Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | STERLING BANCORP | ||
Entity Central Index Key | 1,070,154 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 130,494,004 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 1,906,734,560 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS: | ||
Cash and due from banks | $ 229,513 | $ 121,520 |
Securities: | ||
Available for sale, at fair value | 1,921,032 | 1,140,846 |
Held to maturity, at amortized cost (fair value of $734,079, and $586,346 at December 31, 2015 and 2014, respectively) | 722,791 | 572,337 |
Total securities | 2,643,823 | 1,713,183 |
Loans held for sale | 34,110 | 46,599 |
Gross loans | 7,859,360 | 4,815,641 |
Allowance for loan losses | (50,145) | (42,374) |
Total loans, net | 7,809,215 | 4,773,267 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 116,758 | 75,437 |
Accrued interest receivable | 31,531 | 19,301 |
Premises and equipment, net | 63,362 | 46,156 |
Goodwill | 670,699 | 388,926 |
Core deposit and other intangible assets | 77,367 | 43,332 |
Bank owned life insurance | 196,288 | 150,522 |
Other real estate owned | 14,614 | 5,867 |
Other assets | 68,672 | 40,712 |
Total assets | 11,955,952 | 7,424,822 |
LIABILITIES: | ||
Deposits | 8,580,007 | 5,212,325 |
FHLB borrowings | 1,409,885 | 1,003,209 |
Other borrowings (repurchase agreements) | 16,566 | 9,846 |
Senior notes | 98,893 | 98,498 |
Mortgage escrow funds | 13,778 | 4,167 |
Other liabilities | 171,750 | 121,577 |
Total liabilities | $ 10,290,879 | 6,449,622 |
Commitments and Contingent liabilities | 0 | |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; none issued or outstanding) | $ 0 | 0 |
Common stock (par value $0.01 per share; 190,000,000 shares authorized; 136,673,149 and 91,246,024 shares issued at December 31, 2015 and 2014, respectively; 130,006,926 and 83,927,572, outstanding at December 31, 2015 and 2014, respectively) | 1,367 | 912 |
Additional paid-in capital | 1,506,612 | 858,489 |
Treasury stock, at cost (6,666,223 shares and 7,318,452 shares at December 31, 2015 and 2014, respectively) | (76,190) | (82,908) |
Retained earnings | 245,408 | 208,958 |
Accumulated other comprehensive (loss), net of tax (benefit) of ($8,961) at December 31, 2015 and ($7,576) at December 31, 2014 | (12,124) | (10,251) |
Total stockholders’ equity | 1,665,073 | 975,200 |
Total liabilities and stockholders’ equity | $ 11,955,952 | $ 7,424,822 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity | $ 734,079 | $ 586,346 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 136,673,149 | 91,246,024 |
Common stock, shares outstanding | 130,006,926 | 83,927,572 |
Treasury stock, shares | 6,666,223 | 7,318,452 |
Accumulated other comprehensive income, tax | $ (8,961) | $ (7,576) |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Interest and dividend income: | |||||
Loans, including fees | $ 56,869 | $ 43,288 | $ 292,496 | $ 202,982 | $ 107,810 |
Taxable securities | 7,413 | 6,903 | 39,369 | 30,067 | 17,509 |
Non-taxable securities | 2,865 | 2,161 | 12,076 | 10,453 | 5,682 |
Other earning assets | 940 | 359 | 4,200 | 3,404 | 1,060 |
Total interest and dividend income | 68,087 | 52,711 | 348,141 | 246,906 | 132,061 |
Interest expense: | |||||
Deposits | 2,818 | 1,834 | 17,478 | 8,964 | 5,923 |
Borrowings | 5,032 | 5,001 | 19,447 | 19,954 | 13,971 |
Total interest expense | 7,850 | 6,835 | 36,925 | 28,918 | 19,894 |
Net interest income | 60,237 | 45,876 | 311,216 | 217,988 | 112,167 |
Provisions for loan losses | 3,000 | 3,000 | 15,700 | 19,100 | 12,150 |
Net interest income after provision for loan losses | 57,237 | 42,876 | 295,516 | 198,888 | 100,017 |
Non-interest income: | |||||
Accounts receivable management / factoring commissions and other related fees | 4,134 | 2,226 | 17,088 | 13,146 | 0 |
Mortgage banking income | 2,858 | 1,616 | 11,405 | 8,086 | 1,979 |
Deposit fees and service charges | 4,221 | 3,942 | 15,871 | 15,595 | 10,964 |
Net gain (loss) on sale of securities | (43) | (645) | 4,837 | 641 | 7,391 |
Bank owned life insurance | 1,024 | 740 | 5,235 | 3,080 | 1,998 |
Investment management fees | 403 | 540 | 2,397 | 2,209 | 2,413 |
Other | 1,360 | 729 | 5,918 | 4,613 | 2,947 |
Total non-interest income | 13,957 | 9,148 | 62,751 | 47,370 | 27,692 |
Non-interest expense: | |||||
Compensation and employee benefits | 22,410 | 20,811 | 104,939 | 90,215 | 47,833 |
Stock-based compensation plans | 1,146 | 991 | 4,581 | 3,703 | 2,239 |
Occupancy and office operations | 7,245 | 6,333 | 32,915 | 27,726 | 14,953 |
Amortization of intangible assets | 1,873 | 1,875 | 10,043 | 9,408 | 1,296 |
FDIC insurance and regulatory assessments | 1,568 | 1,164 | 7,380 | 6,146 | 3,010 |
Other real estate owned (income) expense, net | (81) | 368 | 274 | (237) | 1,562 |
Merger related expense | 502 | 9,068 | 17,079 | 9,455 | 2,772 |
Defined benefit plan termination charge | 0 | 2,743 | 13,384 | 4,095 | 0 |
Other | 11,151 | 29,621 | 69,723 | 57,917 | 17,376 |
Total non-interest expense | 45,814 | 72,974 | 260,318 | 208,428 | 91,041 |
Income before income tax expense | 25,380 | (20,950) | 97,949 | 37,830 | 36,668 |
Income tax expense | 8,376 | (6,948) | 31,835 | 10,152 | 11,414 |
Net income | $ 17,004 | $ (14,002) | $ 66,114 | $ 27,678 | $ 25,254 |
Weighted average common shares: | |||||
Basic (in shares) | 83,831,380 | 70,493,305 | 109,907,645 | 80,268,970 | 43,734,425 |
Diluted (in shares) | 84,194,916 | 70,493,305 | 110,329,353 | 80,534,043 | 43,783,053 |
Earnings per common share | |||||
Basic (USD per share) | $ 0.20 | $ (0.20) | $ 0.60 | $ 0.34 | $ 0.58 |
Diluted (USD per share) | $ 0.20 | $ (0.20) | $ 0.60 | $ 0.34 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 17,004 | $ (14,002) | $ 66,114 | $ 27,678 | $ 25,254 |
Other comprehensive income (“OCI”) (loss): | |||||
Change in unrealized holding (losses) gains on securities available for sale | 6,858 | (615) | (9,591) | 15,948 | (37,325) |
Change in net unrealized gain (loss) on securities transferred to held to maturity | 310 | (9,841) | 1,412 | (8,947) | 0 |
Reclassification adjustment for net realized (gains) losses included in net income | 43 | 645 | (4,837) | (641) | (7,391) |
Reclassification adjustment for other than temporary impaired losses included in net income | 0 | 0 | 0 | 0 | 32 |
Change in funded status of defined benefit plans and acceleration of future amortization of accumulated other comprehensive loss on defined benefit pension plan | (5,108) | 2,336 | 9,758 | 372 | 7,255 |
Total other comprehensive (loss) income items | 2,103 | (7,475) | (3,258) | 6,732 | (37,429) |
Related income tax benefit (expense) | (895) | 3,340 | 1,385 | (2,861) | 15,200 |
Other comprehensive (loss) income | 1,208 | (4,135) | (1,873) | 3,871 | (22,229) |
Total comprehensive income (loss) | $ 18,212 | $ (18,137) | $ 64,241 | $ 31,549 | $ 3,025 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Unallocated ESOP shares | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) |
Balance at Sep. 30, 2012 | $ 491,122 | $ 522 | $ 403,541 | $ (5,638) | $ (90,173) | $ 175,971 | $ 6,899 |
Balance (shares) at Sep. 30, 2012 | 44,173,470 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 25,254 | 25,254 | |||||
Other comprehensive (loss) income | (22,229) | (22,229) | |||||
Stock option & other stock transactions, net | 792 | 730 | 95 | (33) | |||
Stock option & other stock transactions, net (shares) | 8,250 | ||||||
ESOP shares allocated and ESOP termination | 264 | 119 | 145 | ||||
Restricted stock awards, net | 966 | (574) | 1,540 | ||||
Restricted stock awards, net (shares) | 169,326 | ||||||
Cash dividends declared | (13,303) | (13,303) | |||||
Balance at Sep. 30, 2013 | 482,866 | $ 522 | 403,816 | (5,493) | (88,538) | 187,889 | (15,330) |
Balance (shares) at Sep. 30, 2013 | 44,351,046 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 27,678 | 27,678 | |||||
Other comprehensive (loss) income | 3,871 | 3,871 | |||||
Common stock issued in Merger transaction | 457,752 | $ 390 | 457,362 | ||||
Common stock issued in Merger transaction (shares) | 39,057,968 | ||||||
Stock option & other stock transactions, net | 3,783 | 880 | 3,333 | (430) | |||
Stock option & other stock transactions, net (shares) | 267,188 | ||||||
ESOP shares allocated and ESOP termination | 790 | 1,280 | 5,493 | (5,983) | |||
ESOP shares allocated and ESOP termination (shares) | (488,403) | ||||||
Restricted stock awards, net | 2,075 | (2,774) | 4,849 | ||||
Restricted stock awards, net (shares) | 440,468 | ||||||
Cash dividends declared | (17,677) | (17,677) | |||||
Balance at Sep. 30, 2014 | 961,138 | $ 912 | 860,564 | 0 | (86,339) | 197,460 | (11,459) |
Balance (shares) at Sep. 30, 2014 | 83,628,267 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 17,004 | 17,004 | |||||
Other comprehensive (loss) income | 1,208 | 1,208 | |||||
Stock option & other stock transactions, net | 1,824 | 328 | 1,132 | 364 | |||
Stock option & other stock transactions, net (shares) | 95,033 | ||||||
Restricted stock awards, net | (104) | (2,403) | 2,299 | ||||
Restricted stock awards, net (shares) | 204,272 | ||||||
Cash dividends declared | (5,870) | (5,870) | |||||
Balance at Dec. 31, 2014 | 975,200 | $ 912 | 858,489 | 0 | (82,908) | 208,958 | (10,251) |
Balance (shares) at Dec. 31, 2014 | 83,927,572 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 66,114 | 66,114 | |||||
Other comprehensive (loss) income | (1,873) | (1,873) | |||||
Common stock issued in Merger transaction | 563,613 | $ 386 | 563,227 | ||||
Common stock issued in Merger transaction (shares) | 38,525,154 | ||||||
Stock option & other stock transactions, net | 5,162 | 940 | 3,502 | 720 | |||
Stock option & other stock transactions, net (shares) | 322,132 | ||||||
Restricted stock awards, net | 2,182 | (1,034) | 3,216 | ||||
Restricted stock awards, net (shares) | 332,068 | ||||||
Common equity issued, net of costs of issuance | $ 85,059 | $ 69 | 84,990 | ||||
Common equity issued, net of costs of issuance (shares) | 6,900,000 | ||||||
Cash dividends declared | $ (30,384) | (30,384) | |||||
Balance at Dec. 31, 2015 | $ 1,665,073 | $ 1,367 | $ 1,506,612 | $ 0 | $ (76,190) | $ 245,408 | $ (12,124) |
Balance (shares) at Dec. 31, 2015 | 130,006,926 |
Consolidated Statements of Cha7
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ||||
ESOP shares allocated or committed to be released for allocation (shares) | 49,932 | |||
Cash dividends paid (USD per share) | $ 0.07 | $ 0.28 | $ 0.21 | $ 0.30 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | |||||
Net income (loss) | $ 17,004 | $ (14,002) | $ 66,114 | $ 27,678 | $ 25,254 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Provisions for loan losses | 3,000 | 3,000 | 15,700 | 19,100 | 12,150 |
(Gain) loss and write-downs on other real estate owned | (83) | 332 | (1,066) | (1,208) | 1,285 |
(Gain) on redemption of Subordinated Debentures | 0 | 0 | 0 | (712) | 0 |
Depreciation of premises and equipment | 1,456 | 1,617 | 7,476 | 6,507 | 4,243 |
Asset impairments and other restructuring charges | 610 | 9,302 | 40,350 | 11,043 | 0 |
Charge for termination of defined benefit pension plans | 0 | 2,743 | 13,384 | 4,095 | 0 |
Amortization of intangibles | 1,873 | 1,875 | 10,043 | 9,408 | 1,296 |
Amortization of low income housing tax credit | 46 | 0 | 194 | 520 | 0 |
Net (gain) loss on sale of securities | 43 | 645 | (4,837) | (641) | (7,391) |
Net gains on loans held for sale | (2,858) | (1,616) | (11,405) | (8,086) | (1,979) |
Loss (gain) on sale of premises and equipment | 0 | (93) | 116 | (93) | 75 |
Net amortization of premium and discount on securities | 694 | 511 | 5,916 | 3,176 | 2,068 |
Net (accretion) amortization on loans | 435 | 364 | (10,555) | 2,330 | 2,516 |
Accretion of discount, amortization of premium on borrowings, net | (69) | 87 | (81) | (446) | 87 |
Restricted stock and ESOP expense | 830 | 772 | 3,671 | 2,803 | 1,544 |
Stock option compensation expense | 316 | 219 | 909 | 901 | 695 |
Originations of loans held for sale | (138,542) | (113,572) | (599,853) | (462,030) | (85,657) |
Proceeds from sales of loans held for sale | 112,013 | 122,020 | 623,747 | 483,622 | 94,130 |
Increase in cash surrender value of BOLI | (1,024) | (742) | (5,235) | (3,198) | (1,998) |
Deferred income tax expense (benefit) | (12,080) | 1,857 | 339 | (3,059) | 719 |
Other adjustments (principally net changes in other assets and other liabilities) | (5,405) | (6,281) | (63,171) | 35,954 | (26,413) |
Net cash provided by (used in) operating activities | (21,741) | 9,038 | 91,756 | 127,664 | 22,624 |
Purchases of securities: | |||||
Available for sale | (292,554) | (67,044) | (1,113,952) | (407,438) | (490,160) |
Held to maturity | (4,347) | (54,315) | (193,282) | (172,899) | (169,320) |
Proceeds from maturities, calls and other principal payments on securities: | |||||
Available for sale | 23,739 | 42,972 | 135,978 | 163,199 | 168,771 |
Held to maturity | 11,153 | 5,258 | 45,340 | 31,227 | 55,866 |
Proceeds from sales of securities available for sale | 244,835 | 247,650 | 893,610 | 529,107 | 339,123 |
Proceeds from sales of securities held to maturity | 0 | 0 | 0 | 0 | 1,187 |
Loan originations, net | (98,699) | (9,780) | (1,266,519) | (659,013) | (310,615) |
Proceeds from sale of loans held for investment | 42,863 | 0 | 44,020 | 0 | 0 |
(Purchases) of FHLB and FRB stock, net | (9,352) | (11,338) | (35,491) | (34,093) | (5,063) |
Proceeds from sales of other real estate owned | 1,825 | 0 | 3,566 | 9,645 | 4,730 |
Purchases of premises and equipment | (4,326) | (8,572) | (8,047) | (2,584) | (2,355) |
Proceeds from sale of Hudson Valley Investment Advisors | 0 | 0 | 0 | 0 | 4,738 |
Proceeds from sale of fixed assets | 0 | 627 | 0 | 310 | 0 |
Redemption (purchase) of bank owned life insurance | (30,000) | 0 | 3,700 | 0 | 0 |
Purchase low income housing tax credit | 0 | 0 | 0 | (1,966) | 0 |
Cash received from acquisitions | 0 | 277,798 | 854,318 | 277,798 | 0 |
Net cash provided by (used in) investing activities | (114,863) | 423,256 | (636,759) | (266,707) | (403,098) |
Cash flows from financing activities: | |||||
Net increase (decrease) in transaction, savings and money market deposits | (129,302) | (289,376) | 186,431 | 301,028 | (29,503) |
Net increase (decrease) in time deposits | 42,973 | (49,544) | 20,505 | (261,858) | (119,354) |
Net increase (decrease) in short-term FHLB borrowings | 128,309 | (36,729) | 127,000 | 112,383 | 36,633 |
Advances of term FHLB borrowings | 90,000 | 50,000 | 605,000 | 375,000 | 90,000 |
Repayments of term FHLB borrowings | (10,059) | (66,705) | (325,243) | (236,877) | (10,322) |
Net (decrease) in repurchase agreements and other short-term borrowings | (35,793) | 0 | (18,646) | (37,177) | 0 |
Repayment of debt assumed in acquisition | 0 | 0 | (4,485) | 0 | 0 |
Redemption of Subordinated Debentures | 0 | 0 | 0 | (26,140) | 0 |
Net proceeds from Senior Notes | 0 | 0 | 0 | 0 | 97,946 |
Net increase (decrease) in mortgage escrow funds | (327) | 814 | 4,995 | (8,152) | 727 |
Stock option transactions | 574 | 1,479 | 2,764 | 3,042 | 97 |
Equity capital raise | 0 | 0 | 85,059 | 0 | 0 |
Cash dividends paid | (5,870) | (2,661) | (30,384) | (17,677) | (10,642) |
Net cash provided by (used in) financing activities | 80,505 | (392,722) | 652,996 | 203,572 | 55,582 |
Net increase (decrease) in cash and cash equivalents | (56,099) | 39,572 | 107,993 | 64,529 | (324,892) |
Cash and cash equivalents at beginning of year | 177,619 | 113,090 | 121,520 | 113,090 | 437,982 |
Cash and cash equivalents at end of year | 121,520 | 152,662 | 229,513 | 177,619 | 113,090 |
Supplemental cash flow information: | |||||
Interest payments | 6,429 | 6,061 | 37,198 | 29,419 | 18,831 |
Income tax payments | 12,473 | 4,651 | 39,315 | 12,473 | 4,475 |
Real estate acquired in settlement of loans | 29 | 873 | 11,025 | 2,542 | 5,634 |
Dividends declared, not yet paid | 0 | 0 | 0 | 0 | 2,661 |
Loans transfered from held for investment to held for sale | 42,229 | 0 | 44,020 | 0 | 0 |
Securities available for sale transferred to held to maturity | 0 | 221,904 | 0 | 0 | 0 |
Securities held to maturity transferred to available for sale | 0 | 165,230 | 0 | 0 | 0 |
Non-cash assets acquired: | |||||
Securities available for sale | 0 | 233,244 | 710,230 | 233,190 | 0 |
Securities held to maturity | 0 | 374,721 | 3,611 | 374,721 | 0 |
Loans held for sale | 0 | 30,341 | 0 | 30,341 | 0 |
Total loans, net | 0 | 1,698,108 | 1,814,826 | 1,698,108 | 0 |
FRB stock | 0 | 7,680 | 5,830 | 7,680 | 0 |
Accrued interest receivable | 0 | 6,590 | 7,392 | 6,590 | 0 |
Goodwill | 0 | 224,400 | 281,773 | 225,809 | 0 |
Trade name | 0 | 20,500 | 0 | 20,500 | 0 |
Core deposit intangibles | 0 | 20,089 | 42,789 | 20,089 | 0 |
Bank owned life insurance | 0 | 55,374 | 44,231 | 55,374 | 0 |
Premises and equipment, net | 0 | 23,594 | 17,063 | 23,594 | 0 |
Other real estate owned | 0 | 5,815 | 222 | 5,815 | 0 |
Other assets | 0 | 22,266 | 25,871 | 20,933 | 0 |
Total non-cash assets acquired | 0 | 2,722,722 | 2,953,838 | 2,722,744 | 0 |
Liabilities assumed: | |||||
Deposits | 0 | 2,297,190 | 3,160,746 | 2,297,190 | 0 |
Escrow deposits | 0 | 0 | 4,616 | 0 | 0 |
FHLB and other borrowings | 0 | 100,619 | 0 | 100,619 | 0 |
Other borrowings | 0 | 62,465 | 25,366 | 62,465 | 0 |
Subordinated debentures | 0 | 26,527 | 0 | 26,527 | 0 |
Other liabilities | 0 | 55,960 | 50,181 | 55,960 | 0 |
Total liabilities assumed | 0 | 2,542,761 | 3,240,909 | 2,542,761 | 0 |
Net non-cash (liabilities) acquired | 0 | 179,961 | (287,071) | 179,983 | 0 |
Cash and cash equivalents acquired in acquisitions | 0 | 277,798 | 879,240 | 277,798 | 0 |
Total consideration paid | $ 0 | $ 457,759 | $ 592,169 | $ 457,781 | $ 0 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | Basis of Financial Statement Presentation and Summary of Significant Accounting Policies Merger with Hudson Valley Holding Corp. On June 30, 2015, Hudson Valley Holding Corp. (“HVHC”) merged with and into Sterling Bancorp (the “HVB Merger”). In connection with the merger, Hudson Valley Bank, the principal subsidiary of HVHC, also merged with and into Sterling National Bank. Merger with Sterling Bancorp On October 31, 2013 , Provident New York Bancorp (“Legacy Provident”) merged with Sterling Bancorp (“Legacy Sterling”). In connection with the merger, the following corporate actions occurred: • Legacy Sterling merged with and into Legacy Provident. Legacy Provident was the accounting acquirer and the surviving entity. • Legacy Provident changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956 , as amended (“Sterling” or the “Company”). • Provident Bank converted to a national bank charter. • Sterling National Bank merged into Provident Bank. • Provident Bank changed its legal entity name to Sterling National Bank. • Provident Municipal Bank merged into Sterling National Bank. We refer to the transactions detailed above collectively as the “Provident Merger.” Change in Fiscal Year End On January 27, 2015, the Board of Directors amended the Company’s bylaws to change the fiscal year end from September 30 to December 31. Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling; Sterling Risk Management, Inc., which is a captive insurance company; STL Holdings, Inc. which has an investment in Sterling Silver Title Agency L.P., an inactive company that provided title searches and title insurance for residential and commercial real estate; the Bank; and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2015 : (i) Sterling REIT, Inc., and Grassy Sprain Real Estate Holding, which are real estate investment trusts that hold a portion of the Company’s real estate loans; (ii) Sterling National Funding Corp (formerly known as Provest Services Corp. I), a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers and (iv) several limited liability companies which hold other real estate owned. Intercompany transactions and balances are eliminated in consolidation. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no affect on prior period net income or stockholders’ equity. As a result of the change in fiscal year end, the financial statements include audited balance sheets as of December 31, 2015 and 2014 . Financial statements including: results of operations, changes in stockholders’ equity, accumulated other comprehensive income (loss) and cash flows are presented for the year ended December 31, 2015 ; for the three months ended December 31, 2014 ; and for the fiscal years ended September 30, 2014 and 2013 . For comparative purposes, we have also presented financial statements and accompanying footnotes for the three months ended December 31, 2013 , which are unaudited. The unaudited information, in the opinion of management, includes all adjustments consisting of normal recurring accruals, necessary for a fair presentation of the Company’s financial position and results of its operations. Nature of Business Since October 31, 2013 , Sterling is a bank holding company and financial holding company under the Bank Holding Company Act of 1956 . Sterling is a Delaware corporation that owns all of the outstanding shares of the Bank. Sterling is listed on the New York Stock Exchange (“NYSE”) under the symbol STL. The Bank, an independent, full-service bank founded in 1888 , is headquartered in Montebello, New York and is the principal subsidiary of Sterling. The Bank accounts for substantially all of Sterling’s consolidated assets and net income. The Bank operates through commercial banking teams and financial centers which serve the greater New York metropolitan region. The Bank targets the following geographic markets: (i) the New York Metro Market, which includes Manhattan and Long Island; and (ii) the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey. The Bank also operates several specialty lending businesses, which include asset-based lending, payroll financing, factoring, warehouse lending, equipment financing and public sector financing (included with commercial and industrial loans), which target markets across the U.S. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. In connection with the Provident Merger, the Bank became a national bank and its deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve Board are the primary regulators for the Bank and the Company, respectively. Use of estimates The consolidated financial statements have been prepared in conformity with GAAP. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions based on available information that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. Cash Flows For purposes of reporting cash flows, cash equivalents include highly liquid, short-term investments, such as overnight federal funds, as well as cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. Restrictions on Cash The Bank was required to have $25,070 and $18,100 of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at December 31, 2015 and 2014 , respectively. Securities Securities include U.S. Treasury, U.S. Government Agency and Government Sponsored Agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and trust preferred securities. The Company classifies its securities among three categories: held to maturity, trading, and available for sale. The Company determines the appropriate classification of the Company’s securities at the time of purchase. Held to maturity securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. Trading securities are debt and equity securities held principally for the purpose of selling them in the near-term. These securities are reported at fair value, with unrealized gains and losses included in earnings. The Company does not engage in trading activities. All other debt and marketable equity securities are classified as available for sale. Available for sale securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that the Company intends to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates, and prepayment risks, the need to increase capital, or similar factors. Premiums and discounts on debt securities are recognized in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. The cost of securities sold is determined using the specific identification method. Securities are evaluated for other-than-temporary-impairment (“OTTI”) at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, the Company considers the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If (i) the Company does not expect to recover the entire amortized cost basis of the security; (ii) the Company does not intend to sell the security; (iii) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of OTTI related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of December 31, 2015 , the Company does not intend to sell nor is it more likely than not that it would be required to sell any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. (See Note 3. “Securities”). Loans Held For Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. In the absence of commitments from investors, fair value is based on current investor yield requirements. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Prior to October 2013, mortgage loans held for sale were generally sold with the servicing rights retained. Since that time, we have generally sold mortgage loans with the servicing rights released. The carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights, which is its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Portfolio Loans Loans where Sterling has the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at amortized cost less the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan. If a loan is prepaid or sold, the net deferred amount is recognized in the statement of operations at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of (i) when Sterling determines that the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due, unless well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are not recognized as income unless warranted based on the borrower’s financial condition and payment record. Furthermore, negative tax escrow will be included in the unpaid principal for loans individually evaluated for impairment, as this is part of the customer’s legal obligation to the Company. (See Note 4 “Portfolio Loans”). Acquired Loans, Including Purchased Credit Impaired Loans Loans the Company acquired in acquisitions are initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans are included with portfolio loans in the consolidated balance sheets. Loans for which there is, at acquisition, both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected represent purchase credit impaired loans (“PCI loans”). For PCI loans, the Company initially determines which loans will be treated under the cost recovery method (similar to a non-accrual loan) from loans that will be subject to accretion. The Company recognizes the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, the Company continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows the Company expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For PCI loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected. For loans for which there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, the Company accretes interest income based on the contractually required cash flows. Loans that do not meet the PCI loan criteria are collectively evaluated for an allowance for loan loss. Acquired loans that met the criteria for non-accrual of interest prior to an acquisition were generally considered non-performing upon acquisition, as the Company was unable to reasonably estimate the timing and amount of the expected cash flows on such loans. Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The allowance for loan losses is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses includes allowance allocations calculated in accordance with ASC Subtopic 450-20, “Loss Contingencies” and ASC Subtopic 310-10-35-2, “Loan Impairment.” The level of the allowance reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios, as well as trends in the foregoing. The Company analyzes loans by two broad segments: real estate secured loans and loans that are either unsecured or secured by other collateral. The classes considered real estate secured are: residential mortgage loans; commercial real estate (“CRE”) loans, multi-family loans; acquisition, development and construction (“ADC”) loans; and homeowner loans, and home equity lines of credit. The classes considered unsecured or secured by other than real estate collateral are: commercial & industrial (“C&I”) loans, which includes asset based loans; payroll finance loans; warehouse lending; factored receivables; equipment finance loans; business banking C&I loans and consumer loans. In all segments or classes, significant loans are reviewed for impairment once they are past due 90 days or more or are classified substandard or doubtful. Generally the Company considers a homogeneous residential mortgage or home equity line of credit to be significant if the Company’s investment in the loan is greater than $500 . If a loan is deemed to be impaired in one of the real estate secured segments, it is generally considered collateral dependent. If the value of the collateral securing a collateral dependent impaired loan is less than the loan’s carrying value, a charge-off is recognized equal to the difference between the appraised value and the book value of the loan. Additionally, impairment reserves are recognized for estimated costs to hold and liquidate and for a discount to the appraisal value, which is generally 22% for all loans collateralized by real estate. Impaired loans in the real estate secured segments are re-appraised using a summary or drive-by appraisal report every six to nine months . For smaller balance C&I loans we charge-off the full amount of the loan when it becomes 90 days or more past due, or earlier in the case of bankruptcy, after giving effect to any cash or marketable securities pledged as collateral for the loan. For other classes of C&I loans, we prepare a cash flow projection, and charge-off the difference between the net present value of the cash flows discounted at the effective note rate and the carrying value of the loan, and generally recognize a 10% impairment reserve to account for the potential imprecision of our estimates. However, on most of these cases receipt of future cash flows is too unreliable to be considered probable, resulting in the charge-off of the entire balance of the loan. For unsecured consumer loans, charge-offs are recognized once the loan is 90 days to 120 days or more past due or the borrower files for bankruptcy protection. Subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of amounts specifically allocated to non-performing loans and other criticized or classified loans (if any), as well as allowances determined for the pass rated loans in each major loan category. After we establish an allowance for loan losses for loans that are known to be non-performing, criticized or classified, we calculate a percentage to apply to the remaining loan portfolio to estimate the probable incurred losses inherent in that portion of the portfolio. These percentages are determined by management, based on historical loss experience for the applicable loan class, and are adjusted to reflect our evaluation of: • levels of, and trends in, delinquencies and non-accruals; • trends in volume and terms of loans; • effects of any changes in lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations of credit by such factors as location, industry, inter-relationships, and borrower; • and for commercial loans, trends in risk ratings. CRE loans subject us to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, if necessary, the foreclosure process may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. Commercial lending presents a risk because repayment depends on the successful operation of the business which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because we must gain control of assets used in the borrower’s business before foreclosing which we cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is uncertain. ADC lending is considered higher risk and exposes us to greater credit risk than permanent mortgage financing. The repayment of ADC loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event we make a land acquisition loan on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Development and construction loans also expose us to the risk that improvements will not be completed on time or in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. All of these factors are considered as part of the underwriting, structuring and pricing of the loan. We have deemphasized acquisition lending and originate development and orginate construction loans on an exception basis. When we evaluate residential mortgage loans and home equity loans we weigh both the credit capacity of the borrower and the collateral value of the home. If unemployment or underemployment increase, the credit capacity of underlying borrowers will decrease, which increases our risk. Similarly, as we obtain a mortgage on the property, if home prices decline, we are exposed to risk in both our first mortgage and equity lending programs due to declines in the value of our collateral. We are also exposed to risk because the time to foreclose is significant and has become longer under current market conditions. (See Note 5 “Allowance for Loan Losses”). Troubled Debt Restructuring Troubled debt restructuring ( “ TDR ” ) is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. Not all loans that are restructured as a TDR are classified as non-accrual before the restructuring occurs. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. (See Note 4 “Portfolio Loans”). Federal Reserve Bank of New York and Federal Home Loan Bank Stock As a member of the Federal Reserve Bank of New York (“FRB”) and the Federal Home Loan Bank of New York (“FHLB”), the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. The Company recognizes an impairment charge to its premises and equipment, generally in connection with a decision to consolidate or close a financial center. Impairment is based on the excess of the carrying amount of assets over the fair value of the assets. Fair value is determined by third-party valuations or appraisals and evaluations prepared by management. (See Note 6 “Premises and Equipment, Net”). Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and trade names (which are included with core deposits and other intangible assets in the consolidated balance sheet) acquired in a purchase business combination have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill and trade names are the only intangible assets with an indefinite life on our balance sheet. The Company accounts for goodwill, trade names and other intangible assets in accordance with GAAP, which, in general, requires that goodwill and trade names not be amortized, but rather that they be tested for impairment at least annually at the reporting unit level. The Company has the option to first perform a qualitative assessment to test goodwill for impairment on a reporting-unit-by-reporting-unit basis. If, after performing the qualitative assessment, the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will perform the two-step process described below: 1. Identify potential impairments by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Goodwill is not considered impaired as long as the fair value of the reporting unit is greater than its carrying value. The second step is only required if a potential impairment to goodwill is identified in step one. 2. Compare the implied fair value of goodwill to its carrying amount, where the implied fair value of goodwill is computed on a residual basis, that is, by subtracting the sum of the fair values of the individual asset categories (tangible and intangible) from the indicated fair value of the reporting unit as determined under step one. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair value, and it must be presented as a separate line item on financial statements. At December 31, 2015 , the Company assessed goodwill for impairment using qualitative factors and concluded the two-step process was unnecessary. Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of 8 to ten years . Non-compete agreements are amortized on a straight line basis over their estimated life. Prior to the Provident Merger, intangibles related to the naming rights on Provident Bank Ball Park were amortized over ten years on a straight-line basis. As part of the Provident Merger we impaired the carrying value of the naming rights to Provident Bank Ball Park and have since settled our remaining naming rights obligation. Impairment losses on intangible assets and other long-term assets are charged to expense, if and when they occur, with the assets recorded at fair value. (See Note 7. “Goodwill and Other Intangible Assets”). Servicing Rights Servicing rights are included with other assets on the balance sheet. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the statement of operations effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Under the amortization measurement method, the Company subsequently measures servicing rights at fair value at each reporting date and records any impairment in value of servicing assets in earnings in the period in which the impairment occurs. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the consolidated statement of operations as other income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan, and are recorded as income when earned. Servicing fees including late fees and ancillary fees related to loan servicing, are not material to the results of our operations. The Bank generally outsources the servicing of residential mortgage loans to a nationally recognized mortgage loan servicing company. Bank Owned Life Insurance (BOLI) The Company owns life insurance policies (purchased and acquired) on certain officers and key executives. Bank owned life insurance (“BOLI”) is recorded at its cash surrender value (or the amount that can be realized). Other Real Estate Owned Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. Other real estate owned (“OREO”) also includes the fair value of the Bank’s financial centers that are held for sale. Any write-down associated with the transfer of a financial center from premises and equipment to OREO was included as a charge to other non-interest expense in the consolidated statement of operations. Subsequent valuations of OREO are performed by management, and the carrying amount of a property is adjusted by a charge to expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. Other Borrowings - Securities Repurchase Agreements In securities repurchase agreements, the Company transfers securities to a counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings”). Income Taxes Net deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax as |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions HVB Merger On June 30, 2015 , the Company completed the HVB Merger. Under the terms of the HVB Merger agreement, HVHC shareholders received 1.92 shares of the Company’s common stock for each share of HVHC common stock, which resulted in the issuance of 38,525,154 shares. Based on the Company’s closing stock price of $14.63 per share on June 29, 2015 , the aggregate consideration paid to HVHC shareholders was $566,307 , which, in accordance with the HVB Merger agreement, also included the in-the-money cash value of outstanding HVHC stock options, the fair value of outstanding HVHC restricted stock awards and cash in lieu of fractional shares. Consistent with the Company’s strategy, the primary reason for the HVB Merger was the expansion of the Company’s geographic footprint in the greater New York metropolitan region and beyond. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of June 30, 2015 based on management’s best estimate using the information available as of the HVB Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $269,757 and a core deposit intangible of $33,839 . As of June 30, 2015 , HVHC had assets with a net book value of approximately $288,208 , including loans with a net book value of approximately $1,816,767 , and deposits with a net book value of approximately $3,160,746 . The table below summarizes the amounts recognized as of the HVB Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the HVB Merger date: Consideration paid through Sterling Bancorp common stock issued to HVHC shareholders $ 566,307 HVHC net book value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 878,988 $ — $ 878,988 Investment securities 713,625 217 (a) 713,842 Loans 1,816,767 (24,248 ) (b) 1,792,519 Federal Reserve Bank stock 5,830 — 5,830 Bank owned life insurance 44,231 — 44,231 Premises and equipment 11,918 4,925 (c) 16,843 Accrued interest receivable 7,392 — 7,392 Core deposits and other intangibles — 33,839 (d) 33,839 Other real estate owned 222 — 222 Other assets 32,639 (7,931 ) (e) 24,708 Deposits (3,160,746 ) — (3,160,746 ) Other borrowings (25,366 ) — (25,366 ) Other liabilities (37,292 ) 1,540 (f) (35,752 ) Total identifiable net assets $ 288,208 $ 8,342 $ 296,550 Goodwill recorded in the HVB Merger $ 269,757 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of HVHC ’ s allowance for loan losses and an adjustment of the net book value of loans to estimated fair value, which includes an interest rate mark and credit mark adjustment. (c) Represents an adjustment to reflect the fair value of HVHC owned real estate as determined by independent appraisals, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (d) Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (e) Represents an adjustment in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (f) Represents the elimination of HVHC’s deferred rent liability. The fair values for loans acquired from HVB were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of HVHC’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the HVB Merger. Acquired loan portfolio data in the HVB Merger is presented below: Fair value of acquired loans at acquisition date Gross contractual amounts receivable at acquisition date Best estimate at acquisition date of contractual cash flows not expected to be collected Acquired loans with evidence of deterioration since origination $ 96,973 $ 122,104 $ 12,604 Acquired loans with no evidence of deterioration since origination 1,695,546 1,974,740 NA The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of land, buildings and equipment was estimated using appraisals. Buildings will be amortized over their estimated useful lives of approximately 30 years. Improvements and equipment will be amortized or depreciated over their estimated useful lives ranging from one to five years. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. Management concluded the carrying value was an appropriate estimate of fair value for these deposits. Direct acquisition and other charges incurred in connection with the HVB Merger were expensed as incurred and totaled $14,381 for calendar 2015 and $502 for the transition period. These expenses were recorded in Merger-related expenses on the consolidated statements of operations. Results of operations for calendar 2015 included a charge for asset write-downs, severance and retention compensation, information technology services and other contract terminations, and impairment of leases which totaled $28,055 and was recorded in other non-interest expense in the consolidated statements of operations. The results of operations were not impacted by the HVB Merger for the other periods presented on the consolidated statements of operations. The following table presents selected unaudited pro forma financial information reflecting the HVB Merger assuming it was completed as of October 1, 2013 . The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the HVB Merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full fiscal year period. Pro forma basic and diluted earnings per common share were calculated using the Company’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the HVB Merger occurred at the beginning of the periods presented. The unaudited pro forma information is based on the actual financial statements of the Company for the periods presented, and on the actual financial statements of HVHC for the 2014 period presented and in 2015 until the date of the HVB Merger, at which time HVHC’s results of operations were included in the Company’s financial statements. The unaudited pro forma information for calendar 2015, the transition period and fiscal 2014 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses and charges incurred in calendar 2015 and the transition period and costs incurred to write-down assets and accrue for retention and severance compensation are assumed to have occurred prior to October 1, 2013 . Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of June 30, 2015 or earlier. Pro forma information For the year ended For the three months ended For the fiscal year ended December 31, 2015 December 31, 2014 September 30, 2014 Net interest income $ 360,271 $ 82,540 $ 306,401 Non-interest income 66,686 17,214 60,356 Non-interest expense 261,453 73,263 318,804 Net income 100,086 16,971 23,596 Pro forma earnings per share from continuing operations: Basic $ 0.78 $ 0.14 $ 0.20 Diluted 0.78 0.14 0.20 Damian Acquisition On February 27, 2015 , the Bank acquired 100% of the outstanding common stock of Damian Services Corporation (“Damian”) for total consideration of $24,670 in cash. Damian is a payroll services provider located in Chicago, Illinois. In connection with the acquisition, the Bank acquired $22,307 of outstanding payroll finance loans and assumed $14,560 of liabilities. The Bank recognized a customer list intangible asset of $8,950 that is being amortized over its 16 year estimated life, and $11,930 of goodwill. The Bank also recognized a $1,500 restructuring charge, consisting mainly of retention and severance compensation and asset write-downs related to the consolidation of Damian’s operations, and approximately $300 of legal fees. FCC Acquisition On May 7, 2015 , the Bank acquired a factoring portfolio from FCC, LLC, a subsidiary of First Capital Holdings, Inc., with an outstanding factoring receivables balance of approximately $44,500 . The total consideration was $45,500 and included a premium of $1,000 in addition to the outstanding receivables balance. Provident Merger On October 31, 2013 , the Company completed the Provident Merger. Under the terms of the Agreement and Plan of Merger, Legacy Sterling shareholders received 1.2625 shares of Legacy Provident’s common stock for each share of Legacy Sterling common stock, which resulted in the issuance of 39,057,968 shares. Based on the closing stock price of $11.72 per share on October 31, 2013 , the aggregate consideration paid to Legacy Sterling shareholders was $457,781 , including $23 paid in cash for fractional shares, and $6 which represented outstanding vested stock options. Consistent with the Company’s strategy, the primary reason for the Provident Merger was the expansion of the Company’s geographic footprint and diversification of its business in the greater New York metropolitan region and beyond. The assets acquired and liabilities assumed were accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their fair values as of October 31, 2013 , based on management’s best estimate using the information available as of the Provident Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $225,809 , a core deposit intangible of $20,089 and a trade name intangible of $20,500 . As of October 31, 2013 , Legacy Sterling had assets with a book value of approximately $2,759,628 , loans, including loans held for sale with a book value of approximately $1,735,142 , and deposits with a book value of approximately $2,296,713 . The table below summarizes the amounts recognized as of the Provident Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the Provident Merger date: Consideration paid through Sterling Bancorp common stock issued to Legacy Sterling shareholders $ 457,781 Legacy Sterling carrying value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 277,798 $ — $ 277,798 Investment securities 613,154 (5,243 ) (a) 607,911 Loans held for sale 30,341 — 30,341 Loans 1,704,801 (6,693 ) (b) 1,698,108 Federal Reserve Bank stock 7,680 — 7,680 Bank owned life insurance 55,374 — 55,374 Premises and equipment 21,293 2,301 (c) 23,594 Accrued interest receivable 6,590 — 6,590 Core deposit and other intangibles — 20,089 (d) 20,089 Trade name intangible — 20,500 (e) 20,500 Other real estate owned 1,720 4,095 (f) 5,815 Other assets 40,877 (19,944 ) (g) 20,933 Deposits (2,296,713 ) (477 ) (h) (2,297,190 ) FHLB borrowings (100,346 ) (273 ) (i) (100,619 ) Other borrowings (62,465 ) — (62,465 ) Subordinated Debentures (25,774 ) (753 ) (j) (26,527 ) Other liabilities (60,462 ) 4,502 (k) (55,960 ) Total identifiable net assets $ 213,868 $ 18,104 $ 231,972 Goodwill recorded in the Provident Merger $ 225,809 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of Legacy Sterling ’ s allowance for loan losses and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. Gross loans acquired were $1,723,447 ; and of the acquired loans, $1,699,271 were not considered purchased credit impaired. The Company recorded a fair value adjustment of $14,440 . (c) Represents an adjustment to reflect the fair value of leasehold improvements. (d) Represents intangible assets recorded to reflect the fair value of core deposits and below market rent on leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. (e) Represents the estimated fair value of Legacy Sterling ’ s trade name. This intangible asset will not be amortized and will be reviewed at least annually for impairment. (f) Represents an adjustment to an acquired property which Legacy Sterling utilized as a financial center and recorded as premises and equipment. The Company included this asset in OREO, as it was held for sale. This asset was sold during fiscal 2014. (g) Consists primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (h) Represents the fair value adjustment on deposits as the weighted average interest rate of deposits assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (i) Represents the fair value adjustment on FHLB borrowings, as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (j) Represents the fair value adjustment on subordinated debentures as the weighted average interest rate of the debentures assumed exceeded the cost of similar debt funding available in the market at the time of the Provident Merger. (k) Represents the fair value of other liabilities assumed at the Provident Merger date. Except for collateral dependent loans with deteriorated credit quality, the fair values for loans acquired from Legacy Sterling were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of Legacy Sterling’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Provident Merger. The impaired loans acquired in the Provident Merger as of October 31, 2013 were accounted for in accordance with ASC Topic 310-30 Accounting for Certain Loans or Debt Securities Acquired in a Transfer (“ASC 310-30”) and were comprised of collateral dependent loans with deteriorated credit quality as follows: ASC 310-30 loans Contractual principal balance at acquisition $ 24,176 Principal not expected to be collected (non-accretable discount) (10,927 ) Expected cash flows at acquisition 13,249 Interest component of expected cash flows (accretable discount) — Fair value of acquired loans $ 13,249 The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the accelerated method. Other intangibles consist of below market rents which are amortized over the remaining life of each lease using the straight-line method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of premises and equipment and other real estate owned was estimated using appraisals of like kind properties and assets. Premises, equipment and leasehold improvements will be amortized or depreciated over their estimated useful lives ranging from one to five years for equipment or over the life of the lease for leasehold improvements. OREO is not amortized and is carried at estimated fair value determined by the appraised value less costs to sell. The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. The fair value of borrowed funds was estimated by discounting the future cash flows using market rates for similar borrowings. Direct acquisition and integration costs of the Provident Merger were expensed as incurred and totaled $9,455 and $2,772 , for fiscal 2014 and fiscal 2013, respectively. These items were recorded as Merger-related expenses in the consolidated statement of operations. Other direct integration costs of the Provident Merger for transition period and for fiscal 2014 totaled $610 and $ 26,590 , respectively, and included charges for asset write-downs, severance and retention compensation, and banking systems conversion. These items were recorded in other non-interest expense in the consolidated statement of operations. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 1,222,912 $ 2,039 $ (7,089 ) $ 1,217,862 $ 252,760 $ 1,857 $ (1,214 ) $ 253,403 CMO/Other MBS 79,430 76 (1,133 ) 78,373 49,842 87 (619 ) 49,310 Total residential MBS 1,302,342 2,115 (8,222 ) 1,296,235 302,602 1,944 (1,833 ) 302,713 Other securities: Federal agencies 85,124 7 (864 ) 84,267 104,135 2,458 (635 ) 105,958 Corporate 321,630 522 (7,964 ) 314,188 25,241 11 (200 ) 25,052 State and municipal 187,399 2,187 (551 ) 189,035 285,813 9,327 (134 ) 295,006 Trust preferred 27,928 589 — 28,517 — — — — Other 8,781 9 — 8,790 5,000 350 — 5,350 Total other securities 630,862 3,314 (9,379 ) 624,797 420,189 12,146 (969 ) 431,366 Total securities $ 1,933,204 $ 5,429 $ (17,601 ) $ 1,921,032 $ 722,791 $ 14,090 $ (2,802 ) $ 734,079 December 31, 2014 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 528,818 $ 5,398 $ (553 ) $ 533,663 $ 138,589 $ 2,763 $ (2 ) $ 141,350 CMO/Other MBS 85,619 178 (959 ) 84,838 60,166 58 (564 ) 59,660 Total residential MBS 614,437 5,576 (1,512 ) 618,501 198,755 2,821 (566 ) 201,010 Other securities: Federal agencies 150,623 4 (3,471 ) 147,156 136,618 4,328 (548 ) 140,398 Corporate 206,267 319 (1,755 ) 204,831 — — — — State and municipal 129,576 2,737 (248 ) 132,065 231,964 7,713 (89 ) 239,588 Trust preferred 37,687 652 (46 ) 38,293 — — — — Other — — — — 5,000 350 — 5,350 Total other securities 524,153 3,712 (5,520 ) 522,345 373,582 12,391 (637 ) 385,336 Total securities $ 1,138,590 $ 9,288 $ (7,032 ) $ 1,140,846 $ 572,337 $ 15,212 $ (1,203 ) $ 586,346 The amortized cost and estimated fair value of securities at December 31, 2015 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2015 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Other securities remaining period to contractual maturity: One year or less $ 26,910 $ 26,958 $ 11,975 $ 12,060 One to five years 302,483 299,550 46,292 47,428 Five to ten years 252,972 249,272 226,884 232,177 Greater than ten years 48,497 49,017 135,038 139,701 Total other securities 630,862 624,797 420,189 431,366 Residential MBS 1,302,342 1,296,235 302,602 302,713 Total securities $ 1,933,204 $ 1,921,032 $ 722,791 $ 734,079 Sales of securities for the periods indicated below were as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Available for sale: Proceeds from sales $ 893,610 $ 244,835 $ 247,650 $ 529,107 $ 339,123 Gross realized gains 6,018 409 211 1,964 7,709 Gross realized losses (1,181 ) (452 ) (856 ) (1,323 ) (377 ) Income tax (benefit) expense on realized net gains (losses) (1,572 ) (14 ) (214 ) 172 2,282 Held to maturity: (1) Proceeds from sales $ — $ — $ — $ — $ 1,187 Gross realized gains — — — — 59 Income tax expense on realized gains — — — — 18 (1) During fiscal 2013, the Company sold held to maturity securities after the Company had already collected at least 85% of the principal balance outstanding at acquisition. At December 31, 2015 and 2014 , there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale December 31, 2015 Residential MBS: Agency-backed $ 18,983 $ (528 ) $ 854,491 $ (6,561 ) $ 873,474 $ (7,089 ) CMO/Other MBS 23,682 (717 ) 41,946 (416 ) 65,628 (1,133 ) Total residential MBS 42,665 (1,245 ) 896,437 (6,977 ) 939,102 (8,222 ) Other securities: Federal agencies 14,933 (260 ) 57,886 (604 ) 72,819 (864 ) Corporate 19,257 (715 ) 236,048 (7,249 ) 255,305 (7,964 ) State and municipal 3,439 (27 ) 42,924 (524 ) 46,363 (551 ) Trust preferred — — — — — — Total other securities 37,629 (1,002 ) 336,858 (8,377 ) 374,487 (9,379 ) Total $ 80,294 $ (2,247 ) $ 1,233,295 $ (15,354 ) $ 1,313,589 $ (17,601 ) December 31, 2014 Residential MBS: Agency-backed $ 17,379 $ (37 ) $ 21,616 $ (516 ) $ 38,995 $ (553 ) CMO/Other MBS 25,551 (206 ) 43,475 (753 ) 69,026 (959 ) Total residential MBS 42,930 (243 ) 65,091 (1,269 ) 108,021 (1,512 ) Other securities: Federal agencies 5,959 (87 ) 140,699 (3,384 ) 146,658 (3,471 ) Corporate 85,055 (731 ) 65,648 (1,024 ) 150,703 (1,755 ) State and municipal 12,012 (68 ) 11,400 (180 ) 23,412 (248 ) Trust preferred 3,900 (46 ) — — 3,900 (46 ) Total other securities 106,926 (932 ) 217,747 (4,588 ) 324,673 (5,520 ) Total $ 149,856 $ (1,175 ) $ 282,838 $ (5,857 ) $ 432,694 $ (7,032 ) The following table summarizes securities held to maturity with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Held to maturity December 31, 2015 Residential MBS: Agency-backed $ — $ — $ 132,585 $ (1,214 ) $ 132,585 $ (1,214 ) CMO/Other MBS 5,960 (156 ) 40,033 (463 ) $ 45,993 (619 ) Total residential MBS 5,960 (156 ) 172,618 (1,677 ) 178,578 (1,833 ) Other securities: Federal agencies 14,642 (358 ) 9,723 (277 ) 24,365 (635 ) Corporate — — 20,039 (200 ) 20,039 (200 ) State and municipal 2,562 (48 ) 12,989 (86 ) 15,551 (134 ) Total other securities 17,204 (406 ) 42,751 (563 ) 59,955 (969 ) Total $ 23,164 $ (562 ) $ 215,369 $ (2,240 ) $ 238,533 $ (2,802 ) December 31, 2014 Residential MBS: Agency-backed $ 1,208 $ (2 ) $ — $ — $ 1,208 $ (2 ) CMO/Other MBS — 42,979 (564 ) 42,979 (564 ) Total residential MBS 1,208 (2 ) 42,979 (564 ) 44,187 (566 ) Other securities: Federal agencies 9,711 (289 ) 14,741 (259 ) 24,452 (548 ) State and municipal 11,501 (86 ) 233 (3 ) 11,734 (89 ) Total other securities 21,212 (375 ) 14,974 (262 ) 36,186 (637 ) Total $ 22,420 $ (377 ) $ 57,953 $ (826 ) $ 80,373 $ (1,203 ) At December 31, 2015 , a total of 361 available for sale securities were in a continuous unrealized loss position for less than 12 months and 40 securities were in an unrealized loss position for 12 months or longer. Declines in the fair value of held to maturity and available for sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating OTTI losses, management considers, among other things: (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition and near-term prospects of the issuer; and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. Management has the ability and intent to hold the securities classified as held to maturity in the table above until they mature, at which time the Company will receive full value for the securities. Furthermore, as of December 31, 2015 , management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. Any unrealized losses are largely due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. As of December 31, 2015 management does not believe any of the securities are impaired due to reasons of credit quality and management believes the impairments detailed in the table above are temporary. No impairment loss has been realized in the Company’s consolidated statements of operations. Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: December 31, 2015 2014 Available for sale securities pledged for borrowings, at fair value $ 101,994 $ 187,314 Available for sale securities pledged for municipal deposits, at fair value 849,186 550,681 Available for sale securities pledged for customer back-to-back swaps, at fair value 1,839 1,959 Held to maturity securities pledged for borrowings, at amortized cost 206,337 154,712 Held to maturity securities pledged for municipal deposits, at amortized cost 327,589 352,843 Total securities pledged $ 1,486,945 $ 1,247,509 |
Portfolio Loans
Portfolio Loans | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of the Company’s loan portfolio, excluding loans held for sale, was the following: December 31, 2015 2014 Commercial: Commercial & industrial (“C&I”) $ 1,681,704 $ 1,244,555 Payroll finance 221,831 154,229 Warehouse lending 387,808 173,786 Factored receivables 208,382 161,625 Equipment financing 631,303 411,449 Total commercial 3,131,028 2,145,644 Commercial mortgage: Commercial real estate (“CRE”) 2,733,351 1,458,277 Multi-family 796,030 384,544 Acquisition, development & construction (“ADC”) 186,398 96,995 Total commercial mortgage 3,715,779 1,939,816 Total commercial and commercial mortgage 6,846,807 4,085,460 Residential mortgage 713,036 529,766 Consumer 299,517 200,415 Total loans 7,859,360 4,815,641 Allowance for loan losses (50,145 ) (42,374 ) Total portfolio loans, net $ 7,809,215 $ 4,773,267 Total loans include net deferred loan origination costs of $2,029 at December 31, 2015 and $1,609 at December 31, 2014 . At December 31, 2015 , the Company pledged loans totaling $2,050,982 to the FHLB as collateral for certain borrowing arrangements. See Note 9. “Borrowings and Senior Notes”. The following tables set forth the amounts and status of the Company’s loans and TDRs at December 31, 2015 and 2014 : December 31, 2015 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,630,635 $ 9,380 $ 31,060 $ 487 $ 10,142 $ 1,681,704 Payroll finance 221,394 — 349 88 — 221,831 Warehouse lending 387,808 — — — — 387,808 Factored receivables 208,162 — — — 220 208,382 Equipment financing 627,056 1,088 1,515 — 1,644 631,303 CRE 686,445 7,417 2,521 — 20,742 2,733,351 Multi-family 2,702,671 2,485 — — 1,717 796,030 ADC 791,828 — — 83 3,700 186,398 Residential mortgage 182,615 6,014 897 — 19,680 713,036 Consumer 286,339 4,950 320 16 7,892 299,517 Total loans $ 7,724,953 $ 31,334 $ 36,662 $ 674 $ 65,737 $ 7,859,360 Total TDRs included above $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 Non-performing loans: Loans 90+ days past due and still accruing $ 674 Non-accrual loans 65,737 Total non-performing loans $ 66,411 December 31, 2014 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,232,363 $ 6,237 $ 920 $ 60 $ 4,975 $ 1,244,555 Payroll finance 154,114 — — 115 — 154,229 Warehouse lending 173,786 — — — — 173,786 Factored receivables 161,381 — — — 244 161,625 Equipment financing 410,483 707 19 — 240 411,449 CRE 1,433,235 7,982 5,322 452 11,286 1,458,277 Multi-family 383,799 317 — 156 272 384,544 ADC 89,730 401 451 — 6,413 96,995 Residential mortgage 509,597 2,935 975 — 16,259 529,766 Consumer 191,528 1,110 1,607 — 6,170 200,415 Total loans $ 4,740,016 $ 19,689 $ 9,294 $ 783 $ 45,859 $ 4,815,641 Total TDRs included above $ 16,238 $ 847 $ 176 $ — $ 11,427 $ 28,688 Non-performing loans: Loans 90+ days past due and still accruing $ 783 Non-accrual loans 45,859 Total non-performing loans $ 46,642 The following table provides additional analysis of the Company’s non-accrual loans at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans C&I $ 4,314 $ 5,828 $ 10,142 $ 10,503 $ 3,780 $ 1,195 $ 4,975 $ 5,739 Payroll finance — — — — — — — — Factored receivables 220 — 220 220 244 — 244 244 Equipment financing 1,644 — 1,644 1,644 240 — 240 240 CRE 13,119 7,623 20,742 23,678 11,146 140 11,286 11,498 Multi-family 1,717 — 1,717 1,837 272 — 272 272 ADC 3,700 — 3,700 3,829 6,413 — 6,413 7,637 Residential mortgage 13,683 5,997 19,680 24,386 14,179 2,080 16,259 20,097 Consumer 7,315 577 7,892 9,404 6,170 — 6,170 6,270 $ 45,712 $ 20,025 $ 65,737 $ 75,501 $ 42,444 $ 3,415 $ 45,859 $ 51,997 When the ultimate collectibility of the total principal of an impaired loan is in doubt and the loan is on non-accrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectibility of the total principal of an impaired loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method. At December 31, 2015 , the recorded investment of residential mortgage loans that were formally in process of foreclosure was $9,638 , which are included in non-accrual residential mortgage loans above. The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2015 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 3,138 $ 1,661,163 $ 17,403 $ 1,681,704 $ — $ 13,262 $ 13,262 Payroll finance — 221,831 — 221,831 — 1,936 1,936 Warehouse lending — 387,808 — 387,808 — 589 589 Factored receivables — 208,382 — 208,382 — 1,457 1,457 Equipment financing 1,017 630,286 — 631,303 — 4,925 4,925 CRE 13,492 2,669,673 50,186 2,733,351 — 13,861 13,861 Multi-family 1,541 790,017 4,472 796,030 — 2,741 2,741 ADC 8,669 173,065 4,664 186,398 — 2,009 2,009 Residential mortgage 515 705,245 7,276 713,036 — 5,007 5,007 Consumer — 298,225 1,292 299,517 — 4,358 4,358 Total loans $ 28,372 $ 7,745,695 $ 85,293 $ 7,859,360 $ — $ 50,145 $ 50,145 There was $272 included in the allowance for loan losses associated with PCI loans at December 31, 2015 . The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2014 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 4,461 $ 1,238,899 $ 1,195 $ 1,244,555 $ — $ 11,027 $ 11,027 Payroll finance — 154,229 — 154,229 — 1,506 1,506 Warehouse lending — 173,786 — 173,786 — 608 608 Factored receivables — 161,625 — 161,625 — 1,205 1,205 Equipment financing — 411,449 — 411,449 — 2,569 2,569 CRE 14,423 1,443,714 140 1,458,277 — 10,121 10,121 Multi-family — 384,544 — 384,544 — 2,111 2,111 ADC 11,624 85,371 — 96,995 — 2,987 2,987 Residential mortgage 515 527,171 2,080 529,766 — 5,843 5,843 Consumer — 200,415 — 200,415 — 4,397 4,397 Total loans $ 31,023 $ 4,781,203 $ 3,415 $ 4,815,641 $ — $ 42,374 $ 42,374 The Company acquired PCI loans in the HVB Merger and the Provident Merger. The carrying value of such loans is presented in the tables above. At December 31, 2015 , the net recorded amount of PCI loans was $85,293 . The balance of $3,415 at December 31, 2014 represented the remaining net recorded amount of PCI loans acquired in the Provident Merger. The following table presents the changes in the balance of the accretable yield discount for PCI loans for calendar 2015; the transition period; the 2013 transition period (unaudited); fiscal 2014; and fiscal 2013: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Balance at beginning of period $ 724 $ 724 $ — $ — $ — Acquisition 12,527 — 10,927 10,927 — Accretion (2,229 ) — — — — Disposals (50 ) — (8,086 ) (10,203 ) — Reclassification from non-accretable difference 239 — — — — Balance at end of period $ 11,211 $ 724 $ 2,841 $ 724 $ — Income is not recognized on PCI loans unless the Company can reasonably estimate the cash flows that are expected to be collected over the life of the loan. The following table presents the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans C&I $ 11,575 $ 5,828 $ 17,403 $ — $ 1,195 $ 1,195 Payroll finance — — — — — — Factored receivables — — — — — — Equipment financing — — — — — — CRE 42,563 7,623 50,186 — 140 140 Multi-family 4,472 — 4,472 — — — ADC 4,664 — 4,664 — — — Residential 1,279 5,997 7,276 — 2,080 2,080 Consumer 715 577 1,292 — — — $ 65,268 $ 20,025 $ 85,293 $ — $ 3,415 $ 3,415 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2015 and 2014 : C&I Equipment financing CRE Multi-family ADC Residential mortgage Total Loans with no related allowance recorded: December 31, 2015 Unpaid principal balance $ 3,145 $ 1,017 $ 15,092 $ 1,541 $ 8,669 $ 515 $ 29,979 Recorded investment 3,138 1,017 13,492 1,541 8,669 515 28,372 December 31, 2014 Unpaid principal balance 4,571 — 14,635 — 12,848 515 32,569 Recorded investment 4,461 — 14,423 — 11,624 515 31,023 During fiscal 2014 the Company modified its allowance for loan loss policy to generally require a charge-off of the difference between the book balance of a collateral dependent impaired loan and the net value of the collateral securing the loan. As a result, there were no impaired loans with an allowance recorded at December 31, 2015 or December 31, 2014 . The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for calendar 2015; the transition period; the 2013 transition period (unaudited), fiscal 2014 and fiscal 2013: For the year ended December 31, 2015 YTD average Interest Cash-basis With no related allowance recorded: C&I $ 2,718 $ — $ — Equipment Financing 757 — — CRE 12,155 102 — Multi-family 1,078 — — ADC 8,819 234 — Residential mortgage 515 $ — — Total $ 26,042 $ 336 $ — For the three months ended December 31, 2014 December 31, 2013 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: C&I $ 4,482 $ — $ — $ 3,759 $ 20 $ 2 CRE 14,503 44 42 19,318 52 — ADC 11,897 62 62 17,108 148 — Residential mortgage 515 — — 4,890 — — Total $ 31,397 $ 106 $ 104 $ 45,075 $ 220 $ 2 There were no impaired loans with an allowance recorded at December 31, 2015 or December 31, 2014 . At December 31, 2013, there were C&I loans with a balance of $314 and ADC loans with a balance of $1,932 with an allowance recorded. There was no income recognized on these loans during the period. For the fiscal year ended September 30, 2014 September 30, 2013 YTD average recorded investment Interest income recognized Cash-basis interest income recognized YTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: C&I $ 4,180 $ — $ — $ 1,821 $ 91 $ 86 CRE 14,016 186 180 17,325 286 275 ADC 20,525 239 239 12,827 631 587 Residential mortgage 515 — — 309 — — Consumer — — — 61 — — Subtotal 39,236 425 419 32,343 1,008 948 With an allowance recorded: C&I — — — 705 — — CRE — — — 6,646 7 7 ADC — — — 1,104 — — Residential mortgage — — — 1,602 14 10 Consumer — — — 228 — — Subtotal — — — 10,285 $ 21 17 Total $ 39,236 $ 425 $ 419 $ 42,628 $ 1,029 $ 965 Troubled Debt Restructuring The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2015 and December 31, 2014 : December 31, 2015 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 154 $ — $ — $ — $ 2,052 $ 2,206 Equipment financing 338 — — — — 338 CRE 2,787 — — — — 2,787 ADC 5,107 — — — 3,700 8,807 Residential mortgage 4,661 654 — — 2,839 8,154 Total $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 December 31, 2014 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 245 $ — $ — $ — $ 2,065 $ 2,310 Equipment financing 409 — — — — 409 CRE 4,833 263 — — — 5,096 ADC 5,487 — — — 6,373 11,860 Residential mortgage 5,264 584 176 — 2,768 8,792 Consumer — — — — 221 221 Total $ 16,238 $ 847 $ 176 $ — $ 11,427 $ 28,688 The Company had no outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of December 31, 2015 and 2014 , respectively. There were no loans modified as TDRs that occurred during calendar 2015 or the transition period. The following table presents loans by segment modified as TDRs that occurred during the fiscal 2014 and fiscal 2013 : September 30, 2014 September 30, 2013 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification C&I — $ — $ — 5 $ 2,001 $ 2,001 CRE — — — 2 2,682 2,682 ADC 2 1,060 1,060 7 5,772 5,772 Residential mortgage — — — 6 1,436 1,372 Consumer — — — 1 302 302 Total restructured loans 2 $ 1,060 $ 1,060 21 $ 12,193 $ 12,129 The amount of TDRs charged-off against the allowance for loan losses was $74 in calendar 2015, $0 in the transition period, $110 in fiscal 2014 and $0 in fiscal 2013. |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for calendar 2015, the transition period, the 2013 transition period (unaudited), fiscal 2014 and fiscal 2013 is summarized below: For the year ended December 31, 2015 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 11,027 $ (1,575 ) $ 1,720 $ 145 $ 2,090 $ 13,262 Payroll finance 1,506 (406 ) 35 (371 ) 801 1,936 Warehouse lending 608 — — — (19 ) 589 Factored receivables 1,205 (291 ) 60 (231 ) 483 1,457 Equipment financing 2,569 (3,423 ) 825 (2,598 ) 4,954 4,925 CRE 10,121 (1,695 ) 148 (1,547 ) 5,287 13,861 Multi-family 2,111 (17 ) 9 (8 ) 638 2,741 ADC 2,987 — 52 52 (1,030 ) 2,009 Residential mortgage 5,843 (1,251 ) 92 (1,159 ) 323 5,007 Consumer 4,397 (2,360 ) 148 (2,212 ) 2,173 4,358 Total allowance for loan losses $ 42,374 $ (11,018 ) $ 3,089 $ (7,929 ) $ 15,700 $ 50,145 Annualized net charge-offs to average loans outstanding 0.13 % For the three months ended December 31, 2014 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 9,536 $ (733 ) $ 638 $ (95 ) $ 1,586 $ 11,027 Payroll finance 1,379 — — — 127 1,506 Warehouse lending 630 — — — (22 ) 608 Factored receivables 1,294 — — — (89 ) 1,205 Equipment financing 2,621 — — — (52 ) 2,569 CRE 10,844 (172 ) 1 (171 ) (552 ) 10,121 Multi-family 1,867 — — — 244 2,111 ADC 2,120 (488 ) — (488 ) 1,355 2,987 Residential mortgage 5,837 (310 ) 2 (308 ) 314 5,843 Consumer 4,484 (203 ) 27 (176 ) 89 4,397 Total allowance for loan losses $ 40,612 $ (1,906 ) $ 668 $ (1,238 ) $ 3,000 $ 42,374 Annualized net charge-offs to average loans outstanding 0.10 % For the three months ended December 31, 2013 (Unaudited) Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 5,302 $ (528 ) $ 501 $ (27 ) $ 1,611 $ 6,886 CRE 9,967 (671 ) 37 (634 ) 659 9,992 ADC 5,806 (218 ) — (218 ) 269 5,857 Residential mortgage 4,474 (270 ) 7 (263 ) 389 4,600 Consumer 3,328 (147 ) 24 (123 ) 72 3,277 Total allowance for loan losses $ 28,877 $ (1,834 ) $ 569 $ (1,265 ) $ 3,000 $ 30,612 Annualized net charge-offs to average loans outstanding 0.14 % For the fiscal year ended September 30, 2014 Beginning Charge-offs Recoveries Net Provision Ending balance C&I $ 5,302 $ (2,901 ) $ 1,073 $ (1,828 ) $ 6,062 $ 9,536 Payroll finance — (758 ) — (758 ) 2,137 1,379 Warehouse lending — — — — 630 630 Factored receivables — (211 ) 9 (202 ) 1,496 1,294 Equipment financing — (1,074 ) 194 (880 ) 3,501 2,621 CRE 9,967 (741 ) 161 (580 ) 1,457 10,844 Multi-family — (418 ) 92 (326 ) 2,193 1,867 ADC 5,806 (1,479 ) — (1,479 ) (2,207 ) 2,120 Residential mortgage 4,474 (963 ) 323 (640 ) 2,003 5,837 Consumer 3,328 (786 ) 114 (672 ) 1,828 4,484 Total allowance for loan losses $ 28,877 $ (9,331 ) $ 1,966 $ (7,365 ) $ 19,100 $ 40,612 Annualized net charge-offs to average loans outstanding 0.18 % For the fiscal year ended September 30, 2013 Beginning Charge-offs Recoveries Net Provision Ending balance C&I $ 4,603 $ (1,354 ) $ 410 $ (944 ) $ 1,643 $ 5,302 CRE 7,230 (3,725 ) 577 (3,148 ) 5,885 9,967 ADC 8,526 (3,422 ) 182 (3,240 ) 520 5,806 Residential mortgage 4,359 (2,547 ) 101 (2,446 ) 2,561 4,474 Consumer 3,564 (2,009 ) 232 (1,777 ) 1,541 3,328 Total allowance for loan losses $ 28,282 $ (13,057 ) $ 1,502 $ (11,555 ) $ 12,150 $ 28,877 Annualized net charge-offs to average loans outstanding 0.52 % Total Valuation Balances Recorded Against Portfolio Loans The following analysis presents the allowance for loan losses to originated loans, remaining purchase accounting marks to acquired loan portfolios and a holistic view of valuation balances recorded against portfolio loans at December 31, 2015 and 2014: December 31, 2015 Originated: Pass Special mention Substandard Doubtful Loss Total C&I $ 1,356,685 $ 11,041 $ 29,621 $ 445 $ — $ 1,397,792 Payroll finance 221,735 — 96 — — 221,831 Factored receivables 206,814 — 1,568 — — 208,382 Equipment financing 512,314 460 1,644 — — 514,418 Warehouse lending 387,808 — — — — 387,808 CRE 2,002,638 9,361 24,104 — — 2,036,103 Multi-family 550,438 — 1,717 — — 552,155 ADC 118,552 1,575 7,236 — — 127,363 Residential 419,534 897 13,497 — — 433,928 Consumer 195,684 407 7,167 268 — 203,526 Total originated loans $ 5,972,202 $ 23,741 $ 86,650 $ 713 $ — $ 6,083,306 Allowance for loan losses $ 43,925 $ 884 $ 4,801 $ 535 $ — $ 50,145 As a % of originated loans 0.74 % 3.72 % 5.54 % 75.04 % — % 0.82 % December 31, 2015 Acquired loans: Pass Special mention Substandard Doubtful Loss Total C&I $ 267,541 $ 9,724 $ 6,647 $ — $ — $ 283,912 Equipment finance 116,885 — — — 116,885 CRE 645,951 23,111 28,186 — — 697,248 Multi-family 237,948 5,927 — — — 243,875 ADC 52,775 5,500 760 — — 59,035 Residential 272,336 — 6,772 — — 279,108 Consumer 95,341 — 650 — — 95,991 Total loans subject to purchase accounting marks $ 1,688,777 $ 44,262 $ 43,015 $ — $ — $ 1,776,054 Remaining purchase accounting mark $ 37,351 $ 1,649 $ 2,383 $ — $ — $ 41,383 As a % of acquired loans 2.21 % 3.73 % 5.54 % — % — % 2.33 % Total portfolio loans $ 7,660,979 $ 68,003 $ 129,665 $ 713 $ — $ 7,859,360 Total allowance for loan losses and remaining purchase accounting mark $ 81,276 $ 2,533 $ 7,184 $ 535 $ — $ 91,528 As a % of portfolio loans 1.06 % 3.72 % 5.54 % 75.04 % — % 1.16 % December 31, 2014 Originated: Pass Special mention Substandard Doubtful Loss Total C&I $ 1,004,123 $ 13,060 $ 6,207 $ — $ — $ 1,023,390 Payroll finance 153,118 996 115 — — 154,229 Factoring 161,347 34 244 — — 161,625 Equipment financing 266,752 — 240 — — 266,992 Warehouse lending 173,786 — — — — 173,786 CRE 1,189,306 12,707 28,055 — — 1,230,068 Multi-family 379,254 317 272 — — 379,843 ADC 79,952 1,027 16,016 — — 96,995 Residential 410,243 975 14,301 — — 425,519 Consumer 192,525 1,200 6,690 — — 200,415 Total portfolio loans in allowance calculation $ 4,010,406 $ 30,316 $ 72,140 $ — $ — $ 4,112,862 Allowance for loan losses $ 34,744 $ 1,178 $ 5,896 $ — $ — $ 41,818 As a % of originated loans 0.87 % 3.89 % 8.17 % — % — % 1.02 % December 31, 2014 Acquired loans: Pass Special mention Substandard Doubtful Loss Total C&I $ 219,641 $ — $ 1,523 $ — $ — $ 221,164 Equipment finance 144,457 — — — — 144,457 CRE 228,070 — 139 — — 228,209 Multi-family 4,701 — — — — 4,701 ADC — — — — — — Residential 102,146 — 2,101 — — 104,247 Consumer — — — — — — Total loans subject to purchase accounting marks $ 699,015 $ — $ 3,763 $ — $ — $ 702,778 Remaining purchase accounting mark $ 5,310 $ — $ 724 $ — $ — $ 6,034 As a % of acquired loans 0.76 % — % 19.24 % — % — % 0.86 % Total portfolio loans $ 4,709,421 $ 30,316 $ 75,903 $ — $ — $ 4,815,640 Total allowance for loan losses and remaining purchase accounting mark $ 40,054 $ 1,178 $ 6,620 $ — $ — $ 47,852 As a % of portfolio loans 0.85 % 3.89 % 8.72 % — % — % 0.99 % Purchase accounting marks accreted into interest income on loans was $14,880 for calendar 2015; $1,260 for the transition period; $1,875 for the 2013 transition period (unaudited); $8,870 for fiscal 2014; and $2,045 for fiscal 2013. Credit Quality Indicators As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk grade of commercial loans and commercial real estate loans, (ii) the level of classified commercial loans and commercial real estate loans, (iii) the delinquency status of residential mortgage loans and consumer loans, (iv) net charge-offs, (v) non-performing loans (see details above) and (vi) the general economic conditions in the greater New York metropolitan region. The Bank analyzes loans individually by classifying the loans as to credit risk, except residential mortgage loans and consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $500 . This analysis is performed at least quarterly on all criticized/classified loans. The Bank uses the following definitions of risk ratings: 1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. 3 - This grade includes loans to borrowers with strong earnings and cash flow and that have the ability to service debt. The borrower’s assets and liabilities are generally well matched and are above average quality. The borrower has ready access to multiple sources of funding including alternatives such as term loans, private equity placements or trade credit. 4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. 5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade credit. Management has a reasonable amount of experience and depth, and owners are willing to invest available outside capital as necessary. 6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon debt funding for working capital support. 7 - Special Mention (OCC definition) - Other Assets Especially Mentioned (OAEM) are loans that have potential weaknesses which may, if not reversed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of “Substandard.” The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. 8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some losses if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. 9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as “Substandard” with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidating procedures, capital injections, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not reflect that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2015 and 2014 the risk category of gross loans by segment was as follows: December 31, 2015 December 31, 2014 Special mention Substandard Doubtful Special mention Substandard Doubtful Commercial & industrial $ 20,765 $ 36,268 $ 445 $ 13,060 $ 7,730 $ — Payroll finance — 96 — 996 115 — Warehouse lending — — — — — — Factored receivables — 1,568 — 34 244 — Equipment financing 460 1,644 — — 240 — CRE 32,472 52,290 — 12,707 28,194 — Multi-family 5,927 1,717 — 317 272 — ADC 7,075 7,996 — 1,027 16,016 — Residential mortgage 897 20,269 — 975 16,402 — Consumer 407 7,817 268 1,200 6,690 — Total $ 68,003 $ 129,665 $ 713 $ 30,316 $ 75,903 $ — There were no loans rated loss at December 31, 2015 and 2014 . |
Premises And Equipment, Net
Premises And Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are summarized as follows: December 31, 2015 2014 Land and land improvements $ 12,460 $ 6,048 Buildings 27,803 23,118 Leasehold improvements 32,576 33,044 Furniture, fixtures and equipment 66,478 54,603 Total premises and equipment, gross 139,317 116,813 Accumulated depreciation and amortization (75,955 ) (70,657 ) Total premises and equipment, net $ 63,362 $ 46,156 For calendar 2015, the Company recorded impairment charges on premises and equipment of $7,575 that were mainly related to financial center consolidations associated with the HVB Merger. For the transition period and fiscal 2014, the Company recorded impairment charges on premises and equipment of $610 and $11,043 , respectively, related to financial center consolidations associated with the Provident Merger. These charges were included in other non-interest expense in the consolidated statement of operations. Depreciation and amortization of premises and equipment totaled $ 7,476 for calendar 2015; $1,456 for the transition period; $1,617 for the 2013 transition period; $6,507 for fiscal 2014; and $4,243 for fiscal 2013. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets are presented in the tables below. The increase in goodwill and certain other intangible assets in calendar 2015 was primarily related to the HVB Merger and the Damian Acquisition (See Note 2. “Acquisitions”). Goodwill The change in goodwill for the periods presented was as follows: For the year ended December 31, 2015 2014 Beginning of period balance $ 388,926 $ 388,926 Acquisitions 281,773 — Disposals — — End of period balance $ 670,699 $ 388,926 Other intangible assets The balance of other intangible assets for the periods presented was as follows: Gross intangible assets Accumulated amortization Net intangible assets December 31, 2015 Core deposits $ 58,021 $ (12,227 ) $ 45,794 Customer lists 8,950 (991 ) 7,959 Non-compete agreements 11,808 (8,883 ) 2,925 Trade name 20,500 — 20,500 Fair value of below market leases 725 (536 ) 189 $ 100,004 $ (22,637 ) $ 77,367 December 31, 2014 Core deposits $ 24,182 $ (5,709 ) $ 18,473 Non-compete agreements 10,308 (6,349 ) 3,959 Trade name 20,500 — 20,500 Fair value of below market leases 725 (325 ) 400 $ 55,715 $ (12,383 ) $ 43,332 Other intangible assets are amortized on a straight-line or accelerated bases over their estimated useful lives, which range from one to 10 years . Amortization expense related to core deposits and non-compete agreements totaled $10,043 in calendar 2015; $1,873 in the transition period; $1,875 in the 2013 transition period; $9,408 in fiscal 2014; and $1,296 in fiscal 2013. The amortization of the fair value of below market leases was included in rent expense for all periods. The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2015 was as follows: Amortization expense 2016 $ 11,953 2017 8,088 2018 7,098 2019 6,074 2020 5,428 Thereafter 18,226 Total $ 56,867 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at December 31, 2015 and 2014 are summarized as follows: December 31, 2015 2014 Non-interest bearing demand $ 2,936,980 $ 1,481,870 Interest bearing demand 1,274,417 747,667 Savings 943,632 711,509 Money market 2,819,788 1,790,435 Certificates of deposit 605,190 480,844 Total deposits $ 8,580,007 $ 5,212,325 Municipal deposits totaled $1,140,206 and $883,350 at December 31, 2015 and December 31, 2014 , respectively. See Note 3. “Securities” for the amount of securities that were pledged as collateral for municipal deposits and other purposes. Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2015 2014 Remaining period to contractual maturity: Less than one year $ 494,242 $ 385,458 One to two years 75,724 52,480 Two to three years 20,469 34,219 Three to four years 9,573 4,778 Four to five years 5,182 3,909 Total certificates of deposit $ 605,190 $ 480,844 Certificates of deposit accounts with a denomination of $250 or more totaled $98,324 and $174,499 at December 31, 2015 and 2014 , respectively. Listed below are the Company’s brokered deposits: December 31, 2015 2014 Money market $ 152,180 $ 75,462 Reciprocal CDARs 1 169,958 6,666 CDARs one way 106,647 86,530 Total brokered deposits $ 428,785 $ 168,658 1 Certificate of deposit account registry service |
Borrowings and Senior Notes
Borrowings and Senior Notes | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Borrowings and Senior Notes | Borrowings and Senior Notes The Company’s borrowings and weighted average interest rates are summarized as follows: December 31, 2015 2014 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 1,409,885 1.32 % $ 1,003,209 1.37 % Repurchase agreements 16,566 0.55 9,846 0.30 Senior notes 98,893 5.98 98,498 5.98 Total borrowings $ 1,525,344 1.61 % $ 1,111,553 1.77 % By remaining period to maturity: Less than one year 999,222 0.69 % $ 532,835 0.39 % One to two years 295,000 3.19 152,760 0.69 Two to three years 228,893 3.57 255,000 3.54 Three to four years — — 168,498 4.38 Four to five years — — — — Greater than five years 2,229 4.92 2,460 4.92 Total borrowings $ 1,525,344 1.61 % $ 1,111,553 1.77 % FHLB advances and overnight. As a member of the FHLB, the Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of December 31, 2015 and 2014 , the Bank had pledged residential mortgage and commercial real estate loans totaling $2,050,982 and $1,302,681 , respectively. The Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of December 31, 2015 , the Bank may increase its borrowing capacity by pledging securities and mortgage loans not required to be pledged for other purposes with a collateral value of $853,276 . FHLB borrowings which are putable quarterly at the discretion of the FHLB, were $200,000 at December 31, 2015 and 2014 . These borrowings have a weighted average remaining term to the contractual maturity dates of approximately 1.31 and 2.31 years and a weighted average interest rate of 4.23% at December 31, 2015 and 2014 , respectively. Repurchase agreements. Securities sold under repurchase agreements are utilized to facilitate the needs of our clients and are secured short-term borrowings that mature in one to 30 days . Repurchase agreements are stated at the amount of cash received in connection with these transactions. The Bank monitors collateral levels on a continuous basis. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral are maintained with our safekeeping agents. Senior Notes. On July 2, 2013 , the Company issued $100,000 principal amount of 5.50% fixed rate senior notes (the “Senior Notes”) through a private placement at a discount of 1.75% . The cost of issuance was $303 , and at December 31, 2015 and 2014 the unamortized discount was $1,107 and $ 1,502 , respectively, which will be accreted to interest expense over the life of the Senior Notes, resulting in an effective yield of 5.98% . Interest is due semi-annually in arrears on January 2 and July 2 until maturity on July 2, 2018 . The Senior Notes were issued under an indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. The Senior Notes are unsecured obligations of the Company and rank equally with all other unsecured unsubordinated indebtedness, and will be effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such indebtedness, and structurally subordinated to the existing and future indebtedness of the Company’s subsidiaries. The Indenture includes provisions that, among other things, restrict the Company’s ability to dispose of or issue shares of voting stock of a principal subsidiary bank (as defined in the Indenture) or transfer the entirety of, or a substantial amount of, the Company’s assets or merge or consolidate with or into other entities, without satisfying certain conditions. The Senior Notes are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements. Revolving line of credit. On September 5, 2015 , the Company amended and renewed its existing revolving line of credit agreement for a new 12-month term. The loan agreement is for a $15,000 revolving line of credit facility (the “Credit Facility”) with a financial institution that matures on September 5, 2016. The balance was zero at December 31, 2015 and December 31, 2014 . The use of proceeds are for general corporate purposes. The line and accrued interest is payable at maturity, and is required to maintain a zero balance for at least 30 days during its term. The line bears interest at one-month LIBOR plus 1.25% . Under the terms of the facility, the Company and the Bank must maintain certain ratios related to capital, non-performing assets to capital, reserves to non-performing loans and debt service coverage. The Company and the Bank were in compliance with all requirements of the Credit Facility at December 31, 2015 . Trust preferred capital securities. In connection with the Provident Merger, the Company assumed $25,000 of trust preferred capital securities (the “Subordinated Debentures”). On June 1, 2014 , the Company redeemed all of the outstanding capital securities at a redemption price equal to 100% of the liquidation amount of the securities plus accumulated and unpaid interest, with such redemption payment made on June 2, 2014 . In connection with the redemption, the Company eliminated the unamortized premium recorded to reflect the fair value of the Subordinated Debentures at the date of the Provident Merger. The balance of the unamortized premium was $712 and this amount was recognized as a gain on extinguishment of debt and recorded as a reduction of other non-interest expense in the fiscal year ended September 30, 2014 . |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives The Company has entered into certain interest rate swap contracts that are not designated as hedging instruments. These derivative contracts relate to transactions in which the Company enters into an interest rate swap with a customer while at the same time entering into an offsetting interest rate swap with a financial institution. In connection with each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay a financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows the Company’s customers to effectively convert a variable rate loan to a fixed rate. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact the Company’s results of operations. The Company pledged collateral to a financial institution in the form of investment securities with an amortized cost of $1,863 and a fair value of $1,839 as of December 31, 2015 . The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back swaps. However, certain language is written into the International Swaps and Derivatives Association (“ISDA”) agreement and loan documents where, in default situations, the Company is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral to swap counterparties in the future in proportion to potential increases in unrealized loss positions. The derivative transactions we enter into with other financial institutions are generally executed under ISDA master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. However, we do not offset such financial instruments in our consolidated financial statements. Summary information as of December 31, 2015 and 2014 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value December 31, 2015 3rd party interest rate swap $ 87,094 5.44 4.09 % 1 m Libor + 2.15 $ 1,839 Customer interest rate swap (87,094 ) 5.44 4.09 1 m Libor + 2.15 (1,839 ) December 31, 2014 3rd party interest rate swap 67,551 4.70 4.13 1 m Libor + 2.36 1,332 Customer interest rate swap (67,551 ) 4.70 4.13 1 m Libor + 2.36 (1,332 ) The Company regularly enters into various commitments to originate and sell residential real estate loans into the secondary market. Such commitments are considered to be derivative financial instruments; however, the fair value of these commitments is not material. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the periods indicated consisted of the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Current tax expense (benefit): Federal $ 25,634 $ 17,134 $ (8,205 ) $ 11,613 $ 9,146 State 5,862 3,322 (600 ) 1,598 1,549 Total current tax expense (benefit) 31,496 20,456 (8,805 ) 13,211 10,695 Deferred tax expense (benefit): Federal (1,406 ) (10,954 ) 2,229 (2,745 ) 522 State 1,745 (1,126 ) (372 ) (314 ) 197 Total deferred tax expense (benefit) 339 (12,080 ) 1,857 (3,059 ) 719 Total income tax expense $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 $ 11,414 Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Tax at federal statutory rate of 35% $ 34,282 $ 8,884 $ (7,335 ) $ 13,241 $ 12,833 State and local income taxes, net of federal tax benefit 4,945 683 (632 ) 834 1,135 Tax-exempt interest, net of disallowed interest (5,218 ) (1,029 ) (768 ) (3,824 ) (2,192 ) BOLI income (1,853 ) (341 ) (259 ) (1,110 ) (699 ) Non-deductible acquisition related costs 700 53 712 712 416 Low income housing tax credits (215 ) (220 ) — (165 ) — Other, net (806 ) 346 1,334 464 (79 ) Actual income tax expense $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 $ 11,414 Effective income tax rate 32.5 % 33.0 % (33.2 )% 26.8 % 31.1 % The following table presents the Company’s deferred tax position at December 31, 2015 and 2014 : December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 19,684 $ 17,675 Deferred compensation 736 653 Other accrued compensation and benefits 8,229 4,952 Accrued post retirement expense 1,967 2,722 Deferred rent 3,849 1,967 Intangible assets 2,676 2,655 Other comprehensive loss (securities) 8,245 2,712 Other comprehensive loss (defined benefit plans) 566 4,865 Depreciation of premises and equipment 2,738 569 State NOL carryforward 379 1,012 Other 4,205 3,423 Total deferred tax assets 53,274 43,205 Deferred tax liabilities: Prepaid pension costs 4,492 10,429 Purchase accounting adjustments 15,503 15,883 Other 2,200 2,036 Total deferred tax liabilities 22,195 28,348 Net deferred tax asset $ 31,079 $ 14,857 Based on the Company’s consideration of historical and anticipated future pre-tax income, as well as the reversal period for the items giving rise to the deferred tax assets and liabilities, a valuation allowance for deferred tax assets was not considered necessary at either December 31, 2015 or 2014 . Retained earnings at December 31, 2015 and 2014 , included approximately $9,313 for which no provision for federal income taxes has been made. This amount represents the tax bad debt reserve at December 31, 1987 , which is the end of the Bank ’ s base year for purposes of calculating the bad debt deduction for tax purposes. If this portion of retained earnings is used in the future for any purposes other than to absorb bad debts, the amount used will be added to future taxable income. The unrecorded deferred tax liability on the above amount at both December 31, 2015 and 2014 , was approximately $3,260 . At December 31, 2015 and 2014 , the Company has state and local net operating loss (“NOL”) carryforwards that were acquired from Legacy Sterling as part of the Provident Merger on October 31, 2013. The utilization of state and local NOLs are subject to an annual limitation. Based on our projections, we believe the state and local NOL carryforwards will be fully utilized before expiration. At December 31, 2015 and 2014 , the Company had no unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company records interest and penalties as a component of other non-interest expense. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of New York and various other states. The Company is generally no longer subject to examination by Federal, state and local taxing authorities for fiscal tax years prior to September 30, 2012. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has active stock-based compensation plans as described below. The Company’s stockholders approved the 2015 Omnibus Equity and Incentive Plan (the “ 2015 Plan ”) on May 28, 2015. The 2015 Plan permits the grant of stock options, stock appreciation rights, restricted stock (both time-based and performance-based), restricted stock units, deferred stock and other stock-based awards. The total number of shares that may be awarded under the 2015 Plan is 2,800,000 shares plus the remaining shares available for grant under the 2014 Stock Incentive Plan (the “ 2014 Plan ”). At December 31, 2015 , there were 4,125,665 shares available for future grant under the 2015 Plan . The Company’s stockholders approved the 2014 Plan on February 20, 2014 . The approval of the 2015 Plan resulted in the termination of the 2014 Plan . Awards outstanding as of May 28, 2015 will continue to be governed by the 2014 Plan document; however, no future grants will be made under the 2014 Plan . Under the 2015 Plan , one share is deducted from the 2015 Plan for every share that is awarded and delivered under the 2015 Plan. Restricted stock awards are granted with a fair value equal to the market price of the Company’s common stock at the date of grant. Stock option awards are granted with a strike price that is equal to the market price of the Company’s stock at the date of grant. The awards generally vest in equal installments annually on the anniversary date and have total vesting periods ranging from 1 to 5 years and stock options have 10 year contractual terms. In addition to the 2015 Plan and the 2014 Plan , the Company previously granted awards under its 2011 Employment Inducement Stock Program which included options to purchase 107,256 shares of common stock and restricted stock awards covering 29,550 shares of common stock, all of which vested in four equal installments through July 2015. In connection with the Provident Merger, the Company granted 104,152 options at an exercise price of $14.25 per share pursuant to a Registration Statement on Form S-8 under which the Company assumed all outstanding fully vested Legacy Sterling stock options. These options expire March 15, 2017 . The Company also granted 95,991 shares under the Legacy Sterling 2013 Employment Inducement Award Plan to certain executive officers of Legacy Sterling. In addition, the Company issued 255,973 shares of restricted stock from shares available under a prior plan to certain executives of Legacy Sterling. The weighted average grant date fair value was $11.72 per share and the restricted stock awards vest in equal annual installments on the anniversary date over a three -year period. The following table summarizes the activity in the Company’s active stock-based compensation plans for the periods presented: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at October 1, 2013 2,066,184 209,697 $ 8.73 2,114,509 $ 10.71 2014 Stock Incentive Plan 3,400,000 — — — — 2012 Stock Incentive Plan termination (566,554 ) — — — — Grants associated with the Provident Merger (1) (921,503 ) 351,964 11.72 104,152 14.25 Granted (1) (719,674 ) 115,145 11.53 324,862 11.45 Stock awards vested — (69,211 ) 9.51 — — Exercised — — — (507,955 ) 11.29 Forfeited 439,594 (18,841 ) 9.18 (375,235 ) 12.24 Canceled/expired (347,286 ) — — — — Balance at September 30, 2014 3,350,761 588,754 $ 10.99 1,660,333 $ 10.55 Granted (1) (1,360,006 ) 250,624 12.96 482,811 13.29 Stock awards vested — (193,129 ) 10.84 — — Exercised — — — (95,033 ) 12.31 Forfeited 8,267 (2,362 ) 13.23 — — Canceled/expired — — — (7,812 ) 14.09 Balance at December 31, 2014 1,999,022 643,887 $ 11.79 2,040,299 $ 11.10 2015 Omnibus Equity and Incentive Plan 2,800,000 — — — — Granted (1) (732,023 ) 447,807 14.02 24,566 14.22 Stock awards vested — (330,384 ) 11.23 — — Exercised — — — (406,422 ) 11.58 Forfeited 192,970 (34,510 ) 12.92 (71,871 ) 12.90 Canceled/expired (134,304 ) — — — — Balance at December 31, 2015 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Exercisable at December 31, 2015 1,159,405 $ 10.31 (1) Reflects certain non-vested stock awards that counted as 3.5 shares or 3.6 shares for each share award granted. Other information regarding options outstanding at December 31, 2015 follows: Outstanding Exercisable Weighted average Weighted average Number of stock options Exercise price Life (in years) Number of stock options Exercise price Life (in years) Range of exercise prices: $6.71 to $8.73 353,611 $ 8.00 5.94 339,861 $ 8.05 5.94 $9.00 to $10.03 332,968 9.28 6.35 331,301 9.28 6.35 $11.36 to $13.18 363,504 11.71 6.93 260,539 11.81 6.60 $13.23 to $15.01 536,489 13.42 7.80 227,704 13.48 7.26 1,586,572 10.95 6.88 1,159,405 10.31 6.82 The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $8,363 and $6,851 , at December 31, 2015 . Proceeds from stock option exercises were $2,764 for calendar 2015; $574 for the transition period; $1,479 for the 2013 transition period; $3,042 for fiscal 2014; and $97 for fiscal 2013 . The Company uses an option pricing model to estimate the grant date fair value of stock options granted. The weighted average estimated value per option granted was $2.14 for calendar 2015; $1.89 for the transition period; $2.49 for the 2013 transition period; $2.51 in fiscal 2014; and $2.74 for fiscal 2013. The fair value of options granted was determined using the following weighted-average assumptions as of the grant date: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Risk-free interest rate 1.8 % 1.9 % 1.7 % 1.8 % 1.0 % Expected stock price volatility 21.2 20.3 26.5 26.4 40.8 Dividend yield (1) 3.1 3.2 2.1 2.0 2.6 Expected term in years 5.76 5.73 5.75 5.67 5.75 (1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit was as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Stock options $ 909 $ 316 $ 219 $ 901 $ 695 Non-vested stock awards/performance units 3,451 828 620 2,508 1,047 Total $ 4,360 $ 1,144 $ 839 $ 3,409 $ 1,742 Income tax benefit 1,417 378 279 914 542 Unrecognized stock-based compensation expense at December 31, 2015 was as follows: December 31, 2015 Stock options $ 738 Non-vested stock awards/performance units 7,451 Total $ 8,189 The weighted average period over which unrecognized stock options is expected to be recognized is 1.55 years . The weighted average period over which unrecognized non-vested awards/performance units was expected to be recognized is 2.11 years . |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Pension and Other Post Retirement Benefits | Pension and Other Post Retirement Benefits (a) Pension Plans On May 31, 2014 , the Company merged the Provident Bank Benefit Pension Plan (the “Legacy Provident Plan”) and the Legacy Sterling/Sterling National Bank Employees’ Retirement Plan (the “Legacy Sterling Plan”) and formed the Sterling National Bank Defined Benefit Pension Plan (the “Plan”). The legacy Provident Plan covered employees that were eligible as of September 30, 2006 . The Board of Directors approved a curtailment to the legacy Provident Plan effective September 30, 2006 . At that time, all benefit accruals for future service ceased and no new participants were allowed to enter the Plan. The purpose of the Plan curtailment was to afford flexibility in the retirement benefits the Company provides, while preserving all retirement plan participants’ earned and vested benefits, and to manage the increasing costs associated with the defined benefit pension plan. The Legacy Sterling Plan was a defined benefit plan that covered eligible employees of Legacy Sterling and Legacy Sterling National Bank and certain of its subsidiaries who were hired prior to January 3, 2006 and who attained age 21 prior to January 3, 2007 . Effective October 31, 2013 , the Legacy Sterling Plan was amended and the accrued benefit of each eligible actively employed participant that had not yet commenced benefits was increased by approximately 4.4% and the accrual of future service benefits ceased. On October 15, 2015, the Company terminated the Plan and satisfied all obligations owed to Plan participants through the purchase of annuities from a third-party insurance carrier and lump sum distributions as elected by Plan participants in an aggregate amount of $58,171 . In connection with the Plan termination, the Company incurred a settlement charge of $13,384 , which was comprised of the change in fair value of Plan assets of $4,068 , the recognition of the remaining balance of accumulated other comprehensive loss through earnings of $7,936 , and a charge representing the difference between the Company’s effective tax rate and its marginal tax rate of $1,380 . The balance of the pension reversion asset is $11,442 (which is recorded in other assets in the consolidated balance sheet) at December 31, 2015. This asset will be held in custody by the Company’s 401(k) plan custodian and is expected to be charged to earnings over the next five to seven years as it is distributed to employees under qualified compensation and benefit programs. The following is a summary of changes in the projected benefit obligation and fair value of Plan assets. The measurement date used by the Company for its pension plans was October 15, 2015, which is the date of the Plan termination, and December 31, 2014 . December 31, 2015 2014 Changes in projected benefit obligation: Beginning of year balance $ 57,877 $ 49,718 Interest cost 1,766 555 Actuarial loss — 7,750 Plan termination / Partial settlement (58,171 ) — Benefits and distributions paid — (146 ) End of year balance 1,472 57,877 Changes in fair value of plan assets: Beginning of year balance 72,170 68,570 Actual (loss) gain on plan assets (1,085 ) 3,746 Plan termination / Partial settlement (58,171 ) — Benefits and distributions paid — (146 ) End of year balance 12,914 72,170 Reversion asset / Funded status at end of year $ 11,442 $ 14,293 The components of net periodic pension expense were as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Interest cost $ 1,766 $ 555 $ 402 $ 2,779 $ 1,452 Expected return on plan assets (2,187 ) (682 ) (672 ) (3,380 ) (2,462 ) Amortization of unrecognized actuarial loss 272 — 97 236 2,062 Plan termination / Partial settlement charge 13,384 — 2,743 3,922 — Net periodic pension expense (benefit) $ 13,235 $ (127 ) $ 2,570 $ 3,557 $ 1,052 Net periodic pension expense (benefit) is included in compensation and benefits in the consolidated statements of operations; however, the termination and settlement charge for the defined benefit pension plan was presented as a separate line item due to its significance. There were no amounts recognized in accumulated other comprehensive (loss) at December 31, 2015 due to the Plan termination. At December 31, 2014 the accumulated other comprehensive loss, net of tax was $6,159 . The principal actuarial assumptions used at December 31, 2014 were as follows: December 31, 2014 Projected benefit obligation: Discount rate 4.10 % Net periodic pension cost: Discount rate 4.10 % Long-term rate of return on plan assets 4.00 % The discount rate used in the measurement of the projected benefit obligation was determined by comparing the expected future retirement benefit payment cash flows of the Plan to the cash flows of a high-quality corporate bond portfolio as of the measurement date. The expected long-term rate of return on Plan assets reflected earnings expectations on Plan assets. In estimating this rate, appropriate consideration was given to historical returns earned by Plan assets in the funds and the rates of return that were expected to be available for reinvestment. The rate of return estimated at December 31, 2014 reflected the shift in the allocation of the Plan assets to a liability driven investment strategy, which was more heavily weighted towards long-term fixed income assets with a similar duration profile to the Plan liabilities. The Company’s funding policy was to annually contribute an amount sufficient to meet statutory minimum funding requirements, but not in excess of the maximum amount deductible for Federal income tax purposes. Contributions were intended to provide not only for benefits attributed to service to date, but also for benefits expected to be earned in the future. The following is a description of the valuation methodologies used for assets measured at fair value. There were no changes in the methodologies used in any of the periods presented. See Note 19. “Fair Value Measurements” for a detailed discussion of the three levels of inputs that may be used to measure fair values. The fair value of the Plan assets was based on the lowest level of any input that was significant to the fair value measurement within the fair value hierarchy. Plan assets consisted of pooled separate accounts at December 31, 2014 . The fair value of shares of units of participation in pooled separate accounts were based on the net asset values of the funds reported by the fund managers as of December 31, 2014 and recent transaction prices (Level 2 inputs). Assets allocated to these pooled separate accounts included, but are not limited to, stocks (both domestic and foreign), bonds and mutual funds. While some pooled separate accounts may have publicly quoted prices (Level 1 inputs), the units of separate accounts are not publicly quoted and were therefore classified as Level 2. The fair value of Plan assets by asset category as of December 31, 2014 was the following: December 31, 2014 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Asset category: Intermediate term bond $ 8,763 $ — $ 8,763 $ — Long-term bond 63,407 — 63,407 — Total assets $ 72,170 $ — $ 72,170 $ — The Company’s policy was to invest the Plan assets in a prudent manner for the purpose of providing benefit payments to participants and offsetting reasonable expenses of administration. As of December 31, 2014 , the majority of the Plan assets were invested in funds specifically designed for liability driven investment strategies and had a weighted average expected rate of return of 4.0% . The Plan’s investment policy prohibits the direct investment in real estate but allows the Plan’s mutual funds to include a small percentage of real estate related investments. The investment strategy utilizes asset allocation as a principal determinant for establishing an appropriate risk profile. Weighted average pension plan asset allocations based on the fair value of such assets at December 31, 2014 were 12% allocated to intermediate term bonds and 88% allocated to long-term bonds. (b) Other Post Retirement Benefit Plans The Company provides other post retirement benefit plans, which are unfunded. Included in the tables below is information regarding Supplemental Executive Retirement Plans (“SERP”) to certain former directors and officers of the Company, life insurance benefits to certain directors, officers and former officers of Legacy Sterling and the Company’s optional medical, dental and life insurance benefits to retirees plan, which was terminated on December 31, 2014 . Data relating to other post retirement benefit plans is the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Changes in accumulated post retirement benefit obligation: Beginning of year $ 11,096 $ 10,990 $ 3,302 $ 3,302 $ 3,103 Obligations assumed in acquisitions 16,059 — 9,644 9,644 — Plan amendment — 45 — — — Service cost 6 3 12 51 48 Interest cost 373 59 34 683 134 Actuarial loss 364 72 18 79 177 Curtailment (gain) — — — (2,485 ) — Benefits paid (16,165 ) (73 ) (71 ) (284 ) (160 ) End of year 11,733 11,096 12,939 10,990 3,302 Changes in fair value of plan assets: Beginning of year $ — $ — $ — $ — $ — Employer contributions 16,165 73 71 284 160 Plan participants’ contributions — — — — — Benefits paid (16,165 ) (73 ) (71 ) (284 ) (160 ) End of year — — — — — Funded status $ (11,733 ) $ (11,096 ) $ (12,939 ) $ (10,990 ) $ (3,302 ) In connection with the purchase of $30,000 of BOLI during the three months ended December 31, 2014 , the Company provided a post retirement benefit to employees, which is reflected above as the plan amendment for the period. In connection with the HVB Merger, the Company assumed SERP liabilities of $16,059 . The Company terminated the HVHC SERP as of the acquisition date. Plan participants received a lump-sum cash payment in July 2015 and all plan obligations were satisfied. Components of net periodic (benefit) expense for other post retirement benefit plans was the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Service cost $ 6 $ 3 $ 12 $ 51 $ 48 Interest cost 373 59 34 683 134 Amortization of transition obligation — 3 6 34 24 Amortization of prior service cost 161 — 12 270 47 Amortization of net actuarial (gain) loss — 6 — (45 ) 2 Curtailment (gain) — — — (2,485 ) — Total $ 540 $ 71 $ 64 $ (1,492 ) $ 255 The Company terminated the optional medical, dental and life insurance benefits plan to retirees effective September 30, 2014 and all payments under this plan ceased on December 31, 2014 . Net periodic benefit expense for other post retirement benefit plans is included in non-interest expense - compensation and employee benefits in the consolidated statements of operations for the periods presented above. The Company’s liability under its other post retirement benefit plans is included in other liabilities in the balance sheets. Estimated future benefit payments are the following for the years ending December 31: 2016 $ 175 2017 187 2018 227 2019 269 2020 313 Thereafter 1,849 Plan assumptions for the other post retirement medical, dental and vision plans include the following: December 31, 2015 2014 Discount rate 3.00% to 4.00% 2.75% to 3.92% Discount rate used to value periodic cost 3.00% to 4.00% 2.75% to 4.27% (c) Employee Savings Plan The Company also sponsors a defined contribution plan established under Section 401(k) of the IRS Code. Eligible employees may elect to contribute up to 50.0% of their compensation to the plan. The Company currently makes matching contributions equal to 50.0% of a participant’s contributions up to a maximum matching contribution of 3.0% of eligible compensation. The plan also provides for a discretionary profit sharing component, in addition to the matching contributions. There was no profit sharing component for any period presented in the consolidated statements of operations. However, the Company intends to implement a profit sharing plan in 2016 equal to 3.0% of eligible compensation of all employees, which will be funded by pension reversion asset described above. Voluntary matching and profit sharing contributions are invested in accordance with the participant’s direction in one or a number of investment options. Savings plan expense was $1,769 for calendar 2015; $381 for the transition period; $278 for the 2013 transition period; $1,614 for fiscal 2014; and $935 for fiscal 2013. (d) Employee Stock Ownership Plan ( “ ESOP ” ) In connection with Legacy Provident’s second step stock conversion and offering in January 2004 , Legacy Provident established an ESOP for substantially all eligible employees who meet certain age and service requirements. The ESOP borrowed $9,987 from Legacy Provident and used the funds to purchase 998,650 shares of common stock in the offering. The term of this ESOP loan was 20 years. On October 30, 2013, the Company terminated the ESOP. In accordance with the provisions of the ESOP, all participants received contributions for calendar year 2013 and became 100.0% vested in their accounts. On February 4, 2014 , the ESOP held 499,330 shares of the Company’s common stock. Of these shares, 488,403 were used to retire the ESOP trust outstanding loan obligation, which was $5,983 including accrued interest. In accordance with the provisions of the ESOP, the remaining 10,927 shares were allocated ratably to ESOP participants. ESOP expense was $0 for the transition period; $152 for the 2013 transition period; $295 for fiscal 2014; and $497 for fiscal 2013. |
Other Non-Interest Expense
Other Non-Interest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Non-interest Expense | Other Non-interest Expense Other non-interest expense items are presented in the following table. Components exceeding 1% of the aggregate of total net interest income and total non-interest income are presented separately. For the year ended For the three months ended For the fiscal year ended December 31, December 31. September 30, 2015 2014 2013 2014 2013 Other non-interest expense: Advertising and promotion $ 2,522 $ 782 $ 309 $ 2,358 $ 1,502 Professional fees 8,308 1,314 1,818 6,913 3,393 Data and check processing 8,825 1,424 595 3,439 2,520 ATM/debit card expense 552 291 364 1,249 1,722 Insurance & surety bond premium 3,186 595 675 2,703 1,199 Charge for asset write-downs, severance, retention and change in fiscal year end 29,046 1,075 22,167 22,976 — Charge for banking systems conversion — 1,418 — 3,249 — Other 17,284 4,252 3,693 15,030 7,040 Total other non-interest expense $ 69,723 $ 11,151 $ 29,621 $ 57,917 $ 17,376 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a summary of the calculation of earnings per share (“EPS”): For the year ended December 31, For the three months ended December 31, For the fiscal year ended September 30, 2015 2014 2013 2014 2013 Net income (loss) $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 $ 25,254 Weighted average common shares outstanding for computation of basic EPS (1) 109,907,645 83,831,380 70,493,305 80,268,970 43,734,425 Common-equivalent shares due to the dilutive effect of stock options (2) 421,708 363,536 — 265,073 48,628 Weighted average common shares for computation of diluted EPS 110,329,353 84,194,916 70,493,305 80,534,043 43,783,053 Earnings per common share: Basic $ 0.60 $ 0.20 $ (0.20 ) $ 0.34 $ 0.58 Diluted 0.60 0.20 (0.20 ) 0.34 0.58 Weighted average common shares that could be exercised that were anti-dilutive for the period (3) 2,394 82,625 2,025,501 697,475 1,786,608 (1) Includes earned ESOP shares. (2) Represents incremental shares computed using the treasury stock method. (3) Anti-dilutive shares are not included in determining diluted earnings per share. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Regulatory Capital Requirements In connection with the Provident Merger, the Company became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines, and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk-weighting, and other factors. The Basel III Capital Rules became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital (as defined in the regulations), Tier 1 capital (as defined in the regulations) and Total capital (as defined in the regulations) to risk-weighted assets (as defined, “RWA”), and of Tier 1 capital to adjusted quarterly average assets (as defined) (the “Tier 1 leverage ratio”). The Company’s and the Bank’s Common Equity Tier 1 capital consists of common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 capital. Common Equity Tier 1 capital for both the Company and the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital (as defined in the regulations) for both the Company and the Bank includes a permissible portion of the allowance for loan losses. Prior to January 1, 2015, the Company’s and the Bank’s Tier 1 capital consisted of total shareholders’ equity excluding accumulated other comprehensive income, goodwill and other intangible assets. The Common Equity Tier 1 (beginning in 2015), Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by RWA. RWA is calculated based on regulatory requirements and includes total assets, excluding goodwill and other intangible assets, allocated by risk weight category, and certain off-balance-sheet items, among other things. The Tier 1 leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. When fully phased-in on January 1, 2019, the Basel III Capital Rules will require the Company and the Bank to maintain: (i) a minimum ratio of Common Equity Tier 1 capital to RWA of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to RWA of at least 7.0% upon full implementation); (ii) a minimum ratio of Tier 1 capital to RWA of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio as that buffer is phased in, effectively resulting in a minimum Tier 1 capital ratio of 8.5% upon full implementation); (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to RWA of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio as that buffer is phased in, effectively resulting in a minimum total capital ratio of 10.5% upon full implementation); and (iv) a minimum Tier 1 leverage ratio of 4.0%. The implementation of the capital conservation buffer will began on January 1, 2016 at the 0.625% level and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to the Company or the Bank. The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to RWA above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The following table presents actual and required capital ratios as of December 31, 2015 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2015 based on the phase-in provisions 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. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2015 Common equity tier 1 to RWA: Sterling National Bank $ 1,053,527 11.45 % $ 413,951 4.50 % $ 643,923 7.00 % $ 597,929 6.50 % Sterling Bancorp 988,174 10.74 414,047 4.50 644,073 7.00 N/A N/A Tier 1 capital RWA: Sterling National Bank 1,053,527 11.45 % 551,934 6.00 % 781,907 8.50 % 735,912 8.00 % Sterling Bancorp 988,174 10.74 552,063 6.00 782,089 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,104,221 12.00 % 735,912 8.00 % 965,885 10.50 % 919,891 10.00 % Sterling Bancorp 1,038,868 11.29 736,084 8.00 966,110 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,053,527 9.65 % 436,678 4.00 % 436,678 4.00 % 545,848 5.00 % Sterling Bancorp 988,174 9.03 437,629 4.00 437,629 4.00 N/A N/A The following table presents actual and required capital ratios as of December 31, 2014 for the Bank and the Company under the regulatory capital rules then in effect: Regulatory requirements Actual Minimum capital Classification as well Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2014 Tier 1 capital to RWA: Sterling National Bank $ 651,203 12.00 % $ 216,988 4.00 % $ 325,481 6.00 % Sterling Bancorp 569,609 10.43 218,405 4.00 N/A N/A Total capital to RWA: Sterling National Bank 693,972 12.79 % 433,975 8.00 % 542,469 10.00 % Sterling Bancorp 612,378 11.22 436,809 8.00 N/A N/A Tier 1 leverage ratio: Sterling National Bank 651,203 9.39 % 277,534 4.00 % 346,918 5.00 % Sterling Bancorp 569,609 8.21 277,352 4.00 N/A N/A Management believes that as of December 31, 2015 , the Bank was “well-capitalized”. At December 31, 2015 , and December 31, 2014 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2015 and 2014 is as follows: The Company The Bank December 31, December 31, 2015 2014 2015 2014 Total U.S. GAAP stockholders’ equity $ 1,665,073 $ 975,200 $ 1,705,841 $ 1,024,361 Disallowed goodwill and other intangible assets (689,023 ) (415,842 ) (664,225 ) (383,406 ) Net unrealized loss on available for sale securities 6,999 3,669 6,992 3,666 Net accumulated other comprehensive income components 5,125 6,582 4,919 6,582 Tier 1 risk-based capital 988,174 569,609 1,053,527 651,203 Allowance for loan losses and off-balance sheet commitments 50,694 42,769 50,694 42,769 Total risk-based capital $ 1,038,868 $ 612,378 $ 1,104,221 $ 693,972 (b) Dividend Restrictions The Company is mainly dependent upon dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. Under the foregoing dividend restrictions, and while maintaining its “well-capitalized” status, at December 31, 2015 , the Bank had capacity to pay aggregate dividends of up to $68,383 to the Company without prior regulatory approval. (c) Stock Repurchase Plans From time to time, the Company’s Board of Directors has authorized stock repurchase plans. The Company has 776,713 shares that are available to be purchased under an announced stock repurchase program. There were no shares repurchased under the repurchase programs during calendar 2015, the transition period, the 2013 transition period, fiscal 2014 or fiscal 2013. (d) Liquidation Rights Upon completion of the second-step conversion in January 2004 , the Bank established a special “liquidation account” in accordance with OCC regulations. The account was established for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders (as defined in the plan of conversion) in an amount equal to the greater of (i) the Mutual Holding Company’s ownership interest in the retained earnings of the Bank as of the date of its latest balance sheet contained in the prospectus; or (ii) the retained earnings of the Bank at the time that the Bank reorganized into the Mutual Holding Company in 1999. Each Eligible Account Holder and Supplemental Eligible Account Holder that continues to maintain his or her deposit account at the Bank would be entitled, in the event of a complete liquidation of the Bank, to a pro rata interest in the liquidation account prior to any payment to the stockholders of the Holding Company (as defined in the plan of conversion). The liquidation account is reduced annually on September 30 to the extent that Eligible Account Holders and Supplemental Eligible Account Holders have reduced their qualifying deposits as of each anniversary date. At December 31, 2015 , the liquidation account had a balance of $13,300 . Subsequent increases in deposits do not restore such account holder’s interest in the liquidation account. The Bank may not pay cash dividends or make other capital distributions if the effect thereof would be to reduce its stockholder’s equity below the amount of the liquidation account. |
Off-Balance-Sheet Financial Ins
Off-Balance-Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Off-Balance-Sheet Financial Instruments | Off-Balance-Sheet Financial Instruments In the normal course of business, the Company enters into various transactions, which in accordance with GAAP are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. Based on the Company’s credit risk exposure assessment of standby letter of credit arrangements, the arrangements contain security and debt covenants similar to those contained in loan agreements. As of December 31, 2015 , the Company had $102,930 in outstanding letters of credit, of which $36,861 were secured by cash collateral and $28,812 were secured by other collateral. The carrying value of these obligations are not considered material. The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: December 31, 2015 2014 Loan origination commitments $ 269,636 $ 208,486 Unused lines of credit 660,915 332,295 Letters of credit 102,930 83,316 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Certain premises and equipment are leased under operating leases with terms expiring through 2033 . The Company has the option to renew certain of these leases for additional terms. Future minimum rental payments due under non-cancellable operating leases with initial or remaining terms of more than one year at December 31, 2015 were as follows: 2016 $ 11,656 2017 10,724 2018 9,546 2019 7,310 2020 5,955 2021 and thereafter 27,792 $ 72,983 Occupancy and office operations expense includes net rent expense of $9,566 for calendar 2015; $2,450 for the transition period; $2,157 for the 2013 transition period; $7,893 for fiscal 2014 and $3,340 for fiscal 2013. Litigation The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from conducting their business activities. These include routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against the Company and the Bank with respect to corporate matters and transactions in which the Company and the Bank were involved. In addition, the Company and the Bank may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied, or believe they have meritorious defenses and will deny, liability in all significant litigation pending against us and we intend to defend vigorously each case, other than matters we determine are appropriate to be settled. We accrue a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction occurring in the principal or most advantageous market for such asset or liability. In estimating fair value, we estimate valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. ASC Topic 820 Fair Value Measurements and Disclosures establishes a fair value hierarchy comprised of three levels of inputs that may be used to measure fair values. Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities 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 risk, etc.) or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair value of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. In general, fair value is based on quoted market prices, when available. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincide with the Company’s monthly and/or quarterly valuation process. Investment Securities Available for Sale The majority of the Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is generally easily obtained. From time to time, the Company validates, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. At December 31, 2015 , we do not believe any of our securities are OTTI; however, we review all of our securities on at least a quarterly basis to assess whether impairments, if any, are OTTI. Derivatives The fair values of derivatives are based on valuation models using current market terms (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counterparty as of the measurement date, which are considered Level 2 inputs. The Company’s derivatives at December 31, 2015, consist of interest rate swaps. (See Note 10. “Derivatives.”) Commitments to Sell Real Estate Loans The Company enters into various commitments to sell real estate loans in the secondary market. Such commitments are considered to be derivative financial instruments and therefore are carried at estimated fair value on the consolidated balance sheets. The estimated fair values of these commitments were generally calculated by reference to quoted prices in secondary markets for commitments to sell real estate loans to certain government sponsored agencies. The fair values of these commitments generally result in a Level 2 classification. The fair value of these commitments is not material. A summary of assets and liabilities at December 31, 2015 measured at estimated fair value on a recurring basis is as follows: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,217,862 $ — $ 1,217,862 $ — CMO/Other MBS 78,373 — 78,373 — Total residential MBS 1,296,235 — 1,296,235 — Federal agencies 84,267 — 84,267 — Corporate bonds 314,188 — 314,188 — State and municipal 189,035 — 189,035 — Trust preferred 28,517 — 28,517 — Other 8,790 — 8,790 — Total other securities 624,797 — 624,797 — Total investment securities available for sale 1,921,032 — 1,921,032 — Swaps 1,839 — 1,839 — Total assets $ 1,922,871 $ — $ 1,922,871 $ — Liabilities: Swaps 1,839 $ — $ 1,839 $ — Total liabilities $ 1,839 $ — $ 1,839 $ — A summary of assets and liabilities at December 31, 2014 measured at estimated fair value on a recurring basis is as follows: December 31, 2014 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 533,663 $ — $ 533,663 $ — CMO/Other MBS 84,838 — 84,838 — Total residential MBS 618,501 — 618,501 — Federal agencies 147,156 — 147,156 — Corporate bonds 204,831 — 204,831 — State and municipal 132,065 — 132,065 — Trust preferred 38,293 — 38,293 — Total investment securities available for sale 522,345 — 522,345 — Total available for sale securities 1,140,846 — 1,140,846 — Interest rate caps and swaps 1,332 — 1,332 — Total assets $ 1,142,178 $ — $ 1,142,178 $ — Liabilities: Swaps $ 1,332 $ — $ 1,332 $ — Total liabilities $ 1,332 $ — $ 1,332 $ — The following categories of financial assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Loans Held for Sale and Impaired Loans Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value as determined by outstanding commitments from investors. Fair value of loans held for sale is determined using quoted prices for similar assets which are Level 2 inputs. When mortgage loans held for sale are sold with servicing rights retained, the carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights, which is equal to its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. The Company may record adjustments to the carrying value of loans based on fair value measurements, generally as partial charge-offs of the uncollectible portions of these loans. These adjustments also include certain impairment amounts for collateral dependent loans calculated in accordance with FASB ASC Topic 310 – Receivables. Impairment amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated impairment amount applicable to that loan does not necessarily represent the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans generally are based on assumptions not observable in the market place and are also based on Level 3 inputs. Impaired loans are evaluated on at least a quarterly basis for additional impairment and their carrying values are adjusted as needed. Loans subject to non-recurring fair value measurements were $28,372 and $31,023 at December 31, 2015 , and 2014 , respectively. Changes in fair value recognized as a charge-off on loans held by the Company were $0 for calendar 2015; $567 for the transition period; $905 for fiscal 2014; and $2,726 for fiscal 2013 (unaudited). When valuing impaired loans that are collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value, which is generally less than 12 months old. A discount for estimated costs to dispose of the asset is used when evaluating the impaired loans. A summary of impaired loans at December 31, 2015 measured at estimated fair value on a non-recurring basis is the following: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs CRE $ 3,218 $ — $ — $ 3,218 Total impaired loans measured at fair value $ 3,218 $ — $ — $ 3,218 A summary of impaired loans at December 31, 2014 measured at estimated fair value on a non-recurring basis is the following: December 31, 2014 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 65 $ — $ — $ 65 CRE 1,950 — — 1,950 ADC 3,800 — — 3,800 Total impaired loans measured at fair value $ 5,815 $ — $ — $ 5,815 Mortgage Servicing Rights When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the effect recorded in net gain on sales of loans in the consolidated statements of operations. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The Company utilizes the amortization method to subsequently measure the carrying value of its servicing rights. In accordance with FASB ASC Topic 860 Transfers and Servicing, the Company must record impairment charges on a non-recurring basis, when the carrying value exceeds the estimated fair value. To estimate the fair value of servicing rights, the Company utilizes a third-party, which on a quarterly basis, considers the market prices for similar assets and the present value of expected future cash flows associated with the servicing rights. Assumptions utilized include estimates of the cost of servicing, loan default rates, an appropriate discount rate and prepayment speeds. The determination of fair value of servicing rights relies upon Level 3 inputs. The fair value of mortgage servicing rights at December 31, 2015 and 2014 were $1,204 and $1,456 , respectively. Assets Taken in Foreclosure of Defaulted Loans Assets taken in foreclosure of defaulted loans are initially recorded at fair value less costs to sell when acquired, which establishes a new cost basis. These assets are subsequently accounted for at the lower of cost or fair value less costs to sell and are primarily comprised of commercial and residential real estate property and upon initial recognition, are re-measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the foreclosed asset. The fair value is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the market place. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between comparable sales and income data available. The fair value is derived using Level 3 inputs. Appraisals are reviewed by our credit department, our external loan review consultant and verified by officers in our credit administration area. Assets taken in foreclosure of defaulted loans and facilities held for sale subject to non-recurring fair value measurement were $14,614 and $5,867 at December 31, 2015 and 2014 , respectively. There were write-downs of $0 in calendar 2015; $0 in the transition period; $224 in fiscal 2014; and $1,978 in fiscal 2013, related to changes in fair value recognized through income for those foreclosed assets held by the Company. Significant Unobservable Inputs to Level 3 Measurements The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2015 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Range (1) (weighted average) Impaired loans: CRE $ 3,218 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 2,334 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE (2) 7,805 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 3,990 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 1,204 Third-party Discount rates 8.3% - 11.3% (9.5%) Third-party Prepayment speeds 100 - 480 (183) (1) Represents range of discount factors applied to the appraisal to determine fair value. The amounts used for loans collateralized by real estate or assets taken in foreclosure also include costs to carry and costs of sale. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider which the Company believes are appropriate. (2) Excludes $486 of commercial buildings that are former financial centers held for sale. These assets were not taken in foreclosure and their fair value is determined by appraisal, and our internal assessment of the market for this type of real estate in these locations. Fair Values of Financial Instruments FASB Codification Topic 825 Financial Instruments (“Topic 825”) , requires disclosure of fair value information for those financial instruments for which it is practicable to estimate fair value, whether or not such financial instruments are recognized in the consolidated financial statements for interim and annual periods. Fair value is the amount for which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. Quoted market prices are used to estimate fair values when those prices are available, although active markets do not exist for many types of financial instruments. Fair values for these instruments must be estimated by management using techniques such as discounted cash flow analysis and comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with Topic 825 do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs. The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2015 : December 31, 2015 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 229,513 $ 229,513 $ — $ — Securities available for sale 1,921,032 — 1,921,032 — Securities held to maturity 722,791 — 734,079 — Loans, net 7,809,215 — — 7,876,064 Loans held for sale 34,110 — 34,110 — Accrued interest receivable on securities 11,329 — 11,329 — Accrued interest receivable on loans 20,202 — — 20,202 FHLB stock and FRB stock 116,758 — — — Swaps 1,839 — 1,839 — Financial liabilities: Non-maturity deposits (7,974,817 ) (7,974,817 ) — — Certificates of deposit (605,190 ) — (603,634 ) — FHLB borrowings (1,409,885 ) — (1,418,155 ) — Other borrowings (16,566 ) — (16,430 ) — Senior notes (98,893 ) — (105,088 ) — Mortgage escrow funds (13,778 ) — (13,775 ) — Accrued interest payable on deposits (483 ) — (483 ) — Accrued interest payable on borrowings (4,490 ) — (4,490 ) — Swaps (1,839 ) — (1,839 ) — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2014 : December 31, 2014 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 121,520 $ 121,520 $ — $ — Securities available for sale 1,140,846 — 1,140,846 — Securities held to maturity 572,337 — 586,346 — Loans, net 4,773,267 — — 4,783,508 Loans held for sale 46,599 — 46,599 — Accrued interest receivable on securities 7,742 — 7,742 — Accrued interest receivable on loans 11,559 — — 11,559 FHLB stock and FRB stock 75,437 — — — Swaps 1,332 — 1,332 — Financial liabilities: Non-maturity deposits (4,731,481 ) (4,731,481 ) — — Certificates of deposit (480,844 ) — (480,621 ) — FHLB borrowings (1,003,209 ) — (1,019,690 ) — Other borrowings (9,846 ) — (9,846 ) — Senior Notes (98,498 ) — (100,769 ) — Mortgage escrow funds (4,167 ) — (4,167 ) — Accrued interest payable on deposits (329 ) — (329 ) — Accrued interest payable on borrowings (4,354 ) — (4,354 ) — Swaps (1,332 ) — (1,332 ) — The following paragraphs summarize the principal methods and assumptions used by the Company to estimate the fair value of the Company’s financial instruments: Loans The estimated fair value approximates carrying value for variable-rate loans that reprice frequently and with no significant change in credit risk. The fair value of fixed-rate loans and variable-rate loans which reprice on an infrequent basis is estimated by discounting future cash flows using the current interest rates at which similar loans with similar terms would be made to borrowers of similar credit quality. An overall valuation adjustment is made for specific credit risks as well as general portfolio credit risk. FHLB of New York Stock and FRB Stock The redeemable carrying amount of these securities with limited marketability approximates their fair value. Deposits and Mortgage Escrow Funds In accordance with Topic 825, deposits with no stated maturity (such as demand, money market and saving deposits) are assigned fair values equal to the carrying amounts payable on demand. Certificates of deposit and mortgage escrow funds are segregated by account type and original term, and fair values are estimated by discounting the contractual cash flows. The discount rate for each account grouping is equivalent to the current market rates for deposits of similar type and maturity. These fair values do not include the value of core deposit relationships that comprise a significant portion of the Company’s deposits. We believe that the Company’s core deposit relationships provide a relatively stable, low-cost funding source that has a substantial value separate from the deposit balances. FHLB Borrowings, other borrowings and Senior Notes The estimated fair value approximates carrying value for short-term borrowings. The fair value of long-term fixed-rate borrowings is estimated using quoted market prices, if available, or by discounting future cash flows using current interest rates for similar financial instruments. Other Financial Instruments Other financial assets and liabilities listed in the table above have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. The fair values of the Company’s off-balance-sheet financial instruments described in Note 17. “Off-Balance Sheet Financial Instruments” were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At December 31, 2015 and 2014 , the estimated fair value of these instruments approximated the related carrying amounts, which were not material. Accrued interest receivable/payable The carrying amounts of accrued interest approximate fair value and are classified in accordance with the related instrument. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: December 31, 2015 2014 Net unrealized holding (loss) gain on available for sale securities $ (12,172 ) $ 2,256 Related income tax benefit (expense) 5,173 (959 ) Available for sale securities AOCI, net of tax (6,999 ) 1,297 Net unrealized holding loss on securities transferred to held to maturity (7,226 ) (8,638 ) Related income tax benefit 3,071 3,671 Securities transferred to held to maturity AOCI, net of tax (4,155 ) (4,967 ) Net unrealized holding loss on retirement plans (1,687 ) (11,445 ) Related income tax benefit 717 4,864 Retirement plan AOCI, net of tax (970 ) (6,581 ) Accumulated other comprehensive loss $ (12,124 ) $ (10,251 ) The following table presents the changes in each component of AOCI for calendar 2015, the transition period, the 2013 transition period (unaudited), fiscal 2014 and fiscal 2013: Net unrealized holding gain (loss) on AFS securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2015 Balance at beginning of the period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Other comprehensive (loss) gain before reclassification (11,077 ) — 435 (10,642 ) Amounts reclassified from AOCI 2,781 812 5,176 8,769 Total other comprehensive (loss) income (8,296 ) 812 5,611 (1,873 ) Balance at end of period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Three months ended December 31, 2014 Balance at beginning of the period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Other comprehensive gain (loss) before reclassification 3,943 — (2,940 ) 1,003 Amounts reclassified from AOCI 25 177 3 205 Total other comprehensive income (loss) 3,968 177 (2,937 ) 1,208 Balance at end of period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Three months ended December 31, 2013 Balance at beginning of the period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Other comprehensive (loss) before reclassification (354 ) (5,659 ) — (6,013 ) Amounts reclassified from AOCI 431 — 1,447 1,878 Total other comprehensive income (loss) 77 (5,659 ) 1,447 (4,135 ) Balance at end of period $ (11,395 ) $ (5,659 ) $ (2,411 ) $ (19,465 ) Fiscal year ended September 30, 2014 Balance at beginning of the period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Other comprehensive gain (loss) before reclassification 9,170 (5,659 ) — 3,511 Amounts reclassified from AOCI (369 ) 515 214 360 Total other comprehensive income (loss) 8,801 (5,144 ) 214 3,871 Balance at end of period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Fiscal year ended September 30, 2013 Balance at beginning of the period $ 15,066 $ — $ (8,167 ) $ 6,899 Other comprehensive (loss) gain before reclassification (22,167 ) — 3,041 (19,126 ) Amounts reclassified from AOCI (4,371 ) — 1,268 (3,103 ) Total other comprehensive (loss) income (26,538 ) — 4,309 (22,229 ) Balance at end of period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Location in statement of operations where reclassification from AOCI is included Net gain (loss) on sale of securities Interest income on securities Compensation and benefits expense |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Set forth below are the condensed balance sheets of Sterling and the related condensed statements of operations and cash flows: December 31, 2015 2014 Assets: Cash $ 19,529 $ 13,761 Securities available for sale at fair value 3 — Investment in Sterling National Bank 1,705,558 1,024,361 Investment in non-bank subsidiaries 3,942 4,571 Goodwill 19,054 18,970 Trade name 20,500 20,500 Other intangible assets, net 360 792 Other assets 1,418 1,655 Total assets $ 1,770,364 $ 1,084,610 Liabilities: Senior Notes $ 98,893 $ 98,498 Other liabilities 6,398 10,912 Total liabilities 105,291 109,410 Stockholders’ equity 1,665,073 975,200 Total liabilities & stockholders’ equity $ 1,770,364 $ 1,084,610 The table below presents the condensed statement of operations: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Interest income $ 15 $ 2 $ 80 $ 139 $ 262 Dividend income on equity securities — — — — 22 Dividends from Sterling National Bank 42,500 7,500 — 22,500 — Dividends from non-bank subsidiaries 500 — — 750 1,600 Other — — 4 18 — Interest expense (5,894 ) (1,471 ) (1,819 ) (6,265 ) (1,431 ) Non-interest expense (7,031 ) (1,692 ) (1,214 ) (5,840 ) (2,700 ) Income tax benefit 4,154 820 1,117 3,431 898 Income (loss) before equity in undistributed earnings of subsidiaries 34,244 5,159 (1,832 ) 14,733 (1,349 ) Equity in undistributed (excess distributed) earnings of: Sterling National Bank 32,230 11,171 (12,376 ) 12,590 27,174 Non-bank subsidiaries (360 ) 674 206 355 (571 ) Net income (loss) $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 $ 25,254 The table below presents the condensed statement of cash flows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Cash flows from operating activities: Net income (loss) $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 $ 25,254 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (undistributed) excess distributed earnings of: Sterling National Bank (32,230 ) (11,171 ) 12,376 (12,590 ) (27,174 ) Non-bank subsidiaries 360 (674 ) (206 ) (355 ) 571 (Gain) on redemption of Subordinated Debentures — — — (712 ) — Other adjustments, net (3,123 ) (10,707 ) 15,310 22,065 5,259 Net cash provided by (used in) operating activities 31,121 (5,548 ) 13,478 36,086 3,910 Cash flows from investing activities: Sales of securities — — — 1,112 818 Investment in subsidiaries (84,500 ) — (15,000 ) (15,000 ) (45,000 ) ESOP loan principal repayments — — 473 6,437 459 Net cash (used for) investing activities (84,500 ) — (14,527 ) (7,451 ) (43,723 ) Cash flows from financing activities: Net change in other short-term borrowings — — — (20,659 ) — Redemption of Subordinated Debentures — — — (26,140 ) — Equity capital raise 85,059 — — — — Senior Notes offering — — — — 97,946 Cash dividends paid (30,384 ) (5,870 ) (2,661 ) (17,677 ) (10,642 ) Stock-based compensation transactions 4,472 1,810 2,569 2,980 1,758 Other equity transactions — — — — 265 Net cash provided by (used for) financing activities 59,147 (4,060 ) (92 ) (61,496 ) 89,327 Net increase (decrease) in cash 5,768 (9,608 ) (1,141 ) (32,861 ) 49,514 Cash at beginning of the period 13,761 23,369 56,230 56,230 6,716 Cash at end of the period $ 19,529 $ 13,761 $ 55,089 $ 23,369 $ 56,230 |
Quarterly Results Of Operations
Quarterly Results Of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results Of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for calendar 2015, the transition period and fiscal 2014: For the year ended December 31, 2015 Reporting period First quarter Second Third Fourth For the quarter ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Interest and dividend income $ 66,672 $ 71,947 $ 103,298 $ 106,224 Interest expense 7,805 8,373 9,944 10,803 Net interest income 58,867 63,574 93,354 95,421 Provision for loan losses 2,100 3,100 5,000 5,500 Non-interest income 14,010 13,857 18,802 16,081 Non-interest expense 45,921 85,659 71,315 57,419 Income (loss) before income tax 24,856 (11,328 ) 35,841 48,583 Income tax expense (benefit) 8,078 (3,682 ) 11,648 15,792 Net income (loss) $ 16,778 $ (7,646 ) $ 24,193 $ 32,791 Earnings per common share: Basic $ 0.19 $ (0.08 ) $ 0.19 $ 0.25 Diluted 0.19 (0.08 ) 0.19 0.25 For the fiscal year ended September 30, 2014 Reporting period First quarter Second quarter Third quarter Fourth quarter Transition quarter For the quarter ended December 31, 2013 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Interest and dividend income $ 52,711 $ 61,325 $ 65,761 $ 67,109 $ 68,087 Interest expense 6,835 7,297 7,310 7,476 7,850 Net interest income 45,876 54,028 58,451 59,633 60,237 Provision for loan losses 3,000 4,800 5,950 5,350 3,000 Non-interest income 9,148 12,415 13,471 12,286 13,957 Non-interest expense 72,974 46,723 44,904 43,780 45,814 (Loss) income before income tax (20,950 ) 14,920 21,068 22,789 25,380 Income tax (benefit) expense (6,948 ) 4,588 6,057 6,452 8,376 Net (loss) income $ (14,002 ) $ 10,332 $ 15,011 $ 16,337 $ 17,004 Earnings per common share: Basic $ (0.20 ) $ 0.12 $ 0.18 $ 0.20 $ 0.20 Diluted (0.20 ) 0.12 0.18 0.19 0.20 The Company incurred a net loss in the second quarter ended June 30, 2015 due mainly to merger-related expense, asset write-downs and other charges associated with the HVB Merger. The Company recognized charges of $14,625 , which mainly included charges for change-in-control payments, employee benefit plan terminations, financial and legal advisory fees and merger-related marketing expenses. Other restructuring charges of $28,055 mainly included charges for information technology services, contract terminations, impairments of leases and facilities and retention compensation. The Company incurred a net loss in the first fiscal quarter of 2014, which ended on December 31, 2013, due mainly to merger-related expense, asset write-downs and other charges associated with the Provident Merger. The Company recognized charges of $22,167 for asset write-downs, retention and severance compensation, a write-off of the naming rights to the remaining book value of the Provident Bank Ballpark. The Company recognized $9,068 of merger-related expenses, which included professional advisory fees, legal fees, a portion of change-in-control payments to Legacy Sterling executive officers, costs associated with changing signage at various office and financial center locations and other merger-related items. In addition, the Company incurred a $2,743 charge for the settlement of a portion of the Legacy Provident pension plan in December 2013. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting Standards Update (“ASU”) ASU 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects.” ASU 2014-01 provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. ASU 2014-01 allows the proportional amortization method to be used by a reporting entity if certain conditions are met. ASU 2014-01 also defines when a qualified affordable housing project through a limited liability entity should be tested for impairment. If a qualified affordable housing project does not meet the conditions for using the proportional amortization method, the investment should be accounted for using an equity method investment or a cost method investment. The Company adopted ASU 2015-01 effective January 1, 2015 and its adoption did not have a significant impact on its consolidated financial statements. ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. The Company is currently evaluating the potential impact of ASU 2014-09 on its consolidated financial statements. ASU 2014-11, “Transfers and Servicing (Topic 860).” ASU 2014-11 requires that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, ASU 2014-11 requires separate accounting for repurchase financings, which entails the transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. ASU 2014-11 requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, ASU 2014-11 requires disclosures related to collateral, remaining contractual tenor and of the potential risks associated with repurchase agreements, securities lending transactions and repurchase-to-maturity transactions. ASU 2014-11 became effective for the Company on January 1, 2015 and did not have a significant impact on its consolidated financial statements. The disclosures required by ASU 2014-11 are included in Note 9. “Borrowings and Senior Notes - Repurchase Agreements” and Note 10. “Derivatives”. ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) - Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from GAAP the concept of extraordinary items, which, among other things, requires an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The Company adopted ASU 2015-01 effective January 1, 2015 and its adoption did not have a significant impact on its consolidated financial statements. ASU 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis.” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining when fees paid to a decision maker or service provider do not represent a variable interest; (ii) amends the criteria for determining whether a limited partnership is a variable interest entity; and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. ASU 2015-02 was effective for the Company beginning January 1, 2016 and will not have a significant impact on its consolidated financial statements. ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 will be effective for the Company on January 1, 2016. ASU 2015-03 will not have a significant impact on the Company’s consolidated financial statements. ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service; (ii) platform as a service; (iii) infrastructure as a service; and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 was effective for the Company on January 1, 2016 and will not have a significant impact on its consolidated financial statements. ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting." ASU 2015-15 adds SEC paragraphs pursuant to an SEC Staff Announcement that given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-16, “Business combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date. The portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 was effective for us on January 1, 2016 and is not expected to have a significant impact on our financial statements. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-1, among other things; (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-1 will be effective for us on January 1, 2018 and is not expected to have a significant impact on our financial statements. ASU 2016-02, “Leases.” ASU 2016-02 amends existing lease accounting guidance, including the requirement to recognize most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this accounting pronouncement to its consolidated financial statements, and to the Company’s and the Bank’s regulatory capital ratios. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards. |
Basis of Financial Statement 32
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Change in Fiscal Year End | Change in Fiscal Year End On January 27, 2015, the Board of Directors amended the Company’s bylaws to change the fiscal year end from September 30 to December 31. |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling; Sterling Risk Management, Inc., which is a captive insurance company; STL Holdings, Inc. which has an investment in Sterling Silver Title Agency L.P., an inactive company that provided title searches and title insurance for residential and commercial real estate; the Bank; and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2015 : (i) Sterling REIT, Inc., and Grassy Sprain Real Estate Holding, which are real estate investment trusts that hold a portion of the Company’s real estate loans; (ii) Sterling National Funding Corp (formerly known as Provest Services Corp. I), a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers and (iv) several limited liability companies which hold other real estate owned. Intercompany transactions and balances are eliminated in consolidation. |
Basis of Presentation | The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no affect on prior period net income or stockholders’ equity. As a result of the change in fiscal year end, the financial statements include audited balance sheets as of December 31, 2015 and 2014 . Financial statements including: results of operations, changes in stockholders’ equity, accumulated other comprehensive income (loss) and cash flows are presented for the year ended December 31, 2015 ; for the three months ended December 31, 2014 ; and for the fiscal years ended September 30, 2014 and 2013 . For comparative purposes, we have also presented financial statements and accompanying footnotes for the three months ended December 31, 2013 , which are unaudited. The unaudited information, in the opinion of management, includes all adjustments consisting of normal recurring accruals, necessary for a fair presentation of the Company’s financial position and results of its operations. |
Use of estimates | Use of estimates The consolidated financial statements have been prepared in conformity with GAAP. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions based on available information that affect the reported amounts of assets, liabilities, income and expense. Actual results could differ significantly from these estimates. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash equivalents include highly liquid, short-term investments, such as overnight federal funds, as well as cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, and federal funds purchased and repurchase agreements. |
Securities | Securities Securities include U.S. Treasury, U.S. Government Agency and Government Sponsored Agencies, municipal and corporate bonds, mortgage-backed securities, collateralized mortgage obligations and trust preferred securities. The Company classifies its securities among three categories: held to maturity, trading, and available for sale. The Company determines the appropriate classification of the Company’s securities at the time of purchase. Held to maturity securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. Trading securities are debt and equity securities held principally for the purpose of selling them in the near-term. These securities are reported at fair value, with unrealized gains and losses included in earnings. The Company does not engage in trading activities. All other debt and marketable equity securities are classified as available for sale. Available for sale securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that the Company intends to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates, and prepayment risks, the need to increase capital, or similar factors. Premiums and discounts on debt securities are recognized in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. The cost of securities sold is determined using the specific identification method. Securities are evaluated for other-than-temporary-impairment (“OTTI”) at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, the Company considers the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If (i) the Company does not expect to recover the entire amortized cost basis of the security; (ii) the Company does not intend to sell the security; (iii) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of OTTI related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of December 31, 2015 , the Company does not intend to sell nor is it more likely than not that it would be required to sell any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. |
Loans Held For Sale | Loans Held For Sale Mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. In the absence of commitments from investors, fair value is based on current investor yield requirements. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Prior to October 2013, mortgage loans held for sale were generally sold with the servicing rights retained. Since that time, we have generally sold mortgage loans with the servicing rights released. The carrying value of mortgage loans sold is reduced by the amount allocated to the value of the servicing rights, which is its fair value. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Portfolio Loans | Portfolio Loans Loans where Sterling has the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at amortized cost less the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan. If a loan is prepaid or sold, the net deferred amount is recognized in the statement of operations at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of (i) when Sterling determines that the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due, unless well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are not recognized as income unless warranted based on the borrower’s financial condition and payment record. Furthermore, negative tax escrow will be included in the unpaid principal for loans individually evaluated for impairment, as this is part of the customer’s legal obligation to the Company. |
Acquired Loans, Including Purchased Credit Impaired Loans | Acquired Loans, Including Purchased Credit Impaired Loans Loans the Company acquired in acquisitions are initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans are included with portfolio loans in the consolidated balance sheets. Loans for which there is, at acquisition, both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected represent purchase credit impaired loans (“PCI loans”). For PCI loans, the Company initially determines which loans will be treated under the cost recovery method (similar to a non-accrual loan) from loans that will be subject to accretion. The Company recognizes the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, the Company continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows the Company expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For PCI loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected. For loans for which there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, the Company accretes interest income based on the contractually required cash flows. Loans that do not meet the PCI loan criteria are collectively evaluated for an allowance for loan loss. Acquired loans that met the criteria for non-accrual of interest prior to an acquisition were generally considered non-performing upon acquisition, as the Company was unable to reasonably estimate the timing and amount of the expected cash flows on such loans. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The allowance for loan losses is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses includes allowance allocations calculated in accordance with ASC Subtopic 450-20, “Loss Contingencies” and ASC Subtopic 310-10-35-2, “Loan Impairment.” The level of the allowance reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios, as well as trends in the foregoing. The Company analyzes loans by two broad segments: real estate secured loans and loans that are either unsecured or secured by other collateral. The classes considered real estate secured are: residential mortgage loans; commercial real estate (“CRE”) loans, multi-family loans; acquisition, development and construction (“ADC”) loans; and homeowner loans, and home equity lines of credit. The classes considered unsecured or secured by other than real estate collateral are: commercial & industrial (“C&I”) loans, which includes asset based loans; payroll finance loans; warehouse lending; factored receivables; equipment finance loans; business banking C&I loans and consumer loans. In all segments or classes, significant loans are reviewed for impairment once they are past due 90 days or more or are classified substandard or doubtful. Generally the Company considers a homogeneous residential mortgage or home equity line of credit to be significant if the Company’s investment in the loan is greater than $500 . If a loan is deemed to be impaired in one of the real estate secured segments, it is generally considered collateral dependent. If the value of the collateral securing a collateral dependent impaired loan is less than the loan’s carrying value, a charge-off is recognized equal to the difference between the appraised value and the book value of the loan. Additionally, impairment reserves are recognized for estimated costs to hold and liquidate and for a discount to the appraisal value, which is generally 22% for all loans collateralized by real estate. Impaired loans in the real estate secured segments are re-appraised using a summary or drive-by appraisal report every six to nine months . For smaller balance C&I loans we charge-off the full amount of the loan when it becomes 90 days or more past due, or earlier in the case of bankruptcy, after giving effect to any cash or marketable securities pledged as collateral for the loan. For other classes of C&I loans, we prepare a cash flow projection, and charge-off the difference between the net present value of the cash flows discounted at the effective note rate and the carrying value of the loan, and generally recognize a 10% impairment reserve to account for the potential imprecision of our estimates. However, on most of these cases receipt of future cash flows is too unreliable to be considered probable, resulting in the charge-off of the entire balance of the loan. For unsecured consumer loans, charge-offs are recognized once the loan is 90 days to 120 days or more past due or the borrower files for bankruptcy protection. Subsequent recoveries, if any, are credited to the allowance for loan losses. The allowance for loan losses consists of amounts specifically allocated to non-performing loans and other criticized or classified loans (if any), as well as allowances determined for the pass rated loans in each major loan category. After we establish an allowance for loan losses for loans that are known to be non-performing, criticized or classified, we calculate a percentage to apply to the remaining loan portfolio to estimate the probable incurred losses inherent in that portion of the portfolio. These percentages are determined by management, based on historical loss experience for the applicable loan class, and are adjusted to reflect our evaluation of: • levels of, and trends in, delinquencies and non-accruals; • trends in volume and terms of loans; • effects of any changes in lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations of credit by such factors as location, industry, inter-relationships, and borrower; • and for commercial loans, trends in risk ratings. CRE loans subject us to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, if necessary, the foreclosure process may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. Commercial lending presents a risk because repayment depends on the successful operation of the business which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because we must gain control of assets used in the borrower’s business before foreclosing which we cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is uncertain. ADC lending is considered higher risk and exposes us to greater credit risk than permanent mortgage financing. The repayment of ADC loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. In the event we make a land acquisition loan on property that is not yet approved for the planned development, there is the risk that approvals will not be granted or will be delayed. These events may adversely affect the borrower and the collateral value of the property. Development and construction loans also expose us to the risk that improvements will not be completed on time or in accordance with specifications and projected costs. In addition, the ultimate sale or rental of the property may not occur as anticipated. All of these factors are considered as part of the underwriting, structuring and pricing of the loan. We have deemphasized acquisition lending and originate development and orginate construction loans on an exception basis. When we evaluate residential mortgage loans and home equity loans we weigh both the credit capacity of the borrower and the collateral value of the home. If unemployment or underemployment increase, the credit capacity of underlying borrowers will decrease, which increases our risk. Similarly, as we obtain a mortgage on the property, if home prices decline, we are exposed to risk in both our first mortgage and equity lending programs due to declines in the value of our collateral. We are also exposed to risk because the time to foreclose is significant and has become longer under current market conditions. |
Troubled Debt Restructuring | Troubled Debt Restructuring Troubled debt restructuring ( “ TDR ” ) is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. Not all loans that are restructured as a TDR are classified as non-accrual before the restructuring occurs. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. |
Federal Reserve Bank of New York and Federal Home Loan Bank Stock | Federal Reserve Bank of New York and Federal Home Loan Bank Stock As a member of the Federal Reserve Bank of New York (“FRB”) and the Federal Home Loan Bank of New York (“FHLB”), the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. |
Premises and Equipment | Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. The Company recognizes an impairment charge to its premises and equipment, generally in connection with a decision to consolidate or close a financial center. Impairment is based on the excess of the carrying amount of assets over the fair value of the assets. Fair value is determined by third-party valuations or appraisals and evaluations prepared by management. |
Goodwill, Trade Names and Other Intangible Assets | Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and trade names (which are included with core deposits and other intangible assets in the consolidated balance sheet) acquired in a purchase business combination have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill and trade names are the only intangible assets with an indefinite life on our balance sheet. The Company accounts for goodwill, trade names and other intangible assets in accordance with GAAP, which, in general, requires that goodwill and trade names not be amortized, but rather that they be tested for impairment at least annually at the reporting unit level. The Company has the option to first perform a qualitative assessment to test goodwill for impairment on a reporting-unit-by-reporting-unit basis. If, after performing the qualitative assessment, the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company will perform the two-step process described below: 1. Identify potential impairments by comparing the fair value of a reporting unit to its carrying amount, including goodwill. Goodwill is not considered impaired as long as the fair value of the reporting unit is greater than its carrying value. The second step is only required if a potential impairment to goodwill is identified in step one. 2. Compare the implied fair value of goodwill to its carrying amount, where the implied fair value of goodwill is computed on a residual basis, that is, by subtracting the sum of the fair values of the individual asset categories (tangible and intangible) from the indicated fair value of the reporting unit as determined under step one. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized. That loss is equal to the carrying amount of goodwill that is in excess of its implied fair value, and it must be presented as a separate line item on financial statements. At December 31, 2015 , the Company assessed goodwill for impairment using qualitative factors and concluded the two-step process was unnecessary. Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of 8 to ten years . Non-compete agreements are amortized on a straight line basis over their estimated life. Prior to the Provident Merger, intangibles related to the naming rights on Provident Bank Ball Park were amortized over ten years on a straight-line basis. As part of the Provident Merger we impaired the carrying value of the naming rights to Provident Bank Ball Park and have since settled our remaining naming rights obligation. Impairment losses on intangible assets and other long-term assets are charged to expense, if and when they occur, with the assets recorded at fair value. |
Servicing Rights | Servicing Rights Servicing rights are included with other assets on the balance sheet. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the statement of operations effect recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Under the amortization measurement method, the Company subsequently measures servicing rights at fair value at each reporting date and records any impairment in value of servicing assets in earnings in the period in which the impairment occurs. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. Servicing fee income, which is reported on the consolidated statement of operations as other income, is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal or a fixed amount per loan, and are recorded as income when earned. Servicing fees including late fees and ancillary fees related to loan servicing, are not material to the results of our operations. The Bank generally outsources the servicing of residential mortgage loans to a nationally recognized mortgage loan servicing company. |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (BOLI) The Company owns life insurance policies (purchased and acquired) on certain officers and key executives. Bank owned life insurance (“BOLI”) is recorded at its cash surrender value (or the amount that can be realized). |
Other Real Estate Owned | Other Real Estate Owned Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. Other real estate owned (“OREO”) also includes the fair value of the Bank’s financial centers that are held for sale. Any write-down associated with the transfer of a financial center from premises and equipment to OREO was included as a charge to other non-interest expense in the consolidated statement of operations. Subsequent valuations of OREO are performed by management, and the carrying amount of a property is adjusted by a charge to expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. |
Other Borrowings - Securities Repurchase Agreements | Other Borrowings - Securities Repurchase Agreements In securities repurchase agreements, the Company transfers securities to a counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings”). |
Income Taxes | Income Taxes Net deferred taxes are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in other non-interest expense. The Company evaluates uncertain tax positions in a two step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. A previously recognized tax position that no longer meets the more likely than not recognition threshold should be derecognized in the first subsequent financial reporting period in which the threshold is no longer met. |
Derivatives | Derivatives Derivatives are recognized as assets and liabilities in the consolidated balance sheets and measured at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require management judgment or estimation relating to future rates and credit activities. For asset/liability management purposes, the Bank uses interest rate swap agreements to modify interest rate risk characteristics of certain portfolio loans as an accommodation to our borrowers. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. These swap agreements are derivative instruments and these instruments effectively convert a portion of the Bank’s fixed-rate borrowings to variable rate borrowings. (See Note 10. “Derivatives”). |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company does not believe there are such matters that will have a material effect on the consolidated financial statements. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Compensation expense for stock options, non-vested stock awards/stock units is based on the fair value of the award on the measurement date, which is the date of grant. The expense is recognized ratably over the service period of the award. The fair value of stock options is estimated using a Black-Scholes valuation model. The fair value of non-vested stock awards/stock units is generally the market price of the Company’s common stock on the date of grant. |
Employee Benefit Plans | The Company’s policy was to invest the Plan assets in a prudent manner for the purpose of providing benefit payments to participants and offsetting reasonable expenses of administration. As of December 31, 2014 , the majority of the Plan assets were invested in funds specifically designed for liability driven investment strategies and had a weighted average expected rate of return of 4.0% . The Plan’s investment policy prohibits the direct investment in real estate but allows the Plan’s mutual funds to include a small percentage of real estate related investments. The investment strategy utilizes asset allocation as a principal determinant for establishing an appropriate risk profile. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a similar manner to basic EPS, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock became vested during the periods. For purposes of computing both basic and diluted EPS, outstanding shares included earned ESOP (as defined below) shares. |
Segment Information | Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting Standards Update (“ASU”) ASU 2014-01, “Accounting for Investments in Qualified Affordable Housing Projects.” ASU 2014-01 provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. ASU 2014-01 allows the proportional amortization method to be used by a reporting entity if certain conditions are met. ASU 2014-01 also defines when a qualified affordable housing project through a limited liability entity should be tested for impairment. If a qualified affordable housing project does not meet the conditions for using the proportional amortization method, the investment should be accounted for using an equity method investment or a cost method investment. The Company adopted ASU 2015-01 effective January 1, 2015 and its adoption did not have a significant impact on its consolidated financial statements. ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 implements a common revenue standard that clarifies the principles for recognizing revenue. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 was originally going to be effective for us on January 1, 2017; however, the FASB recently issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date” which deferred the effective date of ASU 2014-09 by one year to January 1, 2018. The Company is currently evaluating the potential impact of ASU 2014-09 on its consolidated financial statements. ASU 2014-11, “Transfers and Servicing (Topic 860).” ASU 2014-11 requires that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, ASU 2014-11 requires separate accounting for repurchase financings, which entails the transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. ASU 2014-11 requires entities to disclose certain information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements. In addition, ASU 2014-11 requires disclosures related to collateral, remaining contractual tenor and of the potential risks associated with repurchase agreements, securities lending transactions and repurchase-to-maturity transactions. ASU 2014-11 became effective for the Company on January 1, 2015 and did not have a significant impact on its consolidated financial statements. The disclosures required by ASU 2014-11 are included in Note 9. “Borrowings and Senior Notes - Repurchase Agreements” and Note 10. “Derivatives”. ASU 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) - Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates from GAAP the concept of extraordinary items, which, among other things, requires an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The Company adopted ASU 2015-01 effective January 1, 2015 and its adoption did not have a significant impact on its consolidated financial statements. ASU 2015-02, “Consolidation (Topic 810) - Amendments to the Consolidation Analysis.” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining when fees paid to a decision maker or service provider do not represent a variable interest; (ii) amends the criteria for determining whether a limited partnership is a variable interest entity; and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. ASU 2015-02 was effective for the Company beginning January 1, 2016 and will not have a significant impact on its consolidated financial statements. ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in ASU 2015-03. ASU 2015-03 will be effective for the Company on January 1, 2016. ASU 2015-03 will not have a significant impact on the Company’s consolidated financial statements. ASU 2015-05, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU 2015-05 addresses accounting for fees paid by a customer in cloud computing arrangements such as (i) software as a service; (ii) platform as a service; (iii) infrastructure as a service; and (iv) other similar hosting arrangements. ASU 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. ASU 2015-05 was effective for the Company on January 1, 2016 and will not have a significant impact on its consolidated financial statements. ASU 2015-15, “Interest – Imputation of Interest (Subtopic 835-30) – Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting." ASU 2015-15 adds SEC paragraphs pursuant to an SEC Staff Announcement that given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU 2015-16, “Business combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 requires that adjustments to provisional amounts that are identified during the measurement period of a business combination be recognized in the reporting period in which the adjustment amounts are determined. Furthermore, the income statement effects of such adjustments, if any, must be calculated as if the accounting had been completed at the acquisition date. The portion of the amount recorded in current-period earnings that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. Under previous guidance, adjustments to provisional amounts identified during the measurement period are to be recognized retrospectively. ASU 2015-16 was effective for us on January 1, 2016 and is not expected to have a significant impact on our financial statements. ASU 2016-1, “No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-1, among other things; (i) requires equity investments, with certain exceptions, to be measured at fair value with changes in fair value recognized in net income, (ii) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; (iii) eliminates the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; (iv) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (v) requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; (vi) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements; and (vii) clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale. ASU 2016-1 will be effective for us on January 1, 2018 and is not expected to have a significant impact on our financial statements. ASU 2016-02, “Leases.” ASU 2016-02 amends existing lease accounting guidance, including the requirement to recognize most lease arrangements on the balance sheet. The adoption of this standard will result in the Company recognizing a right-of-use asset representing its rights to use the underlying asset for the lease term with an offsetting lease liability. ASU 2016-02 will be effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of the adoption of this accounting pronouncement to its consolidated financial statements, and to the Company’s and the Bank’s regulatory capital ratios. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of recognized amounts of identifiable assets acquired and liabilities assumed | The table below summarizes the amounts recognized as of the HVB Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the HVB Merger date: Consideration paid through Sterling Bancorp common stock issued to HVHC shareholders $ 566,307 HVHC net book value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 878,988 $ — $ 878,988 Investment securities 713,625 217 (a) 713,842 Loans 1,816,767 (24,248 ) (b) 1,792,519 Federal Reserve Bank stock 5,830 — 5,830 Bank owned life insurance 44,231 — 44,231 Premises and equipment 11,918 4,925 (c) 16,843 Accrued interest receivable 7,392 — 7,392 Core deposits and other intangibles — 33,839 (d) 33,839 Other real estate owned 222 — 222 Other assets 32,639 (7,931 ) (e) 24,708 Deposits (3,160,746 ) — (3,160,746 ) Other borrowings (25,366 ) — (25,366 ) Other liabilities (37,292 ) 1,540 (f) (35,752 ) Total identifiable net assets $ 288,208 $ 8,342 $ 296,550 Goodwill recorded in the HVB Merger $ 269,757 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of HVHC ’ s allowance for loan losses and an adjustment of the net book value of loans to estimated fair value, which includes an interest rate mark and credit mark adjustment. (c) Represents an adjustment to reflect the fair value of HVHC owned real estate as determined by independent appraisals, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (d) Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (e) Represents an adjustment in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (f) Represents the elimination of HVHC’s deferred rent liability. The table below summarizes the amounts recognized as of the Provident Merger date for each major class of assets acquired and liabilities assumed, the estimated fair value adjustments and the amounts recorded in the Company’s financial statements at fair value at the Provident Merger date: Consideration paid through Sterling Bancorp common stock issued to Legacy Sterling shareholders $ 457,781 Legacy Sterling carrying value Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 277,798 $ — $ 277,798 Investment securities 613,154 (5,243 ) (a) 607,911 Loans held for sale 30,341 — 30,341 Loans 1,704,801 (6,693 ) (b) 1,698,108 Federal Reserve Bank stock 7,680 — 7,680 Bank owned life insurance 55,374 — 55,374 Premises and equipment 21,293 2,301 (c) 23,594 Accrued interest receivable 6,590 — 6,590 Core deposit and other intangibles — 20,089 (d) 20,089 Trade name intangible — 20,500 (e) 20,500 Other real estate owned 1,720 4,095 (f) 5,815 Other assets 40,877 (19,944 ) (g) 20,933 Deposits (2,296,713 ) (477 ) (h) (2,297,190 ) FHLB borrowings (100,346 ) (273 ) (i) (100,619 ) Other borrowings (62,465 ) — (62,465 ) Subordinated Debentures (25,774 ) (753 ) (j) (26,527 ) Other liabilities (60,462 ) 4,502 (k) (55,960 ) Total identifiable net assets $ 213,868 $ 18,104 $ 231,972 Goodwill recorded in the Provident Merger $ 225,809 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the elimination of Legacy Sterling ’ s allowance for loan losses and an adjustment of the amortized cost of loans to estimated fair value, which includes an interest rate mark and credit mark. Gross loans acquired were $1,723,447 ; and of the acquired loans, $1,699,271 were not considered purchased credit impaired. The Company recorded a fair value adjustment of $14,440 . (c) Represents an adjustment to reflect the fair value of leasehold improvements. (d) Represents intangible assets recorded to reflect the fair value of core deposits and below market rent on leased premises. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. The below market rent intangible asset will be amortized on a straight-line basis over the remaining term of the leases. (e) Represents the estimated fair value of Legacy Sterling ’ s trade name. This intangible asset will not be amortized and will be reviewed at least annually for impairment. (f) Represents an adjustment to an acquired property which Legacy Sterling utilized as a financial center and recorded as premises and equipment. The Company included this asset in OREO, as it was held for sale. This asset was sold during fiscal 2014. (g) Consists primarily of adjustments in net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangibles recorded. (h) Represents the fair value adjustment on deposits as the weighted average interest rate of deposits assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (i) Represents the fair value adjustment on FHLB borrowings, as the weighted average interest rate of FHLB borrowings assumed exceeded the cost of similar funding available in the market at the time of the Provident Merger. (j) Represents the fair value adjustment on subordinated debentures as the weighted average interest rate of the debentures assumed exceeded the cost of similar debt funding available in the market at the time of the Provident Merger. (k) Represents the fair value of other liabilities assumed at the Provident Merger date. Acquired loan portfolio data in the HVB Merger is presented below: Fair value of acquired loans at acquisition date Gross contractual amounts receivable at acquisition date Best estimate at acquisition date of contractual cash flows not expected to be collected Acquired loans with evidence of deterioration since origination $ 96,973 $ 122,104 $ 12,604 Acquired loans with no evidence of deterioration since origination 1,695,546 1,974,740 NA |
Schedule of proforma information | The unaudited pro forma information for calendar 2015, the transition period and fiscal 2014 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses and charges incurred in calendar 2015 and the transition period and costs incurred to write-down assets and accrue for retention and severance compensation are assumed to have occurred prior to October 1, 2013 . Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of June 30, 2015 or earlier. Pro forma information For the year ended For the three months ended For the fiscal year ended December 31, 2015 December 31, 2014 September 30, 2014 Net interest income $ 360,271 $ 82,540 $ 306,401 Non-interest income 66,686 17,214 60,356 Non-interest expense 261,453 73,263 318,804 Net income 100,086 16,971 23,596 Pro forma earnings per share from continuing operations: Basic $ 0.78 $ 0.14 $ 0.20 Diluted 0.78 0.14 0.20 |
Purchased credit impaired loans | The impaired loans acquired in the Provident Merger as of October 31, 2013 were accounted for in accordance with ASC Topic 310-30 Accounting for Certain Loans or Debt Securities Acquired in a Transfer (“ASC 310-30”) and were comprised of collateral dependent loans with deteriorated credit quality as follows: ASC 310-30 loans Contractual principal balance at acquisition $ 24,176 Principal not expected to be collected (non-accretable discount) (10,927 ) Expected cash flows at acquisition 13,249 Interest component of expected cash flows (accretable discount) — Fair value of acquired loans $ 13,249 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 1,222,912 $ 2,039 $ (7,089 ) $ 1,217,862 $ 252,760 $ 1,857 $ (1,214 ) $ 253,403 CMO/Other MBS 79,430 76 (1,133 ) 78,373 49,842 87 (619 ) 49,310 Total residential MBS 1,302,342 2,115 (8,222 ) 1,296,235 302,602 1,944 (1,833 ) 302,713 Other securities: Federal agencies 85,124 7 (864 ) 84,267 104,135 2,458 (635 ) 105,958 Corporate 321,630 522 (7,964 ) 314,188 25,241 11 (200 ) 25,052 State and municipal 187,399 2,187 (551 ) 189,035 285,813 9,327 (134 ) 295,006 Trust preferred 27,928 589 — 28,517 — — — — Other 8,781 9 — 8,790 5,000 350 — 5,350 Total other securities 630,862 3,314 (9,379 ) 624,797 420,189 12,146 (969 ) 431,366 Total securities $ 1,933,204 $ 5,429 $ (17,601 ) $ 1,921,032 $ 722,791 $ 14,090 $ (2,802 ) $ 734,079 December 31, 2014 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 528,818 $ 5,398 $ (553 ) $ 533,663 $ 138,589 $ 2,763 $ (2 ) $ 141,350 CMO/Other MBS 85,619 178 (959 ) 84,838 60,166 58 (564 ) 59,660 Total residential MBS 614,437 5,576 (1,512 ) 618,501 198,755 2,821 (566 ) 201,010 Other securities: Federal agencies 150,623 4 (3,471 ) 147,156 136,618 4,328 (548 ) 140,398 Corporate 206,267 319 (1,755 ) 204,831 — — — — State and municipal 129,576 2,737 (248 ) 132,065 231,964 7,713 (89 ) 239,588 Trust preferred 37,687 652 (46 ) 38,293 — — — — Other — — — — 5,000 350 — 5,350 Total other securities 524,153 3,712 (5,520 ) 522,345 373,582 12,391 (637 ) 385,336 Total securities $ 1,138,590 $ 9,288 $ (7,032 ) $ 1,140,846 $ 572,337 $ 15,212 $ (1,203 ) $ 586,346 |
Summary of securities held-to-maturity | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2015 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 1,222,912 $ 2,039 $ (7,089 ) $ 1,217,862 $ 252,760 $ 1,857 $ (1,214 ) $ 253,403 CMO/Other MBS 79,430 76 (1,133 ) 78,373 49,842 87 (619 ) 49,310 Total residential MBS 1,302,342 2,115 (8,222 ) 1,296,235 302,602 1,944 (1,833 ) 302,713 Other securities: Federal agencies 85,124 7 (864 ) 84,267 104,135 2,458 (635 ) 105,958 Corporate 321,630 522 (7,964 ) 314,188 25,241 11 (200 ) 25,052 State and municipal 187,399 2,187 (551 ) 189,035 285,813 9,327 (134 ) 295,006 Trust preferred 27,928 589 — 28,517 — — — — Other 8,781 9 — 8,790 5,000 350 — 5,350 Total other securities 630,862 3,314 (9,379 ) 624,797 420,189 12,146 (969 ) 431,366 Total securities $ 1,933,204 $ 5,429 $ (17,601 ) $ 1,921,032 $ 722,791 $ 14,090 $ (2,802 ) $ 734,079 December 31, 2014 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 528,818 $ 5,398 $ (553 ) $ 533,663 $ 138,589 $ 2,763 $ (2 ) $ 141,350 CMO/Other MBS 85,619 178 (959 ) 84,838 60,166 58 (564 ) 59,660 Total residential MBS 614,437 5,576 (1,512 ) 618,501 198,755 2,821 (566 ) 201,010 Other securities: Federal agencies 150,623 4 (3,471 ) 147,156 136,618 4,328 (548 ) 140,398 Corporate 206,267 319 (1,755 ) 204,831 — — — — State and municipal 129,576 2,737 (248 ) 132,065 231,964 7,713 (89 ) 239,588 Trust preferred 37,687 652 (46 ) 38,293 — — — — Other — — — — 5,000 350 — 5,350 Total other securities 524,153 3,712 (5,520 ) 522,345 373,582 12,391 (637 ) 385,336 Total securities $ 1,138,590 $ 9,288 $ (7,032 ) $ 1,140,846 $ 572,337 $ 15,212 $ (1,203 ) $ 586,346 |
Summary of amortized cost and fair value of investment securities available for sale by remaining period to contractual maturity | December 31, 2015 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Other securities remaining period to contractual maturity: One year or less $ 26,910 $ 26,958 $ 11,975 $ 12,060 One to five years 302,483 299,550 46,292 47,428 Five to ten years 252,972 249,272 226,884 232,177 Greater than ten years 48,497 49,017 135,038 139,701 Total other securities 630,862 624,797 420,189 431,366 Residential MBS 1,302,342 1,296,235 302,602 302,713 Total securities $ 1,933,204 $ 1,921,032 $ 722,791 $ 734,079 |
Sale of securities | Sales of securities for the periods indicated below were as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Available for sale: Proceeds from sales $ 893,610 $ 244,835 $ 247,650 $ 529,107 $ 339,123 Gross realized gains 6,018 409 211 1,964 7,709 Gross realized losses (1,181 ) (452 ) (856 ) (1,323 ) (377 ) Income tax (benefit) expense on realized net gains (losses) (1,572 ) (14 ) (214 ) 172 2,282 Held to maturity: (1) Proceeds from sales $ — $ — $ — $ — $ 1,187 Gross realized gains — — — — 59 Income tax expense on realized gains — — — — 18 (1) During fiscal 2013, the Company sold held to maturity securities after the Company had already collected at least 85% of the principal balance outstanding at acquisition. |
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale December 31, 2015 Residential MBS: Agency-backed $ 18,983 $ (528 ) $ 854,491 $ (6,561 ) $ 873,474 $ (7,089 ) CMO/Other MBS 23,682 (717 ) 41,946 (416 ) 65,628 (1,133 ) Total residential MBS 42,665 (1,245 ) 896,437 (6,977 ) 939,102 (8,222 ) Other securities: Federal agencies 14,933 (260 ) 57,886 (604 ) 72,819 (864 ) Corporate 19,257 (715 ) 236,048 (7,249 ) 255,305 (7,964 ) State and municipal 3,439 (27 ) 42,924 (524 ) 46,363 (551 ) Trust preferred — — — — — — Total other securities 37,629 (1,002 ) 336,858 (8,377 ) 374,487 (9,379 ) Total $ 80,294 $ (2,247 ) $ 1,233,295 $ (15,354 ) $ 1,313,589 $ (17,601 ) December 31, 2014 Residential MBS: Agency-backed $ 17,379 $ (37 ) $ 21,616 $ (516 ) $ 38,995 $ (553 ) CMO/Other MBS 25,551 (206 ) 43,475 (753 ) 69,026 (959 ) Total residential MBS 42,930 (243 ) 65,091 (1,269 ) 108,021 (1,512 ) Other securities: Federal agencies 5,959 (87 ) 140,699 (3,384 ) 146,658 (3,471 ) Corporate 85,055 (731 ) 65,648 (1,024 ) 150,703 (1,755 ) State and municipal 12,012 (68 ) 11,400 (180 ) 23,412 (248 ) Trust preferred 3,900 (46 ) — — 3,900 (46 ) Total other securities 106,926 (932 ) 217,747 (4,588 ) 324,673 (5,520 ) Total $ 149,856 $ (1,175 ) $ 282,838 $ (5,857 ) $ 432,694 $ (7,032 ) |
Securities held to maturity with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes securities held to maturity with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Held to maturity December 31, 2015 Residential MBS: Agency-backed $ — $ — $ 132,585 $ (1,214 ) $ 132,585 $ (1,214 ) CMO/Other MBS 5,960 (156 ) 40,033 (463 ) $ 45,993 (619 ) Total residential MBS 5,960 (156 ) 172,618 (1,677 ) 178,578 (1,833 ) Other securities: Federal agencies 14,642 (358 ) 9,723 (277 ) 24,365 (635 ) Corporate — — 20,039 (200 ) 20,039 (200 ) State and municipal 2,562 (48 ) 12,989 (86 ) 15,551 (134 ) Total other securities 17,204 (406 ) 42,751 (563 ) 59,955 (969 ) Total $ 23,164 $ (562 ) $ 215,369 $ (2,240 ) $ 238,533 $ (2,802 ) December 31, 2014 Residential MBS: Agency-backed $ 1,208 $ (2 ) $ — $ — $ 1,208 $ (2 ) CMO/Other MBS — 42,979 (564 ) 42,979 (564 ) Total residential MBS 1,208 (2 ) 42,979 (564 ) 44,187 (566 ) Other securities: Federal agencies 9,711 (289 ) 14,741 (259 ) 24,452 (548 ) State and municipal 11,501 (86 ) 233 (3 ) 11,734 (89 ) Total other securities 21,212 (375 ) 14,974 (262 ) 36,186 (637 ) Total $ 22,420 $ (377 ) $ 57,953 $ (826 ) $ 80,373 $ (1,203 ) |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: December 31, 2015 2014 Available for sale securities pledged for borrowings, at fair value $ 101,994 $ 187,314 Available for sale securities pledged for municipal deposits, at fair value 849,186 550,681 Available for sale securities pledged for customer back-to-back swaps, at fair value 1,839 1,959 Held to maturity securities pledged for borrowings, at amortized cost 206,337 154,712 Held to maturity securities pledged for municipal deposits, at amortized cost 327,589 352,843 Total securities pledged $ 1,486,945 $ 1,247,509 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Components of loan portfolio excluding loans held for sale | The composition of the Company’s loan portfolio, excluding loans held for sale, was the following: December 31, 2015 2014 Commercial: Commercial & industrial (“C&I”) $ 1,681,704 $ 1,244,555 Payroll finance 221,831 154,229 Warehouse lending 387,808 173,786 Factored receivables 208,382 161,625 Equipment financing 631,303 411,449 Total commercial 3,131,028 2,145,644 Commercial mortgage: Commercial real estate (“CRE”) 2,733,351 1,458,277 Multi-family 796,030 384,544 Acquisition, development & construction (“ADC”) 186,398 96,995 Total commercial mortgage 3,715,779 1,939,816 Total commercial and commercial mortgage 6,846,807 4,085,460 Residential mortgage 713,036 529,766 Consumer 299,517 200,415 Total loans 7,859,360 4,815,641 Allowance for loan losses (50,145 ) (42,374 ) Total portfolio loans, net $ 7,809,215 $ 4,773,267 |
Schedule of amounts and status of loans and TDRs | The following tables set forth the amounts and status of the Company’s loans and TDRs at December 31, 2015 and 2014 : December 31, 2015 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,630,635 $ 9,380 $ 31,060 $ 487 $ 10,142 $ 1,681,704 Payroll finance 221,394 — 349 88 — 221,831 Warehouse lending 387,808 — — — — 387,808 Factored receivables 208,162 — — — 220 208,382 Equipment financing 627,056 1,088 1,515 — 1,644 631,303 CRE 686,445 7,417 2,521 — 20,742 2,733,351 Multi-family 2,702,671 2,485 — — 1,717 796,030 ADC 791,828 — — 83 3,700 186,398 Residential mortgage 182,615 6,014 897 — 19,680 713,036 Consumer 286,339 4,950 320 16 7,892 299,517 Total loans $ 7,724,953 $ 31,334 $ 36,662 $ 674 $ 65,737 $ 7,859,360 Total TDRs included above $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 Non-performing loans: Loans 90+ days past due and still accruing $ 674 Non-accrual loans 65,737 Total non-performing loans $ 66,411 December 31, 2014 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 1,232,363 $ 6,237 $ 920 $ 60 $ 4,975 $ 1,244,555 Payroll finance 154,114 — — 115 — 154,229 Warehouse lending 173,786 — — — — 173,786 Factored receivables 161,381 — — — 244 161,625 Equipment financing 410,483 707 19 — 240 411,449 CRE 1,433,235 7,982 5,322 452 11,286 1,458,277 Multi-family 383,799 317 — 156 272 384,544 ADC 89,730 401 451 — 6,413 96,995 Residential mortgage 509,597 2,935 975 — 16,259 529,766 Consumer 191,528 1,110 1,607 — 6,170 200,415 Total loans $ 4,740,016 $ 19,689 $ 9,294 $ 783 $ 45,859 $ 4,815,641 Total TDRs included above $ 16,238 $ 847 $ 176 $ — $ 11,427 $ 28,688 Non-performing loans: Loans 90+ days past due and still accruing $ 783 Non-accrual loans 45,859 Total non-performing loans $ 46,642 |
Additional analysis of non-accrual loans | The following table provides additional analysis of the Company’s non-accrual loans at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment Non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans C&I $ 4,314 $ 5,828 $ 10,142 $ 10,503 $ 3,780 $ 1,195 $ 4,975 $ 5,739 Payroll finance — — — — — — — — Factored receivables 220 — 220 220 244 — 244 244 Equipment financing 1,644 — 1,644 1,644 240 — 240 240 CRE 13,119 7,623 20,742 23,678 11,146 140 11,286 11,498 Multi-family 1,717 — 1,717 1,837 272 — 272 272 ADC 3,700 — 3,700 3,829 6,413 — 6,413 7,637 Residential mortgage 13,683 5,997 19,680 24,386 14,179 2,080 16,259 20,097 Consumer 7,315 577 7,892 9,404 6,170 — 6,170 6,270 $ 45,712 $ 20,025 $ 65,737 $ 75,501 $ 42,444 $ 3,415 $ 45,859 $ 51,997 |
Impaired financing receivables | The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for calendar 2015; the transition period; the 2013 transition period (unaudited), fiscal 2014 and fiscal 2013: For the year ended December 31, 2015 YTD average Interest Cash-basis With no related allowance recorded: C&I $ 2,718 $ — $ — Equipment Financing 757 — — CRE 12,155 102 — Multi-family 1,078 — — ADC 8,819 234 — Residential mortgage 515 $ — — Total $ 26,042 $ 336 $ — For the three months ended December 31, 2014 December 31, 2013 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: C&I $ 4,482 $ — $ — $ 3,759 $ 20 $ 2 CRE 14,503 44 42 19,318 52 — ADC 11,897 62 62 17,108 148 — Residential mortgage 515 — — 4,890 — — Total $ 31,397 $ 106 $ 104 $ 45,075 $ 220 $ 2 There were no impaired loans with an allowance recorded at December 31, 2015 or December 31, 2014 . At December 31, 2013, there were C&I loans with a balance of $314 and ADC loans with a balance of $1,932 with an allowance recorded. There was no income recognized on these loans during the period. For the fiscal year ended September 30, 2014 September 30, 2013 YTD average recorded investment Interest income recognized Cash-basis interest income recognized YTD average recorded investment Interest income recognized Cash-basis interest income recognized With no related allowance recorded: C&I $ 4,180 $ — $ — $ 1,821 $ 91 $ 86 CRE 14,016 186 180 17,325 286 275 ADC 20,525 239 239 12,827 631 587 Residential mortgage 515 — — 309 — — Consumer — — — 61 — — Subtotal 39,236 425 419 32,343 1,008 948 With an allowance recorded: C&I — — — 705 — — CRE — — — 6,646 7 7 ADC — — — 1,104 — — Residential mortgage — — — 1,602 14 10 Consumer — — — 228 — — Subtotal — — — 10,285 $ 21 17 Total $ 39,236 $ 425 $ 419 $ 42,628 $ 1,029 $ 965 The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2015 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 3,138 $ 1,661,163 $ 17,403 $ 1,681,704 $ — $ 13,262 $ 13,262 Payroll finance — 221,831 — 221,831 — 1,936 1,936 Warehouse lending — 387,808 — 387,808 — 589 589 Factored receivables — 208,382 — 208,382 — 1,457 1,457 Equipment financing 1,017 630,286 — 631,303 — 4,925 4,925 CRE 13,492 2,669,673 50,186 2,733,351 — 13,861 13,861 Multi-family 1,541 790,017 4,472 796,030 — 2,741 2,741 ADC 8,669 173,065 4,664 186,398 — 2,009 2,009 Residential mortgage 515 705,245 7,276 713,036 — 5,007 5,007 Consumer — 298,225 1,292 299,517 — 4,358 4,358 Total loans $ 28,372 $ 7,745,695 $ 85,293 $ 7,859,360 $ — $ 50,145 $ 50,145 There was $272 included in the allowance for loan losses associated with PCI loans at December 31, 2015 . The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2014 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment Purchased credit impaired loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses C&I $ 4,461 $ 1,238,899 $ 1,195 $ 1,244,555 $ — $ 11,027 $ 11,027 Payroll finance — 154,229 — 154,229 — 1,506 1,506 Warehouse lending — 173,786 — 173,786 — 608 608 Factored receivables — 161,625 — 161,625 — 1,205 1,205 Equipment financing — 411,449 — 411,449 — 2,569 2,569 CRE 14,423 1,443,714 140 1,458,277 — 10,121 10,121 Multi-family — 384,544 — 384,544 — 2,111 2,111 ADC 11,624 85,371 — 96,995 — 2,987 2,987 Residential mortgage 515 527,171 2,080 529,766 — 5,843 5,843 Consumer — 200,415 — 200,415 — 4,397 4,397 Total loans $ 31,023 $ 4,781,203 $ 3,415 $ 4,815,641 $ — $ 42,374 $ 42,374 The following table presents the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans C&I $ 11,575 $ 5,828 $ 17,403 $ — $ 1,195 $ 1,195 Payroll finance — — — — — — Factored receivables — — — — — — Equipment financing — — — — — — CRE 42,563 7,623 50,186 — 140 140 Multi-family 4,472 — 4,472 — — — ADC 4,664 — 4,664 — — — Residential 1,279 5,997 7,276 — 2,080 2,080 Consumer 715 577 1,292 — — — $ 65,268 $ 20,025 $ 85,293 $ — $ 3,415 $ 3,415 The following table presents the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans C&I $ 11,575 $ 5,828 $ 17,403 $ — $ 1,195 $ 1,195 Payroll finance — — — — — — Factored receivables — — — — — — Equipment financing — — — — — — CRE 42,563 7,623 50,186 — 140 140 Multi-family 4,472 — 4,472 — — — ADC 4,664 — 4,664 — — — Residential 1,279 5,997 7,276 — 2,080 2,080 Consumer 715 577 1,292 — — — $ 65,268 $ 20,025 $ 85,293 $ — $ 3,415 $ 3,415 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2015 and 2014 : C&I Equipment financing CRE Multi-family ADC Residential mortgage Total Loans with no related allowance recorded: December 31, 2015 Unpaid principal balance $ 3,145 $ 1,017 $ 15,092 $ 1,541 $ 8,669 $ 515 $ 29,979 Recorded investment 3,138 1,017 13,492 1,541 8,669 515 28,372 December 31, 2014 Unpaid principal balance 4,571 — 14,635 — 12,848 515 32,569 Recorded investment 4,461 — 14,423 — 11,624 515 31,023 |
Schedule of changes in balance of accretable yield discount for PCI loans | The following table presents the changes in the balance of the accretable yield discount for PCI loans for calendar 2015; the transition period; the 2013 transition period (unaudited); fiscal 2014; and fiscal 2013: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Balance at beginning of period $ 724 $ 724 $ — $ — $ — Acquisition 12,527 — 10,927 10,927 — Accretion (2,229 ) — — — — Disposals (50 ) — (8,086 ) (10,203 ) — Reclassification from non-accretable difference 239 — — — — Balance at end of period $ 11,211 $ 724 $ 2,841 $ 724 $ — |
Troubled debt restructurings | The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2015 and December 31, 2014 : December 31, 2015 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 154 $ — $ — $ — $ 2,052 $ 2,206 Equipment financing 338 — — — — 338 CRE 2,787 — — — — 2,787 ADC 5,107 — — — 3,700 8,807 Residential mortgage 4,661 654 — — 2,839 8,154 Total $ 13,047 $ 654 $ — $ — $ 8,591 $ 22,292 December 31, 2014 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total C&I $ 245 $ — $ — $ — $ 2,065 $ 2,310 Equipment financing 409 — — — — 409 CRE 4,833 263 — — — 5,096 ADC 5,487 — — — 6,373 11,860 Residential mortgage 5,264 584 176 — 2,768 8,792 Consumer — — — — 221 221 Total $ 16,238 $ 847 $ 176 $ — $ 11,427 $ 28,688 There were no loans modified as TDRs that occurred during calendar 2015 or the transition period. The following table presents loans by segment modified as TDRs that occurred during the fiscal 2014 and fiscal 2013 : September 30, 2014 September 30, 2013 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification C&I — $ — $ — 5 $ 2,001 $ 2,001 CRE — — — 2 2,682 2,682 ADC 2 1,060 1,060 7 5,772 5,772 Residential mortgage — — — 6 1,436 1,372 Consumer — — — 1 302 302 Total restructured loans 2 $ 1,060 $ 1,060 21 $ 12,193 $ 12,129 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the allowance for loan losses for calendar 2015, the transition period, the 2013 transition period (unaudited), fiscal 2014 and fiscal 2013 is summarized below: For the year ended December 31, 2015 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 11,027 $ (1,575 ) $ 1,720 $ 145 $ 2,090 $ 13,262 Payroll finance 1,506 (406 ) 35 (371 ) 801 1,936 Warehouse lending 608 — — — (19 ) 589 Factored receivables 1,205 (291 ) 60 (231 ) 483 1,457 Equipment financing 2,569 (3,423 ) 825 (2,598 ) 4,954 4,925 CRE 10,121 (1,695 ) 148 (1,547 ) 5,287 13,861 Multi-family 2,111 (17 ) 9 (8 ) 638 2,741 ADC 2,987 — 52 52 (1,030 ) 2,009 Residential mortgage 5,843 (1,251 ) 92 (1,159 ) 323 5,007 Consumer 4,397 (2,360 ) 148 (2,212 ) 2,173 4,358 Total allowance for loan losses $ 42,374 $ (11,018 ) $ 3,089 $ (7,929 ) $ 15,700 $ 50,145 Annualized net charge-offs to average loans outstanding 0.13 % For the three months ended December 31, 2014 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 9,536 $ (733 ) $ 638 $ (95 ) $ 1,586 $ 11,027 Payroll finance 1,379 — — — 127 1,506 Warehouse lending 630 — — — (22 ) 608 Factored receivables 1,294 — — — (89 ) 1,205 Equipment financing 2,621 — — — (52 ) 2,569 CRE 10,844 (172 ) 1 (171 ) (552 ) 10,121 Multi-family 1,867 — — — 244 2,111 ADC 2,120 (488 ) — (488 ) 1,355 2,987 Residential mortgage 5,837 (310 ) 2 (308 ) 314 5,843 Consumer 4,484 (203 ) 27 (176 ) 89 4,397 Total allowance for loan losses $ 40,612 $ (1,906 ) $ 668 $ (1,238 ) $ 3,000 $ 42,374 Annualized net charge-offs to average loans outstanding 0.10 % For the three months ended December 31, 2013 (Unaudited) Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance C&I $ 5,302 $ (528 ) $ 501 $ (27 ) $ 1,611 $ 6,886 CRE 9,967 (671 ) 37 (634 ) 659 9,992 ADC 5,806 (218 ) — (218 ) 269 5,857 Residential mortgage 4,474 (270 ) 7 (263 ) 389 4,600 Consumer 3,328 (147 ) 24 (123 ) 72 3,277 Total allowance for loan losses $ 28,877 $ (1,834 ) $ 569 $ (1,265 ) $ 3,000 $ 30,612 Annualized net charge-offs to average loans outstanding 0.14 % For the fiscal year ended September 30, 2014 Beginning Charge-offs Recoveries Net Provision Ending balance C&I $ 5,302 $ (2,901 ) $ 1,073 $ (1,828 ) $ 6,062 $ 9,536 Payroll finance — (758 ) — (758 ) 2,137 1,379 Warehouse lending — — — — 630 630 Factored receivables — (211 ) 9 (202 ) 1,496 1,294 Equipment financing — (1,074 ) 194 (880 ) 3,501 2,621 CRE 9,967 (741 ) 161 (580 ) 1,457 10,844 Multi-family — (418 ) 92 (326 ) 2,193 1,867 ADC 5,806 (1,479 ) — (1,479 ) (2,207 ) 2,120 Residential mortgage 4,474 (963 ) 323 (640 ) 2,003 5,837 Consumer 3,328 (786 ) 114 (672 ) 1,828 4,484 Total allowance for loan losses $ 28,877 $ (9,331 ) $ 1,966 $ (7,365 ) $ 19,100 $ 40,612 Annualized net charge-offs to average loans outstanding 0.18 % For the fiscal year ended September 30, 2013 Beginning Charge-offs Recoveries Net Provision Ending balance C&I $ 4,603 $ (1,354 ) $ 410 $ (944 ) $ 1,643 $ 5,302 CRE 7,230 (3,725 ) 577 (3,148 ) 5,885 9,967 ADC 8,526 (3,422 ) 182 (3,240 ) 520 5,806 Residential mortgage 4,359 (2,547 ) 101 (2,446 ) 2,561 4,474 Consumer 3,564 (2,009 ) 232 (1,777 ) 1,541 3,328 Total allowance for loan losses $ 28,282 $ (13,057 ) $ 1,502 $ (11,555 ) $ 12,150 $ 28,877 Annualized net charge-offs to average loans outstanding 0.52 % |
Financing receivable credit quality indicators | Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2015 and 2014 the risk category of gross loans by segment was as follows: December 31, 2015 December 31, 2014 Special mention Substandard Doubtful Special mention Substandard Doubtful Commercial & industrial $ 20,765 $ 36,268 $ 445 $ 13,060 $ 7,730 $ — Payroll finance — 96 — 996 115 — Warehouse lending — — — — — — Factored receivables — 1,568 — 34 244 — Equipment financing 460 1,644 — — 240 — CRE 32,472 52,290 — 12,707 28,194 — Multi-family 5,927 1,717 — 317 272 — ADC 7,075 7,996 — 1,027 16,016 — Residential mortgage 897 20,269 — 975 16,402 — Consumer 407 7,817 268 1,200 6,690 — Total $ 68,003 $ 129,665 $ 713 $ 30,316 $ 75,903 $ — |
Premises And Equipment, Net (Ta
Premises And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and equipment are summarized as follows: December 31, 2015 2014 Land and land improvements $ 12,460 $ 6,048 Buildings 27,803 23,118 Leasehold improvements 32,576 33,044 Furniture, fixtures and equipment 66,478 54,603 Total premises and equipment, gross 139,317 116,813 Accumulated depreciation and amortization (75,955 ) (70,657 ) Total premises and equipment, net $ 63,362 $ 46,156 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in goodwill | The change in goodwill for the periods presented was as follows: For the year ended December 31, 2015 2014 Beginning of period balance $ 388,926 $ 388,926 Acquisitions 281,773 — Disposals — — End of period balance $ 670,699 $ 388,926 |
Other intangible assets | The balance of other intangible assets for the periods presented was as follows: Gross intangible assets Accumulated amortization Net intangible assets December 31, 2015 Core deposits $ 58,021 $ (12,227 ) $ 45,794 Customer lists 8,950 (991 ) 7,959 Non-compete agreements 11,808 (8,883 ) 2,925 Trade name 20,500 — 20,500 Fair value of below market leases 725 (536 ) 189 $ 100,004 $ (22,637 ) $ 77,367 December 31, 2014 Core deposits $ 24,182 $ (5,709 ) $ 18,473 Non-compete agreements 10,308 (6,349 ) 3,959 Trade name 20,500 — 20,500 Fair value of below market leases 725 (325 ) 400 $ 55,715 $ (12,383 ) $ 43,332 |
Future amortization expense | The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2015 was as follows: Amortization expense 2016 $ 11,953 2017 8,088 2018 7,098 2019 6,074 2020 5,428 Thereafter 18,226 Total $ 56,867 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at December 31, 2015 and 2014 are summarized as follows: December 31, 2015 2014 Non-interest bearing demand $ 2,936,980 $ 1,481,870 Interest bearing demand 1,274,417 747,667 Savings 943,632 711,509 Money market 2,819,788 1,790,435 Certificates of deposit 605,190 480,844 Total deposits $ 8,580,007 $ 5,212,325 |
Schedule of maturities of deposits | Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2015 2014 Remaining period to contractual maturity: Less than one year $ 494,242 $ 385,458 One to two years 75,724 52,480 Two to three years 20,469 34,219 Three to four years 9,573 4,778 Four to five years 5,182 3,909 Total certificates of deposit $ 605,190 $ 480,844 |
List of Company's Brokered deposits | Listed below are the Company’s brokered deposits: December 31, 2015 2014 Money market $ 152,180 $ 75,462 Reciprocal CDARs 1 169,958 6,666 CDARs one way 106,647 86,530 Total brokered deposits $ 428,785 $ 168,658 1 Certificate of deposit account registry service |
Borrowings and Senior Notes (Ta
Borrowings and Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Schedule of debt | The Company’s borrowings and weighted average interest rates are summarized as follows: December 31, 2015 2014 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 1,409,885 1.32 % $ 1,003,209 1.37 % Repurchase agreements 16,566 0.55 9,846 0.30 Senior notes 98,893 5.98 98,498 5.98 Total borrowings $ 1,525,344 1.61 % $ 1,111,553 1.77 % By remaining period to maturity: Less than one year 999,222 0.69 % $ 532,835 0.39 % One to two years 295,000 3.19 152,760 0.69 Two to three years 228,893 3.57 255,000 3.54 Three to four years — — 168,498 4.38 Four to five years — — — — Greater than five years 2,229 4.92 2,460 4.92 Total borrowings $ 1,525,344 1.61 % $ 1,111,553 1.77 % |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of December 31, 2015 and 2014 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value December 31, 2015 3rd party interest rate swap $ 87,094 5.44 4.09 % 1 m Libor + 2.15 $ 1,839 Customer interest rate swap (87,094 ) 5.44 4.09 1 m Libor + 2.15 (1,839 ) December 31, 2014 3rd party interest rate swap 67,551 4.70 4.13 1 m Libor + 2.36 1,332 Customer interest rate swap (67,551 ) 4.70 4.13 1 m Libor + 2.36 (1,332 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the periods indicated consisted of the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Current tax expense (benefit): Federal $ 25,634 $ 17,134 $ (8,205 ) $ 11,613 $ 9,146 State 5,862 3,322 (600 ) 1,598 1,549 Total current tax expense (benefit) 31,496 20,456 (8,805 ) 13,211 10,695 Deferred tax expense (benefit): Federal (1,406 ) (10,954 ) 2,229 (2,745 ) 522 State 1,745 (1,126 ) (372 ) (314 ) 197 Total deferred tax expense (benefit) 339 (12,080 ) 1,857 (3,059 ) 719 Total income tax expense $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 $ 11,414 |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Tax at federal statutory rate of 35% $ 34,282 $ 8,884 $ (7,335 ) $ 13,241 $ 12,833 State and local income taxes, net of federal tax benefit 4,945 683 (632 ) 834 1,135 Tax-exempt interest, net of disallowed interest (5,218 ) (1,029 ) (768 ) (3,824 ) (2,192 ) BOLI income (1,853 ) (341 ) (259 ) (1,110 ) (699 ) Non-deductible acquisition related costs 700 53 712 712 416 Low income housing tax credits (215 ) (220 ) — (165 ) — Other, net (806 ) 346 1,334 464 (79 ) Actual income tax expense $ 31,835 $ 8,376 $ (6,948 ) $ 10,152 $ 11,414 Effective income tax rate 32.5 % 33.0 % (33.2 )% 26.8 % 31.1 % |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax position at December 31, 2015 and 2014 : December 31, 2015 2014 Deferred tax assets: Allowance for loan losses $ 19,684 $ 17,675 Deferred compensation 736 653 Other accrued compensation and benefits 8,229 4,952 Accrued post retirement expense 1,967 2,722 Deferred rent 3,849 1,967 Intangible assets 2,676 2,655 Other comprehensive loss (securities) 8,245 2,712 Other comprehensive loss (defined benefit plans) 566 4,865 Depreciation of premises and equipment 2,738 569 State NOL carryforward 379 1,012 Other 4,205 3,423 Total deferred tax assets 53,274 43,205 Deferred tax liabilities: Prepaid pension costs 4,492 10,429 Purchase accounting adjustments 15,503 15,883 Other 2,200 2,036 Total deferred tax liabilities 22,195 28,348 Net deferred tax asset $ 31,079 $ 14,857 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Company's stock option activity | The following table summarizes the activity in the Company’s active stock-based compensation plans for the periods presented: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at October 1, 2013 2,066,184 209,697 $ 8.73 2,114,509 $ 10.71 2014 Stock Incentive Plan 3,400,000 — — — — 2012 Stock Incentive Plan termination (566,554 ) — — — — Grants associated with the Provident Merger (1) (921,503 ) 351,964 11.72 104,152 14.25 Granted (1) (719,674 ) 115,145 11.53 324,862 11.45 Stock awards vested — (69,211 ) 9.51 — — Exercised — — — (507,955 ) 11.29 Forfeited 439,594 (18,841 ) 9.18 (375,235 ) 12.24 Canceled/expired (347,286 ) — — — — Balance at September 30, 2014 3,350,761 588,754 $ 10.99 1,660,333 $ 10.55 Granted (1) (1,360,006 ) 250,624 12.96 482,811 13.29 Stock awards vested — (193,129 ) 10.84 — — Exercised — — — (95,033 ) 12.31 Forfeited 8,267 (2,362 ) 13.23 — — Canceled/expired — — — (7,812 ) 14.09 Balance at December 31, 2014 1,999,022 643,887 $ 11.79 2,040,299 $ 11.10 2015 Omnibus Equity and Incentive Plan 2,800,000 — — — — Granted (1) (732,023 ) 447,807 14.02 24,566 14.22 Stock awards vested — (330,384 ) 11.23 — — Exercised — — — (406,422 ) 11.58 Forfeited 192,970 (34,510 ) 12.92 (71,871 ) 12.90 Canceled/expired (134,304 ) — — — — Balance at December 31, 2015 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Exercisable at December 31, 2015 1,159,405 $ 10.31 (1) Reflects certain non-vested stock awards that counted as 3.5 shares or 3.6 shares for each share award granted. |
Schedule of weighted-average assumptions as of grant date for options | The fair value of options granted was determined using the following weighted-average assumptions as of the grant date: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Risk-free interest rate 1.8 % 1.9 % 1.7 % 1.8 % 1.0 % Expected stock price volatility 21.2 20.3 26.5 26.4 40.8 Dividend yield (1) 3.1 3.2 2.1 2.0 2.6 Expected term in years 5.76 5.73 5.75 5.67 5.75 (1) Represents the approximate annualized cash dividend rate paid with respect to a share of common stock at or near the grant date. Other information regarding options outstanding at December 31, 2015 follows: Outstanding Exercisable Weighted average Weighted average Number of stock options Exercise price Life (in years) Number of stock options Exercise price Life (in years) Range of exercise prices: $6.71 to $8.73 353,611 $ 8.00 5.94 339,861 $ 8.05 5.94 $9.00 to $10.03 332,968 9.28 6.35 331,301 9.28 6.35 $11.36 to $13.18 363,504 11.71 6.93 260,539 11.81 6.60 $13.23 to $15.01 536,489 13.42 7.80 227,704 13.48 7.26 1,586,572 10.95 6.88 1,159,405 10.31 6.82 |
Schedule of stock-based compensation expense associated with stock options and non-vested stock awards | Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit was as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Stock options $ 909 $ 316 $ 219 $ 901 $ 695 Non-vested stock awards/performance units 3,451 828 620 2,508 1,047 Total $ 4,360 $ 1,144 $ 839 $ 3,409 $ 1,742 Income tax benefit 1,417 378 279 914 542 |
Unrecognized stock-based compensation expense | Unrecognized stock-based compensation expense at December 31, 2015 was as follows: December 31, 2015 Stock options $ 738 Non-vested stock awards/performance units 7,451 Total $ 8,189 |
Pension and Other Post Retire44
Pension and Other Post Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of changes in the projected benefit obligation and fair value of plan assets | The following is a summary of changes in the projected benefit obligation and fair value of Plan assets. The measurement date used by the Company for its pension plans was October 15, 2015, which is the date of the Plan termination, and December 31, 2014 . December 31, 2015 2014 Changes in projected benefit obligation: Beginning of year balance $ 57,877 $ 49,718 Interest cost 1,766 555 Actuarial loss — 7,750 Plan termination / Partial settlement (58,171 ) — Benefits and distributions paid — (146 ) End of year balance 1,472 57,877 Changes in fair value of plan assets: Beginning of year balance 72,170 68,570 Actual (loss) gain on plan assets (1,085 ) 3,746 Plan termination / Partial settlement (58,171 ) — Benefits and distributions paid — (146 ) End of year balance 12,914 72,170 Reversion asset / Funded status at end of year $ 11,442 $ 14,293 |
Components of the net periodic pension expense (benefit) | The components of net periodic pension expense were as follows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Interest cost $ 1,766 $ 555 $ 402 $ 2,779 $ 1,452 Expected return on plan assets (2,187 ) (682 ) (672 ) (3,380 ) (2,462 ) Amortization of unrecognized actuarial loss 272 — 97 236 2,062 Plan termination / Partial settlement charge 13,384 — 2,743 3,922 — Net periodic pension expense (benefit) $ 13,235 $ (127 ) $ 2,570 $ 3,557 $ 1,052 |
Schedule of assumptions used for plan | The principal actuarial assumptions used at December 31, 2014 were as follows: December 31, 2014 Projected benefit obligation: Discount rate 4.10 % Net periodic pension cost: Discount rate 4.10 % Long-term rate of return on plan assets 4.00 % |
Schedule of fair value of plan assets and allocation | The fair value of Plan assets by asset category as of December 31, 2014 was the following: December 31, 2014 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Asset category: Intermediate term bond $ 8,763 $ — $ 8,763 $ — Long-term bond 63,407 — 63,407 — Total assets $ 72,170 $ — $ 72,170 $ — |
Other Post Retirement Benefit Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of changes in the projected benefit obligation and fair value of plan assets | Data relating to other post retirement benefit plans is the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Changes in accumulated post retirement benefit obligation: Beginning of year $ 11,096 $ 10,990 $ 3,302 $ 3,302 $ 3,103 Obligations assumed in acquisitions 16,059 — 9,644 9,644 — Plan amendment — 45 — — — Service cost 6 3 12 51 48 Interest cost 373 59 34 683 134 Actuarial loss 364 72 18 79 177 Curtailment (gain) — — — (2,485 ) — Benefits paid (16,165 ) (73 ) (71 ) (284 ) (160 ) End of year 11,733 11,096 12,939 10,990 3,302 Changes in fair value of plan assets: Beginning of year $ — $ — $ — $ — $ — Employer contributions 16,165 73 71 284 160 Plan participants’ contributions — — — — — Benefits paid (16,165 ) (73 ) (71 ) (284 ) (160 ) End of year — — — — — Funded status $ (11,733 ) $ (11,096 ) $ (12,939 ) $ (10,990 ) $ (3,302 ) |
Components of the net periodic pension expense (benefit) | Components of net periodic (benefit) expense for other post retirement benefit plans was the following: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Service cost $ 6 $ 3 $ 12 $ 51 $ 48 Interest cost 373 59 34 683 134 Amortization of transition obligation — 3 6 34 24 Amortization of prior service cost 161 — 12 270 47 Amortization of net actuarial (gain) loss — 6 — (45 ) 2 Curtailment (gain) — — — (2,485 ) — Total $ 540 $ 71 $ 64 $ (1,492 ) $ 255 |
Schedule of assumptions used for plan | Plan assumptions for the other post retirement medical, dental and vision plans include the following: December 31, 2015 2014 Discount rate 3.00% to 4.00% 2.75% to 3.92% Discount rate used to value periodic cost 3.00% to 4.00% 2.75% to 4.27% |
Schedule of expected benefit payments | Estimated future benefit payments are the following for the years ending December 31: 2016 $ 175 2017 187 2018 227 2019 269 2020 313 Thereafter 1,849 |
Other Non-interest Expense (Tab
Other Non-interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items are presented in the following table. Components exceeding 1% of the aggregate of total net interest income and total non-interest income are presented separately. For the year ended For the three months ended For the fiscal year ended December 31, December 31. September 30, 2015 2014 2013 2014 2013 Other non-interest expense: Advertising and promotion $ 2,522 $ 782 $ 309 $ 2,358 $ 1,502 Professional fees 8,308 1,314 1,818 6,913 3,393 Data and check processing 8,825 1,424 595 3,439 2,520 ATM/debit card expense 552 291 364 1,249 1,722 Insurance & surety bond premium 3,186 595 675 2,703 1,199 Charge for asset write-downs, severance, retention and change in fiscal year end 29,046 1,075 22,167 22,976 — Charge for banking systems conversion — 1,418 — 3,249 — Other 17,284 4,252 3,693 15,030 7,040 Total other non-interest expense $ 69,723 $ 11,151 $ 29,621 $ 57,917 $ 17,376 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following is a summary of the calculation of earnings per share (“EPS”): For the year ended December 31, For the three months ended December 31, For the fiscal year ended September 30, 2015 2014 2013 2014 2013 Net income (loss) $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 $ 25,254 Weighted average common shares outstanding for computation of basic EPS (1) 109,907,645 83,831,380 70,493,305 80,268,970 43,734,425 Common-equivalent shares due to the dilutive effect of stock options (2) 421,708 363,536 — 265,073 48,628 Weighted average common shares for computation of diluted EPS 110,329,353 84,194,916 70,493,305 80,534,043 43,783,053 Earnings per common share: Basic $ 0.60 $ 0.20 $ (0.20 ) $ 0.34 $ 0.58 Diluted 0.60 0.20 (0.20 ) 0.34 0.58 Weighted average common shares that could be exercised that were anti-dilutive for the period (3) 2,394 82,625 2,025,501 697,475 1,786,608 (1) Includes earned ESOP shares. (2) Represents incremental shares computed using the treasury stock method. (3) Anti-dilutive shares are not included in determining diluted earnings per share. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table presents actual and required capital ratios as of December 31, 2015 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of December 31, 2015 based on the phase-in provisions 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. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2015 Common equity tier 1 to RWA: Sterling National Bank $ 1,053,527 11.45 % $ 413,951 4.50 % $ 643,923 7.00 % $ 597,929 6.50 % Sterling Bancorp 988,174 10.74 414,047 4.50 644,073 7.00 N/A N/A Tier 1 capital RWA: Sterling National Bank 1,053,527 11.45 % 551,934 6.00 % 781,907 8.50 % 735,912 8.00 % Sterling Bancorp 988,174 10.74 552,063 6.00 782,089 8.50 N/A N/A Total capital to RWA: Sterling National Bank 1,104,221 12.00 % 735,912 8.00 % 965,885 10.50 % 919,891 10.00 % Sterling Bancorp 1,038,868 11.29 736,084 8.00 966,110 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 1,053,527 9.65 % 436,678 4.00 % 436,678 4.00 % 545,848 5.00 % Sterling Bancorp 988,174 9.03 437,629 4.00 437,629 4.00 N/A N/A The following table presents actual and required capital ratios as of December 31, 2014 for the Bank and the Company under the regulatory capital rules then in effect: Regulatory requirements Actual Minimum capital Classification as well Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2014 Tier 1 capital to RWA: Sterling National Bank $ 651,203 12.00 % $ 216,988 4.00 % $ 325,481 6.00 % Sterling Bancorp 569,609 10.43 218,405 4.00 N/A N/A Total capital to RWA: Sterling National Bank 693,972 12.79 % 433,975 8.00 % 542,469 10.00 % Sterling Bancorp 612,378 11.22 436,809 8.00 N/A N/A Tier 1 leverage ratio: Sterling National Bank 651,203 9.39 % 277,534 4.00 % 346,918 5.00 % Sterling Bancorp 569,609 8.21 277,352 4.00 N/A N/A |
Reconciliation of Stockholders' Equity to Bank Regulatory Capital | A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2015 and 2014 is as follows: The Company The Bank December 31, December 31, 2015 2014 2015 2014 Total U.S. GAAP stockholders’ equity $ 1,665,073 $ 975,200 $ 1,705,841 $ 1,024,361 Disallowed goodwill and other intangible assets (689,023 ) (415,842 ) (664,225 ) (383,406 ) Net unrealized loss on available for sale securities 6,999 3,669 6,992 3,666 Net accumulated other comprehensive income components 5,125 6,582 4,919 6,582 Tier 1 risk-based capital 988,174 569,609 1,053,527 651,203 Allowance for loan losses and off-balance sheet commitments 50,694 42,769 50,694 42,769 Total risk-based capital $ 1,038,868 $ 612,378 $ 1,104,221 $ 693,972 |
Off-Balance-Sheet Financial I48
Off-Balance-Sheet Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of off-balance-sheet financial instruments | The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: December 31, 2015 2014 Loan origination commitments $ 269,636 $ 208,486 Unused lines of credit 660,915 332,295 Letters of credit 102,930 83,316 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments due under non-cancellable operating leases with initial or remaining terms of more than one year at December 31, 2015 were as follows: 2016 $ 11,656 2017 10,724 2018 9,546 2019 7,310 2020 5,955 2021 and thereafter 27,792 $ 72,983 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at December 31, 2015 measured at estimated fair value on a recurring basis is as follows: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 1,217,862 $ — $ 1,217,862 $ — CMO/Other MBS 78,373 — 78,373 — Total residential MBS 1,296,235 — 1,296,235 — Federal agencies 84,267 — 84,267 — Corporate bonds 314,188 — 314,188 — State and municipal 189,035 — 189,035 — Trust preferred 28,517 — 28,517 — Other 8,790 — 8,790 — Total other securities 624,797 — 624,797 — Total investment securities available for sale 1,921,032 — 1,921,032 — Swaps 1,839 — 1,839 — Total assets $ 1,922,871 $ — $ 1,922,871 $ — Liabilities: Swaps 1,839 $ — $ 1,839 $ — Total liabilities $ 1,839 $ — $ 1,839 $ — A summary of assets and liabilities at December 31, 2014 measured at estimated fair value on a recurring basis is as follows: December 31, 2014 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 533,663 $ — $ 533,663 $ — CMO/Other MBS 84,838 — 84,838 — Total residential MBS 618,501 — 618,501 — Federal agencies 147,156 — 147,156 — Corporate bonds 204,831 — 204,831 — State and municipal 132,065 — 132,065 — Trust preferred 38,293 — 38,293 — Total investment securities available for sale 522,345 — 522,345 — Total available for sale securities 1,140,846 — 1,140,846 — Interest rate caps and swaps 1,332 — 1,332 — Total assets $ 1,142,178 $ — $ 1,142,178 $ — Liabilities: Swaps $ 1,332 $ — $ 1,332 $ — Total liabilities $ 1,332 $ — $ 1,332 $ — |
Impaired loans measured at estimated fair value on nonrecurring basis | A summary of impaired loans at December 31, 2015 measured at estimated fair value on a non-recurring basis is the following: December 31, 2015 Fair value Level 1 inputs Level 2 inputs Level 3 inputs CRE $ 3,218 $ — $ — $ 3,218 Total impaired loans measured at fair value $ 3,218 $ — $ — $ 3,218 A summary of impaired loans at December 31, 2014 measured at estimated fair value on a non-recurring basis is the following: December 31, 2014 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 65 $ — $ — $ 65 CRE 1,950 — — 1,950 ADC 3,800 — — 3,800 Total impaired loans measured at fair value $ 5,815 $ — $ — $ 5,815 |
Quantitative information of Level 3 assets | The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2015 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Range (1) (weighted average) Impaired loans: CRE $ 3,218 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 2,334 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE (2) 7,805 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 3,990 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 1,204 Third-party Discount rates 8.3% - 11.3% (9.5%) Third-party Prepayment speeds 100 - 480 (183) (1) Represents range of discount factors applied to the appraisal to determine fair value. The amounts used for loans collateralized by real estate or assets taken in foreclosure also include costs to carry and costs of sale. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider which the Company believes are appropriate. (2) Excludes $486 of commercial buildings that are former financial centers held for sale. These assets were not taken in foreclosure and their fair value is determined by appraisal, and our internal assessment of the market for this type of real estate in these locations. |
Carrying amounts and estimated fair value of financial assets and liabilities | The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2015 : December 31, 2015 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 229,513 $ 229,513 $ — $ — Securities available for sale 1,921,032 — 1,921,032 — Securities held to maturity 722,791 — 734,079 — Loans, net 7,809,215 — — 7,876,064 Loans held for sale 34,110 — 34,110 — Accrued interest receivable on securities 11,329 — 11,329 — Accrued interest receivable on loans 20,202 — — 20,202 FHLB stock and FRB stock 116,758 — — — Swaps 1,839 — 1,839 — Financial liabilities: Non-maturity deposits (7,974,817 ) (7,974,817 ) — — Certificates of deposit (605,190 ) — (603,634 ) — FHLB borrowings (1,409,885 ) — (1,418,155 ) — Other borrowings (16,566 ) — (16,430 ) — Senior notes (98,893 ) — (105,088 ) — Mortgage escrow funds (13,778 ) — (13,775 ) — Accrued interest payable on deposits (483 ) — (483 ) — Accrued interest payable on borrowings (4,490 ) — (4,490 ) — Swaps (1,839 ) — (1,839 ) — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2014 : December 31, 2014 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 121,520 $ 121,520 $ — $ — Securities available for sale 1,140,846 — 1,140,846 — Securities held to maturity 572,337 — 586,346 — Loans, net 4,773,267 — — 4,783,508 Loans held for sale 46,599 — 46,599 — Accrued interest receivable on securities 7,742 — 7,742 — Accrued interest receivable on loans 11,559 — — 11,559 FHLB stock and FRB stock 75,437 — — — Swaps 1,332 — 1,332 — Financial liabilities: Non-maturity deposits (4,731,481 ) (4,731,481 ) — — Certificates of deposit (480,844 ) — (480,621 ) — FHLB borrowings (1,003,209 ) — (1,019,690 ) — Other borrowings (9,846 ) — (9,846 ) — Senior Notes (98,498 ) — (100,769 ) — Mortgage escrow funds (4,167 ) — (4,167 ) — Accrued interest payable on deposits (329 ) — (329 ) — Accrued interest payable on borrowings (4,354 ) — (4,354 ) — Swaps (1,332 ) — (1,332 ) — |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: December 31, 2015 2014 Net unrealized holding (loss) gain on available for sale securities $ (12,172 ) $ 2,256 Related income tax benefit (expense) 5,173 (959 ) Available for sale securities AOCI, net of tax (6,999 ) 1,297 Net unrealized holding loss on securities transferred to held to maturity (7,226 ) (8,638 ) Related income tax benefit 3,071 3,671 Securities transferred to held to maturity AOCI, net of tax (4,155 ) (4,967 ) Net unrealized holding loss on retirement plans (1,687 ) (11,445 ) Related income tax benefit 717 4,864 Retirement plan AOCI, net of tax (970 ) (6,581 ) Accumulated other comprehensive loss $ (12,124 ) $ (10,251 ) The following table presents the changes in each component of AOCI for calendar 2015, the transition period, the 2013 transition period (unaudited), fiscal 2014 and fiscal 2013: Net unrealized holding gain (loss) on AFS securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2015 Balance at beginning of the period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Other comprehensive (loss) gain before reclassification (11,077 ) — 435 (10,642 ) Amounts reclassified from AOCI 2,781 812 5,176 8,769 Total other comprehensive (loss) income (8,296 ) 812 5,611 (1,873 ) Balance at end of period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Three months ended December 31, 2014 Balance at beginning of the period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Other comprehensive gain (loss) before reclassification 3,943 — (2,940 ) 1,003 Amounts reclassified from AOCI 25 177 3 205 Total other comprehensive income (loss) 3,968 177 (2,937 ) 1,208 Balance at end of period $ 1,297 $ (4,967 ) $ (6,581 ) $ (10,251 ) Three months ended December 31, 2013 Balance at beginning of the period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Other comprehensive (loss) before reclassification (354 ) (5,659 ) — (6,013 ) Amounts reclassified from AOCI 431 — 1,447 1,878 Total other comprehensive income (loss) 77 (5,659 ) 1,447 (4,135 ) Balance at end of period $ (11,395 ) $ (5,659 ) $ (2,411 ) $ (19,465 ) Fiscal year ended September 30, 2014 Balance at beginning of the period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Other comprehensive gain (loss) before reclassification 9,170 (5,659 ) — 3,511 Amounts reclassified from AOCI (369 ) 515 214 360 Total other comprehensive income (loss) 8,801 (5,144 ) 214 3,871 Balance at end of period $ (2,671 ) $ (5,144 ) $ (3,644 ) $ (11,459 ) Fiscal year ended September 30, 2013 Balance at beginning of the period $ 15,066 $ — $ (8,167 ) $ 6,899 Other comprehensive (loss) gain before reclassification (22,167 ) — 3,041 (19,126 ) Amounts reclassified from AOCI (4,371 ) — 1,268 (3,103 ) Total other comprehensive (loss) income (26,538 ) — 4,309 (22,229 ) Balance at end of period $ (11,472 ) $ — $ (3,858 ) $ (15,330 ) Location in statement of operations where reclassification from AOCI is included Net gain (loss) on sale of securities Interest income on securities Compensation and benefits expense |
Condensed Parent Company Fina52
Condensed Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | Set forth below are the condensed balance sheets of Sterling and the related condensed statements of operations and cash flows: December 31, 2015 2014 Assets: Cash $ 19,529 $ 13,761 Securities available for sale at fair value 3 — Investment in Sterling National Bank 1,705,558 1,024,361 Investment in non-bank subsidiaries 3,942 4,571 Goodwill 19,054 18,970 Trade name 20,500 20,500 Other intangible assets, net 360 792 Other assets 1,418 1,655 Total assets $ 1,770,364 $ 1,084,610 Liabilities: Senior Notes $ 98,893 $ 98,498 Other liabilities 6,398 10,912 Total liabilities 105,291 109,410 Stockholders’ equity 1,665,073 975,200 Total liabilities & stockholders’ equity $ 1,770,364 $ 1,084,610 |
Condensed Statement of Operations | The table below presents the condensed statement of operations: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Interest income $ 15 $ 2 $ 80 $ 139 $ 262 Dividend income on equity securities — — — — 22 Dividends from Sterling National Bank 42,500 7,500 — 22,500 — Dividends from non-bank subsidiaries 500 — — 750 1,600 Other — — 4 18 — Interest expense (5,894 ) (1,471 ) (1,819 ) (6,265 ) (1,431 ) Non-interest expense (7,031 ) (1,692 ) (1,214 ) (5,840 ) (2,700 ) Income tax benefit 4,154 820 1,117 3,431 898 Income (loss) before equity in undistributed earnings of subsidiaries 34,244 5,159 (1,832 ) 14,733 (1,349 ) Equity in undistributed (excess distributed) earnings of: Sterling National Bank 32,230 11,171 (12,376 ) 12,590 27,174 Non-bank subsidiaries (360 ) 674 206 355 (571 ) Net income (loss) $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 $ 25,254 |
Condensed Statements of Cash Flows | The table below presents the condensed statement of cash flows: For the year ended For the three months ended For the fiscal year ended December 31, December 31, September 30, 2015 2014 2013 2014 2013 Cash flows from operating activities: Net income (loss) $ 66,114 $ 17,004 $ (14,002 ) $ 27,678 $ 25,254 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in (undistributed) excess distributed earnings of: Sterling National Bank (32,230 ) (11,171 ) 12,376 (12,590 ) (27,174 ) Non-bank subsidiaries 360 (674 ) (206 ) (355 ) 571 (Gain) on redemption of Subordinated Debentures — — — (712 ) — Other adjustments, net (3,123 ) (10,707 ) 15,310 22,065 5,259 Net cash provided by (used in) operating activities 31,121 (5,548 ) 13,478 36,086 3,910 Cash flows from investing activities: Sales of securities — — — 1,112 818 Investment in subsidiaries (84,500 ) — (15,000 ) (15,000 ) (45,000 ) ESOP loan principal repayments — — 473 6,437 459 Net cash (used for) investing activities (84,500 ) — (14,527 ) (7,451 ) (43,723 ) Cash flows from financing activities: Net change in other short-term borrowings — — — (20,659 ) — Redemption of Subordinated Debentures — — — (26,140 ) — Equity capital raise 85,059 — — — — Senior Notes offering — — — — 97,946 Cash dividends paid (30,384 ) (5,870 ) (2,661 ) (17,677 ) (10,642 ) Stock-based compensation transactions 4,472 1,810 2,569 2,980 1,758 Other equity transactions — — — — 265 Net cash provided by (used for) financing activities 59,147 (4,060 ) (92 ) (61,496 ) 89,327 Net increase (decrease) in cash 5,768 (9,608 ) (1,141 ) (32,861 ) 49,514 Cash at beginning of the period 13,761 23,369 56,230 56,230 6,716 Cash at end of the period $ 19,529 $ 13,761 $ 55,089 $ 23,369 $ 56,230 |
Quarterly Results Of Operatio53
Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a condensed summary of quarterly results of operations for calendar 2015, the transition period and fiscal 2014: For the year ended December 31, 2015 Reporting period First quarter Second Third Fourth For the quarter ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Interest and dividend income $ 66,672 $ 71,947 $ 103,298 $ 106,224 Interest expense 7,805 8,373 9,944 10,803 Net interest income 58,867 63,574 93,354 95,421 Provision for loan losses 2,100 3,100 5,000 5,500 Non-interest income 14,010 13,857 18,802 16,081 Non-interest expense 45,921 85,659 71,315 57,419 Income (loss) before income tax 24,856 (11,328 ) 35,841 48,583 Income tax expense (benefit) 8,078 (3,682 ) 11,648 15,792 Net income (loss) $ 16,778 $ (7,646 ) $ 24,193 $ 32,791 Earnings per common share: Basic $ 0.19 $ (0.08 ) $ 0.19 $ 0.25 Diluted 0.19 (0.08 ) 0.19 0.25 For the fiscal year ended September 30, 2014 Reporting period First quarter Second quarter Third quarter Fourth quarter Transition quarter For the quarter ended December 31, 2013 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Interest and dividend income $ 52,711 $ 61,325 $ 65,761 $ 67,109 $ 68,087 Interest expense 6,835 7,297 7,310 7,476 7,850 Net interest income 45,876 54,028 58,451 59,633 60,237 Provision for loan losses 3,000 4,800 5,950 5,350 3,000 Non-interest income 9,148 12,415 13,471 12,286 13,957 Non-interest expense 72,974 46,723 44,904 43,780 45,814 (Loss) income before income tax (20,950 ) 14,920 21,068 22,789 25,380 Income tax (benefit) expense (6,948 ) 4,588 6,057 6,452 8,376 Net (loss) income $ (14,002 ) $ 10,332 $ 15,011 $ 16,337 $ 17,004 Earnings per common share: Basic $ (0.20 ) $ 0.12 $ 0.18 $ 0.20 $ 0.20 Diluted (0.20 ) 0.12 0.18 0.19 0.20 |
Basis of Financial Statement 54
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Required cash on hand or on deposit with the Federal Reserve Bank | $ 25,070 | $ 18,100 |
Minimum duration of performance required by loan restructures | 6 months |
Basis of Financial Statement 55
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Allowance for Loan Losses (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)loan_segment | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Number of loan segments | loan_segment | 2 |
Minimum duration past due for impairment review | 90 days |
Minimum investment in loan for significance | $ | $ 500,000 |
Percentage of loan carrying value used for impairment review | 10.00% |
Minimum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration until re-appraisal | 6 months |
Maximum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration until re-appraisal | 9 months |
CRE | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Percentage of costs to hold and liquidate | 22.00% |
Commercial business loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 90 days |
Consumer loans, including home equity | Minimum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 90 days |
Consumer loans, including home equity | Maximum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 120 days |
Basis of Financial Statement 56
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Basis of Financial Statement 57
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Other Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Naming Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Minimum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 1 year |
Minimum | Core deposits | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 8 years |
Maximum | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2015 | May. 07, 2015 | Feb. 27, 2015 | Oct. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 29, 2015 |
Business Acquisition [Line Items] | |||||||||||
Share price | $ 14.63 | ||||||||||
Consideration paid | $ 0 | $ 457,759 | $ 592,169 | $ 457,781 | $ 0 | ||||||
Goodwill | 388,926 | 388,926 | 670,699 | ||||||||
Merger related expense | $ 14,625 | 502 | 9,068 | 17,079 | 9,455 | 2,772 | |||||
Asset impairments and other restructuring charges | 28,055 | 610 | $ 9,302 | $ 40,350 | 11,043 | 0 | |||||
Minimum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 3 years | ||||||||||
Estimated useful life | 1 year | ||||||||||
Minimum | Core deposits | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired intangible assets, weighted average useful life | 8 years | ||||||||||
Maximum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 40 years | ||||||||||
Estimated useful life | 10 years | ||||||||||
FCC, LLC | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Consideration paid | $ 45,500 | ||||||||||
Outstanding factoring receivables balance acquired | 44,500 | ||||||||||
Premium from factored receivables acquired | $ 1,000 | ||||||||||
Hudson Valley Holding Corp | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Net assets | $ 288,208 | $ 288,208 | |||||||||
Hudson Valley Holding Corp | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares each shareholder received from merger | 1.92 | 1.92 | |||||||||
Number of shares issued in merger | 38,525,154 | ||||||||||
Consideration paid | $ 566,307 | ||||||||||
Goodwill | 269,757 | $ 269,757 | |||||||||
Intangibles | 33,839 | 33,839 | |||||||||
Loans | 1,792,519 | 1,792,519 | |||||||||
Deposits | 3,160,746 | 3,160,746 | |||||||||
Hudson Valley Holding Corp | Book value | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangibles | 0 | 0 | |||||||||
Loans | 1,816,767 | 1,816,767 | |||||||||
Deposits | $ 3,160,746 | $ 3,160,746 | |||||||||
Hudson Valley Holding Corp | Buildings | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 30 years | ||||||||||
Hudson Valley Holding Corp | Minimum | Building improvements and equipment | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 1 year | ||||||||||
Hudson Valley Holding Corp | Maximum | Building improvements and equipment | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 5 years | ||||||||||
Hudson Valley Holding Corp | Merger-related Expenses | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Direct acquisition and integration costs | 502 | ||||||||||
Hudson Valley Holding Corp | Other Non-interest Expense | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Direct acquisition and integration costs | $ 28,055 | ||||||||||
Damian Services Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 11,930 | ||||||||||
Merger related expense | $ 300 | ||||||||||
Percentage of voting interests acquired | 100.00% | ||||||||||
Cash paid | $ 24,670 | ||||||||||
Outstanding finance loans acquired | 22,307 | ||||||||||
Liabilities assumed | 14,560 | ||||||||||
Restructuring charge | 1,500 | ||||||||||
Damian Services Corporation | Customer lists | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangibles | $ 8,950 | ||||||||||
Estimated useful life | 16 years | ||||||||||
Provident Merger | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares issued in merger | 39,057,968 | ||||||||||
Consideration paid | $ 457,781 | ||||||||||
Goodwill | 225,809 | ||||||||||
Loans | 1,698,108 | ||||||||||
Deposits | $ 2,297,190 | ||||||||||
Number of shares each shareholder received from merger | 1.2625 | ||||||||||
Share price of stock issued in merger (in dollars per share) | $ 11.72 | ||||||||||
Cash paid for fractional shares | $ 23 | ||||||||||
Consideration transferred for outstanding vested stock options | 6 | ||||||||||
Book value of assets | 2,759,628 | ||||||||||
Federal Home Loan Bank (FHLB) stock, at cost | 1,735,142 | ||||||||||
Provident Merger | Core deposits | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangibles | 20,089 | ||||||||||
Acquired intangible assets, weighted average useful life | 10 years | ||||||||||
Provident Merger | Trade name | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangibles | 20,500 | ||||||||||
Provident Merger | Book value | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Loans | 1,704,801 | ||||||||||
Deposits | 2,296,713 | ||||||||||
Provident Merger | Book value | Core deposits | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangibles | 0 | ||||||||||
Provident Merger | Book value | Trade name | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangibles | $ 0 | ||||||||||
Provident Merger | Minimum | Equipment | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 1 year | ||||||||||
Provident Merger | Maximum | Equipment | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Premises and equipment, useful life | 5 years | ||||||||||
Provident Merger | Merger-related Expenses | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Direct acquisition and integration costs | $ 14,381 | 9,455 | $ 2,772 | ||||||||
Provident Merger | Other Non-interest Expense | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Direct acquisition and integration costs | $ 610 | $ 26,590 |
Acquisitions - Purchase Price A
Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | |||||||
Consideration paid | $ 0 | $ 457,759 | $ 592,169 | $ 457,781 | $ 0 | ||
Goodwill | $ 388,926 | $ 388,926 | $ 670,699 | ||||
Provident Merger | |||||||
Business Acquisition [Line Items] | |||||||
Consideration paid | $ 457,781 | ||||||
Cash and cash equivalents | 277,798 | ||||||
Investment securities | 607,911 | ||||||
Loans held for sale | 30,341 | ||||||
Loans | 1,698,108 | ||||||
Federal Reserve Bank stock | 7,680 | ||||||
Bank owned life insurance | 55,374 | ||||||
Premises and equipment | 23,594 | ||||||
Accrued interest receivable | 6,590 | ||||||
Other real estate owned | 5,815 | ||||||
Other assets | 20,933 | ||||||
Deposits | (2,297,190) | ||||||
FHLB borrowings | (100,619) | ||||||
Other borrowings | (62,465) | ||||||
Subordinated Debentures | (26,527) | ||||||
Other liabilities | (55,960) | ||||||
Total identifiable net assets | 231,972 | ||||||
Goodwill | 225,809 | ||||||
Gross acquired loans | 1,723,447 | ||||||
Acquired loans | 1,699,271 | ||||||
Fair value adjustment | 14,440 | ||||||
Provident Merger | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Core deposits and other intangibles | 20,089 | ||||||
Provident Merger | Trade name | |||||||
Business Acquisition [Line Items] | |||||||
Core deposits and other intangibles | 20,500 | ||||||
Provident Merger | Book value | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | 277,798 | ||||||
Investment securities | 613,154 | ||||||
Loans held for sale | 30,341 | ||||||
Loans | 1,704,801 | ||||||
Federal Reserve Bank stock | 7,680 | ||||||
Bank owned life insurance | 55,374 | ||||||
Premises and equipment | 21,293 | ||||||
Accrued interest receivable | 6,590 | ||||||
Other real estate owned | 1,720 | ||||||
Other assets | 40,877 | ||||||
Deposits | (2,296,713) | ||||||
FHLB borrowings | (100,346) | ||||||
Other borrowings | (62,465) | ||||||
Subordinated Debentures | (25,774) | ||||||
Other liabilities | (60,462) | ||||||
Total identifiable net assets | 213,868 | ||||||
Provident Merger | Book value | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Core deposits and other intangibles | 0 | ||||||
Provident Merger | Book value | Trade name | |||||||
Business Acquisition [Line Items] | |||||||
Core deposits and other intangibles | 0 | ||||||
Provident Merger | Fair Value Adjustment | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | 0 | ||||||
Investment securities | (5,243) | ||||||
Loans held for sale | 0 | ||||||
Loans | (6,693) | ||||||
Federal Reserve Bank stock | 0 | ||||||
Bank owned life insurance | 0 | ||||||
Premises and equipment | 2,301 | ||||||
Accrued interest receivable | 0 | ||||||
Other real estate owned | 4,095 | ||||||
Other assets | (19,944) | ||||||
Deposits | (477) | ||||||
FHLB borrowings | (273) | ||||||
Other borrowings | 0 | ||||||
Subordinated Debentures | (753) | ||||||
Other liabilities | 4,502 | ||||||
Total identifiable net assets | 18,104 | ||||||
Provident Merger | Fair Value Adjustment | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Core deposits and other intangibles | 20,089 | ||||||
Provident Merger | Fair Value Adjustment | Trade name | |||||||
Business Acquisition [Line Items] | |||||||
Core deposits and other intangibles | $ 20,500 | ||||||
HVB Merger | |||||||
Business Acquisition [Line Items] | |||||||
Consideration paid | $ 566,307 | ||||||
Cash and cash equivalents | 878,988 | ||||||
Investment securities | 713,842 | ||||||
Loans | 1,792,519 | ||||||
Federal Reserve Bank stock | 5,830 | ||||||
Bank owned life insurance | 44,231 | ||||||
Premises and equipment | 16,843 | ||||||
Accrued interest receivable | 7,392 | ||||||
Core deposits and other intangibles | 33,839 | ||||||
Other real estate owned | 222 | ||||||
Other assets | 24,708 | ||||||
Deposits | (3,160,746) | ||||||
Other borrowings | (25,366) | ||||||
Other liabilities | (35,752) | ||||||
Total identifiable net assets | 296,550 | ||||||
Goodwill | 269,757 | ||||||
HVB Merger | Book value | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | 878,988 | ||||||
Investment securities | 713,625 | ||||||
Loans | 1,816,767 | ||||||
Federal Reserve Bank stock | 5,830 | ||||||
Bank owned life insurance | 44,231 | ||||||
Premises and equipment | 11,918 | ||||||
Accrued interest receivable | 7,392 | ||||||
Core deposits and other intangibles | 0 | ||||||
Other real estate owned | 222 | ||||||
Other assets | 32,639 | ||||||
Deposits | (3,160,746) | ||||||
Other borrowings | (25,366) | ||||||
Other liabilities | (37,292) | ||||||
Total identifiable net assets | 288,208 | ||||||
HVB Merger | Fair Value Adjustment | |||||||
Business Acquisition [Line Items] | |||||||
Cash and cash equivalents | 0 | ||||||
Investment securities | 217 | ||||||
Loans | (24,248) | ||||||
Federal Reserve Bank stock | 0 | ||||||
Bank owned life insurance | 0 | ||||||
Premises and equipment | 4,925 | ||||||
Accrued interest receivable | 0 | ||||||
Core deposits and other intangibles | 33,839 | ||||||
Other real estate owned | 0 | ||||||
Other assets | (7,931) | ||||||
Deposits | 0 | ||||||
Other borrowings | 0 | ||||||
Other liabilities | 1,540 | ||||||
Total identifiable net assets | $ 8,342 |
Acquisitions - Loans acquired a
Acquisitions - Loans acquired and Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Pro Forma Information [Abstract] | ||||||||
Interest component of expected cash flows (accretable discount) | $ 724 | $ 11,211 | $ 724 | $ 2,841 | $ 0 | $ 0 | ||
HVB Merger | ||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||
Fair value of acquired loans at acquisition date | $ 1,695,546 | |||||||
Gross contractual amounts receivable at acquisition date | 1,974,740 | |||||||
Pro Forma Information [Abstract] | ||||||||
Net interest income | 82,540 | 360,271 | 306,401 | |||||
Non-interest income | 17,214 | 66,686 | 60,356 | |||||
Non-interest expense | 73,263 | 261,453 | 318,804 | |||||
Net income | $ 16,971 | $ 100,086 | $ 23,596 | |||||
Pro forma earnings per share: basic (USD per share) | $ 0.14 | $ 0.78 | $ 0.20 | |||||
Pro forma earnings per share: Diluted (USD per share) | $ 0.14 | $ 0.78 | $ 0.20 | |||||
HVB Merger | Receivables acquired with deteriorated credit quality | ||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||
Fair value of acquired loans at acquisition date | 96,973 | |||||||
Gross contractual amounts receivable at acquisition date | 122,104 | |||||||
Best estimate at acquisition date of contractual cash flows not expected to be collected | $ 12,604 | |||||||
Provident Merger | ||||||||
Pro Forma Information [Abstract] | ||||||||
Contractual principal balance at acquisition | $ 24,176 | |||||||
Principal not expected to be collected (non-accretable discount) | (10,927) | |||||||
Expected cash flows at acquisition | 13,249 | |||||||
Interest component of expected cash flows (accretable discount) | 0 | |||||||
Fair value of acquired loans | $ 13,249 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,138,590 | $ 1,933,204 |
Gross unrealized gains | 9,288 | 5,429 |
Gross unrealized losses | (7,032) | (17,601) |
Fair value | 1,140,846 | 1,921,032 |
Amortized cost | 572,337 | 722,791 |
Gross unrealized gains | 15,212 | 14,090 |
Gross unrealized losses | (1,203) | (2,802) |
Fair value | 586,346 | 734,079 |
Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 614,437 | 1,302,342 |
Gross unrealized gains | 5,576 | 2,115 |
Gross unrealized losses | (1,512) | (8,222) |
Fair value | 618,501 | 1,296,235 |
Amortized cost | 198,755 | 302,602 |
Gross unrealized gains | 2,821 | 1,944 |
Gross unrealized losses | (566) | (1,833) |
Fair value | 201,010 | 302,713 |
Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 524,153 | 630,862 |
Gross unrealized gains | 3,712 | 3,314 |
Gross unrealized losses | (5,520) | (9,379) |
Fair value | 522,345 | 624,797 |
Amortized cost | 373,582 | 420,189 |
Gross unrealized gains | 12,391 | 12,146 |
Gross unrealized losses | (637) | (969) |
Fair value | 385,336 | 431,366 |
Agency-backed | Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 528,818 | 1,222,912 |
Gross unrealized gains | 5,398 | 2,039 |
Gross unrealized losses | (553) | (7,089) |
Fair value | 533,663 | 1,217,862 |
Amortized cost | 138,589 | 252,760 |
Gross unrealized gains | 2,763 | 1,857 |
Gross unrealized losses | (2) | (1,214) |
Fair value | 141,350 | 253,403 |
CMO/Other MBS | Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 85,619 | 79,430 |
Gross unrealized gains | 178 | 76 |
Gross unrealized losses | (959) | (1,133) |
Fair value | 84,838 | 78,373 |
Amortized cost | 60,166 | 49,842 |
Gross unrealized gains | 58 | 87 |
Gross unrealized losses | (564) | (619) |
Fair value | 59,660 | 49,310 |
Federal agencies | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 150,623 | 85,124 |
Gross unrealized gains | 4 | 7 |
Gross unrealized losses | (3,471) | (864) |
Fair value | 147,156 | 84,267 |
Amortized cost | 136,618 | 104,135 |
Gross unrealized gains | 4,328 | 2,458 |
Gross unrealized losses | (548) | (635) |
Fair value | 140,398 | 105,958 |
Corporate | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 206,267 | 321,630 |
Gross unrealized gains | 319 | 522 |
Gross unrealized losses | (1,755) | (7,964) |
Fair value | 204,831 | 314,188 |
Amortized cost | 0 | 25,241 |
Gross unrealized gains | 0 | 11 |
Gross unrealized losses | 0 | (200) |
Fair value | 0 | 25,052 |
State and municipal | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 129,576 | 187,399 |
Gross unrealized gains | 2,737 | 2,187 |
Gross unrealized losses | (248) | (551) |
Fair value | 132,065 | 189,035 |
Amortized cost | 231,964 | 285,813 |
Gross unrealized gains | 7,713 | 9,327 |
Gross unrealized losses | (89) | (134) |
Fair value | 239,588 | 295,006 |
Trust preferred | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 37,687 | 27,928 |
Gross unrealized gains | 652 | 589 |
Gross unrealized losses | (46) | 0 |
Fair value | 38,293 | 28,517 |
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 0 |
Other | Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 0 | 8,781 |
Gross unrealized gains | 0 | 9 |
Gross unrealized losses | 0 | 0 |
Fair value | 0 | 8,790 |
Amortized cost | 5,000 | 5,000 |
Gross unrealized gains | 350 | 350 |
Gross unrealized losses | 0 | 0 |
Fair value | $ 5,350 | $ 5,350 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities [Abstract] | ||
Amortized cost, One year or less | $ 26,910 | |
Amortized cost, One to five years | 302,483 | |
Amortized cost, Five to ten years | 252,972 | |
Amortized cost, Greater than ten years | 48,497 | |
Amortized cost, Total other securities | 630,862 | |
Amortized cost, Available for sale securities | 1,933,204 | $ 1,138,590 |
Fair value, One year or less | 26,958 | |
Fair value, One to five years | 299,550 | |
Fair value, Five to ten years | 249,272 | |
Fair value, Greater than ten years | 49,017 | |
Fair value, Total other securities | 624,797 | |
Fair value | 1,921,032 | 1,140,846 |
Held-to-Maturity Securities [Abstract] | ||
Amortized cost, One year or less | 11,975 | |
Amortized cost, One to five years | 46,292 | |
Amortized cost, Five to ten years | 226,884 | |
Amortized cost, Greater than ten years | 135,038 | |
Amortized cost, Total other securities | 420,189 | |
Amortized cost, Held to maturity securities | 722,791 | 572,337 |
Fair value, One year or less | 12,060 | |
Fair value, One to five years | 47,428 | |
Fair value, Five to ten years | 232,177 | |
Fair value, Greater than ten years | 139,701 | |
Fair value, Total other securities | 431,366 | |
Fair value | 734,079 | 586,346 |
Residential MBS: | ||
Available-for-sale Securities [Abstract] | ||
Amortized cost, Available for sale securities | 1,302,342 | 614,437 |
Fair value | 1,296,235 | 618,501 |
Held-to-Maturity Securities [Abstract] | ||
Amortized cost, Held to maturity securities | 302,602 | |
Fair value | $ 302,713 | $ 201,010 |
Securities - Sales of Securitie
Securities - Sales of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Available-for-sale Securities [Abstract] | |||||
Proceeds from sales | $ 244,835 | $ 247,650 | $ 893,610 | $ 529,107 | $ 339,123 |
Gross realized gains | 409 | 211 | 6,018 | 1,964 | 7,709 |
Gross realized losses | (452) | (856) | (1,181) | (1,323) | (377) |
Income tax (benefit) expense on realized net gains (losses) | (14) | (214) | (1,572) | 172 | 2,282 |
Held-to-Maturity Securities [Abstract] | |||||
Proceeds from sales | 0 | 0 | 0 | 0 | 1,187 |
Gross realized gains | 0 | 0 | 0 | 0 | 59 |
Income tax expense on realized gains | $ 0 | $ 0 | $ 0 | $ 0 | $ 18 |
Held to maturity securities sold after the company collected principal outstanding balance | 85.00% |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | $ 80,294 | $ 149,856 |
Unrealized losses, Less than 12 months | (2,247) | (1,175) |
Fair value, 12 months or longer | 1,233,295 | 282,838 |
Unrealized losses, 12 months or longer | (15,354) | (5,857) |
Fair value, Total | 1,313,589 | 432,694 |
Unrealized losses, Total | (17,601) | (7,032) |
Residential MBS: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 42,665 | 42,930 |
Unrealized losses, Less than 12 months | (1,245) | (243) |
Fair value, 12 months or longer | 896,437 | 65,091 |
Unrealized losses, 12 months or longer | (6,977) | (1,269) |
Fair value, Total | 939,102 | 108,021 |
Unrealized losses, Total | (8,222) | (1,512) |
Residential MBS: | Agency-backed | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 18,983 | 17,379 |
Unrealized losses, Less than 12 months | (528) | (37) |
Fair value, 12 months or longer | 854,491 | 21,616 |
Unrealized losses, 12 months or longer | (6,561) | (516) |
Fair value, Total | 873,474 | 38,995 |
Unrealized losses, Total | (7,089) | (553) |
Residential MBS: | CMO/Other MBS | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 23,682 | 25,551 |
Unrealized losses, Less than 12 months | (717) | (206) |
Fair value, 12 months or longer | 41,946 | 43,475 |
Unrealized losses, 12 months or longer | (416) | (753) |
Fair value, Total | 65,628 | 69,026 |
Unrealized losses, Total | (1,133) | (959) |
Other securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 37,629 | 106,926 |
Unrealized losses, Less than 12 months | (1,002) | (932) |
Fair value, 12 months or longer | 336,858 | 217,747 |
Unrealized losses, 12 months or longer | (8,377) | (4,588) |
Fair value, Total | 374,487 | 324,673 |
Unrealized losses, Total | (9,379) | (5,520) |
Other securities: | Federal agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 14,933 | 5,959 |
Unrealized losses, Less than 12 months | (260) | (87) |
Fair value, 12 months or longer | 57,886 | 140,699 |
Unrealized losses, 12 months or longer | (604) | (3,384) |
Fair value, Total | 72,819 | 146,658 |
Unrealized losses, Total | (864) | (3,471) |
Other securities: | Corporate | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 19,257 | 85,055 |
Unrealized losses, Less than 12 months | (715) | (731) |
Fair value, 12 months or longer | 236,048 | 65,648 |
Unrealized losses, 12 months or longer | (7,249) | (1,024) |
Fair value, Total | 255,305 | 150,703 |
Unrealized losses, Total | (7,964) | (1,755) |
Other securities: | State and municipal | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 3,439 | 12,012 |
Unrealized losses, Less than 12 months | (27) | (68) |
Fair value, 12 months or longer | 42,924 | 11,400 |
Unrealized losses, 12 months or longer | (524) | (180) |
Fair value, Total | 46,363 | 23,412 |
Unrealized losses, Total | (551) | (248) |
Other securities: | Trust preferred | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value, Less than 12 months | 0 | 3,900 |
Unrealized losses, Less than 12 months | 0 | (46) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Fair value, Total | 0 | 3,900 |
Unrealized losses, Total | $ 0 | $ (46) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | $ 23,164 | $ 22,420 |
Unrealized losses, Less than 12 months | (562) | (377) |
Fair value, 12 months or longer | 215,369 | 57,953 |
Unrealized losses, 12 months or longer | (2,240) | (826) |
Fair value, Total | 238,533 | 80,373 |
Unrealized losses, Total | (2,802) | (1,203) |
Residential MBS: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 5,960 | 1,208 |
Unrealized losses, Less than 12 months | (156) | (2) |
Fair value, 12 months or longer | 172,618 | 42,979 |
Unrealized losses, 12 months or longer | (1,677) | (564) |
Fair value, Total | 178,578 | 44,187 |
Unrealized losses, Total | (1,833) | (566) |
Residential MBS: | Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 0 | 1,208 |
Unrealized losses, Less than 12 months | 0 | (2) |
Fair value, 12 months or longer | 132,585 | 0 |
Unrealized losses, 12 months or longer | (1,214) | 0 |
Fair value, Total | 132,585 | 1,208 |
Unrealized losses, Total | (1,214) | (2) |
Residential MBS: | CMO/Other MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 5,960 | $ 0 |
Unrealized losses, Less than 12 months | (156) | |
Fair value, 12 months or longer | 40,033 | $ 42,979 |
Unrealized losses, 12 months or longer | (463) | (564) |
Fair value, Total | 45,993 | 42,979 |
Unrealized losses, Total | (619) | (564) |
Other securities: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 17,204 | 21,212 |
Unrealized losses, Less than 12 months | (406) | (375) |
Fair value, 12 months or longer | 42,751 | 14,974 |
Unrealized losses, 12 months or longer | (563) | (262) |
Fair value, Total | 59,955 | 36,186 |
Unrealized losses, Total | (969) | (637) |
Other securities: | Federal agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 14,642 | 9,711 |
Unrealized losses, Less than 12 months | (358) | (289) |
Fair value, 12 months or longer | 9,723 | 14,741 |
Unrealized losses, 12 months or longer | (277) | (259) |
Fair value, Total | 24,365 | 24,452 |
Unrealized losses, Total | (635) | (548) |
Other securities: | Corporate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 0 | |
Unrealized losses, Less than 12 months | 0 | |
Fair value, 12 months or longer | 20,039 | |
Unrealized losses, 12 months or longer | (200) | |
Fair value, Total | 20,039 | |
Unrealized losses, Total | (200) | |
Other securities: | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, Less than 12 months | 2,562 | 11,501 |
Unrealized losses, Less than 12 months | (48) | (86) |
Fair value, 12 months or longer | 12,989 | 233 |
Unrealized losses, 12 months or longer | (86) | (3) |
Fair value, Total | 15,551 | 11,734 |
Unrealized losses, Total | $ (134) | $ (89) |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 1,486,945 | $ 1,247,509 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 101,994 | 187,314 |
Held-to-maturity securities pledged as collateral | 206,337 | 154,712 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 849,186 | 550,681 |
Held-to-maturity securities pledged as collateral | 327,589 | 352,843 |
Interest Rate Swap | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | $ 1,839 | $ 1,959 |
Securities - Narrative (Details
Securities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2015security | |
Investments, Debt and Equity Securities [Abstract] | |
Number of securities which were in continuous unrealized loss position for 12 months or more | 361 |
Number of securities which were in continuous unrealized loss position for less than 12 months | 40 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of loan portfolio, excluding loans held for sale | ||||||
Commercial & industrial (“C&I”) | $ 1,681,704 | $ 1,244,555 | ||||
Payroll finance | 221,831 | 154,229 | ||||
Warehouse lending | 387,808 | 173,786 | ||||
Factored receivables | 208,382 | 161,625 | ||||
Equipment financing | 631,303 | 411,449 | ||||
Total commercial | 3,131,028 | 2,145,644 | ||||
Commercial real estate (“CRE”) | 2,733,351 | 1,458,277 | ||||
Multi-family | 796,030 | 384,544 | ||||
Acquisition, development & construction (“ADC”) | 186,398 | 96,995 | ||||
Total commercial mortgage | 3,715,779 | 1,939,816 | ||||
Total commercial and commercial mortgage | 6,846,807 | 4,085,460 | ||||
Real estate-residential mortgage loans | 713,036 | 529,766 | ||||
Consumer | 299,517 | 200,415 | ||||
Gross loans | 7,859,360 | 4,815,641 | ||||
Allowance for loan losses | (50,145) | (42,374) | $ (40,612) | $ (30,612) | $ (28,877) | $ (28,282) |
Total loans, net | $ 7,809,215 | $ 4,773,267 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Non-Performing loans: | ||
Current Loans | $ 4,740,016 | $ 7,724,953 |
Non-accrual loans | 45,859 | 65,737 |
Portfolio loans | 4,815,641 | 7,859,360 |
Current loans | 16,238 | 13,047 |
30-59 days past due | 847 | 654 |
60-89 days past due | 176 | 0 |
90 days past due | 0 | 0 |
Non-Accrual | 11,427 | 8,591 |
Total | 28,688 | 22,292 |
Nonperforming loans | ||
Non-Performing loans: | ||
Non-accrual loans | 45,859 | 65,737 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 783 | 674 |
Total non-performing loans | 46,642 | 66,411 |
C&I | ||
Non-Performing loans: | ||
Current Loans | 1,232,363 | 1,630,635 |
Non-accrual loans | 4,975 | 10,142 |
Portfolio loans | 1,244,555 | 1,681,704 |
Current loans | 154 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non-Accrual | 2,052 | |
Total | 2,206 | |
Payroll finance | ||
Non-Performing loans: | ||
Current Loans | 154,114 | 221,394 |
Non-accrual loans | 0 | 0 |
Portfolio loans | 154,229 | 221,831 |
Warehouse lending | ||
Non-Performing loans: | ||
Current Loans | 173,786 | 387,808 |
Non-accrual loans | 0 | 0 |
Portfolio loans | 173,786 | 387,808 |
Factored receivables | ||
Non-Performing loans: | ||
Current Loans | 161,381 | 208,162 |
Non-accrual loans | 244 | 220 |
Portfolio loans | 161,625 | 208,382 |
Equipment financing | ||
Non-Performing loans: | ||
Current Loans | 410,483 | 627,056 |
Non-accrual loans | 240 | 1,644 |
Portfolio loans | 411,449 | 631,303 |
Current loans | 338 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non-Accrual | 0 | |
Total | 338 | |
CRE | ||
Non-Performing loans: | ||
Current Loans | 1,433,235 | 686,445 |
Non-accrual loans | 11,286 | 20,742 |
Portfolio loans | 1,458,277 | 2,733,351 |
Current loans | 2,787 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non-Accrual | 0 | |
Total | 2,787 | |
Multi-family | ||
Non-Performing loans: | ||
Current Loans | 383,799 | 2,702,671 |
Non-accrual loans | 272 | 1,717 |
Portfolio loans | 384,544 | 796,030 |
ADC | ||
Non-Performing loans: | ||
Current Loans | 89,730 | 791,828 |
Non-accrual loans | 6,413 | 3,700 |
Portfolio loans | 96,995 | 186,398 |
Current loans | 5,107 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non-Accrual | 3,700 | |
Total | 8,807 | |
Residential mortgage | ||
Non-Performing loans: | ||
Current Loans | 509,597 | 182,615 |
Non-accrual loans | 16,259 | 19,680 |
Portfolio loans | 529,766 | 713,036 |
Current loans | 4,661 | |
30-59 days past due | 654 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non-Accrual | 2,839 | |
Total | 8,154 | |
Consumer | ||
Non-Performing loans: | ||
Current Loans | 191,528 | 286,339 |
Non-accrual loans | 6,170 | 7,892 |
Portfolio loans | 200,415 | 299,517 |
30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 19,689 | 31,334 |
30-59 days past due | C&I | ||
Non-Performing loans: | ||
Past due loans | 6,237 | 9,380 |
30-59 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30-59 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30-59 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
30-59 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 707 | 1,088 |
30-59 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 7,982 | 7,417 |
30-59 days past due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 317 | 2,485 |
30-59 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 401 | 0 |
30-59 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 2,935 | 6,014 |
30-59 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,110 | 4,950 |
60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 9,294 | 36,662 |
60-89 days past due | C&I | ||
Non-Performing loans: | ||
Past due loans | 920 | 31,060 |
60-89 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 349 |
60-89 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60-89 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60-89 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 19 | 1,515 |
60-89 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 5,322 | 2,521 |
60-89 days past due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
60-89 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 451 | 0 |
60-89 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 975 | 897 |
60-89 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,607 | 320 |
90 plus days past due | ||
Non-Performing loans: | ||
Past due loans | 783 | 674 |
90 plus days past due | C&I | ||
Non-Performing loans: | ||
Past due loans | 60 | 487 |
90 plus days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 115 | 88 |
90 plus days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 plus days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 plus days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 plus days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 452 | 0 |
90 plus days past due | Multi-family | ||
Non-Performing loans: | ||
Past due loans | 156 | 0 |
90 plus days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 83 |
90 plus days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
90 plus days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | $ 0 | $ 16 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 65,737 | $ 45,859 |
Non-accrual loans, unpaid principal balance | 75,501 | 51,997 |
C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 10,142 | 4,975 |
Non-accrual loans, unpaid principal balance | 10,503 | 5,739 |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Non-accrual loans, unpaid principal balance | 0 | 0 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 220 | 244 |
Non-accrual loans, unpaid principal balance | 220 | 244 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,644 | 240 |
Non-accrual loans, unpaid principal balance | 1,644 | 240 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 20,742 | 11,286 |
Non-accrual loans, unpaid principal balance | 23,678 | 11,498 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,717 | 272 |
Non-accrual loans, unpaid principal balance | 1,837 | 272 |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,700 | 6,413 |
Non-accrual loans, unpaid principal balance | 3,829 | 7,637 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 19,680 | 16,259 |
Non-accrual loans, unpaid principal balance | 24,386 | 20,097 |
Loans formally in process of foreclosure | 9,638 | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 7,892 | 6,170 |
Non-accrual loans, unpaid principal balance | 9,404 | 6,270 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 20,025 | 3,415 |
Receivables acquired with deteriorated credit quality | C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 5,828 | 1,195 |
Receivables acquired with deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 7,623 | 140 |
Receivables acquired with deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 5,997 | 2,080 |
Receivables acquired with deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 577 | 0 |
Receivables without deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 45,712 | 42,444 |
Receivables without deteriorated credit quality | C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 4,314 | 3,780 |
Receivables without deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 0 | 0 |
Receivables without deteriorated credit quality | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 220 | 244 |
Receivables without deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,644 | 240 |
Receivables without deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 13,119 | 11,146 |
Receivables without deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,717 | 272 |
Receivables without deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 3,700 | 6,413 |
Receivables without deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 13,683 | 14,179 |
Receivables without deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | $ 7,315 | $ 6,170 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | $ 50,145 | $ 42,374 | $ 40,612 | $ 30,612 | $ 28,877 | $ 28,282 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 28,372 | 31,023 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 7,745,695 | 4,781,203 | ||||
Total loans | 7,859,360 | 4,815,641 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 50,145 | 42,374 | ||||
Total allowance for loan losses | 50,145 | 42,374 | ||||
C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 13,262 | 11,027 | 9,536 | 6,886 | 5,302 | 4,603 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 3,138 | 4,461 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 1,661,163 | 1,238,899 | ||||
Total loans | 1,681,704 | 1,244,555 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 13,262 | 11,027 | ||||
Total allowance for loan losses | 13,262 | 11,027 | ||||
Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 1,936 | 1,506 | 1,379 | 0 | ||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 221,831 | 154,229 | ||||
Total loans | 221,831 | 154,229 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 1,936 | 1,506 | ||||
Total allowance for loan losses | 1,936 | 1,506 | ||||
Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 589 | 608 | 630 | 0 | ||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 387,808 | 173,786 | ||||
Total loans | 387,808 | 173,786 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 589 | 608 | ||||
Total allowance for loan losses | 589 | 608 | ||||
Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 1,457 | 1,205 | 1,294 | 0 | ||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 208,382 | 161,625 | ||||
Total loans | 208,382 | 161,625 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 1,457 | 1,205 | ||||
Total allowance for loan losses | 1,457 | 1,205 | ||||
Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 4,925 | 2,569 | 2,621 | 0 | ||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 1,017 | 0 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 630,286 | 411,449 | ||||
Total loans | 631,303 | 411,449 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 4,925 | 2,569 | ||||
Total allowance for loan losses | 4,925 | 2,569 | ||||
CRE | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 13,861 | 10,121 | 10,844 | 9,992 | 9,967 | 7,230 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 13,492 | 14,423 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 2,669,673 | 1,443,714 | ||||
Total loans | 2,733,351 | 1,458,277 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 13,861 | 10,121 | ||||
Total allowance for loan losses | 13,861 | 10,121 | ||||
Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 2,741 | 2,111 | 1,867 | 0 | ||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 1,541 | 0 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 790,017 | 384,544 | ||||
Total loans | 796,030 | 384,544 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 2,741 | 2,111 | ||||
Total allowance for loan losses | 2,741 | 2,111 | ||||
ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 2,009 | 2,987 | 2,120 | 5,857 | 5,806 | 8,526 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 8,669 | 11,624 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 173,065 | 85,371 | ||||
Total loans | 186,398 | 96,995 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 2,009 | 2,987 | ||||
Total allowance for loan losses | 2,009 | 2,987 | ||||
Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 5,007 | 5,843 | 5,837 | 4,600 | 4,474 | 4,359 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 515 | 515 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 705,245 | 527,171 | ||||
Total loans | 713,036 | 529,766 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 5,007 | 5,843 | ||||
Total allowance for loan losses | 5,007 | 5,843 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 4,358 | 4,397 | $ 4,484 | $ 3,277 | $ 3,328 | $ 3,564 |
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Loans evaluated by segment, Collectively evaluated for impairment | 298,225 | 200,415 | ||||
Total loans | 299,517 | 200,415 | ||||
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 | ||||
Allowance evaluated by segment, Collectively evaluated for impairment | 4,358 | 4,397 | ||||
Total allowance for loan losses | 4,358 | 4,397 | ||||
Receivables acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses and off-balance sheet commitments | 272 | |||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 85,293 | 3,415 | ||||
Receivables acquired with deteriorated credit quality | C&I | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 17,403 | 1,195 | ||||
Receivables acquired with deteriorated credit quality | Payroll finance | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Warehouse lending | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Factored receivables | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Equipment financing | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | CRE | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 50,186 | 140 | ||||
Receivables acquired with deteriorated credit quality | Multi-family | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 4,472 | 0 | ||||
Receivables acquired with deteriorated credit quality | ADC | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 4,664 | 0 | ||||
Receivables acquired with deteriorated credit quality | Residential mortgage | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | 7,276 | 2,080 | ||||
Receivables acquired with deteriorated credit quality | Consumer | ||||||
Loans evaluated for impairment by segment | ||||||
Loans evaluated by segment, Purchased credit impaired loans | $ 1,292 | $ 0 |
Portfolio Loans - Accretable Yi
Portfolio Loans - Accretable Yield Discount for PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||||
Balance at beginning of period | $ 724 | $ 0 | $ 724 | $ 0 | $ 0 |
Acquisition | 0 | 10,927 | 12,527 | 10,927 | 0 |
Accretion | 0 | 0 | (2,229) | 0 | 0 |
Disposals | 0 | (8,086) | (50) | (10,203) | 0 |
Reclassification from non-accretable difference | 0 | 0 | 239 | 0 | 0 |
Balance at end of period | $ 724 | $ 2,841 | $ 11,211 | $ 724 | $ 0 |
Portfolio Loans - PCI Loans Sep
Portfolio Loans - PCI Loans Separated by Whether or Not Subject to Accretion (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | $ 65,737 | $ 45,859 |
C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 10,142 | 4,975 |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 220 | 244 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 1,644 | 240 |
CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 20,742 | 11,286 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 1,717 | 272 |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 3,700 | 6,413 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 19,680 | 16,259 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans under cost recovery method (non-accrual) | 7,892 | 6,170 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 65,268 | 0 |
PCI loans under cost recovery method (non-accrual) | 20,025 | 3,415 |
Total PCI loans | 85,293 | 3,415 |
Receivables acquired with deteriorated credit quality | C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 11,575 | 0 |
PCI loans under cost recovery method (non-accrual) | 5,828 | 1,195 |
Total PCI loans | 17,403 | 1,195 |
Receivables acquired with deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 0 | 0 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 0 | 0 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 0 | 0 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 0 | 0 |
Receivables acquired with deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 42,563 | 0 |
PCI loans under cost recovery method (non-accrual) | 7,623 | 140 |
Total PCI loans | 50,186 | 140 |
Receivables acquired with deteriorated credit quality | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 4,472 | 0 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 4,472 | 0 |
Receivables acquired with deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 4,664 | 0 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 4,664 | 0 |
Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 1,279 | 0 |
PCI loans under cost recovery method (non-accrual) | 5,997 | 2,080 |
Total PCI loans | 7,276 | 2,080 |
Receivables acquired with deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 715 | 0 |
PCI loans under cost recovery method (non-accrual) | 577 | 0 |
Total PCI loans | $ 1,292 | $ 0 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | $ 29,979 | $ 32,569 |
Recorded investment with no related allowance recorded | 28,372 | 31,023 |
C&I | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 3,145 | 4,571 |
Recorded investment with no related allowance recorded | 3,138 | 4,461 |
Equipment financing | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 1,017 | 0 |
Recorded investment with no related allowance recorded | 1,017 | 0 |
CRE | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 15,092 | 14,635 |
Recorded investment with no related allowance recorded | 13,492 | 14,423 |
Multi-family | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 1,541 | 0 |
Recorded investment with no related allowance recorded | 1,541 | 0 |
ADC | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 8,669 | 12,848 |
Recorded investment with no related allowance recorded | 8,669 | 11,624 |
Residential mortgage | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 515 | 515 |
Recorded investment with no related allowance recorded | $ 515 | $ 515 |
Portfolio Loans - Average Recor
Portfolio Loans - Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | $ 31,397 | $ 45,075 | $ 26,042 | $ 39,236 | $ 32,343 |
Interest income recognized with no related allowance | 106 | 220 | 336 | 425 | 1,008 |
Cash-basis interest income recognized with no related allowance | 104 | 2 | 0 | 419 | 948 |
Average recorded investment with an allowance recorded | 0 | 10,285 | |||
Interest income recognized with an allowance recorded | 0 | 21 | |||
Cash-basis interest income recognized with an allowance recorded | 0 | 17 | |||
Average recorded investment, Total | 39,236 | 42,628 | |||
Interest income recognized, Total | 425 | 1,029 | |||
Cash-basis interest income recognized, Total | 419 | 965 | |||
C&I | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 4,482 | 3,759 | 2,718 | 4,180 | 1,821 |
Interest income recognized with no related allowance | 0 | 20 | 0 | 0 | 91 |
Cash-basis interest income recognized with no related allowance | 0 | 2 | 0 | 0 | 86 |
Average recorded investment with an allowance recorded | 0 | 705 | |||
Interest income recognized with an allowance recorded | 0 | 0 | |||
Cash-basis interest income recognized with an allowance recorded | 0 | 0 | |||
Equipment Financing Receivables [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 757 | ||||
Interest income recognized with no related allowance | 0 | ||||
Cash-basis interest income recognized with no related allowance | 0 | ||||
CRE | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 14,503 | 19,318 | 12,155 | 14,016 | 17,325 |
Interest income recognized with no related allowance | 44 | 52 | 102 | 186 | 286 |
Cash-basis interest income recognized with no related allowance | 42 | 0 | 0 | 180 | 275 |
Average recorded investment with an allowance recorded | 0 | 6,646 | |||
Interest income recognized with an allowance recorded | 0 | 7 | |||
Cash-basis interest income recognized with an allowance recorded | 0 | 7 | |||
Multi-family | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 1,078 | ||||
Interest income recognized with no related allowance | 0 | ||||
Cash-basis interest income recognized with no related allowance | 0 | ||||
ADC | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 11,897 | 17,108 | 8,819 | 20,525 | 12,827 |
Interest income recognized with no related allowance | 62 | 148 | 234 | 239 | 631 |
Cash-basis interest income recognized with no related allowance | 62 | 0 | 0 | 239 | 587 |
Average recorded investment with an allowance recorded | 0 | 1,104 | |||
Interest income recognized with an allowance recorded | 0 | 0 | |||
Cash-basis interest income recognized with an allowance recorded | 0 | 0 | |||
Residential mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 515 | 4,890 | 515 | 515 | 309 |
Interest income recognized with no related allowance | 0 | 0 | 0 | 0 | 0 |
Cash-basis interest income recognized with no related allowance | $ 0 | $ 0 | $ 0 | 0 | 0 |
Average recorded investment with an allowance recorded | 0 | 1,602 | |||
Interest income recognized with an allowance recorded | 0 | 14 | |||
Cash-basis interest income recognized with an allowance recorded | 0 | 10 | |||
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Average recorded investment with no related allowance | 0 | 61 | |||
Interest income recognized with no related allowance | 0 | 0 | |||
Cash-basis interest income recognized with no related allowance | 0 | 0 | |||
Average recorded investment with an allowance recorded | 0 | 228 | |||
Interest income recognized with an allowance recorded | 0 | 0 | |||
Cash-basis interest income recognized with an allowance recorded | $ 0 | $ 0 |
Portfolio Loans - Past Due Stat
Portfolio Loans - Past Due Status (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Financing Receivable, Modifications [Line Items] | ||
Current loans | $ 16,238 | $ 13,047 |
30-59 days past due | 847 | 654 |
60-89 days past due | 176 | 0 |
90 days past due | 0 | 0 |
Non- accrual | 11,427 | 8,591 |
Total | 28,688 | $ 22,292 |
C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 245 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non- accrual | 2,065 | |
Total | 2,310 | |
Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 409 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non- accrual | 0 | |
Total | 409 | |
CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 4,833 | |
30-59 days past due | 263 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non- accrual | 0 | |
Total | 5,096 | |
ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,487 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non- accrual | 6,373 | |
Total | 11,860 | |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,264 | |
30-59 days past due | 584 | |
60-89 days past due | 176 | |
90 days past due | 0 | |
Non- accrual | 2,768 | |
Total | 8,792 | |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 0 | |
30-59 days past due | 0 | |
60-89 days past due | 0 | |
90 days past due | 0 | |
Non- accrual | 221 | |
Total | $ 221 |
Portfolio Loans - Loans Modifie
Portfolio Loans - Loans Modified as TDRs (Details ) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014loan | Dec. 31, 2015loan | Sep. 30, 2014USD ($)loan | Sep. 30, 2013USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number | loan | 0 | 0 | 2 | 21 |
Recorded investment, Pre-modification | $ 1,060 | $ 12,193 | ||
Recorded investment, Post-modification | $ 1,060 | $ 12,129 | ||
C&I | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | loan | 0 | 5 | ||
Recorded investment, Pre-modification | $ 0 | $ 2,001 | ||
Recorded investment, Post-modification | $ 0 | $ 2,001 | ||
CRE | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | loan | 0 | 2 | ||
Recorded investment, Pre-modification | $ 0 | $ 2,682 | ||
Recorded investment, Post-modification | $ 0 | $ 2,682 | ||
ADC | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | loan | 2 | 7 | ||
Recorded investment, Pre-modification | $ 1,060 | $ 5,772 | ||
Recorded investment, Post-modification | $ 1,060 | $ 5,772 | ||
Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | loan | 0 | 6 | ||
Recorded investment, Pre-modification | $ 0 | $ 1,436 | ||
Recorded investment, Post-modification | $ 0 | $ 1,372 | ||
Consumer | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number | loan | 0 | 1 | ||
Recorded investment, Pre-modification | $ 0 | $ 302 | ||
Recorded investment, Post-modification | $ 0 | $ 302 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Net deferred loan origination costs | $ (1,609) | $ (2,029) | |||
Pledged loans | 1,302,681 | 2,050,982 | |||
Impaired loans with related allowance recorded | 0 | ||||
Charge-offs | 0 | 74 | $ 110 | $ 0 | |
CRE | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with related allowance recorded | $ 314 | ||||
ADC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with related allowance recorded | $ 1,932 | ||||
Receivables acquired with deteriorated credit quality | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans evaluated by segment, Purchased credit impaired loans | 3,415 | 85,293 | |||
Receivables acquired with deteriorated credit quality | C&I | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans evaluated by segment, Purchased credit impaired loans | 1,195 | 17,403 | |||
Receivables acquired with deteriorated credit quality | CRE | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans evaluated by segment, Purchased credit impaired loans | 140 | 50,186 | |||
Receivables acquired with deteriorated credit quality | ADC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans evaluated by segment, Purchased credit impaired loans | $ 0 | $ 4,664 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | $ 40,612 | $ 28,877 | $ 42,374 | $ 28,877 | $ 28,282 |
Charge-offs | (1,906) | (1,834) | (11,018) | (9,331) | (13,057) |
Recoveries | 668 | 569 | 3,089 | 1,966 | 1,502 |
Net Charge-offs | (1,238) | (1,265) | (7,929) | (7,365) | (11,555) |
Provision | 3,000 | 3,000 | 15,700 | 19,100 | 12,150 |
Ending Allowance for Loan Losses | $ 42,374 | $ 30,612 | $ 50,145 | $ 40,612 | $ 28,877 |
Annualized net charge-offs to average loans outstanding | 0.10% | 0.14% | 0.13% | 0.18% | 0.52% |
C&I | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | $ 9,536 | $ 5,302 | $ 11,027 | $ 5,302 | $ 4,603 |
Charge-offs | (733) | (528) | (1,575) | (2,901) | (1,354) |
Recoveries | 638 | 501 | 1,720 | 1,073 | 410 |
Net Charge-offs | (95) | (27) | 145 | (1,828) | (944) |
Provision | 1,586 | 1,611 | 2,090 | 6,062 | 1,643 |
Ending Allowance for Loan Losses | 11,027 | 6,886 | 13,262 | 9,536 | 5,302 |
Payroll finance | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 1,379 | 0 | 1,506 | 0 | |
Charge-offs | 0 | (406) | (758) | ||
Recoveries | 0 | 35 | 0 | ||
Net Charge-offs | 0 | (371) | (758) | ||
Provision | 127 | 801 | 2,137 | ||
Ending Allowance for Loan Losses | 1,506 | 1,936 | 1,379 | 0 | |
Warehouse lending | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 630 | 0 | 608 | 0 | |
Charge-offs | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | ||
Net Charge-offs | 0 | 0 | 0 | ||
Provision | (22) | (19) | 630 | ||
Ending Allowance for Loan Losses | 608 | 589 | 630 | 0 | |
Factored receivables | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 1,294 | 0 | 1,205 | 0 | |
Charge-offs | 0 | (291) | (211) | ||
Recoveries | 0 | 60 | 9 | ||
Net Charge-offs | 0 | (231) | (202) | ||
Provision | (89) | 483 | 1,496 | ||
Ending Allowance for Loan Losses | 1,205 | 1,457 | 1,294 | 0 | |
Equipment financing | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 2,621 | 0 | 2,569 | 0 | |
Charge-offs | 0 | (3,423) | (1,074) | ||
Recoveries | 0 | 825 | 194 | ||
Net Charge-offs | 0 | (2,598) | (880) | ||
Provision | (52) | 4,954 | 3,501 | ||
Ending Allowance for Loan Losses | 2,569 | 4,925 | 2,621 | 0 | |
CRE | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 10,844 | 9,967 | 10,121 | 9,967 | 7,230 |
Charge-offs | (172) | (671) | (1,695) | (741) | (3,725) |
Recoveries | 1 | 37 | 148 | 161 | 577 |
Net Charge-offs | (171) | (634) | (1,547) | (580) | (3,148) |
Provision | (552) | 659 | 5,287 | 1,457 | 5,885 |
Ending Allowance for Loan Losses | 10,121 | 9,992 | 13,861 | 10,844 | 9,967 |
Multi-family | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 1,867 | 0 | 2,111 | 0 | |
Charge-offs | 0 | (17) | (418) | ||
Recoveries | 0 | 9 | 92 | ||
Net Charge-offs | 0 | (8) | (326) | ||
Provision | 244 | 638 | 2,193 | ||
Ending Allowance for Loan Losses | 2,111 | 2,741 | 1,867 | 0 | |
ADC | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 2,120 | 5,806 | 2,987 | 5,806 | 8,526 |
Charge-offs | (488) | (218) | 0 | (1,479) | (3,422) |
Recoveries | 0 | 0 | 52 | 0 | 182 |
Net Charge-offs | (488) | (218) | 52 | (1,479) | (3,240) |
Provision | 1,355 | 269 | (1,030) | (2,207) | 520 |
Ending Allowance for Loan Losses | 2,987 | 5,857 | 2,009 | 2,120 | 5,806 |
Residential mortgage | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 5,837 | 4,474 | 5,843 | 4,474 | 4,359 |
Charge-offs | (310) | (270) | (1,251) | (963) | (2,547) |
Recoveries | 2 | 7 | 92 | 323 | 101 |
Net Charge-offs | (308) | (263) | (1,159) | (640) | (2,446) |
Provision | 314 | 389 | 323 | 2,003 | 2,561 |
Ending Allowance for Loan Losses | 5,843 | 4,600 | 5,007 | 5,837 | 4,474 |
Consumer | |||||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||||
Beginning Allowance for loan losses | 4,484 | 3,328 | 4,397 | 3,328 | 3,564 |
Charge-offs | (203) | (147) | (2,360) | (786) | (2,009) |
Recoveries | 27 | 24 | 148 | 114 | 232 |
Net Charge-offs | (176) | (123) | (2,212) | (672) | (1,777) |
Provision | 89 | 72 | 2,173 | 1,828 | 1,541 |
Ending Allowance for Loan Losses | $ 4,397 | $ 3,277 | $ 4,358 | $ 4,484 | $ 3,328 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | $ 68,003 | $ 30,316 |
Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 129,665 | 75,903 |
Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 713 | 0 |
C&I | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 20,765 | 13,060 |
C&I | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 36,268 | 7,730 |
C&I | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 445 | 0 |
Payroll finance | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 996 |
Payroll finance | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 96 | 115 |
Payroll finance | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Warehouse lending | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Warehouse lending | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Warehouse lending | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Factored receivables | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 34 |
Factored receivables | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 1,568 | 244 |
Factored receivables | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Equipment financing | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 460 | 0 |
Equipment financing | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 1,644 | 240 |
Equipment financing | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
CRE | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 32,472 | 12,707 |
CRE | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 52,290 | 28,194 |
CRE | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Multi-family | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 5,927 | 317 |
Multi-family | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 1,717 | 272 |
Multi-family | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Residential mortgage | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 897 | 975 |
Residential mortgage | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 20,269 | 16,402 |
Residential mortgage | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 0 | 0 |
Consumer | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 407 | 1,200 |
Consumer | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 7,817 | 6,690 |
Consumer | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 268 | 0 |
ADC | Special mention | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 7,075 | 1,027 |
ADC | Substandard | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | 7,996 | 16,016 |
ADC | Doubtful | ||
Risk category of loans by segment of gross loans | ||
Gross loans by segment | $ 0 | $ 0 |
Allowance for Loan Losses - Val
Allowance for Loan Losses - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 50,145 | $ 42,374 | $ 40,612 | $ 30,612 | $ 28,877 | $ 28,282 |
Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 6,083,306 | 4,112,862 | ||||
Allowance for loan losses | $ 50,145 | $ 41,818 | ||||
As a percent of loans | 0.82% | 1.02% | ||||
Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 1,776,054 | $ 702,778 | ||||
Remaining purchase accounting mark | $ 41,383 | $ 6,034 | ||||
As a percent of acquired loans | 2.33% | 0.86% | ||||
Total loans | $ 7,859,360 | $ 4,815,640 | ||||
Allowance for loan losses | $ 91,528 | $ 47,852 | ||||
As a percent of loans | 1.16% | 0.99% | ||||
C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | $ 13,262 | $ 11,027 | 9,536 | 6,886 | 5,302 | 4,603 |
C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,397,792 | 1,023,390 | ||||
C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 283,912 | 221,164 | ||||
Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 1,936 | 1,506 | 1,379 | 0 | ||
Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 221,831 | 154,229 | ||||
Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 1,457 | 1,205 | 1,294 | 0 | ||
Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 208,382 | 161,625 | ||||
Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 4,925 | 2,569 | 2,621 | 0 | ||
Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 514,418 | 266,992 | ||||
Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 116,885 | 144,457 | ||||
Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 589 | 608 | 630 | 0 | ||
Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 387,808 | 173,786 | ||||
CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,036,103 | 1,230,068 | ||||
CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 697,248 | 228,209 | ||||
Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 2,741 | 2,111 | 1,867 | 0 | ||
Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 552,155 | 379,843 | ||||
Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 243,875 | 4,701 | ||||
ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 2,009 | 2,987 | 2,120 | 5,857 | 5,806 | 8,526 |
ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 127,363 | 96,995 | ||||
ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 59,035 | 0 | ||||
Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 433,928 | 425,519 | ||||
Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 279,108 | 104,247 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for loan losses | 4,358 | 4,397 | $ 4,484 | $ 3,277 | $ 3,328 | $ 3,564 |
Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 203,526 | 200,415 | ||||
Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 95,991 | 0 | ||||
Pass | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 5,972,202 | 4,010,406 | ||||
Allowance for loan losses | $ 43,925 | $ 34,744 | ||||
As a percent of loans | 0.74% | 0.87% | ||||
Pass | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 1,688,777 | $ 699,015 | ||||
Remaining purchase accounting mark | $ 37,351 | $ 5,310 | ||||
As a percent of acquired loans | 2.21% | 0.76% | ||||
Total loans | $ 7,660,979 | $ 4,709,421 | ||||
Allowance for loan losses | $ 81,276 | $ 40,054 | ||||
As a percent of loans | 1.06% | 0.85% | ||||
Pass | C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 1,356,685 | $ 1,004,123 | ||||
Pass | C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 267,541 | 219,641 | ||||
Pass | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 221,735 | 153,118 | ||||
Pass | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 206,814 | 161,347 | ||||
Pass | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 512,314 | 266,752 | ||||
Pass | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 116,885 | 144,457 | ||||
Pass | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 387,808 | 173,786 | ||||
Pass | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,002,638 | 1,189,306 | ||||
Pass | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 645,951 | 228,070 | ||||
Pass | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 550,438 | 379,254 | ||||
Pass | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 237,948 | 4,701 | ||||
Pass | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 118,552 | 79,952 | ||||
Pass | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 52,775 | 0 | ||||
Pass | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 419,534 | 410,243 | ||||
Pass | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 272,336 | 102,146 | ||||
Pass | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 195,684 | 192,525 | ||||
Pass | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 95,341 | 0 | ||||
Special mention | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 68,003 | 30,316 | ||||
Special mention | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 23,741 | 30,316 | ||||
Allowance for loan losses | $ 884 | $ 1,178 | ||||
As a percent of loans | 3.72% | 3.89% | ||||
Special mention | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 44,262 | $ 0 | ||||
Remaining purchase accounting mark | $ 1,649 | $ 0 | ||||
As a percent of acquired loans | 3.73% | 0.00% | ||||
Total loans | $ 68,003 | $ 30,316 | ||||
Allowance for loan losses | $ 2,533 | $ 1,178 | ||||
As a percent of loans | 3.72% | 3.89% | ||||
Special mention | C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 20,765 | $ 13,060 | ||||
Special mention | C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 11,041 | 13,060 | ||||
Special mention | C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 9,724 | 0 | ||||
Special mention | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 996 | ||||
Special mention | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 996 | ||||
Special mention | Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 34 | ||||
Special mention | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 34 | ||||
Special mention | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 460 | 0 | ||||
Special mention | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 460 | 0 | ||||
Special mention | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Special mention | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Special mention | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Special mention | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 9,361 | 12,707 | ||||
Special mention | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 23,111 | 0 | ||||
Special mention | Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 5,927 | 317 | ||||
Special mention | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 317 | ||||
Special mention | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 5,927 | 0 | ||||
Special mention | ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 7,075 | 1,027 | ||||
Special mention | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,575 | 1,027 | ||||
Special mention | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 5,500 | 0 | ||||
Special mention | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 897 | 975 | ||||
Special mention | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Special mention | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 407 | 1,200 | ||||
Special mention | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Substandard | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 129,665 | 75,903 | ||||
Substandard | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 86,650 | 72,140 | ||||
Allowance for loan losses | $ 4,801 | $ 5,896 | ||||
As a percent of loans | 5.54% | 8.17% | ||||
Substandard | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 43,015 | $ 3,763 | ||||
Remaining purchase accounting mark | $ 2,383 | $ 724 | ||||
As a percent of acquired loans | 5.54% | 19.24% | ||||
Total loans | $ 129,665 | $ 75,903 | ||||
Allowance for loan losses | $ 7,184 | $ 6,620 | ||||
As a percent of loans | 5.54% | 8.72% | ||||
Substandard | C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 36,268 | $ 7,730 | ||||
Substandard | C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 29,621 | 6,207 | ||||
Substandard | C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 6,647 | 1,523 | ||||
Substandard | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 96 | 115 | ||||
Substandard | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 96 | 115 | ||||
Substandard | Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,568 | 244 | ||||
Substandard | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,568 | 244 | ||||
Substandard | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,644 | 240 | ||||
Substandard | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 1,644 | 240 | ||||
Substandard | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | |||||
Substandard | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 0 | 0 | ||||
Substandard | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Substandard | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 24,104 | 28,055 | ||||
Substandard | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 28,186 | 139 | ||||
Substandard | Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,717 | 272 | ||||
Substandard | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,717 | 272 | ||||
Substandard | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Substandard | ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 7,996 | 16,016 | ||||
Substandard | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 7,236 | 16,016 | ||||
Substandard | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 760 | 0 | ||||
Substandard | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 13,497 | 14,301 | ||||
Substandard | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 6,772 | 2,101 | ||||
Substandard | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 7,167 | 6,690 | ||||
Substandard | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 650 | 0 | ||||
Doubtful | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 713 | 0 | ||||
Doubtful | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 713 | 0 | ||||
Allowance for loan losses | $ 535 | $ 0 | ||||
As a percent of loans | 75.04% | 0.00% | ||||
Doubtful | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 0 | $ 0 | ||||
Remaining purchase accounting mark | $ 0 | $ 0 | ||||
As a percent of acquired loans | 0.00% | 0.00% | ||||
Total loans | $ 713 | $ 0 | ||||
Allowance for loan losses | $ 535 | $ 0 | ||||
As a percent of loans | 75.04% | 0.00% | ||||
Doubtful | C&I | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 445 | $ 0 | ||||
Doubtful | C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 445 | 0 | ||||
Doubtful | C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | Payroll finance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Factored receivables | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | Multi-family | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | ADC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Doubtful | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Doubtful | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 268 | 0 | ||||
Doubtful | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Allowance for loan losses | $ 0 | $ 0 | ||||
As a percent of loans | 0.00% | 0.00% | ||||
Loss | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 0 | $ 0 | ||||
Remaining purchase accounting mark | $ 0 | $ 0 | ||||
As a percent of acquired loans | 0.00% | 0.00% | ||||
Total loans | $ 0 | $ 0 | ||||
Allowance for loan losses | $ 0 | $ 0 | ||||
As a percent of loans | 0.00% | 0.00% | ||||
Loss | C&I | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 0 | $ 0 | ||||
Loss | C&I | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Payroll finance | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | Factored receivables | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | Equipment financing | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | Equipment financing | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Warehouse lending | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | CRE | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | CRE | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Multi-family | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | Multi-family | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | ADC | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | ADC | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Residential | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | Residential | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | 0 | 0 | ||||
Loss | Consumer | Originated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Loss | Consumer | Acquired | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans subject to purchase accounting marks | $ 0 | $ 0 |
Allowance for Loan Losses - Add
Allowance for Loan Losses - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Receivables [Abstract] | |||||
Interest income from purchase accounting marks | $ 1,260,000 | $ 1,875,000 | $ 14,880,000 | $ 8,870,000 | $ 2,045,000 |
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 500 |
Premises And Equipment, Net (De
Premises And Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||||
Total premises and equipment, gross | $ 116,813 | $ 139,317 | |||
Accumulated depreciation and amortization | (70,657) | (75,955) | |||
Total premises and equipment, net | 46,156 | 63,362 | |||
Depreciation and amortization of premises and equipment | 1,456 | $ 1,617 | 7,476 | $ 6,507 | $ 4,243 |
Land and land improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total premises and equipment, gross | 6,048 | 12,460 | |||
Buildings | |||||
Property, Plant and Equipment [Line Items] | |||||
Total premises and equipment, gross | 23,118 | 27,803 | |||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total premises and equipment, gross | 33,044 | 32,576 | |||
Furniture, fixtures and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total premises and equipment, gross | $ 54,603 | 66,478 | |||
Other Non-interest Expense | |||||
Property, Plant and Equipment [Line Items] | |||||
Impairment charges on premises and equipment | $ 7,575 | $ 11,043 |
Goodwill and Other Intangible84
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Beginning of period balance | $ 388,926 | $ 388,926 |
Acquisitions | 281,773 | 0 |
Disposals | 0 | 0 |
End of period balance | $ 670,699 | $ 388,926 |
Goodwill and Other Intangible85
Goodwill and Other Intangible Assets - Balance of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | $ 55,715 | $ 100,004 | |||
Accumulated amortization | (12,383) | (22,637) | |||
Net intangible assets | 43,332 | 77,367 | |||
Amortization of intangible assets | 1,873 | $ 1,875 | $ 10,043 | $ 9,408 | $ 1,296 |
Minimum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 1 year | ||||
Maximum | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Estimated useful life | 10 years | ||||
Core deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 24,182 | $ 58,021 | |||
Accumulated amortization | (5,709) | (12,227) | |||
Net intangible assets | 18,473 | 45,794 | |||
Amortization of intangible assets | 1,873 | $ 1,875 | $ 9,408 | ||
Customer lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 8,950 | ||||
Accumulated amortization | (991) | ||||
Net intangible assets | 7,959 | ||||
Non-compete agreements | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 10,308 | 11,808 | |||
Accumulated amortization | (6,349) | (8,883) | |||
Net intangible assets | 3,959 | 2,925 | |||
Amortization of intangible assets | $ 1,296 | ||||
Trade name | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 20,500 | 20,500 | |||
Accumulated amortization | 0 | 0 | |||
Net intangible assets | 20,500 | 20,500 | |||
Fair value of below market leases | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 725 | 725 | |||
Accumulated amortization | (325) | (536) | |||
Net intangible assets | $ 400 | $ 189 |
Goodwill and Other Intangible86
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 11,953 |
2,017 | 8,088 |
2,018 | 7,098 |
2,019 | 6,074 |
2,020 | 5,428 |
Thereafter | 18,226 |
Total | $ 56,867 |
Deposits - Deposit Balances (De
Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 2,936,980 | $ 1,481,870 |
Interest bearing demand | 1,274,417 | 747,667 |
Savings | 943,632 | 711,509 |
Money market | 2,819,788 | 1,790,435 |
Certificates of deposit | 605,190 | 480,844 |
Deposits | $ 8,580,007 | $ 5,212,325 |
Deposits - Remaining Period to
Deposits - Remaining Period to Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Less than one year | $ 494,242 | $ 385,458 |
One to two years | 75,724 | 52,480 |
Two to three years | 20,469 | 34,219 |
Three to four years | 9,573 | 4,778 |
Four to five years | 5,182 | 3,909 |
Total certificates of deposit | $ 605,190 | $ 480,844 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 428,785 | $ 168,658 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 152,180 | 75,462 |
Reciprocal CDAR's | ||
List of Company's Brokered deposits | ||
Brokered deposits | 169,958 | 6,666 |
CDARs one way | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 106,647 | $ 86,530 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Municipal deposits | $ 1,140,206 | $ 883,350 |
Certificates of Deposits, $250,000 or More | $ 98,324 | $ 174,499 |
Borrowings and Senior Notes - B
Borrowings and Senior Notes - Borrowings and Weighted Average Interest Rates (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 02, 2013 |
By period to maturity: | |||
Less than one year, Amount | $ 999,222,000 | $ 532,835,000 | |
Less than one year, Rate | 0.69% | 0.39% | |
One to two years, Amount | $ 295,000,000 | $ 152,760,000 | |
One to two years, Rate | 3.19% | 0.69% | |
Two to three years, Amount | $ 228,893,000 | $ 255,000,000 | |
Two to three years, Rate | 3.57% | 3.54% | |
Three to four years, Amount | $ 0 | $ 168,498,000 | |
Three to four years, Rate | 0.00% | 4.38% | |
Four to five years, Amount | $ 0 | $ 0 | |
Four to five years, Rate | 0.00% | 0.00% | |
Greater than five years, Amount | $ 2,229,000 | $ 2,460,000 | |
Greater than five years, Rate | 4.92% | 4.92% | |
Total borrowings, Amount | $ 1,525,344,000 | $ 1,111,553,000 | |
Total borrowings, Rate | 1.61% | 1.77% | |
FHLB Borrowings | |||
By period to maturity: | |||
Total borrowings, Amount | $ 1,409,885,000 | $ 1,003,209,000 | |
Total borrowings, Rate | 1.32% | 1.37% | |
Repurchase Agreements | |||
By period to maturity: | |||
Total borrowings, Amount | $ 16,566,000 | $ 9,846,000 | |
Total borrowings, Rate | 0.55% | 0.30% | |
Senior Notes | |||
By period to maturity: | |||
Total borrowings, Amount | $ 98,893,000 | $ 98,498,000 | $ 100,000,000 |
Total borrowings, Rate | 5.98% | 5.98% |
Borrowings and Senior Notes - N
Borrowings and Senior Notes - Narrative (Details) - USD ($) | Sep. 05, 2014 | Jul. 02, 2013 | Feb. 28, 2002 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 01, 2014 |
Debt Instrument [Line Items] | |||||||||
Bank pledged mortgages | $ 1,302,681,000 | $ 2,050,982,000 | |||||||
Increased borrowing capacity by pledging securities | 853,276,000 | ||||||||
Federal home loan bank borrowings | $ 200,000,000 | $ 200,000,000 | |||||||
Long term debt weighted average remaining term | 2 years 3 months 21 days | 1 year 3 months 21 days | |||||||
Weighted average interest rates | 4.23% | 4.23% | |||||||
Long-term debt | $ 1,111,553,000 | $ 1,525,344,000 | |||||||
Private placement discount rate | 1.75% | ||||||||
Interest expense cost over the life of Senior note | 5.98% | ||||||||
Gain on extinguishment of debt | 0 | $ 0 | $ 0 | $ 712,000 | $ 0 | ||||
Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 100,000,000 | 98,498,000 | 98,893,000 | ||||||
Fixed interest rate | 5.50% | ||||||||
Cost of issuance | $ 303,000 | ||||||||
Unamortized discount | 1,502,000 | 1,107,000 | |||||||
Line of Credit | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving line of credit amount | $ 15,000,000 | ||||||||
Revolving line of credit balance | $ 0 | $ 0 | |||||||
Required balance | $ 0 | ||||||||
Duration of minimum outstanding balance | 30 days | ||||||||
Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on one-month LIBOR | 1.25% | ||||||||
Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchase agreements maturity | 1 day | 1 day | |||||||
Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchase agreements maturity | 30 days | 30 days | |||||||
Sterling Bancorp Trust I | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Trust Preferred Securities | $ 25,000,000 | ||||||||
Trust preferred | Sterling Bancorp | |||||||||
Debt Instrument [Line Items] | |||||||||
Percent of Liquidation Amount of Securities and Accumulated and Unpaid Interest | 100.00% |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - 3rd party interest rate swap - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Summary of derivatives | ||
Notional amount | $ (67,551) | $ (87,094) |
Average maturity (in years) | 4 years 8 months 12 days | 5 years 5 months 8 days |
Weighted average fixed rate | 4.13% | 4.09% |
Fair value | $ 1,332 | $ 1,839 |
One Month Libor | ||
Summary of derivatives | ||
Basis spread | 2.36% | 2.15% |
Notional amount | $ (67,551) | $ (87,094) |
Average maturity (in years) | 4 years 8 months 12 days | 5 years 5 months 8 days |
Weighted average fixed rate | 4.13% | 4.09% |
Fair value | $ (1,332) | $ (1,839) |
One Month Libor | ||
Summary of derivatives | ||
Basis spread | 2.36% | 2.15% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Derivative Instruments and Hedges, Assets [Abstract] | |
Amortized cost of investment securities pledged as collateral | $ 1,863 |
Fair value of investment securities pledged as collateral | $ 1,839 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Current tax expense (benefit): | ||||||||||||
Federal | $ 17,134,000 | $ (8,205,000) | $ 25,634,000 | $ 11,613,000 | $ 9,146,000 | |||||||
State | 3,322,000 | (600,000) | 5,862,000 | 1,598,000 | 1,549,000 | |||||||
Total current tax expense (benefit) | 20,456,000 | (8,805,000) | 31,496,000 | 13,211,000 | 10,695,000 | |||||||
Deferred tax expense (benefit): | ||||||||||||
Federal | (10,954,000) | 2,229,000 | (1,406,000) | (2,745,000) | 522,000 | |||||||
State | (1,126,000) | (372,000) | 1,745,000 | (314,000) | 197,000 | |||||||
Total deferred tax expense (benefit) | (12,080,000) | 1,857,000 | 339,000 | (3,059,000) | 719,000 | |||||||
Income tax expense | $ 15,792,000 | $ 11,648,000 | $ (3,682,000) | $ 8,078,000 | $ 8,376,000 | $ 6,452,000 | $ 6,057,000 | $ 4,588,000 | (6,948,000) | 31,835,000 | $ 10,152,000 | $ 11,414,000 |
Efftective tax rate reconciliation: | ||||||||||||
Federal statutory rate | 35.00% | 35.00% | 35.00% | |||||||||
Tax at federal statutory rate of 35% | $ 8,884,000 | (7,335,000) | 34,282,000 | $ 13,241,000 | $ 12,833,000 | |||||||
State and local income taxes, net of federal tax benefit | 683,000 | (632,000) | 4,945,000 | 834,000 | 1,135,000 | |||||||
Tax-exempt interest, net of disallowed interest | (1,029,000) | (768,000) | (5,218,000) | (3,824,000) | (2,192,000) | |||||||
BOLI income | (341,000) | (259,000) | (1,853,000) | (1,110,000) | (699,000) | |||||||
Non-deductible acquisition related costs | 53,000 | 712,000 | 700,000 | 712,000 | 416,000 | |||||||
Low income housing tax credits | (220,000) | 0 | (215,000) | (165,000) | 0 | |||||||
Other, net | $ 346,000 | $ 1,334,000 | $ (806,000) | $ 464,000 | $ (79,000) | |||||||
Effective income tax rate | 33.00% | (33.20%) | 32.50% | 26.80% | 31.10% | |||||||
Deferred tax assets: | ||||||||||||
Allowance for loan losses | 19,684,000 | $ 17,675,000 | $ 19,684,000 | |||||||||
Deferred compensation | 736,000 | 653,000 | 736,000 | |||||||||
Other accrued compensation and benefits | 8,229,000 | 4,952,000 | 8,229,000 | |||||||||
Accrued post retirement expense | 1,967,000 | 2,722,000 | 1,967,000 | |||||||||
Deferred rent | 3,849,000 | 1,967,000 | 3,849,000 | |||||||||
Intangible assets | 2,676,000 | 2,655,000 | 2,676,000 | |||||||||
Other comprehensive loss (securities) | 8,245,000 | 2,712,000 | 8,245,000 | |||||||||
Other comprehensive loss (defined benefit plans) | 566,000 | 4,865,000 | 566,000 | |||||||||
Depreciation of premises and equipment | 2,738,000 | 569,000 | 2,738,000 | |||||||||
State NOL carryforward | 379,000 | 1,012,000 | 379,000 | |||||||||
Other | 4,205,000 | 3,423,000 | 4,205,000 | |||||||||
Total deferred tax assets | 53,274,000 | 43,205,000 | 53,274,000 | |||||||||
Deferred tax liabilities: | ||||||||||||
Prepaid pension costs | 4,492,000 | 10,429,000 | 4,492,000 | |||||||||
Purchase accounting adjustments | 15,503,000 | 15,883,000 | 15,503,000 | |||||||||
Other | 2,200,000 | 2,036,000 | 2,200,000 | |||||||||
Total deferred tax liabilities | 22,195,000 | 28,348,000 | 22,195,000 | |||||||||
Net deferred tax asset | 31,079,000 | 14,857,000 | 31,079,000 | |||||||||
Cumulative amount of deferred tax liability not recognized | 9,313,000 | 9,313,000 | 9,313,000 | |||||||||
Provision for federal income tax | 0 | 0 | ||||||||||
Unrecorded deferred tax liability | $ 3,260,000 | $ 3,260,000 | $ 3,260,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 28, 2010vesting_installmentshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / shares | Sep. 30, 2015 | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2013USD ($)$ / sharesshares | May. 28, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares remaining that are authorized and available for future grant | 1,999,022 | 4,125,665 | 3,350,761 | 2,066,184 | ||||
Grant of share options (in shares) | 482,811 | 24,566 | 324,862 | |||||
Exercise price (USD per share) | $ / shares | $ 13.29 | $ 14.22 | $ 11.45 | |||||
Intrinsic value of options outstanding | $ | $ 8,363 | |||||||
Intrinsic value of options exercisable | $ | 6,851 | |||||||
Proceeds from stock option exercises | $ | $ 574 | $ 1,479 | $ 2,764 | $ 3,042 | $ 97 | |||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Term of contract | 10 years | |||||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | 1 year 6 months 20 days | |||||||
Stock Options | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period for awards | 1 year | |||||||
Stock Options | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period for awards | 5 years | |||||||
Non-vested Stock Awards and Performance Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted | 2 years 1 month 10 days | |||||||
Sterling Bancorp (Legacy) | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting period for awards | 3 years | |||||||
Sterling Bancorp (Legacy) | Fully Vested legacy Sterling options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant of share options (in shares) | 104,152 | |||||||
Stock Compensation Grants associated with legacy Sterling Merger | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant of share options (in shares) | 104,152 | |||||||
Exercise price (USD per share) | $ / shares | $ 14.25 | |||||||
Stock Compensation Grants associated with legacy Sterling Merger | Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Exercise price (USD per share) | $ / shares | $ 14.25 | |||||||
2015 Omnibus Equity And Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
2015 Omnibus Equity and Incentive Plan | 2,800,000 | |||||||
Number of shares deducted from the plan for every one share delivered | 1 | |||||||
2011 Employee Inducement Stock Program | Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant of share options (in shares) | 29,550 | |||||||
Number of equal vesting installments | vesting_installment | 4 | |||||||
2011 Employee Inducement Stock Program | Common stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant of share options (in shares) | 107,256 | |||||||
Number of equal vesting installments | vesting_installment | 4 | |||||||
Sterling Bancorp 2013 Employment Inducement Award Plan | Sterling Bancorp (Legacy) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grant of share options (in shares) | 95,991 | |||||||
2012 Stock Plan | Sterling Bancorp (Legacy) | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period, other than options (in shares) | 255,973 | |||||||
Recognition and Retention Plan | Non-vested Stock Awards and Performance Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period, other than options (in shares) | 250,624 | 447,807 | 115,145 | |||||
Weighted average grant date fair value (USD per share) | $ / shares | $ 12.96 | $ 14.02 | $ 11.53 | |||||
Recognition and Retention Plan | Stock Compensation Grants associated with legacy Sterling Merger | Restricted Stock Units (RSUs) | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average grant date fair value (USD per share) | $ / shares | 11.72 | |||||||
Recognition and Retention Plan | Stock Compensation Grants associated with legacy Sterling Merger | Non-vested Stock Awards and Performance Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Grants in period, other than options (in shares) | 351,964 | |||||||
Weighted average grant date fair value (USD per share) | $ / shares | $ 11.72 | |||||||
Stock Option Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Weighted average fair value of options granted (USD per share) | $ / shares | $ 1.89 | $ 2.49 | $ 2.14 | $ 2.51 | $ 2.74 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Activity (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014$ / sharesshares | Dec. 31, 2015$ / sharesshares | Sep. 30, 2014$ / sharesshares | May. 28, 2015shares | |
Shares available for grant (in shares) | ||||
Beginning balance | 3,350,761 | 1,999,022 | 2,066,184 | |
Granted | (1,360,006) | (732,023) | (719,674) | |
Stock awards vested | 0 | 0 | 0 | |
Forfeited | 8,267 | 192,970 | 439,594 | |
Canceled/expired | 0 | (134,304) | (347,286) | |
Ending balance | 1,999,022 | 4,125,665 | 3,350,761 | |
Stock options outstanding - Number of shares | ||||
Beginning balance | 1,660,333 | 2,040,299 | 2,114,509 | |
Granted | 482,811 | 24,566 | 324,862 | |
Exercised | (95,033) | (406,422) | (507,955) | |
Forfeited | 0 | (71,871) | (375,235) | |
Canceled/expired | (7,812) | 0 | 0 | |
Ending balance | 2,040,299 | 1,586,572 | 1,660,333 | |
Exercisable at December 31, 2015 | 1,159,405 | |||
Stock options outstanding - Weighted average exercise price | ||||
Beginning balance (USD per share) | $ / shares | $ 10.55 | $ 11.10 | $ 10.71 | |
Granted (USD per share) | $ / shares | 13.29 | 14.22 | 11.45 | |
Exercised (USD per share) | $ / shares | 12.31 | 11.58 | 11.29 | |
Forfeited (USD per share) | $ / shares | 0 | 12.90 | 12.24 | |
Canceled/expired (USD per share) | $ / shares | 14.09 | 0 | 0 | |
Ending balance (USD per share) | $ / shares | 11.10 | $ 10.95 | $ 10.55 | |
Exercisable at December 31, 2015 (USD per share) | $ / shares | $ 10.31 | |||
Stock Compensation Grants associated with legacy Sterling Merger | ||||
Shares available for grant (in shares) | ||||
Granted | (921,503) | |||
Stock options outstanding - Number of shares | ||||
Granted | 104,152 | |||
Stock options outstanding - Weighted average exercise price | ||||
Granted (USD per share) | $ / shares | $ 14.25 | |||
Recognition and Retention Plan | Non-vested Stock Awards and Performance Units | ||||
Non-vested stock awards/stock units outstanding - Number of shares | ||||
Beginning balance | 588,754 | 643,887 | 209,697 | |
Granted | 250,624 | 447,807 | 115,145 | |
Stock awards vested | (193,129) | (330,384) | (69,211) | |
Forfeited | (2,362) | (34,510) | (18,841) | |
Ending balance | 643,887 | 726,800 | 588,754 | |
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||||
Beginning balance (USD per share) | $ / shares | $ 10.99 | $ 11.79 | $ 8.73 | |
Granted (USD per share) | $ / shares | 12.96 | 14.02 | 11.53 | |
Stock awards vested (USD per share) | $ / shares | 10.84 | 11.23 | 9.51 | |
Forfeited (USD per share) | $ / shares | 13.23 | 12.92 | 9.18 | |
Ending balance (USD per share) | $ / shares | $ 11.79 | $ 13.36 | $ 10.99 | |
Recognition and Retention Plan | Non-vested Stock Awards and Performance Units | Stock Compensation Grants associated with legacy Sterling Merger | ||||
Non-vested stock awards/stock units outstanding - Number of shares | ||||
Granted | 351,964 | |||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||||
Granted (USD per share) | $ / shares | $ 11.72 | |||
2014 Stock Incentive Plan | ||||
Shares available for grant (in shares) | ||||
2014 Stock Incentive Plan | 3,400,000 | |||
Stock options outstanding - Weighted average exercise price | ||||
Number of shares granted for each share received | 3.5 | |||
2012 Stock Plan | ||||
Shares available for grant (in shares) | ||||
2012 Stock Incentive Plan termination | (566,554) | |||
Stock options outstanding - Weighted average exercise price | ||||
Number of shares granted for each share received | 3.6 | |||
2015 Omnibus Equity And Incentive Plan | ||||
Shares available for grant (in shares) | ||||
2015 Omnibus Equity and Incentive Plan | 2,800,000 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Outstanding by Exercise Price Range (Details) - Stock Option Plan - $ / shares | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options | 1,586,572 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 10.95 | |
Outstanding, Weighted-average life (in years) | 6 years 10 months 17 days | |
Exercisable, Number of stock options | 1,159,405 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 10.31 | |
Exercisable, Weighted-average life (in years) | 6 years 9 months 25 days | |
$6.71 to $8.73 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | $ 6.71 | |
Range of exercise price, upper range limit (USD per share) | 8.73 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options | 353,611 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 8 | |
Outstanding, Weighted-average life (in years) | 5 years 11 months 8 days | |
Exercisable, Number of stock options | 339,861 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 8.05 | |
Exercisable, Weighted-average life (in years) | 5 years 11 months 10 days | |
$9.00 to $10.03 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 9 | |
Range of exercise price, upper range limit (USD per share) | 10.03 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options | 332,968 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 9.28 | |
Outstanding, Weighted-average life (in years) | 6 years 4 months 7 days | |
Exercisable, Number of stock options | 331,301 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 9.28 | |
Exercisable, Weighted-average life (in years) | 6 years 4 months 7 days | |
$11.36 to $13.18 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 11.36 | |
Range of exercise price, upper range limit (USD per share) | 13.18 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options | 363,504 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 11.71 | |
Outstanding, Weighted-average life (in years) | 6 years 11 months 4 days | |
Exercisable, Number of stock options | 260,539 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 11.81 | |
Exercisable, Weighted-average life (in years) | 6 years 7 months 6 days | |
$13.23 to $15.01 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Range of exercise price, lower range limit (USD per share) | 13.23 | |
Range of exercise price, upper range limit (USD per share) | $ 15.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | ||
Outstanding, Number of stock options | 536,489 | |
Outstanding, Weighted-average exercise price (USD per share) | $ 13.42 | |
Outstanding, Weighted-average life (in years) | 7 years 9 months 18 days | |
Exercisable, Number of stock options | 227,704 | |
Exercisable, Weighted-average exercise price (USD per share) | $ 13.48 | |
Exercisable, Weighted-average life (in years) | 7 years 3 months 4 days |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value Assumptions (Details) - Stock Options - Stock Option Plan | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair value of options granted determined using weighted-average assumptions as grant date | |||||
Risk-free interest rate | 1.90% | 1.70% | 1.80% | 1.80% | 1.00% |
Expected stock price volatility | 20.30% | 26.50% | 21.20% | 26.40% | 40.80% |
Dividend yield | 3.20% | 2.10% | 3.10% | 2.00% | 2.60% |
Expected term in years | 5 years 8 months 23 days | 5 years 9 months | 5 years 9 months 4 days | 5 years 8 months 2 days | 5 years 8 months 30 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation expense | $ 1,144 | $ 839 | $ 4,360 | $ 3,409 | $ 1,742 |
Stock-based compensation expense, income tax benefit | 378 | 279 | 1,417 | 914 | 542 |
Unrecognized stock-based compensation, stock options | 738 | ||||
Unrecognized stock-based compensation, non-vested stock awards/performance units | 7,451 | ||||
Total unrecognized stock-based compensation expense | 8,189 | ||||
Stock Options | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation expense | 316 | 219 | 909 | 901 | 695 |
Non-vested Stock Awards and Performance Units | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation expense | $ 828 | $ 620 | $ 3,451 | $ 2,508 | $ 1,047 |
Pension and Other Post Retir101
Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) | Oct. 15, 2015 | Oct. 31, 2013 | Sep. 30, 2006 | Jan. 31, 2004 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 04, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Defined benefit plan termination charge | $ 0 | $ 2,743,000 | $ 13,384,000 | $ 4,095,000 | $ 0 | |||||
Amounts recognized in accumulated other comprehensive (loss) due to Plan termination | (6,159,000) | $ 0 | ||||||||
Bank owned life insurance | 30,000,000 | |||||||||
Employee stock ownership plan percent automatically vested upon termination | 100.00% | |||||||||
Employee Stock Ownership Plan (ESOP) loan repayment | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of ESOP shares allocated | 488,403 | |||||||||
Employee Savings Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Maximum contribution by employee, percent | 50.00% | |||||||||
Maximum contribution by employer, percent of employee contribution | 50.00% | |||||||||
Maximum annual contribution per employee, percent | 3.00% | |||||||||
Savings plan expense | 381,000 | 278,000 | $ 1,769,000 | 1,614,000 | 935,000 | |||||
Employee Stock Ownership Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Amount borrowed by ESOP | $ 9,987,000 | $ 5,983,000 | ||||||||
Number of shares purchased for ESOP with borrowings | 998,650,000 | |||||||||
Term of loan | 20 years | |||||||||
Cumulative shares in ESOP | 499,330 | |||||||||
Number of ESOP shares allocated | 10,927 | |||||||||
ESOP expense (net of forfeitures) | 0 | 152,000 | 295,000 | 497,000 | ||||||
Sterling Bancorp (Legacy) | Legacy Sterling/ National Bank employees' Retirement Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Benefit plan, eligibility age | 21 years | |||||||||
Increase of accrued benefit | 4.40% | |||||||||
HVB Merger | Other Liabilities | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Assumed SERP liabilities | 16,059,000 | |||||||||
Pension Plans | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Lump sum distributions as elected by Plan participants | $ 58,171,000 | 0 | 58,171,000 | |||||||
Defined benefit plan termination charge | 13,384,000 | $ 0 | $ 2,743,000 | $ 13,384,000 | $ 3,922,000 | $ 0 | ||||
Change in fair value of Plan assets | 4,068,000 | |||||||||
Remaining balance of accumulated other comprehensive loss through earnings recognized | 7,936,000 | |||||||||
Difference between effective tax rate and marginal tax rate | $ 1,380,000 | |||||||||
Net periodic pension cost, Long-term rate of return on plan assets | 4.00% | |||||||||
Pension Plans | Intermediate term bond | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Plan benefit asset allocations | 12.00% | |||||||||
Pension Plans | Long-term bond | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Plan benefit asset allocations | 88.00% | |||||||||
Pension Plans | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Remaining reversion asset, recognition period | 5 years | |||||||||
Pension Plans | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Remaining reversion asset, recognition period | 7 years | |||||||||
Pension Plans | Other | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Remaining reversion asset | $ 11,442,000 |
Pension and Other Post Retir102
Pension and Other Post Retirement Benefits - Projected Benefit Obligation (Details) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in projected benefit obligation: | ||||||
Plan termination / Partial settlement | $ 0 | |||||
Pension Plans | ||||||
Changes in projected benefit obligation: | ||||||
Beginning of year balance | $ 57,877 | |||||
Interest cost | 555 | $ 402 | 1,766 | $ 2,779 | $ 1,452 | |
Actuarial loss | (7,750) | 0 | ||||
Plan termination / Partial settlement | (58,171) | |||||
Benefits and distributions paid | (146) | 0 | ||||
End of year balance | 57,877 | 49,718 | 1,472 | |||
Changes in fair value of plan assets: | ||||||
Beginning of year balance | 72,170 | |||||
Actual (loss) gain on plan assets | 3,746 | (1,085) | ||||
Plan termination / Partial settlement | $ (58,171) | 0 | (58,171) | |||
Benefits and distributions paid | (146) | 0 | ||||
End of year balance | 72,170 | 68,570 | 12,914 | |||
Reversion asset / Funded status at end of year | 14,293 | 11,442 | ||||
Other Post Retirement Benefit Plans | ||||||
Changes in projected benefit obligation: | ||||||
Beginning of year balance | 10,990 | 3,302 | 11,096 | 3,302 | 3,103 | |
Obligations assumed in acquisitions | 0 | 9,644 | 16,059 | 9,644 | 0 | |
Plan amendment | 45 | 0 | 0 | 0 | 0 | |
Service cost | 3 | 12 | 6 | 51 | 48 | |
Interest cost | 59 | 34 | 373 | 683 | 134 | |
Actuarial loss | 72 | 18 | 364 | 79 | 177 | |
Curtailment (gain) | 0 | 0 | 0 | (2,485) | 0 | |
Benefits and distributions paid | (73) | (71) | (16,165) | (284) | (160) | |
End of year balance | 11,096 | 12,939 | 11,733 | 10,990 | 3,302 | |
Changes in fair value of plan assets: | ||||||
Beginning of year balance | 0 | 0 | 0 | 0 | 0 | |
Employer contributions | 73 | 71 | 16,165 | 284 | 160 | |
Plan participants’ contributions | 0 | 0 | 0 | 0 | 0 | |
Benefits and distributions paid | (73) | (71) | (16,165) | (284) | (160) | |
End of year balance | 0 | 0 | 0 | 0 | 0 | |
Reversion asset / Funded status at end of year | $ (11,096) | $ (12,939) | $ (11,733) | $ (10,990) | $ (3,302) |
Pension and Other Post Retir103
Pension and Other Post Retirement Benefits - Net Periodic (Benefit) Expense (Details) - USD ($) $ in Thousands | Oct. 15, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Defined benefit plan termination charge | $ 0 | $ 2,743 | $ 13,384 | $ 4,095 | $ 0 | |
Pension Plans | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Interest cost | 555 | 402 | 1,766 | 2,779 | 1,452 | |
Amortization of net actuarial (gain) loss | 0 | 97 | 272 | 236 | 2,062 | |
Expected return on plan assets | (682) | (672) | (2,187) | (3,380) | (2,462) | |
Defined benefit plan termination charge | $ 13,384 | 0 | 2,743 | 13,384 | 3,922 | 0 |
Total | (127) | 2,570 | 13,235 | 3,557 | 1,052 | |
Other Post Retirement Benefit Plans | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 3 | 12 | 6 | 51 | 48 | |
Interest cost | 59 | 34 | 373 | 683 | 134 | |
Amortization of transition obligation | 3 | 6 | 0 | 34 | 24 | |
Amortization of prior service cost | 0 | 12 | 161 | 270 | 47 | |
Amortization of net actuarial (gain) loss | 6 | 0 | 0 | (45) | 2 | |
Curtailment (gain) | 0 | 0 | 0 | (2,485) | 0 | |
Total | $ 71 | $ 64 | $ 540 | $ (1,492) | $ 255 |
Pension and Other Post Retir104
Pension and Other Post Retirement Benefits - Actuarial Assumptions (Details) - Pension Plans | 3 Months Ended |
Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |
Projected benefit obligation, Discount rate | 4.10% |
Net periodic pension cost, Discount rate | 4.10% |
Net periodic pension cost, Long-term rate of return on plan assets | 4.00% |
Pension and Other Post Retir105
Pension and Other Post Retirement Benefits - Fair Value of Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 12,914 | $ 72,170 | $ 68,570 |
Quoted Prices in Active markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72,170 | ||
Significant Unobservable Inputs Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Intermediate term bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,763 | ||
Intermediate term bond | Quoted Prices in Active markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Intermediate term bond | Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,763 | ||
Intermediate term bond | Significant Unobservable Inputs Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Long-term bond | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63,407 | ||
Long-term bond | Quoted Prices in Active markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Long-term bond | Significant Other Observable Inputs Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 63,407 | ||
Long-term bond | Significant Unobservable Inputs Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 |
Pension and Other Post Retir106
Pension and Other Post Retirement Benefits - Estimated Future Benefit Payments (Details) - Other Post Retirement Benefit Plans $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 175 |
2,017 | 187 |
2,018 | 227 |
2,019 | 269 |
2,020 | 313 |
Thereafter | $ 1,849 |
Pension and Other Post Retir107
Pension and Other Post Retirement Benefits - Plan assumptions (Details) - Other Post Retirement Benefit Plans | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.75% | 3.00% |
Discount rate used to value periodic cost | 2.75% | 3.00% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.92% | 4.00% |
Discount rate used to value periodic cost | 4.27% | 4.00% |
Other Non-interest Expense (Det
Other Non-interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Other Income and Expenses [Abstract] | |||||
Advertising and promotion | $ 782 | $ 309 | $ 2,522 | $ 2,358 | $ 1,502 |
Professional fees | 1,314 | 1,818 | 8,308 | 6,913 | 3,393 |
Data and check processing | 1,424 | 595 | 8,825 | 3,439 | 2,520 |
ATM/debit card expense | 291 | 364 | 552 | 1,249 | 1,722 |
Insurance & surety bond premium | 595 | 675 | 3,186 | 2,703 | 1,199 |
Charge for asset write-downs, severance, retention and change in fiscal year end | 1,075 | 22,167 | 29,046 | 22,976 | 0 |
Charge for banking systems conversion | 1,418 | 0 | 0 | 3,249 | 0 |
Other | 4,252 | 3,693 | 17,284 | 15,030 | 7,040 |
Total other non-interest expense | $ 11,151 | $ 29,621 | $ 69,723 | $ 57,917 | $ 17,376 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Computation of basic and diluted earnings per share: | ||||||||||||
Net income (loss) | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | $ 17,004 | $ 16,337 | $ 15,011 | $ 10,332 | $ (14,002) | $ 66,114 | $ 27,678 | $ 25,254 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 83,831,380 | 70,493,305 | 109,907,645 | 80,268,970 | 43,734,425 | |||||||
Common-equivalent shares due to the dilutive effect of stock options (in shares) | 363,536 | 0 | 421,708 | 265,073 | 48,628 | |||||||
Weighted average common shares for computation of diluted EPS (in shares) | 84,194,916 | 70,493,305 | 110,329,353 | 80,534,043 | 43,783,053 | |||||||
Basic (USD per share) | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.12 | $ (0.20) | $ 0.60 | $ 0.34 | $ 0.58 |
Diluted (USD per share) | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ 0.19 | $ 0.18 | $ 0.12 | $ (0.20) | $ 0.60 | $ 0.34 | $ 0.58 |
Antidilutive securities excluded from earnings per share (in shares) | 82,625 | 2,025,501 | 2,394 | 697,475 | 1,786,608 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Sterling Bancorp | ||
Tier 1 capital RWA: | ||
Tier 1 risk-based capital | $ 988,174 | $ 569,609 |
Total capital to RWA: | ||
Total risk-based capital | 1,038,868 | 612,378 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common capital | $ 1,053,527 | |
Tier 1 common capital ratio | 11.45% | |
Tier 1 common capital required for minimum capital adequacy, phase-in | $ 413,951 | |
Tier 1 common capital required for minimum capital adequacy, phase-in ratio | 4.50% | |
Tier 1 common capital required for minimum capital adequacy, fully phased-in | $ 643,923 | |
Tier 1 common capital required for minimum capital adequacy, fully phased-in ratio | 7.00% | |
Tier 1 common capital required to be considered well capitalized | $ 597,929 | |
Tier 1 common capital required to be considered well capitalized ratio | 6.50% | |
Tier 1 capital RWA: | ||
Tier 1 risk-based capital | $ 1,053,527 | $ 651,203 |
Tier 1 risk-based capital ratio | 11.45% | 12.00% |
Tier 1 risk-based capital for minimum capital adequacy | $ 216,988 | |
Tier 1 risk-based capital for minimum capital adequacy ratio | 4.00% | |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in | $ 551,934 | |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in ratio | 6.00% | |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | $ 781,907 | |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in ratio | 8.50% | |
Tier 1 risk-based capital required to be considered well capitalized | $ 735,912 | $ 325,481 |
Tier 1 risk-based capital required to be considered well capitalized ratio | 8.00% | 6.00% |
Total capital to RWA: | ||
Total risk-based capital | $ 1,104,221 | $ 693,972 |
Total risk-based capital ratio | 12.00% | 12.79% |
Total risk-based capital required for minimum capital adequacy | $ 433,975 | |
Total risk-based capital required for minimum capital adequacy ratio | 8.00% | |
Total risk-based capital required for minimum capital adequacy, phase-in | $ 735,912 | |
Total risk-based capital required for minimum capital adequacy, phase-in ratio | 8.00% | |
Total risk-based capital required for minimum capital adequacy, fully phased-in | $ 965,885 | |
Total risk-based capital required for minimum capital adequacy, fully phased-in ratio | 10.50% | |
Total risk-based capital required to be considered well capitalized | $ 919,891 | $ 542,469 |
Total risk-based capital required to be considered well capitalized ratio | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier 1 leverage capital | $ 1,053,527 | |
Tier 1 leverage capital ratio | 9.65% | 9.39% |
Tier 1 leverage capital required for minimum capital adequacy | $ 277,534 | |
Tier 1 leverage capital required for minimum capital adequacy ratio | 4.00% | |
Tier 1 leverage capital required for minimum capital adequacy, phase-in | $ 436,678 | |
Tier 1 leverage capital required for minimum capital adequacy, phase-in ratio | 4.00% | |
Tier 1 leverage capital required for minimum capital adequacy, fully phased-in | $ 436,678 | |
Tier 1 leverage capital required for minimum capital adequacy, fully phased-in ratio | 4.00% | |
Tier 1 leverage capital required to be considered well capitalized | $ 545,848 | $ 346,918 |
Tier 1 leverage capital required to be considered well capitalized ratio | 5.00% | 5.00% |
Sterling Bancorp | ||
Common equity tier 1 to RWA: | ||
Tier 1 common capital | $ 988,174 | |
Tier 1 common capital ratio | 10.74% | |
Tier 1 common capital required for minimum capital adequacy, phase-in | $ 414,047 | |
Tier 1 common capital required for minimum capital adequacy, phase-in ratio | 4.50% | |
Tier 1 common capital required for minimum capital adequacy, fully phased-in | $ 644,073 | |
Tier 1 common capital required for minimum capital adequacy, fully phased-in ratio | 7.00% | |
Tier 1 capital RWA: | ||
Tier 1 risk-based capital | $ 988,174 | $ 569,609 |
Tier 1 risk-based capital ratio | 10.74% | 10.43% |
Tier 1 risk-based capital for minimum capital adequacy | $ 218,405 | |
Tier 1 risk-based capital for minimum capital adequacy ratio | 4.00001% | |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in | $ 552,063 | |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in ratio | 6.00% | |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in | $ 782,089 | |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in ratio | 8.50% | |
Total capital to RWA: | ||
Total risk-based capital | $ 1,038,868 | $ 612,378 |
Total risk-based capital ratio | 11.29% | 11.22% |
Total risk-based capital required for minimum capital adequacy | $ 436,809 | |
Total risk-based capital required for minimum capital adequacy ratio | 8.00% | |
Total risk-based capital required for minimum capital adequacy, phase-in | $ 736,084 | |
Total risk-based capital required for minimum capital adequacy, phase-in ratio | 8.00% | |
Total risk-based capital required for minimum capital adequacy, fully phased-in | $ 966,110 | |
Total risk-based capital required for minimum capital adequacy, fully phased-in ratio | 10.50% | |
Tier 1 leverage ratio: | ||
Tier 1 leverage capital | $ 988,174 | $ 569,609 |
Tier 1 leverage capital ratio | 9.03% | 8.21% |
Tier 1 leverage capital required for minimum capital adequacy | $ 277,352 | |
Tier 1 leverage capital required for minimum capital adequacy ratio | 4.00% | |
Tier 1 leverage capital required for minimum capital adequacy, phase-in | $ 437,629 | |
Tier 1 leverage capital required for minimum capital adequacy, phase-in ratio | 4.00% | |
Tier 1 leverage capital required for minimum capital adequacy, fully phased-in | $ 437,629 | |
Tier 1 leverage capital required for minimum capital adequacy, fully phased-in ratio | 4.00% |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Stockholders' Equity to Bank Regulatory Capital (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Total U.S. GAAP stockholders’ equity | $ 975,200 | $ 1,665,073 | $ 961,138 | $ 482,866 | $ 491,122 | |
Allowance for loan losses and off-balance sheet commitments | 42,374 | 50,145 | $ 40,612 | $ 30,612 | $ 28,877 | $ 28,282 |
Sterling Bancorp | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Total U.S. GAAP stockholders’ equity | 975,200 | 1,665,073 | ||||
Disallowed goodwill and other intangible assets | (415,842) | (689,023) | ||||
Net unrealized loss on available for sale securities | 3,669 | 6,999 | ||||
Net accumulated other comprehensive income components | 6,582 | 5,125 | ||||
Tier 1 risk-based capital | 569,609 | 988,174 | ||||
Allowance for loan losses and off-balance sheet commitments | 42,769 | 50,694 | ||||
Total risk-based capital | 612,378 | 1,038,868 | ||||
Sterling National Bank | ||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||
Total U.S. GAAP stockholders’ equity | 1,024,361 | 1,705,841 | ||||
Disallowed goodwill and other intangible assets | (383,406) | (664,225) | ||||
Net unrealized loss on available for sale securities | 3,666 | 6,992 | ||||
Net accumulated other comprehensive income components | 6,582 | 4,919 | ||||
Tier 1 risk-based capital | 651,203 | 1,053,527 | ||||
Allowance for loan losses and off-balance sheet commitments | 42,769 | 50,694 | ||||
Total risk-based capital | $ 693,972 | $ 1,104,221 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Class of Stock [Line Items] | |||||
Aggregate dividend capacity without prior regulatory approval | $ 68,383 | ||||
Shares available for repurchase program | 776,713 | ||||
Sterling Bancorp | |||||
Class of Stock [Line Items] | |||||
Shares repurchased under repurchase program | 0 | 0 | 0 | 0 | 0 |
Sterling National Bank | |||||
Class of Stock [Line Items] | |||||
Liquidation account | $ 13,300 |
Off-Balance-Sheet Financial 113
Off-Balance-Sheet Financial Instruments - Contractual or Notional Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 269,636 | $ 208,486 |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 660,915 | 332,295 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 102,930 | $ 83,316 |
Off-Balance-Sheet Financial 114
Off-Balance-Sheet Financial Instruments - Narrative (Details) - Letters of credit - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 102,930 | $ 83,316 |
Assets secured by cash as collateral | 36,861 | |
Assets secured by other collateral | $ 28,812 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Future minimum rental payments due under non-cancelable operating leases | |||||
2,016 | $ 11,656 | ||||
2,017 | 10,724 | ||||
2,018 | 9,546 | ||||
2,019 | 7,310 | ||||
2,020 | 5,955 | ||||
2021 and thereafter | 27,792 | ||||
Future minimum rental payments | 72,983 | ||||
Rent expense | $ 2,450 | $ 2,157 | $ 9,566 | $ 7,893 | $ 3,340 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment securities | ||
Securities available for sale | $ 1,921,032 | $ 1,140,846 |
Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 1,296,235 | 618,501 |
Investment securities | ||
Total investment securities available for sale | 624,797 | 522,345 |
Securities available for sale | 1,921,032 | 1,140,846 |
Swaps | 1,839 | 1,332 |
Total Assets | 1,922,871 | 1,142,178 |
Swaps | 1,839 | 1,332 |
Total Liabilities | 1,839 | 1,332 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 1,217,862 | 533,663 |
CMO/Other MBS | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 78,373 | 84,838 |
Federal agencies | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 84,267 | 147,156 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 314,188 | 204,831 |
State and municipal | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 189,035 | 132,065 |
Trust preferred | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 28,517 | 38,293 |
Other | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 8,790 | |
Quoted Prices in Active markets for Identical Assets Level 1 | ||
Investment securities | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 0 | 0 |
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Total Assets | 0 | 0 |
Swaps | 0 | 0 |
Total Liabilities | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | Agency-backed | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | CMO/Other MBS | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | Federal agencies | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | State and municipal | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | Trust preferred | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Quoted Prices in Active markets for Identical Assets Level 1 | Other | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | |
Significant Other Observable Inputs Level 2 | ||
Investment securities | ||
Securities available for sale | 1,921,032 | 1,140,846 |
Swaps | 1,839 | 1,332 |
Swaps | 1,839 | 1,332 |
Significant Other Observable Inputs Level 2 | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 1,296,235 | 618,501 |
Investment securities | ||
Total investment securities available for sale | 624,797 | 522,345 |
Securities available for sale | 1,921,032 | 1,140,846 |
Swaps | 1,839 | 1,332 |
Total Assets | 1,922,871 | 1,142,178 |
Swaps | 1,839 | 1,332 |
Total Liabilities | 1,839 | 1,332 |
Significant Other Observable Inputs Level 2 | Agency-backed | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 1,217,862 | 533,663 |
Significant Other Observable Inputs Level 2 | CMO/Other MBS | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 78,373 | 84,838 |
Significant Other Observable Inputs Level 2 | Federal agencies | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 84,267 | 147,156 |
Significant Other Observable Inputs Level 2 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 314,188 | 204,831 |
Significant Other Observable Inputs Level 2 | State and municipal | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 189,035 | 132,065 |
Significant Other Observable Inputs Level 2 | Trust preferred | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 28,517 | 38,293 |
Significant Other Observable Inputs Level 2 | Other | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 8,790 | |
Significant Unobservable Inputs Level 3 | ||
Investment securities | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Significant Unobservable Inputs Level 3 | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 0 | 0 |
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Total Assets | 0 | 0 |
Swaps | 0 | 0 |
Total Liabilities | 0 | 0 |
Significant Unobservable Inputs Level 3 | Agency-backed | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 | CMO/Other MBS | Fair Value, Measurements, Recurring | ||
Mortgage-backed securities-residential | ||
Mortgage-backed securities-residential | 0 | 0 |
Significant Unobservable Inputs Level 3 | Federal agencies | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Level 3 | Corporate bonds | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Level 3 | State and municipal | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | 0 |
Significant Unobservable Inputs Level 3 | Trust preferred | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | 0 | $ 0 |
Significant Unobservable Inputs Level 3 | Other | Fair Value, Measurements, Recurring | ||
Investment securities | ||
Total investment securities available for sale | $ 0 |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | $ 0 | $ 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 7,876,064 | 4,783,508 |
Impaired | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 3,218 | 5,815 |
Impaired | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Impaired | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Impaired | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 3,218 | 5,815 |
Impaired | C&I | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 65 | |
Impaired | C&I | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | |
Impaired | C&I | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | |
Impaired | C&I | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 65 | |
Impaired | CRE | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 3,218 | 1,950 |
Impaired | CRE | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Impaired | CRE | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | 0 |
Impaired | CRE | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | $ 3,218 | 1,950 |
Impaired | ADC | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 3,800 | |
Impaired | ADC | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active markets for Identical Assets Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | |
Impaired | ADC | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | 0 | |
Impaired | ADC | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans, net | $ 3,800 |
Fair Value Measurements - Unob
Fair Value Measurements - Unobservable Inputs to Level 3 (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)speed | Dec. 31, 2014USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 1,204 | $ 1,456 |
Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 7,876,064 | 4,783,508 |
Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | CRE | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 486 | |
Impaired | Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 3,218 | 5,815 |
Impaired | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | 3,218 | $ 5,815 |
Impaired | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | CRE | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 3,218 | |
Comparability adjustments | 22.00% | |
Taken in Foreclosure | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | CRE | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 7,805 | |
Comparability adjustments | 22.00% | |
Taken in Foreclosure | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Residential mortgage | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 2,334 | |
Comparability adjustments | 22.00% | |
Taken in Foreclosure | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | ADC | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans, net | $ 3,990 | |
Comparability adjustments | 22.00% | |
Taken in Foreclosure | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Mortgage Servicing Rights | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 1,204 | |
Taken in Foreclosure | Minimum | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Mortgage Servicing Rights | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 8.30% | |
Prepayment speed | speed | 100 | |
Taken in Foreclosure | Maximum | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Mortgage Servicing Rights | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 11.30% | |
Prepayment speed | speed | 480 | |
Taken in Foreclosure | Weighted Average | Market Approach Valuation Technique | Fair Value, Measurements, Nonrecurring | Mortgage Servicing Rights | Significant Unobservable Inputs Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount rates | 9.50% | |
Prepayment speed | speed | 183 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 1,921,032 | $ 1,140,846 |
Securities held to maturity | 734,079 | 586,346 |
FHLB borrowings | (200,000) | (200,000) |
Senior notes | (98,893) | (98,498) |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 229,513 | 121,520 |
Securities available for sale | 1,921,032 | 1,140,846 |
Securities held to maturity | 722,791 | 572,337 |
Loans, net | 7,809,215 | 4,773,267 |
Loans held for sale | 34,110 | 46,599 |
Accrued interest receivable on securities | 11,329 | 7,742 |
Accrued interest receivable on loans | 20,202 | 11,559 |
FHLB stock and FRB stock | 116,758 | 75,437 |
Swaps | 1,839 | 1,332 |
Non-maturity deposits | (7,974,817) | (4,731,481) |
Certificates of deposit | (605,190) | (480,844) |
FHLB borrowings | (1,409,885) | (1,003,209) |
Other borrowings | (16,566) | (9,846) |
Senior notes | (98,893) | (98,498) |
Mortgage escrow funds | (13,778) | (4,167) |
Accrued interest payable on deposits | (483) | (329) |
Accrued interest payable on borrowings | (4,490) | (4,354) |
Swaps | (1,839) | (1,332) |
Fair Value, Inputs, Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 229,513 | 121,520 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | (7,974,817) | (4,731,481) |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior notes | 0 | 0 |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | 0 |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 1,921,032 | 1,140,846 |
Securities held to maturity | 734,079 | 586,346 |
Loans, net | 0 | 0 |
Loans held for sale | 34,110 | 46,599 |
Accrued interest receivable on securities | 11,329 | 7,742 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 1,839 | 1,332 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | (603,634) | (480,621) |
FHLB borrowings | (1,418,155) | (1,019,690) |
Other borrowings | (16,430) | (9,846) |
Senior notes | (105,088) | (100,769) |
Mortgage escrow funds | (13,775) | (4,167) |
Accrued interest payable on deposits | (483) | (329) |
Accrued interest payable on borrowings | (4,490) | (4,354) |
Swaps | (1,839) | (1,332) |
Significant Unobservable Inputs Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans, net | 7,876,064 | 4,783,508 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 20,202 | 11,559 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior notes | 0 | 0 |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Changes in fair value recognized on provisions on loans held by the Company | $ 567 | $ 0 | $ 905 | $ 2,726 |
Mortgage servicing rights | 1,456 | 1,204 | ||
Other real estate owned | 5,867 | 14,614 | ||
Changes in fair value recognized through income for foreclosed assets held by the Company | 0 | 0 | $ 224 | $ 1,978 |
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans, net | $ 31,023 | $ 28,372 |
Accumulated Other Comprehens121
Accumulated Other Comprehensive (Loss) Income - Components of AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ||||||
Net unrealized holding (loss) gain on available for sale securities | $ (12,172) | $ 2,256 | ||||
Related income tax benefit (expense) | 5,173 | (959) | ||||
Available for sale securities AOCI, net of tax | (6,999) | 1,297 | ||||
Net unrealized holding loss on securities transferred to held to maturity | (7,226) | (8,638) | ||||
Related income tax benefit | 3,071 | 3,671 | ||||
Securities transferred to held to maturity AOCI, net of tax | (4,155) | (4,967) | ||||
Net unrealized holding loss on retirement plans | (1,687) | (11,445) | ||||
Related income tax benefit | 717 | 4,864 | ||||
Retirement plan AOCI, net of tax | (970) | (6,581) | ||||
Accumulated other comprehensive loss | $ (12,124) | $ (10,251) | $ (11,459) | $ (19,465) | $ (15,330) | $ 6,899 |
Accumulated Other Comprehens122
Accumulated Other Comprehensive (Loss) Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance at beginning of the period | $ (11,459) | $ (15,330) | $ (10,251) | $ (15,330) | $ 6,899 |
Other comprehensive (loss) before reclassification | 1,003 | (6,013) | (10,642) | 3,511 | (19,126) |
Amounts reclassified from AOCI | 205 | 1,878 | 8,769 | 360 | (3,103) |
Other comprehensive (loss) income | 1,208 | (4,135) | (1,873) | 3,871 | (22,229) |
Balance at end of period | (10,251) | (19,465) | (12,124) | (11,459) | (15,330) |
Net unrealized holding gain (loss) on AFS securities | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance at beginning of the period | (2,671) | (11,472) | 1,297 | (11,472) | 15,066 |
Other comprehensive (loss) before reclassification | 3,943 | (354) | (11,077) | 9,170 | (22,167) |
Amounts reclassified from AOCI | 25 | 431 | 2,781 | (369) | (4,371) |
Other comprehensive (loss) income | 3,968 | 77 | (8,296) | 8,801 | (26,538) |
Balance at end of period | 1,297 | (11,395) | (6,999) | (2,671) | (11,472) |
Net unrealized holding gain (loss) on securities transferred to held to maturity | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance at beginning of the period | (5,144) | 0 | (4,967) | 0 | 0 |
Other comprehensive (loss) before reclassification | 0 | (5,659) | 0 | (5,659) | 0 |
Amounts reclassified from AOCI | 177 | 0 | 812 | 515 | 0 |
Other comprehensive (loss) income | 177 | (5,659) | 812 | (5,144) | 0 |
Balance at end of period | (4,967) | (5,659) | (4,155) | (5,144) | 0 |
Net unrealized holding gain (loss) on retirement plans | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Balance at beginning of the period | (3,644) | (3,858) | (6,581) | (3,858) | (8,167) |
Other comprehensive (loss) before reclassification | (2,940) | 0 | 435 | 0 | 3,041 |
Amounts reclassified from AOCI | 3 | 1,447 | 5,176 | 214 | 1,268 |
Other comprehensive (loss) income | (2,937) | 1,447 | 5,611 | 214 | 4,309 |
Balance at end of period | $ (6,581) | $ (2,411) | $ (970) | $ (3,644) | $ (3,858) |
Condensed Parent Company Fin123
Condensed Parent Company Financial Statements - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets: | ||||||
Cash | $ 229,513 | $ 121,520 | $ 177,619 | $ 152,662 | $ 113,090 | $ 437,982 |
Securities available for sale | 1,921,032 | 1,140,846 | ||||
Goodwill | 670,699 | 388,926 | 388,926 | |||
Other assets | 68,672 | 40,712 | ||||
Total assets | 11,955,952 | 7,424,822 | ||||
Liabilities: | ||||||
Senior Notes | 98,893 | 98,498 | ||||
Other liabilities | 171,750 | 121,577 | ||||
Total liabilities | 10,290,879 | 6,449,622 | ||||
Stockholders’ equity | 1,665,073 | 975,200 | 961,138 | 482,866 | 491,122 | |
Total liabilities and stockholders’ equity | 11,955,952 | 7,424,822 | ||||
Sterling Bancorp | ||||||
Assets: | ||||||
Cash | 19,529 | 13,761 | $ 23,369 | $ 55,089 | $ 56,230 | $ 6,716 |
Securities available for sale | 3 | 0 | ||||
Goodwill | 19,054 | 18,970 | ||||
Trade name | 20,500 | 20,500 | ||||
Other intangible assets, net | 360 | 792 | ||||
Other assets | 1,418 | 1,655 | ||||
Total assets | 1,770,364 | 1,084,610 | ||||
Liabilities: | ||||||
Senior Notes | 98,893 | 98,498 | ||||
Other liabilities | 6,398 | 10,912 | ||||
Total liabilities | 105,291 | 109,410 | ||||
Stockholders’ equity | 1,665,073 | 975,200 | ||||
Total liabilities and stockholders’ equity | 1,770,364 | 1,084,610 | ||||
Sterling National Bank | Sterling Bancorp | ||||||
Assets: | ||||||
Investment in Sterling National Bank | 1,705,558 | 1,024,361 | ||||
Non-bank Subsidiaries | Sterling Bancorp | ||||||
Assets: | ||||||
Investment in non-bank subsidiaries | $ 3,942 | $ 4,571 |
Condensed Parent Company Fin124
Condensed Parent Company Financial Statements - Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Other | $ 1,024 | $ 740 | $ 5,235 | $ 3,080 | $ 1,998 | |||||||
Interest expense | $ (10,803) | $ (9,944) | $ (8,373) | $ (7,805) | (7,850) | $ (7,476) | $ (7,310) | $ (7,297) | (6,835) | (36,925) | (28,918) | (19,894) |
Non-interest expense | (57,419) | (71,315) | (85,659) | (45,921) | (45,814) | (43,780) | (44,904) | (46,723) | (72,974) | (260,318) | (208,428) | (91,041) |
Income tax benefit | (15,792) | (11,648) | 3,682 | (8,078) | (8,376) | (6,452) | (6,057) | (4,588) | 6,948 | (31,835) | (10,152) | (11,414) |
Net income (loss) | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | 17,004 | $ 16,337 | $ 15,011 | $ 10,332 | (14,002) | 66,114 | 27,678 | 25,254 |
Sterling Bancorp | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Interest income | 2 | 80 | 15 | 139 | 262 | |||||||
Dividend income on equity securities | 0 | 0 | 0 | 0 | 22 | |||||||
Other | 0 | 4 | 0 | 18 | 0 | |||||||
Interest expense | (1,471) | (1,819) | (5,894) | (6,265) | (1,431) | |||||||
Non-interest expense | (1,692) | (1,214) | (7,031) | (5,840) | (2,700) | |||||||
Income tax benefit | 820 | 1,117 | 4,154 | 3,431 | 898 | |||||||
Income (loss) before equity in undistributed earnings of subsidiaries | 5,159 | (1,832) | 34,244 | 14,733 | (1,349) | |||||||
Net income (loss) | 17,004 | (14,002) | 66,114 | 27,678 | 25,254 | |||||||
Sterling National Bank | Sterling Bancorp | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Dividend income from subsidiaries | 7,500 | 0 | 42,500 | 22,500 | 0 | |||||||
Equity in undistributed (excess distributed) earnings | 11,171 | (12,376) | 32,230 | 12,590 | 27,174 | |||||||
Non-bank Subsidiaries | Sterling Bancorp | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Dividend income from subsidiaries | 0 | 0 | 500 | 750 | 1,600 | |||||||
Equity in undistributed (excess distributed) earnings | $ 674 | $ 206 | $ (360) | $ 355 | $ (571) |
Condensed Parent Company Fin125
Condensed Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | $ 17,004 | $ 16,337 | $ 15,011 | $ 10,332 | $ (14,002) | $ 66,114 | $ 27,678 | $ 25,254 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
(Gain) on redemption of Subordinated Debentures | 0 | 0 | 0 | (712) | 0 | |||||||
Other adjustments (principally net changes in other assets and other liabilities) | (5,405) | (6,281) | (63,171) | 35,954 | (26,413) | |||||||
Net cash provided by (used in) operating activities | (21,741) | 9,038 | 91,756 | 127,664 | 22,624 | |||||||
Cash flows from investing activities: | ||||||||||||
Net cash provided by (used in) investing activities | (114,863) | 423,256 | (636,759) | (266,707) | (403,098) | |||||||
Cash flows from financing activities: | ||||||||||||
Redemption of Subordinated Debentures | 0 | 0 | 0 | (26,140) | 0 | |||||||
Senior Notes offering | 0 | 0 | 0 | 0 | 97,946 | |||||||
Cash dividends paid | (5,870) | (2,661) | (30,384) | (17,677) | (10,642) | |||||||
Net cash provided by (used in) financing activities | 80,505 | (392,722) | 652,996 | 203,572 | 55,582 | |||||||
Net increase (decrease) in cash and cash equivalents | (56,099) | 39,572 | 107,993 | 64,529 | (324,892) | |||||||
Cash and cash equivalents at beginning of year | 121,520 | 177,619 | 152,662 | 113,090 | 121,520 | 113,090 | 437,982 | |||||
Cash and cash equivalents at end of year | 229,513 | 121,520 | 177,619 | 152,662 | 229,513 | 177,619 | 113,090 | |||||
Sterling Bancorp | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | 17,004 | (14,002) | 66,114 | 27,678 | 25,254 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Other adjustments (principally net changes in other assets and other liabilities) | (10,707) | 15,310 | (3,123) | 22,065 | 5,259 | |||||||
Net cash provided by (used in) operating activities | (5,548) | 13,478 | 31,121 | 36,086 | 3,910 | |||||||
Cash flows from investing activities: | ||||||||||||
Sales of securities | 0 | 0 | 0 | 1,112 | 818 | |||||||
Investment in subsidiaries | 0 | (15,000) | (84,500) | (15,000) | (45,000) | |||||||
ESOP loan principal repayments | 0 | 473 | 0 | 6,437 | 459 | |||||||
Net cash provided by (used in) investing activities | 0 | (14,527) | (84,500) | (7,451) | (43,723) | |||||||
Cash flows from financing activities: | ||||||||||||
Net change in other short-term borrowings | 0 | 0 | 0 | (20,659) | 0 | |||||||
Redemption of Subordinated Debentures | 0 | 0 | 0 | (26,140) | 0 | |||||||
Equity capital raise | 0 | 0 | 85,059 | 0 | 0 | |||||||
Senior Notes offering | 0 | 0 | 0 | 0 | 97,946 | |||||||
Cash dividends paid | (5,870) | (2,661) | (30,384) | (17,677) | (10,642) | |||||||
Stock-based compensation transactions | 1,810 | 2,569 | 4,472 | 2,980 | 1,758 | |||||||
Other equity transactions | 0 | 0 | 0 | 0 | 265 | |||||||
Net cash provided by (used in) financing activities | (4,060) | (92) | 59,147 | (61,496) | 89,327 | |||||||
Net increase (decrease) in cash and cash equivalents | (9,608) | (1,141) | 5,768 | (32,861) | 49,514 | |||||||
Cash and cash equivalents at beginning of year | $ 13,761 | 23,369 | $ 55,089 | 56,230 | 13,761 | 56,230 | 6,716 | |||||
Cash and cash equivalents at end of year | $ 19,529 | 13,761 | $ 23,369 | 55,089 | 19,529 | 23,369 | 56,230 | |||||
Sterling National Bank | Sterling Bancorp | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Equity in (undistributed) excess distributed earnings | (11,171) | 12,376 | (32,230) | (12,590) | (27,174) | |||||||
Non-bank Subsidiaries | Sterling Bancorp | ||||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Equity in (undistributed) excess distributed earnings | $ (674) | $ (206) | $ 360 | $ (355) | $ 571 |
Quarterly Results Of Operati126
Quarterly Results Of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||
Interest and dividend income | $ 106,224 | $ 103,298 | $ 71,947 | $ 66,672 | $ 68,087 | $ 67,109 | $ 65,761 | $ 61,325 | $ 52,711 | $ 348,141 | $ 246,906 | $ 132,061 |
Interest expense | 10,803 | 9,944 | 8,373 | 7,805 | 7,850 | 7,476 | 7,310 | 7,297 | 6,835 | 36,925 | 28,918 | 19,894 |
Net interest income | 95,421 | 93,354 | 63,574 | 58,867 | 60,237 | 59,633 | 58,451 | 54,028 | 45,876 | 311,216 | 217,988 | 112,167 |
Provisions for loan losses | 5,500 | 5,000 | 3,100 | 2,100 | 3,000 | 5,350 | 5,950 | 4,800 | 3,000 | 15,700 | 19,100 | 12,150 |
Non-interest income | 16,081 | 18,802 | 13,857 | 14,010 | 13,957 | 12,286 | 13,471 | 12,415 | 9,148 | 62,751 | 47,370 | 27,692 |
Non-interest expense | 57,419 | 71,315 | 85,659 | 45,921 | 45,814 | 43,780 | 44,904 | 46,723 | 72,974 | 260,318 | 208,428 | 91,041 |
Income before income tax expense | 48,583 | 35,841 | (11,328) | 24,856 | 25,380 | 22,789 | 21,068 | 14,920 | (20,950) | 97,949 | 37,830 | 36,668 |
Income tax expense | 15,792 | 11,648 | (3,682) | 8,078 | 8,376 | 6,452 | 6,057 | 4,588 | (6,948) | 31,835 | 10,152 | 11,414 |
Net income | $ 32,791 | $ 24,193 | $ (7,646) | $ 16,778 | $ 17,004 | $ 16,337 | $ 15,011 | $ 10,332 | $ (14,002) | $ 66,114 | $ 27,678 | $ 25,254 |
Basic (USD per share) | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ 0.20 | $ 0.18 | $ 0.12 | $ (0.20) | $ 0.60 | $ 0.34 | $ 0.58 |
Diluted (USD per share) | $ 0.25 | $ 0.19 | $ (0.08) | $ 0.19 | $ 0.20 | $ 0.19 | $ 0.18 | $ 0.12 | $ (0.20) | $ 0.60 | $ 0.34 | $ 0.58 |
Merger related expense | $ 14,625 | $ 502 | $ 9,068 | $ 17,079 | $ 9,455 | $ 2,772 | ||||||
Other restructuring charges | $ 28,055 | 610 | 9,302 | 40,350 | 11,043 | 0 | ||||||
Defined benefit plan termination charge | $ 0 | 2,743 | $ 13,384 | $ 4,095 | $ 0 | |||||||
Assets Write-down, Retention, and Severance Costs | ||||||||||||
Business Combination, Separately Recognized Transactions [Line Items] | ||||||||||||
Recognized charges | $ 22,167 |