Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
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 | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 224,427,793 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Cash and due from banks | $ 533,984 | $ 479,906 |
Securities: | ||
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Held to maturity, at amortized cost (fair value of $2,746,080 and $2,863,909 at September 30, 2018 and December 31, 2017, respectively) | 2,842,728 | 2,862,489 |
Total securities | 6,685,972 | 6,474,561 |
Loans held for sale | 31,042 | 5,246 |
Portfolio loans | 20,533,214 | 20,008,983 |
Allowance for loan losses | (91,365) | (77,907) |
Portfolio loans, net | 20,441,849 | 19,931,076 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | 351,455 | 284,112 |
Accrued interest receivable | 109,377 | 94,098 |
Premises and equipment, net | 289,794 | 321,722 |
Goodwill | 1,609,772 | 1,579,891 |
Other intangible assets, net | 135,409 | 153,191 |
Bank owned life insurance | 660,279 | 651,638 |
Other real estate owned | 22,735 | 27,095 |
Other assets | 389,597 | 357,005 |
Total assets | 31,261,265 | 30,359,541 |
LIABILITIES: | ||
Deposits | 21,456,057 | 20,538,204 |
FHLB borrowings | 4,429,110 | 4,510,123 |
Repurchase agreements | 22,888 | 30,162 |
Senior Notes | 200,972 | 278,209 |
Subordinated Notes | 172,885 | 172,716 |
Mortgage escrow funds | 96,952 | 122,641 |
Other liabilities | 444,098 | 467,308 |
Total liabilities | 26,822,962 | 26,119,363 |
Commitments and Contingent liabilities (See Note 16. “Commitments and Contingencies”) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at September 30, 2018 and December 31, 2017) | 138,627 | 139,220 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at September 30, 2018 and December 31, 2017; 229,872,925 shares issued at September 30, 2018 and December 31, 2017; 225,446,089 and 224,782,694 shares outstanding at September 30, 2018 and December 31, 2017, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,773,164 | 3,780,908 |
Treasury stock, at cost (4,426,836 shares at September 30, 2018 and 5,090,231 at December 31, 2017) | (51,973) | (58,039) |
Retained earnings | 694,861 | 401,956 |
Accumulated other comprehensive loss, net of tax benefit of $(45,332) at September 30, 2018 and $(17,083) at December 31, 2017 | (118,675) | (26,166) |
Total stockholders’ equity | 4,438,303 | 4,240,178 |
Total liabilities and stockholders’ equity | $ 31,261,265 | $ 30,359,541 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities held to maturity, fair value | $ 2,746,080 | $ 2,863,909 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 135,000 | 135,000 |
Preferred stock, shares outstanding (in shares) | 135,000 | 135,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 310,000,000 | 310,000,000 |
Common stock, shares issued (in shares) | 229,872,925 | 229,872,925 |
Common stock, shares outstanding (in shares) | 225,446,089 | 224,782,694 |
Treasury stock, shares (in shares) | 4,426,836 | 5,090,231 |
Accumulated other comprehensive loss, tax benefit | $ 45,332 | $ 17,083 |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest and dividend income: | ||||
Loans and loan fees | $ 257,211 | $ 119,898 | $ 746,079 | $ 336,308 |
Securities taxable | 29,765 | 15,141 | 85,856 | 40,536 |
Securities non-taxable | 15,244 | 8,542 | 45,959 | 23,951 |
Other earning assets | 6,805 | 2,111 | 17,382 | 5,160 |
Total interest and dividend income | 309,025 | 145,692 | 895,276 | 405,955 |
Interest expense: | ||||
Deposits | 35,974 | 13,392 | 88,645 | 33,805 |
Borrowings | 29,102 | 12,227 | 82,098 | 30,029 |
Total interest expense | 65,076 | 25,619 | 170,743 | 63,834 |
Net interest income | 243,949 | 120,073 | 724,533 | 342,121 |
Provisions for loan losses | 9,500 | 5,000 | 35,500 | 14,000 |
Net interest income after provision for loan losses | 234,449 | 115,073 | 689,033 | 328,121 |
Non-interest income: | ||||
Deposit fees and service charges | 6,333 | 3,309 | 20,319 | 9,893 |
Accounts receivable management / factoring commissions and other fees | 5,595 | 4,764 | 16,292 | 12,670 |
Bank owned life insurance | 3,733 | 1,320 | 11,591 | 4,342 |
Loan commissions and fees | 4,142 | 2,819 | 12,114 | 8,643 |
Investment management fees | 1,943 | 271 | 5,889 | 825 |
Net loss on sale of securities | (56) | (21) | (5,902) | (274) |
Gain on sale of fixed assets | 0 | 1 | 11,800 | 1 |
Other | 2,455 | 1,525 | 8,617 | 4,342 |
Total non-interest income | 24,145 | 13,988 | 80,720 | 40,442 |
Non-interest expense: | ||||
Compensation and benefits | 54,823 | 31,727 | 165,662 | 93,893 |
Stock-based compensation plans | 3,115 | 1,969 | 9,304 | 5,602 |
Occupancy and office operations | 16,558 | 8,583 | 51,956 | 25,550 |
Information technology | 10,699 | 2,512 | 32,412 | 7,402 |
Amortization of intangible assets | 5,865 | 2,166 | 17,782 | 6,582 |
FDIC insurance and regulatory assessments | 6,043 | 2,310 | 16,885 | 6,232 |
Other real estate owned expense, net | 1,497 | 894 | 1,635 | 2,682 |
Merger-related expense | 0 | 4,109 | 0 | 9,002 |
Charge for asset write-downs, retention and severance | 0 | 0 | 13,132 | 603 |
Other | 13,173 | 8,347 | 39,680 | 25,076 |
Total non-interest expense | 111,773 | 62,617 | 348,448 | 182,624 |
Income before income tax expense | 146,821 | 66,444 | 421,305 | 185,939 |
Income tax expense | 27,171 | 21,592 | 88,542 | 59,620 |
Net income | 119,650 | 44,852 | 332,763 | 126,319 |
Preferred stock dividend | 1,993 | 0 | 5,988 | 0 |
Net income available to common stockholders | $ 117,657 | $ 44,852 | $ 326,775 | $ 126,319 |
Weighted average common shares: | ||||
Basic (in shares) | 225,088,511 | 135,346,791 | 224,969,121 | 135,276,634 |
Diluted (in shares) | 225,622,895 | 135,950,160 | 225,504,463 | 135,895,513 |
Earnings per common share: | ||||
Basic (USD per share) | $ 0.52 | $ 0.33 | $ 1.45 | $ 0.93 |
Diluted (USD per share) | $ 0.52 | $ 0.33 | $ 1.45 | $ 0.93 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 119,650 | $ 44,852 | $ 332,763 | $ 126,319 |
Other comprehensive (loss) income, before tax: | ||||
Change in unrealized holding (losses) gains on securities available for sale | (27,083) | 4,209 | (128,496) | 20,374 |
Reclassification adjustment for net realized losses included in net income | 56 | 21 | 5,902 | 274 |
Accretion of net unrealized loss on securities transferred to held to maturity | 225 | 238 | 686 | 726 |
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans | 415 | 10 | 1,150 | 74 |
Total other comprehensive (loss) income, before tax | (26,387) | 4,478 | (120,758) | 21,448 |
Deferred tax benefit (expense) related to other comprehensive (loss) income | 7,293 | (1,769) | 33,378 | (8,472) |
Other comprehensive (loss) income, net of tax | (19,094) | 2,709 | (87,380) | 12,976 |
Comprehensive income | $ 100,556 | $ 47,561 | $ 245,383 | $ 139,295 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common stock | Preferred stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive (loss) income |
Balance (in shares) at Dec. 31, 2016 | 135,257,570 | ||||||
Balance, beginning at Dec. 31, 2016 | $ 1,855,183 | $ 1,411 | $ 1,597,287 | $ (66,188) | $ 349,308 | $ (26,635) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 39,067 | 39,067 | |||||
Other comprehensive income | 2,914 | 2,914 | |||||
Stock option & other stock transactions, net (in shares) | 40,253 | ||||||
Stock option & other stock transactions, net | 493 | 49 | 553 | (109) | |||
Restricted stock awards, net (in shares) | 306,612 | ||||||
Restricted stock awards, net | 392 | (7,043) | 3,589 | 3,846 | |||
Cash dividends declared, common | (9,436) | (9,436) | |||||
Balance (in shares) at Mar. 31, 2017 | 135,604,435 | ||||||
Balance, ending at Mar. 31, 2017 | 1,888,613 | $ 1,411 | 1,590,293 | (62,046) | 382,676 | (23,721) | |
Balance (in shares) at Dec. 31, 2016 | 135,257,570 | ||||||
Balance, beginning at Dec. 31, 2016 | 1,855,183 | $ 1,411 | 1,597,287 | (66,188) | 349,308 | (26,635) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 126,319 | ||||||
Other comprehensive income | 12,976 | ||||||
Balance (in shares) at Sep. 30, 2017 | 135,807,544 | ||||||
Balance, ending at Sep. 30, 2017 | 1,971,480 | $ 1,411 | $ 0 | 1,590,752 | (59,674) | 452,650 | (13,659) |
Balance (in shares) at Dec. 31, 2016 | 135,257,570 | ||||||
Balance, beginning at Dec. 31, 2016 | 1,855,183 | $ 1,411 | 1,597,287 | (66,188) | 349,308 | (26,635) | |
Balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Balance, ending at Dec. 31, 2017 | 4,240,178 | $ 2,299 | 139,220 | 3,780,908 | (58,039) | 401,956 | (26,166) |
Balance (in shares) at Mar. 31, 2017 | 135,604,435 | ||||||
Balance, beginning at Mar. 31, 2017 | 1,888,613 | $ 1,411 | 1,590,293 | (62,046) | 382,676 | (23,721) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 42,400 | 42,400 | |||||
Other comprehensive income | 7,353 | 7,353 | |||||
Stock option & other stock transactions, net (in shares) | 71,395 | ||||||
Stock option & other stock transactions, net | 731 | 49 | 980 | (298) | |||
Restricted stock awards, net (in shares) | (17,604) | ||||||
Restricted stock awards, net | 1,740 | 1,957 | (510) | 293 | |||
Cash dividends declared, common | (9,454) | (9,454) | |||||
Balance (in shares) at Jun. 30, 2017 | 135,658,226 | ||||||
Balance, ending at Jun. 30, 2017 | 1,931,383 | $ 1,411 | 0 | 1,592,299 | (61,576) | 415,617 | (16,368) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 44,852 | 44,852 | |||||
Other comprehensive income | 2,709 | 2,709 | |||||
Stock option & other stock transactions, net (in shares) | 6,950 | ||||||
Stock option & other stock transactions, net | 113 | 48 | 94 | (29) | |||
Restricted stock awards, net (in shares) | 142,368 | ||||||
Restricted stock awards, net | 1,880 | (1,595) | 1,808 | 1,667 | |||
Cash dividends declared, common | (9,457) | (9,457) | |||||
Balance (in shares) at Sep. 30, 2017 | 135,807,544 | ||||||
Balance, ending at Sep. 30, 2017 | 1,971,480 | $ 1,411 | 0 | 1,590,752 | (59,674) | 452,650 | (13,659) |
Balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Balance, beginning at Dec. 31, 2017 | 4,240,178 | $ 2,299 | 139,220 | 3,780,908 | (58,039) | 401,956 | (26,166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 98,872 | 98,872 | |||||
Other comprehensive income | (47,749) | (47,749) | |||||
Stock option & other stock transactions, net (in shares) | 28,794 | ||||||
Stock option & other stock transactions, net | 331 | 2 | 375 | (46) | |||
Restricted stock awards, net (in shares) | 654,778 | ||||||
Restricted stock awards, net | 10 | (14,630) | 6,562 | 8,078 | |||
Cash dividends declared, common | (15,693) | (15,693) | |||||
Cash dividends declared, preferred | (2,194) | (195) | (1,999) | ||||
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | 5,129 | (5,129) | |||||
Balance (in shares) at Mar. 31, 2018 | 225,466,266 | ||||||
Balance, ending at Mar. 31, 2018 | 4,273,755 | $ 2,299 | 139,025 | 3,766,280 | (51,102) | 496,297 | (79,044) |
Balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Balance, beginning at Dec. 31, 2017 | 4,240,178 | $ 2,299 | 139,220 | 3,780,908 | (58,039) | 401,956 | (26,166) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 332,763 | ||||||
Other comprehensive income | (87,380) | ||||||
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | (5,129) | 5,129 | (5,129) | ||||
Balance (in shares) at Sep. 30, 2018 | 225,446,089 | ||||||
Balance, ending at Sep. 30, 2018 | 4,438,303 | $ 2,299 | 138,627 | 3,773,164 | (51,973) | 694,861 | (118,675) |
Balance (in shares) at Mar. 31, 2018 | 225,466,266 | ||||||
Balance, beginning at Mar. 31, 2018 | 4,273,755 | $ 2,299 | 139,025 | 3,766,280 | (51,102) | 496,297 | (79,044) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 114,241 | 114,241 | |||||
Other comprehensive income | (20,537) | (20,537) | |||||
Stock option & other stock transactions, net (in shares) | 7,500 | ||||||
Stock option & other stock transactions, net | 75 | 2 | 91 | (18) | |||
Restricted stock awards, net (in shares) | (3,512) | ||||||
Restricted stock awards, net | 3,133 | 3,223 | (258) | 168 | |||
Cash dividends declared, common | (15,739) | (15,739) | |||||
Cash dividends declared, preferred | (2,193) | (197) | (1,996) | ||||
Balance (in shares) at Jun. 30, 2018 | 225,470,254 | ||||||
Balance, ending at Jun. 30, 2018 | 4,352,735 | $ 2,299 | 138,828 | 3,769,505 | (51,269) | 592,953 | (99,581) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 119,650 | 119,650 | |||||
Other comprehensive income | (19,094) | (19,094) | |||||
Stock option & other stock transactions, net (in shares) | 13,500 | ||||||
Stock option & other stock transactions, net | 156 | 2 | 164 | (10) | |||
Restricted stock awards, net (in shares) | (37,665) | ||||||
Restricted stock awards, net | 2,789 | 3,657 | (868) | 0 | |||
Cash dividends declared, common | (15,739) | (15,739) | |||||
Cash dividends declared, preferred | (2,194) | (201) | (1,993) | ||||
Balance (in shares) at Sep. 30, 2018 | 225,446,089 | ||||||
Balance, ending at Sep. 30, 2018 | $ 4,438,303 | $ 2,299 | $ 138,627 | $ 3,773,164 | $ (51,973) | $ 694,861 | $ (118,675) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends paid, common (usd per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Cash dividends paid, preferred (usd per share) | $ 16.25 | $ 16.25 | $ 16.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 332,763 | $ 126,319 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provisions for loan losses | 35,500 | 14,000 |
Net (gain) loss from write-downs and sales of other real estate owned | (796) | 1,647 |
Depreciation of premises and equipment | 15,214 | 6,639 |
Asset write-downs, retention and severance compensation and other restructuring charges | 13,132 | 603 |
Amortization of intangible assets | 17,782 | 6,582 |
Amortization of low income housing tax credits | 3,732 | 414 |
Net loss on sale of securities | 5,902 | 274 |
Net gain on loans held for sale | (25) | (952) |
Net gain on sale of premises and equipment | (11,800) | (1) |
Net amortization of premiums on securities | 29,759 | 16,635 |
Amortization of premium on certificates of deposit | (4,850) | 0 |
Net accretion of purchase discount and amortization of net deferred loan costs | (85,129) | (10,515) |
Net accretion of debt issuance costs and amortization of premium on borrowings | (1,081) | 410 |
Restricted stock compensation expense | 9,299 | 5,456 |
Stock option compensation expense | 5 | 146 |
Originations of loans held for sale | (52,919) | (5,159) |
Proceeds from sales of loans held for sale | 27,148 | 48,000 |
Increase in cash surrender value of bank owned life insurance | (11,591) | (4,442) |
Deferred income tax expense (benefit) | 45,589 | (1,933) |
Other adjustments (principally net changes in other assets and other liabilities) | (79,631) | (16,760) |
Net cash provided by operating activities | 288,003 | 187,363 |
Purchases of securities: | ||
Available for sale | (753,638) | (1,017,426) |
Held to maturity | (140,976) | (619,649) |
Proceeds from maturities, calls and other principal payments on securities: | ||
Available for sale | 271,558 | 164,598 |
Held to maturity | 135,327 | 64,158 |
Proceeds from sales of securities available for sale | 117,810 | 15,247 |
Proceeds from sales of securities held to maturity | 254 | 0 |
Portfolio loan originations, net | 10,619 | (900,269) |
Portfolio loans purchased | (37,668) | (94,912) |
Proceeds from sale of loans held for investment | 0 | 28,990 |
Purchases of FHLB and FRB stock, net | (67,343) | (56,178) |
Proceeds from sales of other real estate owned | 16,786 | 5,182 |
Purchases of premises and equipment | (16,369) | (5,699) |
Proceeds from bank owned life insurance | 2,950 | 50 |
Proceeds from sale of premises and equipment | 35,261 | 0 |
Purchases of low income housing tax credits | (3,655) | (8,260) |
Cash paid for acquisition, net | (484,385) | 0 |
Net cash (used in) investing activities | (913,469) | (2,424,168) |
Cash flows from financing activities: | ||
Net increase in transaction, savings and money market deposits | 786,541 | 992,573 |
Net increase (decrease) in certificates of deposit | 136,162 | (17,394) |
Net (decrease) increase in short-term FHLB borrowings | (555,000) | 200,000 |
Advances of term FHLB borrowings | 2,975,000 | 1,975,000 |
Repayments of term FHLB borrowings | (2,500,000) | (950,000) |
Repayment of Senior Notes | (77,000) | 0 |
Net (decrease) increase in other borrowings | (7,274) | 171,761 |
Net (decrease) increase in mortgage escrow funds | (25,689) | 5,576 |
Proceeds from stock option exercises | 556 | 1,193 |
Cash dividends paid - common stock | (47,171) | (28,347) |
Cash dividends paid - preferred stock | (6,581) | 0 |
Net cash provided by financing activities | 679,544 | 2,350,362 |
Net decrease in cash and cash equivalents | 54,078 | 113,557 |
Cash and cash equivalents at beginning of period | 479,906 | 293,646 |
Cash and cash equivalents at end of period | 533,984 | 407,203 |
Supplemental cash flow information: | ||
Interest payments | 165,306 | 57,357 |
Income tax payments | 23,445 | 67,625 |
Real estate acquired in settlement of loans | 11,630 | 4,907 |
Loans transferred from held for investment to held for sale | 0 | 28,990 |
Non-cash assets acquired: | ||
Total loans, net | 442,884 | 0 |
Goodwill | 36,094 | 0 |
Premises and equipment, net | 379 | 0 |
Other assets | 7,071 | 0 |
Total non-cash assets acquired | 486,428 | 0 |
Liabilities assumed: | ||
Other liabilities | 4,884 | 0 |
Total liabilities assumed | 4,884 | 0 |
Net non-cash assets acquired | 481,544 | 0 |
Cash and cash equivalents received in acquisitions | 20,508 | 0 |
Total consideration paid | $ 502,052 | $ 0 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation (a) Nature of Operations Sterling Bancorp (the “Company”) is a Delaware corporation, a bank holding company and a financial holding company headquartered in Montebello, New York that owns all of the outstanding shares of common stock of Sterling National Bank (the “Bank”), its principal subsidiary. The Bank is a full-service regional bank specializing in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. (b) Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2017 , included in our Annual Report on Form 10-K, as filed with the SEC on March 1, 2018 (the “2017 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income. (c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the allowance for loan losses and the status of contingencies, and are subject to change. (d) Adoption of New Accounting Standards The Company adopted the following new accounting standards effective January 1, 2018: Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (the “New Revenue Standard”), (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of non-financial assets, such as other real estate owned (“OREO”). The Company adopted the New Revenue Standard using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the New Revenue Standard, while prior period amounts continue to be reported in accordance with legacy GAAP. The adoption of the New Revenue Standard did not result in a significant change to the accounting for any in-scope revenue streams. As such, no cumulative effect adjustment was recorded. The majority of the Company’s revenues come from interest income and other sources, including loans and securities, that are outside the scope of the New Revenue Standard. The Company’s services that fall within the scope of the New Revenue Standard are primarily included within non-interest income in the consolidated income statements and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of the New Revenue Standard include deposit fees and services charges, accounts receivable management / factoring commissions and other fees, investment management fees and the sale of OREO, which is included within OREO, net expense. See Note 13. “Non-Interest Income and Other Non-Interest Expense” for further discussion on the Company’s accounting policies for revenue sources within the scope of the New Revenue Standard. Accounting Standards Update (“ASU”) No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition of Financial Assets and Financial Liabilities (the “New Fair Value Standard”) , makes targeted amendments to the guidance for recognition, measurement, presentation and disclosure of financial instruments. The New Fair Value Standard requires equity investments to be measured at fair value with changes in fair value recognized in net income; however, the Company owned no assets subject to this portion of the New Fair Value Standard. The New Fair Value Standard also emphasizes the existing requirement to use exit prices to measure fair value for disclosure purposes and clarifies that entities should not make use of a practicability exception in determining the fair value of loans. As a result of the adoption of the New Fair Value Standard, the Company modified its calculation used to estimate the fair value of portfolio loans. See Note 17. “Fair Value Measurements” for further discussion of the Company’s methodology. The New Fair Value Standard had no impact to the consolidated balance sheets or income statements. ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the “New Retirement Standard”), requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are presented as a component of other non-interest expense. The adoption of this standard resulted in the reclassification of $328 from compensation and benefits to other non-interest expense for the nine months ended September 30, 2017 . ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (the “AOCI Standard”), allows a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for the stranded tax effects caused by the revaluation of estimated deferred taxes resulting from the enactment of the Tax Cuts and Jobs Act of 2017. As a result of the adoption of the AOCI Standard the Company reduced AOCI and increased retained earnings by $5,129 in the nine months ended September 30, 2018 related to unrealized losses on securities available for sale, securities transferred to held to maturity and a net actuarial loss on defined benefit retirement plans. As a result of the adoption of the AOCI standard, the Company will release such income tax effects only when the entire portfolio to which the underlying items are liquidated, sold or extinguished. The adoption of the AOCI Standard did not impact total stockholders’ equity or the consolidated income statements for any period. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Advantage Funding Management Co., Inc. (“Advantage Funding”) On April 2, 2018 , the Bank acquired 100% of the outstanding common stock of Advantage Funding (the “Advantage Funding Acquisition”). The total consideration in the transaction was $502,052 and was paid in cash on the closing date. Advantage Funding is a provider of commercial vehicle and transportation financing services based in Lake Success, NY. Advantage Funding had total outstanding loans and leases of $457,638 on the acquisition date consisting mainly of fixed rate assets. The fair value of these loans was $442,844 . The Bank paid a premium on the gross loans and leases receivable of 4.5% or $20,300 . In the nine months ended September 30, 2018 , we recorded a $4,396 restructuring charge consisting mainly of professional fees, retention and severance compensation, systems integration expense and facilities consolidation. This charge is included in charge for asset write-downs, retention and severance on the consolidated income statement. The Advantage Funding Acquisition is consistent with our strategy of growing commercial loans and increasing the proportion of commercial loans in our loan portfolio. The operations of the business will be fully integrated into our equipment finance business line. Astoria Merger On October 2, 2017 , Astoria Financial Corporation (“Astoria”) merged with and into the Company (the “Astoria Merger”). Under the terms of the Astoria Merger agreement, Astoria shareholders received 0.875 shares of the Company’s common stock for each share of Astoria common stock, which resulted in the issuance of 88,829,776 shares of the Company’s common stock. Based on the Company’s closing stock price per share of $24.65 on September 29, 2017, the aggregate consideration was $2,189,687 , which included cash in lieu of fractional shares. Consistent with the Company’s strategy, the primary reason for the Astoria Merger was the expansion of the Company’s geographic footprint in the Greater New York metropolitan region, including Long Island. 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 2, 2017 based on management’s best estimate using the information available as of the Astoria Merger date. The Astoria Merger resulted in the recognition of loans of $9,209,398 , deposits of $9,044,061 and goodwill of $883,291 . Accounting guidance identifies the measurement period for the Astoria Merger as the period that is required to identify and measure the fair value of the identifiable assets acquired and the liabilities assumed. The measurement period ends when the Company has all of the information that the Company arranged to obtain and that is known to be obtainable. The measurement period ended October 2, 2018. During the third quarter of 2018 the Company completed the final tax returns related to Astoria’s business and operations through October 1, 2017. After completion of these tax returns, the Company reduced income tax balances and goodwill by $6,214 , which finalized all purchase accounting adjustments for the Astoria Merger. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of securities as of September 30, 2018 and December 31, 2017 is presented below. The term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 17. “Fair Value Measurements”. September 30, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,303,793 $ 2 $ (96,604 ) $ 2,207,191 $ 326,950 $ 33 $ (13,656 ) $ 313,327 CMOs/Other MBS 603,692 2 (27,642 ) 576,052 29,015 — (1,328 ) 27,687 Total residential MBS 2,907,485 4 (124,246 ) 2,783,243 355,965 33 (14,984 ) 341,014 Other securities: Federal agencies 338,764 — (21,031 ) 317,733 58,960 — (440 ) 58,520 Corporate 512,221 408 (9,303 ) 503,326 68,563 391 (1,045 ) 67,909 State and municipal 244,267 135 (5,460 ) 238,942 2,340,990 1,350 (81,727 ) 2,260,613 Other — — — — 18,250 29 (255 ) 18,024 Total other securities 1,095,252 543 (35,794 ) 1,060,001 2,486,763 1,770 (83,467 ) 2,405,066 Total securities $ 4,002,737 $ 547 $ (160,040 ) $ 3,843,244 $ 2,842,728 $ 1,803 $ (98,451 ) $ 2,746,080 December 31, 2017 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,171,044 $ 1,570 $ (21,965 ) $ 2,150,649 $ 355,013 $ 978 $ (2,504 ) $ 353,487 CMOs/Other MBS 656,514 31 (7,142 ) 649,403 33,496 26 (760 ) 32,762 Total residential MBS 2,827,558 1,601 (29,107 ) 2,800,052 388,509 1,004 (3,264 ) 386,249 Other securities: Federal agencies 409,322 — (9,326 ) 399,996 58,640 949 — 59,589 Corporate 147,781 1,421 (976 ) 148,226 56,663 1,255 (103 ) 57,815 State and municipal 264,310 1,380 (1,892 ) 263,798 2,342,927 12,396 (10,900 ) 2,344,423 Other — — — — 15,750 83 — 15,833 Total other securities 821,413 2,801 (12,194 ) 812,020 2,473,980 14,683 (11,003 ) 2,477,660 Total securities $ 3,648,971 $ 4,402 $ (41,301 ) $ 3,612,072 $ 2,862,489 $ 15,687 $ (14,267 ) $ 2,863,909 The amortized cost and estimated fair value of securities at September 30, 2018 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 MBS are shown separately since they are not due at a single maturity date. September 30, 2018 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Remaining period to contractual maturity: One year or less $ 22,244 $ 22,260 $ 92,954 $ 92,982 One to five years 207,237 204,204 115,470 114,545 Five to ten years 759,223 732,965 476,895 467,936 Greater than ten years 106,548 100,572 1,801,444 1,729,603 Total securities with a stated maturity date 1,095,252 1,060,001 2,486,763 2,405,066 Residential MBS 2,907,485 2,783,243 355,965 341,014 Total securities $ 4,002,737 $ 3,843,244 $ 2,842,728 $ 2,746,080 Sales of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Available for sale: Proceeds from sales $ — $ 5,015 $ 117,810 $ 15,247 Gross realized gains (1) — 1 82 7 Gross realized losses (1) (3 ) (22 ) (5,910 ) (281 ) Income tax benefit on realized net losses (1 ) (7 ) (1,224 ) (89 ) Held to maturity: (2) Proceeds from sale $ — $ — $ 254 $ — Gross realized loss (1) (53 ) — (74 ) — Income tax expense on realized loss (11 ) — (15 ) — (1) Gross realized gains and losses includes securities called prior to maturity. (2) In the nine months ended September 30, 2018 , the Company sold a security that was held to maturity due to a decline in the credit rating and other evidence of deterioration of the issuer’s creditworthiness. At September 30, 2018 and December 31, 2017 , there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than the U.S. federal government and its agencies. The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position for the periods presented below: 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 September 30, 2018 Residential MBS: Agency-backed $ 1,110,789 $ (38,095 ) $ 1,095,722 $ (58,509 ) $ 2,206,511 $ (96,604 ) CMOs/Other MBS 543,311 (26,005 ) 32,546 (1,637 ) 575,857 (27,642 ) Total residential MBS 1,654,100 (64,100 ) 1,128,268 (60,146 ) 2,782,368 (124,246 ) Other securities: Federal agencies 204,358 (11,154 ) 113,375 (9,877 ) 317,733 (21,031 ) Corporate 355,696 (6,520 ) 55,695 (2,783 ) 411,391 (9,303 ) State and municipal 144,619 (2,703 ) 77,621 (2,757 ) 222,240 (5,460 ) Total other securities 704,673 (20,377 ) 246,691 (15,417 ) 951,364 (35,794 ) Total securities $ 2,358,773 $ (84,477 ) $ 1,374,959 $ (75,563 ) $ 3,733,732 $ (160,040 ) December 31, 2017 Residential MBS: Agency-backed $ 1,349,217 $ (10,550 ) $ 486,948 $ (11,415 ) $ 1,836,165 $ (21,965 ) CMOs/Other MBS 605,200 (6,064 ) 36,107 (1,078 ) 641,307 (7,142 ) Total residential MBS 1,954,417 (16,614 ) 523,055 (12,493 ) 2,477,472 (29,107 ) Other securities: Federal agencies 243,476 (1,955 ) 156,520 (7,371 ) 399,996 (9,326 ) Corporate 65,056 (397 ) 15,268 (579 ) 80,324 (976 ) State and municipal 97,307 (757 ) 56,324 (1,135 ) 153,631 (1,892 ) Total other securities 405,839 (3,109 ) 228,112 (9,085 ) 633,951 (12,194 ) Total securities $ 2,360,256 $ (19,723 ) $ 751,167 $ (21,578 ) $ 3,111,423 $ (41,301 ) The following table summarizes securities held to maturity with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair value Unrecognized losses Fair value Unrecognized losses Fair value Unrecognized losses Held to maturity September 30, 2018 Residential MBS: Agency-backed $ 200,871 $ (7,022 ) $ 110,986 $ (6,634 ) $ 311,857 $ (13,656 ) CMOs/Other MBS 3,333 (69 ) 24,354 (1,259 ) 27,687 (1,328 ) Total residential MBS 204,204 (7,091 ) 135,340 (7,893 ) 339,544 (14,984 ) Other securities: Federal agencies 58,520 (440 ) — — 58,520 (440 ) Corporate 47,519 (1,045 ) — — 47,519 (1,045 ) State and municipal 1,482,745 (51,225 ) 637,296 (30,502 ) 2,120,041 (81,727 ) Other 10,745 (255 ) — — 10,745 (255 ) Total other securities 1,599,529 (52,965 ) 637,296 (30,502 ) 2,236,825 (83,467 ) Total securities $ 1,803,733 $ (60,056 ) $ 772,636 $ (38,395 ) $ 2,576,369 $ (98,451 ) December 31, 2017 Residential MBS: Agency-backed $ 136,679 $ (572 ) $ 74,303 $ (1,932 ) $ 210,982 $ (2,504 ) CMOs/Other MBS 10,314 (129 ) 20,160 (631 ) 30,474 (760 ) Total residential MBS 146,993 (701 ) 94,463 (2,563 ) 241,456 (3,264 ) Other securities: Corporate 16,560 (103 ) — — 16,560 (103 ) State and municipal 860,536 (5,310 ) 393,200 (5,590 ) 1,253,736 (10,900 ) Total other securities 877,096 (5,413 ) 393,200 (5,590 ) 1,270,296 (11,003 ) Total securities $ 1,024,089 $ (6,114 ) $ 487,663 $ (8,153 ) $ 1,511,752 $ (14,267 ) At September 30, 2018 , a total of 372 available for sale securities were in a continuous unrealized loss position for less than 12 months and 237 available for sale securities were in a continuous unrealized loss position for 12 months or longer. At September 30, 2018 , a total of 575 held to maturity securities were in a continuous unrealized loss position for less than 12 months and 206 held to maturity securities were in a continuous 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 other than temporary impairment (“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 anticipates it will receive full value for the securities. Furthermore, as of September 30, 2018 , management did 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. Management does not believe any of the securities are impaired due to reasons related to credit quality. As of September 30, 2018 , management believes the impairments detailed in the table above are temporary. Securities pledged for borrowings at the FHLB and other institutions, and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below: September 30, December 31, 2018 2017 Available for sale securities pledged for borrowings, at fair value $ 19,743 $ 10,225 Available for sale securities pledged for municipal deposits, at fair value 651,439 323,341 Held to maturity securities pledged for borrowings, at amortized cost 39,443 35,047 Held to maturity securities pledged for municipal deposits, at amortized cost 1,686,889 1,182,674 Total securities pledged $ 2,397,514 $ 1,551,287 |
Portfolio Loans
Portfolio Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of the Company’s loan portfolio, excluding loans held for sale, was the following for the periods presented below: September 30, December 31, 2018 2017 Commercial: Commercial and industrial (“C&I”): Traditional C&I $ 2,037,556 $ 1,979,448 Asset-based lending 868,047 797,570 Payroll finance 235,734 268,609 Warehouse lending 864,063 723,335 Factored receivables 270,002 220,551 Equipment financing 1,161,435 679,541 Public sector finance 807,193 637,767 Total C&I 6,244,030 5,306,821 Commercial mortgage: Commercial real estate 4,457,485 4,138,864 Multi-family 4,827,172 4,859,555 Acquisition, development & construction (“ADC”) 265,676 282,792 Total commercial mortgage 9,550,333 9,281,211 Total commercial 15,794,363 14,588,032 Residential mortgage 4,421,520 5,054,732 Consumer 317,331 366,219 Total portfolio loans 20,533,214 20,008,983 Allowance for loan losses (91,365 ) (77,907 ) Total portfolio loans, net $ 20,441,849 $ 19,931,076 Total portfolio loans include net deferred loan origination fees of $5,892 and $4,813 at September 30, 2018 and December 31, 2017 , respectively. At September 30, 2018 and December 31, 2017 , the Company pledged residential mortgage and commercial real estate loans of $8,548,416 and $9,123,601 , respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 8. “Borrowings”. The following tables set forth the amounts and status of the Company’s loans, troubled debt restructurings (“TDRs”) and non-performing loans at September 30, 2018 and December 31, 2017 : September 30, 2018 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,987,436 $ 5,634 $ 479 $ 2,546 $ 41,461 $ 2,037,556 Asset-based lending 860,329 — — — 7,718 868,047 Payroll finance 234,749 — 756 — 229 235,734 Warehouse lending 864,063 — — — — 864,063 Factored receivables 270,002 — — — — 270,002 Equipment financing 1,135,922 11,835 3,714 — 9,964 1,161,435 Public sector finance 807,193 — — — — 807,193 Commercial real estate 4,422,756 329 2,856 4,400 27,144 4,457,485 Multi-family 4,822,883 19 569 — 3,701 4,827,172 ADC 265,676 — — — — 265,676 Residential mortgage 4,330,083 12,217 6,116 266 72,838 4,421,520 Consumer 296,816 4,213 1,347 134 14,821 317,331 Total portfolio loans $ 20,297,908 $ 34,247 $ 15,837 $ 7,346 $ 177,876 $ 20,533,214 Total TDRs included above $ 39,393 $ 57 $ 367 $ 418 $ 37,112 $ 77,347 Non-performing loans: Loans 90+ days past due and still accruing $ 7,346 Non-accrual loans 177,876 Total non-performing loans $ 185,222 . December 31, 2017 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,940,387 $ 1,232 $ 187 $ — $ 37,642 $ 1,979,448 Asset-based lending 797,570 — — — — 797,570 Payroll finance 268,609 — — — — 268,609 Warehouse lending 723,335 — — — — 723,335 Factored receivables 220,551 — — — — 220,551 Equipment financing 667,083 1,143 3,216 — 8,099 679,541 Public sector finance 637,767 — — — — 637,767 Commercial real estate 4,104,173 8,403 4,131 437 21,720 4,138,864 Multi-family 4,853,677 595 834 — 4,449 4,859,555 ADC 278,587 — — — 4,205 282,792 Residential mortgage 4,925,996 22,416 6,038 324 99,958 5,054,732 Consumer 350,502 4,364 974 95 10,284 366,219 Total portfolio loans $ 19,768,237 $ 38,153 $ 15,380 $ 856 $ 186,357 $ 20,008,983 Total TDRs included above $ 13,175 $ 389 $ — $ — $ 29,325 $ 42,889 Non-performing loans: Loans 90+ days past due and still accruing $ 856 Non-accrual loans 186,357 Total non-performing loans $ 187,213 The following table provides additional analysis of the Company’s non-accrual loans at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Traditional C&I $ 41,461 $ 49,199 $ 37,642 $ 37,853 Asset-based lending 7,718 7,718 — — Payroll finance 229 229 — — Equipment financing 9,964 13,203 8,099 8,099 Commercial real estate 27,144 32,214 21,720 25,739 Multi-family 3,701 3,959 4,449 4,705 ADC — — 4,205 4,205 Residential mortgage 72,838 84,315 99,958 113,002 Consumer 14,821 16,966 10,284 12,096 Total $ 177,876 $ 207,803 $ 186,357 $ 205,699 There were no non-accrual ADC, warehouse lending, factored receivables or public sector finance loans at September 30, 2018 . There were no non-accrual asset-based lending, payroll finance, warehouse lending, factored receivables or public sector finance loans at December 31, 2017 . 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 September 30, 2018 and December 31, 2017 , the recorded investment of residential mortgage loans that were in the process of foreclosure was $52,087 and $76,712 , respectively, which is 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 September 30, 2018 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans (1) Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 40,909 $ 1,987,707 $ 8,940 $ 2,037,556 $ — $ 14,716 $ 14,716 Asset-based lending 18,573 849,474 — 868,047 — 6,828 6,828 Payroll finance — 235,734 — 235,734 — 2,183 2,183 Warehouse lending — 864,063 — 864,063 — 2,685 2,685 Factored receivables — 270,002 — 270,002 — 1,508 1,508 Equipment financing 2,394 1,159,041 — 1,161,435 — 11,153 11,153 Public sector finance — 807,193 — 807,193 — 1,444 1,444 Commercial real estate 37,739 4,390,799 28,947 4,457,485 — 31,468 31,468 Multi-family 1,688 4,814,697 10,787 4,827,172 — 7,682 7,682 ADC — 265,676 — 265,676 — 1,876 1,876 Residential mortgage 2,332 4,322,621 96,567 4,421,520 — 6,800 6,800 Consumer 8,050 300,518 8,763 317,331 — 3,022 3,022 Total portfolio loans $ 111,685 $ 20,267,525 $ 154,004 $ 20,533,214 $ — $ 91,365 $ 91,365 (1) The Company acquired loans for which there was, at acquisition, both evidence of deterioration of credit quality since origination and the probability, at acquisition, that all contractually required payments would not be collected. These loans are classified as purchased credit impaired loans (“PCI loans”). The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2017 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 35,921 $ 1,933,155 $ 10,372 $ 1,979,448 $ — $ 19,072 $ 19,072 Asset-based lending — 797,570 — 797,570 — 6,625 6,625 Payroll finance — 268,609 — 268,609 — 1,565 1,565 Warehouse lending — 723,335 — 723,335 — 3,705 3,705 Factored receivables — 220,551 — 220,551 — 1,395 1,395 Equipment financing 5,341 674,200 — 679,541 — 4,862 4,862 Public sector finance — 637,767 — 637,767 — 1,797 1,797 Commercial real estate 9,663 4,090,143 39,058 4,138,864 — 24,945 24,945 Multi-family 1,597 4,842,898 15,060 4,859,555 — 3,261 3,261 ADC 5,208 277,322 262 282,792 — 1,680 1,680 Residential mortgage — 4,903,218 151,514 5,054,732 — 5,819 5,819 Consumer 3,132 352,741 10,346 366,219 — 3,181 3,181 Total portfolio loans $ 60,862 $ 19,721,509 $ 226,612 $ 20,008,983 $ — $ 77,907 $ 77,907 Management considers a loan to be impaired when, based on current information and events, it is determined that the Company will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Evaluation of impairment is generally treated the same across all classes of loans on a loan-by-loan basis. Generally loans of $750 or less are evaluated for impairment on a homogeneous pool basis. When management identifies a loan as impaired, the impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, except when the sole remaining source of repayment of the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs when foreclosure or liquidation is probable, instead of discounted cash flows. If management determines that the value of the impaired loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is generally recognized through a charge-off to the allowance for loan losses. The following table presents the changes in the balance of the accretable yield discount for PCI loans for the three and nine months ended September 30, 2018 and 2017 : For the three months ended September 30, For the nine months ended September 30, 2018 2017 2018 2017 Balance at beginning of period $ 21,711 $ 10,877 $ 45,582 $ 11,117 Accretion of income (4,027 ) (2,412 ) (10,578 ) (4,612 ) Reclassification (to) from non-accretable difference 1,056 1,412 (1,192 ) 3,372 Other, adjustments — — (15,072 ) — Balance at end of period $ 18,740 $ 9,877 $ 18,740 $ 9,877 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 balance of PCI loans that were treated under the cost recovery method was $5,363 and $7,992 at September 30, 2018 and December 31, 2017 , respectively. The following table presents loans individually evaluated for impairment, excluding PCI loans, by segment of loans at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 54,756 $ 40,909 $ 36,408 $ 35,921 Asset-based lending 18,573 18,573 — — Equipment financing 2,394 2,394 5,341 5,341 Commercial real estate 45,150 37,739 10,128 9,663 Multi-family 2,352 1,688 1,597 1,597 ADC — — 5,474 5,208 Residential mortgage 2,552 2,332 — — Consumer 8,050 8,050 3,132 3,132 Total $ 133,827 $ 111,685 $ 62,080 $ 60,862 At September 30, 2018 and December 31, 2017 , there were no payroll finance, warehouse lending, factored receivables or public sector finance loans that were individually evaluated for impairment. The Company’s policy generally requires a charge-off of the difference between the present value of the cash flows or the net collateral value of the collateral securing the loan and the Company’s recorded investment. As a result, there were no impaired loans with an allowance recorded at September 30, 2018 or December 31, 2017 . The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three months ended September 30, 2018 and September 30, 2017 : For the three months ended September 30, 2018 September 30, 2017 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 36,731 $ 116 $ — $ 24,653 $ 8 $ — Asset-based lending 14,639 123 — — — — Equipment financing 798 — — 5,469 — — Commercial real estate 27,149 294 — 13,258 95 — Multi-family 1,768 17 — — — — ADC — — — 5,611 48 — Residential mortgage 1,849 — — 1,060 — — Consumer 4,762 — — 2,356 — — Total $ 87,696 $ 550 $ — $ 52,407 $ 151 $ — For the three months ended September 30, 2018 and 2017 , there were no payroll finance, warehouse lending, factored receivables or public sector finance loans that were impaired, and there was no cash-basis interest income recognized. The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the nine months ended September 30, 2018 and 2017 : For the nine months ended September 30, 2018 September 30, 2017 YTD average recorded investment Interest income recognized Cash-basis interest income recognized YTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 35,935 $ 149 $ — $ 24,747 $ 22 $ — Asset-based lending 10,980 347 — — — — Equipment financing 598 — — 3,429 — — Commercial real estate 22,704 360 — 10,410 271 — Multi-family 1,726 48 — — — — ADC — — — 5,562 154 — Residential mortgage 1,387 — — 787 — — Consumer 4,355 — — 1,927 — — Total $ 77,685 $ 904 $ — $ 46,862 $ 447 $ — For the nine months ended September 30, 2018 and 2017 , there were no payroll finance, warehouse lending, factored receivables or public sector finance loans that were impaired, and there was no cash-basis interest income recognized. Troubled Debt Restructuring (“TDRs”) The following tables set forth the amounts and past due status of the Company’s TDRs at September 30, 2018 and December 31, 2017 : September 30, 2018 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 449 $ — $ — $ 418 $ 25,351 $ 26,218 Asset-based lending 10,855 — — — — 10,855 Equipment financing 3,340 — — — 1,181 4,521 Commercial real estate 16,091 — — — 2,935 19,026 ADC 434 — — — — 434 Residential mortgage 5,685 — 367 — 2,473 8,525 Consumer 2,539 57 — — 5,172 7,768 Total $ 39,393 $ 57 $ 367 $ 418 $ 37,112 $ 77,347 December 31, 2017 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 565 $ — $ — $ — $ 21,083 $ 21,648 Equipment financing 898 — — — 826 1,724 Commercial real estate 2,921 — — — 115 3,036 ADC 1,495 — — — 4,205 5,700 Residential mortgage 5,154 336 — — 2,810 8,300 Consumer 2,142 53 — — 286 2,481 Total $ 13,175 $ 389 $ — $ — $ 29,325 $ 42,889 There were no payroll finance, warehouse lending, factored receivables, public sector finance or multi-family loans that were TDRs for either period presented above and there were no asset-based lending loans that were TDRs at December 31, 2017. The Company did not have any outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of September 30, 2018 or December 31, 2017 . There were 20 loans modified as a TDR in the nine months ended September 30, 2018 . The following table presents loans by segment modified as TDRs that occurred during the first nine months of 2018 and 2017 : September 30, 2018 September 30, 2017 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Traditional C&I 2 $ 11,606 $ 10,477 1 $ 23,188 $ 23,188 Asset-based lending 1 12,766 12,766 — — — Equipment financing 4 3,307 3,307 2 3,088 3,088 Commercial real estate 1 12,187 12,187 2 1,724 1,724 ADC — — — 1 797 797 Residential mortgage 11 1,684 1,367 2 552 551 Consumer 1 4,944 4,944 — — — Total TDRs 20 $ 46,494 $ 45,048 8 $ 29,349 $ 29,348 There were no payroll finance, warehouse lending, factored receivables, public sector finance, or multi-family loans modified as TDRs during the first nine months of 2018 or 2017. During the nine months ended September 30, 2018 or 2017 , except for certain TDRs that are included in non-accrual loans, there were no TDRs that experienced a payment default within the twelve months following the modification. A payment default is defined as missing three consecutive monthly payments or being over 90 days past due on a scheduled payment. The asset-based lending loan that was designated as a TDR in 2018 is a borrowing base facility in which the advance rate is determined by the estimated value of loans to third parties used to finance the acquisition of taxi medallions, which are collateral for the facility. This loan has never been delinquent and has continued to perform according to its modified terms at the time of restructuring. TDRs during the periods presented above did not significantly impact the determination of the allowance for loan losses. |
Allowance for Loan Losses
Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for the three months ended September 30, 2018 and 2017 is summarized below: For the three months ended September 30, 2018 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance Traditional C&I $ 18,075 $ (3,415 ) $ 235 $ (3,180 ) $ (179 ) $ 14,716 Asset-based lending 5,837 — — — 991 6,828 Payroll finance 1,658 (2 ) 5 3 522 2,183 Warehouse lending 2,787 — — — (102 ) 2,685 Factored receivables 1,321 (18 ) 2 (16 ) 203 1,508 Equipment financing 8,841 (829 ) 85 (744 ) 3,056 11,153 Public sector finance 1,354 — — — 90 1,444 Commercial real estate 26,870 (359 ) 612 253 4,345 31,468 Multi-family 7,389 (168 ) 4 (164 ) 457 7,682 ADC 2,172 — — — (296 ) 1,876 Residential mortgage 5,917 (114 ) 5 (109 ) 992 6,800 Consumer 3,805 (458 ) 254 (204 ) (579 ) 3,022 Total allowance for loan losses $ 86,026 $ (5,363 ) $ 1,202 $ (4,161 ) $ 9,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.08 % For the three months ended September 30, 2017 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance Traditional C&I $ 15,506 $ (68 ) $ 316 $ 248 $ 1,446 $ 17,200 Asset-based lending 2,582 — 1 1 2,192 4,775 Payroll finance 1,287 (188 ) 1 (187 ) 1,091 2,191 Warehouse lending 2,435 — — — 1,299 3,734 Factored receivables 1,151 (564 ) 5 (559 ) 679 1,271 Equipment financing 5,735 (741 ) 45 (696 ) (577 ) 4,462 Public sector finance 1,887 — — — (535 ) 1,352 Commercial real estate 25,181 (1,345 ) 17 (1,328 ) (648 ) 23,205 Multi-family 5,028 — — — (974 ) 4,054 ADC 920 (5 ) — (5 ) 399 1,314 Residential mortgage 5,124 (389 ) — (389 ) 319 5,054 Consumer 3,315 (156 ) 48 (108 ) 309 3,516 Total allowance for loan losses $ 70,151 $ (3,456 ) $ 433 $ (3,023 ) $ 5,000 $ 72,128 Annualized net charge-offs to average loans outstanding: 0.12 % Activity in the allowance for loan losses for the nine months ended September 30, 2018 and 2017 is summarized below: For the nine months ended September 30, 2018 Beginning Charge-offs Recoveries Net Provision/ (reversal of) Ending balance Traditional C&I $ 19,072 $ (8,818 ) $ 674 $ (8,144 ) $ 3,788 $ 14,716 Asset-based lending 6,625 — 9 9 194 6,828 Payroll finance 1,565 (316 ) 34 (282 ) 900 2,183 Warehouse lending 3,705 — — — (1,020 ) 2,685 Factored receivables 1,395 (181 ) 7 (174 ) 287 1,508 Equipment financing 4,862 (7,505 ) 347 (7,158 ) 13,449 11,153 Public sector finance 1,797 — — — (353 ) 1,444 Commercial real estate 24,945 (4,878 ) 702 (4,176 ) 10,699 31,468 Multi-family 3,261 (168 ) 7 (161 ) 4,582 7,682 ADC 1,680 (721 ) — (721 ) 917 1,876 Residential mortgage 5,819 (697 ) 54 (643 ) 1,624 6,800 Consumer 3,181 (1,074 ) 482 (592 ) 433 3,022 Total allowance for loan losses $ 77,907 $ (24,358 ) $ 2,316 $ (22,042 ) $ 35,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.15 % For the nine months ended September 30, 2017 Beginning Charge-offs Recoveries Net Provision/ (reversal of) Ending balance Traditional C&I $ 12,864 $ (919 ) $ 978 $ 59 $ 4,277 $ 17,200 Asset-based lending 3,316 — 5 5 1,454 4,775 Payroll finance 951 (188 ) 1 (187 ) 1,427 2,191 Warehouse lending 1,563 — — — 2,171 3,734 Factored receivables 1,669 (871 ) 23 (848 ) 450 1,271 Equipment financing 5,039 (1,822 ) 331 (1,491 ) 914 4,462 Public sector finance 1,062 — — — 290 1,352 Commercial real estate 20,466 (2,372 ) 117 (2,255 ) 4,994 23,205 Multi-family 4,991 — — — (937 ) 4,054 ADC 1,931 (27 ) 269 242 (859 ) 1,314 Residential mortgage 5,864 (668 ) 159 (509 ) (301 ) 5,054 Consumer 3,906 (687 ) 177 (510 ) 120 3,516 Total allowance for loan losses $ 63,622 $ (7,554 ) $ 2,060 $ (5,494 ) $ 14,000 $ 72,128 Annualized net charge-offs to average loans outstanding: 0.08 % Credit Quality Indicators As part of the ongoing 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; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage and consumer loans, including home equity lines of credit (“HELOC”) and other 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 Company analyzes loans individually by classifying the loans by credit risk, except residential mortgage loans, HELOC and other consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $750 . This analysis is performed at least quarterly on all graded 7-Special Mention and lower loans. The Company 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 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 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 may include a proposed merger, acquisition, liquidating procedures, capital injection, 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 indicate 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 September 30, 2018 and December 31, 2017 , the risk category of gross loans by segment was as follows: September 30, 2018 December 31, 2017 Special mention Substandard Doubtful Special mention Substandard Doubtful Traditional C&I $ 11,662 $ 42,974 $ 2,213 $ 7,453 $ 53,915 $ 746 Asset-based lending 56 42,913 — 30,958 3,835 — Payroll finance 13,708 15,511 — 15,542 352 — Factored receivables 778 — — 187 — — Equipment financing 10,593 16,266 — 4,093 9,299 — Commercial real estate 18,822 52,870 — 40,438 34,529 — Multi-family 21,201 18,489 — 26,602 14,266 — ADC 4,096 434 — 4,204 4,639 — Residential mortgage 6,116 75,803 — 6,038 101,149 — Consumer 1,440 15,098 6 1,043 10,507 18 Total $ 88,472 $ 280,358 $ 2,219 $ 136,558 $ 232,491 $ 764 There were no criticized or classified warehouse lending or public sector finance loans for the periods presented. There were no loans rated “loss” at September 30, 2018 or December 31, 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The balance of goodwill and other intangible assets for the periods presented were as follows: September 30, December 31, 2018 2017 Goodwill $ 1,609,772 $ 1,579,891 Other intangible assets: Core deposits $ 109,833 $ 126,545 Customer lists 4,972 5,854 Non-compete agreements 104 292 Trade name 20,500 20,500 Total $ 135,409 $ 153,191 The increase in goodwill at September 30, 2018 compared to December 31, 2017 was due to the Advantage Funding Acquisition. See Note 2. “Acquisitions” for additional information. The decrease in other intangible assets at September 30, 2018 compared to December 31, 2017 was due to amortization of intangibles. The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2018 was as follows: Amortization expense Remainder of 2018 $ 5,863 2019 19,181 2020 16,800 2021 15,104 2022 13,703 2023 12,322 Thereafter 31,936 Total $ 114,909 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at September 30, 2018 and December 31, 2017 were as follows: September 30, December 31, 2018 2017 Non-interest bearing demand $ 4,651,369 $ 4,080,742 Interest bearing demand 4,302,725 3,882,064 Savings 2,470,949 2,758,642 Money market 7,460,064 7,377,118 Certificates of deposit 2,570,950 2,439,638 Total deposits $ 21,456,057 $ 20,538,204 Total municipal deposits were $2,019,893 and $1,585,076 at September 30, 2018 and December 31, 2017 , respectively. See Note 3. “Securities” for the aggregate amount of securities that were pledged as collateral for municipal deposits and other purposes. Brokered deposits at September 30, 2018 and December 31, 2017 were as follows: September 30, December 31, 2018 2017 Interest bearing demand $ 17,471 $ 23,820 Money market 779,285 773,804 Money market - reciprocal deposits (1) — 102,259 CDARs (2) and ICS (3) one way 150,181 204,331 Total brokered deposits $ 946,937 $ 1,104,214 1 Section 29 of the Federal Deposit Insurance Act was amended to except a capped amount of reciprocal deposits from treatment as brokered deposits for certain insured depository institutions, including the Bank. As a result, the Bank no longer reports its reciprocal deposits as brokered deposits. 2 CDARs are deposits generated through the certificate of deposit account registry service. 3 ICS are deposits generated through the insured cash sweep program. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instruments [Abstract] | |
Borrowings | Borrowings The Company’s borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2018 2017 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 4,429,110 2.21 % $ 4,510,123 1.69 % Repurchase agreements 22,888 1.19 30,162 0.64 5.50% Senior Notes — — 76,805 5.98 3.50% Senior Notes 200,972 3.19 201,404 3.19 Subordinated Notes 172,885 5.45 172,716 5.45 Total borrowings $ 4,825,855 2.37 % $ 4,991,210 1.96 % By remaining period to maturity: Less than one year $ 2,707,935 2.24 % $ 2,989,093 1.69 % One to two years 1,392,912 2.15 775,714 1.79 Two to three years 552,123 2.58 802,650 2.34 Three to four years — — 251,037 2.04 Greater than five years 172,885 5.45 172,716 5.45 Total borrowings $ 4,825,855 2.37 % $ 4,991,210 1.96 % FHLB borrowings. As a member of the FHLB, the Bank may borrow up to a discounted percentage of the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of September 30, 2018 and December 31, 2017 , the Bank had total residential mortgage and commercial real estate loans pledged after discount of $8,548,416 and $9,123,601 , respectively. In addition to the pledged mortgages, the Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of September 30, 2018 , the Bank had unused borrowing capacity at the FHLB of $6,235,781 and may increase its borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $3,578,859 . Repurchase agreements. The Bank enters into sales of securities under agreements to repurchase. These repurchase agreements facilitate the needs of our customers and a portion of our secured short-term funding needs. Securities sold under agreements to repurchase at September 30, 2018 and December 31, 2017 are secured short-term borrowings that mature in one to 45 days and are generally renewed on a continuous basis. Repurchase agreements are stated at the amount of cash received in connection with these transactions. The securities pledged under these repurchase agreements fluctuate in value due to market conditions. The Bank is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. 5.50% Senior Notes. On July 2, 2013, the Company issued $100,000 principal amount of 5.50% fixed rate notes, which matured on July 2, 2018 . At such date, the Company utilized cash on hand to repay the outstanding principal balance and interest of such notes. 3.50% Senior Notes. On October 2, 2017 , in connection with the Astoria Merger, the Company assumed $ 200,000 principal amount of 3.50% fixed rate senior notes that mature on June 8, 2020 (the “ 3.50% Senior Notes”). The 3.50% Senior Notes were issued by Astoria on June 8, 2017 through a public offering. The Company recorded the 3.50% Senior Notes at an estimated fair value of 100.76% on the acquisition date, which was based on the quoted market value. The fair value adjustment, with a remaining balance of $ 972 at September 30, 2018 , is being amortized over the remaining maturity using a level-yield methodology, which results in an effective cost of 3.19% . Subordinated Notes . On March 29, 2016 , the Bank issued $110,000 principal amount of 5.25% fixed-to-floating rate subordinated notes (the “Subordinated Notes”) through a private placement at a discount of 1.25% . The cost of issuance was $500 . On September 2, 2016, the Bank reopened the Subordinated Notes offering and issued an additional $65,000 principal amount of Subordinated Notes. The Subordinated Notes issued September 2, 2016 are fully fungible with, rank equally in right of payment with, and form a single series with the Subordinated Notes issued in March 2016. The Subordinated Notes issued in September 2016 were issued to the purchasers at a premium of 0.50% and an underwriters discount of 1.25% . The cost of issuance was $275 . At September 30, 2018 , the net unamortized discount of all Subordinated Notes was $2,115 , which will be accreted to interest expense over the life of the Subordinated Notes, resulting in an effective yield of 5.45% . Interest is due semi-annually in arrears on April 1 and October 1 of each year, until April 1, 2021 . From and including April 1, 2021 , the Subordinated Notes will bear interest at a floating rate per annum equal to three-month LIBOR plus 3.937% , payable quarterly on January 1 , April 1 , July 1 and October 1 of each year, beginning on July 1, 2021 , through maturity on April 1, 2026 or earlier redemption. The Subordinated Notes are also redeemable by the Bank, in whole or in part, on April 1, 2021 and each interest payment date thereafter. The Subordinated Notes are redeemable in whole at any time upon the occurrence of certain specified events. The Subordinated Notes are unsecured, subordinated obligations of the Bank and are subordinated in right of payment to all of the Bank’s existing and future senior indebtedness, including claims of depositors and general creditors. The Subordinated Notes qualify as Tier 2 capital for regulatory purposes. See Note 15. “Stockholders’ Equity” for additional information. Revolving line of credit. Effective September 2, 2018 , the Company renewed its $35,000 revolving line of credit facility (the “Credit Facility”). The Credit Facility, which is with another financial institution, matures on September 2, 2019 . The balance was zero at September 30, 2018 and December 31, 2017 . The use of proceeds are for general corporate purposes. The Credit Facility and accrued interest is payable at maturity, and the Company is required to maintain a zero balance for at least 30 days during its term. Loans under the Credit Facility bear interest at one-month LIBOR plus 1.25% . Under the terms of the Credit 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 September 30, 2018 . |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2018 | |
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 another 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 another 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 loan. Because the Company acts as an intermediary for its customers, changes in the fair value of the underlying derivative contracts largely offset each other and do not materially impact results of operations. The Company has entered into interest rate swap contracts that are both over-the-counter, or OTC, and those that are exchanged on futures markets such as the Chicago Mercantile Exchange (“CME”). At September 30, 2018 and December 31, 2017 , the OTC derivatives are included in the financial statements at the gross fair value amount of the asset (included in other assets) and liability (included in other liabilities), which represents the change in the fair value of the contract since inception. Effective for the quarter ended March 31, 2017, the CME amended its rulebook to legally characterize variation margin payments (a payment made based on changes in the fair value of the interest rate swap contracts) as a settlement, referred to as settled-to-market (“STM”). As a result of this change, at September 30, 2018 and December 31, 2017, the Company paid cash as STM in the amount of $15,131 and $3,523 , respectively, for the net fair value of its CME interest rate swap contracts with another financial institution. The variation margin payment changes daily, positively or negatively, based on a change in the fair value of the underlying interest rate swap contracts. 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 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. Summary information as of September 30, 2018 and December 31, 2017 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value September 30, 2018 Included in other assets: Third-party interest rate swap $ 670,460 $ 3,347 Customer interest rate swap 213,651 290 Total $ 884,111 5.48 4.50 % 1 m Libor + 2.24% $ 3,637 Included in other liabilities: Third-party interest rate swap $ (213,651 ) $ (1,369 ) Customer interest rate swap (670,460 ) (17,399 ) Total $ (884,111 ) 5.48 4.50 % 1 m Libor + 2.24% $ (18,768 ) December 31, 2017 Included in other assets: Third-party interest rate swap $ 314,754 $ 1,155 Customer interest rate swap 306,529 3,302 Total $ 621,283 5.79 4.28 % 1 m Libor + 1.94% $ 4,457 Included in other liabilities: Third-party interest rate swap $ (306,529 ) $ (4,718 ) Customer interest rate swap (314,754 ) (3,262 ) Total $ (621,283 ) 5.79 4.28 % 1 m Libor + 1.94% $ (7,980 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes 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 three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Income before income tax expense $ 146,821 $ 66,444 $ 421,305 $ 185,939 Tax at Federal statutory rate of 21% for 2018 and 35% for 2017 30,833 23,253 88,474 65,076 State and local income taxes, net of Federal tax benefit 7,330 2,531 21,284 7,302 Tax exempt interest, net of disallowed interest (4,970 ) (5,213 ) (14,435 ) (12,487 ) Bank owned life insurance income (861 ) (462 ) (2,406 ) (1,484 ) Non-deductible acquisition related costs — 237 — 1,193 Investments in qualified affordable housing projects (401 ) (139 ) (2,903 ) (416 ) Stock-based compensation benefit — (1 ) (441 ) (807 ) FDIC insurance premium limitation 466 — 1,483 — Other, net (5,226 ) 1,386 (2,514 ) 1,243 Actual income tax expense $ 27,171 $ 21,592 $ 88,542 $ 59,620 Effective income tax rate 18.5 % 32.5 % 21.0 % 32.1 % Net deferred tax assets totaled $85,431 at September 30, 2018 and $97,333 at December 31, 2017 . No valuation allowance was recorded against deferred tax assets as of those dates, based upon management’s consideration of historical and anticipated future pre-tax income, and the reversal periods for the items resulting in deferred tax assets and liabilities. There were no unrecognized tax benefits during any of the reported periods. Interest and/or penalties related to income taxes are reported as a component of other non-interest expense. Such amounts were not material during the reported periods. The Company is generally no longer subject to examination by Federal, state and local taxing authorities for fiscal years prior to September 30, 2014. The Tax Cuts and Jobs Act of 2017 reduced the U.S. federal corporate income tax rate from 35% to 21% effective January 1, 2018. As a result, the Company was required to remeasure, through income tax expense, the Company’s deferred tax assets and liabilities using the enacted tax rate at which the deferred items are expected to be recovered or settled. The remeasurement of the Company’s net deferred tax assets resulted in additional provisional income tax expense of $40,285 recorded in 2017. During the third quarter of 2018 the Company completed its evaluation of certain aspects of the new tax law, as well as the final tax returns related to Astoria’s business and operations through October 1, 2017. After completion of these tax returns, the Company reduced income tax balances and goodwill in the amount of $6,214 , which finalized all purchase accounting adjustments for the Astoria Merger. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [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 stockholder approved 2014 Stock Incentive Plan as of the date of adoption of the 2015 Plan. At September 30, 2018 , there were, in aggregate, 2,379,112 shares available for future grant 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 common stock at the date of grant. The restricted stock awards generally vest in equal installments annually on the anniversary date of grant and have total vesting periods ranging from one to five years, while stock options have 10 -year contractual terms. The following table summarizes the activity in the Company’s active stock-based compensation plans for the nine months ended September 30, 2018 : 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 January 1, 2018 3,101,327 1,238,760 $ 20.00 757,867 $ 11.15 Granted (772,271 ) 772,271 23.54 — — Stock awards vested — (341,501 ) 17.35 — — Exercised — — — (49,794 ) 11.19 Forfeited 55,356 (50,056 ) 22.32 (5,300 ) 13.18 Canceled/expired (5,300 ) — — — 13.18 Balance at September 30, 2018 2,379,112 1,619,474 $ 22.08 702,773 $ 11.13 Exercisable at September 30, 2018 701,106 $ 11.12 The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $ 7,640 and $7,629 , respectively, at September 30, 2018 . The Company uses an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted during the nine months ended September 30, 2018 or September 30, 2017 . 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 are presented below: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Stock options $ 2 $ 48 $ 5 $ 146 Non-vested stock awards/performance units 3,113 1,921 9,299 5,456 Total $ 3,115 $ 1,969 $ 9,304 $ 5,602 Income tax benefit 654 640 1,954 1,821 Proceeds from stock option exercises 154 65 556 1,193 Unrecognized stock-based compensation expense as of September 30, 2018 was as follows: September 30, 2018 Stock options $ — Non-vested stock awards/performance units 21,289 Total $ 21,289 The weighted average period over which unrecognized non-vested stock awards/performance units expense is expected to be recognized is 1.67 years . |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefits | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Other Post-Retirement Benefits | Pension and Other Post-Retirement Benefits Total pension and other post-retirement benefits expense is comprised of the following for the periods presented below: For the three months ended September 30, 2018 September 30, 2017 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 20 $ — $ — Interest cost 2,121 254 — 101 Expected return on plan assets (3,353 ) — — — Net amortization and deferral — — — 8 Net periodic pension and other post-retirement (benefit) expense $ (1,232 ) $ 274 $ — $ 109 For the nine months ended September 30, 2018 September 30, 2017 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 62 $ — $ — Interest cost 6,364 780 — 302 Expected return on plan assets (10,058 ) — — — Net amortization and deferral — — — 26 Net periodic pension and other post-retirement (benefit) expense $ (3,694 ) $ 842 $ — $ 328 Total net periodic pension and other post-retirement (benefit) expense is included as a component of other non-interest expense. The Company’s pension benefit plans include all of the assets and liabilities of the Astoria Bank Pension Plan, the Astoria Excess and Supplemental Benefit Plans, the Astoria Directors’ Retirement Plan, the Greater New York Savings Bank Directors’ Retirement Plan and the Long Island Bancorp Directors’ Retirement Plan, which were assumed in the Astoria Merger. The Company’s other post retirement benefit plans include the assumed Astoria Bank Retiree Health Care Plan and the Astoria Bank BOLI plan, along with other non-qualified Supplemental Executive Retirement Plans (“SERPs”) that provide certain directors, officers and executives with supplemental retirement benefits. The Company contributed $41,825 and $13 to fund pension and other post retirement benefits during the three months ended September 30, 2018 and 2017 , respectively, and contributed $42,500 and $109 to fund pension and other post retirement benefits during the nine months ended September 30, 2018 and 2017 , respectively. Included in the contribution made during the three and nine months ended September 30, 2018 was a payment of $41,510 towards the Astoria Bank Pension Plan unfunded accumulated benefit obligation. Total pension and other post-retirement benefits plans liabilities were $43,867 and $89,965 at September 30, 2018 and December 31, 2017 , respectively, and are included in other liabilities in the consolidated balance sheets. |
Non-Interest Income and Other N
Non-Interest Income and Other Non-Interest Expense | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Non-Interest Income and Other Non-Interest Expense | Non-Interest Income and Other Non-Interest Expense (a) Non-Interest Income - Revenue from Contracts with Customers The Company’s significant sources of non-interest income are presented on the face of the consolidated income statements, which include all income in the scope of the New Revenue Standard. A description of the Company’s revenue streams accounted for under the New Revenue Standard follows: Deposit fees and service charges. The Company earns fees from its deposit customers mainly for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which includes services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Accounts receivable management / factoring commissions and other fees. The Company earns these fees / commissions from its payroll finance and factoring businesses, as described below. Payroll finance. The Company provides financing and back office support services, which includes preparation of payroll, payroll tax payments, billings and collections, for clients in the temporary staffing industry. Upon completion of the back office support services, and as payroll remittances are made on behalf of the client to fund their employee payroll, which typically occurs weekly, the Company recognizes a portion of the total revenue generated as non-interest income. The Company collects invoices directly from the borrower’s customers, and retains the amounts billed for the temporary staffing services provided, and remits the remaining funds to the borrower net of amounts advanced, payroll taxes withheld, the Company’s fees, and subject to a reserve to offset potential uncollectible balances. Factored Receivables. The Company provides accounts receivable management services. The purchase of a client’s accounts receivable is traditionally known as “factoring” and results in payment by the client of a factoring fee. The factoring fee included in non-interest income represents compensation to the Company for the bookkeeping and collection services provided. The factoring fee, which is non-refundable, is recognized at the time the receivable is assigned to the Company. Other revenue associated with factored receivables includes wire fees, technology fees, field examination fees and UCC fees. All such fees are recognized as income upon receipt, which is when the Company’s obligations are provided to the Company’s customers. Investment management fees. The Company earns investment management fees from its contracts with customers to manage assets for investment, and / or to transact on their accounts. Advisory fees are primarily earned over time as the Company provides the contracted monthly or quarterly services and are generally assessed based on a tiered scale of the market value of assets under management at month end. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e., the trade date. Gains / Losses on sales of OREO. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform its obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company may adjust the transaction price and related gain (loss) on sale if a significant financing component is present. Contract Balances. A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s non-interest revenue streams are largely based on transactional activity, or standard month-end revenue accruals such as investment management fees based on period-end market values. Consideration is often received immediately or shortly after the Company satisfies its performance obligation and revenue is recognized. The Company does not typically enter into long-term revenue contracts with customers, and therefore, does not experience significant contract balances. As of September 30, 2018 and December 31, 2017 , the Company did not have any significant contract balances. (b) Other Non-Interest Expense Other non-interest expense items for the three and nine months ended September 30, 2018 and 2017 , respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Other non-interest expense: Professional fees $ 2,866 $ 2,234 $ 9,269 $ 6,917 Advertising and promotion 1,147 649 3,962 2,034 Telephone 1,238 589 4,500 1,705 Operational losses 791 130 2,945 642 Stationery & office supplies 507 170 1,790 641 Insurance & surety bond premium 1,299 841 2,680 2,065 Other 5,325 3,734 14,534 11,072 Total other non-interest expense $ 13,173 $ 8,347 $ 39,680 $ 25,076 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a summary of the calculation of earnings per common share (“EPS”): For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Net income available to common stockholders $ 117,657 $ 44,852 $ 326,775 $ 126,319 Weighted average common shares outstanding for computation of basic EPS 225,088,511 135,346,791 224,969,121 135,276,634 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 534,384 603,369 535,342 618,879 Weighted average common shares for computation of diluted EPS 225,622,895 135,950,160 225,504,463 135,895,513 EPS: Basic $ 0.52 $ 0.33 $ 1.45 $ 0.93 Diluted 0.52 0.33 1.45 0.93 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) — — — — (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. There were no anti-dilutive shares in the three and nine months ended September 30, 2018 or September 30, 2017 . |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Regulatory Capital Requirements Banks and bank holding companies are subject to various regulatory capital requirements administered by 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 in the regulations, “RWA”), and of Tier 1 capital to adjusted quarterly average total assets (as defined in the regulations, 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 Bank and the Company includes a permissible portion of the allowance for loan losses and $172,885 and $139,429 of the Subordinated Notes, respectively. During the final five years of the term of the Subordinated Notes, the permissible portion eligible for inclusion in Tier 2 capital decreases by 20% annually. The Common Equity Tier 1, 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 items. The Tier 1 leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which excludes goodwill and other intangible assets, among other items. 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 began on January 1, 2016 at the 0.625% level and effective January 1, 2018, increased to the 1.875% level and will be phased-in over a four-year period (increasing by 0.625% 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 tables present actual and required capital ratios as of September 30, 2018 and December 31, 2017 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 September 30, 2018 and December 31, 2017 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 September 30, 2018 Common equity tier 1 to RWA: Sterling National Bank $ 2,970,656 14.23 % $ 1,330,866 6.375 % $ 1,461,343 7.00 % $ 1,356,961 6.50 % Sterling Bancorp 2,710,568 12.97 1,332,021 6.375 1,462,611 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,970,656 14.23 % 1,644,011 7.875 % 1,774,488 8.50 % 1,670,106 8.00 % Sterling Bancorp 2,849,195 13.64 1,645,438 7.875 1,776,028 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,235,560 15.50 % 2,061,538 9.875 % 2,192,015 10.50 % 2,087,633 10.00 % Sterling Bancorp 3,080,643 14.74 2,063,327 9.875 2,193,917 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,970,656 10.10 % 1,176,278 4.00 % 1,176,278 4.00 % 1,470,347 5.00 % Sterling Bancorp 2,849,195 9.68 1,177,205 4.00 1,177,205 4.00 N/A N/A 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, 2017 Common equity tier 1 to RWA: Sterling National Bank $ 2,770,381 13.95 % $ 1,142,247 5.75 % $ 1,390,561 7.00 % $ 1,291,236 6.50 % Sterling Bancorp 2,458,449 12.37 1,143,045 5.75 1,391,534 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,770,381 13.95 % 1,440,224 7.25 % 1,688,539 8.50 % 1,589,213 8.00 % Sterling Bancorp 2,597,669 13.07 1,441,231 7.25 1,689,719 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,021,658 15.21 % 1,837,527 9.25 % 2,085,842 10.50 % 1,986,516 10.00 % Sterling Bancorp 2,818,404 14.18 1,838,812 9.25 2,087,300 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,770,381 10.10 % 1,097,449 4.00 % 1,097,449 4.00 % 1,371,811 5.00 % Sterling Bancorp 2,597,669 9.39 1,106,977 4.00 1,106,977 4.00 N/A N/A The Bank and the Company are subject to the regulatory capital requirements administered by the FRB, and, for the Bank, the Office of the Comptroller of the Currency. Regulatory authorities can initiate certain mandatory actions if the Bank or the Company fails to meet the minimum capital requirements, which could have a direct material effect on our financial statements. As of September 30, 2018 , and December 31, 2017, the most recent regulatory notifications categorized the Company and 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 classification. (b) Dividend Restrictions The Company is mainly dependent on 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 fiscal year combined with the retained net profits for the preceding two fiscal years. Under the foregoing dividend restrictions and while maintaining its “well-capitalized” status, at September 30, 2018 , the Bank had capacity to pay aggregate dividends of up to $324,008 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 may purchase up to 10,000,000 common shares, which represents 4.4% of our shares outstanding at September 30, 2018 . Repurchases may be made at management’s discretion through open market purchases and block trades in accordance with SEC and regulatory requirements. Any common shares purchased will be held as Treasury stock and made available for general corporate purposes. There were no shares repurchased under the repurchase program during the nine months ended September 30, 2018 or September 30, 2017 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) 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 losses 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 its standby letter of credit arrangements, the arrangements contain security and debt covenants similar to those contained in loan agreements. 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: September 30, December 31, 2018 2017 Loan origination commitments $ 372,047 $ 510,135 Unused lines of credit 1,359,953 1,195,656 Letters of credit 289,877 166,824 (b) Lease Commitments The Company leases certain premises and equipment under operating leases with terms expiring through January 2034. Included in occupancy and office operations expense was net rent expense of $4,572 and $1,874 during the three months ended September 30, 2018 and 2017 , respectively. Net rent expense was $13,972 and $6,263 for the nine months ended September 30, 2018 and 2017 , respectively. Future minimum lease payments due under non-cancelable operating leases at September 30, 2018 were as follows: Remainder of 2018 $ 4,863 2019 17,817 2020 16,577 2021 13,878 2022 10,007 2023 8,163 2024 and thereafter 22,158 $ 93,463 (c) Litigation The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from 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 are or were involved. There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied liability in all significant litigation pending against them and intend to defend vigorously each case, other than matters that are determined appropriate to be settled. The Company and the Bank 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are 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 items, 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; 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 usually 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 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. As of September 30, 2018 , management does not believe any of our securities are OTTI; however, management reviews all of the Company’s securities on at least a quarterly basis to assess whether impairment, if any, is 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 creditworthiness of the counterparty as of the measurement date (Level 2 inputs). The Company’s derivatives consist of interest rate swaps. See Note 9. “Derivatives” for additional information. A summary of such investment securities available for sale and derivatives at September 30, 2018 and December 31, 2017 , respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS (1) : Agency-backed $ 2,207,191 $ — $ 2,207,191 $ — CMOs (2) /Other MBS 576,052 — 576,052 — Total residential MBS 2,783,243 — 2,783,243 — Other securities: Federal agencies 317,733 — 317,733 — Corporate 503,326 — 503,326 — State and municipal 238,942 — 238,942 — Total other securities 1,060,001 — 1,060,001 — Total available for sale securities 3,843,244 — 3,843,244 — Swaps 3,637 — 3,637 — Total assets $ 3,846,881 $ — $ 3,846,881 $ — Liabilities: Swaps $ (18,768 ) $ — $ (18,768 ) $ — Total liabilities $ (18,768 ) $ — $ (18,768 ) $ — (1) Residential MBS are debt securities whose cash flows come from residential mortgage and consumer loans, such as mortgages and HELOCs. A residential MBS is comprised of a pool of mortgage loans created by financial institutions, including governmental agencies. The cash flows from each mortgage loan included in the pool are structured through a special purpose entity into various classes and tranches, which then issue securities backed by those cash flows to investors. (2) CMOs are debt securities that are collateralized by a specific pool of residential mortgage loans, in which the issuer of the CMOs can direct the payments of principal and interest received on the underlying collateral to achieve specific investor cash flow objectives. The Bank generally acquires planned-amortization class securities and CMOs with a sequential pay structure in order to manage the duration and extension risk inherent in these securities. December 31, 2017 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 2,150,649 $ — $ 2,150,649 $ — CMOs/Other MBS 649,403 — 649,403 — Total residential MBS 2,800,052 — 2,800,052 — Federal agencies 399,996 — 399,996 — Corporate bonds 148,226 — 148,226 — State and municipal 263,798 — 263,798 — Total other securities 812,020 — 812,020 — Total available for sale securities 3,612,072 — 3,612,072 — Swaps 4,457 — 4,457 — Total assets $ 3,616,529 $ — $ 3,616,529 $ — Liabilities: Swaps $ 7,980 $ — $ 7,980 $ — Total liabilities $ 7,980 $ — $ 7,980 $ — 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. Impaired Loans Loans that meet certain criteria are evaluated individually for impairment. Generally, loans less than $750 are evaluated for impairment on a pooled basis. 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 of the underlying collateral 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 remeasured at least quarterly and their carrying values are adjusted as needed. Impaired loans subject to non-recurring fair value measurements were $111,685 and $60,862 at September 30, 2018 and December 31, 2017 , respectively. Changes in fair value recognized as a charge-off on loans held by the Company were $10,477 and $542 for the nine months ended September 30, 2018 and 2017 , respectively. When an impaired loan is collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value less cost to sell. A discount for estimated costs to dispose of the asset and overall marketability is used when estimating the amount of impairment. A summary of the classes with impaired loans at September 30, 2018 and December 31, 2017 , respectively, is set forth below: September 30, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 30,895 $ — $ — $ 30,895 Commercial real estate 11,160 — — 11,160 Multi-family 1,236 — — 1,236 Residential mortgage 769 — — 769 Total impaired loans measured at fair value $ 44,060 $ — $ — $ 44,060 December 31, 2017 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 114 $ — $ — $ 114 Commercial real estate 782 — — 782 Total impaired loans measured at fair value $ 896 $ — $ — $ 896 Mortgage Servicing Rights Mortgage servicing rights are carried at the lower of cost or estimated fair value. The fair value of mortgage servicing rights is estimated using a discounted cash flow model that is prepared by an independent third-party valuation provider and is performed on a quarterly basis. The significant assumptions, which are assumptions we believe other market participants would use, include the following: market discount rates, prepayment speeds, servicing revenue, the cost of servicing and loan default rates. The market discount rates and prepayment speeds are considered by management to be two of the most significant inputs into the determination of the estimated fair value. Due to the significant judgment involved, the determination of estimated fair value of mortgage servicing rights relies upon Level 3 inputs. At September 30, 2018 , the assumption for constant prepayment rates (“CPR”) ranged from 8.68 to 19.23 , with a weighted average CPR of 9.28 , and the assumption for market discount rate ranged from 9.06% to 20.00% , with a weighted average market discount rate of 9.54% . At December 31, 2017 , the CPR assumption ranged from 9.79 to 16.76 , with a weighted average CPR of 10.30 , and the assumption for market discount rate ranged from 9.50% to 20.00% , with a weighted average market discount rate of 9.90% . The fair value of mortgage servicing rights at September 30, 2018 and December 31, 2017 was $11,564 and $10,363 , respectively. Other Real Estate Owned OREO is initially recorded at fair value less costs to sell when acquired, which establishes a new cost basis. When an asset is acquired, the excess of the recorded investment in the loan over the fair value less cost to sell is charged to the allowance for loan losses. These assets are subsequently accounted for at the lower of cost or fair value less cost to sell and are primarily comprised of commercial and residential real estate property. If the fair value declines, a write-down is recorded in other real estate owned expense, net on the consolidated income statements. Fair value is generally determined using appraisals or other indications of value based on comparable sales of similar properties or assumptions generally observable in the marketplace. Adjustments are routinely made in the appraisal process by independent appraisers for differences between comparable sales and income data available (in the case of income producing properties). The fair value is derived using Level 3 inputs. Appraisals are reviewed by the Company’s credit department and an external loan review consultant and verified by officers in the Company’s credit administration area. At September 30, 2018 and December 31, 2017 , appraisals were discounted by 22.0% , which considers estimated costs to sell and overall marketability of the properties. OREO subject to non-recurring fair value measurement was $22,735 and $27,095 at September 30, 2018 and December 31, 2017 , respectively. There were $553 and $1,737 of write-downs related to changes in fair value for OREO held by the Company during the nine months ended September 30, 2018 and September 30, 2017 , respectively. Fair Value of Financial Instruments Fair values for financial 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 ASC 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 September 30, 2018 : September 30, 2018 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 533,984 $ 533,984 $ — $ — Securities available for sale 3,843,244 — 3,843,244 — Securities held to maturity 2,842,728 — 2,746,081 — Loans held for sale 31,042 — 31,042 — Portfolio loans, net 20,441,849 — — 20,317,154 Accrued interest receivable on securities 43,934 — 43,934 — Accrued interest receivable on loans 65,443 — — 65,443 FHLB stock and FRB stock 351,455 — — — Swaps 3,637 — 3,637 — Financial liabilities: Non-maturity deposits (18,885,107 ) (18,885,107 ) — — Certificates of deposit (2,570,950 ) — (2,532,989 ) — FHLB borrowings (4,429,110 ) — (4,403,358 ) — Other borrowings (22,888 ) — (22,886 ) — Senior Notes (200,972 ) — (199,370 ) — Subordinated Notes (172,885 ) — (172,061 ) — Mortgage escrow funds (96,952 ) — (87,766 ) — Accrued interest payable on deposits (1,905 ) — (1,905 ) — Accrued interest payable on borrowings (14,284 ) — (14,284 ) — Swaps (18,768 ) — (18,768 ) — Effective January 1, 2018, with the adoption of the New Fair Value Standard, the fair value of portfolio loans, net is determined using an exit price methodology. The exit price methodology continues to be based on a discounted cash flow analysis, in which projected cash flows are based on contractual cash flows adjusted for prepayments for certain loan types ( e.g. residential mortgage loans and multi-family loans) and the use of a discount rate based on expected relative risk of the cash flows. The discount rate selected considers loan type, maturity date, a liquidity premium, cost to service, and cost of capital, which is a Level 3 fair value estimate. In 2017, the fair value estimate of portfolio loans, net was determined using an entrance price methodology based only on the discounted methodology outlined above. 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, 2017 : December 31, 2017 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 479,906 $ 479,906 $ — $ — Securities available for sale 3,612,072 — 3,612,072 — Securities held to maturity 2,862,489 — 2,863,909 — Loans held for sale 5,246 — 5,246 — Portfolio loans, net 19,931,076 — — 19,903,231 Accrued interest receivable on securities 34,652 — 34,652 — Accrued interest receivable on loans 59,446 — — 59,446 FHLB stock and FRB stock 284,112 — — — Swaps 4,457 — 4,457 — Financial liabilities: Non-maturity deposits (18,098,566 ) (18,098,566 ) — — Certificates of deposit (2,439,638 ) — (2,412,495 ) — FHLB borrowings (4,510,123 ) — (4,496,184 ) — Other borrowings (30,162 ) — (30,160 ) — Senior Notes (278,209 ) — (278,968 ) — Subordinated Notes (172,716 ) — (179,619 ) — Mortgage escrow funds (122,641 ) — (117,050 ) — Accrued interest payable on deposits (1,103 ) — (1,103 ) — Accrued interest payable on borrowings (9,649 ) — (9,649 ) — Swaps (7,980 ) — (7,980 ) — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Components of accumulated other comprehensive loss were as follows as of the dates shown below: September 30, December 31, 2018 2017 Net unrealized holding loss on available for sale securities $ (159,493 ) $ (36,899 ) Related income tax benefit 44,084 14,575 Available for sale securities, net of tax (115,409 ) (22,324 ) Net unrealized holding loss on securities transferred to held to maturity (3,741 ) (4,426 ) Related income tax benefit 1,034 1,748 Securities transferred to held to maturity, net of tax (2,707 ) (2,678 ) Net unrealized holding loss on retirement plans (773 ) (1,924 ) Related income tax benefit 214 760 Retirement plans, net of tax (559 ) (1,164 ) Accumulated other comprehensive loss $ (118,675 ) $ (26,166 ) The following table presents the changes in each component of accumulated other comprehensive loss for the three months ended September 30, 2018 and 2017 : Net unrealized holding (loss) gain on available for sale securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total For the three months ended September 30, 2018 Balance beginning of the period $ (95,852 ) $ (2,870 ) $ (859 ) $ (99,581 ) Other comprehensive loss before reclassification (19,613 ) — — (19,613 ) Amounts reclassified from accumulated other comprehensive loss 56 163 300 519 Total other comprehensive (loss) income (19,557 ) 163 300 (19,094 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) For the three months ended September 30, 2017 Balance beginning of the period $ (12,704 ) $ (2,969 ) $ (695 ) $ (16,368 ) Other comprehensive gain before reclassification 2,538 — — 2,538 Amounts reclassified from accumulated other comprehensive loss 21 144 6 171 Total other comprehensive income 2,559 144 6 2,709 Balance at end of period $ (10,145 ) $ (2,825 ) $ (689 ) $ (13,659 ) Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net loss on sale of securities Interest income on securities Other non-interest expense The following table presents the changes in each component of accumulated other comprehensive loss for the nine months ended September 30, 2018 and 2017 : Net unrealized holding (loss) gain on available for sale securities Net unrealized holding (loss)gain on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total For the nine months ended September 30, 2018 Balance beginning of the period $ (22,324 ) $ (2,678 ) $ (1,164 ) $ (26,166 ) Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss (4,376 ) (525 ) (228 ) (5,129 ) Other comprehensive loss before reclassification (94,611 ) — — (94,611 ) Amounts reclassified from accumulated other comprehensive loss 5,902 496 833 7,231 Total other comprehensive (loss) income (93,085 ) (29 ) 605 (92,509 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) For the nine months ended September 30, 2017 Balance beginning of the period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Other comprehensive gain before reclassification 12,218 — — 12,218 Amounts reclassified from AOCI 274 439 45 758 Total other comprehensive income 12,492 439 45 12,976 Balance at end of period $ (10,145 ) $ (2,825 ) $ (689 ) $ (13,659 ) Location in consolidated income statements where reclassification from AOCI is included Net loss on sale of securities Interest income on securities Other non-interest expense |
Recently Issued Accounting Stan
Recently Issued Accounting Standards Not Yet Adopted | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted ASU 2016-02, “Leases (Topic 842).” 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 is effective for the company on January 1, 2019. ASU 2016-02 requires a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, ASU 2018-11 “Leases (Topic 842) Targeted Improvements” which, among other things, provides an additional transition method that would allow entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is implementing a third-party vendor solution to assist in the application of the new lease standard. The Company has aggregated a list of all leases, and if the standard would have been effective at September 30, 2018 , it would not have had an impact on any borrowings or financial covenants that are relevant to the Company. Management estimates the increase in assets from the recognition of a right-of-use asset will be approximately $90 million to $110 million and that the impact to the Bank’s and the Company’s regulatory capital ratios would be a decrease of approximately five to seven basis points, which would be due to an increase in total assets and risk-weighted assets, given our lease arrangements for financial centers and other locations. The Company currently intends to apply certain practical expedients provided under ASU 2016-02 in which we will not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and initial direct costs for any existing leases. We also do not expect to apply the recognition requirements of ASU 2016-02 to any short-term leases. ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends current guidance on the impairment of financial instruments. ASU 2016-13 adds an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. For the Company, the CECL model will apply mainly to held-to-maturity investment securities, loans and loan commitments. ASU 2016-13 will be effective for the Company for fiscal years beginning after December 15, 2019, and the Company is permitted to early adopt the new guidance for fiscal years beginning after December 15, 2018. ASU 2016-13 will significantly change the accounting for credit impairments. The new guidance will require the Company to modify current processes and systems for establishing the allowance for loan losses and OTTI to ensure they comply with the requirements of the new standard. The Company engaged a nationally recognized accounting firm to assist management in performing an implementation readiness assessment. The Company has made significant progress since 2017 as disclosed in the 2017 Form 10-K. In 2018, we are focusing on several areas including mitigation of gaps in data, and we anticipate being in a position to test our CECL models and methodology by the end of the fourth quarter of 2018. The Company is unable to estimate the impact of adopting ASU 2016-13 at this time; however, it currently anticipates the allowance for loan losses in the aggregate will be greater under the CECL model compared to the current incurred loss model and that the composition of the loan and securities portfolio, as well as the status of the economic environment, will be significant factors that impact the balance at date of adoption. ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount as discounts continue to be amortized to maturity. ASU No. 2017-08 is effective for the Company on January 1, 2019. The guidance includes a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company currently anticipates that impact of adoption will not be significant to its financial statements. ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 make certain targeted improvements to simplify the application of the hedge accounting guidance in GAAP. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both non-financial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. Prior to the issuance of this updated, GAAP contained specific requirements for initial and ongoing quantitative hedge effectiveness testing and strict requirements for specialized effective testing methods that allowed an entity to forgo quantitative hedge effectiveness assessments for qualifying relationships. ASU 2017-12 is effective for the Company on January 1, 2019, and the Company anticipates using the modified retrospective method. The Company is in the process of reviewing its state and municipal and MBS investment securities portfolios to determine if it will reclassify securities from the held to maturity portfolio to the available for sale portfolio. The Company has not yet identified a population of specific securities to be reclassified and does not anticipate that the reclassification will have a material impact on its capital position. ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 will be effective for the Company on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements. ASU 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20).” ASU 2018-14 amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for us on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on our financial statements. ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU 2018-15 will be effective for us on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the Company’s financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2017 , included in our Annual Report on Form 10-K, as filed with the SEC on March 1, 2018 (the “2017 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the allowance for loan losses and the status of contingencies, and are subject to change. |
Recently Issued Accounting Standards, Adopted and Not Yet Adopted | Adoption of New Accounting Standards The Company adopted the following new accounting standards effective January 1, 2018: Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (the “New Revenue Standard”), (i) creates a single framework for recognizing revenue from contracts with customers that fall within its scope and (ii) revises when it is appropriate to recognize a gain (loss) from the transfer of non-financial assets, such as other real estate owned (“OREO”). The Company adopted the New Revenue Standard using the modified retrospective method applied to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the New Revenue Standard, while prior period amounts continue to be reported in accordance with legacy GAAP. The adoption of the New Revenue Standard did not result in a significant change to the accounting for any in-scope revenue streams. As such, no cumulative effect adjustment was recorded. The majority of the Company’s revenues come from interest income and other sources, including loans and securities, that are outside the scope of the New Revenue Standard. The Company’s services that fall within the scope of the New Revenue Standard are primarily included within non-interest income in the consolidated income statements and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of the New Revenue Standard include deposit fees and services charges, accounts receivable management / factoring commissions and other fees, investment management fees and the sale of OREO, which is included within OREO, net expense. See Note 13. “Non-Interest Income and Other Non-Interest Expense” for further discussion on the Company’s accounting policies for revenue sources within the scope of the New Revenue Standard. Accounting Standards Update (“ASU”) No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition of Financial Assets and Financial Liabilities (the “New Fair Value Standard”) , makes targeted amendments to the guidance for recognition, measurement, presentation and disclosure of financial instruments. The New Fair Value Standard requires equity investments to be measured at fair value with changes in fair value recognized in net income; however, the Company owned no assets subject to this portion of the New Fair Value Standard. The New Fair Value Standard also emphasizes the existing requirement to use exit prices to measure fair value for disclosure purposes and clarifies that entities should not make use of a practicability exception in determining the fair value of loans. As a result of the adoption of the New Fair Value Standard, the Company modified its calculation used to estimate the fair value of portfolio loans. See Note 17. “Fair Value Measurements” for further discussion of the Company’s methodology. The New Fair Value Standard had no impact to the consolidated balance sheets or income statements. ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (the “New Retirement Standard”), requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are presented as a component of other non-interest expense. The adoption of this standard resulted in the reclassification of $328 from compensation and benefits to other non-interest expense for the nine months ended September 30, 2017 . ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (the “AOCI Standard”), allows a reclassification from accumulated other comprehensive income (“AOCI”) to retained earnings for the stranded tax effects caused by the revaluation of estimated deferred taxes resulting from the enactment of the Tax Cuts and Jobs Act of 2017. As a result of the adoption of the AOCI Standard the Company reduced AOCI and increased retained earnings by $5,129 in the nine months ended September 30, 2018 related to unrealized losses on securities available for sale, securities transferred to held to maturity and a net actuarial loss on defined benefit retirement plans. As a result of the adoption of the AOCI standard, the Company will release such income tax effects only when the entire portfolio to which the underlying items are liquidated, sold or extinguished. The adoption of the AOCI Standard did not impact total stockholders’ equity or the consolidated income statements for any period. Recently Issued Accounting Standards Not Yet Adopted ASU 2016-02, “Leases (Topic 842).” 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 is effective for the company on January 1, 2019. ASU 2016-02 requires a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In July 2018, ASU 2018-11 “Leases (Topic 842) Targeted Improvements” which, among other things, provides an additional transition method that would allow entities to not apply the guidance in ASU 2016-02 in the comparative periods presented in the financial statements and instead recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company is implementing a third-party vendor solution to assist in the application of the new lease standard. The Company has aggregated a list of all leases, and if the standard would have been effective at September 30, 2018 , it would not have had an impact on any borrowings or financial covenants that are relevant to the Company. Management estimates the increase in assets from the recognition of a right-of-use asset will be approximately $90 million to $110 million and that the impact to the Bank’s and the Company’s regulatory capital ratios would be a decrease of approximately five to seven basis points, which would be due to an increase in total assets and risk-weighted assets, given our lease arrangements for financial centers and other locations. The Company currently intends to apply certain practical expedients provided under ASU 2016-02 in which we will not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, and initial direct costs for any existing leases. We also do not expect to apply the recognition requirements of ASU 2016-02 to any short-term leases. ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 amends current guidance on the impairment of financial instruments. ASU 2016-13 adds an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. For the Company, the CECL model will apply mainly to held-to-maturity investment securities, loans and loan commitments. ASU 2016-13 will be effective for the Company for fiscal years beginning after December 15, 2019, and the Company is permitted to early adopt the new guidance for fiscal years beginning after December 15, 2018. ASU 2016-13 will significantly change the accounting for credit impairments. The new guidance will require the Company to modify current processes and systems for establishing the allowance for loan losses and OTTI to ensure they comply with the requirements of the new standard. The Company engaged a nationally recognized accounting firm to assist management in performing an implementation readiness assessment. The Company has made significant progress since 2017 as disclosed in the 2017 Form 10-K. In 2018, we are focusing on several areas including mitigation of gaps in data, and we anticipate being in a position to test our CECL models and methodology by the end of the fourth quarter of 2018. The Company is unable to estimate the impact of adopting ASU 2016-13 at this time; however, it currently anticipates the allowance for loan losses in the aggregate will be greater under the CECL model compared to the current incurred loss model and that the composition of the loan and securities portfolio, as well as the status of the economic environment, will be significant factors that impact the balance at date of adoption. ASU 2017-08, “Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. Today, entities generally amortize the premium over the contractual life of the security. The new guidance does not change the accounting for purchased callable debt securities held at a discount as discounts continue to be amortized to maturity. ASU No. 2017-08 is effective for the Company on January 1, 2019. The guidance includes a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company currently anticipates that impact of adoption will not be significant to its financial statements. ASU 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 make certain targeted improvements to simplify the application of the hedge accounting guidance in GAAP. The amendments in this update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both non-financial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also includes certain targeted improvements to ease the application of current guidance related to the assessment of hedge effectiveness. Prior to the issuance of this updated, GAAP contained specific requirements for initial and ongoing quantitative hedge effectiveness testing and strict requirements for specialized effective testing methods that allowed an entity to forgo quantitative hedge effectiveness assessments for qualifying relationships. ASU 2017-12 is effective for the Company on January 1, 2019, and the Company anticipates using the modified retrospective method. The Company is in the process of reviewing its state and municipal and MBS investment securities portfolios to determine if it will reclassify securities from the held to maturity portfolio to the available for sale portfolio. The Company has not yet identified a population of specific securities to be reclassified and does not anticipate that the reclassification will have a material impact on its capital position. ASU 2018-13, “Fair Value Measurement (Topic 820) - Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-13 will be effective for the Company on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements. ASU 2018-14, “Compensation - Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20).” ASU 2018-14 amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of certain disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for us on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on our financial statements. ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” ASU 2018-15 clarifies certain aspects of ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement,” which was issued in April 2015. Specifically, ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 does not affect the accounting for the service element of a hosting arrangement that is a service contract. ASU 2018-15 will be effective for us on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on our financial statements. |
Fair Value Measurement, Policy | Mortgage Servicing Rights Mortgage servicing rights are carried at the lower of cost or estimated fair value. The fair value of mortgage servicing rights is estimated using a discounted cash flow model that is prepared by an independent third-party valuation provider and is performed on a quarterly basis. The significant assumptions, which are assumptions we believe other market participants would use, include the following: market discount rates, prepayment speeds, servicing revenue, the cost of servicing and loan default rates. The market discount rates and prepayment speeds are considered by management to be two of the most significant inputs into the determination of the estimated fair value. Due to the significant judgment involved, the determination of estimated fair value of mortgage servicing rights relies upon Level 3 inputs. 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. Impaired Loans Loans that meet certain criteria are evaluated individually for impairment. Generally, loans less than $750 are evaluated for impairment on a pooled basis. 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 of the underlying collateral 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 remeasured at least quarterly and their carrying values are adjusted as needed 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 creditworthiness of the counterparty as of the measurement date (Level 2 inputs). The Company’s derivatives consist of interest rate swaps. See Note 9. “Derivatives” for additional information. Fair Value of Financial Instruments Fair values for financial 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 ASC 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. Other Real Estate Owned OREO is initially recorded at fair value less costs to sell when acquired, which establishes a new cost basis. When an asset is acquired, the excess of the recorded investment in the loan over the fair value less cost to sell is charged to the allowance for loan losses. These assets are subsequently accounted for at the lower of cost or fair value less cost to sell and are primarily comprised of commercial and residential real estate property. If the fair value declines, a write-down is recorded in other real estate owned expense, net on the consolidated income statements. Fair value is generally determined using appraisals or other indications of value based on comparable sales of similar properties or assumptions generally observable in the marketplace. Adjustments are routinely made in the appraisal process by independent appraisers for differences between comparable sales and income data available (in the case of income producing properties). The fair value is derived using Level 3 inputs. Appraisals are reviewed by the Company’s credit department and an external loan review consultant and verified by officers in the Company’s credit administration area Fair Value of Financial Instruments Fair values for financial 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 ASC 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. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are 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 items, 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; 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 usually 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 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. When an impaired loan is collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value less cost to sell. A discount for estimated costs to dispose of the asset and overall marketability is used when estimating the amount of impairment. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of securities as of September 30, 2018 and December 31, 2017 is presented below. The term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 17. “Fair Value Measurements”. September 30, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,303,793 $ 2 $ (96,604 ) $ 2,207,191 $ 326,950 $ 33 $ (13,656 ) $ 313,327 CMOs/Other MBS 603,692 2 (27,642 ) 576,052 29,015 — (1,328 ) 27,687 Total residential MBS 2,907,485 4 (124,246 ) 2,783,243 355,965 33 (14,984 ) 341,014 Other securities: Federal agencies 338,764 — (21,031 ) 317,733 58,960 — (440 ) 58,520 Corporate 512,221 408 (9,303 ) 503,326 68,563 391 (1,045 ) 67,909 State and municipal 244,267 135 (5,460 ) 238,942 2,340,990 1,350 (81,727 ) 2,260,613 Other — — — — 18,250 29 (255 ) 18,024 Total other securities 1,095,252 543 (35,794 ) 1,060,001 2,486,763 1,770 (83,467 ) 2,405,066 Total securities $ 4,002,737 $ 547 $ (160,040 ) $ 3,843,244 $ 2,842,728 $ 1,803 $ (98,451 ) $ 2,746,080 December 31, 2017 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,171,044 $ 1,570 $ (21,965 ) $ 2,150,649 $ 355,013 $ 978 $ (2,504 ) $ 353,487 CMOs/Other MBS 656,514 31 (7,142 ) 649,403 33,496 26 (760 ) 32,762 Total residential MBS 2,827,558 1,601 (29,107 ) 2,800,052 388,509 1,004 (3,264 ) 386,249 Other securities: Federal agencies 409,322 — (9,326 ) 399,996 58,640 949 — 59,589 Corporate 147,781 1,421 (976 ) 148,226 56,663 1,255 (103 ) 57,815 State and municipal 264,310 1,380 (1,892 ) 263,798 2,342,927 12,396 (10,900 ) 2,344,423 Other — — — — 15,750 83 — 15,833 Total other securities 821,413 2,801 (12,194 ) 812,020 2,473,980 14,683 (11,003 ) 2,477,660 Total securities $ 3,648,971 $ 4,402 $ (41,301 ) $ 3,612,072 $ 2,862,489 $ 15,687 $ (14,267 ) $ 2,863,909 |
Summary of securities held-to-maturity | The following table summarizes securities held to maturity with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair value Unrecognized losses Fair value Unrecognized losses Fair value Unrecognized losses Held to maturity September 30, 2018 Residential MBS: Agency-backed $ 200,871 $ (7,022 ) $ 110,986 $ (6,634 ) $ 311,857 $ (13,656 ) CMOs/Other MBS 3,333 (69 ) 24,354 (1,259 ) 27,687 (1,328 ) Total residential MBS 204,204 (7,091 ) 135,340 (7,893 ) 339,544 (14,984 ) Other securities: Federal agencies 58,520 (440 ) — — 58,520 (440 ) Corporate 47,519 (1,045 ) — — 47,519 (1,045 ) State and municipal 1,482,745 (51,225 ) 637,296 (30,502 ) 2,120,041 (81,727 ) Other 10,745 (255 ) — — 10,745 (255 ) Total other securities 1,599,529 (52,965 ) 637,296 (30,502 ) 2,236,825 (83,467 ) Total securities $ 1,803,733 $ (60,056 ) $ 772,636 $ (38,395 ) $ 2,576,369 $ (98,451 ) December 31, 2017 Residential MBS: Agency-backed $ 136,679 $ (572 ) $ 74,303 $ (1,932 ) $ 210,982 $ (2,504 ) CMOs/Other MBS 10,314 (129 ) 20,160 (631 ) 30,474 (760 ) Total residential MBS 146,993 (701 ) 94,463 (2,563 ) 241,456 (3,264 ) Other securities: Corporate 16,560 (103 ) — — 16,560 (103 ) State and municipal 860,536 (5,310 ) 393,200 (5,590 ) 1,253,736 (10,900 ) Total other securities 877,096 (5,413 ) 393,200 (5,590 ) 1,270,296 (11,003 ) Total securities $ 1,024,089 $ (6,114 ) $ 487,663 $ (8,153 ) $ 1,511,752 $ (14,267 ) A summary of amortized cost and estimated fair value of securities as of September 30, 2018 and December 31, 2017 is presented below. The term “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 17. “Fair Value Measurements”. September 30, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,303,793 $ 2 $ (96,604 ) $ 2,207,191 $ 326,950 $ 33 $ (13,656 ) $ 313,327 CMOs/Other MBS 603,692 2 (27,642 ) 576,052 29,015 — (1,328 ) 27,687 Total residential MBS 2,907,485 4 (124,246 ) 2,783,243 355,965 33 (14,984 ) 341,014 Other securities: Federal agencies 338,764 — (21,031 ) 317,733 58,960 — (440 ) 58,520 Corporate 512,221 408 (9,303 ) 503,326 68,563 391 (1,045 ) 67,909 State and municipal 244,267 135 (5,460 ) 238,942 2,340,990 1,350 (81,727 ) 2,260,613 Other — — — — 18,250 29 (255 ) 18,024 Total other securities 1,095,252 543 (35,794 ) 1,060,001 2,486,763 1,770 (83,467 ) 2,405,066 Total securities $ 4,002,737 $ 547 $ (160,040 ) $ 3,843,244 $ 2,842,728 $ 1,803 $ (98,451 ) $ 2,746,080 December 31, 2017 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrecognized gains Gross unrecognized losses Fair value Residential MBS: Agency-backed $ 2,171,044 $ 1,570 $ (21,965 ) $ 2,150,649 $ 355,013 $ 978 $ (2,504 ) $ 353,487 CMOs/Other MBS 656,514 31 (7,142 ) 649,403 33,496 26 (760 ) 32,762 Total residential MBS 2,827,558 1,601 (29,107 ) 2,800,052 388,509 1,004 (3,264 ) 386,249 Other securities: Federal agencies 409,322 — (9,326 ) 399,996 58,640 949 — 59,589 Corporate 147,781 1,421 (976 ) 148,226 56,663 1,255 (103 ) 57,815 State and municipal 264,310 1,380 (1,892 ) 263,798 2,342,927 12,396 (10,900 ) 2,344,423 Other — — — — 15,750 83 — 15,833 Total other securities 821,413 2,801 (12,194 ) 812,020 2,473,980 14,683 (11,003 ) 2,477,660 Total securities $ 3,648,971 $ 4,402 $ (41,301 ) $ 3,612,072 $ 2,862,489 $ 15,687 $ (14,267 ) $ 2,863,909 |
Summary of amortized cost and fair value of investment securities available for sale by remaining period to contractual maturity | The amortized cost and estimated fair value of securities at September 30, 2018 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 MBS are shown separately since they are not due at a single maturity date. September 30, 2018 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Remaining period to contractual maturity: One year or less $ 22,244 $ 22,260 $ 92,954 $ 92,982 One to five years 207,237 204,204 115,470 114,545 Five to ten years 759,223 732,965 476,895 467,936 Greater than ten years 106,548 100,572 1,801,444 1,729,603 Total securities with a stated maturity date 1,095,252 1,060,001 2,486,763 2,405,066 Residential MBS 2,907,485 2,783,243 355,965 341,014 Total securities $ 4,002,737 $ 3,843,244 $ 2,842,728 $ 2,746,080 |
Sale of securities | Sales of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Available for sale: Proceeds from sales $ — $ 5,015 $ 117,810 $ 15,247 Gross realized gains (1) — 1 82 7 Gross realized losses (1) (3 ) (22 ) (5,910 ) (281 ) Income tax benefit on realized net losses (1 ) (7 ) (1,224 ) (89 ) Held to maturity: (2) Proceeds from sale $ — $ — $ 254 $ — Gross realized loss (1) (53 ) — (74 ) — Income tax expense on realized loss (11 ) — (15 ) — (1) Gross realized gains and losses includes securities called prior to maturity. (2) In the nine months ended September 30, 2018 , the Company sold a security that was held to maturity due to a decline in the credit rating and other evidence of deterioration of the issuer’s creditworthiness. |
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 for the periods presented below: 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 September 30, 2018 Residential MBS: Agency-backed $ 1,110,789 $ (38,095 ) $ 1,095,722 $ (58,509 ) $ 2,206,511 $ (96,604 ) CMOs/Other MBS 543,311 (26,005 ) 32,546 (1,637 ) 575,857 (27,642 ) Total residential MBS 1,654,100 (64,100 ) 1,128,268 (60,146 ) 2,782,368 (124,246 ) Other securities: Federal agencies 204,358 (11,154 ) 113,375 (9,877 ) 317,733 (21,031 ) Corporate 355,696 (6,520 ) 55,695 (2,783 ) 411,391 (9,303 ) State and municipal 144,619 (2,703 ) 77,621 (2,757 ) 222,240 (5,460 ) Total other securities 704,673 (20,377 ) 246,691 (15,417 ) 951,364 (35,794 ) Total securities $ 2,358,773 $ (84,477 ) $ 1,374,959 $ (75,563 ) $ 3,733,732 $ (160,040 ) December 31, 2017 Residential MBS: Agency-backed $ 1,349,217 $ (10,550 ) $ 486,948 $ (11,415 ) $ 1,836,165 $ (21,965 ) CMOs/Other MBS 605,200 (6,064 ) 36,107 (1,078 ) 641,307 (7,142 ) Total residential MBS 1,954,417 (16,614 ) 523,055 (12,493 ) 2,477,472 (29,107 ) Other securities: Federal agencies 243,476 (1,955 ) 156,520 (7,371 ) 399,996 (9,326 ) Corporate 65,056 (397 ) 15,268 (579 ) 80,324 (976 ) State and municipal 97,307 (757 ) 56,324 (1,135 ) 153,631 (1,892 ) Total other securities 405,839 (3,109 ) 228,112 (9,085 ) 633,951 (12,194 ) Total securities $ 2,360,256 $ (19,723 ) $ 751,167 $ (21,578 ) $ 3,111,423 $ (41,301 ) |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at the FHLB and other institutions, and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below: September 30, December 31, 2018 2017 Available for sale securities pledged for borrowings, at fair value $ 19,743 $ 10,225 Available for sale securities pledged for municipal deposits, at fair value 651,439 323,341 Held to maturity securities pledged for borrowings, at amortized cost 39,443 35,047 Held to maturity securities pledged for municipal deposits, at amortized cost 1,686,889 1,182,674 Total securities pledged $ 2,397,514 $ 1,551,287 |
Portfolio Loans (Tables)
Portfolio Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 for the periods presented below: September 30, December 31, 2018 2017 Commercial: Commercial and industrial (“C&I”): Traditional C&I $ 2,037,556 $ 1,979,448 Asset-based lending 868,047 797,570 Payroll finance 235,734 268,609 Warehouse lending 864,063 723,335 Factored receivables 270,002 220,551 Equipment financing 1,161,435 679,541 Public sector finance 807,193 637,767 Total C&I 6,244,030 5,306,821 Commercial mortgage: Commercial real estate 4,457,485 4,138,864 Multi-family 4,827,172 4,859,555 Acquisition, development & construction (“ADC”) 265,676 282,792 Total commercial mortgage 9,550,333 9,281,211 Total commercial 15,794,363 14,588,032 Residential mortgage 4,421,520 5,054,732 Consumer 317,331 366,219 Total portfolio loans 20,533,214 20,008,983 Allowance for loan losses (91,365 ) (77,907 ) Total portfolio loans, net $ 20,441,849 $ 19,931,076 |
Schedule of amounts and status of loans and TDRs | The following tables set forth the amounts and status of the Company’s loans, troubled debt restructurings (“TDRs”) and non-performing loans at September 30, 2018 and December 31, 2017 : September 30, 2018 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,987,436 $ 5,634 $ 479 $ 2,546 $ 41,461 $ 2,037,556 Asset-based lending 860,329 — — — 7,718 868,047 Payroll finance 234,749 — 756 — 229 235,734 Warehouse lending 864,063 — — — — 864,063 Factored receivables 270,002 — — — — 270,002 Equipment financing 1,135,922 11,835 3,714 — 9,964 1,161,435 Public sector finance 807,193 — — — — 807,193 Commercial real estate 4,422,756 329 2,856 4,400 27,144 4,457,485 Multi-family 4,822,883 19 569 — 3,701 4,827,172 ADC 265,676 — — — — 265,676 Residential mortgage 4,330,083 12,217 6,116 266 72,838 4,421,520 Consumer 296,816 4,213 1,347 134 14,821 317,331 Total portfolio loans $ 20,297,908 $ 34,247 $ 15,837 $ 7,346 $ 177,876 $ 20,533,214 Total TDRs included above $ 39,393 $ 57 $ 367 $ 418 $ 37,112 $ 77,347 Non-performing loans: Loans 90+ days past due and still accruing $ 7,346 Non-accrual loans 177,876 Total non-performing loans $ 185,222 . December 31, 2017 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 1,940,387 $ 1,232 $ 187 $ — $ 37,642 $ 1,979,448 Asset-based lending 797,570 — — — — 797,570 Payroll finance 268,609 — — — — 268,609 Warehouse lending 723,335 — — — — 723,335 Factored receivables 220,551 — — — — 220,551 Equipment financing 667,083 1,143 3,216 — 8,099 679,541 Public sector finance 637,767 — — — — 637,767 Commercial real estate 4,104,173 8,403 4,131 437 21,720 4,138,864 Multi-family 4,853,677 595 834 — 4,449 4,859,555 ADC 278,587 — — — 4,205 282,792 Residential mortgage 4,925,996 22,416 6,038 324 99,958 5,054,732 Consumer 350,502 4,364 974 95 10,284 366,219 Total portfolio loans $ 19,768,237 $ 38,153 $ 15,380 $ 856 $ 186,357 $ 20,008,983 Total TDRs included above $ 13,175 $ 389 $ — $ — $ 29,325 $ 42,889 Non-performing loans: Loans 90+ days past due and still accruing $ 856 Non-accrual loans 186,357 Total non-performing loans $ 187,213 |
Schedule of additional analysis of non-accrual loans | The following table provides additional analysis of the Company’s non-accrual loans at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Traditional C&I $ 41,461 $ 49,199 $ 37,642 $ 37,853 Asset-based lending 7,718 7,718 — — Payroll finance 229 229 — — Equipment financing 9,964 13,203 8,099 8,099 Commercial real estate 27,144 32,214 21,720 25,739 Multi-family 3,701 3,959 4,449 4,705 ADC — — 4,205 4,205 Residential mortgage 72,838 84,315 99,958 113,002 Consumer 14,821 16,966 10,284 12,096 Total $ 177,876 $ 207,803 $ 186,357 $ 205,699 |
Impaired financing receivables | The following table presents loans individually evaluated for impairment, excluding PCI loans, by segment of loans at September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 54,756 $ 40,909 $ 36,408 $ 35,921 Asset-based lending 18,573 18,573 — — Equipment financing 2,394 2,394 5,341 5,341 Commercial real estate 45,150 37,739 10,128 9,663 Multi-family 2,352 1,688 1,597 1,597 ADC — — 5,474 5,208 Residential mortgage 2,552 2,332 — — Consumer 8,050 8,050 3,132 3,132 Total $ 133,827 $ 111,685 $ 62,080 $ 60,862 The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the three months ended September 30, 2018 and September 30, 2017 : For the three months ended September 30, 2018 September 30, 2017 QTD average recorded investment Interest income recognized Cash-basis interest income recognized QTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 36,731 $ 116 $ — $ 24,653 $ 8 $ — Asset-based lending 14,639 123 — — — — Equipment financing 798 — — 5,469 — — Commercial real estate 27,149 294 — 13,258 95 — Multi-family 1,768 17 — — — — ADC — — — 5,611 48 — Residential mortgage 1,849 — — 1,060 — — Consumer 4,762 — — 2,356 — — Total $ 87,696 $ 550 $ — $ 52,407 $ 151 $ — For the three months ended September 30, 2018 and 2017 , there were no payroll finance, warehouse lending, factored receivables or public sector finance loans that were impaired, and there was no cash-basis interest income recognized. The following table presents the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for the nine months ended September 30, 2018 and 2017 : For the nine months ended September 30, 2018 September 30, 2017 YTD average recorded investment Interest income recognized Cash-basis interest income recognized YTD average recorded investment Interest income recognized Cash-basis interest income recognized Loans with no related allowance recorded: Traditional C&I $ 35,935 $ 149 $ — $ 24,747 $ 22 $ — Asset-based lending 10,980 347 — — — — Equipment financing 598 — — 3,429 — — Commercial real estate 22,704 360 — 10,410 271 — Multi-family 1,726 48 — — — — ADC — — — 5,562 154 — Residential mortgage 1,387 — — 787 — — Consumer 4,355 — — 1,927 — — Total $ 77,685 $ 904 $ — $ 46,862 $ 447 $ — The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at September 30, 2018 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans (1) Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 40,909 $ 1,987,707 $ 8,940 $ 2,037,556 $ — $ 14,716 $ 14,716 Asset-based lending 18,573 849,474 — 868,047 — 6,828 6,828 Payroll finance — 235,734 — 235,734 — 2,183 2,183 Warehouse lending — 864,063 — 864,063 — 2,685 2,685 Factored receivables — 270,002 — 270,002 — 1,508 1,508 Equipment financing 2,394 1,159,041 — 1,161,435 — 11,153 11,153 Public sector finance — 807,193 — 807,193 — 1,444 1,444 Commercial real estate 37,739 4,390,799 28,947 4,457,485 — 31,468 31,468 Multi-family 1,688 4,814,697 10,787 4,827,172 — 7,682 7,682 ADC — 265,676 — 265,676 — 1,876 1,876 Residential mortgage 2,332 4,322,621 96,567 4,421,520 — 6,800 6,800 Consumer 8,050 300,518 8,763 317,331 — 3,022 3,022 Total portfolio loans $ 111,685 $ 20,267,525 $ 154,004 $ 20,533,214 $ — $ 91,365 $ 91,365 (1) The Company acquired loans for which there was, at acquisition, both evidence of deterioration of credit quality since origination and the probability, at acquisition, that all contractually required payments would not be collected. These loans are classified as purchased credit impaired loans (“PCI loans”). The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2017 : Loans evaluated by segment Allowance evaluated by segment Individually evaluated for impairment Collectively evaluated for impairment PCI loans Total loans Individually evaluated for impairment Collectively evaluated for impairment Total allowance for loan losses Traditional C&I $ 35,921 $ 1,933,155 $ 10,372 $ 1,979,448 $ — $ 19,072 $ 19,072 Asset-based lending — 797,570 — 797,570 — 6,625 6,625 Payroll finance — 268,609 — 268,609 — 1,565 1,565 Warehouse lending — 723,335 — 723,335 — 3,705 3,705 Factored receivables — 220,551 — 220,551 — 1,395 1,395 Equipment financing 5,341 674,200 — 679,541 — 4,862 4,862 Public sector finance — 637,767 — 637,767 — 1,797 1,797 Commercial real estate 9,663 4,090,143 39,058 4,138,864 — 24,945 24,945 Multi-family 1,597 4,842,898 15,060 4,859,555 — 3,261 3,261 ADC 5,208 277,322 262 282,792 — 1,680 1,680 Residential mortgage — 4,903,218 151,514 5,054,732 — 5,819 5,819 Consumer 3,132 352,741 10,346 366,219 — 3,181 3,181 Total portfolio loans $ 60,862 $ 19,721,509 $ 226,612 $ 20,008,983 $ — $ 77,907 $ 77,907 |
Schedule of changes in the 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 the three and nine months ended September 30, 2018 and 2017 : For the three months ended September 30, For the nine months ended September 30, 2018 2017 2018 2017 Balance at beginning of period $ 21,711 $ 10,877 $ 45,582 $ 11,117 Accretion of income (4,027 ) (2,412 ) (10,578 ) (4,612 ) Reclassification (to) from non-accretable difference 1,056 1,412 (1,192 ) 3,372 Other, adjustments — — (15,072 ) — Balance at end of period $ 18,740 $ 9,877 $ 18,740 $ 9,877 |
Troubled debt restructurings | The following table presents loans by segment modified as TDRs that occurred during the first nine months of 2018 and 2017 : September 30, 2018 September 30, 2017 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Traditional C&I 2 $ 11,606 $ 10,477 1 $ 23,188 $ 23,188 Asset-based lending 1 12,766 12,766 — — — Equipment financing 4 3,307 3,307 2 3,088 3,088 Commercial real estate 1 12,187 12,187 2 1,724 1,724 ADC — — — 1 797 797 Residential mortgage 11 1,684 1,367 2 552 551 Consumer 1 4,944 4,944 — — — Total TDRs 20 $ 46,494 $ 45,048 8 $ 29,349 $ 29,348 The following tables set forth the amounts and past due status of the Company’s TDRs at September 30, 2018 and December 31, 2017 : September 30, 2018 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 449 $ — $ — $ 418 $ 25,351 $ 26,218 Asset-based lending 10,855 — — — — 10,855 Equipment financing 3,340 — — — 1,181 4,521 Commercial real estate 16,091 — — — 2,935 19,026 ADC 434 — — — — 434 Residential mortgage 5,685 — 367 — 2,473 8,525 Consumer 2,539 57 — — 5,172 7,768 Total $ 39,393 $ 57 $ 367 $ 418 $ 37,112 $ 77,347 December 31, 2017 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 565 $ — $ — $ — $ 21,083 $ 21,648 Equipment financing 898 — — — 826 1,724 Commercial real estate 2,921 — — — 115 3,036 ADC 1,495 — — — 4,205 5,700 Residential mortgage 5,154 336 — — 2,810 8,300 Consumer 2,142 53 — — 286 2,481 Total $ 13,175 $ 389 $ — $ — $ 29,325 $ 42,889 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the allowance for loan losses for the three months ended September 30, 2018 and 2017 is summarized below: For the three months ended September 30, 2018 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance Traditional C&I $ 18,075 $ (3,415 ) $ 235 $ (3,180 ) $ (179 ) $ 14,716 Asset-based lending 5,837 — — — 991 6,828 Payroll finance 1,658 (2 ) 5 3 522 2,183 Warehouse lending 2,787 — — — (102 ) 2,685 Factored receivables 1,321 (18 ) 2 (16 ) 203 1,508 Equipment financing 8,841 (829 ) 85 (744 ) 3,056 11,153 Public sector finance 1,354 — — — 90 1,444 Commercial real estate 26,870 (359 ) 612 253 4,345 31,468 Multi-family 7,389 (168 ) 4 (164 ) 457 7,682 ADC 2,172 — — — (296 ) 1,876 Residential mortgage 5,917 (114 ) 5 (109 ) 992 6,800 Consumer 3,805 (458 ) 254 (204 ) (579 ) 3,022 Total allowance for loan losses $ 86,026 $ (5,363 ) $ 1,202 $ (4,161 ) $ 9,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.08 % For the three months ended September 30, 2017 Beginning balance Charge-offs Recoveries Net charge-offs Provision / (reversal of) Ending balance Traditional C&I $ 15,506 $ (68 ) $ 316 $ 248 $ 1,446 $ 17,200 Asset-based lending 2,582 — 1 1 2,192 4,775 Payroll finance 1,287 (188 ) 1 (187 ) 1,091 2,191 Warehouse lending 2,435 — — — 1,299 3,734 Factored receivables 1,151 (564 ) 5 (559 ) 679 1,271 Equipment financing 5,735 (741 ) 45 (696 ) (577 ) 4,462 Public sector finance 1,887 — — — (535 ) 1,352 Commercial real estate 25,181 (1,345 ) 17 (1,328 ) (648 ) 23,205 Multi-family 5,028 — — — (974 ) 4,054 ADC 920 (5 ) — (5 ) 399 1,314 Residential mortgage 5,124 (389 ) — (389 ) 319 5,054 Consumer 3,315 (156 ) 48 (108 ) 309 3,516 Total allowance for loan losses $ 70,151 $ (3,456 ) $ 433 $ (3,023 ) $ 5,000 $ 72,128 Annualized net charge-offs to average loans outstanding: 0.12 % Activity in the allowance for loan losses for the nine months ended September 30, 2018 and 2017 is summarized below: For the nine months ended September 30, 2018 Beginning Charge-offs Recoveries Net Provision/ (reversal of) Ending balance Traditional C&I $ 19,072 $ (8,818 ) $ 674 $ (8,144 ) $ 3,788 $ 14,716 Asset-based lending 6,625 — 9 9 194 6,828 Payroll finance 1,565 (316 ) 34 (282 ) 900 2,183 Warehouse lending 3,705 — — — (1,020 ) 2,685 Factored receivables 1,395 (181 ) 7 (174 ) 287 1,508 Equipment financing 4,862 (7,505 ) 347 (7,158 ) 13,449 11,153 Public sector finance 1,797 — — — (353 ) 1,444 Commercial real estate 24,945 (4,878 ) 702 (4,176 ) 10,699 31,468 Multi-family 3,261 (168 ) 7 (161 ) 4,582 7,682 ADC 1,680 (721 ) — (721 ) 917 1,876 Residential mortgage 5,819 (697 ) 54 (643 ) 1,624 6,800 Consumer 3,181 (1,074 ) 482 (592 ) 433 3,022 Total allowance for loan losses $ 77,907 $ (24,358 ) $ 2,316 $ (22,042 ) $ 35,500 $ 91,365 Annualized net charge-offs to average loans outstanding: 0.15 % For the nine months ended September 30, 2017 Beginning Charge-offs Recoveries Net Provision/ (reversal of) Ending balance Traditional C&I $ 12,864 $ (919 ) $ 978 $ 59 $ 4,277 $ 17,200 Asset-based lending 3,316 — 5 5 1,454 4,775 Payroll finance 951 (188 ) 1 (187 ) 1,427 2,191 Warehouse lending 1,563 — — — 2,171 3,734 Factored receivables 1,669 (871 ) 23 (848 ) 450 1,271 Equipment financing 5,039 (1,822 ) 331 (1,491 ) 914 4,462 Public sector finance 1,062 — — — 290 1,352 Commercial real estate 20,466 (2,372 ) 117 (2,255 ) 4,994 23,205 Multi-family 4,991 — — — (937 ) 4,054 ADC 1,931 (27 ) 269 242 (859 ) 1,314 Residential mortgage 5,864 (668 ) 159 (509 ) (301 ) 5,054 Consumer 3,906 (687 ) 177 (510 ) 120 3,516 Total allowance for loan losses $ 63,622 $ (7,554 ) $ 2,060 $ (5,494 ) $ 14,000 $ 72,128 Annualized net charge-offs to average loans outstanding: 0.08 % |
Financing receivable credit quality indicators | As of September 30, 2018 and December 31, 2017 , the risk category of gross loans by segment was as follows: September 30, 2018 December 31, 2017 Special mention Substandard Doubtful Special mention Substandard Doubtful Traditional C&I $ 11,662 $ 42,974 $ 2,213 $ 7,453 $ 53,915 $ 746 Asset-based lending 56 42,913 — 30,958 3,835 — Payroll finance 13,708 15,511 — 15,542 352 — Factored receivables 778 — — 187 — — Equipment financing 10,593 16,266 — 4,093 9,299 — Commercial real estate 18,822 52,870 — 40,438 34,529 — Multi-family 21,201 18,489 — 26,602 14,266 — ADC 4,096 434 — 4,204 4,639 — Residential mortgage 6,116 75,803 — 6,038 101,149 — Consumer 1,440 15,098 6 1,043 10,507 18 Total $ 88,472 $ 280,358 $ 2,219 $ 136,558 $ 232,491 $ 764 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The balance of goodwill and other intangible assets for the periods presented were as follows: September 30, December 31, 2018 2017 Goodwill $ 1,609,772 $ 1,579,891 Other intangible assets: Core deposits $ 109,833 $ 126,545 Customer lists 4,972 5,854 Non-compete agreements 104 292 Trade name 20,500 20,500 Total $ 135,409 $ 153,191 |
Future amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2018 was as follows: Amortization expense Remainder of 2018 $ 5,863 2019 19,181 2020 16,800 2021 15,104 2022 13,703 2023 12,322 Thereafter 31,936 Total $ 114,909 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at September 30, 2018 and December 31, 2017 were as follows: September 30, December 31, 2018 2017 Non-interest bearing demand $ 4,651,369 $ 4,080,742 Interest bearing demand 4,302,725 3,882,064 Savings 2,470,949 2,758,642 Money market 7,460,064 7,377,118 Certificates of deposit 2,570,950 2,439,638 Total deposits $ 21,456,057 $ 20,538,204 |
List of Company's Brokered deposits | Brokered deposits at September 30, 2018 and December 31, 2017 were as follows: September 30, December 31, 2018 2017 Interest bearing demand $ 17,471 $ 23,820 Money market 779,285 773,804 Money market - reciprocal deposits (1) — 102,259 CDARs (2) and ICS (3) one way 150,181 204,331 Total brokered deposits $ 946,937 $ 1,104,214 1 Section 29 of the Federal Deposit Insurance Act was amended to except a capped amount of reciprocal deposits from treatment as brokered deposits for certain insured depository institutions, including the Bank. As a result, the Bank no longer reports its reciprocal deposits as brokered deposits. 2 CDARs are deposits generated through the certificate of deposit account registry service. 3 ICS are deposits generated through the insured cash sweep program. |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instruments [Abstract] | |
Schedule of debt | The Company’s borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2018 2017 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ 4,429,110 2.21 % $ 4,510,123 1.69 % Repurchase agreements 22,888 1.19 30,162 0.64 5.50% Senior Notes — — 76,805 5.98 3.50% Senior Notes 200,972 3.19 201,404 3.19 Subordinated Notes 172,885 5.45 172,716 5.45 Total borrowings $ 4,825,855 2.37 % $ 4,991,210 1.96 % By remaining period to maturity: Less than one year $ 2,707,935 2.24 % $ 2,989,093 1.69 % One to two years 1,392,912 2.15 775,714 1.79 Two to three years 552,123 2.58 802,650 2.34 Three to four years — — 251,037 2.04 Greater than five years 172,885 5.45 172,716 5.45 Total borrowings $ 4,825,855 2.37 % $ 4,991,210 1.96 % |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of September 30, 2018 and December 31, 2017 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value September 30, 2018 Included in other assets: Third-party interest rate swap $ 670,460 $ 3,347 Customer interest rate swap 213,651 290 Total $ 884,111 5.48 4.50 % 1 m Libor + 2.24% $ 3,637 Included in other liabilities: Third-party interest rate swap $ (213,651 ) $ (1,369 ) Customer interest rate swap (670,460 ) (17,399 ) Total $ (884,111 ) 5.48 4.50 % 1 m Libor + 2.24% $ (18,768 ) December 31, 2017 Included in other assets: Third-party interest rate swap $ 314,754 $ 1,155 Customer interest rate swap 306,529 3,302 Total $ 621,283 5.79 4.28 % 1 m Libor + 1.94% $ 4,457 Included in other liabilities: Third-party interest rate swap $ (306,529 ) $ (4,718 ) Customer interest rate swap (314,754 ) (3,262 ) Total $ (621,283 ) 5.79 4.28 % 1 m Libor + 1.94% $ (7,980 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
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 three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Income before income tax expense $ 146,821 $ 66,444 $ 421,305 $ 185,939 Tax at Federal statutory rate of 21% for 2018 and 35% for 2017 30,833 23,253 88,474 65,076 State and local income taxes, net of Federal tax benefit 7,330 2,531 21,284 7,302 Tax exempt interest, net of disallowed interest (4,970 ) (5,213 ) (14,435 ) (12,487 ) Bank owned life insurance income (861 ) (462 ) (2,406 ) (1,484 ) Non-deductible acquisition related costs — 237 — 1,193 Investments in qualified affordable housing projects (401 ) (139 ) (2,903 ) (416 ) Stock-based compensation benefit — (1 ) (441 ) (807 ) FDIC insurance premium limitation 466 — 1,483 — Other, net (5,226 ) 1,386 (2,514 ) 1,243 Actual income tax expense $ 27,171 $ 21,592 $ 88,542 $ 59,620 Effective income tax rate 18.5 % 32.5 % 21.0 % 32.1 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [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 nine months ended September 30, 2018 : 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 January 1, 2018 3,101,327 1,238,760 $ 20.00 757,867 $ 11.15 Granted (772,271 ) 772,271 23.54 — — Stock awards vested — (341,501 ) 17.35 — — Exercised — — — (49,794 ) 11.19 Forfeited 55,356 (50,056 ) 22.32 (5,300 ) 13.18 Canceled/expired (5,300 ) — — — 13.18 Balance at September 30, 2018 2,379,112 1,619,474 $ 22.08 702,773 $ 11.13 Exercisable at September 30, 2018 701,106 $ 11.12 |
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 are presented below: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Stock options $ 2 $ 48 $ 5 $ 146 Non-vested stock awards/performance units 3,113 1,921 9,299 5,456 Total $ 3,115 $ 1,969 $ 9,304 $ 5,602 Income tax benefit 654 640 1,954 1,821 Proceeds from stock option exercises 154 65 556 1,193 |
Unrecognized stock-based compensation expense | Unrecognized stock-based compensation expense as of September 30, 2018 was as follows: September 30, 2018 Stock options $ — Non-vested stock awards/performance units 21,289 Total $ 21,289 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of net pension (benefit) expense and post-retirement expense | Total pension and other post-retirement benefits expense is comprised of the following for the periods presented below: For the three months ended September 30, 2018 September 30, 2017 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 20 $ — $ — Interest cost 2,121 254 — 101 Expected return on plan assets (3,353 ) — — — Net amortization and deferral — — — 8 Net periodic pension and other post-retirement (benefit) expense $ (1,232 ) $ 274 $ — $ 109 For the nine months ended September 30, 2018 September 30, 2017 Pension Benefits Other Post Retirement Benefits Pension Benefits Other Post Retirement Benefits Service cost $ — $ 62 $ — $ — Interest cost 6,364 780 — 302 Expected return on plan assets (10,058 ) — — — Net amortization and deferral — — — 26 Net periodic pension and other post-retirement (benefit) expense $ (3,694 ) $ 842 $ — $ 328 |
Non-Interest Income and Other_2
Non-Interest Income and Other Non-Interest Expense (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items for the three and nine months ended September 30, 2018 and 2017 , respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Other non-interest expense: Professional fees $ 2,866 $ 2,234 $ 9,269 $ 6,917 Advertising and promotion 1,147 649 3,962 2,034 Telephone 1,238 589 4,500 1,705 Operational losses 791 130 2,945 642 Stationery & office supplies 507 170 1,790 641 Insurance & surety bond premium 1,299 841 2,680 2,065 Other 5,325 3,734 14,534 11,072 Total other non-interest expense $ 13,173 $ 8,347 $ 39,680 $ 25,076 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following is a summary of the calculation of earnings per common share (“EPS”): For the three months ended For the nine months ended September 30, September 30, 2018 2017 2018 2017 Net income available to common stockholders $ 117,657 $ 44,852 $ 326,775 $ 126,319 Weighted average common shares outstanding for computation of basic EPS 225,088,511 135,346,791 224,969,121 135,276,634 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 534,384 603,369 535,342 618,879 Weighted average common shares for computation of diluted EPS 225,622,895 135,950,160 225,504,463 135,895,513 EPS: Basic $ 0.52 $ 0.33 $ 1.45 $ 0.93 Diluted 0.52 0.33 1.45 0.93 Weighted average common shares that could be exercised that were anti-dilutive for the period (2) — — — — (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. There were no anti-dilutive shares in the three and nine months ended September 30, 2018 or September 30, 2017 . |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables present actual and required capital ratios as of September 30, 2018 and December 31, 2017 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 September 30, 2018 and December 31, 2017 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 September 30, 2018 Common equity tier 1 to RWA: Sterling National Bank $ 2,970,656 14.23 % $ 1,330,866 6.375 % $ 1,461,343 7.00 % $ 1,356,961 6.50 % Sterling Bancorp 2,710,568 12.97 1,332,021 6.375 1,462,611 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,970,656 14.23 % 1,644,011 7.875 % 1,774,488 8.50 % 1,670,106 8.00 % Sterling Bancorp 2,849,195 13.64 1,645,438 7.875 1,776,028 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,235,560 15.50 % 2,061,538 9.875 % 2,192,015 10.50 % 2,087,633 10.00 % Sterling Bancorp 3,080,643 14.74 2,063,327 9.875 2,193,917 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,970,656 10.10 % 1,176,278 4.00 % 1,176,278 4.00 % 1,470,347 5.00 % Sterling Bancorp 2,849,195 9.68 1,177,205 4.00 1,177,205 4.00 N/A N/A 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, 2017 Common equity tier 1 to RWA: Sterling National Bank $ 2,770,381 13.95 % $ 1,142,247 5.75 % $ 1,390,561 7.00 % $ 1,291,236 6.50 % Sterling Bancorp 2,458,449 12.37 1,143,045 5.75 1,391,534 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,770,381 13.95 % 1,440,224 7.25 % 1,688,539 8.50 % 1,589,213 8.00 % Sterling Bancorp 2,597,669 13.07 1,441,231 7.25 1,689,719 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,021,658 15.21 % 1,837,527 9.25 % 2,085,842 10.50 % 1,986,516 10.00 % Sterling Bancorp 2,818,404 14.18 1,838,812 9.25 2,087,300 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,770,381 10.10 % 1,097,449 4.00 % 1,097,449 4.00 % 1,371,811 5.00 % Sterling Bancorp 2,597,669 9.39 1,106,977 4.00 1,106,977 4.00 N/A N/A |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [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: September 30, December 31, 2018 2017 Loan origination commitments $ 372,047 $ 510,135 Unused lines of credit 1,359,953 1,195,656 Letters of credit 289,877 166,824 |
Schedule of future minimum lease payments due | Future minimum lease payments due under non-cancelable operating leases at September 30, 2018 were as follows: Remainder of 2018 $ 4,863 2019 17,817 2020 16,577 2021 13,878 2022 10,007 2023 8,163 2024 and thereafter 22,158 $ 93,463 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of such investment securities available for sale and derivatives at September 30, 2018 and December 31, 2017 , respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS (1) : Agency-backed $ 2,207,191 $ — $ 2,207,191 $ — CMOs (2) /Other MBS 576,052 — 576,052 — Total residential MBS 2,783,243 — 2,783,243 — Other securities: Federal agencies 317,733 — 317,733 — Corporate 503,326 — 503,326 — State and municipal 238,942 — 238,942 — Total other securities 1,060,001 — 1,060,001 — Total available for sale securities 3,843,244 — 3,843,244 — Swaps 3,637 — 3,637 — Total assets $ 3,846,881 $ — $ 3,846,881 $ — Liabilities: Swaps $ (18,768 ) $ — $ (18,768 ) $ — Total liabilities $ (18,768 ) $ — $ (18,768 ) $ — (1) Residential MBS are debt securities whose cash flows come from residential mortgage and consumer loans, such as mortgages and HELOCs. A residential MBS is comprised of a pool of mortgage loans created by financial institutions, including governmental agencies. The cash flows from each mortgage loan included in the pool are structured through a special purpose entity into various classes and tranches, which then issue securities backed by those cash flows to investors. (2) CMOs are debt securities that are collateralized by a specific pool of residential mortgage loans, in which the issuer of the CMOs can direct the payments of principal and interest received on the underlying collateral to achieve specific investor cash flow objectives. The Bank generally acquires planned-amortization class securities and CMOs with a sequential pay structure in order to manage the duration and extension risk inherent in these securities. December 31, 2017 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 2,150,649 $ — $ 2,150,649 $ — CMOs/Other MBS 649,403 — 649,403 — Total residential MBS 2,800,052 — 2,800,052 — Federal agencies 399,996 — 399,996 — Corporate bonds 148,226 — 148,226 — State and municipal 263,798 — 263,798 — Total other securities 812,020 — 812,020 — Total available for sale securities 3,612,072 — 3,612,072 — Swaps 4,457 — 4,457 — Total assets $ 3,616,529 $ — $ 3,616,529 $ — Liabilities: Swaps $ 7,980 $ — $ 7,980 $ — Total liabilities $ 7,980 $ — $ 7,980 $ — |
Impaired loans measured at estimated fair value on nonrecurring basis | A summary of the classes with impaired loans at September 30, 2018 and December 31, 2017 , respectively, is set forth below: September 30, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 30,895 $ — $ — $ 30,895 Commercial real estate 11,160 — — 11,160 Multi-family 1,236 — — 1,236 Residential mortgage 769 — — 769 Total impaired loans measured at fair value $ 44,060 $ — $ — $ 44,060 December 31, 2017 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 114 $ — $ — $ 114 Commercial real estate 782 — — 782 Total impaired loans measured at fair value $ 896 $ — $ — $ 896 |
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 September 30, 2018 : September 30, 2018 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 533,984 $ 533,984 $ — $ — Securities available for sale 3,843,244 — 3,843,244 — Securities held to maturity 2,842,728 — 2,746,081 — Loans held for sale 31,042 — 31,042 — Portfolio loans, net 20,441,849 — — 20,317,154 Accrued interest receivable on securities 43,934 — 43,934 — Accrued interest receivable on loans 65,443 — — 65,443 FHLB stock and FRB stock 351,455 — — — Swaps 3,637 — 3,637 — Financial liabilities: Non-maturity deposits (18,885,107 ) (18,885,107 ) — — Certificates of deposit (2,570,950 ) — (2,532,989 ) — FHLB borrowings (4,429,110 ) — (4,403,358 ) — Other borrowings (22,888 ) — (22,886 ) — Senior Notes (200,972 ) — (199,370 ) — Subordinated Notes (172,885 ) — (172,061 ) — Mortgage escrow funds (96,952 ) — (87,766 ) — Accrued interest payable on deposits (1,905 ) — (1,905 ) — Accrued interest payable on borrowings (14,284 ) — (14,284 ) — Swaps (18,768 ) — (18,768 ) — 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, 2017 : December 31, 2017 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 479,906 $ 479,906 $ — $ — Securities available for sale 3,612,072 — 3,612,072 — Securities held to maturity 2,862,489 — 2,863,909 — Loans held for sale 5,246 — 5,246 — Portfolio loans, net 19,931,076 — — 19,903,231 Accrued interest receivable on securities 34,652 — 34,652 — Accrued interest receivable on loans 59,446 — — 59,446 FHLB stock and FRB stock 284,112 — — — Swaps 4,457 — 4,457 — Financial liabilities: Non-maturity deposits (18,098,566 ) (18,098,566 ) — — Certificates of deposit (2,439,638 ) — (2,412,495 ) — FHLB borrowings (4,510,123 ) — (4,496,184 ) — Other borrowings (30,162 ) — (30,160 ) — Senior Notes (278,209 ) — (278,968 ) — Subordinated Notes (172,716 ) — (179,619 ) — Mortgage escrow funds (122,641 ) — (117,050 ) — Accrued interest payable on deposits (1,103 ) — (1,103 ) — Accrued interest payable on borrowings (9,649 ) — (9,649 ) — Swaps (7,980 ) — (7,980 ) — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive loss were as follows as of the dates shown below: September 30, December 31, 2018 2017 Net unrealized holding loss on available for sale securities $ (159,493 ) $ (36,899 ) Related income tax benefit 44,084 14,575 Available for sale securities, net of tax (115,409 ) (22,324 ) Net unrealized holding loss on securities transferred to held to maturity (3,741 ) (4,426 ) Related income tax benefit 1,034 1,748 Securities transferred to held to maturity, net of tax (2,707 ) (2,678 ) Net unrealized holding loss on retirement plans (773 ) (1,924 ) Related income tax benefit 214 760 Retirement plans, net of tax (559 ) (1,164 ) Accumulated other comprehensive loss $ (118,675 ) $ (26,166 ) The following table presents the changes in each component of accumulated other comprehensive loss for the three months ended September 30, 2018 and 2017 : Net unrealized holding (loss) gain on available for sale securities Net unrealized holding (loss) gain on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total For the three months ended September 30, 2018 Balance beginning of the period $ (95,852 ) $ (2,870 ) $ (859 ) $ (99,581 ) Other comprehensive loss before reclassification (19,613 ) — — (19,613 ) Amounts reclassified from accumulated other comprehensive loss 56 163 300 519 Total other comprehensive (loss) income (19,557 ) 163 300 (19,094 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) For the three months ended September 30, 2017 Balance beginning of the period $ (12,704 ) $ (2,969 ) $ (695 ) $ (16,368 ) Other comprehensive gain before reclassification 2,538 — — 2,538 Amounts reclassified from accumulated other comprehensive loss 21 144 6 171 Total other comprehensive income 2,559 144 6 2,709 Balance at end of period $ (10,145 ) $ (2,825 ) $ (689 ) $ (13,659 ) Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net loss on sale of securities Interest income on securities Other non-interest expense The following table presents the changes in each component of accumulated other comprehensive loss for the nine months ended September 30, 2018 and 2017 : Net unrealized holding (loss) gain on available for sale securities Net unrealized holding (loss)gain on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total For the nine months ended September 30, 2018 Balance beginning of the period $ (22,324 ) $ (2,678 ) $ (1,164 ) $ (26,166 ) Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss (4,376 ) (525 ) (228 ) (5,129 ) Other comprehensive loss before reclassification (94,611 ) — — (94,611 ) Amounts reclassified from accumulated other comprehensive loss 5,902 496 833 7,231 Total other comprehensive (loss) income (93,085 ) (29 ) 605 (92,509 ) Balance at end of period $ (115,409 ) $ (2,707 ) $ (559 ) $ (118,675 ) For the nine months ended September 30, 2017 Balance beginning of the period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Other comprehensive gain before reclassification 12,218 — — 12,218 Amounts reclassified from AOCI 274 439 45 758 Total other comprehensive income 12,492 439 45 12,976 Balance at end of period $ (10,145 ) $ (2,825 ) $ (689 ) $ (13,659 ) Location in consolidated income statements where reclassification from AOCI is included Net loss on sale of securities Interest income on securities Other non-interest expense |
Basis of Financial Statement _3
Basis of Financial Statement Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from compensation and benefits due to adoption of new accounting guidance | $ (54,823) | $ (31,727) | $ (165,662) | $ (93,893) | |
Adjustment to other noninterest expense due to adoption of new accounting guidance | $ 13,173 | $ 8,347 | 39,680 | 25,076 | |
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | (5,129) | ||||
Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | $ 5,129 | 5,129 | |||
Accumulated other comprehensive (loss) income | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act from accumulated other comprehensive (loss) | $ (5,129) | $ (5,129) | |||
Accounting Standards Update 2017-07 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reclassification from compensation and benefits due to adoption of new accounting guidance | 328 | ||||
Adjustment to other noninterest expense due to adoption of new accounting guidance | $ 328 |
Acquisitions (Details)
Acquisitions (Details) | Apr. 02, 2018USD ($) | Oct. 02, 2017USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 29, 2017$ / shares |
Business Acquisition [Line Items] | ||||||
Total consideration paid | $ 502,052,000 | $ 0 | ||||
Advantage Funding | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interest acquired | 100.00% | |||||
Consideration paid | $ 502,052,000 | |||||
Outstanding loans and leases held by acquiree at acquisition date | $ 457,638,000 | |||||
Premium paid for loans receivable, percentage of gross loans | 4.50% | |||||
Loans | $ 20,300,000 | |||||
Restructuring charges | $ 4,396,000 | |||||
Astoria Financial Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Loans | $ 9,209,398,000 | |||||
Number of shares received by Astoria shareholders for each share of acquiree's stock (in shares) | 0.875 | |||||
Common stock issued as consideration (in shares) | shares | 88,829,776 | |||||
Closing share price (in dollars per share) | $ / shares | $ 24.65 | |||||
Total consideration paid | $ 2,189,687,000 | |||||
Deposits | (9,044,061,000) | |||||
Goodwill acquired during period | $ 883,291,000 | |||||
Purchase accounting adjustment, income tax | 6,214,000 | 6,214,000 | ||||
Purchase accounting adjustment, goodwill | $ 6,214,000 | $ 6,214,000 | ||||
Estimate of Fair Value Measurement | Advantage Funding | ||||||
Business Acquisition [Line Items] | ||||||
Outstanding loans and leases held by acquiree at acquisition date | $ 442,844,000 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Available for Sale | ||
Amortized cost | $ 4,002,737 | $ 3,648,971 |
Gross unrealized gains | 547 | 4,402 |
Gross unrealized losses | (160,040) | (41,301) |
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Held to Maturity | ||
Amortized cost | 2,842,728 | 2,862,489 |
Gross unrecognized gains | 1,803 | 15,687 |
Gross unrecognized losses | (98,451) | (14,267) |
Securities held to maturity, fair value | 2,746,080 | 2,863,909 |
Residential MBS: | ||
Available for Sale | ||
Amortized cost | 2,907,485 | 2,827,558 |
Gross unrealized gains | 4 | 1,601 |
Gross unrealized losses | (124,246) | (29,107) |
Available for sale, at fair value | 2,783,243 | 2,800,052 |
Held to Maturity | ||
Amortized cost | 355,965 | 388,509 |
Gross unrecognized gains | 33 | 1,004 |
Gross unrecognized losses | (14,984) | (3,264) |
Securities held to maturity, fair value | 341,014 | 386,249 |
Residential MBS: | Agency-backed | ||
Available for Sale | ||
Amortized cost | 2,303,793 | 2,171,044 |
Gross unrealized gains | 2 | 1,570 |
Gross unrealized losses | (96,604) | (21,965) |
Available for sale, at fair value | 2,207,191 | 2,150,649 |
Held to Maturity | ||
Amortized cost | 326,950 | 355,013 |
Gross unrecognized gains | 33 | 978 |
Gross unrecognized losses | (13,656) | (2,504) |
Securities held to maturity, fair value | 313,327 | 353,487 |
Residential MBS: | CMOs/Other MBS | ||
Available for Sale | ||
Amortized cost | 603,692 | 656,514 |
Gross unrealized gains | 2 | 31 |
Gross unrealized losses | (27,642) | (7,142) |
Available for sale, at fair value | 576,052 | 649,403 |
Held to Maturity | ||
Amortized cost | 29,015 | 33,496 |
Gross unrecognized gains | 0 | 26 |
Gross unrecognized losses | (1,328) | (760) |
Securities held to maturity, fair value | 27,687 | 32,762 |
Other securities: | ||
Available for Sale | ||
Amortized cost | 1,095,252 | 821,413 |
Gross unrealized gains | 543 | 2,801 |
Gross unrealized losses | (35,794) | (12,194) |
Available for sale, at fair value | 1,060,001 | 812,020 |
Held to Maturity | ||
Amortized cost | 2,486,763 | 2,473,980 |
Gross unrecognized gains | 1,770 | 14,683 |
Gross unrecognized losses | (83,467) | (11,003) |
Securities held to maturity, fair value | 2,405,066 | 2,477,660 |
Other securities: | Federal agencies | ||
Available for Sale | ||
Amortized cost | 338,764 | 409,322 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (21,031) | (9,326) |
Available for sale, at fair value | 317,733 | 399,996 |
Held to Maturity | ||
Amortized cost | 58,960 | 58,640 |
Gross unrecognized gains | 0 | 949 |
Gross unrecognized losses | (440) | 0 |
Securities held to maturity, fair value | 58,520 | 59,589 |
Other securities: | Corporate | ||
Available for Sale | ||
Amortized cost | 512,221 | 147,781 |
Gross unrealized gains | 408 | 1,421 |
Gross unrealized losses | (9,303) | (976) |
Available for sale, at fair value | 503,326 | 148,226 |
Held to Maturity | ||
Amortized cost | 68,563 | 56,663 |
Gross unrecognized gains | 391 | 1,255 |
Gross unrecognized losses | (1,045) | (103) |
Securities held to maturity, fair value | 67,909 | 57,815 |
Other securities: | State and municipal | ||
Available for Sale | ||
Amortized cost | 244,267 | 264,310 |
Gross unrealized gains | 135 | 1,380 |
Gross unrealized losses | (5,460) | (1,892) |
Available for sale, at fair value | 238,942 | 263,798 |
Held to Maturity | ||
Amortized cost | 2,340,990 | 2,342,927 |
Gross unrecognized gains | 1,350 | 12,396 |
Gross unrecognized losses | (81,727) | (10,900) |
Securities held to maturity, fair value | 2,260,613 | 2,344,423 |
Other securities: | Other | ||
Available for Sale | ||
Amortized cost | 0 | 0 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Available for sale, at fair value | 0 | 0 |
Held to Maturity | ||
Amortized cost | 18,250 | 15,750 |
Gross unrecognized gains | 29 | 83 |
Gross unrecognized losses | (255) | 0 |
Securities held to maturity, fair value | $ 18,024 | $ 15,833 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Remaining period to contractual maturity: | ||
Available-for-sale, one year or less, amortized cost | $ 22,244 | |
Available-for-sale, one to five years, amortized cost | 207,237 | |
Available-for-sale, five to ten Years, amortized cost | 759,223 | |
Available-for-sale, greater than ten years, amortized cost | 106,548 | |
Available-for-sale, with a stated maturity date, amortized cost | 1,095,252 | |
Available-for-sale, without single maturity date, amortized cost | 2,907,485 | |
Amortized cost | 4,002,737 | $ 3,648,971 |
Remaining period to contractual maturity: | ||
Available-for-sale, one year or less, fair value | 22,260 | |
Available-for-sale, one to five years, fair value | 204,204 | |
Available-for-sale, five to ten years, fair value | 732,965 | |
Available-for-sale, greater than ten years, fair value | 100,572 | |
Available-for-sale, with a stated maturity date, fair value | 1,060,001 | |
Available-for-sale, without single maturity date, fair value | 2,783,243 | |
Securities available for sale | 3,843,244 | 3,612,072 |
Remaining period to contractual maturity: | ||
Held-to-maturity, one year or less, amortized cost | 92,954 | |
Held-to-maturity, one to five years, amortized cost | 115,470 | |
Held-to-maturity, five to ten years, amortized cost | 476,895 | |
Held-to-maturity, greater than ten years, amortized cost | 1,801,444 | |
Held-to-maturity, with a stated maturity date, amortized cost | 2,486,763 | |
Held-to-maturity, without single maturity date, amortized cost | 355,965 | |
Amortized cost | 2,842,728 | 2,862,489 |
Remaining period to contractual maturity: | ||
Held-to-maturity, one year or less, fair value | 92,982 | |
Held-to-maturity, one to five years, fair value | 114,545 | |
Held-to-maturity, five to ten years, fair value | 467,936 | |
Held-to-maturity, greater than ten years, fair value | 1,729,603 | |
Held-to-maturity, with a stated maturity date, fair value | 2,405,066 | |
Held-to-maturity, without single maturity date, fair value | 341,014 | |
Held-to-maturity, fair value | $ 2,746,080 | $ 2,863,909 |
Securities - Sale of Securities
Securities - Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Available for Sale | ||||
Proceeds from sales | $ 0 | $ 5,015 | $ 117,810 | $ 15,247 |
Gross realized gains | 0 | 1 | 82 | 7 |
Gross realized losses | (3) | (22) | (5,910) | (281) |
Income tax benefit on realized net losses | (1) | (7) | (1,224) | (89) |
Held to Maturity | ||||
Proceeds from sales of securities held to maturity | 0 | 0 | 254 | 0 |
Gross realized loss | (53) | 0 | (74) | 0 |
Income tax expense on realized loss | $ (11) | $ 0 | $ (15) | $ 0 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 2,358,773 | $ 2,360,256 |
Unrealized losses, less than 12 months, accumulated loss | (84,477) | (19,723) |
Fair value, 12 months or longer | 1,374,959 | 751,167 |
Unrealized losses, 12 months or longer | (75,563) | (21,578) |
Fair value, total | 3,733,732 | 3,111,423 |
Unrealized losses, total | (160,040) | (41,301) |
Residential MBS: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 1,654,100 | 1,954,417 |
Unrealized losses, less than 12 months, accumulated loss | (64,100) | (16,614) |
Fair value, 12 months or longer | 1,128,268 | 523,055 |
Unrealized losses, 12 months or longer | (60,146) | (12,493) |
Fair value, total | 2,782,368 | 2,477,472 |
Unrealized losses, total | (124,246) | (29,107) |
Other securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 704,673 | 405,839 |
Unrealized losses, less than 12 months, accumulated loss | (20,377) | (3,109) |
Fair value, 12 months or longer | 246,691 | 228,112 |
Unrealized losses, 12 months or longer | (15,417) | (9,085) |
Fair value, total | 951,364 | 633,951 |
Unrealized losses, total | (35,794) | (12,194) |
Agency-backed | Residential MBS: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 1,110,789 | 1,349,217 |
Unrealized losses, less than 12 months, accumulated loss | (38,095) | (10,550) |
Fair value, 12 months or longer | 1,095,722 | 486,948 |
Unrealized losses, 12 months or longer | (58,509) | (11,415) |
Fair value, total | 2,206,511 | 1,836,165 |
Unrealized losses, total | (96,604) | (21,965) |
CMOs/Other MBS | Residential MBS: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 543,311 | 605,200 |
Unrealized losses, less than 12 months, accumulated loss | (26,005) | (6,064) |
Fair value, 12 months or longer | 32,546 | 36,107 |
Unrealized losses, 12 months or longer | (1,637) | (1,078) |
Fair value, total | 575,857 | 641,307 |
Unrealized losses, total | (27,642) | (7,142) |
Federal agencies | Other securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 204,358 | 243,476 |
Unrealized losses, less than 12 months, accumulated loss | (11,154) | (1,955) |
Fair value, 12 months or longer | 113,375 | 156,520 |
Unrealized losses, 12 months or longer | (9,877) | (7,371) |
Fair value, total | 317,733 | 399,996 |
Unrealized losses, total | (21,031) | (9,326) |
Corporate | Other securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 355,696 | 65,056 |
Unrealized losses, less than 12 months, accumulated loss | (6,520) | (397) |
Fair value, 12 months or longer | 55,695 | 15,268 |
Unrealized losses, 12 months or longer | (2,783) | (579) |
Fair value, total | 411,391 | 80,324 |
Unrealized losses, total | (9,303) | (976) |
State and municipal | Other securities: | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 144,619 | 97,307 |
Unrealized losses, less than 12 months, accumulated loss | (2,703) | (757) |
Fair value, 12 months or longer | 77,621 | 56,324 |
Unrealized losses, 12 months or longer | (2,757) | (1,135) |
Fair value, total | 222,240 | 153,631 |
Unrealized losses, total | $ (5,460) | $ (1,892) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 1,803,733 | $ 1,024,089 |
Unrecognized losses, less than 12 months | (60,056) | (6,114) |
Fair value, 12 months or longer | 772,636 | 487,663 |
Unrecognized losses, 12 months or longer | (38,395) | (8,153) |
Fair value, total | 2,576,369 | 1,511,752 |
Unrecognized losses, total | (98,451) | (14,267) |
Residential MBS: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 204,204 | 146,993 |
Unrecognized losses, less than 12 months | (7,091) | (701) |
Fair value, 12 months or longer | 135,340 | 94,463 |
Unrecognized losses, 12 months or longer | (7,893) | (2,563) |
Fair value, total | 339,544 | 241,456 |
Unrecognized losses, total | (14,984) | (3,264) |
Residential MBS: | Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 200,871 | 136,679 |
Unrecognized losses, less than 12 months | (7,022) | (572) |
Fair value, 12 months or longer | 110,986 | 74,303 |
Unrecognized losses, 12 months or longer | (6,634) | (1,932) |
Fair value, total | 311,857 | 210,982 |
Unrecognized losses, total | (13,656) | (2,504) |
Residential MBS: | CMOs/Other MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 3,333 | 10,314 |
Unrecognized losses, less than 12 months | (69) | (129) |
Fair value, 12 months or longer | 24,354 | 20,160 |
Unrecognized losses, 12 months or longer | (1,259) | (631) |
Fair value, total | 27,687 | 30,474 |
Unrecognized losses, total | (1,328) | (760) |
Other securities: | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 1,599,529 | 877,096 |
Unrecognized losses, less than 12 months | (52,965) | (5,413) |
Fair value, 12 months or longer | 637,296 | 393,200 |
Unrecognized losses, 12 months or longer | (30,502) | (5,590) |
Fair value, total | 2,236,825 | 1,270,296 |
Unrecognized losses, total | (83,467) | (11,003) |
Other securities: | Federal agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 58,520 | |
Unrecognized losses, less than 12 months | (440) | |
Fair value, 12 months or longer | 0 | |
Unrecognized losses, 12 months or longer | 0 | |
Fair value, total | 58,520 | |
Unrecognized losses, total | (440) | |
Other securities: | Corporate | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 47,519 | 16,560 |
Unrecognized losses, less than 12 months | (1,045) | (103) |
Fair value, 12 months or longer | 0 | 0 |
Unrecognized losses, 12 months or longer | 0 | 0 |
Fair value, total | 47,519 | 16,560 |
Unrecognized losses, total | (1,045) | (103) |
Other securities: | State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 1,482,745 | 860,536 |
Unrecognized losses, less than 12 months | (51,225) | (5,310) |
Fair value, 12 months or longer | 637,296 | 393,200 |
Unrecognized losses, 12 months or longer | (30,502) | (5,590) |
Fair value, total | 2,120,041 | 1,253,736 |
Unrecognized losses, total | (81,727) | $ (10,900) |
Other securities: | Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 10,745 | |
Unrecognized losses, less than 12 months | (255) | |
Fair value, 12 months or longer | 0 | |
Unrecognized losses, 12 months or longer | 0 | |
Fair value, total | 10,745 | |
Unrecognized losses, total | $ (255) |
Securities - Narrative (Details
Securities - Narrative (Details) | 9 Months Ended |
Sep. 30, 2018security | |
Investments, Debt and Equity Securities [Abstract] | |
Number of available for sale securities which were in continuous unrealized loss position for less than 12 months | 372 |
Number of available for sale securities which were in continuous unrealized loss position for 12 months or more | 237 |
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | 575 |
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | 206 |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Collateral Pledged - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 2,397,514 | $ 1,551,287 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 19,743 | 10,225 |
Held-to-maturity securities pledged as collateral | 39,443 | 35,047 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 651,439 | 323,341 |
Held-to-maturity securities pledged as collateral | $ 1,686,889 | $ 1,182,674 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Components of loan portfolio, excluding loans held for sale | ||||||
Total C&I | $ 6,244,030 | $ 5,306,821 | ||||
Total commercial mortgage | 9,550,333 | 9,281,211 | ||||
Total commercial | 15,794,363 | 14,588,032 | ||||
Total portfolio loans | 20,533,214 | 20,008,983 | ||||
Allowance for loan losses | (91,365) | $ (86,026) | (77,907) | $ (72,128) | $ (70,151) | $ (63,622) |
Portfolio loans, net | 20,441,849 | 19,931,076 | ||||
Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (14,716) | (18,075) | (19,072) | (17,200) | (15,506) | (12,864) |
Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (6,828) | (5,837) | (6,625) | (4,775) | (2,582) | (3,316) |
Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (2,183) | (1,658) | (1,565) | (2,191) | (1,287) | (951) |
Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (2,685) | (2,787) | (3,705) | (3,734) | (2,435) | (1,563) |
Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,508) | (1,321) | (1,395) | (1,271) | (1,151) | (1,669) |
Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (11,153) | (8,841) | (4,862) | (4,462) | (5,735) | (5,039) |
Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,444) | (1,354) | (1,797) | (1,352) | (1,887) | (1,062) |
ADC | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Allowance for loan losses | (1,876) | $ (2,172) | (1,680) | $ (1,314) | $ (920) | $ (1,931) |
Commercial loans | Commercial and industrial | Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 2,037,556 | 1,979,448 | ||||
Commercial loans | Commercial and industrial | Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 868,047 | 797,570 | ||||
Commercial loans | Commercial and industrial | Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 235,734 | 268,609 | ||||
Commercial loans | Commercial and industrial | Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 864,063 | 723,335 | ||||
Commercial loans | Commercial and industrial | Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 270,002 | 220,551 | ||||
Commercial loans | Commercial and industrial | Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 1,161,435 | 679,541 | ||||
Commercial loans | Commercial and industrial | Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 807,193 | 637,767 | ||||
Commercial loans | Real estate | Commercial real estate | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 4,457,485 | 4,138,864 | ||||
Commercial loans | Real estate | Multi-family | Multi-family | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 4,827,172 | 4,859,555 | ||||
Commercial loans | Real estate | ADC | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 265,676 | 282,792 | ||||
Residential mortgage | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | 4,421,520 | 5,054,732 | ||||
Consumer | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Total portfolio loans | $ 317,331 | $ 366,219 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | Dec. 31, 2017USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Net deferred loan origination costs | $ (5,892,000) | $ (5,892,000) | $ (4,813,000) | ||
Bank pledged mortgages | 8,548,416,000 | 8,548,416,000 | 9,123,601,000 | ||
Non accrual loans | 177,876,000 | 177,876,000 | 186,357,000 | ||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | 750,000 | 750,000 | |||
Loans not individually evaluated for impairment | 111,685,000 | 111,685,000 | 60,862,000 | ||
Impaired loans with an allowance recorded | 0 | 0 | 0 | ||
Loans not classified as TDRs | 77,347,000 | $ 77,347,000 | 42,889,000 | ||
Loans modified by TDR | loan | 20 | 8 | |||
TDRs modified and subsequently defaulted | loan | 0 | 0 | |||
PCI Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance of PCI loans treated under cost recovery method | 5,363,000 | $ 5,363,000 | 7,992,000 | ||
ADC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | 0 | |||
Asset-based lending | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Warehouse lending | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Impaired loans cash-basis interest income recognized | 0 | $ 0 | 0 | $ 0 | |
Residential mortgage | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Loans formally in process of foreclosure | 52,087,000 | 52,087,000 | 76,712,000 | ||
Public sector finance | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | 0 | 0 | ||
Impaired loans with an allowance recorded | 0 | 0 | 0 | ||
Impaired loans cash-basis interest income recognized | 0 | 0 | 0 | 0 | |
Factored receivables | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with an allowance recorded | 0 | 0 | 0 | ||
Impaired loans cash-basis interest income recognized | 0 | 0 | 0 | 0 | |
Payroll finance | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Impaired loans with an allowance recorded | 0 | 0 | 0 | ||
Impaired loans cash-basis interest income recognized | 0 | $ 0 | 0 | $ 0 | |
Commercial loans | Commercial and industrial | Traditional C&I | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 41,461,000 | 41,461,000 | 37,642,000 | ||
Loans not individually evaluated for impairment | 40,909,000 | 40,909,000 | 35,921,000 | ||
Loans not classified as TDRs | 26,218,000 | $ 26,218,000 | 21,648,000 | ||
Loans modified by TDR | loan | 2 | 1 | |||
Commercial loans | Commercial and industrial | Asset-based lending | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 7,718,000 | $ 7,718,000 | 0 | ||
Loans not individually evaluated for impairment | 18,573,000 | 18,573,000 | 0 | ||
Loans not classified as TDRs | 10,855,000 | $ 10,855,000 | 0 | ||
Loans modified by TDR | loan | 1 | 0 | |||
Commercial loans | Commercial and industrial | Warehouse lending | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 0 | ||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Impaired loans with an allowance recorded | 0 | 0 | 0 | ||
Loans not classified as TDRs | 0 | $ 0 | 0 | ||
Loans modified by TDR | loan | 0 | 0 | |||
Commercial loans | Commercial and industrial | Public sector finance | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 0 | ||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Loans not classified as TDRs | 0 | $ 0 | 0 | ||
Loans modified by TDR | loan | 0 | 0 | |||
Commercial loans | Commercial and industrial | Factored receivables | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 0 | ||
Commercial loans | Commercial and industrial | Payroll finance | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 229,000 | 229,000 | 0 | ||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Loans not classified as TDRs | 0 | $ 0 | 0 | ||
Loans modified by TDR | loan | 0 | 0 | |||
Commercial loans | Commercial and industrial | Factored receivables | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 0 | ||
Loans not individually evaluated for impairment | 0 | 0 | 0 | ||
Loans not classified as TDRs | 0 | $ 0 | 0 | ||
Loans modified by TDR | loan | 0 | 0 | |||
Commercial loans | Real estate | ADC | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 0 | $ 0 | 4,205,000 | ||
Loans not individually evaluated for impairment | 0 | 0 | 5,208,000 | ||
Loans not classified as TDRs | 434,000 | $ 434,000 | 5,700,000 | ||
Loans modified by TDR | loan | 0 | 1 | |||
Multi-family | Commercial loans | Real estate | Multi-family | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Non accrual loans | 3,701,000 | $ 3,701,000 | 4,449,000 | ||
Loans not individually evaluated for impairment | 1,688,000 | 1,688,000 | 1,597,000 | ||
Loans not classified as TDRs | $ 0 | $ 0 | $ 0 | ||
Loans modified by TDR | loan | 0 | 0 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Non-Performing loans: | ||
Current loans | $ 20,297,908,000 | $ 19,768,237,000 |
Non accrual loans | 177,876,000 | 186,357,000 |
Total portfolio loans | 20,533,214,000 | 20,008,983,000 |
Current loans | 39,393,000 | 13,175,000 |
Past due TDRs | 77,347,000 | 42,889,000 |
Non-Accrual TDRs | 37,112,000 | 29,325,000 |
Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 177,876,000 | 186,357,000 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 7,346,000 | 856,000 |
Total non-performing loans | 185,222,000 | 187,213,000 |
30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 34,247,000 | 38,153,000 |
Past due TDRs | 57,000 | 389,000 |
60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 15,837,000 | 15,380,000 |
Past due TDRs | 367,000 | 0 |
90 days past due | ||
Non-Performing loans: | ||
Past due loans | 7,346,000 | 856,000 |
Past due TDRs | 418,000 | 0 |
Asset-based lending | ||
Non-Performing loans: | ||
Non accrual loans | 0 | 0 |
Warehouse lending | ||
Non-Performing loans: | ||
Non accrual loans | 0 | 0 |
Public sector finance | ||
Non-Performing loans: | ||
Non accrual loans | 0 | 0 |
ADC | ||
Non-Performing loans: | ||
Non accrual loans | 0 | |
Commercial loans | Commercial and industrial | Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 1,987,436,000 | 1,940,387,000 |
Non accrual loans | 41,461,000 | 37,642,000 |
Total portfolio loans | 2,037,556,000 | 1,979,448,000 |
Current loans | 449,000 | 565,000 |
Past due TDRs | 26,218,000 | 21,648,000 |
Non-Accrual TDRs | 25,351,000 | 21,083,000 |
Commercial loans | Commercial and industrial | Traditional C&I | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 5,634,000 | 1,232,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Traditional C&I | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 479,000 | 187,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Traditional C&I | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 2,546,000 | 0 |
Past due TDRs | 418,000 | 0 |
Commercial loans | Commercial and industrial | Asset-based lending | ||
Non-Performing loans: | ||
Current loans | 860,329,000 | 797,570,000 |
Non accrual loans | 7,718,000 | 0 |
Total portfolio loans | 868,047,000 | 797,570,000 |
Current loans | 10,855,000 | |
Past due TDRs | 10,855,000 | 0 |
Non-Accrual TDRs | 0 | |
Commercial loans | Commercial and industrial | Asset-based lending | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | |
Commercial loans | Commercial and industrial | Asset-based lending | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | |
Commercial loans | Commercial and industrial | Asset-based lending | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | |
Commercial loans | Commercial and industrial | Payroll finance | ||
Non-Performing loans: | ||
Current loans | 234,749,000 | 268,609,000 |
Non accrual loans | 229,000 | 0 |
Total portfolio loans | 235,734,000 | 268,609,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Payroll finance | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Payroll finance | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 756,000 | 0 |
Commercial loans | Commercial and industrial | Payroll finance | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Warehouse lending | ||
Non-Performing loans: | ||
Current loans | 864,063,000 | 723,335,000 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 864,063,000 | 723,335,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Warehouse lending | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Warehouse lending | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Warehouse lending | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Factored receivables | ||
Non-Performing loans: | ||
Current loans | 270,002,000 | 220,551,000 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 270,002,000 | 220,551,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Factored receivables | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Factored receivables | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Factored receivables | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Equipment financing | ||
Non-Performing loans: | ||
Current loans | 1,135,922,000 | 667,083,000 |
Non accrual loans | 9,964,000 | 8,099,000 |
Total portfolio loans | 1,161,435,000 | 679,541,000 |
Current loans | 3,340,000 | 898,000 |
Past due TDRs | 4,521,000 | 1,724,000 |
Non-Accrual TDRs | 1,181,000 | 826,000 |
Commercial loans | Commercial and industrial | Equipment financing | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 11,835,000 | 1,143,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Equipment financing | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 3,714,000 | 3,216,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Equipment financing | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Public sector finance | ||
Non-Performing loans: | ||
Current loans | 807,193,000 | 637,767,000 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 807,193,000 | 637,767,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | Public sector finance | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Public sector finance | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Commercial and industrial | Public sector finance | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Real estate | Commercial real estate | ||
Non-Performing loans: | ||
Current loans | 4,422,756,000 | 4,104,173,000 |
Non accrual loans | 27,144,000 | 21,720,000 |
Total portfolio loans | 4,457,485,000 | 4,138,864,000 |
Current loans | 16,091,000 | 2,921,000 |
Past due TDRs | 19,026,000 | 3,036,000 |
Non-Accrual TDRs | 2,935,000 | 115,000 |
Commercial loans | Real estate | Commercial real estate | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 329,000 | 8,403,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | Commercial real estate | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 2,856,000 | 4,131,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | Commercial real estate | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 4,400,000 | 437,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | Multi-family | Multi-family | ||
Non-Performing loans: | ||
Current loans | 4,822,883,000 | 4,853,677,000 |
Non accrual loans | 3,701,000 | 4,449,000 |
Total portfolio loans | 4,827,172,000 | 4,859,555,000 |
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | Multi-family | Multi-family | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 19,000 | 595,000 |
Commercial loans | Real estate | Multi-family | Multi-family | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 569,000 | 834,000 |
Commercial loans | Real estate | Multi-family | Multi-family | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Commercial loans | Real estate | ADC | ||
Non-Performing loans: | ||
Current loans | 265,676,000 | 278,587,000 |
Non accrual loans | 0 | 4,205,000 |
Total portfolio loans | 265,676,000 | 282,792,000 |
Current loans | 434,000 | 1,495,000 |
Past due TDRs | 434,000 | 5,700,000 |
Non-Accrual TDRs | 0 | 4,205,000 |
Commercial loans | Real estate | ADC | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | ADC | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | ADC | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Past due TDRs | 0 | 0 |
Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 4,330,083,000 | 4,925,996,000 |
Non accrual loans | 72,838,000 | 99,958,000 |
Total portfolio loans | 4,421,520,000 | 5,054,732,000 |
Current loans | 5,685,000 | 5,154,000 |
Past due TDRs | 8,525,000 | 8,300,000 |
Non-Accrual TDRs | 2,473,000 | 2,810,000 |
Residential mortgage | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 12,217,000 | 22,416,000 |
Past due TDRs | 0 | 336,000 |
Residential mortgage | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 6,116,000 | 6,038,000 |
Past due TDRs | 367,000 | 0 |
Residential mortgage | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 266,000 | 324,000 |
Past due TDRs | 0 | 0 |
Consumer | ||
Non-Performing loans: | ||
Current loans | 296,816,000 | 350,502,000 |
Non accrual loans | 14,821,000 | 10,284,000 |
Total portfolio loans | 317,331,000 | 366,219,000 |
Current loans | 2,539,000 | 2,142,000 |
Past due TDRs | 7,768,000 | 2,481,000 |
Non-Accrual TDRs | 5,172,000 | 286,000 |
Consumer | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 4,213,000 | 4,364,000 |
Past due TDRs | 57,000 | 53,000 |
Consumer | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 1,347,000 | 974,000 |
Past due TDRs | 0 | 0 |
Consumer | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 134,000 | 95,000 |
Past due TDRs | $ 0 | $ 0 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | $ 177,876,000 | $ 186,357,000 |
Non-accrual loans, unpaid principal balance | 207,803,000 | 205,699,000 |
Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | |
Commercial loans | Warehouse lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 0 |
Commercial loans | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 41,461,000 | 37,642,000 |
Non-accrual loans, unpaid principal balance | 49,199,000 | 37,853,000 |
Commercial loans | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 7,718,000 | 0 |
Non-accrual loans, unpaid principal balance | 7,718,000 | 0 |
Commercial loans | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 229,000 | 0 |
Non-accrual loans, unpaid principal balance | 229,000 | 0 |
Commercial loans | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 9,964,000 | 8,099,000 |
Non-accrual loans, unpaid principal balance | 13,203,000 | 8,099,000 |
Commercial loans | Commercial real estate | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 27,144,000 | 21,720,000 |
Non-accrual loans, unpaid principal balance | 32,214,000 | 25,739,000 |
Commercial loans | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 3,701,000 | 4,449,000 |
Non-accrual loans, unpaid principal balance | 3,959,000 | 4,705,000 |
Commercial loans | ADC | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 0 | 4,205,000 |
Non-accrual loans, unpaid principal balance | 0 | 4,205,000 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 72,838,000 | 99,958,000 |
Non-accrual loans, unpaid principal balance | 84,315,000 | 113,002,000 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment non-accrual loans | 14,821,000 | 10,284,000 |
Non-accrual loans, unpaid principal balance | $ 16,966,000 | $ 12,096,000 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | $ 111,685 | $ 60,862 |
Loans evaluated by segment, Collectively evaluated for impairment | 20,267,525 | 19,721,509 |
Total portfolio loans | 20,533,214 | 20,008,983 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 91,365 | 77,907 |
Total allowance for loan losses | 91,365 | 77,907 |
PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 154,004 | 226,612 |
Commercial loans | Commercial and industrial | Traditional C&I | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 40,909 | 35,921 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,987,707 | 1,933,155 |
Total portfolio loans | 2,037,556 | 1,979,448 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 14,716 | 19,072 |
Total allowance for loan losses | 14,716 | 19,072 |
Commercial loans | Commercial and industrial | Traditional C&I | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 8,940 | 10,372 |
Commercial loans | Commercial and industrial | Asset-based lending | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 18,573 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 849,474 | 797,570 |
Total portfolio loans | 868,047 | 797,570 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 6,828 | 6,625 |
Total allowance for loan losses | 6,828 | 6,625 |
Commercial loans | Commercial and industrial | Asset-based lending | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans | Commercial and industrial | Payroll finance | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 235,734 | 268,609 |
Total portfolio loans | 235,734 | 268,609 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 2,183 | 1,565 |
Total allowance for loan losses | 2,183 | 1,565 |
Commercial loans | Commercial and industrial | Payroll finance | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans | Commercial and industrial | Warehouse lending | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 864,063 | 723,335 |
Total portfolio loans | 864,063 | 723,335 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 2,685 | 3,705 |
Total allowance for loan losses | 2,685 | 3,705 |
Commercial loans | Commercial and industrial | Warehouse lending | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans | Commercial and industrial | Factored receivables | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 270,002 | 220,551 |
Total portfolio loans | 270,002 | 220,551 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,508 | 1,395 |
Total allowance for loan losses | 1,508 | 1,395 |
Commercial loans | Commercial and industrial | Factored receivables | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans | Commercial and industrial | Equipment financing | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 2,394 | 5,341 |
Loans evaluated by segment, Collectively evaluated for impairment | 1,159,041 | 674,200 |
Total portfolio loans | 1,161,435 | 679,541 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 11,153 | 4,862 |
Total allowance for loan losses | 11,153 | 4,862 |
Commercial loans | Commercial and industrial | Equipment financing | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans | Commercial and industrial | Public sector finance | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 807,193 | 637,767 |
Total portfolio loans | 807,193 | 637,767 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,444 | 1,797 |
Total allowance for loan losses | 1,444 | 1,797 |
Commercial loans | Commercial and industrial | Public sector finance | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 0 |
Commercial loans | Real estate | Commercial real estate | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 37,739 | 9,663 |
Loans evaluated by segment, Collectively evaluated for impairment | 4,390,799 | 4,090,143 |
Total portfolio loans | 4,457,485 | 4,138,864 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 31,468 | 24,945 |
Total allowance for loan losses | 31,468 | 24,945 |
Commercial loans | Real estate | Commercial real estate | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 28,947 | 39,058 |
Commercial loans | Real estate | Multi-family | Multi-family | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 1,688 | 1,597 |
Loans evaluated by segment, Collectively evaluated for impairment | 4,814,697 | 4,842,898 |
Total portfolio loans | 4,827,172 | 4,859,555 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 7,682 | 3,261 |
Total allowance for loan losses | 7,682 | 3,261 |
Commercial loans | Real estate | Multi-family | Multi-family | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 10,787 | 15,060 |
Commercial loans | Real estate | ADC | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 0 | 5,208 |
Loans evaluated by segment, Collectively evaluated for impairment | 265,676 | 277,322 |
Total portfolio loans | 265,676 | 282,792 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 1,876 | 1,680 |
Total allowance for loan losses | 1,876 | 1,680 |
Commercial loans | Real estate | ADC | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 0 | 262 |
Residential mortgage | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 2,332 | 0 |
Loans evaluated by segment, Collectively evaluated for impairment | 4,322,621 | 4,903,218 |
Total portfolio loans | 4,421,520 | 5,054,732 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 6,800 | 5,819 |
Total allowance for loan losses | 6,800 | 5,819 |
Residential mortgage | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | 96,567 | 151,514 |
Consumer | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Individually evaluated for impairment | 8,050 | 3,132 |
Loans evaluated by segment, Collectively evaluated for impairment | 300,518 | 352,741 |
Total portfolio loans | 317,331 | 366,219 |
Allowance evaluated by segment, Individually evaluated for impairment | 0 | 0 |
Allowance evaluated by segment, Collectively evaluated for impairment | 3,022 | 3,181 |
Total allowance for loan losses | 3,022 | 3,181 |
Consumer | PCI Loans | ||
Loans evaluated for impairment by segment | ||
Loans evaluated by segment, Purchased credit impaired loans | $ 8,763 | $ 10,346 |
Portfolio Loans - Accretable Yi
Portfolio Loans - Accretable Yield Discount for PCI Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 21,711 | $ 10,877 | $ 45,582 | $ 11,117 |
Accretion of income | (4,027) | (2,412) | (10,578) | (4,612) |
Reclassification (to) from non-accretable difference | 1,056 | 1,412 | (1,192) | 3,372 |
Other, adjustments | 0 | 0 | (15,072) | 0 |
Balance at end of period | $ 18,740 | $ 9,877 | $ 18,740 | $ 9,877 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | $ 133,827 | $ 62,080 |
Recorded investment with no related allowance recorded | 111,685 | 60,862 |
Residential mortgage | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 2,552 | 0 |
Recorded investment with no related allowance recorded | 2,332 | 0 |
Consumer | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 8,050 | 3,132 |
Recorded investment with no related allowance recorded | 8,050 | 3,132 |
Commercial and industrial | Commercial loans | Traditional C&I | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 54,756 | 36,408 |
Recorded investment with no related allowance recorded | 40,909 | 35,921 |
Commercial and industrial | Commercial loans | Asset-based lending | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 18,573 | 0 |
Recorded investment with no related allowance recorded | 18,573 | 0 |
Commercial and industrial | Commercial loans | Equipment financing | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 2,394 | 5,341 |
Recorded investment with no related allowance recorded | 2,394 | 5,341 |
Real estate | Commercial loans | Commercial real estate | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 45,150 | 10,128 |
Recorded investment with no related allowance recorded | 37,739 | 9,663 |
Real estate | Commercial loans | Multi-family | Multi-family | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 2,352 | 1,597 |
Recorded investment with no related allowance recorded | 1,688 | 1,597 |
Real estate | Commercial loans | ADC | ||
With no related allowance recorded: | ||
Unpaid principal balance with no related allowance recorded | 0 | 5,474 |
Recorded investment with no related allowance recorded | $ 0 | $ 5,208 |
Portfolio Loans - Average Recor
Portfolio Loans - Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | $ 87,696 | $ 52,407 | $ 77,685 | $ 46,862 |
Interest income recognized with no related allowance | 550 | 151 | 904 | 447 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans | Commercial and industrial | Traditional C&I | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 36,731 | 24,653 | 35,935 | 24,747 |
Interest income recognized with no related allowance | 116 | 8 | 149 | 22 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans | Commercial and industrial | Asset-based lending | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 14,639 | 0 | 10,980 | 0 |
Interest income recognized with no related allowance | 123 | 0 | 347 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans | Commercial and industrial | Equipment financing | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 798 | 5,469 | 598 | 3,429 |
Interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans | Real estate | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 27,149 | 13,258 | 22,704 | 10,410 |
Interest income recognized with no related allowance | 294 | 95 | 360 | 271 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans | Real estate | Multi-family | Multi-family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 1,768 | 0 | 1,726 | 0 |
Interest income recognized with no related allowance | 17 | 0 | 48 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Commercial loans | Real estate | ADC | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 0 | 5,611 | 0 | 5,562 |
Interest income recognized with no related allowance | 0 | 48 | 0 | 154 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Residential mortgage | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 1,849 | 1,060 | 1,387 | 787 |
Interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Cash-basis interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investment with no related allowance | 4,762 | 2,356 | 4,355 | 1,927 |
Interest income recognized with no related allowance | 0 | 0 | 0 | 0 |
Cash-basis interest income recognized with no related allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Portfolio Loans - Past Due Stat
Portfolio Loans - Past Due Status (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Current loans | $ 39,393 | $ 13,175 |
Past due TDRs | 77,347 | 42,889 |
Non- accrual | 37,112 | 29,325 |
30-59 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 57 | 389 |
60-89 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 367 | 0 |
90 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 418 | 0 |
Commercial loans | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 449 | 565 |
Past due TDRs | 26,218 | 21,648 |
Non- accrual | 25,351 | 21,083 |
Commercial loans | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 10,855 | |
Past due TDRs | 10,855 | 0 |
Non- accrual | 0 | |
Commercial loans | Commercial and industrial | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 3,340 | 898 |
Past due TDRs | 4,521 | 1,724 |
Non- accrual | 1,181 | 826 |
Commercial loans | Commercial and industrial | 30-59 days past due | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | 30-59 days past due | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | |
Commercial loans | Commercial and industrial | 30-59 days past due | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | 60-89 days past due | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | 60-89 days past due | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | |
Commercial loans | Commercial and industrial | 60-89 days past due | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Commercial and industrial | 90 days past due | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 418 | 0 |
Commercial loans | Commercial and industrial | 90 days past due | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | |
Commercial loans | Commercial and industrial | 90 days past due | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 16,091 | 2,921 |
Past due TDRs | 19,026 | 3,036 |
Non- accrual | 2,935 | 115 |
Commercial loans | Real estate | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 434 | 1,495 |
Past due TDRs | 434 | 5,700 |
Non- accrual | 0 | 4,205 |
Commercial loans | Real estate | 30-59 days past due | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | 30-59 days past due | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | 60-89 days past due | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | 60-89 days past due | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | 90 days past due | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Commercial loans | Real estate | 90 days past due | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,685 | 5,154 |
Past due TDRs | 8,525 | 8,300 |
Non- accrual | 2,473 | 2,810 |
Residential mortgage | 30-59 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 336 |
Residential mortgage | 60-89 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 367 | 0 |
Residential mortgage | 90 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 2,539 | 2,142 |
Past due TDRs | 7,768 | 2,481 |
Non- accrual | 5,172 | 286 |
Consumer | 30-59 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 57 | 53 |
Consumer | 60-89 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | 0 | 0 |
Consumer | 90 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Past due TDRs | $ 0 | $ 0 |
Portfolio Loans - Loans Modifie
Portfolio Loans - Loans Modified as TDRs (Details ) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)loan | Sep. 30, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 20 | 8 |
Recorded investment, Pre-modification | $ 46,494 | $ 29,349 |
Recorded investment, Post-modification | $ 45,048 | $ 29,348 |
Commercial loans | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 1 |
Recorded investment, Pre-modification | $ 11,606 | $ 23,188 |
Recorded investment, Post-modification | $ 10,477 | $ 23,188 |
Commercial loans | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 0 |
Recorded investment, Pre-modification | $ 12,766 | $ 0 |
Recorded investment, Post-modification | $ 12,766 | $ 0 |
Commercial loans | Commercial and industrial | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 2 |
Recorded investment, Pre-modification | $ 3,307 | $ 3,088 |
Recorded investment, Post-modification | $ 3,307 | $ 3,088 |
Commercial loans | Real estate | Commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 2 |
Recorded investment, Pre-modification | $ 12,187 | $ 1,724 |
Recorded investment, Post-modification | $ 12,187 | $ 1,724 |
Commercial loans | Real estate | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 797 |
Recorded investment, Post-modification | $ 0 | $ 797 |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 11 | 2 |
Recorded investment, Pre-modification | $ 1,684 | $ 552 |
Recorded investment, Post-modification | $ 1,367 | $ 551 |
Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 0 |
Recorded investment, Pre-modification | $ 4,944 | $ 0 |
Recorded investment, Post-modification | $ 4,944 | $ 0 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ 86,026 | $ 70,151 | $ 77,907 | $ 63,622 |
Charge-offs | (5,363) | (3,456) | (24,358) | (7,554) |
Recoveries | 1,202 | 433 | 2,316 | 2,060 |
Net charge-offs | (4,161) | (3,023) | (22,042) | (5,494) |
Provision / (reversal of) | 9,500 | 5,000 | 35,500 | 14,000 |
Ending allowance for Loan Losses | $ 91,365 | $ 72,128 | $ 91,365 | $ 72,128 |
Annualized net charge-offs to average loans outstanding: | 0.08% | 0.12% | 0.15% | 0.08% |
Traditional 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 | $ 18,075 | $ 15,506 | $ 19,072 | $ 12,864 |
Charge-offs | (3,415) | (68) | (8,818) | (919) |
Recoveries | 235 | 316 | 674 | 978 |
Net charge-offs | (3,180) | 248 | (8,144) | 59 |
Provision / (reversal of) | (179) | 1,446 | 3,788 | 4,277 |
Ending allowance for Loan Losses | 14,716 | 17,200 | 14,716 | 17,200 |
Asset-based 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 | 5,837 | 2,582 | 6,625 | 3,316 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 1 | 9 | 5 |
Net charge-offs | 0 | 1 | 9 | 5 |
Provision / (reversal of) | 991 | 2,192 | 194 | 1,454 |
Ending allowance for Loan Losses | 6,828 | 4,775 | 6,828 | 4,775 |
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 | 1,658 | 1,287 | 1,565 | 951 |
Charge-offs | (2) | (188) | (316) | (188) |
Recoveries | 5 | 1 | 34 | 1 |
Net charge-offs | 3 | (187) | (282) | (187) |
Provision / (reversal of) | 522 | 1,091 | 900 | 1,427 |
Ending allowance for Loan Losses | 2,183 | 2,191 | 2,183 | 2,191 |
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 | 2,787 | 2,435 | 3,705 | 1,563 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision / (reversal of) | (102) | 1,299 | (1,020) | 2,171 |
Ending allowance for Loan Losses | 2,685 | 3,734 | 2,685 | 3,734 |
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 | 1,321 | 1,151 | 1,395 | 1,669 |
Charge-offs | (18) | (564) | (181) | (871) |
Recoveries | 2 | 5 | 7 | 23 |
Net charge-offs | (16) | (559) | (174) | (848) |
Provision / (reversal of) | 203 | 679 | 287 | 450 |
Ending allowance for Loan Losses | 1,508 | 1,271 | 1,508 | 1,271 |
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 | 8,841 | 5,735 | 4,862 | 5,039 |
Charge-offs | (829) | (741) | (7,505) | (1,822) |
Recoveries | 85 | 45 | 347 | 331 |
Net charge-offs | (744) | (696) | (7,158) | (1,491) |
Provision / (reversal of) | 3,056 | (577) | 13,449 | 914 |
Ending allowance for Loan Losses | 11,153 | 4,462 | 11,153 | 4,462 |
Public sector 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 | 1,354 | 1,887 | 1,797 | 1,062 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 | 0 |
Provision / (reversal of) | 90 | (535) | (353) | 290 |
Ending allowance for Loan Losses | 1,444 | 1,352 | 1,444 | 1,352 |
Commercial real estate | ||||
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 | 26,870 | 25,181 | 24,945 | 20,466 |
Charge-offs | (359) | (1,345) | (4,878) | (2,372) |
Recoveries | 612 | 17 | 702 | 117 |
Net charge-offs | 253 | (1,328) | (4,176) | (2,255) |
Provision / (reversal of) | 4,345 | (648) | 10,699 | 4,994 |
Ending allowance for Loan Losses | 31,468 | 23,205 | 31,468 | 23,205 |
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 | 7,389 | 5,028 | 3,261 | 4,991 |
Charge-offs | (168) | 0 | (168) | 0 |
Recoveries | 4 | 0 | 7 | 0 |
Net charge-offs | (164) | 0 | (161) | 0 |
Provision / (reversal of) | 457 | (974) | 4,582 | (937) |
Ending allowance for Loan Losses | 7,682 | 4,054 | 7,682 | 4,054 |
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 | 2,172 | 920 | 1,680 | 1,931 |
Charge-offs | 0 | (5) | (721) | (27) |
Recoveries | 0 | 0 | 0 | 269 |
Net charge-offs | 0 | (5) | (721) | 242 |
Provision / (reversal of) | (296) | 399 | 917 | (859) |
Ending allowance for Loan Losses | 1,876 | 1,314 | 1,876 | 1,314 |
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 | 5,917 | 5,124 | 5,819 | 5,864 |
Charge-offs | (114) | (389) | (697) | (668) |
Recoveries | 5 | 0 | 54 | 159 |
Net charge-offs | (109) | (389) | (643) | (509) |
Provision / (reversal of) | 992 | 319 | 1,624 | (301) |
Ending allowance for Loan Losses | 6,800 | 5,054 | 6,800 | 5,054 |
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 | 3,805 | 3,315 | 3,181 | 3,906 |
Charge-offs | (458) | (156) | (1,074) | (687) |
Recoveries | 254 | 48 | 482 | 177 |
Net charge-offs | (204) | (108) | (592) | (510) |
Provision / (reversal of) | (579) | 309 | 433 | 120 |
Ending allowance for Loan Losses | $ 3,022 | $ 3,516 | $ 3,022 | $ 3,516 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 750,000 | |
Loss | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Special mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 88,472 | $ 136,558 |
Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 11,662 | 7,453 |
Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 56 | 30,958 |
Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 13,708 | 15,542 |
Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 778 | 187 |
Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 10,593 | 4,093 |
Special mention | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 18,822 | 40,438 |
Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 21,201 | 26,602 |
Special mention | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 4,096 | 4,204 |
Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 6,116 | 6,038 |
Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 1,440 | 1,043 |
Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 280,358 | 232,491 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 42,974 | 53,915 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 42,913 | 3,835 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 15,511 | 352 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 16,266 | 9,299 |
Substandard | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 52,870 | 34,529 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 18,489 | 14,266 |
Substandard | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 434 | 4,639 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 75,803 | 101,149 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 15,098 | 10,507 |
Doubtful | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 2,219 | 764 |
Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 2,213 | 746 |
Doubtful | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 6 | $ 18 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Balance of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 1,609,772 | $ 1,579,891 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 135,409 | 153,191 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 109,833 | 126,545 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 4,972 | 5,854 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 104 | 292 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 20,500 | $ 20,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2018 | $ 5,863 |
2,019 | 19,181 |
2,020 | 16,800 |
2,021 | 15,104 |
2,022 | 13,703 |
2,023 | 12,322 |
Thereafter | 31,936 |
Total | $ 114,909 |
Deposits - Balances (Details)
Deposits - Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 4,651,369 | $ 4,080,742 |
Interest bearing demand | 4,302,725 | 3,882,064 |
Savings | 2,470,949 | 2,758,642 |
Money market | 7,460,064 | 7,377,118 |
Certificates of deposit | 2,570,950 | 2,439,638 |
Total deposits | $ 21,456,057 | $ 20,538,204 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Municipal deposits | $ 2,019,893 | $ 1,585,076 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 946,937 | $ 1,104,214 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 17,471 | 23,820 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 779,285 | 773,804 |
Money market - reciprocal deposits | ||
List of Company's Brokered deposits | ||
Brokered deposits | 0 | 102,259 |
CDARS and ICS one way | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 150,181 | $ 204,331 |
Borrowings - Borrowings and Wei
Borrowings - Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Mar. 29, 2016 | Jul. 02, 2013 |
By period to maturity: | ||||
Total borrowings, amount | $ 4,825,855 | $ 4,991,210 | ||
Total borrowings, rate | 2.37% | 1.96% | ||
Less than one year, amount | $ 2,707,935 | $ 2,989,093 | ||
Less than one year, rate | 2.24% | 1.69% | ||
One to two years, amount | $ 1,392,912 | $ 775,714 | ||
One to two years, rate | 2.15% | 1.79% | ||
Two to three years, amount | $ 552,123 | $ 802,650 | ||
Two to three years, rate | 2.58% | 2.34% | ||
Three to four years, amount | $ 0 | $ 251,037 | ||
Three to four years, rate | 0.00% | 2.04% | ||
Greater than five years, amount | $ 172,885 | $ 172,716 | ||
Greater than five years, rate | 5.45% | 5.45% | ||
FHLB borrowings | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 4,429,110 | $ 4,510,123 | ||
Total borrowings, rate | 2.21% | 1.69% | ||
Repurchase agreements | ||||
By period to maturity: | ||||
Total borrowings, amount | $ 22,888 | $ 30,162 | ||
Total borrowings, rate | 1.19% | 0.64% | ||
Senior Notes | 5.50% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.50% | 5.50% | ||
By period to maturity: | ||||
Total borrowings, amount | $ 0 | $ 76,805 | ||
Total borrowings, rate | 0.00% | 5.98% | ||
Senior Notes | 3.50% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.50% | |||
By period to maturity: | ||||
Total borrowings, amount | $ 200,972 | $ 201,404 | ||
Total borrowings, rate | 3.19% | 3.19% | ||
Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | |||
By period to maturity: | ||||
Total borrowings, amount | $ 172,885 | $ 172,716 | ||
Total borrowings, rate | 5.45% | 5.45% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Sep. 02, 2016 | Mar. 29, 2016 | Sep. 30, 2018 | Dec. 31, 2017 | Oct. 02, 2017 | Sep. 05, 2017 | Jul. 02, 2013 |
Debt Instrument [Line Items] | |||||||
Bank pledged mortgages | $ 8,548,416,000 | $ 9,123,601,000 | |||||
Increased borrowing capacity by pledging securities | $ 3,578,859,000 | ||||||
Weighted average interest rate on debt | 2.37% | 1.96% | |||||
Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase agreements maturity | 1 day | 1 day | |||||
Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Repurchase agreements maturity | 45 days | 45 days | |||||
FHLB Borrowings | |||||||
Debt Instrument [Line Items] | |||||||
Unused borrowing capacity | $ 6,235,781,000 | ||||||
Weighted average interest rate on debt | 2.21% | 1.69% | |||||
Subordinated notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 65,000,000 | $ 110,000,000 | |||||
Interest rate | 5.25% | ||||||
Weighted average interest rate on debt | 5.45% | 5.45% | |||||
Private placement discount rate | 1.25% | 1.25% | |||||
Debt issuance costs | $ 275,000 | $ 500,000 | |||||
Issue premium | 0.50% | ||||||
Unamortized discount | $ 2,115,000 | ||||||
Effective yield | 5.45% | ||||||
Subordinated notes | Three-month LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on LIBOR rates | 3.937% | ||||||
Line of Credit | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving line of credit amount | $ 35,000,000 | ||||||
Revolving line of credit balance | $ 0 | $ 0 | |||||
Required balance | $ 0 | ||||||
Duration of minimum outstanding balance | 30 days | ||||||
Line of Credit | One-month LIBOR | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on LIBOR rates | 1.25% | ||||||
5.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 100,000,000 | ||||||
Interest rate | 5.50% | 5.50% | |||||
Weighted average interest rate on debt | 0.00% | 5.98% | |||||
3.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | ||||||
Weighted average interest rate on debt | 3.19% | 3.19% | |||||
Astoria Financial Corporation | 3.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.50% | ||||||
Principal amount of debt assumed in merger | $ 200,000,000 | ||||||
Percentage recorded for estimated fair value of debt assumed | 100.76% | ||||||
Weighted average interest rate on debt | 3.19% | ||||||
Adjustment | Astoria Financial Corporation | 3.50% Senior Notes | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Fair value of debt | $ 972,000 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash Paid as STM | $ 15,131 | $ 3,523 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Other assets | ||
Summary of derivatives | ||
Average maturity (in years) | 5 years 5 months 23 days | 5 years 9 months 15 days |
Weighted average fixed rate | 4.50% | 4.28% |
Other liabilities | ||
Summary of derivatives | ||
Average maturity (in years) | 5 years 5 months 23 days | 5 years 9 months 15 days |
Weighted average fixed rate | 4.50% | 4.28% |
Interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, Notional amount | $ 884,111 | $ 621,283 |
Derivative assets, Fair value | $ 3,637 | 4,457 |
Interest rate swap | Other assets | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.24% | |
Interest rate swap | Other liabilities | ||
Summary of derivatives | ||
Derivative liabilities, Notional amount | $ (884,111) | (621,283) |
Swaps | $ (18,768) | (7,980) |
Interest rate swap | Other liabilities | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.24% | |
Third-party interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, Notional amount | $ 670,460 | 314,754 |
Derivative assets, Fair value | 3,347 | $ 1,155 |
Third-party interest rate swap | Other assets | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 1.94% | |
Third-party interest rate swap | Other liabilities | ||
Summary of derivatives | ||
Derivative liabilities, Notional amount | (213,651) | $ (306,529) |
Swaps | (1,369) | (4,718) |
Customer interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, Notional amount | 213,651 | 306,529 |
Derivative assets, Fair value | 290 | 3,302 |
Customer interest rate swap | Other liabilities | ||
Summary of derivatives | ||
Derivative liabilities, Notional amount | (670,460) | (314,754) |
Swaps | $ (17,399) | $ (3,262) |
Customer interest rate swap | Other liabilities | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 1.94% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Efftective tax rate reconciliation: | |||||
Income before income tax expense | $ 146,821,000 | $ 66,444,000 | $ 421,305,000 | $ 185,939,000 | |
Tax at Federal statutory rate of 21% for 2018 and 35% for 2017 | 30,833,000 | 23,253,000 | 88,474,000 | 65,076,000 | |
State and local income taxes, net of Federal tax benefit | 7,330,000 | 2,531,000 | 21,284,000 | 7,302,000 | |
Tax exempt interest, net of disallowed interest | (4,970,000) | (5,213,000) | (14,435,000) | (12,487,000) | |
Bank owned life insurance income | (861,000) | (462,000) | (2,406,000) | (1,484,000) | |
Non-deductible acquisition related costs | 0 | 237,000 | 0 | 1,193,000 | |
Investments in qualified affordable housing projects | (401,000) | (139,000) | (2,903,000) | (416,000) | |
Stock-based compensation benefit | 0 | (1,000) | (441,000) | (807,000) | |
FDIC insurance premium limitation | 466,000 | 0 | 1,483,000 | 0 | |
Other, net | (5,226,000) | 1,386,000 | (2,514,000) | 1,243,000 | |
Actual income tax expense | $ 27,171,000 | $ 21,592,000 | $ 88,542,000 | $ 59,620,000 | |
Effective income tax rate | 18.50% | 32.50% | 21.00% | 32.10% | |
Federal statutory rate | 21.00% | 35.00% | |||
Net deferred tax asset | $ 85,431,000 | $ 85,431,000 | $ 97,333,000 | ||
Valuation allowance | 0 | 0 | 0 | ||
Unrecognized tax benefits | 0 | 0 | 0 | ||
Change in enacted tax rate, amount | $ 40,285,000 | ||||
Astoria Financial Corporation | |||||
Efftective tax rate reconciliation: | |||||
Purchase accounting adjustment, income tax | 6,214,000 | 6,214,000 | |||
Purchase accounting adjustment, goodwill | $ 6,214,000 | $ 6,214,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | May 28, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares remaining that are authorized and available for future grant (in shares) | 2,379,112 | 3,101,327 | ||
Intrinsic value of options outstanding | $ 7,640 | |||
Intrinsic value of options exercisable | $ 7,629 | |||
Grant of share options (in shares) | 0 | 0 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Term of contract | 10 years | |||
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/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 | 1 year 7 months 30 days | |||
2015 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 2,800,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Shares available for grant | ||
Beginning balance (in shares) | 3,101,327 | |
Granted (in shares) | (772,271) | |
Stock awards vested (in shares) | 0 | |
Forfeited (in shares) | 55,356 | |
Canceled/expired (in shares) | (5,300) | |
Ending balance (in shares) | 2,379,112 | |
Stock options outstanding - Number of shares | ||
Beginning balance (in shares) | 757,867 | |
Granted (in shares) | 0 | 0 |
Stock awards vested (in shares) | 0 | |
Exercised (in shares) | (49,794) | |
Forfeited (in shares) | (5,300) | |
Canceled/expired (in shares) | 0 | |
Ending balance (in shares) | 702,773 | |
Exercisable at end of period (in shares) | 701,106 | |
Stock options outstanding - Weighted average exercise price | ||
Beginning balance (USD per share) | $ 11.15 | |
Granted (USD per share) | 0 | |
Stock awards vested (USD per share) | 0 | |
Exercised (USD per share) | 11.19 | |
Forfeited (USD per share) | 13.18 | |
Canceled/expired (USD per share) | 13.18 | |
Ending balance (USD per share) | 11.13 | |
Exercisable at end of period (USD per share) | $ 11.12 | |
Non-vested stock awards/performance units | ||
Non-vested stock awards/stock units outstanding - Number of shares | ||
Beginning balance (in shares) | 1,238,760 | |
Granted (in shares) | 772,271 | |
Stock awards vested (in shares) | (341,501) | |
Forfeited (in shares) | (50,056) | |
Canceled/expired (in shares) | 0 | |
Ending balance (in shares) | 1,619,474 | |
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||
Beginning balance (USD per share) | $ 20 | |
Granted (USD per share) | 23.54 | |
Stock awards vested (USD per share) | 17.35 | |
Forfeited (USD per share) | 22.32 | |
Canceled/expired (USD per share) | 0 | |
Ending balance (USD per share) | $ 22.08 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 3,115 | $ 1,969 | $ 9,304 | $ 5,602 |
Stock-based compensation expense, income tax benefit | 654 | 640 | 1,954 | 1,821 |
Proceeds from stock option exercises | 154 | 65 | 556 | 1,193 |
Unrecognized stock-based compensation, stock options | 0 | 0 | ||
Unrecognized stock-based compensation, non-vested stock awards/performance units | 21,289 | 21,289 | ||
Total unrecognized stock-based compensation expense | 21,289 | 21,289 | ||
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 2 | 48 | 5 | 146 |
Non-vested stock awards/performance units | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 3,113 | $ 1,921 | $ 9,299 | $ 5,456 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefits - Net Pension and Post-retirement Expense (Details) - UNITED STATES - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 2,121 | 0 | 6,364 | 0 |
Expected return on plan assets | (3,353) | 0 | (10,058) | 0 |
Net amortization and deferral | 0 | 0 | 0 | 0 |
Net periodic pension and other post-retirement (benefit) expense | (1,232) | 0 | (3,694) | 0 |
Other Post Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 20 | 0 | 62 | 0 |
Interest cost | 254 | 101 | 780 | 302 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net amortization and deferral | 0 | 8 | 0 | 26 |
Net periodic pension and other post-retirement (benefit) expense | $ 274 | $ 109 | $ 842 | $ 328 |
Pension and Other Post-Retire_4
Pension and Other Post-Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions to fund pension and other post retirement benefits | $ 41,825 | $ 13 | $ 42,500 | $ 109 | |
Other liabilities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total pension and other post-retirement benefit plans liabilities | 43,867 | 43,867 | $ 89,965 | ||
Astoria Bank Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer contributions to fund pension and other post retirement benefits | $ 41,510 | $ 41,510 |
Non-Interest Income and Other_3
Non-Interest Income and Other Non-Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | ||||
Professional fees | $ 2,866 | $ 2,234 | $ 9,269 | $ 6,917 |
Advertising and promotion | 1,147 | 649 | 3,962 | 2,034 |
Telephone | 1,238 | 589 | 4,500 | 1,705 |
Operational losses | 791 | 130 | 2,945 | 642 |
Stationery & office supplies | 507 | 170 | 1,790 | 641 |
Insurance & surety bond premium | 1,299 | 841 | 2,680 | 2,065 |
Other | 5,325 | 3,734 | 14,534 | 11,072 |
Total other non-interest expense | $ 13,173 | $ 8,347 | $ 39,680 | $ 25,076 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 117,657 | $ 44,852 | $ 326,775 | $ 126,319 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 225,088,511 | 135,346,791 | 224,969,121 | 135,276,634 |
Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (in shares) | 534,384 | 603,369 | 535,342 | 618,879 |
Weighted average common shares for computation of diluted EPS (in shares) | 225,622,895 | 135,950,160 | 225,504,463 | 135,895,513 |
EPS: | ||||
Basic (USD per share) | $ 0.52 | $ 0.33 | $ 1.45 | $ 0.93 |
Diluted (USD per share) | $ 0.52 | $ 0.33 | $ 1.45 | $ 0.93 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 0 | 0 | 0 | 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||
Aggregate dividend capacity without prior regulatory approval | $ 324,008 | |
Shares available for repurchase program (in shares) | 10,000,000 | |
Stock repurchase program, percentage of stock outstanding authorized for repurchase | 4.40% | |
Sterling Bancorp | ||
Class of Stock [Line Items] | ||
Tier 2 capital | $ 139,429 | |
Shares repurchased under repurchase program (in shares) | 0 | 0 |
Sterling National Bank | ||
Class of Stock [Line Items] | ||
Tier 2 capital | $ 172,885 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,970,656 | $ 2,770,381 |
Tier 1 common equity, actual, ratio | 14.23% | 13.95% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,330,866 | $ 1,142,247 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 6.375% | 5.75% |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,461,343 | $ 1,390,561 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 common equity required to be well capitalized, capital amount | $ 1,356,961 | $ 1,291,236 |
Tier 1 common equity required to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,970,656 | $ 2,770,381 |
Tier 1 risk-based capital, ratio | 14.23% | 13.95% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,644,011 | $ 1,440,224 |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,774,488 | $ 1,688,539 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Tier 1 risk-based capital required to be well capitalized, capital amount | $ 1,670,106 | $ 1,589,213 |
Tier 1 risk-based capital required to be well capitalized, ratio | 8.00% | 8.00% |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 3,235,560 | $ 3,021,658 |
Total risk-based capital, ratio | 15.50% | 15.21% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 2,061,538 | $ 1,837,527 |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 9.875% | 9.25% |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,192,015 | $ 2,085,842 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 10.50% | 10.50% |
Total risk-based capital required to be well capitalized, capital amount | $ 2,087,633 | $ 1,986,516 |
Total risk-based capital required to be well capitalized, ratio | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 2,970,656 | $ 2,770,381 |
Tier 1 (core) capital, ratio | 10.10% | 10.10% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,176,278 | $ 1,097,449 |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,176,278 | $ 1,097,449 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized, capital amount | $ 1,470,347 | $ 1,371,811 |
Tier 1 (core) capital required to be well capitalized, ratio | 5.00% | 5.00% |
Sterling Bancorp | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,710,568 | $ 2,458,449 |
Tier 1 common equity, actual, ratio | 12.97% | 12.37% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,332,021 | $ 1,143,045 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 6.375% | 5.75% |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,462,611 | $ 1,391,534 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,849,195 | $ 2,597,669 |
Tier 1 risk-based capital, ratio | 13.64% | 13.07% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,645,438 | $ 1,441,231 |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,776,028 | $ 1,689,719 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 3,080,643 | $ 2,818,404 |
Total risk-based capital, ratio | 14.74% | 14.18% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 2,063,327 | $ 1,838,812 |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, ratio | 9.875% | 9.25% |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,193,917 | $ 2,087,300 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 10.50% | 10.50% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 2,849,195 | $ 2,597,669 |
Tier 1 (core) capital, ratio | 9.68% | 9.39% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,177,205 | $ 1,106,977 |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,177,205 | $ 1,106,977 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Rent expense | $ 4,572 | $ 1,874 | $ 13,972 | $ 6,263 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||||
Remainder of 2018 | 4,863 | 4,863 | |||
2,019 | 17,817 | 17,817 | |||
2,020 | 16,577 | 16,577 | |||
2,021 | 13,878 | 13,878 | |||
2,022 | 10,007 | 10,007 | |||
2,023 | 8,163 | 8,163 | |||
2024 and thereafter | 22,158 | 22,158 | |||
Total future minimum payments | 93,463 | 93,463 | |||
Loan origination commitments | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Lending-related instruments | 372,047 | 372,047 | $ 510,135 | ||
Unused lines of credit | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Lending-related instruments | 1,359,953 | 1,359,953 | 1,195,656 | ||
Letters of credit | |||||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||||
Lending-related instruments | $ 289,877 | $ 289,877 | $ 166,824 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investment securities available for sale: | ||
Available for sale, at fair value | $ 3,843,244 | $ 3,612,072 |
Level 1 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Level 2 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Swaps | 3,637 | 4,457 |
Swaps | 18,768 | 7,980 |
Level 3 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Swaps | 3,637 | 4,457 |
Total assets | 3,846,881 | 3,616,529 |
Swaps | (18,768) | 7,980 |
Total liabilities | (18,768) | 7,980 |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Swaps | 3,637 | 4,457 |
Total assets | 3,846,881 | 3,616,529 |
Swaps | (18,768) | 7,980 |
Total liabilities | (18,768) | 7,980 |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Residential MBS: | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 2,783,243 | 2,800,052 |
Residential MBS: | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 2,783,243 | 2,800,052 |
Residential MBS: | Fair Value, Measurements, Recurring | Agency-backed | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 2,207,191 | 2,150,649 |
Residential MBS: | Fair Value, Measurements, Recurring | CMOs/Other MBS | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 576,052 | 649,403 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 1 inputs | Agency-backed | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 1 inputs | CMOs/Other MBS | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 2,783,243 | 2,800,052 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 2 inputs | Agency-backed | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 2,207,191 | 2,150,649 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 2 inputs | CMOs/Other MBS | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 576,052 | 649,403 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 3 inputs | Agency-backed | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Residential MBS: | Fair Value, Measurements, Recurring | Level 3 inputs | CMOs/Other MBS | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 1,060,001 | 812,020 |
Other securities: | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 1,060,001 | 812,020 |
Other securities: | Fair Value, Measurements, Recurring | Federal agencies | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 317,733 | 399,996 |
Other securities: | Fair Value, Measurements, Recurring | Corporate bonds | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 503,326 | 148,226 |
Other securities: | Fair Value, Measurements, Recurring | State and municipal | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 238,942 | 263,798 |
Other securities: | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 1 inputs | Federal agencies | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 1 inputs | Corporate bonds | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 1 inputs | State and municipal | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 1,060,001 | 812,020 |
Other securities: | Fair Value, Measurements, Recurring | Level 2 inputs | Federal agencies | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 317,733 | 399,996 |
Other securities: | Fair Value, Measurements, Recurring | Level 2 inputs | Corporate bonds | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 503,326 | 148,226 |
Other securities: | Fair Value, Measurements, Recurring | Level 2 inputs | State and municipal | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 238,942 | 263,798 |
Other securities: | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 3 inputs | Federal agencies | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 3 inputs | Corporate bonds | ||
Investment securities available for sale: | ||
Available for sale, at fair value | 0 | 0 |
Other securities: | Fair Value, Measurements, Recurring | Level 3 inputs | State and municipal | ||
Investment securities available for sale: | ||
Available for sale, at fair value | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 750,000 | ||
Changes in fair value recognized on provisions on loans held by the Company | 10,477,000 | $ 542,000 | |
Mortgage servicing rights | $ 11,564,000 | $ 10,363,000 | |
Percentage appraisals discounted | 22.00% | 22.00% | |
Assets taken in foreclosure, defaulted loans and facilities held for sale | $ 22,735,000 | $ 27,095,000 | |
Changes in fair value recognized through income for foreclosed assets held by the Company | 553,000 | $ 1,737,000 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Portfolio loans, net | 111,685,000 | $ 60,862,000 | |
Commercial loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 750,000 | ||
Measurement Input, Prepayment Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 8.68% | 9.79% | |
Measurement Input, Prepayment Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 19.23% | 16.76% | |
Measurement Input, Prepayment Rate | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 9.28% | 10.30% | |
Measurement Input, Discount Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 9.06% | 9.50% | |
Measurement Input, Discount Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 20.00% | 20.00% | |
Measurement Input, Discount Rate | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Servicing assets and liabilities, measurement input | 9.54% | 9.90% |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Level 1 inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | $ 0 | $ 0 | |
Level 2 inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Level 3 inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 20,317,154 | 19,903,231 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 44,060 | 896 | |
Fair Value, Measurements, Nonrecurring | Traditional C&I | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 30,895 | 114 | |
Fair Value, Measurements, Nonrecurring | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 11,160 | 782 | |
Fair Value, Measurements, Nonrecurring | Multi-family | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | $ 1,236 | ||
Fair Value, Measurements, Nonrecurring | Residential mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 769 | ||
Fair Value, Measurements, Nonrecurring | Level 1 inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Traditional C&I | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Multi-family | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Residential mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 2 inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Traditional C&I | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Multi-family | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Residential mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 0 | ||
Fair Value, Measurements, Nonrecurring | Level 3 inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 44,060 | 896 | |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Traditional C&I | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 30,895 | 114 | |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | 11,160 | $ 782 | |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Multi-family | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | $ 1,236 | ||
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Residential mortgage | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total impaired loans measured at fair value | $ 769 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale, at fair value | $ 3,843,244 | $ 3,612,072 |
Securities held to maturity | 2,746,080 | 2,863,909 |
Senior Notes | (200,972) | (278,209) |
Subordinated Notes | (172,885) | (172,716) |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 533,984 | 479,906 |
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Securities held to maturity | 2,842,728 | 2,862,489 |
Loans held for sale | 31,042 | 5,246 |
Portfolio loans, net | 20,441,849 | 19,931,076 |
Accrued interest receivable on securities | 43,934 | 34,652 |
Accrued interest receivable on loans | 65,443 | 59,446 |
FHLB stock and FRB stock | 351,455 | 284,112 |
Swaps | 3,637 | 4,457 |
Non-maturity deposits | (18,885,107) | (18,098,566) |
Certificates of deposit | (2,570,950) | (2,439,638) |
FHLB borrowings | (4,429,110) | (4,510,123) |
Other borrowings | (22,888) | (30,162) |
Senior Notes | (200,972) | (278,209) |
Subordinated Notes | (172,885) | (172,716) |
Mortgage escrow funds | (96,952) | (122,641) |
Accrued interest payable on deposits | (1,905) | (1,103) |
Accrued interest payable on borrowings | (14,284) | (9,649) |
Swaps | (18,768) | (7,980) |
Level 1 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 533,984 | 479,906 |
Available for sale, at fair value | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 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 | (18,885,107) | (18,098,566) |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Subordinated 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 |
Level 2 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Available for sale, at fair value | 3,843,244 | 3,612,072 |
Securities held to maturity | 2,746,081 | 2,863,909 |
Loans held for sale | 31,042 | 5,246 |
Portfolio loans, net | 0 | 0 |
Accrued interest receivable on securities | 43,934 | 34,652 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 3,637 | 4,457 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | (2,532,989) | (2,412,495) |
FHLB borrowings | (4,403,358) | (4,496,184) |
Other borrowings | (22,886) | (30,160) |
Senior Notes | (199,370) | (278,968) |
Subordinated Notes | (172,061) | (179,619) |
Mortgage escrow funds | (87,766) | (117,050) |
Accrued interest payable on deposits | (1,905) | (1,103) |
Accrued interest payable on borrowings | (14,284) | (9,649) |
Swaps | (18,768) | (7,980) |
Level 3 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Available for sale, at fair value | 0 | 0 |
Securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 20,317,154 | 19,903,231 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 65,443 | 59,446 |
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 |
Subordinated 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 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | $ (26,387) | $ 4,478 | $ (120,758) | $ 21,448 | ||||||
Other comprehensive income (loss), tax benefit | 7,293 | (1,769) | 33,378 | (8,472) | ||||||
Other comprehensive income (loss), net of tax | (19,094) | $ (20,537) | $ (47,749) | 2,709 | $ 7,353 | $ 2,914 | (87,380) | 12,976 | ||
Total stockholders’ equity | 4,438,303 | 4,352,735 | 4,273,755 | 1,971,480 | 1,931,383 | 1,888,613 | 4,438,303 | 1,971,480 | $ 4,240,178 | $ 1,855,183 |
Net unrealized holding (loss) gain on available for sale securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Total stockholders’ equity | (115,409) | (95,852) | (10,145) | (12,704) | (115,409) | (10,145) | (22,324) | (22,637) | ||
Net unrealized holding (loss) gain on available for sale securities | Available-for-sale securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | (159,493) | (36,899) | ||||||||
Other comprehensive income (loss), tax benefit | 44,084 | 14,575 | ||||||||
Other comprehensive income (loss), net of tax | (115,409) | (22,324) | ||||||||
Net unrealized holding (loss) gain on available for sale securities | Held-to-maturity securities | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | (3,741) | (4,426) | ||||||||
Other comprehensive income (loss), tax benefit | 1,034 | 1,748 | ||||||||
Other comprehensive income (loss), net of tax | (2,707) | (2,678) | ||||||||
Net unrealized holding (loss) gain on retirement plans | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), before tax | (773) | (1,924) | ||||||||
Other comprehensive income (loss), tax benefit | 214 | 760 | ||||||||
Other comprehensive income (loss), net of tax | (559) | (1,164) | ||||||||
Total stockholders’ equity | (559) | (859) | (689) | (695) | (559) | (689) | (1,164) | (734) | ||
Accumulated other comprehensive (loss) income | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Other comprehensive income (loss), net of tax | (19,094) | (20,537) | (47,749) | 2,709 | 7,353 | 2,914 | ||||
Total stockholders’ equity | $ (118,675) | $ (99,581) | $ (79,044) | $ (13,659) | $ (16,368) | $ (23,721) | $ (118,675) | $ (13,659) | $ (26,166) | $ (26,635) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | $ 4,352,735 | $ 4,240,178 | $ 1,931,383 | $ 4,240,178 | $ 1,855,183 |
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | (5,129) | ||||
Other comprehensive gain (loss) before reclassification | (19,613) | 2,538 | (94,611) | 12,218 | |
Amounts reclassified from accumulated other comprehensive loss | 519 | 171 | 7,231 | 758 | |
Total other comprehensive (loss) income | (19,094) | 2,709 | (92,509) | 12,976 | |
Balance, ending | 4,438,303 | 4,273,755 | 1,971,480 | 4,438,303 | 1,971,480 |
Net unrealized holding (loss) gain on available for sale securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | (95,852) | (22,324) | (12,704) | (22,324) | (22,637) |
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | (4,376) | ||||
Other comprehensive gain (loss) before reclassification | (19,613) | 2,538 | (94,611) | 12,218 | |
Amounts reclassified from accumulated other comprehensive loss | 56 | 21 | 5,902 | 274 | |
Total other comprehensive (loss) income | (19,557) | 2,559 | (93,085) | 12,492 | |
Balance, ending | (115,409) | (10,145) | (115,409) | (10,145) | |
Net unrealized holding (loss)gain on securities transferred to held to maturity | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | (2,870) | (2,678) | (2,969) | (2,678) | (3,264) |
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | (525) | ||||
Other comprehensive gain (loss) before reclassification | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 163 | 144 | 496 | 439 | |
Total other comprehensive (loss) income | 163 | 144 | (29) | 439 | |
Balance, ending | (2,707) | (2,825) | (2,707) | (2,825) | |
Net unrealized holding (loss) gain on retirement plans | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | (859) | (1,164) | (695) | (1,164) | (734) |
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | (228) | ||||
Other comprehensive gain (loss) before reclassification | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive loss | 300 | 6 | 833 | 45 | |
Total other comprehensive (loss) income | 300 | 6 | 605 | 45 | |
Balance, ending | (559) | (689) | (559) | (689) | |
Accumulated other comprehensive (loss) income | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Balance, beginning | (99,581) | (26,166) | (16,368) | (26,166) | (26,635) |
Tax Cuts And Jobs Act Of 2017 Reclassification From AOCI To Retained Earnings Tax Effect | (5,129) | (5,129) | |||
Balance, ending | $ (118,675) | $ (79,044) | $ (13,659) | $ (118,675) | $ (13,659) |
Recently Issued Accounting St_2
Recently Issued Accounting Standards Not Yet Adopted - (Details) - Accounting Standards Update 2016-02 - Pro Forma $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in assets, for right-of uses assets, if new accounting standard was implemented | $ 90 |
Effect on regulatory capital ratios, if new accounting standard was implemented | 0.05% |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Increase in assets, for right-of uses assets, if new accounting standard was implemented | $ 110 |
Effect on regulatory capital ratios, if new accounting standard was implemented | 0.07% |