Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 26, 2019 | Jun. 30, 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 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 212,705,340 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 5,298,550,969 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Cash and due from banks | $ 438,110 | $ 479,906 |
Securities: | ||
Available for sale, at fair value | 3,870,563 | 3,612,072 |
Held to maturity, at amortized cost (fair value of $2,740,522 and $2,863,909 at December 31, 2018 and December 31, 2017, respectively) | 2,796,617 | 2,862,489 |
Total securities | 6,667,180 | 6,474,561 |
Loans Receivable, Net [Abstract] | ||
Loans held for sale | 1,565,979 | 5,246 |
Portfolio loans | 19,218,530 | 20,008,983 |
Allowance for loan losses | (95,677) | (77,907) |
Portfolio loans, net | 19,122,853 | 19,931,076 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank stock, at cost | 369,690 | 284,112 |
Accrued interest receivable | 107,111 | 94,098 |
Premises and equipment, net | 264,194 | 321,722 |
Goodwill | 1,613,033 | 1,579,891 |
Core deposit and other intangible assets | 129,545 | 153,191 |
Bank owned life insurance | 653,995 | 651,638 |
Other real estate owned | 19,377 | 27,095 |
Other assets | 432,240 | 357,005 |
Total assets | 31,383,307 | 30,359,541 |
LIABILITIES: | ||
Deposits | 21,214,148 | 20,538,204 |
FHLB borrowings | 4,838,772 | 4,510,123 |
Other borrowings (repurchase agreements) | 21,338 | 30,162 |
Senior notes | 181,130 | 278,209 |
Subordinated notes | 172,943 | 172,716 |
Mortgage escrow funds | 72,891 | 122,641 |
Other liabilities | 453,232 | 467,308 |
Total liabilities | 26,954,454 | 26,119,363 |
Commitments and Contingent liabilities (See Note 18.) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at December 31, 2018 and December 31, 2017) | 138,423 | 139,220 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at December 31, 2018 and December 31, 2017; 229,872,925 shares issued at December 31, 2018 and December 31, 2017; 216,227,852 and 224,782,694 shares outstanding at December 31, 2018 and December 31, 2017, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,776,461 | 3,780,908 |
Treasury stock, at cost (13,645,073 shares at December 31, 2018 and 5,090,231 shares at December 31, 2017) | (213,935) | (58,039) |
Retained earnings | 791,550 | 401,956 |
Accumulated other comprehensive loss, net of tax benefit of $(25,429) at December 31, 2018 and $(17,083) at December 31, 2017 | (65,945) | (26,166) |
Total stockholders’ equity | 4,428,853 | 4,240,178 |
Total liabilities and stockholders’ equity | $ 31,383,307 | $ 30,359,541 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity at fair value | $ 2,740,522 | $ 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) | 216,227,852 | 224,782,694 |
Treasury stock (in shares) | 13,645,073 | 5,090,231 |
Accumulated other comprehensive income, tax benefit | $ (25,429) | $ (17,083) |
Consolidated Income Statements
Consolidated Income Statements - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest and dividend income: | |||
Loans, including fees | $ 1,006,496,000 | $ 570,761,000 | $ 390,847,000 |
Taxable securities | 115,971,000 | 65,278,000 | 42,540,000 |
Non-taxable securities | 61,062,000 | 37,245,000 | 23,669,000 |
Other earning assets | 24,944,000 | 9,165,000 | 4,495,000 |
Total interest and dividend income | 1,208,473,000 | 682,449,000 | 461,551,000 |
Interest expense: | |||
Deposits | 130,096,000 | 56,110,000 | 33,189,000 |
Borrowings | 110,974,000 | 50,196,000 | 24,093,000 |
Total interest expense | 241,070,000 | 106,306,000 | 57,282,000 |
Net interest income | 967,403,000 | 576,143,000 | 404,269,000 |
Provisions for loan losses | 46,000,000 | 26,000,000 | 20,000,000 |
Net interest income after provision for loan losses | 921,403,000 | 550,143,000 | 384,269,000 |
Non-interest income: | |||
Deposit fees and service charges | 26,830,000 | 17,128,000 | 15,166,000 |
Accounts receivable management / factoring commissions and other related fees | 22,772,000 | 17,803,000 | 17,695,000 |
Loan commissions and fees | 16,181,000 | 11,637,000 | 9,524,000 |
Bank owned life insurance | 15,651,000 | 7,816,000 | 5,832,000 |
Investment management fees | 7,790,000 | 2,928,000 | 3,710,000 |
Net (loss) gain on sale of securities | (10,788,000) | (344,000) | 7,522,000 |
Gain (loss) on sale of fixed assets | 11,800,000 | (1,000) | 0 |
Other | 12,961,000 | 7,235,000 | 11,538,000 |
Total non-interest income | 103,197,000 | 64,202,000 | 70,987,000 |
Non-interest expense: | |||
Compensation and employee benefits | 220,340,000 | 150,254,000 | 125,916,000 |
Stock-based compensation plans | 12,984,000 | 8,111,000 | 6,518,000 |
Occupancy and office operations | 68,536,000 | 43,649,000 | 34,486,000 |
Information technology | 41,174,000 | 19,387,000 | 8,866,000 |
Amortization of intangible assets | 23,646,000 | 13,008,000 | 12,416,000 |
FDIC insurance and regulatory assessments | 20,493,000 | 11,969,000 | 8,240,000 |
Other real estate owned, net | 1,650,000 | 3,423,000 | 2,051,000 |
Merger-related expense | 0 | 39,232,000 | 265,000 |
Charge of asset write-downs, systems integration, severance and retention | 13,132,000 | 105,110,000 | 4,485,000 |
(Gain) loss on extinguishment of borrowings | (172,000) | 0 | 9,729,000 |
Other | 56,587,000 | 39,232,000 | 34,930,000 |
Total non-interest expense | 458,370,000 | 433,375,000 | 247,902,000 |
Income before income taxes | 566,230,000 | 180,970,000 | 207,354,000 |
Income tax expense | 118,976,000 | 87,939,000 | 67,382,000 |
Net income | 447,254,000 | 93,031,000 | 139,972,000 |
Preferred stock dividends | 7,978,000 | 2,002,000 | 0 |
Net income available to common stockholders | $ 439,276,000 | $ 91,029,000 | $ 139,972,000 |
Weighted average common shares: | |||
Basic (in shares) | 224,299,488 | 157,513,639 | 130,607,994 |
Diluted (in shares) | 224,816,996 | 158,124,270 | 131,234,462 |
Earnings per common share: | |||
Basic (USD per share) | $ 1.96 | $ 0.58 | $ 1.07 |
Diluted (USD per share) | $ 1.95 | $ 0.58 | $ 1.07 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 447,254 | $ 93,031 | $ 139,972 |
Other comprehensive income (loss): | |||
Change in unrealized holding (losses) gains on securities available for sale | (77,645) | 173 | (17,723) |
Change in net unrealized gain on securities transferred to held to maturity | 908 | 969 | 1,473 |
Reclassification adjustment for net realized losses (gains) included in net income | 10,788 | 344 | (7,522) |
Change in funded status of defined benefit plans and acceleration of future amortization of accumulated other comprehensive gain (loss) on defined benefit pension plan | 17,824 | (711) | 390 |
Total other comprehensive (loss) income items | (48,125) | 775 | (23,382) |
Related income tax benefit (expense) | 13,475 | (306) | 8,871 |
Other comprehensive (loss) income | (34,650) | 469 | (14,511) |
Total comprehensive income | $ 412,604 | $ 93,500 | $ 125,461 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Preferred stock | Additional paid-in capital | Treasury stock | Retained earnings | Accumulated other comprehensive (loss) income |
Beginning balance (in shares) at Dec. 31, 2015 | 130,006,926 | ||||||
Beginning balance at Dec. 31, 2015 | $ 1,665,073 | $ 1,367 | $ 1,506,612 | $ (76,190) | $ 245,408 | $ (12,124) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 139,972 | 139,972 | |||||
Other comprehensive loss | (14,511) | (14,511) | |||||
Stock option & other stock transactions, net (in shares) | 499,659 | ||||||
Stock option & other stock transactions, net | 5,182 | 486 | 5,894 | (1,198) | |||
Restricted stock awards, net (in shares) | 380,985 | ||||||
Restricted stock awards, net | 4,923 | (762) | 4,108 | 1,577 | |||
Common equity issued, net of costs of issuance (in shares) | 4,370,000 | ||||||
Common equity issued, net of cost of issuance | 90,995 | $ 44 | 90,951 | ||||
Cash dividends declared, common | (36,451) | (36,451) | |||||
Ending balance (in shares) at Dec. 31, 2016 | 135,257,570 | ||||||
Ending balance 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 | 93,031 | 93,031 | |||||
Other comprehensive loss | 469 | 469 | |||||
Stock issued in merger transaction (in shares) | 88,829,776 | 135,000 | |||||
Stock issued in merger transaction | 2,189,687 | $ 888 | $ 139,412 | 2,188,799 | |||
Stock option & other stock transactions, net (in shares) | 244,252 | ||||||
Stock option & other stock transactions, net | 2,727 | 149 | 3,328 | (750) | |||
Restricted stock awards, net (in shares) | 451,096 | ||||||
Restricted stock awards, net | 5,898 | (5,327) | 4,821 | 6,404 | |||
Cash dividends declared, common | (44,035) | (44,035) | |||||
Cash dividends paid, preferred | (2,194) | (192) | (2,002) | ||||
Ending balance (in shares) at Dec. 31, 2017 | 224,782,694 | ||||||
Ending balance 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 | 447,254 | 447,254 | |||||
Other comprehensive loss | (34,650) | (34,650) | |||||
Stock option & other stock transactions, net (in shares) | 66,028 | ||||||
Stock option & other stock transactions, net | 697 | 6 | 831 | (140) | |||
Restricted stock awards, net (in shares) | 493,901 | ||||||
Restricted stock awards, net | $ 7,170 | (4,453) | 3,176 | 8,447 | |||
Purchase of treasury stock (in shares) | (9,114,771) | ||||||
Purchase of treasury stock | $ (159,903) | (159,903) | |||||
Cash dividends declared, common | (63,118) | (63,118) | |||||
Cash dividends paid, preferred | (8,775) | (797) | (7,978) | ||||
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 | (5,129) | ||||
Ending balance (in shares) at Dec. 31, 2018 | 216,227,852 | ||||||
Ending balance at Dec. 31, 2018 | $ 4,428,853 | $ 2,299 | $ 138,423 | $ 3,776,461 | $ (213,935) | $ 791,550 | $ (65,945) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common stock, cash dividends paid (USD per share) | $ 0.28 | $ 0.28 | $ 0.28 |
Preferred stock, cash dividends paid (USD per share) | $ 65 | $ 16.25 | |
Preferred stock | |||
Stock issued in merger transaction (in shares) | 135,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities: | ||||
Net income | $ 447,254 | $ 93,031 | $ 139,972 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provisions for loan losses | 46,000 | 26,000 | 20,000 | |
Charge of asset write-downs, systems integration, severance and retention | 13,132 | 105,110 | 4,485 | |
(Gain) loss on extinguishment of borrowings | (172) | 0 | 9,729 | |
(Gain) loss and write-downs on other real estate owned | (1,001) | 1,715 | 294 | |
(Gain) loss on sale of premises and equipment | (11,800) | 1 | 0 | |
Depreciation and amortization of premises and equipment | 20,349 | 11,670 | 8,375 | |
Amortization of intangibles | 23,646 | 13,008 | 12,416 | |
Amortization of low income housing tax credits | 6,655 | 1,067 | 536 | |
Net gains on loans held for sale | (41) | (954) | (7,591) | |
Net losses (gains) on sales of securities | 10,788 | 344 | (7,522) | |
Net (gain) on sale of trust division | 0 | 0 | (2,255) | |
Net (accretion) on loans | (110,942) | (44,242) | (18,093) | |
Net amortization of premiums on securities | 38,985 | 24,061 | 16,024 | |
Amortization of premium on certificates of deposit | (6,178) | (1,722) | 0 | |
Net (amortization of premium) accretion of discount, on borrowings | (1,748) | 144 | 1,053 | |
Restricted stock expense | 12,978 | 7,961 | 6,114 | |
Stock option compensation expense | 6 | 149 | 404 | |
Originations of loans held for sale | (52,919) | (6,224) | (447,950) | |
Proceeds from sales of loans held for sale | 33,005 | 44,318 | 447,762 | |
Increase in cash surrender value of BOLI | (15,651) | (7,816) | (5,832) | |
Deferred income tax expense (benefit) | 56,903 | 81,383 | (890) | |
Other adjustments (principally net changes in other assets and other liabilities) | (114,474) | (106,399) | 21,868 | |
Net cash provided by operating activities | 394,775 | 242,605 | 198,899 | |
Purchases of securities: | ||||
Available for sale | (873,557) | (1,585,174) | (976,383) | |
Held to maturity | (145,685) | (1,556,670) | (751,206) | |
Proceeds from maturities, calls and other principal payments on securities: | ||||
Available for sale | 345,037 | 276,872 | 286,371 | |
Held to maturity | 177,790 | 70,847 | 73,925 | |
Proceeds from sales of securities available for sale | 186,914 | 2,516,308 | 858,531 | |
Proceeds from sales of securities held to maturity | 254 | 0 | 0 | |
Loan originations, net | (123,454) | (1,054,704) | (1,298,341) | |
Portfolio loans purchased | (113,698) | (226,831) | (163,320) | |
Proceeds from sale of loans held for investment | 0 | 33,740 | 121,028 | |
Proceeds from sales of other real estate owned | 23,942 | 8,881 | 6,205 | |
Purchase of FHLB and FRB stock, net | (85,578) | (149,014) | (18,340) | |
Purchase of low income housing tax credit | (20,810) | (14,284) | 0 | |
Redemption of and benefits received on bank owned life insurance | 13,294 | 3,585 | 2,231 | |
Purchases of premises and equipment | (24,015) | (8,259) | (4,155) | |
Proceeds from the sale of premises and equipment | 58,551 | 0 | 0 | |
Cash (paid for) received from acquisitions | (481,544) | 275,409 | (346,690) | |
Net cash (used in) investing activities | (1,062,559) | (1,409,294) | (2,210,144) | |
Cash flows from financing activities: | ||||
Net increase in transaction, savings and money market deposits | 638,651 | 1,309,621 | 1,509,054 | |
Net increase (decrease) in time deposits | 43,471 | 117,985 | (20,802) | |
Net (decrease) increase in short-term FHLB borrowings | (260,000) | (189,000) | 331,000 | |
Advances of term FHLB borrowings | 4,025,000 | 3,978,415 | 1,050,000 | |
Repayments of term FHLB borrowings | (3,435,000) | (2,659,464) | (999,896) | |
Net (decrease) increase in other borrowings | (8,824) | 13,520 | 76 | |
Repayment of Senior Notes | (96,455) | 0 | (23,793) | |
Repayment of debt assumed in acquisition | 0 | (1,143,279) | 0 | |
Issuance of Bank Subordinated Notes | 0 | 0 | 171,813 | |
Net (decrease) in mortgage escrow funds | (49,750) | (31,198) | (206) | |
Proceeds from stock option exercises | 691 | 2,578 | 3,588 | |
Proceeds from issuance of common equity | 0 | 0 | 90,995 | |
Treasury shares purchased | (159,903) | 0 | 0 | |
Cash dividends paid - common stock | (63,118) | (44,035) | (36,451) | |
Cash dividends paid - preferred stock | (8,775) | (2,194) | 0 | |
Net cash provided by financing activities | 625,988 | 1,352,949 | 2,075,378 | |
Net (decrease) increase in cash and cash equivalents | (41,796) | 186,260 | 64,133 | |
Cash and cash equivalents at beginning of period | 479,906 | 293,646 | 229,513 | |
Cash and cash equivalents at end of period | 438,110 | 479,906 | 293,646 | |
Supplemental cash flow information: | ||||
Interest payments | 236,807 | 114,391 | 57,971 | |
Income tax payments | 32,365 | 69,675 | 64,904 | |
Real estate acquired in settlement of loans | 15,223 | 7,967 | 4,780 | |
Securities purchased pending settlement | 0 | 0 | 24,720 | |
Loans transfered from held for investment to held for sale | 1,540,819 | 33,740 | 121,028 | |
Non-cash assets acquired: | ||||
Securities available for sale | [1] | 0 | 243,017 | 0 |
Securities held to maturity | [1] | 0 | 2,858,776 | 0 |
Loans held for sale | [1] | 0 | 497 | 0 |
Total loans, net | [1] | 439,622 | 9,209,398 | 320,447 |
FRB stock | [1] | 0 | 0 | 0 |
Accrued interest receivable | [1] | 0 | 34,094 | 1,443 |
Goodwill | [1] | 39,356 | 883,291 | 25,698 |
Core deposit and other intangibles | [1] | 0 | 99,938 | 1,500 |
Bank owned life insurance | [1] | 0 | 447,518 | 0 |
Premises and equipment, net | [1] | 379 | 267,815 | 176 |
Other real estate owned | [1] | 0 | 16,105 | 0 |
Other assets | [1] | 7,071 | 335,612 | 2,265 |
Total non-cash assets acquired | [1] | 486,428 | 14,396,061 | 351,529 |
Liabilities assumed: | ||||
Deposits | [1] | 0 | 9,044,061 | 0 |
Escrow deposits | [1] | 0 | 140,267 | 0 |
FHLB and other borrowings | [1] | 0 | 1,589,464 | 0 |
Other borrowings | [1] | 0 | 1,143,279 | 0 |
Subordinated debentures | [1] | 0 | 201,520 | 0 |
Other liabilities | [1] | 4,884 | 223,780 | 4,839 |
Total liabilities assumed | [1] | 4,884 | 12,342,371 | 4,839 |
Preferred stock assumed | [1] | 0 | 139,412 | 0 |
Net non-cash asset acquired | [1] | 481,544 | 1,914,278 | 346,690 |
Cash and cash equivalents acquired in acquisitions | [1] | 20,508 | 275,409 | 4,762 |
Total consideration paid | [1] | $ 502,052 | $ 2,189,687 | $ 351,452 |
[1] | The Company completed the following acquisitions which are included in the “Acquisitions” portion of the statement of cash flows for the following periods: (i) Advantage Funding Management Company, Inc. for the year ended December 31, 2018; (ii) Astoria Financial Corporation for the year ended December 31, 2017; and (iii) NewStar Business Credit for the year ended December 31, 2016. |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | Basis of Financial Statement Presentation and Summary of Significant Accounting Policies Nature of Business Sterling Bancorp (“Sterling” or the “Company”) is a bank holding company and financial holding company under the Bank Holding Company Act of 1956 . Sterling is a Delaware corporation that owns all of the outstanding shares of Sterling National Bank (the “Bank”). Sterling is listed on the New York Stock Exchange under the symbol STL. The Bank, an independent, full-service national bank founded in 1888 , is headquartered in Montebello, New York and is the principal subsidiary of Sterling. The Bank accounts for substantially all of Sterling’s consolidated assets and results of operations. The Bank operates through commercial banking teams and financial centers which serve the greater New York metropolitan region. The Bank targets the following geographic markets: (i) the New York Metro Market, which includes Manhattan, the boroughs and Long Island; and (ii) the New York Suburban Market, which consists of Rockland, Orange, Sullivan, Ulster, Putnam and Westchester counties in New York and Bergen County in New Jersey. The Bank also operates its commercial finance businesses, which include asset-based lending, payroll financing, factoring, warehouse lending, equipment financing, and public sector financing, which target markets across the U.S. The Bank’s principal business is accepting deposits and, together with funds generated from operations and borrowings, investing in various types of loans and securities. The Bank’s deposits are insured up to applicable limits by the Deposit Insurance Fund of the Federal Deposit Insurance Corporation (“FDIC”). The Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve Board are the primary regulators for the Bank and the Company, respectively. Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling, the Bank and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2018 : (i) Sterling National Funding Corp, a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (ii) Sterling REIT, Inc., a real estate investment trust that holds a portion of the Company’s real estate loans; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers; (iv) AF Agency, Inc., which provides various annuity and wealth management products through contractual agreements with various third parties, and makes insurance products available, primarily to customers of the Bank; (v) several limited liability companies which hold other real estate owned; and (vi) several other companies that have no significant operations or assets. Intercompany transactions and balances are eliminated in consolidation. Merger with Astoria Financial Corporation On October 2, 2017 , Astoria Financial Corporation (“Astoria”) merged with and into Sterling (the “Astoria Merger”). In connection with the merger, Astoria Bank, the principal subsidiary of Astoria, also merged with and into the Bank. Merger with Hudson Valley Holding Corp. On June 30, 2015 , Hudson Valley Holding Corp. (“HVHC”) merged with and into Sterling (the “HVB Merger”). In connection with the merger, Hudson Valley Bank, the principal subsidiary of HVHC, also merged with and into the Bank. Merger with Sterling Bancorp On October 31, 2013 , Provident New York Bancorp (“Legacy Provident”) merged with Sterling Bancorp (“Legacy Sterling”). In connection with the merger, the following corporate actions occurred: • Legacy Sterling merged with and into Legacy Provident. Legacy Provident was the accounting acquirer and the surviving entity. • Legacy Provident changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. • Provident Bank converted to a national bank charter. • Sterling National Bank merged into Provident Bank. • Provident Bank changed its legal entity name to Sterling National Bank. We refer to the transactions detailed above collectively as the “Provident Merger.” Use of Estimates To prepare financial statements in conformity with U.S. generally accepted accounting principles management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and actual results could differ. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no affect on prior period net income or total stockholders’ equity. Cash Flows For purposes of reporting cash flows, cash equivalents include cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, short-term FHLB borrowings, mortgage escrow funds and other borrowings. Restrictions on Cash The Bank was required to have $70,709 and $118,113 of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at December 31, 2018 and 2017 , respectively. Securities Securities include U.S. government agency and government sponsored agencies securities, state and municipal and corporate bonds, and mortgage-backed securities, including collateralized mortgage obligations. The Company classifies its securities among two categories: held to maturity and available for sale. The Company determines the appropriate classification of the Company’s securities at the time of purchase. Held to maturity securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. The Company does not engage in trading activities. All other debt and marketable equity securities are classified as available for sale. Available for sale securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that the Company intends to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates and prepayment risks, the need to increase capital, or similar factors. Premiums on debt securities are generally amortized in interest income on a level yield basis over the earlier of the call date or maturity. Discounts on debt securities are accreted in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. Securities are evaluated for other-than-temporary-impairment (“OTTI”) at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, the Company considers the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If (i) the Company does not expect to recover the entire amortized cost basis of the security; (ii) the Company does not intend to sell the security; (iii) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of OTTI related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of December 31, 2018 , the Company did not intend to sell, nor is it more likely than not that it would be required to sell, any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. (See Note 3. “Securities” and see Note 25. “Subsequent Events”). Loans Held For Sale Residential mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Mortgage loans held for sale are generally sold with servicing rights released. Commercial loans originated and intended for sale generally represent loan syndications and are carried at amortized cost, which approximates fair value, as these loans are variable-rate loans that reprice frequently with no significant change in credit risk since origination. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans that were previously held for investment that the Company intends to sell are transferred to loans held for sale at the lower of cost or market (fair value). At December 31, 2018, the Company transferred residential mortgage loans with an unpaid principal balance of $1,601,844 to held for sale. These loans represent substantially all of the remaining 15-year and 30-year fixed rate residential mortgage loans acquired in the Astoria Merger. These loans were subject to purchase accounting discounts, and the related purchase accounting discount of $61,025 was also transferred to loans held for sale. These loans are subject to a purchase agreement with a third party and, based on the negotiated sales price, there were no amounts reflected as charge-offs recorded at the time of the transfer. Changes in the fair value of the loans are recognized in non-interest income or expense. Portfolio Loans Loans where Sterling has the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at the principal balance outstanding, net of acquisition related purchase accounting adjustments, deferred loan fees and costs from loan originations and the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan using the level-yield method without anticipating prepayments. If a loan is prepaid or sold, the net deferred amount is recognized in the income statement at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of: (i) when Sterling determines that the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due based on the contractual terms of the loan, unless the loan is well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are generally applied to reduce the principal balance outstanding and not recognized as income unless warranted based on the borrower’s financial condition and payment record. (See Note 4. “Portfolio Loans”). Acquired Loans, Including Purchased Credit Impaired Loans Loans the Company acquired in acquisitions are initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans are part of our portfolio loans in the consolidated balance sheets and are presented separately in Note 4. “Portfolio Loans”. Loans for which there is both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected represent purchase credit impaired loans (“PCI loans”). For PCI loans, the Company initially determines which loans will be treated under the cost recovery method (similar to a non-accrual loan) from loans that will be subject to accretion, which represent loans for which the Company was unable to reasonably estimate the timing and amount of expected cash flows. Other acquired loans, including PCI loans, and loans that met the criteria for non-accrual designation at the time of acquisition, are subject to accretion if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. The Company recognizes the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, on a quarterly basis, the Company continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows the Company expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For PCI loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected. For loans for which there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, the Company accretes interest income based on the contractually required cash flows. Acquired loans at December 31, 2018 and 2017 include loans that were acquired in the following transactions: the Advantage Funding Acquisition (as defined below; See Note 2. “Acquisitions”); the Astoria Merger; the restaurant franchise financing portfolio acquisition from GE Capital; the NBSC Acquisition, the HVB Merger, and the Provident Merger. Under our current credit and accounting guidelines, once a loan relationship reaches maturity and is re-underwritten, the loan is no longer considered an acquired loan and is included in originated loans. In addition, acquired performing loans that were subsequently subject to a credit evaluation, such as after designation as criticized or classified or placed on non-accrual since the acquisition date, are also included in originated loans. Through this process acquired loans that were subject to a purchase accounting adjustment with a life of loan loss estimate become subject to our loan loss methodology and allowance for loan losses evaluation methodology. Allowance for Loan Losses The allowance for loan losses is a valuation allowance, established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The level of the allowance for loan losses reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios. The allowance for loan losses is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans in which the borrower is experiencing financial difficulties and for which the terms have been modified resulting in a concession are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by the Company in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into account all circumstances surrounding the loan and the borrower, including the length of the delay, reasons for the delay, prior payment history and the amount of the shortfall in relation to the total amount owed. The Company’s policy is to evaluate loans over $750 individually for impairment. If a loan is impaired, and there is a shortfall of the present value of the estimated future cash flows using the existing interest rate of the loan or as determined by the fair value of collateral if repayment is expected solely from the collateral, the Company’s practice is to charge-off the identified impairment. As a result, at December 31, 2018 and 2017, there was no portion of the allowance for loan losses allocated to impaired loans. The general component of the allowance for loan losses covers loans that are collectively evaluated for impairment. Large groups of smaller balance homogeneous loans, such as consumer loans, which include home equity lines of credit, and residential mortgage loans are generally collectively evaluated for impairment and they are not included in the separately identified impairment disclosures. The general allowance for loan losses component also includes loans that are not individually identified for impairment evaluation, such as commercial loans below the individual evaluation threshold as well as those loans that are individually evaluated but not considered impaired, including loans rated special mention. The general component of the allowance is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent three years, consumer loans which is based on the most recent two years. The actual loss experience is supplemented with qualitative loss factors that are determined by management and are adjusted to reflect management’s evaluation of: • levels of, and trends in, delinquencies and non-performing loans, and criticized and classified loans; • trends in volume of loans; • effects of exceptions to lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations of credit by such factors as property type, industry, and relationship; and • for commercial loans, trends in risk ratings. The Company applies the methodology described above to each portfolio segment. These segments include: traditional commercial and industrial (“C&I”), asset-based lending, payroll finance, warehouse lending, factored receivables, equipment financing, and public sector finance (collectively the C&I portfolio,) loans collateralized by real estate including commercial real estate (“CRE”), multi-family, and acquisition, development and construction (“ADC”) loans, residential mortgage, and certain consumer loans including home equity lines of credit. C&I lending presents a risk because repayment depends on the successful operation of the business, which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because the Company must gain control of assets used in the borrower’s business before foreclosing, which it cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is uncertain. In addition, CRE and multi-family loans subject the Company to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, if necessary, the foreclosure process may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. ADC lending is considered higher risk and exposes the Company to greater credit risk than permanent mortgage financing. The repayment of ADC loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. The Company has deemphasized originations of land acquisition and land development loans; however, it does originate construction loans to select clients principally within its immediate footprint. When the Company evaluates residential mortgage loans and home equity loans (which are included as consumer loans), it weighs both the credit capacity of the borrower and the collateral value of the home. If unemployment or underemployment increase, the credit capacity of underlying borrowers will decrease, which increases the risk of such loan. Similarly, as the Company obtains a mortgage on the property, if home prices decline, it is exposed to risk in both its first mortgage and equity lending programs due to declines in the value of its collateral. The Company is also exposed to risk because the time to foreclose is significant and has become longer under current market conditions. For C&I loans, CRE, multi-family and ADC loans the Company evaluates available financial information from the borrower as well as collateral pledged, evaluates whether the borrower can continue to service the debt and their near term prospects. When the Company concludes the collateral and or debt service capacity of the borrower are insufficient to repay its debt, it charges-off the amount that is deemed uncollectible. For unsecured consumer loans, charge-offs are recognized once the loan is 90 days to 120 days or more past due or the borrower files for bankruptcy protection. For secured consumer loans and residential mortgage loans the company monitors the value of the collateral and the borrower’s ability to service debt and records a charge-off when it becomes aware of the loss from and within the time frames specified by regulatory guidance. Subsequent recoveries, if any, are credited to the allowance for loan losses. Troubled Debt Restructuring TDR is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. At the time of restructuring, the Company evaluates whether a TDR loan should remain on accrual based on the accrual status immediately prior to modification and whether, as a result of the TDR, the Company recorded a partial charge-off. A TDR on accrual prior to modification may remain on accrual status provided the Company believes, based on its credit analysis, that collection of principal and interest in accordance with the modified terms is reasonably certain. If the restructuring results in a partial charge-off, the loan is generally classified as non-accrual. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. (See Note 4. “Portfolio Loans”). Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the asset has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the rights (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Federal Reserve Bank of New York and Federal Home Loan Bank Stock As a member of the Federal Reserve Bank of New York (“FRB”) and the Federal Home Loan Bank of New York (“FHLB”), the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. Both cash and stock dividends are reported as interest and dividend income on other earning assets in the consolidated income statements. Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. The Company recognizes an impairment charge to its premises and equipment, generally in connection with a decision to consolidate or close a financial center. Impairment is based on the excess of the carrying amount of assets over the fair value of the assets. Fair value is determined by third-party valuations or appraisals and evaluations prepared by management. (See Note 6. “Premises and Equipment, Net”). Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and trade names (which are included with core deposits and other intangible assets in the consolidated balance sheets) acquired in a purchase business combination that have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill and trade names are the only intangible assets with an indefinite life on the Company’s balance sheet. The Company operates as one reporting unit. Goodwill is tested for impairment in the fourth quarter of each year, or on an interim basis if an conditions warrant that could more likely than not reduce the fair value of the reporting unit below its carrying value. Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of eight to ten years . Non-compete agreements are amortized on a straight line basis over their estimated life. Impairment losses on intangible assets and other long-term assets are charged to expense, if and when they occur, with the assets recorded at fair value. (See Note 7. “Goodwill and Other Intangible Assets”). Bank Owned Life Insurance (“BOLI”) The Company owns life insurance policies (purchased and acquired) on certain officers and key executives. BOLI is recorded at its cash surrender value (or the amount that can be realized). Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are included in non-interest income on the consolidated income statements and are not subject to income taxes. In the Astoria Merger the Company acquired BOLI with a carrying value of $441,840 and $441,751 , at December 31, 2018 and 2017, respectively, which included a claims stabilization reserve of $35,391 and $32,624 . Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) is guaranteed by the insurance carrier provided that certain conditions are met at the date of contract surrender. The Company satisfied these conditions at December 31, 2018 and 2017. Other Real Estate Owned (“OREO”) Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. The carrying amount of an OREO asset is reduced by a charge to OREO, net expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. Mortgage Servicing Rights Mortgage servicing rights are included in other assets in the consolidated balance sheets. Servicing assets are initially recognized as separate assets at fair value when rights are acquired through acquisition or through the sale of residential mortgage loans with servicing retained. Servicing rights are accounted for under the amortization method. Under that method, capitalized servicing rights are amortized periodically to expense in proportion to and over the expected net servicing income. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as a reduction of servicing expense (which is part of other non-interest expense). (See Note 20. “Fair Value Measurements” for a discussion of how fair value is calculated.) Other Borrowings - Securities Repurchase Agreements In securities repurchase agreements, the Company transfers securities to a counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolid |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 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, New York. 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 $439,622 . The Bank paid a premium on the gross loans and leases receivable of 4.5% or $20,300 . In the year ended December 31, 2018 , the Company 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, systems integration, severance and retention on the consolidated income statement. At December 31, 2018 , the Company recognized goodwill of $39,356 as a result of the Advantage Funding Acquisition. The Advantage Funding Acquisition is consistent with the Company’s strategy of growing commercial loans and increasing the proportion of commercial loans in its loan portfolio. The operations of the business are being fully integrated into its equipment finance business line. Astoria Merger On October 2, 2017 , the Company completed 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 of the Company’s common shares. 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 have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible were recorded at their fair values as of October 2, 2017 based on management’s best estimate using the information available as of the Astoria Merger date. The application of the acquisition method of accounting resulted in the recognition of goodwill of $883,291 and a core deposit intangible of $99,938 . Accounting guidance provides that an acquirer must recognize adjustments to provisional amounts that are identified during the measurement period, which, for the Astoria Merger 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. This adjustment had no impact to earnings. As recorded by Astoria Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 275,409 $ — $ 275,409 Investment securities 3,144,111 (42,318 ) (a) 3,101,793 Loans held for sale 497 — 497 Loans 9,546,307 (336,909 ) (b) 9,209,398 Allowance for loan losses (79,293 ) 79,293 (c) — Bank owned life insurance 447,518 — 447,518 Premises and equipment 90,678 177,137 (d) 267,815 Accrued interest receivable 34,094 — 34,094 Goodwill 185,151 (185,151 ) (e) — Core deposit and other intangibles — 99,938 (f) 99,938 Other real estate owned 17,705 (1,600 ) (g) 16,105 Other assets 288,075 47,537 (h) 335,612 Total assets acquired 13,950,252 (162,073 ) 13,788,179 Deposits (9,029,303 ) (14,758 ) (i) (9,044,061 ) FHLB borrowings (1,550,000 ) (39,464 ) (j) (1,589,464 ) Repurchase agreements (1,100,000 ) (43,279 ) (k) (1,143,279 ) Senior notes (198,044 ) (3,476 ) (l) (201,520 ) Other liabilities (354,725 ) (9,322 ) (m) (364,047 ) Total liabilities assumed (12,232,072 ) (110,299 ) (12,342,371 ) Preferred stock assumed (129,796 ) (9,616 ) (n) (139,412 ) Total liabilities and preferred stock assumed $ (12,361,868 ) $ (119,915 ) (12,481,783 ) Net assets acquired 1,306,396 Purchase price 2,189,687 Goodwill recorded in the Merger $ 883,291 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the fair value adjustment to the net book value of loans, which includes an interest rate mark and credit mark adjustment. (c) Represents the elimination of Astoria’s allowance for loan losses. (d) Represents the fair value adjustment to reflect the fair value of land and buildings, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the elimination of Astoria’s goodwill. (f) Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (g) Represents an adjustment to reduce the carrying value of other real estate owned to fair value. (h) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (i) Represents the fair value adjustment on time deposits, which will be accreted as a reduction of interest expense over the remaining term of the time deposits. (j) Represents the fair value adjustment on FHLB borrowings, which was equal to the price paid to terminate Astoria’s long-term FHLB borrowings. (k) Represents the fair value adjustment on repurchase agreements, which was equal to the price paid to various counterparties to terminate these agreements. (l) Represents the fair value adjustment on senior notes, as determined by quoted market prices, which will be accreted as a reduction of interest expense through maturity of the notes. (m) Represents the fair value adjustment to other liabilities assumed in the merger including actuarially determined liabilities of Astoria. (n) Represents the fair value adjustment on preferred stock, as determined by quoted market prices, which will be accreted as a reduction in the preferred stock dividends over the five-year call period ending on October 15, 2022. The fair values for loans acquired from Astoria were estimated using cash flow projections based on the remaining maturity and repricing terms. Cash flows were adjusted by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value using a risk-adjusted market rate for similar loans. For collateral dependent loans with deteriorated credit quality, fair value was estimated by analyzing the value of the underlying collateral, assuming the fair values of the loans were derived from the eventual sale of the collateral. These values were discounted using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of Astoria’s allowance for loan losses associated with the loans that were acquired, as the loans were initially recorded at fair value on the date of the Astoria Merger. Acquired loan portfolio data for the Astoria Merger is presented below: Fair value of acquired loans at acquisition date Gross contractual amounts receivable at acquisition date Best estimate at acquisition date of contractual cash flows not expected to be collected Acquired loans with evidence of deterioration since origination $ 167,614 $ 221,550 $ 44,545 Acquired loans with no evidence of deterioration since origination 9,041,784 11,509,782 NA The core deposit intangible asset recognized is being amortized over its estimated useful life of approximately 10 years utilizing the sum-of-the-years digits method. Goodwill is not amortized for book purposes; however, it is reviewed at least annually for impairment and is not deductible for tax purposes. The fair value of land, buildings and equipment was estimated using appraisals. Buildings are amortized over their estimated useful lives of approximately 30 years . Improvements and equipment are amortized or depreciated over their estimated useful lives ranging from one to five years . The fair value of retail demand and interest bearing deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. The fair value of time deposits was estimated by discounting the contractual future cash flows using market rates offered for time deposits of similar remaining maturities. Direct acquisition and other charges incurred in connection with the Astoria Merger were expensed as incurred and totaled $39,232 for 2017 . These expenses were recorded in merger-related expense on the consolidated income statements. Results of operations for 2017 included a charge for asset write-downs, systems integration, severance and retention which totaled $105,110 and was recorded in other non-interest expense in the consolidated income statements. The following table presents selected unaudited pro forma financial information reflecting the Astoria Merger assuming it was completed as of January 1, 2016 . The unaudited pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the financial results of the combined companies had the Astoria Merger actually been completed at the beginning of the periods presented, nor does it indicate future results for any other interim or full year period. Pro forma basic and diluted EPS were calculated using the Company’s actual weighted average shares outstanding for the periods presented, plus the incremental shares issued, assuming the Astoria Merger occurred at the beginning of the periods presented. The unaudited pro forma information is based on the actual financial statements of the Company for the periods presented, and on the actual financial statements of Astoria for 2016 and in 2017 until the date of the Astoria Merger, at which time Astoria’s results of operations were included in the Company’s financial statements. The unaudited pro forma information for 2017 and 2016 set forth below reflects adjustments related to (a) purchase accounting fair value adjustments; (b) amortization of core deposit and other intangibles; and (c) adjustments to interest income and expense due to amortization of premiums and accretion of discounts. Direct merger-related expenses and charges incurred in calendar 2017 and costs incurred to write-down assets, accrue for systems integration, retention and severance compensation are assumed to have occurred prior to January 1, 2016 . Furthermore, the unaudited pro forma information does not reflect management’s estimate of any revenue enhancement opportunities or anticipated potential cost savings for periods that include data as of October 2, 2017 or earlier. Pro forma information For the year ended December 31, 2017 2016 Net interest income $ 939,036 $ 818,906 Non-interest income 98,726 121,949 Non-interest expense 516,333 544,821 Net income available to common stockholders 316,657 242,398 Pro forma earnings per common share from continuing operations: Basic $ 1.41 $ 1.11 Diluted 1.41 1.11 Restaurant Franchise Financing Loan Portfolio On September 9, 2016 , the Bank acquired a restaurant franchise financing loan portfolio from GE Capital with an unpaid principal balance of $169,760 . Total cash paid for the portfolio was $163,282 , which included a discount to the balance of gross loans receivable of 4.00% , or $6,790 , plus accrued interest receivable. As the acquired assets did not constitute a business, the transaction was accounted for as an asset purchase. These loans are classified as traditional C&I loans. Acquisition of NewStar Business Credit LLC (“NSBC”) On March 31, 2016 , the Bank acquired 100% of the outstanding equity interests of NSBC (the “NSBC Acquisition”). NSBC was a provider of asset-based lending solutions to middle market commercial clients. NSBC’s loans had a fair value of $320,447 on the acquisition date and consisted of 100% floating-rate assets. The Bank paid a premium on the balance of gross loans receivable acquired of 5.90% , or $18,906 . The Bank assumed $4,839 of liabilities, which consisted mainly of cash collateral on loans outstanding. The Bank recognized a customer list intangible asset of $1,500 that was amortized over its 24 -month estimated life and $25,698 of goodwill. The Bank recorded a $1,500 restructuring charge consisting mainly of retention and severance compensation, IT contract terminations and professional fees. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 2,328,870 $ 2,347 $ (62,366 ) $ 2,268,851 $ 318,590 $ 73 $ (8,605 ) $ 310,058 CMO/Other MBS 596,868 11 (22,109 ) 574,770 27,780 2 (765 ) 27,017 Total residential MBS 2,925,738 2,358 (84,475 ) 2,843,621 346,370 75 (9,370 ) 337,075 Other securities: Federal agencies 283,825 — (9,852 ) 273,973 59,065 160 (128 ) 59,097 Corporate bonds 537,210 1,162 (10,407 ) 527,965 68,512 431 (392 ) 68,551 State and municipal 227,546 302 (2,844 ) 225,004 2,305,420 2,654 (49,562 ) 2,258,512 Other — — — — 17,250 49 (12 ) 17,287 Total other securities 1,048,581 1,464 (23,103 ) 1,026,942 2,450,247 3,294 (50,094 ) 2,403,447 Total securities $ 3,974,319 $ 3,822 $ (107,578 ) $ 3,870,563 $ 2,796,617 $ 3,369 $ (59,464 ) $ 2,740,522 December 31, 2017 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 2,171,044 $ 1,570 $ (21,965 ) $ 2,150,649 $ 355,013 $ 978 $ (2,504 ) $ 353,487 CMO/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 December 31, 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 mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2018 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Other securities remaining period to contractual maturity: One year or less $ 19,127 $ 19,141 $ 68,814 $ 68,917 One to five years 205,924 202,739 120,827 120,821 Five to ten years 722,315 707,793 477,090 473,616 Greater than ten years 101,215 97,269 1,783,516 1,740,093 Total other securities 1,048,581 1,026,942 2,450,247 2,403,447 Residential MBS 2,925,738 2,843,621 346,370 337,075 Total securities $ 3,974,319 $ 3,870,563 $ 2,796,617 $ 2,740,522 Sales of securities for the periods indicated below were as follows: Year ended December 31, 2018 2017 2016 Available for sale: Proceeds from sales $ 186,914 $ 2,516,308 $ 858,531 Gross realized gains 219 8 10,665 Gross realized losses (10,933 ) (352 ) (3,143 ) Income tax (benefit) expense on realized net (losses) gains (2,961 ) (91 ) 2,445 Held to maturity: (1) Proceeds from sale $ 254 $ — $ — Gross realized loss (74 ) — — Income tax (benefit) on realized loss (21 ) — — (1) In the year ended December 31, 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 December 31, 2018 and 2017 , there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The following table summarizes securities available for sale with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale December 31, 2018 Residential MBS: Agency-backed $ 156,787 $ (536 ) $ 1,955,056 $ (61,830 ) $ 2,111,843 $ (62,366 ) CMO/Other MBS 94 (2 ) 574,053 (22,107 ) 574,147 (22,109 ) Total residential MBS 156,881 (538 ) 2,529,109 (83,937 ) 2,685,990 (84,475 ) Other securities: Federal agencies — — 273,973 (9,852 ) 273,973 (9,852 ) Corporate 230,126 (4,278 ) 119,869 (6,129 ) 349,995 (10,407 ) State and municipal 16,172 (64 ) 175,966 (2,780 ) 192,138 (2,844 ) Total other securities 246,298 (4,342 ) 569,808 (18,761 ) 816,106 (23,103 ) Total $ 403,179 $ (4,880 ) $ 3,098,917 $ (102,698 ) $ 3,502,096 $ (107,578 ) December 31, 2017 Residential MBS: Agency-backed $ 1,349,217 $ (10,550 ) $ 486,948 $ (11,415 ) $ 1,836,165 $ (21,965 ) CMO/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 $ 2,360,256 $ (19,723 ) $ 751,167 $ (21,578 ) $ 3,111,423 $ (41,301 ) The following table summarizes securities held to maturity with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Held to maturity December 31, 2018 Residential MBS: Agency-backed $ 25,003 $ (147 ) $ 273,974 $ (8,458 ) $ 298,977 $ (8,605 ) CMO/Other MBS 101 (2 ) 25,066 (763 ) 25,167 (765 ) Total residential MBS 25,104 (149 ) 299,040 (9,221 ) 324,144 (9,370 ) Other securities: Federal agencies 29,485 (95 ) 4,908 (33 ) 34,393 (128 ) Corporate 21,859 (137 ) 16,261 (255 ) 38,120 (392 ) State and municipal 118,389 (877 ) 1,897,758 (48,685 ) 2,016,147 (49,562 ) Other 9,488 (12 ) — — 9,488 (12 ) Total other securities 179,221 (1,121 ) 1,918,927 (48,973 ) 2,098,148 (50,094 ) Total $ 204,325 $ (1,270 ) $ 2,217,967 $ (58,194 ) $ 2,422,292 $ (59,464 ) December 31, 2017 Residential MBS: Agency-backed $ 136,679 $ (572 ) $ 74,303 $ (1,932 ) $ 210,982 $ (2,504 ) CMO/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 $ 1,024,089 $ (6,114 ) $ 487,663 $ (8,153 ) $ 1,511,752 $ (14,267 ) At December 31, 2018 , a total of 78 available for sale securities were in a continuous unrealized loss position for less than 12 months, and 444 such securities were in an unrealized loss position for 12 months or longer. At December 31, 2018, a total of 177 held to maturity securities were in a continuous unrealized loss for less than 12 months, and 511 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 OTTI losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition and near-term prospects of the issuer; and (iii) the intent and ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. Management has the ability and intent to hold the securities classified as held to maturity in the table above until they mature, at which time the Company will receive full value for the securities. Furthermore, as of December 31, 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 December 31, 2018 , management believes the impairments detailed in the table above are temporary. Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: December 31, 2018 2017 Available for sale securities pledged for borrowings, at fair value $ 12,206 $ 10,225 Available for sale securities pledged for municipal deposits, at fair value 817,306 323,341 Held to maturity securities pledged for borrowings, at amortized cost 34,996 35,047 Held to maturity securities pledged for municipal deposits, at amortized cost 1,338,901 1,182,674 Total securities pledged $ 2,203,409 $ 1,551,287 |
Portfolio Loans
Portfolio Loans | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of the Company’s loan portfolio, excluding loans held for sale, was the following: December 31, 2018 December 31, 2017 Originated loans Acquired loans Total Originated loans Acquired loans Total Commercial: C&I: Traditional C&I $ 2,321,131 $ 75,051 $ 2,396,182 $ 1,708,812 $ 270,636 $ 1,979,448 Asset-based lending 792,935 — 792,935 760,095 37,475 797,570 Payroll finance 227,452 — 227,452 268,609 — 268,609 Warehouse lending 782,646 — 782,646 723,335 — 723,335 Factored receivables 258,383 — 258,383 220,551 — 220,551 Equipment financing 913,751 301,291 1,215,042 664,800 14,741 679,541 Public sector finance 860,746 — 860,746 637,767 — 637,767 Total C&I 6,157,044 376,342 6,533,386 4,983,969 322,852 5,306,821 Commercial mortgage: CRE 4,154,956 487,461 4,642,417 3,476,830 662,034 4,138,864 Multi-family 1,527,619 3,236,505 4,764,124 1,174,631 3,684,924 4,859,555 ADC 267,754 — 267,754 282,792 — 282,792 Total commercial mortgage 5,950,329 3,723,966 9,674,295 4,934,253 4,346,958 9,281,211 Total commercial 12,107,373 4,100,308 16,207,681 9,918,222 4,669,810 14,588,032 Residential mortgage 621,471 2,083,755 2,705,226 532,731 4,522,001 5,054,732 Consumer 153,811 151,812 305,623 176,793 189,426 366,219 Total portfolio loans 12,882,655 6,335,875 19,218,530 10,627,746 9,381,237 20,008,983 Allowance for loan losses (95,677 ) — (95,677 ) (77,907 ) — (77,907 ) Total portfolio loans, net $ 12,786,978 $ 6,335,875 $ 19,122,853 $ 10,549,839 $ 9,381,237 $ 19,931,076 Acquired loans at December 31, 2018 and 2017 include loans that were acquired in the following transactions: the Advantage Funding Acquisition; the Astoria Merger; the restaurant franchise financing portfolio acquisition from GE Capital; the NBSC Acquisition, the HVB Merger, and the Provident Merger. Under our credit administration and accounting guidelines, once a loan relationship reaches maturity and is re-underwritten, the loan is no longer considered an acquired loan and is included in originated loans. In addition, acquired performing loans that were subsequently subject to a credit evaluation, such as after designation as criticized or classified or placed on non-accrual since the acquisition date, are also included in originated loans. Consistent with our credit and accounting guidelines discussed above, at December 31, 2018 , included in the balance of originated loans were $1,365,682 in portfolio loans with an allowance for loan loss reserves of $9,607 that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have reached maturity, were re-underwritten, have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. At December 31, 2017 , included in the balance of originated loans were $1,331,648 in portfolio loans with an allowance for loan loss reserves of $8,421 that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have reached maturity, were re-underwritten, have migrated to criticized or classified status or have been placed on non-accrual since the acquisition date. Total portfolio loans include net deferred loan origination fees of $5,581 at December 31, 2018 and $4,813 at December 31, 2017 . Portfolio loans subject to purchase accounting adjustments are shown net of discounts on acquired loans, which were $117,222 at December 31, 2018 and $293,476 at December 31, 2017 . At December 31, 2018 , the Company pledged loans totaling $8,526,247 to the FHLB as collateral for certain borrowing arrangements. See Note 9. “Borrowings, Senior Notes and Subordinated Notes”. The following tables set forth the amounts and status of the Company’s loans and TDRs at December 31, 2018 and 2017 : Originated loans: December 31, 2018 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 2,266,947 $ 5,747 $ 6,139 $ — $ 42,298 $ 2,321,131 Asset-based lending 789,654 — — — 3,281 792,935 Payroll finance 226,571 — — — 881 227,452 Warehouse lending 782,646 — — — — 782,646 Factored receivables 258,383 — — — — 258,383 Equipment financing 879,468 20,466 1,587 9 12,221 913,751 Public sector finance 860,746 — — — — 860,746 CRE 4,118,134 8,054 — 799 27,969 4,154,956 Multi-family 1,524,914 1,014 — — 1,691 1,527,619 ADC 267,090 230 — 434 — 267,754 Residential mortgage 592,563 1,934 897 264 25,813 621,471 Consumer 143,510 1,720 1,232 271 7,078 153,811 Total loans $ 12,710,626 $ 39,165 $ 9,855 $ 1,777 $ 121,232 $ 12,882,655 Total TDRs included above $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 Non-performing loans: Loans 90+ days past due and still accruing $ 1,777 Non-accrual loans 121,232 Total originated non-performing loans $ 123,009 December 31, 2017 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 1,670,069 $ 964 $ 148 $ — $ 37,631 $ 1,708,812 Asset-based lending 760,095 — — — — 760,095 Payroll finance 268,609 — — — — 268,609 Warehouse lending 723,335 — — — — 723,335 Factored receivables 220,551 — — — — 220,551 Equipment financing 652,425 1,133 3,143 — 8,099 664,800 Public sector finance 637,767 — — — — 637,767 CRE 3,452,604 7,967 2,457 437 13,365 3,476,830 Multi-family 1,172,967 343 487 — 834 1,174,631 ADC 278,587 — — — 4,205 282,792 Residential mortgage 509,087 6,441 688 274 16,241 532,731 Consumer 167,483 2,114 495 — 6,701 176,793 Total loans $ 10,513,579 $ 18,962 $ 7,418 $ 711 $ 87,076 $ 10,627,746 Total TDRs included above $ 13,175 $ 389 $ — $ — $ 29,325 $ 42,889 Non-performing loans: Loans 90+ days past due and still accruing $ 711 Non-accrual loans 87,076 Total originated non-performing loans $ 87,787 Acquired loans: December 31, 2018 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 69,690 $ 5,256 $ 105 $ — $ — $ 75,051 Equipment financing 288,447 8,659 3,998 187 — 301,291 CRE 481,583 377 — 458 5,043 487,461 Multi-family 3,233,779 1,736 — — 990 3,236,505 Residential mortgage 2,022,340 18,734 6,513 — 36,168 2,083,755 Consumer 146,042 1,852 951 — 2,967 151,812 Total loans $ 6,241,881 $ 36,614 $ 11,567 $ 645 $ 45,168 $ 6,335,875 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 645 Non-accrual loans 45,168 Total acquired non-performing loans $ 45,813 December 31, 2017 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 270,318 $ 268 $ 39 $ — $ 11 $ 270,636 Asset-based lending 37,475 — — — — 37,475 Equipment financing 14,658 10 73 — — 14,741 CRE 651,569 436 1,674 — 8,355 662,034 Multi-family 3,680,710 252 347 — 3,615 3,684,924 Residential mortgage 4,416,909 15,975 5,350 50 83,717 4,522,001 Consumer 183,019 2,250 479 95 3,583 189,426 Total loans $ 9,254,658 $ 19,191 $ 7,962 $ 145 $ 99,281 $ 9,381,237 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 145 Non-accrual loans 99,281 Total acquired non-performing loans $ 99,426 The following table provides additional analysis of the Company’s non-accrual loans at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Recorded investment non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Traditional C&I $ 41,625 $ 673 $ 42,298 $ 50,651 $ 37,631 $ 11 $ 37,642 $ 37,853 Asset-based lending 3,281 — 3,281 3,859 — — — — Payroll finance 881 — 881 881 — — — — Equipment financing 12,221 — 12,221 15,744 8,099 — 8,099 8,099 CRE 23,675 9,337 33,012 39,440 12,593 9,127 21,720 25,739 Multi-family 482 2,199 2,681 2,920 834 3,615 4,449 4,705 ADC — — — — 4,205 — 4,205 4,205 Residential mortgage 24,339 37,642 61,981 72,706 15,935 84,023 99,958 113,002 Consumer 6,576 3,469 10,045 12,170 6,693 3,591 10,284 12,096 Total loans $ 113,080 $ 53,320 $ 166,400 $ 198,371 $ 85,990 $ 100,367 $ 186,357 $ 205,699 At December 31, 2018 and 2017 , the recorded investment of PCI non-accrual loans included $8,152 and $1,086 , respectively, of loans that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. When the ultimate collectibility of the total principal of an impaired loan is in doubt and the loan is on non-accrual status, all payments are applied to principal, under the cost recovery method. When the ultimate collectibility of the total principal of an impaired loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method. At December 31, 2018 and 2017 , the recorded investment in residential mortgage loans that were formally in process of foreclosure was $48,107 and $76,712 , respectively, which are included in non-accrual residential mortgage loans above. The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2018 : 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 $ 48,735 $ 2,338,432 $ 9,015 $ 2,396,182 $ — $ 14,201 $ 14,201 Asset-based lending 3,281 789,654 — 792,935 — 7,979 7,979 Payroll finance — 227,452 — 227,452 — 2,738 2,738 Warehouse lending — 782,646 — 782,646 — 2,800 2,800 Factored receivables — 258,383 — 258,383 — 1,064 1,064 Equipment financing 3,577 1,211,465 — 1,215,042 — 12,450 12,450 Public sector finance — 860,746 — 860,746 — 1,739 1,739 CRE 33,284 4,581,911 27,222 4,642,417 — 32,285 32,285 Multi-family 1,662 4,754,912 7,550 4,764,124 — 8,355 8,355 ADC — 267,754 — 267,754 — 1,769 1,769 Residential mortgage 3,210 2,614,046 87,970 2,705,226 — 7,454 7,454 Consumer 7,249 290,336 8,038 305,623 — 2,843 2,843 Total loans $ 100,998 $ 18,977,737 $ 139,795 $ 19,218,530 $ — $ 95,677 $ 95,677 At December 31, 2018 , PCI loans included $16,555 of loans that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since acquisition. 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 Purchased credit impaired 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 CRE 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 loans $ 60,862 $ 19,721,509 $ 226,612 $ 20,008,983 $ — $ 77,907 $ 77,907 At December 31, 2017 , PCI loans included $5,341 of loans that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. At December 31, 2018 and 2017 , the Company’s portfolio loans included PCI loans acquired in the Astoria Merger, the HVB Merger and the Provident Merger. The carrying value of these loans is presented in the tables above. At December 31, 2018 and 2017 , the net recorded amount of PCI loans was $139,795 and $226,612 , respectively. Loans that are individually evaluated for impairment in the tables above are all included in originated loans. The following table presents the changes in the balance of the accretable yield discount for PCI loans for 2018 , 2017 , and 2016 : Year ended December 31, 2018 2017 2016 Balance at beginning of year $ 45,582 $ 11,117 $ 11,211 Acquisition — 46,111 2,200 Accretion (8,006 ) (5,016 ) (2,139 ) Charge-offs (5,478 ) (2,452 ) (2,798 ) Disposals (15,072 ) (2,000 ) — Reclassification (to) from non-accretable difference (94 ) (2,178 ) 2,643 Balance at end of year $ 16,932 $ 45,582 $ 11,117 Income is not recognized on PCI loans unless the Company can reasonably estimate the cash flows that are expected to be collected over the life of the loan. The following table presents the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans Traditional C&I $ 5,376 $ 3,639 $ 9,015 $ 6,361 $ 4,011 $ 10,372 CRE 26,319 903 27,222 36,100 2,958 39,058 Multi-family 7,550 — 7,550 15,060 — 15,060 ADC — — — 262 — 262 Residential 87,970 — 87,970 151,200 314 151,514 Consumer 7,378 660 8,038 9,637 709 10,346 Total $ 134,593 $ 5,202 $ 139,795 $ 218,620 $ 7,992 $ 226,612 The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 64,653 $ 48,735 $ 36,408 $ 35,921 Asset-based lending 3,859 3,281 — — Equipment financing 3,577 3,577 5,341 5,341 CRE 43,119 33,284 10,128 9,663 Multi-family 2,341 1,662 1,597 1,597 ADC — — 5,474 5,208 Residential 3,430 3,210 — — Consumer 7,249 7,249 3,132 3,132 Total $ 128,228 $ 100,998 $ 62,080 $ 60,862 The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for 2018 , 2017 and 2016 : For the year ended December 31, 2018 2017 2016 YTD average recorded investment Interest income recognized YTD average recorded investment Interest income recognized YTD average recorded investment Interest income recognized With no related allowance recorded: Traditional C&I $ 38,242 $ 1,073 $ 26,413 $ 460 $ 25,508 $ 22 Asset-based lending 9,440 — — — — — Payroll finance — — — — 71 — Equipment financing 965 — 4,004 — 1,275 — CRE 23,671 777 11,808 374 13,625 133 Multi-family 1,713 65 399 65 — — ADC — — 5,687 206 6,132 31 Residential mortgage 1,751 — 1,068 — 768 — Consumer 4,248 — 1,977 — 1,530 — Total $ 80,030 $ 1,915 $ 51,356 $ 1,105 $ 48,909 $ 186 There was no cash-basis interest income recognized from impaired loans during the years ended December 31, 2018 and 2017 . There were no impaired loans with a related allowance recorded at December 31, 2018 , 2017 and 2016 . Troubled Debt Restructuring The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2018 and December 31, 2017 : December 31, 2018 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 9,011 $ — $ — $ — $ 25,672 $ 34,683 Asset-based lending — — — — 1,276 1,276 Equipment financing 1,905 — 9 — 2,367 4,281 CRE 11,071 — — — 7,112 18,183 ADC — — — 434 — 434 Residential mortgage 5,688 — 103 — 2,312 8,103 Consumer 7,217 215 69 216 208 7,925 Total $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 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 CRE 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. At December 31, 2017, there were also no asset-based lending loans that were TDRs. The Company had no outstanding commitments to lend additional amounts to customers with TDR loans as of December 31, 2018 and 2017 , respectively. The following table identifies TDRs that occurred during 2018 and 2017 : December 31, 2018 December 31, 2017 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Traditional C&I 4 $ 25,072 $ 23,943 1 $ 23,188 $ 23,188 Asset-based lending 1 1,854 1,276 — — — Equipment financing 4 3,307 3,307 3 3,558 3,337 CRE 1 12,187 12,187 2 1,724 1,724 ADC — — — 1 797 797 Residential mortgage 11 1,684 1,367 4 1,140 1,033 Consumer 2 5,160 5,160 — — — Total TDRs 23 $ 49,264 $ 47,240 11 $ 30,407 $ 30,079 There were no payroll finance, warehouse lending, factored receivables, public sector finance, multi-family or ADC loans modified as TDRs during 2018 . There were no asset-based lending, payroll finance, warehouse lending, factored receivables, public sector finance, multi-family or consumer loans modified as TDRs during 2017 . The amount of TDRs charged-off against the allowance for loan losses was $ 2,024 in 2018 , $585 in 2017 , and $286 in 2016 . |
Allowance for Loan Losses
Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses Activity in the allowance for loan losses for 2018 , 2017 , and 2016 is summarized below: For the year ended December 31, 2018 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 19,072 $ (9,270 ) $ 1,080 $ (8,190 ) $ 3,319 $ 14,201 Asset-based lending 6,625 (4,936 ) 9 (4,927 ) 6,281 7,979 Payroll finance 1,565 (337 ) 43 (294 ) 1,467 2,738 Warehouse lending 3,705 — — — (905 ) 2,800 Factored receivables 1,395 (205 ) 15 (190 ) (141 ) 1,064 Equipment financing 4,862 (8,565 ) 951 (7,614 ) 15,202 12,450 Public sector finance 1,797 — — — (58 ) 1,739 CRE 24,945 (4,935 ) 888 (4,047 ) 11,387 32,285 Multi-family 3,261 (308 ) 283 (25 ) 5,119 8,355 ADC 1,680 (721 ) — (721 ) 810 1,769 Residential mortgage 5,819 (1,391 ) 64 (1,327 ) 2,962 7,454 Consumer 3,181 (1,408 ) 513 (895 ) 557 2,843 Total allowance for loan losses $ 77,907 $ (32,076 ) $ 3,846 $ (28,230 ) $ 46,000 $ 95,677 Annualized net charge-offs to average loans outstanding 0.14 % For the year ended December 31, 2017 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 12,864 $ (5,489 ) $ 1,142 $ (4,347 ) $ 10,555 $ 19,072 Asset-based lending 3,316 — 5 5 3,304 6,625 Payroll finance 951 (188 ) 6 (182 ) 796 1,565 Warehouse lending 1,563 — — — 2,142 3,705 Factored receivables 1,669 (982 ) 23 (959 ) 685 1,395 Equipment financing 5,039 (3,165 ) 387 (2,778 ) 2,601 4,862 Public sector finance 1,062 — — — 735 1,797 CRE 20,466 (2,379 ) 163 (2,216 ) 6,695 24,945 Multi-family 4,991 — — — (1,730 ) 3,261 ADC 1,931 (27 ) 269 242 (493 ) 1,680 Residential mortgage 5,864 (860 ) 161 (699 ) 654 5,819 Consumer 3,906 (1,095 ) 314 (781 ) 56 3,181 Total allowance for loan losses $ 63,622 $ (14,185 ) $ 2,470 $ (11,715 ) $ 26,000 $ 77,907 Annualized net charge-offs to average loans outstanding 0.10 % For the year ended December 31, 2016 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 9,953 $ (1,707 ) $ 999 $ (708 ) $ 3,619 $ 12,864 Asset-based lending 2,762 — 62 62 492 3,316 Payroll finance 1,936 (28 ) 32 4 (989 ) 951 Warehouse lending 589 — — — 974 1,563 Factored receivables 1,457 (1,200 ) 61 (1,139 ) 1,351 1,669 Equipment financing 4,925 (1,982 ) 560 (1,422 ) 1,536 5,039 Public sector finance 547 — — — 515 1,062 CRE 11,461 (959 ) 353 (606 ) 9,611 20,466 Multi-family 5,141 (417 ) 2 (415 ) 265 4,991 ADC 2,009 — 104 104 (182 ) 1,931 Residential mortgage 5,007 (1,045 ) 30 (1,015 ) 1,872 5,864 Consumer 4,358 (1,615 ) 227 (1,388 ) 936 3,906 Total allowance for loan losses $ 50,145 $ (8,953 ) $ 2,430 $ (6,523 ) $ 20,000 $ 63,622 Annualized net charge-offs to average loans outstanding 0.08 % Credit Quality Indicators As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk grade of commercial loans; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage loans and consumer loans; (iv) net charge-offs; (v) non-performing loans (see details above); and (vi) the general economic conditions in the greater New York metropolitan region. The Bank analyzes loans individually by classifying the loans as to credit risk, except residential mortgage loans and consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $500 . This analysis is performed at least quarterly on all criticized/classified loans. The Bank uses the following definitions of risk ratings: 1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. 3 - This grade includes loans to borrowers with strong earnings and cash flow and that have the ability to service debt. The borrower’s assets and liabilities are generally well matched and are above average quality. The borrower has ready access to multiple sources of funding including alternatives such as term loans, private equity placements or trade credit. 4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. 5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade credit. Management has a reasonable amount of experience and depth, and owners are willing to invest available outside capital as necessary. 6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon debt funding for working capital support. 7 - Special Mention (OCC definition) - Other Assets Especially Mentioned (OAEM) are loans that have potential weaknesses which may, if not reversed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of “Substandard.” The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. 8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some losses if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. 9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as “Substandard” with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, or liquidating procedures, capital injections, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not reflect that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2018 the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 12,003 $ 99 $ 12,102 $ 51,903 $ 128 $ 52,031 Asset-based lending 14,033 — 14,033 21,865 — 21,865 Payroll finance 9,682 — 9,682 17,766 — 17,766 Factored receivables — — — 508 — 508 Equipment financing 9,966 — 9,966 21,256 — 21,256 CRE 3,852 10,160 14,012 43,336 8,126 51,462 Multi-family 33,321 10,490 43,811 20,812 3,542 24,354 ADC — — — 434 — 434 Residential mortgage 5,179 2,231 7,410 29,475 36,431 65,906 Consumer 1,919 245 2,164 7,223 3,242 10,465 Total $ 89,955 $ 23,225 $ 113,180 $ 214,578 $ 51,469 $ 266,047 At December 31, 2018 , there were $51,282 of special mention loans and $95,575 of substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. As of December 31, 2017 the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 4,677 $ 2,776 $ 7,453 $ 53,731 $ 184 $ 53,915 Asset-based lending 30,958 — 30,958 3,835 — 3,835 Payroll finance 15,542 — 15,542 352 — 352 Factored receivables 187 — 187 — — — Equipment financing 4,046 47 4,093 9,299 — 9,299 CRE 16,233 24,205 40,438 20,717 13,812 34,529 Multi-family 1,614 24,988 26,602 2,419 11,847 14,266 ADC 4,204 — 4,204 4,639 — 4,639 Residential mortgage 4,334 1,704 6,038 17,382 83,767 101,149 Consumer 762 281 1,043 6,835 3,672 10,507 Total $ 82,557 $ 54,001 $ 136,558 $ 119,209 $ 113,282 $ 232,491 At December 31, 2017 , there were $18,415 of special mention loans and $26,526 substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. There were $59 of originated consumer loans rated doubtful at December 31, 2018 . There were $746 of originated traditional C&I loans and $19 of originated consumer loans rated doubtful at December 31, 2017 . There were $6 of acquired consumer loans rated doubtful at December 31, 2017 . There were no warehouse lending or public sector finance loans rated special mention, substandard or doubtful for the periods presented. There were no loans rated loss at December 31, 2018 and 2017 . |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment are summarized as follows: December 31, 2018 2017 Land and land improvements $ 129,767 $ 160,376 Buildings 108,416 127,959 Leasehold improvements 29,704 40,442 Furniture, fixtures and equipment 90,397 81,424 Total premises and equipment, gross 358,284 410,201 Accumulated depreciation and amortization (94,090 ) (88,479 ) Total premises and equipment, net $ 264,194 $ 321,722 Depreciation and amortization of premises and equipment totaled $20,349 , $11,670 and $8,375 for the years ended 2018 , 2017 , and 2016 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets are presented in the tables below. The net increase in goodwill in 2018 was related to the Advantage Funding Acquisition of $39,356 and a reduction in goodwill related to the Astoria Merger of $6,214 . The increase in goodwill and other intangible assets in 2017 was related to the Astoria Merger (See Note 2. “Acquisitions” and Note 11. “Income Taxes”). Goodwill The change in goodwill for the periods presented was as follows: For the year ended December 31, 2018 2017 Beginning of period balance $ 1,579,891 $ 696,600 Acquired goodwill 39,356 883,291 Adjustment to provisional goodwill from Astoria Merger (6,214 ) — End of period balance $ 1,613,033 $ 1,579,891 Other intangible assets The balance of other intangible assets for the periods presented was as follows: Gross intangible assets Accumulated amortization Net intangible assets December 31, 2018 Core deposits $ 157,959 $ (53,696 ) $ 104,263 Customer lists 10,450 (5,710 ) 4,740 Non-compete agreements 11,808 (11,766 ) 42 Trade name 20,500 — 20,500 $ 200,717 $ (71,172 ) $ 129,545 December 31, 2017 Core deposits $ 157,959 $ (31,414 ) $ 126,545 Customer lists 10,450 (4,596 ) 5,854 Non-compete agreements 11,808 (11,516 ) 292 Trade name 20,500 — 20,500 $ 200,717 $ (47,526 ) $ 153,191 Other intangible assets, except the trade name intangible asset, which is not subject to amortization, are amortized on a straight-line or accelerated bases over their estimated useful lives, which range from one to 10 years. Other intangible asset amortization expense totaled $23,646 in 2018 ; $13,008 in 2017 ; and $12,416 in 2016 . The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2018 was as follows: Amortization expense 2019 $ 19,181 2020 16,800 2021 15,103 2022 13,703 2023 12,322 Thereafter 31,936 Total $ 109,045 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at December 31, 2018 and 2017 are summarized as follows: December 31, 2018 2017 Non-interest bearing demand $ 4,241,923 $ 4,080,742 Interest bearing demand 4,207,392 3,882,064 Savings 2,382,520 2,758,642 Money market 7,905,382 7,377,118 Certificates of deposit 2,476,931 2,439,638 Total deposits $ 21,214,148 $ 20,538,204 Municipal deposits totaled $1,751,670 and $1,585,076 at December 31, 2018 and December 31, 2017 , respectively. See Note 3. “Securities” for the amount of securities that were pledged as collateral for municipal deposits and other purposes. Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2018 2017 Remaining period to contractual maturity: Less than one year $ 1,423,423 $ 1,270,605 One to two years 711,106 525,846 Two to three years 186,225 362,233 Three to four years 51,596 160,432 Four to five years 104,581 120,522 Total certificates of deposit $ 2,476,931 $ 2,439,638 Certificate of deposit accounts that exceed the FDIC Insurance limit of $250 or more totaled $412,562 and $371,671 at December 31, 2018 and 2017 , respectively. Listed below are the Company’s brokered deposits: December 31, 2018 2017 Interest bearing demand $ 23,742 $ 23,820 Money market 983,889 773,804 Reciprocal CDARs (1) — 102,259 CDARs one way 150,192 204,331 Total brokered deposits $ 1,157,823 $ 1,104,214 (1) CDARs represents certificate of deposit account registry services. In 2018, the FDIC revised the definition of brokered deposits, which for the Bank excluded reciprocal CDARs. At December 31, 2018 , the balance of reciprocal CDARs was $97,442 . |
Borrowings, Senior Notes and Su
Borrowings, Senior Notes and Subordinated Notes | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instruments [Abstract] | |
Borrowings, Senior Notes and Subordinated Notes | Borrowings, Senior Notes and Subordinated Notes The Company’s borrowings and weighted average interest rates are summarized as follows: December 31, 2018 2017 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 4,838,772 2.40 % $ 4,510,123 1.69 % Repurchase agreements 21,338 1.20 30,162 0.64 5.50% Senior Notes — — 76,805 5.98 3.50% Senior Notes 181,130 3.19 201,404 3.19 Subordinated Notes 172,943 5.45 172,716 5.45 Total borrowings $ 5,214,183 2.52 $ 4,991,210 1.96 By remaining period to maturity: Less than one year $ 3,958,635 2.48 % $ 2,989,093 1.69 % One to two years 831,889 2.28 775,714 1.79 Two to three years 250,716 2.04 802,650 2.34 Three to four years — — 251,037 2.04 Greater than five years 172,943 5.45 172,716 5.45 Total borrowings $ 5,214,183 2.52 $ 4,991,210 1.96 FHLB advances and overnight. As a member of the FHLB, the Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of December 31, 2018 and 2017 , the Bank had pledged residential mortgage and CRE loans with eligible collateral values of $8,526,247 and $9,123,601 , respectively. The Bank had also pledged securities to secure borrowings, which are disclosed in Note 3. “Securities.” As of December 31, 2018 , the Bank may increase its borrowing capacity by pledging unencumbered securities and mortgage loans that are not required to be pledged for other purposes with an estimated collateral value of $3,878,427 . Repurchase agreements. Securities sold under repurchase agreements are utilized to facilitate the needs of our clients and are secured short-term borrowings that mature in one to 30 days . Repurchase agreements are stated at the amount of cash received in connection with these transactions. The Bank monitors collateral levels on a continuous basis. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral are maintained with our safekeeping agents. 5.50% Senior Notes. On July 2, 2013, the Company issued $100,000 principal amount of 5.50% fixed rate senior notes through a private placement at a discount of 1.75% , 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 estimated fair value of 100.76% on the acquisition date, which was based on quoted market value. The fair value adjustment of $ 757 is being amortized over the remaining maturity using a level-yield methodology, which results in an effective cost of 3.19% . During the fourth quarter of 2018, the Company reacquired $19,627 of the 3.50% Senior Notes and realized a gain on extinguishment of debt associated with this redemption of $172 , which was included in other non-interest expense in the consolidated income statements. The 3.50% Senior Notes were issued under an indenture assumed by the Company and Wilmington Trust National Association, as trustee (the “Wilmington Indenture”). The Wilmington Indenture includes provisions that among other things, restrict the Company’s ability to dispose of or issue shares of voting stock of a material subsidiary (as defined in the Wilmington Indenture) or transfer the entirety of, or a substantial amount of, the Company’s assets or merge or consolidate with or into other entities, without satisfying certain conditions. Such conditions were satisfied in the Astoria Merger. Subordinated Notes. On March 29, 2016 , the Bank issued $110,000 aggregate 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 March 29, 2016 . Such notes 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 December 31, 2018 , the net unamortized discount of all Subordinated Notes was $2,057 , 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 on 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 17. “Stockholders’ Equity” for additional information. Revolving line of credit. On September 2, 2018 , the Company amended and renewed its existing revolving line of credit agreement for a new 12-month term. The loan agreement is for a $35,000 revolving line of credit facility (the “Credit Facility”) with a financial institution that matures on September 2, 2019 . The balance was zero at December 31, 2018 and December 31, 2017 . The use of proceeds are for general corporate purposes. The line and accrued interest is payable at maturity, and is required to maintain a zero balance for at least 30 days during its term. The line bears interest at one-month LIBOR plus 1.25% . Under the terms of the 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 December 31, 2018 . |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. 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 to provide a fixed rate borrowing to a customer and effectively convert the loan to a variable 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, or the CME. At December 31, 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. 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, or STM. At December 31, 2018 and December 31, 2017 the Company paid cash as STM in the amount of $5,214 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 December 31, 2018 and 2017 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value December 31, 2018 Included in other assets: Third-party interest rate swap $ 516,419 $ 1,963 Customer interest rate swap 556,934 16,252 Total $ 1,073,353 5.90 4.65 % 1 m Libor + 2.29% $ 18,215 Included in other liabilities: Third-party interest rate swap $ (556,934 ) $ (4,351 ) Customer interest rate swap (516,419 ) (8,650 ) Total $ (1,073,353 ) 5.90 4.65 % 1 m Libor + 2.29% $ (13,001 ) 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 ) The Company enters into various commitments to sell real estate loans into the secondary market. Such commitments are considered to be derivative financial instruments; however, the fair value of these commitments is not material. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense for the periods indicated consisted of the following: For the year ended December 31, 2018 2017 2016 Current income tax expense: Federal $ 44,810 $ 4,375 $ 55,418 State and local 17,263 2,181 12,854 Total current income tax expense 62,073 6,556 68,272 Deferred income tax expense (benefit): Federal 38,661 71,536 (1,069 ) State and local 18,242 9,847 179 Total deferred income tax expense (benefit) 56,903 81,383 (890 ) Total income tax expense $ 118,976 $ 87,939 $ 67,382 Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: For the year ended December 31, 2018 2017 2016 Tax at federal statutory rate of 21% for 2018 and 35% for 2017 and 2016 $ 118,908 $ 63,341 $ 72,574 State and local income taxes, net of federal tax benefit 28,049 7,818 8,472 Tax-exempt interest, net of disallowed interest (19,521 ) (18,948 ) (11,094 ) BOLI income (3,279 ) (2,665 ) (1,933 ) Non-deductible acquisition related costs — 2,965 — Low income housing tax credits (6,514 ) (1,872 ) (469 ) Equity-based stock compensation benefit (680 ) (1,528 ) — FDIC insurance premium limitation 1,777 — — Deferred tax adjustment related to reduction in federal income tax rate — 40,285 — Other, net 236 (1,457 ) (168 ) Actual income tax expense $ 118,976 $ 87,939 $ 67,382 Effective income tax rate 21.0 % 48.6 % 32.5 % The following table presents the Company’s deferred tax position at December 31, 2018 and 2017 : December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 25,459 $ 20,468 Deferred compensation 320 315 Other accrued compensation and benefits 10,449 22,321 Deferred rent 2,992 3,445 Intangible assets 566 1,612 Other comprehensive loss (securities) 29,651 11,422 Other comprehensive loss (defined benefit plans) — 447 Pension expense 8,202 19,576 Accrued expenses 56 4,923 State NOL carryforward 10,376 15,400 AMT credit carryforward — 4,070 Other 4,009 3,237 Total deferred tax assets 92,080 107,236 Deferred tax liabilities: Mortgage servicing rights 2,535 2,722 Other comprehensive gain (defined benefit plans) 4,222 — Acquisition fair value adjustments 23,282 — Depreciation of premises and equipment 1,653 1,026 Deferred loan fees and costs 4,625 5,001 Other 1,773 1,154 Total deferred tax liabilities 38,090 9,903 Net deferred tax asset $ 53,990 $ 97,333 On December 22, 2017, the Tax Act was enacted, which included a reduction of 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 rate at which the deferred items are expected to be recovered or settled. The remeasurement of our net deferred tax asset resulted in additional income tax expense of $40,285 in 2017 . During 2018, the Company completed its accounting for income tax effects related to certain elements of the Tax Act, including purchase accounting adjustments recorded in connection with the Astoria Merger. After completion of the Astoria short-period final tax returns, the Company reduced income tax balances and goodwill by $6,214 , which finalized all purchase accounting adjustments for the Astoria Merger and resolved substantially all items initially estimated as a result of the Tax Act. Based on the Company’s consideration of historical and anticipated future pre-tax income, and the reversal period for the items resulting in the deferred tax assets and liabilities, a valuation allowance for deferred tax assets was not considered necessary at either December 31, 2018 or 2017 . Retained earnings at December 31, 2018 and 2017 included approximately $9,313 for which no provision for federal income taxes has been made. This amount represents the tax bad debt reserve at December 31, 1987 , which is the end of the Bank ’ s base year for purposes of calculating the bad debt deduction for tax purposes. If this portion of retained earnings is used in the future for any purposes other than to absorb bad debts, the amount used will be added to future taxable income. The unrecorded deferred tax liability on the above amount at December 31, 2018 and 2017 , was approximately $1,956 and $3,260 , respectively. The Company acquired state and local net operating loss (“NOL”) carryforwards in the Astoria Merger. The Company has an available New York State NOL carryforward of $123,589 and a New York City NOL carryforward of $32,853 , both of which expire in 2024. At December 31, 2018 and 2017 , the Company had no unrecognized tax benefits or accrued interest and penalties recorded. The Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. The Company records interest and penalties as a component of other non-interest expense. The Company and its subsidiaries are subject to U.S. federal income tax, as well as income tax of the state of New York and various other states. The Company is generally no longer subject to examination by federal, state and local taxing authorities for tax years prior to December 31, 2015. |
Investments in Low Income Housi
Investments in Low Income Housing Tax Credits | 12 Months Ended |
Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |
Investments in Low Income Housing Tax Credits | Investments in Low Income Housing Tax Credits The Company has invested in various limited partnerships that sponsor affordable housing projects utilizing the Low Income Housing Tax Credit (“LIHTC”) pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to assist the Bank in achieving its strategic plan associated with the Community Reinvestment Act and to achieve a satisfactory return on capital. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. The Company is a limited partner in each LIHTC limited partnership. Each limited partnership is managed by an unrelated third party general partner who exercises full control over the affairs of the limited partnership. The general partner has all the rights, powers and authority granted or permitted to be granted to a general partner of a limited partnership. Duties entrusted to the general partner of each limited partnership include, but are not limited to: investment in operating companies, company expenditures, investment of excess funds, borrowing funds, employment of agents, disposition of fund property, prepayment and refinancing of liabilities, votes and consents, contract authority, disbursement of funds, accounting methods, tax elections, bank accounts, insurance, litigation, cash reserve, and use of working capital reserve funds. Except for limited rights granted to the limited partner(s) relating to the approval of certain transactions, the limited partner(s) may not participate in the operation, management, or control of the limited partnership’s business, transact any business in the limited partnership’s name or have any power to sign documents for or otherwise bind the limited partnership. In addition, the general partner may only be removed by the limited partner(s) in the event the general partner fails to comply with the terms of the agreement or is negligent in performing its duties. The general partner of each limited partnership has both the power to direct the activities which most significantly affect the performance of each partnership and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Therefore, the Company has concluded that it is not the primary beneficiary of any LIHTC partnership. The Company uses the proportional amortization method to account for its investments in these entities. The Company’s net investment in LIHTC are recorded in other assets in the consolidated balance sheets and the unfunded commitments are recorded in other liabilities in the consolidated balance sheets and were as follows: December 31, 2018 2017 Gross investment in LIHTC $ 217,833 $ 132,534 Accumulated amortization (36,335 ) (29,680 ) Net investment in LIHTC $ 181,498 $ 102,854 Unfunded commitments for LIHTC investments $ 138,518 $ 74,029 Unfunded Commitments The expected payments for unfunded affordable housing commitments at December 31, 2018 were as follows: 2019 $ 69,243 2020 56,935 2021 8,176 2022 265 2023 256 2024 and thereafter 3,643 $ 138,518 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing as follows: For the year ended December 31, 2018 2017 2016 Tax credits and other tax benefits recognized $ 10,706 $ 3,195 $ 628 Amortization expense included in income tax expense 6,655 1,067 536 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has active stock-based compensation plans, as described below. The Company’s stockholders approved the 2015 Omnibus Equity and Incentive Plan (the “ 2015 Plan ”) on May 28, 2015 . The 2015 Plan permits the grant of stock options, stock appreciation rights, restricted stock (both time-based and performance-based), restricted stock units, deferred stock and other stock-based awards. The total number of shares that may be awarded under the 2015 Plan is 2,800,000 shares plus the remaining shares available for grant under the 2014 Stock Incentive Plan (the “ 2014 Plan ”). At December 31, 2018 , there were 2,318,950 shares available for future grant under the 2015 Plan . Under the 2015 Plan , one share is deducted from the 2015 Plan for every share that is awarded and delivered under the 2015 Plan . Restricted stock awards are granted with a fair value equal to the market price of the Company’s common stock at the date of grant. Stock option awards are granted with a strike price that is equal to the market price of the Company’s stock at the date of grant. The awards generally vest in equal installments annually on the anniversary date and have total vesting periods ranging from one to five years and stock options have 10 year contractual terms. The following table summarizes the activity in the Company’s active stock-based compensation plans for the periods presented: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2016 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Granted (515,869 ) 515,869 14.60 — — Stock awards vested — (261,989 ) 13.09 — — Exercised — — — (503,893 ) 10.47 Forfeited 130,758 (48,457 ) 13.88 (78,560 ) 13.41 Canceled/expired (100,716 ) — — — — Balance at December 31, 2016 3,639,838 932,223 14.09 1,004,119 11.00 Granted (610,075 ) 610,075 24.13 — — Stock awards vested — (228,661 ) 16.23 — — Exercised — — — (244,252 ) 10.52 Forfeited 76,877 (74,877 ) 18.92 (2,000 ) 13.18 Canceled/expired (5,313 ) — — — — Balance at December 31, 2017 3,101,327 1,238,760 20.00 757,867 11.15 Granted (813,239 ) 813,239 23.22 — — Stock awards vested (1) (33,392 ) (654,231 ) 19.12 — — Exercised — — — (66,028 ) 10.46 Forfeited 69,554 (64,254 ) 22.47 (5,300 ) 13.18 Canceled/expired (5,300 ) — — — — Balance at December 31, 2018 2,318,950 1,333,514 $ 22.12 686,539 $ 11.20 Exercisable at December 31, 2018 686,539 $ 11.20 (1) The 33,392 shares of stock awards vested that reduces shares available for grant represents performance shares granted in October 2014 to certain executives. On December 31, 2018, these shares vested at 144.4% of the amount initially granted. Other information regarding options outstanding and exercisable at December 31, 2018 follows: Outstanding and Exercisable Weighted average Number of stock options Exercise price Life (in years) Range of exercise prices: $6.71 to $9.00 168,000 $ 8.36 3.22 9.28 to 10.03 59,000 9.71 2.53 11.36 to 11.77 227,362 11.50 4.82 13.23 to 15.01 232,177 13.33 5.86 686,539 11.20 4.58 The total intrinsic value of outstanding in-the-money stock options and outstanding in-the-money exercisable stock options was $3,648 at December 31, 2018 . Proceeds from stock option exercises were $691 , $2,578 , and $3,588 for 2018 , 2017 , and 2016 , respectively. The Company uses an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted in 2018 , 2017 or 2016 . Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit was as follows: For the year ended December 31, 2018 2017 2016 Stock options $ 6 $ 149 $ 404 Non-vested stock awards/performance units 12,978 7,961 6,114 Total $ 12,984 $ 8,110 $ 6,518 Income tax benefit $ 2,727 $ 2,149 $ 2,118 Unrecognized stock-based compensation expense at December 31, 2018 was $17,992 and the weighted average period over which unrecognized non-vested awards/performance units is expected to be recognized is 1.67 years . |
Pension and Other Post Retireme
Pension and Other Post Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Pension and Other Post Retirement Benefits | Pension and Other Post Retirement Benefits (a) Existing Pension Plans and Other Post Retirement Benefits On October 2, 2017 and in connection with the Astoria Merger, the Company assumed 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 collectively are included with pension benefits disclosures in the tables below. The Company also assumed other post retirement benefits plans including the Astoria Bank Retiree Health Care Plan, and the Astoria Bank BOLI plan, which are combined with legacy Sterling plans, which mainly provide life insurance benefits to certain current and former directors and officers of the Company. These amounts are included with other post retirement benefits in the disclosure tables below. The following is a summary of changes in the projected benefit obligation and fair value of pension plans and other post retirement benefits plan assets. Pension benefits Other post retirement benefits December 31, December 31, 2018 2017 2018 2017 Changes in projected benefit obligation: Beginning of year balance $ 253,583 $ — $ 34,777 $ 12,125 Benefit obligation assumed in Astoria Merger — 259,152 — 21,325 Service cost — — 64 22 Interest cost 8,521 2,189 1,040 557 Actuarial (gain) loss (18,815 ) 3,561 (3,436 ) 984 Benefits and distributions paid (11,764 ) (11,319 ) (1,023 ) (236 ) Other — — (544 ) — End of year balance 231,525 253,583 30,878 34,777 Changes in fair value of plan assets: Beginning of year balance 198,395 — — — Fair value of pension plan assets at October 2, 2017 — 194,010 — — Actual gain on plan assets 12,218 6,234 — — Employer contributions 41,884 9,470 1,023 236 Benefits and distributions paid (11,764 ) (11,319 ) (1,023 ) (236 ) End of year balance 240,733 198,395 — — Funded status at end of year $ 9,208 $ (55,188 ) $ (30,878 ) $ (34,777 ) The Astoria Bank Pension Plan was overfunded by $13,608 , which is included in other assets in our consolidated balance sheet at December 31, 2018. The remaining pension benefit plans were underfunded by $4,400 at December 31, 2018. The underfunded pension benefits and the other post retirement benefits are included in other liabilities in our consolidated balance sheets at December 31, 2018 and 2017 . The Company made a contribution to the Astoria Bank Pension Plan of $41,510 and made contributions of $374 to the other pension plans in 2018 . Management has announced plans to terminate the Astoria Bank Pension Plan in 2019 and does not anticipate any additional contributions. No pension plan assets are expected to be returned to the Company. The following is a summary of the components of accumulated other comprehensive gain (loss) related to pension plans and other post retirement benefits. We do not expect that any net actuarial (gain) loss or prior service cost will be recognized as components of net periodic cost in 2019 . Pension benefits Other post retirement benefits December 31, December 31, 2018 2017 2018 2017 Net actuarial gain (loss) $ 14,922 $ (1,013 ) $ 978 $ (167 ) Deferred tax (expense) benefit (3,809 ) 400 (413 ) 66 Amount included in accumulated other comprehensive loss, net of tax $ 11,113 $ (613 ) $ 565 $ (101 ) The following is a summary of the discount rates used to determine the benefit obligations at the dates indicated. December 31, 2018 2017 Pension benefit plans: Astoria Bank Pension Plan 4.08 % 3.44 % Astoria Excess and Supplemental Benefit Plans 3.82 3.14 Astoria Directors’ Retirement Plan 3.52 2.82 Greater Directors’ Retirement Plan 3.66 2.96 LIB Directors’ Retirement Plan N/A N/A Other post retirement benefit plans: Sterling Other Post retirement life insurance, and other plans 3.58% to 3.73% 2.80% to 3.62% Astoria Bank Retiree Health Care Plan 4.05 3.42 The components of net periodic pension expense were as follows: Pension benefits Other post retirement benefits For the Year Ended December 31, For the Year Ended December 31, 2018 2017 2016 2018 2017 2016 Service cost $ — $ — $ — $ 64 $ 22 $ — Interest cost 8,521 2,189 — 1,040 557 417 Expected return on plan assets (14,059 ) (3,287 ) — — — — Amortization of unrecognized actuarial loss — — — 21 19 — Amortization of transition obligation — — — — 2 — Amortization of prior service cost — — — — 14 64 Net periodic pension (benefit) expense $ (5,538 ) $ (1,098 ) $ — $ 1,125 $ 614 $ 481 Net periodic pension (benefit) expense is included in compensation and benefits in the consolidated income statements. The following is a summary of the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2018 and 2017 . Discount rate Expected return on plan assets 2018 2017 2018 2017 Pension benefit plans: Astoria Bank Pension Plan 3.44 % 3.61 % 7.00 % 7.00 % Astoria Excess and Supplemental Benefit Plans 3.14 3.21 N/A N/A Astoria Directors’ Retirement Plan 2.82 2.78 N/A N/A Greater Directors’ Retirement Plan 2.96 2.96 N/A N/A LIB Directors’ Retirement Plan N/A N/A N/A N/A Other post retirement benefit plans: Sterling Other Post retirement life insurance and other plans 2.80% to 4.15% 2.78% to 4.15% N/A N/A Astoria Bank Retiree Health Care Plan 3.42 N/A N/A N/A On October 2, 2017 , as part of the Astoria Merger, the Company assumed the Astoria Bank Retiree Health Care Plan. The following table presents the assumed health care cost trend rates at the dates indicated. December 31, 2018 2017 Health care cost trend rate assumed for the next year: Pre-age 65 6.75 % 7.00 % Post-age 65 6.50 6.75 Rate to which the cost trend rate is assumed to decline (the “ultimate trend rate”) 4.75 4.75 Year that ultimate trend rate is reached 2026 2026 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan. The following table presents the effects on a one-percentage point change in assumed health care cost trend rates. One percentage point increase One percentage point decrease Effect on total service and interest cost components $ 93 $ (78 ) Effect on the post retirement benefit obligation 2,084 (1,738 ) Estimated future total benefits expected to be paid are the following for the years ending December 31 ,: Pension benefits Other post retirement benefits 2019 $ 12,512 $ 1,833 2020 12,747 1,828 2021 14,124 1,845 2022 13,201 1,796 2023 13,191 1,798 Thereafter 66,864 16,713 The Astoria Bank Pension Plan’s assets are measured at estimated fair value on a recurring basis. The Astoria Bank Pension Plan groups its assets at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are described in Note 20. “Fair Value Measurements.” Other than the Astoria Bank Pension Plan’s investment in Sterling Bancorp common stock, the assets are managed by Prudential Retirement Insurance and Annuity Company (“PRIAC”). The following tables set forth the carrying values of the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis and the level within the fair value for the fair value measurements: Carrying value at December 31, 2018 Carrying value at December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PRIAC Pooled Separate Accounts (1) $ 228,119 $ 228,119 $ — $ — $ 165,315 $ 165,315 $ — $ — Sterling Bancorp common stock — — — — 20,553 20,553 — — PRIAC Guaranteed Deposit Account 12,614 — — 12,614 12,464 — — 12,464 Cash and cash equivalents — — — — 63 63 — — Total $ 240,733 $ 228,119 $ — $ 12,614 $ 198,395 $ 185,931 $ — $ 12,464 (1) The investment allocation at December 31, 2018 consisted of 100% fixed income and the investment allocation at December 31, 2017 consisted of 42% large-cap equity, 33% fixed income, 11% international equity, 8% small-cap equity and 6% mid-cap equity. The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the period indicated. For the year ended December 31, 2018 For the period from October 2, 2017 to December 31, 2017 Fair value at beginning of period $ 12,464 $ 11,888 Total net gain (loss), realized and unrealized, included in net assets (1) 114 (47 ) Purchases 11,783 3,375 Sales (11,747 ) (2,752 ) Fair value at end of period $ 12,614 $ 12,464 (1) Includes unrealized loss related to assets held at December 31, 2018 of $174 for 2018 and unrealized gain related to assets held at December 31, 2017 of $153 for the period October 2, 2017 to December 31, 2017 . The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the date indicated. PRIAC guaranteed deposit account range at December 31, 2018 2017 Significant unobservable inputs: Composite market value factor 0.986 - 1.01 1.012 - 1.02 Gross guaranteed crediting rate (1) 3.10 % - 3.10% 2.55 % - 3.59% (1) Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate. The Company’s policy is to invest the Astoria Bank Pension Plan assets in a prudent manner in-line with established risk/return levels, preserving liquidity and providing long-term investment returns equal to or greater than the actuarial assumptions. Historically, the strategy allowed for a moderate risk approach in order to achieve greater long-term asset growth. During 2018, management determined it would terminate the Astoria Bank Pension Plan in 2019 subject to obtaining required approvals from the Internal Revenue Service and other regulators. Therefore, the investment allocation of the plan assets was shifted to fixed income securities funds. The following is a description of valuation methodologies used for the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis. PRIAC Pooled Separate Accounts The fair value of the Astoria Bank Pension Plan’s investments in the PRIAC Pooled Separate Accounts is based on the fair value of the underlying securities included in the pooled separate accounts which consist of equity securities and bonds. Investments in these accounts are represented by units and a per unit value. The unit values are calculated by PRIAC and fair value is reported at unit value which is priced daily. For the underlying equity securities, PRIAC obtains closing market prices for those securities traded on a national exchange. For bonds, PRIAC obtains prices from a third-party pricing service using inputs such as benchmark yields, reported trades, broker/dealer quotes and issuer spreads. Prices are reviewed by PRIAC and are challenged if PRIAC believes the price is not reflective of fair value. There are no restrictions as to the redemption of these pooled separate accounts nor does the Astoria Bank Pension Plan have any contractual obligations to further invest in any of the individual pooled separate accounts. These investments are classified as Level 1. Sterling Bancorp common stock The fair value of the Astoria Bank Pension Plan’s investment in Sterling Bancorp common stock at December 31, 2017 was obtained from a quoted market price in an active market and, as such, this investment was classified as Level 1. PRIAC Guaranteed Deposit Account The fair value of the Astoria Bank Pension Plan’s investment in the PRIAC Guaranteed Deposit Account is calculated by PRIAC and approximates the fair value of the underlying investments by discounting expected future investment cash flows from both investment income and repayment of principal for each investment purchased directly for the general account. The discount rates assumed in the calculation reflect both the current level of market rates and spreads appropriate to the quality, average life and type of investment being valued. PRIAC calculates a contract-specific composite market value factor, which is determined by summing the product of each investment year's market value factor as of the plan year end by the particular contracts balance within the investment year and dividing the result by the contracts total investment year balance. This contract-specific market value factor is then multiplied by the contract value, which represents deposits made to the contract, plus earnings at the guaranteed crediting rates, less withdrawals and fees, to arrive at the estimated fair value. This investment is classified as Level 3. Cash and cash equivalents The fair value of the Astoria Bank Pension Plan’s cash and cash equivalents represents the amount available on demand and, as such, are classified as Level 1. (b) Employee Savings Plan The Company also sponsors a defined contribution plan established under Section 401(k) of the IRS Code. Eligible employees may elect to contribute up to 50.0% of their compensation to the plan. The Company provides a profit sharing contribution equal to 3.0% of eligible compensation of all employees. The contribution is made to all eligible employees regardless of their 401(k) elective deferral percentage. Voluntary matching and profit sharing contributions are invested in accordance with the participant’s direction in one or a number of investment options. Savings plan expense was $4,844 for 2018 , $3,827 for 2017 and $3,210 for 2016 . |
Non-Interest Income and Other N
Non-Interest Income and Other Non-Interest Expense | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Noon-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 related fees. The Company earns these fees / commissions from its payroll finance and factoring businesses, as described below. Payroll finance. The Company provides financing and business process outsourcing, including full back-office, technology and tax accounting services, to independently-owned temporary staffing companies nationwide. Services provided includes preparation of payroll, payroll tax payments, billings and collections. 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 December 31, 2018 and 2017, the Company did not have any significant contract balances. Other non-interest expense items are presented in the following table. Significant components of the aggregate of total net interest income and total non-interest income are presented separately. For the year ended December 31, 2018 2017 2016 Other non-interest expense: Professional fees $ 13,371 $ 9,982 $ 10,276 Communication 6,451 3,300 3,215 Advertising and promotion 5,930 3,682 2,948 Insurance & surety bond premium 3,630 3,317 3,150 Operational losses 3,176 1,533 978 Other 24,029 17,418 14,363 Total other non-interest expense $ 56,587 $ 39,232 $ 34,930 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2018 2017 2016 Net income available to common stockholders $ 439,276 $ 91,029 $ 139,972 Weighted average common shares outstanding for computation of basic EPS 224,299,488 157,513,639 130,607,994 Common-equivalent shares due to the dilutive effect of stock options (1) 517,508 610,631 626,468 Weighted average common shares for computation of diluted EPS 224,816,996 158,124,270 131,234,462 Earnings per common share: Basic $ 1.96 $ 0.58 $ 1.07 Diluted 1.95 0.58 1.07 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 earnings per share. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 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 the federal banking agencies. Capital adequacy guidelines, and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk-weighting, and other factors. The Basel III Capital Rules became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital (as defined in the regulations), Tier 1 capital (as defined in the regulations) and Total capital (as defined in the regulations) to risk-weighted assets (as defined, “RWA”), and of Tier 1 capital to adjusted quarterly average assets (as defined 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, including preferred stock. 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 $172,943 and $142,777 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 exclude goodwill and other intangible assets, among other things. As fully phased-in on January 1, 2019, the Basel III Capital Rules 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, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to RWA of at least 7.0%); (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, effectively resulting in a minimum Tier 1 capital ratio of 8.5%); (iii) a minimum ratio of Total capital to RWA of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio, effectively resulting in a minimum total capital ratio of 10.5%); 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 was phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reached 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to the Company or the Bank. The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to RWA above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The following table presents actual and required capital ratios as of December 31, 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 December 31, 2018 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2018 Common equity tier 1 to RWA: Sterling National Bank $ 2,915,484 13.55 % $ 1,371,480 6.38 % $ 1,505,939 7.00 % $ 1,398,372 6.50 % Sterling Bancorp 2,649,593 12.31 1,372,457 6.38 1,507,011 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,915,484 13.55 1,694,181 7.88 1,828,640 8.50 1,721,073 8.00 Sterling Bancorp 2,788,016 12.95 1,695,388 7.88 1,829,942 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,184,758 14.80 2,124,450 9.88 2,258,908 10.50 2,151,341 10.00 Sterling Bancorp 3,027,124 14.06 2,125,963 9.88 2,260,517 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,915,484 9.94 1,172,964 4.00 1,172,964 4.00 1,466,206 5.00 Sterling Bancorp 2,788,016 9.50 1,173,883 4.00 1,173,883 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 Management believes that as of December 31, 2018 , the Bank was “well-capitalized”. At December 31, 2018 and December 31, 2017 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2018 and 2017 is as follows: The Company The Bank December 31, December 31, 2018 2017 2018 2017 Total U.S. GAAP stockholders’ equity $ 4,428,853 $ 4,240,178 $ 4,513,577 $ 4,373,108 Disallowed goodwill and other intangible assets (1,706,782 ) (1,668,680 ) (1,664,038 ) (1,628,898 ) Net unrealized loss on available for sale securities 75,078 22,324 75,078 22,324 Net accumulated other comprehensive income components (9,133 ) 3,847 (9,133 ) 3,847 Tier 1 risk-based capital 2,788,016 2,597,669 2,915,484 2,770,381 Tier 2 capital 142,777 142,174 172,943 172,716 Allowance for loan losses and off-balance sheet commitments 96,331 78,561 96,331 78,561 Total risk-based capital $ 3,027,124 $ 2,818,404 $ 3,184,758 $ 3,021,658 (b) Dividend Restrictions The Company is mainly dependent upon dividends from the Bank to provide funds for the payment of dividends to stockholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. Under the foregoing dividend restrictions, and while maintaining its “well-capitalized” status, at December 31, 2018 , the Bank had capacity to pay aggregate dividends of up to $276,000 to the Company without prior regulatory approval. (c) Preferred Stock On October 2, 2017 and in connection with the Astoria Merger, the Company registered and issued 135,000 shares equal to $135,000 of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 with a liquidation preference of $1,000 per share in exchange for each share of Astoria’s 6.50% Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share, issued and outstanding immediately prior to the the Astoria Merger (the “Company Preferred Stock”). In addition, the Company registered and issued 5,400,000 depositary shares, with each depositary share representing 1/40th interest in the Company Preferred Stock, (the “Depositary Shares”). Holders of the Depositary Shares will be entitled to all proportional rights and preferences of the Company Preferred Stock (including dividends, voting, redemption and liquidation rights). Under the terms of the Company Preferred Stock, the ability of the Company to pay dividends on, make distributions with respect to or repurchase, redeem or otherwise acquire shares of its common stock or any preferred stock ranking on parity with or junior to the Company Preferred Stock will be subject to restrictions in the event that the Company does not declare and either pay or set aside a sum sufficient for payment of dividends on the Company Preferred Stock for the immediately preceding dividend period. Dividends are payable January 15, April 15, July 15 and October 15 of each year. The Preferred Stock is redeemable in whole or in part from time to time, on October 15, 2022 or any dividend payment date thereafter. (d) Stock Repurchase Plan In the the first quarter of 2018 the Company’s Board of Directors authorized a new common stock repurchase plan to plan to replace the plan that existed at December 31, 2017 in which 776,713 common shares were available to be purchased. Under the new repurchase plan the Company was permitted to purchase up to 10,000,000 common shares. The Board of Directors amended the new common stock repurchase plan in the fourth quarter of 2018 and increased the number of shares that may be purchased up to 20,000,000 common shares. In the fourth quarter of 2018 , the Company repurchased 9,114,771 shares of its common stock in the open market at a weighted average price of $17.54 per share, for total consideration of $159,903 . 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 during 2017 and 2016 . (e) Liquidation Rights Upon completion of the second-step conversion in January 2004 , the Bank established a special “liquidation account” in accordance with OCC regulations. The account was established for the benefit of Eligible Account Holders and Supplemental Eligible Account Holders (as defined in the plan of conversion) in an amount equal to the greater of (i) the Mutual Holding Company’s ownership interest in the retained earnings of the Bank as of the date of its latest balance sheet contained in the prospectus; or (ii) the retained earnings of the Bank at the time that the Bank reorganized into the Mutual Holding Company in 1999. Each Eligible Account Holder and Supplemental Eligible Account Holder that continues to maintain his or her deposit account at the Bank would be entitled, in the event of a complete liquidation of the Bank, to a pro rata interest in the liquidation account prior to any payment to the stockholders of the Holding Company (as defined in the plan of conversion). The liquidation account is reduced annually on September 30 to the extent that Eligible Account Holders and Supplemental Eligible Account Holders have reduced their qualifying deposits as of each anniversary date. At December 31, 2018 , the liquidation account had a balance of $13,300 . Subsequent increases in deposits do not restore such account holder’s interest in the liquidation account. The Bank may not pay cash dividends or make other capital distributions if the effect thereof would be to reduce its stockholder’s equity below the amount of the liquidation account. |
Off-Balance-Sheet Financial Ins
Off-Balance-Sheet Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Off-Balance-Sheet Financial Instruments | Off-Balance-Sheet Financial Instruments In the normal course of business, the Company enters into various transactions, which, in accordance with GAAP, are not included in its consolidated balance sheets. The Company enters into these transactions to meet the financing needs of its customers. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. In the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. Based on the Company’s credit risk exposure assessment of standby letter of credit arrangements, the arrangements contain security and debt covenants similar to those contained in loan agreements. As of December 31, 2018 , the Company had $287,779 in outstanding letters of credit, of which $114,939 were secured by cash collateral and $65,574 were secured by other collateral. The carrying value of these obligations are not considered material. The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: December 31, 2018 2017 Loan origination commitments $ 417,027 $ 510,135 Unused lines of credit 1,737,315 1,195,656 Letters of credit 287,779 166,824 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Certain premises and equipment are leased under operating leases with terms expiring through 2034. The Company has the option to renew certain of these leases for additional terms. Future minimum rental payments due under non-cancellable operating leases with initial or remaining terms of more than one year at December 31, 2018 were as follows: 2019 $ 20,275 2020 20,229 2021 18,514 2022 16,439 2023 13,836 2024 and thereafter 56,504 $ 145,797 Occupancy and office operations expense includes net rent expense of $17,079 , $10,647 and $10,430 , respectively, for 2018 , 2017 and 2016 . Litigation The Company and the Bank are involved in a number of judicial proceedings concerning matters arising from conducting their business activities. These include routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against the Company and the Bank with respect to corporate matters and transactions in which the Company and the Bank were involved. In addition, the Company and the Bank may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups. There can be no assurance as to the ultimate outcome of a legal proceeding; however, the Company and the Bank have generally denied, or believe they have meritorious defenses and will deny, liability in all significant litigation pending against them and intend to defend vigorously each case, other than matters determined appropriate to be settled. The Company accrues a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 an orderly transaction occurring in the principal or most advantageous market for such asset or liability in an orderly transaction between market participants on the measurement date. In estimating fair value, we use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. GAAP establishes a fair value hierarchy comprised of three levels of inputs that may be used to measure fair values. Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risk, etc.) or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair value of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. In general, fair value is based on quoted market prices, when available. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincide with the Company’s monthly and/or quarterly valuation process. Investment Securities Available for Sale The majority of the Company’s available for sale investment securities are reported at fair value utilizing Level 2 inputs as quoted market prices are generally not available. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements are calculated based on market prices of similar securities and consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. The Company reviews the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment securities that have a complicated structure. The Company’s entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is generally easily obtained. From time to time, the Company validates, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. At December 31, 2018 , we do not believe any of our securities are OTTI; however, we review all of our securities on at least a quarterly basis to assess whether impairments, if any, are OTTI. Derivatives The fair values of derivatives are based on valuation models using current observable market data (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counterparty as of the measurement date, which are considered Level 2 inputs. Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. The Company’s derivatives at December 31, 2018 , consisted of interest rate swaps. (See Note 10. “Derivatives.”) A summary of assets and liabilities at December 31, 2018 measured at estimated fair value on a recurring basis is as follows: December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 2,268,851 $ — $ 2,268,851 $ — CMO/Other MBS 574,770 — 574,770 — Total residential MBS 2,843,621 — 2,843,621 — Federal agencies 273,973 — 273,973 — Corporate bonds 527,965 — 527,965 — State and municipal 225,004 — 225,004 — Total other securities 1,026,942 — 1,026,942 — Total investment securities available for sale 3,870,563 — 3,870,563 — Swaps 18,215 — 18,215 — Total assets $ 3,888,778 $ — $ 3,888,778 $ — Liabilities: Swaps $ 13,001 $ — $ 13,001 $ — Total liabilities $ 13,001 $ — $ 13,001 $ — A summary of assets and liabilities at December 31, 2017 measured at estimated fair value on a recurring basis is as follows: 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 $ — CMO/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 investment securities available for sale 812,020 — 812,020 — Total available for sale securities 3,612,072 — 3,612,072 — Interest rate caps and 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 (for example, when there is evidence of impairment). Loans Held for Sale The estimated fair value of commercial loans originated and intended for sale approximates their carrying value as these loans are variable-rate loans that reprice frequently with no significant change in credit risk since origination. Residential loans held for sale are carried at the lower of cost or fair value, which is evaluated on a pool-level basis. Fair value is determined using quoted prices for similar assets, adjusted for specific attributes of that loan or other observable market data, such as outstanding commitments from third party investors. Impaired Loans The Company may record adjustments to the carrying value of loans based on fair value measurements, generally as partial charge-offs of the uncollectible portions of these loans. These adjustments also include certain impairment amounts for collateral dependent loans calculated in accordance with GAAP. 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 generally approximates the fair value of the loan. Real estate collateral is valued using independent appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable by market participants. However, due to the substantial judgment applied and limited volume of activity as compared to other assets, fair value is based on Level 3 inputs. Estimates of fair value used for collateral supporting commercial loans not collateralized by real estate generally are based on assumptions not observable in the market place and are also based on Level 3 inputs. Impaired loans are evaluated on at least a quarterly basis for additional impairment and their carrying values are adjusted as needed. Impaired loans that were subject to non-recurring fair value measurements had a balance of $100,998 and $60,862 at December 31, 2018 , and 2017 , respectively. The Company recorded charge-offs on impaired loans of $12,228 for 2018 , $280 for 2017 , and $513 for 2016 . When valuing impaired loans that are collateral dependent, the Company charges-off the difference between the recorded investment in the loan and the appraised value, which is generally less than 12 months old. A discount for estimated costs to sell the collateral is used when evaluating impaired loans. A summary of impaired loans at December 31, 2018 measured at estimated fair value on a non-recurring basis is the following: December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 28,780 $ — $ — $ 28,780 CRE 10,725 — — 10,725 Multi-family 1,210 — — 1,210 Residential mortgage 769 — — 769 Total impaired loans measured at fair value $ 41,484 $ — $ — $ 41,484 A summary of impaired loans at December 31, 2017 measured at estimated fair value on a non-recurring basis is the following: December 31, 2017 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 114 $ — $ — $ 114 CRE 782 — — 782 Total impaired loans measured at fair value $ 896 $ — $ — $ 896 Mortgage Servicing Rights The Company utilizes the amortization method to account for mortgage servicing rights, which are amortized on a periodic basis, and reported with other assets in the consolidated balance sheet at the lower of amortized cost or fair value. To estimate the fair value of servicing rights, the Company utilizes a third-party that considers the market prices for similar assets and the present value of expected future cash flows associated with the mortgage servicing rights. Mortgage servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Assumptions utilized to calculate fair value include estimates of the cost of servicing, loan default rates, an appropriate discount rate and prepayment speeds. The determination of fair value of servicing rights relies upon Level 3 inputs. The fair value of mortgage servicing rights at December 31, 2018 and 2017 were $11,715 and $10,363 , respectively. Other Real Estate Owned (Assets Taken in Foreclosure of Defaulted Loans) Other real estate owned is initially recorded at fair value less costs to sell when acquired, which establishes a new cost basis. These assets are subsequently accounted for at the lower of cost or fair value, less costs to sell, and are primarily comprised of commercial and residential real estate property. Upon initial recognition, other real estate owned is re-measured and reported at fair value through a charge-off to the allowance for loan losses based on the fair value of the underlying collateral. The fair value is generally determined using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the market place. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between comparable sales and income data available. The fair value is derived using Level 3 inputs. Appraisals are reviewed by our credit department, our external loan review consultant and verified by officers in our credit administration area. Other real estate owned subject to non-recurring fair value measurement were $19,377 and $27,095 at December 31, 2018 and 2017 , respectively. There were write-downs of $678 in 2018 , $2,273 in 2017 and $582 in 2016 related to changes in fair value recognized through income for those foreclosed assets held by the Company. Significant Unobservable Inputs to Level 3 Measurements The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2018 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds (1) (weighted average) Impaired loans: C&I $ 28,780 Discount analysis Mainly value of taxi medallions 10.0% -19.0% (14.4%) CRE 10,725 Appraisal Adjustments for comparable properties 22.0% Multi-family 1,210 Appraisal Adjustments for comparable properties 22.0% Residential mortgage 769 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 10,531 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 6,559 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 2,287 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 11,715 Third-party Discount rates 9.0% - 20.0% (9.6%) Third-party Prepayment speeds 7.98 - 24.07 (8.54) (1) For loans collateralized by real estate and real estate assets taken in foreclosure the discount rate represents the discount factors applied to the appraisal to determine fair value, which includes a general discount to the appraised value based on historical experience, estimated costs to carry and costs of sale. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider, which the Company believes are appropriate. The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2017 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds (1) (weighted average) Impaired loans: Commercial & industrial $ 114 Appraisal Value of underlying collateral 10.0% -19.0% (14.4%) CRE 782 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 17,537 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 7,271 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 2,287 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 10,363 Third-party Discount rates 9.5% - 20.0% (9.9%) Third-party Prepayment speeds 9.79 - 16.76 (10.3) (1) See (1) above. Fair Values of Financial Instruments GAAP requires disclosure of fair value information for those financial instruments for which it is practicable to estimate fair value, whether or not such financial instruments are recognized in the consolidated financial statements for interim and annual periods. Quoted market prices are used to estimate fair values when those prices are available, although active markets do not exist for many types of financial instruments. Fair values for these instruments must be estimated by management using techniques such as discounted cash flow analysis and comparison to similar instruments. These estimates are highly subjective and require judgments regarding significant matters, such as the amount and timing of future cash flows and the selection of discount rates that appropriately reflect market and credit risks. Changes in these judgments often have a material effect on the fair value estimates. Since these estimates are made as of a specific point in time, they are susceptible to material near-term changes. Fair values disclosed in accordance with GAAP do not reflect any premium or discount that could result from the sale of a large volume of a particular financial instrument, nor do they reflect possible tax ramifications or estimated transaction costs. The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2018 : December 31, 2018 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 438,110 $ 438,110 $ — $ — Securities available for sale 3,870,563 — 3,870,563 — Securities held to maturity 2,796,617 — 2,740,522 — Portfolio loans, net 19,122,853 — — 19,033,743 Loans held for sale 1,565,979 — 1,565,979 — Accrued interest receivable on securities 38,722 — 38,722 — Accrued interest receivable on loans 68,389 — — 68,389 FHLB stock and FRB stock 369,690 — — — Swaps 18,215 — 18,215 — Financial liabilities: Non-maturity deposits (18,737,217 ) (18,737,217 ) — — Certificates of deposit (2,476,931 ) — (2,447,534 ) — FHLB borrowings (4,838,772 ) — (4,821,652 ) — Other borrowings (21,338 ) — (21,337 ) — Senior Notes (181,130 ) — (179,786 ) — Subordinated Notes (172,943 ) — (177,481 ) — Mortgage escrow funds (72,891 ) — (64,074 ) — Accrued interest payable on deposits (3,191 ) — (3,191 ) — Accrued interest payable on borrowings (11,823 ) — (11,823 ) — Swaps (13,001 ) — (13,001 ) — 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 due from banks $ 479,906 $ 479,906 $ — $ — Securities available for sale 3,612,072 — 3,612,072 — Securities held to maturity 2,862,489 — 2,863,909 — Portfolio loans, net 19,931,076 — — 19,903,231 Loans held for sale 5,246 — 5,246 — 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 ) — 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 ) — The following paragraphs summarize the principal methods and assumptions used by the Company to estimate the fair value of certain of the Company’s financial instruments noted above: Loans Effective January 1, 2018, with the adoption of a new fair value accounting standard, the fair value of portfolio loans, net is determined using an exit price methodology. The exit price methodology is 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. each of the loan types we reported in Note 4. “Portfolio 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. Accrued Interest Receivable/Payable The carrying amounts of accrued interest approximate fair value and are classified in the fair value hierarchy in the same level as with the asset/liability they are associated with. FHLB of New York Stock and FRB Stock Due to restrictions placed on transferability, it is not practical to determine the fair value of these securities. Deposits and Mortgage Escrow Funds The fair values disclosed for non-maturity deposits ( e.g., interest and non-interest checking, savings, and money market accounts) are by definition, equal to the amount payable on demand at the reporting date ( i.e., their carrying amount) resulting in a Level 1 classification. The carrying amounts of certificates of deposit and mortgage escrow funds are segregated by account type and original term, and fair values are estimated by using a discounted cash flows calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits, resulting in a Level 2 classification. These fair values do not include the value of core deposit relationships that comprise a significant portion of the Company’s deposits. We believe that the Company’s core deposit relationships provide a relatively stable, low-cost funding source that has a substantial value separate from the deposit balances. FHLB Borrowings, Other borrowings, Senior Notes and Subordinated Notes The carrying amounts of FHLB short-term borrowings, and borrowings under repurchase agreements, generally maturing within ninety days, approximate their fair values, resulting in a Level 2 classification. The fair value of long-term FHLB borrowings, the Senior Notes, and the Subordinated Notes are estimated using discounted cash flow analyzes based on current borrowing rates for similar types of borrowing arrangements, resulting in a Level 2 classification. Other Financial Instruments Other financial assets and liabilities listed in the table above have estimated fair values that approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities and present relatively low credit risk and interest rate risk. The fair values of the Company’s off-balance-sheet financial instruments described in Note 18. “Off-Balance Sheet Financial Instruments” were estimated based on current market terms (including interest rates and fees), considering the remaining terms of the agreements and the credit worthiness of the counterparties. At December 31, 2018 and 2017 , the estimated fair value of these instruments approximated the related carrying amounts, which were not material. Accrued interest receivable/payable The carrying amounts of accrued interest approximate fair value and are classified in accordance with the related instrument. The Company may elect to measure certain financial instruments at fair value at specified election dates. The fair value measurement option may be applied instrument by instrument, is generally irrevocable and is applied only to entire instruments and not to portions of instruments. Unrealized gains and losses on items for which the fair value measurement option was elected must be reported in earnings at each reporting date. For the periods presented in this report, the Company had no financial instruments measured at fair value under the fair value measurement option. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: December 31, 2018 2017 Net unrealized holding loss on available for sale securities $ (103,756 ) $ (36,899 ) Related income tax benefit 28,679 14,575 Available for sale securities AOCI, net of tax (75,077 ) (22,324 ) Net unrealized holding loss on securities transferred to held to maturity (3,518 ) (4,426 ) Related income tax benefit 972 1,748 Securities transferred to held to maturity AOCI, net of tax (2,546 ) (2,678 ) Net unrealized holding gain (loss) on retirement plans 15,900 (1,924 ) Related income tax (expense) benefit (4,222 ) 760 Retirement plan AOCI, net of tax 11,678 (1,164 ) Accumulated other comprehensive loss $ (65,945 ) $ (26,166 ) The following table presents the changes in each component of AOCI for 2018 and 2017 , and 2016 : Net unrealized holding gain (loss) on AFS securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2018 Balance at 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 (56,183 ) — — (56,183 ) Amounts reclassified from AOCI 7,806 657 13,070 21,533 Total other comprehensive (loss) income (52,753 ) 132 12,842 (39,779 ) Balance at end of period $ (75,077 ) $ (2,546 ) $ 11,678 $ (65,945 ) Year ended December 31, 2017 Balance at beginning of the period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Other comprehensive income before reclassification 64 — — 64 Amounts reclassified from AOCI 249 586 (430 ) 405 Total other comprehensive income (loss) 313 586 (430 ) 469 Balance at end of period $ (22,324 ) $ (2,678 ) $ (1,164 ) $ (26,166 ) Year ended December 31, 2016 Balance at beginning of the period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Other comprehensive (loss) before reclassification (11,087 ) — — (11,087 ) Amounts reclassified from AOCI (4,551 ) 891 236 (3,424 ) Total other comprehensive (loss) income (15,638 ) 891 236 (14,511 ) Balance at end of period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Location in consolidated income statement where reclassification from AOCI is included Net (loss) gain on sale of securities Interest income on securities Other non-interest expense |
Condensed Parent Company Financ
Condensed Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Parent Company Financial Statements | Condensed Parent Company Financial Statements Set forth below is the condensed balance sheets of the Company: December 31, 2018 2017 Assets: Cash $ 38,141 $ 88,174 Investment in the Bank 4,513,577 4,373,108 Goodwill 27,910 27,910 Trade name 20,500 20,500 Other assets 15,320 16,842 Total assets $ 4,615,448 $ 4,526,534 Liabilities: Senior Notes $ 181,130 $ 278,209 Other liabilities 5,465 8,147 Total liabilities 186,595 286,356 Stockholders’ equity 4,428,853 4,240,178 Total liabilities & stockholders’ equity $ 4,615,448 $ 4,526,534 The table below presents the condensed income statement: For the year ended December 31, 2018 2017 2016 Interest income $ 46 $ 29 $ 14 Dividends from the Bank 290,007 30,000 60,000 Dividends from non-bank subsidiaries — — 5,026 Net gain on sale of trust division — — 2,255 Interest expense (8,747 ) (6,186 ) (5,398 ) Non-interest expense (14,564 ) (9,225 ) (12,989 ) Income tax benefit 5,397 7,258 3,700 Income before equity in undistributed earnings of the Bank 272,139 21,876 52,608 Equity in undistributed earnings of the Bank 175,115 71,155 87,364 Net income 447,254 93,031 139,972 Preferred stock dividends 7,978 2,002 — Net income available to common stockholders $ 439,276 $ 91,029 $ 139,972 The table below presents the condensed statements of cash flows: For the year ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income $ 447,254 $ 93,031 $ 139,972 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (undistributed) earnings of the Bank (175,115 ) (71,155 ) (87,364 ) (Gain) loss on extinguishment of borrowings (172 ) — 1,013 Other adjustments, net 5,560 61,184 6,273 Net cash provided by operating activities 277,527 83,060 59,894 Cash flows from investing activities: Sales of securities — — 3 Investment in the Bank — — (65,000 ) Net cash used for investing activities — — (64,997 ) Cash flows from financing activities: Equity capital raise — — 90,995 Early redemption of Senior Notes (19,455 ) — (23,793 ) Maturity of Senior Notes (77,000 ) — — Cash dividends paid on common stock (63,118 ) (46,229 ) (36,451 ) Cash dividend paid on preferred stock (8,775 ) — — Stock-based compensation transactions 691 2,578 3,588 Repurchase of treasury stock (159,903 ) — — Net cash (used for) provided by financing activities (327,560 ) (43,651 ) 34,339 Net (decrease) increase in cash (50,033 ) 39,409 29,236 Cash at beginning of the period 88,174 48,765 19,529 Cash at end of the period $ 38,141 $ 88,174 $ 48,765 |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following is a condensed summary of quarterly results of operations for 2018 and 2017 : For the year ended December 31, 2018 Reporting period First quarter Second quarter Third quarter Fourth quarter For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 281,346 $ 304,906 $ 309,025 $ 313,197 Interest expense 46,976 58,690 65,076 70,326 Net interest income 234,370 246,216 243,949 242,871 Provision for loan losses 13,000 13,000 9,500 10,500 Non-interest income 18,707 37,868 24,145 22,475 Non-interest expense 111,749 124,928 111,773 109,921 Income before income tax 128,328 146,156 146,821 144,925 Income tax expense 29,456 31,915 27,171 30,434 Net income 98,872 114,241 119,650 114,491 Preferred stock dividend 1,999 1,996 1,993 1,990 Net income available to common stockholders $ 96,873 $ 112,245 $ 117,657 $ 112,501 Earnings per common share: Basic $ 0.43 $ 0.50 $ 0.52 $ 0.51 Diluted 0.43 0.50 0.52 0.51 For the year ended December 31, 2017 Reporting period First quarter Second quarter Third quarter Fourth quarter For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 126,000 $ 134,263 $ 145,692 276,495 Interest expense 17,210 21,005 25,619 42,471 Net interest income 108,790 113,258 120,073 234,024 Provision for loan losses 4,500 4,500 5,000 12,000 Non-interest income 12,836 13,618 13,988 23,762 Non-interest expense 60,350 59,657 62,617 250,746 Income (loss) before income tax 56,776 62,719 66,444 (4,960 ) Income tax expense 17,709 20,319 21,592 28,319 Net income (loss) 39,067 42,400 44,852 (33,279 ) Preferred stock dividend — — — 2,002 Net income (loss) available to common stockholders $ 39,067 $ 42,400 $ 44,852 (35,281 ) Earnings per common share: Basic $ 0.29 $ 0.31 $ 0.33 $ (0.16 ) Diluted 0.29 0.31 0.33 (0.16 ) The Company incurred a net loss in the fourth quarter ended December 31, 2017 due mainly to merger-related expense, asset write-downs and other charges associated with the Astoria Merger and an adjustment to write-down deferred taxes to their estimated fair value due to the Tax Act in the amount of $40,285 . The Company recognized charges of $30,230 , which mainly included charges for change-in-control payments, employee benefit plan terminations, financial and legal advisory fees and merger-related marketing expenses. Other restructuring charges of $104,506 mainly included charges for information technology services, contract terminations, impairments of leases and facilities and retention compensation. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards ASU 2016-02, “Leases.” ASU 2016-02 amends existing lease accounting guidance, including the requirement to recognize most lease arrangements on the balance sheet, including a lease liability measured on a discounted basis, and a right-of-use asset, which represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 became effective for the Company on January 1, 2019, and required transition using 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, the FASB issued 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. At adoption of ASU 2016-02 the Company expects to recognize right-of-use assets and related lease liabilities totaling $127,998 and $133,767 , respectively. The Company anticipates it will elect certain practical expedients provided under ASU 2016-02 in which the Company will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases or (iii) initial direct costs for any existing leases. The Company also will not apply the recognition requirements of ASU 2016-02 to any short-term leases (as defined by related accounting guidance). The Company expects to utilize the modified-retrospective transition approach prescribed by ASU 2018-11. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Company’s loan portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. In that regard, we have formed a cross-functional working group, under the direction of our Chief Financial Officer and our Chief Risk Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and business intelligence, among others. The Company is currently working through its implementation plan and, during 2018, the Company performed the following: • followed the current expected credit losses (“CECL”) program project timeline created in 2017 in conjunction with our advisor, a nationally recognized accounting firm; • selected the CECL models the Company will use to evaluate credit losses in the loan portfolio; • enhanced our data analytics capabilities and model risk management processes; • selected the principal vendor that will assist in data analytics and modeling; and • continued to evaluate data gaps and mitigation strategies. The Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13. The impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date; however, we anticipate the allowance for loan losses will be greater under the CECL model compared to the current loss incurred model. We currently expect to run our current incurred loss model allowance for loan loss calculation and a draft CECL model on a parallel basis in the last two quarters of 2019. 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 interim and annual reporting periods beginning after December 15, 2018. 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. Management intends to adopt this standard effective January 1, 2019 and the impact of adoption is not expected to have a significant impact on the Company’s financial statements. ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. A provision in ASU 2017-12 provides that the Company may reclassify a debt security from held to maturity to available for sale if the debt security is eligible to be hedged under the last-of-layer method in accordance with paragraph 815-20-25-12A. Generally, this includes debt securities that are pre-payable, including mortgage-backed securities, and debt securities that are callable by the issuer, which is applicable to many of the Company’s state and local government debt securities. The Company transferred held to maturity securities with a book value of $720,440 and a fair value of $708,627 at December 31, 2018 to available for sale effective January 1, 2019. See Note 25 “Subsequent Events” for additional information. 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, modify/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 the Company’s 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 are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for the Company on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on the Company’s 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 the Company on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on the Company’s financial statements. ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. ASU 2018-16 became effective for the Company on January 1, 2019 and is not expected to have a significant impact on the Company’s financial statements. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards that affected the consolidated financial statements contained in this report. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In connection with the adoption of ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities” that became effective January 1, 2019, during the first quarter of 2019, the Company transferred securities that were classified as held to maturity securities that had a book value of $720,440 and a fair value of $708,627 at December 31, 2018 to securities classified as available for sale. On January 23, 2019, the Company announced it had entered into a definitive agreement with Woodforest National Bank to acquire approximately $504,000 of commercial loans. In order to fund the acquisition, during the first quarter of 2019, the Company sold securities with a par value of $548,975 and realized a loss of $17,630 . The securities sold consisted mainly of lower yielding mortgage-backed and government agency securities. On February 28, 2019, the Bank completed its previously announced acquisition of asset-based lending and equipment finance loans from Woodforest National Bank. The total balance of loans acquired was approximately $495,000 . As the transaction also included the retention of personnel, the transaction will be accounted for as a business combination. The Bank paid a premium on the balance of gross loans receivable of 3.75% , or $18,575 . |
Basis of Financial Statement _2
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation The consolidated financial statements include the accounts of Sterling, the Bank and the Bank’s wholly-owned subsidiaries. The Bank’s subsidiaries included at December 31, 2018 : (i) Sterling National Funding Corp, a company that originates loans to municipalities and governmental entities and acquires securities issued by state and local governments; (ii) Sterling REIT, Inc., a real estate investment trust that holds a portion of the Company’s real estate loans; (iii) Provest Services Corp. II, which has engaged a third-party provider to sell mutual funds and annuities to the Bank’s customers; (iv) AF Agency, Inc., which provides various annuity and wealth management products through contractual agreements with various third parties, and makes insurance products available, primarily to customers of the Bank; (v) several limited liability companies which hold other real estate owned; and (vi) several other companies that have no significant operations or assets. Intercompany transactions and balances are eliminated in consolidation. |
Mergers | Merger with Astoria Financial Corporation On October 2, 2017 , Astoria Financial Corporation (“Astoria”) merged with and into Sterling (the “Astoria Merger”). In connection with the merger, Astoria Bank, the principal subsidiary of Astoria, also merged with and into the Bank. Merger with Hudson Valley Holding Corp. On June 30, 2015 , Hudson Valley Holding Corp. (“HVHC”) merged with and into Sterling (the “HVB Merger”). In connection with the merger, Hudson Valley Bank, the principal subsidiary of HVHC, also merged with and into the Bank. Merger with Sterling Bancorp On October 31, 2013 , Provident New York Bancorp (“Legacy Provident”) merged with Sterling Bancorp (“Legacy Sterling”). In connection with the merger, the following corporate actions occurred: • Legacy Sterling merged with and into Legacy Provident. Legacy Provident was the accounting acquirer and the surviving entity. • Legacy Provident changed its legal entity name to Sterling Bancorp and became a bank holding company and a financial holding company as defined by the Bank Holding Company Act of 1956, as amended. • Provident Bank converted to a national bank charter. • Sterling National Bank merged into Provident Bank. • Provident Bank changed its legal entity name to Sterling National Bank. We refer to the transactions detailed above collectively as the “Provident Merger.” |
Use of Estimates | Use of Estimates To prepare financial statements in conformity with U.S. generally accepted accounting principles management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided and actual results could differ. An estimate that is particularly susceptible to significant near-term change is the allowance for loan losses, which is discussed below. |
Reclassifications | Reclassifications Certain amounts from prior periods have been reclassified to conform to the current period presentation. Reclassifications had no affect on prior period net income or total stockholders’ equity. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash equivalents include cash and deposits with other financial institutions with an original maturity of 90 days or less. Net cash flows are reported for customer loan and deposit transactions, interest bearing deposits in other financial institutions, short-term FHLB borrowings, mortgage escrow funds and other borrowings. |
Restrictions on Cash | Restrictions on Cash The Bank was required to have $70,709 and $118,113 of cash on hand or on deposit with the Federal Reserve Bank to meet regulatory reserve and clearing requirements at December 31, 2018 and 2017 , respectively. |
Securities | Securities Securities include U.S. government agency and government sponsored agencies securities, state and municipal and corporate bonds, and mortgage-backed securities, including collateralized mortgage obligations. The Company classifies its securities among two categories: held to maturity and available for sale. The Company determines the appropriate classification of the Company’s securities at the time of purchase. Held to maturity securities are limited to debt securities for which there is the intent and the ability to hold to maturity. These securities are reported at amortized cost. The Company does not engage in trading activities. All other debt and marketable equity securities are classified as available for sale. Available for sale securities are reported at fair value, with unrealized gains and losses (net of the related deferred income tax effect) excluded from earnings and reported in a separate component of stockholders’ equity (accumulated other comprehensive income or loss). Available for sale securities include securities that the Company intends to hold for an indefinite period of time, such as securities to be used as part of the Company’s asset/liability management strategy or securities that may be sold to fund loan growth, in response to changes in interest rates and prepayment risks, the need to increase capital, or similar factors. Premiums on debt securities are generally amortized in interest income on a level yield basis over the earlier of the call date or maturity. Discounts on debt securities are accreted in interest income on a level yield basis over the period to maturity. Amortization of premiums and accretion of discounts on mortgage-backed securities are based on the estimated cash flows of the mortgage-backed securities, periodically adjusted for changes in estimated lives, on a level yield basis. Gains and losses on sales of securities are recorded on the trade date and determined using the specific identification method. Securities are evaluated for other-than-temporary-impairment (“OTTI”) at least quarterly, and more frequently when economic and market conditions warrant such an evaluation. For securities in an unrealized loss position, the Company considers the extent and duration of the unrealized loss, and the financial condition of the issuer. The Company also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either criteria regarding intent to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. If (i) the Company does not expect to recover the entire amortized cost basis of the security; (ii) the Company does not intend to sell the security; (iii) and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the OTTI is separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of OTTI related to credit loss is recognized in earnings while the amount related to other factors is recognized in other comprehensive income, net of applicable taxes. The cost basis of individual equity securities is written down to estimated fair value through a charge to earnings when declines in value below cost are considered to be other than temporary. As of December 31, 2018 , the Company did not intend to sell, nor is it more likely than not that it would be required to sell, any of its debt securities with unrealized losses prior to recovery of its amortized cost basis less any current period credit loss. (See Note 3. “Securities” and see Note 25. “Subsequent Events”). |
Loans Held For Sale | Loans Held For Sale Residential mortgage loans originated and intended for sale in the secondary market are carried at the lower of aggregate cost or fair value, as determined by outstanding commitments from investors. Mortgage loans held for sale are generally sold with servicing rights released. Commercial loans originated and intended for sale generally represent loan syndications and are carried at amortized cost, which approximates fair value, as these loans are variable-rate loans that reprice frequently with no significant change in credit risk since origination. Net unrealized losses, if any, are recorded as a valuation allowance and charged to earnings. Loans that were previously held for investment that the Company intends to sell are transferred to loans held for sale at the lower of cost or market (fair value). At December 31, 2018, the Company transferred residential mortgage loans with an unpaid principal balance of $1,601,844 to held for sale. These loans represent substantially all of the remaining 15-year and 30-year fixed rate residential mortgage loans acquired in the Astoria Merger. These loans were subject to purchase accounting discounts, and the related purchase accounting discount of $61,025 was also transferred to loans held for sale. These loans are subject to a purchase agreement with a third party and, based on the negotiated sales price, there were no amounts reflected as charge-offs recorded at the time of the transfer. Changes in the fair value of the loans are recognized in non-interest income or expense. |
Portfolio Loans | Portfolio Loans Loans where Sterling has the intent and ability to hold for the foreseeable future or until maturity or payoff (other than loans held for sale) are reported at the principal balance outstanding, net of acquisition related purchase accounting adjustments, deferred loan fees and costs from loan originations and the allowance for loan losses. Interest income on loans is accrued on the unpaid principal balance. The Company defers nonrefundable loan origination and commitment fees, and certain direct loan origination costs, and amortizes the net amount as an adjustment of the yield over the estimated life of the loan using the level-yield method without anticipating prepayments. If a loan is prepaid or sold, the net deferred amount is recognized in the income statement at that time. Interest and fees on loans include prepayment fees and late charges collected. A loan is placed on non-accrual status upon the earlier of: (i) when Sterling determines that the borrower may likely be unable to meet contractual principal or interest obligations; or (ii) when payments are 90 days or more past due based on the contractual terms of the loan, unless the loan is well secured and in the process of collection. Accrual of interest ceases and, in general, uncollected past due interest is reversed and charged against current interest income. Interest payments received on non-accrual loans, including impaired loans, are generally applied to reduce the principal balance outstanding and not recognized as income unless warranted based on the borrower’s financial condition and payment record. (See Note 4. “Portfolio Loans”). |
Acquired Loans, Including Purchased Credit Impaired Loans | Acquired Loans, Including Purchased Credit Impaired Loans Loans the Company acquired in acquisitions are initially recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows initially expected to be collected on the loans and discounting those cash flows at an appropriate market rate of interest. Acquired loans are part of our portfolio loans in the consolidated balance sheets and are presented separately in Note 4. “Portfolio Loans”. Loans for which there is both evidence of deterioration of credit quality since origination and probability, at acquisition, that all contractually required payments would not be collected represent purchase credit impaired loans (“PCI loans”). For PCI loans, the Company initially determines which loans will be treated under the cost recovery method (similar to a non-accrual loan) from loans that will be subject to accretion, which represent loans for which the Company was unable to reasonably estimate the timing and amount of expected cash flows. Other acquired loans, including PCI loans, and loans that met the criteria for non-accrual designation at the time of acquisition, are subject to accretion if the Company can reasonably estimate the timing and amount of the expected cash flows on such loans and if the Company expects to fully collect the new carrying value of the loans. The Company recognizes the accretable yield, which is defined as the excess of all cash flows expected at acquisition over the initial fair value of the loan, as interest income on a level-yield basis over the expected remaining life of the loan. The excess of the loan’s contractually required payments over the cash flows expected to be collected is the nonaccretable difference. The nonaccretable difference is not recognized as an adjustment of yield, a loss accrual, or a valuation allowance. Going forward, on a quarterly basis, the Company continues to evaluate whether the timing and the amount of cash to be collected are reasonably expected. Subsequent significant increases in cash flows the Company expects to collect will first reduce any previously recognized valuation allowance and then be reflected prospectively as an increase to the level yield. Subsequent decreases in expected cash flows may result in the loan being considered impaired. Interest income is not recognized to the extent that the net investment in the loan would increase to an amount greater than the estimated payoff amount. For PCI loans, the expected cash flows reflect anticipated prepayments, determined on a loan by loan basis according to the anticipated collection plan of these loans. The expected prepayments used to determine the accretable yield are consistent between the cash flows expected to be collected and projections of contractual cash flows so as to not affect the nonaccretable difference. Changes in prepayment assumptions may change the amount of interest income and principal expected to be collected. For loans for which there was no clear evidence of deterioration of credit quality since origination nor evidence that all contractually required payments would not be collected, the Company accretes interest income based on the contractually required cash flows. Acquired loans at December 31, 2018 and 2017 include loans that were acquired in the following transactions: the Advantage Funding Acquisition (as defined below; See Note 2. “Acquisitions”); the Astoria Merger; the restaurant franchise financing portfolio acquisition from GE Capital; the NBSC Acquisition, the HVB Merger, and the Provident Merger. Under our current credit and accounting guidelines, once a loan relationship reaches maturity and is re-underwritten, the loan is no longer considered an acquired loan and is included in originated loans. In addition, acquired performing loans that were subsequently subject to a credit evaluation, such as after designation as criticized or classified or placed on non-accrual since the acquisition date, are also included in originated loans. Through this process acquired loans that were subject to a purchase accounting adjustment with a life of loan loss estimate become subject to our loan loss methodology and allowance for loan losses evaluation methodology. |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is a valuation allowance, established through a provision for loan losses charged to expense, which represents management’s best estimate of probable incurred credit losses inherent in the loan portfolio. The level of the allowance for loan losses reflects management’s continuing evaluation of loan loss experience, specific credit risks, current loan portfolio quality, industry and loan type concentrations, economic and regulatory conditions and unidentified losses inherent in the loan portfolios. The allowance for loan losses is a critical accounting estimate and requires substantial judgment of management. The allowance for loan losses consists of specific and general components. The specific component relates to loans that are individually classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans in which the borrower is experiencing financial difficulties and for which the terms have been modified resulting in a concession are considered troubled debt restructurings (“TDRs”) and classified as impaired. Factors considered by the Company in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The Company determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into account all circumstances surrounding the loan and the borrower, including the length of the delay, reasons for the delay, prior payment history and the amount of the shortfall in relation to the total amount owed. The Company’s policy is to evaluate loans over $750 individually for impairment. If a loan is impaired, and there is a shortfall of the present value of the estimated future cash flows using the existing interest rate of the loan or as determined by the fair value of collateral if repayment is expected solely from the collateral, the Company’s practice is to charge-off the identified impairment. As a result, at December 31, 2018 and 2017, there was no portion of the allowance for loan losses allocated to impaired loans. The general component of the allowance for loan losses covers loans that are collectively evaluated for impairment. Large groups of smaller balance homogeneous loans, such as consumer loans, which include home equity lines of credit, and residential mortgage loans are generally collectively evaluated for impairment and they are not included in the separately identified impairment disclosures. The general allowance for loan losses component also includes loans that are not individually identified for impairment evaluation, such as commercial loans below the individual evaluation threshold as well as those loans that are individually evaluated but not considered impaired, including loans rated special mention. The general component of the allowance is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Company over the most recent three years, consumer loans which is based on the most recent two years. The actual loss experience is supplemented with qualitative loss factors that are determined by management and are adjusted to reflect management’s evaluation of: • levels of, and trends in, delinquencies and non-performing loans, and criticized and classified loans; • trends in volume of loans; • effects of exceptions to lending policies and procedures; • experience, ability, and depth of lending management and staff; • national and local economic trends and conditions; • concentrations of credit by such factors as property type, industry, and relationship; and • for commercial loans, trends in risk ratings. The Company applies the methodology described above to each portfolio segment. These segments include: traditional commercial and industrial (“C&I”), asset-based lending, payroll finance, warehouse lending, factored receivables, equipment financing, and public sector finance (collectively the C&I portfolio,) loans collateralized by real estate including commercial real estate (“CRE”), multi-family, and acquisition, development and construction (“ADC”) loans, residential mortgage, and certain consumer loans including home equity lines of credit. C&I lending presents a risk because repayment depends on the successful operation of the business, which is subject to a wide range of risks and uncertainties. In addition, the ability to successfully liquidate collateral, if any, is subject to a variety of risks because the Company must gain control of assets used in the borrower’s business before foreclosing, which it cannot be assured of doing, and the value in a foreclosure sale or other means of liquidation is uncertain. In addition, CRE and multi-family loans subject the Company to the risks that the property securing the loan may not generate sufficient cash flow to service the debt or the borrower may use the cash flow for other purposes. In addition, if necessary, the foreclosure process may be slow and properties may deteriorate in the process. The market values are also subject to a wide variety of factors, including general economic conditions, industry specific factors, environmental factors, interest rates and the availability and terms of credit. ADC lending is considered higher risk and exposes the Company to greater credit risk than permanent mortgage financing. The repayment of ADC loans depends upon the sale of the property to third parties or the availability of permanent financing upon completion of all improvements. The Company has deemphasized originations of land acquisition and land development loans; however, it does originate construction loans to select clients principally within its immediate footprint. When the Company evaluates residential mortgage loans and home equity loans (which are included as consumer loans), it weighs both the credit capacity of the borrower and the collateral value of the home. If unemployment or underemployment increase, the credit capacity of underlying borrowers will decrease, which increases the risk of such loan. Similarly, as the Company obtains a mortgage on the property, if home prices decline, it is exposed to risk in both its first mortgage and equity lending programs due to declines in the value of its collateral. The Company is also exposed to risk because the time to foreclose is significant and has become longer under current market conditions. For C&I loans, CRE, multi-family and ADC loans the Company evaluates available financial information from the borrower as well as collateral pledged, evaluates whether the borrower can continue to service the debt and their near term prospects. When the Company concludes the collateral and or debt service capacity of the borrower are insufficient to repay its debt, it charges-off the amount that is deemed uncollectible. For unsecured consumer loans, charge-offs are recognized once the loan is 90 days to 120 days or more past due or the borrower files for bankruptcy protection. For secured consumer loans and residential mortgage loans the company monitors the value of the collateral and the borrower’s ability to service debt and records a charge-off when it becomes aware of the loss from and within the time frames specified by regulatory guidance. Subsequent recoveries, if any, are credited to the allowance for loan losses. |
Troubled Debt Restructuring | Troubled Debt Restructuring TDR is a formally renegotiated loan in which the Bank, for economic or legal reasons related to a borrower’s financial difficulties, grants a concession to the borrower that would not have been granted to the borrower otherwise. At the time of restructuring, the Company evaluates whether a TDR loan should remain on accrual based on the accrual status immediately prior to modification and whether, as a result of the TDR, the Company recorded a partial charge-off. A TDR on accrual prior to modification may remain on accrual status provided the Company believes, based on its credit analysis, that collection of principal and interest in accordance with the modified terms is reasonably certain. If the restructuring results in a partial charge-off, the loan is generally classified as non-accrual. Restructured loans can convert from non-accrual to accrual status when said loans have demonstrated performance, generally evidenced by six months of consistent payment performance in accordance with the restructured terms, or by the presence of other significant items. (See Note 4. “Portfolio Loans”). |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the asset has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the rights (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Federal Reserve Bank of New York and Federal Home Loan Bank Stock | Federal Reserve Bank of New York and Federal Home Loan Bank Stock As a member of the Federal Reserve Bank of New York (“FRB”) and the Federal Home Loan Bank of New York (“FHLB”), the Bank is required to hold a certain amount of FRB and FHLB common stock. This stock is a non-marketable equity security and is reported at cost. Both cash and stock dividends are reported as interest and dividend income on other earning assets in the consolidated income statements. |
Premises and Equipment | Premises and Equipment Land is reported at cost, while premises and equipment are reported at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, which range from three years for equipment and 40 years for premises. Leasehold improvements are amortized on a straight-line basis over the terms of the respective leases, including renewal options, or the estimated useful lives of the improvements, whichever is shorter. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. The Company recognizes an impairment charge to its premises and equipment, generally in connection with a decision to consolidate or close a financial center. Impairment is based on the excess of the carrying amount of assets over the fair value of the assets. Fair value is determined by third-party valuations or appraisals and evaluations prepared by management. (See Note 6. “Premises and Equipment, Net”). |
Goodwill, Trade Names and Other Intangible Assets | Goodwill, Trade Names and Other Intangible Assets Goodwill resulting from business combinations represents the excess of the purchase price over the fair value of the net assets of businesses acquired. Goodwill and trade names (which are included with core deposits and other intangible assets in the consolidated balance sheets) acquired in a purchase business combination that have an indefinite useful life are not amortized, but are tested for impairment at least annually. Goodwill and trade names are the only intangible assets with an indefinite life on the Company’s balance sheet. The Company operates as one reporting unit. Goodwill is tested for impairment in the fourth quarter of each year, or on an interim basis if an conditions warrant that could more likely than not reduce the fair value of the reporting unit below its carrying value. Core deposit intangibles recorded in acquisitions are amortized to expense using an accelerated method over their estimated lives of eight to ten years . Non-compete agreements are amortized on a straight line basis over their estimated life. Impairment losses on intangible assets and other long-term assets are charged to expense, if and when they occur, with the assets recorded at fair value. (See Note 7. “Goodwill and Other Intangible Assets”). |
Bank Owned Life Insurance (BOLI) | Bank Owned Life Insurance (“BOLI”) The Company owns life insurance policies (purchased and acquired) on certain officers and key executives. BOLI is recorded at its cash surrender value (or the amount that can be realized). Changes in the net cash surrender value of the policies, as well as insurance proceeds received, are included in non-interest income on the consolidated income statements and are not subject to income taxes. In the Astoria Merger the Company acquired BOLI with a carrying value of $441,840 and $441,751 , at December 31, 2018 and 2017, respectively, which included a claims stabilization reserve of $35,391 and $32,624 . Repayment of the claims stabilization reserve (funds transferred from the cash surrender value to provide for future death benefit payments) is guaranteed by the insurance carrier provided that certain conditions are met at the date of contract surrender. The Company satisfied these conditions at December 31, 2018 and 2017. |
Other Real Estate Owned (OREO) | Other Real Estate Owned (“OREO”) Real estate properties acquired through loan foreclosures are recorded initially at estimated fair value, less expected sales costs, with any resulting write-down charged to the allowance for loan losses. The carrying amount of an OREO asset is reduced by a charge to OREO, net expense to reflect any subsequent declines in estimated fair value. Fair value estimates are based on recent appraisals and other available information. Routine holding costs are charged to expense as incurred, while significant improvements are capitalized. Gains and losses on sales of OREO properties are recognized upon disposition. |
Mortgage Servicing Rights | Mortgage Servicing Rights Mortgage servicing rights are included in other assets in the consolidated balance sheets. Servicing assets are initially recognized as separate assets at fair value when rights are acquired through acquisition or through the sale of residential mortgage loans with servicing retained. Servicing rights are accounted for under the amortization method. Under that method, capitalized servicing rights are amortized periodically to expense in proportion to and over the expected net servicing income. Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as a reduction of servicing expense (which is part of other non-interest expense). (See Note 20. “Fair Value Measurements” for a discussion of how fair value is calculated.) |
Other Borrowings - Securities Repurchase Agreements | Other Borrowings - Securities Repurchase Agreements In securities repurchase agreements, the Company transfers securities to a counterparty under an agreement to repurchase the identical securities at a fixed price on a future date. These agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred securities and the transfer meets other specified criteria. Accordingly, the transaction proceeds are recorded as borrowings and the underlying securities continue to be carried in the Company’s investment securities portfolio. Disclosure of the pledged securities is made in the consolidated balance sheets if the counterparty has the right by contract to sell or re-pledge such collateral. (See Note 9. “Borrowings, Senior Notes and Subordinated Notes”). |
Income Taxes | Income Taxes Income tax expense includes U.S. federal corporate income taxes and income taxes due to states and other jurisdictions in which the Company operates. In addition, for the year ended December 31, 2017 , income tax expense included the impact of the enactment of the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) which reduced the U.S. federal corporate income tax rate from 35% to 21% and resulted in a charge to reduce the carrying value of the Company’s net deferred income tax assets, which are included in the consolidated balance sheets as part of other assets. Net deferred tax assets are recognized for the estimated future tax effects attributable to “temporary differences” between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax laws or rates is recognized in income tax expense in the period that includes the enactment date of the change. A deferred tax liability is recognized for all temporary differences that will result in future taxable income. A deferred tax asset is recognized for all temporary differences that will result in future tax deductions, subject to reduction of the asset by a valuation allowance in certain circumstances. This valuation allowance is recognized if, based on an analysis of available evidence, we determine that it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. The valuation allowance is subject to ongoing adjustment based on changes in circumstances that affect management’s judgment about the realizability of the deferred tax asset. Adjustments to increase or decrease the valuation allowance are charged or credited, respectively, to income tax expense. The Company recognizes interest and/or penalties related to income tax matters in other non-interest expense. The Company evaluates uncertain tax positions in a two step process. The first step is recognition, which requires a determination of whether it is more likely than not that a tax position will be sustained upon examination with an examination presumed to occur. The second step is measurement. Under the measurement step, a tax position that meets the more likely than not recognition threshold is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more likely than not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. A previously recognized tax position that no longer meets the more likely than not recognition threshold should be derecognized in the first subsequent financial reporting period in which the threshold is no longer met. The Company did not have any such position as of December 31, 2018 and 2017. (See Note 11. “Income Taxes”). |
Derivatives | Derivatives Derivatives are recognized as assets and liabilities in the consolidated balance sheets and measured at fair value. For exchange-traded contracts, fair value is based on quoted market prices. For non-exchange traded contracts, fair value is based on dealer quotes, pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value may require management judgment or estimation relating to future rates and credit activities. For asset/liability management purposes, the Bank uses interest rate swap agreements to modify interest rate risk characteristics of certain portfolio loans as an accommodation to our borrowers. Interest rate swaps are contracts in which a series of interest rate flows are exchanged over a prescribed period. The notional amount on which the interest payments are based is not exchanged. These swap agreements are derivative instruments and these instruments effectively convert a portion of the Bank’s fixed-rate loans to variable rate loans. (See Note 10. “Derivatives”). |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 20. “Fair Value Measurements.” Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Retirement Plans | Retirement Plans In the Astoria Merger the Company assumed Astoria Bank’s pension plan, which covers Astoria employees and former Astoria employees meeting specified eligibility criteria. In addition to this pension plan, it assumed other non-qualified and unfunded supplemental retirement plans. These plans were suspended for the accrual of additional benefits prior to the Company’s assumption. The Company also assumed the liability for a health care plan that provides for post-retirement medical and dental coverage to select individuals, which is an active plan in which select individuals continued to vest through December 31, 2018. At December 31, 2018, the pension plan is over funded and the net asset balance is included in other assets in the consolidated balance sheets. For the remainder of the retirement plans, the net liabilities are included in other liabilities in the consolidated balance sheets. (See Note 14. “Pension and Other Post Retirement Plans Benefits”). |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company does not believe there are such matters that will have a material effect on the consolidated financial statements. (See Note 19. “Commitments and Contingencies”). |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. (See Note 18. “Off-Balance Sheet Financial Instruments”). |
Stock-Based Compensation Plans | Stock-Based Compensation Plans Compensation expense for stock options and non-vested stock awards/stock units is based on the fair value of the award on the measurement date, which is the date of grant. The expense is recognized ratably over the service period of the award. The fair value of non-vested stock awards/stock units is generally the market price of the Company’s common stock on the date of grant. (See Note 13. “Stock-Based Compensation”). |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed in a similar manner to basic EPS, except that the weighted average number of common shares is increased to include incremental shares (computed using the treasury stock method) that would have been outstanding if all potentially dilutive stock options were exercised and unvested restricted stock became vested during the periods. (See Note 16. “Earnings Per Common Share”). |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when all of the criteria below have been met: (i) persuasive evidence of an arrangement exists; (ii) delivery of our obligations to our client has occurred; (iii) the price is fixed or determinable; and (iv) collectability of the balance advanced is reasonably assured. Interest income and fees. Interest income and fees on loans and investment securities are recognized based on the contractual provisions of the underlying agreements and instruments. Loan origination fees and costs are generally deferred and amortized into interest income as yield adjustments over the contractual life and / or commitment period using the effective interest method. Payroll finance. The Company provides financing and business process outsourcing, including full back-office, technology and tax accounting services to independently-owned temporary staffing companies nationwide. Services include preparation of payroll, payroll tax payments, billings and collections. Non-interest income is recognized when billing to the Company’s customer occurs. The Company remits collections from the client’s customers to the Company’s clients for the amounts collected, net of payroll taxes withheld, the Company’s fees, subject to a hold back reserve to offset potential uncollectible balances from the client’s other customers. Factored Receivables. The Company provide 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. (See Note 15. “Non-Interest Income and Other Non-Interest Expense” for additional disclosure regarding revenue recognition.) |
Segment Information | Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of the Company’s operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes the Company’s only operating segment for financial reporting purposes. |
Recently Adopted and Issued Accounting Standards | Recently Adopted 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 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 15. “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 20. “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 a net benefit of $306 and net expense of $415 from compensation and benefits to other non-interest expense for the years ended December 31, 2017 and 2016, respectively. 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 Act. As a result of the adoption of the AOCI Standard the Company reduced AOCI and increased retained earnings by $5,129 in the year ended December 31, 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 ASU 2016-02, “Leases.” ASU 2016-02 amends existing lease accounting guidance, including the requirement to recognize most lease arrangements on the balance sheet, including a lease liability measured on a discounted basis, and a right-of-use asset, which represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2016-02 became effective for the Company on January 1, 2019, and required transition using 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, the FASB issued 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. At adoption of ASU 2016-02 the Company expects to recognize right-of-use assets and related lease liabilities totaling $127,998 and $133,767 , respectively. The Company anticipates it will elect certain practical expedients provided under ASU 2016-02 in which the Company will not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases or (iii) initial direct costs for any existing leases. The Company also will not apply the recognition requirements of ASU 2016-02 to any short-term leases (as defined by related accounting guidance). The Company expects to utilize the modified-retrospective transition approach prescribed by ASU 2018-11. ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of the Company’s loan portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. In that regard, we have formed a cross-functional working group, under the direction of our Chief Financial Officer and our Chief Risk Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and business intelligence, among others. The Company is currently working through its implementation plan and, during 2018, the Company performed the following: • followed the current expected credit losses (“CECL”) program project timeline created in 2017 in conjunction with our advisor, a nationally recognized accounting firm; • selected the CECL models the Company will use to evaluate credit losses in the loan portfolio; • enhanced our data analytics capabilities and model risk management processes; • selected the principal vendor that will assist in data analytics and modeling; and • continued to evaluate data gaps and mitigation strategies. The Company is currently unable to reasonably estimate the impact of adopting ASU 2016-13. The impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date; however, we anticipate the allowance for loan losses will be greater under the CECL model compared to the current loss incurred model. We currently expect to run our current incurred loss model allowance for loan loss calculation and a draft CECL model on a parallel basis in the last two quarters of 2019. 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 interim and annual reporting periods beginning after December 15, 2018. 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. Management intends to adopt this standard effective January 1, 2019 and the impact of adoption is not expected to have a significant impact on the Company’s financial statements. ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. A provision in ASU 2017-12 provides that the Company may reclassify a debt security from held to maturity to available for sale if the debt security is eligible to be hedged under the last-of-layer method in accordance with paragraph 815-20-25-12A. Generally, this includes debt securities that are pre-payable, including mortgage-backed securities, and debt securities that are callable by the issuer, which is applicable to many of the Company’s state and local government debt securities. The Company transferred held to maturity securities with a book value of $720,440 and a fair value of $708,627 at December 31, 2018 to available for sale effective January 1, 2019. See Note 25 “Subsequent Events” for additional information. 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, modify/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 the Company’s 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 are no longer considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. ASU 2018-14 will be effective for the Company on January 1, 2021, with early adoption permitted, and is not expected to have a significant impact on the Company’s 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 the Company on January 1, 2020, with early adoption permitted, and is not expected to have a significant impact on the Company’s financial statements. ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Rate. ASU 2018-16 became effective for the Company on January 1, 2019 and is not expected to have a significant impact on the Company’s financial statements. See Note 1. “Basis of Financial Statement Presentation and Summary of Significant Accounting Policies” for a discussion of the adoption of new accounting standards that affected the consolidated financial statements contained in this report. |
Acquisitions - (Tables)
Acquisitions - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Acquired loan portfolio data for the Astoria Merger is presented below: Fair value of acquired loans at acquisition date Gross contractual amounts receivable at acquisition date Best estimate at acquisition date of contractual cash flows not expected to be collected Acquired loans with evidence of deterioration since origination $ 167,614 $ 221,550 $ 44,545 Acquired loans with no evidence of deterioration since origination 9,041,784 11,509,782 NA As recorded by Astoria Fair value adjustments As recorded at acquisition Cash and cash equivalents $ 275,409 $ — $ 275,409 Investment securities 3,144,111 (42,318 ) (a) 3,101,793 Loans held for sale 497 — 497 Loans 9,546,307 (336,909 ) (b) 9,209,398 Allowance for loan losses (79,293 ) 79,293 (c) — Bank owned life insurance 447,518 — 447,518 Premises and equipment 90,678 177,137 (d) 267,815 Accrued interest receivable 34,094 — 34,094 Goodwill 185,151 (185,151 ) (e) — Core deposit and other intangibles — 99,938 (f) 99,938 Other real estate owned 17,705 (1,600 ) (g) 16,105 Other assets 288,075 47,537 (h) 335,612 Total assets acquired 13,950,252 (162,073 ) 13,788,179 Deposits (9,029,303 ) (14,758 ) (i) (9,044,061 ) FHLB borrowings (1,550,000 ) (39,464 ) (j) (1,589,464 ) Repurchase agreements (1,100,000 ) (43,279 ) (k) (1,143,279 ) Senior notes (198,044 ) (3,476 ) (l) (201,520 ) Other liabilities (354,725 ) (9,322 ) (m) (364,047 ) Total liabilities assumed (12,232,072 ) (110,299 ) (12,342,371 ) Preferred stock assumed (129,796 ) (9,616 ) (n) (139,412 ) Total liabilities and preferred stock assumed $ (12,361,868 ) $ (119,915 ) (12,481,783 ) Net assets acquired 1,306,396 Purchase price 2,189,687 Goodwill recorded in the Merger $ 883,291 Explanation of certain fair value related adjustments: (a) Represents the fair value adjustment on investment securities held to maturity. (b) Represents the fair value adjustment to the net book value of loans, which includes an interest rate mark and credit mark adjustment. (c) Represents the elimination of Astoria’s allowance for loan losses. (d) Represents the fair value adjustment to reflect the fair value of land and buildings, which will be amortized on a straight-line basis over the estimated useful lives of the individual assets. (e) Represents the elimination of Astoria’s goodwill. (f) Represents intangible assets recorded to reflect the fair value of core deposits. The core deposit asset was recorded as an identifiable intangible asset and will be amortized on an accelerated basis over the estimated average life of the deposit base. (g) Represents an adjustment to reduce the carrying value of other real estate owned to fair value. (h) Represents an adjustment to net deferred tax assets resulting from the fair value adjustments related to the acquired assets, liabilities assumed and identifiable intangible assets recorded. (i) Represents the fair value adjustment on time deposits, which will be accreted as a reduction of interest expense over the remaining term of the time deposits. (j) Represents the fair value adjustment on FHLB borrowings, which was equal to the price paid to terminate Astoria’s long-term FHLB borrowings. (k) Represents the fair value adjustment on repurchase agreements, which was equal to the price paid to various counterparties to terminate these agreements. (l) Represents the fair value adjustment on senior notes, as determined by quoted market prices, which will be accreted as a reduction of interest expense through maturity of the notes. (m) Represents the fair value adjustment to other liabilities assumed in the merger including actuarially determined liabilities of Astoria. (n) Represents the fair value adjustment on preferred stock, as determined by quoted market prices, which will be accreted as a reduction in the preferred stock dividends over the five-year call period ending on October 15, 2022. |
Business Acquisition, Unaudited Pro Forma Information | Pro forma information For the year ended December 31, 2017 2016 Net interest income $ 939,036 $ 818,906 Non-interest income 98,726 121,949 Non-interest expense 516,333 544,821 Net income available to common stockholders 316,657 242,398 Pro forma earnings per common share from continuing operations: Basic $ 1.41 $ 1.11 Diluted 1.41 1.11 |
Securities - (Tables)
Securities - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 2,328,870 $ 2,347 $ (62,366 ) $ 2,268,851 $ 318,590 $ 73 $ (8,605 ) $ 310,058 CMO/Other MBS 596,868 11 (22,109 ) 574,770 27,780 2 (765 ) 27,017 Total residential MBS 2,925,738 2,358 (84,475 ) 2,843,621 346,370 75 (9,370 ) 337,075 Other securities: Federal agencies 283,825 — (9,852 ) 273,973 59,065 160 (128 ) 59,097 Corporate bonds 537,210 1,162 (10,407 ) 527,965 68,512 431 (392 ) 68,551 State and municipal 227,546 302 (2,844 ) 225,004 2,305,420 2,654 (49,562 ) 2,258,512 Other — — — — 17,250 49 (12 ) 17,287 Total other securities 1,048,581 1,464 (23,103 ) 1,026,942 2,450,247 3,294 (50,094 ) 2,403,447 Total securities $ 3,974,319 $ 3,822 $ (107,578 ) $ 3,870,563 $ 2,796,617 $ 3,369 $ (59,464 ) $ 2,740,522 December 31, 2017 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 2,171,044 $ 1,570 $ (21,965 ) $ 2,150,649 $ 355,013 $ 978 $ (2,504 ) $ 353,487 CMO/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 | A summary of amortized cost and estimated fair value of our securities is presented below: December 31, 2018 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 2,328,870 $ 2,347 $ (62,366 ) $ 2,268,851 $ 318,590 $ 73 $ (8,605 ) $ 310,058 CMO/Other MBS 596,868 11 (22,109 ) 574,770 27,780 2 (765 ) 27,017 Total residential MBS 2,925,738 2,358 (84,475 ) 2,843,621 346,370 75 (9,370 ) 337,075 Other securities: Federal agencies 283,825 — (9,852 ) 273,973 59,065 160 (128 ) 59,097 Corporate bonds 537,210 1,162 (10,407 ) 527,965 68,512 431 (392 ) 68,551 State and municipal 227,546 302 (2,844 ) 225,004 2,305,420 2,654 (49,562 ) 2,258,512 Other — — — — 17,250 49 (12 ) 17,287 Total other securities 1,048,581 1,464 (23,103 ) 1,026,942 2,450,247 3,294 (50,094 ) 2,403,447 Total securities $ 3,974,319 $ 3,822 $ (107,578 ) $ 3,870,563 $ 2,796,617 $ 3,369 $ (59,464 ) $ 2,740,522 December 31, 2017 Available for Sale Held to Maturity Amortized cost Gross unrealized gains Gross unrealized losses Fair value Amortized cost Gross unrealized gains Gross unrealized losses Fair value Residential MBS: Agency-backed $ 2,171,044 $ 1,570 $ (21,965 ) $ 2,150,649 $ 355,013 $ 978 $ (2,504 ) $ 353,487 CMO/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 December 31, 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 mortgage-backed securities are shown separately since they are not due at a single maturity date. December 31, 2018 Available for sale Held to maturity Amortized cost Fair value Amortized cost Fair value Other securities remaining period to contractual maturity: One year or less $ 19,127 $ 19,141 $ 68,814 $ 68,917 One to five years 205,924 202,739 120,827 120,821 Five to ten years 722,315 707,793 477,090 473,616 Greater than ten years 101,215 97,269 1,783,516 1,740,093 Total other securities 1,048,581 1,026,942 2,450,247 2,403,447 Residential MBS 2,925,738 2,843,621 346,370 337,075 Total securities $ 3,974,319 $ 3,870,563 $ 2,796,617 $ 2,740,522 |
Sale of securities | Sales of securities for the periods indicated below were as follows: Year ended December 31, 2018 2017 2016 Available for sale: Proceeds from sales $ 186,914 $ 2,516,308 $ 858,531 Gross realized gains 219 8 10,665 Gross realized losses (10,933 ) (352 ) (3,143 ) Income tax (benefit) expense on realized net (losses) gains (2,961 ) (91 ) 2,445 Held to maturity: (1) Proceeds from sale $ 254 $ — $ — Gross realized loss (74 ) — — Income tax (benefit) on realized loss (21 ) — — (1) In the year ended December 31, 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: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Available for sale December 31, 2018 Residential MBS: Agency-backed $ 156,787 $ (536 ) $ 1,955,056 $ (61,830 ) $ 2,111,843 $ (62,366 ) CMO/Other MBS 94 (2 ) 574,053 (22,107 ) 574,147 (22,109 ) Total residential MBS 156,881 (538 ) 2,529,109 (83,937 ) 2,685,990 (84,475 ) Other securities: Federal agencies — — 273,973 (9,852 ) 273,973 (9,852 ) Corporate 230,126 (4,278 ) 119,869 (6,129 ) 349,995 (10,407 ) State and municipal 16,172 (64 ) 175,966 (2,780 ) 192,138 (2,844 ) Total other securities 246,298 (4,342 ) 569,808 (18,761 ) 816,106 (23,103 ) Total $ 403,179 $ (4,880 ) $ 3,098,917 $ (102,698 ) $ 3,502,096 $ (107,578 ) December 31, 2017 Residential MBS: Agency-backed $ 1,349,217 $ (10,550 ) $ 486,948 $ (11,415 ) $ 1,836,165 $ (21,965 ) CMO/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 $ 2,360,256 $ (19,723 ) $ 751,167 $ (21,578 ) $ 3,111,423 $ (41,301 ) The following table summarizes securities held to maturity with unrealized losses, segregated by the length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses Held to maturity December 31, 2018 Residential MBS: Agency-backed $ 25,003 $ (147 ) $ 273,974 $ (8,458 ) $ 298,977 $ (8,605 ) CMO/Other MBS 101 (2 ) 25,066 (763 ) 25,167 (765 ) Total residential MBS 25,104 (149 ) 299,040 (9,221 ) 324,144 (9,370 ) Other securities: Federal agencies 29,485 (95 ) 4,908 (33 ) 34,393 (128 ) Corporate 21,859 (137 ) 16,261 (255 ) 38,120 (392 ) State and municipal 118,389 (877 ) 1,897,758 (48,685 ) 2,016,147 (49,562 ) Other 9,488 (12 ) — — 9,488 (12 ) Total other securities 179,221 (1,121 ) 1,918,927 (48,973 ) 2,098,148 (50,094 ) Total $ 204,325 $ (1,270 ) $ 2,217,967 $ (58,194 ) $ 2,422,292 $ (59,464 ) December 31, 2017 Residential MBS: Agency-backed $ 136,679 $ (572 ) $ 74,303 $ (1,932 ) $ 210,982 $ (2,504 ) CMO/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 $ 1,024,089 $ (6,114 ) $ 487,663 $ (8,153 ) $ 1,511,752 $ (14,267 ) |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes were as follows: December 31, 2018 2017 Available for sale securities pledged for borrowings, at fair value $ 12,206 $ 10,225 Available for sale securities pledged for municipal deposits, at fair value 817,306 323,341 Held to maturity securities pledged for borrowings, at amortized cost 34,996 35,047 Held to maturity securities pledged for municipal deposits, at amortized cost 1,338,901 1,182,674 Total securities pledged $ 2,203,409 $ 1,551,287 |
Portfolio Loans - (Tables)
Portfolio Loans - (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2018 December 31, 2017 Originated loans Acquired loans Total Originated loans Acquired loans Total Commercial: C&I: Traditional C&I $ 2,321,131 $ 75,051 $ 2,396,182 $ 1,708,812 $ 270,636 $ 1,979,448 Asset-based lending 792,935 — 792,935 760,095 37,475 797,570 Payroll finance 227,452 — 227,452 268,609 — 268,609 Warehouse lending 782,646 — 782,646 723,335 — 723,335 Factored receivables 258,383 — 258,383 220,551 — 220,551 Equipment financing 913,751 301,291 1,215,042 664,800 14,741 679,541 Public sector finance 860,746 — 860,746 637,767 — 637,767 Total C&I 6,157,044 376,342 6,533,386 4,983,969 322,852 5,306,821 Commercial mortgage: CRE 4,154,956 487,461 4,642,417 3,476,830 662,034 4,138,864 Multi-family 1,527,619 3,236,505 4,764,124 1,174,631 3,684,924 4,859,555 ADC 267,754 — 267,754 282,792 — 282,792 Total commercial mortgage 5,950,329 3,723,966 9,674,295 4,934,253 4,346,958 9,281,211 Total commercial 12,107,373 4,100,308 16,207,681 9,918,222 4,669,810 14,588,032 Residential mortgage 621,471 2,083,755 2,705,226 532,731 4,522,001 5,054,732 Consumer 153,811 151,812 305,623 176,793 189,426 366,219 Total portfolio loans 12,882,655 6,335,875 19,218,530 10,627,746 9,381,237 20,008,983 Allowance for loan losses (95,677 ) — (95,677 ) (77,907 ) — (77,907 ) Total portfolio loans, net $ 12,786,978 $ 6,335,875 $ 19,122,853 $ 10,549,839 $ 9,381,237 $ 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 and TDRs at December 31, 2018 and 2017 : Originated loans: December 31, 2018 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 2,266,947 $ 5,747 $ 6,139 $ — $ 42,298 $ 2,321,131 Asset-based lending 789,654 — — — 3,281 792,935 Payroll finance 226,571 — — — 881 227,452 Warehouse lending 782,646 — — — — 782,646 Factored receivables 258,383 — — — — 258,383 Equipment financing 879,468 20,466 1,587 9 12,221 913,751 Public sector finance 860,746 — — — — 860,746 CRE 4,118,134 8,054 — 799 27,969 4,154,956 Multi-family 1,524,914 1,014 — — 1,691 1,527,619 ADC 267,090 230 — 434 — 267,754 Residential mortgage 592,563 1,934 897 264 25,813 621,471 Consumer 143,510 1,720 1,232 271 7,078 153,811 Total loans $ 12,710,626 $ 39,165 $ 9,855 $ 1,777 $ 121,232 $ 12,882,655 Total TDRs included above $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 Non-performing loans: Loans 90+ days past due and still accruing $ 1,777 Non-accrual loans 121,232 Total originated non-performing loans $ 123,009 December 31, 2017 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 1,670,069 $ 964 $ 148 $ — $ 37,631 $ 1,708,812 Asset-based lending 760,095 — — — — 760,095 Payroll finance 268,609 — — — — 268,609 Warehouse lending 723,335 — — — — 723,335 Factored receivables 220,551 — — — — 220,551 Equipment financing 652,425 1,133 3,143 — 8,099 664,800 Public sector finance 637,767 — — — — 637,767 CRE 3,452,604 7,967 2,457 437 13,365 3,476,830 Multi-family 1,172,967 343 487 — 834 1,174,631 ADC 278,587 — — — 4,205 282,792 Residential mortgage 509,087 6,441 688 274 16,241 532,731 Consumer 167,483 2,114 495 — 6,701 176,793 Total loans $ 10,513,579 $ 18,962 $ 7,418 $ 711 $ 87,076 $ 10,627,746 Total TDRs included above $ 13,175 $ 389 $ — $ — $ 29,325 $ 42,889 Non-performing loans: Loans 90+ days past due and still accruing $ 711 Non-accrual loans 87,076 Total originated non-performing loans $ 87,787 Acquired loans: December 31, 2018 Current 30-59 60-89 90+ Non- Total Traditional C&I $ 69,690 $ 5,256 $ 105 $ — $ — $ 75,051 Equipment financing 288,447 8,659 3,998 187 — 301,291 CRE 481,583 377 — 458 5,043 487,461 Multi-family 3,233,779 1,736 — — 990 3,236,505 Residential mortgage 2,022,340 18,734 6,513 — 36,168 2,083,755 Consumer 146,042 1,852 951 — 2,967 151,812 Total loans $ 6,241,881 $ 36,614 $ 11,567 $ 645 $ 45,168 $ 6,335,875 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 645 Non-accrual loans 45,168 Total acquired non-performing loans $ 45,813 December 31, 2017 Current 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 270,318 $ 268 $ 39 $ — $ 11 $ 270,636 Asset-based lending 37,475 — — — — 37,475 Equipment financing 14,658 10 73 — — 14,741 CRE 651,569 436 1,674 — 8,355 662,034 Multi-family 3,680,710 252 347 — 3,615 3,684,924 Residential mortgage 4,416,909 15,975 5,350 50 83,717 4,522,001 Consumer 183,019 2,250 479 95 3,583 189,426 Total loans $ 9,254,658 $ 19,191 $ 7,962 $ 145 $ 99,281 $ 9,381,237 Total TDRs included above $ — $ — $ — $ — $ — $ — Non-performing loans: Loans 90+ days past due and still accruing $ 145 Non-accrual loans 99,281 Total acquired non-performing loans $ 99,426 |
Schedule of additional analysis of non-accrual loans | The following table provides additional analysis of the Company’s non-accrual loans at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Recorded investment non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Recorded investment non-accrual loans Recorded investment PCI non-accrual loans Recorded investment total non-accrual loans Unpaid principal balance non-accrual loans Traditional C&I $ 41,625 $ 673 $ 42,298 $ 50,651 $ 37,631 $ 11 $ 37,642 $ 37,853 Asset-based lending 3,281 — 3,281 3,859 — — — — Payroll finance 881 — 881 881 — — — — Equipment financing 12,221 — 12,221 15,744 8,099 — 8,099 8,099 CRE 23,675 9,337 33,012 39,440 12,593 9,127 21,720 25,739 Multi-family 482 2,199 2,681 2,920 834 3,615 4,449 4,705 ADC — — — — 4,205 — 4,205 4,205 Residential mortgage 24,339 37,642 61,981 72,706 15,935 84,023 99,958 113,002 Consumer 6,576 3,469 10,045 12,170 6,693 3,591 10,284 12,096 Total loans $ 113,080 $ 53,320 $ 166,400 $ 198,371 $ 85,990 $ 100,367 $ 186,357 $ 205,699 |
Impaired financing receivables | The following table presents loans individually evaluated for impairment by segment of loans at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 Unpaid principal balance Recorded investment Unpaid principal balance Recorded investment Loans with no related allowance recorded: Traditional C&I $ 64,653 $ 48,735 $ 36,408 $ 35,921 Asset-based lending 3,859 3,281 — — Equipment financing 3,577 3,577 5,341 5,341 CRE 43,119 33,284 10,128 9,663 Multi-family 2,341 1,662 1,597 1,597 ADC — — 5,474 5,208 Residential 3,430 3,210 — — Consumer 7,249 7,249 3,132 3,132 Total $ 128,228 $ 100,998 $ 62,080 $ 60,862 The following tables present the average recorded investment and interest income recognized related to loans individually evaluated for impairment by segment for 2018 , 2017 and 2016 : For the year ended December 31, 2018 2017 2016 YTD average recorded investment Interest income recognized YTD average recorded investment Interest income recognized YTD average recorded investment Interest income recognized With no related allowance recorded: Traditional C&I $ 38,242 $ 1,073 $ 26,413 $ 460 $ 25,508 $ 22 Asset-based lending 9,440 — — — — — Payroll finance — — — — 71 — Equipment financing 965 — 4,004 — 1,275 — CRE 23,671 777 11,808 374 13,625 133 Multi-family 1,713 65 399 65 — — ADC — — 5,687 206 6,132 31 Residential mortgage 1,751 — 1,068 — 768 — Consumer 4,248 — 1,977 — 1,530 — Total $ 80,030 $ 1,915 $ 51,356 $ 1,105 $ 48,909 $ 186 The following table sets forth loans evaluated for impairment by segment and the allowance evaluated by segment at December 31, 2018 : 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 $ 48,735 $ 2,338,432 $ 9,015 $ 2,396,182 $ — $ 14,201 $ 14,201 Asset-based lending 3,281 789,654 — 792,935 — 7,979 7,979 Payroll finance — 227,452 — 227,452 — 2,738 2,738 Warehouse lending — 782,646 — 782,646 — 2,800 2,800 Factored receivables — 258,383 — 258,383 — 1,064 1,064 Equipment financing 3,577 1,211,465 — 1,215,042 — 12,450 12,450 Public sector finance — 860,746 — 860,746 — 1,739 1,739 CRE 33,284 4,581,911 27,222 4,642,417 — 32,285 32,285 Multi-family 1,662 4,754,912 7,550 4,764,124 — 8,355 8,355 ADC — 267,754 — 267,754 — 1,769 1,769 Residential mortgage 3,210 2,614,046 87,970 2,705,226 — 7,454 7,454 Consumer 7,249 290,336 8,038 305,623 — 2,843 2,843 Total loans $ 100,998 $ 18,977,737 $ 139,795 $ 19,218,530 $ — $ 95,677 $ 95,677 At December 31, 2018 , PCI loans included $16,555 of loans that were originally considered acquired loans but have since migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since acquisition. 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 Purchased credit impaired 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 CRE 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 loans $ 60,862 $ 19,721,509 $ 226,612 $ 20,008,983 $ — $ 77,907 $ 77,907 The following table presents the carrying value of the Company’s PCI loans segregated by those PCI loans subject to accretion, and those PCI loans under the cost recovery method at December 31, 2018 and 2017 : December 31, 2018 December 31, 2017 PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans PCI loans subject to accretion PCI loans under cost recovery method (non-accrual) Total PCI loans Traditional C&I $ 5,376 $ 3,639 $ 9,015 $ 6,361 $ 4,011 $ 10,372 CRE 26,319 903 27,222 36,100 2,958 39,058 Multi-family 7,550 — 7,550 15,060 — 15,060 ADC — — — 262 — 262 Residential 87,970 — 87,970 151,200 314 151,514 Consumer 7,378 660 8,038 9,637 709 10,346 Total $ 134,593 $ 5,202 $ 139,795 $ 218,620 $ 7,992 $ 226,612 |
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 2018 , 2017 , and 2016 : Year ended December 31, 2018 2017 2016 Balance at beginning of year $ 45,582 $ 11,117 $ 11,211 Acquisition — 46,111 2,200 Accretion (8,006 ) (5,016 ) (2,139 ) Charge-offs (5,478 ) (2,452 ) (2,798 ) Disposals (15,072 ) (2,000 ) — Reclassification (to) from non-accretable difference (94 ) (2,178 ) 2,643 Balance at end of year $ 16,932 $ 45,582 $ 11,117 |
Troubled debt restructurings | The following table identifies TDRs that occurred during 2018 and 2017 : December 31, 2018 December 31, 2017 Recorded investment Recorded investment Number Pre- modification Post- modification Number Pre- modification Post- modification Traditional C&I 4 $ 25,072 $ 23,943 1 $ 23,188 $ 23,188 Asset-based lending 1 1,854 1,276 — — — Equipment financing 4 3,307 3,307 3 3,558 3,337 CRE 1 12,187 12,187 2 1,724 1,724 ADC — — — 1 797 797 Residential mortgage 11 1,684 1,367 4 1,140 1,033 Consumer 2 5,160 5,160 — — — Total TDRs 23 $ 49,264 $ 47,240 11 $ 30,407 $ 30,079 The following tables set forth the amounts and past due status of the Company’s TDRs at December 31, 2018 and December 31, 2017 : December 31, 2018 Current loans 30-59 days past due 60-89 days past due 90+ days past due Non- accrual Total Traditional C&I $ 9,011 $ — $ — $ — $ 25,672 $ 34,683 Asset-based lending — — — — 1,276 1,276 Equipment financing 1,905 — 9 — 2,367 4,281 CRE 11,071 — — — 7,112 18,183 ADC — — — 434 — 434 Residential mortgage 5,688 — 103 — 2,312 8,103 Consumer 7,217 215 69 216 208 7,925 Total $ 34,892 $ 215 $ 181 $ 650 $ 38,947 $ 74,885 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 CRE 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 - (Ta
Allowance for Loan Losses - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in the allowance for loan losses for 2018 , 2017 , and 2016 is summarized below: For the year ended December 31, 2018 Beginning Charge-offs Recoveries Net Provision Ending balance Traditional C&I $ 19,072 $ (9,270 ) $ 1,080 $ (8,190 ) $ 3,319 $ 14,201 Asset-based lending 6,625 (4,936 ) 9 (4,927 ) 6,281 7,979 Payroll finance 1,565 (337 ) 43 (294 ) 1,467 2,738 Warehouse lending 3,705 — — — (905 ) 2,800 Factored receivables 1,395 (205 ) 15 (190 ) (141 ) 1,064 Equipment financing 4,862 (8,565 ) 951 (7,614 ) 15,202 12,450 Public sector finance 1,797 — — — (58 ) 1,739 CRE 24,945 (4,935 ) 888 (4,047 ) 11,387 32,285 Multi-family 3,261 (308 ) 283 (25 ) 5,119 8,355 ADC 1,680 (721 ) — (721 ) 810 1,769 Residential mortgage 5,819 (1,391 ) 64 (1,327 ) 2,962 7,454 Consumer 3,181 (1,408 ) 513 (895 ) 557 2,843 Total allowance for loan losses $ 77,907 $ (32,076 ) $ 3,846 $ (28,230 ) $ 46,000 $ 95,677 Annualized net charge-offs to average loans outstanding 0.14 % For the year ended December 31, 2017 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 12,864 $ (5,489 ) $ 1,142 $ (4,347 ) $ 10,555 $ 19,072 Asset-based lending 3,316 — 5 5 3,304 6,625 Payroll finance 951 (188 ) 6 (182 ) 796 1,565 Warehouse lending 1,563 — — — 2,142 3,705 Factored receivables 1,669 (982 ) 23 (959 ) 685 1,395 Equipment financing 5,039 (3,165 ) 387 (2,778 ) 2,601 4,862 Public sector finance 1,062 — — — 735 1,797 CRE 20,466 (2,379 ) 163 (2,216 ) 6,695 24,945 Multi-family 4,991 — — — (1,730 ) 3,261 ADC 1,931 (27 ) 269 242 (493 ) 1,680 Residential mortgage 5,864 (860 ) 161 (699 ) 654 5,819 Consumer 3,906 (1,095 ) 314 (781 ) 56 3,181 Total allowance for loan losses $ 63,622 $ (14,185 ) $ 2,470 $ (11,715 ) $ 26,000 $ 77,907 Annualized net charge-offs to average loans outstanding 0.10 % For the year ended December 31, 2016 Beginning balance Charge-offs Recoveries Net charge-offs Provision Ending balance Traditional C&I $ 9,953 $ (1,707 ) $ 999 $ (708 ) $ 3,619 $ 12,864 Asset-based lending 2,762 — 62 62 492 3,316 Payroll finance 1,936 (28 ) 32 4 (989 ) 951 Warehouse lending 589 — — — 974 1,563 Factored receivables 1,457 (1,200 ) 61 (1,139 ) 1,351 1,669 Equipment financing 4,925 (1,982 ) 560 (1,422 ) 1,536 5,039 Public sector finance 547 — — — 515 1,062 CRE 11,461 (959 ) 353 (606 ) 9,611 20,466 Multi-family 5,141 (417 ) 2 (415 ) 265 4,991 ADC 2,009 — 104 104 (182 ) 1,931 Residential mortgage 5,007 (1,045 ) 30 (1,015 ) 1,872 5,864 Consumer 4,358 (1,615 ) 227 (1,388 ) 936 3,906 Total allowance for loan losses $ 50,145 $ (8,953 ) $ 2,430 $ (6,523 ) $ 20,000 $ 63,622 Annualized net charge-offs to average loans outstanding 0.08 % |
Financing receivable credit quality indicators | Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of December 31, 2018 the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 12,003 $ 99 $ 12,102 $ 51,903 $ 128 $ 52,031 Asset-based lending 14,033 — 14,033 21,865 — 21,865 Payroll finance 9,682 — 9,682 17,766 — 17,766 Factored receivables — — — 508 — 508 Equipment financing 9,966 — 9,966 21,256 — 21,256 CRE 3,852 10,160 14,012 43,336 8,126 51,462 Multi-family 33,321 10,490 43,811 20,812 3,542 24,354 ADC — — — 434 — 434 Residential mortgage 5,179 2,231 7,410 29,475 36,431 65,906 Consumer 1,919 245 2,164 7,223 3,242 10,465 Total $ 89,955 $ 23,225 $ 113,180 $ 214,578 $ 51,469 $ 266,047 At December 31, 2018 , there were $51,282 of special mention loans and $95,575 of substandard loans that were originally considered acquired loans but were migrated to the originated loans portfolio as they have been designated criticized or classified status or have been placed on non-accrual since the acquisition date. As of December 31, 2017 the risk category of gross loans by segment was as follows: Special Mention Substandard Originated Acquired Total Originated Acquired Total Traditional C&I $ 4,677 $ 2,776 $ 7,453 $ 53,731 $ 184 $ 53,915 Asset-based lending 30,958 — 30,958 3,835 — 3,835 Payroll finance 15,542 — 15,542 352 — 352 Factored receivables 187 — 187 — — — Equipment financing 4,046 47 4,093 9,299 — 9,299 CRE 16,233 24,205 40,438 20,717 13,812 34,529 Multi-family 1,614 24,988 26,602 2,419 11,847 14,266 ADC 4,204 — 4,204 4,639 — 4,639 Residential mortgage 4,334 1,704 6,038 17,382 83,767 101,149 Consumer 762 281 1,043 6,835 3,672 10,507 Total $ 82,557 $ 54,001 $ 136,558 $ 119,209 $ 113,282 $ 232,491 |
Premises and Equipment, Net - (
Premises and Equipment, Net - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and equipment are summarized as follows: December 31, 2018 2017 Land and land improvements $ 129,767 $ 160,376 Buildings 108,416 127,959 Leasehold improvements 29,704 40,442 Furniture, fixtures and equipment 90,397 81,424 Total premises and equipment, gross 358,284 410,201 Accumulated depreciation and amortization (94,090 ) (88,479 ) Total premises and equipment, net $ 264,194 $ 321,722 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The change in goodwill for the periods presented was as follows: For the year ended December 31, 2018 2017 Beginning of period balance $ 1,579,891 $ 696,600 Acquired goodwill 39,356 883,291 Adjustment to provisional goodwill from Astoria Merger (6,214 ) — End of period balance $ 1,613,033 $ 1,579,891 |
Schedule of Finite-Lived Intangible Assets | The balance of other intangible assets for the periods presented was as follows: Gross intangible assets Accumulated amortization Net intangible assets December 31, 2018 Core deposits $ 157,959 $ (53,696 ) $ 104,263 Customer lists 10,450 (5,710 ) 4,740 Non-compete agreements 11,808 (11,766 ) 42 Trade name 20,500 — 20,500 $ 200,717 $ (71,172 ) $ 129,545 December 31, 2017 Core deposits $ 157,959 $ (31,414 ) $ 126,545 Customer lists 10,450 (4,596 ) 5,854 Non-compete agreements 11,808 (11,516 ) 292 Trade name 20,500 — 20,500 $ 200,717 $ (47,526 ) $ 153,191 |
Future amortization expense | The estimated aggregate future amortization expense for other intangible assets remaining as of December 31, 2018 was as follows: Amortization expense 2019 $ 19,181 2020 16,800 2021 15,103 2022 13,703 2023 12,322 Thereafter 31,936 Total $ 109,045 |
Deposits - (Tables)
Deposits - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at December 31, 2018 and 2017 are summarized as follows: December 31, 2018 2017 Non-interest bearing demand $ 4,241,923 $ 4,080,742 Interest bearing demand 4,207,392 3,882,064 Savings 2,382,520 2,758,642 Money market 7,905,382 7,377,118 Certificates of deposit 2,476,931 2,439,638 Total deposits $ 21,214,148 $ 20,538,204 |
Schedule of Maturities of Deposits | Certificates of deposit had remaining periods to contractual maturity as follows: December 31, 2018 2017 Remaining period to contractual maturity: Less than one year $ 1,423,423 $ 1,270,605 One to two years 711,106 525,846 Two to three years 186,225 362,233 Three to four years 51,596 160,432 Four to five years 104,581 120,522 Total certificates of deposit $ 2,476,931 $ 2,439,638 |
List of Company's Brokered deposits | Listed below are the Company’s brokered deposits: December 31, 2018 2017 Interest bearing demand $ 23,742 $ 23,820 Money market 983,889 773,804 Reciprocal CDARs (1) — 102,259 CDARs one way 150,192 204,331 Total brokered deposits $ 1,157,823 $ 1,104,214 (1) CDARs represents certificate of deposit account registry services. In 2018, the FDIC revised the definition of brokered deposits, which for the Bank excluded reciprocal CDARs. At December 31, 2018 , the balance of reciprocal CDARs was $97,442 . |
Borrowings, Senior Notes and _2
Borrowings, Senior Notes and Subordinated Notes - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instruments [Abstract] | |
Schedule of debt | The Company’s borrowings and weighted average interest rates are summarized as follows: December 31, 2018 2017 Amount Rate Amount Rate By type of borrowing: FHLB advances and overnight $ 4,838,772 2.40 % $ 4,510,123 1.69 % Repurchase agreements 21,338 1.20 30,162 0.64 5.50% Senior Notes — — 76,805 5.98 3.50% Senior Notes 181,130 3.19 201,404 3.19 Subordinated Notes 172,943 5.45 172,716 5.45 Total borrowings $ 5,214,183 2.52 $ 4,991,210 1.96 By remaining period to maturity: Less than one year $ 3,958,635 2.48 % $ 2,989,093 1.69 % One to two years 831,889 2.28 775,714 1.79 Two to three years 250,716 2.04 802,650 2.34 Three to four years — — 251,037 2.04 Greater than five years 172,943 5.45 172,716 5.45 Total borrowings $ 5,214,183 2.52 $ 4,991,210 1.96 |
Derivatives - (Tables)
Derivatives - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of December 31, 2018 and 2017 regarding these derivatives is presented below: Notional amount Average maturity (in years) Weighted average fixed rate Weighted average variable rate Fair value December 31, 2018 Included in other assets: Third-party interest rate swap $ 516,419 $ 1,963 Customer interest rate swap 556,934 16,252 Total $ 1,073,353 5.90 4.65 % 1 m Libor + 2.29% $ 18,215 Included in other liabilities: Third-party interest rate swap $ (556,934 ) $ (4,351 ) Customer interest rate swap (516,419 ) (8,650 ) Total $ (1,073,353 ) 5.90 4.65 % 1 m Libor + 2.29% $ (13,001 ) 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) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the periods indicated consisted of the following: For the year ended December 31, 2018 2017 2016 Current income tax expense: Federal $ 44,810 $ 4,375 $ 55,418 State and local 17,263 2,181 12,854 Total current income tax expense 62,073 6,556 68,272 Deferred income tax expense (benefit): Federal 38,661 71,536 (1,069 ) State and local 18,242 9,847 179 Total deferred income tax expense (benefit) 56,903 81,383 (890 ) Total income tax expense $ 118,976 $ 87,939 $ 67,382 |
Schedule of Effective Income Tax Rate Reconciliation | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory Federal tax rate for the following reasons: For the year ended December 31, 2018 2017 2016 Tax at federal statutory rate of 21% for 2018 and 35% for 2017 and 2016 $ 118,908 $ 63,341 $ 72,574 State and local income taxes, net of federal tax benefit 28,049 7,818 8,472 Tax-exempt interest, net of disallowed interest (19,521 ) (18,948 ) (11,094 ) BOLI income (3,279 ) (2,665 ) (1,933 ) Non-deductible acquisition related costs — 2,965 — Low income housing tax credits (6,514 ) (1,872 ) (469 ) Equity-based stock compensation benefit (680 ) (1,528 ) — FDIC insurance premium limitation 1,777 — — Deferred tax adjustment related to reduction in federal income tax rate — 40,285 — Other, net 236 (1,457 ) (168 ) Actual income tax expense $ 118,976 $ 87,939 $ 67,382 Effective income tax rate 21.0 % 48.6 % 32.5 % |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the Company’s deferred tax position at December 31, 2018 and 2017 : December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 25,459 $ 20,468 Deferred compensation 320 315 Other accrued compensation and benefits 10,449 22,321 Deferred rent 2,992 3,445 Intangible assets 566 1,612 Other comprehensive loss (securities) 29,651 11,422 Other comprehensive loss (defined benefit plans) — 447 Pension expense 8,202 19,576 Accrued expenses 56 4,923 State NOL carryforward 10,376 15,400 AMT credit carryforward — 4,070 Other 4,009 3,237 Total deferred tax assets 92,080 107,236 Deferred tax liabilities: Mortgage servicing rights 2,535 2,722 Other comprehensive gain (defined benefit plans) 4,222 — Acquisition fair value adjustments 23,282 — Depreciation of premises and equipment 1,653 1,026 Deferred loan fees and costs 4,625 5,001 Other 1,773 1,154 Total deferred tax liabilities 38,090 9,903 Net deferred tax asset $ 53,990 $ 97,333 |
Investments in Low Income Hou_2
Investments in Low Income Housing Tax Credits - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments in Affordable Housing Projects [Abstract] | |
Activity in Investments in Low Income Housing Tax Credits | The Company’s net investment in LIHTC are recorded in other assets in the consolidated balance sheets and the unfunded commitments are recorded in other liabilities in the consolidated balance sheets and were as follows: December 31, 2018 2017 Gross investment in LIHTC $ 217,833 $ 132,534 Accumulated amortization (36,335 ) (29,680 ) Net investment in LIHTC $ 181,498 $ 102,854 Unfunded commitments for LIHTC investments $ 138,518 $ 74,029 Unfunded Commitments The expected payments for unfunded affordable housing commitments at December 31, 2018 were as follows: 2019 $ 69,243 2020 56,935 2021 8,176 2022 265 2023 256 2024 and thereafter 3,643 $ 138,518 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing as follows: For the year ended December 31, 2018 2017 2016 Tax credits and other tax benefits recognized $ 10,706 $ 3,195 $ 628 Amortization expense included in income tax expense 6,655 1,067 536 |
Stock-Based Compensation - (Tab
Stock-Based Compensation - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Company's stock option activity | The following table summarizes the activity in the Company’s active stock-based compensation plans for the periods presented: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2016 4,125,665 726,800 $ 13.36 1,586,572 $ 10.95 Granted (515,869 ) 515,869 14.60 — — Stock awards vested — (261,989 ) 13.09 — — Exercised — — — (503,893 ) 10.47 Forfeited 130,758 (48,457 ) 13.88 (78,560 ) 13.41 Canceled/expired (100,716 ) — — — — Balance at December 31, 2016 3,639,838 932,223 14.09 1,004,119 11.00 Granted (610,075 ) 610,075 24.13 — — Stock awards vested — (228,661 ) 16.23 — — Exercised — — — (244,252 ) 10.52 Forfeited 76,877 (74,877 ) 18.92 (2,000 ) 13.18 Canceled/expired (5,313 ) — — — — Balance at December 31, 2017 3,101,327 1,238,760 20.00 757,867 11.15 Granted (813,239 ) 813,239 23.22 — — Stock awards vested (1) (33,392 ) (654,231 ) 19.12 — — Exercised — — — (66,028 ) 10.46 Forfeited 69,554 (64,254 ) 22.47 (5,300 ) 13.18 Canceled/expired (5,300 ) — — — — Balance at December 31, 2018 2,318,950 1,333,514 $ 22.12 686,539 $ 11.20 Exercisable at December 31, 2018 686,539 $ 11.20 (1) The 33,392 shares of stock awards vested that reduces shares available for grant represents performance shares granted in October 2014 to certain executives. On December 31, 2018, these shares vested at 144.4% of the amount initially granted. |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Other information regarding options outstanding and exercisable at December 31, 2018 follows: Outstanding and Exercisable Weighted average Number of stock options Exercise price Life (in years) Range of exercise prices: $6.71 to $9.00 168,000 $ 8.36 3.22 9.28 to 10.03 59,000 9.71 2.53 11.36 to 11.77 227,362 11.50 4.82 13.23 to 15.01 232,177 13.33 5.86 686,539 11.20 4.58 |
Schedule of stock-based compensation expense associated with stock options and non-vested stock awards | Stock-based compensation expense associated with stock options and non-vested stock awards and the related income tax benefit was as follows: For the year ended December 31, 2018 2017 2016 Stock options $ 6 $ 149 $ 404 Non-vested stock awards/performance units 12,978 7,961 6,114 Total $ 12,984 $ 8,110 $ 6,518 Income tax benefit $ 2,727 $ 2,149 $ 2,118 |
Pension and Other Post Retire_2
Pension and Other Post Retirement Benefits - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Summary of changes in the projected benefit obligation and fair value of plan assets | The following is a summary of changes in the projected benefit obligation and fair value of pension plans and other post retirement benefits plan assets. Pension benefits Other post retirement benefits December 31, December 31, 2018 2017 2018 2017 Changes in projected benefit obligation: Beginning of year balance $ 253,583 $ — $ 34,777 $ 12,125 Benefit obligation assumed in Astoria Merger — 259,152 — 21,325 Service cost — — 64 22 Interest cost 8,521 2,189 1,040 557 Actuarial (gain) loss (18,815 ) 3,561 (3,436 ) 984 Benefits and distributions paid (11,764 ) (11,319 ) (1,023 ) (236 ) Other — — (544 ) — End of year balance 231,525 253,583 30,878 34,777 Changes in fair value of plan assets: Beginning of year balance 198,395 — — — Fair value of pension plan assets at October 2, 2017 — 194,010 — — Actual gain on plan assets 12,218 6,234 — — Employer contributions 41,884 9,470 1,023 236 Benefits and distributions paid (11,764 ) (11,319 ) (1,023 ) (236 ) End of year balance 240,733 198,395 — — Funded status at end of year $ 9,208 $ (55,188 ) $ (30,878 ) $ (34,777 ) |
Schedule of pre-tax components of accumulated other comprehensive loss | The following is a summary of the components of accumulated other comprehensive gain (loss) related to pension plans and other post retirement benefits. We do not expect that any net actuarial (gain) loss or prior service cost will be recognized as components of net periodic cost in 2019 . Pension benefits Other post retirement benefits December 31, December 31, 2018 2017 2018 2017 Net actuarial gain (loss) $ 14,922 $ (1,013 ) $ 978 $ (167 ) Deferred tax (expense) benefit (3,809 ) 400 (413 ) 66 Amount included in accumulated other comprehensive loss, net of tax $ 11,113 $ (613 ) $ 565 $ (101 ) |
Schedule of assumptions used for plan | The following is a summary of the assumptions used to determine the net periodic (benefit) cost for the years ended December 31, 2018 and 2017 . Discount rate Expected return on plan assets 2018 2017 2018 2017 Pension benefit plans: Astoria Bank Pension Plan 3.44 % 3.61 % 7.00 % 7.00 % Astoria Excess and Supplemental Benefit Plans 3.14 3.21 N/A N/A Astoria Directors’ Retirement Plan 2.82 2.78 N/A N/A Greater Directors’ Retirement Plan 2.96 2.96 N/A N/A LIB Directors’ Retirement Plan N/A N/A N/A N/A Other post retirement benefit plans: Sterling Other Post retirement life insurance and other plans 2.80% to 4.15% 2.78% to 4.15% N/A N/A Astoria Bank Retiree Health Care Plan 3.42 N/A N/A N/A The following is a summary of the discount rates used to determine the benefit obligations at the dates indicated. December 31, 2018 2017 Pension benefit plans: Astoria Bank Pension Plan 4.08 % 3.44 % Astoria Excess and Supplemental Benefit Plans 3.82 3.14 Astoria Directors’ Retirement Plan 3.52 2.82 Greater Directors’ Retirement Plan 3.66 2.96 LIB Directors’ Retirement Plan N/A N/A Other post retirement benefit plans: Sterling Other Post retirement life insurance, and other plans 3.58% to 3.73% 2.80% to 3.62% Astoria Bank Retiree Health Care Plan 4.05 3.42 |
Components of the net periodic pension expense (benefit) | The components of net periodic pension expense were as follows: Pension benefits Other post retirement benefits For the Year Ended December 31, For the Year Ended December 31, 2018 2017 2016 2018 2017 2016 Service cost $ — $ — $ — $ 64 $ 22 $ — Interest cost 8,521 2,189 — 1,040 557 417 Expected return on plan assets (14,059 ) (3,287 ) — — — — Amortization of unrecognized actuarial loss — — — 21 19 — Amortization of transition obligation — — — — 2 — Amortization of prior service cost — — — — 14 64 Net periodic pension (benefit) expense $ (5,538 ) $ (1,098 ) $ — $ 1,125 $ 614 $ 481 |
Schedule of Health Care Cost Trend Rates | The following table presents the assumed health care cost trend rates at the dates indicated. December 31, 2018 2017 Health care cost trend rate assumed for the next year: Pre-age 65 6.75 % 7.00 % Post-age 65 6.50 6.75 Rate to which the cost trend rate is assumed to decline (the “ultimate trend rate”) 4.75 4.75 Year that ultimate trend rate is reached 2026 2026 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | The following table presents the effects on a one-percentage point change in assumed health care cost trend rates. One percentage point increase One percentage point decrease Effect on total service and interest cost components $ 93 $ (78 ) Effect on the post retirement benefit obligation 2,084 (1,738 ) |
Schedule of expected benefit payments | Estimated future total benefits expected to be paid are the following for the years ending December 31 ,: Pension benefits Other post retirement benefits 2019 $ 12,512 $ 1,833 2020 12,747 1,828 2021 14,124 1,845 2022 13,201 1,796 2023 13,191 1,798 Thereafter 66,864 16,713 |
Schedule of Allocation of Plan Assets | The following tables set forth the carrying values of the Astoria Bank Pension Plan’s assets measured at estimated fair value on a recurring basis and the level within the fair value for the fair value measurements: Carrying value at December 31, 2018 Carrying value at December 31, 2017 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 PRIAC Pooled Separate Accounts (1) $ 228,119 $ 228,119 $ — $ — $ 165,315 $ 165,315 $ — $ — Sterling Bancorp common stock — — — — 20,553 20,553 — — PRIAC Guaranteed Deposit Account 12,614 — — 12,614 12,464 — — 12,464 Cash and cash equivalents — — — — 63 63 — — Total $ 240,733 $ 228,119 $ — $ 12,614 $ 198,395 $ 185,931 $ — $ 12,464 (1) The investment allocation at December 31, 2018 consisted of 100% fixed income and the investment allocation at December 31, 2017 consisted of 42% large-cap equity, 33% fixed income, 11% international equity, 8% small-cap equity and 6% mid-cap equity. |
Schedule of Level 3 Plan Assets | The following table sets forth a summary of changes in the estimated fair value of the Astoria Bank Pension Plan’s Level 3 assets for the period indicated. For the year ended December 31, 2018 For the period from October 2, 2017 to December 31, 2017 Fair value at beginning of period $ 12,464 $ 11,888 Total net gain (loss), realized and unrealized, included in net assets (1) 114 (47 ) Purchases 11,783 3,375 Sales (11,747 ) (2,752 ) Fair value at end of period $ 12,614 $ 12,464 (1) Includes unrealized loss related to assets held at December 31, 2018 of $174 for 2018 and unrealized gain related to assets held at December 31, 2017 of $153 for the period October 2, 2017 to December 31, 2017 . The following table presents information about significant unobservable inputs related to the Astoria Bank Pension Plan’s investment in Level 3 assets at the date indicated. PRIAC guaranteed deposit account range at December 31, 2018 2017 Significant unobservable inputs: Composite market value factor 0.986 - 1.01 1.012 - 1.02 Gross guaranteed crediting rate (1) 3.10 % - 3.10% 2.55 % - 3.59% (1) Gross guaranteed crediting rates must be greater than or equal to contractual minimum crediting rate. |
Non-Interest Income and Other_2
Non-Interest Income and Other Non-Interest Expense - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items are presented in the following table. Significant components of the aggregate of total net interest income and total non-interest income are presented separately. For the year ended December 31, 2018 2017 2016 Other non-interest expense: Professional fees $ 13,371 $ 9,982 $ 10,276 Communication 6,451 3,300 3,215 Advertising and promotion 5,930 3,682 2,948 Insurance & surety bond premium 3,630 3,317 3,150 Operational losses 3,176 1,533 978 Other 24,029 17,418 14,363 Total other non-interest expense $ 56,587 $ 39,232 $ 34,930 |
Earnings Per Common Share - (Ta
Earnings Per Common Share - (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2018 2017 2016 Net income available to common stockholders $ 439,276 $ 91,029 $ 139,972 Weighted average common shares outstanding for computation of basic EPS 224,299,488 157,513,639 130,607,994 Common-equivalent shares due to the dilutive effect of stock options (1) 517,508 610,631 626,468 Weighted average common shares for computation of diluted EPS 224,816,996 158,124,270 131,234,462 Earnings per common share: Basic $ 1.96 $ 0.58 $ 1.07 Diluted 1.95 0.58 1.07 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 earnings per share. |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table presents actual and required capital ratios as of December 31, 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 December 31, 2018 based on the phase-in provisions of the Basel III Capital Rules and the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules have been fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III phase-in schedule Minimum capital required - Basel III fully phased-in Required to be considered well capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2018 Common equity tier 1 to RWA: Sterling National Bank $ 2,915,484 13.55 % $ 1,371,480 6.38 % $ 1,505,939 7.00 % $ 1,398,372 6.50 % Sterling Bancorp 2,649,593 12.31 1,372,457 6.38 1,507,011 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 2,915,484 13.55 1,694,181 7.88 1,828,640 8.50 1,721,073 8.00 Sterling Bancorp 2,788,016 12.95 1,695,388 7.88 1,829,942 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,184,758 14.80 2,124,450 9.88 2,258,908 10.50 2,151,341 10.00 Sterling Bancorp 3,027,124 14.06 2,125,963 9.88 2,260,517 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 2,915,484 9.94 1,172,964 4.00 1,172,964 4.00 1,466,206 5.00 Sterling Bancorp 2,788,016 9.50 1,173,883 4.00 1,173,883 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 |
Reconciliation of Stockholders' Equity to Bank Regulatory Capital | A reconciliation of the Company’s and the Bank’s stockholders’ equity to their respective regulatory capital at December 31, 2018 and 2017 is as follows: The Company The Bank December 31, December 31, 2018 2017 2018 2017 Total U.S. GAAP stockholders’ equity $ 4,428,853 $ 4,240,178 $ 4,513,577 $ 4,373,108 Disallowed goodwill and other intangible assets (1,706,782 ) (1,668,680 ) (1,664,038 ) (1,628,898 ) Net unrealized loss on available for sale securities 75,078 22,324 75,078 22,324 Net accumulated other comprehensive income components (9,133 ) 3,847 (9,133 ) 3,847 Tier 1 risk-based capital 2,788,016 2,597,669 2,915,484 2,770,381 Tier 2 capital 142,777 142,174 172,943 172,716 Allowance for loan losses and off-balance sheet commitments 96,331 78,561 96,331 78,561 Total risk-based capital $ 3,027,124 $ 2,818,404 $ 3,184,758 $ 3,021,658 |
Off-Balance-Sheet Financial I_2
Off-Balance-Sheet Financial Instruments - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of off-balance-sheet financial instruments | The contractual or notional amounts of these instruments, which reflect the extent of the Company’s involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: December 31, 2018 2017 Loan origination commitments $ 417,027 $ 510,135 Unused lines of credit 1,737,315 1,195,656 Letters of credit 287,779 166,824 |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments due | Future minimum rental payments due under non-cancellable operating leases with initial or remaining terms of more than one year at December 31, 2018 were as follows: 2019 $ 20,275 2020 20,229 2021 18,514 2022 16,439 2023 13,836 2024 and thereafter 56,504 $ 145,797 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at December 31, 2018 measured at estimated fair value on a recurring basis is as follows: December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 2,268,851 $ — $ 2,268,851 $ — CMO/Other MBS 574,770 — 574,770 — Total residential MBS 2,843,621 — 2,843,621 — Federal agencies 273,973 — 273,973 — Corporate bonds 527,965 — 527,965 — State and municipal 225,004 — 225,004 — Total other securities 1,026,942 — 1,026,942 — Total investment securities available for sale 3,870,563 — 3,870,563 — Swaps 18,215 — 18,215 — Total assets $ 3,888,778 $ — $ 3,888,778 $ — Liabilities: Swaps $ 13,001 $ — $ 13,001 $ — Total liabilities $ 13,001 $ — $ 13,001 $ — A summary of assets and liabilities at December 31, 2017 measured at estimated fair value on a recurring basis is as follows: 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 $ — CMO/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 investment securities available for sale 812,020 — 812,020 — Total available for sale securities 3,612,072 — 3,612,072 — Interest rate caps and 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 impaired loans at December 31, 2018 measured at estimated fair value on a non-recurring basis is the following: December 31, 2018 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 28,780 $ — $ — $ 28,780 CRE 10,725 — — 10,725 Multi-family 1,210 — — 1,210 Residential mortgage 769 — — 769 Total impaired loans measured at fair value $ 41,484 $ — $ — $ 41,484 A summary of impaired loans at December 31, 2017 measured at estimated fair value on a non-recurring basis is the following: December 31, 2017 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Commercial & industrial $ 114 $ — $ — $ 114 CRE 782 — — 782 Total impaired loans measured at fair value $ 896 $ — $ — $ 896 |
Quantitative information of Level 3 assets | The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2018 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds (1) (weighted average) Impaired loans: C&I $ 28,780 Discount analysis Mainly value of taxi medallions 10.0% -19.0% (14.4%) CRE 10,725 Appraisal Adjustments for comparable properties 22.0% Multi-family 1,210 Appraisal Adjustments for comparable properties 22.0% Residential mortgage 769 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 10,531 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 6,559 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 2,287 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 11,715 Third-party Discount rates 9.0% - 20.0% (9.6%) Third-party Prepayment speeds 7.98 - 24.07 (8.54) (1) For loans collateralized by real estate and real estate assets taken in foreclosure the discount rate represents the discount factors applied to the appraisal to determine fair value, which includes a general discount to the appraised value based on historical experience, estimated costs to carry and costs of sale. The amounts used for mortgage servicing rights are discounts applied by a third-party valuation provider, which the Company believes are appropriate. The following table presents quantitative information about significant unobservable inputs used in the fair value measurements for Level 3 assets at December 31, 2017 : Non-recurring fair value measurements Fair value Valuation technique Unobservable input / assumptions Discount rate/prepayment speeds (1) (weighted average) Impaired loans: Commercial & industrial $ 114 Appraisal Value of underlying collateral 10.0% -19.0% (14.4%) CRE 782 Appraisal Adjustments for comparable properties 22.0% Assets taken in foreclosure: Residential mortgage 17,537 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% CRE 7,271 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% ADC 2,287 Appraisal Adjustments by management to reflect current conditions/selling costs 22.0% Mortgage servicing rights 10,363 Third-party Discount rates 9.5% - 20.0% (9.9%) Third-party Prepayment speeds 9.79 - 16.76 (10.3) (1) See (1) above. |
Carrying amounts and estimated fair value of financial assets and liabilities | The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2018 : December 31, 2018 Carrying amount Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and due from banks $ 438,110 $ 438,110 $ — $ — Securities available for sale 3,870,563 — 3,870,563 — Securities held to maturity 2,796,617 — 2,740,522 — Portfolio loans, net 19,122,853 — — 19,033,743 Loans held for sale 1,565,979 — 1,565,979 — Accrued interest receivable on securities 38,722 — 38,722 — Accrued interest receivable on loans 68,389 — — 68,389 FHLB stock and FRB stock 369,690 — — — Swaps 18,215 — 18,215 — Financial liabilities: Non-maturity deposits (18,737,217 ) (18,737,217 ) — — Certificates of deposit (2,476,931 ) — (2,447,534 ) — FHLB borrowings (4,838,772 ) — (4,821,652 ) — Other borrowings (21,338 ) — (21,337 ) — Senior Notes (181,130 ) — (179,786 ) — Subordinated Notes (172,943 ) — (177,481 ) — Mortgage escrow funds (72,891 ) — (64,074 ) — Accrued interest payable on deposits (3,191 ) — (3,191 ) — Accrued interest payable on borrowings (11,823 ) — (11,823 ) — Swaps (13,001 ) — (13,001 ) — 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 due from banks $ 479,906 $ 479,906 $ — $ — Securities available for sale 3,612,072 — 3,612,072 — Securities held to maturity 2,862,489 — 2,863,909 — Portfolio loans, net 19,931,076 — — 19,903,231 Loans held for sale 5,246 — 5,246 — 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 ) — 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) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive income (loss) (“AOCI”) were as follows as of the dates shown below: December 31, 2018 2017 Net unrealized holding loss on available for sale securities $ (103,756 ) $ (36,899 ) Related income tax benefit 28,679 14,575 Available for sale securities AOCI, net of tax (75,077 ) (22,324 ) Net unrealized holding loss on securities transferred to held to maturity (3,518 ) (4,426 ) Related income tax benefit 972 1,748 Securities transferred to held to maturity AOCI, net of tax (2,546 ) (2,678 ) Net unrealized holding gain (loss) on retirement plans 15,900 (1,924 ) Related income tax (expense) benefit (4,222 ) 760 Retirement plan AOCI, net of tax 11,678 (1,164 ) Accumulated other comprehensive loss $ (65,945 ) $ (26,166 ) The following table presents the changes in each component of AOCI for 2018 and 2017 , and 2016 : Net unrealized holding gain (loss) on AFS securities Net unrealized holding gain (loss) on securities transferred to held to maturity Net unrealized holding gain (loss) on retirement plans Total Year ended December 31, 2018 Balance at 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 (56,183 ) — — (56,183 ) Amounts reclassified from AOCI 7,806 657 13,070 21,533 Total other comprehensive (loss) income (52,753 ) 132 12,842 (39,779 ) Balance at end of period $ (75,077 ) $ (2,546 ) $ 11,678 $ (65,945 ) Year ended December 31, 2017 Balance at beginning of the period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Other comprehensive income before reclassification 64 — — 64 Amounts reclassified from AOCI 249 586 (430 ) 405 Total other comprehensive income (loss) 313 586 (430 ) 469 Balance at end of period $ (22,324 ) $ (2,678 ) $ (1,164 ) $ (26,166 ) Year ended December 31, 2016 Balance at beginning of the period $ (6,999 ) $ (4,155 ) $ (970 ) $ (12,124 ) Other comprehensive (loss) before reclassification (11,087 ) — — (11,087 ) Amounts reclassified from AOCI (4,551 ) 891 236 (3,424 ) Total other comprehensive (loss) income (15,638 ) 891 236 (14,511 ) Balance at end of period $ (22,637 ) $ (3,264 ) $ (734 ) $ (26,635 ) Location in consolidated income statement where reclassification from AOCI is included Net (loss) gain on sale of securities Interest income on securities Other non-interest expense |
Condensed Parent Company Fina_2
Condensed Parent Company Financial Statements - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Set forth below is the condensed balance sheets of the Company: December 31, 2018 2017 Assets: Cash $ 38,141 $ 88,174 Investment in the Bank 4,513,577 4,373,108 Goodwill 27,910 27,910 Trade name 20,500 20,500 Other assets 15,320 16,842 Total assets $ 4,615,448 $ 4,526,534 Liabilities: Senior Notes $ 181,130 $ 278,209 Other liabilities 5,465 8,147 Total liabilities 186,595 286,356 Stockholders’ equity 4,428,853 4,240,178 Total liabilities & stockholders’ equity $ 4,615,448 $ 4,526,534 |
Condensed Statement of Operations | The table below presents the condensed income statement: For the year ended December 31, 2018 2017 2016 Interest income $ 46 $ 29 $ 14 Dividends from the Bank 290,007 30,000 60,000 Dividends from non-bank subsidiaries — — 5,026 Net gain on sale of trust division — — 2,255 Interest expense (8,747 ) (6,186 ) (5,398 ) Non-interest expense (14,564 ) (9,225 ) (12,989 ) Income tax benefit 5,397 7,258 3,700 Income before equity in undistributed earnings of the Bank 272,139 21,876 52,608 Equity in undistributed earnings of the Bank 175,115 71,155 87,364 Net income 447,254 93,031 139,972 Preferred stock dividends 7,978 2,002 — Net income available to common stockholders $ 439,276 $ 91,029 $ 139,972 |
Condensed Statements of Cash Flows | The table below presents the condensed statements of cash flows: For the year ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income $ 447,254 $ 93,031 $ 139,972 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (undistributed) earnings of the Bank (175,115 ) (71,155 ) (87,364 ) (Gain) loss on extinguishment of borrowings (172 ) — 1,013 Other adjustments, net 5,560 61,184 6,273 Net cash provided by operating activities 277,527 83,060 59,894 Cash flows from investing activities: Sales of securities — — 3 Investment in the Bank — — (65,000 ) Net cash used for investing activities — — (64,997 ) Cash flows from financing activities: Equity capital raise — — 90,995 Early redemption of Senior Notes (19,455 ) — (23,793 ) Maturity of Senior Notes (77,000 ) — — Cash dividends paid on common stock (63,118 ) (46,229 ) (36,451 ) Cash dividend paid on preferred stock (8,775 ) — — Stock-based compensation transactions 691 2,578 3,588 Repurchase of treasury stock (159,903 ) — — Net cash (used for) provided by financing activities (327,560 ) (43,651 ) 34,339 Net (decrease) increase in cash (50,033 ) 39,409 29,236 Cash at beginning of the period 88,174 48,765 19,529 Cash at end of the period $ 38,141 $ 88,174 $ 48,765 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a condensed summary of quarterly results of operations for 2018 and 2017 : For the year ended December 31, 2018 Reporting period First quarter Second quarter Third quarter Fourth quarter For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 281,346 $ 304,906 $ 309,025 $ 313,197 Interest expense 46,976 58,690 65,076 70,326 Net interest income 234,370 246,216 243,949 242,871 Provision for loan losses 13,000 13,000 9,500 10,500 Non-interest income 18,707 37,868 24,145 22,475 Non-interest expense 111,749 124,928 111,773 109,921 Income before income tax 128,328 146,156 146,821 144,925 Income tax expense 29,456 31,915 27,171 30,434 Net income 98,872 114,241 119,650 114,491 Preferred stock dividend 1,999 1,996 1,993 1,990 Net income available to common stockholders $ 96,873 $ 112,245 $ 117,657 $ 112,501 Earnings per common share: Basic $ 0.43 $ 0.50 $ 0.52 $ 0.51 Diluted 0.43 0.50 0.52 0.51 For the year ended December 31, 2017 Reporting period First quarter Second quarter Third quarter Fourth quarter For the quarter ended March 31 June 30 September 30 December 31 Interest and dividend income $ 126,000 $ 134,263 $ 145,692 276,495 Interest expense 17,210 21,005 25,619 42,471 Net interest income 108,790 113,258 120,073 234,024 Provision for loan losses 4,500 4,500 5,000 12,000 Non-interest income 12,836 13,618 13,988 23,762 Non-interest expense 60,350 59,657 62,617 250,746 Income (loss) before income tax 56,776 62,719 66,444 (4,960 ) Income tax expense 17,709 20,319 21,592 28,319 Net income (loss) 39,067 42,400 44,852 (33,279 ) Preferred stock dividend — — — 2,002 Net income (loss) available to common stockholders $ 39,067 $ 42,400 $ 44,852 (35,281 ) Earnings per common share: Basic $ 0.29 $ 0.31 $ 0.33 $ (0.16 ) Diluted 0.29 0.31 0.33 (0.16 ) |
Basis of Financial Statement _3
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 02, 2017 | |
Business Acquisition [Line Items] | ||||
Required cash on hand or on deposit with the Federal Reserve Bank | $ 70,709 | $ 118,113 | ||
Minimum duration of performance required by loan restructures | 6 months | |||
Bank owned life insurance | $ 653,995 | 651,638 | ||
Adjustment to compensation and employee benefits for new accounting guidance | 220,340 | 150,254 | $ 125,916 | |
Adjustment to other non-interest expense based on new accounting guidance | (56,587) | (39,232) | (34,930) | |
Tax Cuts and Jobs Act of 2017, reclassification From AOCI to retained earnings, tax effect | 5,129 | |||
Astoria Financial Corporation | ||||
Business Acquisition [Line Items] | ||||
Bank owned life insurance | 441,840 | 441,751 | $ 447,518 | |
Claims stabilization reserve | $ 35,391 | 32,624 | ||
Accounting Standards Update 2017-07 | Restatement Adjustment | ||||
Business Acquisition [Line Items] | ||||
Adjustment to compensation and employee benefits for new accounting guidance | 306 | (415) | ||
Adjustment to other non-interest expense based on new accounting guidance | $ 306 | $ (415) |
Basis of Financial Statement _4
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Loans Held For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Loans transfered from held for investment to held for sale | $ 1,601,844 | $ 1,540,819 | $ 33,740 | $ 121,028 |
Loan purchase accounting adjustments transferred from held for investment to held for sale | $ (61,025) |
Basis of Financial Statement _5
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Allowance for Loan Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | $ 750 |
Consumer loans, including home equity | Minimum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 90 days |
Consumer loans, including home equity | Maximum | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Duration period past due for charge off | 120 days |
Basis of Financial Statement _6
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 3 years |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment, useful life | 40 years |
Basis of Financial Statement _7
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Other Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2018reporting_unit | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Number of reporting units | 1 |
Minimum | Core deposits | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 8 years |
Maximum | Core deposits | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired intangible assets, weighted average useful life | 10 years |
Acquisitions - Advantage Fundin
Acquisitions - Advantage Funding Acquisition Narrative (Details) - USD ($) $ in Thousands | Apr. 02, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,613,033 | $ 1,579,891 | $ 696,600 | |
Advantage Funding Management Co., Inc. | ||||
Business Acquisition [Line Items] | ||||
Percentage of outstanding common stock acquired | 100.00% | |||
Cash consideration | $ 502,052 | |||
Loans receivable acquired | $ 457,638 | |||
Premium paid for loans receivable acquired as a percent of gross loans acquired | 4.50% | |||
Premium paid for loans receivables acquired | $ 20,300 | |||
Restructuring charges | 4,396 | |||
Goodwill | $ 39 | |||
Estimate of Fair Value Measurement | Advantage Funding Management Co., Inc. | ||||
Business Acquisition [Line Items] | ||||
Loans receivable acquired | $ 439,622 |
Acquisitions - Astoria Merger N
Acquisitions - Astoria Merger Narrative (Details) $ / shares in Units, $ in Thousands | Oct. 02, 2017USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 29, 2017$ / shares | |
Business Acquisition [Line Items] | |||||||
Total consideration paid | [1] | $ 502,052 | $ 2,189,687 | $ 351,452 | |||
Acquired goodwill | 39,356 | 883,291 | |||||
Purchase accounting adjustments, income taxes and goodwill | $ 22,321 | 10,449 | 22,321 | ||||
Direct acquisition and other merger-related expense | $ 30,230 | 0 | 39,232 | $ 265 | |||
Adjustment to provisional goodwill from Astoria Merger | (6,214) | 0 | |||||
Astoria Financial Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Number of shares received by acquiree for each share of acquiree's stock | 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 | ||||||
Acquired goodwill | 883,291 | ||||||
Direct acquisition and other merger-related expense | (39,232) | ||||||
Asset write-downs, systems integration, severance and retention merger-related expense | $ (105,110) | ||||||
Adjustment to provisional goodwill from Astoria Merger | $ (6,214) | ||||||
Core deposits | Astoria Financial Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets | $ 99,938 | ||||||
Acquired intangible assets, weighted average useful life | 10 years | ||||||
Buildings | Astoria Financial Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Premises and equipment, useful life | 30 years | ||||||
Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Premises and equipment, useful life | 3 years | ||||||
Minimum | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets, weighted average useful life | 8 years | ||||||
Minimum | Improvements And Equipments | Astoria Financial Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Premises and equipment, useful life | 1 year | ||||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Premises and equipment, useful life | 40 years | ||||||
Maximum | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Acquired intangible assets, weighted average useful life | 10 years | ||||||
Maximum | Improvements And Equipments | Astoria Financial Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Premises and equipment, useful life | 5 years | ||||||
[1] | The Company completed the following acquisitions which are included in the “Acquisitions” portion of the statement of cash flows for the following periods: (i) Advantage Funding Management Company, Inc. for the year ended December 31, 2018; (ii) Astoria Financial Corporation for the year ended December 31, 2017; and (iii) NewStar Business Credit for the year ended December 31, 2016. |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identifiable Assets Acquired and Liabilities Assumed, Fair Value Adjustments (Details) - USD ($) $ in Thousands | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 438,110 | $ 479,906 | $ 293,646 | $ 229,513 | ||
Investment securities | 6,667,180 | 6,474,561 | ||||
Loans | 19,122,853 | 19,931,076 | ||||
Allowance for loan losses | (95,677) | (77,907) | (63,622) | $ (50,145) | ||
Bank owned life insurance | 653,995 | 651,638 | ||||
Premises and equipment | 264,194 | 321,722 | ||||
Accrued interest receivable | 107,111 | 94,098 | ||||
Goodwill | 1,613,033 | 1,579,891 | 696,600 | |||
Core deposit and other intangibles | 129,545 | 153,191 | ||||
Other real estate owned | 19,377 | 27,095 | ||||
Other assets | 432,240 | 357,005 | ||||
Total assets | 31,383,307 | 30,359,541 | ||||
Deposits | (21,214,148) | (20,538,204) | ||||
Repurchase agreements | (21,338) | (30,162) | ||||
Senior notes | (181,130) | (278,209) | ||||
Other liabilities | (453,232) | (467,308) | ||||
Total liabilities assumed | (26,954,454) | (26,119,363) | ||||
Preferred stock assumed | (138,423) | (139,220) | ||||
Total liabilities and preferred stock assumed | (31,383,307) | (30,359,541) | ||||
As recorded by the Company | ||||||
Purchase price | [1] | 502,052 | 2,189,687 | $ 351,452 | ||
Goodwill recorded in the Merger | 39,356 | 883,291 | ||||
Astoria Financial Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 275,409 | |||||
Investment securities | 3,144,111 | |||||
Loans held for sale | 497 | |||||
Loans | 9,546,307 | |||||
Allowance for loan losses | (79,293) | |||||
Bank owned life insurance | 447,518 | $ 441,840 | $ 441,751 | |||
Premises and equipment | 90,678 | |||||
Accrued interest receivable | 34,094 | |||||
Goodwill | 185,151 | |||||
Core deposit and other intangibles | 0 | |||||
Other real estate owned | 17,705 | |||||
Other assets | 288,075 | |||||
Total assets | 13,950,252 | |||||
Deposits | (9,029,303) | |||||
FHLB borrowings | (1,550,000) | |||||
Repurchase agreements | (1,100,000) | |||||
Senior notes | (198,044) | |||||
Other liabilities | (354,725) | |||||
Total liabilities assumed | (12,232,072) | |||||
Preferred stock assumed | (129,796) | |||||
Total liabilities and preferred stock assumed | (12,361,868) | |||||
As recorded by the Company | ||||||
Cash and cash equivalents | 275,409 | |||||
Investment securities | 3,101,793 | |||||
Loans held for sale | 497 | |||||
Loans | 9,209,398 | |||||
Bank owned life insurance | 447,518 | |||||
Premises and equipment | 267,815 | |||||
Accrued interest receivable | 34,094 | |||||
Core deposit and other intangibles | 99,938 | |||||
Other real estate owned | 16,105 | |||||
Other assets | 335,612 | |||||
Total assets acquired | 13,788,179 | |||||
Deposits | (9,044,061) | |||||
FHLB borrowings | (1,589,464) | |||||
Repurchase agreements | (1,143,279) | |||||
Senior notes | (201,520) | |||||
Other liabilities | (364,047) | |||||
Total liabilities assumed | 12,342,371 | |||||
Preferred stock assumed | (139,412) | |||||
Total liabilities and preferred stock assumed | 12,481,783 | |||||
Net assets acquired | 1,306,396 | |||||
Purchase price | 2,189,687 | |||||
Goodwill recorded in the Merger | 883,291 | |||||
Astoria Financial Corporation | Fair value adjustments | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 0 | |||||
Investment securities | (42,318) | |||||
Loans held for sale | 0 | |||||
Loans | (336,909) | |||||
Allowance for loan losses | 79,293 | |||||
Bank owned life insurance | 0 | |||||
Premises and equipment | 177,137 | |||||
Accrued interest receivable | 0 | |||||
Goodwill | (185,151) | |||||
Core deposit and other intangibles | 99,938 | |||||
Other real estate owned | (1,600) | |||||
Other assets | 47,537 | |||||
Total assets | (162,073) | |||||
Deposits | (14,758) | |||||
FHLB borrowings | (39,464) | |||||
Repurchase agreements | (43,279) | |||||
Senior notes | (3,476) | |||||
Other liabilities | (9,322) | |||||
Total liabilities assumed | (110,299) | |||||
Preferred stock assumed | (9,616) | |||||
Total liabilities and preferred stock assumed | $ (119,915) | |||||
[1] | The Company completed the following acquisitions which are included in the “Acquisitions” portion of the statement of cash flows for the following periods: (i) Advantage Funding Management Company, Inc. for the year ended December 31, 2018; (ii) Astoria Financial Corporation for the year ended December 31, 2017; and (iii) NewStar Business Credit for the year ended December 31, 2016. |
Acquisitions - Acquired Loan Po
Acquisitions - Acquired Loan Portfolio Data (Details) - Astoria Financial Corporation $ in Thousands | Oct. 02, 2017USD ($) |
Business Acquisition [Line Items] | |
Fair value of acquired loans at acquisition date | $ 9,041,784 |
Gross contractual amounts receivable at acquisition date | 11,509,782 |
PCI Loans | |
Business Acquisition [Line Items] | |
Fair value of acquired loans at acquisition date | 167,614 |
Gross contractual amounts receivable at acquisition date | 221,550 |
Best estimate at acquisition date of contractual cash flows not expected to be collected | $ 44,545 |
Acquisitions - Pro Forma (Detai
Acquisitions - Pro Forma (Details) - Astoria Financial Corporation - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Net interest income | $ 939,036 | $ 818,906 |
Non-interest income | 98,726 | 121,949 |
Non-interest expense | 516,333 | 544,821 |
Net income available to common stockholders | $ 316,657 | $ 242,398 |
Pro forma earnings per common share from continuing operations: | ||
Basic (in dollars per share) | $ 1.41 | $ 1.11 |
Diluted (in dollars per share) | $ 1.41 | $ 1.11 |
Acquisitions - Restaurant Franc
Acquisitions - Restaurant Franchise Financing Loan Portfolio Narrative (Details) - USD ($) $ in Thousands | Sep. 09, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Portfolio loans purchased | $ 113,698 | $ 226,831 | $ 163,320 | |
Discount amount on acquired loan receivable | $ 5,581 | $ 4,813 | ||
GE Capital | Traditional C&I | ||||
Business Acquisition [Line Items] | ||||
Portfolio loan acquired, unpaid principal balance | $ 169,760 | |||
Portfolio loans purchased | $ 163,282 | |||
Discount rate on acquired portfolio loan | 4.00% | |||
Discount amount on acquired loan receivable | $ 6,790 |
Acquisitions - Acquisition of N
Acquisitions - Acquisition of NewStar Business Credit LLC Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 1,613,033 | $ 1,579,891 | $ 696,600 | |
NSBC | ||||
Business Acquisition [Line Items] | ||||
Percentage of outstanding common stock acquired | 100.00% | |||
Loans receivable acquired | $ 320,447 | |||
Premium paid for loans receivable acquired as a percent of gross loans acquired | 5.90% | |||
Premium paid for loans receivable acquired | $ 18,906 | |||
Total liabilities assumed | 4,839 | |||
Restructuring charges | 1,500 | |||
Goodwill | 25,698 | |||
Customer lists | NSBC | ||||
Business Acquisition [Line Items] | ||||
Restructuring charges | $ 2 | |||
Estimated useful life | 24 months |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available for sale | ||
Amortized cost | $ 3,974,319 | $ 3,648,971 |
Gross unrealized gains | 3,822 | 4,402 |
Gross unrealized losses | (107,578) | (41,301) |
Available for sale, at fair value | 3,870,563 | 3,612,072 |
Held to maturity | ||
Amortized cost | 2,796,617 | 2,862,489 |
Gross unrealized gains | 3,369 | 15,687 |
Gross unrealized losses | (59,464) | (14,267) |
Fair value | 2,740,522 | 2,863,909 |
Agency-backed | ||
Available for sale | ||
Amortized cost | 2,328,870 | 2,171,044 |
Gross unrealized gains | 2,347 | 1,570 |
Gross unrealized losses | (62,366) | (21,965) |
Available for sale, at fair value | 2,268,851 | 2,150,649 |
Held to maturity | ||
Amortized cost | 318,590 | 355,013 |
Gross unrealized gains | 73 | 978 |
Gross unrealized losses | (8,605) | (2,504) |
Fair value | 310,058 | 353,487 |
CMO/Other MBS | ||
Available for sale | ||
Amortized cost | 596,868 | 656,514 |
Gross unrealized gains | 11 | 31 |
Gross unrealized losses | (22,109) | (7,142) |
Available for sale, at fair value | 574,770 | 649,403 |
Held to maturity | ||
Amortized cost | 27,780 | 33,496 |
Gross unrealized gains | 2 | 26 |
Gross unrealized losses | (765) | (760) |
Fair value | 27,017 | 32,762 |
Total residential MBS | ||
Available for sale | ||
Amortized cost | 2,925,738 | 2,827,558 |
Gross unrealized gains | 2,358 | 1,601 |
Gross unrealized losses | (84,475) | (29,107) |
Available for sale, at fair value | 2,843,621 | 2,800,052 |
Held to maturity | ||
Amortized cost | 346,370 | 388,509 |
Gross unrealized gains | 75 | 1,004 |
Gross unrealized losses | (9,370) | (3,264) |
Fair value | 337,075 | 386,249 |
Federal agencies | ||
Available for sale | ||
Amortized cost | 283,825 | 409,322 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (9,852) | (9,326) |
Available for sale, at fair value | 273,973 | 399,996 |
Held to maturity | ||
Amortized cost | 59,065 | 58,640 |
Gross unrealized gains | 160 | 949 |
Gross unrealized losses | (128) | 0 |
Fair value | 59,097 | 59,589 |
Corporate bonds | ||
Available for sale | ||
Amortized cost | 537,210 | 147,781 |
Gross unrealized gains | 1,162 | 1,421 |
Gross unrealized losses | (10,407) | (976) |
Available for sale, at fair value | 527,965 | 148,226 |
Held to maturity | ||
Amortized cost | 68,512 | 56,663 |
Gross unrealized gains | 431 | 1,255 |
Gross unrealized losses | (392) | (103) |
Fair value | 68,551 | 57,815 |
State and municipal | ||
Available for sale | ||
Amortized cost | 227,546 | 264,310 |
Gross unrealized gains | 302 | 1,380 |
Gross unrealized losses | (2,844) | (1,892) |
Available for sale, at fair value | 225,004 | 263,798 |
Held to maturity | ||
Amortized cost | 2,305,420 | 2,342,927 |
Gross unrealized gains | 2,654 | 12,396 |
Gross unrealized losses | (49,562) | (10,900) |
Fair value | 2,258,512 | 2,344,423 |
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 | 17,250 | 15,750 |
Gross unrealized gains | 49 | 83 |
Gross unrealized losses | (12) | 0 |
Fair value | 17,287 | 15,833 |
Total other securities | ||
Available for sale | ||
Amortized cost | 1,048,581 | 821,413 |
Gross unrealized gains | 1,464 | 2,801 |
Gross unrealized losses | (23,103) | (12,194) |
Available for sale, at fair value | 1,026,942 | 812,020 |
Held to maturity | ||
Amortized cost | 2,450,247 | 2,473,980 |
Gross unrealized gains | 3,294 | 14,683 |
Gross unrealized losses | (50,094) | (11,003) |
Fair value | $ 2,403,447 | $ 2,477,660 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Amortized costs, one year or less | $ 19,127 | |
Amortized costs, one to five years | 205,924 | |
Amortized costs, five to ten years | 722,315 | |
Amortized costs, greater than ten years | 101,215 | |
Total other securities | 1,048,581 | |
Residential MBS | 2,925,738 | |
Amortized cost | 3,974,319 | $ 3,648,971 |
Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Fair value, one year or less | 19,141 | |
Fair value, one to five years | 202,739 | |
Fair value, five to ten years | 707,793 | |
Fair value, greater than ten years | 97,269 | |
Fair value, total other securities | 1,026,942 | |
Fair value, Residential MBS | 2,843,621 | |
Fair value, total securities | 3,870,563 | 3,612,072 |
Debt Securities, Held-to-maturity, Maturity, Amortized Cost, Net [Abstract] | ||
Amortized cost, one year or less | 68,814 | |
Amortized cost, one to five years | 120,827 | |
Amortized cost, five to ten years | 477,090 | |
Amortized cost, greater than ten years | 1,783,516 | |
Amortized cost, total other securities | 2,450,247 | |
Amortized cost, Residential MBS | 346,370 | |
Amortized cost | 2,796,617 | 2,862,489 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair value, one year or less | 68,917 | |
Fair value, one to five years | 120,821 | |
Fair value, five to ten years | 473,616 | |
Fair value, greater than ten years | 1,740,093 | |
Fair value, total other securities | 2,403,447 | |
Fair value, Residential MBS | 337,075 | |
Fair value, total securities | $ 2,740,522 | $ 2,863,909 |
Securities - Sale of Securities
Securities - Sale of Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Available for sale | |||
Proceeds from sales of securities available for sale | $ 186,914 | $ 2,516,308 | $ 858,531 |
Gross realized gains | 219 | 8 | 10,665 |
Gross realized losses | (10,933) | (352) | (3,143) |
Income tax (benefit) expense on realized net (losses) gains | (2,961) | (91) | 2,445 |
Held to maturity | |||
Proceeds from sales of securities held to maturity | 254 | 0 | 0 |
Gross realized loss | (74) | 0 | 0 |
Income tax (benefit) on realized loss | $ (21) | $ 0 | $ 0 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 403,179 | $ 2,360,256 |
Unrealized losses, less than 12 months | (4,880) | (19,723) |
Fair value, 12 months or longer | 3,098,917 | 751,167 |
Unrealized losses, 12 months or longer | (102,698) | (21,578) |
Fair value, total | 3,502,096 | 3,111,423 |
Unrealized losses, total | (107,578) | (41,301) |
Agency-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 156,787 | 1,349,217 |
Unrealized losses, less than 12 months | (536) | (10,550) |
Fair value, 12 months or longer | 1,955,056 | 486,948 |
Unrealized losses, 12 months or longer | (61,830) | (11,415) |
Fair value, total | 2,111,843 | 1,836,165 |
Unrealized losses, total | (62,366) | (21,965) |
CMO/Other MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 94 | 605,200 |
Unrealized losses, less than 12 months | (2) | (6,064) |
Fair value, 12 months or longer | 574,053 | 36,107 |
Unrealized losses, 12 months or longer | (22,107) | (1,078) |
Fair value, total | 574,147 | 641,307 |
Unrealized losses, total | (22,109) | (7,142) |
Total residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 156,881 | 1,954,417 |
Unrealized losses, less than 12 months | (538) | (16,614) |
Fair value, 12 months or longer | 2,529,109 | 523,055 |
Unrealized losses, 12 months or longer | (83,937) | (12,493) |
Fair value, total | 2,685,990 | 2,477,472 |
Unrealized losses, total | (84,475) | (29,107) |
Federal agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 0 | 243,476 |
Unrealized losses, less than 12 months | 0 | (1,955) |
Fair value, 12 months or longer | 273,973 | 156,520 |
Unrealized losses, 12 months or longer | (9,852) | (7,371) |
Fair value, total | 273,973 | 399,996 |
Unrealized losses, total | (9,852) | (9,326) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 230,126 | 65,056 |
Unrealized losses, less than 12 months | (4,278) | (397) |
Fair value, 12 months or longer | 119,869 | 15,268 |
Unrealized losses, 12 months or longer | (6,129) | (579) |
Fair value, total | 349,995 | 80,324 |
Unrealized losses, total | (10,407) | (976) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 16,172 | 97,307 |
Unrealized losses, less than 12 months | (64) | (757) |
Fair value, 12 months or longer | 175,966 | 56,324 |
Unrealized losses, 12 months or longer | (2,780) | (1,135) |
Fair value, total | 192,138 | 153,631 |
Unrealized losses, total | (2,844) | (1,892) |
Total other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 246,298 | 405,839 |
Unrealized losses, less than 12 months | (4,342) | (3,109) |
Fair value, 12 months or longer | 569,808 | 228,112 |
Unrealized losses, 12 months or longer | (18,761) | (9,085) |
Fair value, total | 816,106 | 633,951 |
Unrealized losses, total | $ (23,103) | $ (12,194) |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 204,325 | $ 1,024,089 |
Unrealized losses, less than 12 months | (1,270) | (6,114) |
Fair value, 12 months or longer | 2,217,967 | 487,663 |
Unrealized losses, 12 months or longer | (58,194) | (8,153) |
Fair value, total | 2,422,292 | 1,511,752 |
Unrealized losses, total | (59,464) | (14,267) |
Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 25,003 | 136,679 |
Unrealized losses, less than 12 months | (147) | (572) |
Fair value, 12 months or longer | 273,974 | 74,303 |
Unrealized losses, 12 months or longer | (8,458) | (1,932) |
Fair value, total | 298,977 | 210,982 |
Unrealized losses, total | (8,605) | (2,504) |
CMO/Other MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 101 | 10,314 |
Unrealized losses, less than 12 months | (2) | (129) |
Fair value, 12 months or longer | 25,066 | 20,160 |
Unrealized losses, 12 months or longer | (763) | (631) |
Fair value, total | 25,167 | 30,474 |
Unrealized losses, total | (765) | (760) |
Total residential MBS | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 25,104 | 146,993 |
Unrealized losses, less than 12 months | (149) | (701) |
Fair value, 12 months or longer | 299,040 | 94,463 |
Unrealized losses, 12 months or longer | (9,221) | (2,563) |
Fair value, total | 324,144 | 241,456 |
Unrealized losses, total | (9,370) | (3,264) |
Federal agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 29,485 | |
Unrealized losses, less than 12 months | (95) | |
Fair value, 12 months or longer | 4,908 | |
Unrealized losses, 12 months or longer | (33) | |
Fair value, total | 34,393 | |
Unrealized losses, total | (128) | |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 21,859 | 16,560 |
Unrealized losses, less than 12 months | (137) | (103) |
Fair value, 12 months or longer | 16,261 | 0 |
Unrealized losses, 12 months or longer | (255) | 0 |
Fair value, total | 38,120 | 16,560 |
Unrealized losses, total | (392) | (103) |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 118,389 | 860,536 |
Unrealized losses, less than 12 months | (877) | (5,310) |
Fair value, 12 months or longer | 1,897,758 | 393,200 |
Unrealized losses, 12 months or longer | (48,685) | (5,590) |
Fair value, total | 2,016,147 | 1,253,736 |
Unrealized losses, total | (49,562) | (10,900) |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 9,488 | |
Unrealized losses, less than 12 months | (12) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 9,488 | |
Unrealized losses, total | (12) | |
Total other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 179,221 | 877,096 |
Unrealized losses, less than 12 months | (1,121) | (5,413) |
Fair value, 12 months or longer | 1,918,927 | 393,200 |
Unrealized losses, 12 months or longer | (48,973) | (5,590) |
Fair value, total | 2,098,148 | 1,270,296 |
Unrealized losses, total | $ (50,094) | $ (11,003) |
Securities - Narrative (Details
Securities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2018security | |
Investments, Debt and Equity Securities [Abstract] | |
Number of securities which were in continuous unrealized loss position for less than 12 months | 78 |
Number of securities which were in continuous unrealized loss position for 12 months or more | 444 |
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | 177 |
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | 511 |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Collateral Pledged - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 2,203,409 | $ 1,551,287 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 12,206 | 10,225 |
Held-to-maturity securities pledged as collateral | 34,996 | 35,047 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale securities pledged as collateral | 817,306 | 323,341 |
Held-to-maturity securities pledged as collateral | $ 1,338,901 | $ 1,182,674 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | $ 19,218,530 | $ 20,008,983 | ||
Allowance for loan losses | (95,677) | (77,907) | $ (63,622) | $ (50,145) |
Portfolio loans, net | 19,122,853 | 19,931,076 | ||
Traditional C&I | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (14,201) | (19,072) | (12,864) | (9,953) |
Asset-based lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (7,979) | (6,625) | (3,316) | (2,762) |
Payroll finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (2,738) | (1,565) | (951) | (1,936) |
Warehouse lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (2,800) | (3,705) | (1,563) | (589) |
Factored receivables | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (1,064) | (1,395) | (1,669) | (1,457) |
Equipment financing | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (12,450) | (4,862) | (5,039) | (4,925) |
Public sector finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (1,739) | (1,797) | (1,062) | (547) |
ADC | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Allowance for loan losses | (1,769) | (1,680) | $ (1,931) | $ (2,009) |
Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 16,207,681 | 14,588,032 | ||
Commercial & Industrial (C&I) | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 6,533,386 | 5,306,821 | ||
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 2,396,182 | 1,979,448 | ||
Commercial & Industrial (C&I) | Commercial | Asset-based lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 792,935 | 797,570 | ||
Commercial & Industrial (C&I) | Commercial | Payroll finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 227,452 | 268,609 | ||
Commercial & Industrial (C&I) | Commercial | Warehouse lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 782,646 | 723,335 | ||
Commercial & Industrial (C&I) | Commercial | Factored receivables | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 258,383 | 220,551 | ||
Commercial & Industrial (C&I) | Commercial | Equipment financing | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 1,215,042 | 679,541 | ||
Commercial & Industrial (C&I) | Commercial | Public sector finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 860,746 | 637,767 | ||
Commercial mortgage | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 9,674,295 | 9,281,211 | ||
Commercial mortgage | Commercial | CRE | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 4,642,417 | 4,138,864 | ||
Commercial mortgage | Commercial | ADC | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 267,754 | 282,792 | ||
Commercial mortgage | Commercial | Multi-family | Real estate loan | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 4,764,124 | 4,859,555 | ||
Originated loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 12,882,655 | 10,627,746 | ||
Allowance for loan losses | (95,677) | (77,907) | ||
Portfolio loans, net | 12,786,978 | 10,549,839 | ||
Originated loans | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 12,107,373 | 9,918,222 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 6,157,044 | 4,983,969 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 2,321,131 | 1,708,812 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Asset-based lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 792,935 | 760,095 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Payroll finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 227,452 | 268,609 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Warehouse lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 782,646 | 723,335 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Factored receivables | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 258,383 | 220,551 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Equipment financing | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 913,751 | 664,800 | ||
Originated loans | Commercial & Industrial (C&I) | Commercial | Public sector finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 860,746 | 637,767 | ||
Originated loans | Commercial mortgage | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 5,950,329 | 4,934,253 | ||
Originated loans | Commercial mortgage | Commercial | CRE | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 4,154,956 | 3,476,830 | ||
Originated loans | Commercial mortgage | Commercial | ADC | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 267,754 | 282,792 | ||
Originated loans | Commercial mortgage | Commercial | Multi-family | Real estate loan | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 1,527,619 | 1,174,631 | ||
Acquired loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 6,335,875 | 9,381,237 | ||
Allowance for loan losses | 0 | 0 | ||
Portfolio loans, net | 6,335,875 | 9,381,237 | ||
Acquired loans | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 4,100,308 | 4,669,810 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 376,342 | 322,852 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 75,051 | 270,636 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Asset-based lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 0 | 37,475 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Payroll finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 0 | 0 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Warehouse lending | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 0 | 0 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Factored receivables | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 0 | 0 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Equipment financing | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 301,291 | 14,741 | ||
Acquired loans | Commercial & Industrial (C&I) | Commercial | Public sector finance | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 0 | 0 | ||
Acquired loans | Commercial mortgage | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 3,723,966 | 4,346,958 | ||
Acquired loans | Commercial mortgage | Commercial | CRE | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 487,461 | 662,034 | ||
Acquired loans | Commercial mortgage | Commercial | ADC | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | 0 | 0 | ||
Acquired loans | Commercial mortgage | Commercial | Multi-family | Real estate loan | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total portfolio loans | $ 3,236,505 | $ 3,684,924 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired transferred to originated | $ 16,555,000 | $ 5,341,000 | |
Net deferred loan origination costs | 5,581,000 | 4,813,000 | |
Purchase accounting adjustments to loans | (117,222,000) | (293,476,000) | |
Pledged loans | 8,526,247,000 | 9,123,601,000 | |
recorded investment of PCI non-accrual loans, transferred from acquired to originated | 8,152,000 | 1,086,000 | |
Cash-basis interest income recognized | 0 | 0 | |
Impaired loans with related allowance recorded | $ 0 | $ 0 | $ 0 |
Number of contracts, troubled debt restructurings | loan | 23 | 11 | |
Recorded investment, pre-modification | $ 49,264,000 | $ 30,407,000 | |
Recorded investment, post-modification | 47,240,000 | 30,079,000 | |
Troubled debt restructurings | 74,885,000 | 42,889,000 | |
Charge-offs | 2,024,000 | 585,000 | $ 286,000 |
Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans formally in process of foreclosure | 48,107,000 | 76,712,000 | |
Troubled debt restructurings | 8,103,000 | ||
Receivables acquired with deteriorated credit quality | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | 139,795,000 | 226,612,000 | |
Commercial | Receivables acquired with deteriorated credit quality | ADC | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | $ 0 | $ 262,000 | |
Commercial & Industrial (C&I) | Commercial | Payroll finance | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 0 | 0 | |
Recorded investment, pre-modification | $ 0 | $ 0 | |
Recorded investment, post-modification | $ 0 | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Warehouse lending | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 0 | 0 | |
Recorded investment, pre-modification | $ 0 | $ 0 | |
Recorded investment, post-modification | $ 0 | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Factored receivables | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 0 | 0 | |
Recorded investment, pre-modification | $ 0 | $ 0 | |
Recorded investment, post-modification | $ 0 | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Public sector finance | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 0 | 0 | |
Recorded investment, pre-modification | $ 0 | $ 0 | |
Recorded investment, post-modification | $ 0 | $ 0 | |
Commercial & Industrial (C&I) | Commercial | Asset-based lending | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 1 | 0 | |
Recorded investment, pre-modification | $ 1,854,000 | $ 0 | |
Recorded investment, post-modification | 1,276,000 | 0 | |
Troubled debt restructurings | 1,276,000 | ||
Commercial & Industrial (C&I) | Commercial | Receivables acquired with deteriorated credit quality | Payroll finance | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | 0 | 0 | |
Commercial & Industrial (C&I) | Commercial | Receivables acquired with deteriorated credit quality | Warehouse lending | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | 0 | 0 | |
Commercial & Industrial (C&I) | Commercial | Receivables acquired with deteriorated credit quality | Factored receivables | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | 0 | 0 | |
Commercial & Industrial (C&I) | Commercial | Receivables acquired with deteriorated credit quality | Public sector finance | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | 0 | 0 | |
Commercial & Industrial (C&I) | Commercial | Receivables acquired with deteriorated credit quality | Asset-based lending | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | $ 0 | $ 0 | |
Commercial mortgage | Commercial | ADC | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 0 | 1 | |
Recorded investment, pre-modification | $ 0 | $ 797,000 | |
Recorded investment, post-modification | 0 | 797,000 | |
Troubled debt restructurings | 434,000 | 5,700,000 | |
Commercial mortgage | Commercial | Receivables acquired with deteriorated credit quality | ADC | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | $ 0 | $ 262,000 | |
Multi-family | Commercial mortgage | Commercial | Real estate loan | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts, troubled debt restructurings | loan | 0 | 0 | |
Recorded investment, pre-modification | $ 0 | $ 0 | |
Recorded investment, post-modification | 0 | 0 | |
Multi-family | Commercial mortgage | Commercial | Receivables acquired with deteriorated credit quality | Real estate loan | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
PCI loans | 7,550,000 | 15,060,000 | |
Originated loans | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans acquired transferred to originated | 1,365,682,000 | 1,331,648,000 | |
Loans And Leases Receivable, Allowance, Transfered From Acquired To Origniated | 9,607,000 | 8,421,000 | |
Troubled debt restructurings | $ 74,885,000 | $ 42,889,000 |
Portfolio Loans - Status of Loa
Portfolio Loans - Status of Loans and TDRs (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-Performing loans: | ||
Non accrual loans | $ 166,400 | $ 186,357 |
Total portfolio loans | 19,218,530 | 20,008,983 |
TDRs, Current | 34,892 | 13,175 |
TDRs, Non-accrual | 38,947 | 29,325 |
Troubled debt restructurings | 74,885 | 42,889 |
Residential mortgage | ||
Non-Performing loans: | ||
Troubled debt restructurings | 8,103 | |
30-59 days past due | ||
Non-Performing loans: | ||
Troubled debt restructurings | 215 | 389 |
60-89 days past due | ||
Non-Performing loans: | ||
Troubled debt restructurings | 181 | 0 |
90 days past due | ||
Non-Performing loans: | ||
Troubled debt restructurings | 650 | 0 |
Commercial | ||
Non-Performing loans: | ||
Total portfolio loans | 16,207,681 | 14,588,032 |
Commercial | Commercial & Industrial (C&I) | ||
Non-Performing loans: | ||
Total portfolio loans | 6,533,386 | 5,306,821 |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Non-Performing loans: | ||
Non accrual loans | 42,298 | 37,642 |
Total portfolio loans | 2,396,182 | 1,979,448 |
TDRs, Current | 9,011 | 565 |
TDRs, Non-accrual | 25,672 | 21,083 |
Troubled debt restructurings | 34,683 | 21,648 |
Commercial | Commercial & Industrial (C&I) | Asset-based lending | ||
Non-Performing loans: | ||
Non accrual loans | 3,281 | 0 |
Total portfolio loans | 792,935 | 797,570 |
TDRs, Current | 0 | |
TDRs, Non-accrual | 1,276 | |
Troubled debt restructurings | 1,276 | |
Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Non-Performing loans: | ||
Non accrual loans | 881 | 0 |
Total portfolio loans | 227,452 | 268,609 |
Commercial | Commercial & Industrial (C&I) | Warehouse lending | ||
Non-Performing loans: | ||
Total portfolio loans | 782,646 | 723,335 |
Commercial | Commercial & Industrial (C&I) | Factored receivables | ||
Non-Performing loans: | ||
Total portfolio loans | 258,383 | 220,551 |
Commercial | Commercial & Industrial (C&I) | Equipment financing | ||
Non-Performing loans: | ||
Non accrual loans | 12,221 | 8,099 |
Total portfolio loans | 1,215,042 | 679,541 |
TDRs, Current | 1,905 | 898 |
TDRs, Non-accrual | 2,367 | 826 |
Troubled debt restructurings | 4,281 | 1,724 |
Commercial | Commercial & Industrial (C&I) | Public sector finance | ||
Non-Performing loans: | ||
Total portfolio loans | 860,746 | 637,767 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Equipment financing | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Equipment financing | ||
Non-Performing loans: | ||
Troubled debt restructurings | 9 | 0 |
Commercial | Commercial & Industrial (C&I) | 90 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | |
Commercial | Commercial & Industrial (C&I) | 90 days past due | Equipment financing | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | ||
Non-Performing loans: | ||
Total portfolio loans | 9,674,295 | 9,281,211 |
Commercial | Commercial mortgage | CRE | ||
Non-Performing loans: | ||
Non accrual loans | 33,012 | 21,720 |
Total portfolio loans | 4,642,417 | 4,138,864 |
TDRs, Current | 11,071 | 2,921 |
TDRs, Non-accrual | 7,112 | 115 |
Troubled debt restructurings | 18,183 | 3,036 |
Commercial | Commercial mortgage | ADC | ||
Non-Performing loans: | ||
Non accrual loans | 0 | 4,205 |
Total portfolio loans | 267,754 | 282,792 |
TDRs, Current | 0 | 1,495 |
TDRs, Non-accrual | 0 | 4,205 |
Troubled debt restructurings | 434 | 5,700 |
Commercial | Commercial mortgage | 30-59 days past due | CRE | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 30-59 days past due | ADC | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 60-89 days past due | CRE | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 60-89 days past due | ADC | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 90 days past due | CRE | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 90 days past due | ADC | ||
Non-Performing loans: | ||
Troubled debt restructurings | 434 | 0 |
Residential mortgage | ||
Non-Performing loans: | ||
TDRs, Current | 5,688 | |
TDRs, Non-accrual | 2,312 | |
Residential mortgage | Residential mortgage | ||
Non-Performing loans: | ||
Total portfolio loans | 2,705,226 | 5,054,732 |
Residential mortgage | 30-59 days past due | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | |
Residential mortgage | 60-89 days past due | ||
Non-Performing loans: | ||
Troubled debt restructurings | 103 | |
Residential mortgage | 90 days past due | ||
Non-Performing loans: | ||
Troubled debt restructurings | 0 | |
Consumer | Consumer | ||
Non-Performing loans: | ||
Non accrual loans | 10,045 | 10,284 |
Total portfolio loans | 305,623 | 366,219 |
TDRs, Current | 7,217 | 2,142 |
TDRs, Non-accrual | 208 | 286 |
Troubled debt restructurings | 7,925 | 2,481 |
Consumer | 30-59 days past due | Consumer | ||
Non-Performing loans: | ||
Troubled debt restructurings | 215 | 53 |
Consumer | 60-89 days past due | Consumer | ||
Non-Performing loans: | ||
Troubled debt restructurings | 69 | 0 |
Consumer | 90 days past due | Consumer | ||
Non-Performing loans: | ||
Troubled debt restructurings | 216 | 0 |
Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Non-Performing loans: | ||
Non accrual loans | 2,681 | 4,449 |
Total portfolio loans | 4,764,124 | 4,859,555 |
Acquired loans | ||
Non-Performing loans: | ||
Current loans | 6,241,881 | 9,254,658 |
Non accrual loans | 45,168 | 99,281 |
Total portfolio loans | 6,335,875 | 9,381,237 |
TDRs, Current | 0 | 0 |
TDRs, Non-accrual | 0 | 0 |
Troubled debt restructurings | 0 | 0 |
Acquired loans | Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 45,168 | 99,281 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 645 | 145 |
Total non-performing loans | 45,813 | 99,426 |
Acquired loans | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 36,614 | 19,191 |
Troubled debt restructurings | 0 | 0 |
Acquired loans | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 11,567 | 7,962 |
Troubled debt restructurings | 0 | 0 |
Acquired loans | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 645 | 145 |
Troubled debt restructurings | 0 | 0 |
Acquired loans | Commercial | ||
Non-Performing loans: | ||
Total portfolio loans | 4,100,308 | 4,669,810 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | ||
Non-Performing loans: | ||
Total portfolio loans | 376,342 | 322,852 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 69,690 | 270,318 |
Non accrual loans | 0 | 11 |
Total portfolio loans | 75,051 | 270,636 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Asset-based lending | ||
Non-Performing loans: | ||
Current loans | 37,475 | |
Non accrual loans | 0 | |
Total portfolio loans | 0 | 37,475 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Warehouse lending | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Factored receivables | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Equipment financing | ||
Non-Performing loans: | ||
Current loans | 288,447 | 14,658 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 301,291 | 14,741 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | Public sector finance | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 5,256 | 268 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 8,659 | 10 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 105 | 39 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 3,998 | 73 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | |
Acquired loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 187 | 0 |
Acquired loans | Commercial | Commercial mortgage | ||
Non-Performing loans: | ||
Total portfolio loans | 3,723,966 | 4,346,958 |
Acquired loans | Commercial | Commercial mortgage | CRE | ||
Non-Performing loans: | ||
Current loans | 481,583 | 651,569 |
Non accrual loans | 5,043 | 8,355 |
Total portfolio loans | 487,461 | 662,034 |
Acquired loans | Commercial | Commercial mortgage | ADC | ||
Non-Performing loans: | ||
Total portfolio loans | 0 | 0 |
Acquired loans | Commercial | Commercial mortgage | 30-59 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 377 | 436 |
Acquired loans | Commercial | Commercial mortgage | 60-89 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 0 | 1,674 |
Acquired loans | Commercial | Commercial mortgage | 90 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 458 | 0 |
Acquired loans | Residential mortgage | ||
Non-Performing loans: | ||
Non accrual loans | 36,168 | 83,717 |
Acquired loans | Residential mortgage | Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 2,022,340 | 4,416,909 |
Total portfolio loans | 2,083,755 | 4,522,001 |
Acquired loans | Residential mortgage | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 18,734 | 15,975 |
Acquired loans | Residential mortgage | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 6,513 | 5,350 |
Acquired loans | Residential mortgage | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 0 | 50 |
Acquired loans | Consumer | Consumer | ||
Non-Performing loans: | ||
Current loans | 146,042 | 183,019 |
Non accrual loans | 2,967 | 3,583 |
Total portfolio loans | 151,812 | 189,426 |
Acquired loans | Consumer | 30-59 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,852 | 2,250 |
Acquired loans | Consumer | 60-89 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 951 | 479 |
Acquired loans | Consumer | 90 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 0 | 95 |
Acquired loans | Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Non-Performing loans: | ||
Current loans | 3,233,779 | 3,680,710 |
Non accrual loans | 990 | 3,615 |
Total portfolio loans | 3,236,505 | 3,684,924 |
Acquired loans | Multi-family | Commercial | Commercial mortgage | 30-59 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 1,736 | 252 |
Acquired loans | Multi-family | Commercial | Commercial mortgage | 60-89 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 0 | 347 |
Acquired loans | Multi-family | Commercial | Commercial mortgage | 90 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | ||
Non-Performing loans: | ||
Current loans | 12,710,626 | 10,513,579 |
Non accrual loans | 121,232 | 87,076 |
Total portfolio loans | 12,882,655 | 10,627,746 |
TDRs, Current | 34,892 | 13,175 |
TDRs, Non-accrual | 38,947 | 29,325 |
Troubled debt restructurings | 74,885 | 42,889 |
Originated loans | Nonperforming loans | ||
Non-Performing loans: | ||
Non accrual loans | 121,232 | 87,076 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 1,777 | 711 |
Total non-performing loans | 123,009 | 87,787 |
Originated loans | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 39,165 | 18,962 |
Troubled debt restructurings | 215 | 389 |
Originated loans | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 9,855 | 7,418 |
Troubled debt restructurings | 181 | 0 |
Originated loans | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 1,777 | 711 |
Troubled debt restructurings | 650 | 0 |
Originated loans | Commercial | ||
Non-Performing loans: | ||
Total portfolio loans | 12,107,373 | 9,918,222 |
Originated loans | Commercial | Commercial & Industrial (C&I) | ||
Non-Performing loans: | ||
Total portfolio loans | 6,157,044 | 4,983,969 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Non-Performing loans: | ||
Current loans | 2,266,947 | 1,670,069 |
Non accrual loans | 42,298 | 37,631 |
Total portfolio loans | 2,321,131 | 1,708,812 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Asset-based lending | ||
Non-Performing loans: | ||
Current loans | 789,654 | 760,095 |
Non accrual loans | 3,281 | 0 |
Total portfolio loans | 792,935 | 760,095 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Non-Performing loans: | ||
Current loans | 226,571 | 268,609 |
Non accrual loans | 881 | 0 |
Total portfolio loans | 227,452 | 268,609 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Warehouse lending | ||
Non-Performing loans: | ||
Current loans | 782,646 | 723,335 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 782,646 | 723,335 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Factored receivables | ||
Non-Performing loans: | ||
Current loans | 258,383 | 220,551 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 258,383 | 220,551 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Equipment financing | ||
Non-Performing loans: | ||
Current loans | 879,468 | 652,425 |
Non accrual loans | 12,221 | 8,099 |
Total portfolio loans | 913,751 | 664,800 |
Originated loans | Commercial | Commercial & Industrial (C&I) | Public sector finance | ||
Non-Performing loans: | ||
Current loans | 860,746 | 637,767 |
Non accrual loans | 0 | 0 |
Total portfolio loans | 860,746 | 637,767 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 5,747 | 964 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 20,466 | 1,133 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 6,139 | 148 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 1,587 | 3,143 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Traditional C&I | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Asset-based lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Payroll finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Warehouse lending | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Factored receivables | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Equipment financing | ||
Non-Performing loans: | ||
Past due loans | 9 | 0 |
Originated loans | Commercial | Commercial & Industrial (C&I) | 90 days past due | Public sector finance | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial mortgage | ||
Non-Performing loans: | ||
Total portfolio loans | 5,950,329 | 4,934,253 |
Originated loans | Commercial | Commercial mortgage | CRE | ||
Non-Performing loans: | ||
Current loans | 4,118,134 | 3,452,604 |
Non accrual loans | 27,969 | 13,365 |
Total portfolio loans | 4,154,956 | 3,476,830 |
Originated loans | Commercial | Commercial mortgage | ADC | ||
Non-Performing loans: | ||
Current loans | 267,090 | 278,587 |
Non accrual loans | 0 | 4,205 |
Total portfolio loans | 267,754 | 282,792 |
Originated loans | Commercial | Commercial mortgage | 30-59 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 8,054 | 7,967 |
Originated loans | Commercial | Commercial mortgage | 30-59 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 230 | 0 |
Originated loans | Commercial | Commercial mortgage | 60-89 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 0 | 2,457 |
Originated loans | Commercial | Commercial mortgage | 60-89 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 0 | 0 |
Originated loans | Commercial | Commercial mortgage | 90 days past due | CRE | ||
Non-Performing loans: | ||
Past due loans | 799 | 437 |
Originated loans | Commercial | Commercial mortgage | 90 days past due | ADC | ||
Non-Performing loans: | ||
Past due loans | 434 | 0 |
Originated loans | Residential mortgage | ||
Non-Performing loans: | ||
Non accrual loans | 25,813 | |
Originated loans | Residential mortgage | Residential mortgage | ||
Non-Performing loans: | ||
Current loans | 592,563 | 509,087 |
Non accrual loans | 16,241 | |
Total portfolio loans | 621,471 | 532,731 |
Originated loans | Residential mortgage | 30-59 days past due | ||
Non-Performing loans: | ||
Past due loans | 1,934 | |
Originated loans | Residential mortgage | 30-59 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 6,441 | |
Originated loans | Residential mortgage | 60-89 days past due | ||
Non-Performing loans: | ||
Past due loans | 897 | |
Originated loans | Residential mortgage | 60-89 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 688 | |
Originated loans | Residential mortgage | 90 days past due | ||
Non-Performing loans: | ||
Past due loans | 264 | |
Originated loans | Residential mortgage | 90 days past due | Residential mortgage | ||
Non-Performing loans: | ||
Past due loans | 274 | |
Originated loans | Consumer | Consumer | ||
Non-Performing loans: | ||
Current loans | 143,510 | 167,483 |
Non accrual loans | 7,078 | 6,701 |
Total portfolio loans | 153,811 | 176,793 |
Originated loans | Consumer | 30-59 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,720 | 2,114 |
Originated loans | Consumer | 60-89 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 1,232 | 495 |
Originated loans | Consumer | 90 days past due | Consumer | ||
Non-Performing loans: | ||
Past due loans | 271 | 0 |
Originated loans | Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Non-Performing loans: | ||
Current loans | 1,524,914 | 1,172,967 |
Non accrual loans | 1,691 | 834 |
Total portfolio loans | 1,527,619 | 1,174,631 |
Originated loans | Multi-family | Commercial | Commercial mortgage | 30-59 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 1,014 | 343 |
Originated loans | Multi-family | Commercial | Commercial mortgage | 60-89 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | 0 | 487 |
Originated loans | Multi-family | Commercial | Commercial mortgage | 90 days past due | Real estate loan | ||
Non-Performing loans: | ||
Past due loans | $ 0 | $ 0 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 166,400 | $ 186,357 |
Non-accrual loans, unpaid principal balance | 198,371 | 205,699 |
Receivables without deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 113,080 | 85,990 |
Receivables acquired with deteriorated credit quality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 53,320 | 100,367 |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 42,298 | 37,642 |
Non-accrual loans, unpaid principal balance | 50,651 | 37,853 |
Commercial | Commercial & Industrial (C&I) | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 3,281 | 0 |
Non-accrual loans, unpaid principal balance | 3,859 | 0 |
Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 881 | 0 |
Non-accrual loans, unpaid principal balance | 881 | 0 |
Commercial | Commercial & Industrial (C&I) | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 12,221 | 8,099 |
Non-accrual loans, unpaid principal balance | 15,744 | 8,099 |
Commercial | Commercial & Industrial (C&I) | Receivables without deteriorated credit quality | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 41,625 | 37,631 |
Commercial | Commercial & Industrial (C&I) | Receivables without deteriorated credit quality | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 3,281 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables without deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 881 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables without deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 12,221 | 8,099 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 673 | 11 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Commercial | Commercial mortgage | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 33,012 | 21,720 |
Non-accrual loans, unpaid principal balance | 39,440 | 25,739 |
Commercial | Commercial mortgage | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 4,205 |
Non-accrual loans, unpaid principal balance | 0 | 4,205 |
Commercial | Commercial mortgage | Receivables without deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 23,675 | 12,593 |
Commercial | Commercial mortgage | Receivables without deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 4,205 |
Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 9,337 | 9,127 |
Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 0 | 0 |
Residential mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 61,981 | 99,958 |
Non-accrual loans, unpaid principal balance | 72,706 | 113,002 |
Residential mortgage | Receivables without deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 24,339 | 15,935 |
Residential mortgage | Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 37,642 | 84,023 |
Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 10,045 | 10,284 |
Non-accrual loans, unpaid principal balance | 12,170 | 12,096 |
Consumer | Receivables without deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 6,576 | 6,693 |
Consumer | Receivables acquired with deteriorated credit quality | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 3,469 | 3,591 |
Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 2,681 | 4,449 |
Non-accrual loans, unpaid principal balance | 2,920 | 4,705 |
Multi-family | Commercial | Commercial mortgage | Receivables without deteriorated credit quality | Real estate loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | 482 | 834 |
Multi-family | Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | Real estate loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non accrual loans | $ 2,199 | $ 3,615 |
Portfolio Loans - Loans Evaluat
Portfolio Loans - Loans Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans evaluated by segment | ||
Individually evaluated for impairment | $ 100,998 | $ 60,862 |
Collectively evaluated for impairment | 18,977,737 | 19,721,509 |
Total portfolio loans | 19,218,530 | 20,008,983 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 95,677 | 77,907 |
Total allowance for loan losses | 95,677 | 77,907 |
Receivables acquired with deteriorated credit quality | ||
Loans evaluated by segment | ||
PCI loans | 139,795 | 226,612 |
Commercial | ||
Loans evaluated by segment | ||
Total portfolio loans | 16,207,681 | 14,588,032 |
Commercial | Receivables acquired with deteriorated credit quality | Traditional C&I | ||
Loans evaluated by segment | ||
PCI loans | 9,015 | 10,372 |
Commercial | Receivables acquired with deteriorated credit quality | ADC | ||
Loans evaluated by segment | ||
PCI loans | 0 | 262 |
Commercial | Commercial & Industrial (C&I) | ||
Loans evaluated by segment | ||
Total portfolio loans | 6,533,386 | 5,306,821 |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 48,735 | 35,921 |
Collectively evaluated for impairment | 2,338,432 | 1,933,155 |
Total portfolio loans | 2,396,182 | 1,979,448 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 14,201 | 19,072 |
Total allowance for loan losses | 14,201 | 19,072 |
Commercial | Commercial & Industrial (C&I) | Asset-based lending | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 3,281 | 0 |
Collectively evaluated for impairment | 789,654 | 797,570 |
Total portfolio loans | 792,935 | 797,570 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 7,979 | 6,625 |
Total allowance for loan losses | 7,979 | 6,625 |
Commercial | Commercial & Industrial (C&I) | Payroll finance | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 227,452 | 268,609 |
Total portfolio loans | 227,452 | 268,609 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 2,738 | 1,565 |
Total allowance for loan losses | 2,738 | 1,565 |
Commercial | Commercial & Industrial (C&I) | Warehouse lending | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 782,646 | 723,335 |
Total portfolio loans | 782,646 | 723,335 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 2,800 | 3,705 |
Total allowance for loan losses | 2,800 | 3,705 |
Commercial | Commercial & Industrial (C&I) | Factored receivables | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 258,383 | 220,551 |
Total portfolio loans | 258,383 | 220,551 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,064 | 1,395 |
Total allowance for loan losses | 1,064 | 1,395 |
Commercial | Commercial & Industrial (C&I) | Equipment financing | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 3,577 | 5,341 |
Collectively evaluated for impairment | 1,211,465 | 674,200 |
Total portfolio loans | 1,215,042 | 679,541 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 12,450 | 4,862 |
Total allowance for loan losses | 12,450 | 4,862 |
Commercial | Commercial & Industrial (C&I) | Public sector finance | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 860,746 | 637,767 |
Total portfolio loans | 860,746 | 637,767 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,739 | 1,797 |
Total allowance for loan losses | 1,739 | 1,797 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Traditional C&I | ||
Loans evaluated by segment | ||
PCI loans | 9,015 | 10,372 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Asset-based lending | ||
Loans evaluated by segment | ||
PCI loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Payroll finance | ||
Loans evaluated by segment | ||
PCI loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Warehouse lending | ||
Loans evaluated by segment | ||
PCI loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Factored receivables | ||
Loans evaluated by segment | ||
PCI loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Equipment financing | ||
Loans evaluated by segment | ||
PCI loans | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Receivables acquired with deteriorated credit quality | Public sector finance | ||
Loans evaluated by segment | ||
PCI loans | 0 | 0 |
Commercial | Commercial mortgage | ||
Loans evaluated by segment | ||
Total portfolio loans | 9,674,295 | 9,281,211 |
Commercial | Commercial mortgage | CRE | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 33,284 | 9,663 |
Collectively evaluated for impairment | 4,581,911 | 4,090,143 |
Total portfolio loans | 4,642,417 | 4,138,864 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 32,285 | 24,945 |
Total allowance for loan losses | 32,285 | 24,945 |
Commercial | Commercial mortgage | ADC | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 0 | 5,208 |
Collectively evaluated for impairment | 267,754 | 277,322 |
Total portfolio loans | 267,754 | 282,792 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 1,769 | 1,680 |
Total allowance for loan losses | 1,769 | 1,680 |
Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | CRE | ||
Loans evaluated by segment | ||
PCI loans | 27,222 | 39,058 |
Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | ADC | ||
Loans evaluated by segment | ||
PCI loans | 0 | 262 |
Residential mortgage | Residential mortgage | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 3,210 | 0 |
Collectively evaluated for impairment | 2,614,046 | 4,903,218 |
Total portfolio loans | 2,705,226 | 5,054,732 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 7,454 | 5,819 |
Total allowance for loan losses | 7,454 | 5,819 |
Residential mortgage | Receivables acquired with deteriorated credit quality | Residential mortgage | ||
Loans evaluated by segment | ||
PCI loans | 87,970 | 151,514 |
Consumer | Consumer | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 7,249 | 3,132 |
Collectively evaluated for impairment | 290,336 | 352,741 |
Total portfolio loans | 305,623 | 366,219 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 2,843 | 3,181 |
Total allowance for loan losses | 2,843 | 3,181 |
Consumer | Receivables acquired with deteriorated credit quality | Consumer | ||
Loans evaluated by segment | ||
PCI loans | 8,038 | 10,346 |
Multi-family | Commercial | Commercial mortgage | Real estate loan | ||
Loans evaluated by segment | ||
Individually evaluated for impairment | 1,662 | 1,597 |
Collectively evaluated for impairment | 4,754,912 | 4,842,898 |
Total portfolio loans | 4,764,124 | 4,859,555 |
Allowance evaluated by segment | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 8,355 | 3,261 |
Total allowance for loan losses | 8,355 | 3,261 |
Multi-family | Commercial | Commercial mortgage | Receivables acquired with deteriorated credit quality | Real estate loan | ||
Loans evaluated by segment | ||
PCI loans | $ 7,550 | $ 15,060 |
Portfolio Loans - Accretable Yi
Portfolio Loans - Accretable Yield Discount for PCI Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of year | $ 45,582 | $ 11,117 | $ 11,211 |
Acquisition | 0 | 46,111 | 2,200 |
Accretion | (8,006) | (5,016) | (2,139) |
Charge-offs | (5,478) | (2,452) | (2,798) |
Disposals | (15,072) | (2,000) | 0 |
Reclassifications to non-accretable difference | (94) | (2,178) | |
Reclassification from non-accretable difference | 2,643 | ||
Balance at end of year | $ 16,932 | $ 45,582 | $ 11,117 |
Portfolio Loans - PCI Loans Sep
Portfolio Loans - PCI Loans Separated by Whether or Not Subject to Accretion (Details) - Receivables acquired with deteriorated credit quality - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | $ 134,593 | $ 218,620 |
PCI loans under cost recovery method (non-accrual) | 5,202 | 7,992 |
Total PCI loans | 139,795 | 226,612 |
Commercial | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 5,376 | 6,361 |
PCI loans under cost recovery method (non-accrual) | 3,639 | 4,011 |
Total PCI loans | 9,015 | 10,372 |
Commercial | CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 26,319 | 36,100 |
PCI loans under cost recovery method (non-accrual) | 903 | 2,958 |
Total PCI loans | 27,222 | 39,058 |
Commercial | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 7,550 | 15,060 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 7,550 | 15,060 |
Commercial | ADC | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 0 | 262 |
PCI loans under cost recovery method (non-accrual) | 0 | 0 |
Total PCI loans | 0 | 262 |
Residential mortgage | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 87,970 | 151,200 |
PCI loans under cost recovery method (non-accrual) | 0 | 314 |
Total PCI loans | 87,970 | 151,514 |
Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans subject to accretion | 7,378 | 9,637 |
PCI loans under cost recovery method (non-accrual) | 660 | 709 |
Total PCI loans | $ 8,038 | $ 10,346 |
Portfolio Loans - Loans Individ
Portfolio Loans - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
With no related allowance recorded: | |||
Unpaid principal balance | $ 128,228 | $ 62,080 | |
Recorded investment | 100,998 | 60,862 | |
Average recorded investment | 80,030 | 51,356 | $ 48,909 |
Interest income recognized | 1,915 | 1,105 | 186 |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | |||
With no related allowance recorded: | |||
Unpaid principal balance | 64,653 | 36,408 | |
Recorded investment | 48,735 | 35,921 | |
Average recorded investment | 38,242 | 26,413 | 25,508 |
Interest income recognized | 1,073 | 460 | 22 |
Commercial | Commercial & Industrial (C&I) | Asset-based lending | |||
With no related allowance recorded: | |||
Unpaid principal balance | 3,859 | 0 | |
Recorded investment | 3,281 | 0 | |
Average recorded investment | 9,440 | 0 | 0 |
Interest income recognized | 0 | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Payroll finance | |||
With no related allowance recorded: | |||
Average recorded investment | 0 | 0 | 71 |
Interest income recognized | 0 | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | Equipment financing | |||
With no related allowance recorded: | |||
Unpaid principal balance | 3,577 | 5,341 | |
Recorded investment | 3,577 | 5,341 | |
Average recorded investment | 965 | 4,004 | 1,275 |
Interest income recognized | 0 | 0 | 0 |
Commercial | Commercial mortgage | CRE | |||
With no related allowance recorded: | |||
Unpaid principal balance | 43,119 | 10,128 | |
Recorded investment | 33,284 | 9,663 | |
Average recorded investment | 23,671 | 11,808 | 13,625 |
Interest income recognized | 777 | 374 | 133 |
Commercial | Commercial mortgage | ADC | |||
With no related allowance recorded: | |||
Unpaid principal balance | 0 | 5,474 | |
Recorded investment | 0 | 5,208 | |
Average recorded investment | 0 | 5,687 | 6,132 |
Interest income recognized | 0 | 206 | 31 |
Residential mortgage | Residential mortgage | |||
With no related allowance recorded: | |||
Unpaid principal balance | 3,430 | 0 | |
Recorded investment | 3,210 | 0 | |
Average recorded investment | 1,751 | 1,068 | 768 |
Interest income recognized | 0 | 0 | 0 |
Consumer | Consumer | |||
With no related allowance recorded: | |||
Unpaid principal balance | 7,249 | 3,132 | |
Recorded investment | 7,249 | 3,132 | |
Average recorded investment | 4,248 | 1,977 | 1,530 |
Interest income recognized | 0 | 0 | 0 |
Multi-family | Commercial | Commercial mortgage | Real estate loan | |||
With no related allowance recorded: | |||
Unpaid principal balance | 2,341 | 1,597 | |
Recorded investment | 1,662 | 1,597 | |
Average recorded investment | 1,713 | 399 | 0 |
Interest income recognized | $ 65 | $ 65 | $ 0 |
Portfolio Loans - Past Due Stat
Portfolio Loans - Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Modifications [Line Items] | ||
Current loans | $ 34,892 | $ 13,175 |
Troubled debt restructurings | 74,885 | 42,889 |
Non-accrual | 38,947 | 29,325 |
30-59 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 215 | 389 |
60-89 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 181 | 0 |
90 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 650 | 0 |
Commercial | Commercial & Industrial (C&I) | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 9,011 | 565 |
Troubled debt restructurings | 34,683 | 21,648 |
Non-accrual | 25,672 | 21,083 |
Commercial | Commercial & Industrial (C&I) | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 0 | |
Troubled debt restructurings | 1,276 | |
Non-accrual | 1,276 | |
Commercial | Commercial & Industrial (C&I) | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 1,905 | 898 |
Troubled debt restructurings | 4,281 | 1,724 |
Non-accrual | 2,367 | 826 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Commercial | Commercial & Industrial (C&I) | 30-59 days past due | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Commercial | Commercial & Industrial (C&I) | 60-89 days past due | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 9 | 0 |
Commercial | Commercial & Industrial (C&I) | 90 days past due | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial & Industrial (C&I) | 90 days past due | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Commercial | Commercial & Industrial (C&I) | 90 days past due | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 11,071 | 2,921 |
Troubled debt restructurings | 18,183 | 3,036 |
Non-accrual | 7,112 | 115 |
Commercial | Commercial mortgage | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 0 | 1,495 |
Troubled debt restructurings | 434 | 5,700 |
Non-accrual | 0 | 4,205 |
Commercial | Commercial mortgage | 30-59 days past due | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 30-59 days past due | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 60-89 days past due | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 60-89 days past due | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 90 days past due | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | 0 |
Commercial | Commercial mortgage | 90 days past due | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 434 | 0 |
Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,688 | |
Non-accrual | 2,312 | |
Residential mortgage | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 5,154 | |
Troubled debt restructurings | 8,300 | |
Non-accrual | 2,810 | |
Residential mortgage | 30-59 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Residential mortgage | 30-59 days past due | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 336 | |
Residential mortgage | 60-89 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 103 | |
Residential mortgage | 60-89 days past due | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Residential mortgage | 90 days past due | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Residential mortgage | 90 days past due | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 0 | |
Consumer | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Current loans | 7,217 | 2,142 |
Troubled debt restructurings | 7,925 | 2,481 |
Non-accrual | 208 | 286 |
Consumer | 30-59 days past due | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 215 | 53 |
Consumer | 60-89 days past due | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | 69 | 0 |
Consumer | 90 days past due | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings | $ 216 | $ 0 |
Portfolio Loans - Troubled Debt
Portfolio Loans - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 23 | 11 |
Recorded investment, Pre-modification | $ 49,264 | $ 30,407 |
Recorded investment, Post-modification | $ 47,240 | $ 30,079 |
Residential mortgage | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 11 | 4 |
Recorded investment, Pre-modification | $ 1,684 | $ 1,140 |
Recorded investment, Post-modification | $ 1,367 | $ 1,033 |
Consumer | Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 2 | 0 |
Recorded investment, Pre-modification | $ 5,160 | $ 0 |
Recorded investment, Post-modification | $ 5,160 | $ 0 |
Commercial & Industrial (C&I) | Commercial | Traditional C&I | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 1 |
Recorded investment, Pre-modification | $ 25,072 | $ 23,188 |
Recorded investment, Post-modification | $ 23,943 | $ 23,188 |
Commercial & Industrial (C&I) | Commercial | Asset-based lending | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 1 | 0 |
Recorded investment, Pre-modification | $ 1,854 | $ 0 |
Recorded investment, Post-modification | $ 1,276 | $ 0 |
Commercial & Industrial (C&I) | Commercial | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 4 | 3 |
Recorded investment, Pre-modification | $ 3,307 | $ 3,558 |
Recorded investment, Post-modification | $ 3,307 | $ 3,337 |
Commercial mortgage | Commercial | CRE | ||
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 mortgage | Commercial | ADC | ||
Financing Receivable, Modifications [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 797 |
Recorded investment, Post-modification | $ 0 | $ 797 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowance Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | $ 77,907 | $ 63,622 | $ 50,145 |
Charge-offs | (32,076) | (14,185) | (8,953) |
Recoveries | 3,846 | 2,470 | 2,430 |
Net charge-offs | (28,230) | (11,715) | (6,523) |
Provision | 46,000 | 26,000 | 20,000 |
Ending balance | $ 95,677 | $ 77,907 | $ 63,622 |
Annualized net charge-offs to average loans outstanding | 0.14% | 0.10% | 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 balance | $ 19,072 | $ 12,864 | $ 9,953 |
Charge-offs | (9,270) | (5,489) | (1,707) |
Recoveries | 1,080 | 1,142 | 999 |
Net charge-offs | (8,190) | (4,347) | (708) |
Provision | 3,319 | 10,555 | 3,619 |
Ending balance | 14,201 | 19,072 | 12,864 |
Asset-based lending | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 6,625 | 3,316 | 2,762 |
Charge-offs | (4,936) | 0 | 0 |
Recoveries | 9 | 5 | 62 |
Net charge-offs | (4,927) | 5 | 62 |
Provision | 6,281 | 3,304 | 492 |
Ending balance | 7,979 | 6,625 | 3,316 |
Payroll finance | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,565 | 951 | 1,936 |
Charge-offs | (337) | (188) | (28) |
Recoveries | 43 | 6 | 32 |
Net charge-offs | (294) | (182) | 4 |
Provision | 1,467 | 796 | (989) |
Ending balance | 2,738 | 1,565 | 951 |
Warehouse lending | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 3,705 | 1,563 | 589 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 |
Provision | (905) | 2,142 | 974 |
Ending balance | 2,800 | 3,705 | 1,563 |
Factored receivables | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,395 | 1,669 | 1,457 |
Charge-offs | (205) | (982) | (1,200) |
Recoveries | 15 | 23 | 61 |
Net charge-offs | (190) | (959) | (1,139) |
Provision | (141) | 685 | 1,351 |
Ending balance | 1,064 | 1,395 | 1,669 |
Equipment financing | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 4,862 | 5,039 | 4,925 |
Charge-offs | (8,565) | (3,165) | (1,982) |
Recoveries | 951 | 387 | 560 |
Net charge-offs | (7,614) | (2,778) | (1,422) |
Provision | 15,202 | 2,601 | 1,536 |
Ending balance | 12,450 | 4,862 | 5,039 |
Public sector finance | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,797 | 1,062 | 547 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Net charge-offs | 0 | 0 | 0 |
Provision | (58) | 735 | 515 |
Ending balance | 1,739 | 1,797 | 1,062 |
CRE | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 24,945 | 20,466 | 11,461 |
Charge-offs | (4,935) | (2,379) | (959) |
Recoveries | 888 | 163 | 353 |
Net charge-offs | (4,047) | (2,216) | (606) |
Provision | 11,387 | 6,695 | 9,611 |
Ending balance | 32,285 | 24,945 | 20,466 |
Multi-family | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 3,261 | 4,991 | 5,141 |
Charge-offs | (308) | 0 | (417) |
Recoveries | 283 | 0 | 2 |
Net charge-offs | (25) | 0 | (415) |
Provision | 5,119 | (1,730) | 265 |
Ending balance | 8,355 | 3,261 | 4,991 |
ADC | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,680 | 1,931 | 2,009 |
Charge-offs | (721) | (27) | 0 |
Recoveries | 0 | 269 | 104 |
Net charge-offs | (721) | 242 | 104 |
Provision | 810 | (493) | (182) |
Ending balance | 1,769 | 1,680 | 1,931 |
Residential mortgage | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 5,819 | 5,864 | 5,007 |
Charge-offs | (1,391) | (860) | (1,045) |
Recoveries | 64 | 161 | 30 |
Net charge-offs | (1,327) | (699) | (1,015) |
Provision | 2,962 | 654 | 1,872 |
Ending balance | 7,454 | 5,819 | 5,864 |
Consumer | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 3,181 | 3,906 | 4,358 |
Charge-offs | (1,408) | (1,095) | (1,615) |
Recoveries | 513 | 314 | 227 |
Net charge-offs | (895) | (781) | (1,388) |
Provision | 557 | 56 | 936 |
Ending balance | $ 2,843 | $ 3,181 | $ 3,906 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans acquired transferred to originated | $ 16,555,000 | $ 5,341,000 |
Maximum loan balance for credit risk to be evaluated on a homogeneous basis | 500,000 | |
Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans acquired transferred to originated | 51,282,000 | 18,415,000 |
PCI loans | 113,180,000 | 136,558,000 |
Special Mention | Warehouse lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 2,164,000 | 1,043,000 |
Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 12,102,000 | 7,453,000 |
Special Mention | Public sector finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans acquired transferred to originated | 95,575,000 | 26,526,000 |
PCI loans | 266,047,000 | 232,491,000 |
Substandard | Warehouse lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 10,465,000 | 10,507,000 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 52,031,000 | 53,915,000 |
Substandard | Public sector finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Doubtful | Warehouse lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 19,000 | |
Doubtful | Public sector finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Unlikely to be Collected Financing Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 0 | 0 |
Originated loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans acquired transferred to originated | 1,365,682,000 | 1,331,648,000 |
Originated loans | Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 89,955,000 | 82,557,000 |
Originated loans | Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 1,919,000 | 762,000 |
Originated loans | Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 12,003,000 | 4,677,000 |
Originated loans | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 214,578,000 | 119,209,000 |
Originated loans | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 7,223,000 | 6,835,000 |
Originated loans | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 51,903,000 | 53,731,000 |
Originated loans | Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 59,000 | |
Originated loans | Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 746,000 | |
Acquired loans | Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 23,225,000 | 54,001,000 |
Acquired loans | Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 245,000 | 281,000 |
Acquired loans | Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 99,000 | 2,776,000 |
Acquired loans | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 51,469,000 | 113,282,000 |
Acquired loans | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | 3,242,000 | 3,672,000 |
Acquired loans | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | $ 128,000 | 184,000 |
Acquired loans | Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
PCI loans | $ 6,000 |
Allowance for Loan Losses - Ris
Allowance for Loan Losses - Risk Category of Gross Loans by Segment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 113,180,000 | $ 136,558,000 |
Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 12,102,000 | 7,453,000 |
Special Mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 14,033,000 | 30,958,000 |
Special Mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 9,682,000 | 15,542,000 |
Special Mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 187,000 |
Special Mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 9,966,000 | 4,093,000 |
Special Mention | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 14,012,000 | 40,438,000 |
Special Mention | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 43,811,000 | 26,602,000 |
Special Mention | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 4,204,000 |
Special Mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 7,410,000 | 6,038,000 |
Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 2,164,000 | 1,043,000 |
Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 266,047,000 | 232,491,000 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 52,031,000 | 53,915,000 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 21,865,000 | 3,835,000 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 17,766,000 | 352,000 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 508,000 | 0 |
Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 21,256,000 | 9,299,000 |
Substandard | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 51,462,000 | 34,529,000 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 24,354,000 | 14,266,000 |
Substandard | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 434,000 | 4,639,000 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 65,906,000 | 101,149,000 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 10,465,000 | 10,507,000 |
Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 19,000 | |
Unlikely to be Collected Financing Receivable | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Originated loans | Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 89,955,000 | 82,557,000 |
Originated loans | Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 12,003,000 | 4,677,000 |
Originated loans | Special Mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 14,033,000 | 30,958,000 |
Originated loans | Special Mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 9,682,000 | 15,542,000 |
Originated loans | Special Mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 187,000 |
Originated loans | Special Mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 9,966,000 | 4,046,000 |
Originated loans | Special Mention | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 3,852,000 | 16,233,000 |
Originated loans | Special Mention | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 33,321,000 | 1,614,000 |
Originated loans | Special Mention | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 4,204,000 |
Originated loans | Special Mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 5,179,000 | 4,334,000 |
Originated loans | Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 1,919,000 | 762,000 |
Originated loans | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 214,578,000 | 119,209,000 |
Originated loans | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 51,903,000 | 53,731,000 |
Originated loans | Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 21,865,000 | 3,835,000 |
Originated loans | Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 17,766,000 | 352,000 |
Originated loans | Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 508,000 | 0 |
Originated loans | Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 21,256,000 | 9,299,000 |
Originated loans | Substandard | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 43,336,000 | 20,717,000 |
Originated loans | Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 20,812,000 | 2,419,000 |
Originated loans | Substandard | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 434,000 | 4,639,000 |
Originated loans | Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 29,475,000 | 17,382,000 |
Originated loans | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 7,223,000 | 6,835,000 |
Originated loans | Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 746,000 | |
Originated loans | Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 59,000 | |
Acquired loans | Special Mention | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 23,225,000 | 54,001,000 |
Acquired loans | Special Mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 99,000 | 2,776,000 |
Acquired loans | Special Mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Special Mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Special Mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Special Mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 47,000 |
Acquired loans | Special Mention | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 10,160,000 | 24,205,000 |
Acquired loans | Special Mention | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 10,490,000 | 24,988,000 |
Acquired loans | Special Mention | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Special Mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 2,231,000 | 1,704,000 |
Acquired loans | Special Mention | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 245,000 | 281,000 |
Acquired loans | Substandard | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 51,469,000 | 113,282,000 |
Acquired loans | Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 128,000 | 184,000 |
Acquired loans | Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Substandard | CRE | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 8,126,000 | 13,812,000 |
Acquired loans | Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 3,542,000 | 11,847,000 |
Acquired loans | Substandard | ADC | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 0 | 0 |
Acquired loans | Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | 36,431,000 | 83,767,000 |
Acquired loans | Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 3,242,000 | 3,672,000 |
Acquired loans | Doubtful | Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Gross loans by segment | $ 6,000 |
Premises and Equipment, Net -_2
Premises and Equipment, Net - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | $ 358,284 | $ 410,201 | |
Accumulated depreciation and amortization | (94,090) | (88,479) | |
Total premises and equipment, net | 264,194 | 321,722 | |
Depreciation and amortization of premises and equipment | 20,349 | 11,670 | $ 8,375 |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | 129,767 | 160,376 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | 108,416 | 127,959 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | 29,704 | 40,442 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total premises and equipment, gross | $ 90,397 | $ 81,424 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) - USD ($) $ in Thousands | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill [Roll Forward] | |||
Beginning of period balance | $ 1,579,891 | $ 696,600 | |
Acquired goodwill | 39,356 | 883,291 | |
Adjustment to provisional goodwill from Astoria Merger | (6,214) | 0 | |
End of period balance | 1,613,033 | $ 1,579,891 | |
Advantage Funding Management Co., Inc. | |||
Goodwill [Roll Forward] | |||
Acquired goodwill | 39,356 | ||
End of period balance | 39 | ||
Astoria Financial Corporation | |||
Goodwill [Roll Forward] | |||
Acquired goodwill | $ 883,291 | ||
Adjustment to provisional goodwill from Astoria Merger | $ (6,214) | ||
End of period balance | $ 185,151 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Balance of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | $ 200,717 | $ 200,717 | |
Accumulated amortization | (71,172) | (47,526) | |
Net intangible assets | 129,545 | 153,191 | |
Amortization of intangible assets | $ 23,646 | 13,008 | $ 12,416 |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 1 year | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 10 years | ||
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | $ 157,959 | 157,959 | |
Accumulated amortization | (53,696) | (31,414) | |
Net intangible assets | 104,263 | 126,545 | |
Customer lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 10,450 | 10,450 | |
Accumulated amortization | (5,710) | (4,596) | |
Net intangible assets | 4,740 | 5,854 | |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 11,808 | 11,808 | |
Accumulated amortization | (11,766) | (11,516) | |
Net intangible assets | 42 | 292 | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross intangible assets | 20,500 | 20,500 | |
Accumulated amortization | 0 | 0 | |
Net intangible assets | $ 20,500 | $ 20,500 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 19,181 |
2,020 | 16,800 |
2,021 | 15,103 |
2,022 | 13,703 |
2,023 | 12,322 |
Thereafter | 31,936 |
Total | $ 109,045 |
Deposits - Deposit Balances (De
Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 4,241,923 | $ 4,080,742 |
Interest bearing demand | 4,207,392 | 3,882,064 |
Savings | 2,382,520 | 2,758,642 |
Money market | 7,905,382 | 7,377,118 |
Certificates of deposit | 2,476,931 | 2,439,638 |
Total deposits | $ 21,214,148 | $ 20,538,204 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Municipal deposits | $ 1,751,670 | $ 1,585,076 |
Cash in excess of FDIC insurance limits | $ 412,562 | $ 371,671 |
Deposits - Remaining Period to
Deposits - Remaining Period to Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Less than one year | $ 1,423,423 | $ 1,270,605 |
One to two years | 711,106 | 525,846 |
Two to three years | 186,225 | 362,233 |
Three to four years | 51,596 | 160,432 |
Four to five years | 104,581 | 120,522 |
Total certificates of deposit | $ 2,476,931 | $ 2,439,638 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 1,157,823 | $ 1,104,214 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 23,742 | 23,820 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 983,889 | 773,804 |
Reciprocal CDARs | ||
List of Company's Brokered deposits | ||
Brokered deposits | 0 | 102,259 |
CDARs one way | ||
List of Company's Brokered deposits | ||
Brokered deposits | 150,192 | $ 204,331 |
Excluded Reciprocal CDARs | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 97,442 |
Borrowings, Senior Notes and _3
Borrowings, Senior Notes and Subordinated Notes - Borrowings and Weighted Average Interest Rates (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 02, 2017 | Mar. 29, 2016 | Jul. 02, 2013 |
By period to maturity: | |||||
Less than one year, amount | $ 3,958,635,000 | $ 2,989,093,000 | |||
Less than one year, rate | 2.48% | 1.69% | |||
One to two years, amount | $ 831,889,000 | $ 775,714,000 | |||
One to two years, rate | 2.28% | 1.79% | |||
Two to three years, amount | $ 250,716,000 | $ 802,650,000 | |||
Two to three years, rate | 2.04% | 2.34% | |||
Three to four years, amount | $ 0 | $ 251,037,000 | |||
Three to four years, rate | 0.00% | 2.04% | |||
Greater than five years, amount | $ 172,943,000 | $ 172,716,000 | |||
Greater than five years, rate | 5.45% | 5.45% | |||
Total borrowings, amount | $ 5,214,183,000 | $ 4,991,210,000 | |||
Total borrowings, rate | 2.52% | 1.96% | |||
FHLB advances and overnight | |||||
By period to maturity: | |||||
Total borrowings, amount | $ 4,838,772,000 | $ 4,510,123,000 | |||
Total borrowings, rate | 2.40% | 1.69% | |||
Repurchase agreements | |||||
By period to maturity: | |||||
Total borrowings, amount | $ 21,338,000 | $ 30,162,000 | |||
Total borrowings, rate | 1.20% | 0.64% | |||
Senior Notes | Senior Note, 5.50% | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 5.50% | 5.50% | |||
By period to maturity: | |||||
Total borrowings, amount | $ 0 | $ 76,805,000 | $ 100,000,000 | ||
Total borrowings, rate | 0.00% | 5.98% | |||
Senior Notes | Senior Notes, 3.50% | |||||
By period to maturity: | |||||
Total borrowings, amount | $ 181,130,000 | $ 201,404,000 | |||
Total borrowings, rate | 3.19% | 3.19% | |||
Interest rate | 3.50% | ||||
Subordinated Notes | |||||
By period to maturity: | |||||
Total borrowings, amount | $ 172,943,000 | $ 172,716,000 | |||
Total borrowings, rate | 5.45% | 5.45% | |||
Interest rate | 5.25% |
Borrowings, Senior Notes and _4
Borrowings, Senior Notes and Subordinated Notes - Narrative (Details) - USD ($) | Sep. 02, 2016 | Mar. 29, 2016 | Jul. 02, 2013 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 02, 2018 | Oct. 02, 2017 |
Debt Instrument [Line Items] | |||||||||
Bank pledged mortgages | $ 8,526,247,000 | $ 8,526,247,000 | $ 9,123,601,000 | ||||||
Increased borrowing capacity by pledging securities | 3,878,427,000 | 3,878,427,000 | |||||||
Long-term debt | $ 5,214,183,000 | $ 5,214,183,000 | $ 4,991,210,000 | ||||||
Effective yield, rate | 2.52% | 2.52% | 1.96% | ||||||
Gain on extinguishment of debt | $ 172,000 | $ 0 | $ (9,729,000) | ||||||
Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchase agreements maturity | 1 day | ||||||||
Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Repurchase agreements maturity | 30 days | ||||||||
Senior Notes | Senior Note, 5.50% | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 100,000,000 | $ 0 | $ 0 | $ 76,805,000 | |||||
Fixed interest rate | 5.50% | 5.50% | |||||||
Private placement discount rate | 1.75% | ||||||||
Effective yield, rate | 0.00% | 0.00% | 5.98% | ||||||
Senior Notes | Senior Notes, 3.50% | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 181,130,000 | $ 181,130,000 | $ 201,404,000 | ||||||
Interest rate | 3.50% | ||||||||
Effective yield, rate | 3.19% | 3.19% | 3.19% | ||||||
Amount of debt redeemed | $ 19,627,000 | ||||||||
Gain on extinguishment of debt | $ 172,000 | ||||||||
Senior Notes | Senior Notes, 3.50% | Astoria Financial Corporation | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt assumed | $ 200,000,000 | ||||||||
Interest rate | 3.50% | ||||||||
Percentage of acquisition date fair value recorded | 100.76% | ||||||||
Effective yield, rate | 3.19% | 3.19% | |||||||
Senior Notes | Senior Notes, 3.50% | Astoria Financial Corporation | Fair value adjustments | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, fair value adjustment | $ 757,000 | $ 757,000 | |||||||
Subordinated Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 172,943,000 | $ 172,943,000 | $ 172,716,000 | ||||||
Private placement discount rate | 1.25% | 1.25% | |||||||
Interest rate | 5.25% | ||||||||
Effective yield, rate | 5.45% | 5.45% | 5.45% | ||||||
Principal amount | $ 65,000,000 | $ 110,000,000 | |||||||
Debt issuance costs | $ 275,000 | $ 500,000 | |||||||
Issue premium | 0.50% | ||||||||
Unamortized discount | $ 2,057,000 | $ 2,057,000 | |||||||
Effective yield | 5.45% | 5.45% | |||||||
Subordinated Notes | Three-month LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread rate | 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 | $ 0 | ||||||
Line of Credit | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread rate | 1.25% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash pledged as collateral for swaps | $ 5,214 | $ 3,523 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
One Month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.29% | |
Other Assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | $ 1,073,353 | $ 621,283 |
Average maturity (in years) | 5 years 10 months 24 days | 5 years 9 months 14 days |
Weighted average fixed rate | 4.65% | 4.28% |
Derivative assets, fair value | $ 18,215 | $ 4,457 |
Other Liabilities | ||
Summary of derivatives | ||
Derivative liabilities, notional amount | $ (1,073,353) | $ (621,283) |
Average maturity (in years) | 5 years 10 months 24 days | 5 years 9 months 14 days |
Weighted average fixed rate | 4.65% | 4.28% |
Derivative liabilities, fair value | $ (13,001) | $ (7,980) |
Third-party interest rate swap | One Month LIBOR | ||
Summary of derivatives | ||
Basis spread | 1.94% | |
Third-party interest rate swap | Other Assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 516,419 | $ 314,754 |
Derivative assets, fair value | 1,963 | 1,155 |
Third-party interest rate swap | Other Liabilities | ||
Summary of derivatives | ||
Derivative liabilities, notional amount | (556,934) | (306,529) |
Derivative liabilities, fair value | (4,351) | $ (4,718) |
Customer interest rate swap | One Month LIBOR | ||
Summary of derivatives | ||
Basis spread | 1.94% | |
Customer interest rate swap | Other Assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 556,934 | $ 306,529 |
Derivative assets, fair value | 16,252 | 3,302 |
Customer interest rate swap | Other Liabilities | ||
Summary of derivatives | ||
Derivative liabilities, notional amount | (516,419) | (314,754) |
Derivative liabilities, fair value | $ (8,650) | $ (3,262) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current income tax expense: | |||||||||||
Federal | $ 44,810 | $ 4,375 | $ 55,418 | ||||||||
State and local | 17,263 | 2,181 | 12,854 | ||||||||
Total current income tax expense | 62,073 | 6,556 | 68,272 | ||||||||
Deferred income tax expense (benefit): | |||||||||||
Federal | 38,661 | 71,536 | (1,069) | ||||||||
State and local | 18,242 | 9,847 | 179 | ||||||||
Total deferred income tax expense (benefit) | 56,903 | 81,383 | (890) | ||||||||
Total income tax expense | $ 30,434 | $ 27,171 | $ 31,915 | $ 29,456 | $ 28,319 | $ 21,592 | $ 20,319 | $ 17,709 | $ 118,976 | $ 87,939 | $ 67,382 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Efftective tax rate reconciliation: | |||||||||||
Tax at federal statutory rate of 21% for 2018 and 35% for 2017 and 2016 | $ 118,908 | $ 63,341 | $ 72,574 | ||||||||
State and local income taxes, net of federal tax benefit | 28,049 | 7,818 | 8,472 | ||||||||
Tax-exempt interest, net of disallowed interest | (19,521) | (18,948) | (11,094) | ||||||||
BOLI income | (3,279) | (2,665) | (1,933) | ||||||||
Non-deductible acquisition related costs | 0 | 2,965 | 0 | ||||||||
Low income housing tax credits | (6,514) | (1,872) | (469) | ||||||||
Equity-based stock compensation benefit | (680) | (1,528) | 0 | ||||||||
FDIC insurance premium limitation | 1,777 | 0 | 0 | ||||||||
Deferred tax adjustment related to reduction in federal income tax rate | $ 40,285 | 0 | 40,285 | 0 | |||||||
Other, net | 236 | (1,457) | (168) | ||||||||
Total income tax expense | $ 30,434 | $ 27,171 | $ 31,915 | $ 29,456 | $ 28,319 | $ 21,592 | $ 20,319 | $ 17,709 | $ 118,976 | $ 87,939 | $ 67,382 |
Effective income tax rate | 21.00% | 48.60% | 32.50% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Allowance for loan losses | $ 25,459 | $ 20,468 |
Deferred compensation | 320 | 315 |
Other accrued compensation and benefits | 10,449 | 22,321 |
Deferred rent | 2,992 | 3,445 |
Intangible assets | 566 | 1,612 |
Other comprehensive loss (securities) | 29,651 | 11,422 |
Other comprehensive loss (defined benefit plans) | 0 | 447 |
Pension expense | 8,202 | 19,576 |
Accrued expenses | 56 | 4,923 |
State NOL carryforward | 10,376 | 15,400 |
AMT credit carryforward | 0 | 4,070 |
Other | 4,009 | 3,237 |
Total deferred tax assets | 92,080 | 107,236 |
Deferred tax liabilities: | ||
Mortgage servicing rights | 2,535 | 2,722 |
Other comprehensive gain (defined benefit plans) | 4,222 | 0 |
Acquisition fair value adjustments | 23,282 | 0 |
Depreciation of premises and equipment | 1,653 | 1,026 |
Deferred loan fees and costs | 4,625 | 5,001 |
Other | 1,773 | 1,154 |
Total deferred tax liabilities | 38,090 | 9,903 |
Net deferred tax asset | $ 53,990 | $ 97,333 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax adjustment related to reduction in federal income tax rate | $ 40,285,000 | $ 0 | $ 40,285,000 | $ 0 |
Adjustment to provisional goodwill from Astoria Merger | (6,214,000) | 0 | ||
Bad debt reserve for tax purposes | 9,313,000 | 9,313,000 | 9,313,000 | |
Provision for federal income tax | 0 | 0 | ||
Deferred tax liability not recognized | 3,260,000 | 1,956,000 | 3,260,000 | |
Unrecognized tax benefits | $ 0 | 0 | $ 0 | |
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforward | 123,589,000 | |||
Operating loss carryforward, subject to expiration | 32,853,000 | |||
Astoria Financial Corporation | ||||
Operating Loss Carryforwards [Line Items] | ||||
Adjustment to provisional goodwill from Astoria Merger | $ (6,214,000) |
Investments in Low Income Hou_3
Investments in Low Income Housing Tax Credits - Balance Sheet Disclosure (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments in Affordable Housing Projects [Abstract] | ||
Gross investment in LIHTC | $ 217,833 | $ 132,534 |
Accumulated amortization | (36,335) | (29,680) |
Net investment in LIHTC | 181,498 | 102,854 |
Unfunded commitments for LIHTC investments | $ 138,518 | $ 74,029 |
Investments in Low Income Hou_4
Investments in Low Income Housing Tax Credits - Unfunded Commitments Maturity Schedule (Details) - Low Income Housing Tax Credit Expected Payments $ in Thousands | Dec. 31, 2018USD ($) |
Other Commitments [Line Items] | |
2,019 | $ 69,243 |
2,020 | 56,935 |
2,021 | 8,176 |
2,022 | 265 |
2,023 | 256 |
2024 and thereafter | 3,643 |
Total unfunded commitments for LIHTC investments | $ 138,518 |
Investments in Low Income Hou_5
Investments in Low Income Housing Tax Credits - Tax Credits And Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in Affordable Housing Projects [Abstract] | |||
Tax credits and other tax benefits recognized | $ 10,706 | $ 3,195 | $ 628 |
Amortization of low income housing tax credits | $ 6,655 | $ 1,067 | $ 536 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | 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) | 2,318,950 | 3,101,327 | 3,639,838 | 4,125,665 | |
Intrinsic value of options outstanding | $ 4 | ||||
Proceeds from stock option exercises | $ 691 | $ 2,578 | $ 3,588 | ||
Grant of share options (in shares) | 0 | 0 | 0 | ||
Unrecognized stock-based compensation expense | $ 17,992 | ||||
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 | ||||
Number of shares granted for each share received (in shares) | 1 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares available for grant (in shares) | |||
Beginning balance (in shares) | 3,101,327 | 3,639,838 | 4,125,665 |
Granted (in shares) | (813,239) | (610,075) | (515,869) |
Stock awards vested (in shares) | (33,392) | 0 | 0 |
Exercised (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 69,554 | 76,877 | 130,758 |
Canceled/expired (in shares) | (5,300) | (5,313) | (100,716) |
Ending balance (in shares) | 2,318,950 | 3,101,327 | 3,639,838 |
Stock options outstanding - Number of shares | |||
Beginning balance (in shares) | 757,867 | 1,004,119 | 1,586,572 |
Granted (in shares) | 0 | 0 | 0 |
Stock awards vested (in shares) | 0 | 0 | 0 |
Exercised (in shares) | (66,028) | (244,252) | (503,893) |
Forfeited (in shares) | (5,300) | (2,000) | (78,560) |
Canceled/expired (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 686,539 | 757,867 | 1,004,119 |
Exercisable (in shares) | 686,539 | ||
Stock options outstanding - Weighted average exercise price | |||
Beginning balance (USD per share) | $ 11.15 | $ 11 | $ 10.95 |
Granted (USD per share) | 0 | 0 | 0 |
Stock awards vested (USD per share) | 0 | 0 | 0 |
Exercised (USD per share) | 10.46 | 10.52 | 10.47 |
Forfeited (USD per share) | 13.18 | 13.18 | 13.41 |
Canceled/expired (USD per share) | 0 | 0 | 0 |
Ending balance (USD per share) | 11.20 | $ 11.15 | 11 |
Exercisable (USD per share) | $ 11.20 | ||
Vesting percentage of shares initially granted | 144.40% | ||
Recognition and Retention Plan | |||
Non-vested stock awards/stock units outstanding - Number of shares | |||
Canceled/expired (in shares) | 0 | ||
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | |||
Canceled/expired (USD per share) | $ 0 | $ 0 | |
Recognition and Retention Plan | Non-vested stock awards/performance units | |||
Non-vested stock awards/stock units outstanding - Number of shares | |||
Beginning balance (in shares) | 1,238,760 | 932,223 | 726,800 |
Granted (in shares) | 813,239 | 610,075 | 515,869 |
Stock awards vested (in shares) | (654,231) | (228,661) | (261,989) |
Forfeited (in shares) | (64,254) | (74,877) | (48,457) |
Canceled/expired (in shares) | 0 | 0 | |
Ending balance (in shares) | 1,333,514 | 1,238,760 | 932,223 |
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | |||
Beginning balance (USD per share) | $ 20 | $ 14.09 | $ 13.36 |
Granted (USD per share) | 23.22 | 24.13 | 14.60 |
Stock awards vested (USD per share) | 19.12 | 16.23 | 13.09 |
Forfeited (USD per share) | 22.47 | 18.92 | 13.88 |
Canceled/expired (USD per share) | 0 | ||
Ending balance (USD per share) | $ 22.12 | $ 20 | $ 14.09 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Outstanding by Exercise Price Range (Details) - Stock options | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 686,539 |
Outstanding, weighted-average exercise price (USD per share) | $ 11.20 |
Outstanding, weighted-average life (in years) | 4 years 6 months 29 days |
Exercisable, number of stock options (in shares) | shares | 686,539 |
Exercisable, weighted-average exercise price (USD per share) | $ 11.20 |
Exercisable, weighted-average life (in years) | 4 years 6 months 29 days |
$6.71 to $9.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (USD per share) | $ 6.71 |
Range of exercise price, upper range limit (USD per share) | $ 9 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 168,000 |
Outstanding, weighted-average exercise price (USD per share) | $ 8.36 |
Outstanding, weighted-average life (in years) | 3 years 2 months 19 days |
Exercisable, number of stock options (in shares) | shares | 168,000 |
Exercisable, weighted-average exercise price (USD per share) | $ 8.36 |
Exercisable, weighted-average life (in years) | 3 years 2 months 19 days |
9.28 to 10.03 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (USD per share) | $ 9.28 |
Range of exercise price, upper range limit (USD per share) | $ 10.03 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 59,000 |
Outstanding, weighted-average exercise price (USD per share) | $ 9.71 |
Outstanding, weighted-average life (in years) | 2 years 6 months 10 days |
Exercisable, number of stock options (in shares) | shares | 59,000 |
Exercisable, weighted-average exercise price (USD per share) | $ 9.710 |
Exercisable, weighted-average life (in years) | 2 years 6 months 10 days |
11.36 to 11.77 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (USD per share) | $ 11.36 |
Range of exercise price, upper range limit (USD per share) | $ 11.77 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 227,362 |
Outstanding, weighted-average exercise price (USD per share) | $ 11.50 |
Outstanding, weighted-average life (in years) | 4 years 9 months 25 days |
Exercisable, number of stock options (in shares) | shares | 227,362 |
Exercisable, weighted-average exercise price (USD per share) | $ 11.50 |
Exercisable, weighted-average life (in years) | 4 years 9 months 25 days |
13.23 to 15.01 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise price, lower range limit (USD per share) | $ 13.23 |
Range of exercise price, upper range limit (USD per share) | $ 15.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, End of Period [Abstract] | |
Outstanding, number of stock options (in shares) | shares | 232,177 |
Outstanding, weighted-average exercise price (USD per share) | $ 13.33 |
Outstanding, weighted-average life (in years) | 5 years 10 months 9 days |
Exercisable, number of stock options (in shares) | shares | 232,177 |
Exercisable, weighted-average exercise price (USD per share) | $ 13.33 |
Exercisable, weighted-average life (in years) | 5 years 10 months 9 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 12,984 | $ 8,110 | $ 6,518 |
Stock-based compensation expense, income tax benefit | 2,727 | 2,149 | 2,118 |
Stock options | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | 6 | 149 | 404 |
Non-vested stock awards/performance units | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 12,978 | $ 7,961 | $ 6,114 |
Pension and Other Post Retire_3
Pension and Other Post Retirement Benefits - Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in fair value of plan assets: | |||
Beginning of year balance | $ 198,395 | ||
End of year balance | 240,733 | $ 198,395 | |
Pension benefits | |||
Changes in projected benefit obligation: | |||
Beginning of year balance | 253,583 | 0 | |
Benefit obligation assumed in Astoria Merger | 0 | 259,152 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 8,521 | 2,189 | 0 |
Actuarial loss | (18,815) | 3,561 | |
Benefits paid | (11,764) | (11,319) | |
Other | 0 | 0 | |
End of year balance | 231,525 | 253,583 | 0 |
Changes in fair value of plan assets: | |||
Beginning of year balance | 198,395 | 0 | |
Fair value of pension plan assets at October 2, 2017 | 0 | 194,010 | |
Actual gain on plan assets | 12,218 | 6,234 | |
Employer contributions | 41,884 | 9,470 | |
Benefits paid | (11,764) | (11,319) | |
End of year balance | 240,733 | 198,395 | 0 |
Reversion asset / Funded status at end of year | 9,208 | (55,188) | |
Other post retirement benefits | |||
Changes in projected benefit obligation: | |||
Beginning of year balance | 34,777 | 12,125 | |
Benefit obligation assumed in Astoria Merger | 0 | 21,325 | |
Service cost | 64 | 22 | 0 |
Interest cost | 1,040 | 557 | 417 |
Actuarial loss | (3,436) | 984 | |
Benefits paid | (1,023) | (236) | |
Other | (544) | 0 | |
End of year balance | 30,878 | 34,777 | 12,125 |
Changes in fair value of plan assets: | |||
Beginning of year balance | 0 | 0 | |
Fair value of pension plan assets at October 2, 2017 | 0 | 0 | |
Actual gain on plan assets | 0 | 0 | |
Employer contributions | 1,023 | 236 | |
Benefits paid | (1,023) | (236) | |
End of year balance | 0 | 0 | $ 0 |
Reversion asset / Funded status at end of year | $ (30,878) | $ (34,777) |
Pension and Other Post Retire_4
Pension and Other Post Retirement Benefits - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Astoria Bank Pension Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employer contributions to fund pension plan | $ 41,510 | ||
Employee Savings Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum contribution by employee, percent | 50.00% | ||
Maximum annual contribution per employee, percent | 3.00% | ||
Savings plan expense | $ 4,844 | $ 3,827 | $ 3,210 |
Pension benefits | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Over funded amount included in other assets | 9,208 | (55,188) | |
Employer contributions to fund pension plan | 41,884 | 9,470 | |
Pension benefits | Astoria Bank Pension Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Over funded amount included in other assets | 13,608 | ||
Pension benefits | Pension Plans Excluding Astoria | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Over funded amount included in other assets | 4,400 | ||
Employer contributions to fund pension plan | 0 | ||
Other post retirement benefits | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Over funded amount included in other assets | (30,878) | (34,777) | |
Employer contributions to fund pension plan | $ 1,023 | $ 236 |
Pension and Other Post Retire_5
Pension and Other Post Retirement Benefits - Amounts Recognized in AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Pension benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | $ 14,922 | $ (1,013) |
Deferred tax (expense) benefit | (3,809) | 400 |
Amount included in accumulated other comprehensive loss, net of tax | 11,113 | (613) |
Other post retirement benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial gain (loss) | 978 | (167) |
Deferred tax (expense) benefit | (413) | 66 |
Amount included in accumulated other comprehensive loss, net of tax | $ 565 | $ (101) |
Pension and Other Post Retire_6
Pension and Other Post Retirement Benefits - Plan assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pension benefits | Astoria Bank Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.08% | 3.44% |
Discount rate used to value periodic cost | 3.44% | 3.61% |
Expected long-term rate of return on plan assets used to value periodic cost | 7.00% | 7.00% |
Pension benefits | Astoria Excess and Supplemental Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.82% | 3.14% |
Discount rate used to value periodic cost | 3.14% | 3.21% |
Pension benefits | Astoria Directors’ Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.52% | 2.82% |
Discount rate used to value periodic cost | 2.82% | 2.78% |
Pension benefits | Greater Directors’ Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.66% | 2.96% |
Discount rate used to value periodic cost | 2.96% | 2.96% |
Other post retirement benefits | Sterling Other Post retirement life insurance, and other plans | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.58% | 2.80% |
Discount rate used to value periodic cost | 2.80% | 2.78% |
Other post retirement benefits | Sterling Other Post retirement life insurance, and other plans | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.73% | 3.62% |
Discount rate used to value periodic cost | 4.15% | 4.15% |
Other post retirement benefits | Astoria Bank Retiree Health Care Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.05% | 3.42% |
Discount rate used to value periodic cost | 3.42% |
Pension and Other Post Retire_7
Pension and Other Post Retirement Benefits - Net Periodic Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 8,521 | 2,189 | 0 |
Expected return on plan assets | (14,059) | (3,287) | 0 |
Amortization of unrecognized actuarial loss | 0 | 0 | 0 |
Amortization of transition obligation | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Net periodic pension (benefit) expense | (5,538) | (1,098) | 0 |
Other post retirement benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 64 | 22 | 0 |
Interest cost | 1,040 | 557 | 417 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of unrecognized actuarial loss | 21 | 19 | 0 |
Amortization of transition obligation | 0 | 2 | 0 |
Amortization of prior service cost | 0 | 14 | 64 |
Net periodic pension (benefit) expense | $ 1,125 | $ 614 | $ 481 |
Pension and Other Post Retire_8
Pension and Other Post Retirement Benefits - Cost Trend Rates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Rate to which the cost trend rate is assumed to decline (the “ultimate trend rate”) | 4.75% | 4.75% |
Year that ultimate trend rate is reached | 2,026 | 2,026 |
On percentage point increase, effect on total service and interest cost components | $ 93 | |
On percentage point increase, effect on the post retirement benefit obligation | 2,084 | |
On percentage point decrease, effect on total service and interest cost components | (78) | |
On percentage point decrease, effect on the post retirement benefit obligation | $ (1,738) | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for the next year | 6.75% | 7.00% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for the next year | 6.50% | 6.75% |
Pension and Other Post Retire_9
Pension and Other Post Retirement Benefits - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | $ 12,512 |
2,020 | 12,747 |
2,021 | 14,124 |
2,022 | 13,201 |
2,023 | 13,191 |
Thereafter | 66,864 |
Other post retirement benefits | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | 1,833 |
2,020 | 1,828 |
2,021 | 1,845 |
2,022 | 1,796 |
2,023 | 1,798 |
Thereafter | $ 16,713 |
Pension and Other Post Retir_10
Pension and Other Post Retirement Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 02, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 240,733 | $ 198,395 | |
Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 228,119 | 185,931 | |
Level 2 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,614 | 12,464 | $ 11,888 |
PRIAC Pooled Separate Accounts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 228,119 | 165,315 | |
PRIAC Pooled Separate Accounts | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 228,119 | 165,315 | |
PRIAC Pooled Separate Accounts | Level 2 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PRIAC Pooled Separate Accounts | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Sterling Bancorp common stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 20,553 | |
Sterling Bancorp common stock | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 20,553 | |
Sterling Bancorp common stock | Level 2 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Sterling Bancorp common stock | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PRIAC Guaranteed Deposit Account | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,614 | 12,464 | |
PRIAC Guaranteed Deposit Account | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PRIAC Guaranteed Deposit Account | Level 2 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
PRIAC Guaranteed Deposit Account | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,614 | 12,464 | |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 63 | |
Cash and cash equivalents | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 63 | |
Cash and cash equivalents | Level 2 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | |
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 100.00% | 33.00% | |
Large-cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 42.00% | ||
International equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 11.00% | ||
Small-cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 8.00% | ||
Mid-cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan asset allocations | 6.00% |
Pension and Other Post Retir_11
Pension and Other Post Retirement Benefits - Fair Value of Level 3 Plan Assets (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of year balance | $ 198,395 | |
End of year balance | $ 198,395 | 240,733 |
PRIAC Guaranteed Deposit Account | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of year balance | 12,464 | |
End of year balance | 12,464 | 12,614 |
Level 3 inputs | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of year balance | 12,464 | |
Total net loss, realized and unrealized, included in net assets | (47) | 114 |
Purchases | 3,375 | 11,783 |
Sales | 2,752 | (11,747) |
End of year balance | 12,464 | 12,614 |
Level 3 inputs | PRIAC Guaranteed Deposit Account | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning of year balance | 12,464 | |
End of year balance | $ 12,464 | $ 12,614 |
Level 3 inputs | PRIAC Guaranteed Deposit Account | Minimum | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Composite market value factor | 1.012 | 0.986 |
Gross guaranteed crediting rate | 2.55% | 3.10% |
Level 3 inputs | PRIAC Guaranteed Deposit Account | Maximum | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Composite market value factor | 1.02 | 1.01 |
Gross guaranteed crediting rate | 3.59% | 3.10% |
Disposal Group, Held-for-sale, Not Discontinued Operations | Level 3 inputs | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Total net loss, realized and unrealized, included in net assets | $ 153 | $ (174) |
Non-Interest Income and Other_3
Non-Interest Income and Other Non-Interest Expense - Significant Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Professional fees | $ 13,371 | $ 9,982 | $ 10,276 |
Communication | 6,451 | 3,300 | 3,215 |
Advertising and promotion | 5,930 | 3,682 | 2,948 |
Insurance & surety bond premium | 3,630 | 3,317 | 3,150 |
Operational losses | 3,176 | 1,533 | 978 |
Other | 24,029 | 17,418 | 14,363 |
Total other non-interest expense | $ 56,587 | $ 39,232 | $ 34,930 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Computation of basic and diluted earnings per share: | |||||||||||
Net income available to common stockholders | $ 112,501 | $ 117,657 | $ 112,245 | $ 96,873 | $ (35,281) | $ 44,852 | $ 42,400 | $ 39,067 | $ 439,276 | $ 91,029 | $ 139,972 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 224,299,488 | 157,513,639 | 130,607,994 | ||||||||
Common-equivalent shares due to the dilutive effect of stock options (in shares) | 517,508 | 610,631 | 626,468 | ||||||||
Weighted average common shares for computation of diluted EPS (in shares) | 224,816,996 | 158,124,270 | 131,234,462 | ||||||||
Basic (loss) earnings per common share (USD per share) | $ 0.51 | $ 0.52 | $ 0.50 | $ 0.43 | $ (0.16) | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.96 | $ 0.58 | $ 1.07 |
Diluted (loss) earnings per common share (USD per share) | $ 0.51 | $ 0.52 | $ 0.50 | $ 0.43 | $ (0.16) | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.95 | $ 0.58 | $ 1.07 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 0 | 0 | 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 02, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 |
Class of Stock [Line Items] | ||||||
Aggregate dividend capacity without prior regulatory approval | $ 276,000 | $ 276,000 | ||||
Preferred stock, shares issued (in shares) | 135,000 | 135,000 | 135,000 | |||
Preferred stock (in shares) | $ 138,423 | $ 138,423 | $ 139,220 | |||
Preferred stock, par value (USD per share) | $ 1 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Shares available for repurchase program (shares) | 776,713 | |||||
Shares authorized to be repurchased (in shares) | 20,000,000 | 20,000,000 | 10,000,000 | |||
Purchase of treasury stock (in shares) | 9,114,771 | 9,114,771 | ||||
Purchase of treasury stock, wieghted average price (USD per share) | $ 17.54 | |||||
Payments for repurchase of common stock | $ 159,903 | $ 159,903 | $ 0 | $ 0 | ||
Shares repurchased under repurchase program (shares) | 0 | |||||
Sterling National Bank | ||||||
Class of Stock [Line Items] | ||||||
Allowance for subordinated notes | 172,943 | 172,943 | $ 172,716 | |||
Liquidation account | 13,300 | 13,300 | ||||
Sterling Bancorp | ||||||
Class of Stock [Line Items] | ||||||
Allowance for subordinated notes | $ 142,777 | 142,777 | 142,174 | |||
Payments for repurchase of common stock | $ 159,903 | $ 0 | $ 0 | |||
Shares repurchased under repurchase program (shares) | 0 | |||||
Astoria Financial Corporation | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock (in shares) | $ 129,796 | |||||
Depositary shares issued (in shares) | 5,400,000 | |||||
Astoria Financial Corporation | Series A Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 135,000 | |||||
Preferred stock (in shares) | $ 135,000 | |||||
Preferred stock dividend rate | 6.50% | |||||
Preferred stock, par value (USD per share) | $ 0.01 | |||||
Preferred stock liquidation preference (USD per share) | $ 1,000,000 | |||||
Astoria Financial Corporation | Series C Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock dividend rate | 6.50% |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,915,484 | $ 2,770,381 |
Tier 1 common equity, actual, ratio | 13.55% | 13.95% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,371,480 | $ 1,142,247 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule, ratio | 6.375% | 5.75% |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,505,939 | $ 1,390,561 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 common equity required to be well capitalized, capital | $ 1,398,372 | $ 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 | $ 2,915,484 | $ 2,770,381 |
Tier 1 risk-based capital, actual, ratio | 13.55% | 13.95% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,694,181 | $ 1,440,224 |
Tier 1 risk-based capital required for minimum capital adequacy ratio, phase-in schedule, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,828,640 | $ 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 | $ 1,721,073 | $ 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 | $ 3,184,758 | $ 3,021,658 |
Total risk-based capital, actual, ratio | 14.80% | 15.21% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 2,124,450 | $ 1,837,527 |
Total risk-based capital required for minimum capital adequacy ratio, phase-in schedule, ratio | 9.875% | 9.25% |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,258,908 | $ 2,085,842 |
Total risk-based capital required for minimum capital adequacy ratio, fully phased-in, ratio | 10.50% | 10.50% |
Total risk-based capital required to be well capitalized, capital amount | $ 2,151,341 | $ 1,986,516 |
Total risk-based capital required to be well capitalized, ratio | 10.00% | 10.00% |
Tier 1 leverage ratio: | ||
Tier 1 leverage ratio, actual, capital amount | $ 2,915,484 | $ 2,770,381 |
Tier 1 (core) capital, actual, ratio | 9.94% | 10.10% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,172,964 | $ 1,097,449 |
Tier 1 (core) capital required for minimum capital adequacy ratio, phase-in schedule, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in, capital amount | $ 1,172,964 | $ 1,097,449 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized, capital amount | $ 1,466,206 | $ 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 | $ 2,649,593 | $ 2,458,449 |
Tier 1 common equity, actual, ratio | 12.31% | 12.37% |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,372,457 | $ 1,143,045 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule, ratio | 6.375% | 5.75% |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,507,011 | $ 1,391,534 |
Tier 1 common equity required for minimum capital adequacy ratio, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,788,016 | $ 2,597,669 |
Tier 1 risk-based capital, actual, ratio | 12.95% | 13.07% |
Tier 1 risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,695,388 | $ 1,441,231 |
Tier 1 risk-based capital required for minimum capital adequacy ratio, phase-in schedule, ratio | 7.875% | 7.25% |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,829,942 | $ 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 | $ 3,027,124 | $ 2,818,404 |
Total risk-based capital, actual, ratio | 14.06% | 14.18% |
Total risk-based capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 2,125,963 | $ 1,838,812 |
Total risk-based capital required for minimum capital adequacy ratio, phase-in schedule, ratio | 9.875% | 9.25% |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,260,517 | $ 2,087,300 |
Total risk-based capital required for minimum capital adequacy ratio, fully phased-in, ratio | 10.50% | 10.50% |
Tier 1 leverage ratio: | ||
Tier 1 leverage ratio, actual, capital amount | $ 2,788,016 | $ 2,597,669 |
Tier 1 (core) capital, actual, ratio | 9.50% | 9.39% |
Tier 1 (core) capital required for minimum capital adequacy, phase-in schedule, capital amount | $ 1,173,883 | $ 1,106,977 |
Tier 1 (core) capital required for minimum capital adequacy ratio, phase-in schedule, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required for minimum capital adequacy, fully phased- in, capital amount | $ 1,173,883 | $ 1,106,977 |
Tier 1 (core) capital required for minimum capital adequacy ratio, fully phased-in, ratio | 4.00% | 4.00% |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of Stockholders' Equity to Bank Regulatory Capital (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP stockholders’ equity | $ 4,428,853 | $ 4,240,178 | $ 1,855,183 | $ 1,665,073 |
Net accumulated other comprehensive income components | (39,779) | 469 | (14,511) | |
Tier Two Risk Based Capital [Abstract] | ||||
Allowance for loan losses and off-balance sheet commitments | 95,677 | 77,907 | $ 63,622 | $ 50,145 |
Sterling Bancorp | ||||
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP stockholders’ equity | 4,428,853 | 4,240,178 | ||
Disallowed goodwill and other intangible assets | (1,706,782) | (1,668,680) | ||
Net unrealized loss on available for sale securities | 75,078 | 22,324 | ||
Net accumulated other comprehensive income components | (9,133) | 3,847 | ||
Tier 1 risk-based capital | 2,788,016 | 2,597,669 | ||
Tier Two Risk Based Capital [Abstract] | ||||
Tier 2 capital | 142,777 | 142,174 | ||
Allowance for loan losses and off-balance sheet commitments | 96,331 | 78,561 | ||
Total risk-based capital | 3,027,124 | 2,818,404 | ||
Sterling National Bank | ||||
Tier One Risk Based Capital [Abstract] | ||||
Total U.S. GAAP stockholders’ equity | 4,513,577 | 4,373,108 | ||
Disallowed goodwill and other intangible assets | (1,664,038) | (1,628,898) | ||
Net unrealized loss on available for sale securities | 75,078 | 22,324 | ||
Net accumulated other comprehensive income components | (9,133) | 3,847 | ||
Tier 1 risk-based capital | 2,915,484 | 2,770,381 | ||
Tier Two Risk Based Capital [Abstract] | ||||
Tier 2 capital | 172,943 | 172,716 | ||
Allowance for loan losses and off-balance sheet commitments | 96,331 | 78,561 | ||
Total risk-based capital | $ 3,184,758 | $ 3,021,658 |
Off-Balance-Sheet Financial I_3
Off-Balance-Sheet Financial Instruments - Narrative (Details) - Letters of credit - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 287,779 | $ 166,824 |
Assets secured by cash as collateral | 114,939 | |
Assets secured by other collateral | $ 65,574 |
Off-Balance-Sheet Financial I_4
Off-Balance-Sheet Financial Instruments - Contractual or Notional Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 417,027 | $ 510,135 |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 1,737,315 | 1,195,656 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 287,779 | $ 166,824 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Rental Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | $ 20,275 | ||
2,020 | 20,229 | ||
2,021 | 18,514 | ||
2,022 | 16,439 | ||
2,023 | 13,836 | ||
2024 and thereafter | 56,504 | ||
Total future minimum payments | 145,797 | ||
Rent expense | $ 17,079 | $ 10,647 | $ 10,430 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investment securities available for sale: | ||
Securities available for sale | $ 3,870,563 | $ 3,612,072 |
Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Swaps, liabilities | 0 | 0 |
Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 3,870,563 | 3,612,072 |
Swaps | 18,215 | 4,457 |
Swaps, liabilities | 13,001 | 7,980 |
Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Swaps, liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 3,870,563 | 3,612,072 |
Swaps | 18,215 | 4,457 |
Total assets | 3,888,778 | 3,616,529 |
Swaps, liabilities | 13,001 | 7,980 |
Total liabilities | 13,001 | 7,980 |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps, liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 3,870,563 | 3,612,072 |
Swaps | 18,215 | 4,457 |
Total assets | 3,888,778 | 3,616,529 |
Swaps, liabilities | 13,001 | 7,980 |
Total liabilities | 13,001 | 7,980 |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Swaps, liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Agency-backed | ||
Investment securities available for sale: | ||
Securities available for sale | 2,268,851 | 2,150,649 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 2,268,851 | 2,150,649 |
Agency-backed | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Agency-backed | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 2,268,851 | 2,150,649 |
Agency-backed | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
CMO/Other MBS | ||
Investment securities available for sale: | ||
Securities available for sale | 574,770 | 649,403 |
CMO/Other MBS | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 574,770 | 649,403 |
CMO/Other MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
CMO/Other MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 574,770 | 649,403 |
CMO/Other MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Total residential MBS | ||
Investment securities available for sale: | ||
Securities available for sale | 2,843,621 | 2,800,052 |
Total residential MBS | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 2,843,621 | 2,800,052 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 2,843,621 | 2,800,052 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Federal agencies | ||
Investment securities available for sale: | ||
Securities available for sale | 273,973 | 399,996 |
Federal agencies | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 273,973 | 399,996 |
Federal agencies | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Federal agencies | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 273,973 | 399,996 |
Federal agencies | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Corporate bonds | ||
Investment securities available for sale: | ||
Securities available for sale | 527,965 | 148,226 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 527,965 | 148,226 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 527,965 | 148,226 |
Corporate bonds | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
State and municipal | ||
Investment securities available for sale: | ||
Securities available for sale | 225,004 | 263,798 |
State and municipal | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 225,004 | 263,798 |
State and municipal | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
State and municipal | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 225,004 | 263,798 |
State and municipal | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Total other securities | ||
Investment securities available for sale: | ||
Securities available for sale | 1,026,942 | 812,020 |
Total other securities | Fair Value, Measurements, Recurring | ||
Investment securities available for sale: | ||
Securities available for sale | 1,026,942 | 812,020 |
Total other securities | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 0 | 0 |
Total other securities | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | 1,026,942 | 812,020 |
Total other securities | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Investment securities available for sale: | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in fair value recognized on provisions on loans held by the Company | $ 12,228 | $ 280 | $ 513 |
Mortgage servicing rights | 11,715 | 10,363 | |
Assets taken in foreclosure, defaulted loans and facilities held for sale | 19,377 | 27,095 | |
Changes in fair value recognized through income for foreclosed assets held by the Company | 678 | 2,273 | $ (582) |
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Portfolio loans, net | $ 100,998 | $ 60,862 |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 19,033,743 | 19,903,231 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 41,484 | 896 |
Fair Value, Measurements, Nonrecurring | Commercial & industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 28,780 | 114 |
Fair Value, Measurements, Nonrecurring | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 10,725 | 782 |
Fair Value, Measurements, Nonrecurring | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,210 | |
Fair Value, Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 769 | |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Commercial & industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Fair Value, Measurements, Nonrecurring | Level 1 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Commercial & industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 0 | |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 41,484 | 896 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Commercial & industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 28,780 | 114 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | CRE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 10,725 | $ 782 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Multi-family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | 1,210 | |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, impaired, net | $ 769 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs to Level 3 (Details) $ in Thousands | Dec. 31, 2018USD ($)speed | Dec. 31, 2017USD ($)speed |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | $ 19,377 | $ 27,095 |
Mortgage servicing rights | 11,715 | 10,363 |
Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 19,033,743 | 19,903,231 |
CRE | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | 6,559 | 7,271 |
Residential mortgage | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | 10,531 | 17,537 |
ADC | Level 3 inputs | Taken in Foreclosure | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, defaulted loans and facilities held for sale | 2,287 | 2,287 |
Mortgage servicing rights | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights | $ 11,715 | $ 10,363 |
Mainly value of taxi medallions | Commercial & industrial | Level 3 inputs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.100 | |
Mainly value of taxi medallions | Commercial & industrial | Level 3 inputs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.190 | |
Mainly value of taxi medallions | Commercial & industrial | Level 3 inputs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.144 | |
Adjustments for comparable properties | CRE | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.220 | 0.220 |
Adjustments for comparable properties | Multi-family | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.220 | |
Adjustments for comparable properties | Residential mortgage | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired loans, measurement input | 0.220 | |
Adjustments by management to reflect current conditions/selling costs | CRE | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, measurement input | 0.220 | 0.220 |
Adjustments by management to reflect current conditions/selling costs | Residential mortgage | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, measurement input | 0.220 | 0.220 |
Adjustments by management to reflect current conditions/selling costs | ADC | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets taken in foreclosure, measurement input | 0.220 | 0.220 |
Third-Party Technique | Discount rates | Mortgage servicing rights | Level 3 inputs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.090 | 0.095 |
Third-Party Technique | Discount rates | Mortgage servicing rights | Level 3 inputs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.200 | 0.200 |
Third-Party Technique | Discount rates | Mortgage servicing rights | Level 3 inputs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | 0.096 | 0.099 |
Third-Party Technique | Prepayment speeds | Mortgage servicing rights | Level 3 inputs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | speed | 7.98 | 9.79 |
Third-Party Technique | Prepayment speeds | Mortgage servicing rights | Level 3 inputs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | speed | 24.07 | 16.76 |
Third-Party Technique | Prepayment speeds | Mortgage servicing rights | Level 3 inputs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Mortgage servicing rights, measurement input | speed | 8.54 | 10.3 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | $ 41,484 | $ 896 |
Fair Value, Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 41,484 | 896 |
Fair Value, Measurements, Nonrecurring | Commercial & industrial | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 28,780 | 114 |
Fair Value, Measurements, Nonrecurring | Commercial & industrial | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 114 | |
Fair Value, Measurements, Nonrecurring | Commercial & industrial | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 28,780 | 114 |
Fair Value, Measurements, Nonrecurring | CRE | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 10,725 | 782 |
Fair Value, Measurements, Nonrecurring | CRE | Impaired | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 782 | |
Fair Value, Measurements, Nonrecurring | CRE | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 10,725 | $ 782 |
Fair Value, Measurements, Nonrecurring | Multi-family | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 1,210 | |
Fair Value, Measurements, Nonrecurring | Residential mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | 769 | |
Fair Value, Measurements, Nonrecurring | Residential mortgage | Level 3 inputs | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Portfolio loans, impaired, net | $ 769 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available for sale | $ 3,870,563 | $ 3,612,072 |
Securities held to maturity | 2,740,522 | 2,863,909 |
Senior Notes | (181,130) | (278,209) |
Subordinated notes | 172,943 | 172,716 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 438,110 | 479,906 |
Securities available for sale | 3,870,563 | 3,612,072 |
Securities held to maturity | 2,796,617 | 2,862,489 |
Portfolio loans, net | 19,122,853 | 19,931,076 |
Loans held for sale | 1,565,979 | 5,246 |
Accrued interest receivable on securities | 38,722 | 34,652 |
Accrued interest receivable on loans | 68,389 | 59,446 |
FHLB stock and FRB stock | 369,690 | 284,112 |
Swaps | 18,215 | 4,457 |
Non-maturity deposits | (18,737,217) | (18,098,566) |
Certificates of deposit | (2,476,931) | (2,439,638) |
FHLB borrowings | (4,838,772) | (4,510,123) |
Other borrowings | (21,338) | (30,162) |
Senior Notes | (181,130) | (278,209) |
Subordinated notes | 172,943 | |
Mortgage escrow funds | (72,891) | (122,641) |
Accrued interest payable on deposits | (3,191) | (1,103) |
Accrued interest payable on borrowings | (11,823) | (9,649) |
Swaps | (13,001) | (7,980) |
Level 1 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 438,110 | 479,906 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Non-maturity deposits | (18,737,217) | (18,098,566) |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | 0 |
Other borrowings | 0 | 0 |
Senior Notes | 0 | 0 |
Subordinated notes | 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 due from banks | 0 | 0 |
Securities available for sale | 3,870,563 | 3,612,072 |
Securities held to maturity | 2,740,522 | 2,863,909 |
Portfolio loans, net | 0 | 0 |
Loans held for sale | 1,565,979 | 5,246 |
Accrued interest receivable on securities | 38,722 | 34,652 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 18,215 | 4,457 |
Non-maturity deposits | 0 | 0 |
Certificates of deposit | (2,447,534) | (2,412,495) |
FHLB borrowings | (4,821,652) | (4,496,184) |
Other borrowings | (21,337) | (30,160) |
Senior Notes | (179,786) | (278,968) |
Subordinated notes | 177,481 | |
Mortgage escrow funds | (64,074) | (117,050) |
Accrued interest payable on deposits | (3,191) | (1,103) |
Accrued interest payable on borrowings | (11,823) | (9,649) |
Swaps | (13,001) | (7,980) |
Level 3 inputs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 0 | 0 |
Portfolio loans, net | 19,033,743 | 19,903,231 |
Loans held for sale | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 68,389 | 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 | |
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 Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, related tax benefit | $ 25,429 | $ 17,083 |
Accumulated other comprehensive loss, net | (65,945) | (26,166) |
Net unrealized holding gain (loss) on AFS securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, before tax | (103,756) | (36,899) |
Accumulated other comprehensive loss, related tax benefit | 28,679 | 14,575 |
Accumulated other comprehensive loss, net | (75,077) | (22,324) |
Net unrealized holding gain (loss) on securities transferred to held to maturity | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, before tax | (3,518) | (4,426) |
Accumulated other comprehensive loss, related tax benefit | 972 | 1,748 |
Accumulated other comprehensive loss, net | (2,546) | (2,678) |
Net unrealized holding gain (loss) on retirement plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, before tax | 15,900 | (1,924) |
Accumulated other comprehensive loss, related tax benefit | (4,222) | 760 |
Accumulated other comprehensive loss, net | $ 11,678 | $ (1,164) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 4,240,178 | $ 1,855,183 | $ 1,665,073 |
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss | (5,129) | ||
Other comprehensive (loss) before reclassification | (56,183) | 64 | (11,087) |
Amounts reclassified from AOCI | 21,533 | 405 | (3,424) |
Total other comprehensive (loss) income | (39,779) | 469 | (14,511) |
Ending balance | 4,428,853 | 4,240,178 | 1,855,183 |
Net unrealized holding gain (loss) on AFS securities | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (22,324) | (22,637) | (6,999) |
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) | ||
Other comprehensive (loss) before reclassification | (56,183) | 64 | (11,087) |
Amounts reclassified from AOCI | 7,806 | 249 | (4,551) |
Total other comprehensive (loss) income | (52,753) | 313 | (15,638) |
Ending balance | (75,077) | (22,324) | (22,637) |
Net unrealized holding gain (loss) on securities transferred to held to maturity | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (2,678) | (3,264) | (4,155) |
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss | (525) | ||
Other comprehensive (loss) before reclassification | 0 | 0 | 0 |
Amounts reclassified from AOCI | 657 | 586 | 891 |
Total other comprehensive (loss) income | 132 | 586 | 891 |
Ending balance | (2,546) | (2,678) | (3,264) |
Net unrealized holding gain (loss) on retirement plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (1,164) | (734) | (970) |
Reclassification of the stranded income tax effects from the enactment of the Tax Cuts and Jobs Act of 2017 from accumulated other comprehensive loss | (228) | ||
Other comprehensive (loss) before reclassification | 0 | 0 | 0 |
Amounts reclassified from AOCI | 13,070 | (430) | 236 |
Total other comprehensive (loss) income | 12,842 | (430) | 236 |
Ending balance | 11,678 | (1,164) | (734) |
Accumulated other comprehensive (loss) income | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (26,166) | (26,635) | (12,124) |
Ending balance | $ (65,945) | $ (26,166) | $ (26,635) |
Condensed Parent Company Fina_3
Condensed Parent Company Financial Statements - Statements of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Cash | $ 438,110 | $ 479,906 | $ 293,646 | $ 229,513 |
Goodwill | 1,613,033 | 1,579,891 | 696,600 | |
Other assets | 432,240 | 357,005 | ||
Total assets | 31,383,307 | 30,359,541 | ||
Liabilities: | ||||
Senior Notes | 181,130 | 278,209 | ||
Other liabilities | 453,232 | 467,308 | ||
Total liabilities | 26,954,454 | 26,119,363 | ||
Stockholders’ equity | 4,428,853 | 4,240,178 | 1,855,183 | 1,665,073 |
Total liabilities and stockholders’ equity | 31,383,307 | 30,359,541 | ||
Sterling Bancorp | ||||
Assets: | ||||
Cash | 38,141 | 88,174 | $ 48,765 | $ 19,529 |
Investment in the Bank | 4,513,577 | 4,373,108 | ||
Goodwill | 27,910 | 27,910 | ||
Trade name | 20,500 | 20,500 | ||
Other assets | 15,320 | 16,842 | ||
Total assets | 4,615,448 | 4,526,534 | ||
Liabilities: | ||||
Senior Notes | 181,130 | 278,209 | ||
Other liabilities | 5,465 | 8,147 | ||
Total liabilities | 186,595 | 286,356 | ||
Stockholders’ equity | 4,428,853 | 4,240,178 | ||
Total liabilities and stockholders’ equity | $ 4,615,448 | $ 4,526,534 |
Condensed Parent Company Fina_4
Condensed Parent Company Financial Statements - Statements of Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net gain on sale of trust division | $ (10,788,000) | $ (344,000) | $ 7,522,000 | ||||||||
Interest expense | $ (70,326,000) | $ (65,076,000) | $ (58,690,000) | $ (46,976,000) | $ (42,471,000) | $ (25,619,000) | $ (21,005,000) | $ (17,210,000) | (241,070,000) | (106,306,000) | (57,282,000) |
Non-interest expense | (109,921,000) | (111,773,000) | (124,928,000) | (111,749,000) | (250,746,000) | (62,617,000) | (59,657,000) | (60,350,000) | (458,370,000) | (433,375,000) | (247,902,000) |
Income tax benefit | (30,434,000) | (27,171,000) | (31,915,000) | (29,456,000) | (28,319,000) | (21,592,000) | (20,319,000) | (17,709,000) | (118,976,000) | (87,939,000) | (67,382,000) |
Net income | 114,491,000 | 119,650,000 | 114,241,000 | 98,872,000 | (33,279,000) | 44,852,000 | 42,400,000 | 39,067,000 | 447,254,000 | 93,031,000 | 139,972,000 |
Preferred stock dividends | 1,990,000 | 1,993,000 | 1,996,000 | 1,999,000 | 2,002,000 | 0 | 0 | 0 | 7,978,000 | 2,002,000 | 0 |
Net income available to common stockholders | $ 112,501,000 | $ 117,657,000 | $ 112,245,000 | $ 96,873,000 | $ (35,281,000) | $ 44,852,000 | $ 42,400,000 | $ 39,067,000 | 439,276,000 | 91,029,000 | 139,972,000 |
Sterling Bancorp | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | 46,000 | 29,000 | 14,000 | ||||||||
Interest expense | (8,747,000) | (6,186,000) | (5,398,000) | ||||||||
Non-interest expense | (14,564,000) | (9,225,000) | (12,989,000) | ||||||||
Income tax benefit | 5,397,000 | 7,258,000 | 3,700,000 | ||||||||
Income before equity in undistributed earnings of the Bank | 272,139,000 | 21,876,000 | 52,608,000 | ||||||||
Net income | 447,254,000 | 93,031,000 | 139,972,000 | ||||||||
Preferred stock dividends | 7,978,000 | 2,002,000 | 0 | ||||||||
Net income available to common stockholders | 439,276,000 | 91,029,000 | 139,972,000 | ||||||||
Sterling Bancorp | Sterling National Bank | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries | 290,007,000 | 30,000,000 | 60,000,000 | ||||||||
Equity in undistributed (excess distributed) earnings | 175,115,000 | 71,155,000 | 87,364,000 | ||||||||
Sterling Bancorp | Non-bank Subsidiaries | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividend income from subsidiaries | 0 | 0 | 5,026,000 | ||||||||
Net gain on sale of trust division | $ 0 | $ 0 | $ 2,255,000 |
Condensed Parent Company Fina_5
Condensed Parent Company Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 114,491 | $ 119,650 | $ 114,241 | $ 98,872 | $ (33,279) | $ 44,852 | $ 42,400 | $ 39,067 | $ 447,254 | $ 93,031 | $ 139,972 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss on extinguishment of borrowings | (172) | 0 | 9,729 | ||||||||
Other adjustments, net | (114,474) | (106,399) | 21,868 | ||||||||
Net cash provided by operating activities | 394,775 | 242,605 | 198,899 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash (used in) investing activities | (1,062,559) | (1,409,294) | (2,210,144) | ||||||||
Cash flows from financing activities: | |||||||||||
Repayment of Senior Notes | (96,455) | 0 | (23,793) | ||||||||
Cash dividend paid on preferred stock | (8,775) | (2,194) | 0 | ||||||||
Repurchase of treasury stock | (159,903) | (159,903) | 0 | 0 | |||||||
Net cash provided by financing activities | 625,988 | 1,352,949 | 2,075,378 | ||||||||
Net (decrease) increase in cash and cash equivalents | (41,796) | 186,260 | 64,133 | ||||||||
Cash and cash equivalents at beginning of period | 479,906 | 293,646 | 479,906 | 293,646 | 229,513 | ||||||
Cash and cash equivalents at end of period | 438,110 | 479,906 | 438,110 | 479,906 | 293,646 | ||||||
Sterling Bancorp | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 447,254 | 93,031 | 139,972 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss on extinguishment of borrowings | (172) | 0 | 1,013 | ||||||||
Other adjustments, net | 5,560 | 61,184 | 6,273 | ||||||||
Net cash provided by operating activities | 277,527 | 83,060 | 59,894 | ||||||||
Cash flows from investing activities: | |||||||||||
Sales of securities | 0 | 0 | 3 | ||||||||
Investment in the Bank | 0 | 0 | (65,000) | ||||||||
Net cash (used in) investing activities | 0 | 0 | (64,997) | ||||||||
Cash flows from financing activities: | |||||||||||
Equity capital raise | 0 | 0 | 90,995 | ||||||||
Repayment of Senior Notes | (19,455) | 0 | (23,793) | ||||||||
Maturity of Senior Notes | (77,000) | 0 | 0 | ||||||||
Cash dividends paid on common stock | (63,118) | (46,229) | (36,451) | ||||||||
Cash dividend paid on preferred stock | (8,775) | 0 | 0 | ||||||||
Stock-based compensation transactions | 691 | 2,578 | 3,588 | ||||||||
Repurchase of treasury stock | (159,903) | 0 | 0 | ||||||||
Net cash provided by financing activities | (327,560) | (43,651) | 34,339 | ||||||||
Net (decrease) increase in cash and cash equivalents | (50,033) | 39,409 | 29,236 | ||||||||
Cash and cash equivalents at beginning of period | $ 88,174 | $ 48,765 | 88,174 | 48,765 | 19,529 | ||||||
Cash and cash equivalents at end of period | $ 38,141 | $ 88,174 | 38,141 | 88,174 | 48,765 | ||||||
Sterling Bancorp | Sterling National Bank | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in (undistributed) earnings of the Bank | $ (175,115) | $ (71,155) | $ (87,364) |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and dividend income | $ 313,197,000 | $ 309,025,000 | $ 304,906,000 | $ 281,346,000 | $ 276,495,000 | $ 145,692,000 | $ 134,263,000 | $ 126,000,000 | $ 1,208,473,000 | $ 682,449,000 | $ 461,551,000 |
Interest expense | 70,326,000 | 65,076,000 | 58,690,000 | 46,976,000 | 42,471,000 | 25,619,000 | 21,005,000 | 17,210,000 | 241,070,000 | 106,306,000 | 57,282,000 |
Net interest income | 242,871,000 | 243,949,000 | 246,216,000 | 234,370,000 | 234,024,000 | 120,073,000 | 113,258,000 | 108,790,000 | 967,403,000 | 576,143,000 | 404,269,000 |
Provisions for loan losses | 10,500,000 | 9,500,000 | 13,000,000 | 13,000,000 | 12,000,000 | 5,000,000 | 4,500,000 | 4,500,000 | 46,000,000 | 26,000,000 | 20,000,000 |
Non-interest income | 22,475,000 | 24,145,000 | 37,868,000 | 18,707,000 | 23,762,000 | 13,988,000 | 13,618,000 | 12,836,000 | 103,197,000 | 64,202,000 | 70,987,000 |
Non-interest expense | 109,921,000 | 111,773,000 | 124,928,000 | 111,749,000 | 250,746,000 | 62,617,000 | 59,657,000 | 60,350,000 | 458,370,000 | 433,375,000 | 247,902,000 |
Income before income taxes | 144,925,000 | 146,821,000 | 146,156,000 | 128,328,000 | (4,960,000) | 66,444,000 | 62,719,000 | 56,776,000 | 566,230,000 | 180,970,000 | 207,354,000 |
Income tax expense | 30,434,000 | 27,171,000 | 31,915,000 | 29,456,000 | 28,319,000 | 21,592,000 | 20,319,000 | 17,709,000 | 118,976,000 | 87,939,000 | 67,382,000 |
Net income | 114,491,000 | 119,650,000 | 114,241,000 | 98,872,000 | (33,279,000) | 44,852,000 | 42,400,000 | 39,067,000 | 447,254,000 | 93,031,000 | 139,972,000 |
Preferred stock dividends | 1,990,000 | 1,993,000 | 1,996,000 | 1,999,000 | 2,002,000 | 0 | 0 | 0 | 7,978,000 | 2,002,000 | 0 |
Net income available to common stockholders | $ 112,501,000 | $ 117,657,000 | $ 112,245,000 | $ 96,873,000 | $ (35,281,000) | $ 44,852,000 | $ 42,400,000 | $ 39,067,000 | $ 439,276,000 | $ 91,029,000 | $ 139,972,000 |
Basic (USD per share) | $ 0.51 | $ 0.52 | $ 0.50 | $ 0.43 | $ (0.16) | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.96 | $ 0.58 | $ 1.07 |
Diluted (USD per share) | $ 0.51 | $ 0.52 | $ 0.50 | $ 0.43 | $ (0.16) | $ 0.33 | $ 0.31 | $ 0.29 | $ 1.95 | $ 0.58 | $ 1.07 |
Deferred tax adjustment related to reduction in federal income tax rate | $ 40,285,000 | $ 0 | $ 40,285,000 | $ 0 | |||||||
Merger-related expense | 30,230,000 | 0 | 39,232,000 | 265,000 | |||||||
Other restructuring charges | $ 104,506,000 | $ 13,132,000 | $ 105,110,000 | $ 4,485,000 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards - Narrative (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Securities held-to-maturity, book value | $ 2,796,617,000 | $ 2,862,489,000 | |
Securities held-to-maturity at fair value | 2,740,522,000 | 2,863,909,000 | |
Securities available-for-sale, amortized cost | 3,974,319,000 | 3,648,971,000 | |
Available for sale, at fair value | 3,870,563,000 | $ 3,612,072,000 | |
Scenario, Forecast | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease, right-of-use asset | $ 127,998 | ||
Operating lease, liability | 133,767 | ||
Accounting Standards Update 2017-12 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Securities held-to-maturity, book value | (720,440,000) | ||
Securities held-to-maturity at fair value | $ (708,627,000) | ||
Subsequent Event | Accounting Standards Update 2017-12 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Securities available-for-sale, amortized cost | 720,440,000 | ||
Available for sale, at fair value | $ 708,627,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 28, 2019 | Jan. 23, 2019 | |
Subsequent Event [Line Items] | ||||||
Securities held-to-maturity, book value | $ 2,796,617 | $ 2,862,489 | ||||
Securities held-to-maturity at fair value | 2,740,522 | 2,863,909 | ||||
Portfolio loans | 19,218,530 | 20,008,983 | ||||
Available for sale securities sold, realized loss | 10,933 | 352 | $ 3,143 | |||
Accounting Standards Update 2017-12 | ||||||
Subsequent Event [Line Items] | ||||||
Securities held-to-maturity, book value | (720,440) | |||||
Securities held-to-maturity at fair value | (708,627) | |||||
Commercial | ||||||
Subsequent Event [Line Items] | ||||||
Portfolio loans | 16,207,681 | 14,588,032 | ||||
Acquired loans | ||||||
Subsequent Event [Line Items] | ||||||
Portfolio loans | 6,335,875 | 9,381,237 | ||||
Acquired loans | Commercial | ||||||
Subsequent Event [Line Items] | ||||||
Portfolio loans | $ 4,100,308 | $ 4,669,810 | ||||
Woodforest National Bank | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Debt securities, available-for-sale, sold at par value | $ 548,975 | |||||
Available for sale securities sold, realized loss | $ 17,630 | |||||
Premium paid for loans receivable acquired as a percent of gross loans acquired | 3.80% | |||||
Premium paid for loans receivables acquired | $ 19 | |||||
Woodforest National Bank | Acquired loans | Commercial | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Portfolio loans | $ 495,000 | |||||
Woodforest National Bank | Scenario, Forecast | Acquired loans | Commercial | ||||||
Subsequent Event [Line Items] | ||||||
Portfolio loans | $ 504,000 |