Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
Document Information [Line Items] | ||
Entity Registrant Name | BOSTON PRIVATE FINANCIAL HOLDINGS INC | |
Entity Central Index Key | 821,127 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 84,219,494 |
Consolidated Balance Sheets Sta
Consolidated Balance Sheets Statement - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 77,085 | $ 120,541 |
Investment securities available-for-sale (amortized cost of $1,148,526 and $1,182,427 at March 31, 2018 and December 31, 2017, respectively) | 1,118,497 | 1,170,328 |
Investment securities held-to-maturity (fair value of $68,887 and $73,781 at March 31, 2018 and December 31, 2017, respectively) | 70,809 | 74,576 |
Stock in Federal Home Loan Bank and Federal Reserve Bank | 54,455 | 59,973 |
Loans held for sale | 3,918 | 4,697 |
Total loans | 6,602,327 | 6,505,028 |
Less: Allowance for loan losses | 72,898 | 74,742 |
Net loans | 6,529,429 | 6,430,286 |
Premises and equipment, net | 43,627 | 37,640 |
Goodwill | 75,598 | 75,598 |
Intangible assets, net | 15,334 | 16,083 |
Fees receivable | 10,640 | 11,154 |
Accrued interest receivable | 22,614 | 22,322 |
Deferred income taxes, net | 32,058 | 29,031 |
Other assets | 264,295 | 259,515 |
Total assets | 8,318,359 | 8,311,744 |
Liabilities: | ||
Deposits | 6,584,322 | 6,510,246 |
Securities sold under agreements to repurchase | 85,257 | 32,169 |
Federal funds purchased | 0 | 30,000 |
Federal Home Loan Bank borrowings | 611,588 | 693,681 |
Junior subordinated debentures | 106,363 | 106,363 |
Other liabilities | 125,004 | 135,880 |
Total liabilities | 7,512,534 | 7,508,339 |
Redeemable Noncontrolling Interests | 16,322 | 17,461 |
Stockholders’ Equity: | ||
Preferred stock, $1.00 par value; authorized: 2,000,000 shares; Series D, 6.95% Non-Cumulative Perpetual, issued and outstanding: 50,000 shares at March 31, 2018 and December 31, 2017; liquidation preference: $1,000 per share | 47,753 | 47,753 |
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 84,194,267 shares at March 31, 2018 and 84,208,538 shares at December 31, 2017 | 84,194 | 84,208 |
Additional paid-in capital | 612,526 | 607,929 |
Retained earnings | 61,518 | 49,526 |
Accumulated other comprehensive income/ (loss) | (21,313) | (8,658) |
Total Company's shareholders’ equity | 784,678 | 780,758 |
Noncontrolling interests | 4,825 | 5,186 |
Total shareholders' equity | 789,503 | 785,944 |
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ 8,318,359 | $ 8,311,744 |
Consolidated Balance Sheets Par
Consolidated Balance Sheets Parentheticals - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment securities available-for-sale at amortized cost | $ 1,148,526 | $ 1,182,427 |
Investment securities held-to-maturity at fair value | $ 68,887 | $ 73,781 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 2,000,000 | 2,000,000 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 170,000,000 | 170,000,000 |
Common Stock, Shares, Issued | 84,194,267 | 84,208,538 |
Common Stock, Shares, Outstanding | 84,194,267 | 84,208,538 |
Series D Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 50,000 | 50,000 |
Preferred Stock, Shares Outstanding | 50,000 | 50,000 |
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Interest and dividend income: | |||
Loans | $ 60,929 | $ 53,636 | |
Taxable investment securities | 1,510 | 1,670 | |
Non-taxable investment securities | 1,730 | 1,606 | |
Mortgage-backed securities | 3,178 | 3,504 | |
Federal funds sold and other | 1,009 | 600 | |
Total interest and dividend income | 68,356 | 61,016 | |
Interest expense: | |||
Deposits | 6,524 | 4,531 | |
Federal Home Loan Bank borrowings | 3,344 | 2,111 | |
Junior subordinated debentures | 846 | 671 | |
Repurchase agreements and other short-term borrowings | 259 | 61 | |
Total interest expense | 10,973 | 7,374 | |
Net interest income | 57,383 | 53,642 | |
Provision/ (credit) for loan losses | (1,795) | (181) | |
Net interest income after provision/ (credit) for loan losses | 59,178 | 53,823 | |
Fees and other income: | |||
Investment management fees | 11,425 | 10,839 | |
Wealth advisory fees | 13,512 | 12,823 | |
Wealth management and trust fees | 12,151 | 10,826 | |
Other banking fee income | 2,273 | 1,694 | |
Gain on sale of loans, net | 74 | 138 | |
Gain/ (loss) on sale of investments, net | (24) | 19 | |
Gain/ (loss) on OREO, net | 0 | (46) | |
Other | 332 | 213 | |
Total fees and other income | 39,743 | 36,506 | |
Operating expense: | |||
Salaries and employee benefits | 47,084 | 45,665 | |
Occupancy and equipment | 7,748 | 7,185 | |
Professional services | 3,177 | 3,314 | |
Marketing and business development | 1,593 | 1,660 | |
Information systems | 5,886 | 5,379 | |
Amortization of intangibles | 750 | 1,426 | |
FDIC insurance | 744 | 766 | |
Other | 3,875 | 3,385 | |
Total operating expense | 70,857 | 68,780 | |
Income before income taxes | 28,064 | 21,549 | |
Income tax expense | 6,026 | 6,553 | |
Net income from continuing operations | 22,038 | 14,996 | |
Net income from discontinued operations | 1,698 | 1,632 | |
Net income before attrubution to noncontrolling interests | 23,736 | 16,628 | |
Less: Net income attributable to noncontrolling interests | (1,050) | (966) | |
Net income attributable to the Company | 22,686 | 15,662 | |
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders | (23) | (1,166) | |
Net income attributable to common shareholders for earnings per share calculation | $ 22,663 | $ 14,496 | |
Basic earnings per share attributable to common shareholders: | |||
From continuing operations: | $ 0.25 | $ 0.16 | |
From discontinued operations: | 0.02 | 0.02 | |
Total attributable to common shareholders: | 0.27 | 0.18 | |
Diluted earnings per share attributable to common shareholders: | |||
From continuing operations: | 0.25 | 0.15 | |
From discontinued operations: | 0.02 | 0.02 | |
Total attributable to common shareholders: | $ 0.27 | $ 0.17 | |
Common Stock [Member] | |||
Basic earnings per share attributable to common shareholders: | |||
Weighted average basic common shares outstanding | 83,097,758 | 81,951,179 | |
Diluted earnings per share attributable to common shareholders: | |||
Weighted average diluted common shares outstanding | [1] | 85,271,650 | 84,560,918 |
[1] | The diluted EPS computations for the three months ended March 31, 2018 and 2017 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31, 2018 2017Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):(In thousands)Potential common shares from: Stock options39 121Total shares excluded due to exercise price exceeding the average market price of common shares during the period39 121 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net income attributable to the Company | $ 22,686 | $ 15,662 |
Other comprehensive income/ (loss), net of tax [Abstract] | ||
Unrealized gain/ (loss) on securities available-for-sale | (12,895) | 2,094 |
Reclassification adjustment for net realized gain/ (loss) included in net income | 0 | (11) |
Net unrealized gain/ (loss) on securities available-for-sale | (12,895) | 2,083 |
Unrealized gain/ (loss) on cash flow hedges | 588 | 36 |
Reclassification adjustment for net realized gain/ (loss) included in net income | (14) | 180 |
Net change in unrealized gain/ (loss) on cash flow hedges | 574 | 216 |
Net unrealized gain/ (loss) on other | 0 | 12 |
Other comprehensive income/ (loss), net of tax | (12,321) | 2,311 |
Total comprehensive income, attributable to the Company, net | $ 10,365 | $ 17,973 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock Including Additional Paid in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2016 | $ 768,481 | $ 47,753 | $ 83,732 | $ 597,454 | $ 47,929 | $ (12,548) | $ 4,161 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income attributable to the Company | 15,662 | 0 | 0 | 0 | 15,662 | 0 | 0 |
Other comprehensive income/ (loss), net of tax | 2,311 | 0 | 0 | 0 | 0 | 2,311 | 0 |
Dividends paid to common shareholders | (9,212) | 0 | 0 | 0 | (9,212) | 0 | 0 |
Dividends paid to preferred shareholders | (869) | 0 | 0 | 0 | (869) | 0 | 0 |
Net Change in Noncontrolling Interests | (168) | 0 | 0 | 0 | 0 | 0 | (168) |
Net proceeds from issuance of [Abstract] | |||||||
Net proceeds from issuance of common stock | 721 | 0 | 73 | 648 | 0 | 0 | 0 |
Issuance of shares through incentive stock grants, net of shares forfeited, canceled, or withheld for employee taxes, value | 0 | 0 | (16) | 16 | 0 | 0 | 0 |
Exercise of warrants | 1,876 | 0 | 260 | 1,616 | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | 2,000 | 0 | 0 | 2,000 | 0 | 0 | 0 |
Stock options exercised | 680 | 0 | 85 | 595 | 0 | 0 | 0 |
Other equity adjustments | 419 | 0 | 0 | 419 | 0 | 0 | 0 |
Ending Balance at Mar. 31, 2017 | 781,901 | 47,753 | 84,134 | 602,748 | 53,510 | (10,237) | 3,993 |
Beginning Balance at Dec. 31, 2017 | 785,944 | 47,753 | 84,208 | 607,929 | 49,526 | (8,658) | 5,186 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Reclassification due to change in accounting principles | 0 | 0 | 0 | 0 | 334 | (334) | 0 |
Net income attributable to the Company | 22,686 | 0 | 0 | 0 | 22,686 | 0 | 0 |
Other comprehensive income/ (loss), net of tax | (12,321) | 0 | 0 | 0 | 0 | (12,321) | 0 |
Dividends paid to common shareholders | (10,159) | 0 | 0 | 0 | (10,159) | 0 | 0 |
Dividends paid to preferred shareholders | (869) | 0 | 0 | 0 | (869) | 0 | 0 |
Net Change in Noncontrolling Interests | (361) | 0 | 0 | 0 | 0 | 0 | (361) |
Net proceeds from issuance of [Abstract] | |||||||
Net proceeds from issuance of common stock | 833 | 0 | 63 | 770 | 0 | 0 | 0 |
Issuance of shares through incentive stock grants, net of shares forfeited, canceled, or withheld for employee taxes, value | (638) | 0 | (151) | (487) | 0 | 0 | 0 |
Amortization of stock compensation and employee stock purchase plan | 1,730 | 0 | 0 | 1,730 | 0 | 0 | 0 |
Stock options exercised | 669 | 0 | 74 | 595 | 0 | 0 | 0 |
Other equity adjustments | 1,989 | 0 | 0 | 1,989 | 0 | 0 | 0 |
Ending Balance at Mar. 31, 2018 | $ 789,503 | $ 47,753 | $ 84,194 | $ 612,526 | $ 61,518 | $ (21,313) | $ 4,825 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity Parentheticals - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Shares of common stock issued | 63,434 | 72,811 |
Stock Repurchased During Period, Shares | 0 | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 0 | 0 |
Stock Issued During Period, Shares, Share-based Compensation, Forfeited | (110,846) | (15,596) |
Shares of stock withheld for employee taxes | (40,825) | 0 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income attributable to the Company | $ 22,686 | $ 15,662 |
Adjustments to arrive at net income from continuing operations [Abstract] | ||
Net income attributable to noncontrolling interests | (1,050) | (966) |
Less: Net income from discontinued operations | (1,698) | (1,632) |
Net income from continuing operations | 22,038 | 14,996 |
Adjustments to reconcile net income from continuing operations to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 4,638 | 5,325 |
Net income attributable to noncontrolling interests | (1,050) | (966) |
Stock compensation, net of cancellations | 1,730 | 2,000 |
Provision/ (credit) for loan losses | (1,795) | (181) |
Loans originated for sale | (11,875) | (9,078) |
Proceeds from sale of loans held for sale | 12,732 | 12,330 |
Deferred income tax expense/ (benefit) | 1,769 | 217 |
Net decrease/ (increase) in other operating activities | (13,079) | (11,272) |
Net cash provided by/ (used in) operating activities of continuing operations | 15,108 | 13,371 |
Net cash provided by/ (used in) operating activities of discontinued operations | 1,698 | 1,632 |
Net cash provided by/ (used in) operating activities | 16,806 | 15,003 |
Investment securities available for sale: | ||
Purchases | (21,953) | (71,498) |
Sales | 15,877 | 32,717 |
Maturities, calls, redemptions, and principal payments | 37,912 | 47,994 |
Purchases | 0 | 9,970 |
Principal payments | 3,650 | 4,485 |
(Investments)/ distributions in trusts, net | (125) | (296) |
Purchase of additional Bank Owned Life Insurance (BOLI) | 0 | (50,000) |
(Purchase)/ redemption of Federal Home Loan Bank and Federal Reserve Bank stock | 5,518 | (6,056) |
Net (increase)/ decrease in portfolio loans | (97,432) | (135,514) |
Proceeds from recoveries of loans previously charged-off | 340 | 193 |
Proceeds from sale of OREO | 0 | 1,644 |
Capital expenditures, net of sale proceeds | (8,396) | (3,153) |
Net cash provided by/ (used in) investing activities | (64,609) | (189,454) |
Cash flows from financing activities: | ||
Net increase/ (decrease) in deposits | 74,076 | 161,474 |
Net increase/ (decrease) in securities sold under agreements to repurchase | 53,088 | 7,625 |
Net increase/ (decrease) in federal funds purchased | (30,000) | (80,000) |
Net increase/ (decrease) in short-term Federal Home Loan Bank borrowings | (120,000) | 140,000 |
Advances of long-term Federal Home Loan Bank borrowings | 90,000 | 34,435 |
Repayments of long-term Federal Home Loan Bank borrowings | (52,093) | (23,195) |
Dividends paid to common shareholders | (10,159) | (9,212) |
Dividends paid to preferred shareholders | (869) | (869) |
Proceeds from warrant exercises | 0 | 1,876 |
Proceeds from stock option exercises | 669 | 680 |
Proceeds from issuance of common stock, net | 195 | 721 |
Distributions paid to noncontrolling interests | (1,018) | (938) |
Other equity adjustments | 458 | 483 |
Net cash provided by/ (used in) financing activities | 4,347 | 233,080 |
Net increase/ (decrease) in cash and cash equivalents | (43,456) | 58,629 |
Cash and cash equivalents at beginning of year | 120,541 | 106,557 |
Cash and cash equivalents at end of period | 77,085 | 165,186 |
Supplementary schedule of non-cash investing and financing activities: | ||
Cash paid for interest | 11,204 | 7,431 |
Cash paid for income taxes, (net of refunds received) | (783) | 2,362 |
Change in unrealized gain/ (loss) on available-for-sale securities, net of tax | (12,895) | 2,083 |
Change in unrealized gain/ (loss) on cash flow hedges, net of tax | 574 | 216 |
Change in unrealized gain/ (loss) on other, net of tax | 0 | 12 |
Loans charged-off | $ (389) | $ (58) |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies Boston Private Financial Holdings, Inc. (the “Company” or “BPFH”), is a bank holding company (the “Holding Company”) with four reportable segments: Private Banking, Wealth Management and Trust, Investment Management, and Wealth Advisory. The Private Banking segment is comprised of the banking operations of Boston Private Bank & Trust Company (the “Bank” or “Boston Private Bank”), a trust company chartered by The Commonwealth of Massachusetts, insured by the Federal Deposit Insurance Corporation (the “FDIC”), and a wholly-owned subsidiary of the Company. Boston Private Bank is a member of the Federal Reserve Bank of Boston. Boston Private Bank primarily operates in three geographic markets: New England, the San Francisco Bay Area, and Southern California. The Wealth Management and Trust segment is comprised of the operations of Boston Private Wealth LLC (“Boston Private Wealth”), a wholly-owned subsidiary of Boston Private Bank, and the trust operations of Boston Private Bank. The segment offers investment management, wealth management, family office, and trust services to individuals, families, and institutions. The Wealth Management and Trust segment operates in New England; South Florida; California; and Madison, Wisconsin. The Investment Management segment had two consolidated affiliates, Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”) and Anchor Capital Advisors, LLC (“Anchor”) (together, the “Investment Managers”) included in its results for the first quarter of 2018, while the assets and liabilities of Anchor were classified as held for sale. Assets held for sale were $60.2 million and $58.8 million at March 31, 2018 and December 31, 2017, respectively, and liabilities held for sale were $4.7 million and $3.2 million at March 31, 2018 and December 31, 2017, respectively. In December 2017, the Company entered into an agreement to sell its entire ownership interest in Anchor in a transaction that would result in Anchor being majority-owned by members of its management team. The transaction closed in April 2018. The Wealth Advisory segment has two consolidated affiliates, consisting of KLS Professional Advisors Group, LLC (“KLS”) and Bingham, Osborn & Scarborough, LLC (“BOS”) (together, the “Wealth Advisors” and, together with the Wealth Management and Trust and Investment Management segments, the “Wealth and Investment businesses”). The Company conducts substantially all of its business through its four reportable segments. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include all necessary adjustments of a normal recurring nature which, in the opinion of management, are required for a fair presentation of the results of operations and financial condition of the Company. The interim results of consolidated operations are not necessarily indicative of the results for the entire year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the Securities and Exchange Commission (“SEC”). Prior period amounts are reclassified whenever necessary to conform to the current period presentation. The Company’s significant accounting policies are described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 , as filed with the SEC. For interim reporting purposes, the Company follows the same significant accounting policies, except for the following new accounting pronouncements from the Financial Accounting Standards Board (the “FASB”) that were adopted effective January 1, 2018: • Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). As a result of implementing this standard, the Company reclassified $5 thousand in unrealized losses on derivatives related to hedge ineffectiveness from accumulated other comprehensive income to retained earnings as of January 1, 2018. This ASU will provide more flexibility in the Company’s risk management activities and we believe it will enhance the Company’s ability to employ risk management strategies, while improving the transparency and understanding of those strategies for financial statement users. • ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ( “ASU 2017-07”). This amendment requires an employer to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. As a result of the retrospective adoption of this ASU, $160 thousand for the three months ended March 31, 2017 has been reclassified from salaries and employee benefits expense to other expense within the Company’s consolidated statement of operations. For the three months ended March 31, 2018, $135 thousand is presented within other expense that would have been presented within salaries and employee benefits prior to adoption of ASU 2017-07. • ASU 2016-15, Statement of Cash Flows (Topic 230) (“ASU 2016-15”). This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU is effective for the Company beginning on January 1, 2018. The guidance requires application using a retrospective transition method. This ASU did not have an impact on the Company’s consolidated financial statements. • ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This amendment requires equity investments to be measured at fair value with changes in fair value, net of tax, recognized in net income. As a result of implementing this standard, the Company reclassified $339 thousand in unrealized gains on available-for-sale equity investments, net of tax, from accumulated other comprehensive income to retained earnings as of January 1, 2018. • ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which was subsequently amended by additional ASUs, including ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , collectively, “ASU 2014-09 et al. ” ASU 2014-09 et al. was adopted using the modified retrospective transition method as of January 1, 2018, however no cumulative effect adjustment was required. This new guidance was applied to all revenue contracts in place at the date of adoption. See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 13: Revenue Recognition” for further details. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share The treasury stock method of calculating earnings per share (“EPS”) is presented below for the three months ended March 31, 2018 and 2017 . The following tables present the computations of basic and diluted EPS: Three months ended March 31, 2018 2017 (In thousands, except share and per share data) Basic earnings per share - Numerator: Net income from continuing operations $ 22,038 $ 14,996 Less: Net income attributable to noncontrolling interests 1,050 966 Net income from continuing operations attributable to the Company 20,988 14,030 Decrease/ (increase) in noncontrolling interests’ redemption values (1) 846 (297 ) Dividends on preferred stock (869 ) (869 ) Total adjustments to income attributable to common shareholders (23 ) (1,166 ) Net income from continuing operations attributable to common shareholders, treasury stock method 20,965 12,864 Net income from discontinued operations 1,698 1,632 Net income attributable to common shareholders, treasury stock method $ 22,663 $ 14,496 Basic earnings per share - Denominator: Weighted average basic common shares outstanding 83,097,758 81,951,179 Per share data - Basic earnings per share from: Continuing operations $ 0.25 $ 0.16 Discontinued operations $ 0.02 $ 0.02 Total attributable to common shareholders $ 0.27 $ 0.18 Three months ended March 31, 2018 2017 (In thousands, except share and per share data) Diluted earnings per share - Numerator: Net income from continuing operations attributable to common shareholders, after assumed dilution $ 20,965 $ 12,864 Net income from discontinued operations 1,698 1,632 Net income attributable to common shareholders, after assumed dilution $ 22,663 $ 14,496 Diluted earnings per share - Denominator: Weighted average basic common shares outstanding 83,097,758 81,951,179 Dilutive effect of: Stock options, performance-based and time-based restricted stock, and performance-based and time-based restricted stock units, and other dilutive securities (2) 1,136,145 1,455,333 Warrants to purchase common stock (2) 1,037,747 1,154,406 Dilutive common shares 2,173,892 2,609,739 Weighted average diluted common shares outstanding (2) 85,271,650 84,560,918 Per share data - Diluted earnings per share from: Continuing operations $ 0.25 $ 0.15 Discontinued operations $ 0.02 $ 0.02 Total attributable to common shareholders $ 0.27 $ 0.17 Dividends per share declared and paid on common stock $ 0.12 $ 0.11 _____________________ (1) See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. (2) The diluted EPS computations for the three months ended March 31, 2018 and 2017 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31, 2018 2017 Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): (In thousands) Potential common shares from: Stock options 39 121 Total shares excluded due to exercise price exceeding the average market price of common shares during the period 39 121 |
Reportable Segments
Reportable Segments | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Reportable segments Management Reporting The Company has four reportable segments (Private Banking, Wealth Management and Trust, Investment Management, and Wealth Advisory), and the Holding Company (Boston Private Financial Holdings, Inc.). The financial performance of the Company is managed and evaluated by these four areas. The segments are managed separately as a result of the concentrations in each function. Measurement of Segment Profit and Assets The accounting policies of the segments are the same as those described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Revenues, expenses, and assets are recorded by each segment, and separate financial statements are reviewed by their management and the Company’s segment chief executive officers. Reconciliation of Reportable Segment Items The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three months ended March 31, 2018 and 2017 . Interest expense on junior subordinated debentures is reported at the Holding Company. Three months ended March 31, 2018 2017 Private Banking (In thousands) Net interest income $ 58,131 $ 54,256 Fees and other income 2,475 1,828 Total revenues 60,606 56,084 Provision/ (credit) for loan losses (1,795 ) (181 ) Operating expense 39,627 35,058 Income before income taxes 22,774 21,207 Income tax expense 4,613 6,269 Net income from continuing operations 18,161 14,938 Net income attributable to the Company $ 18,161 $ 14,938 Assets $ 8,185,803 $ 8,058,121 Depreciation $ 1,584 $ 1,371 Three months ended March 31, 2018 2017 Wealth Management and Trust (In thousands) Fees and other income $ 12,274 $ 10,921 Operating expense 10,694 13,873 Income/ (loss) before income taxes 1,580 (2,952 ) Income tax expense/ (benefit) 475 (1,166 ) Net income/ (loss) from continuing operations 1,105 (1,786 ) Net income/ (loss) attributable to the Company $ 1,105 $ (1,786 ) Assets $ 71,560 $ 74,408 Amortization of intangibles $ 701 $ 727 Depreciation $ 321 $ 337 Three months ended March 31, 2018 2017 Investment Management (1) (In thousands) Net interest income $ 4 $ 4 Fees and other income 11,408 10,859 Total revenues 11,412 10,863 Operating expense 8,525 8,354 Income before income taxes 2,887 2,509 Income tax expense 671 844 Net income from continuing operations 2,216 1,665 Noncontrolling interests 488 462 Net income attributable to the Company $ 1,728 $ 1,203 Assets $ 66,996 $ 92,255 Amortization of intangibles $ — $ 650 Depreciation $ 34 $ 66 Three months ended March 31, 2018 2017 Wealth Advisory (In thousands) Net interest income $ 48 $ 17 Fees and other income 13,539 12,843 Total revenues 13,587 12,860 Operating expense 10,536 9,443 Income before income taxes 3,051 3,417 Income tax expense 786 1,287 Net income from continuing operations 2,265 2,130 Noncontrolling interests 562 504 Net income attributable to the Company $ 1,703 $ 1,626 Assets $ 73,054 $ 73,182 Amortization of intangibles $ 49 $ 49 Depreciation $ 163 $ 226 Three months ended March 31, 2018 2017 Holding Company and Eliminations (In thousands) Net interest income $ (800 ) $ (635 ) Fees and other income 47 55 Total revenues (753 ) (580 ) Operating expense 1,475 2,052 Income/ (loss) before income taxes (2,228 ) (2,632 ) Income tax expense/ (benefit) (519 ) (681 ) Net income/ (loss) from continuing operations (1,709 ) (1,951 ) Discontinued operations 1,698 1,632 Net income/ (loss) attributable to the Company $ (11 ) $ (319 ) Assets (including eliminations) $ (79,054 ) $ (82,846 ) Three months ended March 31, 2018 2017 Total Company (In thousands) Net interest income $ 57,383 $ 53,642 Fees and other income 39,743 36,506 Total revenues 97,126 90,148 Provision/ (credit) for loan losses (1,795 ) (181 ) Operating expense 70,857 68,780 Income before income taxes 28,064 21,549 Income tax expense 6,026 6,553 Net income from continuing operations 22,038 14,996 Noncontrolling interests 1,050 966 Discontinued operations 1,698 1,632 Net income attributable to the Company $ 22,686 $ 15,662 Assets $ 8,318,359 $ 8,215,120 Amortization of intangibles $ 750 $ 1,426 Depreciation $ 2,102 $ 2,000 _____________________ (1) Results for the Investment Management Segment for the three months ended March 31, 2018 and 2017 include results for DGHM and Anchor. Assets for the Investment Management Segment at March 31, 2018 and 2017 include assets of DGHM and Anchor; however, Anchor’s assets and liabilities are classified as held for sale at March 31, 2018 . |
Investments
Investments | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments The following tables present a summary of investment securities: Amortized Cost Unrealized Fair Value Gains Losses (In thousands) At March 31, 2018 Available-for-sale securities at fair value: U.S. government and agencies $ 35,060 $ — $ (1,253 ) $ 33,807 Government-sponsored entities 285,992 — (5,429 ) 280,563 Municipal bonds 302,556 1,800 (4,073 ) 300,283 Mortgage-backed securities (1) 508,009 341 (21,415 ) 486,935 Other 16,909 — — 16,909 Total $ 1,148,526 $ 2,141 $ (32,170 ) $ 1,118,497 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 70,809 $ — $ (1,922 ) $ 68,887 Total $ 70,809 $ — $ (1,922 ) $ 68,887 At December 31, 2017 Available-for-sale securities at fair value: U.S. government and agencies $ 35,132 $ — $ (833 ) $ 34,299 Government-sponsored entities 305,101 22 (2,622 ) 302,501 Municipal bonds 299,647 4,559 (1,148 ) 303,058 Mortgage-backed securities (1) 521,753 491 (12,568 ) 509,676 Other 20,794 — — 20,794 Total $ 1,182,427 $ 5,072 $ (17,171 ) $ 1,170,328 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 74,576 $ — $ (795 ) $ 73,781 Total $ 74,576 $ — $ (795 ) $ 73,781 _____________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, as of March 31, 2018 . Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and amortization are expected to have shorter lives. Available-for-sale Securities Amortized cost Fair value (In thousands) Within one year $ 73,320 $ 73,128 After one, but within five years 334,864 329,235 After five, but within ten years 304,561 291,757 Greater than ten years 435,781 424,377 Total $ 1,148,526 $ 1,118,497 The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2018 . Held-to-maturity Securities Amortized cost Fair value (In thousands) After five, but within ten years $ 20,817 $ 20,198 Greater than ten years 49,992 48,689 Total $ 70,809 $ 68,887 The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale securities that were sold or called during the following periods as well as changes in the fair value of equity securities as prescribed by ASC 321, Investment - Equity Securities . ASU 2016-01, Recognition and Measurements of Financial Assets and Financial Liabilities was adopted on January 1, 2018, at which time a cumulative effect adjustment of $339 thousand was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from accumulated other comprehensive income to retained earnings. Three months ended March 31, 2018 2017 (In thousands) Proceeds from sales and calls $ 15,877 $ 32,717 Realized gains 7 19 Realized losses (1 ) — Change in unrealized gain/ (loss) on equity securities reflected in the consolidated statement of operations (30 ) n/a The following tables present information regarding securities at March 31, 2018 and December 31, 2017 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired. Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities (In thousands, except number of securities) March 31, 2018 Available-for-sale securities U.S. government and agencies $ 14,844 $ (138 ) $ 18,963 $ (1,115 ) $ 33,807 $ (1,253 ) 6 Government-sponsored entities 223,047 (3,391 ) 57,516 (2,038 ) 280,563 (5,429 ) 41 Municipal bonds 141,784 (1,811 ) 49,429 (2,262 ) 191,213 (4,073 ) 102 Mortgage-backed securities (1) 100,689 (2,908 ) 370,008 (18,507 ) 470,697 (21,415 ) 109 Total $ 480,364 $ (8,248 ) $ 495,916 $ (23,922 ) $ 976,280 $ (32,170 ) 258 Held-to-maturity securities Mortgage-backed securities (1) $ 55,189 $ (1,505 ) $ 13,698 $ (417 ) $ 68,887 $ (1,922 ) 16 Total $ 55,189 $ (1,505 ) $ 13,698 $ (417 ) $ 68,887 $ (1,922 ) 16 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities (In thousands, except number of securities) December 31, 2017 Available-for-sale securities U.S. government and agencies $ 14,902 $ (79 ) $ 19,397 $ (754 ) $ 34,299 $ (833 ) 6 Government-sponsored entities 220,275 (1,350 ) 38,273 (1,272 ) 258,548 (2,622 ) 36 Municipal bonds 46,112 (131 ) 50,842 (1,017 ) 96,954 (1,148 ) 63 Mortgage-backed securities (1) 97,117 (903 ) 386,785 (11,665 ) 483,902 (12,568 ) 103 Total $ 378,406 $ (2,463 ) $ 495,297 $ (14,708 ) $ 873,703 $ (17,171 ) 208 Held-to-maturity securities Mortgage-backed securities (1) $ 59,218 $ (534 ) $ 14,563 $ (261 ) $ 73,781 $ (795 ) 16 Total $ 59,218 $ (534 ) $ 14,563 $ (261 ) $ 73,781 $ (795 ) 16 _____________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. As of March 31, 2018 , the U.S. government and agencies securities, government-sponsored entities securities and mortgage-backed securities in the first table above had current Standard and Poor’s credit ratings of AAA. The municipal bonds in the first table above had a current Standard and Poor’s credit rating of at least AA-. At March 31, 2018 , the Company does not consider these investments other-than-temporarily impaired because the decline in fair value on investments is primarily attributed to changes in interest rates and not credit quality. At March 31, 2018 and December 31, 2017 , the amount of investment securities in an unrealized loss position greater than 12 months, as well as in total, was primarily due to changes in interest rates. As of March 31, 2018 , the Company had no intent to sell any securities in an unrealized loss position and it is not more likely than not that the Company would be forced to sell any of these securities prior to the full recovery of all unrealized loss amounts. Cost method investments, which are included in other assets, can be temporarily impaired when the fair values decline below the amortized costs of the individual investments. There were no cost method investments with unrealized losses as of March 31, 2018 or December 31, 2017 . The Company’s cost method investments primarily include low income housing partnerships which generate tax credits. The Company also holds partnership interests in venture capital funds formed to provide financing to small businesses and to promote community development. The Company had $41.8 million and $39.4 million in cost method investments included in other assets as of March 31, 2018 and December 31, 2017 , respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements Fair value is defined under GAAP as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value. Financial instruments are considered Level 1 when valuation can be based on quoted prices in active markets for identical assets or liabilities. Level 2 financial instruments are valued using quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or models using inputs that are observable or can be corroborated by observable market data of substantially the full term of the assets or liabilities. Financial instruments are considered Level 3 when their values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable and when determination of the fair value requires significant management judgment or estimation. The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall: As of March 31, 2018 Fair value measurements at reporting date using: Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 33,807 $ 33,676 $ 131 $ — Government-sponsored entities 280,563 — 280,563 — Municipal bonds 300,283 — 300,283 — Mortgage-backed securities 486,935 — 486,935 — Other 16,909 16,909 — — Total available-for-sale securities 1,118,497 50,585 1,067,912 — Derivatives - interest rate customer swaps 22,810 — 22,810 — Derivatives - customer foreign exchange forwards 1 — 1 — Derivatives - interest rate swaps 1,286 — 1,286 — Other investments 7,187 7,187 — — Liabilities: Derivatives - interest rate customer swaps $ 23,097 $ — $ 23,097 $ — Derivatives - customer foreign exchange forwards 1 — 1 — Derivatives - risk participation agreement 142 — 142 — Other liabilities 7,187 7,187 — — Fair value measurements at reporting date using: As of December 31, 2017 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 34,299 $ 34,096 $ 203 $ — Government-sponsored entities 302,501 — 302,501 — Municipal bonds 303,058 — 303,058 — Mortgage-backed securities 509,676 — 509,676 — Other 20,794 20,794 — — Total available-for-sale securities 1,170,328 54,890 1,115,438 — Derivatives - interest rate customer swaps 18,575 — 18,575 — Derivatives - interest rate swaps 555 — 555 — Derivatives - risk participation agreements 1 — 1 — Derivatives - customer foreign exchange forwards 2 — 2 — Other investments 7,062 7,062 — — Liabilities: Derivatives - interest rate customer swaps $ 18,953 $ — $ 18,953 $ — Derivatives - interest rate swaps 80 — 80 — Derivatives - risk participation agreements 108 — 108 — Derivatives - customer foreign exchange forwards 2 — 2 — Other liabilities 7,062 7,062 — — As of March 31, 2018 and December 31, 2017 , available-for-sale securities consisted of U.S. government and agency securities, government-sponsored entities securities, municipal bonds, mortgage-backed securities, and other available-for-sale securities. Available-for-sale Level 1 securities are valued with prices quoted in active markets and include U.S. Treasury securities (which are categorized as U.S. government and agencies securities) and equities (which are categorized as other available-for-sale securities). Available-for-sale Level 2 securities generally have quoted prices but are traded less frequently than exchange-traded securities and can be priced using market data from similar assets and include government-sponsored entities securities, municipal bonds, mortgage-backed securities, and certain investments in SBA loans (which are categorized as U.S. government and agencies securities). No investments held as of March 31, 2018 or December 31, 2017 were categorized as Level 3. There were no changes in the valuation techniques used for measuring the fair value of available-for-sale securities in the three months ended March 31, 2018 . In managing its interest rate and credit risk, the Company utilizes derivative instruments including interest rate customer swaps, interest rate swaps, and risk participation agreements. As a service to its customers, the Company may utilize derivative instruments including customer foreign exchange forward contracts to manage its foreign exchange risk, if any. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities, and therefore, they have been categorized as a Level 2 measurement as of March 31, 2018 and December 31, 2017 . See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 8: Derivatives and Hedging Activities” for further details. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of collateral securing the position. The Company has determined that the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, although the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy as of March 31, 2018 and December 31, 2017 . Other investments, which are not considered available-for-sale investments, consist of publicly traded mutual fund investments held in deferred compensation trusts that are valued at prices quoted in active markets. Therefore, they have been categorized as a Level 1 measurement as of March 31, 2018 and December 31, 2017 . There were no transfers between levels for assets or liabilities recorded at fair value on a recurring basis during the three months ended March 31, 2018 and 2017 . There were no Level 3 assets valued on a recurring basis at March 31, 2018 or December 31, 2017 . The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis during the period ended March 31, 2018 , aggregated by the level in the fair value hierarchy within which those measurements fall. There were no collateral-dependent impaired loans held at March 31, 2017 that had write-downs in fair value or whose specific reserve changed during the first three months of 2017 . As of March 31, 2018 Fair value measurements at reporting date using: Gain (losses) from fair value changes Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Three months ended March 31, 2018 (In thousands) Assets: Impaired loans (1) $ 1,835 $ — $ — $ 1,835 $ (216 ) _____________________ (1) Collateral-dependent impaired loans held at March 31, 2018 that had write-downs in fair value or whose specific reserve changed during the first three months of 2018 . The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: As of March 31, 2018 Fair Value Valuation Technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 1,835 Appraisals of Collateral Discount for costs to sell 0% - 24% 14% Appraisal adjustments 0% - 26% 16% Impaired loans include those loans that were adjusted to the fair value of underlying collateral as required under ASC 310, Receivables . The amount does not include impaired loans that are measured based on expected future cash flows discounted at the respective loan’s original effective interest rate, as that amount is not considered a fair value measurement. The Company uses appraisals, which management may adjust to reflect estimated fair value declines, or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property or consideration of broker quotes. The appraisers use a market, income, and/or a cost approach in determining the value of the collateral. Therefore they have been categorized as a Level 3 measurement. The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis: As of March 31, 2018 Book Value Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) FINANCIAL ASSETS: Cash and cash equivalents $ 77,085 $ 77,085 $ 77,085 $ — $ — Investment securities held-to-maturity 70,809 68,887 — 68,887 — Loans held for sale 3,918 3,967 — 3,967 — Loans, net 6,529,429 6,474,781 — — 6,474,781 Other financial assets 87,709 87,709 — 87,709 — FINANCIAL LIABILITIES: Deposits 6,584,322 6,582,187 — 6,582,187 — Securities sold under agreements to repurchase 85,257 85,257 — 85,257 — Federal Home Loan Bank borrowings 611,588 607,606 — 607,606 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 1,993 1,993 — 1,993 — As of December 31, 2017 Book Value Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) FINANCIAL ASSETS: Cash and cash equivalents $ 120,541 $ 120,541 $ 120,541 $ — $ — Investment securities held-to-maturity 74,576 73,781 — 73,781 — Loans held for sale 4,697 4,737 — 4,737 — Loans, net 6,430,286 6,388,297 — — 6,388,297 Other financial assets 93,449 93,449 — 93,449 — FINANCIAL LIABILITIES: Deposits 6,510,246 6,509,197 — 6,509,197 — Securities sold under agreements to repurchase 32,169 32,169 — 32,169 — Federal funds purchased 30,000 30,000 — 30,000 — Federal Home Loan Bank borrowings 693,681 692,402 — 692,402 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 2,224 2,224 — 2,224 — The estimated fair values have been determined by using available quoted market information or other appropriate valuation methodologies. The aggregate fair value amounts presented above do not represent the underlying value of the financial assets and liabilities of the Company taken as a whole as they do not reflect any premium or discount the Company might recognize if the assets were sold or the liabilities sold, settled, or redeemed. An excess of fair value over book value on financial assets represents a premium, or gain, the Company might recognize if the assets were sold, while an excess of book value over fair value on financial liabilities represents a premium, or gain, the Company might recognize if the liabilities were sold, settled, or redeemed prior to maturity. Conversely, losses would be recognized if assets were sold where the book value exceeded the fair value or liabilities were sold where the fair value exceeded the book value. The fair value estimates provided are made at a specific point in time, based on relevant market information and the characteristics of the financial instrument. The estimates do not provide for any premiums or discounts that could result from concentrations of ownership of a financial instrument. Because no active market exists for some of the Company’s financial instruments, certain fair value estimates are based on subjective judgments regarding current economic conditions, risk characteristics of the financial instruments, future expected loss experience, prepayment assumptions, and other factors. The resulting estimates involve uncertainties and are considered best estimates. Changes made to any of the underlying assumptions could significantly affect the estimates. Cash and cash equivalents The carrying value reported in the balance sheet for cash and cash equivalents approximates fair value due to the short-term nature of their maturities and are classified as Level 1. Held-to-maturity investment securities Held-to-maturity securities currently include mortgage-backed securities. The mortgage-backed securities are fixed income instruments that are not quoted on an exchange, but may be traded in active markets. The fair value of these securities is based on quoted market prices obtained from external pricing services. The principal market for our securities portfolio is the secondary institutional market, with an exit price that is predominantly reflective of bid level pricing in that market. Accordingly, held-to-maturity mortgage-backed securities are included in the Level 2 fair value category. Loans held for sale Loans held for sale are recorded at the lower of cost or fair value in the aggregate. Fair value estimates are based on actual commitments to sell the loans to investors at an agreed upon price or current market prices if rates have changed since the time the loan closed. Accordingly, loans held for sale are included in the Level 2 fair value category. Loans, net Fair value estimates are based on loans with similar financial characteristics. Fair values of commercial and residential mortgage loans are estimated by discounting contractual cash flows adjusted for prepayment estimates and using discount rates approximately equal to current market rates on loans with similar credit and interest rate characteristics and maturities. The fair value estimates for home equity and other loans are based on outstanding loan terms and pricing in the local markets. Net loans are included in the Level 3 fair value category based upon the inputs and valuation techniques used. Other financial assets Other financial assets consist of accrued interest and fees receivable, and stock in the Federal Home Loan Bank of Boston (“FHLB”) and the Federal Reserve Bank (“FRB”), for which the carrying amount approximates fair value, and are classified as Level 2. Deposits The fair values reported for transaction accounts (demand, NOW, savings, and money market) equal their respective book values reported on the balance sheet and are classified as Level 2. The fair values disclosed are, by definition, equal to the amount payable on demand at the reporting date. The fair values for certificates of deposit are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on certificates of deposit with similar remaining maturities and are classified as Level 2. Securities sold under agreements to repurchase The fair value of securities sold under agreements to repurchase is estimated based on contractual cash flows discounted at the Bank’s incremental borrowing rate for FHLB borrowings with similar maturities and have been classified as Level 2. Federal funds purchased The carrying amounts of federal funds purchased approximate fair value due to their short-term nature and therefore these funds have been classified as Level 2. Federal Home Loan Bank borrowings The fair value reported for FHLB borrowings is estimated based on the discounted value of contractual cash flows. The discount rate used is based on the Bank’s estimated current incremental borrowing rate for FHLB borrowings of similar maturities and therefore these borrowings have been classified as Level 2. Junior subordinated debentures The fair value of the junior subordinated debentures issued by Boston Private Capital Trust I and Boston Private Capital Trust II were estimated using Level 3 inputs such as the interest rates on these securities, current rates for similar debt, a consideration for illiquidity of trading in the debt, and regulatory changes that would result in an unfavorable change in the regulatory capital treatment of this type of debt. Other financial liabilities Other financial liabilities consists of accrued interest payable for which the carrying amount approximates fair value and is classified as Level 2. Financial instruments with off-balance sheet risk The Bank’s commitments to originate loans and for unused lines and outstanding letters of credit are primarily at market interest rates and therefore, the carrying amount approximates fair value. |
Loan Portfolio and Credit Quali
Loan Portfolio and Credit Quality | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Financing Receivables [Text Block] | Loan Portfolio and Credit Quality The Bank’s lending activities are conducted principally in the regions of New England, the San Francisco Bay Area, and Southern California. The Bank originates single and multi-family residential loans, commercial real estate loans, commercial and industrial loans, commercial tax-exempt loans, construction and land loans, and home equity and other consumer loans. Most loans are secured by borrowers’ personal or business assets. The ability of the Bank’s single family residential and consumer borrowers to honor their repayment commitments is generally dependent on the level of overall economic conditions within the Bank’s lending areas. Commercial, construction, and land borrowers’ ability to repay is generally dependent upon the health of the economy and real estate values, including, in particular, the performance of the construction sector. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio is susceptible to changing conditions in the New England, the San Francisco Bay Area, and Southern California economies and real estate markets. The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated: March 31, 2018 December 31, 2017 (In thousands) Commercial and industrial $ 531,093 $ 520,992 Commercial tax-exempt 420,757 418,698 Total commercial and industrial 951,850 939,690 Commercial real estate 2,465,003 2,440,220 Construction and land 165,240 164,990 Residential 2,737,369 2,682,533 Home equity 94,331 99,958 Consumer and other 188,534 177,637 Total $ 6,602,327 $ 6,505,028 The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated: March 31, 2018 December 31, 2017 (In thousands) Commercial and industrial $ 1,669 $ 748 Commercial tax-exempt — — Total commercial and industrial 1,669 748 Commercial real estate 1,839 1,985 Construction and land 109 110 Residential 9,932 8,470 Home equity 2,816 2,840 Consumer and other 15 142 Total $ 16,380 $ 14,295 The Bank’s policy is to discontinue the accrual of interest on a loan when the collectability of principal or interest is in doubt. In certain instances, although infrequent, loans that have become 90 days or more past due may remain on accrual status if the value of the collateral securing the loan is sufficient to cover principal and interest and the loan is in the process of collection. There were no loans 90 days or more past due, but still accruing as of both March 31, 2018 and December 31, 2017 . The Bank’s policy for returning a loan to accrual status requires the loan to be brought current and for the client to show a history of making timely payments (generally six consecutive months). For troubled debt restructured loans (“TDRs”), a return to accrual status generally requires timely payments for a period of six months in accordance with the restructured loan terms, along with meeting other criteria. The following tables show the payment status of loans receivable by class of receivable as of the dates indicated: March 31, 2018 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 3,894 $ 700 $ 4,594 $ 311 $ 100 $ 1,258 $ 1,669 $ 524,830 $ 531,093 Commercial tax-exempt — — — — — — — 420,757 420,757 Commercial real estate 2,507 — 2,507 1 151 1,687 1,839 2,460,657 2,465,003 Construction and land 64 — 64 — — 109 109 165,067 165,240 Residential 12,489 — 12,489 3,183 3,115 3,634 9,932 2,714,948 2,737,369 Home equity 325 339 664 67 — 2,749 2,816 90,851 94,331 Consumer and other 58 — 58 — 6 9 15 188,461 188,534 Total $ 19,337 $ 1,039 $ 20,376 $ 3,562 $ 3,372 $ 9,446 $ 16,380 $ 6,565,571 $ 6,602,327 December 31, 2017 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 10,903 $ 849 $ 11,752 $ 355 $ — $ 393 $ 748 $ 508,492 $ 520,992 Commercial tax-exempt — — — — — — — 418,698 418,698 Commercial real estate 4,043 — 4,043 163 — 1,822 1,985 2,434,192 2,440,220 Construction and land — — — — — 110 110 164,880 164,990 Residential 7,239 1,635 8,874 805 3,172 4,493 8,470 2,665,189 2,682,533 Home equity 355 — 355 — 71 2,769 2,840 96,763 99,958 Consumer and other 24 — 24 17 125 — 142 177,471 177,637 Total $ 22,564 $ 2,484 $ 25,048 $ 1,340 $ 3,368 $ 9,587 $ 14,295 $ 6,465,685 $ 6,505,028 Nonaccrual and delinquent loans are affected by many factors, such as economic and business conditions, interest rates, unemployment levels, and real estate collateral values, among others. In periods of prolonged economic decline, borrowers may become more severely affected over time as liquidity levels decline and the borrower’s ability to continue to make payments deteriorates. With respect to real estate collateral values, the declines from the peak, as well as the value of the real estate at the time of origination versus the current value, can impact the level of problem loans. For instance, if the loan to value ratio at the time of renewal has increased due to the decline in the real estate value since origination, the loan may no longer meet the Bank’s underwriting standards and may be considered for classification as a problem loan dependent upon a review of risk factors. Generally when a collateral dependent loan becomes impaired, an updated appraisal of the collateral, if appropriate, is obtained. If the impaired loan has not been upgraded to a performing status within a reasonable amount of time, the Bank will continue to obtain updated appraisals as deemed necessary, especially during periods of declining property values. The past due status of a loan is determined in accordance with its contractual repayment terms. All loan types are reported past due when one scheduled payment is due and unpaid for 30 days or more. Credit Quality Indicators The Bank uses a risk rating system to monitor the credit quality of its loan portfolio. Loan classifications are assessments made by the Bank of the status of the loans based on the facts and circumstances known to the Bank, including management’s judgment, at the time of assessment. Some or all of these classifications may change in the future if there are unexpected changes in the financial condition of the borrower, including but not limited to, changes resulting from continuing deterioration in general economic conditions on a national basis or in the local markets in which the Bank operates adversely affecting, among other things, real estate values. Such conditions, as well as other factors which adversely affect borrowers’ ability to service or repay loans, typically result in changes in loan default and charge-off rates, and increased provisions for loan losses, which would adversely affect the Company’s financial performance and financial condition. These circumstances are not entirely foreseeable and, as a result, it may not be possible to accurately reflect them in the Company’s analysis of credit risk. Generally, only commercial loans, including commercial real estate, other commercial and industrial loans, commercial tax-exempt loans, and construction and land loans, are given a numerical grade. A summary of the rating system used by the Bank, repeated here from Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, follows: Pass - All loans graded as pass are considered acceptable credit quality by the Bank and are grouped for purposes of calculating the allowance for loan losses. For residential, home equity and consumer loans, the Bank classifies loans as pass unless there is known information such as delinquency or client requests for modifications which, due to financial difficulty, would then generally result in a risk rating such as special mention or more severe depending on the factors. Special Mention - Loans rated in this category are defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the Bank’s credit position. These loans are currently protected but have the potential to deteriorate to a substandard rating. For commercial loans, the borrower’s financial performance may be inconsistent or below forecast, creating the possibility of liquidity problems and shrinking debt service coverage. In loans having this rating, the primary source of repayment is still good, but there is increasing reliance on collateral or guarantor support. Collectability of the loan is not yet in jeopardy. In particular, loans in this category are considered more variable than other categories, since they will typically migrate through categories more quickly. Substandard - Loans rated in this category are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. A substandard credit has a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Substandard loans may be either still accruing or nonaccruing depending upon the severity of the risk and other factors such as the value of the collateral, if any, and past due status. Doubtful - Loans rated in this category indicate that collection or liquidation in full on the basis of currently existing facts, conditions, and values, is highly questionable and improbable. Loans in this category are usually on nonaccrual and classified as impaired. The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated: March 31, 2018 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 512,546 $ 11,452 $ 5,426 $ 1,669 $ 531,093 Commercial tax-exempt 420,757 — — — 420,757 Commercial real estate 2,380,144 51,636 31,384 1,839 2,465,003 Construction and land 158,108 — 7,023 109 165,240 Residential 2,726,100 — 1,337 9,932 2,737,369 Home equity 91,515 — — 2,816 94,331 Consumer and other 188,516 — 3 15 188,534 Total $ 6,477,686 $ 63,088 $ 45,173 $ 16,380 $ 6,602,327 December 31, 2017 By Loan Grade or Nonaccrual Status Pass Special Accruing Nonaccrual Total (In thousands) Commercial and industrial $ 496,395 $ 12,898 $ 10,951 $ 748 $ 520,992 Commercial tax-exempt 413,139 5,559 — — 418,698 Commercial real estate 2,346,833 56,947 34,455 1,985 2,440,220 Construction and land 146,514 11,770 6,596 110 164,990 Residential 2,672,714 — 1,349 8,470 2,682,533 Home equity 97,118 — — 2,840 99,958 Consumer and other 177,494 — 1 142 177,637 Total $ 6,350,207 $ 87,174 $ 53,352 $ 14,295 $ 6,505,028 The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans: As of and for the three months ended March 31, 2018 Recorded Investment (1) Unpaid Principal Balance Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,100 $ 3,129 n/a $ 1,689 $ 7 Commercial tax-exempt — — n/a — — Commercial real estate 2,947 4,710 n/a 2,103 25 Construction and land 109 109 n/a 109 — Residential 10,717 11,077 n/a 9,608 101 Home equity 1,759 1,759 n/a 1,770 10 Consumer and other — — n/a — — Subtotal 17,632 20,784 n/a 15,279 143 With an allowance recorded: Commercial and industrial — — $ — 181 2 Commercial tax-exempt — — — — — Commercial real estate 5,525 5,954 241 6,510 156 Construction and land — — — — — Residential 821 821 83 825 6 Home equity 36 36 20 36 — Consumer and other — — — 31 3 Subtotal 6,382 6,811 344 7,583 167 Total: Commercial and industrial 2,100 3,129 — 1,870 9 Commercial tax-exempt — — — — — Commercial real estate 8,472 10,664 241 8,613 181 Construction and land 109 109 — 109 — Residential 11,538 11,898 83 10,433 107 Home equity 1,795 1,795 20 1,806 10 Consumer and other — — — 31 3 Total $ 24,014 $ 27,595 $ 344 $ 22,862 $ 310 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the three months ended March 31, 2017 Recorded Investment (1) Unpaid Principal Balance Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 1,670 $ 2,045 n/a $ 1,731 $ 13 Commercial tax-exempt 4,337 4,337 n/a 3,253 — Commercial real estate 3,747 8,787 n/a 4,269 246 Construction and land 147 479 n/a 164 — Residential 9,401 9,773 n/a 8,465 101 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal 19,302 25,421 n/a 17,882 360 With an allowance recorded: Commercial and industrial — — $ — — — Commercial tax-exempt — — — — — Commercial real estate 7,041 7,470 475 7,073 75 Construction and land — — — — — Residential 2,931 2,931 517 3,917 39 Home equity 37 37 21 37 — Consumer and other — — — — — Subtotal 10,009 10,438 1,013 11,027 114 Total: Commercial and industrial 1,670 2,045 — 1,731 13 Commercial tax-exempt 4,337 4,337 — 3,253 — Commercial real estate 10,788 16,257 475 11,342 321 Construction and land 147 479 — 164 — Residential 12,332 12,704 517 12,382 140 Home equity 37 37 21 37 — Consumer and other — — — — — Total $ 29,311 $ 35,859 $ 1,013 $ 28,909 $ 474 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the year ended December 31, 2017 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 1,434 $ 2,238 n/a $ 1,594 $ 50 Commercial tax-exempt — — n/a 1,001 80 Commercial real estate 1,832 3,453 n/a 3,098 1,546 Construction and land 109 109 n/a 172 — Residential 9,337 9,709 n/a 9,033 360 Home equity 1,779 1,779 n/a 413 — Consumer and other — — n/a — — Subtotal 14,491 17,288 n/a 15,311 2,036 With an allowance recorded: Commercial and industrial 242 242 $ 58 156 4 Commercial tax-exempt — — — — — Commercial real estate 6,855 7,284 362 6,980 322 Construction and land — — — — — Residential 828 828 89 2,469 89 Home equity 36 36 20 36 1 Consumer and other 125 250 125 10 — Subtotal 8,086 8,640 654 9,651 416 Total: Commercial and industrial 1,676 2,480 58 1,750 54 Commercial tax-exempt — — — 1,001 80 Commercial real estate 8,687 10,737 362 10,078 1,868 Construction and land 109 109 — 172 — Residential 10,165 10,537 89 11,502 449 Home equity 1,815 1,815 20 449 1 Consumer and other 125 250 125 10 — Total $ 22,577 $ 25,928 $ 654 $ 24,962 $ 2,452 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. When management determines that it is probable that the Bank will not collect all principal and interest on a loan in accordance with the original loan terms, the loan is designated as impaired. Loans that are designated as impaired require an analysis to determine the amount of impairment, if any. Impairment would be indicated as a result of the carrying value of the loan exceeding the estimated collateral value, less costs to sell, for collateral dependent loans or the net present value of the projected cash flow, discounted at the loan’s contractual effective interest rate, for loans not considered to be collateral dependent. Generally, shortfalls in the analysis on collateral dependent loans would result in the impairment amount being charged-off to the allowance for loan losses. Shortfalls on cash flow dependent loans may be carried as specific allocations to the general reserve unless a known loss is determined to have occurred, in which case such known loss is charged-off. Loans in the held for sale category are carried at the lower of amortized cost or estimated fair value in the aggregate and are excluded from the allowance for loan losses analysis. The Bank may, under certain circumstances, restructure loans as a concession to borrowers who are experiencing financial difficulty. Such loans are classified as TDRs and are included in impaired loans. TDRs typically result from the Bank’s loss mitigation activities which, among other things, could include rate reductions, payment extensions, and/or principal forgiveness. As of March 31, 2018 and December 31, 2017 , TDRs totaled $13.2 million and $13.6 million , respectively. As of March 31, 2018 , $10.9 million of the $13.2 million in TDRs were on accrual status. As of December 31, 2017 , $11.1 million of the $13.6 million in TDRs were on accrual status. Since all TDR loans are considered impaired loans, they are individually evaluated for impairment. The resulting impairment, if any, would have an impact on the allowance for loan losses as a specific reserve or charge-off. If, prior to the classification as a TDR, the loan was not impaired, there would have been a general or allocated reserve on the particular loan. Therefore, depending upon the result of the impairment analysis, there could be an increase or decrease in the related allowance for loan losses. Many loans initially categorized as TDRs are already on nonaccrual status and are already considered impaired. Therefore, there is generally not a material change to the allowance for loan losses when a nonaccruing loan is categorized as a TDR. There were no loans that were restructured or defaulted during the three months ended March 31, 2018 or 2017. Loan participations serviced for others and loans serviced for others are not included in the Company’s total loans. The following table presents a summary of the loan participations serviced for others and loans serviced for others based on class of receivable as of the dates indicated: March 31, 2018 December 31, 2017 (In thousands) Commercial and industrial $ 8,397 $ 8,484 Commercial tax-exempt 19,582 19,805 Commercial real estate 43,965 49,783 Construction and land 34,081 37,840 Total loan participations serviced for others $ 106,025 $ 115,912 Residential $ 41,207 $ 41,440 Total loans serviced for others $ 41,207 $ 41,440 Total loans include deferred loan origination (fees)/ costs, net, of $7.5 million and $6.9 million as of March 31, 2018 and December 31, 2017 , respectively. |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2018 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Credit Losses [Text Block] | Allowance for Loan Losses The allowance for loan losses is reported as a reduction of outstanding loan balances, and totaled $72.9 million and $74.7 million at March 31, 2018 and December 31, 2017 , respectively. The following tables present a summary of the changes in the allowance for loan losses for the periods indicated: As of and for the three months ended March 31, 2018 2017 (In thousands) Allowance for loan losses, beginning of period: Commercial and industrial $ 11,735 $ 12,751 Commercial real estate 46,820 50,412 Construction and land 4,949 3,039 Residential 9,773 10,449 Home equity 835 1,035 Consumer and other 630 391 Total allowance for loan losses, beginning of period 74,742 78,077 As of and for the three months ended March 31, 2018 2017 (In thousands) Loans charged-off: Commercial and industrial (214 ) — Commercial real estate (135 ) — Construction and land — — Residential (16 ) (58 ) Home equity — — Consumer and other (24 ) — Total charge-offs (389 ) (58 ) Recoveries on loans previously charged-off: Commercial and industrial 82 87 Commercial real estate 125 50 Construction and land — — Residential — 47 Home equity 1 — Consumer and other 132 9 Total recoveries 340 193 Provision/ (credit) for loan losses: Commercial and industrial (160 ) (547 ) Commercial real estate (694 ) 702 Construction and land (416 ) 158 Residential 139 (348 ) Home equity (52 ) (48 ) Consumer and other (612 ) (98 ) Total provision/(credit) for loan losses (1,795 ) (181 ) Allowance for loan losses at end of period: Commercial and industrial 11,443 12,291 Commercial real estate 46,116 51,164 Construction and land 4,533 3,197 Residential 9,896 10,090 Home equity 784 987 Consumer and other 126 302 Total allowance for loan losses at end of period $ 72,898 $ 78,031 The allowance for loan losses is an estimate of the inherent risk of loss in the loan portfolio as of the consolidated balance sheet dates. Management estimates the level of the allowance based on all relevant information available. Changes to the required level in the allowance result in either a provision for loan loss expense, if an increase is required, or a credit to the provision, if a decrease is required. Loan losses are charged to the allowance when available information confirms that specific loans, or portions thereof, are uncollectible. Recoveries on loans previously charged-off are credited to the allowance when received in cash. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax-exempt commercial and industrial loans are included with commercial and industrial. The provision/ (credit) for loan losses and related balance in the allowance for loan losses for tax-exempt commercial real estate loans are included with commercial real estate. There were no charge-offs or recoveries, for any period presented, for both commercial and industrial and commercial real estate tax-exempt loans. The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2018 and December 31, 2017 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2018 or December 31, 2017 . March 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,100 $ — $ 949,750 $ 11,443 $ 951,850 $ 11,443 Commercial real estate 8,472 241 2,456,531 45,875 2,465,003 46,116 Construction and land 109 — 165,131 4,533 165,240 4,533 Residential 11,538 83 2,725,831 9,813 2,737,369 9,896 Home equity 1,795 20 92,536 764 94,331 784 Consumer — — 188,534 126 188,534 126 Total $ 24,014 $ 344 $ 6,578,313 $ 72,554 $ 6,602,327 $ 72,898 December 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 1,676 $ 58 $ 938,014 $ 11,677 $ 939,690 $ 11,735 Commercial real estate 8,687 362 2,431,533 46,458 2,440,220 46,820 Construction and land 109 — 164,881 4,949 164,990 4,949 Residential 10,165 89 2,672,368 9,684 2,682,533 9,773 Home equity 1,815 20 98,143 815 99,958 835 Consumer 125 125 177,512 505 177,637 630 Total $ 22,577 $ 654 $ 6,482,451 $ 74,088 $ 6,505,028 $ 74,742 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and, to a lesser extent, the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are generally determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain loans, deposits, and borrowings. As a service to its customers, the Company may utilize derivative instruments including customer foreign exchange forward contracts to manage its foreign exchange risk, if any. 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Asset derivatives Liability derivatives Asset derivatives Liability derivatives Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) (In thousands) Derivatives designated as hedging instruments: Interest rate products Other assets $ 1,286 Other liabilities $ — Other assets $ 555 Other $ (80 ) Derivatives not designated as hedging instruments: Interest rate products Other assets 22,810 Other liabilities (23,097 ) Other assets 18,575 Other (18,953 ) Foreign exchange contracts Other assets 1 Other (1 ) Other assets 2 Other (2 ) Risk participation agreements Other assets — Other liabilities (142 ) Other assets 1 Other liabilities (108 ) Total $ 24,097 $ (23,240 ) $ 19,133 $ (19,143 ) _____________________ (1) For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 5: Fair Value Measurements.” The following table presents the effect of the Company’s derivative financial instruments on accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 : Derivatives in cash flow hedging relationships Amount of gain or (loss) recognized in OCI on derivatives (1) Location of (gain) or loss reclassified from accumulated OCI into income Amount of (gain) or loss reclassified from accumulated OCI into income Three months ended March 31, Three months ended March 31, 2018 2017 2018 2017 (In thousands) (In thousands) Interest rate products $ 836 $ 67 Interest expense $ (21 ) $ 303 Total $ 836 $ 67 $ (21 ) $ 303 ____________________ (1) There was an additional $(4) thousand loss related to the ineffective portion for the three months ended as of March 31, 2017 . The guidance in ASU 2017-12 requires that amounts in accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. Transition guidance for this ASU further states that upon adoption, previously recorded cumulative ineffectiveness for cash flow hedges existing at the adoption date be eliminated by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the initial application date. There was a $5 thousand reclassification related to the adoption of ASU 2017-12 effective January 1, 2018. The following table presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three months ended March 31, 2018 and 2017 : Location of (gain) or Amount of (gain) or loss recognized in income on cash flow hedging relationships Three months ended March 31, 2018 2017 (In thousands) Total amounts of (income) and expense line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded Interest expense $ (21 ) n/a The effects of cash flow hedging: (Gain) or loss on cash flow hedging relationships in Subtopic 815-20 Interest contracts - amount of (gain) or loss reclassified from accumulated other comprehensive income into income Interest expense $ (21 ) n/a The Bank has agreements with its derivative counterparties that contain provisions where, if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The Bank was in compliance with these provisions as of March 31, 2018 and December 31, 2017 . The Bank also has agreements with certain of its derivative counterparties that contain provisions where, if the Bank fails to maintain its status as a well- or adequately-capitalized institution, then the counterparty could terminate the derivative positions and the Bank would be required to settle its obligations under the agreements. The Bank was in compliance with these provisions as of March 31, 2018 and December 31, 2017 . Certain of the Bank’s agreements with its derivative counterparties contain provisions where, if specified, events or conditions occur that materially change the Bank’s creditworthiness in an adverse manner, the Bank may be required to fully collateralize its obligations under the derivative instruments. The Bank was in compliance with these provisions as of March 31, 2018 and December 31, 2017 . As of March 31, 2018 there were no termination amounts related to collateral determinations of derivatives in a liability position and as of December 31, 2017 , the termination amount was $3.1 million . The Company has minimum collateral posting thresholds with its derivative counterparties and pledged securities with market values of $2.2 million and $2.3 million , respectively, as of March 31, 2018 and December 31, 2017 , against its obligations under these agreements. The collateral posted is typically greater than the current liability position; however, due to timing of liability position changes at period end, the funding of a collateral shortfall may take place shortly following period end. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. The Company has entered into interest rate swaps to hedge London Interbank Offered Rate (“LIBOR”) -indexed brokered deposits and the LIBOR component of the total cost of certain FHLB borrowings. To accomplish this objective and strategy, the Bank has entered into a total of six interest rate swaps, two during 2017 with effective dates of March 22, 2017 and four during 2013 with effective dates of September 2, 2014, June 1, 2014, March 1, 2014, and August 1, 2013. The two interest rate swaps entered into during 2017 have notional amounts of $40 million and $60 million with terms of 1.75 and 2.25 years, respectively. These interest rate swaps will effectively fix the Bank’s interest payments on $100 million in interest-related cash outflows attributable to changes in the LIBOR component of FHLB borrowing liabilities at rates of 1.55% and 1.65%, respectively, with a weighted average rate of 1.61%. The borrowings hedged will initially be expected to be issuances and quarterly rollovers of three-month FHLB advances but may also then include future issuances of three-month repurchase agreements with similar characteristics and/or future issuances of either floating or fixed rate borrowings that are issued with the specific intent to replace the quarterly rollovers of the advances or repurchase agreements. The four interest rate swaps entered into during 2013 each have a notional amount of $25 million and have terms ranging from four to six years from their respective effective dates. The interest rate swaps effectively fix the Bank’s interest payments on $125 million of its LIBOR-indexed deposit liabilities at rates between 1.68% and 2.32%, with a weighted average rate of 1.95%. Prior to the implementation of ASU 2017-12, which was implemented on a modified retrospective basis on January 1, 2018, the Company used the “Hypothetical Derivative Method” described in ASC 815, Derivatives and Hedging (“ASC 815”), for quarterly prospective and retrospective assessments of hedge effectiveness, as well as for measurements of hedge ineffectiveness. Under this method, the Company assessed the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The effective portion of changes in the fair value of the derivative was initially reported in other comprehensive income (“OCI”) (outside of earnings) and subsequently reclassified to earnings in interest and dividend income when the hedged transactions affect earnings. Ineffectiveness resulting from the hedge was recorded as a gain or loss in the consolidated statement of operations as part of fees and other income. Upon implementation of ASU 2017-12, for derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. A portion of the balance reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made or received on the Company’s interest rate swaps. During the next twelve months, the Company estimates that $1.1 million will be reclassified as a decrease in interest expense. The Company monitors the risk of counterparty default on an ongoing basis. Non-designated Hedges Derivatives not designated as hedges are not speculative and result from different services the Bank provides to qualified commercial clients. The Bank offers certain derivative products directly to such clients. The Bank economically hedges derivative transactions executed with commercial clients by entering into mirror-image, offsetting derivatives with third parties. Derivative transactions executed as part of these programs are not designated in ASC 815-qualifying hedging relationships and are, therefore, marked-to-market through earnings each period. Because the derivatives have mirror-image contractual terms, the changes in fair value substantially offset through earnings. The net effect on earnings is primarily driven by changes in the credit valuation adjustment (“CVA”). The CVA represents the dollar amount of fair value adjustment related to nonperformance risk of both the Bank and its counterparties. Fees earned in connection with the execution of derivatives related to this program are recognized in the consolidated statement of operations in other income. As of March 31, 2018 and December 31, 2017 , the Bank had 148 and 142 derivatives, respectively, related to this program, comprised of interest rate swaps and caps, with an aggregate notional amount of $1.2 billion as of March 31, 2018 and $1.1 billion as of December 31, 2017. As of March 31, 2018 , there were four foreign currency exchange contracts with an aggregate notional amount of $0.3 million outstanding related to this program, and as of December 31, 2017 , there were three foreign currency exchange contracts with an aggregate notional amount of $0.2 million . In addition, as a participant lender, the Bank has guaranteed performance on the pro-rated portion of swaps executed by other financial institutions. As the participant lender, the Bank is providing a partial guarantee, but is not a direct party to the related swap transactions. The Bank has no obligations under the risk participation agreements unless the borrower defaults on their swap transaction with the lead bank and the swap is in a liability position to the borrower. In that instance, the Bank has agreed to pay the lead bank a portion of the swap’s termination value at the time of the default. The derivative transactions entered into as part of these agreements are not designated, as per ASC 815, as qualifying hedging relationships and are, therefore, marked-to-market through earnings each period. As of March 31, 2018 , there were seven of these risk participation transactions with an aggregate notional amount of $60.3 million and, as of December 31, 2017 , there were six of these risk participation transactions with an aggregate notional amount of $48.0 million . The Bank has also participated out to another financial institution a pro-rated portion of two swaps executed by the Bank. The other financial institution has no obligations under the risk participation agreements unless the borrowers default on their swap transactions with the Bank and the swaps are in liability positions to the borrower. In those instances, the other financial institution has agreed to pay the Bank a portion of the swap’s termination value at the time of the default. The derivative transactions entered into as part of these agreements are not designated, as per ASC 815, as qualifying hedging relationships and are, therefore, marked-to-market through earnings each period. The pro-rated notional amount of these risk participation transactions was $6.1 million as of both March 31, 2018 and December 31, 2017 . The following table presents the effect of the Bank’s derivative financial instruments not designated as hedging instruments in the consolidated statement of operations for the three months ended March 31, 2018 and 2017 . Amount of gain or (loss), net, recognized in income on derivatives Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income on derivatives Three months ended March 31, 2018 2017 (In thousands) Interest rate products Other income/ (expense) $ 92 $ (322 ) Risk participation agreements Other income/ (expense) 166 — Total $ 258 $ (322 ) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company: Three months ended March 31, 2018 2017 (In thousands) Income from continuing operations: Income before income taxes $ 28,064 $ 21,549 Income tax expense 6,026 6,553 Net income from continuing operations $ 22,038 $ 14,996 Effective tax rate, continuing operations 21.5 % 30.4 % Income from discontinued operations: Income before income taxes $ 2,388 $ 2,788 Income tax expense 690 1,156 Net income from discontinued operations $ 1,698 $ 1,632 Effective tax rate, discontinued operations 28.9 % 41.5 % Less: Income attributable to noncontrolling interests: Income before income taxes $ 1,050 $ 966 Income tax expense — — Net income attributable to noncontrolling interests $ 1,050 $ 966 Effective tax rate, noncontrolling interests — % — % Income attributable to the Company Income before income taxes $ 29,402 $ 23,371 Income tax expense 6,716 7,709 Net income attributable to the Company $ 22,686 $ 15,662 Effective tax rate attributable to the Company 22.8 % 33.0 % The effective tax rate for continuing operations for the three months ended March 31, 2018 of 21.5% , with related tax expense of $6.0 million , was calculated based on a projected 2018 annual effective tax rate. The effective tax rate was more than the statutory rate of 21% due primarily to state and local income taxes and the accounting for investments in affordable housing projects. These items were partially offset by earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. The effective tax rate for continuing operations for the three months ended March 31, 2017 of 30.4% , with related tax expense of $6.6 million , was calculated based on a projected 2017 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes. The effective tax rate for continuing operations for the three months ended March 31, 2018 is lower than the effective tax rate for the same period in 2017 due primarily to the reduction in the federal corporate tax rate from 35% to 21% as a result of the Tax Cuts and Jobs Act (the “Tax Act”) that was enacted on December 22, 2017. |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests At the Company, noncontrolling interests consist of equity owned by management of the Company’s respective majority-owned affiliates. Net income attributable to noncontrolling interests in the consolidated statements of operations represents the net income allocated to the noncontrolling interest owners of the affiliates. Net income allocated to the noncontrolling interest owners was $1.1 million and $1.0 million for the three-month periods ended March 31, 2018 and 2017 , respectively. On the consolidated balance sheets, noncontrolling interests are included as the sum of the capital and undistributed profits allocated to the noncontrolling interest owners. Typically, this balance is included in a company’s permanent shareholders’ equity in the consolidated balance sheets. When the noncontrolling interest owners’ rights include certain redemption features, as described in ASC 480, Distinguishing Liabilities from Equity , such redeemable noncontrolling interests are classified as mezzanine equity and are not included in permanent shareholders’ equity. Due to the redemption features of the noncontrolling interests, the Company had redeemable noncontrolling interests held in mezzanine equity in the accompanying consolidated balance sheets of $16.3 million and $17.5 million at March 31, 2018 and December 31, 2017 , respectively. The aggregate amount of such redeemable noncontrolling equity interests are recorded at the estimated maximum redemption values. In addition, the Company had $4.8 million and $5.2 million in noncontrolling interests included in permanent shareholder’s equity at March 31, 2018 and December 31, 2017 , respectively. Each non-wholly owned affiliate operating agreement provides the Company and/or the noncontrolling interests with contingent call or put redemption features used for the orderly transfer of noncontrolling equity interests between the affiliate noncontrolling interest owners and the Company at either a contractually predetermined fair value; multiple of earnings before interest, taxes, depreciation, and amortization (EBITDA); or fair value. The Company may liquidate these noncontrolling interests in cash, shares of the Company’s common stock, or other forms of consideration dependent on the operating agreement. These agreements are discussed in Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Generally, these put and call redemption features refer to shareholder rights of both the Company and the noncontrolling interest owners of the Company’s majority-owned affiliate companies. The affiliate company noncontrolling interests generally take the form of limited liability company (LLC) units, profits interests, or common stock (collectively, the “noncontrolling equity interests”). In most circumstances, the put and call redemption features generally relate to the Company’s right and, in some cases, obligation to purchase and the noncontrolling equity interests’ right to sell their equity interests. There are various events that could cause the puts or calls to be exercised, such as a change in control, death, disability, retirement, resignation or termination. The puts and calls are generally to be exercised at the then fair value or a contractually agreed upon approximation thereof. The terms of these rights vary and are governed by the respective individual operating and legal documents. The following table presents, by affiliate, the noncontrolling interests included as redeemable noncontrolling interests and noncontrolling interests in mezzanine and permanent equity, respectively, at the periods indicated: March 31, 2018 December 31, 2017 (In thousands) Anchor (1) $ 9,574 $ 9,761 BOS 7,590 8,057 DGHM (2) 3,983 4,829 Total $ 21,147 $ 22,647 Redeemable noncontrolling interests $ 16,322 $ 17,461 Noncontrolling interests $ 4,825 $ 5,186 _____________________ (1) Assets and liabilities at Anchor were classified as held for sale on the Company’s consolidated balance sheets at March 31, 2018 and December 31, 2017. The Company completed the sale of Anchor in April 2018. (2) Only includes redeemable noncontrolling interests. The following tables present a rollforward of the Company’s redeemable noncontrolling interests and noncontrolling interests for the periods indicated: Three months ended March 31, 2018 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 17,461 $ 5,186 Net income attributable to noncontrolling interests 758 291 Distributions (736 ) (282 ) Purchases/ (sales) of ownership interests 167 — Amortization of equity compensation 122 161 Adjustments to fair value (1,450 ) (531 ) Noncontrolling interests at end of period $ 16,322 $ 4,825 Three months ended March 31, 2017 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 16,972 $ 4,161 Net income attributable to noncontrolling interests 724 242 Distributions (703 ) (235 ) Purchases/ (sales) of ownership interests 66 — Amortization of equity compensation 102 256 Adjustments to fair value 71 (431 ) Noncontrolling interests at end of period $ 17,232 $ 3,993 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Income The following table presents a summary of the amounts reclassified from accumulated other comprehensive income/ (loss) for the three months ended March 31, 2018 and 2017 : Description of component of accumulated other comprehensive income/ (loss) Three months ended March 31, Affected line item in Statement of Operations 2018 2017 (In thousands) Adjustment for realized gains/ (losses) on available-for-sale securities, net: Pre-tax $ — $ 19 Gain on sale of investments, net Tax expense/ (benefit) — 8 Income tax expense Net $ — $ 11 Net income attributable to the Company Net realized gain/ (loss) on cash flow hedges: Hedges related to deposits: Pre-tax $ 21 $ (303 ) Interest expense on deposits Pre-tax — (3 ) Other income Tax expense/ (benefit) 7 (126 ) Income tax expense Net $ 14 $ (180 ) Net income attributable to the Company Total reclassifications for the period, net of tax $ 14 $ (169 ) On January 1, 2018, the Company elected to early adopt ASU No. 2017-12. As a result, the Company reclassified unrealized losses on cash flow hedges of $5 thousand from accumulated other comprehensive income/ (loss) to beginning retained earnings. On January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the Company reclassified unrealized gains on equity securities available-for-sale, net of tax, of $339 thousand from accumulated other comprehensive income/ (loss) to beginning retained earnings. Components of accumulated other comprehensive income/ (loss) Unrealized gain/ (loss) on securities available-for-sale Unrealized gain/ (loss) on cash flow hedges Unrealized gain/ (loss) on other Accumulated other comprehensive income/ (loss) (In thousands) Balance at December 31, 2016 $ (11,194 ) $ (605 ) $ (749 ) $ (12,548 ) Other comprehensive income/ (loss) before reclassifications 2,094 36 12 2,142 Amounts reclassified from other comprehensive income/ (loss) (11 ) 180 — 169 Other comprehensive income/ (loss), net 2,083 216 12 2,311 Balance at March 31, 2017 $ (9,111 ) $ (389 ) $ (737 ) $ (10,237 ) Balance at December 31, 2017 $ (8,140 ) $ 332 $ (850 ) $ (8,658 ) Other comprehensive income/ (loss) before reclassifications (12,895 ) 588 — (12,307 ) Amounts reclassified from other comprehensive income/ (loss) — (14 ) — (14 ) Other comprehensive income/ (loss), net (12,895 ) 574 — (12,321 ) Reclassification due to the adoption of ASUs 2017-12 and 2016-01 (339 ) 5 — (334 ) Balance at March 31, 2018 $ (21,374 ) $ 911 $ (850 ) $ (21,313 ) |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Restructuring In the fourth quarter of 2014, the Company incurred restructuring charges related to the acquisition of Banyan Partners, LLC. The purpose of this restructuring was to realign the management structure within the Wealth Management and Trust segment. The total cost of the restructuring incurred in Q4 2014 was $0.7 million . In 2015, the Company incurred additional restructuring charges to further refine the management structure within the Wealth Management and Trust segment. The total cost of the restructuring charges in 2015 was $3.7 million . In the first and second quarters of 2016, the Company incurred additional costs of $1.1 million and $0.9 million , respectively, in continued refinement of the management structure within the Wealth Management and Trust segment. The Company does not anticipate any additional restructuring costs related to this plan as of the date of this filing. Restructuring expenses incurred since the plan of restructuring was first implemented in 2014 totaled $6.4 million , all within the Wealth Management and Trust segment. The following table presents a summary of the restructuring activity for the three months ended March 31, 2018 and 2017 : Severance Charges Total (In thousands) Accrued charges at December 31, 2017 $ 337 $ 337 Costs paid (254 ) (254 ) Accrued charges at March 31, 2018 $ 83 $ 83 Accrued charges at December 31, 2016 $ 1,977 $ 1,977 Costs paid (618 ) (618 ) Accrued charges at March 31, 2017 $ 1,359 $ 1,359 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Revenue Recognition On January 1, 2018, the Company adopted ASU 2014-09 et al . As stated in Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 1: Basis of Presentation and Summary of Significant Accounting Policies,” the implementation of the new standard did not have a material impact on the measurement or recognition of revenue; as such, a cumulative effect adjustment to opening retained earnings was not deemed necessary. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, Revenue from Contracts with Customers (“ASC 606”), while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, Revenue Recognition . ASC 606 does not apply to revenue associated with financial instruments, including interest income on loans and investment securities. In addition, certain noninterest income such as fees associated with mortgage servicing rights, late fees, BOLI income, and derivatives are also not in scope of the new guidance. ASC 606 is applicable to noninterest income such as investment management fees, wealth advisory fees, wealth management and trust fees, and certain banking fees. However, the recognition of this revenue did not change upon adoption of ASC 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest income considered in-scope of ASC 606 is discussed below. Investment management fees Investment management fees are earned for the management of a series of accounts and funds in which clients invest directly, acting as a sub-advisor to larger investment management companies, or private client account management. The Company’s performance obligation is satisfied over time and the resulting fees are recognized monthly, based upon either the beginning-of quarter (in advance) or quarter-end (in arrears) market value of the assets under management and the applicable fee rate, depending on the terms of the contract. Payment is generally received a few days after month end through a direct charge to customers’ accounts. The Company may earn performance-based incentives on certain contracts. Receivables are recorded on the consolidated balance sheet in the fees receivable line item. All of the investment management fee income on the consolidated statement of operations for the three months ended March 31, 2018 is considered in-scope of ASC 606. Wealth advisory fees Wealth advisory fees are earned for providing financial advisory services to clients. The Company’s performance obligation under these contracts is satisfied over time as the financial advisory services are provided. Fees are recognized monthly based either on a fixed fee amount or are based on the quarter-end (in arrears) market value of the assets under management and the applicable fee rate (“asset based fees”), depending on the terms of the contract. Payment on fixed fee contracts is received based on a schedule outlined in the contract, while payment on asset based fees are generally received a few days after quarter end through a direct charge to customers’ accounts. No performance based incentives are earned on wealth advisory contracts. Receivables are recorded on the consolidated balance sheet in the fees receivable line item. Deferred revenues related to the fixed fee contracts of $6.2 million and $6.6 million at March 31, 2018 and December 31, 2017, respectively, are recorded on the consolidated balance sheet within the other liabilities line item. All of the wealth advisory fee income on the consolidated statement of operations for the three months ended March 31, 2018 is considered in-scope of ASC 606. Wealth management and trust fees Wealth management fees are earned for providing investment management, retirement plan advisory, family office, and financial planning services to clients. The Company’s performance obligation under these contracts is satisfied over time as the wealth management services are provided. Fees are recognized monthly based on the average monthly, beginning-of-quarter, or, for a small number of clients, end-of-quarter market value of the assets under management and the applicable fee rate, depending on the terms of the contract. No performance based incentives are earned on wealth management contracts. Receivables are recorded on the consolidated balance sheet in the fees receivable line item. Trust fees are earned when the Company is appointed as trustee for clients. As trustee, the Company administers the client’s trust and manages the assets of the trust including investments and property. The Company’s performance obligation under these agreements is satisfied over time as the administration and management services are provided. Fees are recognized monthly based on a percentage of the market value of the account as outlined in the agreement. Payment frequency is defined in the individual contracts which primarily stipulate monthly in arrears. No performance based incentives are earned on trust fee contracts. Receivables are recorded on the consolidated balance sheet in the fees receivable line item. All of the wealth management and trust fee income on the consolidated statement of operations for the three months ended March 31, 2018 is considered in-scope of ASC 606. Other banking fee income The Bank charges a variety of fees to its clients for services provided on the deposit and deposit management related accounts. Each fee is either transaction-based or assessed monthly. The types of fees include service charges on accounts, overdraft fees, maintenance fees, ATM fee charges, credit card charges, and other miscellaneous charges related to the accounts. These fees are not governed by individual contracts with clients. They are charges to clients based on disclosures presented to clients upon opening these accounts along with updated disclosures when changes are made to the fee structures. The transaction-based fees are recognized in revenue when charged to the client based on specific activity on the client’s account. Monthly service/maintenance charges are recognized in the month they are earned and are charged directly to the client’s account. The Bank also charges fees for treasury activities such as foreign exchange fees for clients with a banking relationship. These fees are recorded when earned via completion of the transaction for the client. The completion of the transaction is deemed to be the performance obligation of the transaction. The related revenue is recorded through a direct charge to the client’s account. There are no individual agreements or contracts with clients as it relates to foreign exchange fees as they are governed by client disclosure statements and the Bank’s internal policies and procedures. For both three month periods ended March 31, 2018 and 2017, $0.9 million of other banking fee income as described above is considered in-scope for ASC 606. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Pronouncements In May 2014 and at various other dates after May 14, the FASB issued ASU 2014-09 et al. Under the new standard, a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. ASU 2014-09 et al . does not apply to revenue associated with financial instruments such as loans and securities. On January 1, 2018, we adopted ASU 2014-09 et al. using the modified retrospective transition method, however no cumulative effect adjustment to opening retained earnings as of January 1, 2018 was required. For additional disclosure details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 1: Basis of Presentation and Summary of Significant Accounting Policies and Note 13: Revenue Recognition.” In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Instruments - Going Concern (“ASU 2014-15”). ASU 2014-15 requires management to evaluate an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management must evaluate whether conditions and events raise substantial doubt about an entity’s ability to continue as a going concern and then whether its plans alleviate that doubt. ASU 2014-15 was effective in 2016 and management performed the required evaluation and concluded that there were no such conditions or events that raised substantial doubt about the Company’s ability to continue as a going concern. In January 2016, the FASB issued ASU 2016-01. This ASU requires equity investments to be measured at fair value with changes in fair value, net of tax, recognized in net income. As a result of implementing this standard, the Company reclassified $339 thousand in unrealized gains on available-for-sale equity investments, net of tax, from accumulated other comprehensive income to retained earnings as of January 1, 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . This ASU update amends current lease accounting and requires all leases, other than short-term leases, to be reported on the balance sheet through the recognition of a right-of-use asset and a corresponding liability for future lease obligations. The amended guidance will be effective for fiscal years beginning after December 15, 2018, including interim periods within those annual periods and will require transition utilizing a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. Early adoption of this ASU is permitted although the Company does not plan to early adopt. The Company does not anticipate a material impact to revenue or operating expenses as a result of the adoption of this ASU. The Company expects that this ASU will gross up the assets and liabilities on the balance sheet related to the lease assets and liabilities and reduce regulatory capital ratios. In March 2016, the FASB issued ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . This update is intended to simplify several aspects of the accounting for employee share-based plans such as income tax consequences, classification of awards as either liabilities or equity on the balance sheet, and classification on the statement of cash flows. This ASU was effective for fiscal years beginning after December 15, 2016, including interim periods within those years. The Company adopted this ASU on January 1, 2017. The adoption of this ASU has resulted in, and will continue to result in, fluctuations in the Company’s earnings due to changes in the Company’s stock price between issuance date and settlement date of employee share-based transactions. In addition, the Company anticipates that certain stock options will expire unexercised, due to being out of the money, and this ASU requires the previous tax benefits to be reversed. In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326) (“ASU 2016-13”). This update is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This ASU will be effective for fiscal years beginning after December 15, 2019. Early adoption is available as of the fiscal year beginning after December 15, 2018. The Company does not plan on adopting early. The impact of this ASU on the Company’s consolidated financial statements will depend on factors at the time of adoption such as the balance and type of loans on the balance sheet, the Company’s loan loss history, and various qualitative factors. In August 2016, the FASB issued ASU 2016-15. This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU is effective for the Company beginning on January 1, 2018. Early adoption was permitted, provided that all of the amendments are adopted in the same period, however the Company did not early adopt. The guidance requires application using a retrospective transition method. This ASU did not have an impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07. This amendment requires an employer to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. As a result of the adoption of this ASU, $160 thousand has been reclassified from salaries and employee benefits expense to other expense within the Company’s consolidated statement of operations for the three months ended March 31, 2017. For the three months ended March 31, 2018, $135 thousand is presented within other expense that would have been presented within salaries and employee benefits prior to adoption of ASU 2017-07. 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 (“ASU 2017-08”). This update amends the amortization period for certain purchased callable debt securities held at a premium. The amortization period for the premium on such securities is being shortened to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018, and interim periods within those years. Early adoption is permitted, including in an interim period. The guidance requires application using a modified retrospective transition method through a cumulative-effect adjustment to beginning retained earnings. The Company early adopted this ASU as of July 1, 2017, which had a minimal impact on the consolidated financial statements. In August 2017, the FASB issued ASU 2017-12. The standard is intended to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting by preparers. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The Company elected to early adopt this ASU as of January 1, 2018 with a modified retrospective transition. As a result of implementing this standard, the Company reclassified $5 thousand in unrealized losses on derivatives from accumulated other comprehensive income to retained earnings as of January 1, 2018. This ASU will provide more flexibility in the Company’s risk management activities and we believe it will enhance the Company’s ability to employ risk management strategies, while improving the transparency and understanding of those strategies for financial statement users. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This update was issued to address a narrow-scope financial reporting issue that arose as a consequence of the change in the tax law. On December 22, 2017, the U.S. federal government enacted the Tax Act which, among other significant changes, lowers the federal corporate tax rate from 35% to 21% effective January 1, 2018. This update requires a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the enactment of the Tax Act. ASC 740 requires that the tax effects of changes in tax rates be recognized in income tax expense/ (benefit) attributable to continuing operations in the period in which the law is enacted. As a result, the tax effect of accumulated other comprehensive income does not reflect the appropriate tax rate. The amendments in this ASU eliminate the stranded tax effects associated with the change in the federal corporate income tax rate related to the Tax Act and improve the usefulness of information reported to financial statement users. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted for public business entities for reporting periods for which financial statements have not yet been issued. The Company early adopted this ASU on December 31, 2017 and reclassified $1.5 million from accumulated other comprehensive income to retained earnings. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event In April 2018 , the Company completed the sale of its ownership interest in Anchor. Anchor’s results remain consolidated in the Company’s results during current and prior periods. The transaction had previously been announced in December 2017. The Company classified the assets and liabilities of Anchor as held for sale at March 31, 2018 and December 31, 2017, which are included with other assets and other liabilities, respectively, on the Company’s consolidated balance sheets. As a result of the transaction, Boston Private received approximately $32 million of cash and will receive future revenue share payments that have a net present value of approximately $15 million . During the second quarter, the Company will recognize a tax expense of approximately $11 million to $12 million attributable to the transaction, which is primarily the result of a book to tax basis difference associated with nondeductible goodwill. The net financial impact will increase the Company’s Tier 1 common equity by approximately $34 million to $35 million . Accordingly, the results of Anchor after the completion of the sale in April 2018 will not be included in the results of the Company. |
Basis of Presentation and Sum24
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | For interim reporting purposes, the Company follows the same significant accounting policies, except for the following new accounting pronouncements from the Financial Accounting Standards Board (the “FASB”) that were adopted effective January 1, 2018: • Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). As a result of implementing this standard, the Company reclassified $5 thousand in unrealized losses on derivatives related to hedge ineffectiveness from accumulated other comprehensive income to retained earnings as of January 1, 2018. This ASU will provide more flexibility in the Company’s risk management activities and we believe it will enhance the Company’s ability to employ risk management strategies, while improving the transparency and understanding of those strategies for financial statement users. • ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ( “ASU 2017-07”). This amendment requires an employer to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. As a result of the retrospective adoption of this ASU, $160 thousand for the three months ended March 31, 2017 has been reclassified from salaries and employee benefits expense to other expense within the Company’s consolidated statement of operations. For the three months ended March 31, 2018, $135 thousand is presented within other expense that would have been presented within salaries and employee benefits prior to adoption of ASU 2017-07. • ASU 2016-15, Statement of Cash Flows (Topic 230) (“ASU 2016-15”). This update is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This ASU is effective for the Company beginning on January 1, 2018. The guidance requires application using a retrospective transition method. This ASU did not have an impact on the Company’s consolidated financial statements. • ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This amendment requires equity investments to be measured at fair value with changes in fair value, net of tax, recognized in net income. As a result of implementing this standard, the Company reclassified $339 thousand in unrealized gains on available-for-sale equity investments, net of tax, from accumulated other comprehensive income to retained earnings as of January 1, 2018. • ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which was subsequently amended by additional ASUs, including ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , collectively, “ASU 2014-09 et al. ” ASU 2014-09 et al. was adopted using the modified retrospective transition method as of January 1, 2018, however no cumulative effect adjustment was required. This new guidance was applied to all revenue contracts in place at the date of adoption. See Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 13: Revenue Recognition” for further details. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | The following tables present the computations of basic and diluted EPS: Three months ended March 31, 2018 2017 (In thousands, except share and per share data) Basic earnings per share - Numerator: Net income from continuing operations $ 22,038 $ 14,996 Less: Net income attributable to noncontrolling interests 1,050 966 Net income from continuing operations attributable to the Company 20,988 14,030 Decrease/ (increase) in noncontrolling interests’ redemption values (1) 846 (297 ) Dividends on preferred stock (869 ) (869 ) Total adjustments to income attributable to common shareholders (23 ) (1,166 ) Net income from continuing operations attributable to common shareholders, treasury stock method 20,965 12,864 Net income from discontinued operations 1,698 1,632 Net income attributable to common shareholders, treasury stock method $ 22,663 $ 14,496 Basic earnings per share - Denominator: Weighted average basic common shares outstanding 83,097,758 81,951,179 Per share data - Basic earnings per share from: Continuing operations $ 0.25 $ 0.16 Discontinued operations $ 0.02 $ 0.02 Total attributable to common shareholders $ 0.27 $ 0.18 Three months ended March 31, 2018 2017 (In thousands, except share and per share data) Diluted earnings per share - Numerator: Net income from continuing operations attributable to common shareholders, after assumed dilution $ 20,965 $ 12,864 Net income from discontinued operations 1,698 1,632 Net income attributable to common shareholders, after assumed dilution $ 22,663 $ 14,496 Diluted earnings per share - Denominator: Weighted average basic common shares outstanding 83,097,758 81,951,179 Dilutive effect of: Stock options, performance-based and time-based restricted stock, and performance-based and time-based restricted stock units, and other dilutive securities (2) 1,136,145 1,455,333 Warrants to purchase common stock (2) 1,037,747 1,154,406 Dilutive common shares 2,173,892 2,609,739 Weighted average diluted common shares outstanding (2) 85,271,650 84,560,918 Per share data - Diluted earnings per share from: Continuing operations $ 0.25 $ 0.15 Discontinued operations $ 0.02 $ 0.02 Total attributable to common shareholders $ 0.27 $ 0.17 Dividends per share declared and paid on common stock $ 0.12 $ 0.11 _____________________ (1) See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. (2) The diluted EPS computations for the three months ended March 31, 2018 and 2017 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31, 2018 2017 Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): (In thousands) Potential common shares from: Stock options 39 121 Total shares excluded due to exercise price exceeding the average market price of common shares during the period 39 121 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three months ended March 31, 2018 and 2017 . Interest expense on junior subordinated debentures is reported at the Holding Company. Three months ended March 31, 2018 2017 Private Banking (In thousands) Net interest income $ 58,131 $ 54,256 Fees and other income 2,475 1,828 Total revenues 60,606 56,084 Provision/ (credit) for loan losses (1,795 ) (181 ) Operating expense 39,627 35,058 Income before income taxes 22,774 21,207 Income tax expense 4,613 6,269 Net income from continuing operations 18,161 14,938 Net income attributable to the Company $ 18,161 $ 14,938 Assets $ 8,185,803 $ 8,058,121 Depreciation $ 1,584 $ 1,371 Three months ended March 31, 2018 2017 Wealth Management and Trust (In thousands) Fees and other income $ 12,274 $ 10,921 Operating expense 10,694 13,873 Income/ (loss) before income taxes 1,580 (2,952 ) Income tax expense/ (benefit) 475 (1,166 ) Net income/ (loss) from continuing operations 1,105 (1,786 ) Net income/ (loss) attributable to the Company $ 1,105 $ (1,786 ) Assets $ 71,560 $ 74,408 Amortization of intangibles $ 701 $ 727 Depreciation $ 321 $ 337 Three months ended March 31, 2018 2017 Investment Management (1) (In thousands) Net interest income $ 4 $ 4 Fees and other income 11,408 10,859 Total revenues 11,412 10,863 Operating expense 8,525 8,354 Income before income taxes 2,887 2,509 Income tax expense 671 844 Net income from continuing operations 2,216 1,665 Noncontrolling interests 488 462 Net income attributable to the Company $ 1,728 $ 1,203 Assets $ 66,996 $ 92,255 Amortization of intangibles $ — $ 650 Depreciation $ 34 $ 66 Three months ended March 31, 2018 2017 Wealth Advisory (In thousands) Net interest income $ 48 $ 17 Fees and other income 13,539 12,843 Total revenues 13,587 12,860 Operating expense 10,536 9,443 Income before income taxes 3,051 3,417 Income tax expense 786 1,287 Net income from continuing operations 2,265 2,130 Noncontrolling interests 562 504 Net income attributable to the Company $ 1,703 $ 1,626 Assets $ 73,054 $ 73,182 Amortization of intangibles $ 49 $ 49 Depreciation $ 163 $ 226 Three months ended March 31, 2018 2017 Holding Company and Eliminations (In thousands) Net interest income $ (800 ) $ (635 ) Fees and other income 47 55 Total revenues (753 ) (580 ) Operating expense 1,475 2,052 Income/ (loss) before income taxes (2,228 ) (2,632 ) Income tax expense/ (benefit) (519 ) (681 ) Net income/ (loss) from continuing operations (1,709 ) (1,951 ) Discontinued operations 1,698 1,632 Net income/ (loss) attributable to the Company $ (11 ) $ (319 ) Assets (including eliminations) $ (79,054 ) $ (82,846 ) Three months ended March 31, 2018 2017 Total Company (In thousands) Net interest income $ 57,383 $ 53,642 Fees and other income 39,743 36,506 Total revenues 97,126 90,148 Provision/ (credit) for loan losses (1,795 ) (181 ) Operating expense 70,857 68,780 Income before income taxes 28,064 21,549 Income tax expense 6,026 6,553 Net income from continuing operations 22,038 14,996 Noncontrolling interests 1,050 966 Discontinued operations 1,698 1,632 Net income attributable to the Company $ 22,686 $ 15,662 Assets $ 8,318,359 $ 8,215,120 Amortization of intangibles $ 750 $ 1,426 Depreciation $ 2,102 $ 2,000 _____________________ (1) Results for the Investment Management Segment for the three months ended March 31, 2018 and 2017 include results for DGHM and Anchor. Assets for the Investment Management Segment at March 31, 2018 and 2017 include assets of DGHM and Anchor; however, Anchor’s assets and liabilities are classified as held for sale at March 31, 2018 . |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The following tables present a summary of investment securities: Amortized Cost Unrealized Fair Value Gains Losses (In thousands) At March 31, 2018 Available-for-sale securities at fair value: U.S. government and agencies $ 35,060 $ — $ (1,253 ) $ 33,807 Government-sponsored entities 285,992 — (5,429 ) 280,563 Municipal bonds 302,556 1,800 (4,073 ) 300,283 Mortgage-backed securities (1) 508,009 341 (21,415 ) 486,935 Other 16,909 — — 16,909 Total $ 1,148,526 $ 2,141 $ (32,170 ) $ 1,118,497 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 70,809 $ — $ (1,922 ) $ 68,887 Total $ 70,809 $ — $ (1,922 ) $ 68,887 At December 31, 2017 Available-for-sale securities at fair value: U.S. government and agencies $ 35,132 $ — $ (833 ) $ 34,299 Government-sponsored entities 305,101 22 (2,622 ) 302,501 Municipal bonds 299,647 4,559 (1,148 ) 303,058 Mortgage-backed securities (1) 521,753 491 (12,568 ) 509,676 Other 20,794 — — 20,794 Total $ 1,182,427 $ 5,072 $ (17,171 ) $ 1,170,328 Held-to-maturity securities at amortized cost: Mortgage-backed securities (1) $ 74,576 $ — $ (795 ) $ 73,781 Total $ 74,576 $ — $ (795 ) $ 73,781 _____________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. |
Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents the maturities of available-for-sale investment securities, based on contractual maturity, as of March 31, 2018 . Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but due to prepayments and amortization are expected to have shorter lives. Available-for-sale Securities Amortized cost Fair value (In thousands) Within one year $ 73,320 $ 73,128 After one, but within five years 334,864 329,235 After five, but within ten years 304,561 291,757 Greater than ten years 435,781 424,377 Total $ 1,148,526 $ 1,118,497 The following table presents the maturities of held-to-maturity investment securities, based on contractual maturity, as of March 31, 2018 . Held-to-maturity Securities Amortized cost Fair value (In thousands) After five, but within ten years $ 20,817 $ 20,198 Greater than ten years 49,992 48,689 Total $ 70,809 $ 68,887 |
Realized Gain (Loss) on Investments [Table Text Block] | The following table presents the proceeds from sales, gross realized gains and gross realized losses for available-for-sale securities that were sold or called during the following periods as well as changes in the fair value of equity securities as prescribed by ASC 321, Investment - Equity Securities . ASU 2016-01, Recognition and Measurements of Financial Assets and Financial Liabilities was adopted on January 1, 2018, at which time a cumulative effect adjustment of $339 thousand was recorded to reclassify the amount of accumulated unrealized gains related to equity securities from accumulated other comprehensive income to retained earnings. Three months ended March 31, 2018 2017 (In thousands) Proceeds from sales and calls $ 15,877 $ 32,717 Realized gains 7 19 Realized losses (1 ) — Change in unrealized gain/ (loss) on equity securities reflected in the consolidated statement of operations (30 ) n/a |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables present information regarding securities at March 31, 2018 and December 31, 2017 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired. Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities (In thousands, except number of securities) March 31, 2018 Available-for-sale securities U.S. government and agencies $ 14,844 $ (138 ) $ 18,963 $ (1,115 ) $ 33,807 $ (1,253 ) 6 Government-sponsored entities 223,047 (3,391 ) 57,516 (2,038 ) 280,563 (5,429 ) 41 Municipal bonds 141,784 (1,811 ) 49,429 (2,262 ) 191,213 (4,073 ) 102 Mortgage-backed securities (1) 100,689 (2,908 ) 370,008 (18,507 ) 470,697 (21,415 ) 109 Total $ 480,364 $ (8,248 ) $ 495,916 $ (23,922 ) $ 976,280 $ (32,170 ) 258 Held-to-maturity securities Mortgage-backed securities (1) $ 55,189 $ (1,505 ) $ 13,698 $ (417 ) $ 68,887 $ (1,922 ) 16 Total $ 55,189 $ (1,505 ) $ 13,698 $ (417 ) $ 68,887 $ (1,922 ) 16 Less than 12 months 12 months or longer Total Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses # of securities (In thousands, except number of securities) December 31, 2017 Available-for-sale securities U.S. government and agencies $ 14,902 $ (79 ) $ 19,397 $ (754 ) $ 34,299 $ (833 ) 6 Government-sponsored entities 220,275 (1,350 ) 38,273 (1,272 ) 258,548 (2,622 ) 36 Municipal bonds 46,112 (131 ) 50,842 (1,017 ) 96,954 (1,148 ) 63 Mortgage-backed securities (1) 97,117 (903 ) 386,785 (11,665 ) 483,902 (12,568 ) 103 Total $ 378,406 $ (2,463 ) $ 495,297 $ (14,708 ) $ 873,703 $ (17,171 ) 208 Held-to-maturity securities Mortgage-backed securities (1) $ 59,218 $ (534 ) $ 14,563 $ (261 ) $ 73,781 $ (795 ) 16 Total $ 59,218 $ (534 ) $ 14,563 $ (261 ) $ 73,781 $ (795 ) 16 _____________________ (1) All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall: As of March 31, 2018 Fair value measurements at reporting date using: Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 33,807 $ 33,676 $ 131 $ — Government-sponsored entities 280,563 — 280,563 — Municipal bonds 300,283 — 300,283 — Mortgage-backed securities 486,935 — 486,935 — Other 16,909 16,909 — — Total available-for-sale securities 1,118,497 50,585 1,067,912 — Derivatives - interest rate customer swaps 22,810 — 22,810 — Derivatives - customer foreign exchange forwards 1 — 1 — Derivatives - interest rate swaps 1,286 — 1,286 — Other investments 7,187 7,187 — — Liabilities: Derivatives - interest rate customer swaps $ 23,097 $ — $ 23,097 $ — Derivatives - customer foreign exchange forwards 1 — 1 — Derivatives - risk participation agreement 142 — 142 — Other liabilities 7,187 7,187 — — Fair value measurements at reporting date using: As of December 31, 2017 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Assets: Available-for-sale securities: U.S. government and agencies $ 34,299 $ 34,096 $ 203 $ — Government-sponsored entities 302,501 — 302,501 — Municipal bonds 303,058 — 303,058 — Mortgage-backed securities 509,676 — 509,676 — Other 20,794 20,794 — — Total available-for-sale securities 1,170,328 54,890 1,115,438 — Derivatives - interest rate customer swaps 18,575 — 18,575 — Derivatives - interest rate swaps 555 — 555 — Derivatives - risk participation agreements 1 — 1 — Derivatives - customer foreign exchange forwards 2 — 2 — Other investments 7,062 7,062 — — Liabilities: Derivatives - interest rate customer swaps $ 18,953 $ — $ 18,953 $ — Derivatives - interest rate swaps 80 — 80 — Derivatives - risk participation agreements 108 — 108 — Derivatives - customer foreign exchange forwards 2 — 2 — Other liabilities 7,062 7,062 — — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following table presents the Company’s assets and liabilities measured at fair value on a non-recurring basis during the period ended March 31, 2018 , aggregated by the level in the fair value hierarchy within which those measurements fall. There were no collateral-dependent impaired loans held at March 31, 2017 that had write-downs in fair value or whose specific reserve changed during the first three months of 2017 . As of March 31, 2018 Fair value measurements at reporting date using: Gain (losses) from fair value changes Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Three months ended March 31, 2018 (In thousands) Assets: Impaired loans (1) $ 1,835 $ — $ — $ 1,835 $ (216 ) _____________________ (1) Collateral-dependent impaired loans held at March 31, 2018 that had write-downs in fair value or whose specific reserve changed during the first three months of 2018 . |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block] | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value: As of March 31, 2018 Fair Value Valuation Technique Unobservable Input Range of Inputs Utilized Weighted Average of Inputs Utilized (In thousands) Impaired Loans $ 1,835 Appraisals of Collateral Discount for costs to sell 0% - 24% 14% Appraisal adjustments 0% - 26% 16% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis: As of March 31, 2018 Book Value Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) FINANCIAL ASSETS: Cash and cash equivalents $ 77,085 $ 77,085 $ 77,085 $ — $ — Investment securities held-to-maturity 70,809 68,887 — 68,887 — Loans held for sale 3,918 3,967 — 3,967 — Loans, net 6,529,429 6,474,781 — — 6,474,781 Other financial assets 87,709 87,709 — 87,709 — FINANCIAL LIABILITIES: Deposits 6,584,322 6,582,187 — 6,582,187 — Securities sold under agreements to repurchase 85,257 85,257 — 85,257 — Federal Home Loan Bank borrowings 611,588 607,606 — 607,606 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 1,993 1,993 — 1,993 — As of December 31, 2017 Book Value Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) FINANCIAL ASSETS: Cash and cash equivalents $ 120,541 $ 120,541 $ 120,541 $ — $ — Investment securities held-to-maturity 74,576 73,781 — 73,781 — Loans held for sale 4,697 4,737 — 4,737 — Loans, net 6,430,286 6,388,297 — — 6,388,297 Other financial assets 93,449 93,449 — 93,449 — FINANCIAL LIABILITIES: Deposits 6,510,246 6,509,197 — 6,509,197 — Securities sold under agreements to repurchase 32,169 32,169 — 32,169 — Federal funds purchased 30,000 30,000 — 30,000 — Federal Home Loan Bank borrowings 693,681 692,402 — 692,402 — Junior subordinated debentures 106,363 96,363 — — 96,363 Other financial liabilities 2,224 2,224 — 2,224 — |
Loan Portfolio and Credit Qua29
Loan Portfolio and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated: March 31, 2018 December 31, 2017 (In thousands) Commercial and industrial $ 531,093 $ 520,992 Commercial tax-exempt 420,757 418,698 Total commercial and industrial 951,850 939,690 Commercial real estate 2,465,003 2,440,220 Construction and land 165,240 164,990 Residential 2,737,369 2,682,533 Home equity 94,331 99,958 Consumer and other 188,534 177,637 Total $ 6,602,327 $ 6,505,028 |
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated: March 31, 2018 December 31, 2017 (In thousands) Commercial and industrial $ 1,669 $ 748 Commercial tax-exempt — — Total commercial and industrial 1,669 748 Commercial real estate 1,839 1,985 Construction and land 109 110 Residential 9,932 8,470 Home equity 2,816 2,840 Consumer and other 15 142 Total $ 16,380 $ 14,295 |
Past Due Financing Receivables [Table Text Block] | The following tables show the payment status of loans receivable by class of receivable as of the dates indicated: March 31, 2018 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 3,894 $ 700 $ 4,594 $ 311 $ 100 $ 1,258 $ 1,669 $ 524,830 $ 531,093 Commercial tax-exempt — — — — — — — 420,757 420,757 Commercial real estate 2,507 — 2,507 1 151 1,687 1,839 2,460,657 2,465,003 Construction and land 64 — 64 — — 109 109 165,067 165,240 Residential 12,489 — 12,489 3,183 3,115 3,634 9,932 2,714,948 2,737,369 Home equity 325 339 664 67 — 2,749 2,816 90,851 94,331 Consumer and other 58 — 58 — 6 9 15 188,461 188,534 Total $ 19,337 $ 1,039 $ 20,376 $ 3,562 $ 3,372 $ 9,446 $ 16,380 $ 6,565,571 $ 6,602,327 December 31, 2017 Accruing Past Due Nonaccrual Loans 30-59 Days Past Due 60-89 Days Past Due Total Accruing Past Due Current 30-89 Days Past Due 90 Days or Greater Past Due Total Non-Accrual Loans Current Accruing Loans Total Loans Receivable (In thousands) Commercial and industrial $ 10,903 $ 849 $ 11,752 $ 355 $ — $ 393 $ 748 $ 508,492 $ 520,992 Commercial tax-exempt — — — — — — — 418,698 418,698 Commercial real estate 4,043 — 4,043 163 — 1,822 1,985 2,434,192 2,440,220 Construction and land — — — — — 110 110 164,880 164,990 Residential 7,239 1,635 8,874 805 3,172 4,493 8,470 2,665,189 2,682,533 Home equity 355 — 355 — 71 2,769 2,840 96,763 99,958 Consumer and other 24 — 24 17 125 — 142 177,471 177,637 Total $ 22,564 $ 2,484 $ 25,048 $ 1,340 $ 3,368 $ 9,587 $ 14,295 $ 6,465,685 $ 6,505,028 |
Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the loan portfolio’s credit risk profile by internally assigned grade and class of receivable as of the dates indicated: March 31, 2018 By Loan Grade or Nonaccrual Status Pass Special Mention Accruing Substandard Nonaccrual Loans Total (In thousands) Commercial and industrial $ 512,546 $ 11,452 $ 5,426 $ 1,669 $ 531,093 Commercial tax-exempt 420,757 — — — 420,757 Commercial real estate 2,380,144 51,636 31,384 1,839 2,465,003 Construction and land 158,108 — 7,023 109 165,240 Residential 2,726,100 — 1,337 9,932 2,737,369 Home equity 91,515 — — 2,816 94,331 Consumer and other 188,516 — 3 15 188,534 Total $ 6,477,686 $ 63,088 $ 45,173 $ 16,380 $ 6,602,327 December 31, 2017 By Loan Grade or Nonaccrual Status Pass Special Accruing Nonaccrual Total (In thousands) Commercial and industrial $ 496,395 $ 12,898 $ 10,951 $ 748 $ 520,992 Commercial tax-exempt 413,139 5,559 — — 418,698 Commercial real estate 2,346,833 56,947 34,455 1,985 2,440,220 Construction and land 146,514 11,770 6,596 110 164,990 Residential 2,672,714 — 1,349 8,470 2,682,533 Home equity 97,118 — — 2,840 99,958 Consumer and other 177,494 — 1 142 177,637 Total $ 6,350,207 $ 87,174 $ 53,352 $ 14,295 $ 6,505,028 |
Impaired Financing Receivables [Table Text Block] | The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans: As of and for the three months ended March 31, 2018 Recorded Investment (1) Unpaid Principal Balance Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,100 $ 3,129 n/a $ 1,689 $ 7 Commercial tax-exempt — — n/a — — Commercial real estate 2,947 4,710 n/a 2,103 25 Construction and land 109 109 n/a 109 — Residential 10,717 11,077 n/a 9,608 101 Home equity 1,759 1,759 n/a 1,770 10 Consumer and other — — n/a — — Subtotal 17,632 20,784 n/a 15,279 143 With an allowance recorded: Commercial and industrial — — $ — 181 2 Commercial tax-exempt — — — — — Commercial real estate 5,525 5,954 241 6,510 156 Construction and land — — — — — Residential 821 821 83 825 6 Home equity 36 36 20 36 — Consumer and other — — — 31 3 Subtotal 6,382 6,811 344 7,583 167 Total: Commercial and industrial 2,100 3,129 — 1,870 9 Commercial tax-exempt — — — — — Commercial real estate 8,472 10,664 241 8,613 181 Construction and land 109 109 — 109 — Residential 11,538 11,898 83 10,433 107 Home equity 1,795 1,795 20 1,806 10 Consumer and other — — — 31 3 Total $ 24,014 $ 27,595 $ 344 $ 22,862 $ 310 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the three months ended March 31, 2017 Recorded Investment (1) Unpaid Principal Balance Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 1,670 $ 2,045 n/a $ 1,731 $ 13 Commercial tax-exempt 4,337 4,337 n/a 3,253 — Commercial real estate 3,747 8,787 n/a 4,269 246 Construction and land 147 479 n/a 164 — Residential 9,401 9,773 n/a 8,465 101 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal 19,302 25,421 n/a 17,882 360 With an allowance recorded: Commercial and industrial — — $ — — — Commercial tax-exempt — — — — — Commercial real estate 7,041 7,470 475 7,073 75 Construction and land — — — — — Residential 2,931 2,931 517 3,917 39 Home equity 37 37 21 37 — Consumer and other — — — — — Subtotal 10,009 10,438 1,013 11,027 114 Total: Commercial and industrial 1,670 2,045 — 1,731 13 Commercial tax-exempt 4,337 4,337 — 3,253 — Commercial real estate 10,788 16,257 475 11,342 321 Construction and land 147 479 — 164 — Residential 12,332 12,704 517 12,382 140 Home equity 37 37 21 37 — Consumer and other — — — — — Total $ 29,311 $ 35,859 $ 1,013 $ 28,909 $ 474 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the year ended December 31, 2017 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 1,434 $ 2,238 n/a $ 1,594 $ 50 Commercial tax-exempt — — n/a 1,001 80 Commercial real estate 1,832 3,453 n/a 3,098 1,546 Construction and land 109 109 n/a 172 — Residential 9,337 9,709 n/a 9,033 360 Home equity 1,779 1,779 n/a 413 — Consumer and other — — n/a — — Subtotal 14,491 17,288 n/a 15,311 2,036 With an allowance recorded: Commercial and industrial 242 242 $ 58 156 4 Commercial tax-exempt — — — — — Commercial real estate 6,855 7,284 362 6,980 322 Construction and land — — — — — Residential 828 828 89 2,469 89 Home equity 36 36 20 36 1 Consumer and other 125 250 125 10 — Subtotal 8,086 8,640 654 9,651 416 Total: Commercial and industrial 1,676 2,480 58 1,750 54 Commercial tax-exempt — — — 1,001 80 Commercial real estate 8,687 10,737 362 10,078 1,868 Construction and land 109 109 — 172 — Residential 10,165 10,537 89 11,502 449 Home equity 1,815 1,815 20 449 1 Consumer and other 125 250 125 10 — Total $ 22,577 $ 25,928 $ 654 $ 24,962 $ 2,452 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2018 and December 31, 2017 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2018 or December 31, 2017 . March 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,100 $ — $ 949,750 $ 11,443 $ 951,850 $ 11,443 Commercial real estate 8,472 241 2,456,531 45,875 2,465,003 46,116 Construction and land 109 — 165,131 4,533 165,240 4,533 Residential 11,538 83 2,725,831 9,813 2,737,369 9,896 Home equity 1,795 20 92,536 764 94,331 784 Consumer — — 188,534 126 188,534 126 Total $ 24,014 $ 344 $ 6,578,313 $ 72,554 $ 6,602,327 $ 72,898 December 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 1,676 $ 58 $ 938,014 $ 11,677 $ 939,690 $ 11,735 Commercial real estate 8,687 362 2,431,533 46,458 2,440,220 46,820 Construction and land 109 — 164,881 4,949 164,990 4,949 Residential 10,165 89 2,672,368 9,684 2,682,533 9,773 Home equity 1,815 20 98,143 815 99,958 835 Consumer 125 125 177,512 505 177,637 630 Total $ 22,577 $ 654 $ 6,482,451 $ 74,088 $ 6,505,028 $ 74,742 |
Loan Participation Amounts by Loan Type [Table Text Block] | The following table presents a summary of the loan participations serviced for others and loans serviced for others based on class of receivable as of the dates indicated: March 31, 2018 December 31, 2017 (In thousands) Commercial and industrial $ 8,397 $ 8,484 Commercial tax-exempt 19,582 19,805 Commercial real estate 43,965 49,783 Construction and land 34,081 37,840 Total loan participations serviced for others $ 106,025 $ 115,912 Residential $ 41,207 $ 41,440 Total loans serviced for others $ 41,207 $ 41,440 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Allowance for Loan Losses [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present a summary of the changes in the allowance for loan losses for the periods indicated: As of and for the three months ended March 31, 2018 2017 (In thousands) Allowance for loan losses, beginning of period: Commercial and industrial $ 11,735 $ 12,751 Commercial real estate 46,820 50,412 Construction and land 4,949 3,039 Residential 9,773 10,449 Home equity 835 1,035 Consumer and other 630 391 Total allowance for loan losses, beginning of period 74,742 78,077 As of and for the three months ended March 31, 2018 2017 (In thousands) Loans charged-off: Commercial and industrial (214 ) — Commercial real estate (135 ) — Construction and land — — Residential (16 ) (58 ) Home equity — — Consumer and other (24 ) — Total charge-offs (389 ) (58 ) Recoveries on loans previously charged-off: Commercial and industrial 82 87 Commercial real estate 125 50 Construction and land — — Residential — 47 Home equity 1 — Consumer and other 132 9 Total recoveries 340 193 Provision/ (credit) for loan losses: Commercial and industrial (160 ) (547 ) Commercial real estate (694 ) 702 Construction and land (416 ) 158 Residential 139 (348 ) Home equity (52 ) (48 ) Consumer and other (612 ) (98 ) Total provision/(credit) for loan losses (1,795 ) (181 ) Allowance for loan losses at end of period: Commercial and industrial 11,443 12,291 Commercial real estate 46,116 51,164 Construction and land 4,533 3,197 Residential 9,896 10,090 Home equity 784 987 Consumer and other 126 302 Total allowance for loan losses at end of period $ 72,898 $ 78,031 |
Impaired Financing Receivables [Table Text Block] | The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans: As of and for the three months ended March 31, 2018 Recorded Investment (1) Unpaid Principal Balance Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 2,100 $ 3,129 n/a $ 1,689 $ 7 Commercial tax-exempt — — n/a — — Commercial real estate 2,947 4,710 n/a 2,103 25 Construction and land 109 109 n/a 109 — Residential 10,717 11,077 n/a 9,608 101 Home equity 1,759 1,759 n/a 1,770 10 Consumer and other — — n/a — — Subtotal 17,632 20,784 n/a 15,279 143 With an allowance recorded: Commercial and industrial — — $ — 181 2 Commercial tax-exempt — — — — — Commercial real estate 5,525 5,954 241 6,510 156 Construction and land — — — — — Residential 821 821 83 825 6 Home equity 36 36 20 36 — Consumer and other — — — 31 3 Subtotal 6,382 6,811 344 7,583 167 Total: Commercial and industrial 2,100 3,129 — 1,870 9 Commercial tax-exempt — — — — — Commercial real estate 8,472 10,664 241 8,613 181 Construction and land 109 109 — 109 — Residential 11,538 11,898 83 10,433 107 Home equity 1,795 1,795 20 1,806 10 Consumer and other — — — 31 3 Total $ 24,014 $ 27,595 $ 344 $ 22,862 $ 310 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the three months ended March 31, 2017 Recorded Investment (1) Unpaid Principal Balance Related Allowance YTD Average Recorded Investment YTD Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 1,670 $ 2,045 n/a $ 1,731 $ 13 Commercial tax-exempt 4,337 4,337 n/a 3,253 — Commercial real estate 3,747 8,787 n/a 4,269 246 Construction and land 147 479 n/a 164 — Residential 9,401 9,773 n/a 8,465 101 Home equity — — n/a — — Consumer and other — — n/a — — Subtotal 19,302 25,421 n/a 17,882 360 With an allowance recorded: Commercial and industrial — — $ — — — Commercial tax-exempt — — — — — Commercial real estate 7,041 7,470 475 7,073 75 Construction and land — — — — — Residential 2,931 2,931 517 3,917 39 Home equity 37 37 21 37 — Consumer and other — — — — — Subtotal 10,009 10,438 1,013 11,027 114 Total: Commercial and industrial 1,670 2,045 — 1,731 13 Commercial tax-exempt 4,337 4,337 — 3,253 — Commercial real estate 10,788 16,257 475 11,342 321 Construction and land 147 479 — 164 — Residential 12,332 12,704 517 12,382 140 Home equity 37 37 21 37 — Consumer and other — — — — — Total $ 29,311 $ 35,859 $ 1,013 $ 28,909 $ 474 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. As of and for the year ended December 31, 2017 Recorded Investment (1) Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized while Impaired (In thousands) With no related allowance recorded: Commercial and industrial $ 1,434 $ 2,238 n/a $ 1,594 $ 50 Commercial tax-exempt — — n/a 1,001 80 Commercial real estate 1,832 3,453 n/a 3,098 1,546 Construction and land 109 109 n/a 172 — Residential 9,337 9,709 n/a 9,033 360 Home equity 1,779 1,779 n/a 413 — Consumer and other — — n/a — — Subtotal 14,491 17,288 n/a 15,311 2,036 With an allowance recorded: Commercial and industrial 242 242 $ 58 156 4 Commercial tax-exempt — — — — — Commercial real estate 6,855 7,284 362 6,980 322 Construction and land — — — — — Residential 828 828 89 2,469 89 Home equity 36 36 20 36 1 Consumer and other 125 250 125 10 — Subtotal 8,086 8,640 654 9,651 416 Total: Commercial and industrial 1,676 2,480 58 1,750 54 Commercial tax-exempt — — — 1,001 80 Commercial real estate 8,687 10,737 362 10,078 1,868 Construction and land 109 109 — 172 — Residential 10,165 10,537 89 11,502 449 Home equity 1,815 1,815 20 449 1 Consumer and other 125 250 125 10 — Total $ 22,577 $ 25,928 $ 654 $ 24,962 $ 2,452 _____________________ (1) Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. The following tables present the Company’s allowance for loan losses and loan portfolio at March 31, 2018 and December 31, 2017 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at March 31, 2018 or December 31, 2017 . March 31, 2018 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 2,100 $ — $ 949,750 $ 11,443 $ 951,850 $ 11,443 Commercial real estate 8,472 241 2,456,531 45,875 2,465,003 46,116 Construction and land 109 — 165,131 4,533 165,240 4,533 Residential 11,538 83 2,725,831 9,813 2,737,369 9,896 Home equity 1,795 20 92,536 764 94,331 784 Consumer — — 188,534 126 188,534 126 Total $ 24,014 $ 344 $ 6,578,313 $ 72,554 $ 6,602,327 $ 72,898 December 31, 2017 Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses Recorded investment (loan balance) Allowance for loan losses (In thousands) Commercial and industrial $ 1,676 $ 58 $ 938,014 $ 11,677 $ 939,690 $ 11,735 Commercial real estate 8,687 362 2,431,533 46,458 2,440,220 46,820 Construction and land 109 — 164,881 4,949 164,990 4,949 Residential 10,165 89 2,672,368 9,684 2,682,533 9,773 Home equity 1,815 20 98,143 815 99,958 835 Consumer 125 125 177,512 505 177,637 630 Total $ 22,577 $ 654 $ 6,482,451 $ 74,088 $ 6,505,028 $ 74,742 |
Derivatives and Hedging Activ31
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | 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 March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 Asset derivatives Liability derivatives Asset derivatives Liability derivatives Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) Balance sheet location Fair value (1) (In thousands) Derivatives designated as hedging instruments: Interest rate products Other assets $ 1,286 Other liabilities $ — Other assets $ 555 Other $ (80 ) Derivatives not designated as hedging instruments: Interest rate products Other assets 22,810 Other liabilities (23,097 ) Other assets 18,575 Other (18,953 ) Foreign exchange contracts Other assets 1 Other (1 ) Other assets 2 Other (2 ) Risk participation agreements Other assets — Other liabilities (142 ) Other assets 1 Other liabilities (108 ) Total $ 24,097 $ (23,240 ) $ 19,133 $ (19,143 ) _____________________ (1) For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 5: Fair Value Measurements.” |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | The following table presents the effect of the Company’s derivative financial instruments on accumulated other comprehensive income for the three months ended March 31, 2018 and 2017 : Derivatives in cash flow hedging relationships Amount of gain or (loss) recognized in OCI on derivatives (1) Location of (gain) or loss reclassified from accumulated OCI into income Amount of (gain) or loss reclassified from accumulated OCI into income Three months ended March 31, Three months ended March 31, 2018 2017 2018 2017 (In thousands) (In thousands) Interest rate products $ 836 $ 67 Interest expense $ (21 ) $ 303 Total $ 836 $ 67 $ (21 ) $ 303 ____________________ (1) There was an additional $(4) thousand loss related to the ineffective portion for the three months ended as of March 31, 2017 . The guidance in ASU 2017-12 requires that amounts in accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. Transition guidance for this ASU further states that upon adoption, previously recorded cumulative ineffectiveness for cash flow hedges existing at the adoption date be eliminated by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the initial application date. There was a $5 thousand reclassification related to the adoption of ASU 2017-12 effective January 1, 2018. |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations for the three months ended March 31, 2018 and 2017 : Location of (gain) or Amount of (gain) or loss recognized in income on cash flow hedging relationships Three months ended March 31, 2018 2017 (In thousands) Total amounts of (income) and expense line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded Interest expense $ (21 ) n/a The effects of cash flow hedging: (Gain) or loss on cash flow hedging relationships in Subtopic 815-20 Interest contracts - amount of (gain) or loss reclassified from accumulated other comprehensive income into income Interest expense $ (21 ) n/a |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the effect of the Bank’s derivative financial instruments not designated as hedging instruments in the consolidated statement of operations for the three months ended March 31, 2018 and 2017 . Amount of gain or (loss), net, recognized in income on derivatives Derivatives not designated as hedging instruments Location of gain or (loss) recognized in income on derivatives Three months ended March 31, 2018 2017 (In thousands) Interest rate products Other income/ (expense) $ 92 $ (322 ) Risk participation agreements Other income/ (expense) 166 — Total $ 258 $ (322 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company: Three months ended March 31, 2018 2017 (In thousands) Income from continuing operations: Income before income taxes $ 28,064 $ 21,549 Income tax expense 6,026 6,553 Net income from continuing operations $ 22,038 $ 14,996 Effective tax rate, continuing operations 21.5 % 30.4 % Income from discontinued operations: Income before income taxes $ 2,388 $ 2,788 Income tax expense 690 1,156 Net income from discontinued operations $ 1,698 $ 1,632 Effective tax rate, discontinued operations 28.9 % 41.5 % Less: Income attributable to noncontrolling interests: Income before income taxes $ 1,050 $ 966 Income tax expense — — Net income attributable to noncontrolling interests $ 1,050 $ 966 Effective tax rate, noncontrolling interests — % — % Income attributable to the Company Income before income taxes $ 29,402 $ 23,371 Income tax expense 6,716 7,709 Net income attributable to the Company $ 22,686 $ 15,662 Effective tax rate attributable to the Company 22.8 % 33.0 % |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following table presents, by affiliate, the noncontrolling interests included as redeemable noncontrolling interests and noncontrolling interests in mezzanine and permanent equity, respectively, at the periods indicated: March 31, 2018 December 31, 2017 (In thousands) Anchor (1) $ 9,574 $ 9,761 BOS 7,590 8,057 DGHM (2) 3,983 4,829 Total $ 21,147 $ 22,647 Redeemable noncontrolling interests $ 16,322 $ 17,461 Noncontrolling interests $ 4,825 $ 5,186 _____________________ (1) Assets and liabilities at Anchor were classified as held for sale on the Company’s consolidated balance sheets at March 31, 2018 and December 31, 2017. The Company completed the sale of Anchor in April 2018. (2) Only includes redeemable noncontrolling interests. |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | The following tables present a rollforward of the Company’s redeemable noncontrolling interests and noncontrolling interests for the periods indicated: Three months ended March 31, 2018 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 17,461 $ 5,186 Net income attributable to noncontrolling interests 758 291 Distributions (736 ) (282 ) Purchases/ (sales) of ownership interests 167 — Amortization of equity compensation 122 161 Adjustments to fair value (1,450 ) (531 ) Noncontrolling interests at end of period $ 16,322 $ 4,825 Three months ended March 31, 2017 Redeemable noncontrolling interests Noncontrolling interests (In thousands) Noncontrolling interests at beginning of period $ 16,972 $ 4,161 Net income attributable to noncontrolling interests 724 242 Distributions (703 ) (235 ) Purchases/ (sales) of ownership interests 66 — Amortization of equity compensation 102 256 Adjustments to fair value 71 (431 ) Noncontrolling interests at end of period $ 17,232 $ 3,993 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accumulated Other Comprehensive Income [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents a summary of the amounts reclassified from accumulated other comprehensive income/ (loss) for the three months ended March 31, 2018 and 2017 : Description of component of accumulated other comprehensive income/ (loss) Three months ended March 31, Affected line item in Statement of Operations 2018 2017 (In thousands) Adjustment for realized gains/ (losses) on available-for-sale securities, net: Pre-tax $ — $ 19 Gain on sale of investments, net Tax expense/ (benefit) — 8 Income tax expense Net $ — $ 11 Net income attributable to the Company Net realized gain/ (loss) on cash flow hedges: Hedges related to deposits: Pre-tax $ 21 $ (303 ) Interest expense on deposits Pre-tax — (3 ) Other income Tax expense/ (benefit) 7 (126 ) Income tax expense Net $ 14 $ (180 ) Net income attributable to the Company Total reclassifications for the period, net of tax $ 14 $ (169 ) |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | On January 1, 2018, the Company elected to early adopt ASU No. 2017-12. As a result, the Company reclassified unrealized losses on cash flow hedges of $5 thousand from accumulated other comprehensive income/ (loss) to beginning retained earnings. On January 1, 2018, the Company adopted ASU No. 2016-01. As a result, the Company reclassified unrealized gains on equity securities available-for-sale, net of tax, of $339 thousand from accumulated other comprehensive income/ (loss) to beginning retained earnings. Components of accumulated other comprehensive income/ (loss) Unrealized gain/ (loss) on securities available-for-sale Unrealized gain/ (loss) on cash flow hedges Unrealized gain/ (loss) on other Accumulated other comprehensive income/ (loss) (In thousands) Balance at December 31, 2016 $ (11,194 ) $ (605 ) $ (749 ) $ (12,548 ) Other comprehensive income/ (loss) before reclassifications 2,094 36 12 2,142 Amounts reclassified from other comprehensive income/ (loss) (11 ) 180 — 169 Other comprehensive income/ (loss), net 2,083 216 12 2,311 Balance at March 31, 2017 $ (9,111 ) $ (389 ) $ (737 ) $ (10,237 ) Balance at December 31, 2017 $ (8,140 ) $ 332 $ (850 ) $ (8,658 ) Other comprehensive income/ (loss) before reclassifications (12,895 ) 588 — (12,307 ) Amounts reclassified from other comprehensive income/ (loss) — (14 ) — (14 ) Other comprehensive income/ (loss), net (12,895 ) 574 — (12,321 ) Reclassification due to the adoption of ASUs 2017-12 and 2016-01 (339 ) 5 — (334 ) Balance at March 31, 2018 $ (21,374 ) $ 911 $ (850 ) $ (21,313 ) |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents a summary of the restructuring activity for the three months ended March 31, 2018 and 2017 : Severance Charges Total (In thousands) Accrued charges at December 31, 2017 $ 337 $ 337 Costs paid (254 ) (254 ) Accrued charges at March 31, 2018 $ 83 $ 83 Accrued charges at December 31, 2016 $ 1,977 $ 1,977 Costs paid (618 ) (618 ) Accrued charges at March 31, 2017 $ 1,359 $ 1,359 |
Basis of Presentation and Sum36
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Disposal Group, Including Discontinued Operation, Assets, Current | $ 60,200 | $ 58,800 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 4,700 | $ 3,200 | |
Reclassification due to change in accounting principles | 0 | ||
Accounting Standards Update 2017-07 [Member] | |||
Prior Period Reclassification Adjustment | $ 160 | ||
Reclassification due to change in accounting principles | 135 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Accounting Standards Update 2017-12 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (5) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 339 |
Earnings Per Share Basic Earnin
Earnings Per Share Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income from continuing operations | $ 22,038 | $ 14,996 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 1,050 | 966 | |
Income (Loss) from Continuing Operations Attributable to Parent | 20,988 | 14,030 | |
Noncontrolling Interest, Change in Redemption Value | [1] | (846) | 297 |
Preferred Stock Dividends, Income Statement Impact | 869 | 869 | |
Other Preferred Stock Dividends and Adjustments | (23) | (1,166) | |
Net Income (Loss) from Continuing Ops Available to Common Stockholders, Basic | 20,965 | 12,864 | |
Net income from discontinued operations | 1,698 | 1,632 | |
Net income attributable to common shareholders for earnings per share calculation | $ 22,663 | $ 14,496 | |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.25 | $ 0.16 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0.02 | 0.02 | |
Earnings Per Share, Basic | $ 0.27 | $ 0.18 | |
Common Stock [Member] | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Basic Common Shares Outstanding | 83,097,758 | 81,951,179 | |
[1] | See Part II. Item 8. “Financial Statements and Supplementary Data - Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the FASB Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. |
Earnings Per Share Diluted Earn
Earnings Per Share Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net Income (Loss) from Continuing Operations Available to Common Stockholders, Diluted | $ 20,965 | $ 12,864 | |
Net income from discontinued operations | 1,698 | 1,632 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 22,663 | $ 14,496 | |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.25 | $ 0.15 | |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0.02 | 0.02 | |
Earnings Per Share, Diluted | 0.27 | 0.17 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.12 | $ 0.11 | |
Common Stock [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Weighted Average Basic Common Shares Outstanding | 83,097,758 | 81,951,179 | |
Incremental Common Shares Attributable to Share-based Payment Arrangements | [1] | 1,136,145 | 1,455,333 |
Incremental Common Shares Attributable to Call Options and Warrants | [1] | 1,037,747 | 1,154,406 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 2,173,892 | 2,609,739 | |
Weighted Average Number of Shares Outstanding, Diluted | [1] | 85,271,650 | 84,560,918 |
[1] | The diluted EPS computations for the three months ended March 31, 2018 and 2017 do not assume the conversion, exercise, or contingent issuance of the following shares for the following periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: Three months ended March 31, 2018 2017Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding):(In thousands)Potential common shares from: Stock options39 121Total shares excluded due to exercise price exceeding the average market price of common shares during the period39 121 |
Earnings Per Share Securities E
Earnings Per Share Securities Excluded Due to Exercise Price Exceeding Average Price During Period (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Shares Excluded Due to Exercise Price Exceeding Average Price During Period [Line Items] | ||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period | 39 | 121 |
Outstanding Stock Awards [Member] | ||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period [Line Items] | ||
Shares Excluded Due to Exercise Price Exceeding Average Price During Period | 39 | 121 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | $ 57,383 | $ 53,642 | ||
Noninterest Income | 39,743 | 36,506 | ||
Revenues | 97,126 | 90,148 | ||
Provision/ (credit) for loan losses | (1,795) | (181) | ||
Noninterest Expense | 70,857 | 68,780 | ||
Income before income taxes | 28,064 | 21,549 | ||
Income tax expense | 6,026 | 6,553 | ||
Net income from continuing operations | 22,038 | 14,996 | ||
Net income attributable to noncontrolling interests | 1,050 | 966 | ||
Net income from discontinued operations | 1,698 | 1,632 | ||
Net income attributable to the Company | 22,686 | 15,662 | ||
Total assets | 8,318,359 | 8,215,120 | $ 8,311,744 | |
Amortization of intangibles | 750 | 1,426 | ||
Depreciation | 2,102 | 2,000 | ||
Private Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | 58,131 | 54,256 | ||
Noninterest Income | 2,475 | 1,828 | ||
Revenues | 60,606 | 56,084 | ||
Provision/ (credit) for loan losses | (1,795) | (181) | ||
Noninterest Expense | 39,627 | 35,058 | ||
Income before income taxes | 22,774 | 21,207 | ||
Income tax expense | 4,613 | 6,269 | ||
Net income from continuing operations | 18,161 | 14,938 | ||
Net income attributable to the Company | 18,161 | 14,938 | ||
Total assets | 8,185,803 | 8,058,121 | ||
Depreciation | 1,584 | 1,371 | ||
Wealth Management and Trust Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest Income | 12,274 | 10,921 | ||
Noninterest Expense | 10,694 | 13,873 | ||
Income before income taxes | 1,580 | (2,952) | ||
Income tax expense | 475 | (1,166) | ||
Net income from continuing operations | 1,105 | (1,786) | ||
Net income attributable to the Company | 1,105 | (1,786) | ||
Total assets | 71,560 | 74,408 | ||
Amortization of intangibles | 701 | 727 | ||
Depreciation | 321 | 337 | ||
Investment Managers Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | [1] | 4 | 4 | |
Noninterest Income | [1] | 11,408 | 10,859 | |
Revenues | [1] | 11,412 | 10,863 | |
Noninterest Expense | [1] | 8,525 | 8,354 | |
Income before income taxes | [1] | 2,887 | 2,509 | |
Income tax expense | [1] | 671 | 844 | |
Net income from continuing operations | [1] | 2,216 | 1,665 | |
Net income attributable to noncontrolling interests | [1] | 488 | 462 | |
Net income attributable to the Company | [1] | 1,728 | 1,203 | |
Total assets | [1] | 66,996 | 92,255 | |
Amortization of intangibles | [1] | 0 | 650 | |
Depreciation | [1] | 34 | 66 | |
Wealth Advisors Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | 48 | 17 | ||
Noninterest Income | 13,539 | 12,843 | ||
Revenues | 13,587 | 12,860 | ||
Noninterest Expense | 10,536 | 9,443 | ||
Income before income taxes | 3,051 | 3,417 | ||
Income tax expense | 786 | 1,287 | ||
Net income from continuing operations | 2,265 | 2,130 | ||
Net income attributable to noncontrolling interests | 562 | 504 | ||
Net income attributable to the Company | 1,703 | 1,626 | ||
Total assets | 73,054 | 73,182 | ||
Amortization of intangibles | 49 | 49 | ||
Depreciation | 163 | 226 | ||
Holding Company and Eliminations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income (Expense), Net | (800) | (635) | ||
Noninterest Income | 47 | 55 | ||
Revenues | (753) | (580) | ||
Noninterest Expense | 1,475 | 2,052 | ||
Income before income taxes | (2,228) | (2,632) | ||
Income tax expense | (519) | (681) | ||
Net income from continuing operations | (1,709) | (1,951) | ||
Net income from discontinued operations | 1,698 | 1,632 | ||
Net income attributable to the Company | (11) | (319) | ||
Total assets | $ (79,054) | $ (82,846) | ||
[1] | Results for the Investment Management Segment for the three months ended March 31, 2018 and 2017 include results for DGHM and Anchor. Assets for the Investment Management Segment at March 31, 2018 and 2017 include assets of DGHM and Anchor; however, Anchor’s assets and liabilities are classified as held for sale at March 31, 2018. |
Reportable Segments Segments Te
Reportable Segments Segments Text Disclosure (Details) | 3 Months Ended |
Mar. 31, 2018segments | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 4 |
Investments Schedule of Availab
Investments Schedule of Available-for-sale and Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | $ 1,148,526 | $ 1,182,427 | |
Available-for-sale Securities, Gross Unrealized Gains | 2,141 | 5,072 | |
Available-for-sale Securities, Gross Unrealized Losses | (32,170) | (17,171) | |
Available-for-sale securities at fair value | 1,118,497 | 1,170,328 | |
Held-to-maturity Securities | 70,809 | 74,576 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,922) | (795) | |
Held-to-maturity Securities, Fair Value | 68,887 | 73,781 | |
US Government and Government Agencies and Authorities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 35,060 | 35,132 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | (1,253) | (833) | |
Available-for-sale securities at fair value | 33,807 | 34,299 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 285,992 | 305,101 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 22 | |
Available-for-sale Securities, Gross Unrealized Losses | (5,429) | (2,622) | |
Available-for-sale securities at fair value | 280,563 | 302,501 | |
Municipal Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 302,556 | 299,647 | |
Available-for-sale Securities, Gross Unrealized Gains | 1,800 | 4,559 | |
Available-for-sale Securities, Gross Unrealized Losses | (4,073) | (1,148) | |
Available-for-sale securities at fair value | 300,283 | 303,058 | |
Mortgage Backed Securities, Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | [1] | 508,009 | 521,753 |
Available-for-sale Securities, Gross Unrealized Gains | [1] | 341 | 491 |
Available-for-sale Securities, Gross Unrealized Losses | [1] | (21,415) | (12,568) |
Available-for-sale securities at fair value | [1] | 486,935 | 509,676 |
Held-to-maturity Securities | [1] | 70,809 | 74,576 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | [1] | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | [1] | (1,922) | (795) |
Held-to-maturity Securities, Fair Value | [1] | 68,887 | 73,781 |
Other Aggregated Investments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis | 16,909 | 20,794 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 | |
Available-for-sale securities at fair value | $ 16,909 | $ 20,794 | |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. |
Investments Maturities of AFS S
Investments Maturities of AFS Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 73,320 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 334,864 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 304,561 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 435,781 | |
Investment securities available for sale at amortized cost | 1,148,526 | $ 1,182,427 |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 73,128 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 329,235 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 291,757 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 424,377 | |
Available-for-sale Securities | $ 1,118,497 | $ 1,170,328 |
Investments Maturities of HTM S
Investments Maturities of HTM Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity Securities, Debt Maturities, after Five Through Ten Years, Net Carrying Amount | $ 20,817 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | 49,992 | |
Held-to-maturity Securities | 70,809 | $ 74,576 |
Held-to-maturity Securities, Debt Maturities, Year Six Through Ten, Fair Value | 20,198 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 48,689 | |
Held-to-maturity Securities, Fair Value | $ 68,887 | $ 73,781 |
Investments Realized gains and
Investments Realized gains and losses from sales of AFS Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | ||
Proceeds from Sale of Available-for-sale Securities | $ 15,877 | $ 32,717 |
Available-for-sale Securities, Gross Realized Gains | 7 | 19 |
Available-for-sale Securities, Gross Realized Losses | (1) | $ 0 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (30) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 339 |
Investments Investment Securiti
Investments Investment Securities in Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2018USD ($)securities | Dec. 31, 2017USD ($)securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 480,364 | $ 378,406 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (8,248) | (2,463) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 495,916 | 495,297 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (23,922) | (14,708) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 976,280 | 873,703 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 32,170 | $ 17,171 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 258 | 208 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 55,189 | $ 59,218 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,505) | (534) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,698 | 14,563 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (417) | (261) | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 68,887 | 73,781 | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,922) | $ (795) | ||
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 16 | 16 | ||
US Government and Government Agencies and Authorities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 14,844 | $ 14,902 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (138) | (79) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 18,963 | 19,397 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,115) | (754) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 33,807 | 34,299 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 1,253 | $ 833 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 6 | 6 | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 223,047 | $ 220,275 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (3,391) | (1,350) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 57,516 | 38,273 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2,038) | (1,272) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 280,563 | 258,548 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 5,429 | $ 2,622 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 41 | 36 | ||
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 141,784 | $ 46,112 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (1,811) | (131) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49,429 | 50,842 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (2,262) | (1,017) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 191,213 | 96,954 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 4,073 | $ 1,148 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 102 | 63 | ||
Mortgage Backed Securities, Other [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 100,689 | [1] | $ 97,117 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | (2,908) | [1] | (903) | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 370,008 | [1] | 386,785 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (18,507) | [1] | (11,665) | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 470,697 | [1] | 483,902 | [2] |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | $ 21,415 | [1] | $ 12,568 | [2] |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 109 | [1] | 103 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 55,189 | [1] | $ 59,218 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,505) | [1] | (534) | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,698 | [1] | 14,563 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (417) | [1] | (261) | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 68,887 | [1] | 73,781 | [2] |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,922) | [1] | $ (795) | [2] |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | securities | 16 | [1] | 16 | [2] |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. | |||
[2] | All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. |
Investments Other Investment Di
Investments Other Investment Disclosures (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Investments, Other Disclosures [Abstract] | ||
Cost Method Investments, Additional Information | 0 | 0 |
Amortization Method Qualified Affordable Housing Project Investments | $ 41.8 | $ 39.4 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 1,118,497 | $ 1,170,328 | |
US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 33,807 | 34,299 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 280,563 | 302,501 | |
Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 300,283 | 303,058 | |
Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | [1] | 486,935 | 509,676 |
Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 16,909 | 20,794 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 1,118,497 | 1,170,328 | |
Alternative Investment, Fair Value Disclosure | 7,187 | 7,062 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 7,187 | 7,062 | |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 1,286 | 555 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 80 | ||
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 22,810 | 18,575 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 23,097 | 18,953 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 1 | 2 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 1 | 2 | |
Fair Value, Measurements, Recurring [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 1 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 142 | 108 | |
Fair Value, Measurements, Recurring [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 33,807 | 34,299 | |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 280,563 | 302,501 | |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 300,283 | 303,058 | |
Fair Value, Measurements, Recurring [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 486,935 | 509,676 | |
Fair Value, Measurements, Recurring [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 16,909 | 20,794 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 50,585 | 54,890 | |
Alternative Investment, Fair Value Disclosure | 7,187 | 7,062 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 7,187 | 7,062 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 33,676 | 34,096 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 16,909 | 20,794 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 1,067,912 | 1,115,438 | |
Alternative Investment, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 1,286 | 555 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 80 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 22,810 | 18,575 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 23,097 | 18,953 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 1 | 2 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 1 | 2 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 1 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 142 | 108 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 131 | 203 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 280,563 | 302,501 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 300,283 | 303,058 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 486,935 | 509,676 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Alternative Investment, Fair Value Disclosure | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | 0 | |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Assets | 0 | ||
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government and Government Agencies and Authorities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Backed Securities, Other [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Aggregated Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 0 | $ 0 | |
[1] | All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. |
Fair Value Measurements Fair 49
Fair Value Measurements Fair Value Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | [1] | $ 1,835 | $ 0 |
Loans Receivable, Fair Value Adjustment | [1] | (216) | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | [1] | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | [1] | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | [1] | $ 1,835 | |
[1] | Collateral-dependent impaired loans held at March 31, 2018 that had write-downs in fair value or whose specific reserve changed during the first three months of 2018. |
Fair Value Measurements Quantit
Fair Value Measurements Quantitiative Information about Level 3 Non-Recurring Assets (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Loans Receivable, Fair Value Disclosure | [1] | $ 1,835 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Loans Receivable, Fair Value Disclosure | [1] | $ 1,835 | |
Loans Receivable [Member] | Weighted Average [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 14.00% | ||
Fair Value Inputs, Comparability Adjustments | 16.00% | ||
Loans Receivable [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 0.00% | ||
Fair Value Inputs, Comparability Adjustments | 0.00% | ||
Loans Receivable [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Fair Value Inputs, Discount Rate | 24.00% | ||
Fair Value Inputs, Comparability Adjustments | 26.00% | ||
[1] | Collateral-dependent impaired loans held at March 31, 2018 that had write-downs in fair value or whose specific reserve changed during the first three months of 2018. |
Fair Value Measurements Not Mea
Fair Value Measurements Not Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Held-to-maturity Securities, Fair Value | $ 68,887 | $ 73,781 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | [1] | 1,835 | $ 0 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | [1] | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | [1] | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | [1] | 1,835 | ||
Portion at Fair Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 77,085 | 120,541 | ||
Held-to-maturity Securities, Fair Value | 68,887 | 73,781 | ||
Loans Held-for-sale, Fair Value Disclosure | 3,967 | 4,737 | ||
Loans Receivable, Fair Value Disclosure | 6,474,781 | 6,388,297 | ||
Other Assets, Fair Value Disclosure | 87,709 | 93,449 | ||
Deposits, Fair Value Disclosure | 6,582,187 | 6,509,197 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 85,257 | 32,169 | ||
Federal Funds Purchased, Fair Value Disclosure | 30,000 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 607,606 | 692,402 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 96,363 | 96,363 | ||
Other Liabilities, Fair Value Disclosure | 1,993 | 2,224 | ||
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 77,085 | 120,541 | ||
Held-to-maturity Securities, Fair Value | 0 | 0 | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | ||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | ||
Federal Funds Purchased, Fair Value Disclosure | 0 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Held-to-maturity Securities, Fair Value | 68,887 | 73,781 | ||
Loans Held-for-sale, Fair Value Disclosure | 3,967 | 4,737 | ||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||
Other Assets, Fair Value Disclosure | 87,709 | 93,449 | ||
Deposits, Fair Value Disclosure | 6,582,187 | 6,509,197 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 85,257 | 32,169 | ||
Federal Funds Purchased, Fair Value Disclosure | 30,000 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 607,606 | 692,402 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 1,993 | 2,224 | ||
Portion at Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 | ||
Held-to-maturity Securities, Fair Value | 0 | 0 | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | ||
Loans Receivable, Fair Value Disclosure | 6,474,781 | 6,388,297 | ||
Other Assets, Fair Value Disclosure | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | 0 | ||
Federal Funds Purchased, Fair Value Disclosure | 0 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 96,363 | 96,363 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Reported Value Measurement [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 77,085 | 120,541 | ||
Held-to-maturity Securities, Fair Value | 70,809 | 74,576 | ||
Loans Held-for-sale, Fair Value Disclosure | 3,918 | 4,697 | ||
Loans Receivable, Fair Value Disclosure | 6,529,429 | 6,430,286 | ||
Other Assets, Fair Value Disclosure | 87,709 | 93,449 | ||
Deposits, Fair Value Disclosure | 6,584,322 | 6,510,246 | ||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 85,257 | 32,169 | ||
Federal Funds Purchased, Fair Value Disclosure | 30,000 | |||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 611,588 | 693,681 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 106,363 | 106,363 | ||
Other Liabilities, Fair Value Disclosure | $ 1,993 | $ 2,224 | ||
[1] | Collateral-dependent impaired loans held at March 31, 2018 that had write-downs in fair value or whose specific reserve changed during the first three months of 2018. |
Loan Portfolio and Credit Qua52
Loan Portfolio and Credit Quality Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 6,602,327 | $ 6,505,028 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 531,093 | 520,992 |
Commercial Tax Exempt [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 420,757 | 418,698 |
Commercial and Industrial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 951,850 | 939,690 |
Commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,465,003 | 2,440,220 |
Construction and land [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 165,240 | 164,990 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,737,369 | 2,682,533 |
Home equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 94,331 | 99,958 |
Consumer and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 188,534 | $ 177,637 |
Loan Portfolio and Credit Qua53
Loan Portfolio and Credit Quality Nonaccrual Loans by Class of Financing Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 16,380 | $ 14,295 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,669 | 748 |
Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial and Industrial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,669 | 748 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,839 | 1,985 |
Construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 109 | 110 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,932 | 8,470 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,816 | 2,840 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 15 | $ 142 |
Loan Portfolio and Credit Qua54
Loan Portfolio and Credit Quality Loans by Past Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 20,376 | $ 25,048 |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 16,380 | 14,295 |
Financing Receivable, Recorded Investment, Current | 6,565,571 | 6,465,685 |
Total loans | 6,602,327 | 6,505,028 |
Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,562 | 1,340 |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,372 | 3,368 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 19,337 | 22,564 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 1,039 | 2,484 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,446 | 9,587 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 4,594 | 11,752 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,669 | 748 |
Financing Receivable, Recorded Investment, Current | 524,830 | 508,492 |
Total loans | 531,093 | 520,992 |
Commercial and industrial [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 311 | 355 |
Commercial and industrial [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 100 | 0 |
Commercial and industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 3,894 | 10,903 |
Commercial and industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 700 | 849 |
Commercial and industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,258 | 393 |
Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Financing Receivable, Recorded Investment, Current | 420,757 | 418,698 |
Total loans | 420,757 | 418,698 |
Commercial Tax Exempt [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial Tax Exempt [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial Tax Exempt [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial Tax Exempt [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial Tax Exempt [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,507 | 4,043 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,839 | 1,985 |
Financing Receivable, Recorded Investment, Current | 2,460,657 | 2,434,192 |
Total loans | 2,465,003 | 2,440,220 |
Commercial real estate [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1 | 163 |
Commercial real estate [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 151 | 0 |
Commercial real estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 2,507 | 4,043 |
Commercial real estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Commercial real estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,687 | 1,822 |
Construction and land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 64 | 0 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 109 | 110 |
Financing Receivable, Recorded Investment, Current | 165,067 | 164,880 |
Total loans | 165,240 | 164,990 |
Construction and land [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Construction and land [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Construction and land [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 64 | 0 |
Construction and land [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Construction and land [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 109 | 110 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12,489 | 8,874 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,932 | 8,470 |
Financing Receivable, Recorded Investment, Current | 2,714,948 | 2,665,189 |
Total loans | 2,737,369 | 2,682,533 |
Residential [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,183 | 805 |
Residential [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,115 | 3,172 |
Residential [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 12,489 | 7,239 |
Residential [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 1,635 |
Residential [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,634 | 4,493 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 664 | 355 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,816 | 2,840 |
Financing Receivable, Recorded Investment, Current | 90,851 | 96,763 |
Total loans | 94,331 | 99,958 |
Home equity [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 67 | 0 |
Home equity [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 71 |
Home equity [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 325 | 355 |
Home equity [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 339 | 0 |
Home equity [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,749 | 2,769 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 58 | 24 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 15 | 142 |
Financing Receivable, Recorded Investment, Current | 188,461 | 177,471 |
Total loans | 188,534 | 177,637 |
Consumer and other [Member] | Financing Receivables, 1 to 29 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 17 |
Consumer and other [Member] | Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6 | 125 |
Consumer and other [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 58 | 24 |
Consumer and other [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Consumer and other [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 9 | $ 0 |
Loan Portfolio and Credit Qua55
Loan Portfolio and Credit Quality Loans by Grade or Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 6,602,327 | $ 6,505,028 |
Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 6,477,686 | 6,350,207 |
Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 63,088 | 87,174 |
Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 45,173 | 53,352 |
Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 16,380 | 14,295 |
Commercial and industrial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 531,093 | 520,992 |
Commercial and industrial [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 512,546 | 496,395 |
Commercial and industrial [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 11,452 | 12,898 |
Commercial and industrial [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 5,426 | 10,951 |
Commercial and industrial [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,669 | 748 |
Commercial Tax Exempt [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 420,757 | 418,698 |
Commercial Tax Exempt [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 420,757 | 413,139 |
Commercial Tax Exempt [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 5,559 |
Commercial Tax Exempt [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Tax Exempt [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,465,003 | 2,440,220 |
Commercial real estate [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,380,144 | 2,346,833 |
Commercial real estate [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 51,636 | 56,947 |
Commercial real estate [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 31,384 | 34,455 |
Commercial real estate [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,839 | 1,985 |
Construction and land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 165,240 | 164,990 |
Construction and land [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 158,108 | 146,514 |
Construction and land [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 11,770 |
Construction and land [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 7,023 | 6,596 |
Construction and land [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 109 | 110 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,737,369 | 2,682,533 |
Residential [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,726,100 | 2,672,714 |
Residential [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Residential [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 1,337 | 1,349 |
Residential [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 9,932 | 8,470 |
Home equity [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 94,331 | 99,958 |
Home equity [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 91,515 | 97,118 |
Home equity [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Home equity [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 2,816 | 2,840 |
Consumer and other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 188,534 | 177,637 |
Consumer and other [Member] | Pass [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 188,516 | 177,494 |
Consumer and other [Member] | Special Mention [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Consumer and other [Member] | Substandard [Member] | Performing Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | 3 | 1 |
Consumer and other [Member] | Substandard [Member] | Nonperforming Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans | $ 15 | $ 142 |
Loan Portfolio and Credit Qua56
Loan Portfolio and Credit Quality Impaired Loans With and Without Related Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | ||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | $ 17,632 | $ 19,302 | $ 14,491 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 6,382 | 10,009 | 8,086 |
Impaired Financing Receivable, Recorded Investment | [1] | 24,014 | 29,311 | 22,577 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 20,784 | 25,421 | 17,288 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 6,811 | 10,438 | 8,640 | |
Impaired Financing Receivable, Unpaid Principal Balance | 27,595 | 35,859 | 25,928 | |
Impaired Financing Receivable, Related Allowance | 344 | 1,013 | 654 | |
Impaired Financing Receivable, Related Allowance | 344 | 1,013 | 654 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 15,279 | 17,882 | 15,311 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,583 | 11,027 | 9,651 | |
Impaired Financing Receivable, Average Recorded Investment | 22,862 | 28,909 | 24,962 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 143 | 360 | 2,036 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 167 | 114 | 416 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 310 | 474 | 2,452 | |
Commercial and industrial [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 2,100 | 1,670 | 1,434 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 242 |
Impaired Financing Receivable, Recorded Investment | [1] | 2,100 | 1,670 | 1,676 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,129 | 2,045 | 2,238 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 242 | |
Impaired Financing Receivable, Unpaid Principal Balance | 3,129 | 2,045 | 2,480 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 58 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 58 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,689 | 1,731 | 1,594 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 181 | 0 | 156 | |
Impaired Financing Receivable, Average Recorded Investment | 1,870 | 1,731 | 1,750 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 7 | 13 | 50 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 2 | 0 | 4 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 9 | 13 | 54 | |
Commercial Tax Exempt [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 4,337 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | [1] | 0 | 4,337 | 0 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 4,337 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 4,337 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 3,253 | 1,001 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 0 | 3,253 | 1,001 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 80 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | 80 | |
Commercial real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 2,947 | 3,747 | 1,832 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 5,525 | 7,041 | 6,855 |
Impaired Financing Receivable, Recorded Investment | [1] | 8,472 | 10,788 | 8,687 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,710 | 8,787 | 3,453 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,954 | 7,470 | 7,284 | |
Impaired Financing Receivable, Unpaid Principal Balance | 10,664 | 16,257 | 10,737 | |
Impaired Financing Receivable, Related Allowance | 241 | 475 | 362 | |
Impaired Financing Receivable, Related Allowance | 241 | 475 | 362 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,103 | 4,269 | 3,098 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 6,510 | 7,073 | 6,980 | |
Impaired Financing Receivable, Average Recorded Investment | 8,613 | 11,342 | 10,078 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 25 | 246 | 1,546 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 156 | 75 | 322 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 181 | 321 | 1,868 | |
Construction and land [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 109 | 147 | 109 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 |
Impaired Financing Receivable, Recorded Investment | [1] | 109 | 147 | 109 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 109 | 479 | 109 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, Unpaid Principal Balance | 109 | 479 | 109 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 109 | 164 | 172 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, Average Recorded Investment | 109 | 164 | 172 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Residential [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 10,717 | 9,401 | 9,337 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 821 | 2,931 | 828 |
Impaired Financing Receivable, Recorded Investment | [1] | 11,538 | 12,332 | 10,165 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 11,077 | 9,773 | 9,709 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 821 | 2,931 | 828 | |
Impaired Financing Receivable, Unpaid Principal Balance | 11,898 | 12,704 | 10,537 | |
Impaired Financing Receivable, Related Allowance | 83 | 517 | 89 | |
Impaired Financing Receivable, Related Allowance | 83 | 517 | 89 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 9,608 | 8,465 | 9,033 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 825 | 3,917 | 2,469 | |
Impaired Financing Receivable, Average Recorded Investment | 10,433 | 12,382 | 11,502 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 101 | 101 | 360 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 6 | 39 | 89 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 107 | 140 | 449 | |
Home equity [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 1,759 | 0 | 1,779 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 36 | 37 | 36 |
Impaired Financing Receivable, Recorded Investment | [1] | 1,795 | 37 | 1,815 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,759 | 0 | 1,779 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 36 | 37 | 36 | |
Impaired Financing Receivable, Unpaid Principal Balance | 1,795 | 37 | 1,815 | |
Impaired Financing Receivable, Related Allowance | 20 | 21 | 20 | |
Impaired Financing Receivable, Related Allowance | 20 | 21 | 20 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,770 | 0 | 413 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 36 | 37 | 36 | |
Impaired Financing Receivable, Average Recorded Investment | 1,806 | 37 | 449 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 10 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 1 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | 10 | 0 | 1 | |
Consumer and other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [1] | 0 | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | 125 |
Impaired Financing Receivable, Recorded Investment | [1] | 0 | 0 | 125 |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 250 | |
Impaired Financing Receivable, Unpaid Principal Balance | 0 | 0 | 250 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 125 | |
Impaired Financing Receivable, Related Allowance | 0 | 0 | 125 | |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 31 | 0 | 10 | |
Impaired Financing Receivable, Average Recorded Investment | 31 | 0 | 10 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 0 | 0 | 0 | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Cash Basis Method | 3 | 0 | 0 | |
Impaired Financing Receivable, Interest Income, Cash Basis Method | $ 3 | $ 0 | $ 0 | |
[1] | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
Loan Portfolio and Credit Qua57
Loan Portfolio and Credit Quality Loan footnote text disclosures (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018USD ($)Loans | Mar. 31, 2017Loans | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Modifications, Recorded Investment | 13,200 | 13,600 | |
Loans and Leases Receivable, Deferred Income | 7,500 | 6,900 | |
Accruing Troubled Debt Restructured Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $ 10,900 | $ 11,100 | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | Loans | 0 | 0 |
Loan Portfolio and Credit Qua58
Loan Portfolio and Credit Quality Loan Participation Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Loan Participation Amounts by Loan Type [Line Items] | ||
Loan Participation Serviced for Others Amount | $ 106,025 | $ 115,912 |
Loan Serviced for Others Amount | 41,207 | 41,440 |
Commercial and industrial [Member] | ||
Loan Participation Amounts by Loan Type [Line Items] | ||
Loan Participation Serviced for Others Amount | 8,397 | 8,484 |
Commercial Tax Exempt [Member] | ||
Loan Participation Amounts by Loan Type [Line Items] | ||
Loan Participation Serviced for Others Amount | 19,582 | 19,805 |
Commercial real estate [Member] | ||
Loan Participation Amounts by Loan Type [Line Items] | ||
Loan Participation Serviced for Others Amount | 43,965 | 49,783 |
Construction and land [Member] | ||
Loan Participation Amounts by Loan Type [Line Items] | ||
Loan Participation Serviced for Others Amount | 34,081 | 37,840 |
Residential [Member] | ||
Loan Participation Amounts by Loan Type [Line Items] | ||
Loan Serviced for Others Amount | $ 41,207 | $ 41,440 |
Allowance for Loan Losses Allow
Allowance for Loan Losses Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | $ 74,742 | $ 78,077 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (389) | (58) |
Financing Receivable, Allowance for Credit Losses, Recoveries | 340 | 193 |
Provision/ (credit) for loan losses | (1,795) | (181) |
Loans and Leases Receivable, Allowance at End of Period | 72,898 | 78,031 |
Commercial and Industrial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | 11,735 | 12,751 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (214) | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 82 | 87 |
Provision/ (credit) for loan losses | (160) | (547) |
Loans and Leases Receivable, Allowance at End of Period | 11,443 | 12,291 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | 46,820 | 50,412 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (135) | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 125 | 50 |
Provision/ (credit) for loan losses | (694) | 702 |
Loans and Leases Receivable, Allowance at End of Period | 46,116 | 51,164 |
Construction and land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | 4,949 | 3,039 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 0 |
Provision/ (credit) for loan losses | (416) | 158 |
Loans and Leases Receivable, Allowance at End of Period | 4,533 | 3,197 |
Residential [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | 9,773 | 10,449 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (16) | (58) |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 47 |
Provision/ (credit) for loan losses | 139 | (348) |
Loans and Leases Receivable, Allowance at End of Period | 9,896 | 10,090 |
Home equity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | 835 | 1,035 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 0 | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 1 | 0 |
Provision/ (credit) for loan losses | (52) | (48) |
Loans and Leases Receivable, Allowance at End of Period | 784 | 987 |
Consumer and other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Allowance at Beginning of Period | 630 | 391 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | (24) | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 132 | 9 |
Provision/ (credit) for loan losses | (612) | (98) |
Loans and Leases Receivable, Allowance at End of Period | $ 126 | $ 302 |
Allowance for Loan Losses All60
Allowance for Loan Losses Allowance by impairment analysis method (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 344 | $ 654 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 72,554 | 74,088 | ||
Loans and Leases Receivable, Allowance | 72,898 | 74,742 | $ 78,031 | $ 78,077 |
Financing Receivable, Individually Evaluated for Impairment | 24,014 | 22,577 | ||
Financing Receivable, Collectively Evaluated for Impairment | 6,578,313 | 6,482,451 | ||
Total loans | 6,602,327 | 6,505,028 | ||
Commercial and Industrial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 58 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,443 | 11,677 | ||
Loans and Leases Receivable, Allowance | 11,443 | 11,735 | 12,291 | 12,751 |
Financing Receivable, Individually Evaluated for Impairment | 2,100 | 1,676 | ||
Financing Receivable, Collectively Evaluated for Impairment | 949,750 | 938,014 | ||
Total loans | 951,850 | 939,690 | ||
Commercial real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 241 | 362 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 45,875 | 46,458 | ||
Loans and Leases Receivable, Allowance | 46,116 | 46,820 | 51,164 | 50,412 |
Financing Receivable, Individually Evaluated for Impairment | 8,472 | 8,687 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,456,531 | 2,431,533 | ||
Total loans | 2,465,003 | 2,440,220 | ||
Construction and land [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,533 | 4,949 | ||
Loans and Leases Receivable, Allowance | 4,533 | 4,949 | 3,197 | 3,039 |
Financing Receivable, Individually Evaluated for Impairment | 109 | 109 | ||
Financing Receivable, Collectively Evaluated for Impairment | 165,131 | 164,881 | ||
Total loans | 165,240 | 164,990 | ||
Residential [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 83 | 89 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,813 | 9,684 | ||
Loans and Leases Receivable, Allowance | 9,896 | 9,773 | 10,090 | 10,449 |
Financing Receivable, Individually Evaluated for Impairment | 11,538 | 10,165 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,725,831 | 2,672,368 | ||
Total loans | 2,737,369 | 2,682,533 | ||
Home equity [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 20 | 20 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 764 | 815 | ||
Loans and Leases Receivable, Allowance | 784 | 835 | 987 | 1,035 |
Financing Receivable, Individually Evaluated for Impairment | 1,795 | 1,815 | ||
Financing Receivable, Collectively Evaluated for Impairment | 92,536 | 98,143 | ||
Total loans | 94,331 | 99,958 | ||
Consumer and other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 125 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 126 | 505 | ||
Loans and Leases Receivable, Allowance | 126 | 630 | $ 302 | $ 391 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 125 | ||
Financing Receivable, Collectively Evaluated for Impairment | 188,534 | 177,512 | ||
Total loans | $ 188,534 | $ 177,637 |
Allowance for Loan Losses All61
Allowance for Loan Losses Allowance for Loan Losses Text Disclosures (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 6,602,327,000 | $ 6,505,028,000 | ||
Loans and Leases Receivable, Allowance | 72,898,000 | 74,742,000 | $ 78,031,000 | $ 78,077,000 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | $ 0 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities Derivatives Fair Value and Balance Sheet Classification (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | $ 24,097 | $ 19,133 |
Other Assets [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 1,286 | 555 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 22,810 | 18,575 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 1 | 2 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | [1] | 0 | 1 |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (23,240) | (19,143) |
Other Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | 0 | (80) |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (23,097) | (18,953) |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | (1) | (2) |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | [1] | $ (142) | $ (108) |
[1] | For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements - Note 5: Fair Value Measurements.” |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities Effect of Derivative Instruments on Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | $ 836 | $ 67 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (21) | 303 | |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 5 | (4) | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (21) | 303 | |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [1] | $ 836 | $ 67 |
[1] | There was an additional $(4) thousand loss related to the ineffective portion for the three months ended as of March 31, 2017. The guidance in ASU 2017-12 requires that amounts in accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. Transition guidance for this ASU further states that upon adoption, previously recorded cumulative ineffectiveness for cash flow hedges existing at the adoption date be eliminated by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the initial application date. There was a $5 thousand reclassification related to the adoption of ASU 2017-12 effective January 1, 2018. |
Derivatives and Hedging Activ64
Derivatives and Hedging Activities Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Interest Rate Contract [Member] | Interest Expense [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Gain (Loss) on Derivative Instruments, Net, Pretax | $ (21) |
Derivatives and Hedging Activ65
Derivatives and Hedging Activities Derivatives collateral with counterparties (Details) - Interest Rate Swap [Member] - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 3.1 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Securities | $ 2.2 | $ 2.3 |
Derivatives and Hedging Activ66
Derivatives and Hedging Activities Cash Flow Hedges Text Description (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)contracts | |
Derivative [Line Items] | |
Objectives for Using Derivative Instruments | The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1.1 |
Private Banking Segment [Member] | |
Derivative [Line Items] | |
Number of Interest Rate Derivatives Held | contracts | 6 |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Inception Date | Aug. 1, 2013 |
Derivative Asset, Notional Amount | $ 25 |
Objectives for Using Derivative Instruments | The interest rate swaps will effectively fix the Bank’s interest payments on $125 million of its LIBOR-indexed deposit liabilities |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 4 years |
Derivative, Fixed Interest Rate | 1.68% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 6 years |
Derivative, Fixed Interest Rate | 2.32% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 8/1/13 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.95% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Inception Date | Mar. 1, 2014 |
Derivative Asset, Notional Amount | $ 25 |
Objectives for Using Derivative Instruments | The interest rate swaps will effectively fix the Bank’s interest payments on $125 million of its LIBOR-indexed deposit liabilities |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 4 years |
Derivative, Fixed Interest Rate | 1.68% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 6 years |
Derivative, Fixed Interest Rate | 2.32% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 3/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.95% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Inception Date | Jun. 1, 2014 |
Derivative Asset, Notional Amount | $ 25 |
Objectives for Using Derivative Instruments | The interest rate swaps will effectively fix the Bank’s interest payments on $125 million of its LIBOR-indexed deposit liabilities |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 4 years |
Derivative, Fixed Interest Rate | 1.68% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 6 years |
Derivative, Fixed Interest Rate | 2.32% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap 2013 effective 6/1/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.95% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Inception Date | Sep. 2, 2014 |
Derivative Asset, Notional Amount | $ 25 |
Objectives for Using Derivative Instruments | The interest rate swaps will effectively fix the Bank’s interest payments on $125 million of its LIBOR-indexed deposit liabilities |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 4 years |
Derivative, Fixed Interest Rate | 1.68% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Term of Contract | 6 years |
Derivative, Fixed Interest Rate | 2.32% |
Interest Rate Swap [Member] | Bank $25m LIBOR Swap effective 9/2/14 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.95% |
Interest Rate Swap [Member] | Bank $40m LIBOR Swap 2017 effective 3/22/17 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Inception Date | Mar. 22, 2017 |
Derivative Asset, Notional Amount | $ 40 |
Derivative, Term of Contract | 1 year 9 months |
Derivative, Fixed Interest Rate | 1.55% |
Objectives for Using Derivative Instruments | These interest rate swaps will effectively fix the Bank’s interest payments on $100 million in interest-related cash outflows attributable to changes in the LIBOR component of FHLB borrowing liabilities |
Interest Rate Swap [Member] | Bank $40m LIBOR Swap 2017 effective 3/22/17 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.61% |
Interest Rate Swap [Member] | Bank $60m LIBOR Swap 2017 effective 3/22/17 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | |
Derivative [Line Items] | |
Derivative, Inception Date | Mar. 22, 2017 |
Derivative Asset, Notional Amount | $ 60 |
Derivative, Term of Contract | 2 years 3 months |
Derivative, Fixed Interest Rate | 1.65% |
Objectives for Using Derivative Instruments | These interest rate swaps will effectively fix the Bank’s interest payments on $100 million in interest-related cash outflows attributable to changes in the LIBOR component of FHLB borrowing liabilities |
Interest Rate Swap [Member] | Bank $60m LIBOR Swap 2017 effective 3/22/17 [Member] | Private Banking Segment [Member] | Designated as Hedging Instrument [Member] | Weighted Average [Member] | |
Derivative [Line Items] | |
Derivative, Fixed Interest Rate | 1.61% |
Derivatives and Hedging Activ67
Derivatives and Hedging Activities Non-designated Hedges Text description (Details) - Not Designated as Hedging Instrument [Member] $ in Millions | 3 Months Ended | |
Mar. 31, 2018USD ($)contracts | Dec. 31, 2017USD ($)contracts | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 148 | 142 |
Derivative, Notional Amount | $ | $ 1,200 | $ 1,100 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 4 | 3 |
Derivative, Notional Amount | $ | $ 0.3 | $ 0.2 |
Loan Participations and Assignments [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 7 | 6 |
Derivative, Notional Amount | $ | $ 60.3 | $ 48 |
Derivative, Underlying Risk, Description | The Bank has no obligations under the risk participation agreements unless the borrower defaults on their swap transaction with the lead bank and the swap is in a liability position to the borrower. In that instance, the Bank has agreed to pay the lead bank a portion of the swap’s termination value at the time of the default. | |
Other Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Number of Instruments Held | contracts | 2 | 2 |
Derivative, Notional Amount | $ | $ 6.1 | $ 6.1 |
Derivative, Underlying Risk, Description | The other financial institution has no obligations under the risk participation agreements unless the borrowers default on their swap transactions with the Bank and the swaps are in liability positions to the borrower. In those instances, the other financial institution has agreed to pay the Bank a portion of the swap’s termination value at the time of the default. |
Derivatives and Hedging Activ68
Derivatives and Hedging Activities Derivatives not designated as hedges, effect on statement of operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Description of Location of Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments in Financial Statements | Other income/ (expense) | |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 258 | $ (322) |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 92 | (322) |
Not Designated as Hedging Instrument [Member] | Loan Participations and Assignments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 166 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Expense Components [Line Items] | ||
Income before income taxes | $ 28,064 | $ 21,549 |
Income tax expense | 6,026 | 6,553 |
Net income from continuing operations | $ 22,038 | $ 14,996 |
Effective Income Tax Rate, Continuing Operations | 21.50% | 30.40% |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 2,388 | $ 2,788 |
Discontinued Operation, Tax Effect of Discontinued Operation | 690 | 1,156 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 1,698 | $ 1,632 |
Effective Tax Rate Discontinued Operations | 28.90% | 41.50% |
Tax effect Attributable to Noncontrolling Interests | $ 0 | $ 0 |
Net income attributable to noncontrolling interests | $ 1,050 | $ 966 |
Effective Tax Rate Noncontrolling Interests | 0.00% | 0.00% |
Income from Continuing and Discontinued Operations Attributable to Parent Before Tax | $ 29,402 | $ 23,371 |
Tax Expense (Benefit) Total | 6,716 | 7,709 |
Net income attributable to the Company | $ 22,686 | $ 15,662 |
Effective Tax Rate Total | 22.80% | 33.00% |
Income Taxes Income Taxes Discu
Income Taxes Income Taxes Discussion (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 21.50% | 30.40% |
Income tax expense | $ 6,026 | $ 6,553 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 21.00% | 35.00% |
Noncontrolling Interests Compon
Noncontrolling Interests Components of Noncontrolling Interests (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable and Nonredeemable Noncontrolling Interest | $ 21,147 | $ 22,647 | |
Redeemable Noncontrolling Interests | 16,322 | 17,461 | |
Nonredeemable Noncontrolling Interest | 4,825 | 5,186 | |
Anchor [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable and Nonredeemable Noncontrolling Interest | [1] | 9,574 | 9,761 |
BOS [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable and Nonredeemable Noncontrolling Interest | 7,590 | 8,057 | |
DGHM [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redeemable Noncontrolling Interests | [2] | $ 3,983 | $ 4,829 |
[1] | Assets and liabilities at Anchor were classified as held for sale on the Company’s consolidated balance sheets at March 31, 2018 and December 31, 2017. The Company completed the sale of Anchor in April 2018. | ||
[2] | Only includes redeemable noncontrolling interests. |
Noncontrolling Interests Redeem
Noncontrolling Interests Redeemable Noncontrolilng Interests Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests at beginning of period | $ 17,461 | |
Nonredeemable Noncontrolling Interest at beginning of period | 5,186 | |
Net income attributable to noncontrolling interests | 1,050 | $ 966 |
Redeemable noncontrolling interests at end of period | 16,322 | |
Nonredeemable Noncontrolling Interest at end of period | 4,825 | |
Redeemable Noncontrolling Interest [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests at beginning of period | 17,461 | 16,972 |
Net income attributable to noncontrolling interests | 758 | 724 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (736) | (703) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 167 | 66 |
Amortization of Noncontrolling Interest Equity Compensation | 122 | 102 |
Noncontrolling Interest, adjustment to fair value | (1,450) | 71 |
Redeemable noncontrolling interests at end of period | 16,322 | 17,232 |
Noncontrolling Interest [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Nonredeemable Noncontrolling Interest at beginning of period | 5,186 | 4,161 |
Net income attributable to noncontrolling interests | 291 | 242 |
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (282) | (235) |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | 0 |
Amortization of Noncontrolling Interest Equity Compensation | 161 | 256 |
Noncontrolling Interest, adjustment to fair value | (531) | (431) |
Nonredeemable Noncontrolling Interest at end of period | $ 4,825 | $ 3,993 |
Noncontrolling Interests Noncon
Noncontrolling Interests Noncontrolling Interests - Text Details (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |||
Net income attributable to noncontrolling interests | $ 1,050 | $ 966 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 16,322 | $ 17,461 | |
Nonredeemable Noncontrolling Interest | $ 4,825 | $ 5,186 |
Accumulated Other Comprehensi74
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 0 | $ 11 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 14 | (180) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (14) | 169 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 11 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 14 | (180) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Investments [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 19 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Income Tax Expense [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 8 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Income Attributable to the Company [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 11 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Hedges related to deposits [Member] | Income Tax Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 7 | (126) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Hedges related to deposits [Member] | Interest Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 21 | (303) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Hedges related to deposits [Member] | Other Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Hedges related to deposits [Member] | Net Income Attributable to the Company [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | $ 14 | $ (180) |
Accumulated Other Comprehensi75
Accumulated Other Comprehensive Income Reclassification out of AOCI to RE (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (21,313) | $ (8,658) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 588 | $ 36 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 11 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 14 | (180) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 14 | (169) | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (12,895) | 2,083 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 574 | 216 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | (12) | ||
Other comprehensive income/ (loss), net of tax | (12,321) | 2,311 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (21,313) | (10,237) | (8,658) | $ (12,548) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (12,307) | 2,142 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 14 | (169) | ||
Other comprehensive income/ (loss), net of tax | (12,321) | 2,311 | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 334 | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (21,374) | (9,111) | (8,140) | (11,194) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (12,895) | 2,094 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 11 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax | (12,895) | 2,083 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 339 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 911 | (389) | 332 | (605) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 588 | 36 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 14 | (180) | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 574 | 216 | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Accounting Standards Update 2017-12 [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (5) | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (850) | (737) | $ (850) | $ (749) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | (12) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | $ (12) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 |
Restructuring (Details)
Restructuring (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, beginning of period | $ 337,000 | $ 1,977,000 | ||||
Restructuring Reserve, Settled with Cash | (254,000) | (618,000) | ||||
Restructuring Reserve, end of period | 83,000 | 1,359,000 | ||||
Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, beginning of period | 337,000 | 1,977,000 | ||||
Restructuring Reserve, Settled with Cash | (254,000) | (618,000) | ||||
Restructuring Reserve, end of period | 83,000 | $ 1,359,000 | ||||
Banyan Acquisition and WMT Management Restructuring Plan [Member] | Wealth Management and Trust Segment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Incurred Cost | $ 900,000 | $ 1,100,000 | $ 700,000 | $ 3,700,000 | ||
Restructuring and Related Cost, Cost Incurred to Date | $ 6,400,000 | |||||
Restructuring and Related Cost, Expected Cost Remaining | $ 0 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Other Banking Fee Income [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue, Other Financial Services | $ 0.9 | $ 0.9 | |
Other Liabilities [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Deferred Revenue | $ 6.2 | $ 6.6 |
Recent Accounting Pronounceme78
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclassification due to change in accounting principles | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |
Accounting Standards Update 2016-01 [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 339 | ||
Accounting Standards Update 2017-07 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Prior Period Reclassification Adjustment | $ 160 | ||
Reclassification due to change in accounting principles | 135 | ||
Accounting Standards Update 2017-12 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (5) | ||
Accounting Standards Update 2018-02 [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (1,500) |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Subsequent Event [Line Items] | |||
Income tax expense | $ 6,026 | $ 6,553 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Subsequent Event, Date | Apr. 30, 2018 | ||
Subsequent Event, Description | the Company completed the sale of its ownership interest in Anchor. Anchor’s results remain consolidated in the Company’s results during current and prior periods. The transaction had previously been announced in December 2017. The Company classified the assets and liabilities of Anchor as held for sale at March 31, 2018 and December 31, 2017, which are included with other assets and other liabilities, respectively, on the Company’s consolidated balance sheets. | ||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 32,000 | ||
Discontinued Operation, Nature of Activities Having Continuing Involvement after Disposal | 15,000 | ||
Subsequent Event [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Income tax expense | 11,000 | ||
Common Equity Tier One Capital | 34,000 | ||
Subsequent Event [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Income tax expense | 12,000 | ||
Common Equity Tier One Capital | $ 35,000 |