Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 03, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Investors Bancorp, Inc. | |
Entity Central Index Key | 1,594,012 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 306,157,554 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 413,322 | $ 164,178 |
Securities available-for-sale, at estimated fair value | 1,949,429 | 1,660,433 |
Securities held-to-maturity, net (estimated fair value of $1,769,179 and $1,782,801 at September 30, 2017 and December 31, 2016, respectively) | 1,733,751 | 1,755,556 |
Loans receivable, net | 19,707,157 | 18,569,855 |
Loans held-for-sale | 6,975 | 38,298 |
Federal Home Loan Bank stock | 232,814 | 237,878 |
Accrued interest receivable | 73,203 | 65,969 |
Other real estate owned | 4,336 | 4,492 |
Office properties and equipment, net | 177,569 | 177,417 |
Net deferred tax asset | 222,573 | 222,277 |
Bank owned life insurance | 154,719 | 161,940 |
Goodwill and intangible assets | 99,567 | 101,839 |
Other assets | 6,588 | 14,543 |
Total assets | 24,782,003 | 23,174,675 |
Liabilities: | ||
Deposits | 16,876,469 | 15,280,833 |
Borrowed funds | 4,484,869 | 4,546,251 |
Advance payments by borrowers for taxes and insurance | 125,505 | 105,851 |
Other liabilities | 140,028 | 118,495 |
Total liabilities | 21,626,871 | 20,051,430 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, 100,000,000 authorized shares; none issued | 0 | 0 |
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 359,070,852 issued at September 30, 2017 and December 31, 2016; 306,176,459 and 309,449,388 outstanding at September 30, 2017 and December 31, 2016, respectively | 3,591 | 3,591 |
Additional paid-in capital | 2,776,971 | 2,765,732 |
Retained earnings | 1,111,856 | 1,053,750 |
Treasury stock, at cost; 52,894,393 and 49,621,464 shares at September 30, 2017 and December 31, 2016, respectively | (632,394) | (587,974) |
Unallocated common stock held by the employee stock ownership plan | (85,007) | (87,254) |
Accumulated other comprehensive loss | (19,885) | (24,600) |
Total stockholders’ equity | 3,155,132 | 3,123,245 |
Total liabilities and stockholders’ equity | $ 24,782,003 | $ 23,174,675 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Estimated fair value | $ 1,769,179 | $ 1,782,801 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 359,070,852 | 359,070,852 |
Common stock, shares outstanding | 306,176,459 | 309,449,388 |
Treasury stock, shares | 52,894,393 | 49,621,464 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest and dividend income: | ||||
Loans receivable and loans held-for-sale | $ 201,069 | $ 179,234 | $ 579,921 | $ 527,989 |
Securities: | ||||
Equity | 30 | 49 | 108 | 147 |
Government-sponsored enterprise obligations | 175 | 8 | 211 | 27 |
Mortgage-backed securities | 17,829 | 14,653 | 51,812 | 44,581 |
Municipal bonds and other debt | 2,229 | 2,039 | 8,433 | 6,048 |
Interest-bearing deposits | 875 | 76 | 1,159 | 253 |
Federal Home Loan Bank stock | 3,557 | 2,315 | 9,722 | 6,396 |
Total interest and dividend income | 225,764 | 198,374 | 651,366 | 585,441 |
Interest expense: | ||||
Deposits | 32,300 | 20,326 | 79,820 | 61,639 |
Borrowed funds | 22,553 | 18,442 | 66,460 | 52,328 |
Total interest expense | 54,853 | 38,768 | 146,280 | 113,967 |
Net interest income | 170,911 | 159,606 | 505,086 | 471,474 |
Provision for loan losses | 1,750 | 5,000 | 11,750 | 15,000 |
Net interest income after provision for loan losses | 169,161 | 154,606 | 493,336 | 456,474 |
Non-interest income | ||||
Fees and service charges | 5,076 | 4,108 | 14,966 | 12,925 |
Income on bank owned life insurance | 935 | 1,006 | 2,826 | 3,267 |
Gain on loans, net | 726 | 1,401 | 2,924 | 3,516 |
Gain on securities transactions, net | 0 | 72 | 1,275 | 3,100 |
Gain (loss) on sale of other real estate owned, net | 446 | 35 | 871 | (67) |
Other income | 1,212 | 1,898 | 4,556 | 5,956 |
Total non-interest income | 8,395 | 8,520 | 27,418 | 28,697 |
Non-interest expense | ||||
Compensation and fringe benefits | 57,052 | 53,051 | 168,207 | 158,475 |
Advertising and promotional expense | 4,355 | 1,495 | 10,956 | 5,640 |
Office occupancy and equipment expense | 14,589 | 14,099 | 43,769 | 41,612 |
Federal deposit insurance premiums | 4,500 | 3,600 | 12,110 | 8,800 |
General and administrative | 691 | 641 | 2,267 | 2,407 |
Professional fees | 8,140 | 5,673 | 30,141 | 14,493 |
Data processing and communication | 5,719 | 5,299 | 17,493 | 15,821 |
Other operating expenses | 8,228 | 7,540 | 24,157 | 22,304 |
Total non-interest expenses | 103,274 | 91,398 | 309,100 | 269,552 |
Income before income tax expense | 74,282 | 71,728 | 211,654 | 215,619 |
Income tax expense | 28,437 | 21,878 | 80,156 | 75,958 |
Net income | $ 45,845 | $ 49,850 | $ 131,498 | $ 139,661 |
Basic earnings per share (usd per share) | $ 0.16 | $ 0.17 | $ 0.45 | $ 0.47 |
Diluted earnings per share (usd per share) | $ 0.16 | $ 0.17 | $ 0.45 | $ 0.46 |
Weighted average shares outstanding | ||||
Basic (shares) | 289,715,414 | 292,000,061 | 290,670,601 | 299,873,985 |
Diluted (shares) | 290,890,307 | 294,673,452 | 292,489,906 | 303,297,117 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 45,845 | $ 49,850 | $ 131,498 | $ 139,661 |
Other comprehensive income (loss), net of tax: | ||||
Change in funded status of retirement obligations | 82 | 318 | 249 | 952 |
Unrealized gains (losses) on securities available-for-sale | 525 | (1,655) | 5,205 | 11,966 |
Accretion of loss on securities reclassified to held to maturity | 180 | 279 | 580 | 847 |
Reclassification adjustment for security gains included in net income | 0 | (43) | (765) | (1,358) |
Other-than-temporary impairment accretion on debt securities | 186 | 315 | 770 | 698 |
Net gains (losses) on derivatives arising during the period | 560 | (631) | (1,324) | (631) |
Total other comprehensive income (loss) | 1,533 | (1,417) | 4,715 | 12,474 |
Total comprehensive income | $ 47,378 | $ 48,433 | $ 136,213 | $ 152,135 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Treasury stock | Unallocated common stock held by ESOP | Accumulated other comprehensive loss | Common stockAdditional paid-in capital | Common stockRetained earnings |
Balance at Dec. 31, 2015 | $ 3,311,647 | $ 3,591 | $ 2,785,503 | $ 936,040 | $ (295,412) | $ (90,250) | $ (27,825) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 139,661 | 139,661 | |||||||
Other comprehensive income, net of tax | 12,474 | 12,474 | |||||||
Purchase of treasury stock | (337,487) | (337,487) | |||||||
Treasury stock allocated to restricted stock plan | 0 | (3,167) | (94) | 3,261 | |||||
Compensation cost for stock options and restricted stock | 15,156 | 15,156 | |||||||
Option exercise | 27,135 | (27,501) | 54,636 | ||||||
Restricted stock forfeitures | 0 | 220 | (35) | (185) | |||||
Cash dividend paid | (57,607) | (57,607) | |||||||
ESOP shares allocated or committed to be released | 4,110 | 1,863 | 2,247 | ||||||
Balance at Sep. 30, 2016 | 3,115,089 | 3,591 | 2,764,023 | 1,026,016 | (575,187) | (88,003) | (15,351) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Cumulative effect of adopting ASU No. 2016-09 | $ (8,051) | $ 8,051 | |||||||
Balance at Dec. 31, 2016 | 3,123,245 | 3,591 | 2,765,732 | 1,053,750 | (587,974) | (87,254) | (24,600) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 131,498 | 131,498 | |||||||
Other comprehensive income, net of tax | 4,715 | 4,715 | |||||||
Purchase of treasury stock | (57,842) | (57,842) | |||||||
Treasury stock allocated to restricted stock plan | 0 | (6,186) | 1,008 | 5,178 | |||||
Compensation cost for stock options and restricted stock | 14,967 | 14,967 | |||||||
Option exercise | 7,721 | (3,533) | 11,254 | ||||||
Restricted stock forfeitures | 0 | 3,352 | (342) | (3,010) | |||||
Cash dividend paid | (74,058) | (74,058) | |||||||
ESOP shares allocated or committed to be released | 4,886 | 2,639 | 2,247 | ||||||
Balance at Sep. 30, 2017 | $ 3,155,132 | $ 3,591 | $ 2,776,971 | $ 1,111,856 | $ (632,394) | $ (85,007) | $ (19,885) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Purchase of treasury stock (shares) | 4,371,647 | 29,184,897 |
Dividends paid per share (usd per share) | $ 0.24 | $ 0.18 |
Treasury stock allocated to restricted stock plan (shares) | 430,000 | 271,890 |
Common stock repurchased for restricted stock plan (shares) | 268,163 | 17,500 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 131,498,000 | $ 139,661,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
ESOP and stock-based compensation expense | 19,853,000 | 19,266,000 |
Amortization of premiums and accretion of discounts on securities, net | 11,942,000 | 10,372,000 |
Amortization of premiums and accretion of fees and costs on loans, net | (3,248,000) | (3,191,000) |
Amortization of other intangible assets | 1,854,000 | 2,194,000 |
Provision for loan losses | 11,750,000 | 15,000,000 |
Depreciation and amortization of office properties and equipment | 12,670,000 | 11,732,000 |
Gain on securities transactions, net | (1,275,000) | (3,100,000) |
Mortgage loans originated for sale | (126,792,000) | (166,469,000) |
Proceeds from mortgage loan sales | 160,582,000 | 152,670,000 |
Gain on sales of mortgage loans, net | (2,467,000) | (3,010,000) |
(Gain) loss on sale of other real estate owned | (871,000) | 67,000 |
Income on bank owned life insurance | (2,826,000) | (3,267,000) |
Increase in accrued interest receivable | (7,234,000) | (7,485,000) |
Deferred tax (benefit) expense | (3,092,000) | 397,000 |
Decrease in other assets | 8,868,000 | 1,353,000 |
Increase in other liabilities | 19,248,000 | 2,346,000 |
Total adjustments | 98,962,000 | 28,875,000 |
Net cash provided by operating activities | 230,460,000 | 168,536,000 |
Cash flows from investing activities: | ||
Purchases of loans receivable | (345,715,000) | (92,828,000) |
Net originations of loans receivable | (851,418,000) | (1,335,186,000) |
Proceeds from disposition of loans held for investment | 48,556,000 | 7,583,000 |
Gain on disposition of loans held for investment | (457,000) | (506,000) |
Net proceeds from sale of foreclosed real estate | 4,228,000 | 3,395,000 |
Proceeds from principal repayments/calls/maturities of securities available for sale | 252,173,000 | 216,161,000 |
Proceeds from sales of securities available for sale | 102,120,000 | 57,879,000 |
Proceeds from principal repayments/calls/maturities of securities held to maturity | 246,373,000 | 282,718,000 |
Proceeds from sales of securities held to maturity | 0 | 14,348,000 |
Purchases of securities available for sale | (642,165,000) | (468,168,000) |
Purchases of debt securities held-to-maturity | (227,029,000) | (247,568,000) |
Proceeds from redemptions of Federal Home Loan Bank stock | 175,279,000 | 161,772,000 |
Purchases of Federal Home Loan Bank stock | (170,215,000) | (205,897,000) |
Purchases of office properties and equipment | (12,822,000) | (17,836,000) |
Death benefit proceeds from bank owned life insurance | 10,047,000 | 472,000 |
Net cash used in investing activities | (1,411,045,000) | (1,623,661,000) |
Cash flows from financing activities: | ||
Net increase in deposits | 1,595,636,000 | 888,086,000 |
Net (decrease) increase in other borrowings | (61,382,000) | 940,621,000 |
Net increase in advance payments by borrowers for taxes and insurance | 19,654,000 | 14,102,000 |
Dividends paid | (74,058,000) | (57,607,000) |
Exercise of stock options | 7,721,000 | 27,135,000 |
Purchase of treasury stock | (57,842,000) | (337,487,000) |
Net cash provided by financing activities | 1,429,729,000 | 1,474,850,000 |
Net increase in cash and cash equivalents | 249,144,000 | 19,725,000 |
Cash and cash equivalents at beginning of period | 164,178,000 | 148,904,000 |
Cash and cash equivalents at beginning of period | 413,322,000 | 168,629,000 |
Non-cash investing activities: | ||
Real estate acquired through foreclosure | 3,230,000 | 2,078,000 |
Cash paid during the year for: | ||
Interest | 143,054,000 | 114,419,000 |
Income taxes | $ 70,123,000 | $ 83,876,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are comprised of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiaries, including Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three and nine months ended September 30, 2017 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2016 Annual Report on Form 10-K. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. |
Stock Transactions
Stock Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Stock Transactions | Stock Transactions Stock Repurchase Programs On March 16, 2015, the Company announced it had received approval from the Board of Governors of the Federal Reserve System to commence a 5% buyback program prior to the one-year anniversary of the completion of its second step conversion. Accordingly, the Board of Directors authorized the repurchase of 17,911,561 shares. The first program was completed on June 30, 2015. On June 9, 2015, the Company announced its second share repurchase program, which authorized the purchase of an additional 10% of its publicly-held outstanding shares of common stock, or 34,779,211 shares. The second repurchase program commenced immediately upon completion of the first repurchase plan on June 30, 2015. The second program was completed on June 17, 2016. On April 28, 2016, the Company announced its third share repurchase program, which authorized the purchase of an additional 10% of its publicly-held outstanding shares of common stock, or 31,481,189 shares. The new repurchase program commenced immediately upon completion of the second repurchase plan on June 17, 2016. During the nine months ended September 30, 2017 , the Company purchased (including withholding of shares for payment of taxes with respect to vesting of equity transactions) 4,371,647 shares at a cost of $57.8 million , or approximately $13.23 per share. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share. For the Three Months Ended September 30, 2017 2016 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 45,845 $ 49,850 Shares Weighted-average common shares outstanding - basic 289,715,414 292,000,061 Effect of dilutive common stock equivalents (1) 1,174,893 2,673,391 Weighted-average common shares outstanding - diluted 290,890,307 294,673,452 Earnings per common share Basic $ 0.16 $ 0.17 Diluted $ 0.16 $ 0.17 (1) For the three months ended September 30, 2017 and 2016 , there were 10,952,744 and 16,372,523 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. For the Nine Months Ended September 30, 2017 2016 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 131,498 $ 139,661 Shares Weighted-average common shares outstanding - basic 290,670,601 299,873,985 Effect of dilutive common stock equivalents (1) 1,819,305 3,423,132 Weighted-average common shares outstanding - diluted 292,489,906 303,297,117 Earnings per common share Basic $ 0.45 $ 0.47 Diluted $ 0.45 $ 0.46 (1) For the nine months ended September 30, 2017 and 2016 , there were 11,041,315 and 11,819,014 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: At September 30, 2017 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 4,889 834 77 5,646 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 656,728 1,803 4,537 653,994 Federal National Mortgage Association 1,258,212 2,600 11,702 1,249,110 Government National Mortgage Association 41,642 — 963 40,679 Total mortgage-backed securities available-for-sale 1,956,582 4,403 17,202 1,943,783 Total available-for-sale securities $ 1,961,471 5,237 17,279 1,949,429 At September 30, 2017 Amortized cost Net unrealized losses (1) Carrying value Gross unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (In thousands) Held-to-maturity: Debt securities: Government-sponsored enterprises $ 43,300 — 43,300 2 739 42,563 Municipal bonds 30,907 — 30,907 1,415 — 32,322 Corporate and other debt securities 67,411 20,458 46,953 37,776 — 84,729 Total debt securities held-to-maturity 141,618 20,458 121,160 39,193 739 159,614 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 441,464 1,091 440,373 1,530 2,397 439,506 Federal National Mortgage Association 1,120,171 1,289 1,118,882 5,968 7,835 1,117,015 Government National Mortgage Association 53,336 — 53,336 19 311 53,044 Total mortgage-backed securities held-to-maturity 1,614,971 2,380 1,612,591 7,517 10,543 1,609,565 Total held-to-maturity securities $ 1,756,589 22,838 1,733,751 46,710 11,282 1,769,179 (1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non-credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. At December 31, 2016 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,825 918 83 6,660 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 603,774 1,971 7,306 598,439 Federal National Mortgage Association 1,022,383 2,678 16,474 1,008,587 Government National Mortgage Association 47,538 — 791 46,747 Total mortgage-backed securities available-for-sale 1,673,695 4,649 24,571 1,653,773 Total available-for-sale securities $ 1,679,520 5,567 24,654 1,660,433 At December 31, 2016 Amortized cost Net unrealized losses (1) Carrying Value Gross unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (In thousands) Held-to-maturity: Debt securities: Government-sponsored enterprises $ 2,128 — 2,128 12 — 2,140 Municipal bonds 37,978 — 37,978 1,515 — 39,493 Corporate and other debt securities 65,852 21,760 44,092 40,153 — 84,245 Total debt securities held-to-maturity 105,958 21,760 84,198 41,680 — 125,878 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 411,692 1,559 410,133 793 3,502 407,424 Federal National Mortgage Association 1,246,635 1,802 1,244,833 3,635 15,389 1,233,079 Government National Mortgage Association 16,392 — 16,392 28 — 16,420 Total mortgage-backed securities held-to-maturity 1,674,719 3,361 1,671,358 4,456 18,891 1,656,923 Total held-to-maturity securities $ 1,780,677 25,121 1,755,556 46,136 18,891 1,782,801 (1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non-credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. At September 30, 2017 , corporate and other debt securities include a portfolio of collateralized debt obligations backed by pooled trust preferred securities (“TruPS”), principally issued by banks and to a lesser extent insurance companies, real estate investment trusts, and collateralized debt obligations. At September 30, 2017 , the TruPS had a carrying value and estimated fair value of $42.0 million and $79.6 million , respectively. While all were investment grade at purchase, securities classified as non-investment grade at September 30, 2017 had an amortized cost and estimated fair value of $39.9 million and $73.2 million , respectively. Fair value is derived from considering specific assumptions, including terms of the TruPS structure, events of deferrals, defaults and liquidations, the projected cashflow for principal and interest payments, and discounted cash flow modeling. Investment securities with a carrying value of $1.14 billion and an estimated fair value of $1.13 billion are pledged to secure borrowings. The contractual maturities of the Bank’s mortgage-backed securities are generally less than 20 years with effective lives expected to be shorter due to prepayments. Expected maturities may differ from contractual maturities due to underlying loan prepayments or early call privileges of the issuer, therefore, mortgage-backed securities are not included in the following table. The amortized cost and estimated fair value of debt securities at September 30, 2017 , by contractual maturity, are shown below. September 30, 2017 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 28,337 28,339 Due after one year through five years 75 75 Due after five years through ten years 46,240 45,582 Due after ten years 46,508 85,618 Total $ 121,160 159,614 Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2017 and December 31, 2016 , was as follows: September 30, 2017 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Equity Securities $ 4,792 77 — — 4,792 77 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 291,595 2,732 56,408 1,805 348,003 4,537 Federal National Mortgage Association 678,795 7,951 150,569 3,751 829,364 11,702 Government National Mortgage Association 40,679 963 — — 40,679 963 Total mortgage-backed securities available-for-sale 1,011,069 11,646 206,977 5,556 1,218,046 17,202 Total available-for-sale securities 1,015,861 11,723 206,977 5,556 1,222,838 17,279 Held-to-maturity: Debt securities: Government-sponsored enterprises 40,517 739 — — 40,517 739 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 243,530 2,333 2,820 64 246,350 2,397 Federal National Mortgage Association 571,368 6,294 43,891 1,541 615,259 7,835 Government National Mortgage Association 39,524 311 — — 39,524 311 Total mortgage-backed securities held-to-maturity 854,422 8,938 46,711 1,605 901,133 10,543 Total held-to-maturity securities 894,939 9,677 46,711 1,605 941,650 11,282 Total $ 1,910,800 21,400 253,688 7,161 2,164,488 28,561 December 31, 2016 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Equity Securities $ 4,722 83 — — 4,722 83 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 406,878 7,220 12,756 86 419,634 7,306 Federal National Mortgage Association 762,272 15,977 25,089 497 787,361 16,474 Government National Mortgage Association 46,747 791 — — 46,747 791 Total mortgage-backed securities available-for-sale 1,215,897 23,988 37,845 583 1,253,742 24,571 Total available-for-sale securities 1,220,619 24,071 37,845 583 1,258,464 24,654 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 339,666 3,354 3,623 148 343,289 3,502 Federal National Mortgage Association 970,194 15,389 — — 970,194 15,389 Total held-to-maturity securities 1,309,860 18,743 3,623 148 1,313,483 18,891 Total $ 2,530,479 42,814 41,468 731 2,571,947 43,545 At September 30, 2017 , the majority of gross unrealized losses primarily relate to our mortgage-backed-security portfolio which is comprised of securities issued by U.S. Government Sponsored Enterprises. The fair values of these securities have been negatively impacted by the recent increase in intermediate-term market interest rates. Other-Than-Temporary Impairment (“OTTI”) We conduct a quarterly review and evaluation of the securities portfolio to determine if the value of any security has declined below its cost or amortized cost, and whether such decline is other-than-temporary. If a determination is made that a debt security is other-than-temporarily impaired, the Company will estimate the amount of the unrealized loss that is attributable to credit and all other non-credit related factors. The credit related component will be recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component will be recorded as an adjustment to accumulated other comprehensive income, net of tax. With the assistance of a valuation specialist, we evaluate the credit and performance of each issuer underlying our TruPS. Cash flows for each security are forecasted using assumptions for defaults, recoveries, pre-payments and amortization. At September 30, 2017 and 2016 , management deemed that the present value of projected cash flows for each security was greater than the book value and did not recognize any additional OTTI charges for the three and nine months ended September 30, 2017 and 2016 . At September 30, 2017 , non-credit related OTTI recorded on the previously impaired TruPS was $20.5 million ( $12.1 million after-tax). This amount is being accreted into income over the estimated remaining life of the securities. The following table presents the changes in the credit loss component of the impairment loss of debt securities that the Company has written down for such loss as an other-than-temporary impairment recognized in earnings. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance of credit related OTTI, beginning of period $ 87,921 97,977 95,743 100,200 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (1,077 ) (1,112 ) (5,088 ) (3,335 ) Reductions for securities sold or paid off during the period — — (3,811 ) — Balance of credit related OTTI, end of period $ 86,844 96,865 86,844 96,865 The credit loss component of the impairment loss represents the difference between the present value of expected future cash flows and the amortized cost basis of the securities prior to considering credit losses. The beginning balance represents the credit loss component for debt securities for which OTTI occurred prior to the period presented. If OTTI is recognized in earnings for credit impaired debt securities, they would be presented as additions based upon whether the current period is the first time a debt security was credit impaired (initial credit impairment) or is not the first time a debt security was credit impaired (subsequent credit impairments). The credit loss component is reduced if the Company sells, intends to sell or believes it will be required to sell previously credit impaired debt securities. Additionally, the credit loss component is reduced if (i) the Company receives cash flows in excess of what it expected to receive over the remaining life of the credit impaired debt security, (ii) the security matures or (iii) the security is fully written down. Realized Gains and Losses Gains and losses on the sale of all securities are determined using the specific identification method. For the three months ended September 30, 2017 , there were no proceeds from sales of securities in the available-for-sale portfolio. For the nine months ended September 30, 2017 , the Company received sale proceeds of $102.1 million on pools of mortgage-backed securities from the available-for-sale portfolio resulting in a gross realized gain of $1.3 million . There were no proceeds from sales of securities in the held-to-maturity portfolio for the three and nine months ended September 30, 2017 ; however, for the nine months ended September 30, 2017 , the Company received proceeds of $3.1 million from the liquidation of a TruP security. As a result, $1.9 million was recognized as interest income from securities in the Consolidated Statements of Income. For the three and nine months ended September 30, 2016 , the Company received proceeds of $122,200 and $57.9 million , respectively, on equity securities and pools of mortgage-backed securities sold from the available-for-sale portfolio resulting in a gross realized gain of $72,200 and $2.3 million , respectively. For the three months ended September 30, 2016 , there were no sale proceeds from the held-to-maturity portfolio. For the nine months ended September 30, 2016 , the Company received sale proceeds of $14.3 million on a pool of mortgage-backed securities from the held-to-maturity portfolio resulting in a gross realized gain of $836,000 . These securities met the criteria of principal pay downs under 85% of the original investment amount and therefore did not result in a tainting of the held-to-maturity portfolio. The Company sells securities when, in management’s assessment, market pricing presents an economic benefit that outweighs holding such securities, and when securities with smaller balances become cost prohibitive to carry. |
Loans Receivable, Net
Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans Receivable, Net | Loans Receivable, Net The detail of the loan portfolio as of September 30, 2017 and December 31, 2016 was as follows: September 30, December 31, (In thousands) Multi-family loans $ 7,854,759 7,459,131 Commercial real estate loans 4,660,268 4,445,194 Commercial and industrial loans 1,501,235 1,275,283 Construction loans 397,929 314,843 Total commercial loans 14,414,191 13,494,451 Residential mortgage loans 4,871,460 4,710,373 Consumer and other loans 654,701 596,922 Total loans excluding PCI loans 19,940,352 18,801,746 PCI loans 8,577 8,956 Net unamortized premiums and deferred loan costs (1) (11,701 ) (12,474 ) Allowance for loan losses (230,071 ) (228,373 ) Net loans $ 19,707,157 18,569,855 (1) Included in unamortized premiums and deferred loan costs are accretable purchase accounting adjustments in connection with loans acquired. Allowance for Loan Losses An analysis of the allowance for loan losses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of the period $ 230,028 220,316 228,373 218,505 Loans charged off (3,022 ) (2,972 ) (14,519 ) (13,379 ) Recoveries 1,315 1,206 4,467 3,424 Net charge-offs (1,707 ) (1,766 ) (10,052 ) (9,955 ) Provision for loan losses 1,750 5,000 11,750 15,000 Balance at end of the period $ 230,071 223,550 230,071 223,550 The allowance for loan losses is the estimated amount considered necessary to cover credit losses inherent in the loan portfolio at the balance sheet date. The allowance is established through the provision for loan losses that is charged against income. In determining the allowance for loan losses, we make significant estimates and therefore, have identified the allowance as a critical accounting policy. The methodology for determining the allowance for loan losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the amount of the recorded allowance for loan losses. The allowance for loan losses has been determined in accordance with U.S. GAAP, under which we are required to maintain an allowance for probable losses at the balance sheet date. We are responsible for the timely and periodic determination of the amount of the allowance required. We believe that our allowance for loan losses is adequate to cover specifically identifiable losses, as well as estimated losses inherent in our portfolio for which certain losses are probable but not specifically identifiable. Loans acquired are marked to fair value on the date of acquisition with no valuation allowance reflected in the allowance for loan losses. In conjunction with the quarterly evaluation of the adequacy of the allowance for loan losses, the Company performs an analysis on acquired loans to determine whether or not an allowance should be ascribed to those loans. Purchased Credit-Impaired (“PCI”) loans, are loans acquired at a discount that is due, in part, to credit quality. PCI loans are accounted for in accordance with Accounting Standards Codification (“ASC”) Subtopic 310-30 and are initially recorded at fair value as determined by the present value of expected future cash flows with no valuation allowance reflected in the allowance for loan losses. For the nine months ended September 30, 2017 , the Company recorded charge-offs of $92,000 related to PCI loans acquired. Management performs a quarterly evaluation of the adequacy of the allowance for loan losses. The analysis of the allowance for loan losses has two components: specific and general allocations. Specific allocations are made for loans determined to be impaired. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring (“TDR”), and other commercial loans greater than $1.0 million if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Impairment is measured by determining the present value of expected future cash flows or, for collateral-dependent loans, the fair value of the collateral adjusted for market conditions and selling expenses. The general allocation is determined by segregating the remaining loans by type of loan, risk rating (if applicable) and payment history. In addition, the Company’s residential portfolio is subdivided between fixed and adjustable rate loans as adjustable rate loans are deemed to be subject to more credit risk if interest rates rise. Reserves for each loan segment or the loss factors are generally determined based on the Company’s historical loss experience over a look-back period determined to provide the appropriate amount of data to accurately estimate expected losses as of period end. Additionally, management assesses the loss emergence period for the expected losses of each loan segment and adjusts each historical loss factor accordingly. The loss emergence period is the estimated time from the date of a loss event (such as a personal bankruptcy) to the actual recognition of the loss (typically via the first full or partial loan charge-off), and is determined based upon a study of the Company’s past loss experience by loan segment. The loss factors may also be adjusted to account for qualitative or environmental factors that are likely to cause estimated credit losses inherent in the portfolio to differ from historical loss experience. This evaluation is based on among other things, loan and delinquency trends, general economic conditions, credit concentrations, industry trends and lending and credit management policies and procedures, but is inherently subjective as it requires material estimates that may be susceptible to significant revisions based upon changes in economic and real estate market conditions. Actual loan losses may be different than the allowance for loan losses we have established which could have a material negative effect on our financial results. On a quarterly basis, management reviews the current status of various loan assets in order to evaluate the adequacy of the allowance for loan losses. In this evaluation process, specific loans are analyzed to determine their potential risk of loss. Loans determined to be impaired are evaluated for potential loss exposure. Any shortfall results in a recommendation of a specific allowance or charge-off if the likelihood of loss is evaluated as probable. To determine the adequacy of collateral on a particular loan, an estimate of the fair value of the collateral is based on the most current appraised value available for real property or a discounted cash flow analysis on a business. The appraised value for real property is then reduced to reflect estimated liquidation expenses. The allowance contains reserves identified as unallocated. These reserves reflect management’s attempt to provide for the imprecision and the uncertainty that is inherent in estimates of probable credit losses. Our lending emphasis has been the origination of multi-family loans, commercial real estate loans, commercial and industrial loans, one- to four-family residential mortgage loans secured by one- to four-family residential real estate, construction loans and consumer loans, the majority of which are home equity loans, home equity lines of credit and cash surrender value lending on life insurance contracts. These activities resulted in a concentration of loans secured by real estate property and businesses located in New Jersey and New York. Based on the composition of our loan portfolio, we believe the primary risks to our loan portfolio are increases in interest rates, a decline in the general economy, and declines in real estate market values in New Jersey, New York and surrounding states. Any one or combination of these events may adversely affect our loan portfolio resulting in increased delinquencies, loan losses and future levels of loan loss provisions. As a substantial amount of our loan portfolio is collateralized by real estate, appraisals of the underlying value of property securing loans are critical in determining the amount of the allowance required for specific loans. Assumptions for appraisal valuations are instrumental in determining the value of properties. Negative changes to appraisal assumptions could significantly impact the valuation of a property securing a loan and the related allowance determined. The assumptions supporting such appraisals are carefully reviewed to determine that the resulting values reasonably reflect amounts realizable on the related loans. For commercial real estate, multi-family and construction loans, the Company obtains an appraisal for all collateral dependent loans upon origination. An updated appraisal is obtained annually for loans rated substandard or worse with a balance of $500,000 or greater. An updated appraisal is obtained biennially for loans rated special mention with a balance of $2.0 million or greater. This is done in order to determine the specific reserve or charge off needed. As part of the allowance for loan losses process, the Company reviews each collateral dependent commercial real estate loan classified as non-accrual and/or impaired and assesses whether there has been an adverse change in the collateral value supporting the loan. The Company utilizes information from its commercial lending officers and its credit department and special assets department’s knowledge of changes in real estate conditions in our lending area to identify if possible deterioration of collateral value has occurred. Based on the severity of the changes in market conditions, management determines if an updated appraisal is warranted or if downward adjustments to the previous appraisal are warranted. If it is determined that the deterioration of the collateral value is significant enough to warrant ordering a new appraisal, an estimate of the downward adjustments to the existing appraised value is used in assessing if additional specific reserves are necessary until the updated appraisal is received. For homogeneous residential mortgage loans, the Company’s policy is to obtain an appraisal upon the origination of the loan and an updated appraisal in the event a loan becomes 90 days delinquent. Thereafter, the appraisal is updated every two years if the loan remains in non-performing status and the foreclosure process has not been completed. Management adjusts the appraised value of residential loans to reflect estimated selling costs and declines in the real estate market. Management believes the potential risk for outdated appraisals for impaired and other non-performing loans has been mitigated due to the fact that the loans are individually assessed to determine that the loan’s carrying value is not in excess of the fair value of the collateral. Loans are generally charged off after an analysis is completed which indicates that collectability of the full principal balance is in doubt. Although we believe we have established and maintained the allowance for loan losses at adequate levels, additions may be necessary if the current economic environment deteriorates. Management uses relevant information available; however, the level of the allowance for loan losses remains an estimate that is subject to significant judgment and short-term change. In addition, the Federal Deposit Insurance Corporation and the New Jersey Department of Banking and Insurance, as an integral part of their examination process, will periodically review our allowance for loan losses. Such agencies may require us to recognize adjustments to the allowance based on their judgments about information available to them at the time of their examination. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2017 and December 31, 2016 : September 30, 2017 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Charge-offs (5 ) (6,818 ) (3,242 ) (100 ) (4,205 ) (149 ) — (14,519 ) Recoveries 1,178 500 177 — 2,492 120 — 4,467 Provision (9,795 ) 13,205 6,862 (1,771 ) 2,913 116 220 11,750 Ending balance-September 30, 2017 $ 86,939 59,683 47,289 9,782 21,031 2,937 2,410 230,071 Individually evaluated for impairment $ — — — — 1,630 88 — 1,718 Collectively evaluated for impairment 86,939 59,683 47,289 9,782 19,401 2,849 2,410 228,353 Loans acquired with deteriorated credit quality — — — — — — — — Balance at September 30, 2017 $ 86,939 59,683 47,289 9,782 21,031 2,937 2,410 230,071 Loans: Individually evaluated for impairment $ 13,929 32,499 1,317 — 26,827 861 — 75,433 Collectively evaluated for impairment 7,840,830 4,627,769 1,499,918 397,929 4,844,633 653,840 — 19,864,919 Loans acquired with deteriorated credit quality — 6,845 — — 1,412 320 — 8,577 Balance at September 30, 2017 $ 7,854,759 4,667,113 1,501,235 397,929 4,872,872 655,021 — 19,948,929 December 31, 2016 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Charge-offs (161 ) (455 ) (4,485 ) (52 ) (9,425 ) (419 ) — (14,997 ) Recoveries 1,885 689 541 267 1,631 102 — 5,115 Provision 5,614 5,563 6,851 4,644 (3,818 ) 12 884 19,750 Ending balance-December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Individually evaluated for impairment $ — — — — 1,581 20 — 1,601 Collectively evaluated for impairment 95,561 52,796 43,492 11,653 18,250 2,830 2,190 226,772 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Loans: Individually evaluated for impairment $ 248 5,962 3,370 — 24,453 371 — 34,404 Collectively evaluated for impairment 7,458,883 4,439,232 1,271,913 314,843 4,685,920 596,551 — 18,767,342 Loans acquired with deteriorated credit quality — 7,106 — — 1,507 343 — 8,956 Balance at December 31, 2016 $ 7,459,131 4,452,300 1,275,283 314,843 4,711,880 597,265 — 18,810,702 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. For non-homogeneous loans, such as commercial and commercial real estate loans, the Company analyzes the loans individually by classifying the loans as to credit risk and assesses the probability of collection for each type of class. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: Pass - “Pass” assets are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Watch - A “Watch” asset has all the characteristics of a Pass asset but warrants more than the normal level of supervision. These loans may require more detailed reporting to management because some aspects of underwriting may not conform to policy or adverse events may have affected or could affect the cash flow or ability to continue operating profitably, provided, however, the events do not constitute an undue credit risk. Residential loans delinquent 30 - 59 days are considered watch if not already identified as impaired. Special Mention - A “Special Mention” asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Residential loans delinquent 60 - 89 days are considered special mention if not already identified as impaired. Substandard - A “Substandard” asset is inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Residential loans delinquent 90 days or greater as well as those identified as impaired are considered substandard. Doubtful - An asset classified “Doubtful” has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. Loss - An asset or portion thereof, classified “Loss” is considered uncollectible and of such little value that its continuance on the institution’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. As such, it is not practical or desirable to defer the write-off. The following tables present the risk category of loans as of September 30, 2017 and December 31, 2016 by class of loans, excluding PCI loans: September 30, 2017 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,884,230 678,668 158,101 133,760 — — 7,854,759 Commercial real estate 3,828,406 528,965 135,840 167,057 — — 4,660,268 Commercial and industrial 1,026,038 395,166 64,815 15,216 — — 1,501,235 Construction 284,554 106,798 6,577 — — — 397,929 Total commercial loans 12,023,228 1,709,597 365,333 316,033 — — 14,414,191 Residential mortgage 4,772,466 15,174 7,615 76,205 — — 4,871,460 Consumer and other 640,416 7,048 353 6,884 — — 654,701 Total $ 17,436,110 1,731,819 373,301 399,122 — — 19,940,352 December 31, 2016 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,961,809 276,858 165,948 54,516 — — 7,459,131 Commercial real estate 3,900,988 373,319 134,154 36,733 — — 4,445,194 Commercial and industrial 900,190 344,628 23,588 6,877 — — 1,275,283 Construction 230,630 76,773 3,200 4,240 — — 314,843 Total commercial loans 11,993,617 1,071,578 326,890 102,366 — — 13,494,451 Residential mortgage 4,600,611 21,873 10,239 77,650 — — 4,710,373 Consumer and other 583,140 5,627 719 7,436 — — 596,922 Total $ 17,177,368 1,099,078 337,848 187,452 — — 18,801,746 The following tables present the payment status of the recorded investment in past due loans as of September 30, 2017 and December 31, 2016 by class of loans, excluding PCI loans: September 30, 2017 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 15,785 — 207 15,992 7,838,767 7,854,759 Commercial real estate 32,663 979 14,546 48,188 4,612,080 4,660,268 Commercial and industrial 611 1,384 336 2,331 1,498,904 1,501,235 Construction — — — — 397,929 397,929 Total commercial loans 49,059 2,363 15,089 66,511 14,347,680 14,414,191 Residential mortgage 16,851 8,386 54,101 79,338 4,792,122 4,871,460 Consumer and other 7,048 353 6,025 13,426 641,275 654,701 Total $ 72,958 11,102 75,215 159,275 19,781,077 19,940,352 December 31, 2016 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 5,272 1,099 234 6,605 7,452,526 7,459,131 Commercial real estate 6,568 31,964 6,445 44,977 4,400,217 4,445,194 Commercial and industrial 864 885 2,971 4,720 1,270,563 1,275,283 Construction — — — — 314,843 314,843 Total commercial loans 12,704 33,948 9,650 56,302 13,438,149 13,494,451 Residential mortgage 24,052 10,930 58,119 93,101 4,617,272 4,710,373 Consumer and other 5,627 719 7,065 13,411 583,511 596,922 Total $ 42,383 45,597 74,834 162,814 18,638,932 18,801,746 The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: September 30, 2017 December 31, 2016 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 4 $ 14,137 2 $ 482 Commercial real estate 31 35,329 24 9,205 Commercial and industrial 6 1,926 8 4,659 Total commercial loans 41 51,392 34 14,346 Residential mortgage and consumer 417 74,270 478 79,928 Total non-accrual loans 458 $ 125,662 512 $ 94,274 Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2017 and December 31, 2016 , these loans are comprised of the following: September 30, 2017 December 31, 2016 # of loans Amount # of loans Amount (Dollars in thousands) Current TDR classified as non-accrual: Multi-family — $ — 1 $ 248 Commercial real estate 1 396 1 63 Commercial and industrial — — 1 286 Total commercial loans 1 396 3 597 Residential mortgage and consumer 24 4,815 23 5,721 Total current TDR classified as non-accrual 25 $ 5,211 26 $ 6,318 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: September 30, 2017 December 31, 2016 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Commercial real estate 1 $ 56 2 $ 169 Residential mortgage and consumer 12 2,447 14 2,869 Total TDR 30-89 days delinquent classified as non-accrual 13 $ 2,503 16 $ 3,038 The Company has no loans past due 90 days or more delinquent that are still accruing interest. PCI loans are excluded from non-accrual loans, as they are recorded at fair value based on the present value of expected future cash flows. As of September 30, 2017 , PCI loans with a carrying value of $8.6 million included $7.4 million of which were current, $75,000 of which were 30 - 89 days delinquent and $1.1 million of which were 90 days or more delinquent. As of December 31, 2016 , PCI loans with a carrying value of $9.0 million included $7.7 million of which were current, none of which were 30 - 89 days delinquent and $1.3 million of which were 90 days or more delinquent. At September 30, 2017 and December 31, 2016 , loans meeting the Company’s definition of an impaired loan were primarily collateral dependent loans which totaled $75.4 million and $34.4 million , respectively, with allocations of the allowance for loan losses of $1.7 million and $1.6 million for the periods ending September 30, 2017 and December 31, 2016 , respectively. During the nine months ended September 30, 2017 and 2016 , interest income received and recognized on these loans totaled $1.2 million and $1.0 million , respectively. The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2017 and December 31, 2016 : September 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 13,929 13,977 — 14,318 121 Commercial real estate 32,499 42,362 — 32,910 284 Commercial and industrial 1,317 1,896 — 1,343 28 Construction — — — — — Total commercial loans 47,745 58,235 — 48,571 433 Residential mortgage and consumer 12,877 16,830 — 11,785 398 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 14,811 15,422 1,718 14,338 332 Total: Multi-family 13,929 13,977 — 14,318 121 Commercial real estate 32,499 42,362 — 32,910 284 Commercial and industrial 1,317 1,896 — 1,343 28 Construction — — — — — Total commercial loans 47,745 58,235 — 48,571 433 Residential mortgage and consumer 27,688 32,252 1,718 26,123 730 Total impaired loans $ 75,433 90,487 1,718 74,694 1,163 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 11,030 14,565 — 9,899 483 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 13,794 14,382 1,601 13,689 479 Total: Multi-family 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 24,824 28,947 1,601 23,588 962 Total impaired loans $ 34,404 42,432 1,601 33,583 1,452 The average recorded investment is the annual average calculated based upon the ending quarterly balances. The interest income recognized is the year to date interest income recognized on a cash basis. Troubled Debt Restructurings On a case-by-case basis, the Company may agree to modify the contractual terms of a borrower’s loan to remain competitive and assist customers who may be experiencing financial difficulty, as well as preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. Substantially all of our TDR loan modifications involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan, or a combination of these two methods. These modifications rarely result in the forgiveness of principal or accrued interest. In addition, we frequently obtain additional collateral or guarantor support when modifying commercial loans. Restructured loans remain on non-accrual status until there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the total TDR loans at September 30, 2017 and December 31, 2016 . There were four residential PCI loans that were classified as TDRs for the period ended September 30, 2017 . There were three residential PCI loans that were classified as TDRs for the period ended December 31, 2016 . September 30, 2017 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Commercial real estate 2 $ 171 4 $ 17,930 6 $ 18,101 Commercial and industrial — — 1 1,316 1 1,316 Total commercial loans 2 171 5 19,246 7 19,417 Residential mortgage and consumer 56 13,187 64 14,502 120 27,689 Total 58 $ 13,358 69 $ 33,748 127 $ 47,106 December 31, 2016 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 248 1 $ 248 Commercial real estate 2 352 4 3,240 6 3,592 Commercial and industrial — — 2 1,688 2 1,688 Total commercial loans 2 352 7 5,176 9 5,528 Residential mortgage and consumer 40 9,093 61 15,731 101 24,824 Total 42 $ 9,445 68 $ 20,907 110 $ 30,352 The following tables present information about TDRs that occurred during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Commercial real estate — $ — $ — 2 $ 468 $ 468 Residential mortgage and consumer 6 1,673 1,673 6 1,051 1,051 Nine Months Ended September 30, 2017 2016 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Commercial real estate 3 $ 20,225 $ 15,787 5 $ 1,039 $ 1,039 Residential mortgage and consumer 23 4,924 4,824 20 2,600 2,600 Post-modification recorded investment represents the net book balance immediately following modification. All TDRs are impaired loans, which are individually evaluated for impairment, as discussed above. Collateral dependent impaired loans classified as TDRs were written down to the estimated fair value of the collateral. There were no charge-offs for collateral dependent TDRs during the three months ended September 30, 2017 and 2016 . There were charge-offs of $4.5 million for collateral dependent TDRs during the nine months ended September 30, 2017 . There were no charge-offs for collateral dependent TDRs during the nine months ended September 30, 2016 . The allowance for loan losses associated with the TDRs presented in the above tables totaled $1.7 million and $1.6 million at September 30, 2017 and December 31, 2016 , respectively. Residential mortgage loan modifications generally involve the reduction in loan interest rate and extension of loan maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. All residential loans deemed to be TDRs were modified to reflect a reduction in interest rates to current market rates. The commercial loan modifications which qualified as TDRs had their maturity extended. The following tables present information about pre and post modification interest yield for troubled debt restructurings which occurred during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Commercial real estate — — % — % 2 4.93 % 4.89 % Residential mortgage and consumer 6 3.75 % 2.98 % 6 6.30 % 2.86 % Nine Months Ended September 30, 2017 2016 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Commercial real estate 3 4.67 % 4.67 % 5 4.38 % 4.50 % Residential mortgage and consumer 23 4.15 % 3.39 % 20 6.31 % 3.42 % Payment defaults for loans modified as a TDR in the previous 12 months to September 30, 2017 consisted of 8 residential loans and 1 commercial real estate loan with a recorded investment of $1.0 million and $160,000 , respectively, at September 30, 2017 . Payment defaults for loans modified as a TDR in the previous 12 months to September 30, 2016 consisted of 6 residential loans, 4 commercial real estate loans and 1 construction loan with a recorded investment of $1.0 million , $588,000 and $132,000 , respectively, at September 30, 2016 . Non Performing Loan Sales For the nine months ended September 30, 2017, the Company sold $48.1 million of non-performing commercial real estate and multi-family loans, resulting in no charge-off recorded through the allowance. There were no sales of non-performing loans during the nine months ended September 30, 2016. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits are summarized as follows: September 30, 2017 December 31, 2016 (In thousands) Non-interest bearing: Checking accounts $ 2,263,198 2,173,493 Interest bearing: Checking accounts 4,633,096 3,916,208 Money market deposits 4,298,171 4,150,583 Savings 2,049,509 2,092,989 Certificates of deposit 3,632,495 2,947,560 Total deposits $ 16,876,469 15,280,833 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table summarizes net intangible assets and goodwill at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Mortgage servicing rights $ 14,536 14,889 Core deposit premiums 6,597 8,451 Other 863 928 Total other intangible assets 21,996 24,268 Goodwill 77,571 77,571 Goodwill and intangible assets $ 99,567 101,839 The following table summarizes other intangible assets as of September 30, 2017 and December 31, 2016 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) September 30, 2017 Mortgage servicing rights $ 23,237 (8,579 ) (122 ) 14,536 Core deposit premiums 25,058 (18,461 ) — 6,597 Other 1,150 (287 ) — 863 Total other intangible assets $ 49,445 (27,327 ) (122 ) 21,996 December 31, 2016 Mortgage servicing rights $ 24,340 (9,286 ) (165 ) 14,889 Core deposit premiums 25,058 (16,607 ) — 8,451 Other 1,150 (222 ) — 928 Total other intangible assets $ 50,548 (26,115 ) (165 ) 24,268 Mortgage servicing rights are accounted for using the amortization method. Under this method, the Company amortizes the loan servicing asset in proportion to, and over the period of, estimated net servicing revenues. The Company sells loans on a servicing-retained basis. Loans that were sold on this basis had an unpaid principal balance of $1.91 billion and $1.98 billion at September 30, 2017 and December 31, 2016 , respectively, all of which relate to residential mortgage loans. At September 30, 2017 and December 31, 2016 , the servicing asset, included in intangible assets, had an estimated fair value of $15.6 million and $16.2 million , respectively. At September 30, 2017 , fair value was based on expected future cash flows considering a weighted average discount rate of 14.24% , a weighted average constant prepayment rate on mortgages of 9.78% and a weighted average life of 6.8 years , see Note 12 for additional details. Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years . |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan At the annual meeting held on June 9, 2015, stockholders of the Company approved the Investors Bancorp, Inc. 2015 Equity Incentive Plan (“2015 Plan”) which provides for the issuance or delivery of up to 30,881,296 shares ( 13,234,841 restricted stock awards and 17,646,455 stock options) of Investors Bancorp, Inc. common stock. Restricted shares granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. Additionally, certain restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of restricted stock may accelerate in accordance with the terms of the 2015 Plan. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determine the fair value of restricted shares under the 2015 Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For the nine months ended September 30, 2017 and September 30, 2016 , the Company granted 430,000 and 271,890 shares of restricted stock awards under the 2015 Plan, respectively. Stock options granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. The vesting of stock options may accelerate in accordance with the terms of the 2015 Plan. Stock options were granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price and have an expiration period of 10 years. Upon exercise of vested options, management expects to draw on treasury stock as the source for shares. For the nine months ended September 30, 2017 and September 30, 2016 , the Company granted 83,800 and 201,440 stock options under the 2015 Plan, respectively. The fair value of stock options granted as part of the 2015 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the periods presented below: Nine Months Ended September 30, 2017 2016 Weighted average expected life (in years) 6.50 7.00 Weighted average risk-free rate of return 2.04 % 1.67 % Weighted average volatility 24.73 % 24.05 % Dividend yield 2.44 % 1.93 % Weighted average fair value of options granted $ 3.00 $ 2.80 Total stock options granted 83,800 201,440 The Company recognizes the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of those awards in accordance with ASC 718, “ Compensation-Stock Compensation ”. The Company estimates the per share fair value of option grants on the date of grant using the Black-Scholes option pricing model using assumptions for the expected dividend yield, expected stock price volatility, risk-free interest rate and expected option term. These assumptions are subjective in nature, involve uncertainties and, therefore, cannot be determined with precision. Accounting Standards Update (“ASU”) 2016-09, Compensation - Stock Compensation (Topic 718), requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits are classified as an operating activity. In accordance with SEC Staff Accounting Bulletin No. 107, the Company classifies share-based compensation for employees and outside directors within “compensation and fringe benefits” in the consolidated statements of income to correspond with the same line item as the cash compensation paid. The following table presents the share based compensation expense for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Stock option expense $ 1,469 1,508 4,373 4,498 Restricted stock expense 3,471 3,954 10,594 10,658 Total share based compensation expense $ 4,940 5,462 14,967 15,156 The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2017 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2016 13,165,333 $11.74 8.2 $29,101 Granted 83,800 13.12 9.8 Exercised (936,881 ) 8.24 3.8 Forfeited (495,248 ) 12.53 Expired (1,429 ) 12.54 Outstanding at September 30, 2017 11,815,575 $11.99 7.7 $19,453 Exercisable at September 30, 2017 4,603,154 $11.16 6.9 $11,426 Expected future expense relating to the non-vested options outstanding as of September 30, 2017 is $22.3 million over a weighted average period of 4.0 years. The following is a summary of the status of the Company’s restricted shares as of September 30, 2017 and changes therein during the nine months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 5,876,491 $ 12.51 Granted 430,000 14.39 Vested (960,564 ) 12.51 Forfeited (268,163 ) 12.50 Outstanding and non vested at September 30, 2017 5,077,764 $ 12.67 Expected future expense relating to the non-vested restricted shares outstanding as of September 30, 2017 is $56.6 million over a weighted average period of 4.1 years. |
Net Periodic Benefit Plan Expen
Net Periodic Benefit Plan Expense | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Plan Expense | Net Periodic Benefit Plan Expense The Company has an Executive Supplemental Retirement Wage Replacement Plan (“Wage Replacement Plan”) and the Supplemental Retirement Plan (“SERP I”) (collectively, the “SERPs”). The Wage Replacement Plan is a nonqualified, defined benefit plan which provides benefits to certain executives as designated by the Compensation Committee of the Board of Directors. More specifically, the Wage Replacement Plan was designed to provide participants with a normal retirement benefit equal to an annual benefit of 60% of the participant’s highest annual base salary and cash incentive (over a consecutive 36 -month period within the participant’s credited service period) reduced by the sum of the benefits provided under the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”) and SERP I. Effective as of the close of business of December 31, 2016, the Wage Replacement Plan was amended to freeze future benefit accruals, and for certain participants, structure the benefits payable attributable solely to the participants’ 2016 year of service to vest over a two -year period such that the participants would have a right to 50% of their accrued benefits attributable to their 2016 year of service as of December 31, 2016, which will become 100% vested provided the participants remained continuously employed through and including December 31, 2017. The Supplemental ESOP compensates certain executives (as designated by the Compensation Committee of the Board of Directors) participating in the ESOP whose contributions are limited by the Internal Revenue Code. The Company also maintains the Amended and Restated Director Retirement Plan (“Directors’ Plan”) for certain directors, which is a nonqualified, defined benefit plan. The Directors’ Plan was frozen on November 21, 2006 such that no new benefits accrued under, and no new directors were eligible to participate in the plan. The Wage Replacement Plan, Supplemental ESOP and the Directors’ Plan are unfunded and the costs of the plans are recognized over the period that services are provided. The components of net periodic benefit cost for the Directors’ Plan and the Wage Replacement Plan are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Service cost $ 371 894 1,114 2,681 Interest cost 379 474 1,135 1,422 Amortization of: Prior service cost — — — — Net loss 115 514 344 1,542 Total net periodic benefit cost $ 865 1,882 2,593 5,645 Due to the unfunded nature of the SERPs and the Directors’ Plan, no contributions have been made or were expected to be made during the nine months ended September 30, 2017 . The Company also maintains the Pentegra DB Plan. Since it is a multiemployer plan, costs of the pension plan are based on contributions required to be made to the pension plan. As of December 31, 2016, the annual benefit provided under the Pentegra DB plan has been amended to freeze the plan. Freezing the plan eliminates all future benefit accruals and each participants frozen accrued benefit will be determined as of December 31, 2016 and no further benefits will accrue beyond such date. There was no contribution required during the nine months ended September 30, 2017 . We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2017 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses various financial instruments, including derivatives, to manage its exposure to interest rate risk. Certain derivatives are designated as hedging instruments in a qualifying hedge accounting relationship (fair value or cash flow hedge). As of September 30, 2017 and December 31, 2016 , the Company has cash flow hedges with aggregate notional amounts of $900.0 million and $400.0 million , respectively. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are primarily to reduce cost and add stability to interest expense in an effort to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of amounts subject to variability caused by changes in interest rates 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 initially recorded in other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company did not have any derivatives outstanding prior to the third quarter of 2016. During the three and nine months ended September 30, 2017 and the three months ended September 30, 2016 , such derivatives were used to hedge the variability in cash flows associated with certain short term wholesale funding transactions. During the three and nine months ended September 30, 2017 and the three months ended September 30, 2016 , the Company did not record any hedge ineffectiveness. The ineffective portion of the change in fair value of the derivatives would be recognized directly in earnings. 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 borrowings. During the next twelve months, the Company estimates that an additional $2.0 million will be reclassified as an increase to interest expense. Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 : Asset Derivatives Liability Derivatives September 30, 2017 (1) December 31, 2016 September 30, 2017 (1) December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest Rate Swaps Other assets $ — Other assets $ 12,550 Other liabilities $ 467 Other liabilities $ — Total derivatives designated as hedging instruments $ — $ 12,550 $ 467 $ — (1) In accordance with the Chicago Mercantile Exchange (“CME”) rulebook changes effective January 3, 2017, the fair value is inclusive of accrued interest and variation margin posted by the CME. The CME amended their rules to legally characterize the variation margin posted between counterparties to be classified as settlements of the outstanding derivative contracts instead of cash collateral. The Company adopted the new rule on a prospective basis to include the accrued interest and variation margin posted by the CME in the fair value. Effect of Derivative Instruments on the Income Statement The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Income as of September 30, 2017 and 2016 . Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cash Flow Hedges - Interest rate swaps (In thousands) Amount of gain (loss) recognized in other comprehensive income $ (201 ) (1,109 ) (5,472 ) (1,109 ) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense (1,147 ) (42 ) (3,233 ) (42 ) Amount of gain (loss) recognized in other non-interest income (ineffective portion) — — — — Offsetting Derivatives The following table presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives in the Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 . The net amounts of derivative liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Company’s Consolidated Balance Sheets. Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In thousands) September 30, 2017 Liabilities: Interest Rate Swaps (1) $ 467 — 467 — — 467 Total $ 467 — 467 — — 467 December 31, 2016 Assets: Interest Rate Swaps $ 12,550 — 12,550 — 12,550 — Total $ 12,550 — 12,550 — 12,550 — (1) In accordance with the CME rulebook changes effective January 3, 2017, the gross amounts recognized are inclusive of accrued interest and variation margin posted by the CME. Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well capitalized institution, then the Company could be required to terminate its derivative positions with the counterparty. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and posts collateral on a daily basis as required by the clearing house against the Company’s obligations, as required by these agreements. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Comprehensive Income | Comprehensive Income The components of comprehensive income, both gross and net of tax, are as follows: Three Months Ended September 30, 2017 2016 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 74,282 (28,437 ) 45,845 71,728 (21,878 ) 49,850 Other comprehensive income (loss): Change in funded status of retirement obligations 140 (58 ) 82 537 (219 ) 318 Unrealized gains (losses) on securities available-for-sale 869 (344 ) 525 (2,708 ) 1,053 (1,655 ) Accretion of loss on securities reclassified to held to maturity from available for sale 305 (125 ) 180 472 (193 ) 279 Reclassification adjustment for security gains included in net income — — — (72 ) 29 (43 ) Other-than-temporary impairment accretion on debt securities 315 (129 ) 186 533 (218 ) 315 Net gains (losses) on derivatives arising during the period 946 (386 ) 560 (1,067 ) 436 (631 ) Total other comprehensive income (loss) 2,575 (1,042 ) 1,533 (2,305 ) 888 (1,417 ) Total comprehensive income $ 76,857 (29,479 ) 47,378 69,423 (20,990 ) 48,433 Nine Months Ended September 30, 2017 2016 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 211,654 (80,156 ) 131,498 215,619 (75,958 ) 139,661 Other comprehensive income: Change in funded status of retirement obligations 422 (173 ) 249 1,610 (658 ) 952 Unrealized gains on securities available-for-sale 8,320 (3,115 ) 5,205 19,652 (7,686 ) 11,966 Accretion of loss on securities reclassified to held to maturity from available for sale 981 (401 ) 580 1,433 (586 ) 847 Reclassification adjustment for security gains included in net income (1,275 ) 510 (765 ) (2,264 ) 906 (1,358 ) Other-than-temporary impairment accretion on debt securities 1,302 (532 ) 770 1,179 (481 ) 698 Net losses on derivatives arising during the period (2,239 ) 915 (1,324 ) (1,067 ) 436 (631 ) Total other comprehensive income 7,511 (2,796 ) 4,715 20,543 (8,069 ) 12,474 Total comprehensive income $ 219,165 (82,952 ) 136,213 236,162 (84,027 ) 152,135 The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2017 and 2016 : Change in funded status of retirement obligations Accretion of loss on securities reclassified to held to maturity Unrealized (losses) gains on securities available-for-sale and gains included in net income Other-than- temporary impairment accretion on debt securities Unrealized gains (losses) on derivatives Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2016 $ (4,895 ) (1,988 ) (12,271 ) (12,870 ) 7,424 (24,600 ) Net change 249 580 4,440 770 (1,324 ) 4,715 Balance - September 30, 2017 $ (4,646 ) (1,408 ) (7,831 ) (12,100 ) 6,100 (19,885 ) Balance - December 31, 2015 $ (12,366 ) (3,080 ) 1,371 (13,750 ) — (27,825 ) Net change 952 847 10,608 698 (631 ) 12,474 Balance - September 30, 2016 $ (11,414 ) (2,233 ) 11,979 (13,052 ) (631 ) (15,351 ) The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income and the affected line item in the statement where net income is presented. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions, net $ — (72 ) (1,275 ) (2,264 ) Change in funded status of retirement obligations Amortization of net loss 120 537 359 1,610 Interest Expense Reclassification adjustment for unrealized losses on derivatives 1,147 42 3,233 42 Total before tax 1,267 507 2,317 (612 ) Income tax (expense) benefit (497 ) (190 ) (887 ) 248 Net of tax $ 770 317 1,430 (364 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Our securities available-for-sale and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity securities, mortgage servicing rights (“MSR”), loans receivable and other real estate owned. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Additionally, in connection with our mortgage banking activities we have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative instruments, the fair values of which are not material to our financial condition or results of operations. In accordance with Financial Accounting Standards Board (“FASB”) ASC 820, “ Fair Value Measurements and Disclosures ”, we group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: • Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. • Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets Measured at Fair Value on a Recurring Basis Securities available-for-sale Our available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income (loss) in stockholders’ equity. The fair values of available-for-sale securities are based on quoted market prices (Level 1), where available. The Company obtains one price for each security primarily from a third-party pricing service (pricing service), which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded (Level 2), the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. Derivatives Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of interest rate swap agreements are based on a valuation model that uses primarily observable inputs, such as benchmark yield curves and interest rate spreads. The following tables provide the level of valuation assumptions used to determine the carrying value of our assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 . Carrying Value at September 30, 2017 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 5,646 5,646 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 653,994 — 653,994 — Federal National Mortgage Association 1,249,110 — 1,249,110 — Government National Mortgage Association 40,679 — 40,679 — Total mortgage-backed securities available-for-sale 1,943,783 — 1,943,783 — Total securities available-for-sale $ 1,949,429 5,646 1,943,783 — Liabilities: Derivative financial instruments (1) $ 467 — 467 — (1) In accordance with the CME rulebook changes effective January 3, 2017, the gross amounts recognized are inclusive of accrued interest and variation margin posted by the CME. Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 6,660 6,660 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 598,439 — 598,439 — Federal National Mortgage Association 1,008,587 — 1,008,587 — Government National Mortgage Association 46,747 — 46,747 — Total mortgage-backed securities available-for-sale 1,653,773 — 1,653,773 — Total securities available-for-sale $ 1,660,433 6,660 1,653,773 — Derivative financial instruments $ 12,550 — 12,550 — There have been no changes in the methodologies used at September 30, 2017 from December 31, 2016 , and there were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2017 . There were no Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2017 . Assets Measured at Fair Value on a Non-Recurring Basis Mortgage Servicing Rights, Net Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third party valuations through an analysis of future cash flows, incorporating assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At September 30, 2017 , the fair value model used prepayment speeds ranging from 1.74% to 26.28% and a discount rate of 14.24% for the valuation of the mortgage servicing rights. At December 31, 2016 , the fair value model used prepayment speeds ranging from 3.15% to 24.18% and a discount rate of 14.27% for the valuation of the mortgage servicing rights. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Impaired Loans Receivable Loans which meet certain criteria are evaluated individually for impairment. A loan is deemed to be impaired if it is a commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, loans modified in a troubled debt restructuring, and other commercial loans with $1.0 million in outstanding principal if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Our impaired loans are generally collateral dependent and, as such, are carried at the estimated fair value of the collateral less estimated selling costs. Estimated fair value is calculated using the fair value of collateral based on independent third-party appraisals for collateral-dependent loans. In the event the most recent appraisal does not reflect the current market conditions due to the passage of time and other factors, management will obtain an updated appraisal or make downward adjustments to the existing appraised value based on their knowledge of the property, local real estate market conditions, recent real estate transactions, and for estimated selling costs, if applicable. At September 30, 2017 , appraisals were discounted in a range of 0% - 25% for estimated costs to sell. For non collateral-dependent loans, management estimates the fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Other Real Estate Owned Other Real Estate Owned is recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are discounted an additional 0% - 25% for estimated costs to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If the estimated fair value of the asset declines, a writedown is recorded through expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Operating costs after acquisition are generally expensed. Loans Held For Sale Residential mortgage loans held for sale are recorded at the lower of cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, the Company uses observable secondary market data, including pricing on recent closed market transactions for loans with similar characteristics. The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at September 30, 2017 and December 31, 2016 . For the three months ended September 30, 2017 there was no change to the carrying value of other real estate owned and loans held for sale measured at fair value on a non-recurring basis. For the year ended December 31, 2016 , there was no change to carrying value of other real estate owned measured at fair value on a non-recurring basis. Carrying Value at September 30, 2017 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 1.74% - 26.28% 9.78% $ 12,372 — — 12,372 Impaired loans Market comparable Lack of marketability 1.0% - 45.0% 31.72% 4,496 — — 4,496 $ 16,868 — — 16,868 Carrying Value at December 31, 2016 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 3.15% - 24.18% 9.84% $ 12,877 — — 12,877 Impaired loans Estimated cash flow Lack of marketability and probability of default 22.0% - 29.0% 26.00% 1,403 — — 1,403 Loans held for sale Market comparable Lack of marketability 2.5% - 4.5% 3.45% 313 — — 313 $ 14,593 — — 14,593 Other Fair Value Disclosures Fair value estimates, methods and assumptions for the Company’s financial instruments not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, the carrying amount approximates fair value. Securities Held-to-Maturity Our held-to-maturity portfolio, consisting primarily of mortgage-backed securities and other debt securities for which we have a positive intent and ability to hold to maturity, is carried at amortized cost. Management utilizes various inputs to determine the fair value of the portfolio. The Company obtains one price for each security primarily from a third-party pricing service, which generally uses quoted or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded, the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. In the absence of quoted prices and in an illiquid market, valuation techniques, which require inputs that are both significant to the fair value measurement and unobservable, are used to determine fair value of the investment. Valuation techniques are based on various assumptions, including, but not limited to forecasted cash flows, discount rates, rate of return, adjustments for nonperformance and liquidity, and liquidation values. As the Company is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in adjustment in the prices obtained from the pricing service. FHLB Stock The fair value of the Federal Home Loan Bank of New York (“FHLB”) stock is its carrying value, since this is the amount for which it could be redeemed. There is no active market for this stock and the Bank is required to hold a minimum investment based upon the balance of mortgage related assets held by the member. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value of performing loans is calculated by discounting forecasted cash flows through the estimated maturity date using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan. Fair value for significant non-performing loans is based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. Fair values estimated in this manner do not fully incorporate an exit price approach to fair value, but instead are based on a comparison to current market rates for comparable loans. Deposit Liabilities The fair value of deposits with no stated maturity, such as savings, checking accounts and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates which approximate currently offered for deposits of similar remaining maturities. Borrowings The fair value of borrowings are based on securities dealers’ estimated fair values, when available, or estimated using discounted contractual cash flows using rates which approximate the rates offered for borrowings of similar remaining maturities. Commitments to Extend Credit The fair value of commitments to extend credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For commitments to originate fixed rate loans, fair value also considers the difference between current levels of interest rates and the committed rates. Due to the short-term nature of our outstanding commitments, the fair values of these commitments are immaterial to our financial condition. The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table. September 30, 2017 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 413,322 413,322 413,322 — — Securities available-for-sale 1,949,429 1,949,429 5,646 1,943,783 — Securities held-to-maturity 1,733,751 1,769,179 — 1,689,531 79,648 Stock in FHLB 232,814 232,814 232,814 — — Loans held for sale 6,975 6,975 — 6,975 — Net loans 19,707,157 19,776,775 — — 19,776,775 Financial liabilities: Deposits, other than time deposits $ 13,243,974 13,243,974 13,243,974 — — Time deposits 3,632,495 3,619,747 — 3,619,747 — Borrowed funds 4,484,869 4,488,058 — 4,488,058 — December 31, 2016 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 164,178 164,178 164,178 — — Securities available-for-sale 1,660,433 1,660,433 6,660 1,653,773 — Securities held-to-maturity 1,755,556 1,782,801 — 1,703,559 79,242 Stock in FHLB 237,878 237,878 237,878 — — Loans held for sale 38,298 38,298 — 38,298 — Net loans 18,569,855 18,391,018 — — 18,391,018 Financial liabilities: Deposits, other than time deposits $ 12,333,273 12,333,273 12,333,273 — — Time deposits 2,947,560 2,938,137 — 2,938,137 — Borrowed funds 4,546,251 4,545,745 — 4,545,745 — Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets that are not considered financial assets include deferred tax assets, premises and equipment and bank owned life insurance. Liabilities for pension and other postretirement benefits are not considered financial liabilities. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging (Topic 718): Targeted Improvements to Accounting for Hedging Activities”. The purpose of this guidance is to better align a company’s financial reporting for hedging relationships with the company’s risk management activities by expanding strategies that qualify for hedge accounting, modifying the presentation of certain hedging relationships in the financial statements and simplifying the application of hedge accounting in certain situations. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted in any interim or annual period before the effective date. ASU 2017-12 will be applied using a modified retrospective approach through a cumulative-effect adjustment related to the elimination of the separate measurement of ineffectiveness to the balance of accumulated other comprehensive income with a corresponding adjustment to retained earnings as of the beginning of the fiscal year in which the amendments in this update are adopted. The amended presentation and disclosure guidance is required only prospectively. The Company is currently assessing the impact that the new guidance will have on the Company’s Consolidated Financial Statements. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting”. This update provides guidance about changes to terms or conditions of a share-based payment award which would require modification accounting. In particular, an entity is required to account for the effects of a modification if the fair value, vesting condition or the equity/liability classification of the modified award is not the same immediately before and after a change to the terms and conditions of the award. ASU No. 2017-09 is effective on a prospective basis for fiscal years beginning after December 15, 2017, with early adoption permitted. Due to prospective application, the new guidance is not expected to have an impact on the Company’s Consolidated Financial Statements upon adoption. In March 2017, the FASB issued ASU 2017-08, “Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. The amendments in this update require the premium on callable debt securities to be amortized to the earliest call date rather than the maturity date; however, securities held at a discount continue to be amortized to maturity. The amendments apply only to debt securities purchased at a premium that are callable at fixed prices and on preset dates. The amendments more closely align interest income recorded on debt securities held at a premium or discount with the economics of the underlying instrument. ASU No. 2017-08 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the provisions of ASU No. 2017-08 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”, which requires that companies disaggregate the service cost component from other components of net benefit cost. This update calls for companies that offer postretirement benefits to present the service cost, which is the amount an employer has to set aside each quarter or fiscal year to cover the benefits, in the same line item with other current employee compensation costs. Other components of net benefit cost will be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. ASU No. 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the provisions of ASU No. 2017-07 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” This ASU simplifies subsequent measurement of goodwill by eliminating Step 2 of the impairment test while retaining the option to perform the qualitative assessment for a reporting unit to determine whether the quantitative impairment test is necessary. The ASU also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. Therefore, the same impairment assessment applies to all reporting units. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment testing dates beginning after January 1, 2017. The Company is currently evaluating the provisions of ASU No. 2017-04 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-03, “Accounting Changes and Error Corrections (Topic 250) and Investments-Equity Method and Joint Ventures (Topic 323): Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings (SEC Update)”, which amends certain paragraphs in the ASC to give effect to announcements made by the SEC observer at two recent Emerging Issues Task Force meetings. SEC registrants are required to reasonably estimate the impact that adoption of the standards on revenue recognition, leases, and measurement of credit losses on financial instruments is expected to have on financial statements. If such estimate is indeterminate, registrants should consider providing additional qualitative disclosures to assess the effect on financial statements as a result of adopting of these new standards. There is no effective date or transition requirements for this standard. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” The amendments in this ASU provide a practical way to determine when a set of assets and activities is not a business. The screen provided in this ASU requires that when all or substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The amendments also provide other considerations to determine whether a set is a business if the screen is not met. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those periods. The Company is currently evaluating the provisions of ASU No. 2017-01 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In October 2016, the FASB issued ASU 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory.” This ASU addresses the recognition of current and deferred taxes for an intra-entity asset transfer and amends current U.S. GAAP by eliminating the exception for intra-entity transfers of assets other than inventory to defer such recognition until sale to an outside party. ASU No. 2016-16 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been made available for issuance. The Company is currently evaluating the provisions of ASU No. 2016-16 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, a new standard which addresses diversity in practice related to eight specific cash flow issues: debt prepayment or extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies (including bank-owned life insurance policies), distributions received from equity method investees, beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. ASU No. 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities will apply the standard’s provisions using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the provisions of ASU No. 2016-15 to determine the potential impact the new standard will have on the Company’s Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that aren’t measured at fair value through net income. In issuing the standard, the FASB is responding to criticism that today’s guidance delays recognition of credit losses. The standard will replace today’s “incurred loss” approach with an “expected loss” model. The new model, referred to as the current expected credit loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. The ASU also simplifies the accounting model for purchased credit-impaired debt securities and loans. ASU 2016-13 also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). While early adoption is permitted, the Company does not expect to elect that option. The Company has begun its evaluation of the amended guidance including the potential impact on its Consolidated Financial Statements. The extent of the change is indeterminable at this time as it will be dependent upon portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses - currently allowance for loan and lease losses - will have an offsetting impact on retained earnings. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date for leases classified as operating leases as well as finance leases. The update also requires new quantitative disclosures related to leases in the Consolidated Financial Statements. There are practical expedients in this update that relate to leases that commenced before the effective date, initial direct costs and the use of hindsight to extend or terminate a lease or purchase the leased asset. Lessor accounting remains largely unchanged under the new guidance. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that reporting period, with early adoption permitted. A modified retrospective approach must be applied for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company continues to evaluate the impact of the guidance, including determining whether other contracts exist that are deemed to be in scope. As such, no conclusions have yet been reached regarding the potential impact on adoption on the Company’s Consolidated Financial Statements and regulatory capital and risk-weighted assets; however, the Company does not expect the amendment to have a material impact on its results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” This amendment supersedes the guidance to classify equity securities with readily determinable fair values into different categories, requires equity securities to be measured at fair value with changes in the fair value recognized through net income, and simplifies the impairment assessment of equity investments without readily determinable fair values. The amendment requires public business entities that are required to disclose the fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion. The amendment requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option. The amendment requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. The amendment reduces diversity in current practice by clarifying that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available for sale securities in combination with the entity’s other deferred tax assets. This amendment is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Entities should apply the amendment by means of a cumulative effect adjustment as of the beginning of the fiscal year of adoption, with the exception of the amendment related to equity securities without readily determinable fair values, which should be applied prospectively to equity investments that exist as of the date of adoption. The Company intends to adopt the accounting standard during the first quarter of 2018, as required, and is currently evaluating the impact on its results of operations, financial position, and liquidity. Due to the Company’s proportionately small portfolio of equity securities, the update is not expected to have a material impact on the Company’s results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” The objective of this amendment is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. This update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are in the scope of other standards. The ASU is effective for public business entities for financial statements issued for fiscal years beginning after December 15, 2017, and early adoption is permitted. Subsequently, the FASB issued the following standards related to ASU 2014-09: ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations” ; ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”; ASU 2016-11, “Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”; ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”; and ASU 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets.” These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as the original standard. The Company will adopt the guidance in the first quarter of 2018. As the guidance does not apply to revenue associated with financial instruments, including loans, leases, securities and derivatives that are accounted for under other U.S. GAAP, the new revenue recognition standard does not have a material impact on the Company’s Consolidated Financial Statements. The Company’s implementation efforts have included the identification of revenue within the scope of the guidance, as well as the evaluation of revenue contracts. While we have not identified any material changes related to the timing or amount of revenue recognition, the Company will continue to evaluate the need for additional disclosures. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events As defined in FASB ASC 855, “ Subsequent Events ”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. On October 26, 2017, the Company declared a cash dividend of $0.09 per share. The $0.09 dividend per share will be paid to stockholders on November 24, 2017, with a record date of November 10, 2017. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Summary Of Calculations And Reconciliation Of Basic To Diluted Earnings Per Share | The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share. For the Three Months Ended September 30, 2017 2016 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 45,845 $ 49,850 Shares Weighted-average common shares outstanding - basic 289,715,414 292,000,061 Effect of dilutive common stock equivalents (1) 1,174,893 2,673,391 Weighted-average common shares outstanding - diluted 290,890,307 294,673,452 Earnings per common share Basic $ 0.16 $ 0.17 Diluted $ 0.16 $ 0.17 (1) For the three months ended September 30, 2017 and 2016 , there were 10,952,744 and 16,372,523 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. For the Nine Months Ended September 30, 2017 2016 (Dollars in thousands, except per share data) Earnings for basic and diluted earnings per common share Earnings applicable to common stockholders $ 131,498 $ 139,661 Shares Weighted-average common shares outstanding - basic 290,670,601 299,873,985 Effect of dilutive common stock equivalents (1) 1,819,305 3,423,132 Weighted-average common shares outstanding - diluted 292,489,906 303,297,117 Earnings per common share Basic $ 0.45 $ 0.47 Diluted $ 0.45 $ 0.46 (1) For the nine months ended September 30, 2017 and 2016 , there were 11,041,315 and 11,819,014 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities | The following tables present the carrying value, gross unrealized gains and losses and estimated fair value for available-for-sale securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses and estimated fair value for held-to-maturity securities as of the dates indicated: At September 30, 2017 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 4,889 834 77 5,646 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 656,728 1,803 4,537 653,994 Federal National Mortgage Association 1,258,212 2,600 11,702 1,249,110 Government National Mortgage Association 41,642 — 963 40,679 Total mortgage-backed securities available-for-sale 1,956,582 4,403 17,202 1,943,783 Total available-for-sale securities $ 1,961,471 5,237 17,279 1,949,429 At September 30, 2017 Amortized cost Net unrealized losses (1) Carrying value Gross unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (In thousands) Held-to-maturity: Debt securities: Government-sponsored enterprises $ 43,300 — 43,300 2 739 42,563 Municipal bonds 30,907 — 30,907 1,415 — 32,322 Corporate and other debt securities 67,411 20,458 46,953 37,776 — 84,729 Total debt securities held-to-maturity 141,618 20,458 121,160 39,193 739 159,614 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 441,464 1,091 440,373 1,530 2,397 439,506 Federal National Mortgage Association 1,120,171 1,289 1,118,882 5,968 7,835 1,117,015 Government National Mortgage Association 53,336 — 53,336 19 311 53,044 Total mortgage-backed securities held-to-maturity 1,614,971 2,380 1,612,591 7,517 10,543 1,609,565 Total held-to-maturity securities $ 1,756,589 22,838 1,733,751 46,710 11,282 1,769,179 (1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non-credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. At December 31, 2016 Carrying value Gross unrealized gains Gross unrealized losses Estimated fair value (In thousands) Available-for-sale: Equity securities $ 5,825 918 83 6,660 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 603,774 1,971 7,306 598,439 Federal National Mortgage Association 1,022,383 2,678 16,474 1,008,587 Government National Mortgage Association 47,538 — 791 46,747 Total mortgage-backed securities available-for-sale 1,673,695 4,649 24,571 1,653,773 Total available-for-sale securities $ 1,679,520 5,567 24,654 1,660,433 At December 31, 2016 Amortized cost Net unrealized losses (1) Carrying Value Gross unrecognized gains (2) Gross unrecognized losses (2) Estimated fair value (In thousands) Held-to-maturity: Debt securities: Government-sponsored enterprises $ 2,128 — 2,128 12 — 2,140 Municipal bonds 37,978 — 37,978 1,515 — 39,493 Corporate and other debt securities 65,852 21,760 44,092 40,153 — 84,245 Total debt securities held-to-maturity 105,958 21,760 84,198 41,680 — 125,878 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 411,692 1,559 410,133 793 3,502 407,424 Federal National Mortgage Association 1,246,635 1,802 1,244,833 3,635 15,389 1,233,079 Government National Mortgage Association 16,392 — 16,392 28 — 16,420 Total mortgage-backed securities held-to-maturity 1,674,719 3,361 1,671,358 4,456 18,891 1,656,923 Total held-to-maturity securities $ 1,780,677 25,121 1,755,556 46,136 18,891 1,782,801 (1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary charge related to other non-credit factors and is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for sale securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at September 30, 2017 , by contractual maturity, are shown below. September 30, 2017 Carrying Value Estimated fair value (In thousands) Due in one year or less $ 28,337 28,339 Due after one year through five years 75 75 Due after five years through ten years 46,240 45,582 Due after ten years 46,508 85,618 Total $ 121,160 159,614 |
Investment Securities, Continuous Unrealized Loss Position and Fair Value | Gross unrealized losses on securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2017 and December 31, 2016 , was as follows: September 30, 2017 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Equity Securities $ 4,792 77 — — 4,792 77 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 291,595 2,732 56,408 1,805 348,003 4,537 Federal National Mortgage Association 678,795 7,951 150,569 3,751 829,364 11,702 Government National Mortgage Association 40,679 963 — — 40,679 963 Total mortgage-backed securities available-for-sale 1,011,069 11,646 206,977 5,556 1,218,046 17,202 Total available-for-sale securities 1,015,861 11,723 206,977 5,556 1,222,838 17,279 Held-to-maturity: Debt securities: Government-sponsored enterprises 40,517 739 — — 40,517 739 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 243,530 2,333 2,820 64 246,350 2,397 Federal National Mortgage Association 571,368 6,294 43,891 1,541 615,259 7,835 Government National Mortgage Association 39,524 311 — — 39,524 311 Total mortgage-backed securities held-to-maturity 854,422 8,938 46,711 1,605 901,133 10,543 Total held-to-maturity securities 894,939 9,677 46,711 1,605 941,650 11,282 Total $ 1,910,800 21,400 253,688 7,161 2,164,488 28,561 December 31, 2016 Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses (In thousands) Available-for-sale: Equity Securities $ 4,722 83 — — 4,722 83 Mortgage-backed securities: Federal Home Loan Mortgage Corporation 406,878 7,220 12,756 86 419,634 7,306 Federal National Mortgage Association 762,272 15,977 25,089 497 787,361 16,474 Government National Mortgage Association 46,747 791 — — 46,747 791 Total mortgage-backed securities available-for-sale 1,215,897 23,988 37,845 583 1,253,742 24,571 Total available-for-sale securities 1,220,619 24,071 37,845 583 1,258,464 24,654 Held-to-maturity: Mortgage-backed securities: Federal Home Loan Mortgage Corporation 339,666 3,354 3,623 148 343,289 3,502 Federal National Mortgage Association 970,194 15,389 — — 970,194 15,389 Total held-to-maturity securities 1,309,860 18,743 3,623 148 1,313,483 18,891 Total $ 2,530,479 42,814 41,468 731 2,571,947 43,545 |
Changes in Credit Loss Component of the Impairment Loss of Debt Securities for Other-than-Temporary Impairment Recognized in Earnings | The following table presents the changes in the credit loss component of the impairment loss of debt securities that the Company has written down for such loss as an other-than-temporary impairment recognized in earnings. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Balance of credit related OTTI, beginning of period $ 87,921 97,977 95,743 100,200 Additions: Initial credit impairments — — — — Subsequent credit impairments — — — — Reductions: Accretion of credit loss impairment due to an increase in expected cash flows (1,077 ) (1,112 ) (5,088 ) (3,335 ) Reductions for securities sold or paid off during the period — — (3,811 ) — Balance of credit related OTTI, end of period $ 86,844 96,865 86,844 96,865 |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The detail of the loan portfolio as of September 30, 2017 and December 31, 2016 was as follows: September 30, December 31, (In thousands) Multi-family loans $ 7,854,759 7,459,131 Commercial real estate loans 4,660,268 4,445,194 Commercial and industrial loans 1,501,235 1,275,283 Construction loans 397,929 314,843 Total commercial loans 14,414,191 13,494,451 Residential mortgage loans 4,871,460 4,710,373 Consumer and other loans 654,701 596,922 Total loans excluding PCI loans 19,940,352 18,801,746 PCI loans 8,577 8,956 Net unamortized premiums and deferred loan costs (1) (11,701 ) (12,474 ) Allowance for loan losses (230,071 ) (228,373 ) Net loans $ 19,707,157 18,569,855 (1) Included in unamortized premiums and deferred loan costs are accretable purchase accounting adjustments in connection with loans acquired. |
Summary of Analysis of the Allowance for Loan Losses | An analysis of the allowance for loan losses is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Balance at beginning of the period $ 230,028 220,316 228,373 218,505 Loans charged off (3,022 ) (2,972 ) (14,519 ) (13,379 ) Recoveries 1,315 1,206 4,467 3,424 Net charge-offs (1,707 ) (1,766 ) (10,052 ) (9,955 ) Provision for loan losses 1,750 5,000 11,750 15,000 Balance at end of the period $ 230,071 223,550 230,071 223,550 |
Summary of Loan Losses and the Recorded Investment in Loans by Portfolio Segment and Based On Impairment Method | The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method as of September 30, 2017 and December 31, 2016 : September 30, 2017 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Charge-offs (5 ) (6,818 ) (3,242 ) (100 ) (4,205 ) (149 ) — (14,519 ) Recoveries 1,178 500 177 — 2,492 120 — 4,467 Provision (9,795 ) 13,205 6,862 (1,771 ) 2,913 116 220 11,750 Ending balance-September 30, 2017 $ 86,939 59,683 47,289 9,782 21,031 2,937 2,410 230,071 Individually evaluated for impairment $ — — — — 1,630 88 — 1,718 Collectively evaluated for impairment 86,939 59,683 47,289 9,782 19,401 2,849 2,410 228,353 Loans acquired with deteriorated credit quality — — — — — — — — Balance at September 30, 2017 $ 86,939 59,683 47,289 9,782 21,031 2,937 2,410 230,071 Loans: Individually evaluated for impairment $ 13,929 32,499 1,317 — 26,827 861 — 75,433 Collectively evaluated for impairment 7,840,830 4,627,769 1,499,918 397,929 4,844,633 653,840 — 19,864,919 Loans acquired with deteriorated credit quality — 6,845 — — 1,412 320 — 8,577 Balance at September 30, 2017 $ 7,854,759 4,667,113 1,501,235 397,929 4,872,872 655,021 — 19,948,929 December 31, 2016 Multi- Family Loans Commercial Real Estate Loans Commercial and Industrial Loans Construction Loans Residential Mortgage Loans Consumer and Other Loans Unallocated Total (Dollars in thousands) Allowance for loan losses: Beginning balance-December 31, 2015 $ 88,223 46,999 40,585 6,794 31,443 3,155 1,306 218,505 Charge-offs (161 ) (455 ) (4,485 ) (52 ) (9,425 ) (419 ) — (14,997 ) Recoveries 1,885 689 541 267 1,631 102 — 5,115 Provision 5,614 5,563 6,851 4,644 (3,818 ) 12 884 19,750 Ending balance-December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Individually evaluated for impairment $ — — — — 1,581 20 — 1,601 Collectively evaluated for impairment 95,561 52,796 43,492 11,653 18,250 2,830 2,190 226,772 Loans acquired with deteriorated credit quality — — — — — — — — Balance at December 31, 2016 $ 95,561 52,796 43,492 11,653 19,831 2,850 2,190 228,373 Loans: Individually evaluated for impairment $ 248 5,962 3,370 — 24,453 371 — 34,404 Collectively evaluated for impairment 7,458,883 4,439,232 1,271,913 314,843 4,685,920 596,551 — 18,767,342 Loans acquired with deteriorated credit quality — 7,106 — — 1,507 343 — 8,956 Balance at December 31, 2016 $ 7,459,131 4,452,300 1,275,283 314,843 4,711,880 597,265 — 18,810,702 |
Schedule of Risk Category of Loans by Class of Loans | The following tables present the risk category of loans as of September 30, 2017 and December 31, 2016 by class of loans, excluding PCI loans: September 30, 2017 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,884,230 678,668 158,101 133,760 — — 7,854,759 Commercial real estate 3,828,406 528,965 135,840 167,057 — — 4,660,268 Commercial and industrial 1,026,038 395,166 64,815 15,216 — — 1,501,235 Construction 284,554 106,798 6,577 — — — 397,929 Total commercial loans 12,023,228 1,709,597 365,333 316,033 — — 14,414,191 Residential mortgage 4,772,466 15,174 7,615 76,205 — — 4,871,460 Consumer and other 640,416 7,048 353 6,884 — — 654,701 Total $ 17,436,110 1,731,819 373,301 399,122 — — 19,940,352 December 31, 2016 Pass Watch Special Mention Substandard Doubtful Loss Total (In thousands) Commercial loans: Multi-family $ 6,961,809 276,858 165,948 54,516 — — 7,459,131 Commercial real estate 3,900,988 373,319 134,154 36,733 — — 4,445,194 Commercial and industrial 900,190 344,628 23,588 6,877 — — 1,275,283 Construction 230,630 76,773 3,200 4,240 — — 314,843 Total commercial loans 11,993,617 1,071,578 326,890 102,366 — — 13,494,451 Residential mortgage 4,600,611 21,873 10,239 77,650 — — 4,710,373 Consumer and other 583,140 5,627 719 7,436 — — 596,922 Total $ 17,177,368 1,099,078 337,848 187,452 — — 18,801,746 |
Payment Status of the Recorded Investment in Past Due Loans | The following tables present the payment status of the recorded investment in past due loans as of September 30, 2017 and December 31, 2016 by class of loans, excluding PCI loans: September 30, 2017 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 15,785 — 207 15,992 7,838,767 7,854,759 Commercial real estate 32,663 979 14,546 48,188 4,612,080 4,660,268 Commercial and industrial 611 1,384 336 2,331 1,498,904 1,501,235 Construction — — — — 397,929 397,929 Total commercial loans 49,059 2,363 15,089 66,511 14,347,680 14,414,191 Residential mortgage 16,851 8,386 54,101 79,338 4,792,122 4,871,460 Consumer and other 7,048 353 6,025 13,426 641,275 654,701 Total $ 72,958 11,102 75,215 159,275 19,781,077 19,940,352 December 31, 2016 30-59 Days 60-89 Days Greater than 90 Days Total Past Due Current Total Loans Receivable (In thousands) Commercial loans: Multi-family $ 5,272 1,099 234 6,605 7,452,526 7,459,131 Commercial real estate 6,568 31,964 6,445 44,977 4,400,217 4,445,194 Commercial and industrial 864 885 2,971 4,720 1,270,563 1,275,283 Construction — — — — 314,843 314,843 Total commercial loans 12,704 33,948 9,650 56,302 13,438,149 13,494,451 Residential mortgage 24,052 10,930 58,119 93,101 4,617,272 4,710,373 Consumer and other 5,627 719 7,065 13,411 583,511 596,922 Total $ 42,383 45,597 74,834 162,814 18,638,932 18,801,746 |
Non-Accrual Loans Status | The following table presents non-accrual loans, excluding PCI loans, at the dates indicated: September 30, 2017 December 31, 2016 # of loans Amount # of loans Amount (Dollars in thousands) Non-accrual: Multi-family 4 $ 14,137 2 $ 482 Commercial real estate 31 35,329 24 9,205 Commercial and industrial 6 1,926 8 4,659 Total commercial loans 41 51,392 34 14,346 Residential mortgage and consumer 417 74,270 478 79,928 Total non-accrual loans 458 $ 125,662 512 $ 94,274 Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2017 and December 31, 2016 , these loans are comprised of the following: September 30, 2017 December 31, 2016 # of loans Amount # of loans Amount (Dollars in thousands) Current TDR classified as non-accrual: Multi-family — $ — 1 $ 248 Commercial real estate 1 396 1 63 Commercial and industrial — — 1 286 Total commercial loans 1 396 3 597 Residential mortgage and consumer 24 4,815 23 5,721 Total current TDR classified as non-accrual 25 $ 5,211 26 $ 6,318 The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated: September 30, 2017 December 31, 2016 # of loans Amount # of loans Amount (Dollars in thousands) TDR 30-89 days delinquent classified as non-accrual: Commercial real estate 1 $ 56 2 $ 169 Residential mortgage and consumer 12 2,447 14 2,869 Total TDR 30-89 days delinquent classified as non-accrual 13 $ 2,503 16 $ 3,038 |
Loans Individually Evaluated for Impairment by Class of Loans | The following tables present loans individually evaluated for impairment by portfolio segment as of September 30, 2017 and December 31, 2016 : September 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 13,929 13,977 — 14,318 121 Commercial real estate 32,499 42,362 — 32,910 284 Commercial and industrial 1,317 1,896 — 1,343 28 Construction — — — — — Total commercial loans 47,745 58,235 — 48,571 433 Residential mortgage and consumer 12,877 16,830 — 11,785 398 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 14,811 15,422 1,718 14,338 332 Total: Multi-family 13,929 13,977 — 14,318 121 Commercial real estate 32,499 42,362 — 32,910 284 Commercial and industrial 1,317 1,896 — 1,343 28 Construction — — — — — Total commercial loans 47,745 58,235 — 48,571 433 Residential mortgage and consumer 27,688 32,252 1,718 26,123 730 Total impaired loans $ 75,433 90,487 1,718 74,694 1,163 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (In thousands) With no related allowance: Multi-family $ 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 11,030 14,565 — 9,899 483 With an allowance recorded: Multi-family — — — — — Commercial real estate — — — — — Commercial and industrial — — — — — Construction — — — — — Total commercial loans — — — — — Residential mortgage and consumer 13,794 14,382 1,601 13,689 479 Total: Multi-family 248 248 — 252 20 Commercial real estate 5,962 9,265 — 5,790 301 Commercial and industrial 3,370 3,972 — 3,953 169 Construction — — — — — Total commercial loans 9,580 13,485 — 9,995 490 Residential mortgage and consumer 24,824 28,947 1,601 23,588 962 Total impaired loans $ 34,404 42,432 1,601 33,583 1,452 |
Troubled Debt Restructured Loans | The following tables present the total TDR loans at September 30, 2017 and December 31, 2016 . There were four residential PCI loans that were classified as TDRs for the period ended September 30, 2017 . There were three residential PCI loans that were classified as TDRs for the period ended December 31, 2016 . September 30, 2017 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Commercial real estate 2 $ 171 4 $ 17,930 6 $ 18,101 Commercial and industrial — — 1 1,316 1 1,316 Total commercial loans 2 171 5 19,246 7 19,417 Residential mortgage and consumer 56 13,187 64 14,502 120 27,689 Total 58 $ 13,358 69 $ 33,748 127 $ 47,106 December 31, 2016 Accrual Non-accrual Total # of loans Amount # of loans Amount # of loans Amount (Dollars in thousands) Commercial loans: Multi-family — $ — 1 $ 248 1 $ 248 Commercial real estate 2 352 4 3,240 6 3,592 Commercial and industrial — — 2 1,688 2 1,688 Total commercial loans 2 352 7 5,176 9 5,528 Residential mortgage and consumer 40 9,093 61 15,731 101 24,824 Total 42 $ 9,445 68 $ 20,907 110 $ 30,352 |
Schedule of Troubled Debt Restructurings | The following tables present information about TDRs that occurred during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Commercial real estate — $ — $ — 2 $ 468 $ 468 Residential mortgage and consumer 6 1,673 1,673 6 1,051 1,051 Nine Months Ended September 30, 2017 2016 Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment Number of Loans Pre-modification Recorded Investment Post- modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Commercial real estate 3 $ 20,225 $ 15,787 5 $ 1,039 $ 1,039 Residential mortgage and consumer 23 4,924 4,824 20 2,600 2,600 |
Schedule of Troubled Debt Restructuring, Interest Yield | The following tables present information about pre and post modification interest yield for troubled debt restructurings which occurred during the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, 2017 2016 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Commercial real estate — — % — % 2 4.93 % 4.89 % Residential mortgage and consumer 6 3.75 % 2.98 % 6 6.30 % 2.86 % Nine Months Ended September 30, 2017 2016 Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Number of Loans Pre-modification Interest Yield Post- modification Interest Yield Troubled Debt Restructurings: Commercial real estate 3 4.67 % 4.67 % 5 4.38 % 4.50 % Residential mortgage and consumer 23 4.15 % 3.39 % 20 6.31 % 3.42 % |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Banking and Thrift [Abstract] | |
Summary of Deposits | Deposits are summarized as follows: September 30, 2017 December 31, 2016 (In thousands) Non-interest bearing: Checking accounts $ 2,263,198 2,173,493 Interest bearing: Checking accounts 4,633,096 3,916,208 Money market deposits 4,298,171 4,150,583 Savings 2,049,509 2,092,989 Certificates of deposit 3,632,495 2,947,560 Total deposits $ 16,876,469 15,280,833 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table summarizes net intangible assets and goodwill at September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Mortgage servicing rights $ 14,536 14,889 Core deposit premiums 6,597 8,451 Other 863 928 Total other intangible assets 21,996 24,268 Goodwill 77,571 77,571 Goodwill and intangible assets $ 99,567 101,839 |
Summary of Intangible Assets | The following table summarizes other intangible assets as of September 30, 2017 and December 31, 2016 : Gross Intangible Asset Accumulated Amortization Valuation Allowance Net Intangible Assets (In thousands) September 30, 2017 Mortgage servicing rights $ 23,237 (8,579 ) (122 ) 14,536 Core deposit premiums 25,058 (18,461 ) — 6,597 Other 1,150 (287 ) — 863 Total other intangible assets $ 49,445 (27,327 ) (122 ) 21,996 December 31, 2016 Mortgage servicing rights $ 24,340 (9,286 ) (165 ) 14,889 Core deposit premiums 25,058 (16,607 ) — 8,451 Other 1,150 (222 ) — 928 Total other intangible assets $ 50,548 (26,115 ) (165 ) 24,268 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options granted as part of the 2015 Plan was estimated utilizing the Black-Scholes option pricing model using the following assumptions for the periods presented below: Nine Months Ended September 30, 2017 2016 Weighted average expected life (in years) 6.50 7.00 Weighted average risk-free rate of return 2.04 % 1.67 % Weighted average volatility 24.73 % 24.05 % Dividend yield 2.44 % 1.93 % Weighted average fair value of options granted $ 3.00 $ 2.80 Total stock options granted 83,800 201,440 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table presents the share based compensation expense for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (Dollars in thousands) Stock option expense $ 1,469 1,508 4,373 4,498 Restricted stock expense 3,471 3,954 10,594 10,658 Total share based compensation expense $ 4,940 5,462 14,967 15,156 |
Schedule of Share-based Compensation, Stock Options, Activity | The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2017 : Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2016 13,165,333 $11.74 8.2 $29,101 Granted 83,800 13.12 9.8 Exercised (936,881 ) 8.24 3.8 Forfeited (495,248 ) 12.53 Expired (1,429 ) 12.54 Outstanding at September 30, 2017 11,815,575 $11.99 7.7 $19,453 Exercisable at September 30, 2017 4,603,154 $11.16 6.9 $11,426 |
Schedule of Nonvested Restricted Stock Units Activity | The following is a summary of the status of the Company’s restricted shares as of September 30, 2017 and changes therein during the nine months ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Outstanding at December 31, 2016 5,876,491 $ 12.51 Granted 430,000 14.39 Vested (960,564 ) 12.51 Forfeited (268,163 ) 12.50 Outstanding and non vested at September 30, 2017 5,077,764 $ 12.67 |
Net Periodic Benefit Plan Exp29
Net Periodic Benefit Plan Expense (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for the Directors’ Plan and the Wage Replacement Plan are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Service cost $ 371 894 1,114 2,681 Interest cost 379 474 1,135 1,422 Amortization of: Prior service cost — — — — Net loss 115 514 344 1,542 Total net periodic benefit cost $ 865 1,882 2,593 5,645 |
Derivatives and Hedging Activ30
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 : Asset Derivatives Liability Derivatives September 30, 2017 (1) December 31, 2016 September 30, 2017 (1) December 31, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as hedging instruments: Interest Rate Swaps Other assets $ — Other assets $ 12,550 Other liabilities $ 467 Other liabilities $ — Total derivatives designated as hedging instruments $ — $ 12,550 $ 467 $ — (1) In accordance with the Chicago Mercantile Exchange (“CME”) rulebook changes effective January 3, 2017, the fair value is inclusive of accrued interest and variation margin posted by the CME. |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statement of Income as of September 30, 2017 and 2016 . Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cash Flow Hedges - Interest rate swaps (In thousands) Amount of gain (loss) recognized in other comprehensive income $ (201 ) (1,109 ) (5,472 ) (1,109 ) Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense (1,147 ) (42 ) (3,233 ) (42 ) Amount of gain (loss) recognized in other non-interest income (ineffective portion) — — — — |
Offsetting Liabilities | The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the Company’s Consolidated Balance Sheets. Gross Amounts Not Offset Gross Amounts Recognized Gross Amounts Offset Net Amounts Presented Financial Instruments Cash Collateral Posted Net Amount (In thousands) September 30, 2017 Liabilities: Interest Rate Swaps (1) $ 467 — 467 — — 467 Total $ 467 — 467 — — 467 December 31, 2016 Assets: Interest Rate Swaps $ 12,550 — 12,550 — 12,550 — Total $ 12,550 — 12,550 — 12,550 — (1) In accordance with the CME rulebook changes effective January 3, 2017, the gross amounts recognized are inclusive of accrued interest and variation margin posted by the CME. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Components of Comprehensive Income (Loss), Gross and Net Of Tax | The components of comprehensive income, both gross and net of tax, are as follows: Three Months Ended September 30, 2017 2016 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 74,282 (28,437 ) 45,845 71,728 (21,878 ) 49,850 Other comprehensive income (loss): Change in funded status of retirement obligations 140 (58 ) 82 537 (219 ) 318 Unrealized gains (losses) on securities available-for-sale 869 (344 ) 525 (2,708 ) 1,053 (1,655 ) Accretion of loss on securities reclassified to held to maturity from available for sale 305 (125 ) 180 472 (193 ) 279 Reclassification adjustment for security gains included in net income — — — (72 ) 29 (43 ) Other-than-temporary impairment accretion on debt securities 315 (129 ) 186 533 (218 ) 315 Net gains (losses) on derivatives arising during the period 946 (386 ) 560 (1,067 ) 436 (631 ) Total other comprehensive income (loss) 2,575 (1,042 ) 1,533 (2,305 ) 888 (1,417 ) Total comprehensive income $ 76,857 (29,479 ) 47,378 69,423 (20,990 ) 48,433 Nine Months Ended September 30, 2017 2016 Gross Tax Net Gross Tax Net (Dollars in thousands) Net income $ 211,654 (80,156 ) 131,498 215,619 (75,958 ) 139,661 Other comprehensive income: Change in funded status of retirement obligations 422 (173 ) 249 1,610 (658 ) 952 Unrealized gains on securities available-for-sale 8,320 (3,115 ) 5,205 19,652 (7,686 ) 11,966 Accretion of loss on securities reclassified to held to maturity from available for sale 981 (401 ) 580 1,433 (586 ) 847 Reclassification adjustment for security gains included in net income (1,275 ) 510 (765 ) (2,264 ) 906 (1,358 ) Other-than-temporary impairment accretion on debt securities 1,302 (532 ) 770 1,179 (481 ) 698 Net losses on derivatives arising during the period (2,239 ) 915 (1,324 ) (1,067 ) 436 (631 ) Total other comprehensive income 7,511 (2,796 ) 4,715 20,543 (8,069 ) 12,474 Total comprehensive income $ 219,165 (82,952 ) 136,213 236,162 (84,027 ) 152,135 |
Component of Accumulated Other Comprehensive Loss | The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2017 and 2016 : Change in funded status of retirement obligations Accretion of loss on securities reclassified to held to maturity Unrealized (losses) gains on securities available-for-sale and gains included in net income Other-than- temporary impairment accretion on debt securities Unrealized gains (losses) on derivatives Total accumulated other comprehensive loss (Dollars in thousands) Balance - December 31, 2016 $ (4,895 ) (1,988 ) (12,271 ) (12,870 ) 7,424 (24,600 ) Net change 249 580 4,440 770 (1,324 ) 4,715 Balance - September 30, 2017 $ (4,646 ) (1,408 ) (7,831 ) (12,100 ) 6,100 (19,885 ) Balance - December 31, 2015 $ (12,366 ) (3,080 ) 1,371 (13,750 ) — (27,825 ) Net change 952 847 10,608 698 (631 ) 12,474 Balance - September 30, 2016 $ (11,414 ) (2,233 ) 11,979 (13,052 ) (631 ) (15,351 ) The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statement of income and the affected line item in the statement where net income is presented. Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Reclassification adjustment for gains included in net income Gain on security transactions, net $ — (72 ) (1,275 ) (2,264 ) Change in funded status of retirement obligations Amortization of net loss 120 537 359 1,610 Interest Expense Reclassification adjustment for unrealized losses on derivatives 1,147 42 3,233 42 Total before tax 1,267 507 2,317 (612 ) Income tax (expense) benefit (497 ) (190 ) (887 ) 248 Net of tax $ 770 317 1,430 (364 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables provide the level of valuation assumptions used to determine the carrying value of our assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 . Carrying Value at September 30, 2017 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 5,646 5,646 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 653,994 — 653,994 — Federal National Mortgage Association 1,249,110 — 1,249,110 — Government National Mortgage Association 40,679 — 40,679 — Total mortgage-backed securities available-for-sale 1,943,783 — 1,943,783 — Total securities available-for-sale $ 1,949,429 5,646 1,943,783 — Liabilities: Derivative financial instruments (1) $ 467 — 467 — (1) In accordance with the CME rulebook changes effective January 3, 2017, the gross amounts recognized are inclusive of accrued interest and variation margin posted by the CME. Carrying Value at December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Assets: Securities available for sale: Equity securities $ 6,660 6,660 — — Mortgage-backed securities: Federal Home Loan Mortgage Corporation 598,439 — 598,439 — Federal National Mortgage Association 1,008,587 — 1,008,587 — Government National Mortgage Association 46,747 — 46,747 — Total mortgage-backed securities available-for-sale 1,653,773 — 1,653,773 — Total securities available-for-sale $ 1,660,433 6,660 1,653,773 — Derivative financial instruments $ 12,550 — 12,550 — |
Carrying Value Of Our Assets Measured At Fair Value On A Non-Recurring Basis | The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis at September 30, 2017 and December 31, 2016 . For the three months ended September 30, 2017 there was no change to the carrying value of other real estate owned and loans held for sale measured at fair value on a non-recurring basis. For the year ended December 31, 2016 , there was no change to carrying value of other real estate owned measured at fair value on a non-recurring basis. Carrying Value at September 30, 2017 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 1.74% - 26.28% 9.78% $ 12,372 — — 12,372 Impaired loans Market comparable Lack of marketability 1.0% - 45.0% 31.72% 4,496 — — 4,496 $ 16,868 — — 16,868 Carrying Value at December 31, 2016 Security Type Valuation Technique Unobservable Input Range Weighted Average Total Level 1 Level 2 Level 3 (In thousands) MSR, net Estimated cash flow Prepayment speeds 3.15% - 24.18% 9.84% $ 12,877 — — 12,877 Impaired loans Estimated cash flow Lack of marketability and probability of default 22.0% - 29.0% 26.00% 1,403 — — 1,403 Loans held for sale Market comparable Lack of marketability 2.5% - 4.5% 3.45% 313 — — 313 $ 14,593 — — 14,593 |
Carrying Amounts And Estimated Fair Values | The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table. September 30, 2017 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 413,322 413,322 413,322 — — Securities available-for-sale 1,949,429 1,949,429 5,646 1,943,783 — Securities held-to-maturity 1,733,751 1,769,179 — 1,689,531 79,648 Stock in FHLB 232,814 232,814 232,814 — — Loans held for sale 6,975 6,975 — 6,975 — Net loans 19,707,157 19,776,775 — — 19,776,775 Financial liabilities: Deposits, other than time deposits $ 13,243,974 13,243,974 13,243,974 — — Time deposits 3,632,495 3,619,747 — 3,619,747 — Borrowed funds 4,484,869 4,488,058 — 4,488,058 — December 31, 2016 Carrying Estimated Fair Value value Total Level 1 Level 2 Level 3 (In thousands) Financial assets: Cash and cash equivalents $ 164,178 164,178 164,178 — — Securities available-for-sale 1,660,433 1,660,433 6,660 1,653,773 — Securities held-to-maturity 1,755,556 1,782,801 — 1,703,559 79,242 Stock in FHLB 237,878 237,878 237,878 — — Loans held for sale 38,298 38,298 — 38,298 — Net loans 18,569,855 18,391,018 — — 18,391,018 Financial liabilities: Deposits, other than time deposits $ 12,333,273 12,333,273 12,333,273 — — Time deposits 2,947,560 2,938,137 — 2,938,137 — Borrowed funds 4,546,251 4,545,745 — 4,545,745 — |
Stock Transactions (Details)
Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 28, 2016 | Jun. 09, 2015 | Mar. 16, 2015 | Sep. 30, 2017 | Sep. 30, 2016 |
Equity [Abstract] | |||||
Percentage of shares to be repurchased (percentage) | 10.00% | 10.00% | 5.00% | ||
Number of shares authorized to be repurchased (shares) | 31,481,189 | 34,779,211 | 17,911,561 | ||
Purchase of treasury stock (shares) | 4,371,647 | 29,184,897 | |||
Stock repurchased during period, value | $ 57,842 | $ 337,487 | |||
Stock repurchase cost, per share (usd per share) | $ 13.23 |
Earnings Per Share (Summary of
Earnings Per Share (Summary of Calculations and Reconciliation of Basic to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings for basic and diluted earnings per common share | ||||
Earnings applicable to common stockholders | $ 45,845 | $ 49,850 | $ 131,498 | $ 139,661 |
Shares | ||||
Income available to common stockholders, Basic (shares) | 289,715,414 | 292,000,061 | 290,670,601 | 299,873,985 |
Effect of dilutive common stock equivalents, Basic (shares) | 1,174,893 | 2,673,391 | 1,819,305 | 3,423,132 |
Income available to common stockholders, Diluted (shares) | 290,890,307 | 294,673,452 | 292,489,906 | 303,297,117 |
Earnings per common share | ||||
Basic earnings per common share (usd per share) | $ 0.16 | $ 0.17 | $ 0.45 | $ 0.47 |
Diluted earnings per common share (usd per share) | $ 0.16 | $ 0.17 | $ 0.45 | $ 0.46 |
Equity awards | ||||
Earnings per common share | ||||
Securities excluded from computation of diluted earnings per share (shares) | 10,952,744 | 16,372,523 | 11,041,315 | 11,819,014 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Investment [Line Items] | |||||
Carrying value of held to maturity security | $ 1,733,751,000 | $ 1,733,751,000 | $ 1,755,556,000 | ||
Estimated fair value | 1,769,179,000 | 1,769,179,000 | $ 1,782,801,000 | ||
Non credit-related OTTI | 20,500,000 | ||||
Non credit-related OTTI, after-tax | 12,100,000 | ||||
Proceeds from sales of securities held to maturity | $ 0 | 0 | $ 14,348,000 | ||
Gross realized gain from Held to maturity | (1,900,000) | ||||
Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 42,000,000 | 42,000,000 | |||
Estimated fair value | $ 79,600,000 | 79,600,000 | |||
Debt maturities, term (years) | 20 years | ||||
Equity securities | |||||
Investment [Line Items] | |||||
Gross realized gain from sale of Available-for-sale securities | 72,200 | 2,300,000 | |||
Proceeds from sale of Available for sale securities | $ 122,000 | 57,900,000 | |||
TruP Security | |||||
Investment [Line Items] | |||||
Gross realized gain from sale of Available-for-sale securities | 1,300,000 | ||||
Proceeds from sales of securities held to maturity | 3,100,000 | 14,300,000 | |||
Gross realized gain from Held to maturity | $ (836,000) | ||||
Proceeds from sale of Available for sale securities | $ 0 | 102,100,000 | |||
Non Investment Grade | Corporate and other debt securities | |||||
Investment [Line Items] | |||||
Carrying value of held to maturity security | 39,900,000 | 39,900,000 | |||
Estimated fair value | 73,200,000 | 73,200,000 | |||
Securities Pledged as Collateral | |||||
Investment [Line Items] | |||||
Estimated fair value | 1,128,800,000 | 1,128,800,000 | |||
Held-to-maturity securities pledged as collateral | $ 1,138,100,000 | $ 1,138,100,000 |
Securities (Summary of Securiti
Securities (Summary of Securities- AFS) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | $ 1,961,471 | $ 1,679,520 |
Gross unrealized gains | 5,237 | 5,567 |
Gross unrealized losses | 17,279 | 24,654 |
Estimated fair value | 1,949,429 | 1,660,433 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 4,889 | 5,825 |
Gross unrealized gains | 834 | 918 |
Gross unrealized losses | 77 | 83 |
Estimated fair value | 5,646 | 6,660 |
Mortgage-backed securities: | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 1,956,582 | 1,673,695 |
Gross unrealized gains | 4,403 | 4,649 |
Gross unrealized losses | 17,202 | 24,571 |
Estimated fair value | 1,943,783 | 1,653,773 |
Federal Home Loan Mortgage Corporation | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 656,728 | 603,774 |
Gross unrealized gains | 1,803 | 1,971 |
Gross unrealized losses | 4,537 | 7,306 |
Estimated fair value | 653,994 | 598,439 |
Federal National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 1,258,212 | 1,022,383 |
Gross unrealized gains | 2,600 | 2,678 |
Gross unrealized losses | 11,702 | 16,474 |
Estimated fair value | 1,249,110 | 1,008,587 |
Government National Mortgage Association | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Carrying value | 41,642 | 47,538 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 963 | 791 |
Estimated fair value | $ 40,679 | $ 46,747 |
Securities (Summary of Securi37
Securities (Summary of Securities- HTM) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Net unrealized losses | $ 86,844 | $ 87,921 | $ 95,743 | $ 96,865 | $ 97,977 | $ 100,200 |
Carrying value | 1,733,751 | 1,755,556 | ||||
Gross unrealized losses | 11,282 | 18,891 | ||||
Estimated fair value | 1,769,179 | 1,782,801 | ||||
Held-to-maturity: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,756,589 | 1,780,677 | ||||
Net unrealized losses | 22,838 | 25,121 | ||||
Carrying value | 1,733,751 | 1,755,556 | ||||
Gross unrecognized gains | 46,710 | 46,136 | ||||
Gross unrealized losses | 11,282 | 18,891 | ||||
Estimated fair value | 1,769,179 | 1,782,801 | ||||
Government-sponsored enterprises | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 43,300 | 2,128 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 43,300 | 2,128 | ||||
Gross unrecognized gains | 2 | 12 | ||||
Gross unrealized losses | 739 | 0 | ||||
Estimated fair value | 42,563 | 2,140 | ||||
Municipal bonds | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 30,907 | 37,978 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 30,907 | 37,978 | ||||
Gross unrecognized gains | 1,415 | 1,515 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 32,322 | 39,493 | ||||
Corporate and other debt securities | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 67,411 | 65,852 | ||||
Net unrealized losses | 20,458 | 21,760 | ||||
Carrying value | 46,953 | 44,092 | ||||
Gross unrecognized gains | 37,776 | 40,153 | ||||
Gross unrealized losses | 0 | 0 | ||||
Estimated fair value | 84,729 | 84,245 | ||||
Total debt securities held-to-maturity | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 141,618 | 105,958 | ||||
Net unrealized losses | 20,458 | 21,760 | ||||
Carrying value | 121,160 | 84,198 | ||||
Gross unrecognized gains | 39,193 | 41,680 | ||||
Gross unrealized losses | 739 | 0 | ||||
Estimated fair value | 159,614 | 125,878 | ||||
Mortgage-backed securities: | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,614,971 | 1,674,719 | ||||
Net unrealized losses | 2,380 | 3,361 | ||||
Carrying value | 1,612,591 | 1,671,358 | ||||
Gross unrecognized gains | 7,517 | 4,456 | ||||
Gross unrealized losses | 10,543 | 18,891 | ||||
Estimated fair value | 1,609,565 | 1,656,923 | ||||
Federal Home Loan Mortgage Corporation | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 441,464 | 411,692 | ||||
Net unrealized losses | 1,091 | 1,559 | ||||
Carrying value | 440,373 | 410,133 | ||||
Gross unrecognized gains | 1,530 | 793 | ||||
Gross unrealized losses | 2,397 | 3,502 | ||||
Estimated fair value | 439,506 | 407,424 | ||||
Federal National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 1,120,171 | 1,246,635 | ||||
Net unrealized losses | 1,289 | 1,802 | ||||
Carrying value | 1,118,882 | 1,244,833 | ||||
Gross unrecognized gains | 5,968 | 3,635 | ||||
Gross unrealized losses | 7,835 | 15,389 | ||||
Estimated fair value | 1,117,015 | 1,233,079 | ||||
Government National Mortgage Association | ||||||
Schedule of Held-to-maturity Securities [Line Items] | ||||||
Amortized cost | 53,336 | 16,392 | ||||
Net unrealized losses | 0 | 0 | ||||
Carrying value | 53,336 | 16,392 | ||||
Gross unrecognized gains | 19 | 28 | ||||
Gross unrealized losses | 311 | 0 | ||||
Estimated fair value | $ 53,044 | $ 16,420 |
Securities (Amortized Cost and
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying value | $ 1,733,751 | $ 1,755,556 |
Total, Estimated fair value | 1,769,179 | $ 1,782,801 |
Debt Securities Other than Securities Pledged | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year or less | 28,337 | |
Due after one year through five years | 75 | |
Due after five years through ten years | 46,240 | |
Due after ten years | 46,508 | |
Carrying value | 121,160 | |
Due in one year or less, Estimated fair value | 28,339 | |
Due after one year through five years, Estimated fair value | 75 | |
Due after five years through ten years, Estimated fair value | 45,582 | |
Due after ten years, Estimated fair value | 85,618 | |
Total, Estimated fair value | $ 159,614 |
Securities (Investment Securiti
Securities (Investment Securities, Continuous Unrealized Loss Position And Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale, Estimated fair value | ||
Less than 12 months | $ 1,015,861 | $ 1,220,619 |
12 months or more | 206,977 | 37,845 |
Total | 1,222,838 | 1,258,464 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 11,723 | 24,071 |
12 months or more | 5,556 | 583 |
Total | 17,279 | 24,654 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 894,939 | 1,309,860 |
12 months or more | 46,711 | 3,623 |
Total | 941,650 | 1,313,483 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 9,677 | 18,743 |
12 months or more | 1,605 | 148 |
Total | 11,282 | 18,891 |
Estimated fair value, Less than 12 months, Total | 1,910,800 | 2,530,479 |
Unrealized losses, Less than 12 months, Total | 21,400 | 42,814 |
Estimated fair value, 12 months or more, Total | 253,688 | 41,468 |
Unrealized losses, 12 months or more, Total | 7,161 | 731 |
Estimated fair value, Total | 2,164,488 | 2,571,947 |
Unrealized losses, Total | 28,561 | 43,545 |
Equity securities | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 4,792 | 4,722 |
12 months or more | 0 | 0 |
Total | 4,792 | 4,722 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 77 | 83 |
12 months or more | 0 | 0 |
Total | 77 | 83 |
Federal Home Loan Mortgage Corporation | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 291,595 | 406,878 |
12 months or more | 56,408 | 12,756 |
Total | 348,003 | 419,634 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 2,732 | 7,220 |
12 months or more | 1,805 | 86 |
Total | 4,537 | 7,306 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 243,530 | 339,666 |
12 months or more | 2,820 | 3,623 |
Total | 246,350 | 343,289 |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 2,333 | 3,354 |
12 months or more | 64 | 148 |
Total | 2,397 | 3,502 |
Federal National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 678,795 | 762,272 |
12 months or more | 150,569 | 25,089 |
Total | 829,364 | 787,361 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 7,951 | 15,977 |
12 months or more | 3,751 | 497 |
Total | 11,702 | 16,474 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 571,368 | |
12 months or more | 43,891 | |
Total | 615,259 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 6,294 | |
12 months or more | 1,541 | |
Total | 7,835 | |
Government National Mortgage Association | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 40,679 | 46,747 |
12 months or more | 0 | 0 |
Total | 40,679 | 46,747 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 963 | 791 |
12 months or more | 0 | 0 |
Total | 963 | 791 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 39,524 | |
12 months or more | 0 | |
Total | 39,524 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 311 | |
12 months or more | 0 | |
Total | 311 | |
Federal National Mortgage Association | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 970,194 | |
12 months or more | 0 | |
Total | 970,194 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 15,389 | |
12 months or more | 0 | |
Total | 15,389 | |
Mortgage-backed securities: | ||
Available-for-sale, Estimated fair value | ||
Less than 12 months | 1,011,069 | 1,215,897 |
12 months or more | 206,977 | 37,845 |
Total | 1,218,046 | 1,253,742 |
Available-for-sale, Unrealized losses | ||
Less than 12 months | 11,646 | 23,988 |
12 months or more | 5,556 | 583 |
Total | 17,202 | $ 24,571 |
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 854,422 | |
12 months or more | 46,711 | |
Total | 901,133 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 8,938 | |
12 months or more | 1,605 | |
Total | 10,543 | |
Government-sponsored enterprises | ||
Held-to-maturity Securities, Estimated Fair Value | ||
Less than 12 months | 40,517 | |
Total | 40,517 | |
Held-to-maturity Securities, Unrealized Losses | ||
Less than 12 months | 739 | |
12 months or more | 0 | |
Total | $ 739 |
Securities (Changes in Credit L
Securities (Changes in Credit Loss Component of the Impairment Loss of Debt Securities for Other-than-Temporary Impairment Recognized in Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance of credit related OTTI, beginning of period | $ 87,921 | $ 97,977 | $ 95,743 | $ 100,200 |
Initial credit impairments | 0 | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 0 | 0 | 0 |
Accretion of credit loss impairment due to an increase in expected cash flows | (1,077) | (1,112) | (5,088) | (3,335) |
Reductions for securities sold or paid off during the period | 0 | 0 | (3,811) | 0 |
Balance of credit related OTTI, end of period | $ 86,844 | $ 96,865 | $ 86,844 | $ 96,865 |
Loans Receivable, Net (Narrativ
Loans Receivable, Net (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | Dec. 31, 2016USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans acquired | $ 92,000 | ||||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 1,000,000 | $ 1,000,000 | |||
Residential mortgage loans, appraisal update period, years | 2 years | ||||
Loans that are 90 days past due and still accruing | 0 | $ 0 | |||
PCI loans | 8,577,000 | 8,577,000 | $ 8,956,000 | ||
Loans, Individually evaluated for impairment | 75,433,000 | 75,433,000 | 34,404,000 | ||
Allowance for loan losses, Charge-offs | 14,519,000 | 14,997,000 | |||
Related Allowance | 1,718,000 | 1,718,000 | $ 1,601,000 | ||
Interest income received and recognized on loans | $ 1,200,000 | $ 1,000,000 | |||
Troubled debt restructured, number of loans | loan | 127 | 110 | |||
Allowance for loan losses, individually evaluated for impairment | 1,718,000 | $ 1,718,000 | $ 1,601,000 | ||
Collateral Dependant TDRs | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for loan losses, Charge-offs | 0 | $ 0 | 4,500,000 | $ 0 | |
Related Allowance | 1,700,000 | 1,700,000 | 1,600,000 | ||
Allowance for loan losses, individually evaluated for impairment | 1,700,000 | 1,700,000 | $ 1,600,000 | ||
Commercial Loan | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding minimum balance of loans to be evaluated for impairment individually, greater than | 1,000,000 | 1,000,000 | |||
Outstanding minimum balance of loans that are evaluated for impairment individually | 1,000,000 | 1,000,000 | |||
Commercial Real Estate Construction And Multi Family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding minimum balance of loans to be evaluated for impairment individually, greater than | 500,000 | 500,000 | |||
Outstanding minimum balance of loans that are evaluated for impairment individually | 2,000,000 | $ 2,000,000 | |||
PCI Loans | Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Troubled debt restructured, number of loans | loan | 4 | 3 | |||
Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 8,600,000 | $ 8,600,000 | $ 9,000,000 | ||
Financing Receivables, 1 to 29 Days Past Due | Upto 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 7,400,000 | 7,400,000 | 7,700,000 | ||
Financing Receivables, 30 to 89 Days Past Due | Upto 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 75,000 | 75,000 | |||
Greater than 90 Days | Upto 90 Days | Marathon Banking Corporation and Marathon National Bank of New York | PCI Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
PCI loans | 1,100,000 | $ 1,100,000 | 1,300,000 | ||
Watch | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 59 days | ||||
Watch | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 30 days | ||||
Commercial Portfolio Segment | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Related Allowance | 0 | $ 0 | $ 0 | ||
Troubled debt restructured, number of loans | loan | 7 | 9 | |||
Commercial Portfolio Segment | Construction Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 0 | $ 0 | $ 0 | ||
Allowance for loan losses, Charge-offs | 100,000 | 52,000 | |||
Related Allowance | 0 | 0 | 0 | ||
Allowance for loan losses, individually evaluated for impairment | 0 | 0 | 0 | ||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | ||||
Recorded investment | $ 132,000 | ||||
Commercial Portfolio Segment | Commercial Real Estate Sector | Retail Site | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 32,499,000 | 32,499,000 | 5,962,000 | ||
Allowance for loan losses, Charge-offs | 6,818,000 | 455,000 | |||
Related Allowance | 0 | $ 0 | $ 0 | ||
Troubled debt restructured, number of loans | loan | 6 | 6 | |||
Allowance for loan losses, individually evaluated for impairment | 0 | $ 0 | $ 0 | ||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 1 | 4 | |||
Recorded investment | $ 160,000 | $ 588,000 | |||
Proceeds from Sale of Other Loans Held-for-sale | 48,100,000 | $ 0 | |||
Consumer Portfolio Segment | Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans, Individually evaluated for impairment | 26,827,000 | 26,827,000 | 24,453,000 | ||
Allowance for loan losses, Charge-offs | 4,205,000 | 9,425,000 | |||
Allowance for loan losses, individually evaluated for impairment | $ 1,630,000 | $ 1,630,000 | $ 1,581,000 | ||
Loans modified as TDR in the last 12 months for which there was a default payment | loan | 8 | 6 | |||
Recorded investment | $ 1,000,000 | $ 1,000,000 | |||
Residential Mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 90 days | ||||
Special Mention Residential | Maximum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 89 days | ||||
Special Mention Residential | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 60 days | ||||
Substandard Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Delinquency period in days | 90 days |
Loans Receivable, Net (Summary
Loans Receivable, Net (Summary of Loan Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | $ 19,940,352 | $ 18,801,746 | ||||
PCI loans | 8,577 | 8,956 | ||||
Net unamortized premiums and deferred loan costs | (11,701) | (12,474) | ||||
Allowance for loan losses | (230,071) | $ (230,028) | (228,373) | $ (223,550) | $ (220,316) | $ (218,505) |
Net loans | 19,707,157 | 18,569,855 | ||||
Commercial Portfolio Segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 14,414,191 | 13,494,451 | ||||
Commercial Portfolio Segment | Commercial and Industrial Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 1,501,235 | 1,275,283 | ||||
Commercial Portfolio Segment | Construction Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 397,929 | 314,843 | ||||
Consumer Portfolio Segment | Residential Mortgage Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 4,871,460 | 4,710,373 | ||||
Consumer Portfolio Segment | Consumer and Other Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 654,701 | 596,922 | ||||
Multifamily | Commercial Portfolio Segment | Commercial Real Estate Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | 7,854,759 | 7,459,131 | ||||
Retail Site | Commercial Portfolio Segment | Commercial Real Estate Sector | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans excluding PCI loans | $ 4,660,268 | $ 4,445,194 |
Loans Receivable, Net (Summar43
Loans Receivable, Net (Summary of Analysis of the Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | $ 230,028 | $ 220,316 | $ 228,373 | $ 218,505 |
Loans charged off | (3,022) | (2,972) | (14,519) | (13,379) |
Recoveries | 1,315 | 1,206 | 4,467 | 3,424 |
Net charge-offs | (1,707) | (1,766) | (10,052) | (9,955) |
Provision for loan losses | 1,750 | 5,000 | 11,750 | 15,000 |
Balance at end of the period | $ 230,071 | $ 223,550 | $ 230,071 | $ 223,550 |
Loans Receivable, Net (Summar44
Loans Receivable, Net (Summary of Allowance for Loan Losses and the Recorded Investment in Loans by Portfolio Segment And Based On Impairment Method) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $ 228,373 | $ 218,505 |
Allowance for loan losses, Charge-offs | (14,519) | (14,997) |
Allowance for loan losses, Recoveries | 4,467 | 5,115 |
Allowance for loan losses, Provision | 11,750 | 19,750 |
Allowance for loan losses, Ending balance | 230,071 | 228,373 |
Allowance for loan losses, individually evaluated for impairment | 1,718 | 1,601 |
Allowance for loan losses, collectively evaluated for impairment | 228,353 | 226,772 |
Loans, Individually evaluated for impairment | 75,433 | 34,404 |
Loans, Collectively evaluated for impairment | 19,864,919 | 18,767,342 |
Loan, Loans acquired with deteriorated credit quality | 19,940,352 | 18,801,746 |
Ending Balance | 19,948,929 | 18,810,702 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 2,190 | 1,306 |
Allowance for loan losses, Charge-offs | 0 | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision | 220 | 884 |
Allowance for loan losses, Ending balance | 2,410 | 2,190 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 2,410 | 2,190 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 0 | 0 |
Ending Balance | 0 | 0 |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 8,577 | 8,956 |
Receivables Acquired with Deteriorated Credit Quality | Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 19,831 | 31,443 |
Allowance for loan losses, Charge-offs | (4,205) | (9,425) |
Allowance for loan losses, Recoveries | 2,492 | 1,631 |
Allowance for loan losses, Provision | 2,913 | (3,818) |
Allowance for loan losses, Ending balance | 21,031 | 19,831 |
Allowance for loan losses, individually evaluated for impairment | 1,630 | 1,581 |
Allowance for loan losses, collectively evaluated for impairment | 19,401 | 18,250 |
Loans, Individually evaluated for impairment | 26,827 | 24,453 |
Loans, Collectively evaluated for impairment | 4,844,633 | 4,685,920 |
Loan, Loans acquired with deteriorated credit quality | 4,871,460 | 4,710,373 |
Ending Balance | 4,872,872 | 4,711,880 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 2,850 | 3,155 |
Allowance for loan losses, Charge-offs | (149) | (419) |
Allowance for loan losses, Recoveries | 120 | 102 |
Allowance for loan losses, Provision | 116 | 12 |
Allowance for loan losses, Ending balance | 2,937 | 2,850 |
Allowance for loan losses, individually evaluated for impairment | 88 | 20 |
Allowance for loan losses, collectively evaluated for impairment | 2,849 | 2,830 |
Loans, Individually evaluated for impairment | 861 | 371 |
Loans, Collectively evaluated for impairment | 653,840 | 596,551 |
Loan, Loans acquired with deteriorated credit quality | 654,701 | 596,922 |
Ending Balance | 655,021 | 597,265 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Residential Mortgage Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 1,412 | 1,507 |
Consumer Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Consumer and Other Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 320 | 343 |
Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 14,414,191 | 13,494,451 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 11,653 | 6,794 |
Allowance for loan losses, Charge-offs | (100) | (52) |
Allowance for loan losses, Recoveries | 0 | 267 |
Allowance for loan losses, Provision | (1,771) | 4,644 |
Allowance for loan losses, Ending balance | 9,782 | 11,653 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 9,782 | 11,653 |
Loans, Individually evaluated for impairment | 0 | 0 |
Loans, Collectively evaluated for impairment | 397,929 | 314,843 |
Loan, Loans acquired with deteriorated credit quality | 397,929 | 314,843 |
Ending Balance | 397,929 | 314,843 |
Commercial Portfolio Segment | Receivables Acquired with Deteriorated Credit Quality | Construction Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 43,492 | 40,585 |
Allowance for loan losses, Charge-offs | (3,242) | (4,485) |
Allowance for loan losses, Recoveries | 177 | 541 |
Allowance for loan losses, Provision | 6,862 | 6,851 |
Allowance for loan losses, Ending balance | 47,289 | 43,492 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 47,289 | 43,492 |
Loans, Individually evaluated for impairment | 1,317 | 3,370 |
Loans, Collectively evaluated for impairment | 1,499,918 | 1,271,913 |
Loan, Loans acquired with deteriorated credit quality | 1,501,235 | 1,275,283 |
Ending Balance | 1,501,235 | 1,275,283 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 95,561 | 88,223 |
Allowance for loan losses, Charge-offs | (5) | (161) |
Allowance for loan losses, Recoveries | 1,178 | 1,885 |
Allowance for loan losses, Provision | (9,795) | 5,614 |
Allowance for loan losses, Ending balance | 86,939 | 95,561 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 86,939 | 95,561 |
Loans, Individually evaluated for impairment | 13,929 | 248 |
Loans, Collectively evaluated for impairment | 7,840,830 | 7,458,883 |
Loan, Loans acquired with deteriorated credit quality | 7,854,759 | 7,459,131 |
Ending Balance | 7,854,759 | 7,459,131 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 52,796 | 46,999 |
Allowance for loan losses, Charge-offs | (6,818) | (455) |
Allowance for loan losses, Recoveries | 500 | 689 |
Allowance for loan losses, Provision | 13,205 | 5,563 |
Allowance for loan losses, Ending balance | 59,683 | 52,796 |
Allowance for loan losses, individually evaluated for impairment | 0 | 0 |
Allowance for loan losses, collectively evaluated for impairment | 59,683 | 52,796 |
Loans, Individually evaluated for impairment | 32,499 | 5,962 |
Loans, Collectively evaluated for impairment | 4,627,769 | 4,439,232 |
Loan, Loans acquired with deteriorated credit quality | 4,660,268 | 4,445,194 |
Ending Balance | 4,667,113 | 4,452,300 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 0 | |
Allowance for loan losses, Ending balance | 0 | 0 |
Loan, Loans acquired with deteriorated credit quality | $ 6,845 | $ 7,106 |
Loans Receivable, Net (Schedule
Loans Receivable, Net (Schedule of Risk Category of Loans by Class of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | $ 19,940,352 | $ 18,801,746 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 17,436,110 | 17,177,368 |
Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 1,731,819 | 1,099,078 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 373,301 | 337,848 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 399,122 | 187,452 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 14,414,191 | 13,494,451 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 397,929 | 314,843 |
Commercial Portfolio Segment | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 12,023,228 | 11,993,617 |
Commercial Portfolio Segment | Pass | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 284,554 | 230,630 |
Commercial Portfolio Segment | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 1,709,597 | 1,071,578 |
Commercial Portfolio Segment | Watch | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 106,798 | 76,773 |
Commercial Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 365,333 | 326,890 |
Commercial Portfolio Segment | Special Mention | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 6,577 | 3,200 |
Commercial Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 316,033 | 102,366 |
Commercial Portfolio Segment | Substandard | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 4,240 |
Commercial Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Doubtful | Construction Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 1,501,235 | 1,275,283 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 1,026,038 | 900,190 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 395,166 | 344,628 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 64,815 | 23,588 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 15,216 | 6,877 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 7,854,759 | 7,459,131 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 6,884,230 | 6,961,809 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 678,668 | 276,858 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 158,101 | 165,948 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 133,760 | 54,516 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,660,268 | 4,445,194 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 3,828,406 | 3,900,988 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 528,965 | 373,319 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 135,840 | 134,154 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 167,057 | 36,733 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,871,460 | 4,710,373 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 654,701 | 596,922 |
Consumer Portfolio Segment | Pass | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 4,772,466 | 4,600,611 |
Consumer Portfolio Segment | Pass | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 640,416 | 583,140 |
Consumer Portfolio Segment | Watch | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 15,174 | 21,873 |
Consumer Portfolio Segment | Watch | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 7,048 | 5,627 |
Consumer Portfolio Segment | Special Mention | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 7,615 | 10,239 |
Consumer Portfolio Segment | Special Mention | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 353 | 719 |
Consumer Portfolio Segment | Substandard | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 76,205 | 77,650 |
Consumer Portfolio Segment | Substandard | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 6,884 | 7,436 |
Consumer Portfolio Segment | Doubtful | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Doubtful | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Loss | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | 0 | 0 |
Consumer Portfolio Segment | Loss | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan, Loans acquired with deteriorated credit quality | $ 0 | $ 0 |
Loans Receivable, Net (Payment
Loans Receivable, Net (Payment Status of the Recorded Investment in Past Due Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 159,275 | $ 162,814 |
Current | 19,781,077 | 18,638,932 |
Total Loans Receivable | 19,940,352 | 18,801,746 |
30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72,958 | 42,383 |
60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,102 | 45,597 |
Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 75,215 | 74,834 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 66,511 | 56,302 |
Current | 14,347,680 | 13,438,149 |
Total Loans Receivable | 14,414,191 | 13,494,451 |
Commercial Portfolio Segment | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 397,929 | 314,843 |
Total Loans Receivable | 397,929 | 314,843 |
Commercial Portfolio Segment | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 49,059 | 12,704 |
Commercial Portfolio Segment | 30-59 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,363 | 33,948 |
Commercial Portfolio Segment | 60-89 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,089 | 9,650 |
Commercial Portfolio Segment | Greater than 90 Days | Construction Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,331 | 4,720 |
Current | 1,498,904 | 1,270,563 |
Total Loans Receivable | 1,501,235 | 1,275,283 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 611 | 864 |
Commercial Portfolio Segment | Commercial and Industrial Sector | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,384 | 885 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 336 | 2,971 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,992 | 6,605 |
Current | 7,838,767 | 7,452,526 |
Total Loans Receivable | 7,854,759 | 7,459,131 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,785 | 5,272 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,099 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 207 | 234 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48,188 | 44,977 |
Current | 4,612,080 | 4,400,217 |
Total Loans Receivable | 4,660,268 | 4,445,194 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 30-59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32,663 | 6,568 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | 60-89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 979 | 31,964 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Greater than 90 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,546 | 6,445 |
Consumer Portfolio Segment | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,426 | 13,411 |
Current | 641,275 | 583,511 |
Total Loans Receivable | 654,701 | 596,922 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 79,338 | 93,101 |
Current | 4,792,122 | 4,617,272 |
Total Loans Receivable | 4,871,460 | 4,710,373 |
Consumer Portfolio Segment | 30-59 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,048 | 5,627 |
Consumer Portfolio Segment | 30-59 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16,851 | 24,052 |
Consumer Portfolio Segment | 60-89 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 353 | 719 |
Consumer Portfolio Segment | 60-89 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,386 | 10,930 |
Consumer Portfolio Segment | Greater than 90 Days | Consumer and Other Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,025 | 7,065 |
Consumer Portfolio Segment | Greater than 90 Days | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 54,101 | $ 58,119 |
Loans Receivable, Net (Non-Accr
Loans Receivable, Net (Non-Accrual Loans Status) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 458 | 512 |
Non-accrual, Amount | $ | $ 125,662 | $ 94,274 |
Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 13 | 16 |
Non-accrual, Amount | $ | $ 2,503 | $ 3,038 |
Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 25 | 26 |
Non-accrual, Amount | $ | $ 5,211 | $ 6,318 |
Commercial Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 41 | 34 |
Non-accrual, Amount | $ | $ 51,392 | $ 14,346 |
Commercial Portfolio Segment | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 3 |
Non-accrual, Amount | $ | $ 396 | $ 597 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 6 | 8 |
Non-accrual, Amount | $ | $ 1,926 | $ 4,659 |
Commercial Portfolio Segment | Commercial and Industrial Sector | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 286 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 4 | 2 |
Non-accrual, Amount | $ | $ 14,137 | $ 482 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 0 | 1 |
Non-accrual, Amount | $ | $ 0 | $ 248 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 31 | 24 |
Non-accrual, Amount | $ | $ 35,329 | $ 9,205 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Financing Receivables, 30 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 2 |
Non-accrual, Amount | $ | $ 56 | $ 169 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | Financing Receivables, 1 to 29 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 1 | 1 |
Non-accrual, Amount | $ | $ 396 | $ 63 |
Consumer Portfolio Segment | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 417 | 478 |
Non-accrual, Amount | $ | $ 74,270 | $ 79,928 |
Consumer Portfolio Segment | Financing Receivables, 30 to 89 Days Past Due | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 12 | 14 |
Non-accrual, Amount | $ | $ 2,447 | $ 2,869 |
Consumer Portfolio Segment | Financing Receivables, 1 to 29 Days Past Due | Residential Mortgage Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual: # of loans | loan | 24 | 23 |
Non-accrual, Amount | $ | $ 4,815 | $ 5,721 |
Loans Receivable, Net (Loans In
Loans Receivable, Net (Loans Individually Evaluated for Impairment by Class of Loans) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Recorded Investment | ||
Total: | $ 75,433 | $ 34,404 |
Unpaid Principal Balance | ||
Total: | 90,487 | 42,432 |
Related Allowance | 1,718 | 1,601 |
Average Recorded Investment | ||
Total: | 74,694 | 33,583 |
Interest Income Recognized | ||
Total: | 1,163 | 1,452 |
Commercial Portfolio Segment | ||
Recorded Investment | ||
With no related allowance: | 47,745 | 9,580 |
With an allowance recorded: | 0 | 0 |
Total: | 47,745 | 9,580 |
Unpaid Principal Balance | ||
With no related allowance: | 58,235 | 13,485 |
With an allowance recorded: | 0 | 0 |
Total: | 58,235 | 13,485 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 48,571 | 9,995 |
With an allowance recorded: | 0 | 0 |
Total: | 48,571 | 9,995 |
Interest Income Recognized | ||
With no related allowance: | 433 | 490 |
With an allowance recorded: | 0 | 0 |
Total: | 433 | 490 |
Commercial Portfolio Segment | Construction Loans | ||
Recorded Investment | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Unpaid Principal Balance | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Interest Income Recognized | ||
With no related allowance: | 0 | 0 |
With an allowance recorded: | 0 | 0 |
Total: | 0 | 0 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Recorded Investment | ||
With no related allowance: | 1,317 | 3,370 |
With an allowance recorded: | 0 | 0 |
Total: | 1,317 | 3,370 |
Unpaid Principal Balance | ||
With no related allowance: | 1,896 | 3,972 |
With an allowance recorded: | 0 | 0 |
Total: | 1,896 | 3,972 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 1,343 | 3,953 |
With an allowance recorded: | 0 | 0 |
Total: | 1,343 | 3,953 |
Interest Income Recognized | ||
With no related allowance: | 28 | 169 |
With an allowance recorded: | 0 | 0 |
Total: | 28 | 169 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 13,929 | 248 |
With an allowance recorded: | 0 | 0 |
Total: | 13,929 | 248 |
Unpaid Principal Balance | ||
With no related allowance: | 13,977 | 248 |
With an allowance recorded: | 0 | 0 |
Total: | 13,977 | 248 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 14,318 | 252 |
With an allowance recorded: | 0 | 0 |
Total: | 14,318 | 252 |
Interest Income Recognized | ||
With no related allowance: | 121 | 20 |
With an allowance recorded: | 0 | 0 |
Total: | 121 | 20 |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||
Recorded Investment | ||
With no related allowance: | 32,499 | 5,962 |
With an allowance recorded: | 0 | 0 |
Total: | 32,499 | 5,962 |
Unpaid Principal Balance | ||
With no related allowance: | 42,362 | 9,265 |
With an allowance recorded: | 0 | 0 |
Total: | 42,362 | 9,265 |
Related Allowance | 0 | 0 |
Average Recorded Investment | ||
With no related allowance: | 32,910 | 5,790 |
With an allowance recorded: | 0 | 0 |
Total: | 32,910 | 5,790 |
Interest Income Recognized | ||
With no related allowance: | 284 | 301 |
With an allowance recorded: | 0 | 0 |
Total: | 284 | 301 |
Consumer Portfolio Segment | Residential And Consumer | ||
Recorded Investment | ||
With no related allowance: | 12,877 | 11,030 |
With an allowance recorded: | 14,811 | 13,794 |
Total: | 27,688 | 24,824 |
Unpaid Principal Balance | ||
With no related allowance: | 16,830 | 14,565 |
With an allowance recorded: | 15,422 | 14,382 |
Total: | 32,252 | 28,947 |
Related Allowance | 1,718 | 1,601 |
Average Recorded Investment | ||
With no related allowance: | 11,785 | 9,899 |
With an allowance recorded: | 14,338 | 13,689 |
Total: | 26,123 | 23,588 |
Interest Income Recognized | ||
With no related allowance: | 398 | 483 |
With an allowance recorded: | 332 | 479 |
Total: | $ 730 | $ 962 |
Loans Receivable, Net (Troubled
Loans Receivable, Net (Troubled Debt Restructured Loans) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)loan | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 58 | 42 |
Accrual, amount | $ | $ 13,358 | $ 9,445 |
Non-accrual, number of loans | loan | 69 | 68 |
Non-accrual, amount | $ | $ 33,748 | $ 20,907 |
Troubled debt restructured, number of loans | loan | 127 | 110 |
Troubled debt restructuring, Amount | $ | $ 47,106 | $ 30,352 |
Commercial Portfolio Segment | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 2 |
Accrual, amount | $ | $ 171 | $ 352 |
Non-accrual, number of loans | loan | 5 | 7 |
Non-accrual, amount | $ | $ 19,246 | $ 5,176 |
Troubled debt restructured, number of loans | loan | 7 | 9 |
Troubled debt restructuring, Amount | $ | $ 19,417 | $ 5,528 |
Commercial Portfolio Segment | Commercial and Industrial Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | 0 |
Accrual, amount | $ | $ 0 | $ 0 |
Non-accrual, number of loans | loan | 1 | 2 |
Non-accrual, amount | $ | $ 1,316 | $ 1,688 |
Troubled debt restructured, number of loans | loan | 1 | 2 |
Troubled debt restructuring, Amount | $ | $ 1,316 | $ 1,688 |
Commercial Portfolio Segment | Multifamily | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 0 | |
Accrual, amount | $ | $ 0 | |
Non-accrual, number of loans | loan | 1 | |
Non-accrual, amount | $ | $ 248 | |
Troubled debt restructured, number of loans | loan | 1 | |
Troubled debt restructuring, Amount | $ | $ 248 | |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Sector | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 2 | 2 |
Accrual, amount | $ | $ 171 | $ 352 |
Non-accrual, number of loans | loan | 4 | 4 |
Non-accrual, amount | $ | $ 17,930 | $ 3,240 |
Troubled debt restructured, number of loans | loan | 6 | 6 |
Troubled debt restructuring, Amount | $ | $ 18,101 | $ 3,592 |
Consumer Portfolio Segment | Residential And Consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Accrual, number of loans | loan | 56 | 40 |
Accrual, amount | $ | $ 13,187 | $ 9,093 |
Non-accrual, number of loans | loan | 64 | 61 |
Non-accrual, amount | $ | $ 14,502 | $ 15,731 |
Troubled debt restructured, number of loans | loan | 120 | 101 |
Troubled debt restructuring, Amount | $ | $ 27,689 | $ 24,824 |
Loans Receivable, Net (Schedu50
Loans Receivable, Net (Schedule Of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | Sep. 30, 2017USD ($)loan | Sep. 30, 2016USD ($)loan | |
Commercial Portfolio Segment | Retail Site | Commercial Real Estate Loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 0 | 2 | 3 | 5 |
Pre-modification Recorded Investment | $ | $ 0 | $ 468 | $ 20,225 | $ 1,039 |
Post- modification Recorded Investment | $ | $ 0 | $ 468 | $ 15,787 | $ 1,039 |
Number of Loans | loan | 0 | 2 | 3 | 5 |
Pre-modification Interest Yield | 0.00% | 4.93% | 4.67% | 4.38% |
Post- modification Interest Yield | 0.00% | 4.89% | 4.67% | 4.50% |
Consumer Portfolio Segment | Residential And Consumer | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of Loans | loan | 6 | 6 | 23 | 20 |
Pre-modification Recorded Investment | $ | $ 1,673 | $ 1,051 | $ 4,924 | $ 2,600 |
Post- modification Recorded Investment | $ | $ 1,673 | $ 1,051 | $ 4,824 | $ 2,600 |
Number of Loans | loan | 6 | 6 | 23 | 20 |
Pre-modification Interest Yield | 3.75% | 6.30% | 4.15% | 6.31% |
Post- modification Interest Yield | 2.98% | 2.86% | 3.39% | 3.42% |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Non-interest bearing: | ||
Checking accounts | $ 2,263,198 | $ 2,173,493 |
Interest bearing: | ||
Checking accounts | 4,633,096 | 3,916,208 |
Money market deposits | 4,298,171 | 4,150,583 |
Savings | 2,049,509 | 2,092,989 |
Certificates of deposit | 3,632,495 | 2,947,560 |
Total deposits | $ 16,876,469 | $ 15,280,833 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | $ 49,445 | $ 50,548 |
Accumulated Amortization | (27,327) | (26,115) |
Valuation Allowance | (122) | (165) |
Net Intangible Assets | 21,996 | 24,268 |
Goodwill | 77,571 | 77,571 |
Goodwill and intangible assets | 99,567 | 101,839 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 23,237 | 24,340 |
Accumulated Amortization | (8,579) | (9,286) |
Valuation Allowance | (122) | (165) |
Net Intangible Assets | 14,536 | 14,889 |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 25,058 | 25,058 |
Accumulated Amortization | (18,461) | (16,607) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 6,597 | 8,451 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Asset | 1,150 | 1,150 |
Accumulated Amortization | (287) | (222) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 863 | $ 928 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Loans sold | $ 1,910 | $ 1,980 |
Estimated fair value of servicing asset in intangible assets | $ 15.6 | $ 16.2 |
Weighted average discount rate of servicing assets | 14.24% | |
Weighted average constant prepayment rate on mortgages | 9.78% | |
Weighted average life of servicing assets, years | 6 years 9 months 15 days | |
Core deposit premiums | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life, years | 10 years |
Equity Incentive Plan (Narrativ
Equity Incentive Plan (Narrative) (Details) - USD ($) $ in Millions | Jun. 09, 2015 | Sep. 30, 2017 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation not yet recognized | $ 22.3 | ||
Compensation cost not yet recognized, period for recognition (years) | 4 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted (shares) | 430,000 | 271,890 | |
Compensation cost not yet recognized, period for recognition (years) | 4 years 1 month | ||
Compensation not yet recognized, restricted stock | $ 56.6 | ||
2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (shares) | 30,881,296 | ||
2015 Plan | Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (shares) | 13,234,841 | ||
2015 Plan | Equity Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized (shares) | 17,646,455 | ||
Expiration period (years) | 10 years | ||
Minimum | 2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (years) | 5 years | ||
Maximum | 2015 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (years) | 7 years |
Equity Incentive Plan (Fair Val
Equity Incentive Plan (Fair Value) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted average expected life (in years) | 6 years 6 months | 7 years |
Weighted average risk-free rate of return (in percentage) | 2.04% | 1.67% |
Weighted average volatility (in percentage) | 24.73% | 24.05% |
Dividend yield (in percentage) | 2.44% | 1.93% |
Weighted average fair value of options granted (in usd per share) | $ 3 | $ 2.80 |
Total stock options granted (in shares) | 83,800 | 201,440 |
Equity Incentive Plan (Shares-b
Equity Incentive Plan (Shares-based compensation expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option expense | $ 1,469 | $ 1,508 | $ 4,373 | $ 4,498 |
Restricted stock expense | 3,471 | 3,954 | 10,594 | 10,658 |
Total share based compensation expense | $ 4,940 | $ 5,462 | $ 14,967 | $ 15,156 |
Equity Incentive Plan (Summary
Equity Incentive Plan (Summary of Stock Option Activity and Related Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Number of Stock Options | |||
Beginning balance (shares) | 13,165,333 | ||
Granted (shares) | 83,800 | 201,440 | |
Exercised (shares) | (936,881) | ||
Forfeited (shares) | (495,248) | ||
Expired (shares) | (1,429) | ||
Ending balance (shares) | 11,815,575 | 13,165,333 | |
Exercisable at period end(shares) | 4,603,154 | ||
Weighted Average Exercise Price | |||
Beginning balance (usd per share) | $ 11.74 | ||
Granted (usd per share) | 13.12 | ||
Exercised (usd per share) | 8.24 | ||
Forfeited (usd per share) | 12.53 | ||
Expired (usd per share) | 12.54 | ||
Ending balance (usd per share) | 11.99 | $ 11.74 | |
Exercisable end of the year (usd per share) | $ 11.16 | ||
Outstanding, Weighted Average Remaining Contractual Life (years) | 7 years 8 months | 8 years 2 months 12 days | |
Granted, Weighted Average Remaining Contractual Life (years) | 9 years 9 months | ||
Exercised, Weighted Average Remaining Contractual Life (years) | 3 years 10 months | ||
Weighted Average Remaining Contractual Life, Exercisable Ending Balance (years) | 6 years 11 months | ||
Aggregate Intrinsic Value, Outstanding | $ 19,453 | $ 29,101 | |
Aggregate Intrinsic Value, Exercisable | $ 11,426 |
Equity Incentive Plan (Restrict
Equity Incentive Plan (Restricted Stock) (Details) - Restricted Stock - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Number of Shares Awarded | ||
Beginning balance (shares) | 5,876,491 | |
Granted (shares) | 430,000 | 271,890 |
Vested (shares) | (960,564) | |
Forfeited (shares) | (268,163) | |
Ending balance (shares) | 5,077,764 | |
Weighted Average Exercise Price | ||
Beginning balance (usd per share) | $ 12.51 | |
Granted (usd per share) | 14.39 | |
Vested (usd per share) | 12.51 | |
Forfeited (usd per share) | 12.50 | |
Ending balance (usd per share) | $ 12.67 |
Net Periodic Benefit Plan Exp59
Net Periodic Benefit Plan Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Retirement Benefits [Abstract] | ||||
Maximum annual contributions per employee, Percent | 60.00% | |||
Annual benefit, period ( in months) | 36 months | |||
Vesting period (in years) | 2 years | |||
Percentage of vesting, year 1 | 50.00% | |||
Percentage of vesting, year 2 | 100.00% | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 371,000 | $ 894,000 | $ 1,114,000 | $ 2,681,000 |
Interest cost | 379,000 | 474,000 | 1,135,000 | 1,422,000 |
Prior service cost | 0 | 0 | 0 | 0 |
Net loss | 115,000 | 514,000 | 344,000 | 1,542,000 |
Total net periodic benefit cost | $ 865,000 | $ 1,882,000 | 2,593,000 | $ 5,645,000 |
Contribution and pension cost | $ 0 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities (Narrative) (Details) - Derivatives designated as hedging instruments: - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Amount of gain (loss) recognized in other comprehensive income | ||
Derivative [Line Items] | ||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense | $ 2 | |
Cash Flow Hedging | Interest Rate Contract | ||
Derivative [Line Items] | ||
Notional amount | $ 900 | $ 400 |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities - Fair Value of Derivative Instruments on the Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 12,550 | |
Liability Derivatives | $ 467 | |
Amount of gain (loss) recognized in other comprehensive income | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 12,550 | |
Liability Derivatives | 467 | |
Amount of gain (loss) recognized in other comprehensive income | Derivatives designated as hedging instruments: | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 0 | 12,550 |
Amount of gain (loss) recognized in other comprehensive income | Derivatives designated as hedging instruments: | Other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 467 | $ 0 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities - Effective Derivative Instrument (Details) - Amount of gain (loss) recognized in other comprehensive income - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flow Hedges - Interest rate swaps | ||||
Amount of gain (loss) recognized in other comprehensive income | $ (201) | $ (1,109) | $ (5,472) | $ (1,109) |
Amount of gain (loss) reclassified from accumulated other comprehensive loss to interest expense | (1,147) | (42) | (3,233) | (42) |
Amount of gain (loss) recognized in other non-interest income (ineffective portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities - Offsetting Derivatives (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Liabilities: | ||
Gross Amounts Recognized | $ 467 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 467 | |
Financial Instruments | 0 | |
Cash Collateral Posted | 0 | |
Net Amount | 467 | |
Assets: | ||
Gross Amounts Recognized | $ 12,550 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 12,550 | |
Financial Instruments | 0 | |
Cash Collateral Posted | 12,550 | |
Net Amount | 0 | |
Amount of gain (loss) recognized in other comprehensive income | ||
Liabilities: | ||
Gross Amounts Recognized | 467 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 467 | |
Financial Instruments | 0 | |
Cash Collateral Posted | 0 | |
Net Amount | $ 467 | |
Assets: | ||
Gross Amounts Recognized | 12,550 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 12,550 | |
Financial Instruments | 0 | |
Cash Collateral Posted | 12,550 | |
Net Amount | $ 0 |
Comprehensive Income (Component
Comprehensive Income (Components of Comprehensive Income (Loss), Gross and Net Of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity [Abstract] | ||||
Net income, Gross | $ 74,282 | $ 71,728 | $ 211,654 | $ 215,619 |
Net income, Tax | (28,437) | (21,878) | (80,156) | (75,958) |
Net income | 45,845 | 49,850 | 131,498 | 139,661 |
Change in funded status of retirement obligations, Gross | 140 | 537 | 422 | 1,610 |
Change in funded status of retirement obligations, Tax | (58) | (219) | (173) | (658) |
Change in funded status of retirement obligations | 82 | 318 | 249 | 952 |
Unrealized gain (loss) on securities available-for-sale, Gross | 869 | (2,708) | 8,320 | 19,652 |
Unrealized gain (loss) on securities available-for-sale, Tax | (344) | 1,053 | (3,115) | (7,686) |
Unrealized gain (loss) on securities available-for-sale | 525 | (1,655) | 5,205 | 11,966 |
Accretion of loss on securities reclassified to held to maturity from available for sale, Gross | 305 | 472 | 981 | 1,433 |
Accretion of loss on securities reclassified to held to maturity from available for sale, Tax | (125) | (193) | (401) | (586) |
Accretion of loss on securities reclassified to held to maturity from available for sale, Net | 180 | 279 | 580 | 847 |
Reclassification adjustments for security gains included in net income, Gross | 0 | (72) | (1,275) | (2,264) |
Reclassification adjustments for security gains included in net income, Tax | 0 | 29 | 510 | 906 |
Reclassification adjustment for security gains included in net income | 0 | (43) | (765) | (1,358) |
Other-than-temporary impairment accretion on debt securities, Gross | 315 | 533 | 1,302 | 1,179 |
Other-than-temporary impairment accretion on debt securities, Tax | (129) | (218) | (532) | (481) |
Other-than-temporary impairment accretion on debt securities, Net | 186 | 315 | 770 | 698 |
Net (losses) on derivatives arising during the period, Gross | 946 | (1,067) | (2,239) | (1,067) |
Net (losses) on derivatives arising during the period, Tax | (386) | 436 | 915 | 436 |
Net (losses) on derivatives arising during the period, Net | 560 | (631) | (1,324) | (631) |
Total other comprehensive income (loss), Gross | 2,575 | (2,305) | 7,511 | 20,543 |
Total other comprehensive income (loss), Tax | (1,042) | 888 | (2,796) | (8,069) |
Total other comprehensive income (loss) | 1,533 | (1,417) | 4,715 | 12,474 |
Total comprehensive income, Gross | 76,857 | 69,423 | 219,165 | 236,162 |
Total comprehensive income, Tax | (29,479) | (20,990) | (82,952) | (84,027) |
Total comprehensive income | $ 47,378 | $ 48,433 | $ 136,213 | $ 152,135 |
Comprehensive Income (Compone65
Comprehensive Income (Component of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | $ 3,123,245 | $ 3,311,647 | ||
Net change | $ 1,533 | $ (1,417) | 4,715 | 12,474 |
Balance | 3,155,132 | 3,115,089 | 3,155,132 | 3,115,089 |
Total accumulated other comprehensive loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (24,600) | (27,825) | ||
Net change | 4,715 | 12,474 | ||
Balance | (19,885) | (15,351) | (19,885) | (15,351) |
Change in funded status of retirement obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (4,895) | (12,366) | ||
Net change | 249 | 952 | ||
Balance | (4,646) | (11,414) | (4,646) | (11,414) |
Accretion of loss on securities reclassified to held to maturity | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (1,988) | (3,080) | ||
Net change | 580 | 847 | ||
Balance | (1,408) | (2,233) | (1,408) | (2,233) |
Unrealized (losses) gains on securities available-for-sale and gains included in net income | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (12,271) | 1,371 | ||
Net change | 4,440 | 10,608 | ||
Balance | (7,831) | 11,979 | (7,831) | 11,979 |
Other-than- temporary impairment accretion on debt securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | (12,870) | (13,750) | ||
Net change | 770 | 698 | ||
Balance | (12,100) | (13,052) | (12,100) | (13,052) |
Unrealized gains (losses) on derivatives | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance | 7,424 | 0 | ||
Net change | (1,324) | (631) | ||
Balance | $ 6,100 | $ (631) | $ 6,100 | $ (631) |
Comprehensive Income (Reclassif
Comprehensive Income (Reclassification Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | $ (28,437) | $ (21,878) | $ (80,156) | $ (75,958) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | 1,267 | 507 | 2,317 | (612) |
Income tax expense (benefit) | (497) | (190) | (887) | 248 |
Income before undistributed earnings of subsidiary | 770 | 317 | 1,430 | (364) |
Unrealized (losses) gains on securities available-for-sale and gains included in net income | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on security transactions, net | 0 | (72) | (1,275) | (2,264) |
Change in funded status of retirement obligations | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net loss | 120 | 537 | 359 | 1,610 |
Interest Expense | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification adjustment for unrealized losses on derivatives | $ 1,147 | $ 42 | $ 3,233 | $ 42 |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 1,949,429 | $ 1,660,433 |
Derivative financial instruments | 467 | |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,646 | 6,660 |
Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,943,783 | 1,653,773 |
Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 653,994 | 598,439 |
Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,249,110 | 1,008,587 |
Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 40,679 | 46,747 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,949,429 | 1,660,433 |
Derivative financial instruments | 467 | 12,550 |
Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,646 | 6,660 |
Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,943,783 | 1,653,773 |
Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 653,994 | 598,439 |
Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,249,110 | 1,008,587 |
Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 40,679 | 46,747 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,646 | 6,660 |
Derivative financial instruments | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,646 | 6,660 |
Level 1 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,943,783 | 1,653,773 |
Derivative financial instruments | 467 | 12,550 |
Level 2 | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,943,783 | 1,653,773 |
Level 2 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 653,994 | 598,439 |
Level 2 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,249,110 | 1,008,587 |
Level 2 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 40,679 | 46,747 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal Home Loan Mortgage Corporation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Federal National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Government National Mortgage Association | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding minimum balance of loans that are evaluated for impairment individually | $ 1,000,000 | |
Mortgage servicing rights | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 14.24% | 14.27% |
Mortgage servicing rights | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 9.78% | 9.84% |
Mortgage servicing rights | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 26.28% | 24.18% |
Mortgage servicing rights | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Prepayment range (percentage) | 1.74% | 3.15% |
Loans Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding minimum balance of loans to be evaluated for impairment individually | $ 1,000,000 | |
Loans Receivable | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 25.00% | |
Loans Receivable | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 0.00% | |
Other real estate owned | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 25.00% | |
Other real estate owned | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate (percentage) | 0.00% | |
Loans held for sale | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lack of marketability, range (percentage) | 3.45% | |
Loans held for sale | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lack of marketability, range (percentage) | 4.50% | |
Loans held for sale | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Lack of marketability, range (percentage) | 2.50% |
Fair Value Measurements (Carr69
Fair Value Measurements (Carrying Value of Our Assets Measured at Fair Value on a Non-Recurring Basis) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
MSR, net | $ 15,600 | $ 16,200 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,496 | 1,403 |
MSR, net | 12,372 | 12,877 |
Loans held for sale | 313 | |
Total | 16,868 | 14,593 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
MSR, net | 0 | 0 |
Loans held for sale | 0 | |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
MSR, net | 0 | 0 |
Loans held for sale | 0 | |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,496 | 1,403 |
MSR, net | 12,372 | 12,877 |
Loans held for sale | 313 | |
Total | $ 16,868 | $ 14,593 |
Impaired loans | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 1.00% | 22.00% |
Impaired loans | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 45.00% | 29.00% |
Impaired loans | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 31.72% | 26.00% |
Mortgage servicing rights | Minimum | ||
Fair Value Inputs [Abstract] | ||
Prepayment range (percentage) | 1.74% | 3.15% |
Mortgage servicing rights | Maximum | ||
Fair Value Inputs [Abstract] | ||
Prepayment range (percentage) | 26.28% | 24.18% |
Mortgage servicing rights | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Prepayment range (percentage) | 9.78% | 9.84% |
Loans held for sale | Minimum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 2.50% | |
Loans held for sale | Maximum | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 4.50% | |
Loans held for sale | Weighted Average | ||
Fair Value Inputs [Abstract] | ||
Lack of marketability, range (percentage) | 3.45% |
Fair Value Measurements (Carr70
Fair Value Measurements (Carrying Amounts and Estimated Fair Values) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale | $ 1,949,429 | $ 1,660,433 |
Securities held-to-maturity | 1,769,179 | 1,782,801 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 413,322 | 164,178 |
Securities available-for-sale | 1,949,429 | 1,660,433 |
Securities held-to-maturity | 1,733,751 | 1,755,556 |
Stock in FHLB | 232,814 | 237,878 |
Loans held for sale | 6,975 | 38,298 |
Net loans | 19,707,157 | 18,569,855 |
Deposits, other than time deposits | 13,243,974 | 12,333,273 |
Time deposits | 3,632,495 | 2,947,560 |
Borrowed funds | 4,484,869 | 4,546,251 |
Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 413,322 | 164,178 |
Securities available-for-sale | 1,949,429 | 1,660,433 |
Securities held-to-maturity | 1,769,179 | 1,782,801 |
Stock in FHLB | 232,814 | 237,878 |
Loans held for sale | 6,975 | 38,298 |
Net loans | 19,776,775 | 18,391,018 |
Deposits, other than time deposits | 13,243,974 | 12,333,273 |
Time deposits | 3,619,747 | 2,938,137 |
Borrowed funds | 4,488,058 | 4,545,745 |
Level 1 | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 413,322 | 164,178 |
Securities available-for-sale | 5,646 | 6,660 |
Securities held-to-maturity | 0 | 0 |
Stock in FHLB | 232,814 | 237,878 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 13,243,974 | 12,333,273 |
Time deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 1,943,783 | 1,653,773 |
Securities held-to-maturity | 1,689,531 | 1,703,559 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 6,975 | 38,298 |
Net loans | 0 | 0 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 3,619,747 | 2,938,137 |
Borrowed funds | 4,488,058 | 4,545,745 |
Level 3 | Estimated fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 79,648 | 79,242 |
Stock in FHLB | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 19,776,775 | 18,391,018 |
Deposits, other than time deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowed funds | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | Nov. 24, 2017 | Oct. 26, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.24 | $ 0.18 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 0.09 | |||
Scenario, Forecast | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends paid per share (usd per share) | $ 0.09 |