Loans Receivable and Allowance for Loan Losses (Tables)

12 Months Ended

Dec. 31, 2015

Loans receivable at December 31, 2015 and 2014 are summarized as follows (in thousands):



	2015			2014
Mortgage loans:
Residential	$	1,254,036		1,251,445
Commercial	1,714,923			1,694,359
Multi-family	1,233,792			1,041,582
Construction	331,649			221,102
Total mortgage loans	4,534,400			4,208,488
Commercial loans	1,433,447			1,262,422
Consumer loans	566,175			611,467
Total gross loans	6,534,022			6,082,377
Purchased credit-impaired ("PCI") loans	3,435			4,510
Premiums on purchased loans	5,740			5,307
Unearned discounts	(41		)	(53	)
Net deferred fees	(5,482		)	(6,636	)
	$	6,537,674		6,085,505

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following table summarizes the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands):



	At December 31, 2015
	30-59 Days		60-89 Days	Non-accrual	90 days or more past due and accruing	Total Past Due	Current	Total Loans Receivable
Mortgage loans:								.
Residential	$	8,983	5,434	12,031	—	26,448	1,227,588	1,254,036
Commercial	1,732		543	1,263	—	3,538	1,711,385	1,714,923
Multi-family	763		506	742	—	2,011	1,231,781	1,233,792
Construction	—		—	2,351	—	2,351	329,298	331,649
Total mortgage loans	11,478		6,483	16,387	—	34,348	4,500,052	4,534,400
Commercial loans	632		801	23,875	165	25,473	1,407,974	1,433,447
Consumer loans	3,603		1,194	4,109	—	8,906	557,269	566,175
Total gross loans	$	15,713	8,478	44,371	165	68,727	6,465,295	6,534,022



	At December 31, 2014
	30-59 Days		60-89 Days	Non-accrual	90 days or more past due and accruing	Total Past Due	Current	Total Loans Receivable
Mortgage loans:
Residential	$	10,121	4,331	17,222	—	31,674	1,219,771	1,251,445
Commercial	146		30	20,026	—	20,202	1,674,157	1,694,359
Multi-family	—		—	321	—	321	1,041,261	1,041,582
Construction	—		—	—	—	—	221,102	221,102
Total mortgage loans	10,267		4,361	37,569	—	52,197	4,156,291	4,208,488
Commercial loans	1,000		371	12,342	—	13,713	1,248,709	1,262,422
Consumer loans	2,398		2,509	3,944	—	8,851	602,616	611,467
Total gross loans	$	13,665	7,241	53,855	—	74,761	6,007,616	6,082,377

Summary of Loans Receivable by Portfolio Segment and Impairment Method

Loans receivable summarized by portfolio segment and impairment method, excluding PCI loans are as follows (in thousands):



	At December 31, 2015
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	26,743	21,756	2,368	50,867
Collectively evaluated for impairment	4,507,657		1,411,691	563,807	6,483,155
Total gross loans	$	4,534,400	1,433,447	566,175	6,534,022



	At December 31, 2014
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	66,548	16,463	2,384	85,395
Collectively evaluated for impairment	4,141,940		1,245,959	609,083	5,996,982
Total gross loans	$	4,208,488	1,262,422	611,467	6,082,377

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The allowance for loan losses is summarized by portfolio segment and impairment classification, excluding PCI loans as follows (in thousands):



	At December 31, 2015
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated ⁽¹⁾	Total
Individually evaluated for impairment	$	2,086	91	94	2,271	—	2,271
Collectively evaluated for impairment	30,008		25,738	3,407	59,153	—	59,153
Total	$	32,094	25,829	3,501	61,424	—	61,424

⁽¹⁾ For the year ended December 31, 2015, the Company enhanced its allowance for loan losses process and allocated the previously unallocated allowance using both qualitative and quantitative factors.



	At December 31, 2014
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	4,696	2,318	113	7,127	—	7,127
Collectively evaluated for impairment	27,281		22,063	4,768	54,112	495	54,607
Total	$	31,977	24,381	4,881	61,239	495	61,734

Schedule of Troubled Debt Restructuring

The following tables present the number of loans modified as TDRs during the years ended December 31, 2015 and 2014 and their balances immediately prior to the modification date and post-modification as of December 31, 2015 and 2014.



	Year Ended December 31, 2015
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Mortgage loans:
Residential	6	$	2,192	2,179
Construction	1	2,600		2,351
Total mortgage loans	7	4,792		4,530
Commercial loans	4	6,659		6,822
Consumer loans	2	123		112
Total restructured loans	13	$	11,574	11,464



	Year Ended December 31, 2014
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
		($ in thousands)
Mortgage loans:
Residential	14	$	3,034	2,725
Commercial	1	865		861
Total mortgage loans	15	3,899		3,586
Consumer loans	2	394		156
Total restructured loans	17	$	4,293	3,742

Schedule of Troubled Debt Restructurings Subsequently Defaulted

The following table presents loans modified as TDRs within the previous 12 months from December 31, 2015 and 2014, and for which there was a payment default (90 days or more past due) during the years ended December 31, 2015 and 2014:



	Year Ended December 31, 2015			Year Ended December 31, 2014
Troubled Debt Restructurings Subsequently Defaulted	Number of Loans	Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
		($ in thousands)			($ in thousands)
Mortgage loans:
Construction	1	$	2,351	—	$	—
Total mortgage loans	1	2,351		—	—
Commercial loans	4	6,822		—	—
Total restructured loans	5	$	9,173	—	$	—

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period

The following table summarizes the changes in the accretable yield for PCI loans for the years ended December 31, 2015 and 2014 (in thousands):



	Year ended December 31,
	2015			2014
Beginning balance	$	695		$	—
Acquisition	—			810
Accretion	(810		)	(592		)
Reclassification from non-accretable difference	791			477
Ending balance	$	676		$	695

The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands):



	May 30, 2014
Contractually required principal and interest	$	12,505
Contractual cash flows not expected to be collected (non-accretable discount)	(6,475		)
Expected cash flows to be collected at acquisition	6,030
Interest component of expected cash flows (accretable yield)	(810		)
Fair value of acquired loans	$	5,220

Allowance for Loan Losses

The activity in the allowance for loan losses for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands):



	Years Ended December 31,
	2015			2014		2013
Balance at beginning of period	$	61,734		64,664		70,348
Provision charged to operations	4,350			4,650		5,500
Recoveries of loans previously charged off	4,168			3,292		3,222
Loans charged off	(8,828		)	(10,872	)	(14,406	)
Balance at end of period	$	61,424		61,734		64,664

Schedule of Allowance for Loan Losses by Portfolio Segment

The activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2015 and 2014 are as follows (in thousands):



	For the Year Ended December 31, 2015
	Mortgage loans			Commercial loans		Consumer loans		Total Portfolio Segments		Unallocated		Total
Balance at beginning of period	$	31,977		24,381		4,881		61,239		495		61,734
Provision charged to operations	2,357			1,898		590		4,845		(495	)	4,350
Recoveries of loans previously charged off	247			2,413		1,508		4,168		—		4,168
Loans charged off	(2,487		)	(2,863	)	(3,478	)	(8,828	)	—		(8,828	)
Balance at end of period	$	32,094		25,829		3,501		61,424		—		61,424



	For the Year ended December 31, 2014
	Mortgage loans			Commercial loans		Consumer loans		Total Portfolio Segments		Unallocated		Total
Balance at beginning of period	$	34,144		24,107		4,929		63,180		1,484		64,664
Provision charged to operations	1,455			2,947		1,237		5,639		(989	)	4,650
Recoveries of loans previously charged off	286			1,776		1,230		3,292		—		3,292
Loans charged off	(3,908		)	(4,449	)	(2,515	)	(10,872	)	—		(10,872	)
Balance at end of period	$	31,977		24,381		4,881		61,239		495		61,734

Summary of Impaired Loans Receivable by Class

Impaired loans receivable by class, excluding PCI loans are summarized as follows (in thousands):



	At December 31, 2015						At December 31, 2014
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	12,144	8,799	—	9,079	451	$	14,942	10,629	—	11,138	357
Commercial	—		—	—	—	—	4,971		4,708	—	4,713	—
Multi-family	—		—	—	—	—	—		—	—	—	—
Construction	2,358		2,351	—	1,170	16	—		—	—	—	—
Total	14,502		11,150	—	10,249	467	19,913		15,337	—	15,851	357
Commercial loans	23,754		21,144	—	21,875	747	2,718		2,179	—	1,823	4
Consumer loans	1,560		1,082	—	1,121	48	1,250		830	—	870	28
Total loans	$	39,816	33,376	—	33,245	1,262	$	23,881	18,346	—	18,544	389
Loans with an allow-ance recorded
Mortgage loans:
Residential	$	14,997	14,353	1,901	14,500	505	$	15,523	14,906	2,367	15,106	555
Commercial	1,240		1,240	185	1,361	63	37,555		36,306	2,329	36,674	914
Multi-family	—		—	—	—	—	—		—	—	—	—
Construction	—		—	—	—	—	—		—	—	—	—
Total	16,237		15,593	2,086	15,861	568	53,078		51,212	4,696	51,780	1,469
Commercial loans	612		612	91	807	52	15,990		14,283	2,318	15,967	390
Consumer loans	1,297		1,286	94	1,312	67	1,565		1,554	113	1,578	80
Total loans	$	18,146	17,491	2,271	17,980	687	$	70,633	67,049	7,127	69,325	1,939
Total
Mortgage loans:
Residential	$	27,141	23,152	1,901	23,579	956	$	30,465	25,535	2,367	26,244	912
Commercial	1,240		1,240	185	1,361	63	42,526		41,014	2,329	41,387	914
Multi-family	—		—	—	—	—	—		—	—	—	—
Construction	2,358		2,351	—	1,170	16	—		—	—	—	—
Total	30,739		26,743	2,086	26,110	1,035	72,991		66,549	4,696	67,631	1,826
Commercial loans	24,366		21,756	91	22,682	799	18,708		16,462	2,318	17,790	394
Consumer loans	2,857		2,368	94	2,433	115	2,815		2,384	113	2,448	108
Total loans	$	57,962	50,867	2,271	51,225	1,949	$	94,514	85,395	7,127	87,869	2,328

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

Loans receivable by credit quality risk rating indicator, excluding PCI loans are as follows (in thousands):



	At December 31, 2015
	Residential		Commercial mortgages	Multi- family	Construction	Total mortgages	Commercial loans	Consumer loans	Total loans
Special mention	$	5,434	29,363	1,080	—	35,877	76,464	1,194	113,535
Substandard	12,031		19,451	1,248	2,351	35,081	38,654	4,054	77,789
Doubtful	—		—	—	—	—	8	—	8
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	17,465		48,814	2,328	2,351	70,958	115,126	5,248	191,332
Acceptable/watch	1,236,571		1,666,109	1,231,464	329,298	4,463,442	1,318,321	560,927	6,342,690
Total outstanding loans	$	1,254,036	1,714,923	1,233,792	331,649	4,534,400	1,433,447	566,175	6,534,022



	At December 31, 2014
	Residential		Commercial mortgages	Multi- family	Construction	Total mortgages	Commercial loans	Consumer loans	Total loans
Special mention	$	4,331	18,414	851	—	23,596	45,599	2,509	71,704
Substandard	17,222		53,454	322	2,600	73,598	32,828	3,938	110,364
Doubtful	—		1,063	—	—	1,063	29	—	1,092
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	21,553		72,931	1,173	2,600	98,257	78,456	6,447	183,160
Acceptable/watch	1,229,892		1,621,428	1,040,409	218,502	4,110,231	1,183,966	605,020	5,899,217
Total outstanding loans	$	1,251,445	1,694,359	1,041,582	221,102	4,208,488	1,262,422	611,467	6,082,377