Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | UBNK | |
Entity Registrant Name | UNITED FINANCIAL BANCORP, INC. | |
Entity Central Index Key | 1,501,364 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 50,512,092 |
Consolidated Statements of Cond
Consolidated Statements of Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 51,951 | $ 47,602 |
Short-term investments | 162,295 | 47,574 |
Total cash and cash equivalents | 214,246 | 95,176 |
Available-for-sale securities - at fair value | 1,052,439 | 1,059,169 |
Held-to-maturity securities - at amortized cost | 14,162 | 14,565 |
Loans held for sale | 83,321 | 10,136 |
Loans receivable (net of allowance for loan losses of $41,080 at September 30, 2016 and $33,887 at December 31, 2015) | 4,689,834 | 4,587,062 |
Federal Home Loan Bank of Boston stock | 52,847 | 51,196 |
Accrued interest receivable | 17,888 | 15,740 |
Deferred tax asset, net | 32,529 | 33,094 |
Premises and equipment, net | 52,520 | 54,779 |
Goodwill | 115,281 | 115,281 |
Core deposit intangible | 6,287 | 7,506 |
Cash surrender value of bank-owned life insurance | 126,948 | 125,101 |
Other real estate owned | 2,792 | 755 |
Other assets | 83,761 | 58,981 |
Total assets | 6,544,855 | 6,228,541 |
Deposits: | ||
Non-interest-bearing | 687,865 | 657,718 |
Interest-bearing | 4,007,606 | 3,779,353 |
Total deposits | 4,695,471 | 4,437,071 |
Mortgagors’ and investors’ escrow accounts | 9,045 | 13,526 |
Advances from the Federal Home Loan Bank | 977,483 | 949,003 |
Other borrowings | 125,399 | 150,017 |
Accrued expenses and other liabilities | 81,217 | 53,403 |
Total liabilities | 5,888,615 | 5,603,020 |
Stockholders’ equity: | ||
Preferred stock (no par value; 2,000,000 authorized; no shares issued) | 0 | 0 |
Common stock (no par value; authorized 120,000,000 and 60,000,000 shares; 50,462,946 and 49,941,428 shares issued and outstanding, at September 30, 2016 and December 31, 2015, respectively) | 526,404 | 519,587 |
Additional paid-in capital | 10,124 | 10,722 |
Unearned compensation - ESOP | (5,751) | (5,922) |
Retained earnings | 129,076 | 112,013 |
Accumulated other comprehensive loss, net of tax | (3,613) | (10,879) |
Total stockholders’ equity | 656,240 | 625,521 |
Total liabilities and stockholders’ equity | $ 6,544,855 | $ 6,228,541 |
Consolidated Statements of Con3
Consolidated Statements of Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for loan losses, loans receivable | $ 41,080 | $ 33,887 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 120,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 50,462,946 | 49,941,428 |
Common stock, shares outstanding (in shares) | 50,462,946 | 49,941,428 |
Consolidated Statements of Net
Consolidated Statements of Net Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and dividend income: | ||||
Loans | $ 45,331 | $ 41,878 | $ 134,359 | $ 123,658 |
Securities - taxable interest | 4,808 | 4,907 | 14,830 | 14,947 |
Securities - non-taxable interest | 2,140 | 2,080 | 6,201 | 6,353 |
Securities - dividends | 990 | 708 | 2,934 | 1,554 |
Interest-bearing deposits | 67 | 52 | 207 | 119 |
Total interest and dividend income | 53,336 | 49,625 | 158,531 | 146,631 |
Interest expense: | ||||
Deposits | 6,279 | 5,319 | 18,927 | 15,643 |
Borrowed funds | 4,028 | 2,663 | 11,677 | 7,099 |
Total interest expense | 10,307 | 7,982 | 30,604 | 22,742 |
Net interest income | 43,029 | 41,643 | 127,927 | 123,889 |
Provision for loan losses | 3,766 | 3,252 | 10,078 | 9,225 |
Net interest income after provision for loan losses | 39,263 | 38,391 | 117,849 | 114,664 |
Non-interest income: | ||||
Service charges and fees | 5,726 | 5,960 | 14,679 | 15,434 |
Gain (loss) on sales of securities, net | 48 | (59) | 1,867 | 639 |
Income from mortgage banking activities | 2,198 | 2,257 | 5,389 | 7,618 |
Bank-owned life insurance income | 899 | 893 | 2,531 | 2,557 |
Net loss on limited partnership investments | (850) | (991) | (3,290) | (2,337) |
Other income (loss) | (132) | (242) | (28) | 113 |
Total non-interest income | 7,889 | 7,818 | 21,148 | 24,024 |
Non-interest expense: | ||||
Salaries and employee benefits | 18,301 | 16,994 | 56,105 | 50,161 |
Service bureau fees | 1,960 | 1,828 | 6,219 | 5,114 |
Occupancy and equipment | 3,580 | 3,343 | 11,330 | 11,600 |
Professional fees | 1,125 | 1,581 | 2,893 | 3,280 |
Marketing and promotions | 656 | 587 | 2,271 | 1,843 |
FDIC insurance assessments | 819 | 750 | 2,800 | 2,651 |
Core deposit intangible amortization | 385 | 433 | 1,219 | 1,363 |
FHLBB prepayment penalties | 0 | 0 | 1,454 | 0 |
Other | 5,410 | 6,360 | 16,389 | 16,878 |
Total non-interest expense | 32,236 | 31,876 | 100,680 | 92,890 |
Income before income taxes | 14,916 | 14,333 | 38,317 | 45,798 |
Provision for income taxes | 757 | 952 | 3,206 | 6,060 |
Net income | $ 14,159 | $ 13,381 | $ 35,111 | $ 39,738 |
Net income per share: | ||||
Basic (in usd per share) | $ 0.28 | $ 0.27 | $ 0.71 | $ 0.81 |
Diluted (in usd per share) | $ 0.28 | $ 0.27 | $ 0.70 | $ 0.81 |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 49,800,105 | 48,931,203 | 49,617,136 | 48,829,193 |
Diluted (in shares) | 50,141,175 | 49,429,809 | 49,917,049 | 49,339,271 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 14,159 | $ 13,381 | $ 35,111 | $ 39,738 | |
Securities available for sale: | |||||
Unrealized holding gains (losses) | (274) | 7,771 | 23,253 | 2,719 | |
Reclassification adjustment for losses (gains) realized in operations | [1] | (48) | 59 | (1,867) | (639) |
Net unrealized gains (losses) | (322) | 7,830 | 21,386 | 2,080 | |
Tax effect - benefit (expense) | 120 | (2,820) | (7,691) | (756) | |
Net-of-tax amount - securities available for sale | (202) | 5,010 | 13,695 | 1,324 | |
Interest rate swaps designated as cash flow hedges: | |||||
Unrealized gains (losses) | 2,854 | (4,898) | (8,582) | (5,533) | |
Reclassification adjustment for expense (benefit) realized in operations | [2] | (664) | 0 | (1,844) | 12 |
Net unrealized gains (losses) | 2,190 | (4,898) | (10,426) | (5,521) | |
Tax effect - benefit (expense) | (788) | 1,764 | 3,757 | 1,989 | |
Net-of-tax amount - interest rate swaps | 1,402 | (3,134) | (6,669) | (3,532) | |
Pension and Post-retirement plans: | |||||
Reclassification adjustment for prior service costs recognized in net periodic benefit cost | [3] | 2 | 2 | 5 | 5 |
Reclassification adjustment for losses recognized in net periodic benefit cost | [4] | 123 | 191 | 371 | 570 |
Change in losses and prior service costs | 125 | 193 | 376 | 575 | |
Tax effect - expense | (46) | (74) | (136) | (65) | |
Net-of-tax amount - pension and post-retirement plans | 79 | 119 | 240 | 510 | |
Total other comprehensive income (loss) | 1,279 | 1,995 | 7,266 | (1,698) | |
Comprehensive income | $ 15,438 | $ 15,376 | $ 42,377 | $ 38,040 | |
[1] | Amounts are included in gain (loss) on sales of securities, net in the unaudited Consolidated Statements of Net Income. Income tax (expense) benefit associated with the reclassification adjustment was $(17) and $21 for the three months ended September 30, 2016 and 2015, respectively. Income tax expense associated with the reclassification adjustment was $(673) and $(230) for the nine months ended September 30, 2016 and 2015, respectively. | ||||
[2] | Amounts are included in borrowed funds expense in the unaudited Consolidated Statements of Net Income. Income tax expense associated with the reclassification adjustment for the three months ended September 30, 2016 was $239. Income tax expense (benefit) associated with the reclassification adjustment for the nine months ended September 30, 2016 and 2015 was $664 and $(4), respectively. | ||||
[3] | Amounts are included in salaries and employee benefits expense in the unaudited Consolidated Statements of Net Income. Income tax expense associated with the reclassification adjustment for prior service costs for the three and nine months ended September 30, 2016 and 2015 was minimal. | ||||
[4] | Amounts are included in salaries and employee benefits expense in the unaudited Consolidated Statements of Net Income. Income tax benefit associated with the reclassification adjustment of the losses recognized in net periodic benefit cost for the three months ended September 30, 2016 and 2015 was $44 and $69, respectively. Income tax benefit associated with the reclassification adjustment for losses recognized in net periodic benefit cost for the nine months ended September 30, 2016 and 2015 was $134 and $205, respectively. |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Income tax (expense) benefit associated with the reclassification adjustment realized in net income for sale of securities | $ (17) | $ 21 | $ (673) | $ (230) |
Income tax expense (benefit) associated with the reclassification adjustment for expense realized in net income for interest rate swaps | 239 | 664 | (4) | |
Income tax benefit associated with the reclassification adjustment for losses (gains) recognized in net periodic benefit cost | $ 44 | $ 69 | $ 134 | $ 205 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Unearned Compensation - ESOP | Retained Earnings | Accumulated Other Comprehensive Loss |
Balance (in shares) at Dec. 31, 2014 | 49,537,700 | |||||
Balance at Dec. 31, 2014 | $ 602,408 | $ 514,189 | $ 16,007 | $ (6,150) | $ 84,852 | $ (6,490) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income | 38,040 | 39,738 | (1,698) | |||
Common stock repurchased (in shares) | (377,700) | |||||
Common stock repurchased | (5,171) | $ (5,171) | ||||
Stock-based compensation expense | 689 | 689 | ||||
ESOP shares released or committed to be released | 222 | 51 | 171 | |||
Shares issued for stock options exercised and SARs (in shares) | 349,387 | |||||
Shares issued for stock options exercised and SARs | 2,610 | $ 4,657 | (2,047) | |||
Shares issued for restricted stock grants (in shares) | 27,330 | |||||
Shares issued for restricted stock grants | 0 | $ 340 | (340) | |||
Cancellation of shares for tax withholding (in shares) | (18,044) | |||||
Cancellation of shares for tax withholding | (251) | $ (184) | (67) | |||
Tax benefit from stock-based awards | (293) | (293) | ||||
Dividends paid ($0.36 and $0.34 per common share) | (16,802) | (16,802) | ||||
Forfeited unvested restricted stock (in shares) | (1,135) | |||||
Forfeited unvested restricted stock | 0 | |||||
Balance (in shares) at Sep. 30, 2015 | 49,517,538 | |||||
Balance at Sep. 30, 2015 | $ 621,452 | $ 513,831 | 14,000 | (5,979) | 107,788 | (8,188) |
Balance (in shares) at Dec. 31, 2015 | 49,941,428 | 49,941,428 | ||||
Balance at Dec. 31, 2015 | $ 625,521 | $ 519,587 | 10,722 | (5,922) | 112,013 | (10,879) |
Increase (Decrease) in Stockholders' Equity | ||||||
Comprehensive income | 42,377 | 0 | 35,111 | 7,266 | ||
Stock-based compensation expense | 1,543 | 1,543 | ||||
ESOP shares released or committed to be released | $ 216 | 45 | 171 | |||
Shares issued for stock options exercised and SARs (in shares) | 506,854 | 489,361 | ||||
Shares issued for stock options exercised and SARs | $ 4,464 | $ 6,357 | (1,893) | |||
Shares issued for restricted stock grants (in shares) | 39,328 | |||||
Shares issued for restricted stock grants | 0 | $ 460 | (460) | |||
Cancellation of shares for tax withholding (in shares) | (7,171) | |||||
Cancellation of shares for tax withholding | (90) | $ 0 | (90) | |||
Tax benefit from stock-based awards | 257 | 257 | ||||
Dividends paid ($0.36 and $0.34 per common share) | $ (18,048) | (18,048) | ||||
Balance (in shares) at Sep. 30, 2016 | 50,462,946 | 50,462,946 | ||||
Balance at Sep. 30, 2016 | $ 656,240 | $ 526,404 | $ 10,124 | $ (5,751) | $ 129,076 | $ (3,613) |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Retained Earnings | ||
Dividends paid per common share (in usd per share) | $ 0.36 | $ 0.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 35,111 | $ 39,738 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Amortization of premiums and discounts on investments, net | 4,163 | 3,934 |
Accretion of intangible assets and purchase accounting marks | (1,006) | (9,034) |
Amortization of subordinated debt issuance costs | 95 | 95 |
Stock-based compensation expense | 1,543 | 689 |
ESOP expense | 216 | 222 |
Loss on extinguishment of debt | 1,454 | 0 |
Tax benefit from stock-based awards | (257) | 293 |
Provision for loan losses | 10,078 | 9,225 |
Gain on sales of securities, net | (1,867) | (639) |
Loans originated for sale | (355,361) | (290,795) |
Principal balance of loans sold | 282,176 | 285,504 |
Increase in mortgage servicing asset | (22) | (1,266) |
Gain on sales of other real estate owned | (136) | (166) |
Net gain in mortgage banking fair value adjustments | (2,144) | (836) |
(Gain) loss on disposal of equipment | 168 | 193 |
Write-downs of other real estate owned | 4 | 118 |
Depreciation and amortization | 4,108 | 3,997 |
Net loss on limited partnership investments | 3,290 | 2,337 |
Deferred income tax (benefit) expense | (3,502) | 3,447 |
Increase in cash surrender value of bank-owned life insurance | (2,531) | (2,557) |
Net change in: | ||
Deferred loan fees and premiums | (3,195) | (2,240) |
Accrued interest receivable | (2,148) | (1,265) |
Other assets | (41,393) | (16,834) |
Accrued expenses and other liabilities | 25,281 | 11,002 |
Net cash provided by (used in) operating activities | (45,875) | 35,162 |
Cash flows from investing activities: | ||
Proceeds from sales of available-for-sale securities | 241,452 | 195,335 |
Proceeds from calls and maturities of available-for-sale securities | 12,491 | 16,655 |
Principal payments on available-for-sale securities | 66,210 | 67,277 |
Principal payments on held-to-maturity securities | 380 | 630 |
Purchases of available-for-sale securities | (288,390) | (308,253) |
Redemption of FHLBB stock | 3,392 | 0 |
Purchase of FHLBB stock | (5,043) | (8,864) |
Proceeds from sale of other real estate owned | 1,237 | 2,232 |
Purchases of loans | (92,162) | (11,348) |
Loan originations, net of principal repayments | (18,656) | (297,971) |
Proceeds from BOLI death benefit | 689 | 0 |
Purchases of premises and equipment | (1,879) | (3,186) |
Proceeds from sale of equipment | 17 | 192 |
Net cash used in investing activities | (80,262) | (347,301) |
Cash flows from financing activities: | ||
Net increase in non-interest-bearing deposits | 30,147 | 20,176 |
Net increase in interest-bearing deposits | 229,329 | 210,249 |
Net increase (decrease) in mortgagors’ and investors’ escrow accounts | (4,481) | (4,896) |
Net increase in short-term FHLBB advances | 54,800 | 57,200 |
Repayments of long-term FHLBB advances | (13,955) | (6,977) |
Prepayments of long-term FHLBB borrowings and penalty | (37,796) | 0 |
Proceeds from long-term FHLBB advances | 25,341 | 116,800 |
Net change in other borrowings | (24,761) | (49,148) |
Proceeds from exercise of stock options and SARs | 4,464 | 2,610 |
Common stock repurchased | 0 | (5,171) |
Cancellation of shares for tax withholding | (90) | (251) |
Tax benefit from stock-based awards | 257 | (293) |
Cash dividend paid on common stock | (18,048) | (16,802) |
Net cash provided by financing activities | 245,207 | 323,497 |
Net increase in cash and cash equivalents | 119,070 | 11,358 |
Cash and cash equivalents, beginning of period | 95,176 | 86,952 |
Cash and cash equivalents, end of period | 214,246 | 98,310 |
Cash paid (refunded) during the year for: | ||
Interest | 31,705 | 25,757 |
Income taxes, net | 3,300 | (6,719) |
Transfer of loans to other real estate owned | 3,163 | 318 |
Decrease in due to broker, investment purchases | 3,009 | (1,105) |
Decrease in due to broker, common stock buyback | $ 0 | $ (523) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of Operations United Financial Bancorp, Inc. (the “Company” or “United”) is headquartered in Glastonbury, Connecticut, and through United Bank (the “Bank”) and various subsidiaries, delivers financial services to individuals, families and businesses primarily throughout Connecticut and Massachusetts through 53 banking offices, its commercial loan production offices, its mortgage loan production offices, 63 ATMs, telephone banking, mobile banking and online banking ( www.bankatunited.com ). Basis of Presentation The consolidated interim financial statements and the accompanying notes presented in this report include the accounts of the Company, the Bank and the Bank’s wholly-owned subsidiaries, United Bank Mortgage Company, United Bank Investment Corp., Inc., United Bank Commercial Properties, Inc., United Bank Residential Properties, Inc., United Northeast Financial Advisors, Inc., United Bank Investment Sub, Inc., UCB Securities, Inc. II, UB Properties, LLC, United Financial Realty HC, Inc. and United Financial Business Trust I. All significant intercompany transactions have been eliminated. The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included in the interim unaudited consolidated financial statements. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any future period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s 2015 audited consolidated financial statements and notes thereto included in United Financial Bancorp, Inc.’s Annual Report on Form 10-K as of and for the year ended December 31, 2015 . Common Share Repurchases The Company is chartered in the state of Connecticut. Connecticut law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock balances. Reclassifications Certain reclassifications have been made in prior periods’ consolidated financial statements to conform to the 2016 presentation. These reclassifications had no impact on the Company’s consolidated financial position, results of operations or net change in cash equivalents. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the realizability of deferred tax assets, the evaluation of securities for other-than-temporary impairment, the valuation of derivative instruments and hedging activities, and goodwill impairment valuations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2. Recent Accounting Pronouncements Statement of Cash Flows In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments to address eight specific cash flow issues with the objective of reducing diversity in practice in how certain transactions are classified in the statement of cash flows. The issues identified within the ASU include: 1) debt prepayments and extinguishment costs, 2) settlement of zero-coupon debt, 3) settlement of contingent consideration, 4) insurance proceeds, 5) settlement of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) policies, 6) distributions from equity method investees, 7) beneficial interests in securitization transactions, and 8) receipts and payments with aspects of more than one class of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the disclosures in the Company’s Statements of Cash Flows, but does not expect this ASU to have a material impact on the Company’s financial statements. Financial Instruments In June 2016, FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the Board’s guidance on the impairment of financial instruments. The ASU adds to GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of US GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. For public business entities that are US Securities and Exchange Commission filers, such as the Company, this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This ASU potentially could have a significant impact on the Company’s allowance for loan losses, however, no assessment of the potential impact has been determined. Efforts are in process to quantify and prepare for the ASU’s effective date. Compensation In March 2016, the FASB issued ASU No. 2016-09 Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting as part of the FASB’s simplification initiative aimed at reducing complexity in accounting standards . This ASU simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including; accounting for income taxes; classification of excess tax benefits on the statement of cash flows; forfeitures; statutory tax withholding requirements; classification of awards as either equity or liabilities and; classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. For public business entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. This ASU is not expected to have a significant impact on the Company’s Financial Statements. Derivatives and Hedging In March 2016, the FASB issued ASU No. 2016-06 Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments as part of the consensus of the Emerging Issues Task Force. This ASU addresses inconsistent interpretations of whether an event that triggers an entity’s ability to exercise the embedded contingent option must be indexed to interest rates or credit risk for that option to qualify as clearly and closely related. The ASU clarifies that in assessing whether an embedded contingent put or call option is clearly and closely related to the debt host, an entity is required to perform only the four-step decision sequence in ASC 815-15-25-42 as amended by the ASU. The entity does not have to separately assess whether the event that triggers its ability to exercise the contingent option is itself indexed only to interest rates or credit risk. For public business entities, the amendments in the ASU are effective for annual reporting periods, and interim period therein, beginning after December 15, 2016. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) . This ASU consists of three sections: Section A- Leases: Amendments to the FASB Accounting Standards Codification ; Section B - Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification ; and Section C - Background Information and Basis for Conclusions. This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts with Customers . The new leases standard represents a whole-sale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (i.e. calendar periods beginning on January 1, 2019), and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019 (i.e. calendar periods beginning on January 1, 2020), and interim periods thereafter. Early adoption will be permitted for all entities. This ASU is not expected to have a significant impact on the Company’s financial statements. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU requires entities to carry all investments in equity securities, including other ownership interests such as partnerships, unincorporated joint ventures and limited liability companies, at fair value through net income. This new requirement does not apply to investments that qualify for the equity method of accounting or to those that result in consolidation of these investments. The ASU supersedes current guidance and no longer requires equity securities with readily determinable fair value to be classified into categories (i.e. trading or available for sale). The ASU clarifies that when identifying observable price changes, an entity should consider relevant transactions “that are known or can reasonably be known“ and that an entity is not required to spend undue cost and effort to identify such transactions. The ASU also indicates that an entity should consider a security’s rights and obligations, such as voting rights, distribution rights and preferences, and conversion features, when evaluating whether the security issued by the same issuer is similar to the equity security held by the entity. The ASU further provides for the elimination of disclosure requirements related to financial instruments measured at amortized cost. For public business entities, the new standard will require disclosure of fair value using the exit price notion for all financial instruments measured at amortized cost. Pursuant to the ASU, recognition and measurement will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all entities, the ASU permits early adoption of the instrument-specific credit risk provision. Additionally, for non-public entities, it permits early adoption of the exemption provisions related to disclosure of fair value information about financial instruments measured at amortized cost. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3. Securities The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities at September 30, 2016 and December 31, 2015 are as follows: Amortized Gross Gross Fair (In thousands) September 30, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 161,388 $ 3,280 $ — $ 164,668 Government-sponsored residential collateralized debt obligations 195,056 2,841 (67 ) 197,830 Government-sponsored commercial mortgage-backed securities 27,107 713 — 27,820 Government-sponsored commercial collateralized debt obligations 176,706 3,020 — 179,726 Asset-backed securities 159,195 2,067 (905 ) 160,357 Corporate debt securities 59,848 1,953 (1,591 ) 60,210 Obligations of states and political subdivisions 221,367 4,522 (2,033 ) 223,856 Total debt securities 1,000,667 18,396 (4,596 ) 1,014,467 Marketable equity securities, by sector: Banks 33,087 1,589 — 34,676 Industrial 109 55 — 164 Mutual funds 2,880 64 (2 ) 2,942 Oil and gas 131 59 — 190 Total marketable equity securities 36,207 1,767 (2 ) 37,972 Total available-for-sale securities $ 1,036,874 $ 20,163 $ (4,598 ) $ 1,052,439 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,331 $ 1,199 $ (14 ) $ 13,516 Government-sponsored residential mortgage-backed securities 1,831 222 — 2,053 Total held-to-maturity securities $ 14,162 $ 1,421 $ (14 ) $ 15,569 Amortized Gross Gross Fair (In thousands) December 31, 2015 Available for sale: Debt securities: U.S. Government and government-sponsored enterprise obligations $ 10,159 $ 13 $ (83 ) $ 10,089 Government-sponsored residential mortgage-backed securities 146,434 731 (1,304 ) 145,861 Government-sponsored residential collateralized debt obligations 287,515 855 (1,403 ) 286,967 Government-sponsored commercial mortgage-backed securities 21,144 21 (200 ) 20,965 Government-sponsored commercial collateralized debt obligations 128,617 626 (271 ) 128,972 Asset-backed securities 162,895 43 (3,037 ) 159,901 Corporate debt securities 62,356 91 (2,487 ) 59,960 Obligations of states and political subdivisions 201,217 1,561 (1,663 ) 201,115 Total debt securities 1,020,337 3,941 (10,448 ) 1,013,830 Marketable equity securities, by sector: Banks 41,558 1,099 (544 ) 42,113 Industrial 109 34 — 143 Mutual funds 2,854 65 (4 ) 2,915 Oil and gas 132 36 — 168 Total marketable equity securities 44,653 1,234 (548 ) 45,339 Total available-for-sale securities $ 1,064,990 $ 5,175 $ (10,996 ) $ 1,059,169 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,360 $ 884 $ (10 ) $ 13,234 Government-sponsored residential mortgage-backed securities 2,205 244 — 2,449 Total held-to-maturity securities $ 14,565 $ 1,128 $ (10 ) $ 15,683 At September 30, 2016 , the net unrealized gain on securities available for sale of $15.6 million , net of an income tax expense of $5.6 million , or $10.0 million , was included in accumulated other comprehensive loss in the unaudited Consolidated Statement of Condition. The amortized cost and fair value of debt securities at September 30, 2016 by contractual maturities are presented below. Actual maturities may differ from contractual maturities because some securities may be called or repaid without any penalties. Also, because mortgage-backed securities require periodic principal paydowns, they are not included in the maturity categories in the following maturity summary. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Maturity: Within 1 year $ 175 $ 176 $ — $ — After 1 year through 5 years 16,118 16,537 1,184 1,229 After 5 years through 10 years 47,906 49,018 — — After 10 years 217,016 218,335 11,147 12,287 281,215 284,066 12,331 13,516 Government-sponsored residential mortgage-backed securities 161,388 164,668 1,831 2,053 Government-sponsored residential collateralized debt obligations 195,056 197,830 — — Government-sponsored commercial mortgage-backed securities 27,107 27,820 — — Government-sponsored commercial collateralized debt obligations 176,706 179,726 — — Asset-backed securities 159,195 160,357 — — Total debt securities $ 1,000,667 $ 1,014,467 $ 14,162 $ 15,569 At September 30, 2016 , the Company had 114 securities with a fair value of $549.3 million pledged as derivative collateral, collateral for reverse repurchase borrowings and collateral for Federal Home Loan Bank of Boston (“FHLBB”) borrowing capacity. At December 31, 2015 , the Company had 114 securities with a fair value of $446.0 million pledged as derivative collateral, collateral for reverse repurchase borrowings, and collateral for FHLBB borrowing capacity. For the three months ended September 30, 2016 and 2015 , gross gains of $325,000 and $185,000 were realized on the sales of available-for-sale securities for both periods, respectively. There were gross losses of $277,000 and $244,000 realized on the sale of available-for-sale securities for the three months ended September 30, 2016 and 2015 , respectively. For the nine months ended September 30, 2016 and 2015 , gross gains of $2.6 million and $2.4 million, respectively, were realized on the sales of available-for-sale securities. There were gross losses of $ 743,000 and $1.8 million realized on the sale of available-for-sale securities for the nine months ended September 30, 2016 and 2015 , respectively. As of September 30, 2016 , the Company did not have any exposure to private-label mortgage-backed securities. The Company also did not own any single security with an aggregate book value in excess of 10% of the Company’s stockholders’ equity. As of September 30, 2016 , the fair value of the obligations of states and political subdivisions portfolio was $237.4 million , with no significant geographic or issuer exposure concentrations. Of the total revenue and general obligations of $237.4 million , $105.2 million were representative of general obligation bonds for which $67.8 million are general obligations of political subdivisions of the respective state, rather than general obligations of the state itself. The following table summarizes gross unrealized losses and fair value, aggregated by category and length of time the securities have been in a continuous unrealized loss position, as of September 30, 2016 and December 31, 2015 : Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) September 30, 2016 Available for sale: Debt Securities: Government-sponsored residential collateralized debt obligations $ 6,821 $ (25 ) $ 6,929 $ (42 ) $ 13,750 $ (67 ) Asset-backed securities 1,207 (25 ) 26,357 (880 ) 27,564 (905 ) Corporate debt securities — — 3,165 (1,591 ) 3,165 (1,591 ) Obligations of states and political subdivisions 47,552 (913 ) 44,100 (1,120 ) 91,652 (2,033 ) Total debt securities 55,580 (963 ) 80,551 (3,633 ) 136,131 (4,596 ) Marketable equity securities — — 95 (2 ) 95 (2 ) Total available-for-sale securities $ 55,580 $ (963 ) $ 80,646 $ (3,635 ) $ 136,226 $ (4,598 ) Held to Maturity: Debt Securities: Obligations of states and political subdivisions $ 1,093 $ (14 ) $ — $ — $ 1,093 $ (14 ) Total held to maturity securities $ 1,093 $ (14 ) $ — $ — $ 1,093 $ (14 ) December 31, 2015 Available for sale: Debt Securities: U.S. Government and government-sponsored enterprise obligations $ 4,867 $ (66 ) $ 4,977 $ (17 ) $ 9,844 $ (83 ) Government-sponsored residential mortgage-backed securities 107,142 (1,183 ) 7,195 (121 ) 114,337 (1,304 ) Government-sponsored residential collateralized debt obligations 152,278 (1,357 ) 3,506 (46 ) 155,784 (1,403 ) Government-sponsored commercial mortgage-backed securities 16,207 (200 ) — — 16,207 (200 ) Government-sponsored commercial collateralized debt obligations 38,151 (221 ) 3,496 (50 ) 41,647 (271 ) Asset-backed securities 93,723 (1,233 ) 49,462 (1,804 ) 143,185 (3,037 ) Corporate debt securities 42,102 (797 ) 6,720 (1,690 ) 48,822 (2,487 ) Obligations of states and political subdivisions 47,878 (946 ) 42,685 (717 ) 90,563 (1,663 ) Total debt securities 502,348 (6,003 ) 118,041 (4,445 ) 620,389 (10,448 ) Marketable equity securities 18,449 (287 ) 6,176 (261 ) 24,625 (548 ) Total available-for-sale securities $ 520,797 $ (6,290 ) $ 124,217 $ (4,706 ) $ 645,014 $ (10,996 ) Held to Maturity: Debt Securities: Obligations of states and political subdivisions $ 1,104 $ (10 ) $ — $ — $ 1,104 $ (10 ) Total held to maturity securities $ 1,104 $ (10 ) $ — $ — $ 1,104 $ (10 ) Of the available-for-sale securities summarized above as of September 30, 2016 , 32 issues had unrealized losses equaling 1.7% of the amortized cost basis for less than twelve months and 62 issues had an unrealized loss of 4.3% of the amortized cost basis for twelve months or more. There was one unrealized loss of $14,000 on a debt security held to maturity at September 30, 2016 . As of December 31, 2015 , 146 issues had unrealized losses equaling 1.2% of the cost basis for less than twelve months and 96 issues had unrealized losses equaling 3.7% of the amortized cost basis for twelve months or more. Management believes that no individual unrealized loss as of September 30, 2016 represents an other-than-temporary impairment, based on its detailed quarterly review of the securities portfolio. Among other things, the other-than-temporary impairment review of the investment securities portfolio focuses on the combined factors of percentage and length of time by which an issue is below book value as well as consideration of issuer specific information (present value of cash flows expected to be collected, issuer rating changes and trends, credit worthiness and review of underlying collateral), broad market details and the Company’s intent to sell the security or if it is more likely than not that the Company will be required to sell the debt security before recovering its cost. The Company also considers whether the depreciation is due to interest rates, market changes, or credit risk. The following paragraphs outline the Company’s position related to unrealized losses in its investment securities portfolio at September 30, 2016 . Government-sponsored residential collateralized debt obligations. The unrealized losses on the Company’s government-sponsored residential collateralized debt obligations were caused by the continued pickup of prepayment speeds given the overall drop in the government curve over the period, which encouraged further refinancing relative to original purchase expectations. The Company monitors this risk, and therefore, strives to minimize premiums within this security class. The Company does not expect these securities to settle at a price less than the par value of the securities. Asset-backed securities . The unrealized losses on the Company’s asset-backed securities were largely driven by increases in the spreads of the respective sectors’ asset classes over comparable securities relative to the time of purchase. The majority of these securities have resetting coupons that adjust on a quarterly basis and the market credit and liquidity spreads on similar securities have increased. Based on the credit profiles and asset qualities of the individual securities, management does not believe that the securities have suffered from any credit related losses at this time. The Company does not expect these securities to settle at a price less than the par value of the securities. Corporate debt securities. The unrealized losses on corporate debt securities is primarily related to one pooled trust preferred security, Preferred Term Security XXVIII, Ltd (“PRETSL XXVIII”). The unrealized loss on this security is caused by the low interest rate environment, as the security reprices quarterly to the three month LIBOR and market spreads on similar newly issued securities have increased. No loss of principal is projected. Based on the existing credit profile, management does not believe that this security has suffered from any credit related losses. The unrealized loss on the remainder of the corporate credit portfolio has been driven primarily by overall wider credit spreads on certain securities relative to the time of purchase. Obligations of states and political subdivisions. The unrealized loss on obligations of states and political subdivisions relates to several securities, with no geographic concentration. The unrealized loss was largely due to a shift in the spreads on the short end of the municipal spread curve relative to the spreads on the bonds at the time of purchase. Marketable equity securities. The unrealized loss on marketable equity securities largely pertains to widening credit spreads and higher rates for certain affected securities relative to their respective purchase. The Company will continue to review its entire portfolio for other-than-temporarily impaired securities. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | Note 4. Loans Receivable and Allowance for Loan Losses A summary of the Company’s loan portfolio is as follows: September 30, 2016 December 31, 2015 Amount Percent Amount Percent (Dollars in thousands) Commercial real estate loans: Owner-occupied $ 392,168 8.3 % $ 322,084 7.0 % Investor non-owner occupied 1,702,701 36.1 1,673,248 36.3 Construction 90,380 1.9 129,922 2.8 Total commercial real estate loans 2,185,249 46.3 2,125,254 46.1 Commercial business loans 660,676 14.0 603,332 13.1 Consumer loans: Residential real estate 1,129,079 23.9 1,179,915 25.6 Home equity 479,390 10.2 431,282 9.3 Residential construction 52,476 1.1 41,084 0.9 Other consumer 213,830 4.5 233,064 5.0 Total consumer loans 1,874,775 39.7 1,885,345 40.8 Total loans 4,720,700 100.0 % 4,613,931 100.0 % Net deferred loan costs and premiums 10,214 7,018 Allowance for loan losses (41,080 ) (33,887 ) Loans - net $ 4,689,834 $ 4,587,062 Purchased Credit Impaired Loans Purchased credit impaired loans (“PCI”) are accounted for in accordance with Accounting Standards Codification (“ASC”) Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). At September 30, 2016 , the net recorded carrying amount of loans accounted for under ASC 310-30 was $4.7 million and the aggregate outstanding principal balance was $7.5 million . The following table summarizes the activity in the the accretable yield balance for PCI loans for the three and nine months ended September 30, 2016 and 2015 : For the Three Months For the Nine Months 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ (118 ) $ (570 ) $ (413 ) $ (1,587 ) Accretion — 1 — 178 Reclassification to nonaccretable balance — 42 232 882 Paid off — 114 63 114 Balance at end of period $ (118 ) $ (413 ) $ (118 ) $ (413 ) Reclassifications of $232,000 and $882,000 from the accretable balance to the nonaccretable balance occurred during the nine months ended September 30, 2016 and 2015 , respectively, due to reductions in expected cash flows for the ASC 310-30 loans. Allowance for Loan Losses Management has established a methodology to determine the adequacy of the allowance for loan losses (“ALL”) that assesses the risks and losses inherent in the loan portfolio. The ALL is established as embedded losses are estimated to have occurred through the provisions for losses charged against operations and is maintained at a level that management considers adequate to absorb losses in the loan portfolio. Management’s judgment in determining the adequacy of the allowance is inherently subjective and is based on past loan loss experience, known and inherent losses and size of the loan portfolios, an assessment of current economic and real estate market conditions, estimates of the current value of underlying collateral, review of regulatory authority examination reports and other relevant factors. An allowance is maintained for impaired loans to reflect the difference, if any, between the carrying value of the loan and the present value of the projected cash flows, observable fair value or collateral value. Loans are charged-off against the ALL when management believes that the uncollectibility of principal is confirmed. Any subsequent recoveries are credited to the ALL when received. In connection with the determination of the ALL, management obtains independent appraisals for significant properties, when considered necessary. The ALL is maintained at a level estimated by management to provide for probable losses inherent within the loan portfolio. Probable losses are estimated based upon a quarterly review of the loan portfolio, which includes historic default and loss experience, specific problem loans, risk rating profile, economic conditions and other pertinent factors which, in management’s judgment, warrant current recognition in the loss estimation process. The adequacy of the ALL is subject to considerable assumptions and judgment used in its determination. Therefore, actual losses could differ materially from management’s estimate if actual conditions differ significantly from the assumptions utilized. These conditions include economic factors in the Company’s market and nationally, industry trends and concentrations, real estate values and trends, and the financial condition and performance of individual borrowers. The Company’s general practice is to identify problem credits early and recognize full or partial charge-offs as promptly as practicable when it is determined that the collection of loan principal is unlikely. The Company recognizes full or partial charge-offs on collateral dependent impaired loans when the collateral is deemed to be insufficient to support the carrying value of the loan. The Company does not recognize a recovery when an updated appraisal indicates a subsequent increase in value. At September 30, 2016 , the Company had a loan loss allowance of $41.1 million , or 0.87% , of total loans as compared to a loan loss allowance of $33.9 million , or 0.73% , of total loans at December 31, 2015 . Management believes that the allowance for loan losses is adequate and consistent with asset quality indicators and that it represents the best estimate of probable losses inherent in the loan portfolio. There are three components for the allowance for loan loss calculation: General component The general component of the ALL is based on historical loss experience adjusted for qualitative factors stratified by the loan segments. Management uses a rolling average of historical losses based on a three -year loss history to capture relevant loss data for each loan segment. This historical loss factor is adjusted for the following qualitative factors: levels and trends in delinquencies; level and trend of charge-offs and recoveries; trends in volume and types of loans; effects of changes in risk selection and underwriting standards, changes in risk selection and underwriting standards; experience and depth of lending weighted average risk rating; and national and local economic trends and conditions. There were no changes in the Company’s methodology pertaining to the general component of the ALL during 2016. The qualitative factors are determined based on the various risk characteristics of each loan segment. Risk characteristics relevant to each portfolio segment are as follows: Residential real estate and home equity loans – The Bank establishes maximum loan-to-value and debt-to-income ratios and minimum credit scores as an integral component of the underwriting criteria. Loans in these segments are collateralized by owner-occupied residential real estate and repayment is dependent on the income and credit quality of the individual borrower. Within the qualitative allowance factors, national and local economic trends including unemployment rates and potential declines in property value, are key elements reviewed as a component of establishing the appropriate allocation. Overall economic conditions, unemployment rates and housing price trends will influence the underlying credit quality of these segments. Owner-occupied and investor non-owner occupied commercial real estate (“Owner-occupied CRE” and “Investor CRE”) – Loans in these segments are primarily income-producing properties throughout Connecticut, western Massachusetts, and other select markets in the Northeast. The underlying cash flows generated by the properties could be adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on the credit quality in this segment. Management obtains rent rolls annually, continually monitors the cash flows of these loans and performs stress testing. Commercial and residential construction loans – Loans in this segment primarily include commercial real estate development and residential subdivision loans for which payment is derived from the sale of the property. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial business loans – Loans in this segment are made to businesses and are generally secured by assets of the business. Repayment is expected from the cash flows of the business. A weakened economy and its effect on business profitability and cash flow could have an effect on the credit quality in this segment. Other Consumer – Loans in this segment are secured or unsecured and repayment is dependent on the credit quality of the individual borrower. A significant portion of these loans are secured by boats. For acquired loans, our ALL is estimated based upon our evaluation of the credit quality of the acquired loan portfolio or expected cash flows for the acquired PCI loans. To the extent that we experience a deterioration in credit quality resulting in a decrease in our expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established based on our estimate of future credit losses over the remaining life of the loans, in excess of any existing purchase accounting discounts. Allocated component The allocated component relates to loans that are classified as impaired. Impairment is measured on a loan by loan basis for commercial, commercial real estate and construction loans by either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated costs to sell, if the loan is collateral dependent. An allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. Residential and other consumer loans are evaluated for impairment if payments are 90 days or more delinquent. Updated property evaluations are obtained at time of impairment and serve as the basis for the loss allocation if foreclosure is probable or the loan is collateral dependent. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. When a loan is determined to be impaired the Company makes a determination if the repayment of the obligation is collateral dependent. As a majority of impaired loans are collateralized by real estate, appraisals on the underlying value of the property securing the obligation are utilized in determining the specific impairment amount that is allocated to the loan as a component of the allowance calculation. If the loan is collateral dependent, an updated appraisal is obtained within a short period of time from the date the loan is determined to be impaired; typically no longer than 30 days for a residential property and 90 days for a commercial real estate property. The appraisal and the appraised value are reviewed for adequacy and then further discounted for estimated disposition costs and the period of time until resolution, in order to determine the impairment amount. The Company updates the appraised value at least annually and on a more frequent basis if current market factors indicate a potential change in valuation. The majority of the Company’s loans are collateralized by real estate located in central and eastern Connecticut and western Massachusetts in addition to a portion of the commercial real estate loan portfolio located in the Northeast region of the United States. Accordingly, the collateral value of a substantial portion of the Company’s loan portfolio and real estate acquired through foreclosure is susceptible to changes in market conditions in these areas. Unallocated component An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Credit Quality Information The Company utilizes a nine -grade internal loan rating system for residential and commercial real estate, construction, commercial and other consumer loans as follows: Loans rated 1 – 5: Loans in these categories are considered “pass” rated loans with low to average risk. Loans rated 6: Loans in this category are considered “special mention.” These loans reflect signs of potential weakness and are being closely monitored by management. Loans rated 7: Loans in this category are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligor and there is a distinct possibility that the Company will sustain some loss if the weakness is not corrected. Loans rated 8: Loans in this category are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable. Loans rated 9: Loans in this category are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted. At the time of loan origination, a risk rating based on this nine point grading system is assigned to each loan based on the loan officer’s assessment of risk. For residential real estate and other consumer loans, the Company considers factors such as updated FICO scores, employment status, home prices, loan to value and geography. Residential real estate and other consumer loans are pass rated unless their payment history reveals signs of deterioration, which may result in modifications to the original contractual terms. In situations which require modification to the loan terms, the internal loan grade will typically be reduced to substandard. More complex loans, such as commercial business loans and commercial real estate loans require that our internal credit area further evaluate the risk rating of the individual loan, with the credit area and Chief Credit Officer having final determination of the appropriate risk rating. These more complex loans and relationships receive an in-depth analysis and periodic review to assess the appropriate risk rating on a post-closing basis with changes made to the risk rating as the borrower’s and economic conditions warrant. The credit quality of the Company’s loan portfolio is reviewed by a third-party risk assessment firm throughout the year and by the Company’s internal credit management function. The internal and external analysis of the loan portfolio is utilized to identify and quantify loans with higher than normal risk. Loans having a higher risk profile are assigned a risk rating corresponding to the level of weakness identified in the loan. All loans risk rated Special Mention, Substandard or Doubtful are reviewed by management not less than on a quarterly basis to assess the level of risk and to ensure that appropriate actions are being taken to minimize potential loss exposure. Loans identified as being loss are normally fully charged off. The following table presents the Company’s loans by risk rating at September 30, 2016 and December 31, 2015 : Owner-Occupied CRE Investor CRE Construction Commercial Business Residential Real Estate Home Equity Other Consumer (In thousands) September 30, 2016 Loans rated 1-5 $ 363,114 $ 1,656,821 $ 140,314 $ 629,212 $ 1,111,502 $ 473,948 $ 213,507 Loans rated 6 7,219 16,552 254 6,518 1,286 — — Loans rated 7 21,835 29,328 2,288 24,946 16,291 5,441 323 Loans rated 8 — — — — — — — Loans rated 9 — — — — — 1 — $ 392,168 $ 1,702,701 $ 142,856 $ 660,676 $ 1,129,079 $ 479,390 $ 213,830 December 31, 2015 Loans rated 1-5 $ 298,509 $ 1,610,582 $ 156,607 $ 568,248 $ 1,162,393 $ 426,702 $ 233,054 Loans rated 6 10,074 38,448 10,860 8,382 1,355 24 — Loans rated 7 13,501 24,218 3,539 26,655 16,167 4,553 10 Loans rated 8 — — — 47 — — — Loans rated 9 — — — — — 3 — $ 322,084 $ 1,673,248 $ 171,006 $ 603,332 $ 1,179,915 $ 431,282 $ 233,064 Activity in the allowance for loan losses for the periods ended September 30, 2016 and 2015 were as follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) Three Months Ended September 30, 2016 Balance, beginning of period $ 3,267 $ 13,646 $ 2,014 $ 6,894 $ 7,907 $ 2,532 $ 692 $ 1,009 $ 37,961 Provision (credit) for loan losses 72 1,082 (201 ) 527 404 245 1,321 316 3,766 Loans charged off — (287 ) — (188 ) (216 ) (81 ) (368 ) — (1,140 ) Recoveries of loans previously charged off — 302 3 146 — 15 27 — 493 Balance, end of period $ 3,339 $ 14,743 $ 1,816 $ 7,379 $ 8,095 $ 2,711 $ 1,672 $ 1,325 $ 41,080 Three Months Ended September 30, 2015 Balance, beginning of period $ 1,499 $ 10,459 $ 1,963 $ 5,334 $ 6,995 $ 2,052 $ 104 $ 450 $ 28,856 Provision (credit) for loan losses 169 1,222 (224 ) 690 960 178 57 200 3,252 Loans charged off — (215 ) — (840 ) (304 ) (67 ) (70 ) — (1,496 ) Recoveries of loans previously charged off — — — 121 75 — 24 — 220 Balance, end of period $ 1,668 $ 11,466 $ 1,739 $ 5,305 $ 7,726 $ 2,163 $ 115 $ 650 $ 30,832 Nine Months Ended September 30, 2016 Balance, beginning of period $ 2,174 $ 12,859 $ 1,895 $ 5,827 $ 7,801 $ 2,391 $ 146 $ 794 $ 33,887 Provision (credit) for loan losses 1,247 2,587 (82 ) 1,814 974 692 2,315 531 10,078 Loans charged off (138 ) (1,083 ) — (744 ) (733 ) (438 ) (907 ) — (4,043 ) Recoveries of loans previously charged off 56 380 3 482 53 66 118 — 1,158 Balance, end of period $ 3,339 $ 14,743 $ 1,816 $ 7,379 $ 8,095 $ 2,711 $ 1,672 $ 1,325 $ 41,080 Nine Months Ended September 30, 2015 Balance, beginning of period $ 1,281 $ 8,137 $ 1,470 $ 5,808 $ 5,998 $ 1,929 $ 75 $ 111 $ 24,809 Provision for loan losses 387 4,034 771 651 2,200 448 195 539 9,225 Loans charged off — (837 ) (502 ) (1,793 ) (708 ) (214 ) (239 ) — (4,293 ) Recoveries of loans previously charged off — 132 — 639 236 — 84 — 1,091 Balance, end of period $ 1,668 $ 11,466 $ 1,739 $ 5,305 $ 7,726 $ 2,163 $ 115 $ 650 $ 30,832 Further information pertaining to the allowance for loan losses and impaired loans at September 30, 2016 and December 31, 2015 follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) September 30, 2016 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ — $ 761 $ 70 $ — $ 391 $ — $ 1,222 Allowance related to loans collectively evaluated and not deemed impaired 3,339 14,743 1,816 6,402 8,025 2,711 1,281 1,325 39,642 Allowance related to loans acquired with deteriorated credit quality — — — 216 — — — — 216 Total allowance for loan losses $ 3,339 $ 14,743 $ 1,816 $ 7,379 $ 8,095 $ 2,711 $ 1,672 $ 1,325 $ 41,080 Loans deemed impaired $ 3,539 $ 9,747 $ 3,863 $ 10,929 $ 16,932 $ 6,528 $ 512 $ — $ 52,050 Loans not deemed impaired 388,629 1,691,653 138,993 648,438 1,112,147 472,862 211,208 — 4,663,930 Loans acquired with deteriorated credit quality — 1,301 — 1,309 — — 2,110 — 4,720 Total loans $ 392,168 $ 1,702,701 $ 142,856 $ 660,676 $ 1,129,079 $ 479,390 $ 213,830 $ — $ 4,720,700 December 31, 2015 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ 147 $ 121 $ 74 $ — $ — $ — $ 342 Allowance related to loans collectively evaluated and not deemed impaired 2,174 12,859 1,748 5,531 7,727 2,391 146 794 33,370 Allowance related to loans acquired with deteriorated credit quality — — — 175 — — — — 175 Total allowance for loan losses $ 2,174 $ 12,859 $ 1,895 $ 5,827 $ 7,801 $ 2,391 $ 146 $ 794 $ 33,887 Loans deemed impaired $ 4,037 $ 13,923 $ 4,660 $ 13,035 $ 16,036 $ 4,556 $ 8 $ — $ 56,255 Loans not deemed impaired 317,628 1,657,721 166,346 588,982 1,163,879 426,726 230,061 — 4,551,343 Loans acquired with deteriorated credit quality 419 1,604 — 1,315 — — 2,995 — 6,333 Total loans $ 322,084 $ 1,673,248 $ 171,006 $ 603,332 $ 1,179,915 $ 431,282 $ 233,064 $ — $ 4,613,931 Management has established the allowance for loan loss in accordance with GAAP at September 30, 2016 based on the current risk assessment and level of loss that is believed to exist within the portfolio. This level of reserve is deemed an appropriate estimate of probable loan losses inherent in the loan portfolio as of September 30, 2016 based upon the analysis conducted and given the portfolio composition, delinquencies, charge offs and risk rating changes experienced during the first nine months of 2016 and the three -year evaluation period utilized in the analysis. Based on the qualitative assessment of the portfolio and in thorough consideration of non-performing loans, management believes that the allowance for loan losses properly supports the level of associated loss and risk. The following is a summary of past due and non-accrual loans at September 30, 2016 and December 31, 2015 , including purchased credit impaired loans: 30-59 Days Past Due 60-89 Days Past Due Past Due 90 Total Past Due Past Due Loans on (In thousands) September 30, 2016 Owner-occupied CRE $ 1,015 $ 160 $ 1,909 $ 3,084 $ — $ 2,933 Investor CRE 1,243 1,510 3,242 5,995 178 4,079 Construction — — 2,109 2,109 — 2,315 Commercial business loans 690 202 2,360 3,253 38 2,686 Residential real estate 236 2,649 6,996 9,881 — 15,563 Home equity 1,248 1,181 2,151 4,580 — 5,419 Other consumer 1,854 450 256 2,560 242 333 Total $ 6,286 $ 6,152 $ 19,023 $ 31,462 $ 458 $ 33,328 December 31, 2015 Owner-occupied CRE $ 900 $ 191 $ 1,505 $ 2,596 $ — $ 3,055 Investor CRE 3,154 2,498 4,519 10,171 — 8,565 Construction 214 449 2,135 2,798 — 2,808 Commercial business loans 526 266 2,804 3,596 66 4,244 Residential real estate 8,507 2,112 6,936 17,555 238 14,056 Home equity 2,009 646 1,549 4,204 — 5,066 Other consumer 17 3 8 28 3 8 Total $ 15,327 $ 6,165 $ 19,456 $ 40,948 $ 307 $ 37,802 Loans reported as past due 90 days or more and still accruing represent loans that were evaluated by management and maintained on accrual status based on an evaluation of the borrower. At September 30, 2016 and December 31, 2015, there was one U.S. Government fully guaranteed loan reported as past due 90 days or more and still accruing in addition to accruing purchased credit impaired loans. The following is a summary of impaired loans with and without a valuation allowance as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Owner-occupied CRE $ 3,539 $ 4,459 $ — $ 4,037 $ 5,370 $ — Investor CRE 9,747 10,404 — 13,923 15,011 — Construction 3,863 5,932 — 4,442 6,869 — Commercial business loans 9,977 13,618 — 12,634 14,477 — Residential real estate 15,674 18,845 — 14,056 16,876 — Home equity 6,528 7,376 — 5,259 5,953 — Other consumer 33 33 — 8 11 — Total 49,361 60,667 — 54,359 64,567 — Impaired loans with a valuation allowance: Construction — — — 218 218 147 Commercial business loans 952 952 761 401 401 121 Residential real estate 1,258 1,274 70 1,277 1,292 74 Other consumer 479 1,617 391 — — — Total 2,689 3,843 1,222 1,896 1,911 342 Total impaired loans $ 52,050 $ 64,510 $ 1,222 $ 56,255 $ 66,478 $ 342 The following is a summary of average recorded investment in impaired loans and interest income recognized on those loans for the periods indicated: For the Three Months For the Three Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 4,037 $ — $ 5,310 $ 67 Investor CRE 10,737 218 12,537 385 Construction 4,012 30 3,867 26 Commercial business loans 12,706 — 6,479 493 Residential real estate 16,843 185 15,138 779 Home equity 5,992 71 3,957 51 Other consumer 921 — 19 8 Total $ 55,248 $ 504 $ 47,307 $ 1,809 For the Nine Months For the Nine Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 4,073 $ 241 $ 6,253 $ 171 Investor CRE 11,717 325 12,288 821 Construction 4,499 104 3,564 83 Commercial business loans 13,034 337 6,536 804 Residential real estate 16,466 556 14,303 1,161 Home equity 5,592 156 3,316 91 Other consumer 469 1 28 9 Total $ 55,850 $ 1,720 $ 46,288 $ 3,140 Troubled Debt Restructurings The restructuring of a loan is considered a troubled debt restructuring (“TDR”) if both (i) the restructuring constitutes a concession by the creditor and (ii) the debtor is experiencing financial difficulties. A TDR may include (i) a transfer from the debtor to the creditor of receivables from third parties, real estate, or other assets to satisfy fully or partially a debt, (ii) issuance or other granting of an equity interest to the creditor by the debtor to satisfy fully or partially a debt unless the equity interest is granted pursuant to existing terms for converting debt into an equity interest, and (iii) modifications of terms of a debt. The following table provides detail of TDR balances for the periods presented: At September 30, At December 31, (In thousands) Recorded investment in TDRs: Accrual status $ 18,758 $ 18,453 Non-accrual status 7,345 5,611 Total recorded investment in TDRs $ 26,103 $ 24,064 Accruing TDRs performing under modified terms more than one year $ 8,394 $ 5,821 Specific reserves for TDRs included in the balance of allowance for loan losses $ 690 $ 223 Additional funds committed to borrowers in TDR status $ — $ 513 Loans restructured as TDRs during the three and nine months ended September 30, 2016 and 2015 are set forth in the following table: Three Months Ended Nine Months Ended Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification (Dollars in thousands) September 30, 2016 Owner-occupied CRE — $ — $ — 5 $ 654 $ 654 Construction — — — 2 67 67 Commercial business 2 2,083 2,083 7 4,667 6,750 Residential real estate 4 377 385 13 1,320 1,705 Home equity 5 886 886 14 1,338 2,224 Total TDRs 11 $ 3,346 $ 3,354 41 $ 8,046 $ 11,400 September 30, 2015 Investor CRE — $ — $ — 2 $ 791 $ 791 Construction — — — 2 564 564 Commercial business 3 592 592 5 1,340 1,340 Residential real estate 2 59 59 15 2,544 2,561 Home equity 5 455 455 9 622 602 Total TDRs 10 $ 1,106 $ 1,106 33 $ 5,861 $ 5,858 The following table provides information on loan balances modified as TDRs during the period: Three Months Ended September 30, 2016 2015 Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Commercial business $ — $ — $ 100 $ — $ 1,983 $ 585 $ — $ 7 $ — $ — Residential real estate 87 — 290 — — — 39 101 — — Home equity — 261 137 488 — — — 20 — 354 $ 87 $ 261 $ 527 $ 488 $ 1,983 $ 585 $ 39 $ 128 $ — $ 354 Nine Months Ended September 30, 2016 2015 Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Owner-occupied CRE $ 510 $ — $ 86 $ — $ 58 $ — $ — $ — $ — $ — Investor CRE — — — — — 538 — 253 — — Construction 23 — 44 — — 564 — — — — Commercial business 2,000 — 243 348 2,076 1,333 — 7 — — Residential real estate 87 — 672 561 — — 940 370 786 529 Home equity — 261 473 604 — — — 95 28 418 $ 2,620 $ 261 $ 1,518 $ 1,513 $ 2,134 $ 2,435 $ 940 $ 725 $ 814 $ 947 The following table provides information on loans modified as TDRs within the previous 12 months and for which there was a payment default during the periods presented: September 30, 2016 September 30, 2015 Number of Recorded Number of Recorded (In thousands) Owner-occupied CRE — $ — 4 $ 359 Investor CRE — — 3 880 Construction 1 437 — — Residential real estate — — 3 402 Total 1 $ 437 10 $ 1,641 The majority of restructured loans were on accrual status as of September 30, 2016 and December 31, 2015 . Typically, residential loans are restructured with a modification and extension of the loan amortization and maturity at substantially the same interest rate as contained in the original credit extension. As part of the TDR process, the current value of the property is compared to the general ledger loan balance and if not fully supported, a charge-off is processed through the allowance for loan losses. Commercial real estate loans, commercial construction loans and commercial business loans also contain payment modification agreements and a like assessment of the underlying collateral value if the borrower’s cash flow may be inadequate to service the entire obligation. Loan Servicing The Company services certain loans for third parties. The aggregate balance of loans serviced for others was $1.02 billion and $863.7 million as of September 30, 2016 and December 31, 2015 , respectively. The balances of these loans are not included on the accompanying Consolidated Statements of Condition. The risks inherent in mortgage servicing rights relate primarily to changes in prepayments that result from shifts in mortgage interest rates. The fair value of mortgage servicing rights at September 30, 2016 and December 31, 2015 was determined using pretax internal rates of return ranging from 9.5% to 11.5% and the Public Securities Association Standard Prepayment model to estimate prepayments on the portfolio with an average prepayment speed of 298 and 183 , respectively. The fair value of mortgage servicing rights is obtained from a third party provider. During the three and nine months ended September 30, 2016 , the Company received servicing income in the amount of $416,000 and $1.3 million compared to $ 310,000 and $799,000 , for the same periods in 2015, respectively. This income is included in income from mortgage banking activities in the Consolidated Statements of Net Income. Mortgage servicing rights are included in other assets on the Consolidated Statements of Condition. Changes in the fair value of mortgage servicing rights are included in income from mortgage banking activities in the Consolidated Statements of Net Income. The following table summarizes mortgage servicing rights activity for the three and nine months ended September 30, 2016 and 2015 . For the Three Months For the Nine Months 2016 2015 2016 2015 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 6,589 $ 5,994 $ 7,074 $ 4,729 Change in fair value recognized in net income (114 ) (888 ) (1,800 ) (888 ) Issuances 621 889 1,822 2,154 Fair value of mortgage servicing rights at end of period $ 7,096 $ 5,995 $ 7,096 $ 5,995 |
Goodwill and Core Deposit Intan
Goodwill and Core Deposit Intangibles | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Core Deposit Intangibles | Note 5. Goodwill and Core Deposit Intangibles The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit Intangibles (In thousands) Balance at December 31, 2014 $ 115,240 $ 9,302 Adjustments 41 — Amortization expense — (1,796 ) Balance at December 31, 2015 $ 115,281 $ 7,506 Amortization expense — (1,219 ) Balance at September 30, 2016 $ 115,281 $ 6,287 Estimated amortization expense for the years ending December 31, 2016 (remaining three months) $ 385 2017 1,411 2018 1,219 2019 1,026 2020 834 2021 and thereafter 1,412 Total remaining $ 6,287 On April 30, 2014, Rockville Financial, Inc. completed its merger with United Financial Bancorp, Inc. (“Legacy United”). Discussions throughout this report related to the merger with Legacy United are referred to as the “Merger”. The goodwill associated with the Merger is not tax deductible. In accordance with ASC 350, Intangibles – Goodwill and Other, goodwill is not amortized, but will be subject to an annual review of qualitative factors to determine if an impairment test is required. The amortizing intangible asset associated with the acquisition consists of the core deposit intangible. The core deposit intangible is being amortized using the sum of the years’ digits method over its estimated life of 10 years. Amortization expense of the core deposit intangible was $385,000 and $433,000 for the three months ended September 30, 2016 and 2015 , respectively, and was $1.2 million and $1.4 million for the nine months ended September 30, 2016 and 2015 , respectively. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Borrowings | Note 6. Borrowings Federal Home Loan Bank of Boston (“FHLBB”) Advances The Bank is a member of the FHLBB. Contractual maturities and weighted-average rates of outstanding advances from the FHLBB as of September 30, 2016 and December 31, 2015 are summarized below: September 30, 2016 December 31, 2015 Amount Weighted- Amount Weighted- (Dollars in thousands) 2016 $ 445,000 0.63 % $ 637,580 0.60 % 2017 288,000 1.09 151,000 1.76 2018 140,044 1.48 120,795 1.54 2019 20,000 1.45 20,000 1.63 2020 and thereafter 82,306 0.73 16,130 2.21 $ 975,350 0.91 % $ 945,505 0.95 % The total carrying value of FHLBB advances at September 30, 2016 was $977.5 million , which includes a remaining fair value adjustment of $2.1 million on acquired advances. At December 31, 2015 , the total carrying value of FHLBB advances was $949.0 million , with a remaining fair value adjustment of $3.5 million . At September 30, 2016 , eight advances totaling $93.0 million with interest rates ranging from 0.26% to 4.49% , which are scheduled to mature between 2017 and 2031 , are callable by the FHLBB. Advances are collateralized by first mortgage loans and investment securities with an estimated eligible collateral value of $1.5 billion and $1.3 billion at September 30, 2016 and December 31, 2015 , respectively. In addition to the outstanding advances, the Bank has access to an unused line of credit with the FHLBB amounting to $10.0 million at September 30, 2016 and December 31, 2015 . In accordance with an agreement with the FHLBB, the qualified collateral must be free and clear of liens, pledges and have a discounted value equal to the aggregate amount of the line of credit and outstanding advances. At September 30, 2016 , the Bank could borrow immediately an additional $408.5 million from the FHLBB, inclusive of the line of credit. Other Borrowings The following table presents other borrowings by category as of the dates indicated: September 30, 2016 December 31, 2015 (In thousands) Subordinated debentures $ 79,658 $ 79,489 Wholesale repurchase agreements 20,000 45,000 Customer repurchase agreements 21,387 19,278 Other 4,354 6,250 Total other borrowings $ 125,399 $ 150,017 Subordinated Debentures At September 30, 2016 and December 31, 2015 , the carrying value of the Company’s subordinated debentures totaled $79.7 million and $79.5 million , respectively. On September 23, 2014, the Company closed its public offering of $75.0 million of its 5.75% Subordinated Notes due October 1, 2024 (the “Notes”). The Notes were offered to the public at par. Interest on the Notes is payable semi-annually in arrears on April 1 and October 1 of each year, commencing on April 1, 2015. Issuance costs totaled $1.3 million and are being amortized over the life of the Notes as a component of interest expense. In connection with the Merger, the Company has assumed junior subordinated debt in the form of trust preferred securities issued through a private placement offering with a face amount of $7.7 million . The Company recorded a fair value acquisition discount of $2.3 million on May 1, 2014. The remaining unamortized discount was $2.1 million at September 30, 2016 . This issue has a maturity date of March 15, 2036 and bears a floating rate of interest that reprices quarterly at the 3-month LIBOR rate plus 1.85% . A special redemption provision allows the Company to redeem this issue at par on March 15, June 15, September 15, or December 15 of any year subsequent to March 15, 2011. Repurchase Agreements The following table presents the Company’s outstanding borrowings under repurchase agreements as of September 30, 2016 and December 31, 2015 : Remaining Contractual Maturity of the Agreements Overnight Up to 1 Year 1 - 3 Years Greater than 3 Years Total (In thousands) September 30, 2016 Repurchase Agreements U.S. Agency Securities $ 21,387 $ — $ 20,000 $ — $ 41,387 December 31, 2015 Repurchase Agreements U.S. Agency Securities $ 19,278 $ 25,000 $ 20,000 $ — $ 64,278 As of September 30, 2016 and December 31, 2015 , advances outstanding under wholesale reverse repurchase agreements totaled $20.0 million and $45.0 million , respectively. The outstanding advances at September 30, 2016 consisted of two individual borrowings with remaining terms of three years or less and a weighted average cost of 2.59% . The outstanding advances at December 31, 2015 consisted of three individual borrowings with remaining terms of three years or less and had a weighted average cost of 1.51% . The Company pledged investment securities with a market value of $24.2 million and $51.1 million as collateral for these borrowings at September 30, 2016 and December 31, 2015 , respectively. Retail repurchase agreements primarily consist of transactions with commercial and municipal customers, are for a term of one day and are backed by the purchasers’ interest in certain U.S. Government Agency securities or government-sponsored securities. As of September 30, 2016 and December 31, 2015 , retail repurchase agreements totaled $21.4 million and $19.3 million , respectively. The Company pledged investment securities with a market value of $30.3 million and $34.6 million as collateral for these borrowings at September 30, 2016 and December 31, 2015 , respectively. Given that the repurchase agreements are secured by investment securities valued at market value, the collateral position is susceptible to change based upon variation in the market value of the securities that can arise due to fluctuations in interest rates, among other things. In the event that the interest rate changes result in a decrease in the value of the pledged securities, additional securities will be required to be pledged in order to secure the borrowings. Due to the short term nature of the majority of the repurchase agreements, Management believes the risk of further encumbered securities pose a minimal impact to the Company’s liquidity position. Other At September 30, 2016 other borrowings consist of capital lease obligations. At December 31, 2015 other borrowings consist of a secured borrowing and capital lease obligations. The secured borrowing relates to the transfer of a financial asset that did not meet the definition of a participating interest and did not meet sale accounting criteria; therefore, it is accounted for as a secured borrowing and classified as long-term debt on the Consolidated Statements of Condition. The Company has capital lease obligations for three of its leased banking branches. Other Sources of Wholesale Funding The Bank has relationships with brokered sweep deposit providers by which funds are deposited by the counterparties at the Bank’s request. Amounts outstanding under these agreements are reported as interest-bearing deposits and totaled $223.6 million at a cost of 0.58% at September 30, 2016 and $123.1 million at a cost of 0.45% at December 31, 2015 . The Bank maintains open dialogue with the brokered sweep providers and has the ability to increase the deposit balances upon request, up to certain limits based upon internal policy requirements. Additionally, the Company has unused federal funds lines of credit with four counterparties totaling $107.5 million at September 30, 2016 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 7. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposure to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers. The Company manages a matched book with respect to these derivative instruments in order to minimize its net risk exposure resulting from such transactions. Information about interest rate swap agreements and non-hedging derivative assets and liabilities as of September 30, 2016 and December 31, 2015 is as follows: Notional Amount Weighted-Average Remaining Maturity Weighted-Average Rate Estimated Fair Value, Net Asset (Liability) Received Paid (In thousands) (In years) (In thousands) September 30, 2016 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 100,000 7.61 TBD (1) 2.43 % $ (5,926 ) Interest rate swaps 330,000 2.60 0.78 % 1.47 % (8,592 ) Fair value hedges: Interest rate swaps 35,000 0.97 1.04 % 0.60 % (2) 97 Non-hedging derivatives: Forward loan sale commitments 121,961 0.00 (297 ) Derivative loan commitments 47,921 0.00 868 Interest rate swap 7,500 9.79 (90 ) Loan level swaps - dealer(3) 439,749 7.84 2.23 % 3.80 % (28,769 ) Loan level swaps - borrowers(3) 439,749 7.84 3.80 % 2.23 % 28,719 Total $ 1,521,880 $ (13,990 ) December 31, 2015 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 150,000 7.99 TBD (1) 2.46 % $ (2,072 ) Interest rate swaps 280,000 2.65 0.46 % 1.28 % (2,020 ) Fair value hedges: Interest rate swaps 35,000 1.72 1.04 % 0.48 % (2) 24 Non-hedging derivatives: Forward loan sale commitments 25,060 0.00 (13 ) Derivative loan commitments 9,403 0.00 223 Loan level swaps - dealer(3) 333,971 9.05 1.94 % 3.93 % (12,059 ) Loan level swaps - borrowers(3) 333,981 9.05 3.93 % 1.94 % 12,152 Total $ 1,167,415 $ (3,765 ) (1) The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined two London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for these forward starting cash flow hedges is October 16, 2017 . (2) The paying leg is one month LIBOR plus a fixed spread; above rate in effect as of the date indicated. (3) The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2016 , the Company did not record any hedge ineffectiveness. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The Company expects to reclassify $1.9 million from accumulated other comprehensive loss to interest expense during the next 12 months. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a period of approximately 60 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). As of September 30, 2016 , the Company had ten outstanding interest rate derivatives with a notional value of $430.0 million that were designated as cash flow hedges of interest rate risk. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed rate obligations due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the benchmark interest rate. Interest rate swaps designated as fair value hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting gain or loss on the related derivatives. For the three and nine months ended September 30, 2016 and 2015 , the Company recognized a negligible net reduction to interest expense. As of September 30, 2016 , the Company had three outstanding interest rate derivatives with a notional amount of $35.0 million that were designated as a fair value hedge of interest rate risk. Non-Designated Hedges Qualifying derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate derivatives with commercial banking customers to facilitate their respective risk management strategies. Those interest rate derivatives are simultaneously hedged by offsetting derivatives that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate derivatives associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. As of September 30, 2016 , the Company had 65 borrower-facing interest rate derivatives with an aggregate notional amount of $439.7 million and 65 broker derivatives with an aggregate notional value amount of $439.7 million related to this program. As of September 30, 2016 , the Company had five risk participation agreements with three counterparties related to a loan level interest rate swap with five of its commercial banking customers. Of these agreements, four were entered into in conjunction with credit enhancements provided to the borrowers by the counterparties; therefore, if the borrowers default, the counterparties are responsible for a percentage of the exposure. During the third quarter of 2015, one agreement was entered into in conjunction with credit enhancements provided to the borrower by the Bank, whereby the Bank is responsible for a percentage of the exposure to the counterparty. At September 30, 2016 , the notional amount of this risk participation agreement was $6.1 million , reflecting the counterparty participation of 33.1% . The risk participation agreements are a guarantee of performance on a derivative and accordingly, are recorded at fair value on the Company’s Consolidated Statements of Condition. At September 30, 2016 , the notional amount of the remaining four risk participation agreements was $26.6 million , reflecting the counterparty participation level of 39.2% . As of September 30, 2016, the Company had one receive-fixed interest rate derivative with a notional amount of $7.5 million and a maturity date in July 2026. The derivative was executed to protect against a portion of the devaluation of the Company’s mortgage servicing right asset that occurs in a falling rate environment. Both instruments are marked to market through the income statement. Derivative Loan Commitments Additionally, the Company enters into mortgage loan commitments that are also referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. The Company enters into commitments to fund residential mortgage loans at specified rates and times in the future, with the intention that these loans will subsequently be sold in the secondary market. Outstanding derivative loan commitments expose the Company to the risk that the price of the loans arising from exercise of the loan commitment might decline from inception of the rate lock to funding of the loan due to increases in mortgage interest rates. If interest rates increase, the value of these loan commitments decreases. Conversely, if interest rates decrease, the value of these loan commitments increases. Forward Loan Sale Commitments To protect against the price risk inherent in derivative loan commitments, the Company utilizes To Be Announced (“TBA”) as well as cash (“mandatory delivery” and “best efforts”) forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. With TBA and mandatory cash contracts, the Company commits to deliver a certain principal amount of mortgage loans to an investor/counterparty at a specified price on or before a specified date. If the market improves (rate decline) and the Company fails to deliver the amount of mortgages necessary to fulfill the commitment by the specified date, it is obligated to pay a “pair-off” fee, based on then-current market prices, to the investor/counterparty to compensate the investor for the shortfall. Conversely if the market declines (rates worsen) the investor/counterparty is obligated to pay a “pair-off” fee to the Company based on then-current market prices. The Company expects that these forward loan sale commitments, TBA and mandatory, will experience changes in fair value opposite to the change in fair value of derivative loan commitments. With best effort cash contracts, the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. Generally best efforts cash contracts have no pair off risk regardless of market movement. The price the investor will pay the seller for an individual loan is specified prior to the loan being funded (e.g., on the same day the lender commits to lend funds to a potential borrower). The Company expects that these forward loan sale commitments, best efforts, will experience a net neutral shift in fair value of derivative loan commitments. Fair Values of Derivative Instruments on the Statement of Condition The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of September 30, 2016 and December 31, 2015 : Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location Sep 30, 2016 Dec 31, Balance Sheet Location Sep 30, 2016 Dec 31, (In thousands) Derivatives designated as hedging instruments: Interest rate swap - cash flow hedge Other Assets $ 21 $ 478 Other Liabilities $ 14,539 $ 4,570 Interest rate swap - fair value hedge Other Assets 97 50 Other Liabilities — 26 Total derivatives designated as hedging instruments $ 118 $ 528 $ 14,539 $ 4,596 Derivatives not designated as hedging instruments: Forward loan sale commitments Other Assets $ 4 $ 7 Other Liabilities $ 301 $ 20 Derivative loan commitments Other Assets 868 223 — — Interest rate swap Other Assets 10 — Other Liabilities 100 — Interest rate swap - with customers Other Assets 28,719 12,152 — — Interest rate swap - with counterparties — — Other Liabilities 28,769 12,059 Total derivatives not designated as hedging $ 29,601 $ 12,382 $ 29,170 $ 12,079 Effect of Derivative Instruments in the the Company’s Consolidated Statements of Net Income and Changes in Stockholders’ Equity The tables below presents the effect of derivative instruments in the Company’s Statements of Changes in Stockholders’ Equity designated as hedging instruments for the three and nine months ended September 30, 2016 and 2015 : Cash Flow Hedges Amount of Gain (Loss) Recognized in AOCI (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest rate swaps $ 2,190 $ (4,898 ) $ (10,426 ) $ (5,521 ) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest rate swaps $ 664 $ — $ 1,844 $ (12 ) The tables below present information pertaining to the Company’s derivatives in the Consolidated Statements of Net Income designated as hedging instruments for the three and nine months ended September 30, 2016 and 2015 : Fair Value Hedges Amount of Gain (Loss) Recognized in Income for Derivatives Derivatives Designated as Fair Value Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest Rate Swaps Interest income $ 100 $ 137 $ 73 $ 303 Amount of Gain (Loss) Recognized in Income for Hedged Items Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest Rate Swaps Interest income $ (100 ) $ (138 ) $ (73 ) $ (306 ) The table below presents information pertaining to the Company’s derivatives not designated as hedging instruments in the Consolidated Statements of Net Income as of September 30, 2016 and 2015 : Amount of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Derivatives not designated as hedging instruments: Derivative loan commitments $ (329 ) $ 1,568 $ 645 $ 614 Forward loan sale commitments (317 ) (37 ) (284 ) 39 Interest rate swaps (190 ) (245 ) (17 ) (3 ) $ (836 ) $ 1,286 $ 344 $ 650 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the counterparty defaults on any of its indebtedness or fails to maintain a well-capitalized rating, then the counterparty could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. As of September 30, 2016 , the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $44.2 million . As of September 30, 2016 , the Company has minimum collateral posting thresholds with certain of its derivative counterparties and has posted collateral of $48.6 million against its obligations under these agreements. A degree of netting occurs on occasions where the Company has exposure to a counterparty and the counterparty has exposure to the Company. If the Company had breached any of these provisions at September 30, 2016 , it could have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | Note 8. Stock-Based Compensation Plans The Company maintains and operates the Rockville Financial, Inc. 2006 Stock Incentive Award Plan (the “2006 Plan”) as approved by the Company’s Board and stockholders. The 2006 Plan allows the Company to use stock options, stock awards, stock appreciation rights and performance awards to attract, retain and reward performance of qualified employees and others who contribute to the success of the Company. The Company maintains and operates the Rockville Financial, Inc. 2012 Stock Incentive Plan (the “2012 Plan”) as approved by the Company’s Board and shareholders. The 2012 Plan allows the Company to use stock options, stock awards, and performance awards to attract, retain and reward performance of qualified employees and others who contribute to the success of the Company. In connection with a merger, the Company assumed the following stock-based compensation plans: (a) United Financial Bancorp, Inc. 2006 Stock-Based Incentive Plan, (b) United Financial Bancorp, Inc. 2008 Equity Incentive Plan, (c) CNB Financial Corp. 2008 Equity Incentive Plan, and (d) CNB Amended and Restated Stock Option Plan collectively referred to as “the Legacy United Stock Plans.” On October 29, 2015, a special meeting of shareholders was held and the shareholders approved the 2015 Omnibus Stock Incentive Plan (the “2015 Plan”). The 2015 Plan allows the Company to use stock options, stock awards, and performance awards to attract, retain and reward performance of qualified employees and others who contribute to the success of the Company. The 2015 Plan reserves a total of up to 4,050,000 shares (the “Cap”) of Company common stock for issuance upon the grant or exercise of awards made pursuant to the 2015 Plan. Of these shares, the Company may grant shares in the form of restricted stock, performance shares and other share-based awards and may grant stock options. However, the number of shares issuable will be adjusted by a “fungible ratio” of 2.35 . This means that for each share award other than a stock option share or a stock appreciation right share, each 1 share awarded shall be deemed to be 2.35 shares awarded. The 2015 Plan became effective as of the date of approval by the Company’s shareholders, and upon shareholder approval no other awards may be granted from the previously approved or assumed plans. As of September 30, 2016 , 3,356,982 shares remained available for future grants under the 2015 Plan. For the nine-month period ended September 30, 2016 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $80,000 with a related tax benefit of $29,000 and $1.5 million with a related tax benefit of $527,000 , respectively. Of the total expense amount for the nine -month period, the amount for Director stock-based compensation expense recognized (in the Consolidated Statements of Net Income as other non-interest expense) was $325,000 , and the amount for officer stock-based compensation expense recognized (in the Consolidated Statements of Net Income as salaries and employee benefit expense) was $1.2 million. For the nine-month period ended September 30, 2015 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $100,000 with a related tax benefit of $36,000 and $589,000 with a related tax benefit of $212,000 , respectively. For the three-month period ended September 30, 2016 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $20,000 with a related tax benefit of $7,000 and $499,000 with a related tax benefit of $180,000 , respectively. Of the total expense amount for the three-month period, the amount for Director stock-based compensation expense recognized (in the Consolidated Statements of Net Income as other non-interest expense) was $105,000 , and the amount for officer stock-based compensation expense recognized (in the Consolidated Statements of Net Income as salaries and employee benefit expense) was $414,000 . For the three-month period ended September 30, 2015 , total employee and Director stock-based compensation expense recognized for stock options and restricted stock was $32,000 with a related tax benefit of $12,000 and $131,000 with a related tax benefit of $47,000 , respectively. The fair values of stock option and restricted stock awards, measured at grant date, are amortized to compensation expense on a straight-line basis over the vesting period. Stock Options The following table presents the activity related to stock options outstanding, including options that have stock appreciation rights (“SARs”), under the Plans for the nine months ended September 30, 2016 : Number of Weighted- Weighted-Average Aggregate Outstanding at December 31, 2015 2,649,735 $ 10.88 Granted — — Exercised (506,854 ) 9.28 Forfeited or expired (27,696 ) 13.67 Outstanding at September 30, 2016 2,115,185 $ 11.22 5.3 $ 5.5 Stock options vested and exercisable at September 30, 2016 1,992,585 $ 11.07 5.2 $ 5.5 As of September 30, 2016 , the unrecognized cost related to outstanding stock options was $200,000 and will be recognized over a weighted-average period of 2.0 years . There were no stock options granted during the nine months ended September 30, 2016 and 2015. Options exercised may include awards that were originally granted as tandem SARs. Therefore, if the SAR component is exercised, it will not equate to the number of shares issued due to the conversion of the SAR option value to the actual share value at exercise date. There were 20,208 options with a SAR component included in total options exercised during the nine months ended September 30, 2016 . Restricted Stock Restricted stock provides grantees with rights to shares of common stock upon completion of a service period. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. During the nine months ended September 30, 2016 , the Company issued 39,328 shares of restricted stock from shares available under the Company’s 2015 Plan to certain employees. During the nine months ended September 30, 2016 , the weighted-average grant date fair value was $11.70 per share and the restricted stock awards vest in either equal annual installments on the anniversary date over a 3 year period or cliff vest at the end of the 3 year period. The following table presents the activity for restricted stock for the nine months ended September 30, 2016 : Number Weighted-Average Unvested as of December 31, 2015 326,013 $ 13.20 Granted 39,328 11.70 Vested (21,377 ) 13.19 Forfeited — — Unvested as of September 30, 2016 343,964 $ 13.03 As of September 30, 2016 , there was $2.6 million of total unrecognized compensation cost related to unvested restricted stock, which is expected to be recognized over a weighted-average period of 2.0 years . Employee Stock Ownership Plan As part of the second-step conversion and stock offering completed in 2011, the Employee Stock Ownership Plan (“ESOP”)borrowed an additional $7.1 million from the Company to purchase 684,395 shares of common stock during the initial public offering and in the open market. The outstanding loan balance of $6.3 million at September 30, 2016 will be repaid principally from the Bank’s discretionary contributions to the ESOP over a remaining period of 25 years . The Company accounts for its ESOP in accordance with FASB ASC 718-40, Compensation – Stock Compensation . Under this guidance, unearned ESOP shares are not considered outstanding and are shown as a reduction of stockholders’ equity as unearned compensation. The Company will recognize compensation cost equal to the fair value of the ESOP shares during the periods in which they are committed to be allocated. To the extent that the fair value of the Company’s ESOP shares differs from the cost of such shares, this difference will be credited or debited to equity. As the loan is internally leveraged, the loan receivable from the ESOP to the Company is not reported as an asset nor is the debt of the ESOP shown as a liability in the Company’s consolidated financial statements. Dividends on unallocated shares are used to pay the ESOP debt. At September 30, 2016 , the remaining loan had an outstanding balance of $6.3 million and the interest rate is the prime rate plus one percent . The unallocated ESOP shares are pledged as collateral on the loans. As the loans are repaid to the Company, shares will be released from collateral and will be allocated to the accounts of the participants. For the three months ended September 30, 2016 and 2015 , ESOP compensation expense was $77,000 and $75,000 , respectively. For the nine months ended September 30, 2016 and 2015 , ESOP compensation expense was $216,000 and $222,000 , respectively. The ESOP shares as of the period indicated below were as follows: September 30, 2016 Allocated shares 1,175,239 Shares allocated for release 17,110 Unreleased shares 553,219 Total ESOP shares 1,745,568 Market value of unreleased shares (in thousands) $ 7,893 |
Regulatory Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Note 9. Regulatory Matters The Company and the Bank are subject to various regulatory capital requirements administered by Federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly, additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. The regulations require the Company and the Bank to meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items, as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. At September 30, 2016 , the Bank exceeded all regulatory capital requirements and is considered “well-capitalized” under regulatory guidelines. Basel III In July 2013, federal banking regulators approved final rules that implement changes to the regulatory capital framework for U.S. banks. The rules set minimum requirements for both the quantity and quality of capital held by community banking institutions. The final rule includes a new minimum ratio of common equity Tier 1 capital to risk weighted assets of 4.5%, raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4% to 6%, and includes a minimum leverage ratio of 4% for all banking organizations. Additionally, community banking institutions must maintain a capital conservation buffer of common equity Tier 1 capital in an amount greater than 2.5% of total risk-weighted assets to avoid being subject to limitations on capital distributions and discretionary bonus payments to executive officers. The phase-in period for the rules began for the Company on January 1, 2015, with full compliance with all of the final rules’ requirements phased in over a multi-year schedule. Management believes that the Company’s capital levels will remain characterized as “well-capitalized” under the new rules. The following is a summary of the Company’s and the Bank’s regulatory capital amounts and ratios as of September 30, 2016 and December 31, 2015 compared to the FDIC’s requirements for classification as a well-capitalized institution and for minimum capital adequacy: Actual Minimum For Minimum To Be Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) United Bank September 30, 2016 Total capital to risk weighted assets $ 601,416 12.3 % $ 391,165 8.0 % $ 488,956 10.0 % Common equity tier 1 capital to risk weighted assets 558,812 11.4 220,584 4.5 318,621 6.5 Tier 1 capital to risk weighted assets 558,812 11.4 294,112 6.0 392,149 8.0 Tier 1 capital to total average assets 558,812 8.9 251,151 4.0 313,939 5.0 December 31, 2015 Total capital to risk weighted assets $ 558,969 11.2 % $ 398,552 8.0 % $ 498,190 10.0 % Common equity tier 1 capital to risk weighted assets 523,786 10.5 224,266 4.5 323,940 6.5 Tier 1 capital to risk weighted assets 523,786 10.5 299,022 6.0 398,695 8.0 Tier 1 capital to total average assets 523,786 8.9 234,882 4.0 293,602 5.0 United Financial Bancorp, Inc. September 30, 2016 Total capital to risk weighted assets $ 655,285 13.3 % $ 394,156 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 537,681 10.9 221,978 4.5 N/A N/A Tier 1 capital to risk weighted assets 537,681 10.9 295,971 6.0 N/A N/A Tier 1 capital to total average assets 537,681 8.5 253,026 4.0 N/A N/A December 31, 2015 Total capital to risk weighted assets $ 628,915 12.5 % $ 401,542 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 518,732 10.3 225,972 4.5 N/A N/A Tier 1 capital to risk weighted assets 518,732 10.3 301,296 6.0 N/A N/A Tier 1 capital to total average assets 518,732 8.9 233,926 4.0 N/A N/A Connecticut law restricts the amount of dividends that the Bank can pay the Company based on retained earnings for the current year and the preceding two years. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 10. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: September 30, 2016 December 31, 2015 (In thousands) Benefit plans: Unrecognized net actuarial loss $ (6,704 ) $ (7,080 ) Tax effect 2,416 2,551 Net-of-tax amount (4,288 ) (4,529 ) Securities available for sale: Net unrealized gain (loss) 15,562 (5,821 ) Tax effect (5,600 ) 2,088 Net-of-tax amount 9,962 (3,733 ) Interest rate swaps: Net unrealized loss (14,518 ) (4,092 ) Tax effect 5,231 1,475 Net-of-tax amount (9,287 ) (2,617 ) $ (3,613 ) $ (10,879 ) |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Note 11. Net Income Per Share The following table sets forth the calculation of basic and diluted net income per share for the three and nine months ended September 30, 2016 and 2015 : For the Three Months For the Nine Months 2016 2015 2016 2015 (In thousands, except share data) Net income available to common stockholders $ 14,159 $ 13,381 $ 35,111 $ 39,738 Weighted-average common shares outstanding 50,357,085 49,510,996 50,179,784 49,414,633 Less: average number of unallocated ESOP award shares (556,980 ) (579,793 ) (562,648 ) (585,440 ) Weighted-average basic shares outstanding 49,800,105 48,931,203 49,617,136 48,829,193 Dilutive effect of stock options 341,070 498,606 299,913 510,078 Weighted-average diluted shares 50,141,175 49,429,809 49,917,049 49,339,271 Net income per share: Basic $ 0.28 $ 0.27 $ 0.71 $ 0.81 Diluted $ 0.28 $ 0.27 $ 0.70 $ 0.81 For the three and nine months ended September 30, 2016 , the weighted-average number of anti-dilutive stock options excluded from diluted earnings per share were 270,329 and 627,768 , respectively. For the three and nine months ended September 30, 2015 , the weighted-average number of anti-dilutive stock options excluded from diluted earnings per share were 637,770 shares. For the periods shown, the stock options are anti-dilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 12. Fair Value Measurements Fair value estimates are made as of a specific point in time based on the characteristics of the assets and liabilities and relevant market information. In accordance with FASB ASC 820, the fair value estimates are measured within the fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1: Quoted prices are available in active markets for identical assets and liabilities as of the reporting date. The quoted price is not adjusted because of the size of the position relative to trading volume. Level 2: Pricing inputs are observable for assets and liabilities, either directly or indirectly, but are not the same as those used in Level 1. Fair value is determined through the use of models or other valuation methodologies. Level 3: Pricing inputs are unobservable for assets and liabilities and include situations where there is little, if any, market activity and the determination of fair value requires significant judgment or estimation. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such instances, the determination of which category within the fair value hierarchy is appropriate for any given asset and liability is based on the lowest level of input that is significant to the fair value of the asset and liability. When available, quoted market prices are used. In other cases, fair values are based on estimates using present value or other valuation techniques. These techniques involve uncertainties and are significantly affected by the assumptions used and judgments made regarding risk characteristics of various financial instruments, discount rates, estimates of future cash flows, future expected loss experience and other factors. Changes in assumptions could significantly affect these estimates and could be material. Derived fair value estimates may not be substantiated by comparison to independent markets and, in certain cases, could not be realized in an immediate sale of the instrument. Fair value estimates for financial instrument fair value disclosures are based on existing financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not financial instruments. Accordingly, the aggregate fair value amounts presented do not purport to represent the underlying market value of the Company. Loans Held for Sale The Company has elected the fair value option for its portfolio of residential real estate mortgage loans held for sale to reduce certain timing differences and better match changes in fair value of the loans with changes in the fair value of the derivative loan sale contracts used to economically hedge them. The aggregate principal amount of the residential real estate mortgage loans held for sale was $82.1 million and $9.8 million at September 30, 2016 and December 31, 2015 , respectively. The aggregate fair value of these loans as of the same dates was $83.3 million and $10.1 million, respectively. There were no residential real estate mortgage loans held for sale 90 days or more past due at September 30, 2016 and December 31, 2015 . The following table presents the gains in fair value related to mortgage loans held for sale for the periods indicated. Changes in the fair value of mortgage loans held for sale are reported as a component of income from mortgage banking activity in the Consolidated Statements of Net Income. Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Mortgage loans held for sale $ 1,490 $ (498 ) $ 1,530 $ 183 Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables detail the assets and liabilities carried at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. There were no transfers in and out of Level 1, Level 2 and Level 3 measurements during the nine months ended September 30, 2016 and 2015 . Total Quoted Prices Other Significant (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2016 Available-for-Sale Securities: Government-sponsored residential mortgage-backed securities $ 164,668 $ — $ 164,668 $ — Government-sponsored residential collateralized debt obligations 197,830 — 197,830 — Government-sponsored commercial mortgage-backed securities 27,820 — 27,820 — Government-sponsored commercial collateralized debt obligations 179,726 — 179,726 — Asset-backed securities 160,357 — 13,532 146,825 Corporate debt securities 60,210 — 58,698 1,512 Obligations of states and political subdivisions 223,856 — 223,856 — Marketable equity securities 37,972 3,296 34,676 — Total available-for-sale securities $ 1,052,439 $ 3,296 $ 900,806 $ 148,337 Mortgage loan derivative assets $ 882 $ — $ 882 $ — Mortgage loan derivative liabilities 401 — 401 — Loans held for sale 83,321 — 83,321 — Mortgage servicing rights 7,096 — — 7,096 Interest rate swap assets 28,837 — 28,837 — Interest rate swap liabilities 43,308 — 43,308 — December 31, 2015 Available-for-Sale Securities: U.S. Government and government-sponsored enterprise obligations $ 10,089 $ — $ 10,089 $ — Government-sponsored residential mortgage-backed securities 145,861 — 145,861 — Government-sponsored residential collateralized-debt obligations 286,967 — 286,967 — Government-sponsored commercial mortgage-backed securities 20,965 — 20,965 — Government-sponsored commercial collateralized-debt obligations 128,972 — 128,972 — Asset-backed securities 159,901 — 15,388 144,513 Corporate debt securities 59,960 — 58,403 1,557 Obligations of states and political subdivisions 201,115 — 201,115 — Marketable equity securities 45,339 3,227 42,112 — Total available-for-sale securities $ 1,059,169 $ 3,227 $ 909,872 $ 146,070 Mortgage loan derivative assets $ 230 $ — $ 230 $ — Mortgage loan derivative liabilities 20 — 20 — Loans held for sale 10,136 — 10,136 — Mortgage servicing rights 7,074 — — 7,074 Interest rate swap assets 12,680 — 12,680 — Interest rate swap liabilities 16,655 — 16,655 — The following table presents additional information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Balance of available-for-sale securities, at beginning of period $ 145,134 $ 146,956 $ 146,070 $ 137,207 Purchases (sales) 91 2,995 (909 ) 12,794 Principal payments and net accretion (244 ) (532 ) (722 ) (967 ) Total realized losses included in earnings (14 ) — (164 ) — Total unrealized gains (losses) included in other comprehensive income/loss 3,370 (800 ) 4,062 (415 ) Balance at end of period $ 148,337 $ 148,619 $ 148,337 $ 148,619 Balance of mortgage servicing rights, at beginning of period $ 6,589 $ 5,994 $ 7,074 $ 4,729 Issuances 621 889 1,822 2,154 Change in fair value recognized in net income (114 ) (888 ) (1,800 ) (888 ) Balance at end of period $ 7,096 $ 5,995 $ 7,096 $ 5,995 The following valuation methodologies are used for certain assets that are recorded at fair value on a recurring basis. Available-for-Sale Securities: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using an independent pricing service. Level 1 securities are those traded on active markets for identical securities including U.S. treasury securities, equity securities and mutual funds. Level 2 securities include U.S. Government agency obligations, U.S. Government-sponsored enterprises, mortgage-backed securities, obligations of states and political subdivisions, corporate and other debt securities. Level 3 securities include private placement securities and thinly traded equity securities. All fair value measurements are obtained from a third party pricing service and are not adjusted by management. Matrix pricing is used for pricing most obligations of states and political subdivisions, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for specific securities but rather by relying on securities relationships to other benchmark quoted securities. The grouping of securities is completed according to insurer, credit support, state of issuance and rating to incorporate additional spreads and municipal bond yield curves. The valuation of the Company’s asset-backed securities is obtained from a third party pricing provider and is determined utilizing an approach that combines advanced analytics with structural and fundamental cash flow analysis based upon observed market based yields. The third party provider’s model analyzes each instrument’s underlying collateral given observable collateral characteristics and credit statistics to extrapolate future performance and project cash flows, by incorporating expectations of default probabilities, recovery rates, prepayment speeds, loss severities and a derived discount rate. The Company has determined that due to the liquidity and significance of unobservable inputs, that asset-backed securities are classified in Level 3 of the valuation hierarchy. The Company holds one pooled trust preferred security. The security’s fair value is based on unobservable issuer-provided financial information and discounted cash flow models derived from the underlying structured pool and therefore is classified as Level 3. Loans Held for Sale: The fair value of residential mortgage loans held for sale is estimated using quoted market prices for loans with similar characteristics provided by government-sponsored entities. Any changes in the valuation of mortgage loans held for sale is based upon the change in market interest rates between closing the loan and the measurement date and an immaterial portion attributable to changes in instrument-specific credit risk. The Company has determined that loans held for sale are classified in Level 2 of the valuation hierarchy. Mortgage Servicing Rights: A mortgage servicing right (“MSR”) asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans are expected to more than adequately compensate the Company for performing the servicing. The fair value of servicing rights is provided by a third party and is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are recorded monthly. (See Note 4, “Loans Receivable and Allowance for Loan Losses” in the Notes to Consolidated Financial Statements contained elsewhere in this report) as the cash flows derived from the valuation model change the fair value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. Derivatives: Derivative instruments related to commitments for loans to be sold are carried at fair value. Fair value is determined through quotes obtained from actively traded mortgage markets. Any change in fair value for rate lock commitments to the borrower is based upon the change in market interest rates between making the rate lock commitment and the measurement date and, for forward loan sale commitments to the investor, is based upon the change in market interest rates from entering into the forward loan sales contract and the measurement date. Both the rate lock commitments to the borrowers and the forward loan sale commitments to investors are derivatives pursuant to the requirements of FASB ASC 815-10; however, the Company has not designated them as hedging instruments. Accordingly, they are marked to fair value through earnings. The Company’s intention is to sell the majority of its fixed rate mortgage loans with original terms of 30 years on a servicing retained basis as well as certain 10 , 15 and 20 year loans. The servicing value has been included in the pricing of the rate lock commitments. The Company estimates a fallout rate of approximately 14.5% based upon historical averages in determining the fair value of rate lock commitments. Although the use of historical averages is based upon unobservable data, the Company believes that this input is insignificant to the valuation and, therefore, has concluded that the fair value measurements meet the Level 2 criteria. The Company continually reassesses the significance of the fallout rate on the fair value measurement and updates the fallout rate accordingly. Hedging derivatives include interest rate swaps as part of management’s strategy to manage interest rate risk. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy. The following table presents additional quantitative information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value at September 30, 2016 : (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Asset-backed securities $ 146,825 Discounted Cash Flow Discount Rates 2.4% - 3.7% (3.7%) Cumulative Default % 6.0% - 8.3% (8.4%) Loss Given Default 1.8% - 2.7% (2.7%) Corporate debt - pooled trust $ 1,512 Discounted Cash Flow Discount Rate 6.3% (6.8%) preferred security Cumulative Default % 2.8% - 41.7% (11.3%) Loss Given Default 85% - 100% (94.4%) Mortgage servicing rights $ 7,096 Discounted Cash Flow Discount Rate 9.0% - 18.0% (10.5%) Cost to Service $50 - $110 ($61.12) Float Earnings Rate 0.25% (0.25%) Asset-backed securities: Given the level of market activity for the asset backed securities in the portfolio, the discount rates utilized in the fair value measurement were derived by analyzing current market yields for comparable securities and research reports issued by brokers and dealers in the financial services industry. Adjustments were then made for credit and structural differences between these types of securities. There is an inverse correlation between the discount rate and the fair value measurement. When the discount rate increases, the fair value decreases. Other significant unobservable inputs to the fair value measurement of the asset backed securities in the portfolio included prospective defaults and recoveries. The cumulative default percentage represents the lifetime defaults assumed. The loss given default percentage represents the percentage of current and projected defaults assumed to be lost. There is an inverse correlation between the default percentages and the fair value measurement. When default percentages increase, the fair value decreases. Corporate debt: Given the level of market activity for the trust preferred securities in the form of collateralized debt obligations, the discount rate utilized in the fair value measurement were derived by analyzing current market yields for trust preferred securities of individual name issuers in the financial services industry. Adjustments were then made for credit and structural differences between these types of securities. There is an inverse correlation between the discount rate and the fair value measurement. When the discount rate increases, the fair value decreases. Other significant unobservable inputs to the fair value measurement of the collateralized debt obligations included prospective defaults and recoveries. The cumulative default percentage represents the lifetime defaults assumed, excluding currently defaulted collateral and including all performing and currently deferring collateral. As a result, the cumulative default percentage also reflects assumptions of the possibility of currently deferring collateral curing and becoming current. The loss given default percentage represents the percentage of current and projected defaults assumed to be lost. There is an inverse correlation between the cumulative default and loss given default percentages and the fair value measurement. When default percentages increase, the fair value decreases. Mortgage servicing rights: Given the low level of market activity in the MSR market and the general difficulty in price discovery, even when activity is at historic norms, the discount rate utilized in the fair value measurement was derived by analyzing recent and historical pricing for MSRs. Adjustments were then made for various loan and investor types underlying these MSRs. There is an inverse correlation between the discount rate and the fair value measurement. When the discount rate increases, the fair value decreases. Other significant unobservable inputs to the fair value measurement of MSR’s include cost to service, an input that is not as simple as taking total costs and dividing by a number of loans. It is a figure informed by marginal cost and pricing for MSRs by competing firms, taking other assumptions into consideration. It is different for different loan types. There is an inverse correlation between the cost to service and the fair value measurement. When the cost assumption increase, the fair value decreases. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The Company may also be required, from time to time, to measure certain other assets at fair value on a non-recurring basis in accordance with generally accepted accounting principles; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following tables detail the assets carried at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015 and indicate the fair value hierarchy of the valuation technique utilized by the Company to determine fair value. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015 . Total Quoted Prices in Other Significant (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2016 Impaired loans $ 4,413 $ — $ — $ 4,413 Other real estate owned 2,792 — — 2,792 Total $ 7,205 $ — $ — $ 7,205 December 31, 2015 Impaired loans $ 2,096 $ — $ — $ 2,096 Other real estate owned 755 — — 755 Total $ 2,851 $ — $ — $ 2,851 The following is a description of the valuation methodologies used for certain assets that are recorded at fair value on a non-recurring basis. Other Real Estate Owned : The Company classifies property acquired through foreclosure or acceptance of deed-in-lieu of foreclosure, as other real estate owned (“OREO”) in its financial statements. Upon foreclosure, the property securing the loan is recorded at fair value as determined by real estate appraisals less the estimated selling expense. Appraisals are based upon observable market data such as comparable sales within the real estate market. Assumptions are also made based on management’s judgment of the appraisals and current real estate market conditions and therefore these assets are classified as non-recurring Level 3 assets in the fair value hierarchy. Impaired Loans : Accounting standards require that a creditor recognize the impairment of a loan if the present value of expected future cash flows discounted at the loan’s effective interest rate (or, alternatively, the observable market price of the loan or the fair value of the collateral) is less than the recorded investment in the impaired loan. Non-recurring fair value adjustments to collateral dependent loans are recorded, when necessary, to reflect partial write-downs and the specific reserve allocations based upon observable market price or current appraised value of the collateral less selling costs and discounts based on management’s judgment of current conditions. Based on the significance of management’s judgment, the Company records collateral dependent impaired loans as non-recurring Level 3 fair value measurements. Losses on assets recorded at fair value on a non-recurring basis are as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Impaired loans $ (573 ) $ (162 ) $ (1,040 ) $ (249 ) Other real estate owned — — (4 ) (118 ) Total $ (573 ) $ (162 ) $ (1,044 ) $ (367 ) Disclosures about Fair Value of Financial Instruments: The following methods and assumptions were used by management to estimate the fair value of each class of financial instruments not recorded at fair value for which it is practicable to estimate that value. Cash and Cash Equivalents : Carrying value is assumed to represent fair value for cash and due from banks and short-term investments, which have original maturities of 90 days or less. Loans Receivable – net : The fair value of the net loan portfolio is determined by discounting the estimated future cash flows using the prevailing interest rates and appropriate credit and prepayment risk adjustments as of period-end at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of non-performing loans is estimated using the Bank’s prior credit experience. FHLBB stock : FHLBB stock is a non-marketable equity security which is assumed to have a fair value equal to its carrying value due to the fact that it can only be redeemed by the FHLBB at par value. Accrued Interest Receivable : Carrying value is assumed to represent fair value. Deposits and Mortgagors’ and Investors’ Escrow Accounts : The fair value of demand, non-interest- bearing checking, savings and certain money market deposits is determined as the amount payable on demand at the reporting date. The fair value of time deposits is estimated by discounting the estimated future cash flows using rates offered for deposits of similar remaining maturities as of period-end. FHLBB Advances and Other Borrowings : The fair value of borrowed funds is estimated by discounting the future cash flows using market rates for similar borrowings. As of September 30, 2016 and December 31, 2015 , the carrying value and estimated fair values of the Company’s financial instruments are as described below: Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) September 30, 2016 Financial assets: Cash and cash equivalents $ 214,246 $ 214,246 $ — $ — $ 214,246 Available-for-sale securities 1,052,439 3,296 900,806 148,337 1,052,439 Held-to-maturity securities 14,162 — 15,569 — 15,569 Loans held for sale 83,321 — 83,321 — 83,321 Loans receivable-net 4,689,834 — — 4,719,683 4,719,683 FHLBB stock 52,847 — — 52,847 52,847 Accrued interest receivable 17,888 — — 17,888 17,888 Derivative assets 29,719 — 29,719 — 29,719 Mortgage servicing rights 7,096 — — 7,096 7,096 Financial liabilities: Deposits 4,695,471 — — 4,703,203 4,703,203 Mortgagors’ and investors’ escrow accounts 9,045 — — 9,045 9,045 FHLBB advances and other borrowings 1,102,882 — 1,101,421 — 1,101,421 Derivative liabilities 43,709 — 43,709 — 43,709 December 31, 2015 Financial assets: Cash and cash equivalents $ 95,176 $ 95,176 $ — $ — $ 95,176 Available-for-sale securities 1,059,169 3,227 909,872 146,070 1,059,169 Held-to-maturity securities 14,565 — 15,683 — 15,683 Loans held for sale 10,136 — 10,136 — 10,136 Loans receivable-net 4,587,062 — — 4,629,243 4,629,243 FHLBB stock 51,196 — — 51,196 51,196 Accrued interest receivable 15,740 — — 15,740 15,740 Derivative assets 12,910 — 12,910 — 12,910 Mortgage servicing rights 7,074 — — 7,074 7,074 Financial liabilities: Deposits 4,437,071 — — 4,436,456 4,436,456 Mortgagors’ and investors’ escrow accounts 13,526 — — 13,526 13,526 FHLBB advances and other borrowings 1,099,020 — 1,096,452 — 1,096,452 Derivative liabilities 16,675 — 16,675 — 16,675 Certain financial instruments and all nonfinancial investments are exempt from disclosure requirements. Accordingly, the aggregate fair value of amounts presented above may not necessarily represent the underlying fair value of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies Financial Instruments With Off-Balance Sheet Risk In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit through issuing standby letters of credit and undisbursed portions of construction loans and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized on the Consolidated Statements of Condition. The contractual amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The contractual amounts of commitments to extend credit represent the amounts of potential accounting loss should the contract be fully drawn upon, the customer defaults and the value of any existing collateral obligations is deemed worthless. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments. Off-balance sheet financial instruments whose contract amounts represent credit risk are as follows at September 30, 2016 and December 31, 2015 : September 30, December 31, (In thousands) Commitments to extend credit: Commitment to grant loans $ 256,564 $ 219,407 Undisbursed construction loans 99,148 103,140 Undisbursed home equity lines of credit 349,655 320,140 Undisbursed commercial lines of credit 343,939 302,700 Standby letters of credit 13,253 9,477 Unused credit card lines 11,232 6,725 Unused checking overdraft lines of credit 1,396 1,293 Total $ 1,075,187 $ 962,882 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Since these commitments could expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include residential and commercial property, accounts receivable, inventory, property, plant and equipment, deposits, and securities. Other Commitments The Company invests in partnerships, including low income housing tax credit, new markets housing tax credit, and alternative energy tax credit partnerships. The net carrying balance of these investments totaled $31.9 million at September 30, 2016 and is included in other assets in the consolidated statement of condition. At September 30, 2016 , the Company was contractually committed under these limited partnership agreements to make additional capital contributions of $5.3 million , which constitutes our maximum potential obligation to these partnerships. Legal Matters The Company is involved in various legal proceedings that have arisen in the normal course of business. The Company is not involved in any legal proceedings deemed to be material as of September 30, 2016 . |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations United Financial Bancorp, Inc. (the “Company” or “United”) is headquartered in Glastonbury, Connecticut, and through United Bank (the “Bank”) and various subsidiaries, delivers financial services to individuals, families and businesses primarily throughout Connecticut and Massachusetts through 53 banking offices, its commercial loan production offices, its mortgage loan production offices, 63 ATMs, telephone banking, mobile banking and online banking ( www.bankatunited.com ). |
Basis of Presentation | Basis of Presentation The consolidated interim financial statements and the accompanying notes presented in this report include the accounts of the Company, the Bank and the Bank’s wholly-owned subsidiaries, United Bank Mortgage Company, United Bank Investment Corp., Inc., United Bank Commercial Properties, Inc., United Bank Residential Properties, Inc., United Northeast Financial Advisors, Inc., United Bank Investment Sub, Inc., UCB Securities, Inc. II, UB Properties, LLC, United Financial Realty HC, Inc. and United Financial Business Trust I. All significant intercompany transactions have been eliminated. The consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included in the interim unaudited consolidated financial statements. Interim results are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any future period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s 2015 audited consolidated financial statements and notes thereto included in United Financial Bancorp, Inc.’s Annual Report on Form 10-K as of and for the year ended December 31, 2015 . |
Common Share Repurchases | Common Share Repurchases The Company is chartered in the state of Connecticut. Connecticut law does not provide for treasury shares, rather shares repurchased by the Company constitute authorized but unissued shares. GAAP states that accounting for treasury stock shall conform to state law. Therefore, the cost of shares repurchased by the Company has been allocated to common stock balances. |
Reclassifications | Reclassifications Certain reclassifications have been made in prior periods’ consolidated financial statements to conform to the 2016 presentation. These reclassifications had no impact on the Company’s consolidated financial position, results of operations or net change in cash equivalents. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results in the future could vary from the amounts derived from management’s estimates and assumptions. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the realizability of deferred tax assets, the evaluation of securities for other-than-temporary impairment, the valuation of derivative instruments and hedging activities, and goodwill impairment valuations. |
Recent Accounting Pronouncements | Statement of Cash Flows In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments to address eight specific cash flow issues with the objective of reducing diversity in practice in how certain transactions are classified in the statement of cash flows. The issues identified within the ASU include: 1) debt prepayments and extinguishment costs, 2) settlement of zero-coupon debt, 3) settlement of contingent consideration, 4) insurance proceeds, 5) settlement of corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) policies, 6) distributions from equity method investees, 7) beneficial interests in securitization transactions, and 8) receipts and payments with aspects of more than one class of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the ASU on the disclosures in the Company’s Statements of Cash Flows, but does not expect this ASU to have a material impact on the Company’s financial statements. Financial Instruments In June 2016, FASB issued ASU No. 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the Board’s guidance on the impairment of financial instruments. The ASU adds to GAAP an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses, which the FASB believes will result in more timely recognition of such losses. The ASU is also intended to reduce the complexity of US GAAP by decreasing the number of credit impairment models that entities use to account for debt instruments. For public business entities that are US Securities and Exchange Commission filers, such as the Company, this ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update earlier as of the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This ASU potentially could have a significant impact on the Company’s allowance for loan losses, however, no assessment of the potential impact has been determined. Efforts are in process to quantify and prepare for the ASU’s effective date. Compensation In March 2016, the FASB issued ASU No. 2016-09 Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting as part of the FASB’s simplification initiative aimed at reducing complexity in accounting standards . This ASU simplifies several aspects of the accounting for employee share-based payment transactions for both public and nonpublic entities, including; accounting for income taxes; classification of excess tax benefits on the statement of cash flows; forfeitures; statutory tax withholding requirements; classification of awards as either equity or liabilities and; classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. For public business entities, the amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. This ASU is not expected to have a significant impact on the Company’s Financial Statements. Derivatives and Hedging In March 2016, the FASB issued ASU No. 2016-06 Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments as part of the consensus of the Emerging Issues Task Force. This ASU addresses inconsistent interpretations of whether an event that triggers an entity’s ability to exercise the embedded contingent option must be indexed to interest rates or credit risk for that option to qualify as clearly and closely related. The ASU clarifies that in assessing whether an embedded contingent put or call option is clearly and closely related to the debt host, an entity is required to perform only the four-step decision sequence in ASC 815-15-25-42 as amended by the ASU. The entity does not have to separately assess whether the event that triggers its ability to exercise the contingent option is itself indexed only to interest rates or credit risk. For public business entities, the amendments in the ASU are effective for annual reporting periods, and interim period therein, beginning after December 15, 2016. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. Leases In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842) . This ASU consists of three sections: Section A- Leases: Amendments to the FASB Accounting Standards Codification ; Section B - Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification ; and Section C - Background Information and Basis for Conclusions. This ASU introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard, ASC 606, Revenue From Contracts with Customers . The new leases standard represents a whole-sale change to lease accounting and will most likely result in significant implementation challenges during the transition period and beyond. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. The new guidance will be effective for public business entities for annual periods beginning after December 15, 2018 (i.e. calendar periods beginning on January 1, 2019), and interim periods therein. For all other entities, the ASU will be effective for annual periods beginning after December 15, 2019 (i.e. calendar periods beginning on January 1, 2020), and interim periods thereafter. Early adoption will be permitted for all entities. This ASU is not expected to have a significant impact on the Company’s financial statements. Financial Instruments In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU requires entities to carry all investments in equity securities, including other ownership interests such as partnerships, unincorporated joint ventures and limited liability companies, at fair value through net income. This new requirement does not apply to investments that qualify for the equity method of accounting or to those that result in consolidation of these investments. The ASU supersedes current guidance and no longer requires equity securities with readily determinable fair value to be classified into categories (i.e. trading or available for sale). The ASU clarifies that when identifying observable price changes, an entity should consider relevant transactions “that are known or can reasonably be known“ and that an entity is not required to spend undue cost and effort to identify such transactions. The ASU also indicates that an entity should consider a security’s rights and obligations, such as voting rights, distribution rights and preferences, and conversion features, when evaluating whether the security issued by the same issuer is similar to the equity security held by the entity. The ASU further provides for the elimination of disclosure requirements related to financial instruments measured at amortized cost. For public business entities, the new standard will require disclosure of fair value using the exit price notion for all financial instruments measured at amortized cost. Pursuant to the ASU, recognition and measurement will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. For all entities, the ASU permits early adoption of the instrument-specific credit risk provision. Additionally, for non-public entities, it permits early adoption of the exemption provisions related to disclosure of fair value information about financial instruments measured at amortized cost. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Available for Sale Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities at September 30, 2016 and December 31, 2015 are as follows: Amortized Gross Gross Fair (In thousands) September 30, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 161,388 $ 3,280 $ — $ 164,668 Government-sponsored residential collateralized debt obligations 195,056 2,841 (67 ) 197,830 Government-sponsored commercial mortgage-backed securities 27,107 713 — 27,820 Government-sponsored commercial collateralized debt obligations 176,706 3,020 — 179,726 Asset-backed securities 159,195 2,067 (905 ) 160,357 Corporate debt securities 59,848 1,953 (1,591 ) 60,210 Obligations of states and political subdivisions 221,367 4,522 (2,033 ) 223,856 Total debt securities 1,000,667 18,396 (4,596 ) 1,014,467 Marketable equity securities, by sector: Banks 33,087 1,589 — 34,676 Industrial 109 55 — 164 Mutual funds 2,880 64 (2 ) 2,942 Oil and gas 131 59 — 190 Total marketable equity securities 36,207 1,767 (2 ) 37,972 Total available-for-sale securities $ 1,036,874 $ 20,163 $ (4,598 ) $ 1,052,439 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,331 $ 1,199 $ (14 ) $ 13,516 Government-sponsored residential mortgage-backed securities 1,831 222 — 2,053 Total held-to-maturity securities $ 14,162 $ 1,421 $ (14 ) $ 15,569 Amortized Gross Gross Fair (In thousands) December 31, 2015 Available for sale: Debt securities: U.S. Government and government-sponsored enterprise obligations $ 10,159 $ 13 $ (83 ) $ 10,089 Government-sponsored residential mortgage-backed securities 146,434 731 (1,304 ) 145,861 Government-sponsored residential collateralized debt obligations 287,515 855 (1,403 ) 286,967 Government-sponsored commercial mortgage-backed securities 21,144 21 (200 ) 20,965 Government-sponsored commercial collateralized debt obligations 128,617 626 (271 ) 128,972 Asset-backed securities 162,895 43 (3,037 ) 159,901 Corporate debt securities 62,356 91 (2,487 ) 59,960 Obligations of states and political subdivisions 201,217 1,561 (1,663 ) 201,115 Total debt securities 1,020,337 3,941 (10,448 ) 1,013,830 Marketable equity securities, by sector: Banks 41,558 1,099 (544 ) 42,113 Industrial 109 34 — 143 Mutual funds 2,854 65 (4 ) 2,915 Oil and gas 132 36 — 168 Total marketable equity securities 44,653 1,234 (548 ) 45,339 Total available-for-sale securities $ 1,064,990 $ 5,175 $ (10,996 ) $ 1,059,169 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,360 $ 884 $ (10 ) $ 13,234 Government-sponsored residential mortgage-backed securities 2,205 244 — 2,449 Total held-to-maturity securities $ 14,565 $ 1,128 $ (10 ) $ 15,683 |
Held-to-maturity Securities | The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities at September 30, 2016 and December 31, 2015 are as follows: Amortized Gross Gross Fair (In thousands) September 30, 2016 Available for sale: Debt securities: Government-sponsored residential mortgage-backed securities $ 161,388 $ 3,280 $ — $ 164,668 Government-sponsored residential collateralized debt obligations 195,056 2,841 (67 ) 197,830 Government-sponsored commercial mortgage-backed securities 27,107 713 — 27,820 Government-sponsored commercial collateralized debt obligations 176,706 3,020 — 179,726 Asset-backed securities 159,195 2,067 (905 ) 160,357 Corporate debt securities 59,848 1,953 (1,591 ) 60,210 Obligations of states and political subdivisions 221,367 4,522 (2,033 ) 223,856 Total debt securities 1,000,667 18,396 (4,596 ) 1,014,467 Marketable equity securities, by sector: Banks 33,087 1,589 — 34,676 Industrial 109 55 — 164 Mutual funds 2,880 64 (2 ) 2,942 Oil and gas 131 59 — 190 Total marketable equity securities 36,207 1,767 (2 ) 37,972 Total available-for-sale securities $ 1,036,874 $ 20,163 $ (4,598 ) $ 1,052,439 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,331 $ 1,199 $ (14 ) $ 13,516 Government-sponsored residential mortgage-backed securities 1,831 222 — 2,053 Total held-to-maturity securities $ 14,162 $ 1,421 $ (14 ) $ 15,569 Amortized Gross Gross Fair (In thousands) December 31, 2015 Available for sale: Debt securities: U.S. Government and government-sponsored enterprise obligations $ 10,159 $ 13 $ (83 ) $ 10,089 Government-sponsored residential mortgage-backed securities 146,434 731 (1,304 ) 145,861 Government-sponsored residential collateralized debt obligations 287,515 855 (1,403 ) 286,967 Government-sponsored commercial mortgage-backed securities 21,144 21 (200 ) 20,965 Government-sponsored commercial collateralized debt obligations 128,617 626 (271 ) 128,972 Asset-backed securities 162,895 43 (3,037 ) 159,901 Corporate debt securities 62,356 91 (2,487 ) 59,960 Obligations of states and political subdivisions 201,217 1,561 (1,663 ) 201,115 Total debt securities 1,020,337 3,941 (10,448 ) 1,013,830 Marketable equity securities, by sector: Banks 41,558 1,099 (544 ) 42,113 Industrial 109 34 — 143 Mutual funds 2,854 65 (4 ) 2,915 Oil and gas 132 36 — 168 Total marketable equity securities 44,653 1,234 (548 ) 45,339 Total available-for-sale securities $ 1,064,990 $ 5,175 $ (10,996 ) $ 1,059,169 Held to maturity: Debt securities: Obligations of states and political subdivisions $ 12,360 $ 884 $ (10 ) $ 13,234 Government-sponsored residential mortgage-backed securities 2,205 244 — 2,449 Total held-to-maturity securities $ 14,565 $ 1,128 $ (10 ) $ 15,683 |
Amortized Cost and Fair Value of Debt Securities | The amortized cost and fair value of debt securities at September 30, 2016 by contractual maturities are presented below. Actual maturities may differ from contractual maturities because some securities may be called or repaid without any penalties. Also, because mortgage-backed securities require periodic principal paydowns, they are not included in the maturity categories in the following maturity summary. Available for Sale Held to Maturity Amortized Fair Amortized Fair (In thousands) Maturity: Within 1 year $ 175 $ 176 $ — $ — After 1 year through 5 years 16,118 16,537 1,184 1,229 After 5 years through 10 years 47,906 49,018 — — After 10 years 217,016 218,335 11,147 12,287 281,215 284,066 12,331 13,516 Government-sponsored residential mortgage-backed securities 161,388 164,668 1,831 2,053 Government-sponsored residential collateralized debt obligations 195,056 197,830 — — Government-sponsored commercial mortgage-backed securities 27,107 27,820 — — Government-sponsored commercial collateralized debt obligations 176,706 179,726 — — Asset-backed securities 159,195 160,357 — — Total debt securities $ 1,000,667 $ 1,014,467 $ 14,162 $ 15,569 |
Summary of Gross Unrealized Losses and Fair Value | The following table summarizes gross unrealized losses and fair value, aggregated by category and length of time the securities have been in a continuous unrealized loss position, as of September 30, 2016 and December 31, 2015 : Less Than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) September 30, 2016 Available for sale: Debt Securities: Government-sponsored residential collateralized debt obligations $ 6,821 $ (25 ) $ 6,929 $ (42 ) $ 13,750 $ (67 ) Asset-backed securities 1,207 (25 ) 26,357 (880 ) 27,564 (905 ) Corporate debt securities — — 3,165 (1,591 ) 3,165 (1,591 ) Obligations of states and political subdivisions 47,552 (913 ) 44,100 (1,120 ) 91,652 (2,033 ) Total debt securities 55,580 (963 ) 80,551 (3,633 ) 136,131 (4,596 ) Marketable equity securities — — 95 (2 ) 95 (2 ) Total available-for-sale securities $ 55,580 $ (963 ) $ 80,646 $ (3,635 ) $ 136,226 $ (4,598 ) Held to Maturity: Debt Securities: Obligations of states and political subdivisions $ 1,093 $ (14 ) $ — $ — $ 1,093 $ (14 ) Total held to maturity securities $ 1,093 $ (14 ) $ — $ — $ 1,093 $ (14 ) December 31, 2015 Available for sale: Debt Securities: U.S. Government and government-sponsored enterprise obligations $ 4,867 $ (66 ) $ 4,977 $ (17 ) $ 9,844 $ (83 ) Government-sponsored residential mortgage-backed securities 107,142 (1,183 ) 7,195 (121 ) 114,337 (1,304 ) Government-sponsored residential collateralized debt obligations 152,278 (1,357 ) 3,506 (46 ) 155,784 (1,403 ) Government-sponsored commercial mortgage-backed securities 16,207 (200 ) — — 16,207 (200 ) Government-sponsored commercial collateralized debt obligations 38,151 (221 ) 3,496 (50 ) 41,647 (271 ) Asset-backed securities 93,723 (1,233 ) 49,462 (1,804 ) 143,185 (3,037 ) Corporate debt securities 42,102 (797 ) 6,720 (1,690 ) 48,822 (2,487 ) Obligations of states and political subdivisions 47,878 (946 ) 42,685 (717 ) 90,563 (1,663 ) Total debt securities 502,348 (6,003 ) 118,041 (4,445 ) 620,389 (10,448 ) Marketable equity securities 18,449 (287 ) 6,176 (261 ) 24,625 (548 ) Total available-for-sale securities $ 520,797 $ (6,290 ) $ 124,217 $ (4,706 ) $ 645,014 $ (10,996 ) Held to Maturity: Debt Securities: Obligations of states and political subdivisions $ 1,104 $ (10 ) $ — $ — $ 1,104 $ (10 ) Total held to maturity securities $ 1,104 $ (10 ) $ — $ — $ 1,104 $ (10 ) |
Loans Receivable and Allowanc25
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Receivables [Abstract] | |
Summary of Company's Loan Portfolio | A summary of the Company’s loan portfolio is as follows: September 30, 2016 December 31, 2015 Amount Percent Amount Percent (Dollars in thousands) Commercial real estate loans: Owner-occupied $ 392,168 8.3 % $ 322,084 7.0 % Investor non-owner occupied 1,702,701 36.1 1,673,248 36.3 Construction 90,380 1.9 129,922 2.8 Total commercial real estate loans 2,185,249 46.3 2,125,254 46.1 Commercial business loans 660,676 14.0 603,332 13.1 Consumer loans: Residential real estate 1,129,079 23.9 1,179,915 25.6 Home equity 479,390 10.2 431,282 9.3 Residential construction 52,476 1.1 41,084 0.9 Other consumer 213,830 4.5 233,064 5.0 Total consumer loans 1,874,775 39.7 1,885,345 40.8 Total loans 4,720,700 100.0 % 4,613,931 100.0 % Net deferred loan costs and premiums 10,214 7,018 Allowance for loan losses (41,080 ) (33,887 ) Loans - net $ 4,689,834 $ 4,587,062 |
Summary of Accretable Yields for Total Acquired Loan Portfolio | The following table summarizes the activity in the the accretable yield balance for PCI loans for the three and nine months ended September 30, 2016 and 2015 : For the Three Months For the Nine Months 2016 2015 2016 2015 (In thousands) Balance at beginning of period $ (118 ) $ (570 ) $ (413 ) $ (1,587 ) Accretion — 1 — 178 Reclassification to nonaccretable balance — 42 232 882 Paid off — 114 63 114 Balance at end of period $ (118 ) $ (413 ) $ (118 ) $ (413 ) |
Company's Loans by Risk Rating | The following table presents the Company’s loans by risk rating at September 30, 2016 and December 31, 2015 : Owner-Occupied CRE Investor CRE Construction Commercial Business Residential Real Estate Home Equity Other Consumer (In thousands) September 30, 2016 Loans rated 1-5 $ 363,114 $ 1,656,821 $ 140,314 $ 629,212 $ 1,111,502 $ 473,948 $ 213,507 Loans rated 6 7,219 16,552 254 6,518 1,286 — — Loans rated 7 21,835 29,328 2,288 24,946 16,291 5,441 323 Loans rated 8 — — — — — — — Loans rated 9 — — — — — 1 — $ 392,168 $ 1,702,701 $ 142,856 $ 660,676 $ 1,129,079 $ 479,390 $ 213,830 December 31, 2015 Loans rated 1-5 $ 298,509 $ 1,610,582 $ 156,607 $ 568,248 $ 1,162,393 $ 426,702 $ 233,054 Loans rated 6 10,074 38,448 10,860 8,382 1,355 24 — Loans rated 7 13,501 24,218 3,539 26,655 16,167 4,553 10 Loans rated 8 — — — 47 — — — Loans rated 9 — — — — — 3 — $ 322,084 $ 1,673,248 $ 171,006 $ 603,332 $ 1,179,915 $ 431,282 $ 233,064 |
Summary of Activity in Allowance for Loan Losses | Activity in the allowance for loan losses for the periods ended September 30, 2016 and 2015 were as follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) Three Months Ended September 30, 2016 Balance, beginning of period $ 3,267 $ 13,646 $ 2,014 $ 6,894 $ 7,907 $ 2,532 $ 692 $ 1,009 $ 37,961 Provision (credit) for loan losses 72 1,082 (201 ) 527 404 245 1,321 316 3,766 Loans charged off — (287 ) — (188 ) (216 ) (81 ) (368 ) — (1,140 ) Recoveries of loans previously charged off — 302 3 146 — 15 27 — 493 Balance, end of period $ 3,339 $ 14,743 $ 1,816 $ 7,379 $ 8,095 $ 2,711 $ 1,672 $ 1,325 $ 41,080 Three Months Ended September 30, 2015 Balance, beginning of period $ 1,499 $ 10,459 $ 1,963 $ 5,334 $ 6,995 $ 2,052 $ 104 $ 450 $ 28,856 Provision (credit) for loan losses 169 1,222 (224 ) 690 960 178 57 200 3,252 Loans charged off — (215 ) — (840 ) (304 ) (67 ) (70 ) — (1,496 ) Recoveries of loans previously charged off — — — 121 75 — 24 — 220 Balance, end of period $ 1,668 $ 11,466 $ 1,739 $ 5,305 $ 7,726 $ 2,163 $ 115 $ 650 $ 30,832 Nine Months Ended September 30, 2016 Balance, beginning of period $ 2,174 $ 12,859 $ 1,895 $ 5,827 $ 7,801 $ 2,391 $ 146 $ 794 $ 33,887 Provision (credit) for loan losses 1,247 2,587 (82 ) 1,814 974 692 2,315 531 10,078 Loans charged off (138 ) (1,083 ) — (744 ) (733 ) (438 ) (907 ) — (4,043 ) Recoveries of loans previously charged off 56 380 3 482 53 66 118 — 1,158 Balance, end of period $ 3,339 $ 14,743 $ 1,816 $ 7,379 $ 8,095 $ 2,711 $ 1,672 $ 1,325 $ 41,080 Nine Months Ended September 30, 2015 Balance, beginning of period $ 1,281 $ 8,137 $ 1,470 $ 5,808 $ 5,998 $ 1,929 $ 75 $ 111 $ 24,809 Provision for loan losses 387 4,034 771 651 2,200 448 195 539 9,225 Loans charged off — (837 ) (502 ) (1,793 ) (708 ) (214 ) (239 ) — (4,293 ) Recoveries of loans previously charged off — 132 — 639 236 — 84 — 1,091 Balance, end of period $ 1,668 $ 11,466 $ 1,739 $ 5,305 $ 7,726 $ 2,163 $ 115 $ 650 $ 30,832 |
Summary of Allowance for Loan Losses and Impaired Loans | Further information pertaining to the allowance for loan losses and impaired loans at September 30, 2016 and December 31, 2015 follows: Owner-Occupied CRE Investor CRE Construction Commercial Residential Real Estate Home Equity Other Consumer Unallocated Total (In thousands) September 30, 2016 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ — $ 761 $ 70 $ — $ 391 $ — $ 1,222 Allowance related to loans collectively evaluated and not deemed impaired 3,339 14,743 1,816 6,402 8,025 2,711 1,281 1,325 39,642 Allowance related to loans acquired with deteriorated credit quality — — — 216 — — — — 216 Total allowance for loan losses $ 3,339 $ 14,743 $ 1,816 $ 7,379 $ 8,095 $ 2,711 $ 1,672 $ 1,325 $ 41,080 Loans deemed impaired $ 3,539 $ 9,747 $ 3,863 $ 10,929 $ 16,932 $ 6,528 $ 512 $ — $ 52,050 Loans not deemed impaired 388,629 1,691,653 138,993 648,438 1,112,147 472,862 211,208 — 4,663,930 Loans acquired with deteriorated credit quality — 1,301 — 1,309 — — 2,110 — 4,720 Total loans $ 392,168 $ 1,702,701 $ 142,856 $ 660,676 $ 1,129,079 $ 479,390 $ 213,830 $ — $ 4,720,700 December 31, 2015 Allowance related to loans individually evaluated and deemed impaired $ — $ — $ 147 $ 121 $ 74 $ — $ — $ — $ 342 Allowance related to loans collectively evaluated and not deemed impaired 2,174 12,859 1,748 5,531 7,727 2,391 146 794 33,370 Allowance related to loans acquired with deteriorated credit quality — — — 175 — — — — 175 Total allowance for loan losses $ 2,174 $ 12,859 $ 1,895 $ 5,827 $ 7,801 $ 2,391 $ 146 $ 794 $ 33,887 Loans deemed impaired $ 4,037 $ 13,923 $ 4,660 $ 13,035 $ 16,036 $ 4,556 $ 8 $ — $ 56,255 Loans not deemed impaired 317,628 1,657,721 166,346 588,982 1,163,879 426,726 230,061 — 4,551,343 Loans acquired with deteriorated credit quality 419 1,604 — 1,315 — — 2,995 — 6,333 Total loans $ 322,084 $ 1,673,248 $ 171,006 $ 603,332 $ 1,179,915 $ 431,282 $ 233,064 $ — $ 4,613,931 |
Summary of Past Due and Non-Accrual Loans | The following is a summary of past due and non-accrual loans at September 30, 2016 and December 31, 2015 , including purchased credit impaired loans: 30-59 Days Past Due 60-89 Days Past Due Past Due 90 Total Past Due Past Due Loans on (In thousands) September 30, 2016 Owner-occupied CRE $ 1,015 $ 160 $ 1,909 $ 3,084 $ — $ 2,933 Investor CRE 1,243 1,510 3,242 5,995 178 4,079 Construction — — 2,109 2,109 — 2,315 Commercial business loans 690 202 2,360 3,253 38 2,686 Residential real estate 236 2,649 6,996 9,881 — 15,563 Home equity 1,248 1,181 2,151 4,580 — 5,419 Other consumer 1,854 450 256 2,560 242 333 Total $ 6,286 $ 6,152 $ 19,023 $ 31,462 $ 458 $ 33,328 December 31, 2015 Owner-occupied CRE $ 900 $ 191 $ 1,505 $ 2,596 $ — $ 3,055 Investor CRE 3,154 2,498 4,519 10,171 — 8,565 Construction 214 449 2,135 2,798 — 2,808 Commercial business loans 526 266 2,804 3,596 66 4,244 Residential real estate 8,507 2,112 6,936 17,555 238 14,056 Home equity 2,009 646 1,549 4,204 — 5,066 Other consumer 17 3 8 28 3 8 Total $ 15,327 $ 6,165 $ 19,456 $ 40,948 $ 307 $ 37,802 |
Summary of Impaired Loans with and without Valuation Allowance | The following is a summary of impaired loans with and without a valuation allowance as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related (In thousands) Impaired loans without a valuation allowance: Owner-occupied CRE $ 3,539 $ 4,459 $ — $ 4,037 $ 5,370 $ — Investor CRE 9,747 10,404 — 13,923 15,011 — Construction 3,863 5,932 — 4,442 6,869 — Commercial business loans 9,977 13,618 — 12,634 14,477 — Residential real estate 15,674 18,845 — 14,056 16,876 — Home equity 6,528 7,376 — 5,259 5,953 — Other consumer 33 33 — 8 11 — Total 49,361 60,667 — 54,359 64,567 — Impaired loans with a valuation allowance: Construction — — — 218 218 147 Commercial business loans 952 952 761 401 401 121 Residential real estate 1,258 1,274 70 1,277 1,292 74 Other consumer 479 1,617 391 — — — Total 2,689 3,843 1,222 1,896 1,911 342 Total impaired loans $ 52,050 $ 64,510 $ 1,222 $ 56,255 $ 66,478 $ 342 |
Average Recorded Investment in Impaired Loans | The following is a summary of average recorded investment in impaired loans and interest income recognized on those loans for the periods indicated: For the Three Months For the Three Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 4,037 $ — $ 5,310 $ 67 Investor CRE 10,737 218 12,537 385 Construction 4,012 30 3,867 26 Commercial business loans 12,706 — 6,479 493 Residential real estate 16,843 185 15,138 779 Home equity 5,992 71 3,957 51 Other consumer 921 — 19 8 Total $ 55,248 $ 504 $ 47,307 $ 1,809 For the Nine Months For the Nine Months Average Interest Average Interest (In thousands) Owner-occupied CRE $ 4,073 $ 241 $ 6,253 $ 171 Investor CRE 11,717 325 12,288 821 Construction 4,499 104 3,564 83 Commercial business loans 13,034 337 6,536 804 Residential real estate 16,466 556 14,303 1,161 Home equity 5,592 156 3,316 91 Other consumer 469 1 28 9 Total $ 55,850 $ 1,720 $ 46,288 $ 3,140 |
Troubled Debt Restructurings | The following table provides detail of TDR balances for the periods presented: At September 30, At December 31, (In thousands) Recorded investment in TDRs: Accrual status $ 18,758 $ 18,453 Non-accrual status 7,345 5,611 Total recorded investment in TDRs $ 26,103 $ 24,064 Accruing TDRs performing under modified terms more than one year $ 8,394 $ 5,821 Specific reserves for TDRs included in the balance of allowance for loan losses $ 690 $ 223 Additional funds committed to borrowers in TDR status $ — $ 513 |
Loans Restructured as Troubled Debt Restructurings | Loans restructured as TDRs during the three and nine months ended September 30, 2016 and 2015 are set forth in the following table: Three Months Ended Nine Months Ended Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification (Dollars in thousands) September 30, 2016 Owner-occupied CRE — $ — $ — 5 $ 654 $ 654 Construction — — — 2 67 67 Commercial business 2 2,083 2,083 7 4,667 6,750 Residential real estate 4 377 385 13 1,320 1,705 Home equity 5 886 886 14 1,338 2,224 Total TDRs 11 $ 3,346 $ 3,354 41 $ 8,046 $ 11,400 September 30, 2015 Investor CRE — $ — $ — 2 $ 791 $ 791 Construction — — — 2 564 564 Commercial business 3 592 592 5 1,340 1,340 Residential real estate 2 59 59 15 2,544 2,561 Home equity 5 455 455 9 622 602 Total TDRs 10 $ 1,106 $ 1,106 33 $ 5,861 $ 5,858 |
Summary of How Loans were Modified as TDRs | The following table provides information on loan balances modified as TDRs during the period: Three Months Ended September 30, 2016 2015 Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Commercial business $ — $ — $ 100 $ — $ 1,983 $ 585 $ — $ 7 $ — $ — Residential real estate 87 — 290 — — — 39 101 — — Home equity — 261 137 488 — — — 20 — 354 $ 87 $ 261 $ 527 $ 488 $ 1,983 $ 585 $ 39 $ 128 $ — $ 354 Nine Months Ended September 30, 2016 2015 Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other Extended Adjusted Adjusted Rate and Extended Maturity Payment Deferral Other (In thousands) Owner-occupied CRE $ 510 $ — $ 86 $ — $ 58 $ — $ — $ — $ — $ — Investor CRE — — — — — 538 — 253 — — Construction 23 — 44 — — 564 — — — — Commercial business 2,000 — 243 348 2,076 1,333 — 7 — — Residential real estate 87 — 672 561 — — 940 370 786 529 Home equity — 261 473 604 — — — 95 28 418 $ 2,620 $ 261 $ 1,518 $ 1,513 $ 2,134 $ 2,435 $ 940 $ 725 $ 814 $ 947 |
Summary of Loans Modified as TDRs within Previous 12 Months and Payment Default | The following table provides information on loans modified as TDRs within the previous 12 months and for which there was a payment default during the periods presented: September 30, 2016 September 30, 2015 Number of Recorded Number of Recorded (In thousands) Owner-occupied CRE — $ — 4 $ 359 Investor CRE — — 3 880 Construction 1 437 — — Residential real estate — — 3 402 Total 1 $ 437 10 $ 1,641 |
Summary of Mortgage Servicing Rights Activity | The following table summarizes mortgage servicing rights activity for the three and nine months ended September 30, 2016 and 2015 . For the Three Months For the Nine Months 2016 2015 2016 2015 (In thousands) Mortgage servicing rights: Balance at beginning of period $ 6,589 $ 5,994 $ 7,074 $ 4,729 Change in fair value recognized in net income (114 ) (888 ) (1,800 ) (888 ) Issuances 621 889 1,822 2,154 Fair value of mortgage servicing rights at end of period $ 7,096 $ 5,995 $ 7,096 $ 5,995 |
Goodwill and Core Deposit Int26
Goodwill and Core Deposit Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in the Carrying Amount of Goodwill and Core Deposit Intangible Assets | The changes in the carrying amount of goodwill and core deposit intangible assets are summarized as follows: Goodwill Core Deposit Intangibles (In thousands) Balance at December 31, 2014 $ 115,240 $ 9,302 Adjustments 41 — Amortization expense — (1,796 ) Balance at December 31, 2015 $ 115,281 $ 7,506 Amortization expense — (1,219 ) Balance at September 30, 2016 $ 115,281 $ 6,287 Estimated amortization expense for the years ending December 31, 2016 (remaining three months) $ 385 2017 1,411 2018 1,219 2019 1,026 2020 834 2021 and thereafter 1,412 Total remaining $ 6,287 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Contractual Maturities and Weighted-Average Rates of Outstanding Advances | The Bank is a member of the FHLBB. Contractual maturities and weighted-average rates of outstanding advances from the FHLBB as of September 30, 2016 and December 31, 2015 are summarized below: September 30, 2016 December 31, 2015 Amount Weighted- Amount Weighted- (Dollars in thousands) 2016 $ 445,000 0.63 % $ 637,580 0.60 % 2017 288,000 1.09 151,000 1.76 2018 140,044 1.48 120,795 1.54 2019 20,000 1.45 20,000 1.63 2020 and thereafter 82,306 0.73 16,130 2.21 $ 975,350 0.91 % $ 945,505 0.95 % |
Schedule of Other Borrowings by Category | The following table presents other borrowings by category as of the dates indicated: September 30, 2016 December 31, 2015 (In thousands) Subordinated debentures $ 79,658 $ 79,489 Wholesale repurchase agreements 20,000 45,000 Customer repurchase agreements 21,387 19,278 Other 4,354 6,250 Total other borrowings $ 125,399 $ 150,017 |
Schedule of Outstanding Borrowings Under Repurchase Agreements | The following table presents the Company’s outstanding borrowings under repurchase agreements as of September 30, 2016 and December 31, 2015 : Remaining Contractual Maturity of the Agreements Overnight Up to 1 Year 1 - 3 Years Greater than 3 Years Total (In thousands) September 30, 2016 Repurchase Agreements U.S. Agency Securities $ 21,387 $ — $ 20,000 $ — $ 41,387 December 31, 2015 Repurchase Agreements U.S. Agency Securities $ 19,278 $ 25,000 $ 20,000 $ — $ 64,278 |
Derivatives and Hedging Activ28
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | Information about interest rate swap agreements and non-hedging derivative assets and liabilities as of September 30, 2016 and December 31, 2015 is as follows: Notional Amount Weighted-Average Remaining Maturity Weighted-Average Rate Estimated Fair Value, Net Asset (Liability) Received Paid (In thousands) (In years) (In thousands) September 30, 2016 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 100,000 7.61 TBD (1) 2.43 % $ (5,926 ) Interest rate swaps 330,000 2.60 0.78 % 1.47 % (8,592 ) Fair value hedges: Interest rate swaps 35,000 0.97 1.04 % 0.60 % (2) 97 Non-hedging derivatives: Forward loan sale commitments 121,961 0.00 (297 ) Derivative loan commitments 47,921 0.00 868 Interest rate swap 7,500 9.79 (90 ) Loan level swaps - dealer(3) 439,749 7.84 2.23 % 3.80 % (28,769 ) Loan level swaps - borrowers(3) 439,749 7.84 3.80 % 2.23 % 28,719 Total $ 1,521,880 $ (13,990 ) December 31, 2015 Cash flow hedges: Forward starting interest rate swaps on future borrowings $ 150,000 7.99 TBD (1) 2.46 % $ (2,072 ) Interest rate swaps 280,000 2.65 0.46 % 1.28 % (2,020 ) Fair value hedges: Interest rate swaps 35,000 1.72 1.04 % 0.48 % (2) 24 Non-hedging derivatives: Forward loan sale commitments 25,060 0.00 (13 ) Derivative loan commitments 9,403 0.00 223 Loan level swaps - dealer(3) 333,971 9.05 1.94 % 3.93 % (12,059 ) Loan level swaps - borrowers(3) 333,981 9.05 3.93 % 1.94 % 12,152 Total $ 1,167,415 $ (3,765 ) (1) The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined two London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for these forward starting cash flow hedges is October 16, 2017 . (2) The paying leg is one month LIBOR plus a fixed spread; above rate in effect as of the date indicated. (3) The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties. |
Tabular Disclosure of Fair Values of Derivative Instruments | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Condition as of September 30, 2016 and December 31, 2015 : Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location Sep 30, 2016 Dec 31, Balance Sheet Location Sep 30, 2016 Dec 31, (In thousands) Derivatives designated as hedging instruments: Interest rate swap - cash flow hedge Other Assets $ 21 $ 478 Other Liabilities $ 14,539 $ 4,570 Interest rate swap - fair value hedge Other Assets 97 50 Other Liabilities — 26 Total derivatives designated as hedging instruments $ 118 $ 528 $ 14,539 $ 4,596 Derivatives not designated as hedging instruments: Forward loan sale commitments Other Assets $ 4 $ 7 Other Liabilities $ 301 $ 20 Derivative loan commitments Other Assets 868 223 — — Interest rate swap Other Assets 10 — Other Liabilities 100 — Interest rate swap - with customers Other Assets 28,719 12,152 — — Interest rate swap - with counterparties — — Other Liabilities 28,769 12,059 Total derivatives not designated as hedging $ 29,601 $ 12,382 $ 29,170 $ 12,079 |
Schedule of Effect of Derivative Instruments in Statements of Operations | The tables below presents the effect of derivative instruments in the Company’s Statements of Changes in Stockholders’ Equity designated as hedging instruments for the three and nine months ended September 30, 2016 and 2015 : Cash Flow Hedges Amount of Gain (Loss) Recognized in AOCI (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest rate swaps $ 2,190 $ (4,898 ) $ (10,426 ) $ (5,521 ) Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) Derivatives Designated as Cash Flow Hedging Instruments Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest rate swaps $ 664 $ — $ 1,844 $ (12 ) The tables below present information pertaining to the Company’s derivatives in the Consolidated Statements of Net Income designated as hedging instruments for the three and nine months ended September 30, 2016 and 2015 : Fair Value Hedges Amount of Gain (Loss) Recognized in Income for Derivatives Derivatives Designated as Fair Value Location of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest Rate Swaps Interest income $ 100 $ 137 $ 73 $ 303 Amount of Gain (Loss) Recognized in Income for Hedged Items Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Interest Rate Swaps Interest income $ (100 ) $ (138 ) $ (73 ) $ (306 ) The table below presents information pertaining to the Company’s derivatives not designated as hedging instruments in the Consolidated Statements of Net Income as of September 30, 2016 and 2015 : Amount of Gain (Loss) Recognized in Income Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Derivatives not designated as hedging instruments: Derivative loan commitments $ (329 ) $ 1,568 $ 645 $ 614 Forward loan sale commitments (317 ) (37 ) (284 ) 39 Interest rate swaps (190 ) (245 ) (17 ) (3 ) $ (836 ) $ 1,286 $ 344 $ 650 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Activity Related to Stock Options | The following table presents the activity related to stock options outstanding, including options that have stock appreciation rights (“SARs”), under the Plans for the nine months ended September 30, 2016 : Number of Weighted- Weighted-Average Aggregate Outstanding at December 31, 2015 2,649,735 $ 10.88 Granted — — Exercised (506,854 ) 9.28 Forfeited or expired (27,696 ) 13.67 Outstanding at September 30, 2016 2,115,185 $ 11.22 5.3 $ 5.5 Stock options vested and exercisable at September 30, 2016 1,992,585 $ 11.07 5.2 $ 5.5 |
Activity for Restricted Stock | The following table presents the activity for restricted stock for the nine months ended September 30, 2016 : Number Weighted-Average Unvested as of December 31, 2015 326,013 $ 13.20 Granted 39,328 11.70 Vested (21,377 ) 13.19 Forfeited — — Unvested as of September 30, 2016 343,964 $ 13.03 |
ESOP Shares | The ESOP shares as of the period indicated below were as follows: September 30, 2016 Allocated shares 1,175,239 Shares allocated for release 17,110 Unreleased shares 553,219 Total ESOP shares 1,745,568 Market value of unreleased shares (in thousands) $ 7,893 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Amounts and Ratios | The following is a summary of the Company’s and the Bank’s regulatory capital amounts and ratios as of September 30, 2016 and December 31, 2015 compared to the FDIC’s requirements for classification as a well-capitalized institution and for minimum capital adequacy: Actual Minimum For Minimum To Be Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) United Bank September 30, 2016 Total capital to risk weighted assets $ 601,416 12.3 % $ 391,165 8.0 % $ 488,956 10.0 % Common equity tier 1 capital to risk weighted assets 558,812 11.4 220,584 4.5 318,621 6.5 Tier 1 capital to risk weighted assets 558,812 11.4 294,112 6.0 392,149 8.0 Tier 1 capital to total average assets 558,812 8.9 251,151 4.0 313,939 5.0 December 31, 2015 Total capital to risk weighted assets $ 558,969 11.2 % $ 398,552 8.0 % $ 498,190 10.0 % Common equity tier 1 capital to risk weighted assets 523,786 10.5 224,266 4.5 323,940 6.5 Tier 1 capital to risk weighted assets 523,786 10.5 299,022 6.0 398,695 8.0 Tier 1 capital to total average assets 523,786 8.9 234,882 4.0 293,602 5.0 United Financial Bancorp, Inc. September 30, 2016 Total capital to risk weighted assets $ 655,285 13.3 % $ 394,156 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 537,681 10.9 221,978 4.5 N/A N/A Tier 1 capital to risk weighted assets 537,681 10.9 295,971 6.0 N/A N/A Tier 1 capital to total average assets 537,681 8.5 253,026 4.0 N/A N/A December 31, 2015 Total capital to risk weighted assets $ 628,915 12.5 % $ 401,542 8.0 % N/A N/A Common equity tier 1 capital to risk weighted assets 518,732 10.3 225,972 4.5 N/A N/A Tier 1 capital to risk weighted assets 518,732 10.3 301,296 6.0 N/A N/A Tier 1 capital to total average assets 518,732 8.9 233,926 4.0 N/A N/A |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss, Net of Taxes | The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: September 30, 2016 December 31, 2015 (In thousands) Benefit plans: Unrecognized net actuarial loss $ (6,704 ) $ (7,080 ) Tax effect 2,416 2,551 Net-of-tax amount (4,288 ) (4,529 ) Securities available for sale: Net unrealized gain (loss) 15,562 (5,821 ) Tax effect (5,600 ) 2,088 Net-of-tax amount 9,962 (3,733 ) Interest rate swaps: Net unrealized loss (14,518 ) (4,092 ) Tax effect 5,231 1,475 Net-of-tax amount (9,287 ) (2,617 ) $ (3,613 ) $ (10,879 ) |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Share | The following table sets forth the calculation of basic and diluted net income per share for the three and nine months ended September 30, 2016 and 2015 : For the Three Months For the Nine Months 2016 2015 2016 2015 (In thousands, except share data) Net income available to common stockholders $ 14,159 $ 13,381 $ 35,111 $ 39,738 Weighted-average common shares outstanding 50,357,085 49,510,996 50,179,784 49,414,633 Less: average number of unallocated ESOP award shares (556,980 ) (579,793 ) (562,648 ) (585,440 ) Weighted-average basic shares outstanding 49,800,105 48,931,203 49,617,136 48,829,193 Dilutive effect of stock options 341,070 498,606 299,913 510,078 Weighted-average diluted shares 50,141,175 49,429,809 49,917,049 49,339,271 Net income per share: Basic $ 0.28 $ 0.27 $ 0.71 $ 0.81 Diluted $ 0.28 $ 0.27 $ 0.70 $ 0.81 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Gains (Losses) in Fair Value Related to Mortgage Loans Held for Sale | The following table presents the gains in fair value related to mortgage loans held for sale for the periods indicated. Changes in the fair value of mortgage loans held for sale are reported as a component of income from mortgage banking activity in the Consolidated Statements of Net Income. Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Mortgage loans held for sale $ 1,490 $ (498 ) $ 1,530 $ 183 |
Schedule of Assets and Liabilities Recorded at Fair Value on Recurring Basis | The following tables detail the assets and liabilities carried at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine the fair value. There were no transfers in and out of Level 1, Level 2 and Level 3 measurements during the nine months ended September 30, 2016 and 2015 . Total Quoted Prices Other Significant (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2016 Available-for-Sale Securities: Government-sponsored residential mortgage-backed securities $ 164,668 $ — $ 164,668 $ — Government-sponsored residential collateralized debt obligations 197,830 — 197,830 — Government-sponsored commercial mortgage-backed securities 27,820 — 27,820 — Government-sponsored commercial collateralized debt obligations 179,726 — 179,726 — Asset-backed securities 160,357 — 13,532 146,825 Corporate debt securities 60,210 — 58,698 1,512 Obligations of states and political subdivisions 223,856 — 223,856 — Marketable equity securities 37,972 3,296 34,676 — Total available-for-sale securities $ 1,052,439 $ 3,296 $ 900,806 $ 148,337 Mortgage loan derivative assets $ 882 $ — $ 882 $ — Mortgage loan derivative liabilities 401 — 401 — Loans held for sale 83,321 — 83,321 — Mortgage servicing rights 7,096 — — 7,096 Interest rate swap assets 28,837 — 28,837 — Interest rate swap liabilities 43,308 — 43,308 — December 31, 2015 Available-for-Sale Securities: U.S. Government and government-sponsored enterprise obligations $ 10,089 $ — $ 10,089 $ — Government-sponsored residential mortgage-backed securities 145,861 — 145,861 — Government-sponsored residential collateralized-debt obligations 286,967 — 286,967 — Government-sponsored commercial mortgage-backed securities 20,965 — 20,965 — Government-sponsored commercial collateralized-debt obligations 128,972 — 128,972 — Asset-backed securities 159,901 — 15,388 144,513 Corporate debt securities 59,960 — 58,403 1,557 Obligations of states and political subdivisions 201,115 — 201,115 — Marketable equity securities 45,339 3,227 42,112 — Total available-for-sale securities $ 1,059,169 $ 3,227 $ 909,872 $ 146,070 Mortgage loan derivative assets $ 230 $ — $ 230 $ — Mortgage loan derivative liabilities 20 — 20 — Loans held for sale 10,136 — 10,136 — Mortgage servicing rights 7,074 — — 7,074 Interest rate swap assets 12,680 — 12,680 — Interest rate swap liabilities 16,655 — 16,655 — |
Schedule of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs | The following table presents additional information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Balance of available-for-sale securities, at beginning of period $ 145,134 $ 146,956 $ 146,070 $ 137,207 Purchases (sales) 91 2,995 (909 ) 12,794 Principal payments and net accretion (244 ) (532 ) (722 ) (967 ) Total realized losses included in earnings (14 ) — (164 ) — Total unrealized gains (losses) included in other comprehensive income/loss 3,370 (800 ) 4,062 (415 ) Balance at end of period $ 148,337 $ 148,619 $ 148,337 $ 148,619 Balance of mortgage servicing rights, at beginning of period $ 6,589 $ 5,994 $ 7,074 $ 4,729 Issuances 621 889 1,822 2,154 Change in fair value recognized in net income (114 ) (888 ) (1,800 ) (888 ) Balance at end of period $ 7,096 $ 5,995 $ 7,096 $ 5,995 |
Quantitative Information of Assets Measured at Fair Value on a Recurring Basis | The following table presents additional quantitative information about assets measured at fair value on a recurring basis for which the Company utilized Level 3 inputs to determine fair value at September 30, 2016 : (Dollars in thousands) Fair Value Valuation Technique Unobservable Inputs Range (Weighted Average) Asset-backed securities $ 146,825 Discounted Cash Flow Discount Rates 2.4% - 3.7% (3.7%) Cumulative Default % 6.0% - 8.3% (8.4%) Loss Given Default 1.8% - 2.7% (2.7%) Corporate debt - pooled trust $ 1,512 Discounted Cash Flow Discount Rate 6.3% (6.8%) preferred security Cumulative Default % 2.8% - 41.7% (11.3%) Loss Given Default 85% - 100% (94.4%) Mortgage servicing rights $ 7,096 Discounted Cash Flow Discount Rate 9.0% - 18.0% (10.5%) Cost to Service $50 - $110 ($61.12) Float Earnings Rate 0.25% (0.25%) |
Summary of Assets Recorded at Fair Value on Non-Recurring Basis | The following tables detail the assets carried at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015 and indicate the fair value hierarchy of the valuation technique utilized by the Company to determine fair value. There were no liabilities measured at fair value on a non-recurring basis at September 30, 2016 and December 31, 2015 . Total Quoted Prices in Other Significant (Level 1) (Level 2) (Level 3) (In thousands) September 30, 2016 Impaired loans $ 4,413 $ — $ — $ 4,413 Other real estate owned 2,792 — — 2,792 Total $ 7,205 $ — $ — $ 7,205 December 31, 2015 Impaired loans $ 2,096 $ — $ — $ 2,096 Other real estate owned 755 — — 755 Total $ 2,851 $ — $ — $ 2,851 |
Summary of Gains (Losses) on Assets Recorded at Fair Value on Non-Recurring Basis | on assets recorded at fair value on a non-recurring basis are as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (In thousands) Impaired loans $ (573 ) $ (162 ) $ (1,040 ) $ (249 ) Other real estate owned — — (4 ) (118 ) Total $ (573 ) $ (162 ) $ (1,044 ) $ (367 ) |
Summary of Carrying Value and Estimated Fair Values of Financial Instruments | As of September 30, 2016 and December 31, 2015 , the carrying value and estimated fair values of the Company’s financial instruments are as described below: Carrying Fair Value Level 1 Level 2 Level 3 Total (In thousands) September 30, 2016 Financial assets: Cash and cash equivalents $ 214,246 $ 214,246 $ — $ — $ 214,246 Available-for-sale securities 1,052,439 3,296 900,806 148,337 1,052,439 Held-to-maturity securities 14,162 — 15,569 — 15,569 Loans held for sale 83,321 — 83,321 — 83,321 Loans receivable-net 4,689,834 — — 4,719,683 4,719,683 FHLBB stock 52,847 — — 52,847 52,847 Accrued interest receivable 17,888 — — 17,888 17,888 Derivative assets 29,719 — 29,719 — 29,719 Mortgage servicing rights 7,096 — — 7,096 7,096 Financial liabilities: Deposits 4,695,471 — — 4,703,203 4,703,203 Mortgagors’ and investors’ escrow accounts 9,045 — — 9,045 9,045 FHLBB advances and other borrowings 1,102,882 — 1,101,421 — 1,101,421 Derivative liabilities 43,709 — 43,709 — 43,709 December 31, 2015 Financial assets: Cash and cash equivalents $ 95,176 $ 95,176 $ — $ — $ 95,176 Available-for-sale securities 1,059,169 3,227 909,872 146,070 1,059,169 Held-to-maturity securities 14,565 — 15,683 — 15,683 Loans held for sale 10,136 — 10,136 — 10,136 Loans receivable-net 4,587,062 — — 4,629,243 4,629,243 FHLBB stock 51,196 — — 51,196 51,196 Accrued interest receivable 15,740 — — 15,740 15,740 Derivative assets 12,910 — 12,910 — 12,910 Mortgage servicing rights 7,074 — — 7,074 7,074 Financial liabilities: Deposits 4,437,071 — — 4,436,456 4,436,456 Mortgagors’ and investors’ escrow accounts 13,526 — — 13,526 13,526 FHLBB advances and other borrowings 1,099,020 — 1,096,452 — 1,096,452 Derivative liabilities 16,675 — 16,675 — 16,675 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments Contract Amounts Represent Credit Risk | Off-balance sheet financial instruments whose contract amounts represent credit risk are as follows at September 30, 2016 and December 31, 2015 : September 30, December 31, (In thousands) Commitments to extend credit: Commitment to grant loans $ 256,564 $ 219,407 Undisbursed construction loans 99,148 103,140 Undisbursed home equity lines of credit 349,655 320,140 Undisbursed commercial lines of credit 343,939 302,700 Standby letters of credit 13,253 9,477 Unused credit card lines 11,232 6,725 Unused checking overdraft lines of credit 1,396 1,293 Total $ 1,075,187 $ 962,882 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016officeatm | |
Accounting Policies [Abstract] | |
Number of banking offices | office | 53 |
Number of ATMs | atm | 63 |
Securities - Available for Sale
Securities - Available for Sale and Held to Maturity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale, Debt Securities | ||
Amortized Cost | $ 1,000,667 | $ 1,020,337 |
Gross Unrealized Gains | 18,396 | 3,941 |
Gross Unrealized Losses | (4,596) | (10,448) |
Fair Value | 1,014,467 | 1,013,830 |
Available-for-sale Securities, Total | ||
Amortized Cost | 1,036,874 | 1,064,990 |
Gross Unrealized Gains | 20,163 | 5,175 |
Gross Unrealized Losses | (4,598) | (10,996) |
Available-for-sale securities - at fair value | 1,052,439 | 1,059,169 |
Held-to-maturity, Debt Securities | ||
Amortized Cost | 14,162 | 14,565 |
Gross Unrealized Gains | 1,421 | 1,128 |
Gross Unrealized Losses | (14) | (10) |
Fair Value | 15,569 | 15,683 |
U.S. Government and government-sponsored enterprise obligations | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 10,159 | |
Gross Unrealized Gains | 13 | |
Gross Unrealized Losses | (83) | |
Fair Value | 10,089 | |
Government-sponsored residential mortgage-backed securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 161,388 | 146,434 |
Gross Unrealized Gains | 3,280 | 731 |
Gross Unrealized Losses | 0 | (1,304) |
Fair Value | 164,668 | 145,861 |
Held-to-maturity, Debt Securities | ||
Amortized Cost | 1,831 | 2,205 |
Gross Unrealized Gains | 222 | 244 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 2,053 | 2,449 |
Government-sponsored residential collateralized debt obligations | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 195,056 | 287,515 |
Gross Unrealized Gains | 2,841 | 855 |
Gross Unrealized Losses | (67) | (1,403) |
Fair Value | 197,830 | 286,967 |
Government-sponsored commercial mortgage-backed securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 27,107 | 21,144 |
Gross Unrealized Gains | 713 | 21 |
Gross Unrealized Losses | 0 | (200) |
Fair Value | 27,820 | 20,965 |
Government-sponsored commercial collateralized debt obligations | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 176,706 | 128,617 |
Gross Unrealized Gains | 3,020 | 626 |
Gross Unrealized Losses | 0 | (271) |
Fair Value | 179,726 | 128,972 |
Asset-backed securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 159,195 | 162,895 |
Gross Unrealized Gains | 2,067 | 43 |
Gross Unrealized Losses | (905) | (3,037) |
Fair Value | 160,357 | 159,901 |
Corporate debt securities | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 59,848 | 62,356 |
Gross Unrealized Gains | 1,953 | 91 |
Gross Unrealized Losses | (1,591) | (2,487) |
Fair Value | 60,210 | 59,960 |
Obligations of states and political subdivisions | ||
Available-for-sale, Debt Securities | ||
Amortized Cost | 221,367 | 201,217 |
Gross Unrealized Gains | 4,522 | 1,561 |
Gross Unrealized Losses | (2,033) | (1,663) |
Fair Value | 223,856 | 201,115 |
Held-to-maturity, Debt Securities | ||
Amortized Cost | 12,331 | 12,360 |
Gross Unrealized Gains | 1,199 | 884 |
Gross Unrealized Losses | (14) | (10) |
Fair Value | 13,516 | 13,234 |
Marketable equity securities | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 36,207 | 44,653 |
Gross Unrealized Gains | 1,767 | 1,234 |
Gross Unrealized Losses | (2) | (548) |
Fair Value | 37,972 | 45,339 |
Marketable equity securities | Banks | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 33,087 | 41,558 |
Gross Unrealized Gains | 1,589 | 1,099 |
Gross Unrealized Losses | 0 | (544) |
Fair Value | 34,676 | 42,113 |
Marketable equity securities | Industrial | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 109 | 109 |
Gross Unrealized Gains | 55 | 34 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 164 | 143 |
Marketable equity securities | Mutual funds | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 2,880 | 2,854 |
Gross Unrealized Gains | 64 | 65 |
Gross Unrealized Losses | (2) | (4) |
Fair Value | 2,942 | 2,915 |
Marketable equity securities | Oil and gas | ||
Available-for-sale, Equity Securities | ||
Amortized Cost | 131 | 132 |
Gross Unrealized Gains | 59 | 36 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 190 | $ 168 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)issuesecurity | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)issuesecurity | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)securityissue | |
Investments, Debt and Equity Securities [Abstract] | |||||
Unrealized gain on securities available for sale | $ 15,600,000 | $ 15,600,000 | |||
Tax effect | 5,600,000 | 5,600,000 | |||
Unrealized gain on securities available for sale, net of tax | $ 10,000,000 | $ 10,000,000 | |||
Number of encumbered securities | security | 114 | 114 | 114 | ||
Encumbered securities pledged as derivative collateral | $ 549,300,000 | $ 549,300,000 | $ 446,000,000 | ||
Gross gains realized on the sale of available for sale securities | 325,000 | $ 185,000 | 2,600,000 | $ 2,400,000 | |
Gross losses realized on the sale of available for sale securities | $ 277,000 | $ 244,000 | $ 743,000 | $ 1,800,000 | |
Percentage of investments in single issuer to shareholders' equity | 10.00% | 10.00% | |||
Estimated fair value of obligations of states and political subdivisions | $ 237,400,000 | $ 237,400,000 | |||
General obligation bonds | 105,200,000 | 105,200,000 | |||
Obligations of political subdivisions | $ 67,800,000 | $ 67,800,000 | |||
Available-for-sale securities with unrealized losses, less than twelve months | issue | 32 | 32 | 146 | ||
Percentage of continuous unrealized losses to amortized cost basis for less than twelve months | 1.70% | 1.70% | 1.20% | ||
Available-for-sale securities with unrealized losses, twelve months or more | issue | 62 | 62 | 96 | ||
Percentage of continuous unrealized losses to amortized cost basis for twelve months or more | 4.30% | 4.30% | 3.70% | ||
Number of held to maturity securities with unrealized losses | issue | 1 | 1 | |||
Unrealized losses on debt securities held-to-maturity | $ 14,000 | $ 14,000 | $ 10,000 | ||
Other-than-temporary impairment losses | $ 0 | ||||
Yield on security | 0.00% | 0.00% |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Debt Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Within 1 year | $ 175 | |
After 1 year through 5 years | 16,118 | |
After 5 years through 10 years | 47,906 | |
After 10 years | 217,016 | |
Single maturity date | 281,215 | |
Amortized Cost | 1,000,667 | $ 1,020,337 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Within 1 year | 176 | |
After 1 year through 5 years | 16,537 | |
After 5 years through 10 years | 49,018 | |
After 10 years | 218,335 | |
Single maturity date | 284,066 | |
Available for sale securities | 1,014,467 | 1,013,830 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Within 1 year | 0 | |
After 1 year through 5 years | 1,184 | |
After 5 years through 10 years | 0 | |
After 10 years | 11,147 | |
Single maturity date | 12,331 | |
Amortized Cost | 14,162 | 14,565 |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Within 1 year | 0 | |
After 1 year through 5 years | 1,229 | |
After 5 years through 10 years | 0 | |
After 10 years | 12,287 | |
Single maturity date | 13,516 | |
Held-to-maturity securities | 15,569 | 15,683 |
Government-sponsored residential mortgage-backed securities | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 161,388 | |
Amortized Cost | 161,388 | 146,434 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 164,668 | |
Available for sale securities | 164,668 | 145,861 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 1,831 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 2,053 | |
Held-to-maturity securities | 2,053 | 2,449 |
Government-sponsored residential collateralized debt obligations | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 195,056 | |
Amortized Cost | 195,056 | 287,515 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 197,830 | |
Available for sale securities | 197,830 | 286,967 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 0 | |
Government-sponsored commercial mortgage-backed securities | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 27,107 | |
Amortized Cost | 27,107 | 21,144 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 27,820 | |
Available for sale securities | 27,820 | 20,965 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 0 | |
Government-sponsored commercial collateralized debt obligations | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 176,706 | |
Amortized Cost | 176,706 | 128,617 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 179,726 | |
Available for sale securities | 179,726 | 128,972 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | 0 | |
Asset-backed securities | ||
Maturity, Available-for-sale Securities, Amortized Cost: | ||
Without single maturity date | 159,195 | |
Amortized Cost | 159,195 | 162,895 |
Maturity, Available-for-sale Securities, Fair Value: | ||
Without single maturity date | 160,357 | |
Available for sale securities | 160,357 | $ 159,901 |
Maturity, Held-to-maturity Securities, Amortized Cost: | ||
Without single maturity date | 0 | |
Maturity, Held-to-maturity Securities, Fair Value: | ||
Without single maturity date | $ 0 |
Securities - Summary of Gross U
Securities - Summary of Gross Unrealized Losses and Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | $ 55,580 | $ 520,797 |
12 Months or More | 80,646 | 124,217 |
Total | 136,226 | 645,014 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (963) | (6,290) |
12 Months or More | (3,635) | (4,706) |
Total | (4,598) | (10,996) |
Held-to-maturity Securities, Fair Value: | ||
Less Than 12 Months | 1,104 | |
Unrealized Loss | 0 | |
Total | 1,104 | |
Held-to-maturity Securities, Unrealized Loss: | ||
Less Than 12 Months | (10) | |
12 Months or More | 0 | |
Total | (14) | (10) |
Total debt securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 55,580 | 502,348 |
12 Months or More | 80,551 | 118,041 |
Total | 136,131 | 620,389 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (963) | (6,003) |
12 Months or More | (3,633) | (4,445) |
Total | (4,596) | (10,448) |
U.S. Government and government-sponsored enterprise obligations | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 4,867 | |
12 Months or More | 4,977 | |
Total | 9,844 | |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (66) | |
12 Months or More | (17) | |
Total | (83) | |
Government-sponsored residential mortgage-backed securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 107,142 | |
12 Months or More | 7,195 | |
Total | 114,337 | |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (1,183) | |
12 Months or More | (121) | |
Total | (1,304) | |
Government-sponsored residential collateralized debt obligations | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 6,821 | 152,278 |
12 Months or More | 6,929 | 3,506 |
Total | 13,750 | 155,784 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (25) | (1,357) |
12 Months or More | (42) | (46) |
Total | (67) | (1,403) |
Government-sponsored commercial mortgage-backed securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 16,207 | |
12 Months or More | 0 | |
Total | 16,207 | |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (200) | |
12 Months or More | 0 | |
Total | (200) | |
Government-sponsored commercial collateralized debt obligations | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 38,151 | |
12 Months or More | 3,496 | |
Total | 41,647 | |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (221) | |
12 Months or More | (50) | |
Total | (271) | |
Asset-backed securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 1,207 | 93,723 |
12 Months or More | 26,357 | 49,462 |
Total | 27,564 | 143,185 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (25) | (1,233) |
12 Months or More | (880) | (1,804) |
Total | (905) | (3,037) |
Corporate debt securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 0 | 42,102 |
12 Months or More | 3,165 | 6,720 |
Total | 3,165 | 48,822 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | 0 | (797) |
12 Months or More | (1,591) | (1,690) |
Total | (1,591) | (2,487) |
Obligations of states and political subdivisions | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 47,552 | 47,878 |
12 Months or More | 44,100 | 42,685 |
Total | 91,652 | 90,563 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | (913) | (946) |
12 Months or More | (1,120) | (717) |
Total | (2,033) | (1,663) |
Held-to-maturity Securities, Fair Value: | ||
Less Than 12 Months | 1,093 | 1,104 |
Unrealized Loss | 0 | 0 |
Total | 1,093 | 1,104 |
Held-to-maturity Securities, Unrealized Loss: | ||
Less Than 12 Months | (14) | (10) |
12 Months or More | 0 | 0 |
Total | (14) | (10) |
Marketable equity securities | ||
Available-for-sale Securities, Fair Value: | ||
Less Than 12 Months | 0 | 18,449 |
12 Months or More | 95 | 6,176 |
Total | 95 | 24,625 |
Available-for-sale Securities, Unrealized Loss: | ||
Less Than 12 Months | 0 | (287) |
12 Months or More | (2) | (261) |
Total | $ (2) | $ (548) |
Loans Receivable and Allowanc40
Loans Receivable and Allowance for Loan Losses - Summary of Company's Loan Portfolio (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 4,720,700 | $ 4,613,931 | ||||
Net deferred loan costs and premiums | 10,214 | 7,018 | ||||
Allowance for loan losses | (41,080) | (33,887) | $ (37,961) | $ (30,832) | $ (28,856) | $ (24,809) |
Loans - net | $ 4,689,834 | $ 4,587,062 | ||||
Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 100.00% | 100.00% | ||||
Commercial real estate loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 2,185,249 | $ 2,125,254 | ||||
Commercial real estate loans | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 46.30% | 46.10% | ||||
Commercial real estate loans | Owner-occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 392,168 | $ 322,084 | ||||
Allowance for loan losses | $ (3,339) | $ (2,174) | (3,267) | (1,668) | (1,499) | (1,281) |
Commercial real estate loans | Owner-occupied | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 8.30% | 7.00% | ||||
Commercial real estate loans | Investor non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,702,701 | $ 1,673,248 | ||||
Allowance for loan losses | $ (14,743) | $ (12,859) | (13,646) | (11,466) | (10,459) | (8,137) |
Commercial real estate loans | Investor non-owner occupied | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 36.10% | 36.30% | ||||
Commercial real estate loans | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 90,380 | $ 129,922 | ||||
Commercial real estate loans | Construction | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 1.90% | 2.80% | ||||
Commercial business loans | Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 660,676 | $ 603,332 | ||||
Allowance for loan losses | $ (7,379) | $ (5,827) | (6,894) | (5,305) | (5,334) | (5,808) |
Commercial business loans | Commercial business loans | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 14.00% | 13.10% | ||||
Consumer loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,874,775 | $ 1,885,345 | ||||
Consumer loans | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 39.70% | 40.80% | ||||
Consumer loans | Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 1,129,079 | $ 1,179,915 | ||||
Allowance for loan losses | $ (8,095) | $ (7,801) | (7,907) | (7,726) | (6,995) | (5,998) |
Consumer loans | Residential real estate | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 23.90% | 25.60% | ||||
Consumer loans | Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 479,390 | $ 431,282 | ||||
Allowance for loan losses | $ (2,711) | $ (2,391) | (2,532) | (2,163) | (2,052) | (1,929) |
Consumer loans | Home equity | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 10.20% | 9.30% | ||||
Consumer loans | Residential construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 52,476 | $ 41,084 | ||||
Consumer loans | Residential construction | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 1.10% | 0.90% | ||||
Consumer loans | Other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | $ 213,830 | $ 233,064 | ||||
Allowance for loan losses | $ (1,672) | $ (146) | $ (692) | $ (115) | $ (104) | $ (75) |
Consumer loans | Other consumer | Loans Receivable Concentration Risk | Loans Receivable | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percent of total loans | 4.50% | 5.00% |
Loans Receivable and Allowanc41
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)grade | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)prepayment_speed | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Loans - net | $ 4,689,834 | $ 4,689,834 | $ 4,587,062 | |||||
Reclassifications from accretable to nonaccretable balance | 232 | $ 882 | ||||||
Total allowance for loan losses | $ 41,080 | $ 30,832 | $ 41,080 | 30,832 | $ 33,887 | $ 37,961 | $ 28,856 | $ 24,809 |
Percentage allowance for loan losses in total loan | 0.87% | 0.87% | 0.73% | |||||
Number of years of historical loss used in capturing relevant loss data for loan segments | 3 years | |||||||
Number of grades in internal loan rating system | grade | 9 | |||||||
Evaluation period | 3 years | |||||||
Aggregate principal balance of loans serviced for third parties | $ 1,020,000 | $ 1,020,000 | $ 863,700 | |||||
Minimum average prepayment speed | 298 | |||||||
Maximum average prepayment speed | prepayment_speed | 183 | |||||||
Servicing fee income | 5,726 | 5,960 | $ 14,679 | 15,434 | ||||
Loan Servicing | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Servicing fee income | 416,000 | $ 310 | $ 1,300 | $ 799 | ||||
Minimum | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Internal rates of return used for determination of fair value | 9.50% | 9.50% | ||||||
Maximum | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Period after which loans are evaluated for impairment, residential and installment and collateral loans | 90 days | |||||||
Internal rates of return used for determination of fair value | 11.50% | 11.50% | ||||||
Maximum | Residential Real Estate | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Period within which an updated appraisal is obtained after loan is determined to be impaired, residential property | 30 days | |||||||
Maximum | Commercial Real Estate | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Period within which an updated appraisal is obtained after loan is determined to be impaired, commercial real estate property | 90 days | |||||||
Legacy United | ||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||
Loans - net | 4,700 | $ 4,700 | ||||||
Loans outstanding | $ 7,500 | $ 7,500 |
Loans Receivable and Allowanc42
Loans Receivable and Allowance for Loan Losses - Summary of Activity in the Accretable Yield Balance for PCI Loans (Detail) - Purchased Credit Impaired Loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Purchased Accounting Adjustments for Purchased Credit Impaired Loans | ||||
Balance at beginning of period | $ (118) | $ (570) | $ (413) | $ (1,587) |
Accretion | 0 | 1 | 0 | 178 |
Reclassification to nonaccretable balance | 0 | 42 | 232 | 882 |
Paid off | 0 | 114 | 63 | 114 |
Balance at end of period | $ (118) | $ (413) | $ (118) | $ (413) |
Loans Receivable and Allowanc43
Loans Receivable and Allowance for Loan Losses - Company's Loans by Risk Rating (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 4,720,700 | $ 4,613,931 |
Commercial real estate loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,185,249 | 2,125,254 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 392,168 | 322,084 |
Commercial real estate loans | Owner-occupied | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 363,114 | 298,509 |
Commercial real estate loans | Owner-occupied | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,219 | 10,074 |
Commercial real estate loans | Owner-occupied | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 21,835 | 13,501 |
Commercial real estate loans | Owner-occupied | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate loans | Owner-occupied | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,702,701 | 1,673,248 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,656,821 | 1,610,582 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,552 | 38,448 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 29,328 | 24,218 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate loans | Investor non-owner occupied | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 142,856 | 171,006 |
Commercial real estate and consumer | Construction | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 140,314 | 156,607 |
Commercial real estate and consumer | Construction | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 254 | 10,860 |
Commercial real estate and consumer | Construction | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,288 | 3,539 |
Commercial real estate and consumer | Construction | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate and consumer | Construction | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 660,676 | 603,332 |
Commercial business loans | Commercial business loans | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 629,212 | 568,248 |
Commercial business loans | Commercial business loans | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,518 | 8,382 |
Commercial business loans | Commercial business loans | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 24,946 | 26,655 |
Commercial business loans | Commercial business loans | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 47 |
Commercial business loans | Commercial business loans | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,874,775 | 1,885,345 |
Consumer loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,129,079 | 1,179,915 |
Consumer loans | Residential real estate | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,111,502 | 1,162,393 |
Consumer loans | Residential real estate | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,286 | 1,355 |
Consumer loans | Residential real estate | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,291 | 16,167 |
Consumer loans | Residential real estate | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Residential real estate | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 479,390 | 431,282 |
Consumer loans | Home equity | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 473,948 | 426,702 |
Consumer loans | Home equity | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 24 |
Consumer loans | Home equity | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,441 | 4,553 |
Consumer loans | Home equity | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Home equity | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1 | 3 |
Consumer loans | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 213,830 | 233,064 |
Consumer loans | Other consumer | Loans rated 1-5 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 213,507 | 233,054 |
Consumer loans | Other consumer | Loans rated 6 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer | Loans rated 7 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 323 | 10 |
Consumer loans | Other consumer | Loans rated 8 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer loans | Other consumer | Loans rated 9 | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowanc44
Loans Receivable and Allowance for Loan Losses - Summary of Activity in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | $ 37,961 | $ 28,856 | $ 33,887 | $ 24,809 |
Provision for loan losses | 3,766 | 3,252 | 10,078 | 9,225 |
Loans charged off | (1,140) | (1,496) | (4,043) | (4,293) |
Recoveries of loans previously charged off | 493 | 220 | 1,158 | 1,091 |
Balance, end of period | 41,080 | 30,832 | 41,080 | 30,832 |
Commercial real estate loans | Owner-occupied | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 3,267 | 1,499 | 2,174 | 1,281 |
Provision for loan losses | 72 | 169 | 1,247 | 387 |
Loans charged off | 0 | 0 | (138) | 0 |
Recoveries of loans previously charged off | 0 | 0 | 56 | 0 |
Balance, end of period | 3,339 | 1,668 | 3,339 | 1,668 |
Commercial real estate loans | Investor non-owner occupied | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 13,646 | 10,459 | 12,859 | 8,137 |
Provision for loan losses | 1,082 | 1,222 | 2,587 | 4,034 |
Loans charged off | (287) | (215) | (1,083) | (837) |
Recoveries of loans previously charged off | 302 | 0 | 380 | 132 |
Balance, end of period | 14,743 | 11,466 | 14,743 | 11,466 |
Commercial real estate and consumer | Construction | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 2,014 | 1,963 | 1,895 | 1,470 |
Provision for loan losses | (201) | (224) | (82) | 771 |
Loans charged off | 0 | 0 | 0 | (502) |
Recoveries of loans previously charged off | 3 | 0 | 3 | 0 |
Balance, end of period | 1,816 | 1,739 | 1,816 | 1,739 |
Commercial business loans | Commercial business loans | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 6,894 | 5,334 | 5,827 | 5,808 |
Provision for loan losses | 527 | 690 | 1,814 | 651 |
Loans charged off | (188) | (840) | (744) | (1,793) |
Recoveries of loans previously charged off | 146 | 121 | 482 | 639 |
Balance, end of period | 7,379 | 5,305 | 7,379 | 5,305 |
Consumer loans | Residential real estate | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 7,907 | 6,995 | 7,801 | 5,998 |
Provision for loan losses | 404 | 960 | 974 | 2,200 |
Loans charged off | (216) | (304) | (733) | (708) |
Recoveries of loans previously charged off | 0 | 75 | 53 | 236 |
Balance, end of period | 8,095 | 7,726 | 8,095 | 7,726 |
Consumer loans | Home equity | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 2,532 | 2,052 | 2,391 | 1,929 |
Provision for loan losses | 245 | 178 | 692 | 448 |
Loans charged off | (81) | (67) | (438) | (214) |
Recoveries of loans previously charged off | 15 | 0 | 66 | 0 |
Balance, end of period | 2,711 | 2,163 | 2,711 | 2,163 |
Consumer loans | Other consumer | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 692 | 104 | 146 | 75 |
Provision for loan losses | 1,321 | 57 | 2,315 | 195 |
Loans charged off | (368) | (70) | (907) | (239) |
Recoveries of loans previously charged off | 27 | 24 | 118 | 84 |
Balance, end of period | 1,672 | 115 | 1,672 | 115 |
Unallocated | ||||
Activity in the Allowance for Loan Losses | ||||
Balance, beginning of period | 1,009 | 450 | 794 | 111 |
Provision for loan losses | 316 | 200 | 531 | 539 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged off | 0 | 0 | 0 | 0 |
Balance, end of period | $ 1,325 | $ 650 | $ 1,325 | $ 650 |
Loans Receivable and Allowanc45
Loans Receivable and Allowance for Loan Losses - Summary of Allowance for Loan Losses and Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | $ 1,222 | $ 342 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 39,642 | 33,370 | ||||
Total allowance for loan losses | 41,080 | $ 37,961 | 33,887 | $ 30,832 | $ 28,856 | $ 24,809 |
Loans deemed impaired | 52,050 | 56,255 | ||||
Loans not deemed impaired | 4,663,930 | 4,551,343 | ||||
Total loans | 4,720,700 | 4,613,931 | ||||
Loans acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 216 | 175 | ||||
Loans acquired with deteriorated credit quality | 4,720 | 6,333 | ||||
Commercial real estate loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,185,249 | 2,125,254 | ||||
Commercial real estate loans | Owner-occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 3,339 | 2,174 | ||||
Total allowance for loan losses | 3,339 | 3,267 | 2,174 | 1,668 | 1,499 | 1,281 |
Loans deemed impaired | 3,539 | 4,037 | ||||
Loans not deemed impaired | 388,629 | 317,628 | ||||
Total loans | 392,168 | 322,084 | ||||
Commercial real estate loans | Investor non-owner occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 14,743 | 12,859 | ||||
Total allowance for loan losses | 14,743 | 13,646 | 12,859 | 11,466 | 10,459 | 8,137 |
Loans deemed impaired | 9,747 | 13,923 | ||||
Loans not deemed impaired | 1,691,653 | 1,657,721 | ||||
Total loans | 1,702,701 | 1,673,248 | ||||
Commercial real estate loans | Loans acquired with deteriorated credit quality | Owner-occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 419 | ||||
Commercial real estate loans | Loans acquired with deteriorated credit quality | Investor non-owner occupied | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 1,301 | 1,604 | ||||
Commercial real estate and consumer | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 147 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 1,816 | 1,748 | ||||
Total allowance for loan losses | 1,816 | 2,014 | 1,895 | 1,739 | 1,963 | 1,470 |
Loans deemed impaired | 3,863 | 4,660 | ||||
Loans not deemed impaired | 138,993 | 166,346 | ||||
Total loans | 142,856 | 171,006 | ||||
Commercial real estate and consumer | Loans acquired with deteriorated credit quality | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Commercial business loans | Commercial business loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 761 | 121 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 6,402 | 5,531 | ||||
Total allowance for loan losses | 7,379 | 6,894 | 5,827 | 5,305 | 5,334 | 5,808 |
Loans deemed impaired | 10,929 | 13,035 | ||||
Loans not deemed impaired | 648,438 | 588,982 | ||||
Total loans | 660,676 | 603,332 | ||||
Commercial business loans | Loans acquired with deteriorated credit quality | Commercial business loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 216 | 175 | ||||
Loans acquired with deteriorated credit quality | 1,309 | 1,315 | ||||
Consumer loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,874,775 | 1,885,345 | ||||
Consumer loans | Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 70 | 74 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 8,025 | 7,727 | ||||
Total allowance for loan losses | 8,095 | 7,907 | 7,801 | 7,726 | 6,995 | 5,998 |
Loans deemed impaired | 16,932 | 16,036 | ||||
Loans not deemed impaired | 1,112,147 | 1,163,879 | ||||
Total loans | 1,129,079 | 1,179,915 | ||||
Consumer loans | Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 2,711 | 2,391 | ||||
Total allowance for loan losses | 2,711 | 2,532 | 2,391 | 2,163 | 2,052 | 1,929 |
Loans deemed impaired | 6,528 | 4,556 | ||||
Loans not deemed impaired | 472,862 | 426,726 | ||||
Total loans | 479,390 | 431,282 | ||||
Consumer loans | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 391 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 1,281 | 146 | ||||
Total allowance for loan losses | 1,672 | 692 | 146 | 115 | 104 | 75 |
Loans deemed impaired | 512 | 8 | ||||
Loans not deemed impaired | 211,208 | 230,061 | ||||
Total loans | 213,830 | 233,064 | ||||
Consumer loans | Loans acquired with deteriorated credit quality | Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer loans | Loans acquired with deteriorated credit quality | Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 0 | 0 | ||||
Consumer loans | Loans acquired with deteriorated credit quality | Other consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | 2,110 | 2,995 | ||||
Unallocated | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans individually evaluated and deemed impaired | 0 | 0 | ||||
Allowance related to loans collectively evaluated and not deemed impaired | 1,325 | 794 | ||||
Total allowance for loan losses | 1,325 | $ 1,009 | 794 | $ 650 | $ 450 | $ 111 |
Loans deemed impaired | 0 | 0 | ||||
Loans not deemed impaired | 0 | 0 | ||||
Total loans | 0 | 0 | ||||
Unallocated | Loans acquired with deteriorated credit quality | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance related to loans acquired with deteriorated credit quality | 0 | 0 | ||||
Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans Receivable and Allowanc46
Loans Receivable and Allowance for Loan Losses - Summary of Past Due and Non-Accrual Loans (Detail) $ in Thousands | Sep. 30, 2016USD ($)contract | Dec. 31, 2015USD ($)contract |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 31,462 | $ 40,948 |
Past Due 90 Days or More and Still Accruing | 458 | 307 |
Loans on Non-accrual | $ 33,328 | $ 37,802 |
Number of U.S. Government fully guaranteed contracts 90 days past due and still accruing | contract | 1,000 | 1,000 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 6,286 | $ 15,327 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,152 | 6,165 |
Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,023 | 19,456 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,084 | 2,596 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans on Non-accrual | 2,933 | 3,055 |
Commercial real estate loans | Owner-occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,015 | 900 |
Commercial real estate loans | Owner-occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 160 | 191 |
Commercial real estate loans | Owner-occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,909 | 1,505 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,995 | 10,171 |
Past Due 90 Days or More and Still Accruing | 178 | 0 |
Loans on Non-accrual | 4,079 | 8,565 |
Commercial real estate loans | Investor non-owner occupied | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,243 | 3,154 |
Commercial real estate loans | Investor non-owner occupied | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,510 | 2,498 |
Commercial real estate loans | Investor non-owner occupied | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,242 | 4,519 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,109 | 2,798 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans on Non-accrual | 2,315 | 2,808 |
Commercial real estate and consumer | Construction | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 214 |
Commercial real estate and consumer | Construction | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 449 |
Commercial real estate and consumer | Construction | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,109 | 2,135 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,253 | 3,596 |
Past Due 90 Days or More and Still Accruing | 38 | 66 |
Loans on Non-accrual | 2,686 | 4,244 |
Commercial business loans | Commercial business loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 690 | 526 |
Commercial business loans | Commercial business loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 202 | 266 |
Commercial business loans | Commercial business loans | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,360 | 2,804 |
Consumer loans | Residential real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,881 | 17,555 |
Past Due 90 Days or More and Still Accruing | 0 | 238 |
Loans on Non-accrual | 15,563 | 14,056 |
Consumer loans | Residential real estate | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 236 | 8,507 |
Consumer loans | Residential real estate | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,649 | 2,112 |
Consumer loans | Residential real estate | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,996 | 6,936 |
Consumer loans | Home equity | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,580 | 4,204 |
Past Due 90 Days or More and Still Accruing | 0 | 0 |
Loans on Non-accrual | 5,419 | 5,066 |
Consumer loans | Home equity | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,248 | 2,009 |
Consumer loans | Home equity | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,181 | 646 |
Consumer loans | Home equity | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,151 | 1,549 |
Consumer loans | Other consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,560 | 28 |
Past Due 90 Days or More and Still Accruing | 242 | 3 |
Loans on Non-accrual | 333 | 8 |
Consumer loans | Other consumer | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,854 | 17 |
Consumer loans | Other consumer | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 450 | 3 |
Consumer loans | Other consumer | Past Due 90 Days or More | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 256 | $ 8 |
Loans Receivable and Allowanc47
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans with and without Valuation Allowance (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | $ 49,361 | $ 54,359 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 60,667 | 64,567 |
Recorded Investment, Impaired loans with a valuation allowance | 2,689 | 1,896 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 3,843 | 1,911 |
Recorded Investment, Total impaired loans | 52,050 | 56,255 |
Unpaid Principal Balance, Total impaired loans | 64,510 | 66,478 |
Related Allowance, Total impaired loans | 1,222 | 342 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 3,539 | 4,037 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 4,459 | 5,370 |
Recorded Investment, Total impaired loans | 3,539 | 4,037 |
Related Allowance, Total impaired loans | 0 | 0 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 9,747 | 13,923 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 10,404 | 15,011 |
Recorded Investment, Total impaired loans | 9,747 | 13,923 |
Related Allowance, Total impaired loans | 0 | 0 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 3,863 | 4,442 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 5,932 | 6,869 |
Recorded Investment, Impaired loans with a valuation allowance | 0 | 218 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 0 | 218 |
Recorded Investment, Total impaired loans | 3,863 | 4,660 |
Related Allowance, Total impaired loans | 0 | 147 |
Commercial business loans | Commercial business loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 9,977 | 12,634 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 13,618 | 14,477 |
Recorded Investment, Impaired loans with a valuation allowance | 952 | 401 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 952 | 401 |
Recorded Investment, Total impaired loans | 10,929 | 13,035 |
Related Allowance, Total impaired loans | 761 | 121 |
Consumer loans | Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 15,674 | 14,056 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 18,845 | 16,876 |
Recorded Investment, Impaired loans with a valuation allowance | 1,258 | 1,277 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 1,274 | 1,292 |
Recorded Investment, Total impaired loans | 16,932 | 16,036 |
Related Allowance, Total impaired loans | 70 | 74 |
Consumer loans | Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 6,528 | 5,259 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 7,376 | 5,953 |
Recorded Investment, Total impaired loans | 6,528 | 4,556 |
Related Allowance, Total impaired loans | 0 | 0 |
Consumer loans | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, Impaired loans without a valuation allowance | 33 | 8 |
Unpaid Principal Balance, Impaired loans without a valuation allowance | 33 | 11 |
Recorded Investment, Impaired loans with a valuation allowance | 479 | 0 |
Unpaid Principal Balance, Impaired loans with a valuation allowance | 1,617 | 0 |
Recorded Investment, Total impaired loans | 512 | 8 |
Related Allowance, Total impaired loans | $ 391 | $ 0 |
Loans Receivable and Allowanc48
Loans Receivable and Allowance for Loan Losses - Average Recorded Investment in Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 55,248 | $ 47,307 | $ 55,850 | $ 46,288 |
Interest Income Recognized | 504 | 1,809 | 1,720 | 3,140 |
Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,037 | 5,310 | 4,073 | 6,253 |
Interest Income Recognized | 0 | 67 | 241 | 171 |
Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 10,737 | 12,537 | 11,717 | 12,288 |
Interest Income Recognized | 218 | 385 | 325 | 821 |
Commercial real estate and consumer | Construction | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,012 | 3,867 | 4,499 | 3,564 |
Interest Income Recognized | 30 | 26 | 104 | 83 |
Commercial business loans | Commercial business loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 12,706 | 6,479 | 13,034 | 6,536 |
Interest Income Recognized | 0 | 493 | 337 | 804 |
Consumer loans | Residential real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 16,843 | 15,138 | 16,466 | 14,303 |
Interest Income Recognized | 185 | 779 | 556 | 1,161 |
Consumer loans | Home equity | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 5,992 | 3,957 | 5,592 | 3,316 |
Interest Income Recognized | 71 | 51 | 156 | 91 |
Consumer loans | Other consumer | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 921 | 19 | 469 | 28 |
Interest Income Recognized | $ 0 | $ 8 | $ 1 | $ 9 |
Loans Receivable and Allowanc49
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Recorded investment in TDRs: | ||
Non-accrual status | $ 33,328 | $ 37,802 |
Troubled Debt Restructurings | ||
Recorded investment in TDRs: | ||
Accrual status | 18,758 | 18,453 |
Non-accrual status | 7,345 | 5,611 |
Total recorded investment in TDRs | 26,103 | 24,064 |
Accruing TDRs performing under modified terms more than one year | 8,394 | 5,821 |
Specific reserves for TDRs included in the balance of allowance for loan losses | 690 | 223 |
Additional funds committed to borrowers in TDR status | $ 0 | $ 513 |
Loans Receivable and Allowanc50
Loans Receivable and Allowance for Loan Losses - Loans Restructured as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | Sep. 30, 2016USD ($)contract | Sep. 30, 2015USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 11 | 10 | 41 | 33 |
Pre-Modification Outstanding Recorded Investment | $ 3,346 | $ 1,106 | $ 8,046 | $ 5,861 |
Post-Modification Outstanding Recorded Investment | $ 3,354 | $ 1,106 | $ 11,400 | $ 5,858 |
Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 654 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 654 | ||
Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 791 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 791 | ||
Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 67 | $ 564 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 67 | $ 564 |
Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 2 | 3 | 7 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 2,083 | $ 592 | $ 4,667 | $ 1,340 |
Post-Modification Outstanding Recorded Investment | $ 2,083 | $ 592 | $ 6,750 | $ 1,340 |
Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 4 | 2 | 13 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 377 | $ 59 | $ 1,320 | $ 2,544 |
Post-Modification Outstanding Recorded Investment | $ 385 | $ 59 | $ 1,705 | $ 2,561 |
Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | contract | 5 | 5 | 14 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 886 | $ 455 | $ 1,338 | $ 622 |
Post-Modification Outstanding Recorded Investment | $ 886 | $ 455 | $ 2,224 | $ 602 |
Loans Receivable and Allowanc51
Loans Receivable and Allowance for Loan Losses - Summary of How Loans were Modified as TDRs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | $ 3,354 | $ 1,106 | $ 11,400 | $ 5,858 |
Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 654 | ||
Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 791 | ||
Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 67 | 564 |
Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 2,083 | 592 | 6,750 | 1,340 |
Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 385 | 59 | 1,705 | 2,561 |
Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 886 | 455 | 2,224 | 602 |
Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 87 | 585 | 2,620 | 2,435 |
Extended Maturity | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 510 | 0 | ||
Extended Maturity | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 538 | ||
Extended Maturity | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 23 | 564 | ||
Extended Maturity | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 585 | 2,000 | 1,333 |
Extended Maturity | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 87 | 0 | 87 | 0 |
Extended Maturity | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 0 |
Adjusted Interest Rates | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 261 | 39 | 261 | 940 |
Adjusted Interest Rates | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Adjusted Interest Rates | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Adjusted Interest Rates | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Adjusted Interest Rates | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 0 |
Adjusted Interest Rates | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 39 | 0 | 940 |
Adjusted Interest Rates | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 261 | 0 | 261 | 0 |
Adjusted Rate and Extended Maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 527 | 128 | 1,518 | 725 |
Adjusted Rate and Extended Maturity | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 86 | 0 | ||
Adjusted Rate and Extended Maturity | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 253 | ||
Adjusted Rate and Extended Maturity | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 44 | 0 | ||
Adjusted Rate and Extended Maturity | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 100 | 7 | 243 | 7 |
Adjusted Rate and Extended Maturity | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 290 | 101 | 672 | 370 |
Adjusted Rate and Extended Maturity | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 137 | 20 | 473 | 95 |
Payment Deferral | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 488 | 0 | 1,513 | 814 |
Payment Deferral | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Payment Deferral | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Payment Deferral | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Payment Deferral | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 348 | 0 |
Payment Deferral | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 561 | 786 |
Payment Deferral | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 488 | 0 | 604 | 28 |
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 1,983 | 354 | 2,134 | 947 |
Other | Commercial real estate loans | Owner-occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 58 | 0 | ||
Other | Commercial real estate loans | Investor non-owner occupied | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Other | Commercial real estate and consumer | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | ||
Other | Commercial business loans | Commercial business loans | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 1,983 | 0 | 2,076 | 0 |
Other | Consumer loans | Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | 0 | 0 | 0 | 529 |
Other | Consumer loans | Home equity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Loan balances modified as TDRs | $ 0 | $ 354 | $ 0 | $ 418 |
Loans Receivable and Allowanc52
Loans Receivable and Allowance for Loan Losses - Summary of Loans Modified as TDRs within Previous 12 Months and Payment Default (Detail) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016USD ($)loan | Sep. 30, 2015USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 10 |
Recorded Investment | $ | $ 437 | $ 1,641 |
Commercial real estate loans | Owner-occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 359 |
Commercial real estate loans | Investor non-owner occupied | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 880 |
Commercial real estate and consumer | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 1 | 0 |
Recorded Investment | $ | $ 437 | $ 0 |
Consumer loans | Residential real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Loans | loan | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 402 |
Loans Receivable and Allowanc53
Loans Receivable and Allowance for Loan Losses - Summary of Mortgage Servicing Rights Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Mortgage servicing rights: | ||||
Balance at beginning of period | $ 6,589 | $ 5,994 | $ 7,074 | $ 4,729 |
Change in fair value recognized in net income | (114) | (888) | (1,800) | (888) |
Issuances | 621 | 889 | 1,822 | 2,154 |
Fair value of mortgage servicing rights at end of period | $ 7,096 | $ 5,995 | $ 7,096 | $ 5,995 |
Goodwill and Core Deposit Int54
Goodwill and Core Deposit Intangibles - Schedule of Goodwill and Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Goodwill | |||||
Balance at Beginning of Period | $ 115,281 | $ 115,240 | $ 115,240 | ||
Adjustments | 41 | ||||
Balance at End of Period | $ 115,281 | 115,281 | 115,281 | ||
Core Deposit Intangibles | |||||
Amortization expense | (385) | $ (433) | (1,219) | (1,363) | |
Balance at End of Period | 6,287 | 6,287 | |||
Core Deposits | |||||
Core Deposit Intangibles | |||||
Balance at Beginning of Period | 7,506 | 9,302 | 9,302 | ||
Amortization expense | (385) | $ (433) | (1,219) | $ (1,400) | (1,796) |
Balance at End of Period | $ 6,287 | $ 6,287 | $ 7,506 |
Goodwill and Core Deposit Int55
Goodwill and Core Deposit Intangibles - Estimated Amortization Expense (Details) $ in Thousands | Sep. 30, 2016USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
2016 (remaining three months) | $ 385 |
2,017 | 1,411 |
2,018 | 1,219 |
2,019 | 1,026 |
2,020 | 834 |
2021 and thereafter | 1,412 |
Total remaining | $ 6,287 |
Goodwill and Core Deposit Int56
Goodwill and Core Deposit Intangibles - Amortization of Acquired Core Deposits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Core deposit intangible amortization | $ 385 | $ 433 | $ 1,219 | $ 1,363 | |
Core Deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Core deposits estimated useful life | 10 years | ||||
Core deposit intangible amortization | $ 385 | $ 433 | $ 1,219 | $ 1,400 | $ 1,796 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities and Weighted-Average Rates of Outstanding Advances (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 445,000 | $ 637,580 |
2,017 | 288,000 | 151,000 |
2,018 | 140,044 | 120,795 |
2,019 | 20,000 | 20,000 |
2020 and thereafter | 82,306 | 16,130 |
FHLBB, advances, total | $ 975,350 | $ 945,505 |
Weighted-Average Rate, 2016 | 0.63% | 0.60% |
Weighted-Average Rate, 2017 | 1.09% | 1.76% |
Weighted-Average Rate, 2018 | 1.48% | 1.54% |
Weighted-Average Rate, 2019 | 1.45% | 1.63% |
Weighted-Average Rate, 2020 and thereafter | 0.73% | 2.21% |
Weighted Average | ||
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
FHLBB, advances, branch of FHLB bank, interest rate | 0.91% | 0.95% |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Apr. 30, 2014USD ($) | Sep. 30, 2016USD ($)loancounterpartyleased_bank_branchadvance | Dec. 31, 2015USD ($)loan | Sep. 23, 2014USD ($) | May 01, 2014USD ($) |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Advances from FHLBB | $ 977,500,000 | $ 949,000,000 | |||
Fair value adjustment on FHLBB advances acquired in the Merger | 2,100,000 | 3,500,000 | |||
Estimated eligible collateral value | 1,500,000,000 | 1,300,000,000 | |||
Unsecured line of credit | 10,000,000 | 10,000,000 | |||
Additional borrowings | 408,500,000 | ||||
Other borrowings | $ 125,399,000 | $ 150,017,000 | |||
Number of leased banking branches with capital lease obligations | leased_bank_branch | 3 | ||||
Wholesale Reverse Repurchase Agreements | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Number of individual borrowings, wholesale reverse purchase agreements | loan | 2 | 3 | |||
Weighted average interest rate | 2.59% | 1.51% | |||
Investment securities pledged as collateral | $ 24,200,000 | $ 51,100,000 | |||
Wholesale Reverse Repurchase Agreements | US Treasury and Government | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | 20,000,000 | 45,000,000 | |||
Retail Repurchase Agreements | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Investment securities pledged as collateral | 30,300,000 | 34,600,000 | |||
Retail Repurchase Agreements | US Treasury and Government | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | 21,387,000 | 19,278,000 | |||
Brokered Sweep Deposit | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | $ 223,600,000 | $ 123,100,000 | |||
Percentage of other borrowings at cost | 0.58% | 0.45% | |||
Number of counterparties to unused federal funds lines of credit | counterparty | 4 | ||||
Committed federal funds lines of credit | $ 107,500,000 | ||||
Subordinated Debt | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings | 79,658,000 | $ 79,489,000 | |||
Junior subordinated debt, face amount | $ 7,700,000 | ||||
Fair value acquisition discount | $ 2,100,000 | $ 2,300,000 | |||
Subordinated Debt | London Interbank Offered Rate (LIBOR) | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Basis spread on LIBOR rate | 1.85% | ||||
Subordinated Debt | Subordinated Notes Due October 2024 | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Subordinated notes, face amount | $ 75,000,000 | ||||
Subordinated notes, stated interest rate | 5.75% | ||||
Debt issuance cost | $ 1,300,000 | ||||
Maximum | Wholesale Reverse Repurchase Agreements | Borrowings One | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings remaining maturity term | 3 years | 3 years | |||
Maximum | Wholesale Reverse Repurchase Agreements | Borrowings Two | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings remaining maturity term | 3 years | ||||
Maximum | Wholesale Reverse Repurchase Agreements | Borrowings Three | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Other borrowings remaining maturity term | 3 years | ||||
Federal Home Loan Bank, Advances, Callable Option | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Advances from FHLBB | $ 93,000,000 | ||||
Number of advances | advance | 8 | ||||
Federal Home Loan Bank, Advances, Callable Option | Minimum | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Federal home loan bank advances interest rate at period end | 0.26% | ||||
Federal home loan bank advances, maturity year | 2,017 | ||||
Federal Home Loan Bank, Advances, Callable Option | Maximum | |||||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||||
Federal home loan bank advances interest rate at period end | 4.49% | ||||
Federal home loan bank advances, maturity year | 2,031 |
Borrowings - Other Borrowings b
Borrowings - Other Borrowings by Category (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Other borrowings | $ 125,399 | $ 150,017 |
US Treasury and Government | Wholesale repurchase agreements | ||
Debt Instrument [Line Items] | ||
Other borrowings | 20,000 | 45,000 |
US Treasury and Government | Customer repurchase agreements | ||
Debt Instrument [Line Items] | ||
Other borrowings | 21,387 | 19,278 |
Subordinated debentures | ||
Debt Instrument [Line Items] | ||
Other borrowings | 79,658 | 79,489 |
Other | ||
Debt Instrument [Line Items] | ||
Other borrowings | $ 4,354 | $ 6,250 |
Borrowings - Outstanding Borrow
Borrowings - Outstanding Borrowings Under Repurchase Agreements (Details) - US Treasury and Government - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | $ 41,387 | $ 64,278 |
Maturity Overnight | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | 21,387 | 19,278 |
Maturity Up To 1 Year | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | 0 | 25,000 |
Maturity 1 to 3 Years | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | 20,000 | 20,000 |
Maturity Greater Than 3 Years | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Borrowings under repurchase agreements | $ 0 | $ 0 |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities - Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional Amount | $ 1,521,880 | $ 1,167,415 |
Estimated Fair Value, Net Asset (Liability) | (13,990) | (3,765) |
Designated as Hedging Instruments | Cash flow hedges | Forward starting interest rate swaps on future borrowings | ||
Derivative [Line Items] | ||
Notional Amount | $ 100,000 | $ 150,000 |
Weighted-Average Remaining Maturity (in years) | 7 years 7 months 8 days | 7 years 11 months 25 days |
Weighted-Average Interest Rate Swaps, Paid | 2.43% | 2.46% |
Estimated Fair Value, Net Asset (Liability) | $ (5,926) | $ (2,072) |
Designated as Hedging Instruments | Cash flow hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 330,000 | $ 280,000 |
Weighted-Average Remaining Maturity (in years) | 2 years 7 months 5 days | 2 years 7 months 25 days |
Weighted-Average Interest Rate Swaps, Received | 0.78% | 0.46% |
Weighted-Average Interest Rate Swaps, Paid | 1.47% | 1.28% |
Estimated Fair Value, Net Asset (Liability) | $ (8,592) | $ (2,020) |
Designated as Hedging Instruments | Fair value hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 35,000 | $ 35,000 |
Weighted-Average Remaining Maturity (in years) | 11 months 20 days | 1 year 8 months 21 days |
Weighted-Average Interest Rate Swaps, Received | 1.04% | 1.04% |
Weighted-Average Interest Rate Swaps, Paid | 0.60% | 0.48% |
Estimated Fair Value, Net Asset (Liability) | $ 97 | $ 24 |
Not Designated as Hedging Instruments | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 7,500 | |
Weighted-Average Remaining Maturity (in years) | 9 years 9 months 14 days | |
Estimated Fair Value, Net Asset (Liability) | $ (90) | |
Not Designated as Hedging Instruments | Forward loan sale commitments | ||
Derivative [Line Items] | ||
Notional Amount | $ 121,961 | $ 25,060 |
Weighted-Average Remaining Maturity (in years) | 0 years | 0 years |
Estimated Fair Value, Net Asset (Liability) | $ (297) | $ (13) |
Not Designated as Hedging Instruments | Derivative loan commitments | ||
Derivative [Line Items] | ||
Notional Amount | $ 47,921 | $ 9,403 |
Weighted-Average Remaining Maturity (in years) | 0 years | 0 years |
Estimated Fair Value, Net Asset (Liability) | $ 868 | $ 223 |
Not Designated as Hedging Instruments | Loan level swaps - dealer | ||
Derivative [Line Items] | ||
Notional Amount | $ 439,749 | $ 333,971 |
Weighted-Average Remaining Maturity (in years) | 7 years 10 months 4 days | 9 years 17 days |
Weighted-Average Interest Rate Swaps, Received | 2.23% | 1.94% |
Weighted-Average Interest Rate Swaps, Paid | 3.80% | 3.93% |
Estimated Fair Value, Net Asset (Liability) | $ (28,769) | $ (12,059) |
Not Designated as Hedging Instruments | Loan level swaps - borrowers | ||
Derivative [Line Items] | ||
Notional Amount | $ 439,749 | $ 333,981 |
Weighted-Average Remaining Maturity (in years) | 7 years 10 months 4 days | 9 years 17 days |
Weighted-Average Interest Rate Swaps, Received | 3.80% | 3.93% |
Weighted-Average Interest Rate Swaps, Paid | 2.23% | 1.94% |
Estimated Fair Value, Net Asset (Liability) | $ 28,719 | $ 12,152 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities - Additional Information (Detail) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2016USD ($)counterpartyborrowerderivative | Dec. 31, 2015USD ($) | Sep. 30, 2015derivative | |
Derivative [Line Items] | |||
Derivative notional amount | $ 1,521,880 | $ 1,167,415 | |
Fair value of net derivatives, liability position | 44,200 | ||
Amount of collateral | 48,600 | ||
Designated as Hedging Instruments | Cash flow hedges | Interest rate contract | |||
Derivative [Line Items] | |||
Estimated reduction/increase to interest expense | $ 1,900 | ||
Forecasted transactions, period | 60 months | ||
Number of derivative instruments | derivative | 10 | ||
Derivative notional amount | $ 430,000 | ||
Designated as Hedging Instruments | Fair value hedges | Interest rate contract | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 3 | ||
Derivative notional amount | $ 35,000 | ||
Not Designated as Hedging Instruments | Interest rate contract | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 1 | ||
Derivative notional amount | $ 7,500 | ||
Not Designated as Hedging Instruments | Borrower | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 65 | ||
Derivative notional amount | $ 439,700 | ||
Not Designated as Hedging Instruments | Brokerage Activities | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 65 | ||
Derivative notional amount | $ 439,700 | ||
Not Designated as Hedging Instruments | Interest Rate Swap, Risk Participation Agreement | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 5 | ||
Number of counterparties in risk participation agreements | counterparty | 3 | ||
Number of borrowers involved in the risk participation agreements | borrower | 5 | ||
Not Designated as Hedging Instruments | Interest Rate Swap, Risk Participation Agreement, Credit Enhancements Provided By Counterparty | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 4 | ||
Derivative notional amount | $ 26,600 | ||
Counterparty participation level, percentage | 39.20% | ||
Not Designated as Hedging Instruments | Interest Rate Swap, Risk Participation Agreement, Credit Enhancements Provided By The Bank | |||
Derivative [Line Items] | |||
Number of derivative instruments | derivative | 1 | ||
Derivative notional amount | $ 6,100 | ||
Counterparty participation level, percentage | 33.10% |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities - Tabular Disclosure of Fair Values of Derivative Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 118 | $ 528 |
Derivative Liabilities | 14,539 | 4,596 |
Designated as Hedging Instruments | Cash flow hedges | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 21 | 478 |
Designated as Hedging Instruments | Cash flow hedges | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 14,539 | 4,570 |
Designated as Hedging Instruments | Fair value hedges | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 97 | 50 |
Designated as Hedging Instruments | Fair value hedges | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 26 |
Not Designated as Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 29,601 | 12,382 |
Derivative Liabilities | 29,170 | 12,079 |
Not Designated as Hedging Instruments | Interest rate swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 10 | 0 |
Not Designated as Hedging Instruments | Interest rate swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 100 | 0 |
Not Designated as Hedging Instruments | Interest rate swaps | With Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 28,719 | 12,152 |
Not Designated as Hedging Instruments | Interest rate swaps | With Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Not Designated as Hedging Instruments | Interest rate swaps | With Counterparties | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Not Designated as Hedging Instruments | Interest rate swaps | With Counterparties | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 28,769 | 12,059 |
Not Designated as Hedging Instruments | Forward loan sale commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 4 | 7 |
Not Designated as Hedging Instruments | Forward loan sale commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 301 | 20 |
Not Designated as Hedging Instruments | Derivative loan commitments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 868 | 223 |
Not Designated as Hedging Instruments | Derivative loan commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0 | $ 0 |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities - Schedule of Effect of Derivative Instruments in Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Designated as Hedging Instruments | Interest rate swaps | Cash flow hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI (Effective Portion) | $ 2,190 | $ (4,898) | $ (10,426) | $ (5,521) |
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 664 | 0 | 1,844 | (12) |
Designated as Hedging Instruments | Interest rate swaps | Fair value hedges | Interest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income for Derivatives | 100 | 137 | 73 | 303 |
Amount of Gain (Loss) Recognized in Income for Hedged Items | (100) | (138) | (73) | (306) |
Not Designated as Hedging Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income for Derivatives | (836) | 1,286 | 344 | 650 |
Not Designated as Hedging Instruments | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income for Derivatives | (190) | (245) | (17) | (3) |
Not Designated as Hedging Instruments | Derivative loan commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income for Derivatives | (329) | 1,568 | 645 | 614 |
Not Designated as Hedging Instruments | Forward loan sale commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income for Derivatives | $ (317) | $ (37) | $ (284) | $ 39 |
Stock-Based Compensation Plan65
Stock-Based Compensation Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Oct. 29, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1,543 | $ 689 | |||
Other non-interest expenses | $ 5,410 | $ 6,360 | 16,389 | 16,878 | |
Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 20 | 32 | 80 | 100 | |
Tax benefit recorded | 7 | 12 | 29 | 36 | |
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 499 | 131 | 1,500 | 589 | |
Tax benefit recorded | 180 | $ 47 | 527 | $ 212 | |
Options and Restricted Stock | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 105 | 325 | |||
Options and Restricted Stock | Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other non-interest expenses | $ 414 | $ 1,200 | |||
2015 Omnibus Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized under the plan (in shares) | shares | 4,050,000 | ||||
Share-based awards, fungible ratio | 2.35 | ||||
Shares available for future grants (in shares) | shares | 3,356,982 | 3,356,982 |
Stock-Based Compensation Plan66
Stock-Based Compensation Plans - Activity Related to Stock Options (Detail) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Number of Stock Options | ||
Outstanding at December 31, 2015 (in shares) | 2,649,735 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | (506,854) | |
Forfeited or expired (in shares) | (27,696) | |
Outstanding at September 30, 2016(in shares) | 2,115,185 | |
Stock options vested and exercisable at end of period (in shares) | 1,992,585 | |
Stock Options, Weighted- Average Exercise Price | ||
Outstanding at December 2015 (in usd per share) | $ 10.88 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 9.28 | |
Forfeited or expired (in usd per share) | 13.67 | |
Outstanding at September 30, 2016 (in usd per share) | 11.22 | |
Weighted Average Exercise Price, Stock options vested and exercisable at September 30, 2016 (in usd per share) | $ 11.07 | |
Weighted-Average Remaining Contractual Term, Outstanding at September 30, 2016 | 5 years 4 months | |
Weighted-Average Remaining Contractual Term, Stock options vested and exercisable at September 30, 2016 | 5 years 2 months | |
Aggregate Intrinsic Value, Outstanding at September 30, 2016 | $ 5.5 | |
Aggregate Intrinsic Value, Stock options vested and exercisable at September 30, 2016 | $ 5.5 |
Stock-Based Compensation Plan67
Stock-Based Compensation Plans - Stock Options - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options granted (in shares) | 0 | 0 |
SAR options exercised (in shares) | 506,854 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to outstanding stock options | $ 200 | |
Unrecognized cost related to outstanding stock options, period of recognition | 2 years | |
Stock Appreciation Rights (SARs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
SAR options exercised (in shares) | 20,208 |
Stock-Based Compensation Plan68
Stock-Based Compensation Plans - Restricted Stock - Additional Information (Detail) - Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock issued (in shares) | 39,328 | |
Weighted average grant date fair value (in usd per share) | $ 13.03 | $ 13.20 |
Unvested restricted stock, period of recognition | 2 years | |
Total unrecognized compensation cost related to unvested restricted stock | $ 2.6 | |
Employee Stock Option 2012 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock issued (in shares) | 39,328 | |
Weighted average grant date fair value (in usd per share) | $ 11.70 | |
Unvested restricted stock, period of recognition | 3 years |
Stock-Based Compensation Plan69
Stock-Based Compensation Plans - Activity for Restricted Stock (Detail) - Restricted Stock | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Number of Shares | |
Unvested as of December 31, 2015 (in shares) | shares | 326,013 |
Granted (in shares) | shares | 39,328 |
Vested (in shares) | shares | (21,377) |
Forfeited (in shares) | shares | 0 |
Unvested as of September 30, 2016 (in shares) | shares | 343,964 |
Weighted-Average Grant-Date Fair Value | |
Unvested as of December 31, 2015 (in usd per share) | $ / shares | $ 13.20 |
Granted (in usd per share) | $ / shares | 11.70 |
Vested (in usd per share) | $ / shares | 13.19 |
Forfeited (in usd per share) | $ / shares | 0 |
Unvested as of September 30, 2016 (in usd per share) | $ / shares | $ 13.03 |
Stock-Based Compensation Plan70
Stock-Based Compensation Plans - Employee Stock Ownership Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee stock ownership plan loan outstanding balance | $ 6,300 | $ 6,300 | ||
Interest rate for the ESOP loans | 1.00% | |||
ESOP compensation expense | 77 | $ 75 | $ 216 | $ 222 |
Employee Stock Ownership Plan 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Borrowings from the company | $ 7,100 | |||
Purchase of common stock (in shares) | 684,395 | |||
Employee stock ownership plan loan outstanding balance | $ 6,300 | $ 6,300 | ||
Bank's discretionary contributions to the ESOP over a remaining period | 25 years |
Stock-Based Compensation Plan71
Stock-Based Compensation Plans - ESOP Shares (Detail) $ in Thousands | Sep. 30, 2016USD ($)shares |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Allocated shares (in shares) | 1,175,239 |
Shares allocated for release (in shares) | 17,110 |
Unreleased shares (in shares) | 553,219 |
Total ESOP shares (in shares) | 1,745,568 |
Market value of unreleased shares (in thousands) | $ | $ 7,893 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
United Bank | ||
Capital to Risk [Abstract] | ||
Total capital to risk weighted assets, Actual, Amount | $ 601,416 | $ 558,969 |
Total capital to risk weighted assets, Actual, Ratio | 12.30% | 11.20% |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 391,165 | $ 398,552 |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 488,956 | $ 498,190 |
Total capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Common Equity Tier 1 | ||
Common equity tier 1 capital to risk weighted assets, Actual, Amount | $ 558,812 | $ 523,786 |
Common equity tier 1 capital to risk weighted assets, Actual, Ratio | 11.40% | 10.50% |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 220,584 | $ 224,266 |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 318,621 | $ 323,940 |
Common equity tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk[Abstract] | ||
Tier 1 capital to risk weighted assets, Actual, Amount | $ 558,812 | $ 523,786 |
Tier 1 capital to risk weighted assets, Actual, Ratio | 11.40% | 10.50% |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 294,112 | $ 299,022 |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 392,149 | $ 398,695 |
Tier 1 capital to risk weighted assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Total Average Assets [Abstract] | ||
Tier 1 capital to total average assets, Actual, Amount | $ 558,812 | $ 523,786 |
Tier 1 capital to total average assets, Actual, Ratio | 8.90% | 8.90% |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Amount | $ 251,151 | $ 234,882 |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 capital to total average assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Amount | $ 313,939 | $ 293,602 |
Tier 1 capital to total average assets, Minimum To Be Well-Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
United Financial Bancorp, Inc. | ||
Capital to Risk [Abstract] | ||
Total capital to risk weighted assets, Actual, Amount | $ 655,285 | $ 628,915 |
Total capital to risk weighted assets, Actual, Ratio | 13.30% | 12.50% |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 394,156 | $ 401,542 |
Total capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Common Equity Tier 1 | ||
Common equity tier 1 capital to risk weighted assets, Actual, Amount | $ 537,681 | $ 518,732 |
Common equity tier 1 capital to risk weighted assets, Actual, Ratio | 10.90% | 10.30% |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 221,978 | $ 225,972 |
Common equity tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Risk[Abstract] | ||
Tier 1 capital to risk weighted assets, Actual, Amount | $ 537,681 | $ 518,732 |
Tier 1 capital to risk weighted assets, Actual, Ratio | 10.90% | 10.30% |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Amount | $ 295,971 | $ 301,296 |
Tier 1 capital to risk weighted assets, Minimum For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Total Average Assets [Abstract] | ||
Tier 1 capital to total average assets, Actual, Amount | $ 537,681 | $ 518,732 |
Tier 1 capital to total average assets, Actual, Ratio | 8.50% | 8.90% |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Amount | $ 253,026 | $ 233,926 |
Tier 1 capital to total average assets, Minimum For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Accumulated Other Comprehensi73
Accumulated Other Comprehensive Loss - Components Included in Stockholder's Equity (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Benefit plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain (loss) | $ (6,704) | $ (7,080) |
Tax effect | 2,416 | 2,551 |
Other comprehensive income (loss), net of tax | (4,288) | (4,529) |
Securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain (loss) | 15,562 | (5,821) |
Tax effect | (5,600) | 2,088 |
Other comprehensive income (loss), net of tax | 9,962 | (3,733) |
Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain (loss) | (14,518) | (4,092) |
Tax effect | 5,231 | 1,475 |
Other comprehensive income (loss), net of tax | (9,287) | (2,617) |
AOCI Attributable to Parent | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss), net of tax | $ (3,613) | $ (10,879) |
Net Income Per Share - Schedule
Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 14,159 | $ 13,381 | $ 35,111 | $ 39,738 |
Weighted-average common shares outstanding (in shares) | 50,357,085 | 49,510,996 | 50,179,784 | 49,414,633 |
Less: average number of unallocated ESOP award shares (in shares) | (556,980) | (579,793) | (562,648) | (585,440) |
Weighted-average basic shares outstanding (in shares) | 49,800,105 | 48,931,203 | 49,617,136 | 48,829,193 |
Dilutive effect of stock options (in shares) | 341,070 | 498,606 | 299,913 | 510,078 |
Weighted-average diluted shares (in shares) | 50,141,175 | 49,429,809 | 49,917,049 | 49,339,271 |
Net income per share: | ||||
Basic (in usd per share) | $ 0.28 | $ 0.27 | $ 0.71 | $ 0.81 |
Diluted (in usd per share) | $ 0.28 | $ 0.27 | $ 0.70 | $ 0.81 |
Anti-dilutive stock options excluded from diluted earnings per share calculation (in shares) | 270,329 | 637,770 | 627,768 | 637,770 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Aggregate principal amount of residential real estate mortgage loans held for sale | $ 82,100,000 | $ 9,800,000 | |
Aggregate fair value of mortgage loans held for sale | 83,300,000 | 10,100,000 | |
Residential real estate mortgage loans held for sale 90 days or more past due | 0 | 0 | |
Transfers in and out of Level 1, Level 2 and Level 3 measurements | $ 0 | $ 0 | |
Fixed rate mortgage loans term | 30 years | ||
Maturity period, Term 1 | 10 years | ||
Maturity period, Term 2 | 15 years | ||
Maturity period, Term 3 | 20 years | ||
Estimated fallout rate based upon historical averages | 14.50% | ||
Liabilities measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Gain From Sales of Loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Mortgage loans held for sale | $ 1,490 | $ (498) | $ 1,530 | $ 183 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Recorded at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | $ 1,052,439 | $ 1,059,169 | ||||
Mortgage servicing rights | 7,096 | $ 6,589 | 7,074 | $ 5,995 | $ 5,994 | $ 4,729 |
Recurring | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 1,052,439 | 1,059,169 | ||||
Recurring | Mortgage Loan Derivative Assets & Liabilities | ||||||
Available-for-Sale Securities: | ||||||
Mortgage loan derivative assets | 882 | 230 | ||||
Mortgage loan derivative liabilities | 401 | 20 | ||||
Loans held for sale | 83,321 | 10,136 | ||||
Recurring | Government-sponsored residential collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 197,830 | 286,967 | ||||
Recurring | Government-sponsored commercial collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 179,726 | 128,972 | ||||
Recurring | Asset-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 160,357 | 159,901 | ||||
Recurring | Corporate debt securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 60,210 | 59,960 | ||||
Recurring | Obligations of states and political subdivisions | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 223,856 | 201,115 | ||||
Recurring | Government-sponsored residential mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 164,668 | 145,861 | ||||
Recurring | Government-sponsored commercial mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 27,820 | 20,965 | ||||
Recurring | Marketable equity securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 37,972 | 45,339 | ||||
Recurring | Mortgage Servicing Rights | ||||||
Available-for-Sale Securities: | ||||||
Mortgage servicing rights | 7,096 | 7,074 | ||||
Recurring | Interest rate swaps | ||||||
Available-for-Sale Securities: | ||||||
Interest rate swap assets | 28,837 | 12,680 | ||||
Interest rate swap liabilities | 43,308 | 16,655 | ||||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 3,296 | 3,227 | ||||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable equity securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 3,296 | 3,227 | ||||
Recurring | Other Observable Inputs (Level 2) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 900,806 | 909,872 | ||||
Recurring | Other Observable Inputs (Level 2) | Mortgage Loan Derivative Assets & Liabilities | ||||||
Available-for-Sale Securities: | ||||||
Mortgage loan derivative assets | 882 | 230 | ||||
Mortgage loan derivative liabilities | 401 | 20 | ||||
Loans held for sale | 83,321 | 10,136 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored residential collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 197,830 | 286,967 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored commercial collateralized debt obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 179,726 | 128,972 | ||||
Recurring | Other Observable Inputs (Level 2) | Asset-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 13,532 | 15,388 | ||||
Recurring | Other Observable Inputs (Level 2) | Corporate debt securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 58,698 | 58,403 | ||||
Recurring | Other Observable Inputs (Level 2) | Obligations of states and political subdivisions | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 223,856 | 201,115 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored residential mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 164,668 | 145,861 | ||||
Recurring | Other Observable Inputs (Level 2) | Government-sponsored commercial mortgage-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 27,820 | 20,965 | ||||
Recurring | Other Observable Inputs (Level 2) | Marketable equity securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 34,676 | 42,112 | ||||
Recurring | Other Observable Inputs (Level 2) | Interest rate swaps | ||||||
Available-for-Sale Securities: | ||||||
Interest rate swap assets | 28,837 | 12,680 | ||||
Interest rate swap liabilities | 43,308 | 16,655 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 148,337 | 146,070 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 146,825 | 144,513 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 1,512 | 1,557 | ||||
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage Servicing Rights | ||||||
Available-for-Sale Securities: | ||||||
Mortgage servicing rights | $ 7,096 | 7,074 | ||||
Recurring | U.S. Government and government-sponsored enterprise obligations | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | 10,089 | |||||
Recurring | U.S. Government and government-sponsored enterprise obligations | Other Observable Inputs (Level 2) | ||||||
Available-for-Sale Securities: | ||||||
Total available-for-sale securities | $ 10,089 |
Fair Value Measurements - Sch78
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis Using Level 3 Inputs (Detail) - Recurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 6,589 | $ 5,994 | $ 7,074 | $ 4,729 |
Change in fair value recognized in net income | (114) | (888) | (1,800) | (888) |
Issuances | 621 | 889 | 1,822 | 2,154 |
Balance at end of period | 7,096 | 5,995 | 7,096 | 5,995 |
Available for Sale Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 145,134 | 146,956 | 146,070 | 137,207 |
Purchases (sales) | 91 | 2,995 | (909) | 12,794 |
Principal payments and net accretion | (244) | (532) | (722) | (967) |
Change in fair value recognized in net income | (14) | 0 | (164) | 0 |
Total unrealized gains (losses) included in other comprehensive income/loss | 3,370 | (800) | 4,062 | (415) |
Balance at end of period | $ 148,337 | $ 148,619 | $ 148,337 | $ 148,619 |
Fair Value Measurements - Add79
Fair Value Measurements - Additional Quantitative Information of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 1,052,439,000 | $ 1,059,169,000 |
Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 1,052,439,000 | 1,059,169,000 |
Recurring | Asset-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 160,357,000 | 159,901,000 |
Recurring | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 60,210,000 | 59,960,000 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | 148,337,000 | 146,070,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 146,825,000 | 144,513,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | Minimum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 2.40% | |
Cumulative Default % | 6.00% | |
Loss Given Default | 1.80% | |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | Maximum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 3.70% | |
Cumulative Default % | 8.30% | |
Loss Given Default | 2.70% | |
Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | Weighted Average | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 3.70% | |
Cumulative Default % | 8.40% | |
Loss Given Default | 2.70% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 1,512,000 | $ 1,557,000 |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 6.30% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Minimum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cumulative Default % | 2.80% | |
Loss Given Default | 85.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Maximum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cumulative Default % | 41.70% | |
Loss Given Default | 100.00% | |
Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | Weighted Average | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 6.80% | |
Cumulative Default % | 11.30% | |
Loss Given Default | 94.40% | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Available-for-sale securities | $ 7,096,000 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Float Earnings Rate | 0.25% | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Minimum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 9.00% | |
Cost to Service | $ 50 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Maximum | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 18.00% | |
Cost to Service | $ 110 | |
Recurring | Significant Unobservable Inputs (Level 3) | Mortgage servicing rights | Weighted Average | Discounted Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount Rate | 10.50% | |
Cost to Service | $ 61.12 | |
Float Earnings Rate | 0.25% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Recorded at Fair Value on Non-Recurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 4,413 | $ 2,096 |
Other real estate owned | 2,792 | 755 |
Total | 7,205 | 2,851 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,413 | 2,096 |
Other real estate owned | 2,792 | 755 |
Total | $ 7,205 | $ 2,851 |
Fair Value Measurements - Sum81
Fair Value Measurements - Summary of Gains (Losses) on Assets Recorded at Fair Value on Non-Recurring Basis (Detail) - Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ (573) | $ (162) | $ (1,040) | $ (249) |
Other real estate owned | 0 | 0 | (4) | (118) |
Total | $ (573) | $ (162) | $ (1,044) | $ (367) |
Fair Value Measurements - Sum82
Fair Value Measurements - Summary of Carrying Value and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Available-for-sale securities | $ 1,052,439 | $ 1,059,169 |
Held-to-maturity securities | 15,569 | 15,683 |
Loans held for sale | 83,300 | 10,100 |
Financial liabilities: | ||
FHLBB advances and other borrowings | 977,483 | 949,003 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 214,246 | 95,176 |
Available-for-sale securities | 1,052,439 | 1,059,169 |
Held-to-maturity securities | 14,162 | 14,565 |
Loans held for sale | 83,321 | 10,136 |
Loans receivable-net | 4,689,834 | 4,587,062 |
FHLBB stock | 52,847 | 51,196 |
Accrued interest receivable | 17,888 | 15,740 |
Derivative assets | 29,719 | 12,910 |
Mortgage servicing rights | 7,096 | 7,074 |
Financial liabilities: | ||
Deposits | 4,695,471 | 4,437,071 |
Mortgagors’ and investors’ escrow accounts | 9,045 | 13,526 |
FHLBB advances and other borrowings | 1,102,882 | 1,099,020 |
Derivative liabilities | 43,709 | 16,675 |
Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 214,246 | 95,176 |
Available-for-sale securities | 1,052,439 | 1,059,169 |
Held-to-maturity securities | 15,569 | 15,683 |
Loans held for sale | 83,321 | 10,136 |
Loans receivable-net | 4,719,683 | 4,629,243 |
FHLBB stock | 52,847 | 51,196 |
Accrued interest receivable | 17,888 | 15,740 |
Derivative assets | 29,719 | 12,910 |
Mortgage servicing rights | 7,096 | 7,074 |
Financial liabilities: | ||
Deposits | 4,703,203 | 4,436,456 |
Mortgagors’ and investors’ escrow accounts | 9,045 | 13,526 |
FHLBB advances and other borrowings | 1,101,421 | 1,096,452 |
Derivative liabilities | 43,709 | 16,675 |
Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 214,246 | 95,176 |
Available-for-sale securities | 3,296 | 3,227 |
Fair Value | Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Available-for-sale securities | 900,806 | 909,872 |
Held-to-maturity securities | 15,569 | 15,683 |
Loans held for sale | 83,321 | 10,136 |
Derivative assets | 29,719 | 12,910 |
Financial liabilities: | ||
FHLBB advances and other borrowings | 1,101,421 | 1,096,452 |
Derivative liabilities | 43,709 | 16,675 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Available-for-sale securities | 148,337 | 146,070 |
Loans receivable-net | 4,719,683 | 4,629,243 |
FHLBB stock | 52,847 | 51,196 |
Accrued interest receivable | 17,888 | 15,740 |
Mortgage servicing rights | 7,096 | 7,074 |
Financial liabilities: | ||
Deposits | 4,703,203 | 4,436,456 |
Mortgagors’ and investors’ escrow accounts | 9,045 | 13,526 |
FHLBB advances and other borrowings | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instruments Contract Amounts Represent Credit Risk (Detail) - Commitments to extend credit - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commitments to extend credit: | ||
Commitments to extend credit, amount | $ 1,075,187 | $ 962,882 |
Commitment to grant loans | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 256,564 | 219,407 |
Undisbursed construction loans | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 99,148 | 103,140 |
Undisbursed home equity lines of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 349,655 | 320,140 |
Undisbursed commercial lines of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 343,939 | 302,700 |
Standby letters of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 13,253 | 9,477 |
Unused credit card lines | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | 11,232 | 6,725 |
Unused checking overdraft lines of credit | ||
Commitments to extend credit: | ||
Commitments to extend credit, amount | $ 1,396 | $ 1,293 |
Commitments and Contingencies84
Commitments and Contingencies - Additional Information (Details) - Tax Credit Partnership $ in Millions | Sep. 30, 2016USD ($) |
Other Commitments [Line Items] | |
Net carrying balance of investments | $ 31.9 |
Capital contribution commitments | $ 5.3 |