Bank and the Banking Division of the Rhode Island Department of Business Regulation in the case of BankRI. Common Stock Repurchases On February 4, 2016, the Company's Board of Directors authorized a stock repurchase program to acquire up to $10.0 million of the Company's common stock over a period of twelve months ending on January 31, 2017 (the "2016 Stock Repurchase Plan"). No shares were purchased under the 2016 Stock Repurchase Plan. On December 5, 2018, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $10.0 million of the Company’s common stock over a period of twelve months ending on December 31, 2019 (the “2018 Stock Repurchase Plan”). As of December 31, 2018, 725,583 shares of the Company's common stock were repurchased under the 2018 Stock Repurchase Plan. On January 30, 2019, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $10.0 million of the Company’s common stock over a period of eleven months ending on December 31, 2019 (the “2019 Stock Repurchase Plan”). As of December 31, 2019, 103,758 shares of the Company’s common stock were repurchased under the 2019 Stock Repurchase Plan. On December 4, 2019, the Company's Board of Directors approved a stock repurchase program (the “2020 Stock Repurchase Plan”) authorizing management to repurchase up to $10.0 million of the Company’s common stock over a period of twelve months commencing on January 1, 2020. On March 9, 2020, the Board of Directors approved an increase in the repurchase amount of $10.0 million bringing the total authorized amount to $20.0 million. Effective March 24, 2020, the Company suspended the 2020 Stock Repurchase Plan. On October 28, 2020, the Board of Directors authorized the resumption of the 2020 Stock Repurchase Plan. As of December 31, 2020, the Company repurchased 1,715,730 shares at a weighted average price of $11.66. Restricted Retained Earnings As part of the stock offering in 2002 and as required by regulation, Brookline Bank established a liquidation account for the benefit of eligible account holders and supplemental eligible account holders who maintain their deposit accounts at Brookline Bank after the stock offering. In the unlikely event of a complete liquidation of Brookline Bank (and only in that event), eligible depositors who continue to maintain deposit accounts at Brookline Bank shall be entitled to receive a distribution from the liquidation account. Accordingly, retained earnings of the Company are deemed to be restricted up to the balance of the liquidation account. The liquidation account balance is reduced annually to the extent that eligible depositors have reduced their qualifying deposits as of each anniversary date. Subsequent increases in deposit account balances do not restore an account holder's interest in the liquidation account. The liquidation account totaled $11.5 million (unaudited), $11.9 million (unaudited), and $13.0 million (unaudited) at December 31, 2020, 2019 and 2018, respectively. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Capital Requirements | Regulatory Capital Requirements The Company's primary source of cash is dividends from the Banks and Brookline Securities Corp. The Banks are subject to certain restrictions on the amount of dividends that they may declare without prior regulatory approval. In addition, the dividends declared cannot be in excess of the amount which would cause the Banks to fall below the minimum required for capital adequacy purposes. The Company is a bank holding company within the meaning of the Bank Holding Company Act of 1956, as amended (the "BHCA") and as such, must comply with the capital requirements of the FRB at the consolidated level. As member banks of the FRB, Brookline Bank and BankRI are also required to comply with the regulatory capital requirement of the FRB. The FRB has promulgated regulations imposing minimum capital requirements for bank holding companies and state member banks as well as prompt corrective action regulations for state member banks that implement the system of prompt corrective action established by Section 38 of the Federal Deposit Insurance Act, as amended (the "FDIA"). Under the prompt corrective action regulations in effect as of December 31, 2020, a bank is "well-capitalized" if it has: (1) a total risk-based capital ratio of 10.0% or greater; (2) a Tier 1 risk-based capital ratio of 8.0% or greater; (3) a common equity Tier 1 capital ratio of 6.5% or greater; (4) a Tier 1 leverage ratio of 5.0% or greater; and (5) is not subject to any written agreement, order, capital directive or prompt corrective action directive to meet and maintain a specific capital level for any capital measure. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines, the Company and each of the Banks must meet specific capital guidelines that involve quantitative measures of the Company's and the Banks' assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. In addition, the prompt corrective action rules applicable to state member banks establish a framework of supervisory actions for state member banks that are not at least adequately capitalized. The Company's and the Banks' capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Bank holding companies are not subject to prompt corrective action requirements. However, a bank holding company is considered "well capitalized" for purpose of the FRB's Regulation Y (which can affect eligibility for expedited application processes to make acquisitions and engage in new activities) if the bank holding company maintains on a consolidated basis a total risk-based capital ratio of 10.0% or greater and a Tier 1 risk-based capital ratio of 6.0% or greater and is not subject to any written agreement under capital directive or prompt correction action directive issued by the FRB to meet and maintain a specific capital level for any capital measure. Beginning January 1, 2019, the Company and the Banks are required to maintain a capital conservation buffer composed of Common Equity Tier 1 capital equal to 2.5% of risk-weighted assets above the amounts required to be adequately capitalized in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers. Capital ratios required to be considered well-capitalized exceed the ratios required under the capital conservation buffer requirement at December 31, 2020. As of December 31, 2020, the Company and the Banks are each under the primary regulation of, and must comply with, the capital requirements of the FRB. As of December 31, 2020, the Company and the Banks exceeded all regulatory capital requirements and were considered “well-capitalized” under prompt corrective action regulations, as amended to reflect the changes under Basel III Capital Rules. The following table presents actual and required capital ratios as of December 31, 2020 for the Company and the Banks under the Basel III Capital Rules based on the phase-in provision of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased in. Actual Minimum Required for Capital Adequacy Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer Minimum Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2020: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 764,157 11.04 % $ 311,477 4.50 % $ 484,520 7.00 % N/A N/A Tier 1 leverage capital ratio (2) 773,777 8.92 % 346,985 4.00 % 346,985 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 773,777 11.18 % 415,265 6.00 % 588,292 8.50 % N/A N/A Total risk-based capital ratio (4) 934,933 13.51 % 553,624 8.00 % 726,632 10.50 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 557,310 11.72 % $ 213,984 4.50 % $ 332,864 7.00 % $ 309,088 6.50 % Tier 1 leverage capital ratio (2) 557,310 9.82 % 227,010 4.00 % 227,010 4.00 % 283,763 5.00 % Tier 1 risk-based capital ratio (3) 557,310 11.72 % 285,312 6.00 % 404,192 8.50 % 380,416 8.00 % Total risk-based capital ratio (4) 617,101 12.97 % 380,633 8.00 % 499,581 10.50 % 475,791 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 239,337 11.03 % $ 97,644 4.50 % $ 151,891 7.00 % $ 141,042 6.50 % Tier 1 leverage capital ratio (2) 239,337 7.78 % 123,052 4.00 % 123,052 4.00 % 153,816 5.00 % Tier 1 risk-based capital ratio (3) 239,337 11.03 % 130,192 6.00 % 184,439 8.50 % 173,590 8.00 % Total risk-based capital ratio (4) 266,633 12.29 % 173,561 8.00 % 227,799 10.50 % 216,951 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. The following table presents actual and required capital ratios as of December 31, 2019 for the Company and the Banks under the regulatory capital rules then in effect. Actual Minimum Required for Capital Adequacy Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer Minimum Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2019: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 780,962 11.44 % $ 307,197 4.50 % $ 477,861 7.00 % N/A N/A Tier 1 leverage capital ratio (2) 790,527 10.28 % 307,598 4.00 % 307,598 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 790,527 11.58 % 409,599 6.00 % 580,266 8.50 % N/A N/A Total risk-based capital ratio (4) 927,515 13.59 % 545,999 8.00 % 716,623 10.50 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 513,311 11.44 % $ 201,914 4.50 % $ 314,089 7.00 % $ 291,654 6.50 % Tier 1 leverage capital ratio (2) 513,311 10.42 % 197,048 4.00 % 197,048 4.00 % 246,310 5.00 % Tier 1 risk-based capital ratio (3) 513,311 11.44 % 269,219 6.00 % 381,394 8.50 % 358,959 8.00 % Total risk-based capital ratio (4) 555,474 12.38 % 358,949 8.00 % 471,121 10.50 % 448,687 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 240,362 11.75 % $ 92,054 4.50 % $ 143,194 7.00 % $ 132,966 6.50 % Tier 1 leverage capital ratio (2) 240,362 9.97 % 96,434 4.00 % 96,434 4.00 % 120,543 5.00 % Tier 1 risk-based capital ratio (3) 240,362 11.75 % 122,738 6.00 % 173,879 8.50 % 163,651 8.00 % Total risk-based capital ratio (4) 258,719 12.65 % 163,617 8.00 % 214,747 10.50 % 204,521 10.00 % First Ipswich Common equity Tier 1 capital ratio (1) $ 41,320 13.45 % $ 13,825 4.50 % $ 21,505 7.00 % $ 19,969 6.50 % Tier 1 leverage capital ratio (2) 41,320 8.80 % 18,782 4.00 % 18,782 4.00 % 23,477 5.00 % Tier 1 risk-based capital ratio (3) 41,320 13.45 % 18,433 6.00 % 26,113 8.50 % 24,577 8.00 % Total risk-based capital ratio (4) 43,762 14.24 % 24,585 8.00 % 32,268 10.50 % 30,732 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Postretirement Benefits Postretirement benefits are provided for part of the annual expense of health insurance premiums for certain retired employees and their dependents. No contributions are made by the Company to invest in assets allocated for the purpose of funding this benefit obligation. The following table presents the change in plan assets and change in benefit obligation: Year Ended 2020 2019 2018 (In Thousands) Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 38 32 31 Benefits paid (38) (32) (31) Fair value of plan assets at end of year $ — $ — $ — Change in benefit obligation: Benefit obligation at beginning of year $ 1,757 $ 1,490 $ 1,534 Service cost 55 54 70 Interest cost 56 60 59 Estimated benefits paid (38) (32) (31) Actuarial loss (gain) 265 185 (142) Benefit obligation at end of year $ 2,095 $ 1,757 $ 1,490 Funded status at end of year $ 2,095 $ 1,757 $ 1,490 Accumulated benefit obligation at end of year $ 2,095 $ 1,757 $ 1,490 The liability for the postretirement benefits included in accrued expenses and other liabilities was $2.1 million, $1.8 million, and $1.5 million as of December 31, 2020, 2019 and 2018, respectively. The following table presents the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income: Year Ended 2020 2019 2018 (In Thousands) Net periodic benefit expense: Service cost $ 55 $ 54 $ 70 Interest cost 56 60 59 Prior service credit (21) (21) (21) Actuarial gain — (27) — Net periodic benefit expense $ 90 $ 66 $ 108 Changes in postretirement benefit obligation recognized in other comprehensive income: Net actuarial (loss) gain (227) $ (206) $ 142 Prior service credit (21) (21) (21) Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income $ (248) $ (227) $ 121 The discount rate used to determine the actuarial present value of projected postretirement benefit obligations was 2.44% in 2020, 3.19% in 2019 and 4.22% in 2018. The estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2021 is $115 thousand. The actual health care trend used to measure the accumulated postretirement benefit obligation in 2020 for plan participants below age 65 and for plan participants over age 65 was 1.9% and 7.1%, respectively. In 2019, the rate for plan participants below age 65 and for plan participants over age 65 was 13.3% and 1.2%, respectively. The health care trend rates for 2019 and 2020 are based on actual changes in medical premium rates for those years. The rates to be used in 2021 through 2025 are expected to be in the range of 5.7% to 4.9% and to decline gradually thereafter to 4.5%. Assumed health care trend rates may have a significant effect on the amounts reported for the postretirement benefit plan. A 1% change in assumed health care cost trend rates would have the following effects: Year Ended 1% Increase 1% Decrease (In Thousands) Effect on total service and interest cost components of net periodic postretirement benefit costs $ 25 $ (20) Effect on the accumulated postretirement benefit obligation 431 (344) 401(k) Plan The Company administers one 401(k) plan, which is a qualified, tax-exempt profit-sharing plan with a salary deferral feature under Section 401(k) of the Internal Revenue Code. Each employee, excluding temporary employees, who has attained the age of 21 is eligible to participate in the 401(k) plan by making voluntary contributions, subject to certain limits based on federal tax laws. The Company makes a matching contribution of the amount contributed by eligible employees, up to 5% of the employee's yearly compensation. Expenses associated with the plans were $3.3 million in 2020, $3.1 million in 2019, and $3.2 million in 2018. Nonqualified Deferred Compensation Plan The Company also maintains a Nonqualified Deferred Compensation Plan (the "Nonqualified Plan") under which certain participants may contribute the amounts they are precluded from contributing to the Company's 401(k) plan because of the qualified plan limitations, and additional compensation deferrals that may be advantageous for personal income tax or other planning reasons. Expenses associated with the Nonqualified Plan in 2020, 2019 and 2018 were $239.5 thousand, $236.2 thousand, and $181.1 thousand, respectively. Accrued liabilities associated with the Nonqualified Plan in 2020, 2019, and 2018 were $36.1 thousand, $5.5 thousand, and $5.5 thousand, respectively. Supplemental Executive Retirement Agreements The Company acquired two Supplemental Executive Retirement Plans (the "SERPs") as part of its acquisition of BankRI. The Company maintains the SERPs for certain senior executives who are entitled to an annual retirement benefit. As of December 31, 2020, there were 14 participants in the SERPs. The Company funded a Rabbi Trust to provide a partial funding source for the Company's liabilities under the SERPs. In 2016, a portion of the Company's BOLI assets were transferred into the Rabbi Trust as a replacement for the funds previously held in the Rabbi Trust. In 2020, additional BOLI assets were transferred into the Rabbi Trust. The Company records the liability for the SERPs based on an actuarial calculation in accordance with GAAP, and no actuarial gains and losses are recognized. Total expenses for benefits payable under the SERPs for the years ended December 31, 2020, and 2019 were $1.5 million and $1.1 million, respectively. Aggregate benefits payable included in accrued expenses and other liabilities as of December 31, 2020 and 2019 were $13.8 million and $12.8 million, respectively. The nominal discount rate used to determine the actuarial present value of projected benefits under the agreements was 2.50% and 3.25% in the years 2020 and 2019, respectively. Employee Stock Ownership Plan Brookline Bank established an Employee Stock Ownership Plan ("ESOP") on November 1, 1997. The Company's ESOP loan to Brookline Bank to purchase 546,986 shares of Company common stock is payable in quarterly installments over 30 years, bears interest at 8.50% per annum, matures December 31, 2021, and can be prepaid without penalty. The loan is repaid to the Company in the form of cash contributions from Brookline Bank, subject to federal tax law limits. The outstanding balance of the loan as of December 31, 2020 and 2019, was $0.5 million and $0.8 million, respectively, and is eliminated in consolidation. Shares of common stock used as collateral to secure the loan are released and available for allocation to eligible employees as the principal and interest on the loan is paid. The ESOP was amended in 2015 to permit all eligible participants in the ESOP as of July 1, 2015 or any eligible participants after July 1, 2015 to be fully vested in the ESOP upon the date of eligibility. Dividends on released shares are credited to the participants' ESOP accounts. Dividends on unallocated shares of common stock are generally applied towards payment of the loan. ESOP shares committed to be released are considered outstanding in determining earnings per share. As of December 31, 2020 and 2019, the ESOP held 51,114 and 79,548 unallocated shares, respectively at an aggregate cost of $0.3 million and $0.4 million, respectively. The market value of such shares as of December 31, 2020 and 2019 was $0.6 million and $1.3 million, respectively. Compensation and employee benefits expense related to the ESOP was $0.3 million in 2020, $0.5 million in 2019 and $0.5 million in 2018, based on the commitment to release to eligible employees 28,434 shares in 2020, 30,402 shares in 2019 and 32,382 shares in 2018. Share-Based Compensation Plans Under the Brookline Bancorp, Inc. 2014 Equity Incentive Plan (the “2014 Plan”), approved by stockholders on May 7, 2014, the Company may award stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance share awards, dividend equivalent rights and cash-based awards to officers, employees, non-employee directors and consultants of the Company. The maximum number of shares that may be issued under the 2014 Plan is 1,750,000. 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. The remaining 50% of each award has a cliff vesting schedule and 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 14 financial institutions. The specific performance measure targets are approved by annually by the Compensation Committee and are discussed in the Company's Proxy Statement. If a grantee leaves the Company prior to the third anniversary date of an award, any unvested shares are forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the grantee only when the shares vest. 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. Total expense for the 2014 Plan was $2.5 million in 2020, $2.4 million in 2019 and $2.5 million in 2018, respectively. Total income tax benefits on vested awards was $0.1 million in 2019, and $1.2 million in 2018. There were no income tax benefits on the 2020 vesting due to the stock price at the vesting date being lower than the stock price at the grant date. Dividends paid on unvested awards under the 2014 Plan and the 2011 Plan were $0.2 million in 2020, $0.1 million in 2019, and $0.2 million in 2018. The following table presents information about the Company's restricted stock awards as of and for the year ending December 31, 2020: Restricted Stock Awards Outstanding Weighted Average Price (Dollars in Thousands, Except Per Share Amounts) Restricted Stock Awards: Outstanding at December 31, 2019 406,450 $ 15.41 Granted 268,936 9.56 Vested (179,806) 14.91 Forfeited / Canceled (39,883) 13.87 Added by Performance Factor 3,103 14.65 Outstanding at December 31, 2020 458,800 $ 12.31 Unrecognized compensation cost $ 3,021 Weighted average remaining recognition period (months) 19 months Stock Options Shares issued upon the exercise of a stock option may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares subject to an award which expire or are terminated unexercised will again be available for issuance under the plans. The exercise price of options awarded is the fair market value of the common stock of the Company on the date the award is made. Certain of the options include a reload feature whereby an optionee exercising an option by delivery of shares of common stock would automatically be granted an additional option at the fair market value of stock when such additional option is granted equal to the number of shares so delivered. If an individual to whom a stock option was granted ceases to maintain continuous service by reason of normal retirement, death or disability, or following a change in control, all options and rights granted and not fully exercisable become exercisable in full upon the happening of such an event and shall remain exercisable for a period ranging from 3 to 5 years. There are currently no outstanding options. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsA 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 2020 and 2019. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following table set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019: Carrying Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 278,645 $ — $ 278,645 GSE CMOs — 46,028 — 46,028 GSE MBSs — 323,609 — 323,609 Corporate debt obligations — 23,467 — 23,467 U.S. Treasury bonds — 73,577 — 73,577 Foreign government obligations — 496 — 496 Total investment securities available-for-sale $ — $ 745,822 $ — $ 745,822 Equity securities held-for-trading $ — $ 526 $ — $ 526 Interest rate derivatives — 8 — $ 8 Loan level derivatives — 131,328 — 131,328 Risk participation-out agreements — 1,843 — 1,843 Foreign exchange contracts — 156 — 156 Liabilities: Loan level derivatives $ — $ 131,328 $ — $ 131,328 Risk participation-in agreements — 361 — 361 Foreign exchange contracts — 148 — 148 Carrying Value as of December 31, 2019 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 185,803 $ — $ 185,803 GSE CMOs — 85,932 — 85,932 GSE MBSs — 153,343 — 153,343 SBA commercial loan asset-backed securities — 34 — 34 Corporate debt obligations — 28,986 — 28,986 U.S. Treasury bonds — 44,897 — 44,897 Total investment securities available-for-sale $ — $ 498,995 $ — $ 498,995 Equity securities held for trading $ 2,569 $ 1,012 $ — $ 3,581 Loan level derivatives — 59,365 — 59,365 Risk participation-out agreements — 1,229 — 1,229 Foreign exchange contracts — 54 — 54 Liabilities: Loan level derivatives $ — $ 59,365 $ — $ 59,365 Risk participation-in agreements — 283 — 283 Foreign exchange contracts — 53 — 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. During the third quarter of 2018, the Company re-designated all equity securities as held-for-trading and they are included in levels 1 and 2. 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 December 31, 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 value of interest rate derivatives designated as hedging instruments, loan level derivatives, risk participation agreements (RPA in/out), and foreign exchange contracts 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 16, "Derivatives and Hedging Activities." There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during 2020 or 2019. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2020 and 2019 are summarized below: Carrying Value as of December 31, 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 $ — $ — $ 3,445 $ 3,445 OREO — — 5,415 5,415 Repossessed assets — 1,100 — 1,100 Total assets measured at fair value on a non-recurring basis $ — $ 1,100 $ 8,860 $ 9,960 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 $ — $ — $ 2,243 $ 2,243 Repossessed assets — 2,631 — 2,631 Total assets measured at fair value on a non-recurring basis $ — $ 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 recurring basis at the dates indicated. Fair Value Valuation Technique At December 31, 2020 At December 31, 2019 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 3,445 $ 2,243 Appraisal of collateral (1) Other real estate owned 5,415 — 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. There were no transfers between levels during 2020. Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) At December 31, 2020 Financial assets: Loans and leases, net 7,155,174 7,116,854 — — 7,116,854 Restricted equity securities 49,786 49,786 — — 49,786 Financial liabilities: Certificates of deposit 2,083,907 2,092,867 — 2,092,867 — Borrowed funds 820,247 818,681 — 818,681 — At December 31, 2019 Financial assets: Investment securities held-to-maturity: GSE debentures $ 31,228 $ 31,290 $ — $ 31,290 $ — GSE MBSs 9,360 9,279 — 9,279 — Municipal obligations 45,692 46,514 — 46,514 — Foreign government obligations 500 478 — — 478 Loans and leases, net 6,676,734 6,697,583 — — 6,697,583 Restricted equity securities 53,818 53,818 — — 53,818 Financial liabilities: Certificates of deposit 2,021,642 2,026,683 — 2,026,683 — Borrowed funds 902,749 902,670 — 902,670 — 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 categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, residential mortgage, home equity and other consumer. These categories were further disaggregated based upon significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). Using the exit price valuation method, the Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. Restricted Equity Securities The fair values of certain restricted equity securities are estimated using observable inputs adjusted for other unobservable information, including but not limited to probability assumptions and similar discounts where applicable. These restricted equity securities are considered to be Level 3. Deposits The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company's core deposit relationships (deposit-based intangibles). Borrowed Funds The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Condensed Parent Company Balance Sheets as of December 31, 2020 and 2019 and Statements of Income for the years ended December 31, 2020, 2019 and 2018 are as follows. The Statement of Stockholders' Equity is not presented below as the parent company's stockholders' equity is that of the consolidated company. Balance Sheets At December 31, 2020 2019 (In Thousands) ASSETS Cash and due from banks $ 40,265 $ 35,736 Short-term investments 32 33 Total cash and cash equivalents 40,297 35,769 Equity securities held-for-trading — 2,569 ESOP loan to Brookline Bank 502 752 Intercompany loan to Brookline Bank 10,000 30,000 Restricted equity securities 252 252 Premises and equipment, net 1,412 2,403 Deferred tax asset 1,818 1,742 Investment in subsidiaries, at equity 939,000 924,352 Goodwill 35,267 35,267 Other assets 13,871 12,116 Total assets $ 1,042,419 $ 1,045,222 LIABILITIES AND STOCKHOLDERS' EQUITY Borrowed funds $ 83,746 $ 83,591 Accrued expenses and other liabilities 16,895 16,025 Total liabilities 100,641 99,616 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 737,178 736,601 Retained earnings, partially restricted 264,892 265,376 Accumulated other comprehensive loss 16,490 2,283 Treasury stock, at cost; 6,525,783 shares and 5,003,127 shares, respectively (77,343) (59,073) Unallocated common stock held by ESOP; 51,114 shares and 79,548 shares, respectively (291) (433) Total stockholders' equity 941,778 945,606 Total liabilities and stockholders' equity $ 1,042,419 $ 1,045,222 Statements of Income Year Ended December 31, 2020 2019 2018 (In Thousands) Interest and dividend income: Dividend income from subsidiaries $ 42,000 $ 29,000 $ 19,000 Marketable and restricted equity securities 52 147 37 ESOP loan to Brookline Bank 56 77 98 Intercompany loan to Brookline Bank 330 1,183 1,722 Total interest and dividend income 42,438 30,407 20,857 Interest expense: Borrowed funds 5,108 5,274 5,223 Net interest income 37,330 25,133 15,634 Non-interest income: Gain on securities, net (1,306) 467 71 Other 123 — 16 Total non-interest income (1,183) 467 87 Non-interest expense: Compensation and employee benefits (1) 403 (507) 345 Occupancy 1,689 1,589 1,586 Equipment and data processing (1) (745) (770) (798) Directors' fees 433 461 417 Franchise taxes 250 306 321 Insurance 570 543 534 Professional services 841 548 364 Advertising and marketing 35 31 19 Merger and acquisition expense — — 452 Other (1) (1,571) (1,139) (1,140) Total non-interest expense 1,905 1,062 2,100 Loss before income taxes 34,242 24,538 13,621 Credit for income taxes (1,427) (969) (1,976) Income before equity in undistributed income of subsidiaries 35,669 25,507 15,597 Equity in undistributed income of subsidiaries 11,966 62,210 67,465 Net income $ 47,635 $ 87,717 $ 83,062 _______________________________________________________________________________ (1) The Parent Company received a net benefit in 2020, 2019 and 2018 from the intercompany allocation of expense that is eliminated in consolidation. Statements of Cash Flows Year Ended December 31, 2020 2019 2018 (In Thousands) Cash flows from operating activities: Net income attributable to parent company $ 47,635 $ 87,717 $ 83,062 Adjustments to reconcile net income to net cash provided from operating activities: Equity in undistributed income of subsidiaries (11,966) (62,210) (67,465) Depreciation of premises and equipment 1,546 2,824 3,073 Amortization of debt issuance costs 100 100 100 Equity securities held-for-trading 2,569 666 (3,235) Other operating activities, net (18,655) 18,296 (50,014) Net cash provided from (used for) operating activities 21,229 47,393 (34,479) Cash flows from investing activities: Repayment of ESOP loan by Brookline Bank 250 250 250 Pay down (issuance) of intercompany loan to Brookline Bank 20,000 10,000 40,000 Purchase of restricted equity securities — (151) (1) Purchase of premises and equipment (555) (909) (1,359) Net cash provided from (used for) investing activities 19,695 9,190 38,890 Cash flows from financing activities: Common stock issued for acquisition — — 55,183 Redemption of noncontrolling interest in subsidiary — (18,470) — Payment of dividends to owners of noncontrolling interest in subsidiary — (930) — Payment of dividends on common stock (36,396) (35,110) (31,441) Net cash (used for) provided from financing activities (36,396) (54,510) 23,742 Net increase (decrease) in cash and cash equivalents 4,528 2,073 28,153 Cash and cash equivalents at beginning of year 35,769 33,696 5,543 Cash and cash equivalents at end of year $ 40,297 $ 35,769 $ 33,696 Supplemental disclosures of cash flow information: Acquisition of First Commons Bank, N.A.: Fair value of assets acquired, net of cash and cash equivalents acquired $ — $ — $ 292,025 Fair value of liabilities assumed — — 278,988 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) 2020 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 80,467 $ 80,704 $ 82,124 $ 83,522 Interest expense 12,242 14,766 17,836 21,810 Net interest income 68,225 65,938 64,288 61,712 Provision for credit losses (2,103) 4,528 5,347 54,114 Net interest income after provision for credit losses 70,328 61,410 58,941 7,598 Loan level derivative income, net 145 527 1,440 2,156 (Loss) gain on investment securities, net — 54 586 1,330 Gain on sales of loans and leases held-for-sale 67 632 299 120 Other non-interest income 4,007 3,649 3,910 5,722 Amortization of identified intangible assets (312) (312) (311) (336) Other non-interest expense (39,728) (40,635) (38,798) (40,412) Income before provision for income taxes 34,507 25,325 26,067 (23,822) Provision for income taxes 7,846 6,646 6,496 (6,546) Net income attributable to Brookline Bancorp, Inc. $ 26,661 $ 18,679 $ 19,571 $ (17,276) Earnings per share: Basic $ 0.34 $ 0.24 $ 0.25 $ (0.22) Diluted 0.34 0.24 0.25 (0.22) Average common shares outstanding: Basic 78,533,351 78,948,139 78,849,282 79,481,462 Diluted 78,680,873 79,055,901 79,015,274 79,665,774 Common stock price: High $ 12.40 $ 10.56 $ 12.57 $ 16.43 Low 8.68 8.23 8.51 9.97 Dividends per share $ 0.115 $ 0.115 $ 0.115 $ 0.115 2019 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 87,450 $ 87,906 $ 87,184 $ 85,086 Interest expense 23,519 24,670 24,050 22,087 Net interest income 63,931 63,236 63,134 62,999 Provision for credit losses 3,602 871 3,757 1,353 Net interest income after provision for credit losses 60,329 62,365 59,377 61,646 Loan level derivative income, net 2,494 2,251 1,772 1,745 Gain on sales of investment securities, net 133 (116) 357 134 Gain on sales of loans and leases held-for-sale 309 550 561 289 Other non-interest income 4,820 5,244 4,788 4,462 Amortization of identified intangible assets (420) (421) (420) (402) Other non-interest expense (38,395) (39,770) (39,184) (38,469) Income before provision for income taxes 29,270 30,103 27,251 29,405 Provision for income taxes 7,087 7,507 6,780 6,895 Net income before noncontrolling interest in subsidiary 22,183 22,596 20,471 22,510 Less net income attributable to noncontrolling interest in subsidiary — — — 43 Net income attributable to Brookline Bancorp, Inc. $ 22,183 $ 22,596 $ 20,471 $ 22,467 Earnings per share: Basic $ 0.28 $ 0.28 $ 0.26 $ 0.28 Diluted 0.28 0.28 0.26 0.28 Average common shares outstanding: Basic 79,682,724 79,700,403 79,669,922 79,658,583 Diluted 79,845,447 79,883,510 79,886,292 79,843,578 Common stock price: High $ 16.83 $ 15.39 $ 15.92 $ 16.23 Low 14.36 13.73 14.35 13.90 Dividends per share $ 0.115 $ 0.110 $ 0.110 $ 0.105 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Revenue from Contracts with Customers Overview Revenue from contracts with customers in the scope of Accounting Standards Codification (“ASC”) ("Topic 606") is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported 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 Company’s revenue is specifically excluded from the scope of Topic 606. This exclusion is associated with financial instruments, including interest income on loans and investment securities, in addition to loan derivative income and gains on loan and investment sales. For the revenue that is in-scope of Topic 606, the following is a description of principal activities from which the Company generates its revenue from contracts with customers, separated by the timing of revenue recognition. Revenue Recognized at a Point in Time The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as letters of credit, line renewal fees and application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. Revenue Recognized Over Time The Company recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes commissions on investments, insurance sales and service charges on deposit accounts. Fee revenue from service charges on deposit accounts represents the service charges assessed to customers who hold deposit accounts at the Banks. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe CARES Act appropriated $349 billion for “paycheck protection loans” through the U.S. Small Business Administration's (“SBA’s”) Paycheck Protection Program (“PPP”). The amount appropriated was subsequently increased to $659 billion. Loans under the PPP that meet SBA requirements may be forgiven in certain circumstances, and are 100% guaranteed by SBA. Additionally, the Economic Aid Act enacted on December 27, 2020 provides for a second round of PPP loans (the “PPP-2”). The Banks are participating in the PPP-2 as of January 27, 2021. PPP loans are fully guaranteed by the U.S. government, have an initial term of up to five years and earn interest at a rate of 1%. We currently expect a significant portion of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. In conjunction with the PPP, the FRB has created a lending facility for qualified financial institutions. The FRB's Paycheck Protection Program Liquidity Facility ("PPPLF") extends credit to depository institutions with a term of up to five years at an interest rate of 0.35%. Only loans issued under the PPP can be pledged as collateral to access the facility. The Company is participating in the PPPLF program. As of the filing date, the Banks have obtained SBA approval for 358 PPP-2 loans totaling $83 million. All PPP-2 loans have been funded. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The Company's consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("GAAP") as set forth by the Financial Accounting Standards Board ("FASB") in its Accounting Standards Codification and through the rules and interpretive releases of the Securities and Exchange Commission ("SEC") under the authority of federal securities laws. |
Consolidation | The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for loan and lease losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangibles for impairment and the review of deferred tax assets for valuation allowance. The judgments used by management in applying these significant estimates 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 | ReclassificationCertain previously reported amounts have been reclassified to conform to the current year's presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting asset balances and cash flows, cash and cash equivalents includes cash on hand and due from banks (including cash items in process of clearing), interest-bearing deposits with banks, federal funds sold, money market mutual funds and other short-term investments with original maturities of three months or less. |
Investment Securities | Investment Securities Investment securities, other than those reported as short-term investments, are classified at the time of purchase as "available-for-sale," "held-to-maturity," or "held-for-trading." Classification is periodically re-evaluated for consistency with the Company's goals and objectives. Equity investments in the Federal Home Loan Bank of Boston ("FHLBB"), the Federal Reserve Bank of Boston and other restricted equities are discussed in more detail in Note 5, "Restricted Equity Securities." Investment Securities Available-for-Sale, Held-to-Maturity, and Held-for-Trading Investment securities for which the Company has the positive intent and ability to hold to maturity are classified as held-to-maturity and carried at amortized cost. Those investment securities held for indefinite periods of time but not necessarily to maturity are classified as available-for-sale. Investment securities held for indefinite periods of time include investment securities that management intends to use as part of its asset/liability, liquidity, and/or capital management strategies and may be sold in response to changes in interest rates, maturities, asset/liability mix, liquidity needs, regulatory capital needs or other business factors. Investment securities available-for-sale are carried at estimated fair value, primarily obtained from a third-party pricing service, with unrealized gains and losses reported on an after-tax basis in stockholders' equity as accumulated other comprehensive income or loss. Investment securities expected to be held for very short term duration, used for hedging, or are marketable equity securities are typically designated held-for-trading. Held-for-trading securities are carried at estimated fair value principally based on market prices and dealer quotes received from third-party and nationally-recognized pricing services. Gains and losses for held-for-trading are reported on the income statement as gains on investment securities, net. As of December 31, 2020 and 2019, the Company did not make any adjustments to the prices provided by the third-party pricing service. Security transactions are recorded on the trade date. Realized gains and losses are determined using the specific identification method and are recorded in non-interest income. Interest and dividends on securities are recorded using the accrual method. Premiums and discounts on securities are amortized or accreted into interest income using the level-yield method over the remaining period to contractual maturity, adjusted for the effect of actual prepayments in the case of mortgage-backed securities ("MBSs") and collateralized mortgage obligations ("CMOs"). These estimates of prepayment assumptions are made based upon the actual performance of the underlying security, current interest rates, the general market consensus regarding changes in mortgage interest rates, the contractual repayment terms of the underlying loans, the priority rights of the investors to the cash flows from the mortgage securities and other economic conditions. When differences arise between anticipated prepayments and actual prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. Unamortized premium or discount is adjusted to the amount that would have existed had the new effective yield been applied since purchase, with a corresponding charge or credit to interest income. Restricted Equity Securities |
Loans | Loans Originated Loans Loans the Company originates for the portfolio, and for which it has the intent and ability to hold to maturity, are reported at amortized cost, inclusive of deferred loan origination fees and expenses, less unadvanced funds due to borrowers on loans and the allowance for loan and lease losses. Interest income on loans and leases originated for the portfolio is accrued on unpaid principal balances as earned. Loan origination fees and direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the interest method. Deferred amounts are recognized for fixed-rate loans over the contractual life of the loans and for adjustable-rate loans over the period of time required to adjust the contractual interest rate to a yield approximating a market rate at the origination date. If a loan is prepaid, the unamortized portion of the loan origination costs, including third party referral related costs not subject to rebate from the dealer, is charged to income. Loans and Leases Held-for-Sale Management identifies and designates certain newly originated loans and leases for sale to specific financial institutions, subject to the underwriting criteria of those financial institutions. These loans and leases are held for sale and are carried at the lower of cost or market as determined in the aggregate. Deferred loan fees and costs are included in the determination of the gain or loss on sale. Acquired Loans 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 December 31, 2020, there were no PCD loans in the Company's portfolios. Nonperforming Loans Nonaccrual Loans Accrual of interest on loans generally is discontinued when contractual payment of principal or interest becomes past due 90 days or, if in management's judgment, reasonable doubt exists as to the full timely collection of interest. Exceptions may be made if the loan has matured and is in the process of renewal or is well-secured and in the process of collection. When a loan is placed on nonaccrual status, interest accruals cease and uncollected accrued interest is reversed and charged against current interest income. Interest payments on nonaccrual loans are generally applied to principal. If collection of the principal is reasonably assured, interest payments are recognized as income on the cash basis. Loans are generally returned to accrual status when principal and interest payments are current, full collectability of principal and interest is reasonably assured and a consistent record of at least six consecutive months of performance has been achieved. Impaired Loans 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. Smaller-balance, homogeneous loans that are evaluated collectively for impairment, such as residential, home equity and other consumer loans are specifically excluded from the impaired loan portfolio except where the loan is classified as a troubled debt restructuring. The Company has defined the population of impaired loans to include nonaccrual loans and troubled debt restructured ("TDR") loans. When the ultimate collectability of the total principal of an impaired loan or lease is in doubt and the loan is on nonaccrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan or lease is not in doubt and the loan or lease is on nonaccrual status, contractual interest is credited to interest income when received, under the cash basis method. The value of an impaired loan is measured based upon the present value of expected future cash flows discounted at the loan's effective interest rate, or the fair value of the collateral if the loan is collateral-dependent and its payment is expected solely based on the underlying collateral. For impaired loans deemed collateral dependent, where impairment is measured using the fair value of the collateral, the Company will either obtain a new appraisal or use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Interest collected on impaired loans is either applied against principal or reported as income according to management's judgment as to the collectability of principal. If management does not consider a loan ultimately collectible within an acceptable time frame, payments are applied as principal to reduce the loan balance. If full collection of the remaining recorded investment should subsequently occur, interest receipts are recorded as interest income on a cash basis. Troubled Debt Restructured Loans In cases where a borrower experiences financial difficulties and the Company makes certain concessionary modifications to contractual terms, the loan is classified as a TDR loan. In determining whether a debtor is experiencing financial difficulties, the Company considers, among other factors, whether the debtor is in payment default or is likely to be in payment default in the foreseeable future without the modification, if the debtor declared or is in the process of declaring bankruptcy, there is substantial doubt that the debtor will continue as a going concern, the debtor's entity-specific projected cash flows will not be sufficient to service its debt, or the debtor cannot obtain funds from sources other than the existing creditors at market terms for debt with similar risk characteristics. Large groups of small-balance homogeneous loans such as residential real estate, residential construction, home equity and other consumer portfolios are collectively evaluated for impairment. As such, the Company does not typically identify individual loans within these groupings as impaired loans or for impairment evaluation and disclosure. However, the Company evaluates all TDRs for impairment on an individual loan basis regardless of loan type. Modifications may include interest-rate reductions, short-term (defined as one year or less) changes in payment structure to interest-only payments, short-term extensions of the loan's original contractual term, or less frequently, principal forgiveness, interest capitalization, forbearance and other actions intended to minimize economic loss and avoid foreclosure or repossession of collateral. Typically, TDRs are placed on nonaccrual status and reported as nonperforming loans. Generally, a nonaccrual loan that is restructured remains on nonaccrual for a period of six Loans restructured at an interest rate equal to or greater than that of a new loan with comparable risk at the time the loan agreement is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if they are in compliance with the modified terms. |
Allowance for Credit Losses | Allowance for Credit Losses 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 December 31, 2020 allowance for loans collectively evaluated, 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. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available. 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 based on 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 at the input level to predict credit losses for loans that are expected to mature beyond the forecast period. The December 31, 2020 forecasts reflect the immediate and longer-term effects of the COVID-19 pandemic as well as the associated policies and fiscal support 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 model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a scalar for each model. Each scalar was calculated by examining the loss rates of peer banks that have similar operations and asset bases to the Company and comparing these peer group loss rates to the model results. Peer group loss rates were used in the scalar calculation because management believes the peer group’s historical losses provide a better reflection of the Company’s current portfolio and operating procedures than the Company’s historical losses. Qualitative adjustments are also applied to select segments of the loan portfolio where applicable. For December 31, 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. These qualitative adjustments resulted in additions to reserves for the CRE and C&I portfolio, as compared to the model output. Prior to the implementation of ASU 2016-13 on January 1, 2020, Management used a consistent and systematic process and methodology to evaluate the adequacy of the allowance for loan and lease losses on a quarterly basis. For purposes of determining the allowance for loan and lease losses, the Company had segmented certain loans and leases in the portfolio by product type into the following segments: (1) commercial real estate loans, (2) commercial loans and leases, (3) and consumer loans. Portfolio segments were further disaggregated into classes based on the associated risks within the segments. Commercial real estate loans were divided into three classes: commercial real estate mortgage loans, multi-family mortgage loans, and construction loans. Commercial loans and leases were divided into three classes: commercial loans which includes taxi medallion loans, equipment financing, and loans to condominium associations. Consumer loans were divided into three classes: residential mortgage loans, home equity loans, and other consumer loans. A formula-based credit evaluation approach was applied to each group, coupled with an analysis of certain loans for impairment. The general allowance related to loans collectively evaluated for impairment was determined using a formula-based approach utilizing the risk ratings of individual credits and loss factors derived from historic portfolio loss rates over a lookback period, which include estimates of incurred losses over an estimated loss emergence period (“LEP”). The LEP was generated utilizing a charge-off look-back analysis which studied the time from the first indication of elevated risk of repayment (or other early event indicating a problem) to eventual charge-off to support the LEP considered in the allowance calculation. This reserving methodology established the approximate number of months of LEP that represented incurred losses for each portfolio. In addition to quantitative measures, relevant qualitative factors included, but were not limited to: (1) levels and trends in past due and impaired loans, (2) levels and trends in charge-offs, (3) changes in underwriting standards, policy exceptions, and credit policy, (4) experience of lending management and staff, (5) economic trends, (6) industry conditions, (7) effects of changes in credit concentrations, (8) interest rate environment, and (9) regulatory and other changes. The general allowance related to the acquired loans collectively evaluated for impairment were determined based upon the degree, if any, of deterioration in the pooled loans subsequent to acquisition. The qualitative factors used in the determination was the same as those used for originated loans. During the year ended December 31, 2020 and 2019, 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. Liability for Unfunded Commitments In the ordinary course of business, the Company enters into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan and lease losses. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation and amortization, except for land which is carried at cost. Premises and equipment are depreciated using the straight-line method over the estimated useful life of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. Costs related to internal-use software development projects that provide significant new functionality are capitalized. Internal-use software is software acquired or modified solely to meet the Company's needs and for which there is no plan to market the software externally. Direct and indirect costs associated with the application development stage of internal use software are capitalized until such time that the software is substantially complete and ready for its intended use. Capitalized costs are amortized on a straight-line basis over the remaining estimated life of the software. Computer software and development costs incurred in the preliminary project stage, as well as training and maintenance costs, are expensed as incurred. |
Leases | LeasesThe 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. Right-Of-Use Lease Assets are carried on the balance sheet at amortized cost and corresponding lease liabilities are carried on the balance sheet at present value of the future minimum lease payments, adjusted for any initial direct costs and incentives. All of the Company's current outstanding leases are classified as operating leases. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Company acquired bank-owned life insurance ("BOLI") plans as part of its acquisitions of First Ipswich Bank and BankRI. BOLI represents life insurance on the lives of certain current and former employees who have provided positive consent allowing their employer to be the beneficiary of such policies. BankRI and Brookline Bank as successor in interest to First Ipswich Bank are the beneficiaries of their respective policies. BankRI and Brookline Bank utilize BOLI as tax-efficient financing for their benefit obligations to their employees, including their retirement obligations and Supplemental Executive Retirement Plans ("SERPs"). Since BankRI and Brookline Bank are the primary beneficiaries of their respective insurance policies, increases in the cash value of the policies, as well as insurance proceeds received, are recorded in non-interest income and are not subject to income taxes. BOLI is recorded at the cash value of the policies, less any applicable cash surrender charges, and is reflected as |
Goodwill and Other Identified Intangible Assets | Goodwill and Other Identified Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. Goodwill and indefinite-lived identified intangible assets are not subject to amortization. Definite-lived identified intangible assets are assets resulting from acquisitions that are being amortized over their estimated useful lives. The recoverability of goodwill and identified intangible assets is evaluated for impairment at least annually. A Company can perform a qualitative assessment of whether it is more likely than not that the fair value of an acquired asset is greater than its carrying amount. If the Company qualitatively concludes that it is more likely than not that the fair value of an acquired asset is greater than its carrying amount, no further testing is necessary. If, however, the Company qualitatively concludes that the fair value of an acquired asset is less than its carrying value, the Company should recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. However, in accordance with ASC 350-20-35-3B, an entity can bypass the qualitative assessment and perform the quantitative impairment test. Given the current economic environment, a quantitative analysis was performed where Management selected a sample of comparable acquisitions and calculated the control premium associated with each sale. The Company’s market capitalization times the sampled control premium allowed Management to compare the calculated fair value to the Company’s current book value to determine if an adjustment to goodwill is warranted. The Company did not have any impairment of Goodwill and other identified intangible assets as of December 31, 2020 . Further analysis of the Company’s goodwill can be found in Note 9 “Goodwill and Other Intangible Assets” within notes to the consolidated financial statements. |
OREO and Other Repossessed Assets | OREO and Other Repossessed AssetsOREO and other repossessed assets consists of properties acquired through foreclosure, real estate acquired through acceptance of a deed in lieu of foreclosure and loans determined to be substantively repossessed. Real estate loans that are substantively repossessed include only those loans for which the Company has taken possession of the collateral. OREO and other repossessed assets which consist of vehicles and equipment, if any, are recorded initially at estimated fair value less costs to sell, resulting in a new cost basis. The amount by which the recorded investment in the loan exceeds the fair value (net of estimated cost to sell) of the foreclosed or repossessed asset is charged to the allowance for loan and lease losses. Such evaluations are based on an analysis of individual properties/assets as well as a general assessment of current real estate market conditions. Subsequent declines in the fair value of the foreclosed or repossessed asset below the new cost basis are recorded through the use of a valuation allowance. Subsequent increases in the fair value are recorded as reductions in the allowance, but not below zero. Rental revenue received on foreclosed or repossessed assets is included in other non-interest income, whereas operating expenses and changes in the valuation allowance relating to foreclosed and repossessed assets are included in other non-interest expense. Certain costs used to improve such properties are capitalized. Gains and losses from the sale of OREO and other repossessed assets are reflected in non-interest expense when realized. Together with nonperforming loans, OREO and repossessed assets comprise nonperforming assets. |
Derivatives | Derivatives The Company utilizes loan level derivatives which consists of interest rate contracts (swaps, caps and floors), and risk participation agreements as part of the Company's interest-rate risk management strategy for certain assets and liabilities and not for speculative purposes. Based on the Company's intended use for the loan level derivatives at inception, the Company designates the derivative as either an economic hedge of an asset or liability, or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging." Loan level derivatives and foreign exchange contracts entered into on behalf of our customers are designated as economic hedges and are recorded at fair value within other assets or liabilities. Changes in the fair value of these non hedging derivatives are recorded directly through earnings at each reporting period. |
Transfer of Financial Assets | Transfer of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred |
Securities Sold under Agreements to Repurchase | Securities Sold under Agreements to Repurchase The Company enters into sales of securities under agreements to repurchase with the Banks' commercial customers. These agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the consolidated balance sheets. Securities pledged as collateral under agreements to repurchase are reflected as assets in the accompanying consolidated balance sheets. |
Employee Benefits | Employee Benefits Costs related to the Company's 401(k) plan are recognized in current earnings. Costs related to the Company's nonqualified deferred compensation plan, SERPs and postretirement benefits are recognized over the vesting period or the related service periods of the participating employees. Changes in the funded status of postretirement benefits are recognized through comprehensive income in the year in which changes occur. Compensation expense for the Company's Employee Stock Ownership Program ("ESOP") is recorded at an amount equal to the shares allocated by the ESOP multiplied by the average fair market value of the shares during the year. The Company recognizes compensation expense ratably over the year based upon the Company's estimate of the number of shares expected to be allocated by the ESOP. The difference between the average fair market value and the cost of the shares allocated by the ESOP is recorded as an adjustment to additional paid-in capital. The fair value of restricted stock awards and stock option grants are determined as of the grant date and are recorded as compensation expense over the period in which the shares of restricted stock awards and stock options vest. Forfeitures are accounted for as they occur. |
Fair Value Measurements | Fair Value Measurements ASC 820-10, "Fair Value Measurements and Disclosures," defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities. It is not a forced transaction. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. A fair-value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs are included in ASC 820. The fair value hierarchy is as follows: Level 1: Inputs are unadjusted quoted prices in active markets for assets and liabilities identical to those reported at fair value. Level 2: Inputs other than quoted prices included within Level 1. Level 2 inputs are observable either directly or indirectly. These inputs might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3: Inputs are unobservable inputs for an asset or liability that reflect an entity's own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. These inputs are used to determine fair value only when observable inputs are not available. |
Earnings per Common Share | Earnings per Common Share Basic earnings per share ("EPS") is computed by dividing net income by the weighted average number of shares of common stock outstanding for the applicable period, exclusive of Treasury shares, unearned ESOP shares and unvested shares of restricted stock. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Tax positions that are more likely than not to be sustained upon a tax examination are recognized in the Company's financial statements to the extent that the benefit is greater than 50% likely of being recognized. Interest resulting from underpayment of income taxes is classified as income tax expense in the first period the interest would begin accruing according to the provision of the relevant tax law. Penalties resulting from underpayment of income taxes are classified as income tax expense in the period for which the Company claims or expects to claim an uncertain tax position or in the period in which the Company's judgment changes regarding an uncertain tax position. |
Treasury Stock | Treasury Stock Any shares repurchased under the Company's share repurchase programs were purchased in open-market transactions and are held as treasury stock. Treasury stock also consists of common stock withheld to satisfy federal, state and local income tax withholding requirements for employee restricted stock awards upon vesting. All treasury stock is held at cost. |
Segment Reporting | Segment Reporting An operating segment is defined as a component of a business for which separate financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and evaluate performance. The Company is a bank holding company with subsidiaries engaged in the business of banking and activities closely related to banking. The Company's banking business provided substantially all of its total revenues and pre-tax income in 2020, 2019 and 2018. Therefore, the Company has determined to be a single segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted in 2020 In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). 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 (“CECL”) methodology, which requires institutions to account for lifetime expected 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 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 Stockholders’ Equity. Additional details can be found in Notes 4, 6 and 7. 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 Company’s consolidated financial statements. |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Short-term investments | Short-term investments are summarized as follows: At December 31, 2020 2019 (In Thousands) FRB interest bearing reserve $ 398,202 $ 39,964 FHLB overnight deposits 646 4,237 Total short-term investments $ 398,848 $ 44,201 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 273,820 $ 5,455 $ 630 $ 278,645 GSE CMOs 44,937 1,103 12 46,028 GSE MBSs 312,658 10,956 5 323,609 Corporate debt obligations 22,299 1,168 — 23,467 U.S. Treasury bonds 70,339 3,318 80 73,577 Foreign government obligations 500 — 4 496 Total investment securities available-for-sale $ 724,553 $ 22,000 $ 731 $ 745,822 Equity securities held-for-trading $ 526 At December 31, 2019 Amortized Gross Gross Estimated (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 — — 34 Corporate debt obligations 28,484 502 — 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 — 81 9,279 Municipal obligations 45,692 822 — 46,514 Foreign government obligations 500 — 22 478 Total investment securities held-to-maturity $ 86,780 $ 935 $ 154 $ 87,561 Equity securities held for trading $ 3,581 |
Investment securities in a continuous unrealized loss position | Investment securities as of December 31, 2020 and 2019 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At December 31, 2020 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 72,745 $ 630 $ — $ — $ 72,745 $ 630 GSE CMOs 832 7 872 5 1,704 12 GSE MBSs 2,102 5 97 — 2,199 5 U.S. Treasury bonds 9,750 80 — — 9,750 80 Foreign government obligations — — 496 4 496 4 Temporarily impaired investment securities available-for-sale 85,429 722 1,465 9 86,894 731 Total temporarily impaired investment securities $ 85,429 $ 722 $ 1,465 $ 9 $ 86,894 $ 731 At December 31, 2019 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 10,965 $ 58 $ — $ — $ 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 — — 33 — 33 — U.S. Treasury bonds 25,754 116 — — 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 — — 9,257 81 9,257 81 Municipal obligations 710 — 205 — 915 — Foreign government obligations 478 22 — — 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 December 31, 2020 2019 Amortized Estimated Weighted Amortized Estimated Weighted (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 31,633 $ 32,013 2.02% $ 12,797 $ 12,804 1.76% After 1 year through 5 years 146,274 153,262 2.22% 217,569 220,757 2.19% After 5 years through 10 years 222,271 225,568 1.43% 93,805 94,212 2.04% Over 10 years 324,375 334,979 1.86% 171,994 171,222 2.12% $ 724,553 $ 745,822 1.81% $ 496,165 $ 498,995 2.13% Investment securities held-to-maturity: Within 1 year $ — $ — —% $ 6,366 $ 6,381 1.33% After 1 year through 5 years — — —% 63,898 64,559 1.81% After 5 years through 10 years — — —% 7,177 7,364 1.79% Over 10 years — — —% 9,339 9,257 1.90% $ — $ — —% $ 86,780 $ 87,561 1.82% |
Schedule of sales of investment securities | Year Ended December 31, 2020 2019 (In Thousands) Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading $ 143,229 $ 1,212 Gross gains from sales 3,423 — Gross losses from sales (1,473) (232) Gain on sales of securities, net $ 1,950 $ (232) |
Restricted Equity Securities (T
Restricted Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Investments Note [Abstract] | |
Components of investments in the restricted equity securities of various entities | Investments in the restricted equity securities of various entities are as follows: At December 31, 2020 2019 (In Thousands) FHLBB stock $ 31,293 $ 35,482 FRB stock 18,241 18,084 Other restricted equity securities 252 252 $ 49,786 $ 53,818 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 At December 31, 2019 Balance Weighted Balance Weighted (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,578,773 3.58 % $ 2,491,011 4.33 % Multi-family mortgage 1,013,432 3.53 % 932,163 4.20 % Construction 231,621 3.49 % 246,048 5.09 % Total commercial real estate loans 3,823,826 3.56 % 3,669,222 4.34 % Commercial loans and leases: Commercial (1) 1,131,668 2.55 % 729,502 4.66 % Equipment financing 1,092,461 7.26 % 1,052,408 7.71 % Condominium association 50,770 4.55 % 56,838 4.84 % Total commercial loans and leases 2,274,899 4.86 % 1,838,748 6.41 % Consumer loans: Residential mortgage 791,317 3.74 % 814,245 4.10 % Home equity 346,652 3.26 % 376,819 4.46 % Other consumer 32,859 3.04 % 38,782 4.48 % Total consumer loans 1,170,828 3.58 % 1,229,846 4.22 % Total loans and leases $ 7,269,553 3.97 % $ 6,737,816 4.88 % (1) Including $489,216 of PPP loans as of December 31, 2020. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of December 31, 2020. At December 31, 2019 Originated Acquired Total Balance Weighted Balance Weighted Balance Weighted (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 % — — % 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 activity in the accretable yield for acquired loan portfolio | The following table summarizes activity in the accretable yield for the acquired loan portfolio for the periods indicated: 2019 2018 (Dollars In Thousands) Balance at beginning of year 7,905 10,522 Accretion (3,769) (4,117) Reclassification from nonaccretable difference as a result from changes in expected cash flows 1,086 1,500 Balance at end of year $ 5,222 $ 7,905 |
Summary of the change in the total amounts of loans and advances, all of which were performing, to directors, executive officers and their affiliates | The following table summarizes the change in the total amounts of loans and advances to directors, executive officers and their affiliates for the periods indicated. All loans were performing as of December 31, 2020. Year Ended December 31, 2020 2019 (Dollars In Thousands) Balance at beginning of year $ 70,400 $ 46,771 New loans granted during the year 11,003 34 Loans reclassified as insider loans 5,465 16,800 Advances on lines of credit 61,089 8,652 Repayments (69,756) (1,857) Balance at end of year $ 78,201 $ 70,400 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 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 and the recorded investment in loans and leases by portfolio segment for the periods indicated: Year Ended December 31, 2020 Commercial 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 Balance at beginning of period, adjusted 41,979 22,154 3,581 67,714 Charge-offs (3,514) (11,113) (36) (14,663) Recoveries 94 1,407 201 1,702 Provision for loan and lease losses excluding unfunded commitments 41,573 17,050 1,003 59,626 Balance at December 31, 2020 $ 80,132 $ 29,498 $ 4,749 $ 114,379 Year Ended December 31, 2019 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 Charge-offs — (8,911) (127) (9,038) Recoveries — 1,688 179 1,867 Provision for loan and lease losses 2,098 6,766 697 9,561 Balance at December 31, 2019 $ 30,285 $ 24,826 $ 5,971 $ 61,082 Year Ended December 31, 2018 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2017 $ 27,112 $ 26,333 $ 5,147 $ 58,592 Charge-offs (103) (6,585) (540) (7,228) Recoveries — 2,287 290 2,577 (Credit) provision for loan and lease losses 1,178 3,248 325 4,751 Balance at December 31, 2018 $ 28,187 $ 25,283 $ 5,222 $ 58,692 |
Provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Year Ended December 31, 2020 2019 2018 (In Thousands) Provision for loan and lease losses: Commercial real estate $ 41,573 $ 2,098 $ 1,178 Commercial 17,050 6,766 3,248 Consumer 1,003 697 325 Total provision for loan and lease losses 59,626 9,561 4,751 Unfunded credit commitments 2,260 22 200 Total provision for credit losses $ 61,886 $ 9,583 $ 4,951 |
Summary of the recorded investments by credit quality indicator, by loan class | The following tables present the recorded investment in loans in each class as of December 31, 2020 by credit quality indicator and year originated. December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 352,832 $ 412,071 $ 282,629 $ 255,786 $ 243,477 $ 944,676 $ 55,392 $ 12,585 $ 2,559,448 OAEM — 477 — — 3,312 8,991 — — 12,780 Substandard — — — 1,261 2 5,220 — 62 6,545 Total 352,832 412,548 282,629 257,047 246,791 958,887 2,578,773 Multi-Family Mortgage Pass 125,434 136,620 162,180 103,997 127,873 304,224 15,845 34,871 1,011,044 OAEM — — — — — 2,388 — — 2,388 Total 125,434 136,620 162,180 103,997 127,873 306,612 1,013,432 Construction Pass 46,249 56,074 112,856 1,799 2,788 404 3,834 — 224,004 Substandard 4,853 2,764 7,617 Total 46,249 60,927 112,856 1,799 5,552 404 231,621 Commercial Pass 574,542 66,278 41,325 62,112 22,085 113,715 226,495 1,687 1,108,239 OAEM 310 4,850 — — 35 17 5,382 — 10,594 Substandard 80 — 129 389 29 7,612 3,930 664 12,833 Doubtful — — — — — — — 2 2 Total 574,932 71,128 41,454 62,501 22,149 121,344 235,807 2,353 1,131,668 December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Equipment Financing Pass 332,375 306,231 209,219 121,845 56,241 45,451 636 576 1,072,574 OAEM 196 1,066 290 93 609 85 — 2,339 Substandard 402 4,385 5,280 3,545 1,891 631 — — 16,134 Doubtful 1 64 24 27 1,292 6 — — 1,414 Total 332,974 311,746 214,813 125,510 60,033 46,173 1,092,461 Condominium Association Pass 6,455 9,918 5,399 7,928 5,213 12,682 2,684 379 50,658 Substandard — — — — 112 — — — 112 Total 6,455 9,918 5,399 7,928 5,325 12,682 50,770 Other Consumer Pass 694 549 1,938 32 570 301 28,755 18 32,857 Substandard — — — — — — — 2 2 Total 694 549 1,938 32 570 301 32,859 Total Pass 1,438,581 987,741 815,546 553,499 458,247 1,421,453 333,641 50,116 6,058,824 OAEM 506 6,393 290 93 3,956 11,481 5,382 — 28,101 Substandard 482 9,238 5,409 5,195 4,798 13,463 3,930 728 43,243 Doubtful 1 64 24 27 1,292 6 — 2 1,416 Total $ 1,439,570 1,003,436 821,269 558,814 468,293 1,446,403 342,953 50,846 6,131,584 As of December 31, 2020, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 119,566 94,300 62,452 53,662 47,327 124,999 4,442 — $ 506,748 661 - 700 21,820 19,426 10,943 15,616 8,132 23,282 — — $ 99,219 600 and below 6,901 5,659 4,763 4,318 4,553 13,997 — — $ 40,191 Data not available* 19,209 17,082 16,199 14,153 5,729 71,456 — 1,331 $ 145,159 Total 167,496 136,467 94,357 87,749 65,741 233,734 4,442 1,331 791,317 Home Equity Credit Scores Over 700 1,546 2,832 2,440 2,770 910 12,804 247,538 2,397 273,237 661 - 700 122 459 499 566 305 2,793 45,356 1,334 51,434 600 and below 59 108 266 13 39 541 10,139 878 12,043 Data not available* 61 — — — — 1,387 7,330 1,160 9,938 Total $ 1,788 $ 3,399 $ 3,205 $ 3,349 $ 1,254 $ 17,525 $ 310,363 $ 5,769 $ 346,652 * Represents accounts for which data are not available. 2020 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 Multi- Construction Commercial Equipment Condominium Other 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 — — 10,803 1,389 — — 29,198 Substandard 3,106 84 — 14,801 7,995 151 1 26,138 Doubtful — — — 3 1,820 — — 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 — 108 141,801 OAEM 597 — — 210 — — — 807 Substandard 9,017 — — 202 7 — — 9,226 Total acquired 90,974 35,681 7,033 15,627 2,411 — 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 ($ In Thousands) Originated: Loan-to-value ratio: Less than 50% $ 184,628 22.7 % $ 132,736 35.2 % 50%—69% 293,976 36.1 % 91,681 24.3 % 70%—79% 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 % — — % 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%—69% 44,754 5.4 % 7,958 2.1 % 70%—79% 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 accounts for which data are not available. |
Information regarding troubled debt restructuring loans | The following table presents information regarding foreclosed residential real estate property for the periods indicated: At December 31, 2020 At December 31, 2019 (In Thousands) Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ — $ 110 The following table sets forth information regarding troubled debt restructured loans and leases at the dates indicated: At December 31, 2020 At December 31, 2019 (In Thousands) Troubled debt restructurings: On accrual $ 11,483 $ 17,076 On nonaccrual 7,476 6,104 Total troubled debt restructurings $ 18,959 $ 23,180 |
Information regarding the aging of past due loans, by loan class | The following tables present an age analysis of the recorded investment in total loans and leases as of December 31, 2020 and 2019. At December 31, 2020 Past Due Past Non-accrual Non-accrual with no related Allowance 31-60 61-90 Greater Total Current Total Loans (In Thousands) Commercial real estate loans: Commercial real estate $ 18,294 $ 12,402 $ 7,272 $ 37,968 $ 2,540,805 $ 2,578,773 $ 4,722 $ 3,300 $ 2,580 Multi-family mortgage 813 — — 813 1,012,619 1,013,432 — — — Construction — — 7,617 7,617 224,004 231,621 3,764 3,853 3,853 Total commercial real estate loans 19,107 12,402 14,889 46,398 3,777,428 3,823,826 8,486 7,153 6,433 Commercial loans and leases: Commercial 451 304 9,171 9,926 1,121,742 1,131,668 3,486 7,702 6,263 Equipment financing 5,970 2,263 9,391 17,624 1,074,837 1,092,461 — 16,757 4,062 Condominium association 282 297 — 579 50,191 50,770 — 112 112 Total commercial loans and leases 6,703 2,864 18,562 28,129 2,246,770 2,274,899 3,486 24,571 10,437 Consumer loans: Residential mortgage 2,161 648 3,841 6,650 784,667 791,317 — 5,587 5,117 Home equity 580 215 588 1,383 345,269 346,652 3 1,136 824 Other consumer 13 — 1 14 32,845 32,859 — 1 — Total consumer loans 2,754 863 4,430 8,047 1,162,781 1,170,828 3 6,724 5941 Total loans and leases $ 28,564 $ 16,129 $ 37,881 $ 82,574 $ 7,186,979 $ 7,269,553 $ 11,975 $ 38,448 $ 22,811 At December 31, 2019 Past Due Loans and 31-60 61-90 Greater Total Current Total Loans Nonaccrual (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 — 4,112 892,370 896,482 — 84 Construction — — — — 239,015 239,015 — — 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 — 4,707 Equipment financing 3,098 1,558 7,246 11,902 1,038,095 1,049,997 — 9,822 Condominium association 458 — — 458 56,380 56,838 — 151 Total commercial loans and leases 8,566 1,757 11,121 21,444 1,799,266 1,820,710 — 14,680 Consumer loans: Residential mortgage 1,014 — 3 1,017 710,505 711,522 — 753 Home equity 794 501 139 1,434 341,813 343,247 2 276 Other consumer 46 1 1 48 38,626 38,674 — 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 (Continued) At December 31, 2019 Past Due Loans and 31-60 61-90 Greater Total Current Total Loans Nonaccrual (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 — — — — 35,681 35,681 — — Construction — — — — 7,033 7,033 — — Total commercial real estate loans 539 59 8,989 9,587 124,101 133,688 8,919 94 Commercial loans and leases: Commercial — — — — 15,627 15,627 — 202 Equipment financing — — 7 7 2,404 2,411 7 — Total commercial loans and leases — — 7 7 18,031 18,038 7 202 Consumer loans: Residential mortgage 35 75 1,090 1,200 101,523 102,723 1,090 — Home equity 430 — 42 472 33,100 33,572 40 620 Other consumer — — — — 108 108 — — 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 |
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 December 31, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated for impairment $ 183 2,020 108 2,311 Collectively evaluated for impairment 79,949 27,478 4,641 112,068 Total $ 80,132 29,498 4,749 114,379 Loans and Leases: Individually evaluated for impairment $ 14,159 24,727 8,760 47,646 Collectively evaluated for impairment 3,809,667 2,250,172 1,162,068 7,221,907 Total $ 3,823,826 2,274,899 1,170,828 7,269,553 The following tables present information regarding impaired and non-impaired loans and leases at the dates indicated: 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 — — 40 40 Collectively evaluated for impairment 65 197 11 273 Acquired with deteriorated credit quality 1,798 104 — 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 |
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 Unpaid Related Allowance for Loan and Lease Losses: Originated: With no related allowance recorded: Commercial real estate $ 3,899 $ 3,892 $ — Commercial 28,539 28,533 — Consumer 2,237 2,223 — Total originated with no related allowance recorded 34,675 34,648 — 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 — Commercial 437 437 — Consumer 3,516 3,516 — Total acquired with no related allowance recorded 16,318 16,319 — With an allowance recorded: 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 December 31, 2019 December 31, 2018 Average Interest Average Interest Originated: With no related allowance recorded: Commercial real estate $ 5,148 $ 110 $ 6,484 $ 87 Commercial 29,759 1,009 26,514 993 Consumer 2,662 42 2,801 54 Total originated with no related allowance recorded 37,569 1,161 35,799 1,134 With an allowance recorded: Commercial real estate 269 3 99 — Commercial 7,125 76 9,026 96 Consumer 946 32 835 11 Total originated with an allowance recorded 8,340 111 9,960 107 Total originated impaired loans and leases 45,909 1,272 45,759 1,241 Acquired: With no related allowance recorded: Commercial real estate 11,409 163 9,868 7 Commercial 511 11 1,212 16 Consumer 4,298 39 5,061 61 Total acquired with no related allowance recorded 16,218 213 16,141 84 With an allowance recorded: Consumer 302 11 135 4 Total acquired with an allowance recorded 302 11 135 4 Total acquired impaired loans and leases 16,520 224 16,276 88 Total impaired loans and leases $ 62,429 $ 1,496 $ 62,035 $ 1,329 |
Summary of loans restructured or defaulted | At and for the Year Ended December 31, 2020 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial real estate — $ — $ — $ — $ — 1 $ 215 Commercial 2 3,029 2,970 — — — — Equipment financing 24 1,366 1,914 173 1,874 — — Residential mortgage — — — — — — — Home equity 2 476 465 — 265 — — Total 28 4,871 5,349 173 2,139 1 215 ______________________________________________________________________ (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 Year Ended December 31, 2019 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Originated: Commercial real estate 2 $ 295 $ 290 $ — $ 221 — $ — Multi-family mortgage — $ — $ — $ — $ — — $ — Commercial 3 6,794 5,457 2,455 1,912 1 1,912 Equipment financing 7 2,774 2,266 — 392 2 365 Residential mortgage 3 868 866 — 96 — — Home equity 3 453 453 — — — — Total originated 18 $ 11,184 $ 9,332 $ 2,455 $ 2,621 3 $ 2,277 Acquired: Commercial 1 4,869 2,942 — — — — Home equity 1 134 133 — 133 — — Equipment financing — — — — — — — Residential mortgage 1 297 295 — — — — Total acquired 3 5,300 3,370 — 133 — — Total loans and leases 21 $ 16,484 $ 12,702 $ 2,455 $ 2,754 3 $ 2,277 ______________________________________________________________________ (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 Year Ended December 31, 2018 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Originated: Commercial real estate 1 $ 673 $ 652 $ — $ 653 — $ — Multi-family mortgage — $ — $ — $ — $ — — $ — Commercial 10 1,775 1,706 733 1,706 2 1,075 Equipment financing 14 2,510 2,556 37 1,351 — — Residential mortgage 2 550 550 12 341 1 341 Home equity 1 86 83 — — — — Total originated 28 5,594 5,547 782 4,051 3 1,416 Acquired: Home equity 2 249 245 — 245 — — Total acquired 2 249 245 — 245 — — Total loans and leases 30 $ 5,843 $ 5,792 $ 782 $ 4,296 3 $ 1,416 ______________________________________________________________________ |
Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company's end-of-period balances for troubled debt restructurings that were modified during the periods indicated, by type of modification. Year Ended 2020 2019 2018 (In Thousands) Extended maturity $ 3,297 $ 8,826 $ 1,717 Adjusted principal 40 — — Adjusted interest rate 113 252 — Interest only — — — Combination maturity, principal, interest rate 1,899 3,624 4,075 Total loans modified $ 5,349 $ 12,702 $ 5,792 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment consist of the following: At December 31, Estimated 2020 2019 (In Thousands) (In Years) Land $ 12,329 $ 12,320 NA Fine art 553 545 NA Computer equipment 12,296 11,886 3 Vehicles 135 135 3 to 5 Core processing system and software 21,096 20,748 3 to 7.5 Furniture, fixtures and equipment 15,732 15,393 5 to 25 Office building and improvements 91,660 90,086 10 to 40 Total 153,801 151,113 Accumulated depreciation and amortization 82,233 76,763 Total premises and equipment $ 71,568 $ 74,350 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying value of goodwill | The changes in the carrying value of goodwill for the periods indicated were as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Balance at beginning of year $ 160,427 $ 160,427 $ 137,890 Additions — — 22,537 Balance at end of year $ 160,427 $ 160,427 $ 160,427 |
Schedule of composition of other intangible assets | The following is a summary of the Company's other intangible assets: At December 31, 2020 At December 31, 2019 Gross Accumulated Carrying Gross Accumulated Carrying (In Thousands) Other intangible assets: Core deposits $ 38,294 $ 36,231 $ 2,063 $ 38,294 $ 34,960 $ 3,334 Trade name 1,600 511 1,089 1,600 511 1,089 Trust relationship 1,568 1,568 — 1,568 1,568 — Other intangible 442 442 — 442 442 — Total other intangible assets $ 41,904 $ 38,752 $ 3,152 $ 41,904 $ 37,481 $ 4,423 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense for other intangible assets for each of the next five years and thereafter is as follows: Year ended December 31: Amount (In Thousands) 2021 $ 857 2022 500 2023 268 2024 158 2025 104 Thereafter 176 Total $ 2,063 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of information regarding the Company's investments in affordable housing projects | Further information regarding the Company's investments in affordable housing projects follows: At December 31, 2020 2019 (In Thousands) Investments in affordable housing projects included in other assets $ 26,789 $ 29,939 Unfunded commitments related to affordable housing projects included in other liabilities 14,480 20,286 Investment in affordable housing tax credits 2,377 2,042 Investment in affordable housing tax benefits 823 540 For the year ended December 31, 2020 2019 2018 (In Thousands) Investment amortization included in provision for income taxes $ 3,097 $ 2,097 $ 1,916 Amount recognized as income tax benefit 823 540 585 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Summary of deposits | A summary of deposits follows: December 31, 2020 December 31, 2019 Amount Weighted Amount Weighted (Dollars in Thousands) Demand checking accounts $ 1,592,205 — % $ 1,141,578 — % NOW accounts 513,948 0.09 % 371,380 0.11 % Savings accounts 701,659 0.13 % 613,467 0.46 % Money market accounts 2,018,977 0.31 % 1,682,005 1.15 % Total core deposit accounts 4,826,789 0.16 % 3,808,430 0.59 % Certificate of deposit accounts maturing: Within six months $ 676,860 1.60 % $ 603,817 2.17 % After six months but within 1 year 461,944 1.08 % 508,782 2.27 % After 1 year but within 2 years 140,481 1.19 % 413,979 2.37 % After 2 years but within 3 years 61,302 2.44 % 56,508 2.19 % After 3 years but within 4 years 28,525 2.62 % 58,491 2.64 % After 4 years but within 5 years 20,788 1.47 % 29,759 2.58 % 5+ Years 98 0.75 % 402 2.19 % Total certificate of deposit accounts 1,389,998 1.44 % 1,671,738 2.28 % Brokered deposit accounts $ 693,909 0.39 % $ 349,904 2.18 % Total deposits $ 6,910,696 0.44 % $ 5,830,072 1.17 % |
Schedule of interest expense on deposit balances | Interest expense on deposit balances is summarized as follows Year Ended December 31, 2020 2019 2018 (In Thousands) Interest-bearing deposits: NOW accounts $ 484 $ 436 $ 283 Savings accounts 1,503 2,900 1,804 Money market accounts 9,519 21,206 15,369 Certificate of deposit accounts 30,355 36,326 19,017 Brokered deposit accounts 6,565 8,747 5,505 Total interest-bearing deposits $ 48,426 $ 69,615 $ 41,978 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowed funds are comprised of the following: At December 31, 2020 2019 (In Thousands) Advances from the FHLBB $ 648,849 $ 758,469 Subordinated debentures and notes 83,746 83,591 Other borrowed funds 87,652 60,689 Total borrowed funds $ 820,247 $ 902,749 |
Schedule of interest expense on borrowed funds | Interest expense on borrowed funds for the periods indicated is as follows: Year Ended December 31, 2020 2019 2018 (In Thousands) Advances from the FHLBB $ 12,842 $ 18,701 $ 18,650 Subordinated debentures and notes 5,038 5,206 5,181 Other borrowed funds 348 804 385 Total interest expense on borrowed funds $ 18,228 $ 24,711 $ 24,216 |
Schedule of federal home loan bank advances | FHLBB advances mature as follows: At December 31, 2020 2019 Amount Callable Weighted Amount Callable Weighted (Dollars in Thousands) Within 1 year $ 623,611 $ — 1.05 % $ 599,262 $ — 2.27 % Over 1 year to 2 years 4,805 — 0.53 % 139,762 — 2.12 % Over 2 years to 3 years 4,000 — 0.40 % 3,210 — 0.01 % Over 3 years to 4 years 3,880 — 3.86 % — — — % Over 4 years to 5 years 1,462 — 0.67 % 4,025 — 3.91 % Over 5 years 11,091 — 3.41 % 12,210 — 3.28 % $ 648,849 $ — 1.10 % $ 758,469 $ — 2.26 % |
Schedule of information concerning repurchase agreements during the period | Information concerning other borrowed funds is as follows for the periods indicated below: Year Ended December 31, 2020 2019 (Dollars In Thousands) Outstanding at end of year $ 87,652 $ 60,689 Average outstanding for the year 90,587 79,276 Maximum outstanding at any month-end 170,854 122,776 Weighted average rate at end of year 0.16 % 0.60 % Weighted average rate paid for the year 0.38 % 1.01 % |
Summary of subordinated debentures | The following table summarizes the Company's subordinated debentures and notes at the dates indicated. Carrying Amount Issue Date Rate Maturity Date Next Call Date December 31, 2020 December 31, 2019 (Dollars in Thousands) June 26, 2003 Variable; 3-month LIBOR + 3.10% June 26, 2033 March 25, 2021 $ 4,848 $ 4,826 March 17, 2004 Variable; 3-month LIBOR + 2.79% March 17, 2034 March 16, 2021 4,772 4,739 September 15, 2014 6.0% Fixed-to-Variable; 3-month LIBOR + 3.315% September 15, 2029 September 15, 2024 74,126 74,026 Total $ 83,746 $ 83,591 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At December 31, 2020 2019 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 174,240 $ 50,034 Commercial 80,291 78,058 Residential mortgage 30,418 25,998 Unadvanced portion of loans and leases 759,053 808,681 Unused lines of credit: Home equity 584,881 528,251 Other consumer 38,954 25,374 Other commercial 408 380 Unused letters of credit: Financial standby letters of credit 14,746 10,166 Performance standby letters of credit 5,903 4,652 Commercial and similar letters of credit 5,105 3,823 Loan level derivatives: Receive fixed, pay variable 1,214,146 1,101,193 Pay fixed, receive variable 1,214,146 1,101,193 Risk participation-out agreements 252,655 235,693 Risk participation-in agreements 60,619 55,281 Foreign exchange contracts: Buys foreign currency, sells U.S. currency 1,266 1,125 Sells foreign currency, buys U.S. currency 1,273 1,230 |
Schedule of lease cost, supplemental cash flow and supplemental balance sheet information | At December 31, 2020 At December 31, 2019 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 6,386 $ 6,461 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 $ 6,518 $ 6,515 Right-of-use assets obtained in exchange for new lease obligations: Operating leases $ 72 $ 66 Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 24,143 $ 24,876 Operating lease liabilities 24,143 24,876 Weighted Average Remaining Lease Term Operating leases 6.95 7.47 Weighted Average Discount Rate Operating leases 3.2 % 3.2 % |
Maturities of operating leases | A summary of future minimum rental payments under such leases at the dates indicated follows: Year ended December 31, Minimum Rental Payments (In Thousands) 2021 $ 6,077 2022 5,497 2023 4,569 2024 3,291 2025 2,266 Thereafter 5,064 Total $ 26,764 Less imputed interest (2,621) $ 24,143 |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: For the year ended December 31, 2020 2019 2018 Basic Fully Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 47,635 $ 47,635 $ 87,717 $ 87,717 $ 83,062 $ 83,062 Denominator: Weighted average shares outstanding 78,951,892 78,951,892 79,679,781 79,679,781 79,669,668 79,669,668 Effect of dilutive securities — 151,397 — 177,140 — 239,583 Adjusted weighted average shares outstanding 78,951,892 79,103,289 79,679,781 79,856,921 79,669,668 79,909,251 EPS $ 0.60 $ 0.60 $ 1.10 $ 1.10 $ 1.04 $ 1.04 |
Comprehensive Income_(Loss) (Ta
Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Year Ended December 31, 2020 Investment Securities Available-for-Sale Hedge Assets Postretirement Accumulated Other (In Thousands) Balance at December 31, 2019 $ 2,199 $ — $ 84 $ 2,283 Other comprehensive income (loss) 14,383 7 (183) 14,207 Balance at December 31, 2020 $ 16,582 $ 7 $ (99) $ 16,490 Year Ended December 31, 2019 Investment Securities Available-for-Sale Postretirement Accumulated Other (In Thousands) Balance at December 31, 2018 $ (9,712) $ 252 $ (9,460) Other comprehensive (loss) income 11,911 (168) 11,743 Reclassification due to adoption of ASU 2018-02 — — — Balance at December 31, 2019 $ 2,199 $ 84 $ 2,283 Year Ended December 31, 2018 Investment Securities Available-for-Sale Postretirement Accumulated Other (In Thousands) Balance at December 31, 2017 $ (6,113) $ 163 $ (5,950) Other comprehensive (loss) income (3,599) 89 (3,510) Reclassification due to adoption of ASU 2018-02 — — — Balance at December 31, 2018 $ (9,712) $ 252 $ (9,460) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 | 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, 2020 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 136 $ — $ 8,541 $ 16,447 $ 99,014 $ 1,090,144 $ 1,214,146 $ 129,284 Pay fixed, receive variable 136 — 8,541 16,447 99,014 1,090,144 1,214,146 129,284 Risk participation-out agreements 37 — — 7,009 22,733 222,913 252,655 1,843 Risk participation-in agreements 8 — — 19,000 — 41,619 60,619 361 Foreign exchange contracts Buys foreign currency, sells U.S. currency 18 $ 1,266 $ — $ — $ — $ — $ 1,266 $ 156 Sells foreign currency, buys U.S. currency 20 1,273 — — — — 1,273 148 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 $ — $ 31,131 $ 16,794 $ 1,028,491 $ 1,101,193 $ 58,102 Pay fixed, receive variable 119 24,777 — 31,131 16,794 1,028,491 1,101,193 58,102 Risk participation-out agreements 40 13,967 — — 7,143 214,583 235,693 1,229 Risk participation-in agreements 7 — — — 19,000 36,281 55,281 283 Foreign exchange contracts Buys foreign currency, sells U.S. currency 16 $ 1,125 $ — $ — $ — $ — $ 1,125 $ 54 Sells foreign currency, buys U.S. currency 18 1,230 — — — — 1,230 53 Changes in the fair value are recognized directly in the Company's consolidated statements of income and are included in other non-interest income in the consolidated statements of income. The table below presents the net gain (loss) recognized in income due to changes in the fair value for the year ended December 31, 2020 and 2019. Year Ended December 31, 2020 2019 (In Thousands) Net gain recognized in income on: Net risk participation agreements $ 538 $ 686 Foreign exchange contracts 7 (7) Total $ 545 $ 679 |
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 consolidated balance sheet at the dates indicated: At December 31, 2020 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 8 $ — $ 8 $ — $ — $ 8 Derivatives not designated as hedging instruments: Loan level derivatives $ 131,328 $ — $ 131,328 $ — $ — $ 131,328 Risk participation-out agreements 1,843 — 1,843 — — 1,843 Foreign exchange contracts 156 — 156 — — 156 Total $ 133,335 $ — $ 133,335 $ — $ — $ 133,335 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ — $ — $ — $ — $ — $ — Derivatives not designated as hedging instruments: Loan level derivatives $ 131,328 $ — $ 131,328 $ 155,220 $ 11,280 $ (35,172) Risk participation-in agreements 361 — 361 — — 361 Foreign exchange contracts 148 — 148 — — 148 Total $ 131,837 $ — $ 131,837 $ 155,220 $ 11,280 $ (34,663) At December 31, 2019 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Loan level derivatives $ 59,365 $ — $ 59,365 $ — $ 11,900 $ 47,465 Risk participation-out agreements 1,229 — 1,229 — — 1,229 Foreign exchange contracts 54 — 54 — — 54 Total $ 60,648 $ — $ 60,648 $ — $ 11,900 $ 48,748 Liability derivatives Loan level derivatives $ 59,365 $ — $ 59,365 $ 86,521 $ — $ (27,156) Risk participation-in agreements 283 — 283 — — 283 Foreign exchange contracts 53 — 53 — — 53 Total $ 59,701 $ — $ 59,701 $ 86,521 $ — $ (26,820) |
Schedule of derivatives designated as hedges and impact on OCI | 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. Fair Value Year Ended December 31, 2020 Year Ended December 31, 2019 (Dollars in Thousands) Derivatives designated as hedges $ 8 $ — Gain in OCI on derivatives (effective portion), net of tax $ 7 $ — Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) $ 1 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Income tax expense is comprised of the following amounts: Year Ended December 31, 2020 2019 2018 (In Thousands) Current provision: Federal $ 22,450 $ 21,706 $ 23,949 State 7,077 6,565 7,693 Total current provision 29,527 28,271 31,642 Deferred (benefit) provision Federal (11,452) 701 (4,323) State (3,633) (703) (1,130) Total deferred (benefit) provision (15,085) (2) (5,453) Total provision for income taxes $ 14,442 $ 28,269 $ 26,189 |
Schedule of reconciliation of income tax expense | Total provision for income taxes differed from the amounts computed due to the following: Year Ended December 31, 2020 2019 2018 (Dollars In Thousands) Expected income tax expense at statutory federal tax rate $ 13,036 $ 24,366 $ 23,675 State taxes, net of federal income tax benefit 2,722 4,837 5,184 Bank-owned life insurance (212) (216) (218) Tax-exempt interest income (220) (435) (487) Income attributable to noncontrolling interest in subsidiary — (11) (933) Merger and acquisition expense — — 32 Tax Act Adjustment — — (707) Investments in affordable housing projects (595) (369) (358) Other, net (289) 97 1 Total provision for income taxes $ 14,442 $ 28,269 $ 26,189 Effective income tax rate 23.3 % 24.4 % 23.2 % |
Schedule of the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at the dates indicated are as follows: At December 31, 2020 2019 (In Thousands) Deferred tax assets: Allowance for credit losses $ 33,045 $ 16,294 Right-of-use asset - operating leases 6,260 6,450 Deferred compensation 4,365 4,748 Identified intangible assets and goodwill 6,455 6,567 Supplemental Executive Retirement Plans 3,290 3,023 Net operating loss carryforwards — 187 Postretirement benefits 545 458 Nonaccrual interest 634 557 Restricted stock and stock option plans 466 751 Employee stock ownership plan 55 83 Unamortized SBA-PPP fee income 2,534 — Other 404 733 Total gross deferred tax assets 58,053 39,851 Deferred tax liabilities: Operating leases - liability 6,260 6,450 Identified intangible assets and goodwill 2,048 2,248 Deferred loan origination costs, net 2,884 3,785 Depreciation 408 420 Unrealized gain on investment securities available-for-sale 4,688 622 Prepaid expense 58 110 Accrued Expense 481 122 Acquisition fair value adjustments 1,097 1,077 Total gross deferred tax liabilities 17,924 14,834 Net deferred tax asset $ 40,129 $ 25,017 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of the Company's and the bank's actual and required capital amounts and ratios | Actual Minimum Required for Capital Adequacy Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer Minimum Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2020: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 764,157 11.04 % $ 311,477 4.50 % $ 484,520 7.00 % N/A N/A Tier 1 leverage capital ratio (2) 773,777 8.92 % 346,985 4.00 % 346,985 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 773,777 11.18 % 415,265 6.00 % 588,292 8.50 % N/A N/A Total risk-based capital ratio (4) 934,933 13.51 % 553,624 8.00 % 726,632 10.50 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 557,310 11.72 % $ 213,984 4.50 % $ 332,864 7.00 % $ 309,088 6.50 % Tier 1 leverage capital ratio (2) 557,310 9.82 % 227,010 4.00 % 227,010 4.00 % 283,763 5.00 % Tier 1 risk-based capital ratio (3) 557,310 11.72 % 285,312 6.00 % 404,192 8.50 % 380,416 8.00 % Total risk-based capital ratio (4) 617,101 12.97 % 380,633 8.00 % 499,581 10.50 % 475,791 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 239,337 11.03 % $ 97,644 4.50 % $ 151,891 7.00 % $ 141,042 6.50 % Tier 1 leverage capital ratio (2) 239,337 7.78 % 123,052 4.00 % 123,052 4.00 % 153,816 5.00 % Tier 1 risk-based capital ratio (3) 239,337 11.03 % 130,192 6.00 % 184,439 8.50 % 173,590 8.00 % Total risk-based capital ratio (4) 266,633 12.29 % 173,561 8.00 % 227,799 10.50 % 216,951 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. The following table presents actual and required capital ratios as of December 31, 2019 for the Company and the Banks under the regulatory capital rules then in effect. Actual Minimum Required for Capital Adequacy Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer Minimum Required to be Considered Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in Thousands) At December 31, 2019: Brookline Bancorp, Inc. Common equity Tier 1 capital ratio (1) $ 780,962 11.44 % $ 307,197 4.50 % $ 477,861 7.00 % N/A N/A Tier 1 leverage capital ratio (2) 790,527 10.28 % 307,598 4.00 % 307,598 4.00 % N/A N/A Tier 1 risk-based capital ratio (3) 790,527 11.58 % 409,599 6.00 % 580,266 8.50 % N/A N/A Total risk-based capital ratio (4) 927,515 13.59 % 545,999 8.00 % 716,623 10.50 % N/A N/A Brookline Bank Common equity Tier 1 capital ratio (1) $ 513,311 11.44 % $ 201,914 4.50 % $ 314,089 7.00 % $ 291,654 6.50 % Tier 1 leverage capital ratio (2) 513,311 10.42 % 197,048 4.00 % 197,048 4.00 % 246,310 5.00 % Tier 1 risk-based capital ratio (3) 513,311 11.44 % 269,219 6.00 % 381,394 8.50 % 358,959 8.00 % Total risk-based capital ratio (4) 555,474 12.38 % 358,949 8.00 % 471,121 10.50 % 448,687 10.00 % BankRI Common equity Tier 1 capital ratio (1) $ 240,362 11.75 % $ 92,054 4.50 % $ 143,194 7.00 % $ 132,966 6.50 % Tier 1 leverage capital ratio (2) 240,362 9.97 % 96,434 4.00 % 96,434 4.00 % 120,543 5.00 % Tier 1 risk-based capital ratio (3) 240,362 11.75 % 122,738 6.00 % 173,879 8.50 % 163,651 8.00 % Total risk-based capital ratio (4) 258,719 12.65 % 163,617 8.00 % 214,747 10.50 % 204,521 10.00 % First Ipswich Common equity Tier 1 capital ratio (1) $ 41,320 13.45 % $ 13,825 4.50 % $ 21,505 7.00 % $ 19,969 6.50 % Tier 1 leverage capital ratio (2) 41,320 8.80 % 18,782 4.00 % 18,782 4.00 % 23,477 5.00 % Tier 1 risk-based capital ratio (3) 41,320 13.45 % 18,433 6.00 % 26,113 8.50 % 24,577 8.00 % Total risk-based capital ratio (4) 43,762 14.24 % 24,585 8.00 % 32,268 10.50 % 30,732 10.00 % _______________________________________________________________________________ (1) Common equity Tier 1 capital ratio is calculated by dividing common equity Tier 1 capital by risk-weighted assets. The ratio was established as part of the implementation of Basel III, effective January 1, 2015. (2) Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets. (3) Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets. (4) Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Plan Assets and Benefit Obligation | The following table presents the change in plan assets and change in benefit obligation: Year Ended 2020 2019 2018 (In Thousands) Change in plan assets: Fair value of plan assets at beginning of year $ — $ — $ — Employer contributions 38 32 31 Benefits paid (38) (32) (31) Fair value of plan assets at end of year $ — $ — $ — Change in benefit obligation: Benefit obligation at beginning of year $ 1,757 $ 1,490 $ 1,534 Service cost 55 54 70 Interest cost 56 60 59 Estimated benefits paid (38) (32) (31) Actuarial loss (gain) 265 185 (142) Benefit obligation at end of year $ 2,095 $ 1,757 $ 1,490 Funded status at end of year $ 2,095 $ 1,757 $ 1,490 Accumulated benefit obligation at end of year $ 2,095 $ 1,757 $ 1,490 |
Schedule of the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income | The following table presents the components of net periodic postretirement benefit cost and other amounts recognized in other comprehensive income: Year Ended 2020 2019 2018 (In Thousands) Net periodic benefit expense: Service cost $ 55 $ 54 $ 70 Interest cost 56 60 59 Prior service credit (21) (21) (21) Actuarial gain — (27) — Net periodic benefit expense $ 90 $ 66 $ 108 Changes in postretirement benefit obligation recognized in other comprehensive income: Net actuarial (loss) gain (227) $ (206) $ 142 Prior service credit (21) (21) (21) Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income $ (248) $ (227) $ 121 |
Schedule of effect of 1% change in assumed health care cost trend rates | A 1% change in assumed health care cost trend rates would have the following effects: Year Ended 1% Increase 1% Decrease (In Thousands) Effect on total service and interest cost components of net periodic postretirement benefit costs $ 25 $ (20) Effect on the accumulated postretirement benefit obligation 431 (344) |
Activity under recognition and retention plans | The following table presents information about the Company's restricted stock awards as of and for the year ending December 31, 2020: Restricted Stock Awards Outstanding Weighted Average Price (Dollars in Thousands, Except Per Share Amounts) Restricted Stock Awards: Outstanding at December 31, 2019 406,450 $ 15.41 Granted 268,936 9.56 Vested (179,806) 14.91 Forfeited / Canceled (39,883) 13.87 Added by Performance Factor 3,103 14.65 Outstanding at December 31, 2020 458,800 $ 12.31 Unrecognized compensation cost $ 3,021 Weighted average remaining recognition period (months) 19 months |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 recurring basis at the dates indicated. Fair Value Valuation Technique At December 31, 2020 At December 31, 2019 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 3,445 $ 2,243 Appraisal of collateral (1) Other real estate owned 5,415 — 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. There were no transfers between levels during 2020. Fair Value Measurements Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) At December 31, 2020 Financial assets: Loans and leases, net 7,155,174 7,116,854 — — 7,116,854 Restricted equity securities 49,786 49,786 — — 49,786 Financial liabilities: Certificates of deposit 2,083,907 2,092,867 — 2,092,867 — Borrowed funds 820,247 818,681 — 818,681 — At December 31, 2019 Financial assets: Investment securities held-to-maturity: GSE debentures $ 31,228 $ 31,290 $ — $ 31,290 $ — GSE MBSs 9,360 9,279 — 9,279 — Municipal obligations 45,692 46,514 — 46,514 — Foreign government obligations 500 478 — — 478 Loans and leases, net 6,676,734 6,697,583 — — 6,697,583 Restricted equity securities 53,818 53,818 — — 53,818 Financial liabilities: Certificates of deposit 2,021,642 2,026,683 — 2,026,683 — Borrowed funds 902,749 902,670 — 902,670 — |
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 table set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at December 31, 2020 and 2019: Carrying Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 278,645 $ — $ 278,645 GSE CMOs — 46,028 — 46,028 GSE MBSs — 323,609 — 323,609 Corporate debt obligations — 23,467 — 23,467 U.S. Treasury bonds — 73,577 — 73,577 Foreign government obligations — 496 — 496 Total investment securities available-for-sale $ — $ 745,822 $ — $ 745,822 Equity securities held-for-trading $ — $ 526 $ — $ 526 Interest rate derivatives — 8 — $ 8 Loan level derivatives — 131,328 — 131,328 Risk participation-out agreements — 1,843 — 1,843 Foreign exchange contracts — 156 — 156 Liabilities: Loan level derivatives $ — $ 131,328 $ — $ 131,328 Risk participation-in agreements — 361 — 361 Foreign exchange contracts — 148 — 148 Carrying Value as of December 31, 2019 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 185,803 $ — $ 185,803 GSE CMOs — 85,932 — 85,932 GSE MBSs — 153,343 — 153,343 SBA commercial loan asset-backed securities — 34 — 34 Corporate debt obligations — 28,986 — 28,986 U.S. Treasury bonds — 44,897 — 44,897 Total investment securities available-for-sale $ — $ 498,995 $ — $ 498,995 Equity securities held for trading $ 2,569 $ 1,012 $ — $ 3,581 Loan level derivatives — 59,365 — 59,365 Risk participation-out agreements — 1,229 — 1,229 Foreign exchange contracts — 54 — 54 Liabilities: Loan level derivatives $ — $ 59,365 $ — $ 59,365 Risk participation-in agreements — 283 — 283 Foreign exchange contracts — 53 — 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 as of December 31, 2020 and 2019 are summarized below: Carrying Value as of December 31, 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 $ — $ — $ 3,445 $ 3,445 OREO — — 5,415 5,415 Repossessed assets — 1,100 — 1,100 Total assets measured at fair value on a non-recurring basis $ — $ 1,100 $ 8,860 $ 9,960 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 $ — $ — $ 2,243 $ 2,243 Repossessed assets — 2,631 — 2,631 Total assets measured at fair value on a non-recurring basis $ — $ 2,631 $ 2,243 $ 4,874 |
Condensed Parent Company Fina_2
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets | Balance Sheets At December 31, 2020 2019 (In Thousands) ASSETS Cash and due from banks $ 40,265 $ 35,736 Short-term investments 32 33 Total cash and cash equivalents 40,297 35,769 Equity securities held-for-trading — 2,569 ESOP loan to Brookline Bank 502 752 Intercompany loan to Brookline Bank 10,000 30,000 Restricted equity securities 252 252 Premises and equipment, net 1,412 2,403 Deferred tax asset 1,818 1,742 Investment in subsidiaries, at equity 939,000 924,352 Goodwill 35,267 35,267 Other assets 13,871 12,116 Total assets $ 1,042,419 $ 1,045,222 LIABILITIES AND STOCKHOLDERS' EQUITY Borrowed funds $ 83,746 $ 83,591 Accrued expenses and other liabilities 16,895 16,025 Total liabilities 100,641 99,616 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 737,178 736,601 Retained earnings, partially restricted 264,892 265,376 Accumulated other comprehensive loss 16,490 2,283 Treasury stock, at cost; 6,525,783 shares and 5,003,127 shares, respectively (77,343) (59,073) Unallocated common stock held by ESOP; 51,114 shares and 79,548 shares, respectively (291) (433) Total stockholders' equity 941,778 945,606 Total liabilities and stockholders' equity $ 1,042,419 $ 1,045,222 |
Statements of Income | Statements of Income Year Ended December 31, 2020 2019 2018 (In Thousands) Interest and dividend income: Dividend income from subsidiaries $ 42,000 $ 29,000 $ 19,000 Marketable and restricted equity securities 52 147 37 ESOP loan to Brookline Bank 56 77 98 Intercompany loan to Brookline Bank 330 1,183 1,722 Total interest and dividend income 42,438 30,407 20,857 Interest expense: Borrowed funds 5,108 5,274 5,223 Net interest income 37,330 25,133 15,634 Non-interest income: Gain on securities, net (1,306) 467 71 Other 123 — 16 Total non-interest income (1,183) 467 87 Non-interest expense: Compensation and employee benefits (1) 403 (507) 345 Occupancy 1,689 1,589 1,586 Equipment and data processing (1) (745) (770) (798) Directors' fees 433 461 417 Franchise taxes 250 306 321 Insurance 570 543 534 Professional services 841 548 364 Advertising and marketing 35 31 19 Merger and acquisition expense — — 452 Other (1) (1,571) (1,139) (1,140) Total non-interest expense 1,905 1,062 2,100 Loss before income taxes 34,242 24,538 13,621 Credit for income taxes (1,427) (969) (1,976) Income before equity in undistributed income of subsidiaries 35,669 25,507 15,597 Equity in undistributed income of subsidiaries 11,966 62,210 67,465 Net income $ 47,635 $ 87,717 $ 83,062 _______________________________________________________________________________ (1) The Parent Company received a net benefit in 2020, 2019 and 2018 from the intercompany allocation of expense that is eliminated in consolidation. |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, 2020 2019 2018 (In Thousands) Cash flows from operating activities: Net income attributable to parent company $ 47,635 $ 87,717 $ 83,062 Adjustments to reconcile net income to net cash provided from operating activities: Equity in undistributed income of subsidiaries (11,966) (62,210) (67,465) Depreciation of premises and equipment 1,546 2,824 3,073 Amortization of debt issuance costs 100 100 100 Equity securities held-for-trading 2,569 666 (3,235) Other operating activities, net (18,655) 18,296 (50,014) Net cash provided from (used for) operating activities 21,229 47,393 (34,479) Cash flows from investing activities: Repayment of ESOP loan by Brookline Bank 250 250 250 Pay down (issuance) of intercompany loan to Brookline Bank 20,000 10,000 40,000 Purchase of restricted equity securities — (151) (1) Purchase of premises and equipment (555) (909) (1,359) Net cash provided from (used for) investing activities 19,695 9,190 38,890 Cash flows from financing activities: Common stock issued for acquisition — — 55,183 Redemption of noncontrolling interest in subsidiary — (18,470) — Payment of dividends to owners of noncontrolling interest in subsidiary — (930) — Payment of dividends on common stock (36,396) (35,110) (31,441) Net cash (used for) provided from financing activities (36,396) (54,510) 23,742 Net increase (decrease) in cash and cash equivalents 4,528 2,073 28,153 Cash and cash equivalents at beginning of year 35,769 33,696 5,543 Cash and cash equivalents at end of year $ 40,297 $ 35,769 $ 33,696 Supplemental disclosures of cash flow information: Acquisition of First Commons Bank, N.A.: Fair value of assets acquired, net of cash and cash equivalents acquired $ — $ — $ 292,025 Fair value of liabilities assumed — — 278,988 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | 2020 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 80,467 $ 80,704 $ 82,124 $ 83,522 Interest expense 12,242 14,766 17,836 21,810 Net interest income 68,225 65,938 64,288 61,712 Provision for credit losses (2,103) 4,528 5,347 54,114 Net interest income after provision for credit losses 70,328 61,410 58,941 7,598 Loan level derivative income, net 145 527 1,440 2,156 (Loss) gain on investment securities, net — 54 586 1,330 Gain on sales of loans and leases held-for-sale 67 632 299 120 Other non-interest income 4,007 3,649 3,910 5,722 Amortization of identified intangible assets (312) (312) (311) (336) Other non-interest expense (39,728) (40,635) (38,798) (40,412) Income before provision for income taxes 34,507 25,325 26,067 (23,822) Provision for income taxes 7,846 6,646 6,496 (6,546) Net income attributable to Brookline Bancorp, Inc. $ 26,661 $ 18,679 $ 19,571 $ (17,276) Earnings per share: Basic $ 0.34 $ 0.24 $ 0.25 $ (0.22) Diluted 0.34 0.24 0.25 (0.22) Average common shares outstanding: Basic 78,533,351 78,948,139 78,849,282 79,481,462 Diluted 78,680,873 79,055,901 79,015,274 79,665,774 Common stock price: High $ 12.40 $ 10.56 $ 12.57 $ 16.43 Low 8.68 8.23 8.51 9.97 Dividends per share $ 0.115 $ 0.115 $ 0.115 $ 0.115 2019 Quarters Fourth Third Second First (Dollars in Thousands Except Per Share Data) Interest and dividend income $ 87,450 $ 87,906 $ 87,184 $ 85,086 Interest expense 23,519 24,670 24,050 22,087 Net interest income 63,931 63,236 63,134 62,999 Provision for credit losses 3,602 871 3,757 1,353 Net interest income after provision for credit losses 60,329 62,365 59,377 61,646 Loan level derivative income, net 2,494 2,251 1,772 1,745 Gain on sales of investment securities, net 133 (116) 357 134 Gain on sales of loans and leases held-for-sale 309 550 561 289 Other non-interest income 4,820 5,244 4,788 4,462 Amortization of identified intangible assets (420) (421) (420) (402) Other non-interest expense (38,395) (39,770) (39,184) (38,469) Income before provision for income taxes 29,270 30,103 27,251 29,405 Provision for income taxes 7,087 7,507 6,780 6,895 Net income before noncontrolling interest in subsidiary 22,183 22,596 20,471 22,510 Less net income attributable to noncontrolling interest in subsidiary — — — 43 Net income attributable to Brookline Bancorp, Inc. $ 22,183 $ 22,596 $ 20,471 $ 22,467 Earnings per share: Basic $ 0.28 $ 0.28 $ 0.26 $ 0.28 Diluted 0.28 0.28 0.26 0.28 Average common shares outstanding: Basic 79,682,724 79,700,403 79,669,922 79,658,583 Diluted 79,845,447 79,883,510 79,886,292 79,843,578 Common stock price: High $ 16.83 $ 15.39 $ 15.92 $ 16.23 Low 14.36 13.73 14.35 13.90 Dividends per share $ 0.115 $ 0.110 $ 0.110 $ 0.105 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)banksegmentoffice | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Basis of Presentation | |||||
Number of full-service banking offices | bank | 30 | ||||
Number of lending offices | office | 2 | ||||
Impairment of restricted securities | $ 0 | $ 0 | |||
Number of days past due, non-accrual status (in days) | 90 days | ||||
Period after which a non-accrual loan is restructured (in months) | 6 months | ||||
BOLI, as percentage of capital plus reserves, maximum, individual carrier (as a percent) | 10.00% | ||||
BOLI, as percentage of capital plus reserves, maximum, aggregate (as a percent) | 25.00% | ||||
Number of reportable segments | segment | 1 | ||||
Number of operating segments | segment | 1 | ||||
Total, Allowance | $ 114,379,000 | 61,082,000 | $ 58,692,000 | $ 58,592,000 | |
Adoption of ASU 2016-13 (CECL) | |||||
Basis of Presentation | |||||
Total, Allowance | $ 6,632,000 | $ 6,600,000 | |||
Unfunded commitments | 8,900,000 | ||||
Retained earnings | $ 11,500,000 | ||||
BankRI | |||||
Basis of Presentation | |||||
Number of full-service banking offices | bank | 20 | ||||
Minimum | |||||
Basis of Presentation | |||||
Term of operating lease | 3 years | ||||
Maximum | |||||
Basis of Presentation | |||||
Term of operating lease | 25 years |
Acquisitions and Mergers (Detai
Acquisitions and Mergers (Details) | Feb. 15, 2020branch |
First Ipswich Bancorp | |
Business Acquisition [Line Items] | |
Number of branch locations retained and converted | 6 |
Cash, Cash Equivalents and Sh_3
Cash, Cash Equivalents and Short-Term Investments - Narrative (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||
Average amount required to be held with Federal Reserve Bank | $ 0 | $ 10,500,000 |
Aggregate reserves | $ 410,100,000 | $ 53,000,000 |
Cash, Cash Equivalents and Sh_4
Cash, Cash Equivalents and Short-Term Investments - Short-term Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term investments | ||
FRB interest bearing reserve | $ 398,202 | $ 39,964 |
FHLB overnight deposits | 646 | 4,237 |
Total short-term investments | $ 398,848 | $ 44,201 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-sale and Held-to-maturity Securities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 724,553,000 | $ 496,165,000 |
Gross Unrealized Gains | 22,000,000 | 4,598,000 |
Gross Unrealized Losses | 731,000 | 1,768,000 |
Estimated Fair Value | 745,822,000 | 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 | ||
Equity securities held-for-trading | 526,000 | 3,581,000 |
GSE debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 273,820,000 | 182,922,000 |
Gross Unrealized Gains | 5,455,000 | 2,939,000 |
Gross Unrealized Losses | 630,000 | 58,000 |
Estimated Fair Value | 278,645,000 | 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 | 44,937,000 | 87,001,000 |
Gross Unrealized Gains | 1,103,000 | 22,000 |
Gross Unrealized Losses | 12,000 | 1,091,000 |
Estimated Fair Value | 46,028,000 | 85,932,000 |
GSE MBSs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 312,658,000 | 153,049,000 |
Gross Unrealized Gains | 10,956,000 | 797,000 |
Gross Unrealized Losses | 5,000 | 503,000 |
Estimated Fair Value | 323,609,000 | 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 | 34,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 34,000 | |
Municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 46,500,000 | |
Investment securities held-to-maturity: | ||
Amortized Cost | 45,692,000 | |
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 | 22,299,000 | 28,484,000 |
Gross Unrealized Gains | 1,168,000 | 502,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 23,467,000 | 28,986,000 |
U.S. Treasury bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 70,339,000 | 44,675,000 |
Gross Unrealized Gains | 3,318,000 | 338,000 |
Gross Unrealized Losses | 80,000 | 116,000 |
Estimated Fair Value | 73,577,000 | 44,897,000 |
Foreign government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 4,000 | |
Estimated Fair Value | $ 496,000 | |
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 - Narrati
Investment Securities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | |
Investment Securities | |||
Investment securities available-for-sale | $ 745,822,000 | $ 498,995,000 | |
Debt securities, unrealized gain (loss) | 21,300,000 | 2,800,000 | |
AFS, debt securities, unrealized loss position | $ 86,894,000 | $ 205,599,000 | |
Percentage of securities in unrealized loss positions, available-for-sale securities | 11.70% | 41.20% | |
AFS, debt securities, unrealized loss position, accumulated loss | $ 731,000 | $ 1,768,000 | |
Investment securities held to maturity, fair value | 0 | 87,561,000 | |
Net unrealized gain (loss), held-to-maturity securities | 800,000 | ||
Gross unrealized losses, fair value, held-to-maturity securities | $ 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 | $ 526,000 | 3,581,000 | |
Number of days past due, non-accrual status (in days) | 90 days | ||
Payments to acquired AFS debt securities | $ 503,495,000 | 50,400,000 | $ 73,852,000 |
Estimated fair value of debt securities have right to call or prepay the obligations | 90,800,000 | 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 | ||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 12,900,000 | 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 | 68,100,000 | 0 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | 9,800,000 | ||
Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading | 143,229,000 | 1,212,000 | |
Proceeds from sale of securities | 1,200,000 | ||
Debt Securities, Available-For-Sale | |||
Investment Securities | |||
Accrued interest receivable | 2,600,000 | 2,000,000 | |
GSE debt securities excluding specified securities | |||
Investment Securities | |||
Investment securities available-for-sale | 7,300,000 | 17,400,000 | |
GSE debentures | |||
Investment Securities | |||
Investment securities available-for-sale | 278,645,000 | 185,803,000 | |
Debt securities, unrealized gain (loss) | $ 4,800,000 | 2,900,000 | |
Investment securities held to maturity, fair value | 31,290,000 | ||
Gross Unrealized Losses | $ 51,000 | ||
Available-for-sale, qualitative disclosure, number of positions | security | 54 | 60 | |
Number of securities in unrealized loss positions | security | 7 | 5 | |
Payments to acquired AFS debt securities | $ 208,900,000 | $ 0 | |
Number of securities transferred | security | 9 | ||
Amount of transfer | $ 25,500,000 | ||
GSE CMOs | |||
Investment Securities | |||
Investment securities available-for-sale | 46,000,000 | 85,900,000 | |
Debt securities, unrealized gain (loss) | $ 1,100,000 | $ (1,100,000) | |
Available-for-sale, qualitative disclosure, number of positions | security | 33 | 61 | |
Number of securities in unrealized loss positions | security | 2 | 45 | |
Payments to acquired AFS debt securities | $ 0 | $ 0 | |
GSE MBSs | |||
Investment Securities | |||
Investment securities available-for-sale | 323,600,000 | 153,300,000 | |
Debt securities, unrealized gain (loss) | $ 11,000,000 | $ 300,000 | |
Available-for-sale, qualitative disclosure, number of positions | security | 140 | 150 | |
Number of securities in unrealized loss positions | security | 17 | 48 | |
Payments to acquired AFS debt securities | $ 258,700,000 | $ 19,600,000 | |
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 | $ 34,000 | ||
Available-for-sale, qualitative disclosure, number of positions | security | 4 | ||
Number of securities in unrealized loss positions | security | 3 | ||
Payments to acquired AFS debt securities | 0 | $ 0 | |
Corporate debt obligations | |||
Investment Securities | |||
Investment securities available-for-sale | 23,467,000 | 28,986,000 | |
Debt securities, unrealized gain (loss) | $ 1,200,000 | $ 500,000 | |
Available-for-sale, qualitative disclosure, number of positions | security | 6 | 8 | |
Number of securities in unrealized loss positions | security | 0 | 0 | |
Payments to acquired AFS debt securities | $ 0 | $ 0 | |
Number of securities transferred | security | 1 | ||
Amount of transfer | $ 500,000 | ||
U.S. Treasury bonds | |||
Investment Securities | |||
Investment securities available-for-sale | 73,600,000 | 44,900,000 | |
Debt securities, unrealized gain (loss) | $ 3,200,000 | $ 200,000 | |
Available-for-sale, qualitative disclosure, number of positions | security | 12 | 9 | |
Number of securities in unrealized loss positions | security | 1 | 5 | |
Payments to acquired AFS debt securities | $ 35,900,000 | $ 30,800,000 | |
Municipal obligations | |||
Investment Securities | |||
Investment securities available-for-sale | 46,500,000 | ||
Debt securities, unrealized gain (loss) | 45,700,000 | ||
Investment securities held to maturity, fair value | 46,514,000 | ||
Gross Unrealized Losses | $ 0 | ||
Number of securities in unrealized loss positions | security | 6 | ||
Payments to acquired AFS debt securities | $ 900,000 | ||
Number of securities transferred | security | 0 | 93 | |
Foreign government obligations | |||
Investment Securities | |||
Investment securities available-for-sale | $ 496,000 | ||
Investment securities held to maturity, fair value | $ 478,000 | ||
Gross Unrealized Losses | $ 22,000 | ||
Available-for-sale, qualitative disclosure, number of positions | security | 1 | 1 | |
Payments to acquired AFS debt securities | $ 0 | $ 0 | |
Collateral Pledged | |||
Investment Securities | |||
Available for sale securities pledged as collateral | 448,700,000 | 433,600,000 | |
Outstanding borrowings | $ 0 | $ 0 |
Investment Securities - Other-T
Investment Securities - Other-Than-Temporary Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | $ 85,429 | $ 107,424 |
Less than twelve months, unrealized losses | 722 | 506 |
Twelve months or longer, estimated fair value | 1,465 | 98,175 |
Twelve months or longer, unrealized losses | 9 | 1,262 |
Total, fair value | 86,894 | 205,599 |
Total, unrealized losses | 731 | 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 | |
Total temporarily impaired investment securities | ||
Less Than Twelve Months, Estimated Fair Value | 85,429 | 117,326 |
Less Than Twelve Months, Unrealized Losses | 722 | 558 |
Twelve Months or Longer, Estimated Fair Value | 1,465 | 110,614 |
Twelve Months or Longer, Unrealized Losses | 9 | 1,364 |
Total, Estimated Fair Value | 86,894 | 227,940 |
Total, Unrealized Losses | 731 | 1,922 |
GSE debentures | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 72,745 | 10,965 |
Less than twelve months, unrealized losses | 630 | 58 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, fair value | 72,745 | 10,965 |
Total, unrealized losses | 630 | 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 | 832 | 28,659 |
Less than twelve months, unrealized losses | 7 | 217 |
Twelve months or longer, estimated fair value | 872 | 55,885 |
Twelve months or longer, unrealized losses | 5 | 874 |
Total, fair value | 1,704 | 84,544 |
Total, unrealized losses | 12 | 1,091 |
GSE MBSs | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 2,102 | 42,046 |
Less than twelve months, unrealized losses | 5 | 115 |
Twelve months or longer, estimated fair value | 97 | 42,257 |
Twelve months or longer, unrealized losses | 0 | 388 |
Total, fair value | 2,199 | 84,303 |
Total, unrealized losses | 5 | 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 | 0 | |
Less than twelve months, unrealized losses | 0 | |
Twelve months or longer, estimated fair value | 33 | |
Twelve months or longer, unrealized losses | 0 | |
Total, fair value | 33 | |
Total, unrealized losses | 0 | |
U.S. Treasury bonds | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 9,750 | 25,754 |
Less than twelve months, unrealized losses | 80 | 116 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Total, fair value | 9,750 | 25,754 |
Total, unrealized losses | 80 | 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 | 0 | |
Less than twelve months, unrealized losses | 0 | |
Twelve months or longer, estimated fair value | 496 | |
Twelve months or longer, unrealized losses | 4 | |
Total, fair value | 496 | |
Total, unrealized losses | $ 4 | |
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 - Portfol
Investment Securities - Portfolio Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 31,633 | $ 12,797 |
After 1 year through 5 years | 146,274 | 217,569 |
After 5 years through 10 years | 222,271 | 93,805 |
Over 10 years | 324,375 | 171,994 |
Amortized Cost | 724,553 | 496,165 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 32,013 | 12,804 |
After 1 year through 5 years | 153,262 | 220,757 |
After 5 years through 10 years | 225,568 | 94,212 |
Over 10 years | 334,979 | 171,222 |
Total | $ 745,822 | $ 498,995 |
Available for Sale, Weighted Average Rate | ||
Within 1 year (as a percent) | 2.02% | 1.76% |
After 1 year through 5 years (as a percent) | 2.22% | 2.19% |
After 5 years through 10 years (as a percent) | 1.43% | 2.04% |
Over 10 years (as a percent) | 1.86% | 2.12% |
Total (as a percent) | 1.81% | 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 - Securit
Investment Securities - Security Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading | $ 143,229 | $ 1,212 |
Gross gains from sales | 3,423 | 0 |
Gross losses from sales | (1,473) | (232) |
Gain on sales of securities, net | $ 1,950 | $ (232) |
Restricted Equity Securities -
Restricted Equity Securities - Investments in Restricted Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted equity securities | ||
Restricted equity securities | $ 49,786 | $ 53,818 |
FHLBB stock | ||
Restricted equity securities | ||
Restricted equity securities | 31,293 | 35,482 |
FRB stock | ||
Restricted equity securities | ||
Restricted equity securities | 18,241 | 18,084 |
Other restricted equity securities | ||
Restricted equity securities | ||
Restricted equity securities | $ 252 | $ 252 |
Restricted Equity Securities _2
Restricted Equity Securities - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | |
FHLBB stock | |||
Investment Securities | |||
Dividend rate (as a percent) | 3.76% | 5.46% | 4.64% |
Loans and Leases - Summary of L
Loans and Leases - Summary of Loan and Lease Balances and Weighted Average Coupon Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 7,269,553 | $ 6,737,816 |
Total, Weighted Average Coupon (as a percent) | 3.97% | 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 | $ 2,578,773 | $ 2,491,011 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,013,432 | 932,163 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 231,621 | 246,048 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,131,668 | 729,502 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 1,092,461 | 1,052,408 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 50,770 | 56,838 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 791,317 | 814,245 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 346,652 | 376,819 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | 32,859 | 38,782 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 3,823,826 | $ 3,669,222 |
Total, Weighted Average Coupon (as a percent) | 3.56% | 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 | $ 2,578,773 | $ 2,491,011 |
Total, Weighted Average Coupon (as a percent) | 3.58% | 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 | $ 1,013,432 | $ 932,163 |
Total, Weighted Average Coupon (as a percent) | 3.53% | 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 | $ 231,621 | $ 246,048 |
Total, Weighted Average Coupon (as a percent) | 3.49% | 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 | $ 2,274,899 | $ 1,838,748 |
Total, Weighted Average Coupon (as a percent) | 4.86% | 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 | $ 1,131,668 | $ 729,502 |
Total, Weighted Average Coupon (as a percent) | 2.55% | 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 | $ 489,216 | |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans and Leases | $ 1,092,461 | $ 1,052,408 |
Total, Weighted Average Coupon (as a percent) | 7.26% | 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 | $ 50,770 | $ 56,838 |
Total, Weighted Average Coupon (as a percent) | 4.55% | 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 | $ 1,170,828 | $ 1,229,846 |
Total, Weighted Average Coupon (as a percent) | 3.58% | 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 | $ 791,317 | $ 814,245 |
Total, Weighted Average Coupon (as a percent) | 3.74% | 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 | $ 346,652 | $ 376,819 |
Total, Weighted Average Coupon (as a percent) | 3.26% | 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 | $ 32,859 | $ 38,782 |
Total, Weighted Average Coupon (as a percent) | 3.04% | 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 ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized deferred loan origination fees and costs | $ 4,100,000 | $ 15,700,000 | |
Percentage of loans to aggregate outstanding amount in Other areas of the United States | 27.80% | ||
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 72.20% | ||
Loans and leases pledged as collateral | $ 3,500,000,000 | 3,000,000,000 | |
Outstanding | 7,269,553,000 | 6,737,816,000 | |
FRB borrowings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding | 0 | 0 | |
Directors, executive officers and their affiliates | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unfunded commitments on extensions of credit | 15,000,000 | 12,800,000 | |
New loans granted during the year | 11,003,000 | 34,000 | |
Directors, executive officers and their affiliates | PPP Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
New loans granted during the year | 9,600,000 | ||
Acquired | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Reclassification from nonaccretable difference as a result from changes in expected cash flows | 1,086,000 | $ 1,500,000 | |
Outstanding | 288,129,000 | ||
Loans And Leases Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest receivable | $ 20,500,000 | $ 17,400,000 |
Loans and Leases - Accretable Y
Loans and Leases - Accretable Yield for the Acquired Loan Portfolio (Details) - Acquired - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Summarized activity in accretable yield for the acquired loan portfolio | ||
Balance at beginning of year | $ 7,905 | $ 10,522 |
Accretion | (3,769) | (4,117) |
Reclassification from nonaccretable difference as a result from changes in expected cash flows | 1,086 | 1,500 |
Balance at end of year | $ 5,222 | $ 7,905 |
Loans and Leases - Loans and Ad
Loans and Leases - Loans and Advances to Directors, Executive Officers and Their Affiliates (Details) - Directors, executive officers and their affiliates - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Change in the total amounts of loans and advances, all of which were performing | ||
Balance at beginning of year | $ 70,400 | $ 46,771 |
New loans granted during the year | 11,003 | 34 |
Loans reclassified as insider loans | 5,465 | 16,800 |
Advances on lines of credit | 61,089 | 8,652 |
Repayments | (69,756) | (1,857) |
Balance at end of year | $ 78,201 | $ 70,400 |
Allowance for Credit Losses - S
Allowance for Credit 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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | $ 61,082 | $ 58,692 | $ 61,082 | $ 58,692 | $ 58,592 | ||||||
Charge-offs | (14,663) | (9,038) | (7,228) | ||||||||
Recoveries | 1,702 | 1,867 | 2,577 | ||||||||
Provision for loan and lease losses excluding unfunded commitments | 59,626 | 9,561 | 4,751 | ||||||||
Balance at the end of the period | $ 114,379 | $ 61,082 | 114,379 | 61,082 | 58,692 | ||||||
Provisions for credit losses | |||||||||||
Provision (credit) for loan and lease losses | 59,626 | 9,561 | 4,751 | ||||||||
Unfunded credit commitments | 2,260 | 22 | 200 | ||||||||
Provision for credit losses | (2,103) | $ 4,528 | $ 5,347 | 54,114 | 3,602 | $ 871 | $ 3,757 | 1,353 | 61,886 | 9,583 | 4,951 |
Cumulative effect, period of adoption, adjustment | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 6,632 | 6,632 | |||||||||
Balance at the end of the period | 6,632 | 6,632 | |||||||||
Cumulative effect, period of adoption, adjusted balance | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 67,714 | 67,714 | |||||||||
Balance at the end of the period | 67,714 | 67,714 | |||||||||
Commercial Real Estate | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 30,285 | 28,187 | 30,285 | 28,187 | 27,112 | ||||||
Charge-offs | (3,514) | 0 | (103) | ||||||||
Recoveries | 94 | 0 | 0 | ||||||||
Provision for loan and lease losses excluding unfunded commitments | 41,573 | 2,098 | 1,178 | ||||||||
Balance at the end of the period | 80,132 | 30,285 | 80,132 | 30,285 | 28,187 | ||||||
Provisions for credit losses | |||||||||||
Provision (credit) for loan and lease losses | 41,573 | 2,098 | 1,178 | ||||||||
Commercial Real Estate | Cumulative effect, period of adoption, adjustment | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 11,694 | 11,694 | |||||||||
Balance at the end of the period | 11,694 | 11,694 | |||||||||
Commercial Real Estate | Cumulative effect, period of adoption, adjusted balance | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 41,979 | 41,979 | |||||||||
Balance at the end of the period | 41,979 | 41,979 | |||||||||
Commercial | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 24,826 | 25,283 | 24,826 | 25,283 | 26,333 | ||||||
Charge-offs | (11,113) | (8,911) | (6,585) | ||||||||
Recoveries | 1,407 | 1,688 | 2,287 | ||||||||
Provision for loan and lease losses excluding unfunded commitments | 17,050 | 6,766 | 3,248 | ||||||||
Balance at the end of the period | 29,498 | 24,826 | 29,498 | 24,826 | 25,283 | ||||||
Provisions for credit losses | |||||||||||
Provision (credit) for loan and lease losses | 17,050 | 6,766 | 3,248 | ||||||||
Commercial | Cumulative effect, period of adoption, adjustment | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | (2,672) | (2,672) | |||||||||
Balance at the end of the period | (2,672) | (2,672) | |||||||||
Commercial | Cumulative effect, period of adoption, adjusted balance | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 22,154 | 22,154 | |||||||||
Balance at the end of the period | 22,154 | 22,154 | |||||||||
Consumer | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | 5,971 | $ 5,222 | 5,971 | 5,222 | 5,147 | ||||||
Charge-offs | (36) | (127) | (540) | ||||||||
Recoveries | 201 | 179 | 290 | ||||||||
Provision for loan and lease losses excluding unfunded commitments | 1,003 | 697 | 325 | ||||||||
Balance at the end of the period | $ 4,749 | 5,971 | 4,749 | 5,971 | 5,222 | ||||||
Provisions for credit losses | |||||||||||
Provision (credit) for loan and lease losses | 1,003 | 697 | $ 325 | ||||||||
Consumer | Cumulative effect, period of adoption, adjustment | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | (2,390) | (2,390) | |||||||||
Balance at the end of the period | (2,390) | (2,390) | |||||||||
Consumer | Cumulative effect, period of adoption, adjusted balance | |||||||||||
Changes in allowance for loan losses | |||||||||||
Balance at the beginning of the period | $ 3,581 | $ 3,581 | |||||||||
Balance at the end of the period | $ 3,581 | $ 3,581 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | Jan. 01, 2020USD ($) | Dec. 31, 2017USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Unfunded credit commitments liability included in other liabilities | $ 1,900,000 | ||||
Unfunded credit commitments liability | $ 13,100,000 | 1,900,000 | |||
Unfunded credit commitments liability charge-off | 0 | 0 | |||
Total, allowance | 114,379,000 | 61,082,000 | $ 58,692,000 | $ 58,592,000 | |
Provision for loan and lease losses | 59,626,000 | 9,561,000 | 4,751,000 | ||
Outstanding | 7,269,553,000 | 6,737,816,000 | |||
Interest income on nonaccrual loans | 0 | ||||
Increase (decrease) in financing receivable, modifications | 4,200,000 | ||||
Total troubled debt restructurings | 18,959,000 | 23,180,000 | |||
Recorded investment, at end of period | 5,300,000 | $ 12,702,000 | $ 5,792,000 | ||
Number of loans | loan | 21 | 30 | |||
Financial impact of modification of performing and nonperforming loans | 800,000 | $ 2,000,000 | |||
Loans modified to trouble debt restructurings | 2,400,000 | 3,100,000 | |||
General Allowance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total, allowance | 112,100,000 | 59,300,000 | |||
Specific Allowance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total, allowance | 2,300,000 | 1,800,000 | |||
Increase in allowance | 500,000 | ||||
Construction | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | $ 231,621,000 | 246,048,000 | |||
Number of loans paid off | loan | 1 | ||||
Troubled debt restructurings payoffs | $ 2,900,000 | ||||
Total | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | 6,131,584,000 | 5,546,752,000 | |||
Total | Definite Loss | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | 0 | 0 | |||
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | $ 1,131,668,000 | 729,502,000 | |||
Number of loans paid off | loan | 1 | ||||
Troubled debt restructurings payoffs | $ 3,000,000 | ||||
Equipment financing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | 1,092,461,000 | $ 1,052,408,000 | |||
Number of loans | loan | 3 | ||||
Decreases from TDR loans and leases that were modified | $ (7,100,000) | ||||
Loans Granted Short-Term Deferment Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | $ 1,100,000,000 | ||||
Number of loans | loan | 4,989,000 | ||||
Short-Term Deferment Loans Returned To Payment Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | $ 1,000,000,000 | ||||
Number of loans | loan | 4,691,000 | ||||
Loans With Short-Term Deferments | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | $ 90,400,000 | ||||
Number of loans | loan | 298 | ||||
Percent of total loan balance | 1.20% | ||||
Commercial loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total, allowance | $ 29,498,000 | 24,826,000 | $ 25,283,000 | 26,333,000 | |
Provision for loan and lease losses | 17,050,000 | 6,766,000 | 3,248,000 | ||
Outstanding | 2,274,899,000 | 1,838,748,000 | |||
Commercial loans | Specific Allowance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Provision for loan and lease losses | 700,000 | ||||
Commercial loans | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | 1,131,668,000 | 729,502,000 | |||
Commercial loans | Equipment financing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | 1,092,461,000 | 1,052,408,000 | |||
Commercial real estate loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total, allowance | 80,132,000 | 30,285,000 | 28,187,000 | $ 27,112,000 | |
Provision for loan and lease losses | 41,573,000 | 2,098,000 | $ 1,178,000 | ||
Outstanding | 3,823,826,000 | 3,669,222,000 | |||
Commercial real estate loans | Specific Allowance | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Provision for loan and lease losses | 1,700,000 | ||||
Commercial real estate loans | Construction | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Outstanding | $ 231,621,000 | $ 246,048,000 | |||
Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total, allowance | $ 6,600,000 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Credit Quality Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Credit Quality Information | ||
Total Loans and Leases | $ 7,269,553 | $ 6,737,816 |
Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 7,269,553 | 6,449,687 |
Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 288,129 | |
Commercial real estate | ||
Credit Quality Information | ||
2020 | 352,832 | |
2019 | 412,548 | |
2018 | 282,629 | |
2017 | 257,047 | |
2016 | 246,791 | |
Prior | 958,887 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 2,578,773 | 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 | 352,832 | |
2019 | 412,071 | |
2018 | 282,629 | |
2017 | 255,786 | |
2016 | 243,477 | |
Prior | 944,676 | |
Revolving Loans | 55,392 | |
Revolving Loans Converted to Term Loans | 12,585 | |
Total Loans and Leases | 2,559,448 | |
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 | 477 | |
2018 | 0 | |
2017 | 0 | |
2016 | 3,312 | |
Prior | 8,991 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 12,780 | |
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 | 1,261 | |
2016 | 2 | |
Prior | 5,220 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 62 | |
Total Loans and Leases | 6,545 | |
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 | 125,434 | |
2019 | 136,620 | |
2018 | 162,180 | |
2017 | 103,997 | |
2016 | 127,873 | |
Prior | 306,612 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 1,013,432 | 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 | 125,434 | |
2019 | 136,620 | |
2018 | 162,180 | |
2017 | 103,997 | |
2016 | 127,873 | |
Prior | 304,224 | |
Revolving Loans | 15,845 | |
Revolving Loans Converted to Term Loans | 34,871 | |
Total Loans and Leases | 1,011,044 | |
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 | ||
Credit Quality Information | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 2,388 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 2,388 | |
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 | 46,249 | |
2019 | 60,927 | |
2018 | 112,856 | |
2017 | 1,799 | |
2016 | 5,552 | |
Prior | 404 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 231,621 | 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 | 46,249 | |
2019 | 56,074 | |
2018 | 112,856 | |
2017 | 1,799 | |
2016 | 2,788 | |
Prior | 404 | |
Revolving Loans | 3,834 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 224,004 | |
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 | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | OAEM | Acquired | ||
Credit Quality Information | ||
Total Loans and Leases | 0 | |
Construction | Substandard | ||
Credit Quality Information | ||
2020 | ||
2019 | 4,853 | |
2018 | ||
2017 | ||
2016 | 2,764 | |
Prior | ||
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 7,617 | |
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 | 574,932 | |
2019 | 71,128 | |
2018 | 41,454 | |
2017 | 62,501 | |
2016 | 22,149 | |
Prior | 121,344 | |
Revolving Loans | 235,807 | |
Revolving Loans Converted to Term Loans | 2,353 | |
Total Loans and Leases | 1,131,668 | 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 | 574,542 | |
2019 | 66,278 | |
2018 | 41,325 | |
2017 | 62,112 | |
2016 | 22,085 | |
Prior | 113,715 | |
Revolving Loans | 226,495 | |
Revolving Loans Converted to Term Loans | 1,687 | |
Total Loans and Leases | 1,108,239 | |
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 | 310 | |
2019 | 4,850 | |
2018 | 0 | |
2017 | 0 | |
2016 | 35 | |
Prior | 17 | |
Revolving Loans | 5,382 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 10,594 | |
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 | 80 | |
2019 | 0 | |
2018 | 129 | |
2017 | 389 | |
2016 | 29 | |
Prior | 7,612 | |
Revolving Loans | 3,930 | |
Revolving Loans Converted to Term Loans | 664 | |
Total Loans and Leases | 12,833 | |
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 | 2 | |
Total Loans and Leases | 2 | |
Commercial | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 3 | |
Equipment financing | ||
Credit Quality Information | ||
2020 | 332,974 | |
2019 | 311,746 | |
2018 | 214,813 | |
2017 | 125,510 | |
2016 | 60,033 | |
Prior | 46,173 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 1,092,461 | 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 | 332,375 | |
2019 | 306,231 | |
2018 | 209,219 | |
2017 | 121,845 | |
2016 | 56,241 | |
Prior | 45,451 | |
Revolving Loans | 636 | |
Revolving Loans Converted to Term Loans | 576 | |
Total Loans and Leases | 1,072,574 | |
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 | 196 | |
2019 | 1,066 | |
2018 | 290 | |
2017 | 93 | |
2016 | 609 | |
Prior | 85 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 2,339 | |
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 | 402 | |
2019 | 4,385 | |
2018 | 5,280 | |
2017 | 3,545 | |
2016 | 1,891 | |
Prior | 631 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 16,134 | |
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 | 1 | |
2019 | 64 | |
2018 | 24 | |
2017 | 27 | |
2016 | 1,292 | |
Prior | 6 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 1,414 | |
Equipment financing | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,820 | |
Condominium association | ||
Credit Quality Information | ||
2020 | 6,455 | |
2019 | 9,918 | |
2018 | 5,399 | |
2017 | 7,928 | |
2016 | 5,325 | |
Prior | 12,682 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 50,770 | 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 | 6,455 | |
2019 | 9,918 | |
2018 | 5,399 | |
2017 | 7,928 | |
2016 | 5,213 | |
Prior | 12,682 | |
Revolving Loans | 2,684 | |
Revolving Loans Converted to Term Loans | 379 | |
Total Loans and Leases | 50,658 | |
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 | 112 | |
Prior | 0 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 112 | |
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 | 694 | |
2019 | 549 | |
2018 | 1,938 | |
2017 | 32 | |
2016 | 570 | |
Prior | 301 | |
Revolving Loans | ||
Revolving Loans Converted to Term Loans | ||
Total Loans and Leases | 32,859 | 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 | 694 | |
2019 | 549 | |
2018 | 1,938 | |
2017 | 32 | |
2016 | 570 | |
Prior | 301 | |
Revolving Loans | 28,755 | |
Revolving Loans Converted to Term Loans | 18 | |
Total Loans and Leases | 32,857 | |
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 | 0 | |
Revolving Loans Converted to Term Loans | 2 | |
Total Loans and Leases | 2 | |
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 | 1,439,570 | |
2019 | 1,003,436 | |
2018 | 821,269 | |
2017 | 558,814 | |
2016 | 468,293 | |
Prior | 1,446,403 | |
Revolving Loans | 342,953 | |
Revolving Loans Converted to Term Loans | 50,846 | |
Total Loans and Leases | 6,131,584 | 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 | 1,438,581 | |
2019 | 987,741 | |
2018 | 815,546 | |
2017 | 553,499 | |
2016 | 458,247 | |
Prior | 1,421,453 | |
Revolving Loans | 333,641 | |
Revolving Loans Converted to Term Loans | 50,116 | |
Total Loans and Leases | 6,058,824 | |
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 | 506 | |
2019 | 6,393 | |
2018 | 290 | |
2017 | 93 | |
2016 | 3,956 | |
Prior | 11,481 | |
Revolving Loans | 5,382 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 28,101 | |
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 | 482 | |
2019 | 9,238 | |
2018 | 5,409 | |
2017 | 5,195 | |
2016 | 4,798 | |
Prior | 13,463 | |
Revolving Loans | 3,930 | |
Revolving Loans Converted to Term Loans | 728 | |
Total Loans and Leases | 43,243 | |
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 | 1 | |
2019 | 64 | |
2018 | 24 | |
2017 | 27 | |
2016 | 1,292 | |
Prior | 6 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 2 | |
Total Loans and Leases | 1,416 | |
Total | Doubtful | Originated | ||
Credit Quality Information | ||
Total Loans and Leases | 1,823 | |
Residential mortgage | ||
Credit Quality Information | ||
2020 | 167,496 | |
2019 | 136,467 | |
2018 | 94,357 | |
2017 | 87,749 | |
2016 | 65,741 | |
Prior | 233,734 | |
Revolving Loans | 4,442 | |
Revolving Loans Converted to Term Loans | 1,331 | |
Total Loans and Leases | 791,317 | $ 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 over | 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 over | 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% | |
Residential mortgage | Over 700 | ||
Credit Quality Information | ||
2020 | 119,566 | |
2019 | 94,300 | |
2018 | 62,452 | |
2017 | 53,662 | |
2016 | 47,327 | |
Prior | 124,999 | |
Revolving Loans | 4,442 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 506,748 | |
Residential mortgage | 661 - 700 | ||
Credit Quality Information | ||
2020 | 21,820 | |
2019 | 19,426 | |
2018 | 10,943 | |
2017 | 15,616 | |
2016 | 8,132 | |
Prior | 23,282 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 99,219 | |
Residential mortgage | 600 and below | ||
Credit Quality Information | ||
2020 | 6,901 | |
2019 | 5,659 | |
2018 | 4,763 | |
2017 | 4,318 | |
2016 | 4,553 | |
Prior | 13,997 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 0 | |
Total Loans and Leases | 40,191 | |
Residential mortgage | Data not available | ||
Credit Quality Information | ||
2020 | 19,209 | |
2019 | 17,082 | |
2018 | 16,199 | |
2017 | 14,153 | |
2016 | 5,729 | |
Prior | 71,456 | |
Revolving Loans | 0 | |
Revolving Loans Converted to Term Loans | 1,331 | |
Total Loans and Leases | 145,159 | |
Home equity | ||
Credit Quality Information | ||
2020 | 1,788 | |
2019 | 3,399 | |
2018 | 3,205 | |
2017 | 3,349 | |
2016 | 1,254 | |
Prior | 17,525 | |
Revolving Loans | 310,363 | |
Revolving Loans Converted to Term Loans | 5,769 | |
Total Loans and Leases | 346,652 | $ 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 over | 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 over | 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% | |
Home equity | Over 700 | ||
Credit Quality Information | ||
2020 | 1,546 | |
2019 | 2,832 | |
2018 | 2,440 | |
2017 | 2,770 | |
2016 | 910 | |
Prior | 12,804 | |
Revolving Loans | 247,538 | |
Revolving Loans Converted to Term Loans | 2,397 | |
Total Loans and Leases | 273,237 | |
Home equity | 661 - 700 | ||
Credit Quality Information | ||
2020 | 122 | |
2019 | 459 | |
2018 | 499 | |
2017 | 566 | |
2016 | 305 | |
Prior | 2,793 | |
Revolving Loans | 45,356 | |
Revolving Loans Converted to Term Loans | 1,334 | |
Total Loans and Leases | 51,434 | |
Home equity | 600 and below | ||
Credit Quality Information | ||
2020 | 59 | |
2019 | 108 | |
2018 | 266 | |
2017 | 13 | |
2016 | 39 | |
Prior | 541 | |
Revolving Loans | 10,139 | |
Revolving Loans Converted to Term Loans | 878 | |
Total Loans and Leases | 12,043 | |
Home equity | Data not available | ||
Credit Quality Information | ||
2020 | 61 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,387 | |
Revolving Loans | 7,330 | |
Revolving Loans Converted to Term Loans | 1,160 | |
Total Loans and Leases | $ 9,938 |
Allowance for Credit Losses - F
Allowance for Credit Losses - Foreclosed Residential Real Estate Property (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 0 | $ 110 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Age analysis of past due loans | ||
Past Due | $ 82,574 | $ 46,289 |
Current | 7,186,979 | 6,691,527 |
Total Loans and Leases | 7,269,553 | 6,737,816 |
Past Due Greater Than 90 Days and Accruing | 11,975 | 10,109 |
Non-accrual | 38,448 | 19,461 |
Non-accrual with no related Allowance | 22,811 | |
Commercial real estate | ||
Age analysis of past due loans | ||
Total Loans and Leases | 2,578,773 | 2,491,011 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,013,432 | 932,163 |
Construction | ||
Age analysis of past due loans | ||
Total Loans and Leases | 231,621 | 246,048 |
Commercial | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,131,668 | 729,502 |
Equipment financing | ||
Age analysis of past due loans | ||
Total Loans and Leases | 1,092,461 | 1,052,408 |
Condominium association | ||
Age analysis of past due loans | ||
Total Loans and Leases | 50,770 | 56,838 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total Loans and Leases | 791,317 | 814,245 |
Home equity | ||
Age analysis of past due loans | ||
Total Loans and Leases | 346,652 | 376,819 |
Other consumer | ||
Age analysis of past due loans | ||
Total Loans and Leases | 32,859 | 38,782 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 46,398 | |
Current | 3,777,428 | |
Total Loans and Leases | 3,823,826 | 3,669,222 |
Past Due Greater Than 90 Days and Accruing | 8,486 | |
Non-accrual | 7,153 | |
Non-accrual with no related Allowance | 6,433 | |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 37,968 | |
Current | 2,540,805 | |
Total Loans and Leases | 2,578,773 | 2,491,011 |
Past Due Greater Than 90 Days and Accruing | 4,722 | |
Non-accrual | 3,300 | |
Non-accrual with no related Allowance | 2,580 | |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 813 | |
Current | 1,012,619 | |
Total Loans and Leases | 1,013,432 | 932,163 |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 0 | |
Non-accrual with no related Allowance | 0 | |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 7,617 | |
Current | 224,004 | |
Total Loans and Leases | 231,621 | 246,048 |
Past Due Greater Than 90 Days and Accruing | 3,764 | |
Non-accrual | 3,853 | |
Non-accrual with no related Allowance | 3,853 | |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 28,129 | |
Current | 2,246,770 | |
Total Loans and Leases | 2,274,899 | 1,838,748 |
Past Due Greater Than 90 Days and Accruing | 3,486 | |
Non-accrual | 24,571 | |
Non-accrual with no related Allowance | 10,437 | |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 9,926 | |
Current | 1,121,742 | |
Total Loans and Leases | 1,131,668 | 729,502 |
Past Due Greater Than 90 Days and Accruing | 3,486 | |
Non-accrual | 7,702 | |
Non-accrual with no related Allowance | 6,263 | |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 17,624 | |
Current | 1,074,837 | |
Total Loans and Leases | 1,092,461 | 1,052,408 |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 16,757 | |
Non-accrual with no related Allowance | 4,062 | |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 579 | |
Current | 50,191 | |
Total Loans and Leases | 50,770 | 56,838 |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 112 | |
Non-accrual with no related Allowance | 112 | |
Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 8,047 | |
Current | 1,162,781 | |
Total Loans and Leases | 1,170,828 | 1,229,846 |
Past Due Greater Than 90 Days and Accruing | 3 | |
Non-accrual | 6,724 | |
Non-accrual with no related Allowance | 5,941 | |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 6,650 | |
Current | 784,667 | |
Total Loans and Leases | 791,317 | 814,245 |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 5,587 | |
Non-accrual with no related Allowance | 5,117 | |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1,383 | |
Current | 345,269 | |
Total Loans and Leases | 346,652 | 376,819 |
Past Due Greater Than 90 Days and Accruing | 3 | |
Non-accrual | 1,136 | |
Non-accrual with no related Allowance | 824 | |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 14 | |
Current | 32,845 | |
Total Loans and Leases | 32,859 | 38,782 |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 1 | |
Non-accrual with no related Allowance | 0 | |
31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 28,564 | 18,313 |
31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 19,107 | |
31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 18,294 | |
31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 813 | |
31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 6,703 | |
31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 451 | |
31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 5,970 | |
31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 282 | |
31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,754 | |
31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 2,161 | |
31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 580 | |
31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 13 | |
61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 16,129 | 4,978 |
61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 12,402 | |
61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 12,402 | |
61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 2,864 | |
61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 304 | |
61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 2,263 | |
61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 297 | |
61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 863 | |
61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 648 | |
61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 215 | |
61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 37,881 | 22,998 |
Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 14,889 | |
Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 7,272 | |
Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 7,617 | |
Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 18,562 | |
Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 9,171 | |
Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 9,391 | |
Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 4,430 | |
Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,841 | |
Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 588 | |
Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 1 | |
Originated | ||
Age analysis of past due loans | ||
Past Due | 35,023 | |
Current | 6,414,664 | |
Total Loans and Leases | 7,269,553 | 6,449,687 |
Past Due Greater Than 90 Days and Accruing | 53 | |
Non-accrual | 18,545 | |
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 | 11,080 | |
Current | 3,524,454 | |
Total Loans and Leases | 3,823,826 | 3,535,534 |
Past Due Greater Than 90 Days and Accruing | 51 | |
Non-accrual | 2,835 | |
Originated | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 6,968 | |
Current | 2,393,069 | |
Total Loans and Leases | 2,400,037 | |
Past Due Greater Than 90 Days and Accruing | 51 | |
Non-accrual | 2,751 | |
Originated | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 4,112 | |
Current | 892,370 | |
Total Loans and Leases | 896,482 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 84 | |
Originated | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Current | 239,015 | |
Total Loans and Leases | 239,015 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 0 | |
Originated | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 21,444 | |
Current | 1,799,266 | |
Total Loans and Leases | 2,274,899 | 1,820,710 |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 14,680 | |
Originated | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 9,084 | |
Current | 704,791 | |
Total Loans and Leases | 713,875 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 4,707 | |
Originated | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 11,902 | |
Current | 1,038,095 | |
Total Loans and Leases | 1,049,997 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 9,822 | |
Originated | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 458 | |
Current | 56,380 | |
Total Loans and Leases | 56,838 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 151 | |
Originated | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 2,499 | |
Current | 1,090,944 | |
Total Loans and Leases | $ 1,170,828 | 1,093,443 |
Past Due Greater Than 90 Days and Accruing | 2 | |
Non-accrual | 1,030 | |
Originated | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,017 | |
Current | 710,505 | |
Total Loans and Leases | 711,522 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 753 | |
Originated | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 1,434 | |
Current | 341,813 | |
Total Loans and Leases | 343,247 | |
Past Due Greater Than 90 Days and Accruing | 2 | |
Non-accrual | 276 | |
Originated | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 48 | |
Current | 38,626 | |
Total Loans and Leases | 38,674 | |
Past Due Greater Than 90 Days and Accruing | 0 | |
Non-accrual | 1 | |
Originated | 31-60 days past due | ||
Age analysis of past due loans | ||
Past Due | 17,309 | |
Originated | 31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 6,889 | |
Originated | 31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 3,330 | |
Originated | 31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 3,559 | |
Originated | 31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Originated | 31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 8,566 | |
Originated | 31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 5,010 | |
Originated | 31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 3,098 | |
Originated | 31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 458 | |
Originated | 31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 1,854 | |
Originated | 31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 1,014 | |
Originated | 31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 794 | |
Originated | 31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 46 | |
Originated | 61-90 days past due | ||
Age analysis of past due loans | ||
Past Due | 4,844 | |
Originated | 61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 2,585 | |
Originated | 61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 2,032 | |
Originated | 61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Past Due | 553 | |
Originated | 61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Originated | 61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 1,757 | |
Originated | 61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 199 | |
Originated | 61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 1,558 | |
Originated | 61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Originated | 61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 502 | |
Originated | 61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Originated | 61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 501 | |
Originated | 61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 1 | |
Originated | Greater than 90 days past due | ||
Age analysis of past due loans | ||
Past Due | 12,870 | |
Originated | Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Past Due | 1,606 | |
Originated | Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Past Due | 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 | |
Originated | Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Originated | Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Past Due | 11,121 | |
Originated | Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Past Due | 3,875 | |
Originated | Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Past Due | 7,246 | |
Originated | Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Past Due | 0 | |
Originated | Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Past Due | 143 | |
Originated | Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Past Due | 3 | |
Originated | Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Past Due | 139 | |
Originated | Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Past Due | 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 Credit Losses - R
Allowance for Credit Losses - Recorded Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2017 | |
Recorded investment in loans and leases by portfolio segment | ||||
Total, Allowance | $ 61,082 | $ 58,692 | $ 114,379 | $ 58,592 |
Total Loans and Leases | 6,737,816 | 7,269,553 | ||
Recorded investment | 58,712 | |||
Unpaid principal balance | 58,757 | |||
Related allowance | 1,789 | |||
Average recorded investment | 62,429 | 62,035 | ||
Interest income recognized, Total | 1,496 | 1,329 | ||
Originated | ||||
Recorded investment in loans and leases by portfolio segment | ||||
Individually evaluated for impairment, allowance | 1,749 | 2,311 | ||
Collectively evaluated for impairment, allowance | 57,118 | 112,068 | ||
Total, Allowance | 58,867 | 114,379 | ||
Individually evaluated for impairment, loans and leases | 27,301 | 47,646 | ||
Collectively evaluated for impairment, loans and leases | 6,422,386 | 7,221,907 | ||
Total Loans and Leases | 6,449,687 | 7,269,553 | ||
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 | |||
Average recorded investment with no related allowance recorded | 37,569 | 35,799 | ||
Average recorded investment with related allowance recorded | 8,340 | 9,960 | ||
Average recorded investment | 45,909 | 45,759 | ||
Interest income recognized with no related allowance recorded | 1,161 | 1,134 | ||
Interest income recognized with related allowance recorded | 111 | 107 | ||
Interest income recognized, Total | 1,272 | 1,241 | ||
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 | |||
Average recorded investment with no related allowance recorded | 16,218 | 16,141 | ||
Average recorded investment with related allowance recorded | 302 | 135 | ||
Average recorded investment | 16,520 | 16,276 | ||
Interest income recognized with no related allowance recorded | 213 | 84 | ||
Interest income recognized with related allowance recorded | 11 | 4 | ||
Interest income recognized, Total | 224 | 88 | ||
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 | 30,285 | 28,187 | 80,132 | 27,112 |
Total Loans and Leases | 3,669,222 | 3,823,826 | ||
Commercial real estate loans | Originated | ||||
Recorded investment in loans and leases by portfolio segment | ||||
Individually evaluated for impairment, allowance | 7 | 183 | ||
Collectively evaluated for impairment, allowance | 28,415 | 79,949 | ||
Total, Allowance | 28,422 | 80,132 | ||
Individually evaluated for impairment, loans and leases | 3,956 | 14,159 | ||
Collectively evaluated for impairment, loans and leases | 3,531,578 | 3,809,667 | ||
Total Loans and Leases | 3,535,534 | 3,823,826 | ||
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 | 5,148 | 6,484 | ||
Average recorded investment with related allowance recorded | 269 | 99 | ||
Interest income recognized with no related allowance recorded | 110 | 87 | ||
Interest income recognized with related allowance recorded | 3 | 0 | ||
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 | |||
Unpaid principal balance with no related allowance recorded | 12,366 | |||
Average recorded investment with no related allowance recorded | 11,409 | 9,868 | ||
Interest income recognized with no related allowance recorded | 163 | 7 | ||
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 | 24,826 | 25,283 | 29,498 | 26,333 |
Total Loans and Leases | 1,838,748 | 2,274,899 | ||
Commercial | Originated | ||||
Recorded investment in loans and leases by portfolio segment | ||||
Individually evaluated for impairment, allowance | 1,672 | 2,020 | ||
Collectively evaluated for impairment, allowance | 22,853 | 27,478 | ||
Total, Allowance | 24,525 | 29,498 | ||
Individually evaluated for impairment, loans and leases | 20,019 | 24,727 | ||
Collectively evaluated for impairment, loans and leases | 1,800,691 | 2,250,172 | ||
Total Loans and Leases | 1,820,710 | 2,274,899 | ||
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 | 29,759 | 26,514 | ||
Average recorded investment with related allowance recorded | 7,125 | 9,026 | ||
Interest income recognized with no related allowance recorded | 1,009 | 993 | ||
Interest income recognized with related allowance recorded | 76 | 96 | ||
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 | |||
Unpaid principal balance with no related allowance recorded | 437 | |||
Average recorded investment with no related allowance recorded | 511 | 1,212 | ||
Interest income recognized with no related allowance recorded | 11 | 16 | ||
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 loans | ||||
Recorded investment in loans and leases by portfolio segment | ||||
Total, Allowance | 5,971 | 5,222 | 4,749 | $ 5,147 |
Total Loans and Leases | 1,229,846 | 1,170,828 | ||
Consumer loans | Originated | ||||
Recorded investment in loans and leases by portfolio segment | ||||
Individually evaluated for impairment, allowance | 70 | 108 | ||
Collectively evaluated for impairment, allowance | 5,850 | 4,641 | ||
Total, Allowance | 5,920 | 4,749 | ||
Individually evaluated for impairment, loans and leases | 3,326 | 8,760 | ||
Collectively evaluated for impairment, loans and leases | 1,090,117 | 1,162,068 | ||
Total Loans and Leases | 1,093,443 | $ 1,170,828 | ||
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 | 2,662 | 2,801 | ||
Average recorded investment with related allowance recorded | 946 | 835 | ||
Interest income recognized with no related allowance recorded | 42 | 54 | ||
Interest income recognized with related allowance recorded | 32 | 11 | ||
Consumer loans | 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 | 4,298 | 5,061 | ||
Average recorded investment with related allowance recorded | 302 | 135 | ||
Interest income recognized with no related allowance recorded | 39 | 61 | ||
Interest income recognized with related allowance recorded | 11 | $ 4 | ||
Consumer loans | 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 loans | 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 Credit Losses - T
Allowance for Credit Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Receivables [Abstract] | |||
On accrual | $ 11,483 | $ 17,076 | |
On nonaccrual | 7,476 | 6,104 | |
Total troubled debt restructurings | 18,959 | $ 23,180 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 21 | 30 | |
Recorded Investment, At Modification | $ 16,484 | $ 5,843 | |
Recorded investment, at end of period | 5,300 | 12,702 | 5,792 |
Specific Allowance for Loan and Lease Losses | 2,455 | 782 | |
Nonaccrual Loans and Leases | $ 2,754 | $ 4,296 | |
Defaulted, number of loans/leases | loan | 3 | 3 | |
Defaulted, recorded investment | $ 2,277 | $ 1,416 | |
Loans with one modification | 5,349 | 12,702 | 5,792 |
Extended maturity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans with one modification | 3,297 | 8,826 | 1,717 |
Adjusted principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans with one modification | 40 | 0 | 0 |
Adjusted interest rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans with one modification | 113 | 252 | 0 |
Interest only | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans with one modification | 0 | 0 | 0 |
Combination maturity, principal, interest rate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Loans with one modification | $ 1,899 | $ 3,624 | $ 4,075 |
Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 3 | ||
Originated | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 28 | 18 | 28 |
Recorded Investment, At Modification | $ 4,871 | $ 11,184 | $ 5,594 |
Recorded investment, at end of period | 5,349 | 9,332 | 5,547 |
Specific Allowance for Loan and Lease Losses | 173 | 2,455 | 782 |
Nonaccrual Loans and Leases | $ 2,139 | $ 2,621 | $ 4,051 |
Defaulted, number of loans/leases | loan | 1 | 3 | 3 |
Defaulted, recorded investment | $ 215 | $ 2,277 | $ 1,416 |
Originated | Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 0 | 2 | 1 |
Recorded Investment, At Modification | $ 0 | $ 295 | $ 673 |
Recorded investment, at end of period | 0 | 290 | 652 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual Loans and Leases | $ 0 | $ 221 | $ 653 |
Defaulted, number of loans/leases | loan | 1 | 0 | 0 |
Defaulted, recorded investment | $ 215 | $ 0 | $ 0 |
Originated | Multi-family mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 0 | 0 | |
Recorded Investment, At Modification | $ 0 | $ 0 | |
Recorded investment, at end of period | 0 | 0 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | |
Nonaccrual Loans and Leases | $ 0 | $ 0 | |
Defaulted, number of loans/leases | loan | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 | |
Originated | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 2 | 3 | 10 |
Recorded Investment, At Modification | $ 3,029 | $ 6,794 | $ 1,775 |
Recorded investment, at end of period | 2,970 | 5,457 | 1,706 |
Specific Allowance for Loan and Lease Losses | 0 | 2,455 | 733 |
Nonaccrual Loans and Leases | $ 0 | $ 1,912 | $ 1,706 |
Defaulted, number of loans/leases | loan | 0 | 1 | 2 |
Defaulted, recorded investment | $ 0 | $ 1,912 | $ 1,075 |
Originated | Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 24 | 7 | 14 |
Recorded Investment, At Modification | $ 1,366 | $ 2,774 | $ 2,510 |
Recorded investment, at end of period | 1,914 | 2,266 | 2,556 |
Specific Allowance for Loan and Lease Losses | 173 | 0 | 37 |
Nonaccrual Loans and Leases | $ 1,874 | $ 392 | $ 1,351 |
Defaulted, number of loans/leases | loan | 0 | 2 | 0 |
Defaulted, recorded investment | $ 0 | $ 365 | $ 0 |
Originated | Residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 0 | 3 | 2 |
Recorded Investment, At Modification | $ 0 | $ 868 | $ 550 |
Recorded investment, at end of period | 0 | 866 | 550 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 12 |
Nonaccrual Loans and Leases | $ 0 | $ 96 | $ 341 |
Defaulted, number of loans/leases | loan | 0 | 0 | 1 |
Defaulted, recorded investment | $ 0 | $ 0 | $ 341 |
Originated | Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 2 | 3 | 1 |
Recorded Investment, At Modification | $ 476 | $ 453 | $ 86 |
Recorded investment, at end of period | 465 | 453 | 83 |
Specific Allowance for Loan and Lease Losses | 0 | 0 | 0 |
Nonaccrual Loans and Leases | $ 265 | $ 0 | $ 0 |
Defaulted, number of loans/leases | loan | 0 | 0 | 0 |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 |
Acquired | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 3 | 2 | |
Recorded Investment, At Modification | $ 5,300 | $ 249 | |
Recorded investment, at end of period | 3,370 | 245 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | |
Nonaccrual Loans and Leases | $ 133 | $ 245 | |
Defaulted, number of loans/leases | loan | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 | |
Acquired | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 1 | ||
Recorded Investment, At Modification | $ 4,869 | ||
Recorded investment, at end of period | 2,942 | ||
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 0 | ||
Defaulted, number of loans/leases | loan | 0 | ||
Defaulted, recorded investment | $ 0 | ||
Acquired | Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 0 | ||
Recorded Investment, At Modification | $ 0 | ||
Recorded investment, at end of period | 0 | ||
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 0 | ||
Defaulted, number of loans/leases | loan | 0 | ||
Defaulted, recorded investment | $ 0 | ||
Acquired | Residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 1 | ||
Recorded Investment, At Modification | $ 297 | ||
Recorded investment, at end of period | 295 | ||
Specific Allowance for Loan and Lease Losses | 0 | ||
Nonaccrual Loans and Leases | $ 0 | ||
Defaulted, number of loans/leases | loan | 0 | ||
Defaulted, recorded investment | $ 0 | ||
Acquired | Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans/ Leases | loan | 1 | 2 | |
Recorded Investment, At Modification | $ 134 | $ 249 | |
Recorded investment, at end of period | 133 | 245 | |
Specific Allowance for Loan and Lease Losses | 0 | 0 | |
Nonaccrual Loans and Leases | $ 133 | $ 245 | |
Defaulted, number of loans/leases | loan | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Premises and Equipment | ||
Premises and Equipment, gross amount | $ 153,801 | $ 151,113 |
Accumulated depreciation and amortization | 82,233 | 76,763 |
Total premises and equipment | 71,568 | 74,350 |
Land | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | 12,329 | 12,320 |
Fine art | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | 553 | 545 |
Computer equipment | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | $ 12,296 | 11,886 |
Estimated useful life | 3 years | |
Vehicles | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | $ 135 | 135 |
Core processing system and software | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | 21,096 | 20,748 |
Furniture, fixtures and equipment | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | 15,732 | 15,393 |
Office building and improvements | ||
Premises and Equipment | ||
Premises and Equipment, gross amount | $ 91,660 | $ 90,086 |
Minimum | Vehicles | ||
Premises and Equipment | ||
Estimated useful life | 3 years | |
Minimum | Core processing system and software | ||
Premises and Equipment | ||
Estimated useful life | 3 years | |
Minimum | Furniture, fixtures and equipment | ||
Premises and Equipment | ||
Estimated useful life | 5 years | |
Minimum | Office building and improvements | ||
Premises and Equipment | ||
Estimated useful life | 10 years | |
Maximum | Vehicles | ||
Premises and Equipment | ||
Estimated useful life | 5 years | |
Maximum | Core processing system and software | ||
Premises and Equipment | ||
Estimated useful life | 7 years 6 months | |
Maximum | Furniture, fixtures and equipment | ||
Premises and Equipment | ||
Estimated useful life | 25 years | |
Maximum | Office building and improvements | ||
Premises and Equipment | ||
Estimated useful life | 40 years |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization | $ 5.7 | $ 7 | $ 7.5 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Rollforward of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Balance at beginning of year | $ 160,427 | $ 160,427 | $ 137,890 |
Additions | 0 | 0 | 22,537 |
Balance at end of year | $ 160,427 | $ 160,427 | $ 160,427 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other intangibe assets: | ||
Gross amount | $ 41,904 | $ 41,904 |
Accumulated amortization | 38,752 | 37,481 |
Carrying Amount | 3,152 | 4,423 |
Core deposits | ||
Other intangibe assets: | ||
Gross amount | 38,294 | 38,294 |
Accumulated amortization | 36,231 | 34,960 |
Carrying Amount | 2,063 | 3,334 |
Trade name | ||
Other intangibe assets: | ||
Gross amount | 1,600 | 1,600 |
Accumulated amortization | 511 | 511 |
Carrying Amount | 1,089 | 1,089 |
Trust relationship | ||
Other intangibe assets: | ||
Gross amount | 1,568 | 1,568 |
Accumulated amortization | 1,568 | 1,568 |
Carrying Amount | 0 | 0 |
Other intangible | ||
Other intangibe assets: | ||
Gross amount | 442 | 442 |
Accumulated amortization | 442 | 442 |
Carrying Amount | $ 0 | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2013 | |
Indefinite-lived Intangible Assets [Line Items] | ||||
Impairment losses | $ 0 | $ 0 | $ 0 | |
Core deposits | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Weighted-average amortization period | 6 years 5 months 8 days | |||
Trade name | ||||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | $ 1,100,000 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 857 |
2022 | 500 |
2023 | 268 |
2024 | 158 |
2025 | 104 |
Thereafter | 176 |
Total | $ 2,063 |
Other Assets - Narrative (Detai
Other Assets - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)policyproject | Dec. 31, 2019USD ($)policy | Dec. 31, 2018USD ($)policy | |
Business Acquisition [Line Items] | |||
Number of policies owned | policy | 9 | 9 | 9 |
Affordable housing project | |||
Business Acquisition [Line Items] | |||
Number of investments | project | 17 | ||
Maximum percentage of outstanding equity interest that can be invested by the entity in any single project | 50.00% | ||
Other non-interest income | |||
Business Acquisition [Line Items] | |||
Tax exempt BOLI income | $ | $ 1 | $ 1 | $ 1 |
BankRI | |||
Business Acquisition [Line Items] | |||
Number of policies owned | policy | 7 | 7 | |
Net cash surrender value | $ | $ 42 | $ 41 | |
First Ipswich Bancorp | |||
Business Acquisition [Line Items] | |||
Number of policies owned | policy | 2 | 2 | |
Net cash surrender value | $ | $ 0.7 | $ 0.7 |
Other Assets - Additional Infor
Other Assets - Additional Information on Investments in Affordable Housing Projects (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |||
Investments in affordable housing projects included in other assets | $ 250,265 | $ 167,431 | |
Unfunded commitments related to affordable housing projects included in other liabilities | 1,900 | ||
Investment amortization included in provision for income taxes | 3,097 | 2,097 | $ 1,916 |
Amount recognized as income tax benefit | 823 | 540 | $ 585 |
Affordable housing project | |||
Investments in Affordable Housing Projects [Abstract] | |||
Investments in affordable housing projects included in other assets | 26,789 | 29,939 | |
Unfunded commitments related to affordable housing projects included in other liabilities | 14,480 | 20,286 | |
Investment in affordable housing tax credits | 2,377 | 2,042 | |
Investment in affordable housing tax benefits | $ 823 | $ 540 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Demand checking accounts | $ 1,592,205 | $ 1,141,578 |
NOW accounts | 513,948 | 371,380 |
Savings accounts | 701,659 | 613,467 |
Money market accounts | 2,018,977 | 1,682,005 |
Total core deposit accounts | 4,826,789 | 3,808,430 |
Certificate of deposit accounts maturing: | ||
Within six months | 676,860 | 603,817 |
After six months but within 1 year | 461,944 | 508,782 |
After 1 year but within 2 years | 140,481 | 413,979 |
After 2 years but within 3 years | 61,302 | 56,508 |
After 3 years but within 4 years | 28,525 | 58,491 |
After 4 years but within 5 years | 20,788 | 29,759 |
After 5 Years | 98 | 402 |
Total certificate of deposit accounts | 1,389,998 | 1,671,738 |
Brokered deposit accounts | 693,909 | 349,904 |
Total deposits | $ 6,910,696 | $ 5,830,072 |
Weighted Average Rate of Demand checking accounts | ||
Demand checking accounts (as a percent) | 0.00% | 0.00% |
NOW accounts (as a percent) | 0.09% | 0.11% |
Savings accounts (as a percent) | 0.13% | 0.46% |
Money market savings accounts (as a percent) | 0.31% | 1.15% |
Total transaction deposit accounts (as a percent) | 0.16% | 0.59% |
Weighted Average Rate of Certificate of deposit accounts maturing: | ||
Within six months (as a percent) | 1.60% | 2.17% |
After six months but within 1 year (as a percent) | 1.08% | 2.27% |
After 1 year but within 2 years (as a percent) | 1.19% | 2.37% |
After 2 years but within 3 years (as a percent) | 2.44% | 2.19% |
After 3 years but within 4 years (as a percent) | 2.62% | 2.64% |
After 4 years but within 5 years (as a percent) | 1.47% | 2.58% |
After 5 years (as a percent) | 0.75% | 2.19% |
Total certificate of deposit accounts (as a percent) | 1.44% | 2.28% |
Brokered deposit accounts (as a percent) | 0.39% | 2.18% |
Total of weighted average rate of deposits (as a percent) | 0.44% | 1.17% |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Threshold for disclosure of time deposit issued amounts | $ 250,000 | $ 250,000 |
Time Deposits, $100,000 or More | 443,000,000 | 557,500,000 |
Related party deposits | 72,600,000 | 70,400,000 |
Deposits pledged as collateral | $ 217,600,000 | $ 184,000,000 |
Deposits - Interest Expense (De
Deposits - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest-bearing deposits: | |||
NOW accounts | $ 484 | $ 436 | $ 283 |
Savings accounts | 1,503 | 2,900 | 1,804 |
Money market accounts | 9,519 | 21,206 | 15,369 |
Certificate of deposit accounts | 30,355 | 36,326 | 19,017 |
Brokered deposit accounts | 6,565 | 8,747 | 5,505 |
Total interest-bearing deposits | $ 48,426 | $ 69,615 | $ 41,978 |
Borrowed Funds - Components and
Borrowed Funds - Components and Interest Expenses of Borrowed Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Outstanding balance | $ 820,247 | $ 902,749 | |
Total interest expense on borrowed funds | 18,228 | 24,711 | $ 24,216 |
Advances from the FHLBB | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 648,849 | 758,469 | |
Total interest expense on borrowed funds | 12,842 | 18,701 | 18,650 |
Subordinated debentures and notes | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 83,746 | 83,591 | |
Total interest expense on borrowed funds | 5,038 | 5,206 | 5,181 |
Other borrowed funds | |||
Debt Instrument [Line Items] | |||
Outstanding balance | 87,652 | 60,689 | |
Total interest expense on borrowed funds | $ 348 | $ 804 | $ 385 |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) - USD ($) | Sep. 15, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Securities available-for-sale and loans pledged as collateral | $ 2,900,000,000 | $ 2,500,000,000 | ||
Outstanding balance | 820,247,000 | 902,749,000 | ||
Total available borrowing capacity from Federal Home Loan Bank | 2,500,000,000 | |||
Qualifying collateral available for Federal Home Loan Bank borrowings | 4,000,000,000 | |||
Accretion adjustment | (2,809,000) | (1,810,000) | $ (2,200,000) | |
FRB | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | 0 | 0 | ||
Repurchase agreements | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | 57,700,000 | 42,700,000 | ||
Decrease in agreement amount | 15,000,000 | |||
Committed line of credit | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | 0 | 0 | ||
Committed line of credit | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | 12,000,000 | |||
Uncommitted lines of credit | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | 865,000,000 | |||
Outstanding balance | 30,000,000 | 18,000,000 | ||
Subordinated debenture maturing September 15, 2029 | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | $ 74,126,000 | 74,026,000 | ||
Subordinated debenture maturing September 15, 2029 | Interest rate period 1 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 6.00% | |||
Subordinated debenture maturing September 15, 2029 | Interest rate period 2 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate spread (as a percent) | 3.315% | |||
Subordinated debenture maturing September 15, 2029 | Subordinated debentures and notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 75,000,000 | |||
Accretion adjustment | $ 400,000 | 400,000 | ||
Capitalized financing costs | $ 900,000 | $ 1,000,000 | ||
Subordinated debenture maturing September 15, 2029 | Subordinated debentures and notes | Interest rate period 1 | ||||
Debt Instrument [Line Items] | ||||
Fixed interest rate | 6.00% | |||
Subordinated debenture maturing September 15, 2029 | Subordinated debentures and notes | Interest rate period 2 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable interest rate spread (as a percent) | 3.315% |
Borrowed Funds - FHLBB Advances
Borrowed Funds - FHLBB Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amount | ||
Within 1 year | $ 623,611 | $ 599,262 |
Over 1 year to 2 years | 4,805 | 139,762 |
Over 2 years to 3 years | 4,000 | 3,210 |
Over 3 years to 4 years | 3,880 | 0 |
Over 4 years to 5 years | 1,462 | 4,025 |
Over 5 years | 11,091 | 12,210 |
Total | 648,849 | 758,469 |
Callable Amount | ||
Within 1 year | 0 | 0 |
Over 1 year to 2 years | 0 | 0 |
Over 2 years to 3 years | 0 | 0 |
Over 3 years to 4 years | 0 | 0 |
Over 4 years to 5 years | 0 | 0 |
Over 5 years | 0 | 0 |
Total | $ 0 | $ 0 |
Weighted Average Rate | ||
Within 1 year (as a percent) | 1.05% | 2.27% |
Over 1 year to 2 years (as a percent) | 0.53% | 2.12% |
Over 2 years to 3 years (as a percent) | 0.40% | 0.01% |
Over 3 years to 4 years (as a percent) | 3.86% | 0.00% |
Over 4 years to 5 years (as a percent) | 0.67% | 3.91% |
Over 5 years (as a percent) | 3.41% | 3.28% |
Weighted average interest rate of total advances from the FHLB (as a percent) | 1.10% | 2.26% |
Borrowed Funds - Other Borrowed
Borrowed Funds - Other Borrowed Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Outstanding at end of year | $ 820,247 | $ 902,749 |
Other borrowed funds | ||
Debt Instrument [Line Items] | ||
Outstanding at end of year | 87,652 | 60,689 |
Average outstanding for the year | 90,587 | 79,276 |
Maximum outstanding at any month-end | $ 170,854 | $ 122,776 |
Weighted average rate at end of year | 0.16% | 0.60% |
Weighted average rate paid for the year | 0.38% | 1.01% |
Borrowed Funds - Summary of Sub
Borrowed Funds - Summary of Subordinated Debentures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Outstanding balance | $ 820,247 | $ 902,749 |
Subordinated debenture maturing June 26, 2033 | ||
Debt Instrument [Line Items] | ||
Outstanding balance | 4,848 | 4,826 |
Subordinated debenture maturing March 17, 2034 | ||
Debt Instrument [Line Items] | ||
Outstanding balance | 4,772 | 4,739 |
Subordinated debenture maturing September 15, 2029 | ||
Debt Instrument [Line Items] | ||
Outstanding balance | 74,126 | 74,026 |
Subordinated Debentures Maturing June 26, 2033, March 17, 2034 and September 15, 2029 | ||
Debt Instrument [Line Items] | ||
Outstanding balance | $ 83,746 | $ 83,591 |
LIBOR | Subordinated debenture maturing June 26, 2033 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 3.10% | |
LIBOR | Subordinated debenture maturing March 17, 2034 | ||
Debt Instrument [Line Items] | ||
Variable interest rate spread (as a percent) | 2.79% |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 759,053 | $ 808,681 |
Unused lines of credit: | ||
Home equity | 584,881 | 528,251 |
Other consumer | 38,954 | 25,374 |
Other commercial | 408 | 380 |
Unused letters of credit: | ||
Financial standby letters of credit | 14,746 | 10,166 |
Performance standby letters of credit | 5,903 | 4,652 |
Commercial and similar letters of credit | 5,105 | 3,823 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 1,214,146 | 1,101,193 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 1,214,146 | 1,101,193 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Derivatives | 252,655 | 235,693 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Derivatives | 60,619 | 55,281 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,266 | 1,125 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,273 | 1,230 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 174,240 | 50,034 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 80,291 | 78,058 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | $ 30,418 | $ 25,998 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Unfunded credit commitments liability | $ 13.1 | $ 1.9 | |
Total rental expense, net | 6.1 | 6.2 | |
Total rental expense, net | $ 5.8 | ||
Rental income | $ 0.2 | $ 0.4 | |
Rental income | $ 0.4 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Term of operating lease | 3 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Term of operating lease | 25 years |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs, Cash Flows and Balance Sheet Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 6,386 | $ 6,461 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows for operating leases | 6,518 | 6,515 |
Right-of-use assets obtained in exchange for new lease obligations: | ||
Operating leases | 72 | 66 |
Supplemental balance sheet information related to leases was as follows: | ||
Operating lease right-of-use assets | 24,143 | 24,876 |
Operating lease liabilities | $ 24,143 | $ 24,876 |
Weighted Average Remaining Lease Term | ||
Operating leases | 6 years 11 months 12 days | 7 years 5 months 19 days |
Weighted Average Discount Rate | ||
Operating leases | 3.20% | 3.20% |
Commitments and Contingencies_4
Commitments and Contingencies - Maturities of Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases, After Adoption of 842 | ||
2021 | $ 6,077 | |
2022 | 5,497 | |
2023 | 4,569 | |
2024 | 3,291 | |
2025 | 2,266 | |
Thereafter | 5,064 | |
Total | 26,764 | |
Less imputed interest | (2,621) | |
Operating lease liabilities | $ 24,143 | $ 24,876 |
Earnings per Share ("EPS") (Det
Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income | $ 47,635 | $ 87,717 | $ 83,062 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding | 78,533,351 | 78,948,139 | 78,849,282 | 79,481,462 | 79,682,724 | 79,700,403 | 79,669,922 | 79,658,583 | 78,951,892 | 79,679,781 | 79,669,668 |
Effect of dilutive securities | 151,397 | 177,140 | 239,583 | ||||||||
Adjusted weighted average shares outstanding | 78,680,873 | 79,055,901 | 79,015,274 | 79,665,774 | 79,845,447 | 79,883,510 | 79,886,292 | 79,843,578 | 79,103,289 | 79,856,921 | 79,909,251 |
Basic EPS (in dollars per share) | $ 0.34 | $ 0.24 | $ 0.25 | $ (0.22) | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.28 | $ 0.60 | $ 1.10 | $ 1.04 |
Diluted EPS (in dollars per share) | $ 0.34 | $ 0.24 | $ 0.25 | $ (0.22) | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.28 | $ 0.60 | $ 1.10 | $ 1.04 |
Comprehensive Income_(Loss) - C
Comprehensive Income/(Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance beginning of period | $ 945,606 | $ 910,619 | $ 812,583 |
Other comprehensive income (loss) | 14,207 | 11,743 | (3,510) |
Balance end of period | 941,778 | 945,606 | 910,619 |
Investment Securities Available-for-Sale | |||
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance beginning of period | 2,199 | (9,712) | (6,113) |
Other comprehensive income (loss) | 14,383 | 11,911 | (3,599) |
Reclassification due to the adoption of ASU No. 2018-02 | 0 | 0 | |
Balance end of period | 16,582 | 2,199 | (9,712) |
Hedge Assets | |||
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance beginning of period | 0 | ||
Other comprehensive income (loss) | 7 | ||
Balance end of period | 7 | 0 | |
Postretirement Benefits | |||
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance beginning of period | 84 | 252 | 163 |
Other comprehensive income (loss) | (183) | (168) | 89 |
Reclassification due to the adoption of ASU No. 2018-02 | 0 | 0 | |
Balance end of period | (99) | 84 | 252 |
Accumulated Other Comprehensive Income (Loss) | |||
Changes in accumulated other comprehensive (loss) income by component, net of tax | |||
Balance beginning of period | 2,283 | (9,460) | (5,950) |
Other comprehensive income (loss) | 14,207 | 11,743 | (3,510) |
Reclassification due to the adoption of ASU No. 2018-02 | 0 | 0 | |
Balance end of period | $ 16,490 | $ 2,283 | $ (9,460) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Average Fixed Interest Rate | 0.05% | |
Derivative term of contract | 2 years | |
Estimated net credit risk exposure | $ 0 | $ 0 |
Collateral posted | $ 166,500,000 | $ 86,500,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Summary of Derivative Positions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($)derivative | |
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | $ 545 | $ 679 |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,214,146 | $ 1,101,193 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 136,000 | 119,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 24,777 |
Notional Amount Maturing, Less than 2 years | 8,541 | 0 |
Notional Amount Maturing, Less than 3 years | 16,447 | 31,131 |
Notional Amount Maturing, Less than 4 years | 99,014 | 16,794 |
Notional Amount Maturing, Thereafter | 1,090,144 | 1,028,491 |
Total | 1,214,146 | 1,101,193 |
Fair Value | 129,284 | 58,102 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,214,146 | $ 1,101,193 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 136,000 | 119,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 24,777 |
Notional Amount Maturing, Less than 2 years | 8,541 | 0 |
Notional Amount Maturing, Less than 3 years | 16,447 | 31,131 |
Notional Amount Maturing, Less than 4 years | 99,014 | 16,794 |
Notional Amount Maturing, Thereafter | 1,090,144 | 1,028,491 |
Total | 1,214,146 | 1,101,193 |
Fair Value | 129,284 | 58,102 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | 252,655 | 235,693 |
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | $ 538 | $ 686 |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 37,000 | 40,000 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 13,967 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 7,009 | 0 |
Notional Amount Maturing, Less than 4 years | 22,733 | 7,143 |
Notional Amount Maturing, Thereafter | 222,913 | 214,583 |
Total | 252,655 | 235,693 |
Fair Value | 1,843 | 1,229 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 60,619 | $ 55,281 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 8,000 | 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 | 19,000 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 19,000 |
Notional Amount Maturing, Thereafter | 41,619 | 36,281 |
Total | 60,619 | 55,281 |
Fair Value | 361 | 283 |
Foreign exchange contracts | ||
Loss Recognized in Income on Derivatives | ||
Gain (loss) recognized in income | 7 | (7) |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Derivatives and Hedging Activities | ||
Total | $ 1,266 | $ 1,125 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 18,000 | 16,000 |
Notional Amount Maturing, Less than 1 year | $ 1,266 | $ 1,125 |
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 | 1,266 | 1,125 |
Fair Value | 156 | 54 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Derivatives and Hedging Activities | ||
Total | $ 1,273 | $ 1,230 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 20,000 | 18,000 |
Notional Amount Maturing, Less than 1 year | $ 1,273 | $ 1,230 |
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 | 1,273 | 1,230 |
Fair Value | $ 148 | $ 53 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Amounts Subject to Master Netting Agreement (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Asset derivatives | ||
Assets, Gross Amounts Recognized | $ 133,335 | $ 60,648 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 133,335 | 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 | 133,335 | 48,748 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 131,837 | 59,701 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 131,837 | 59,701 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 155,220 | 86,521 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 11,280 | 0 |
Liabilities, Net Amount | (34,663) | (26,820) |
Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 59,365 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 59,365 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 11,900 | |
Assets, Net Amount | 47,465 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 59,365 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 59,365 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 86,521 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | (27,156) | |
Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 1,229 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 1,229 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 1,229 | |
Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 283 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 283 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 283 | |
Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 54 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 54 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 54 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 53 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 53 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | $ 53 | |
Designated as hedging instrument | Interest rate derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 8 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 8 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 8 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 0 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 0 | |
Derivatives not designed as hedging instruments | Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 131,328 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 131,328 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 131,328 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 131,328 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 131,328 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 155,220 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 11,280 | |
Liabilities, Net Amount | (35,172) | |
Derivatives not designed as hedging instruments | Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 1,843 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 1,843 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 1,843 | |
Derivatives not designed as hedging instruments | Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 361 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 361 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 361 | |
Derivatives not designed as hedging instruments | Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 156 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 156 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 156 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 148 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 148 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | $ 148 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Schedule of Gain (Loss) of Derivatives (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives designated as hedges | $ 8 | $ 0 |
Gain in OCI on derivatives (effective portion), net of tax | 7 | 0 |
Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) | $ 1 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current provision: | |||||||||||
Federal | $ 22,450 | $ 21,706 | $ 23,949 | ||||||||
State | 7,077 | 6,565 | 7,693 | ||||||||
Total current provision | 29,527 | 28,271 | 31,642 | ||||||||
Deferred (benefit) provision | |||||||||||
Federal | (11,452) | 701 | (4,323) | ||||||||
State | (3,633) | (703) | (1,130) | ||||||||
Total deferred (benefit) provision | (15,085) | (2) | (5,453) | ||||||||
Total provision for income taxes | $ 7,846 | $ 6,646 | $ 6,496 | $ (6,546) | $ 7,087 | $ 7,507 | $ 6,780 | $ 6,895 | $ 14,442 | $ 28,269 | $ 26,189 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of income tax expense | |||||||||||
Expected income tax expense at statutory federal tax rate | $ 13,036 | $ 24,366 | $ 23,675 | ||||||||
State taxes, net of federal income tax benefit | 2,722 | 4,837 | 5,184 | ||||||||
Bank-owned life insurance | (212) | (216) | (218) | ||||||||
Tax-exempt interest income | (220) | (435) | (487) | ||||||||
Income attributable to noncontrolling interest in subsidiary | 0 | (11) | (933) | ||||||||
Merger and acquisition expense | 0 | 0 | 32 | ||||||||
Tax Act Adjustment | 0 | 0 | (707) | ||||||||
Investments in affordable housing projects | (595) | (369) | (358) | ||||||||
Other, net | (289) | 97 | 1 | ||||||||
Total provision for income taxes | $ 7,846 | $ 6,646 | $ 6,496 | $ (6,546) | $ 7,087 | $ 7,507 | $ 6,780 | $ 6,895 | $ 14,442 | $ 28,269 | $ 26,189 |
Effective income tax rate (as a percent) | 23.30% | 24.40% | 23.20% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate (as a percent) | 23.30% | 24.40% | 23.20% |
Increase in expected income tax expense at statutory federal tax rate | $ 11,300,000 | ||
Income attributable to noncontrolling interest in subsidiary | 0 | $ 11,000 | $ 933,000 |
Increase (decrease) from Tax Act adjustment | 0 | 0 | $ (707,000) |
Reserve for loan losses | $ 1,800,000 | ||
Percentage of the amount the used reserve for loan losses would be subject to taxation, if, the reserve is used for purposes other than to absorb the losses for which it was established | 150.00% | ||
Amount of liability that would result if 100% of the reserve were recaptured on which no provision has been made | $ 500,000 | ||
Reserve for loan losses recaptured (as a percent) | 100.00% | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for credit losses | $ 33,045 | $ 16,294 |
Right-of-use asset - operating leases | 6,260 | 6,450 |
Deferred compensation | 4,365 | 4,748 |
Identified intangible assets and goodwill | 6,455 | 6,567 |
Supplemental Executive Retirement Plans | 3,290 | 3,023 |
Net operating loss carryforwards | 0 | 187 |
Postretirement benefits | 545 | 458 |
Nonaccrual interest | 634 | 557 |
Restricted stock and stock option plans | 466 | 751 |
Employee stock ownership plan | 55 | 83 |
Unamortized SBA-PPP fee income | 2,534 | 0 |
Other | 404 | 733 |
Total gross deferred tax assets | 58,053 | 39,851 |
Deferred tax liabilities: | ||
Operating leases - liability | 6,260 | 6,450 |
Identified intangible assets and goodwill | 2,048 | 2,248 |
Deferred loan origination costs, net | 2,884 | 3,785 |
Depreciation | 408 | 420 |
Unrealized gain on investment securities available-for-sale | 4,688 | 622 |
Prepaid expense | 58 | 110 |
Accrued Expense | 481 | 122 |
Acquisition fair value adjustments | 1,097 | 1,077 |
Total gross deferred tax liabilities | 17,924 | 14,834 |
Net deferred tax asset | $ 40,129 | $ 25,017 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | Mar. 09, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 04, 2019 | Jan. 30, 2019 | Dec. 05, 2018 | Feb. 04, 2016 |
Equity [Abstract] | |||||||||
Authorized serial preferred stock (in shares) | 50,000,000 | ||||||||
Serial preferred stock, par value (in dollars per share) | $ 0.01 | ||||||||
Preferred stock issued (in shares) | 0 | ||||||||
Stock repurchase program, authorized amount | $ 20,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | ||||
Number of shares repurchased (in shares) | 1,715,730 | 103,758 | 725,583 | 0 | |||||
Stock repurchase program, additional authorized amount | $ 10,000,000 | ||||||||
Stock repurchase program, weighted average price (in dollars per share) | $ 11.66 | ||||||||
Liquidation account, total | $ 11,500,000 | $ 11,900,000 | $ 13,000,000 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements - Narrative (Details) - Brookline Bank | Dec. 31, 2020 | Dec. 31, 2019 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total (as a percent) | 0.1000 | 0.1000 |
Tier 1 (as a percent) | 0.0800 | 0.0800 |
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 leverage capital ratio (as a percent) | 0.0500 | 0.0500 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Summary of Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 764,157 | $ 780,962 |
Tier 1 leverage capital | 773,777 | 790,527 |
Risk-based capital: | ||
Tier 1 | 773,777 | 790,527 |
Total risk-based capital | $ 934,933 | $ 927,515 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 11.04% | 11.44% |
Tier 1 leverage capital ratio (as a percent) | 0.0892 | 0.1028 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.1118 | 0.1158 |
Total (as a percent) | 0.1351 | 0.1359 |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 311,477 | $ 307,197 |
Tier 1 leverage capital | 346,985 | 307,598 |
Risk-based capital: | ||
Tier 1 | 415,265 | 409,599 |
Total | $ 553,624 | $ 545,999 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 0.0400 | 0.0400 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0600 | 0.0600 |
Total (as a percent) | 0.0800 | 0.0800 |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 484,520 | $ 477,861 |
Tier 1 leverage capital ratio | 346,985 | 307,598 |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 588,292 | 580,266 |
Total risk-based capital ratio | $ 726,632 | $ 716,623 |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | 7.00% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | 8.50% |
Total (as a percent) | 10.50% | 10.50% |
BankRI | ||
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 239,337 | $ 240,362 |
Tier 1 leverage capital | 239,337 | 240,362 |
Risk-based capital: | ||
Tier 1 | 239,337 | 240,362 |
Total risk-based capital | $ 266,633 | $ 258,719 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 11.03% | 11.75% |
Tier 1 leverage capital ratio (as a percent) | 0.0778 | 0.0997 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.1103 | 0.1175 |
Total (as a percent) | 0.1229 | 0.1265 |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 97,644 | $ 92,054 |
Tier 1 leverage capital | 123,052 | 96,434 |
Risk-based capital: | ||
Tier 1 | 130,192 | 122,738 |
Total | $ 173,561 | $ 163,617 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 0.0400 | 0.0400 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0600 | 0.0600 |
Total (as a percent) | 0.0800 | 0.0800 |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 151,891 | $ 143,194 |
Tier 1 leverage capital ratio | 123,052 | 96,434 |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 184,439 | 173,879 |
Total risk-based capital ratio | $ 227,799 | $ 214,747 |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | 7.00% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | 8.50% |
Total (as a percent) | 10.50% | 10.50% |
Classified as well capitalized | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Amount | $ 141,042 | $ 132,966 |
Tier 1 leverage capital | 153,816 | 120,543 |
Risk-based capital: | ||
Tier 1 | 173,590 | 163,651 |
Total | $ 216,951 | $ 204,521 |
Classified as well capitalized ratio | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 leverage capital ratio (as a percent) | 0.0500 | 0.0500 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0800 | 0.0800 |
Total (as a percent) | 0.1000 | 0.1000 |
First Ipswich Bancorp | ||
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 41,320 | |
Tier 1 leverage capital | 41,320 | |
Risk-based capital: | ||
Tier 1 | 41,320 | |
Total risk-based capital | $ 43,762 | |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 13.45% | |
Tier 1 leverage capital ratio (as a percent) | 0.0880 | |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.1345 | |
Total (as a percent) | 0.1424 | |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 13,825 | |
Tier 1 leverage capital | 18,782 | |
Risk-based capital: | ||
Tier 1 | 18,433 | |
Total | $ 24,585 | |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | |
Tier 1 leverage capital ratio (as a percent) | 0.0400 | |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0600 | |
Total (as a percent) | 0.0800 | |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 21,505 | |
Tier 1 leverage capital ratio | 18,782 | |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 26,113 | |
Total risk-based capital ratio | $ 32,268 | |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | |
Tier 1 leverage capital ratio (as a percent) | 4.00% | |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | |
Total (as a percent) | 10.50% | |
Classified as well capitalized | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Amount | $ 19,969 | |
Tier 1 leverage capital | 23,477 | |
Risk-based capital: | ||
Tier 1 | 24,577 | |
Total | $ 30,732 | |
Classified as well capitalized ratio | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | |
Tier 1 leverage capital ratio (as a percent) | 0.0500 | |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0800 | |
Total (as a percent) | 0.1000 | |
Brookline Bank | ||
Bank actual capital amount | ||
Common equity Tier 1 capital ratio, Actual, Amount | $ 557,310 | $ 513,311 |
Tier 1 leverage capital | 557,310 | 513,311 |
Risk-based capital: | ||
Tier 1 | 557,310 | 513,311 |
Total risk-based capital | $ 617,101 | $ 555,474 |
Bank actual capital ratio | ||
Common equity Tier 1 capital ratio, Actual, Ratio (as a percent) | 11.72% | 11.44% |
Tier 1 leverage capital ratio (as a percent) | 0.0982 | 0.1042 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.1172 | 0.1144 |
Total (as a percent) | 0.1297 | 0.1238 |
Minimum capital adequacy amount | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Amount | $ 213,984 | $ 201,914 |
Tier 1 leverage capital | 227,010 | 197,048 |
Risk-based capital: | ||
Tier 1 | 285,312 | 269,219 |
Total | $ 380,633 | $ 358,949 |
Minimum capital adequacy ratio | ||
Common equity Tier 1 capital ratio, Minimum Required for Capital Adequacy Purposes, Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 leverage capital ratio (as a percent) | 0.0400 | 0.0400 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0600 | 0.0600 |
Total (as a percent) | 0.0800 | 0.0800 |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio | $ 332,864 | $ 314,089 |
Tier 1 leverage capital ratio | 227,010 | 197,048 |
Risk-based capital: | ||
Tier 1 risk-based capital ratio | 404,192 | 381,394 |
Total risk-based capital ratio | $ 499,581 | $ 471,121 |
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer | ||
Common equity Tier 1 capital ratio (as a percent) | 7.00% | 7.00% |
Tier 1 leverage capital ratio (as a percent) | 4.00% | 4.00% |
Risk-based capital: | ||
Tier 1 (as a percent) | 8.50% | 8.50% |
Total (as a percent) | 10.50% | 10.50% |
Classified as well capitalized | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Amount | $ 309,088 | $ 291,654 |
Tier 1 leverage capital | 283,763 | 246,310 |
Risk-based capital: | ||
Tier 1 | 380,416 | 358,959 |
Total | $ 475,791 | $ 448,687 |
Classified as well capitalized ratio | ||
Common equity Tier 1 capital ratio, Minimum Required to Be Considered Well-Capitalized, Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 leverage capital ratio (as a percent) | 0.0500 | 0.0500 |
Risk-based capital: | ||
Tier 1 (as a percent) | 0.0800 | 0.0800 |
Total (as a percent) | 0.1000 | 0.1000 |
Employee Benefit Plans - Rollfo
Employee Benefit Plans - Rollforward of Plan Assets and Benefit Obligation (Details) - Health Insurance Postretirement Benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 0 | $ 0 | $ 0 |
Employer contributions | 38 | 32 | 31 |
Benefits paid | (38) | (32) | (31) |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 1,757 | 1,490 | 1,534 |
Service cost | 55 | 54 | 70 |
Interest cost | 56 | 60 | 59 |
Estimated benefits paid | (38) | (32) | (31) |
Actuarial loss (gain) | 265 | 185 | (142) |
Benefit obligation at end of year | 2,095 | 1,757 | 1,490 |
Funded status at end of year | 2,095 | 1,757 | 1,490 |
Accumulated benefit obligation at end of year | $ 2,095 | $ 1,757 | $ 1,490 |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)participantyrfinancial_institutionplanshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of 401(k) plans administered | plan | 1 | ||
Minimum employee age required to participate in the plan (in years) | yr | 21 | ||
Company contribution as percentage of compensation of eligible employees | 5.00% | ||
Expense for the company plan contributions | $ 3,300,000 | $ 3,100,000 | $ 3,200,000 |
Expense with deferred compensation plan | 239,500 | 236,200 | 181,100 |
Accrued liabilities with deferred compensation plan | $ 36,100 | $ 5,500 | 5,500 |
Number of supplemental executive retirement plans | plan | 2 | ||
Number of participants in supplemental executive retirement plans | participant | 14 | ||
Unallocated shares | shares | 51,114 | 79,548 | |
Unallocated shares, aggregate cost | $ 291,000 | $ 433,000 | |
ESOP shares committed to be released | $ 304,000 | 458,000 | 543,000 |
Outstanding options (in shares) | shares | 0 | ||
Performance-based shares | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of financial institutions comprising peer group | financial_institution | 14 | ||
Restricted stock | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Dividends paid on unvested shares recognized as compensation expense | $ 200,000 | 100,000 | 200,000 |
Stock Options | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Exercisable period upon happening of a specific event, low end of range (in months) | 3 years | ||
Exercisable period upon happening of a specific event, high end of range (in years) | 5 years | ||
Vesting equally over three years | Time-based shares | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percent of shares in tranche | 50.00% | ||
Award vesting period | 3 years | ||
Vesting percentage | 33.33% | ||
Vesting after achievement of performance targets | Performance-based shares | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percent of shares in tranche | 50.00% | ||
Award vesting period | 3 years | ||
Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of authorized shares | shares | 1,750,000 | ||
Share-based compensation expense | $ 2,500,000 | 2,400,000 | 2,500,000 |
Tax benefits from vested awards | 100,000 | $ 1,200,000 | |
Employee Stock Ownership Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
ESOP loan to purchase shares of entity's common stock | shares | 546,986 | ||
Number of years during which quarterly installments are payable | 30 years | ||
Percentage of interest payable per annum on loan obtained by the ESOP | 8.50% | ||
Outstanding balance of loan | $ 500,000 | $ 800,000 | |
Unallocated shares | shares | 51,114 | 79,548 | |
Unallocated shares, aggregate cost | $ 300,000 | $ 400,000 | |
Unallocated shares, market value | 600,000 | $ 1,300,000 | |
ESOP shares committed to be released | $ 300,000 | ||
Number of shares committed to be released to eligible employees | shares | 28,434 | 30,402 | 32,382 |
Health Insurance Postretirement Benefit | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Aggregate benefits payable included in accrued expenses and other liabilities | $ 2,100,000 | $ 1,800,000 | $ 1,500,000 |
Discount rate used to determine the actuarial present value of projected postretirement benefit obligations (as a percent) | 2.44% | 3.19% | 4.22% |
Estimated prior service credit that will be amortized from accumulated other comprehensive income into net periodic benefit cost | $ 115,000 | ||
Assumed health care trend rates used in 2019 through 2023, high end of range (as a percent) | 5.70% | ||
Assumed health care trend rates used in 2019 through 2023, low end of range (as a percent) | 4.90% | ||
Ultimate health care trend rate after 2020 (as a percent) | 4.50% | ||
Expenses for benefits payable recognized under agreement | $ 90,000 | $ 66,000 | $ 108,000 |
Health Insurance Postretirement Benefit | Below age 65 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual health care trend that will be used to measure the accumulated postretirement benefit obligation (as a percent) | 1.90% | ||
Actual health care trend used to measure the accumulated postretirement benefit obligation (as a percent) | 13.30% | ||
Health Insurance Postretirement Benefit | Over age 65 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Actual health care trend that will be used to measure the accumulated postretirement benefit obligation (as a percent) | 7.10% | ||
Actual health care trend used to measure the accumulated postretirement benefit obligation (as a percent) | 1.20% | ||
Supplemental retirement plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Aggregate benefits payable included in accrued expenses and other liabilities | $ 13,800,000 | $ 12,800,000 | |
Expenses for benefits payable recognized under agreement | $ 1,500,000 | $ 1,100,000 | |
Discount rate used to determine the actuarial present value (as a percent) | 2.50% | 3.25% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Postretirement Benefit Costs and Other Amounts Recognized in OCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income | $ (248) | $ (227) | $ 121 |
Health Insurance Postretirement Benefit | |||
Net periodic benefit expense: | |||
Service cost | 55 | 54 | 70 |
Interest cost | 56 | 60 | 59 |
Prior service credit | (21) | (21) | (21) |
Actuarial gain | 0 | (27) | 0 |
Net periodic benefit expense | 90 | 66 | 108 |
Changes in postretirement benefit obligation recognized in other comprehensive income: | |||
Net actuarial (loss) gain | (227) | (206) | 142 |
Prior service credit | (21) | (21) | (21) |
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income | $ (248) | $ (227) | $ 121 |
Employee Benefit Plans - Effect
Employee Benefit Plans - Effects of Changes in Assumed Healthcare Cost Trends (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Effect of 1% change in assumed health care cost trend rates | |
Effect of 1% increase on total service and interest cost components of net periodic postretirement benefit costs | $ 25 |
Effect of 1% decrease on total service and interest cost components of net periodic postretirement benefit costs | (20) |
Effect of 1% increase on the accumulated postretirement benefit obligation | 431 |
Effect of 1% decrease on the accumulated postretirement benefit obligation | $ (344) |
Employee Benefit Plans - Activi
Employee Benefit Plans - Activity in Recognition and Retention Plans (Details) - Restricted stock $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Restricted Stock Awards Outstanding | |
Outstanding at beginning of year (in shares) | shares | 406,450 |
Granted (in shares) | shares | 268,936 |
Vested (in shares) | shares | (179,806) |
Forfeited / Canceled (in shares) | shares | (39,883) |
Added by performance factor (in shares) | shares | 3,103 |
Outstanding at end of year (in shares) | shares | 458,800 |
Weighted Average Price per Share | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 15.41 |
Granted (in dollars per share) | $ / shares | 9.56 |
Vested (in dollars per share) | $ / shares | 14.91 |
Forfeited / Canceled (in dollars per share) | $ / shares | 13.87 |
Added by Performance Factor (in dollar per shares) | $ / shares | 14.65 |
Outstanding at end of year (in dollars per share) | $ / shares | $ 12.31 |
Unrecognized compensation cost | $ | $ 3,021 |
Weighted average remaining recognition period | 19 months |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Estimated Fair Value | $ 745,822,000 | $ 498,995,000 |
Equity securities held-for-trading | 526,000 | 3,581,000 |
Derivatives | 133,335,000 | 60,648,000 |
Liabilities: | ||
Derivatives | 131,837,000 | 59,701,000 |
GSE debentures | ||
Assets: | ||
Estimated Fair Value | 278,645,000 | 185,803,000 |
GSE CMOs | ||
Assets: | ||
Estimated Fair Value | 46,028,000 | 85,932,000 |
GSE MBSs | ||
Assets: | ||
Estimated Fair Value | 323,609,000 | 153,343,000 |
SBA commercial loan asset-backed securities | ||
Assets: | ||
Estimated Fair Value | 34,000 | |
Corporate debt obligations | ||
Assets: | ||
Estimated Fair Value | 23,467,000 | 28,986,000 |
U.S. Treasury bonds | ||
Assets: | ||
Estimated Fair Value | 73,577,000 | 44,897,000 |
Foreign government obligations | ||
Assets: | ||
Estimated Fair Value | 496,000 | |
Recurring basis | ||
Assets: | ||
Equity securities held-for-trading | 526,000 | 3,581,000 |
Recurring basis | Investment securities available for sale | ||
Assets: | ||
Estimated Fair Value | 745,822,000 | 498,995,000 |
Recurring basis | GSE debentures | ||
Assets: | ||
Estimated Fair Value | 278,645,000 | 185,803,000 |
Recurring basis | GSE CMOs | ||
Assets: | ||
Estimated Fair Value | 46,028,000 | 85,932,000 |
Recurring basis | GSE MBSs | ||
Assets: | ||
Estimated Fair Value | 323,609,000 | 153,343,000 |
Recurring basis | SBA commercial loan asset-backed securities | ||
Assets: | ||
Estimated Fair Value | 34,000 | |
Recurring basis | Corporate debt obligations | ||
Assets: | ||
Estimated Fair Value | 23,467,000 | 28,986,000 |
Recurring basis | U.S. Treasury bonds | ||
Assets: | ||
Estimated Fair Value | 73,577,000 | 44,897,000 |
Recurring basis | Foreign government obligations | ||
Assets: | ||
Estimated Fair Value | 496,000 | |
Recurring basis | Interest rate derivatives | ||
Assets: | ||
Derivatives | 8,000 | |
Recurring basis | Loan level derivatives | ||
Assets: | ||
Derivatives | 131,328,000 | 59,365,000 |
Liabilities: | ||
Derivatives | 131,328,000 | 59,365,000 |
Recurring basis | Risk participation-out agreements | ||
Assets: | ||
Derivatives | 1,843,000 | 1,229,000 |
Recurring basis | Risk participation-in agreements | ||
Liabilities: | ||
Derivatives | 361,000 | 283,000 |
Recurring basis | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 156,000 | 54,000 |
Liabilities: | ||
Derivatives | 148,000 | 53,000 |
Recurring basis | Level 1 | ||
Assets: | ||
Equity securities held-for-trading | 0 | 2,569,000 |
Recurring basis | Level 1 | Investment securities available for sale | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | GSE debentures | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | GSE CMOs | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | GSE MBSs | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Estimated Fair Value | 0 | |
Recurring basis | Level 1 | Corporate debt obligations | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | U.S. Treasury bonds | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 1 | Foreign government obligations | ||
Assets: | ||
Estimated Fair Value | 0 | |
Recurring basis | Level 1 | Interest rate derivatives | ||
Assets: | ||
Derivatives | 0 | |
Recurring basis | Level 1 | Loan level derivatives | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 1 | Risk participation-out agreements | ||
Assets: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 1 | Risk participation-in agreements | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 1 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 2 | ||
Assets: | ||
Equity securities held-for-trading | 526,000 | 1,012,000 |
Recurring basis | Level 2 | Investment securities available for sale | ||
Assets: | ||
Estimated Fair Value | 745,822,000 | 498,995,000 |
Recurring basis | Level 2 | GSE debentures | ||
Assets: | ||
Estimated Fair Value | 278,645,000 | 185,803,000 |
Recurring basis | Level 2 | GSE CMOs | ||
Assets: | ||
Estimated Fair Value | 46,028,000 | 85,932,000 |
Recurring basis | Level 2 | GSE MBSs | ||
Assets: | ||
Estimated Fair Value | 323,609,000 | 153,343,000 |
Recurring basis | Level 2 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Estimated Fair Value | 34,000 | |
Recurring basis | Level 2 | Corporate debt obligations | ||
Assets: | ||
Estimated Fair Value | 23,467,000 | 28,986,000 |
Recurring basis | Level 2 | U.S. Treasury bonds | ||
Assets: | ||
Estimated Fair Value | 73,577,000 | 44,897,000 |
Recurring basis | Level 2 | Foreign government obligations | ||
Assets: | ||
Estimated Fair Value | 496,000 | |
Recurring basis | Level 2 | Interest rate derivatives | ||
Assets: | ||
Derivatives | 8,000 | |
Recurring basis | Level 2 | Loan level derivatives | ||
Assets: | ||
Derivatives | 131,328,000 | 59,365,000 |
Liabilities: | ||
Derivatives | 131,328,000 | 59,365,000 |
Recurring basis | Level 2 | Risk participation-out agreements | ||
Assets: | ||
Derivatives | 1,843,000 | 1,229,000 |
Recurring basis | Level 2 | Risk participation-in agreements | ||
Liabilities: | ||
Derivatives | 361,000 | 283,000 |
Recurring basis | Level 2 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 156,000 | 54,000 |
Liabilities: | ||
Derivatives | 148,000 | 53,000 |
Recurring basis | Level 3 | ||
Assets: | ||
Equity securities held-for-trading | 0 | 0 |
Recurring basis | Level 3 | Investment securities available for sale | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | GSE debentures | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | GSE CMOs | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | GSE MBSs | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | SBA commercial loan asset-backed securities | ||
Assets: | ||
Estimated Fair Value | 0 | |
Recurring basis | Level 3 | Corporate debt obligations | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | U.S. Treasury bonds | ||
Assets: | ||
Estimated Fair Value | 0 | 0 |
Recurring basis | Level 3 | Foreign government obligations | ||
Assets: | ||
Estimated Fair Value | 0 | |
Recurring basis | Level 3 | Interest rate derivatives | ||
Assets: | ||
Derivatives | 0 | |
Recurring basis | Level 3 | Loan level derivatives | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 3 | Risk participation-out agreements | ||
Assets: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 3 | Risk participation-in agreements | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Recurring basis | Level 3 | Foreign exchange contracts | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
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 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 9,960 | $ 4,874 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 3,445 | 2,243 |
OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 5,415 | |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 1,100 | 2,631 |
Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 1 | Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 1 | OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | |
Level 1 | Repossessed assets | ||
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 | 1,100 | 2,631 |
Level 2 | Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 2 | OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | |
Level 2 | Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 1,100 | 2,631 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 8,860 | 2,243 |
Level 3 | Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 3,445 | 2,243 |
Level 3 | OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 5,415 | |
Level 3 | Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Repossessed Assets (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Recurring basis | Appraisal of collateral | Collateral-dependent impaired loans and leases | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 3,445 | $ 2,243 |
Recurring basis | Appraisal of collateral | Other real estate owned | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 5,415 | $ 0 |
Minimum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Minimum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 0.00% | |
Maximum | Discount for Costs to Sell | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 10.00% | |
Maximum | Appraisal Adjustments | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread (as a percent) | 15.00% |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Investment securities held-to-maturity: | $ 0 | $ 87,561 |
Total loans and leases | 7,155,174 | 6,676,734 |
Restricted equity securities | 49,786 | 53,818 |
Financial liabilities: | ||
Certificates of deposit | 1,389,998 | 1,671,738 |
Borrowed funds | 87,652 | 60,689 |
Level 1 | ||
Financial assets: | ||
Total loans and leases | 0 | |
Loans and leases, net | 0 | |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Total loans and leases | 0 | |
Loans and leases, net | 0 | |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposit | 2,092,867 | 2,026,683 |
Borrowed funds | 818,681 | 902,670 |
Level 3 | ||
Financial assets: | ||
Total loans and leases | 7,116,854 | |
Loans and leases, net | 6,697,583 | |
Restricted equity securities | 49,786 | 53,818 |
Financial liabilities: | ||
Certificates of deposit | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Total loans and leases | 7,155,174 | |
Loans and leases, net | 6,676,734 | |
Restricted equity securities | 49,786 | 53,818 |
Financial liabilities: | ||
Certificates of deposit | 2,083,907 | 2,021,642 |
Borrowed funds | 820,247 | 902,749 |
Estimated Fair Value | ||
Financial assets: | ||
Total loans and leases | 7,116,854 | |
Loans and leases, net | 6,697,583 | |
Restricted equity securities | 49,786 | 53,818 |
Financial liabilities: | ||
Certificates of deposit | 2,092,867 | 2,026,683 |
Borrowed funds | $ 818,681 | 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 |
Condensed Parent Company Fina_3
Condensed Parent Company Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and due from banks | $ 36,069 | $ 33,589 | ||
Short-term investments | 398,848 | 44,201 | ||
Total cash and cash equivalents | 434,917 | 77,790 | ||
Equity securities held-for-trading | 526 | 3,581 | ||
Restricted equity securities | 49,786 | 53,818 | ||
Premises and equipment, net | 71,568 | 74,350 | ||
Deferred tax asset | 40,129 | 25,017 | ||
Goodwill | 160,427 | 160,427 | $ 160,427 | $ 137,890 |
Other assets | 250,265 | 167,431 | ||
Total assets | 8,942,424 | 7,856,853 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Borrowed funds | 820,247 | 902,749 | ||
Accrued expenses and other liabilities | 239,659 | 146,318 | ||
Total liabilities | 8,000,646 | 6,911,247 | ||
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 | 737,178 | 736,601 | ||
Retained earnings, partially restricted | 264,892 | 265,376 | ||
Accumulated other comprehensive loss | 16,490 | 2,283 | ||
Treasury stock, at cost; 6,525,783 shares and 5,003,127 shares, respectively | (77,343) | (59,073) | ||
Unallocated common stock held by ESOP; 51,114 shares and 79,548 shares, respectively | (291) | (433) | ||
Total liabilities and stockholders' equity | 8,942,424 | 7,856,853 | ||
Parent Company | ||||
ASSETS | ||||
Cash and due from banks | 40,265 | 35,736 | ||
Short-term investments | 32 | 33 | ||
Total cash and cash equivalents | 40,297 | 35,769 | $ 33,696 | $ 5,543 |
Equity securities held-for-trading | 0 | 2,569 | ||
ESOP loan to Brookline Bank | 502 | 752 | ||
Intercompany loan to Brookline Bank | 10,000 | 30,000 | ||
Restricted equity securities | 252 | 252 | ||
Premises and equipment, net | 1,412 | 2,403 | ||
Deferred tax asset | 1,818 | 1,742 | ||
Investment in subsidiaries, at equity | 939,000 | 924,352 | ||
Goodwill | 35,267 | 35,267 | ||
Other assets | 13,871 | 12,116 | ||
Total assets | 1,042,419 | 1,045,222 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Borrowed funds | 83,746 | 83,591 | ||
Accrued expenses and other liabilities | 16,895 | 16,025 | ||
Total liabilities | 100,641 | 99,616 | ||
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 | 737,178 | 736,601 | ||
Retained earnings, partially restricted | 264,892 | 265,376 | ||
Accumulated other comprehensive loss | 16,490 | 2,283 | ||
Treasury stock, at cost; 6,525,783 shares and 5,003,127 shares, respectively | (77,343) | (59,073) | ||
Unallocated common stock held by ESOP; 51,114 shares and 79,548 shares, respectively | (291) | (433) | ||
Total Brookline Bancorp, Inc. stockholders' equity | 941,778 | 945,606 | ||
Total liabilities and stockholders' equity | $ 1,042,419 | $ 1,045,222 |
Condensed Parent Company Fina_4
Condensed Parent Company Financial Statements - Condensed Balance Sheets - Additional Information (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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) | 6,525,783 | 5,003,127 |
Unallocated common stock held by ESOP, shares (in shares) | 51,114 | 79,548 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
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) | 6,525,783 | 5,003,127 |
Unallocated common stock held by ESOP, shares (in shares) | 51,114 | 79,548 |
Condensed Parent Company Fina_5
Condensed Parent Company Financial Statements - Condensed Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income: | |||||||||||
Marketable and restricted equity securities | $ 2,848 | $ 3,477 | $ 3,964 | ||||||||
Total interest and dividend income | $ 80,467 | $ 80,704 | $ 82,124 | $ 83,522 | $ 87,450 | $ 87,906 | $ 87,184 | $ 85,086 | 326,817 | 347,626 | 313,893 |
Interest expense: | |||||||||||
Net interest income | 68,225 | 65,938 | 64,288 | 61,712 | 63,931 | 63,236 | 63,134 | 62,999 | 260,163 | 253,300 | 247,699 |
Gain on investment securities, net | 0 | 54 | 586 | 1,330 | 133 | (116) | 357 | 134 | 1,970 | 508 | 227 |
Non-interest income: | |||||||||||
Other | 6,190 | 6,594 | 5,847 | ||||||||
Total non-interest income | 24,644 | 29,793 | 25,224 | ||||||||
Non-interest expense: | |||||||||||
Compensation and employee benefits | 100,985 | 96,554 | 91,535 | ||||||||
Occupancy | 15,386 | 15,696 | 14,991 | ||||||||
Equipment and data processing | 17,345 | 18,652 | 18,213 | ||||||||
Professional services | 5,157 | 4,366 | 4,404 | ||||||||
Advertising and marketing | 4,126 | 4,044 | 4,016 | ||||||||
Merger and acquisition expense | 0 | 1,125 | 3,787 | ||||||||
Other | 12,345 | 13,936 | 13,484 | ||||||||
Total non-interest expense | 160,844 | 157,481 | 155,232 | ||||||||
Credit for income taxes | 7,846 | 6,646 | 6,496 | (6,546) | 7,087 | 7,507 | 6,780 | 6,895 | 14,442 | 28,269 | 26,189 |
Net income attributable to Brookline Bancorp, Inc. | $ 26,661 | $ 18,679 | $ 19,571 | $ (17,276) | $ 22,183 | $ 22,596 | $ 20,471 | $ 22,467 | 47,635 | 87,717 | 83,062 |
Parent Company | |||||||||||
Interest and dividend income: | |||||||||||
Dividend income from subsidiaries | 42,000 | 29,000 | 19,000 | ||||||||
Marketable and restricted equity securities | 52 | 147 | 37 | ||||||||
ESOP loan to Brookline Bank | 56 | 77 | 98 | ||||||||
Intercompany loan to Brookline Bank | 330 | 1,183 | 1,722 | ||||||||
Total interest and dividend income | 42,438 | 30,407 | 20,857 | ||||||||
Interest expense: | |||||||||||
Borrowed funds | 5,108 | 5,274 | 5,223 | ||||||||
Net interest income | 37,330 | 25,133 | 15,634 | ||||||||
Gain on investment securities, net | (1,306) | 467 | 71 | ||||||||
Non-interest income: | |||||||||||
Other | 123 | 0 | 16 | ||||||||
Total non-interest income | (1,183) | 467 | 87 | ||||||||
Non-interest expense: | |||||||||||
Compensation and employee benefits | 403 | (507) | 345 | ||||||||
Occupancy | 1,689 | 1,589 | 1,586 | ||||||||
Equipment and data processing | (745) | (770) | (798) | ||||||||
Directors' fees | 433 | 461 | 417 | ||||||||
Franchise taxes | 250 | 306 | 321 | ||||||||
Insurance | 570 | 543 | 534 | ||||||||
Professional services | 841 | 548 | 364 | ||||||||
Advertising and marketing | 35 | 31 | 19 | ||||||||
Merger and acquisition expense | 0 | 0 | 452 | ||||||||
Other | (1,571) | (1,139) | (1,140) | ||||||||
Total non-interest expense | 1,905 | 1,062 | 2,100 | ||||||||
Loss before income taxes | 34,242 | 24,538 | 13,621 | ||||||||
Credit for income taxes | (1,427) | (969) | (1,976) | ||||||||
Income before equity in undistributed income of subsidiaries | 35,669 | 25,507 | 15,597 | ||||||||
Equity in undistributed income of subsidiaries | 11,966 | 62,210 | 67,465 | ||||||||
Net income attributable to Brookline Bancorp, Inc. | $ 47,635 | $ 87,717 | $ 83,062 |
Condensed Parent Company Fina_6
Condensed Parent Company Financial Statements - Condensed Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||||||||||
Net income attributable to Brookline Bancorp, Inc. | $ 26,661 | $ 18,679 | $ 19,571 | $ (17,276) | $ 22,183 | $ 22,596 | $ 20,471 | $ 22,467 | $ 47,635 | $ 87,717 | $ 83,062 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||
Depreciation of premises and equipment | 5,486 | 6,861 | 7,382 | ||||||||
Amortization of debt issuance costs | 101 | 100 | 100 | ||||||||
Equity securities held-for-trading | 1,781 | 1,215 | (5,371) | ||||||||
Net cash provided from operating activities | 112,488 | 102,719 | 123,029 | ||||||||
Cash flows from investing activities: | |||||||||||
Purchase of restricted equity securities | (29,895) | (12,924) | (13,262) | ||||||||
Purchase of premises and equipment | (2,909) | (4,997) | (3,352) | ||||||||
Net cash used for investing activities | (695,529) | (399,022) | (588,022) | ||||||||
Cash flows from financing activities: | |||||||||||
Common stock issued for acquisition | 0 | 0 | 55,182 | ||||||||
Redemption of noncontrolling interest in subsidiary | 0 | (35,851) | 0 | ||||||||
Payment of dividends to owners of noncontrolling interest in subsidiary | 0 | (930) | (1,893) | ||||||||
Payment of dividends on common stock | (36,396) | (35,110) | (31,441) | ||||||||
Net cash provided from financing activities | 940,168 | 284,509 | 493,572 | ||||||||
Net increase (decrease) in cash and cash equivalents | 357,127 | (11,794) | 28,579 | ||||||||
Cash and cash equivalents at beginning of year | 77,790 | 77,790 | |||||||||
Cash and cash equivalents at end of year | 434,917 | 77,790 | 434,917 | 77,790 | |||||||
Parent Company | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income attributable to Brookline Bancorp, Inc. | 47,635 | 87,717 | 83,062 | ||||||||
Adjustments to reconcile net income to net cash provided from operating activities: | |||||||||||
Equity in undistributed income of subsidiaries | (11,966) | (62,210) | (67,465) | ||||||||
Depreciation of premises and equipment | 1,546 | 2,824 | 3,073 | ||||||||
Amortization of debt issuance costs | 100 | 100 | 100 | ||||||||
Equity securities held-for-trading | 2,569 | 666 | (3,235) | ||||||||
Other operating activities, net | (18,655) | 18,296 | (50,014) | ||||||||
Net cash provided from operating activities | 21,229 | 47,393 | (34,479) | ||||||||
Cash flows from investing activities: | |||||||||||
Repayment of ESOP loan by Brookline Bank | 250 | 250 | 250 | ||||||||
Pay down (issuance) of intercompany loan to Brookline Bank | 20,000 | 10,000 | 40,000 | ||||||||
Purchase of restricted equity securities | 0 | (151) | (1) | ||||||||
Purchase of premises and equipment | (555) | (909) | (1,359) | ||||||||
Net cash used for investing activities | 19,695 | 9,190 | 38,890 | ||||||||
Cash flows from financing activities: | |||||||||||
Common stock issued for acquisition | 0 | 0 | 55,183 | ||||||||
Redemption of noncontrolling interest in subsidiary | 0 | (18,470) | 0 | ||||||||
Payment of dividends to owners of noncontrolling interest in subsidiary | 0 | (930) | 0 | ||||||||
Payment of dividends on common stock | (36,396) | (35,110) | (31,441) | ||||||||
Net cash provided from financing activities | (36,396) | (54,510) | 23,742 | ||||||||
Net increase (decrease) in cash and cash equivalents | 4,528 | 2,073 | 28,153 | ||||||||
Cash and cash equivalents at beginning of year | $ 35,769 | $ 33,696 | 35,769 | 33,696 | 5,543 | ||||||
Cash and cash equivalents at end of year | $ 40,297 | $ 35,769 | 40,297 | 35,769 | 33,696 | ||||||
Supplemental disclosures of cash flow information: | |||||||||||
Fair value of assets acquired, net of cash and cash equivalents acquired | 0 | 0 | 292,025 | ||||||||
Fair value of liabilities assumed | $ 0 | $ 0 | $ 278,988 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and dividend income | $ 80,467 | $ 80,704 | $ 82,124 | $ 83,522 | $ 87,450 | $ 87,906 | $ 87,184 | $ 85,086 | $ 326,817 | $ 347,626 | $ 313,893 |
Interest expense | 12,242 | 14,766 | 17,836 | 21,810 | 23,519 | 24,670 | 24,050 | 22,087 | 66,654 | 94,326 | 66,194 |
Net interest income | 68,225 | 65,938 | 64,288 | 61,712 | 63,931 | 63,236 | 63,134 | 62,999 | 260,163 | 253,300 | 247,699 |
Provision for credit losses | (2,103) | 4,528 | 5,347 | 54,114 | 3,602 | 871 | 3,757 | 1,353 | 61,886 | 9,583 | 4,951 |
Net interest income after provision for credit losses | 70,328 | 61,410 | 58,941 | 7,598 | 60,329 | 62,365 | 59,377 | 61,646 | 198,277 | 243,717 | 242,748 |
Loan level derivative income, net | 145 | 527 | 1,440 | 2,156 | 2,494 | 2,251 | 1,772 | 1,745 | 4,268 | 8,262 | 5,440 |
(Loss) gain on investment securities, net | 0 | 54 | 586 | 1,330 | 133 | (116) | 357 | 134 | 1,970 | 508 | 227 |
Gain on sales of loans and leases held-for-sale | 67 | 632 | 299 | 120 | 309 | 550 | 561 | 289 | 1,118 | 1,709 | 1,883 |
Other non-interest income | 4,007 | 3,649 | 3,910 | 5,722 | 4,820 | 5,244 | 4,788 | 4,462 | |||
Amortization of identified intangible assets | (312) | (312) | (311) | (336) | (420) | (421) | (420) | (402) | (1,271) | (1,663) | (2,080) |
Other non-interest expense | (39,728) | (40,635) | (38,798) | (40,412) | (38,395) | (39,770) | (39,184) | (38,469) | |||
Income before provision for income taxes | 34,507 | 25,325 | 26,067 | (23,822) | 29,270 | 30,103 | 27,251 | 29,405 | 62,077 | 116,029 | 112,740 |
Provision for income taxes | 7,846 | 6,646 | 6,496 | (6,546) | 7,087 | 7,507 | 6,780 | 6,895 | 14,442 | 28,269 | 26,189 |
Net income before noncontrolling interest in subsidiary | 22,183 | 22,596 | 20,471 | 22,510 | 47,635 | 87,760 | 86,551 | ||||
Less net income attributable to noncontrolling interest in subsidiary | 0 | 0 | 0 | 43 | 0 | 43 | 3,489 | ||||
Net income attributable to Brookline Bancorp, Inc. | $ 26,661 | $ 18,679 | $ 19,571 | $ (17,276) | $ 22,183 | $ 22,596 | $ 20,471 | $ 22,467 | $ 47,635 | $ 87,717 | $ 83,062 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 0.34 | $ 0.24 | $ 0.25 | $ (0.22) | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.28 | $ 0.60 | $ 1.10 | $ 1.04 |
Diluted (in dollars per share) | $ 0.34 | $ 0.24 | $ 0.25 | $ (0.22) | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.28 | $ 0.60 | $ 1.10 | $ 1.04 |
Average common shares outstanding: | |||||||||||
Basic (in shares) | 78,533,351 | 78,948,139 | 78,849,282 | 79,481,462 | 79,682,724 | 79,700,403 | 79,669,922 | 79,658,583 | 78,951,892 | 79,679,781 | 79,669,668 |
Diluted (in shares) | 78,680,873 | 79,055,901 | 79,015,274 | 79,665,774 | 79,845,447 | 79,883,510 | 79,886,292 | 79,843,578 | 79,103,289 | 79,856,921 | 79,909,251 |
Common stock price: | |||||||||||
High (in dollars per share) | $ 12.40 | $ 10.56 | $ 12.57 | $ 16.43 | $ 16.83 | $ 15.39 | $ 15.92 | $ 16.23 | |||
Low (in dollars per share) | 8.68 | 8.23 | 8.51 | 9.97 | 14.36 | 13.73 | 14.35 | 13.90 | |||
Dividends paid: | |||||||||||
Dividends per share (in dollars per share) | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.115 | $ 0.110 | $ 0.110 | $ 0.105 | $ 0.46 | $ 0.44 | $ 0.395 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ in Thousands | Feb. 26, 2021USD ($)loan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Subsequent Event [Line Items] | |||
Total loans and leases | $ 7,155,174 | $ 6,676,734 | |
Subsequent Event | SBA PPP Loans | |||
Subsequent Event [Line Items] | |||
Number of loans | loan | 358 | ||
Total loans and leases | $ 83,000 |