Maryland | 27-0950358 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
100 Liberty Street, Warren, Pennsylvania | 16365 | |
(Address of principal executive offices) | (Zip Code) |
PAGE | ||||
PART I | FINANCIAL INFORMATION | |||
Certifications |
March 31, 2016 | December 31, 2015 | |||||
Assets | ||||||
Cash and due from banks | $ | 86,151 | 92,263 | |||
Interest-earning deposits in other financial institutions | 74,850 | 74,510 | ||||
Federal funds sold and other short-term investments | 2,320 | 635 | ||||
Marketable securities available-for-sale (amortized cost of $772,768 and $868,956) | 783,940 | 874,405 | ||||
Marketable securities held-to-maturity (fair value of $28,611 and $32,552) | 27,764 | 31,689 | ||||
Total cash and investments | 975,025 | 1,073,502 | ||||
Personal Banking loans: | ||||||
Residential mortgage loans held for sale | 8,952 | — | ||||
Residential mortgage loans | 2,761,411 | 2,750,564 | ||||
Home equity loans | 1,169,821 | 1,187,106 | ||||
Consumer loans | 525,537 | 510,617 | ||||
Total Personal Banking loans | 4,465,721 | 4,448,287 | ||||
Business Banking loans: | ||||||
Commercial real estate loans | 2,360,863 | 2,351,434 | ||||
Commercial loans | 467,418 | 422,400 | ||||
Total Business Banking loans | 2,828,281 | 2,773,834 | ||||
Total loans | 7,294,002 | 7,222,121 | ||||
Allowance for loan losses | (62,278 | ) | (62,672 | ) | ||
Total loans, net | 7,231,724 | 7,159,449 | ||||
Federal Home Loan Bank stock, at cost | 35,539 | 40,903 | ||||
Accrued interest receivable | 21,712 | 21,072 | ||||
Real estate owned, net | 6,834 | 8,725 | ||||
Premises and equipment, net | 153,000 | 154,351 | ||||
Bank owned life insurance | 168,511 | 168,509 | ||||
Goodwill | 261,736 | 261,736 | ||||
Other intangible assets | 8,398 | 8,982 | ||||
Other assets | 53,809 | 54,670 | ||||
Total assets | $ | 8,916,288 | 8,951,899 | |||
Liabilities and Shareholders’ equity | ||||||
Liabilities: | ||||||
Noninterest-bearing checking deposits | $ | 1,179,950 | 1,177,256 | |||
Interest-bearing checking deposits | 1,121,779 | 1,080,086 | ||||
Money market deposit accounts | 1,295,138 | 1,274,504 | ||||
Savings deposits | 1,433,788 | 1,386,017 | ||||
Time deposits | 1,639,406 | 1,694,718 | ||||
Total deposits | 6,670,061 | 6,612,581 | ||||
Borrowed funds | 857,754 | 975,007 | ||||
Junior subordinated deferrable interest debentures held by trusts that issued guaranteed capital debt securities | 111,213 | 111,213 | ||||
Advances by borrowers for taxes and insurance | 38,719 | 33,735 | ||||
Accrued interest payable | 1,894 | 1,993 | ||||
Other liabilities | 66,059 | 54,207 | ||||
Total liabilities | 7,745,700 | 7,788,736 | ||||
Shareholders’ equity: | ||||||
Preferred stock, $0.01 par value: 50,000,000 authorized, no shares issued | — | — | ||||
Common stock, $0.01 par value: 500,000,000 shares authorized, 101,848,509 and 101,871,737 shares issued, respectively | 1,018 | 1,019 | ||||
Paid-in capital | 718,027 | 717,603 | ||||
Retained earnings | 492,316 | 489,292 | ||||
Unallocated common stock of employee stock ownership plan | (19,815 | ) | (20,216 | ) | ||
Accumulated other comprehensive loss | (20,958 | ) | (24,535 | ) | ||
Total shareholders’ equity | 1,170,588 | 1,163,163 | ||||
Total liabilities and shareholders’ equity | $ | 8,916,288 | 8,951,899 |
Quarter ended March 31, | ||||||
2016 | 2015 | |||||
Interest income: | ||||||
Loans receivable | $ | 80,781 | 70,711 | |||
Mortgage-backed securities | 2,229 | 2,234 | ||||
Taxable investment securities | 1,038 | 1,045 | ||||
Tax-free investment securities | 724 | 1,348 | ||||
FHLB dividends | 467 | 1,403 | ||||
Interest-earning deposits | 59 | 139 | ||||
Total interest income | 85,298 | 76,880 | ||||
Interest expense: | ||||||
Deposits | 6,088 | 5,766 | ||||
Borrowed funds | 7,658 | 8,133 | ||||
Total interest expense | 13,746 | 13,899 | ||||
Net interest income | 71,552 | 62,981 | ||||
Provision for loan losses | 1,660 | 900 | ||||
Net interest income after provision for loan losses | 69,892 | 62,081 | ||||
Noninterest income: | ||||||
Gain on sale of investments | 127 | 95 | ||||
Service charges and fees | 10,065 | 8,659 | ||||
Trust and other financial services income | 3,261 | 2,776 | ||||
Insurance commission income | 2,714 | 2,428 | ||||
Gain/ (loss) on real estate owned, net | 249 | (1,046 | ) | |||
Income from bank owned life insurance | 1,595 | 913 | ||||
Mortgage banking income | 218 | 240 | ||||
Other operating income | 1,219 | 560 | ||||
Total noninterest income | 19,448 | 14,625 | ||||
Noninterest expense: | ||||||
Compensation and employee benefits | 33,033 | 27,895 | ||||
Premises and occupancy costs | 6,537 | 6,267 | ||||
Office operations | 3,460 | 2,912 | ||||
Collections expense | 676 | 768 | ||||
Processing expenses | 8,414 | 7,205 | ||||
Marketing expenses | 1,891 | 1,976 | ||||
Federal deposit insurance premiums | 1,503 | 1,347 | ||||
Professional services | 1,833 | 1,792 | ||||
Amortization of intangible assets | 675 | 268 | ||||
Real estate owned expense | 311 | 692 | ||||
Restructuring/ acquisition expense | 635 | 347 | ||||
Other expenses | 4,307 | 2,242 | ||||
Total noninterest expense | 63,275 | 53,711 | ||||
Income before income taxes | 26,065 | 22,995 | ||||
Federal and state income taxes | 8,081 | 6,825 | ||||
Net income | $ | 17,984 | 16,170 | |||
Basic earnings per share | $ | 0.18 | 0.18 | |||
Diluted earnings per share | $ | 0.18 | 0.18 |
Quarter ended March 31, | ||||||
2016 | 2015 | |||||
Net Income | $ | 17,984 | 16,170 | |||
Other comprehensive income net of tax: | ||||||
Net unrealized holding gains/ (losses) on marketable securities: | ||||||
Unrealized holding gains net of tax of $(2,220) and $(1,885), respectively | 3,464 | 2,952 | ||||
Reclassification adjustment for (gains)/ losses included in net income, net of tax of $(11) and $43 respectively | 28 | (68 | ) | |||
Net unrealized holding gains on marketable securities | 3,492 | 2,884 | ||||
Change in fair value of interest rate swaps, net of tax of $76 and $(24), respectively | (140 | ) | 44 | |||
Defined benefit plan: | ||||||
Reclassification adjustment for prior period service costs included in net income, net of tax of $(144) and $(140), respectively | 225 | 219 | ||||
Other comprehensive income | 3,577 | 3,147 | ||||
Total comprehensive income | $ | 21,561 | 19,317 |
Accumulated Other | Unallocated | Total | |||||||||||||||||||
Common Stock | Paid-in | Retained | Comprehensive | common stock | Shareholders’ | ||||||||||||||||
Shares | Amount | Capital | Earnings | Income/ (loss) | of ESOP | Equity | |||||||||||||||
Beginning balance at December 31, 2014 | 94,721,453 | $ | 947 | 626,134 | 481,577 | (24,370 | ) | (21,641 | ) | 1,062,647 | |||||||||||
Comprehensive income: | |||||||||||||||||||||
Net income | — | — | — | 16,170 | — | — | 16,170 | ||||||||||||||
Other comprehensive income, net of tax of $(2,006) | — | — | — | — | 3,147 | — | 3,147 | ||||||||||||||
Total comprehensive income | — | — | — | 16,170 | 3,147 | — | 19,317 | ||||||||||||||
Exercise of stock options | 149,897 | 2 | 1,433 | — | — | — | 1,435 | ||||||||||||||
Stock-based compensation expense, including tax benefit of $17 | — | — | 804 | — | — | 76 | 880 | ||||||||||||||
Share repurchases | (318,000 | ) | (3 | ) | (3,787 | ) | — | — | — | (3,790 | ) | ||||||||||
Dividends paid ($0.14 per share) | — | — | — | (12,973 | ) | — | — | (12,973 | ) | ||||||||||||
Ending balance at March 31, 2015 | 94,553,350 | $ | 946 | 624,584 | 484,774 | (21,223 | ) | (21,565 | ) | 1,067,516 |
Accumulated Other | Unallocated | Total | |||||||||||||||||||
Common Stock | Paid-in | Retained | Comprehensive | common stock | Shareholders’ | ||||||||||||||||
Shares | Amount | Capital | Earnings | Income/ (loss) | of ESOP | Equity | |||||||||||||||
Beginning balance at December 31, 2015 | 101,871,737 | $ | 1,019 | 717,603 | 489,292 | (24,535 | ) | (20,216 | ) | 1,163,163 | |||||||||||
Comprehensive income: | |||||||||||||||||||||
Net income | — | — | — | 17,984 | — | — | 17,984 | ||||||||||||||
Other comprehensive income, net of tax of $(2,299) | — | — | — | — | 3,577 | — | 3,577 | ||||||||||||||
Total comprehensive income | — | — | — | 17,984 | 3,577 | — | 21,561 | ||||||||||||||
Exercise of stock options | 122,672 | 1 | 1,316 | — | — | — | 1,317 | ||||||||||||||
Stock-based compensation expense, including tax benefit of $19 | — | — | 858 | — | — | 401 | 1,259 | ||||||||||||||
Share repurchases | (145,900 | ) | (2 | ) | (1,750 | ) | — | — | — | (1,752 | ) | ||||||||||
Dividends paid ($0.15 per share) | — | — | — | (14,960 | ) | — | — | (14,960 | ) | ||||||||||||
Ending Balance at March 31, 2016 | 101,848,509 | $ | 1,018 | 718,027 | 492,316 | (20,958 | ) | (19,815 | ) | 1,170,588 |
Quarter ended March 31, | ||||||
2016 | 2015 | |||||
OPERATING ACTIVITIES: | ||||||
Net Income | $ | 17,984 | 16,170 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | 1,660 | 900 | ||||
Net (gain)/ loss on sale of assets | (960 | ) | 274 | |||
Net depreciation, amortization and accretion | 2,857 | 1,549 | ||||
(Increase)/ decrease in other assets | (1,663 | ) | 5,685 | |||
Decrease in other liabilities | 11,907 | 1,136 | ||||
Net amortization on marketable securities | 544 | 87 | ||||
Noncash write-down of real estate owned | 764 | 1,181 | ||||
Deferred income tax benefit | (650 | ) | — | |||
Origination of loans held for sale | (9,373 | ) | (221 | ) | ||
Proceeds from sale of loans held for sale | 432 | 224 | ||||
Noncash compensation expense related to stock benefit plans | 1,240 | 863 | ||||
Net cash provided by operating activities | 24,742 | 27,848 | ||||
INVESTING ACTIVITIES: | ||||||
Purchase of marketable securities available-for-sale | — | (29,985 | ) | |||
Proceeds from maturities and principal reductions of marketable securities held-to-maturity | 3,926 | 12,914 | ||||
Proceeds from maturities and principal reductions of marketable securities available-for-sale | 95,678 | 30,329 | ||||
Proceeds from sale of marketable securities available-for-sale | 91 | 293 | ||||
Loan originations | (607,818 | ) | (496,009 | ) | ||
Proceeds from loan maturities and principal reductions | 542,989 | 419,198 | ||||
(Purchase)/ sale of Federal Home Loan Bank stock | 5,364 | (2,999 | ) | |||
Proceeds from sale of real estate owned | 3,228 | 2,729 | ||||
Sale of real estate owned for investment, net | 152 | 152 | ||||
Purchase of premises and equipment | (2,274 | ) | (2,075 | ) | ||
Acquisitions, net of cash received | — | (438 | ) | |||
Net cash provided by/ (used in) investing activities | 41,336 | (65,891 | ) |
Nine months ended September 30, | ||||||
2015 | 2014 | |||||
FINANCING ACTIVITIES: | ||||||
Increase in deposits, net | $ | 57,480 | 49,525 | |||
Proceeds from long-term borrowings | — | 85,000 | ||||
Repayments of long-term borrowings | (35,013 | ) | (10,013 | ) | ||
Net decrease in short-term borrowings | (82,240 | ) | (19,254 | ) | ||
Increase in advances by borrowers for taxes and insurance | 4,984 | 4,491 | ||||
Cash dividends paid | (14,960 | ) | (12,973 | ) | ||
Purchase of common stock for retirement | (1,752 | ) | (3,790 | ) | ||
Proceeds from stock options exercised | 1,317 | 1,435 | ||||
Excess tax benefit from stock-based compensation | 19 | 17 | ||||
Net cash provided by/ (used in) financing activities | (70,165 | ) | 94,438 | |||
Net increase/ (decrease) in cash and cash equivalents | $ | (4,087 | ) | 56,395 | ||
Cash and cash equivalents at beginning of period | $ | 167,408 | 240,706 | |||
Net increase/ (decrease) in cash and cash equivalents | (4,087 | ) | 56,395 | |||
Cash and cash equivalents at end of period | $ | 163,321 | 297,101 | |||
Cash and cash equivalents: | ||||||
Cash and due from banks | $ | 86,151 | 83,970 | |||
Interest-earning deposits in other financial institutions | 74,850 | 212,496 | ||||
Federal funds sold and other short-term investments | 2,320 | 635 | ||||
Total cash and cash equivalents | $ | 163,321 | 297,101 | |||
Cash paid during the period for: | ||||||
Interest on deposits and borrowings (including interest credited to deposit accounts of $5,684 and $5,256, respectively) | $ | 13,845 | 13,499 | |||
Income taxes | $ | 733 | 1,027 | |||
Business acquisitions: | ||||||
Fair value of assets acquired | $ | — | 438 | |||
Cash paid, net | — | (438 | ) | |||
Liabilities assumed | $ | — | — | |||
Non-cash activities: | ||||||
Loans foreclosures and repossessions | $ | 1,531 | 2,623 | |||
Sale of real estate owned financed by the Company | $ | 359 | 114 |
(1) | Basis of Presentation and Informational Disclosures |
(2) | Business Segments |
Community | Consumer | ||||||||||||
March 31, 2016 | Banking | Finance | All other (1) | Consolidated | |||||||||
External interest income | $ | 80,838 | 4,243 | 217 | 85,298 | ||||||||
Intersegment interest income/ expense | 642 | — | (642 | ) | — | ||||||||
Interest expense | 12,681 | 642 | 423 | 13,746 | |||||||||
Provision for loan losses | 1,213 | 447 | — | 1,660 | |||||||||
Noninterest income | 19,006 | 380 | 62 | 19,448 | |||||||||
Noninterest expense | 59,972 | 2,929 | 374 | 63,275 | |||||||||
Income tax expense (benefit) | 8,242 | 251 | (412 | ) | 8,081 | ||||||||
Net income | $ | 18,378 | 354 | (748 | ) | 17,984 | |||||||
Total assets | $ | 8,795,000 | 106,784 | 14,504 | 8,916,288 |
Community | Consumer | ||||||||||||
March 31, 2015 | Banking | Finance | All other (1) | Consolidated | |||||||||
External interest income | $ | 72,331 | 4,330 | 219 | 76,880 | ||||||||
Intersegment interest income/ expense | 575 | — | (575 | ) | — | ||||||||
Interest expense | 12,888 | 575 | 436 | 13,899 | |||||||||
Provision for loan losses | 250 | 650 | — | 900 | |||||||||
Noninterest income | 14,326 | 270 | 29 | 14,625 | |||||||||
Noninterest expense | 50,440 | 2,953 | 318 | 53,711 | |||||||||
Income tax expense (benefit) | 7,035 | 175 | (385 | ) | 6,825 | ||||||||
Net income | $ | 16,619 | 247 | (696 | ) | 16,170 | |||||||
Total assets | $ | 7,769,901 | 102,913 | 17,545 | 7,890,359 |
(1) | Eliminations consist of intercompany loans, interest income and interest expense. |
(3) | Investment securities and impairment of investment securities |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||
Debt issued by the U.S. government and agencies: | ||||||||||||
Due in one year or less | $ | 10 | — | — | 10 | |||||||
Debt issued by government sponsored enterprises: | ||||||||||||
Due in one year or less | 15,500 | — | (16 | ) | 15,484 | |||||||
Due after one year through five years | 210,657 | 747 | (159 | ) | 211,245 | |||||||
Due after five years through ten years | 717 | 8 | — | 725 | ||||||||
Due after ten years | 4,819 | 175 | — | 4,994 | ||||||||
Equity securities | 1,351 | 511 | (6 | ) | 1,856 | |||||||
Municipal securities: | ||||||||||||
Due in one year or less | 1,334 | 8 | — | 1,342 | ||||||||
Due after one year through five years | 13,998 | 173 | (2 | ) | 14,169 | |||||||
Due after five years through ten years | 11,648 | 362 | — | 12,010 | ||||||||
Due after ten years | 49,575 | 1,839 | — | 51,414 | ||||||||
Corporate debt issues: | ||||||||||||
Due after ten years | 14,491 | 2,361 | (511 | ) | 16,341 | |||||||
Residential mortgage-backed securities: | ||||||||||||
Fixed rate pass-through | 110,966 | 3,231 | (58 | ) | 114,139 | |||||||
Variable rate pass-through | 51,172 | 2,431 | (7 | ) | 53,596 | |||||||
Fixed rate non-agency CMOs | 2,313 | 191 | — | 2,504 | ||||||||
Fixed rate agency CMOs | 203,585 | 930 | (1,369 | ) | 203,146 | |||||||
Variable rate agency CMOs | 80,632 | 400 | (67 | ) | 80,965 | |||||||
Total residential mortgage-backed securities | 448,668 | 7,183 | (1,501 | ) | 454,350 | |||||||
Total marketable securities available-for-sale | $ | 772,768 | 13,367 | (2,195 | ) | 783,940 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||
Debt issued by the U.S. government and agencies: | ||||||||||||
Due in one year or less | $ | 11 | — | — | 11 | |||||||
Debt issued by government sponsored enterprises: | ||||||||||||
Due in one year or less | 15,500 | 3 | (48 | ) | 15,455 | |||||||
Due after one year through five years | 257,463 | 298 | (1,395 | ) | 256,366 | |||||||
Due after five years through ten years | 12,721 | 14 | (23 | ) | 12,712 | |||||||
Due after ten years | 9,815 | 135 | (43 | ) | 9,907 | |||||||
Equity securities | 1,400 | 500 | (6 | ) | 1,894 | |||||||
Municipal securities: | ||||||||||||
Due in one year or less | 1,684 | 8 | — | 1,692 | ||||||||
Due after one year through five years | 14,327 | 117 | (4 | ) | 14,440 | |||||||
Due after five years through ten years | 12,400 | 323 | — | 12,723 | ||||||||
Due after ten years | 52,286 | 1,727 | — | 54,013 | ||||||||
Corporate debt issues: | ||||||||||||
Due after ten years | 14,463 | 2,417 | (405 | ) | 16,475 | |||||||
Residential mortgage-backed securities: | ||||||||||||
Fixed rate pass-through | 118,266 | 2,480 | (420 | ) | 120,326 | |||||||
Variable rate pass-through | 54,292 | 2,616 | (7 | ) | 56,901 | |||||||
Fixed rate non-agency CMOs | 2,519 | 230 | — | 2,749 | ||||||||
Fixed rate agency CMOs | 215,719 | 389 | (3,881 | ) | 212,227 | |||||||
Variable rate agency CMOs | 86,090 | 476 | (52 | ) | 86,514 | |||||||
Total residential mortgage-backed securities | 476,886 | 6,191 | (4,360 | ) | 478,717 | |||||||
Total marketable securities available-for-sale | $ | 868,956 | 11,733 | (6,284 | ) | 874,405 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||
Municipal securities: | ||||||||||||
Due after five years through ten years | $ | 274 | 2 | — | 276 | |||||||
Due after ten years | 4,804 | 192 | — | 4,996 | ||||||||
Residential mortgage-backed securities: | ||||||||||||
Fixed rate pass-through | 6,099 | 353 | — | 6,452 | ||||||||
Variable rate pass-through | 3,449 | 54 | — | 3,503 | ||||||||
Fixed rate agency CMOs | 12,223 | 237 | — | 12,460 | ||||||||
Variable rate agency CMOs | 915 | 9 | — | 924 | ||||||||
Total residential mortgage-backed securities | 22,686 | 653 | — | 23,339 | ||||||||
Total marketable securities held-to-maturity | $ | 27,764 | 847 | — | 28,611 |
Amortized cost | Gross unrealized holding gains | Gross unrealized holding losses | Fair value | |||||||||
Municipal securities: | ||||||||||||
Due after five years through ten years | $ | 274 | 1 | — | 275 | |||||||
Due after ten years | 6,336 | 239 | — | 6,575 | ||||||||
Residential mortgage-backed securities: | ||||||||||||
Fixed rate pass-through | 6,458 | 351 | — | 6,809 | ||||||||
Variable rate pass-through | 3,618 | 41 | — | 3,659 | ||||||||
Fixed rate agency CMOs | 14,033 | 219 | — | 14,252 | ||||||||
Variable rate agency CMOs | 970 | 12 | — | 982 | ||||||||
Total residential mortgage-backed securities | 25,079 | 623 | — | 25,702 | ||||||||
Total marketable securities held-to-maturity | $ | 31,689 | 863 | — | 32,552 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||
U.S. government sponsored enterprises | $ | 41,858 | (168 | ) | 30,002 | (7 | ) | 71,860 | (175 | ) | ||||||||
Municipal securities | 3,812 | (2 | ) | — | — | 3,812 | (2 | ) | ||||||||||
Corporate issues | — | — | 1,915 | (511 | ) | 1,915 | (511 | ) | ||||||||||
Equity securities | 545 | (6 | ) | — | — | 545 | (6 | ) | ||||||||||
Residential mortgage-backed securities - agency | 17,714 | (35 | ) | 112,091 | (1,466 | ) | 129,805 | (1,501 | ) | |||||||||
Total temporarily impaired securities | $ | 63,929 | (211 | ) | 144,008 | (1,984 | ) | 207,937 | (2,195 | ) |
Less than 12 months | 12 months or more | Total | ||||||||||||||||
Fair value | Unrealized loss | Fair value | Unrealized loss | Fair value | Unrealized loss | |||||||||||||
U.S. government sponsored enterprises | $ | 143,751 | (723 | ) | 92,961 | (786 | ) | 236,712 | (1,509 | ) | ||||||||
Municipal securities | 7,505 | (4 | ) | — | — | 7,505 | (4 | ) | ||||||||||
Corporate debt issues | — | — | 2,021 | (405 | ) | 2,021 | (405 | ) | ||||||||||
Equity securities | 544 | (6 | ) | — | — | 544 | (6 | ) | ||||||||||
Residential mortgage-backed securities - agency | 122,109 | (598 | ) | 149,889 | (3,762 | ) | 271,998 | (4,360 | ) | |||||||||
Total temporarily impaired securities | $ | 273,909 | (1,331 | ) | 244,871 | (4,953 | ) | 518,780 | (6,284 | ) |
2016 | 2015 | ||||||
Beginning balance at January 1, (1) | $ | 8,436 | 8,894 | ||||
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | — | — | |||||
Reduction for losses realized during the quarter | (12 | ) | (29 | ) | |||
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | — | — | |||||
Ending balance at March 31, | $ | 8,424 | $ | 8,865 |
(1) | The beginning balance represents credit losses included in other-than-temporary impairment charges recognized on debt securities in prior periods. |
(4) | Loans receivable |
March 31, 2016 | December 31, 2015 | |||||||||||||||||
Originated | Acquired | Total | Originated | Acquired | Total | |||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans (1) | 2,724,630 | 44,303 | 2,768,933 | 2,695,561 | 45,716 | 2,741,277 | ||||||||||||
Home equity loans | 1,041,789 | 128,032 | 1,169,821 | 1,055,907 | 131,199 | 1,187,106 | ||||||||||||
Consumer loans | 340,463 | 174,993 | 515,456 | 307,961 | 202,656 | 510,617 | ||||||||||||
Total Personal Banking | 4,106,882 | 347,328 | 4,454,210 | 4,059,429 | 379,571 | 4,439,000 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 2,155,242 | 406,389 | 2,561,631 | 2,094,710 | 429,564 | 2,524,274 | ||||||||||||
Commercial loans | 424,009 | 62,931 | 486,940 | 372,540 | 65,175 | 437,715 | ||||||||||||
Total Business Banking | 2,579,251 | 469,320 | 3,048,571 | 2,467,250 | 494,739 | 2,961,989 | ||||||||||||
Total loans receivable, gross | 6,686,133 | 816,648 | 7,502,781 | 6,526,679 | 874,310 | 7,400,989 | ||||||||||||
Deferred loan costs | 16,305 | 4,803 | 21,108 | 14,806 | 5,259 | 20,065 | ||||||||||||
Allowance for loan losses | (59,750 | ) | (2,528 | ) | (62,278 | ) | (60,970 | ) | (1,702 | ) | (62,672 | ) | ||||||
Undisbursed loan proceeds: | ||||||||||||||||||
Residential mortgage loans | (9,597 | ) | — | (9,597 | ) | (10,778 | ) | — | (10,778 | ) | ||||||||
Commercial real estate loans | (193,111 | ) | (7,657 | ) | (200,768 | ) | (159,553 | ) | (13,287 | ) | (172,840 | ) | ||||||
Commercial loans | (16,409 | ) | (3,113 | ) | (19,522 | ) | (11,132 | ) | (4,183 | ) | (15,315 | ) | ||||||
Total loans receivable, net | $ | 6,423,571 | 808,153 | 7,231,724 | 6,299,052 | 860,397 | 7,159,449 |
March 31, 2016 | December 31, 2015 | ||||||
Acquired loans evaluated individually for future credit losses: | |||||||
Outstanding principal balance | $ | 18,474 | $ | 21,069 | |||
Carrying value | 14,502 | 16,867 | |||||
Acquired loans evaluated collectively for future credit losses: | |||||||
Outstanding principal balance | 804,018 | 848,194 | |||||
Carrying value | 796,179 | 839,973 | |||||
Total acquired loans: | |||||||
Outstanding principal balance | 822,492 | 869,263 | |||||
Carrying value | 810,681 | 856,840 |
Total | |||
Balance at December 31, 2014 | $ | — | |
LNB Bancorp, Inc. acquisition | 1,672 | ||
Accretion | (377 | ) | |
Net reclassification from nonaccretable yield | 724 | ||
Balance at December 31, 2015 | $ | 2,019 | |
Accretion | (373 | ) | |
Net reclassification from nonaccretable yield | 318 | ||
Balance at March 31, 2016 | 1,964 |
Carrying value | Outstanding principal balance | Related impairment reserve | Average recorded investment in impaired loans | Interest income recognized | |||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ | 1,647 | 2,462 | 16 | 1,814 | 61 | |||||||||
Home equity loans | 1,657 | 3,064 | 6 | 1,870 | 58 | ||||||||||
Consumer loans | 231 | 443 | 2 | 249 | 9 | ||||||||||
Total Personal Banking | 3,535 | 5,969 | 24 | 3,933 | 128 | ||||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 10,720 | 12,239 | 310 | 11,504 | 242 | ||||||||||
Commercial loans | 247 | 266 | — | 247 | 3 | ||||||||||
Total Business Banking | 10,967 | 12,505 | 310 | 11,751 | 245 | ||||||||||
Total | $ | 14,502 | 18,474 | 334 | 15,684 | 373 |
Carrying value | Outstanding principal balance | Related impairment reserve | Average recorded investment in impaired loans | Interest income recognized | |||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ | 1,981 | 2,910 | 14 | 2,083 | 41 | |||||||||
Home equity loans | 2,084 | 3,455 | 6 | 2,222 | 51 | ||||||||||
Consumer loans | 267 | 492 | 2 | 305 | 18 | ||||||||||
Total Personal Banking | 4,332 | 6,857 | 22 | 4,610 | 110 | ||||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 12,288 | 13,946 | 353 | 12,867 | 249 | ||||||||||
Commercial loans | 247 | 266 | — | 335 | 18 | ||||||||||
Total Business Banking | 12,535 | 14,212 | 353 | 13,202 | 267 | ||||||||||
Total | $ | 16,867 | 21,069 | 375 | 17,812 | 377 |
Balance March 31, 2016 | Current period provision | Charge-offs | Recoveries | Balance December 31, 2015 | |||||||||||
Originated loans: | |||||||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ | 4,257 | 3 | (489 | ) | 51 | 4,692 | ||||||||
Home equity loans | 3,409 | (273 | ) | (298 | ) | 39 | 3,941 | ||||||||
Consumer loans | 7,294 | 1,639 | (2,226 | ) | 393 | 7,488 | |||||||||
Total Personal Banking | 14,960 | 1,369 | (3,013 | ) | 483 | 16,121 | |||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 29,867 | (4,205 | ) | (184 | ) | 1,908 | 32,348 | ||||||||
Commercial loans | 14,923 | 2,440 | (112 | ) | 94 | 12,501 | |||||||||
Total Business Banking | 44,790 | (1,765 | ) | (296 | ) | 2,002 | 44,849 | ||||||||
Total originated loans | 59,750 | (396 | ) | (3,309 | ) | 2,485 | 60,970 | ||||||||
Acquired loans: | |||||||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | 8 | 37 | (75 | ) | 28 | 18 | |||||||||
Home equity loans | 298 | 738 | (686 | ) | 145 | 101 | |||||||||
Consumer loans | 199 | 214 | (177 | ) | 52 | 110 | |||||||||
Total Personal Banking | 505 | 989 | (938 | ) | 225 | 229 | |||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 1,735 | 813 | (713 | ) | 196 | 1,439 | |||||||||
Commercial loans | 288 | 254 | (5 | ) | 5 | 34 | |||||||||
Total Business Banking | 2,023 | 1,067 | (718 | ) | 201 | 1,473 | |||||||||
Total acquired loans | 2,528 | 2,056 | (1,656 | ) | 426 | 1,702 | |||||||||
Total | $ | 62,278 | 1,660 | (4,965 | ) | 2,911 | 62,672 |
Balance March 31, 2015 | Current period provision | Charge-offs | Recoveries | Balance December 31, 2014 | |||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ | 5,077 | (282 | ) | (335 | ) | 113 | 5,581 | |||||||
Home equity loans | 4,043 | (213 | ) | (342 | ) | 48 | 4,550 | ||||||||
Consumer loans | 5,835 | 1,270 | (1,940 | ) | 387 | 6,118 | |||||||||
Total Personal Banking | 14,955 | 775 | (2,617 | ) | 548 | 16,249 | |||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 33,252 | 242 | (1,113 | ) | 734 | 33,389 | |||||||||
Commercial loans | 15,113 | 270 | (724 | ) | 2,052 | 13,515 | |||||||||
Total Business Banking | 48,365 | 512 | (1,837 | ) | 2,786 | 46,904 | |||||||||
Unallocated | 3,978 | (387 | ) | — | — | 4,365 | |||||||||
Total | $ | 67,298 | 900 | (4,454 | ) | 3,334 | 67,518 |
Total loans receivable | Allowance for loan losses | Nonaccrual loans (1) | Loans past due 90 days or more and still accruing (2) | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | |||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 2,770,363 | 4,265 | 18,300 | 4 | 6,842 | 1,185 | — | |||||||||||||
Home equity loans | 1,169,821 | 3,707 | 7,663 | — | 2,048 | 501 | — | ||||||||||||||
Consumer loans | 525,537 | 7,493 | 2,896 | 766 | — | — | — | ||||||||||||||
Total Personal Banking | 4,465,721 | 15,465 | 28,859 | 770 | 8,890 | 1,686 | — | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 2,360,863 | 31,602 | 35,995 | 124 | 27,630 | 2,180 | 384 | ||||||||||||||
Commercial loans | 467,418 | 15,211 | 9,298 | — | 11,728 | 2,054 | 81 | ||||||||||||||
Total Business Banking | 2,828,281 | 46,813 | 45,293 | 124 | 39,358 | 4,234 | 465 | ||||||||||||||
Total | $ | 7,294,002 | 62,278 | 74,152 | 894 | 48,248 | 5,920 | 465 |
(1) | Includes $17.7 million of nonaccrual TDRs. |
(2) | Represents loans 90 days past maturity and still accruing. |
Total loans receivable | Allowance for loan losses | Nonaccrual loans (1) | Loans past due 90 days or more and still accruing (2) | TDRs | Allowance related to TDRs | Additional commitments to customers with loans classified as TDRs | |||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 2,740,892 | 4,710 | 19,772 | 4 | 6,360 | 1,189 | — | |||||||||||||
Home equity loans | 1,187,106 | 4,042 | 7,522 | — | 2,298 | 605 | — | ||||||||||||||
Consumer loans | 520,289 | 7,598 | 3,452 | 976 | — | — | — | ||||||||||||||
Total Personal Banking | 4,448,287 | 16,350 | 30,746 | 980 | 8,658 | 1,794 | — | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 2,351,434 | 33,787 | 33,421 | 206 | 31,970 | 2,257 | 241 | ||||||||||||||
Commercial loans | 422,400 | 12,535 | 7,495 | 148 | 10,487 | 631 | 79 | ||||||||||||||
Total Business Banking | 2,773,834 | 46,322 | 40,916 | 354 | 42,457 | 2,888 | 320 | ||||||||||||||
Total | $ | 7,222,121 | 62,672 | 71,662 | 1,334 | 51,115 | 4,682 | 320 |
(1) | Includes $21.1 million of nonaccrual TDRs. |
(2) | Represents loans 90 days past maturity and still accruing. |
Pennsylvania | New York | Ohio | Maryland | Other | Total | |||||||||||||
Loans receivable: | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | $ | 2,334,241 | 177,196 | 71,832 | 127,886 | 59,208 | 2,770,363 | |||||||||||
Home equity loans | 865,855 | 123,215 | 151,288 | 24,550 | 4,913 | 1,169,821 | ||||||||||||
Consumer loans | 256,254 | 11,997 | 107,090 | 1,798 | 148,398 | 525,537 | ||||||||||||
Total Personal Banking | 3,456,350 | 312,408 | 330,210 | 154,234 | 212,519 | 4,465,721 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 962,835 | 775,578 | 440,982 | 120,771 | 60,697 | 2,360,863 | ||||||||||||
Commercial loans | 321,533 | 54,186 | 74,000 | 6,888 | 10,811 | 467,418 | ||||||||||||
Total Business Banking | 1,284,368 | 829,764 | 514,982 | 127,659 | 71,508 | 2,828,281 | ||||||||||||
Total | $ | 4,740,718 | 1,142,172 | 845,192 | 281,893 | 284,027 | 7,294,002 | |||||||||||
Percentage of total loans receivable | 65.0 | % | 15.6 | % | 11.6 | % | 3.9 | % | 3.9 | % | 100.0 | % |
Pennsylvania | New York | Ohio | Maryland | Other | Total | |||||||||||||
Loans 90 or more days delinquent: (1) | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | $ | 9,580 | 1,501 | 983 | 1,578 | 1,031 | 14,673 | |||||||||||
Home equity loans | 3,167 | 738 | 1,362 | 933 | — | 6,200 | ||||||||||||
Consumer loans | 2,158 | 101 | 17 | — | 110 | 2,386 | ||||||||||||
Total Personal Banking | 14,905 | 2,340 | 2,362 | 2,511 | 1,141 | 23,259 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 7,900 | 2,379 | 4,535 | 122 | 506 | 15,442 | ||||||||||||
Commercial loans | 2,154 | 749 | 392 | 161 | — | 3,456 | ||||||||||||
Total Business Banking | 10,054 | 3,128 | 4,927 | 283 | 506 | 18,898 | ||||||||||||
Total | $ | 24,959 | 5,468 | 7,289 | 2,794 | 1,647 | 42,157 | |||||||||||
Percentage of total loans 90 or more days delinquent | 59.2 | % | 13.0 | % | 17.3 | % | 6.6 | % | 3.9 | % | 100.0 | % |
(1) | Includes $3.1 million of acquired loans considered accruing. |
Pennsylvania | New York | Ohio | Maryland | Other | Total | |||||||||||||
Loans receivable: | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | $ | 2,310,860 | 171,790 | 70,209 | 129,129 | 58,904 | 2,740,892 | |||||||||||
Home equity loans | 879,447 | 124,291 | 154,003 | 24,458 | 4,907 | 1,187,106 | ||||||||||||
Consumer loans | 260,170 | 12,244 | 102,034 | 1,870 | 143,971 | 520,289 | ||||||||||||
Total Personal Banking | 3,450,477 | 308,325 | 326,246 | 155,457 | 207,782 | 4,448,287 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 965,090 | 749,435 | 453,180 | 122,775 | 60,954 | 2,351,434 | ||||||||||||
Commercial loans | 284,611 | 53,420 | 68,327 | 5,662 | 10,380 | 422,400 | ||||||||||||
Total Business Banking | 1,249,701 | 802,855 | 521,507 | 128,437 | 71,334 | 2,773,834 | ||||||||||||
Total | $ | 4,700,178 | 1,111,180 | 847,753 | 283,894 | 279,116 | 7,222,121 | |||||||||||
Percentage of total loans receivable | 65.1 | % | 15.4 | % | 11.7 | % | 3.9 | % | 3.9 | % | 100.0 | % |
Pennsylvania | New York | Ohio | Maryland | Other | Total | |||||||||||||
Loans 90 or more days delinquent: (1) | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | $ | 10,998 | 1,801 | 1,308 | 1,341 | 902 | 16,350 | |||||||||||
Home equity loans | 3,204 | 639 | 1,294 | 975 | — | 6,112 | ||||||||||||
Consumer loans | 2,780 | 90 | 24 | — | 32 | 2,926 | ||||||||||||
Total Personal Banking | 16,982 | 2,530 | 2,626 | 2,316 | 934 | 25,388 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 10,439 | 3,012 | 4,823 | 251 | 506 | 19,031 | ||||||||||||
Commercial loans | 1,582 | 859 | 158 | — | — | 2,599 | ||||||||||||
Total Business Banking | 12,021 | 3,871 | 4,981 | 251 | 506 | 21,630 | ||||||||||||
Total | $ | 29,003 | 6,401 | 7,607 | 2,567 | 1,440 | 47,018 | |||||||||||
Percentage of total loans 90 or more days delinquent | 61.6 | % | 13.6 | % | 16.2 | % | 5.5 | % | 3.1 | % | 100.0 | % |
(1) | Includes $3.8 million of acquired loans considered accruing. |
Nonaccrual loans 90 or more days delinquent | Nonaccrual loans less than 90 days delinquent | Loans less than 90 days delinquent reviewed for impairment | TDRs less than 90 days delinquent not included elsewhere | Total impaired loans | Average recorded investment in impaired loans | Interest income recognized on impaired loans | |||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 14,301 | 3,999 | — | 5,759 | 24,059 | 24,770 | 278 | |||||||||||||
Home equity loans | 5,922 | 1,741 | — | 1,651 | 9,314 | 9,748 | 122 | ||||||||||||||
Consumer loans | 2,360 | 536 | — | — | 2,896 | 3,333 | 38 | ||||||||||||||
Total Personal Banking | 22,583 | 6,276 | — | 7,410 | 36,269 | 37,851 | 438 | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 13,165 | 22,830 | 19,487 | 14,983 | 70,465 | 76,887 | 839 | ||||||||||||||
Commercial loans | 3,314 | 5,984 | 2,421 | 4,055 | 15,774 | 14,891 | 251 | ||||||||||||||
Total Business Banking | 16,479 | 28,814 | 21,908 | 19,038 | 86,239 | 91,778 | 1,090 | ||||||||||||||
Total | $ | 39,062 | 35,090 | 21,908 | 26,448 | 122,508 | 129,629 | 1,528 |
Nonaccrual loans 90 or more days delinquent | Nonaccrual loans less than 90 days delinquent | Loans less than 90 days delinquent reviewed for impairment | TDRs less than 90 days delinquent not included elsewhere | Total impaired loans | Average recorded investment in impaired loans | Interest income recognized on impaired loans | |||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 15,810 | 3,962 | — | 5,086 | 24,858 | 24,554 | 944 | |||||||||||||
Home equity loans | 5,650 | 1,872 | — | 1,847 | 9,369 | 9,644 | 497 | ||||||||||||||
Consumer loans | 2,900 | 552 | — | — | 3,452 | 2,977 | 101 | ||||||||||||||
Total Personal Banking | 24,360 | 6,386 | — | 6,933 | 37,679 | 37,175 | 1,542 | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 16,449 | 16,972 | 16,121 | 16,467 | 66,009 | 77,166 | 3,226 | ||||||||||||||
Commercial loans | 2,459 | 5,036 | 2,014 | 4,654 | 14,163 | 16,187 | 694 | ||||||||||||||
Total Business Banking | 18,908 | 22,008 | 18,135 | 21,121 | 80,172 | 93,353 | 3,920 | ||||||||||||||
Total | $ | 43,268 | 28,394 | 18,135 | 28,054 | 117,851 | 130,528 | 5,462 |
Loans collectively evaluated for impairment | Loans individually evaluated for impairment | Loans individually evaluated for impairment for which there is a related impairment reserve | Related impairment reserve | Loans individually evaluated for impairment for which there is no related reserve | |||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ | 2,762,834 | 7,529 | 7,529 | 1,203 | — | |||||||||
Home equity loans | 1,167,773 | 2,048 | 2,048 | 601 | — | ||||||||||
Consumer loans | 525,441 | 96 | 96 | 22 | — | ||||||||||
Total Personal Banking | 4,456,048 | 9,673 | 9,673 | 1,826 | — | ||||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 2,311,452 | 49,411 | 31,968 | 2,674 | 17,443 | ||||||||||
Commercial loans | 455,146 | 12,272 | 8,922 | 973 | 3,350 | ||||||||||
Total Business Banking | 2,766,598 | 61,683 | 40,890 | 3,647 | 20,793 | ||||||||||
Total | $ | 7,222,646 | 71,356 | 50,563 | 5,473 | 20,793 |
Loans collectively evaluated for impairment | Loans individually evaluated for impairment | Loans individually evaluated for impairment for which there is a related impairment reserve | Related impairment reserve | Loans individually evaluated for impairment for which there is no related reserve | |||||||||||
Personal Banking: | |||||||||||||||
Residential mortgage loans | $ | 2,733,741 | 7,151 | 7,151 | 1,189 | — | |||||||||
Home equity loans | 1,184,808 | 2,298 | 2,298 | 605 | — | ||||||||||
Consumer loans | 520,159 | 130 | 130 | 50 | — | ||||||||||
Total Personal Banking | 4,438,708 | 9,579 | 9,579 | 1,844 | — | ||||||||||
Business Banking: | |||||||||||||||
Commercial real estate loans | 2,297,599 | 53,835 | 35,937 | 2,675 | 17,898 | ||||||||||
Commercial loans | 411,342 | 11,058 | 7,673 | 489 | 3,385 | ||||||||||
Total Business Banking | 2,708,941 | 64,893 | 43,610 | 3,164 | 21,283 | ||||||||||
Total | $ | 7,147,649 | 74,472 | 53,189 | 5,008 | 21,283 |
For the quarters ended March 31, | |||||||||||||
2016 | 2015 | ||||||||||||
Number of contracts | Amount | Number of contracts | Amount | ||||||||||
Beginning TDR balance: | 227 | $ | 51,115 | 248 | $ | 61,788 | |||||||
New TDRs | 9 | 3,349 | 2 | 112 | |||||||||
Re-modified TDRs | 1 | 200 | 1 | 85 | |||||||||
Net paydowns | (1,483 | ) | (823 | ) | |||||||||
Charge-offs: | |||||||||||||
Residential mortgage loans | — | — | — | — | |||||||||
Home equity loans | — | — | 2 | (31 | ) | ||||||||
Commercial real estate loans | — | — | 1 | (14 | ) | ||||||||
Commercial loans | 1 | (43 | ) | 2 | (387 | ) | |||||||
Paid-off loans: | |||||||||||||
Residential mortgage loans | — | — | — | — | |||||||||
Home equity loans | 2 | (231 | ) | 1 | (6 | ) | |||||||
Commercial real estate loans | 4 | (4,521 | ) | 2 | (79 | ) | |||||||
Commercial loans | 2 | (138 | ) | — | — | ||||||||
Ending TDR balance: | 227 | $ | 48,248 | 242 | $ | 60,645 | |||||||
Accruing TDRs | $ | 30,549 | $ | 40,802 | |||||||||
Non-accrual TDRs | 17,699 | 19,843 |
For the quarter ended March 31, 2016 | ||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | |||||||||
Troubled debt restructurings: | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | 3 | $ | 507 | 505 | 46 | |||||||
Home equity loans | 1 | 56 | 55 | 13 | ||||||||
Consumer loans | — | — | — | — | ||||||||
Total Personal Banking | 4 | 563 | 560 | 59 | ||||||||
Business Banking: | ||||||||||||
Commercial real estate loans | 2 | 1,284 | 1,284 | 269 | ||||||||
Commercial loans | 4 | 1,702 | 1,689 | 538 | ||||||||
Total Business Banking | 6 | 2,986 | 2,973 | 807 | ||||||||
Total | 10 | $ | 3,549 | 3,533 | 866 |
For the quarter ended March 31, 2015 | ||||||||||||
Number of contracts | Recorded investment at the time of modification | Current recorded investment | Current allowance | |||||||||
Troubled debt restructurings: | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | 2 | $ | 112 | 112 | 1 | |||||||
Home equity loans | 1 | 85 | 84 | 17 | ||||||||
Consumer loans | — | — | — | — | ||||||||
Total Personal Banking | 3 | 197 | 196 | 18 | ||||||||
Business Banking: | ||||||||||||
Commercial real estate loans | — | — | — | — | ||||||||
Commercial loans | — | — | — | — | ||||||||
Total Business Banking | — | — | — | — | ||||||||
Total | 3 | $ | 197 | 196 | 18 | |||||||
Troubled debt restructurings modified within the previous twelve months that have subsequently defaulted: | ||||||||||||
Personal Banking: | ||||||||||||
Residential mortgage loans | — | $ | — | — | — | |||||||
Home equity loans | — | — | — | — | ||||||||
Consumer loans | — | — | — | — | ||||||||
Total Personal Banking | — | — | — | — | ||||||||
Business Banking: | ||||||||||||
Commercial real estate loans | — | — | — | — | ||||||||
Commercial loans | 1 | 50 | — | — | ||||||||
Total Business Banking | 1 | 50 | — | — | ||||||||
Total | 1 | $ | 50 | — | — |
Type of modification | ||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | |||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | 3 | $ | 364 | — | 93 | 48 | 505 | |||||||||||
Home equity loans | 1 | 55 | — | — | — | 55 | ||||||||||||
Consumer loans | — | — | — | — | — | — | ||||||||||||
Total Personal Banking | 4 | 419 | — | 93 | 48 | 560 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 2 | — | — | — | 1,284 | 1,284 | ||||||||||||
Commercial loans | 4 | — | 863 | — | 826 | 1,689 | ||||||||||||
Total Business Banking | 6 | — | 863 | — | 2,110 | 2,973 | ||||||||||||
Total | 10 | $ | 419 | 863 | 93 | 2,158 | 3,533 |
Type of modification | ||||||||||||||||||
Number of contracts | Rate | Payment | Maturity date | Other | Total | |||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | 2 | $ | — | — | 112 | — | 112 | |||||||||||
Home equity loans | 1 | 84 | — | — | — | 84 | ||||||||||||
Consumer loans | — | — | — | — | — | — | ||||||||||||
Total Personal Banking | 3 | 84 | — | 112 | — | 196 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | — | — | — | — | — | — | ||||||||||||
Commercial loans | — | — | — | — | — | — | ||||||||||||
Total Business Banking | — | — | — | — | — | — | ||||||||||||
Total | 3 | $ | 84 | — | 112 | — | 196 |
Number of | Type of re-modification | |||||||||||||||||
re-modified TDRs | Rate | Payment | Maturity date | Other | Total | |||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | — | — | |||||||||||
Home equity loans | — | — | — | — | — | — | ||||||||||||
Consumer loans | — | — | — | — | — | — | ||||||||||||
Total Personal Banking | — | — | — | — | — | — | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 1 | — | — | — | 200 | 200 | ||||||||||||
Commercial loans | — | — | — | — | — | — | ||||||||||||
Total Business Banking | 1 | — | — | — | 200 | 200 | ||||||||||||
Total | 1 | $ | — | — | — | 200 | 200 |
Number of | Type of re-modification | |||||||||||||||||
re-modified TDRs | Rate | Payment | Maturity date | Other | Total | |||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | — | $ | — | — | — | — | — | |||||||||||
Home equity loans | 1 | 84 | — | — | — | 84 | ||||||||||||
Consumer loans | — | — | — | — | — | — | ||||||||||||
Total Personal Banking | 1 | 84 | — | — | — | 84 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | — | — | — | — | — | — | ||||||||||||
Commercial loans | — | — | — | — | — | — | ||||||||||||
Total Business Banking | — | — | — | — | — | — | ||||||||||||
Total | 1 | $ | 84 | — | — | — | 84 |
30-59 Days delinquent | 60-89 Days delinquent | 90 Days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 Days or greater delinquent and accruing (1) | |||||||||||||||
Originated loans: | |||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 23,633 | 1,308 | 14,213 | 39,154 | 2,686,906 | 2,726,060 | — | |||||||||||||
Home equity loans | 4,339 | 1,058 | 5,111 | 10,508 | 1,031,281 | 1,041,789 | — | ||||||||||||||
Consumer loans | 4,761 | 1,652 | 2,251 | 8,664 | 337,077 | 345,741 | — | ||||||||||||||
Total Personal Banking | 32,733 | 4,018 | 21,575 | 58,326 | 4,055,264 | 4,113,590 | — | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 23,102 | 1,081 | 11,597 | 35,780 | 1,926,351 | 1,962,131 | — | ||||||||||||||
Commercial loans | 3,133 | 375 | 3,069 | 6,577 | 401,023 | 407,600 | — | ||||||||||||||
Total Business Banking | 26,235 | 1,456 | 14,666 | 42,357 | 2,327,374 | 2,369,731 | — | ||||||||||||||
Total originated loans | 58,968 | 5,474 | 36,241 | 100,683 | 6,382,638 | 6,483,321 | — | ||||||||||||||
Acquired loans: | |||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | 861 | 50 | 460 | 1,371 | 42,932 | 44,303 | 372 | ||||||||||||||
Home equity loans | 1,012 | 198 | 1,089 | 2,299 | 125,733 | 128,032 | 278 | ||||||||||||||
Consumer loans | 750 | 151 | 135 | 1,036 | 178,760 | 179,796 | 26 | ||||||||||||||
Total Personal Banking | 2,623 | 399 | 1,684 | 4,706 | 347,425 | 352,131 | 676 | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 4,372 | — | 3,845 | 8,217 | 390,515 | 398,732 | 2,277 | ||||||||||||||
Commercial loans | — | — | 387 | 387 | 59,431 | 59,818 | 142 | ||||||||||||||
Total Business Banking | 4,372 | — | 4,232 | 8,604 | 449,946 | 458,550 | 2,419 | ||||||||||||||
Total acquired loans | 6,995 | 399 | 5,916 | 13,310 | 797,371 | 810,681 | 3,095 | ||||||||||||||
Total loans | $ | 65,963 | 5,873 | 42,157 | 113,993 | 7,180,009 | 7,294,002 | 3,095 |
(1) | Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. |
30-59 Days delinquent | 60-89 Days delinquent | 90 Days or greater delinquent | Total delinquency | Current | Total loans receivable | 90 Days or greater delinquent and accruing (1) | |||||||||||||||
Originated loans: | |||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 25,503 | 7,541 | 15,564 | 48,608 | 2,646,568 | 2,695,176 | — | |||||||||||||
Home equity loans | 4,870 | 1,836 | 5,251 | 11,957 | 1,043,950 | 1,055,907 | — | ||||||||||||||
Consumer loans | 6,092 | 2,340 | 2,857 | 11,289 | 301,085 | 312,374 | — | ||||||||||||||
Total Personal Banking | 36,465 | 11,717 | 23,672 | 71,854 | 3,991,603 | 4,063,457 | — | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 22,212 | 6,875 | 14,942 | 44,029 | 1,891,128 | 1,935,157 | — | ||||||||||||||
Commercial loans | 1,703 | 598 | 2,449 | 4,750 | 356,658 | 361,408 | — | ||||||||||||||
Total Business Banking | 23,915 | 7,473 | 17,391 | 48,779 | 2,247,786 | 2,296,565 | — | ||||||||||||||
Total originated loan | 60,380 | 19,190 | 41,063 | 120,633 | 6,239,389 | 6,360,022 | — | ||||||||||||||
Acquired loans: | |||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||
Residential mortgage loans | $ | 440 | 249 | 786 | 1,475 | 44,241 | 45,716 | 540 | |||||||||||||
Home equity loans | 936 | 642 | 861 | 2,439 | 128,760 | 131,199 | 462 | ||||||||||||||
Consumer loans | 1,009 | 181 | 69 | 1,259 | 206,656 | 207,915 | 26 | ||||||||||||||
Total Personal Banking | 2,385 | 1,072 | 1,716 | 5,173 | 379,657 | 384,830 | 1,028 | ||||||||||||||
Business Banking: | |||||||||||||||||||||
Commercial real estate loans | 2,665 | 1,353 | 4,089 | 8,107 | 408,170 | 416,277 | 2,582 | ||||||||||||||
Commercial loans | 1,165 | — | 150 | 1,315 | 59,677 | 60,992 | 140 | ||||||||||||||
Total Business Banking | 3,830 | 1,353 | 4,239 | 9,422 | 467,847 | 477,269 | 2,722 | ||||||||||||||
Total acquired loan | 6,215 | 2,425 | 5,955 | 14,595 | 847,504 | 862,099 | 3,750 | ||||||||||||||
Total | $ | 66,595 | 21,615 | 47,018 | 135,228 | 7,086,893 | 7,222,121 | 3,750 |
Pass | Special mention | Substandard | Doubtful | Loss | Total loans receivable | |||||||||||||
Originated loans: | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | $ | 2,711,482 | — | 13,261 | — | 1,317 | 2,726,060 | |||||||||||
Home equity loans | 1,034,439 | — | 7,350 | — | — | 1,041,789 | ||||||||||||
Consumer loans | 343,672 | — | 2,069 | — | — | 345,741 | ||||||||||||
Total Personal Banking | 4,089,593 | — | 22,680 | — | 1,317 | 4,113,590 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 1,790,699 | 56,733 | 114,684 | 15 | — | 1,962,131 | ||||||||||||
Commercial loans | 351,694 | 15,716 | 39,078 | 1,112 | — | 407,600 | ||||||||||||
Total Business Banking | 2,142,393 | 72,449 | 153,762 | 1,127 | — | 2,369,731 | ||||||||||||
Total originated loans | 6,231,986 | 72,449 | 176,442 | 1,127 | 1,317 | 6,483,321 | ||||||||||||
Acquired loans: | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | 43,843 | — | 460 | — | — | 44,303 | ||||||||||||
Home equity loans | 126,943 | — | 1,089 | — | — | 128,032 | ||||||||||||
Consumer loans | 179,661 | — | 135 | — | — | 179,796 | ||||||||||||
Total Personal Banking | 350,447 | — | 1,684 | — | — | 352,131 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 376,411 | 6,962 | 15,359 | — | — | 398,732 | ||||||||||||
Commercial loans | 58,300 | 709 | 809 | — | — | 59,818 | ||||||||||||
Total Business Banking | 434,711 | 7,671 | 16,168 | — | — | 458,550 | ||||||||||||
Total acquired loans | 785,158 | 7,671 | 17,852 | — | — | 810,681 | ||||||||||||
Total loans | $ | 7,017,144 | 80,120 | 194,294 | 1,127 | 1,317 | 7,294,002 |
Pass | Special mention | Substandard | Doubtful | Loss | Total loans receivable | |||||||||||||
Originated loans: | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | $ | 2,680,562 | — | 13,274 | — | 1,340 | 2,695,176 | |||||||||||
Home equity loans | 1,048,397 | — | 7,510 | — | — | 1,055,907 | ||||||||||||
Consumer loans | 309,900 | — | 2,474 | — | — | 312,374 | ||||||||||||
Total Personal Banking | 4,038,859 | — | 23,258 | — | 1,340 | 4,063,457 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 1,778,140 | 46,518 | 110,384 | 115 | — | 1,935,157 | ||||||||||||
Commercial loans | 299,455 | 23,023 | 37,820 | 1,110 | — | 361,408 | ||||||||||||
Total Business Banking | 2,077,595 | 69,541 | 148,204 | 1,225 | — | 2,296,565 | ||||||||||||
Total originated loans | 6,116,454 | 69,541 | 171,462 | 1,225 | 1,340 | 6,360,022 | ||||||||||||
Acquired loans: | ||||||||||||||||||
Personal Banking: | ||||||||||||||||||
Residential mortgage loans | 44,930 | — | 786 | — | — | 45,716 | ||||||||||||
Home equity loans | 130,338 | — | 861 | — | — | 131,199 | ||||||||||||
Consumer loans | 207,846 | — | 69 | — | — | 207,915 | ||||||||||||
Total Personal Banking | 383,114 | — | 1,716 | — | — | 384,830 | ||||||||||||
Business Banking: | ||||||||||||||||||
Commercial real estate loans | 392,811 | 6,872 | 16,594 | — | — | 416,277 | ||||||||||||
Commercial loans | 59,948 | 707 | 337 | — | — | 60,992 | ||||||||||||
Total Business Banking | 452,759 | 7,579 | 16,931 | — | — | 477,269 | ||||||||||||
Total acquired loans | 835,873 | 7,579 | 18,647 | — | — | 862,099 | ||||||||||||
Total | $ | 6,952,327 | 77,120 | 190,109 | 1,225 | 1,340 | 7,222,121 |
(5) | Goodwill and Other Intangible Assets |
March 31, 2016 | December 31, 2015 | |||||
Amortizable intangible assets: | ||||||
Core deposit intangibles — gross | $ | 37,953 | 30,578 | |||
Acquisitions | — | 7,375 | ||||
Less: accumulated amortization | (31,653 | ) | (31,192 | ) | ||
Core deposit intangibles — net | 6,300 | 6,761 | ||||
Customer and Contract intangible assets — gross | 8,496 | 8,234 | ||||
Acquisitions | 91 | 262 | ||||
Less: accumulated amortization | (6,489 | ) | (6,275 | ) | ||
Customer and Contract intangible assets — net | $ | 2,098 | 2,221 |
For the quarter ended March 31, 2016 | $ | 675 | |
For the quarter ended March 31, 2015 | 268 | ||
For the year ending December 31, 2016 | 2,614 | ||
For the year ending December 31, 2017 | 2,109 | ||
For the year ending December 31, 2018 | 1,674 | ||
For the year ending December 31, 2019 | 1,239 | ||
For the year ending December 31, 2020 | 804 | ||
For the year ending December 31, 2021 | 455 |
Community Banking | Consumer Finance | Total | |||||||
Balance at December 31, 2014 | $ | 173,710 | 1,613 | 175,323 | |||||
Goodwill acquired | 86,413 | — | 86,413 | ||||||
Impairment losses | — | — | — | ||||||
Balance at December 31, 2015 | 260,123 | 1,613 | 261,736 | ||||||
Goodwill acquired | — | — | — | ||||||
Impairment losses | — | — | — | ||||||
Balance at March 31, 2016 | $ | 260,123 | 1,613 | 261,736 |
(6) | Guarantees |
(7) | Earnings Per Share |
Quarter ended March 31, | ||||||
2016 | 2015 | |||||
Reported net income | $ | 17,984 | 16,170 | |||
Weighted average common shares outstanding | 98,889,744 | 91,634,064 | ||||
Dilutive potential shares due to effect of stock options | 490,265 | 268,007 | ||||
Total weighted average common shares and dilutive potential shares | 99,380,009 | 91,902,071 | ||||
Basic earnings per share: | $ | 0.18 | 0.18 | |||
Diluted earnings per share: | $ | 0.18 | 0.18 |
(8) | Pension and Other Post-retirement Benefits |
Quarter ended March 31, | ||||||||||||
Pension benefits | Other post-retirement benefits | |||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||
Service cost | $ | 1,374 | 1,430 | — | — | |||||||
Interest cost | 1,696 | 1,531 | 17 | 15 | ||||||||
Expected return on plan assets | (2,474 | ) | (2,593 | ) | — | — | ||||||
Amortization of prior service cost | (581 | ) | (581 | ) | — | — | ||||||
Amortization of the net loss | 927 | 925 | 23 | 15 | ||||||||
Net periodic (benefit)/ cost | $ | 942 | 712 | 40 | 30 |
(9) | Disclosures About Fair Value of Financial Instruments |
• | Level 1 — Financial assets and liabilities for which inputs are observable and are obtained from reliable quoted prices for identical assets or liabilities in actively traded markets. This is the most reliable fair value measurement and includes, for example, active exchange-traded equity securities. |
• | Level 2 — Financial assets and liabilities for which values are based on quoted prices in markets that are not active or for which values are based on similar assets or liabilities that are actively traded. Level 2 also includes pricing models in which the inputs are corroborated by market data, for example, matrix pricing. |
• | Level 3 — Financial assets and liabilities for which values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Level 3 inputs include the following: |
• | Quotes from brokers or other external sources that are not considered binding; |
• | Quotes from brokers or other external sources where it cannot be determined that market participants would in fact transact for the asset or liability at the quoted price; |
• | Quotes and other information from brokers or other external sources where the inputs are not deemed observable. |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 163,321 | 163,321 | 163,321 | — | — | |||||||||
Securities available-for-sale | 783,940 | 783,940 | 1,856 | 773,494 | 8,590 | ||||||||||
Securities held-to-maturity | 27,764 | 28,611 | — | 28,611 | — | ||||||||||
Loans receivable, net | 7,231,724 | 7,619,094 | 8,952 | — | 7,610,142 | ||||||||||
Accrued interest receivable | 21,712 | 21,712 | 21,712 | — | — | ||||||||||
FHLB Stock | 35,539 | 35,539 | — | — | — | ||||||||||
Total financial assets | $ | 8,264,000 | 8,652,217 | 195,841 | 802,105 | 7,618,732 | |||||||||
Financial liabilities: | |||||||||||||||
Savings and checking deposits | $ | 5,030,655 | 5,030,655 | 5,030,655 | — | — | |||||||||
Time deposits | 1,639,406 | 1,655,903 | — | — | 1,655,903 | ||||||||||
Borrowed funds | 857,754 | 877,163 | 142,424 | — | 734,739 | ||||||||||
Junior subordinated debentures | 111,213 | 116,211 | — | — | 116,211 | ||||||||||
Cash flow hedges - swaps | 4,492 | 4,492 | — | 4,492 | — | ||||||||||
Accrued interest payable | 1,894 | 1,894 | 1,894 | — | — | ||||||||||
Total financial liabilities | $ | 7,645,414 | 7,686,318 | 5,174,973 | 4,492 | 2,506,853 |
Carrying amount | Estimated fair value | Level 1 | Level 2 | Level 3 | |||||||||||
Financial assets: | |||||||||||||||
Cash and cash equivalents | $ | 167,408 | 167,408 | 167,408 | — | — | |||||||||
Securities available-for-sale | 874,405 | 874,405 | 1,894 | 863,556 | 8,955 | ||||||||||
Securities held-to-maturity | 31,689 | 32,552 | — | 32,552 | — | ||||||||||
Loans receivable, net | 7,159,449 | 7,482,431 | — | — | 7,482,431 | ||||||||||
Accrued interest receivable | 21,072 | 21,072 | 21,072 | — | — | ||||||||||
FHLB Stock | 40,903 | 40,903 | — | — | — | ||||||||||
Total financial assets | $ | 8,294,926 | 8,618,771 | 190,374 | 896,108 | 7,491,386 | |||||||||
Financial liabilities: | |||||||||||||||
Savings and checking accounts | $ | 4,917,863 | 4,917,863 | 4,917,863 | — | — | |||||||||
Time deposits | 1,694,718 | 1,710,388 | — | — | 1,710,388 | ||||||||||
Borrowed funds | 975,007 | 998,527 | 118,664 | — | 879,863 | ||||||||||
Junior subordinated debentures | 111,213 | 115,268 | — | — | 115,268 | ||||||||||
Cash flow hedges - swaps | 4,276 | 4,276 | — | 4,276 | — | ||||||||||
Accrued interest payable | 1,993 | 1,993 | 1,993 | — | — | ||||||||||
Total financial liabilities | $ | 7,705,070 | 7,748,315 | 5,038,520 | 4,276 | 2,705,519 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||
Equity securities | $ | 1,856 | — | — | 1,856 | |||||||
Debt securities: | ||||||||||||
U.S. government and agencies | — | 10 | — | 10 | ||||||||
Government sponsored enterprises | — | 232,448 | — | 232,448 | ||||||||
States and political subdivisions | — | 78,935 | — | 78,935 | ||||||||
Corporate | — | 7,751 | 8,590 | 16,341 | ||||||||
Total debt securities | — | 319,144 | 8,590 | 327,734 | ||||||||
Residential mortgage-backed securities: | ||||||||||||
GNMA | — | 26,008 | — | 26,008 | ||||||||
FNMA | — | 94,117 | — | 94,117 | ||||||||
FHLMC | — | 47,010 | — | 47,010 | ||||||||
Non-agency | — | 600 | — | 600 | ||||||||
Collateralized mortgage obligations: | ||||||||||||
GNMA | — | 9,872 | — | 9,872 | ||||||||
FNMA | — | 116,929 | — | 116,929 | ||||||||
FHLMC | — | 149,619 | — | 149,619 | ||||||||
SBA | — | 7,691 | — | 7,691 | ||||||||
Non-agency | — | 2,504 | — | 2,504 | ||||||||
Total mortgage-backed securities | — | 454,350 | — | 454,350 | ||||||||
Interest rate swaps | — | (4,492 | ) | — | (4,492 | ) | ||||||
Total assets and liabilities | $ | 1,856 | 769,002 | 8,590 | 779,448 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||
Equity securities | $ | 1,894 | — | — | 1,894 | |||||||
Debt securities: | ||||||||||||
U.S. government and agencies | — | 11 | — | 11 | ||||||||
Government sponsored enterprises | — | 294,440 | — | 294,440 | ||||||||
States and political subdivisions | — | 82,868 | — | 82,868 | ||||||||
Corporate | — | 7,520 | 8,955 | 16,475 | ||||||||
Total debt securities | — | 384,839 | 8,955 | 393,794 | ||||||||
Residential mortgage-backed securities: | ||||||||||||
GNMA | — | 27,082 | — | 27,082 | ||||||||
FNMA | — | 99,170 | — | 99,170 | ||||||||
FHLMC | — | 50,369 | — | 50,369 | ||||||||
Non-agency | — | 606 | — | 606 | ||||||||
Collateralized mortgage obligations: | ||||||||||||
GNMA | — | 10,669 | — | 10,669 | ||||||||
FNMA | — | 122,528 | — | 122,528 | ||||||||
FHLMC | — | 157,378 | — | 157,378 | ||||||||
SBA | — | 8,166 | — | 8,166 | ||||||||
Non-agency | — | 2,749 | — | 2,749 | ||||||||
Total mortgage-backed securities | — | 478,717 | — | 478,717 | ||||||||
Interest rate swaps | — | (4,276 | ) | — | (4,276 | ) | ||||||
Total assets and liabilities | $ | 1,894 | 859,280 | 8,955 | 870,129 |
Quarter ended | ||||||
March 31, 2016 | March 31, 2015 | |||||
Beginning balance | $ | 8,955 | 10,597 | |||
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): | ||||||
Included in net income as OTTI | — | — | ||||
Included in other comprehensive income | (365 | ) | (291 | ) | ||
Purchases | — | — | ||||
Sales | — | — | ||||
Transfers in to Level 3 | — | — | ||||
Transfers out of Level 3 | — | — | ||||
Ending balance | $ | 8,590 | 10,306 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||
Loans measured for impairment | $ | — | — | 45,090 | 45,090 | |||||||
Real estate owned | — | — | 6,834 | 6,834 | ||||||||
Total assets | $ | — | — | 51,924 | 51,924 |
Level 1 | Level 2 | Level 3 | Total assets at fair value | |||||||||
Loans measured for impairment | $ | — | — | 48,181 | 48,181 | |||||||
Real estate owned | — | — | 8,725 | 8,725 | ||||||||
Total assets | $ | — | — | 56,906 | 56,906 |
Fair value | Valuation techniques | Significant unobservable inputs | Range (weighted average) | ||||||
Debt securities | $ | 8,590 | Discounted cash | Discount margin | 0.35% to 2.10% (0.69%) | ||||
flow | Default rates | 1.00% | |||||||
Prepayment speeds | 1.00 annually | ||||||||
Loans measured for impairment | 45,090 | Appraisal value (1) | Estimated cost to sell | 10% | |||||
Discounted cash flow | Discount rate | 3.75% to 20.00% (10.94%) | |||||||
Real estate owned | 6,834 | Appraisal value (1) | Estimated cost to sell | 10% |
(1) | Fair value is generally determined through independent appraisals of the underlying collateral, which may include level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
(10) | Guaranteed Preferred Beneficial Interests in the Company’s Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps |
March 31, 2016 | December 31, 2015 | |||||
Fair value | $ | 4,492 | 4,276 | |||
Notional amount | 50,000 | 50,000 | ||||
Collateral posted | 4,705 | 4,705 |
(11) | Legal Proceedings |
(12) | Changes in Accumulated Other Comprehensive Income/ (Loss) |
For the quarter ended March 31, 2016 | ||||||||||||
Unrealized gains and (losses) on securities available- for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | |||||||||
Balance as of December 31, 2015 | $ | 3,325 | (2,779 | ) | (25,081 | ) | (24,535 | ) | ||||
Other comprehensive income before reclassification adjustments | 3,464 | (140 | ) | — | 3,324 | |||||||
Amounts reclassified from accumulated other comprehensive income (1), (2) | 28 | — | 225 | 253 | ||||||||
Net other comprehensive income/ (loss) | 3,492 | (140 | ) | 225 | 3,577 | |||||||
Balance as of March 31, 2016 | $ | 6,817 | (2,919 | ) | (24,856 | ) | (20,958 | ) |
For the quarter ended March 31, 2015 | ||||||||||||
Unrealized gains and (losses) on securities available- for-sale | Change in fair value of interest rate swaps | Change in defined benefit pension plans | Total | |||||||||
Balance as of December 31, 2014 | $ | 3,461 | (4,078 | ) | (23,753 | ) | (24,370 | ) | ||||
Other comprehensive income before reclassification adjustments | 2,952 | 44 | — | 2,996 | ||||||||
Amounts reclassified from accumulated other comprehensive income (3), (4) | (68 | ) | — | 219 | 151 | |||||||
Net other comprehensive income | 2,884 | 44 | 219 | 3,147 | ||||||||
Balance as of March 31, 2015 | $ | 6,345 | (4,034 | ) | (23,534 | ) | (21,223 | ) |
(1) | Consists of realized gains on securities (loss on sales of investments, net) of $(39), net of tax (income tax expense) of $11. |
(2) | Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(950), net of tax (income tax expense) of $144. See note 8. |
(3) | Consists of realized gains on securities (gain on sales of investments, net) of $111, net of tax (income tax expense) of $(43). |
(4) | Consists of amortization of prior service cost (compensation and employee benefits) of $581 and amortization of net loss (compensation and employee benefits) of $(940), net of tax (income tax expense) of $140. See note 8. |
• | changes in laws, government regulations or policies affecting financial institutions, including regulatory fees and capital requirements; |
• | general economic conditions, either nationally or in our market areas, that are different than expected; |
• | competition among other financial institutions and non-depository entities; |
• | inflation and changes in the interest rate environment that impact our margins or the fair value of financial instruments; |
• | adverse changes in the securities markets; |
• | cyber security concerns, including an interruption or breach in the security of our information systems; |
• | our ability to enter new markets successfully, capitalize on growth opportunities; |
• | managing our internal growth and our ability to successfully integrate acquired entities; |
• | changes in consumer spending, borrowing and savings habits; |
• | our ability to continue to increase and manage our business and personal loans; |
• | possible impairments of securities held by us, including those issued by government entities and government sponsored enterprises; |
• | the impact of the economy on our loan portfolio (including cash flow and collateral values), investment portfolio, customers and capital market activities; |
• | our ability to receive regulatory approvals for proposed transactions or new lines of business: |
• | the impact of the current governmental effort to restructure the U.S. financial and regulatory system; |
• | changes in the financial performance and/or condition of our borrowers; and |
• | the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Securities and Exchange Commission, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters. |
At March 31, 2016 | ||||||||||||||||||
Minimum capital | Well capitalized | |||||||||||||||||
Actual | requirements (1) | requirements (1) | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,104,502 | 16.5499 | % | 575,612 | 8.6250 | % | 709,087 | 10.6250 | % | ||||||||
Northwest Bank | 1,024,001 | 15.3670 | % | 574,737 | 8.6250 | % | 708,010 | 10.6250 | % | |||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | 1,041,997 | 15.6133 | % | 442,137 | 6.6250 | % | 575,612 | 8.6250 | % | |||||||||
Northwest Bank | 961,720 | 14.4324 | % | 441,465 | 6.6250 | % | 574,737 | 8.6250 | % | |||||||||
CET1 capital (to risk weighted assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | 934,122 | 13.9969 | % | 342,030 | 5.1250 | % | 475,506 | 7.1250 | % | |||||||||
Northwest Bank | 961,720 | 14.4324 | % | 341,511 | 5.1250 | % | 474,783 | 7.1250 | % | |||||||||
Tier 1 capital (leverage) (to average assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | 1,041,997 | 11.9879 | % | 347,683 | 4.0000 | % | 434,604 | 5.0000 | % | |||||||||
Northwest Bank | 961,720 | 11.0806 | % | 347,173 | 4.0000 | % | 433,966 | 5.0000 | % |
At December 31, 2015 | ||||||||||||||||||
Minimum capital | Well capitalized | |||||||||||||||||
Actual | requirements | requirements | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | $ | 1,102,468 | 16.63 | % | 530,257 | 8.00 | % | 662,821 | 10.00 | % | ||||||||
Northwest Bank | 1,006,230 | 15.20 | % | 529,498 | 8.00 | % | 661,872 | 10.00 | % | |||||||||
Tier I capital (to risk weighted assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | 1,039,574 | 15.68 | % | 397,693 | 6.00 | % | 530,257 | 8.00 | % | |||||||||
Northwest Bank | 943,554 | 14.26 | % | 397,123 | 6.00 | % | 529,498 | 8.00 | % | |||||||||
CET1 capital (to risk weighted assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | 931,699 | 14.06 | % | 298,269 | 4.50 | % | 430,834 | 6.50 | % | |||||||||
Northwest Bank | 943,554 | 14.26 | % | 297,843 | 4.50 | % | 430,217 | 6.50 | % | |||||||||
Tier I capital (leverage) (to average assets) | ||||||||||||||||||
Northwest Bancshares, Inc. | 1,039,574 | 11.96 | % | 347,582 | 4.00 | % | 434,477 | 5.00 | % | |||||||||
Northwest Bank | 943,554 | 10.87 | % | 347,063 | 4.00 | % | 433,829 | 5.00 | % |
March 31, 2016 | December 31, 2015 | ||||||
(Dollars in thousands) | |||||||
Nonaccrual loans 90 days or more delinquent: | |||||||
Residential mortgage loans | $ | 14,301 | $ | 15,810 | |||
Home equity loans | 5,922 | 5,650 | |||||
Consumer loans | 2,360 | 2,900 | |||||
Commercial real estate loans | 13,165 | 16,449 | |||||
Commercial loans | 3,314 | 2,459 | |||||
Total loans 90 days or more delinquent | $ | 39,062 | $ | 43,268 | |||
Total real estate owned (REO) | 6,834 | 8,725 | |||||
Total nonaccrual loans 90 days or more delinquent and REO | 45,896 | 51,993 | |||||
Total nonaccrual loans 90 days or more delinquent to net loans receivable | 0.54 | % | 0.60 | % | |||
Total nonaccrual loans 90 days or more delinquent and REO to total assets | 0.51 | % | 0.58 | % | |||
Nonperforming assets: | |||||||
Nonaccrual loans - loans 90 days or more delinquent | $ | 39,062 | 43,268 | ||||
Nonaccrual loans - loans less than 90 days delinquent | 35,090 | 28,394 | |||||
Loans 90 days or more past maturity and still accruing | 894 | 1,334 | |||||
Total nonperforming loans | 75,046 | 72,996 | |||||
Total nonperforming assets | $ | 81,880 | 81,721 | ||||
Nonaccrual troubled debt restructured loans (1) | $ | 17,699 | 21,118 | ||||
Accruing troubled debt restructured loans | 30,549 | 29,997 | |||||
Total troubled debt restructured loans | $ | 48,248 | 51,115 |
(1) | Included in nonaccurual loans above. |
Quarter ended March 31, | ||||||||||||||||||
2016 | 2015 | |||||||||||||||||
Average balance | Interest | Avg. yield/ cost (h) | Average balance | Interest | Avg. yield/ cost (h) | |||||||||||||
Assets: | ||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||
Residential mortgage loans | $ | 2,739,787 | 29,786 | 4.35 | % | 2,512,202 | 28,255 | 4.50 | % | |||||||||
Home equity loans | 1,177,406 | 12,642 | 4.32 | % | 1,059,128 | 11,473 | 4.39 | % | ||||||||||
Consumer loans | 510,091 | 8,219 | 6.48 | % | 239,927 | 6,290 | 10.63 | % | ||||||||||
Commercial real estate loans | 2,349,748 | 25,993 | 4.38 | % | 1,799,324 | 20,927 | 4.65 | % | ||||||||||
Commercial loans | 441,977 | 4,723 | 4.23 | % | 408,669 | 4,237 | 4.15 | % | ||||||||||
Loans receivable (a) (b) (includes FTE adjustments of $582 and $471, respectively) | 7,219,009 | 81,363 | 4.53 | % | 6,019,250 | 71,182 | 4.80 | % | ||||||||||
Mortgage-backed securities (c) | 488,294 | 2,229 | 1.83 | % | 506,778 | 2,234 | 1.76 | % | ||||||||||
Investment securities (c) (includes FTE adjustments of $389 and $726, respectively) | 387,460 | 2,151 | 2.22 | % | 486,078 | 3,119 | 2.57 | % | ||||||||||
FHLB stock (f) | 37,098 | 467 | 5.06 | % | 36,139 | 363 | 4.07 | % | ||||||||||
Other interest-earning deposits | 43,578 | 59 | 0.54 | % | 246,296 | 139 | 0.23 | % | ||||||||||
Total interest-earning assets (includes FTE adjustments of $971 and $1,197, respectively) | 8,175,439 | 86,269 | 4.24 | % | 7,294,541 | 77,037 | 4.28 | % | ||||||||||
Noninterest earning assets (d) | 735,562 | 595,425 | ||||||||||||||||
Total assets | $ | 8,911,001 | 7,889,966 | |||||||||||||||
Liabilities and shareholders’ equity: | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||
Savings deposits | $ | 1,405,800 | 865 | 0.25 | % | 1,231,745 | 813 | 0.27 | % | |||||||||
Interest-bearing checking deposits | 1,093,839 | 156 | 0.06 | % | 878,230 | 131 | 0.06 | % | ||||||||||
Money market deposit accounts | 1,288,535 | 865 | 0.27 | % | 1,165,159 | 765 | 0.27 | % | ||||||||||
Time deposits | 1,664,322 | 4,202 | 1.02 | % | 1,452,476 | 4,057 | 1.13 | % | ||||||||||
Borrowed funds (e) | 899,439 | 6,539 | 2.92 | % | 960,812 | 6,975 | 2.94 | % | ||||||||||
Junior subordinated debentures | 111,213 | 1,119 | 3.98 | % | 103,094 | 1,158 | 4.49 | % | ||||||||||
Total interest-bearing liabilities | 6,463,148 | 13,746 | 0.86 | % | 5,791,516 | 13,899 | 0.97 | % | ||||||||||
Noninterest-bearing checking deposits (g) | 1,161,151 | 914,025 | ||||||||||||||||
Noninterest-bearing liabilities | 122,667 | 121,121 | ||||||||||||||||
Total liabilities | 7,746,966 | 6,826,662 | ||||||||||||||||
Shareholders’ equity | 1,164,035 | 1,063,304 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 8,911,001 | 7,889,966 | |||||||||||||||
Net interest income/ Interest rate spread | 72,523 | 3.38 | % | 63,138 | 3.31 | % | ||||||||||||
Net interest-earning assets/ Net interest margin | $ | 1,712,291 | 3.57 | % | 1,503,025 | 3.51 | % | |||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 1.26 | X | 1.26 | X |
(a) | Average gross loans includes loans held as available-for-sale and loans placed on nonaccrual status. |
(b) | Interest income includes accretion/ amortization of deferred loan fees/ expenses, which were not material. |
(c) | Average balances do not include the effect of unrealized gains or losses on securities held as available-for-sale. |
(d) | Average balances include the effect of unrealized gains or losses on securities held as available-for-sale. |
(e) | Average balances include FHLB borrowings and collateralized borrowings. |
(f) | Excludes the $1.0 million special dividend paid in February 2015. |
(g) | Average cost of deposits were 0.37% and 0.41%, respectively. |
(h) | Annualized. Shown on a fully tax-equivalent basis (“FTE”). The FTE basis adjusts for the tax benefit of income on certain tax exempt loans and investments using the federal statutory rate of 35% for each period presented. We believe this measure to be the preferred industry measurement of net interest income and provides relevant comparison between taxable and non-taxable amounts. GAAP basis yields were: Loans — 4.50% and 4.76%, respectively; Investment securities — 1.82% and 1.97%, respectively; interest-earning assets — 4.20% and 4.21%, respectively. GAAP basis net interest rate spreads were 3.34% and 3.24%, respectively; and GAAP basis net interest margins were 3.55% and 3.44%, respectively. |
Rate | Volume | Net Change | |||||||
Interest earning assets: | |||||||||
Loans receivable | $ | (4,204 | ) | 14,385 | 10,181 | ||||
Mortgage-backed securities | 79 | (84 | ) | (5 | ) | ||||
Investment securities | (380 | ) | (588 | ) | (968 | ) | |||
FHLB stock | 93 | 11 | 104 | ||||||
Other interest-earning deposits | 191 | (271 | ) | (80 | ) | ||||
Total interest-earning assets | (4,221 | ) | 13,453 | 9,232 | |||||
Interest-bearing liabilities: | |||||||||
Savings deposits | (69 | ) | 121 | 52 | |||||
Interest-bearing checking deposits | (19 | ) | 44 | 25 | |||||
Money market deposit accounts | — | 100 | 100 | ||||||
Time deposits | (582 | ) | 727 | 145 | |||||
Borrowed funds | (124 | ) | (312 | ) | (436 | ) | |||
Junior subordinated debentures | (133 | ) | 94 | (39 | ) | ||||
Total interest-bearing liabilities | (927 | ) | 774 | (153 | ) | ||||
Net change in net interest income | $ | (3,294 | ) | 12,679 | 9,385 |
Increase | Decrease | |||||||||||||||
Non-parallel shift in interest rates over the next 12 months | 100 bps | 200 bps | 300 bps | 100 bps | ||||||||||||
Projected percentage increase/ (decrease) in net interest income | 0.1 | % | 0.4 | % | (0.1 | )% | (3.9 | )% | ||||||||
Projected percentage increase/ (decrease) in net income | 1.8 | % | 3.7 | % | 3.5 | % | (11.6 | )% | ||||||||
Projected increase/ (decrease) in return on average equity | 1.7 | % | 3.5 | % | 3.3 | % | (11.4 | )% | ||||||||
Projected increase/ (decrease) in earnings per share | $ | 0.02 | $ | 0.03 | $ | 0.03 | $ | (0.08 | ) | |||||||
Projected percentage increase/ (decrease) in market value of equity | (3.8 | )% | (7.4 | )% | (12.1 | )% | (0.2 | )% |
Month | Number of shares purchased | Average price paid per share | Total number of shares purchased as part of a publicly announced repurchase plan (1) | Maximum number of shares yet to be purchased under the plan (1) | |||||||||
January | 145,900 | $ | 12.00 | 145,900 | 4,834,089 | ||||||||
February | — | — | — | 4,834,089 | |||||||||
March | — | — | — | 4,834,089 | |||||||||
145,900 | $ | 12.00 |
(1) | Reflects the program for 5,000,000 shares announced December 13, 2012. This program does not have an expiration date. |
31.1 | Certification of the Chief Executive Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of the Chief Financial Officer pursuant to Rule 13a-15 or 15d-15 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
NORTHWEST BANCSHARES, INC. | |||
(Registrant) | |||
Date: | May 10, 2016 | By: | /s/ William J. Wagner |
William J. Wagner | |||
President and Chief Executive Officer | |||
(Duly Authorized Officer) | |||
Date: | May 10, 2016 | By: | /s/ Gerald J. Ritzert |
Gerald J. Ritzert | |||
Controller | |||
(Principal Accounting Officer) |
May 10, 2016 | /s/ William J. Wagner | |
Date | William J. Wagner | |
Chief Executive Officer |
May 10, 2016 | /s/ William W. Harvey, Jr. | |
Date | William W. Harvey, Jr. | |
Chief Financial Officer |
May 10, 2016 | /s/ William J. Wagner | |
Date | William J. Wagner | |
Chief Executive Officer | ||
May 10, 2016 | /s/ William W. Harvey, Jr. | |
Date | William W. Harvey, Jr. | |
Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Apr. 29, 2016 |
|
Document and Entity Information | ||
Entity Registrant Name | Northwest Bancshares, Inc. | |
Entity Central Index Key | 0001471265 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 101,853,959 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Marketable securities available-for-sale, amortized cost | $ 772,768 | $ 868,956 |
Marketable securities held-to-maturity, fair value | $ 28,611 | $ 32,552 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 101,848,509 | 101,871,737 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 17,984 | $ 16,170 |
Net unrealized holding gains/ (losses) on marketable securities: | ||
Unrealized holding gains net of tax of $(2,220) and $(1,885), respectively | 3,464 | 2,952 |
Reclassification adjustment for (gains)/ losses included in net income, net of tax of $(11) and $43 respectively | 28 | (68) |
Net unrealized holding gains on marketable securities | 3,492 | 2,884 |
Change in fair value of interest rate swaps, net of tax of $76 and $(24), respectively | (140) | 44 |
Defined benefit plan: | ||
Reclassification adjustment for prior period service costs included in net income, net of tax of $(144) and $(140), respectively | 225 | 219 |
Other comprehensive income | 3,577 | 3,147 |
Total comprehensive income | $ 21,561 | $ 19,317 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Unrealized holding gains, tax | $ (2,220) | $ (1,885) |
Reclassification adjustment for (gains)/losses included in net income, tax | (11) | 43 |
Change in fair value of interest rate swaps, tax | 76 | (24) |
Reclassification adjustment for prior service costs included in net income, tax | $ (144) | $ (140) |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Other comprehensive income, tax | $ (2,299) | $ (2,006) |
Stock-based compensation expense, tax benefits | $ 19 | $ 17 |
Dividends paid, per share (in dollars per share) | $ 0.15 | $ 0.14 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Cash Flows [Abstract] | ||
Interest on deposits and borrowings, interest credited to deposit accounts | $ 5,684 | $ 5,256 |
Basis of Presentation and Informational Disclosures |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Informational Disclosures | Basis of Presentation and Informational Disclosures Northwest Bancshares, Inc. (the “Company”) or (“NWBI”), a Maryland corporation headquartered in Warren, Pennsylvania, is a savings and loan holding company regulated by the Board of Governors of the Federal Reserve System. The primary activity of the Company is the ownership of all of the issued and outstanding common stock of Northwest Bank, a Pennsylvania-chartered savings bank (“Northwest”). Northwest is regulated by the FDIC and the Pennsylvania Department of Banking. Northwest operates 157 community-banking offices throughout Pennsylvania, western New York, eastern Ohio and Maryland. The accompanying unaudited consolidated financial statements include the accounts of the Company and its subsidiary, Northwest, and Northwest’s subsidiaries Northwest Settlement Agency, LLC, Northwest Consumer Discount Company, Northwest Financial Services, Inc., Northwest Advisors, Inc., Northwest Capital Group, Inc., Allegheny Services, Inc., Great Northwest Corporation, Boetger & Associates, Inc. and The Bert Company. The unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information or footnotes required for complete annual financial statements. In the opinion of management, all adjustments necessary for the fair presentation of the Company’s financial position and results of operations have been included. The consolidated statements have been prepared using the accounting policies described in the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 updated, as required, for any new pronouncements or changes. Certain items previously reported have been reclassified to conform to the current year’s reporting format. The results of operations for the quarter March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, or any other period. Stock-Based Compensation Stock-based compensation expense of $1.2 million and $880,000 for the quarters ended March 31, 2016 and 2015, respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2016 there was compensation expense of $3.8 million to be recognized for awarded but unvested stock options and $13.3 million for unvested common shares. Income Taxes- Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2016 we had no liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in federal and state income taxes and (2) refund claims in other operating income. We recognize penalties (if any) in federal and state income taxes. There is no amount accrued for the payment of interest or penalties at March 31, 2016. We are subject to audit by the Internal Revenue Service and any state in which we conduct business for the tax periods ended December 31, 2015, 2014 and 2013. We are currently under audit by the state of New York for the tax periods ended December 31, 2015, 2014 and 2013. Impact of New Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)”. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and provides five steps to be analyzed to accomplish the core principle. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim periods within those years and early adoption is not permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In February 2016 the FASB issued ASU 2016-2, “Leases”. This guidance requires a lessee to recognize in the statement of financial condition a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the term of the lease. Optional periods should only be recognized if the lessee is reasonably certain to exercise the option. For leases with a term of twelve months or less, the lessee is permitted not to recognize lease assets and lease liabilities and should recognize lease expense for such leases generally on a straight-line basis over the term of the lease. This guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those years and early adoption is permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2016 the FASB issued ASU 2016-08, “Principal Versus Agent Considerations”. This guidance clarifies the implementation guidance on principal versus agent considerations of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". When another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). When (or as) an entity that is a principal satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim periods within those years and early adoption is not permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2016 the FASB issued ASU 2016-09, “Improvements to Employee Share-based Payment Accounting”. This guidance is part of the FASB's Simplification Initiative and simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, including interim periods within those years and early adoption is permitted. We do not expect that this standard will have a material impact on our results of operations or financial position. |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments We operate in two reportable business segments: Community Banking and Consumer Finance. The Community Banking segment provides services traditionally offered by full-service community banks, including business and personal deposit accounts and business and personal loans, as well as insurance, brokerage and investment management and trust services. The Consumer Finance segment, which is comprised of Northwest Consumer Discount Company, a subsidiary of Northwest, operates 51 offices in Pennsylvania and offers personal installment loans for a variety of consumer and real estate products. This activity is funded primarily through an intercompany borrowing relationship with Allegheny Services, Inc., a subsidiary of Northwest. Net income is the primary measure used by management to measure segment performance. The following tables provide financial information for these reportable segments. The “All Other” column represents the parent company and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. At or for the quarter ended (in thousands):
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Investment securities and impairment of investment securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities and impairment of investment securities | Investment securities and impairment of investment securities The following table shows the portfolio of investment securities available-for-sale at March 31, 2016 (in thousands):
The following table shows the portfolio of investment securities available-for-sale at December 31, 2015 (in thousands):
The following table shows the portfolio of investment securities held-to-maturity at March 31, 2016 (in thousands):
The following table shows the portfolio of investment securities held-to-maturity at December 31, 2015 (in thousands):
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2016 (in thousands):
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2015 (in thousands):
We review our investment portfolio for indications of impairment. This review includes analyzing the length of time and the extent to which amortized costs have exceeded fair values, the financial condition and near-term prospects of the issuer, including any specific events which may influence the operations of the issuer, and the intent to hold the investments for a period of time sufficient to allow for a recovery in value. Certain investments are evaluated using our best estimate of future cash flows. If the estimate of cash flows indicates that an adverse change has occurred, other-than-temporary impairment is recognized for the amount of the unrealized loss that was deemed credit related. Credit related impairment on all debt securities is recognized in earnings while noncredit related impairment on available-for-sale debt securities, not expected to be sold, is recognized in other comprehensive income. The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter ended (in thousands):
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Loans receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable | Loans receivable The following table shows a summary of our loans receivable at March 31, 2016 and December 31, 2015 (in thousands):
(1) Includes $9.0 million of loans held for sale at March 31, 2016. Acquired loans were initially measured at fair value and subsequently accounted for under either Accounting Standards Codification (“ASC”) Topic 310-30 or ASC Topic 310-20. The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated (in thousands):
The following table provides information related to the changes in the accretable discount, which includes income recognized from contractual cash flows for the dates indicated (in thousands):
The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2016 (in thousands):
The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands):
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2016 (in thousands):
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (in thousands):
At March 31, 2016, we expect to fully collect the carrying value of our acquired loans and have determined that we can reasonably estimate their future cash flows including those loans that are 90 days or more delinquent. As a result, we do not consider our acquired loans that are 90 days or more delinquent to be nonaccrual or impaired and continue to recognize interest income on these loans, including the loans’ accretable discount. The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2016 (in thousands):
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands):
The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at March 31, 2016 (in thousands):
The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at March 31, 2016 (in thousands):
The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands):
The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands):
The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2016 (in thousands):
The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands):
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at March 31, 2016 (in thousands):
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands):
Our loan portfolios include loans that have been modified in a troubled debt restructuring ("TDR"), where concessions have been granted to borrowers who have experienced financial difficulties. These concessions typically result from our loss mitigation activities and could include: extending the note’s maturity date, permitting interest only payments, reducing the interest rate to a rate lower than current market rates for new debt with similar risk, reducing the principal payment, principal forbearance or other actions. These concessions are applicable to all loan segments and classes. Certain TDRs are classified as nonperforming at the time of restructuring and may be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period of at least six months. When we modify loans in a TDR, we evaluate any possible impairment similar to other impaired loans based on the present value of expected future cash flows, discounted at the contractual interest rate of the original loan agreement, the loan’s observable market price or the current fair value of the collateral, less selling costs, for collateral dependent loans. If we determine that the value of the modified loan is less than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. In periods subsequent to modification, we evaluate all TDRs, including those that have payment defaults, for possible impairment, using ASC 310-10. As a result, loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. Loans modified in a TDR are closely monitored for delinquency as an early indicator of possible future default. If loans modified in a TDR subsequently default, we evaluate the loan for possible further impairment. The allowance may be increased, adjustments may be made in the allocation of the allowance, partial charge-offs may be taken to further write-down the carrying value of the loan, or the loan may be charged-off completely. The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands):
The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands):
At March 31, 2016, no TDRs modified within the previous twelve months have subsequently defaulted. The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands):
The following table provides information as of March 31, 2016 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2016 (dollars in thousands):
The following table provides information as of March 31, 2015 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2015 (dollars in thousands):
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2016 (dollars in thousands):
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (dollars in thousands):
The following table provides information related to loan payment delinquencies at March 31, 2016 (in thousands):
The following table provides information related to loan payment delinquencies at December 31, 2015 (in thousands):
(1) Represents acquired loans that were originally recorded at fair value upon acquisition. These loans are considered to be accruing because we can reasonably estimate future cash flows on and expect to fully collect the carrying value of these loans. Therefore, we are accreting the difference between the carrying value and their expected cash flows into interest income. Credit quality indicators: We categorize loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We analyze loans individually by classifying the loans by credit risk. Credit relationships greater than or equal to $1.0 million classified as special mention or substandard are reviewed quarterly for deterioration or improvement to determine if the loan is appropriately classified. We use the following definitions for risk ratings other than pass: Special mention — Loans designated as special mention have specific, well-defined risk issues, which create a high level of uncertainty regarding the long-term viability of the business. Loans in this class are considered to have high-risk characteristics. A special mention loan exhibits material negative financial trends due to company-specific or systemic conditions. If these potential weaknesses are not mitigated, they threaten the borrower’s capacity to meet its debt obligations. Special mention loans still demonstrate sufficient financial flexibility to react to and positively address the root cause of the adverse financial trends without significant deviations from their current business strategy. Their potential weaknesses deserve our close attention and warrant enhanced monitoring. Substandard — Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified as substandard. In addition, those weaknesses make collection or liquidation in full highly questionable and improbable. A loan classified as doubtful exhibits discernible loss potential, but a complete loss seems very unlikely. The possibility of a loss on a doubtful loan is high, but because of certain important and reasonably specific pending factors that may strengthen the loan, its classification as an estimated loss is deferred until a more exact status can be determined. Loss — Loans classified as loss are considered uncollectible and of such value that the continuance as a loan is not warranted. A loss classification does not mean that the loan has no recovery or salvage value; instead, it means that it is not practical or desirable to defer writing off all or a portion of a basically worthless loan even though partial recovery may be possible in the future. The following table sets forth information about credit quality indicators updated during the quarter ended March 31, 2016 (in thousands):
The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2015 (in thousands):
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):
The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2016 and 2015, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands):
The following table provides information for the changes in the carrying amount of goodwill (in thousands):
We performed our annual goodwill impairment test as of June 30, 2015 and concluded that goodwill was not impaired. At March 31, 2016, there were no changes in our operations or other factors that would cause us to update that test. See Note 1 of the Notes to Consolidated Financial Statements in Item 8 of Part II of our 2015 Annual Report on Form 10-K for a description of our testing procedures. |
Guarantees |
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Mar. 31, 2016 | |
Guarantees [Abstract] | |
Guarantees | Guarantees We issue standby letters of credit in the normal course of business. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. We are required to perform under a standby letter of credit when drawn upon by the guaranteed third party in the case of nonperformance by our customer. The credit risk associated with standby letters of credit is essentially the same as that involved in extending loans to customers and is subject to normal loan underwriting procedures. Collateral may be obtained based on management’s credit assessment of the customer. At March 31, 2016, the maximum potential amount of future payments we could be required to make under these standby letters of credit was $33.0 million, of which $24.3 million is fully collateralized. At March 31, 2016, we had a liability, which represents deferred income, of $1.3 million related to the standby letters of credit. There are no recourse provisions that would enable us to recover any amounts from third parties. |
Earnings Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per common share (EPS) is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding for the period, without considering any dilutive items. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. Stock options to purchase 521,786 shares of common stock with a weighted average exercise price of $13.15 per share were outstanding during the quarter ended March 31, 2016 but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares of $12.71. Stock options to purchase 3,744,878 shares of common stock with a weighted average exercise price of $12.43 per share were outstanding during the quarter ended March 31, 2015 but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares of $11.89. The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts):
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Pension and Other Post-retirement Benefits |
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Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Post-retirement Benefits | Pension and Other Post-retirement Benefits The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands): Components of net periodic benefit cost
We anticipate making a contribution to our defined benefit pension plan of $4.0 million to $8.0 million during the year ending December 31, 2016. |
Disclosures About Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures About Fair Value of Financial Instruments | Disclosures About Fair Value of Financial Instruments Fair value information about financial instruments, whether or not recognized in the consolidated statement of financial condition, is required to be disclosed. These requirements exclude certain financial instruments and all nonfinancial instruments. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. Financial assets and liabilities recognized or disclosed at fair value on a recurring basis and certain financial assets and liabilities on a non-recurring basis are accounted for using a three-level hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. This hierarchy gives the highest priority to quoted prices with readily available independent data in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable market inputs (Level 3). When various inputs for measurement fall within different levels of the fair value hierarchy, the lowest level input that has a significant impact on fair value measurement is used. Financial assets and liabilities are categorized based upon the following characteristics or inputs to the valuation techniques:
We are responsible for the valuation process and as part of this process may use data from outside sources in establishing fair value. We perform due diligence to understand the inputs used or how the data was calculated or derived. We also corroborate the reasonableness of external inputs in the valuation process. The carrying amounts reported in the consolidated statement of financial condition approximate fair value for the following financial instruments: cash on hand, interest-earning deposits in other institutions, federal funds sold and other short-term investments, accrued interest receivable, accrued interest payable, and marketable securities available-for-sale. Marketable Securities Where available, market values are based on quoted market prices, dealer quotes, and prices obtained from independent pricing services. Debt securities — available for sale - Generally, debt securities are valued using pricing for similar securities, recently executed transactions and other pricing models utilizing observable inputs. The valuation for most debt securities is classified as Level 2. Securities within Level 2 include corporate bonds, municipal bonds, mortgage-backed securities and US government obligations. Certain corporate debt securities do not have an active market and as such the broker pricing received uses alternative methods. The fair value of these corporate debt securities is determined by using a discounted cash flow model using market assumptions, which generally include cash flow, collateral and other market assumptions. As such, these securities are included herein as Level 3 assets. Equity securities — available for sale - Level 1 securities include publicly traded securities valued using quoted market prices. We consider the financial condition of the issuer to determine if the securities have indicators of impairment. Debt securities — held to maturity - The fair value of debt securities held to maturity is determined in the same manner as debt securities available for sale. Loans Receivable Loans with comparable characteristics including collateral and re-pricing structures are segregated for valuation purposes. Characteristics include remaining term, coupon interest, and estimated prepayment speeds. Delinquent loans are separately evaluated given the impact delinquency has on the projected future cash flow of the loan and the approximate discount or market rate. Each loan pool is separately valued utilizing a discounted cash flow analysis. Projected monthly cash flows are discounted to present value using a market rate for comparable loans, which is not considered an exit price. Federal Home Loan Bank (“FHLB”) Stock Due to the restrictions placed on the transferability of FHLB stock it is not practical to determine the fair value. Deposit Liabilities The estimated fair value of deposits with no stated maturity, which includes demand deposits, money market, and other savings accounts, is the amount payable on demand. Although market premiums paid for depository institutions reflect an additional value for these low-cost deposits, adjusting fair value for any value expected to be derived from retaining those deposits for a future period of time or from the benefit that results from the ability to fund interest-earning assets with these deposit liabilities is prohibited. The fair value estimates of deposit liabilities do not include the benefit that results from the low-cost funding provided by these deposits compared to the cost of borrowing funds in the market. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual cost currently being offered in the existing portfolio to current market rates being offered locally for deposits of similar remaining maturities. The valuation adjustment for the portfolio consists of the present value of the difference of these two cash flows, discounted at the assumed market rate of the corresponding maturity. Borrowed Funds Fixed rate advances are valued by comparing their contractual cost to the prevailing market cost. The carrying amount of collateralized borrowings approximates the fair value. Junior Subordinated Debentures The fair value of junior subordinated debentures is calculated using the discounted cash flows at the prevailing rate of interest. Cash flow hedges — Interest rate swap agreements (“swaps”) The fair value of the swaps is the amount we would expect to pay to terminate the agreements and is based upon the present value of the expected future cash flows using the LIBOR swap curve, the basis for the underlying interest rate. Off-Balance Sheet Financial Instruments These financial instruments generally are not sold or traded, and estimated fair values are not readily available. However, the fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements. Commitments to extend credit are generally short-term in nature and, if drawn upon, are issued under current market terms. At March 31, 2016 and December 31, 2015, there was no significant unrealized appreciation or depreciation on these financial instruments. The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at March 31, 2016 (in thousands):
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at December 31, 2015 (in thousands):
Fair value estimates are made at a point-in-time, based on relevant market data and information about the instrument. The methods and assumptions detailed above were used in estimating the fair value of financial instruments at both March 31, 2016 and December 31, 2015. There were no transfers of financial instruments between Level 1 and Level 2 during the nine months ended March 31, 2016. The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2016 (in thousands):
The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands):
The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands):
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at March 31, 2016 (in thousands):
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at December 31, 2015 (in thousands):
Impaired loans — A loan is considered to be impaired as described in the Overview of Critical Accounting Policies Involving Estimates, Allowance for Loan Losses section. We classify loans individually evaluated for impairment that require a specific reserve as nonrecurring Level 3. Real Estate Owned — Real estate owned is comprised of property acquired through foreclosure or voluntarily conveyed by delinquent borrowers. These assets are recorded on the date acquired at the lower of the related loan balance or fair value, less estimated disposition costs, with the fair value being determined by appraisal. Subsequently, foreclosed assets are valued at the lower of the amount recorded at acquisition date or fair value, less estimated disposition costs. We classify all real estate owned as nonrecurring Level 3. The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2016 (dollar amounts in thousands):
The significant unobservable inputs used in the fair value measurement of our debt securities are discount margins, default rates and prepayment speeds. Significant increases in any of those rates would result in a significantly lower fair value measurement. |
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps |
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Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps | Guaranteed Preferred Beneficial Interests in the Company’s Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps We have two legacy statutory business trusts: Northwest Bancorp Capital Trust III, a Delaware statutory business trust and Northwest Bancorp Statutory Trust IV, a Connecticut statutory business trust (“Trusts”). These trusts exist solely to issue preferred securities to third parties for cash, issue common securities to the Company in exchange for capitalization of the Trusts, invest the proceeds from the sale of the trust securities in an equivalent amount of debentures of the Company, and engage in other activities that are incidental to those previously listed. Northwest Bancorp Capital Trust III (Trust III) issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 5, 2006 (liquidation value of $1,000 per preferred security or $50,000,000) with a stated maturity of December 30, 2035. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.38%. Northwest Bancorp Statutory Trust IV (Trust IV) issued 50,000 cumulative trust preferred securities in a private transaction to a pooled investment vehicle on December 15, 2006 (liquidation value of $1,000 per preferred security or $50,000,000) with a stated maturity of December 15, 2035. These securities carry a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.38%. The Trusts have invested the proceeds of the offerings in junior subordinated deferrable interest debentures issued by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. Trust III holds $51,547,000 of the Company’s junior subordinated debentures and Trust IV holds $51,547,000 of the Company’s junior subordinated debentures. These subordinated debentures are the sole assets of the Trusts. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We have the right to defer payment of interest on the subordinated debentures at any time, or from time-to-time, for periods not exceeding five years. If interest payments on the subordinated debentures are deferred, the distributions on the trust preferred securities are also deferred. Interest on the subordinated debentures and distributions on the trust securities is cumulative. To date, there have been no interest deferrals. Our obligation constitutes a full, irrevocable, and unconditional guarantee on a subordinated basis of the obligations of the trust under the preferred securities. As a result of the LNB acquisition we acquired two statutory business trusts: LNB Trust I and LNB Trust II; both are Delaware statutory business trusts. The outstanding stock issued by LNB Trust I was redeemed on December 15, 2015. At March 31, 2016, LNB Trust II had 7,875 cumulative trust preferred securities outstanding (liquidation value of $1,000 per preferred security or $7,875,000) with a stated maturity of June 15, 2037. These securities carry a fixed interest rate of 6.64% through June 15, 2017, then becomes a floating interest rate, which is reset quarterly, equal to three-month LIBOR plus 1.48%. LNB Trust II invested the proceeds of the offerings in junior subordinated deferrable interest debentures acquired by the Company. The structure of these debentures mirrors the structure of the trust-preferred securities. LNB Trust II holds $8,119,000 of junior subordinated debentures. The subordinated debentures are the sole assets of the Trusts. Cash distributions on the trust securities are made on a quarterly basis to the extent interest on the debentures is received by the Trusts. We are currently a counterparty to two interest rate swap agreements (swaps), designating the swaps as cash flow hedges. The swaps are intended to protect against the variability of cash flows associated with Trust III and Trust IV. The first swap modifies the re-pricing characteristics of Trust III, wherein for a ten year period expiring in September 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.61% to the same counterparty calculated on a notional amount of $25.0 million. The other swap modifies the re-pricing characteristics of Trust IV, wherein for a ten year period expiring in December 2018, the Company receives interest of three-month LIBOR from a counterparty and pays a fixed rate of 4.09% to the same counterparty calculated on a notional amount of $25.0 million. The swap agreements were entered into with a counterparty that met our credit standards and the agreements contain collateral provisions protecting the at-risk party. We believe that the credit risk inherent in the contracts is not significant. At March 31, 2016, $4.7 million of cash was pledged as collateral to the counterparty. At March 31, 2016, the fair value of the swap agreements was $(4.5) million and was the amount we would have expected to pay if the contracts were terminated. There was no material hedge ineffectiveness for these swaps. The following table shows liability derivatives, included in other liabilities, at March 31, 2016 and December 31, 2015 (in thousands):
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Legal Proceedings |
3 Months Ended |
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Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings We establish accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated. As of March 31, 2016 we have not accrued for any legal proceedings based on our analysis of currently available information which is subject to significant judgment and a variety of assumptions and uncertainties. Any such accruals are adjusted thereafter as appropriate to reflect changes in circumstances. Due to the inherent subjectivity of assessments and unpredictability of outcomes of legal proceedings, any amounts accrued may not represent the ultimate loss to us from legal proceedings. |
Changes in Accumulated Other Comprehensive Income/ (Loss) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income/ (Loss) The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands):
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Subsequent events |
3 Months Ended |
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Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events On April 26, 2016 we completed the optimization of our office network. In recent years, we have invested heavily in alternative delivery channels such as online and mobile banking, depository ATMs, and automated telephone banking which enables customers to transact business outside of the branch and beyond normal business hours. As a result, the number of transactions conducted in offices has significantly decreased over the past several years and has created an opportunity to improve operating efficiency. Based on these changes in customer preferences, we consolidated 24 of our offices into nearby locations and converted two full-service offices into drive-up only facilities. Expenses associated with these changes are expected to be approximately $5.0 million, which will be incurred during the first half of 2016. As was previously announced on April 28, 2016, Northwest has signed a definitive agreement to acquire 18 Western New York bank branches with deposits of approximately $1.700 billion, subject to the closing of the KeyCorp/First Niagara Financial Group, Inc. merger, from First Niagara Bank N.A., which will be a wholly owned subsidiary of KeyCorp at the time of closing. The premium to be paid on the deposits to be transferred is 4.5%. In addition to receiving approximately $1.000 billion in cash from the transaction, Northwest will acquire approximately $511.0 million of performing business and personal loans. The First Niagara branches are being sold in connection with its pending acquisition by KeyCorp. The divestitures have been approved by the United States Department of Justice and the Federal Reserve Board following a customary anti-trust review. The transaction has received approvals from each party’s board of directors and remains subject to regulatory approval and other customary closing conditions. Pending such completion, the transaction is expected to close in the third quarter of 2016. On May 10, 2016 we disclosed our intention to replace $715.0 million of long-term FHLB advances with lower cost deposits as part of the proposed acquisition of 18 branch offices of First Niagara Bank. On May 6, 2016 we completed the replacement of $675.0 million of these long-term advances, with a weighted-average cost of 3.56%, with overnight borrowings at a weighted-average cost of 0.54%. This transaction included a penalty of $37.0 million, which will be expensed during the quarter ending June 30, 2016. |
Basis of Presentation and Informational Disclosures (Policies) |
3 Months Ended |
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Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense of $1.2 million and $880,000 for the quarters ended March 31, 2016 and 2015, respectively, was recognized in compensation expense relating to our stock benefit plans. At March 31, 2016 there was compensation expense of $3.8 million to be recognized for awarded but unvested stock options and $13.3 million for unvested common shares. |
Income Taxes - Uncertain Tax Positions | Income Taxes- Uncertain Tax Positions Accounting standards prescribe a comprehensive model for how a company should recognize, measure, present and disclose in its financial statements uncertain tax positions that the company has taken or expects to take on a tax return. A tax benefit from an uncertain position may be recognized only if it is “more likely than not” that the position is sustainable, based on its technical merits. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. At March 31, 2016 we had no liability for unrecognized tax benefits. We recognize interest accrued related to: (1) unrecognized tax benefits in federal and state income taxes and (2) refund claims in other operating income. We recognize penalties (if any) in federal and state income taxes. |
Impact of New Accounting Standards | Impact of New Accounting Standards In May 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-9, “Revenue from Contracts with Customers (Topic 606)”. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of this guidance requires an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services and provides five steps to be analyzed to accomplish the core principle. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim periods within those years and early adoption is not permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In February 2016 the FASB issued ASU 2016-2, “Leases”. This guidance requires a lessee to recognize in the statement of financial condition a liability to make lease payments and a right-of-use asset representing the right to use the underlying asset for the term of the lease. Optional periods should only be recognized if the lessee is reasonably certain to exercise the option. For leases with a term of twelve months or less, the lessee is permitted not to recognize lease assets and lease liabilities and should recognize lease expense for such leases generally on a straight-line basis over the term of the lease. This guidance is effective for annual periods beginning after December 15, 2018, including interim periods within those years and early adoption is permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2016 the FASB issued ASU 2016-08, “Principal Versus Agent Considerations”. This guidance clarifies the implementation guidance on principal versus agent considerations of ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". When another party is involved in providing goods or services to a customer, an entity is required to determine whether the nature of its promise is to provide the specified good or service itself (that is, the entity is a principal) or to arrange for that good or service to be provided by the other party (that is, the entity is an agent). When (or as) an entity that is a principal satisfies a performance obligation, the entity recognizes revenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified good or service to be provided by the other party. This guidance is effective retrospectively for annual reporting periods beginning after December 15, 2017, including interim periods within those years and early adoption is not permitted. We are currently evaluating the impact this standard will have on our results of operations and financial position. In March 2016 the FASB issued ASU 2016-09, “Improvements to Employee Share-based Payment Accounting”. This guidance is part of the FASB's Simplification Initiative and simplifies the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, including interim periods within those years and early adoption is permitted. We do not expect that this standard will have a material impact on our results of operations or financial position. |
Business Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial information for reportable segments | The following tables provide financial information for these reportable segments. The “All Other” column represents the parent company and elimination entries necessary to reconcile to the consolidated amounts presented in the financial statements. At or for the quarter ended (in thousands):
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Investment securities and impairment of investment securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the portfolio of investment securities available-for-sale | The following table shows the portfolio of investment securities available-for-sale at March 31, 2016 (in thousands):
The following table shows the portfolio of investment securities available-for-sale at December 31, 2015 (in thousands):
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Schedule of the portfolio of investment securities held-to-maturity | The following table shows the portfolio of investment securities held-to-maturity at March 31, 2016 (in thousands):
The following table shows the portfolio of investment securities held-to-maturity at December 31, 2015 (in thousands):
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Schedule of the fair value and gross unrealized losses on investment securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position | The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at March 31, 2016 (in thousands):
The following table shows the fair value of and gross unrealized losses on investment securities, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position at December 31, 2015 (in thousands):
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Schedule of the cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold | The table below shows a cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold for the quarter ended (in thousands):
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Loans receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of loans receivable | The following table shows a summary of our loans receivable at March 31, 2016 and December 31, 2015 (in thousands):
(1) Includes $9.0 million of loans held for sale at March 31, 2016. |
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Schedule of information related to the outstanding principal balance and related carrying value of acquired loans | Acquired loans were initially measured at fair value and subsequently accounted for under either Accounting Standards Codification (“ASC”) Topic 310-30 or ASC Topic 310-20. The following table provides information related to the outstanding principal balance and related carrying value of acquired loans for the dates indicated (in thousands):
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Schedule of the changes in the accretable discount | The following table provides information related to the changes in the accretable discount, which includes income recognized from contractual cash flows for the dates indicated (in thousands):
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Schedule of the composition of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2016 (in thousands):
The following table provides information related to acquired impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands):
The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the three months ended March 31, 2016 (in thousands):
The following table provides information related to the composition of originated impaired loans by portfolio segment and by class of financing receivable at and for the year ended December 31, 2015 (in thousands):
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Schedule of the changes in the allowance for losses on loans receivable | The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2016 (in thousands):
The following table provides information related to the allowance for loan losses by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (in thousands):
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Schedule of loan portfolio by portfolio segment and by class of financing receivable | The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at March 31, 2016 (in thousands):
The following table provides information related to the loan portfolio by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands):
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Schedule of geographical information related to the loan portfolio | The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at March 31, 2016 (in thousands):
The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at March 31, 2016 (in thousands):
The following table provides geographical information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands):
The following table provides delinquency information related to the loan portfolio by portfolio segment and class of financing receivable at December 31, 2015 (in thousands):
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Schedule of the evaluation of impaired loans by portfolio segment and by class of financing receivable | The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at March 31, 2016 (in thousands):
The following table provides information related to the evaluation of impaired loans by portfolio segment and by class of financing receivable at December 31, 2015 (in thousands):
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Schedule of roll forward of troubled debt restructurings | The following table provides a roll forward of troubled debt restructurings for the periods indicated (in thousands):
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Schedule of troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable | The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands):
At March 31, 2016, no TDRs modified within the previous twelve months have subsequently defaulted. The following table provides information related to troubled debt restructurings (including re-modified TDRs) by portfolio segment and by class of financing receivable during the periods indicated (dollars in thousands):
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Schedule of troubled debt restructurings (including re-modified TDRs) by type of modification by portfolio segment and by class of financing receivable | The following table provides information as of March 31, 2016 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2016 (dollars in thousands):
The following table provides information as of March 31, 2015 for troubled debt restructurings (including re-modified TDRs) by type of modification, by portfolio segment and class of financing receivable for modifications during the quarter ended March 31, 2015 (dollars in thousands):
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Schedule of re-modified troubled debt restructurings by portfolio segment and by class of financing receivable | The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2016 (dollars in thousands):
The following table provides information related to re-modified troubled debt restructurings by portfolio segment and by class of financing receivable for the quarter ended March 31, 2015 (dollars in thousands):
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Schedule of loan delinquencies | The following table provides information related to loan payment delinquencies at March 31, 2016 (in thousands):
The following table provides information related to loan payment delinquencies at December 31, 2015 (in thousands):
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Schedule of credit quality indicators | The following table sets forth information about credit quality indicators updated during the quarter ended March 31, 2016 (in thousands):
The following table sets forth information about credit quality indicators, which were updated during the year ended December 31, 2015 (in thousands):
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Goodwill and Other Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets subject to amortization | The following table provides information for intangible assets subject to amortization at the dates indicated (in thousands):
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Schedule of the actual aggregate amortization expense as well as estimated aggregate amortization expense, based upon current levels of intangible assets | The following table shows the actual aggregate amortization expense for the quarters ended March 31, 2016 and 2015, as well as the estimated aggregate amortization expense, based upon current levels of intangible assets, for the current fiscal year and each of the five succeeding fiscal years (in thousands):
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Schedule of the changes in carrying amount of goodwill | The following table provides information for the changes in the carrying amount of goodwill (in thousands):
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Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of computation of basic and diluted earnings per share | The computation of basic and diluted earnings per share follows (in thousands, except share data and per share amounts):
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Pension and Other Post-retirement Benefits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of net periodic costs for the defined benefit pension plans and the post retirement healthcare plans | The following table sets forth the net periodic costs for the defined benefit pension plans and post retirement healthcare plans for the periods indicated (in thousands): Components of net periodic benefit cost
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Disclosures About Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the carrying amount and estimated fair value of the entity's financial instruments included in the consolidated statement of financial condition | The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at March 31, 2016 (in thousands):
The following table sets forth the carrying amount and estimated fair value of our financial instruments included in the consolidated statement of financial condition at December 31, 2015 (in thousands):
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Schedule of assets and liabilities measured at fair value on a recurring basis | The following table represents assets and liabilities measured at fair value on a recurring basis at March 31, 2016 (in thousands):
The following table represents assets and liabilities measured at fair value on a recurring basis at December 31, 2015 (in thousands):
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Schedule of reconciliation of debt securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated (in thousands):
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Schedule of fair value measurement for nonrecurring assets | Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at March 31, 2016 (in thousands):
Certain assets and liabilities are measured at fair value on a nonrecurring basis after initial recognition such as loans measured for impairment and real estate owned. The following table represents the fair value measurement for nonrecurring assets at December 31, 2015 (in thousands):
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Schedule of quantitative information about assets measured at fair value on a recurring and nonrecurring basis for Level 3 Fair Value Measurements | The table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis and for which we have utilized Level 3 inputs to determine fair value at March 31, 2016 (dollar amounts in thousands):
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Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed Preferred Beneficial Interests in Company's Junior Subordinated Deferrable Interest Debentures (Trust-Preferred Securities) and Interest Rate Swap Agreements | |||||||||||||||||||||||||||||||||||||||||||
Schedule of liability derivatives included in other liabilities | The following table shows liability derivatives, included in other liabilities, at March 31, 2016 and December 31, 2015 (in thousands):
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Changes in Accumulated Other Comprehensive Income/ (Loss) (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component | The following table shows the changes in accumulated other comprehensive income by component for the periods indicated (in thousands):
|
Basis of Presentation and Informational Disclosures (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016
USD ($)
bank
|
Mar. 31, 2015
USD ($)
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of banking locations | bank | 157 | |
Stock-Based Compensation | ||
Stock-based compensation expense | $ 1,200,000 | $ 880,000 |
Income Taxes- Uncertain Tax Positions | ||
Unrecognized tax benefits liability | 0 | |
Accrued amount of payment of interest or penalties | 0 | |
Stock options | ||
Stock Related Compensation | ||
Compensation expense yet to be recognized | 3,800,000 | |
Restricted common shares | ||
Stock Related Compensation | ||
Compensation expense yet to be recognized | $ 13,300,000 |
Investment securities and impairment of investment securities - Cumulative roll forward of credit losses recognized in earnings for debt securities held and not intended to be sold (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Cumulative roll forward of credit related impairment losses recognized in earnings for debt securities held and not intended to be sold: | ||
Beginning balance | $ 8,436 | $ 8,894 |
Credit losses on debt securities for which other-than-temporary impairment was not previously recognized | 0 | 0 |
Reduction for losses realized during the quarter | (12) | (29) |
Additional credit losses on debt securities for which other-than-temporary impairment was previously recognized | 0 | 0 |
Ending balance | $ 8,424 | $ 8,865 |
Loans receivable - Outstanding Principal Balance and Related Carrying Value of Acquired Loans (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | $ 822,492 | $ 869,263 |
Carrying value | 810,681 | 856,840 |
Acquired loans evaluated individually for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 18,474 | 21,069 |
Carrying value | 14,502 | 16,867 |
Acquired loans evaluated collectively for future credit losses | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding principal balance | 804,018 | 848,194 |
Carrying value | $ 796,179 | $ 839,973 |
Loans receivable - Changes in the Accretable Discount (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Changes in accretable yield | ||
Beginning balance | $ 2,019 | $ 0 |
Accretion | (373) | (377) |
Net reclassification from nonaccretable yield | 318 | 724 |
Ending balance | $ 1,964 | 2,019 |
LNB | Acquired | ||
Changes in accretable yield | ||
LNB Bancorp, Inc. acquisition | $ 1,672 |
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Amortizable intangible assets: | |||
Amortization expense | $ 675 | $ 268 | |
Estimated amortization expense | |||
For the year ending December 31, 2016 | 2,614 | ||
For the year ending December 31, 2017 | 2,109 | ||
For the year ending December 31, 2018 | 1,674 | ||
For the year ending December 31, 2019 | 1,239 | ||
For the year ending December 31, 2020 | 804 | ||
For the year ending December 31, 2021 | 455 | ||
Core Deposits | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 37,953 | $ 30,578 | |
Acquisitions | 0 | 7,375 | |
Less: accumulated amortization | (31,653) | (31,192) | |
Intangible asset - net | 6,300 | 6,761 | |
Customer and Contract | |||
Amortizable intangible assets: | |||
Intangible asset - gross | 8,496 | 8,234 | |
Acquisitions | 91 | 262 | |
Less: accumulated amortization | (6,489) | (6,275) | |
Intangible asset - net | $ 2,098 | $ 2,221 |
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | $ 261,736 | $ 175,323 |
Goodwill acquired | 0 | 86,413 |
Impairment losses | 0 | 0 |
Balance at the end of the period | 261,736 | 261,736 |
Community Banking | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 260,123 | 173,710 |
Goodwill acquired | 0 | 86,413 |
Impairment losses | 0 | 0 |
Balance at the end of the period | 260,123 | 260,123 |
Consumer Finance | ||
Changes in the carrying amount of goodwill | ||
Balance at the beginning of the period | 1,613 | 1,613 |
Goodwill acquired | 0 | 0 |
Impairment losses | 0 | 0 |
Balance at the end of the period | $ 1,613 | $ 1,613 |
Guarantees (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Guarantees [Abstract] | |
Maximum potential amount of future payments | $ 33,000,000 |
Maximum potential amount of future payments fully collateralized | 24,300,000 |
Liability recognized for the obligations | 1,300,000 |
Recourse provisions for recovery of amounts from third parties | $ 0 |
Earnings Per Share - Narrative (Details) - Stock options - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Antidilutive securities excluded from the calculation of earnings per share | ||
Options excluded from the calculation of earnings per share (in shares) | 521,786 | 3,744,878 |
Weighted average share price during the reporting period (in dollars per share) | $ 13.15 | $ 12.43 |
Average share price during the reporting period (in dollars per share) | $ 12.71 | $ 11.89 |
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Earnings Per Share [Abstract] | ||
Reported net income | $ 17,984 | $ 16,170 |
Weighted average common shares outstanding | 98,889,744 | 91,634,064 |
Dilutive potential shares due to effect of stock options | 490,265 | 268,007 |
Total weighted average common shares and dilutive potential shares | 99,380,009 | 91,902,071 |
Basic earnings per share (in dollars per share) | $ 0.18 | $ 0.18 |
Diluted earnings per share (in dollars per share) | $ 0.18 | $ 0.18 |
Pension and Other Post-retirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Pension benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 1,374 | $ 1,430 |
Interest cost | 1,696 | 1,531 |
Expected return on plan assets | (2,474) | (2,593) |
Amortization of prior service cost | (581) | (581) |
Amortization of the net loss | 927 | 925 |
Net periodic (benefit)/ cost | 942 | 712 |
Pension benefits | Minimum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 4,000 | |
Pension benefits | Maximum | ||
Components of net periodic benefit cost | ||
Estimated contribution for the current year | 8,000 | |
Other post-retirement benefits | ||
Components of net periodic benefit cost | ||
Service cost | 0 | 0 |
Interest cost | 17 | 15 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss | 23 | 15 |
Net periodic (benefit)/ cost | $ 40 | $ 30 |
Disclosures About Fair Value of Financial Instruments - Reconciliation of all Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 - Debt securities - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||
Beginning balance | $ 8,955 | $ 10,597 |
Total net realized investment gains/ (losses) and net change in unrealized appreciation/ (depreciation): | ||
Included in net income as OTTI | 0 | 0 |
Included in other comprehensive income | (365) | (291) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Transfers in to Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | $ 8,590 | $ 10,306 |
Guaranteed Preferred Beneficial Interests in the Company's Junior Subordinated Deferrable Interest Debentures (Trust Preferred Securities) and Interest Rate Swaps - Liability Derivatives (Details) - Interest rate swap agreements - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Liability Derivatives, Included in Other Liabilities | ||
Fair value | $ 4,492 | $ 4,276 |
Notional amount | 50,000 | 50,000 |
Collateral posted | $ 4,705 | $ 4,705 |
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