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☒
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934,
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934,
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Delaware
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04-3402944
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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131 Clarendon Street
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Boston
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MA
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02116
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(Address of principal executive offices)
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(Zip Code)
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common Stock, par value of $0.01 per share
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BRKL
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Nasdaq Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller Reporting Company
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☐
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Emerging growth company
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☐
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Page
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•
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quarterly variations in our operating results or the quality of our assets;
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•
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operating results that vary from the expectations of management, securities analysts and investors;
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•
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changes in expectations as to our future financial performance;
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•
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announcements of innovations, new products, strategic developments, significant contracts, acquisitions and other material events by us or our competitors;
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•
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the operating and securities price performance of other companies that investors believe are comparable to us;
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•
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our past and future dividend practices;
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•
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future sales of our equity or equity-related securities; and
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•
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changes in global financial markets and global economies and general market conditions, such as interest rates, stock, commodity or real estate valuations or volatility.
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•
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We may incur substantial expenses in pursuing potential acquisitions;
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•
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Management may divert its attention from other aspects of our business;
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•
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We may assume potential and unknown liabilities of the acquired company as a result of an acquisition;
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The acquired business will not perform in accordance with management's expectations, including because we may lose key clients or employees of the acquired business as a result of the change in ownership;
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Difficulties may arise in connection with the integration of the operations of the acquired business with the operations of our businesses; and
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•
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We may lose key employees of the combined business.
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(a)
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The common stock of the Company is traded on NASDAQ under the symbol BRKL. The approximate number of registered holders of common stock as of February 28, 2020 was 1,747. The Company currently pays quarterly cash dividends in the amount of $0.115 per share. The Company expects comparable cash dividends will be paid in the future.
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At December 31,
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||||||||||||||||
Index
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2014
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2015
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2016
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2017
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2018
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2019
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||||||
Brookline Bancorp, Inc.
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100.00
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118.51
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174.48
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171.14
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154.27
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189.11
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Russell 2000 Index
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100.00
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95.59
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|
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115.95
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132.94
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118.30
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148.49
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SNL Bank $5B-$10B Index
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100.00
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113.92
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163.20
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162.59
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147.15
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182.34
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S&P 500 Index
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100.00
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101.38
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113.51
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138.29
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132.23
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173.86
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(b)
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Not applicable.
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At or for the year ended December 31,
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||||||||||||||||||
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2019
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2018
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2017
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2016
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2015
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(Dollars in Thousands, Except Per Share Data)
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||||||||||||||||||
FINANCIAL CONDITION DATA
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Total assets
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$
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7,856,853
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$
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7,392,805
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$
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6,780,249
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$
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6,438,129
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$
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6,042,338
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Total loans and leases
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6,737,816
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6,303,516
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5,730,679
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5,398,864
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4,995,540
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Allowance for loan and lease losses
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61,082
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58,692
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58,592
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53,666
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56,739
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|||||
Investment securities held-to-maturity
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86,780
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114,776
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109,730
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87,120
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93,757
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|||||
Investment securities available-for-sale
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498,995
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502,793
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540,124
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523,634
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513,201
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Investment securities trading
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3,581
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4,207
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—
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—
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—
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Goodwill and identified intangible assets
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164,850
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166,513
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143,934
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146,023
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148,523
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Total deposits
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5,830,072
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5,454,044
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4,871,343
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4,611,076
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4,306,018
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Core deposits (1)
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3,808,430
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3,664,879
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3,663,873
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3,570,054
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3,218,146
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Certificates of deposit
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2,021,642
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1,789,165
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1,207,470
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1,041,022
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1,087,872
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Total borrowed funds
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902,749
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920,542
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1,020,819
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1,044,086
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983,029
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Stockholders' equity
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945,606
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900,140
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803,830
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695,544
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667,485
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Tangible stockholders' equity (*)
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780,756
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733,627
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659,896
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549,521
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518,962
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Nonperforming loans and leases (2)
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19,461
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24,097
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27,272
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40,077
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19,333
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Nonperforming assets (3)
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22,092
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28,116
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31,691
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41,476
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20,676
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|||||
EARNINGS DATA
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Interest and dividend income
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$
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347,626
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$
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313,893
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$
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263,050
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$
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239,648
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$
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226,910
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Interest expense
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94,326
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66,194
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39,869
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35,984
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32,545
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|||||
Net interest income
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253,300
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247,699
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223,181
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203,664
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194,365
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Provision for credit losses
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9,583
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4,951
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18,988
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10,353
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7,451
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|||||
Non-interest income
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29,793
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25,224
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32,173
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22,667
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20,184
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|||||
Non-interest expense
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157,481
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155,232
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139,111
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130,362
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125,377
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|||||
Provision for income taxes
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28,269
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26,189
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43,636
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30,392
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29,353
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|||||
Net income
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87,717
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83,062
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50,518
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52,362
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49,782
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|||||
Operating earnings (*)
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88,184
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85,796
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52,444
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52,362
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49,782
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|||||
PER COMMON SHARE DATA
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Earnings per share - Basic
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$
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1.10
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$
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1.04
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$
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0.68
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$
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0.74
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$
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0.71
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Earnings per share - Diluted
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1.10
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1.04
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0.68
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0.74
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0.71
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Operating earnings per share (*)
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1.10
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1.07
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0.70
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0.74
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0.71
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Dividends paid per common share
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0.440
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0.395
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0.360
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0.360
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0.355
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Book value per share (end of period)
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11.87
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11.30
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10.49
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9.88
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9.51
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Tangible book value per share (*)
|
9.80
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|
|
9.21
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8.61
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7.81
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|
7.39
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Stock price (end of period)
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16.46
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|
13.82
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|
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15.70
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16.40
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|
11.50
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|||||
PERFORMANCE RATIOS
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Net interest margin
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3.51
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%
|
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3.61
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%
|
|
3.57
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%
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|
3.44
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%
|
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3.54
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%
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|||||
Return on average assets
|
1.15
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%
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1.15
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%
|
|
0.76
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%
|
|
0.83
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%
|
|
0.85
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%
|
|||||
Operating return on average assets (*)
|
1.15
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%
|
|
1.19
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%
|
|
0.79
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%
|
|
0.83
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%
|
|
0.85
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%
|
|||||
Return on average tangible assets (*)
|
1.17
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%
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1.18
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%
|
|
0.78
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%
|
|
0.85
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%
|
|
0.87
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%
|
|||||
Operating return on average tangible assets (*)
|
1.17
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%
|
|
1.22
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%
|
|
0.81
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%
|
|
0.85
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%
|
|
0.87
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%
|
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At or for the year ended December 31,
|
||||||||||||||||||
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2019
|
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2018
|
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2017
|
|
2016
|
|
2015
|
||||||||||
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(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||||
Return on average stockholders' equity
|
9.56
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%
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9.51
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%
|
|
6.53
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%
|
|
7.59
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%
|
|
7.57
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%
|
|||||
Operating return on average stockholders' equity (*)
|
9.61
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%
|
|
9.82
|
%
|
|
6.78
|
%
|
|
7.59
|
%
|
|
7.57
|
%
|
|||||
Return on average tangible stockholders' equity (*)
|
11.67
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%
|
|
11.70
|
%
|
|
8.04
|
%
|
|
9.66
|
%
|
|
9.80
|
%
|
|||||
Operating return on average tangible stockholders' equity (*)
|
11.73
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%
|
|
12.09
|
%
|
|
8.35
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%
|
|
9.66
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%
|
|
9.80
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%
|
|||||
Dividend payout ratio (*)
|
40.03
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%
|
|
37.85
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%
|
|
53.52
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%
|
|
48.44
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%
|
|
50.15
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%
|
|||||
Efficiency ratio (4)
|
55.63
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%
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|
56.88
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%
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|
54.48
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%
|
|
57.60
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%
|
|
58.44
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%
|
|||||
GROWTH RATIOS
|
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Total loan and lease growth (5)
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6.89
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%
|
|
10.00
|
%
|
|
6.15
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%
|
|
8.07
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%
|
|
3.59
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%
|
|||||
Total deposit growth (5)
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6.89
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%
|
|
11.96
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%
|
|
5.64
|
%
|
|
7.08
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%
|
|
8.79
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%
|
|||||
ASSET QUALITY RATIOS
|
|
|
|
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|
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Net loan and lease charge-offs as a percentage of average loans and leases
|
0.10
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%
|
|
0.08
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%
|
|
0.25
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%
|
|
0.25
|
%
|
|
0.09
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%
|
|||||
Nonaccrual loans and leases as a percentage of total loans and leases
|
0.29
|
%
|
|
0.38
|
%
|
|
0.48
|
%
|
|
0.74
|
%
|
|
0.39
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%
|
|||||
Nonperforming assets as a percentage of total assets
|
0.28
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%
|
|
0.38
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%
|
|
0.47
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%
|
|
0.64
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%
|
|
0.34
|
%
|
|||||
Total allowance for loan and lease losses as a percentage of total loans and leases
|
0.91
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%
|
|
0.93
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%
|
|
1.02
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%
|
|
0.99
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%
|
|
1.14
|
%
|
|||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (*)
|
0.91
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%
|
|
0.96
|
%
|
|
1.05
|
%
|
|
1.03
|
%
|
|
1.20
|
%
|
|||||
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity to total assets
|
12.04
|
%
|
|
12.18
|
%
|
|
11.86
|
%
|
|
10.80
|
%
|
|
11.05
|
%
|
|||||
Tangible equity ratio (*)
|
10.15
|
%
|
|
10.15
|
%
|
|
9.94
|
%
|
|
8.73
|
%
|
|
8.81
|
%
|
|||||
Tier 1 leverage capital ratio
|
10.28
|
%
|
|
10.58
|
%
|
|
10.43
|
%
|
|
9.16
|
%
|
|
9.37
|
%
|
|||||
Common equity Tier 1 capital ratio (**)
|
11.44
|
%
|
|
11.94
|
%
|
|
12.02
|
%
|
|
10.48
|
%
|
|
10.62
|
%
|
|||||
Tier 1 risk-based capital ratio
|
11.58
|
%
|
|
12.26
|
%
|
|
12.34
|
%
|
|
10.79
|
%
|
|
10.91
|
%
|
|||||
Total risk-based capital ratio
|
13.59
|
%
|
|
14.42
|
%
|
|
14.75
|
%
|
|
13.20
|
%
|
|
13.54
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||||
Net income, as reported
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
|
$
|
52,362
|
|
|
$
|
49,782
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (after-tax)
|
384
|
|
|
174
|
|
|
7,303
|
|
|
—
|
|
|
—
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and acquisition expense (after-tax) (1)
|
851
|
|
|
2,908
|
|
|
264
|
|
|
—
|
|
|
—
|
|
|||||
Impact of Tax Act
|
—
|
|
|
—
|
|
|
8,965
|
|
|
—
|
|
|
—
|
|
|||||
Operating earnings
|
$
|
88,184
|
|
|
$
|
85,796
|
|
|
$
|
52,444
|
|
|
$
|
52,362
|
|
|
$
|
49,782
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share, as reported
|
$
|
1.10
|
|
|
$
|
1.04
|
|
|
$
|
0.68
|
|
|
$
|
0.74
|
|
|
$
|
0.71
|
|
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (after-tax)
|
—
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
|
—
|
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and acquisition expense (after-tax) (1)
|
—
|
|
|
0.03
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Impact of Tax Act
|
—
|
|
|
—
|
|
|
0.12
|
|
|
—
|
|
|
—
|
|
|||||
Operating earnings per share
|
$
|
1.10
|
|
|
$
|
1.07
|
|
|
$
|
0.70
|
|
|
$
|
0.74
|
|
|
$
|
0.71
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Operating earnings
|
$
|
88,184
|
|
|
$
|
85,796
|
|
|
$
|
52,444
|
|
|
$
|
52,362
|
|
|
$
|
49,782
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets
|
$
|
7,654,634
|
|
|
$
|
7,223,081
|
|
|
$
|
6,607,234
|
|
|
$
|
6,279,722
|
|
|
$
|
5,840,749
|
|
Less: Average goodwill and average identified intangible assets, net
|
165,697
|
|
|
163,712
|
|
|
145,000
|
|
|
147,308
|
|
|
150,020
|
|
|||||
Average tangible assets
|
$
|
7,488,937
|
|
|
$
|
7,059,369
|
|
|
$
|
6,462,234
|
|
|
$
|
6,132,414
|
|
|
$
|
5,690,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets
|
1.15
|
%
|
|
1.15
|
%
|
|
0.76
|
%
|
|
0.83
|
%
|
|
0.85
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (after-tax)
|
0.01
|
%
|
|
—
|
%
|
|
0.11
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and acquisition expense (after-tax)
|
0.01
|
%
|
|
0.04
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Impact of Tax Act
|
—
|
%
|
|
—
|
%
|
|
0.14
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Operating return on average assets
|
1.15
|
%
|
|
1.19
|
%
|
|
0.79
|
%
|
|
0.83
|
%
|
|
0.85
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible assets
|
1.17
|
%
|
|
1.18
|
%
|
|
0.78
|
%
|
|
0.85
|
%
|
|
0.87
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (after-tax)
|
0.01
|
%
|
|
—
|
%
|
|
0.11
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and acquisition expense (after-tax)
|
0.01
|
%
|
|
0.04
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Impact of Tax Act
|
—
|
%
|
|
—
|
%
|
|
0.14
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Operating return on average tangible assets
|
1.17
|
%
|
|
1.22
|
%
|
|
0.81
|
%
|
|
0.85
|
%
|
|
0.87
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total stockholders' equity
|
$
|
917,286
|
|
|
$
|
873,388
|
|
|
$
|
773,244
|
|
|
$
|
689,556
|
|
|
$
|
657,841
|
|
Less: Average goodwill and average identified intangible assets, net
|
165,697
|
|
|
163,712
|
|
|
145,000
|
|
|
147,308
|
|
|
150,020
|
|
|||||
Average tangible stockholders' equity
|
$
|
751,589
|
|
|
$
|
709,676
|
|
|
$
|
628,244
|
|
|
$
|
542,248
|
|
|
$
|
507,821
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average stockholders' equity
|
9.56
|
%
|
|
9.51
|
%
|
|
6.53
|
%
|
|
7.59
|
%
|
|
7.57
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (after-tax)
|
0.04
|
%
|
|
0.02
|
%
|
|
0.94
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and acquisition expense (after-tax)
|
0.09
|
%
|
|
0.33
|
%
|
|
0.03
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Impact of Tax Act
|
—
|
%
|
|
—
|
%
|
|
1.17
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Operating return on average stockholders' equity
|
9.61
|
%
|
|
9.82
|
%
|
|
6.79
|
%
|
|
7.59
|
%
|
|
7.57
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Return on average tangible stockholders' equity
|
11.67
|
%
|
|
11.70
|
%
|
|
8.04
|
%
|
|
9.66
|
%
|
|
9.80
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (after-tax)
|
0.05
|
%
|
|
0.02
|
%
|
|
1.16
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and acquisition expense (after-tax)
|
0.11
|
%
|
|
0.41
|
%
|
|
0.04
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Impact of Tax Act
|
—
|
%
|
|
—
|
%
|
|
1.43
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Operating return on average tangible stockholders' equity
|
11.73
|
%
|
|
12.09
|
%
|
|
8.35
|
%
|
|
9.66
|
%
|
|
9.80
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Net income, as reported
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
|
$
|
52,362
|
|
|
$
|
49,782
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets
|
$
|
7,654,634
|
|
|
$
|
7,223,081
|
|
|
$
|
6,607,234
|
|
|
$
|
6,279,722
|
|
|
$
|
5,840,749
|
|
Less: Average goodwill and average identified intangible assets, net
|
165,697
|
|
|
163,712
|
|
|
145,000
|
|
|
147,308
|
|
|
150,020
|
|
|||||
Average tangible assets
|
$
|
7,488,937
|
|
|
$
|
7,059,369
|
|
|
$
|
6,462,234
|
|
|
$
|
6,132,414
|
|
|
$
|
5,690,729
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible assets
|
1.17
|
%
|
|
1.18
|
%
|
|
0.78
|
%
|
|
0.85
|
%
|
|
0.87
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total stockholders' equity
|
$
|
917,286
|
|
|
$
|
873,388
|
|
|
$
|
773,244
|
|
|
$
|
689,556
|
|
|
$
|
657,841
|
|
Less: Average goodwill and average identified intangible assets,net
|
165,697
|
|
|
163,712
|
|
|
145,000
|
|
|
147,308
|
|
|
150,020
|
|
|||||
Average tangible stockholders' equity
|
$
|
751,589
|
|
|
$
|
709,676
|
|
|
$
|
628,244
|
|
|
$
|
542,248
|
|
|
$
|
507,821
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible stockholders' equity
|
11.67
|
%
|
|
11.70
|
%
|
|
8.04
|
%
|
|
9.66
|
%
|
|
9.80
|
%
|
|
At December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Total stockholders' equity
|
$
|
945,606
|
|
|
$
|
900,140
|
|
|
$
|
803,830
|
|
|
$
|
695,544
|
|
|
$
|
667,485
|
|
Less: Goodwill and identified intangible assets, net
|
164,850
|
|
|
166,513
|
|
|
143,934
|
|
|
146,023
|
|
|
148,523
|
|
|||||
Tangible stockholders' equity
|
$
|
780,756
|
|
|
$
|
733,627
|
|
|
$
|
659,896
|
|
|
$
|
549,521
|
|
|
$
|
518,962
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
7,856,853
|
|
|
$
|
7,392,805
|
|
|
$
|
6,780,249
|
|
|
$
|
6,438,129
|
|
|
$
|
6,042,338
|
|
Less: Goodwill and identified intangible assets, net
|
164,850
|
|
|
166,513
|
|
|
143,934
|
|
|
146,023
|
|
|
148,523
|
|
|||||
Tangible assets
|
$
|
7,692,003
|
|
|
$
|
7,226,292
|
|
|
$
|
6,636,315
|
|
|
$
|
6,292,106
|
|
|
$
|
5,893,815
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible equity ratio
|
10.15
|
%
|
|
10.15
|
%
|
|
9.94
|
%
|
|
8.73
|
%
|
|
8.81
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Tangible stockholders' equity
|
$
|
780,756
|
|
|
$
|
733,627
|
|
|
$
|
659,896
|
|
|
$
|
549,521
|
|
|
$
|
518,962
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares issued
|
85,177,172
|
|
|
85,177,172
|
|
|
81,695,695
|
|
|
75,744,445
|
|
|
75,744,445
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Treasury shares
|
5,003,127
|
|
|
5,020,025
|
|
|
4,440,665
|
|
|
4,707,096
|
|
|
4,861,554
|
|
|||||
Unallocated ESOP
|
79,548
|
|
|
109,950
|
|
|
142,332
|
|
|
176,688
|
|
|
213,066
|
|
|||||
Unvested restricted stock
|
406,450
|
|
|
390,636
|
|
|
455,283
|
|
|
476,854
|
|
|
486,035
|
|
|||||
Common shares outstanding
|
79,688,047
|
|
|
79,656,561
|
|
|
76,657,415
|
|
|
70,383,807
|
|
|
70,183,790
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per share
|
$
|
9.80
|
|
|
$
|
9.21
|
|
|
$
|
8.61
|
|
|
$
|
7.81
|
|
|
$
|
7.39
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Dividends paid
|
$
|
35,110
|
|
|
$
|
31,441
|
|
|
$
|
27,035
|
|
|
$
|
25,366
|
|
|
$
|
24,967
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income, as reported
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
|
$
|
52,362
|
|
|
$
|
49,782
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend payout ratio
|
40.03
|
%
|
|
37.85
|
%
|
|
53.52
|
%
|
|
48.44
|
%
|
|
50.15
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan and lease losses
|
$
|
61,082
|
|
|
$
|
58,692
|
|
|
$
|
58,592
|
|
|
$
|
53,666
|
|
|
$
|
56,739
|
|
Less: Allowance for acquired loan and lease losses
|
2,215
|
|
|
1,814
|
|
|
1,040
|
|
|
1,253
|
|
|
1,752
|
|
|||||
Allowance for originated loan and lease losses
|
$
|
58,867
|
|
|
$
|
56,878
|
|
|
$
|
57,552
|
|
|
$
|
52,413
|
|
|
$
|
54,987
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans and leases
|
$
|
6,737,816
|
|
|
$
|
6,303,516
|
|
|
$
|
5,730,679
|
|
|
$
|
5,398,864
|
|
|
$
|
4,995,540
|
|
Less: Total acquired loans and leases
|
288,129
|
|
|
394,407
|
|
|
240,057
|
|
|
315,304
|
|
|
422,652
|
|
|||||
Total originated loan and leases
|
$
|
6,449,687
|
|
|
$
|
5,909,109
|
|
|
$
|
5,490,622
|
|
|
$
|
5,083,560
|
|
|
$
|
4,572,888
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loan and leases
|
0.91
|
%
|
|
0.96
|
%
|
|
1.05
|
%
|
|
1.03
|
%
|
|
1.20
|
%
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
$
|
2,491,011
|
|
|
37.0
|
%
|
|
$
|
2,330,725
|
|
|
37.0
|
%
|
|
$
|
2,174,969
|
|
|
38.0
|
%
|
|
$
|
2,050,382
|
|
|
38.1
|
%
|
|
$
|
1,875,592
|
|
|
37.5
|
%
|
Multi-family mortgage
|
932,163
|
|
|
13.8
|
%
|
|
847,711
|
|
|
13.4
|
%
|
|
760,670
|
|
|
13.3
|
%
|
|
731,186
|
|
|
13.5
|
%
|
|
658,480
|
|
|
13.2
|
%
|
|||||
Construction
|
246,048
|
|
|
3.7
|
%
|
|
173,300
|
|
|
2.7
|
%
|
|
140,138
|
|
|
2.4
|
%
|
|
136,999
|
|
|
2.5
|
%
|
|
130,322
|
|
|
2.6
|
%
|
|||||
Total commercial real estate loans
|
3,669,222
|
|
|
54.5
|
%
|
|
3,351,736
|
|
|
53.1
|
%
|
|
3,075,777
|
|
|
53.7
|
%
|
|
2,918,567
|
|
|
54.1
|
%
|
|
2,664,394
|
|
|
53.3
|
%
|
|||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial
|
729,502
|
|
|
10.8
|
%
|
|
736,418
|
|
|
11.7
|
%
|
|
705,004
|
|
|
12.3
|
%
|
|
635,426
|
|
|
11.8
|
%
|
|
592,531
|
|
|
11.9
|
%
|
|||||
Equipment financing
|
1,052,408
|
|
|
15.6
|
%
|
|
982,089
|
|
|
15.6
|
%
|
|
866,488
|
|
|
15.1
|
%
|
|
799,860
|
|
|
14.8
|
%
|
|
721,890
|
|
|
14.5
|
%
|
|||||
Condominium association
|
56,838
|
|
|
0.8
|
%
|
|
50,451
|
|
|
0.8
|
%
|
|
52,619
|
|
|
0.9
|
%
|
|
60,122
|
|
|
1.1
|
%
|
|
59,875
|
|
|
1.2
|
%
|
|||||
Total commercial loans and leases
|
1,838,748
|
|
|
27.2
|
%
|
|
1,768,958
|
|
|
28.1
|
%
|
|
1,624,111
|
|
|
28.3
|
%
|
|
1,495,408
|
|
|
27.7
|
%
|
|
1,374,296
|
|
|
27.6
|
%
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
|
814,245
|
|
|
12.1
|
%
|
|
782,968
|
|
|
12.4
|
%
|
|
660,065
|
|
|
11.5
|
%
|
|
624,349
|
|
|
11.6
|
%
|
|
616,449
|
|
|
12.3
|
%
|
|||||
Home equity
|
376,819
|
|
|
5.6
|
%
|
|
376,484
|
|
|
6.0
|
%
|
|
355,954
|
|
|
6.2
|
%
|
|
342,241
|
|
|
6.3
|
%
|
|
314,553
|
|
|
6.3
|
%
|
|||||
Other consumer
|
38,782
|
|
|
0.6
|
%
|
|
23,370
|
|
|
0.4
|
%
|
|
14,772
|
|
|
0.3
|
%
|
|
18,299
|
|
|
0.3
|
%
|
|
25,848
|
|
|
0.5
|
%
|
|||||
Total consumer loans
|
1,229,846
|
|
|
18.3
|
%
|
|
1,182,822
|
|
|
18.8
|
%
|
|
1,030,791
|
|
|
18.0
|
%
|
|
984,889
|
|
|
18.2
|
%
|
|
956,850
|
|
|
19.1
|
%
|
|||||
Total loans and leases
|
6,737,816
|
|
|
100.0
|
%
|
|
6,303,516
|
|
|
100.0
|
%
|
|
5,730,679
|
|
|
100.0
|
%
|
|
5,398,864
|
|
|
100.0
|
%
|
|
4,995,540
|
|
|
100.0
|
%
|
|||||
Allowance for loan and lease losses
|
(61,082
|
)
|
|
|
|
(58,692
|
)
|
|
|
|
(58,592
|
)
|
|
|
|
(53,666
|
)
|
|
|
|
(56,739
|
)
|
|
|
||||||||||
Net loans and leases
|
$
|
6,676,734
|
|
|
|
|
$
|
6,244,824
|
|
|
|
|
$
|
5,672,087
|
|
|
|
|
$
|
5,345,198
|
|
|
|
|
$
|
4,938,801
|
|
|
|
|
Amount due at December 31, 2019
|
||||||||||||||||||||||||||
|
Within One
Year
|
|
More than
One Year to
Three Years
|
|
More than
Three Years
to Five Years
|
|
More than
Five Years to
Fifteen Years
|
|
More than
Fifteen Years
|
|
Total after
One Year
|
|
Total
|
||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||
Commercial real estate
|
$
|
1,138,687
|
|
|
$
|
558,827
|
|
|
$
|
573,867
|
|
|
$
|
210,688
|
|
|
$
|
8,942
|
|
|
$
|
1,352,324
|
|
|
$
|
2,491,011
|
|
Multi-family mortgage
|
417,176
|
|
|
163,367
|
|
|
248,018
|
|
|
101,931
|
|
|
1,671
|
|
|
514,987
|
|
|
932,163
|
|
|||||||
Construction
|
165,432
|
|
|
17,907
|
|
|
21,408
|
|
|
41,301
|
|
|
—
|
|
|
80,616
|
|
|
246,048
|
|
|||||||
Commercial
|
315,918
|
|
|
127,210
|
|
|
133,460
|
|
|
73,289
|
|
|
79,625
|
|
|
413,584
|
|
|
729,502
|
|
|||||||
Equipment financing
|
82,223
|
|
|
307,838
|
|
|
524,098
|
|
|
138,249
|
|
|
—
|
|
|
970,185
|
|
|
1,052,408
|
|
|||||||
Condominium association
|
7,999
|
|
|
9,584
|
|
|
11,261
|
|
|
27,994
|
|
|
—
|
|
|
48,839
|
|
|
56,838
|
|
|||||||
Residential mortgage
|
167,887
|
|
|
180,378
|
|
|
222,634
|
|
|
125,156
|
|
|
118,190
|
|
|
646,358
|
|
|
814,245
|
|
|||||||
Home equity
|
151,814
|
|
|
7,207
|
|
|
5,181
|
|
|
41,859
|
|
|
170,758
|
|
|
225,005
|
|
|
376,819
|
|
|||||||
Other consumer
|
34,307
|
|
|
304
|
|
|
152
|
|
|
—
|
|
|
4,019
|
|
|
4,475
|
|
|
38,782
|
|
|||||||
Total
|
$
|
2,481,443
|
|
|
$
|
1,372,622
|
|
|
$
|
1,740,079
|
|
|
$
|
760,467
|
|
|
$
|
383,205
|
|
|
$
|
4,256,373
|
|
|
$
|
6,737,816
|
|
|
Due after One Year
|
||||||||||
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
|
(In Thousands)
|
||||||||||
Originated:
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
505,644
|
|
|
$
|
785,096
|
|
|
$
|
1,290,740
|
|
Multi-family mortgage
|
240,172
|
|
|
245,641
|
|
|
485,813
|
|
|||
Construction
|
14,387
|
|
|
66,166
|
|
|
80,553
|
|
|||
Commercial
|
186,808
|
|
|
211,832
|
|
|
398,640
|
|
|||
Equipment financing
|
695,695
|
|
|
272,166
|
|
|
967,861
|
|
|||
Condominium association
|
37,751
|
|
|
11,088
|
|
|
48,839
|
|
|||
Residential mortgage
|
144,443
|
|
|
426,482
|
|
|
570,925
|
|
|||
Home equity
|
26,125
|
|
|
171,144
|
|
|
197,269
|
|
|||
Other consumer
|
465
|
|
|
4,010
|
|
|
4,475
|
|
|||
Total originated
|
1,851,490
|
|
|
2,193,625
|
|
|
4,045,115
|
|
|||
Acquired:
|
|
|
|
|
|
||||||
Commercial real estate
|
12,569
|
|
|
49,015
|
|
|
61,584
|
|
|||
Multi-family mortgage
|
7,978
|
|
|
21,197
|
|
|
29,175
|
|
|||
Construction
|
—
|
|
|
63
|
|
|
63
|
|
|||
Commercial
|
881
|
|
|
14,063
|
|
|
14,944
|
|
|||
Equipment financing
|
2,325
|
|
|
—
|
|
|
2,325
|
|
|||
Residential mortgage
|
40,462
|
|
|
34,971
|
|
|
75,433
|
|
|||
Home equity
|
14,777
|
|
|
12,959
|
|
|
27,736
|
|
|||
Total acquired
|
78,992
|
|
|
132,268
|
|
|
211,260
|
|
|||
Total loans
|
$
|
1,930,482
|
|
|
$
|
2,325,893
|
|
|
$
|
4,256,375
|
|
|
At December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Nonperforming loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
$
|
2,845
|
|
|
$
|
3,928
|
|
|
$
|
3,313
|
|
|
$
|
5,340
|
|
|
$
|
5,482
|
|
Multi-family mortgage
|
84
|
|
|
330
|
|
|
608
|
|
|
1,404
|
|
|
291
|
|
|||||
Construction
|
—
|
|
|
396
|
|
|
860
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial real estate loans
|
2,929
|
|
|
4,654
|
|
|
4,781
|
|
|
6,744
|
|
|
5,773
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
4,909
|
|
|
6,621
|
|
|
11,619
|
|
|
22,974
|
|
|
6,264
|
|
|||||
Equipment financing
|
9,822
|
|
|
9,500
|
|
|
8,106
|
|
|
6,758
|
|
|
2,610
|
|
|||||
Condominium association
|
151
|
|
|
265
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total commercial loans and leases
|
14,882
|
|
|
16,386
|
|
|
19,725
|
|
|
29,732
|
|
|
8,874
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgage
|
753
|
|
|
2,132
|
|
|
1,979
|
|
|
2,501
|
|
|
2,225
|
|
|||||
Home equity
|
896
|
|
|
908
|
|
|
744
|
|
|
951
|
|
|
1,757
|
|
|||||
Other consumer
|
1
|
|
|
17
|
|
|
43
|
|
|
149
|
|
|
704
|
|
|||||
Total consumer loans
|
1,650
|
|
|
3,057
|
|
|
2,766
|
|
|
3,601
|
|
|
4,686
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total nonaccrual loans and leases
|
19,461
|
|
|
24,097
|
|
|
27,272
|
|
|
40,077
|
|
|
19,333
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Other real estate owned
|
—
|
|
|
3,054
|
|
|
3,235
|
|
|
618
|
|
|
729
|
|
|||||
Other repossessed assets
|
2,631
|
|
|
965
|
|
|
1,184
|
|
|
781
|
|
|
614
|
|
|||||
Total nonperforming assets
|
$
|
22,092
|
|
|
$
|
28,116
|
|
|
$
|
31,691
|
|
|
$
|
41,476
|
|
|
$
|
20,676
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases past due greater than 90 days and accruing
|
$
|
10,109
|
|
|
$
|
13,482
|
|
|
$
|
3,020
|
|
|
$
|
7,077
|
|
|
$
|
8,690
|
|
Total delinquent loans and leases 61-90 days past due
|
4,978
|
|
|
3,308
|
|
|
7,376
|
|
|
7,350
|
|
|
3,294
|
|
|||||
Restructured loans and leases not included in nonperforming assets
|
17,076
|
|
|
12,257
|
|
|
16,241
|
|
|
13,883
|
|
|
17,953
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total nonaccrual loans and leases as a percentage of total loans and leases
|
0.29
|
%
|
|
0.38
|
%
|
|
0.48
|
%
|
|
0.74
|
%
|
|
0.39
|
%
|
|||||
Total nonperforming assets as a percentage of total assets
|
0.28
|
%
|
|
0.38
|
%
|
|
0.47
|
%
|
|
0.64
|
%
|
|
0.34
|
%
|
|||||
Total delinquent loans and leases 61-90 days past due as a percentage of total loans and leases
|
0.07
|
%
|
|
0.05
|
%
|
|
0.13
|
%
|
|
0.14
|
%
|
|
0.07
|
%
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||||
|
(Dollars in Thousands)
|
||||||
Troubled debt restructurings:
|
|
|
|
|
|
||
Commercial real estate loans:
|
|
|
|
||||
Commercial real estate mortgage
|
$
|
1,674
|
|
|
$
|
2,034
|
|
Multi-family mortgage
|
85
|
|
|
330
|
|
||
Construction
|
2,942
|
|
|
—
|
|
||
Commercial loans and leases:
|
|
|
|
||||
Commercial
|
8,995
|
|
|
9,394
|
|
||
Equipment financing
|
5,555
|
|
|
5,901
|
|
||
Consumer loans:
|
|
|
|
||||
Residential mortgage
|
2,067
|
|
|
1,626
|
|
||
Home equity
|
1,862
|
|
|
1,656
|
|
||
Total troubled debt restructurings
|
$
|
23,180
|
|
|
$
|
20,941
|
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||||
|
(Dollars in Thousands)
|
||||||
Troubled debt restructurings:
|
|
|
|
|
|
||
On accrual
|
$
|
17,076
|
|
|
$
|
12,257
|
|
On nonaccrual
|
6,104
|
|
|
8,684
|
|
||
Total troubled debt restructurings
|
$
|
23,180
|
|
|
$
|
20,941
|
|
|
Year ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Dollars in Thousands)
|
||||||
Balance at beginning of period
|
$
|
20,941
|
|
|
$
|
26,011
|
|
Additions
|
16,484
|
|
|
5,843
|
|
||
Net charge-offs
|
(1,964
|
)
|
|
(1,174
|
)
|
||
Repayments(1)
|
(12,281
|
)
|
|
(9,739
|
)
|
||
Balance at end of period
|
$
|
23,180
|
|
|
$
|
20,941
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2018
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
Charge-offs
|
—
|
|
|
(8,911
|
)
|
|
(127
|
)
|
|
(9,038
|
)
|
||||
Recoveries
|
—
|
|
|
1,688
|
|
|
179
|
|
|
1,867
|
|
||||
Provision for loan and lease losses
|
2,098
|
|
|
6,766
|
|
|
697
|
|
|
9,561
|
|
||||
Balance at December 31, 2019
|
$
|
30,285
|
|
|
$
|
24,826
|
|
|
$
|
5,971
|
|
|
$
|
61,082
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,669,222
|
|
|
$
|
1,838,748
|
|
|
$
|
1,229,846
|
|
|
$
|
6,737,816
|
|
Total allowance for loan and lease losses as a percentage of total loans and leases
|
0.83
|
%
|
|
1.35
|
%
|
|
0.49
|
%
|
|
0.91
|
%
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2017
|
$
|
27,112
|
|
|
$
|
26,333
|
|
|
$
|
5,147
|
|
|
$
|
58,592
|
|
Charge-offs
|
(103
|
)
|
|
(6,585
|
)
|
|
(540
|
)
|
|
(7,228
|
)
|
||||
Recoveries
|
—
|
|
|
2,287
|
|
|
290
|
|
|
2,577
|
|
||||
Provision for loan and lease losses
|
1,178
|
|
|
3,248
|
|
|
325
|
|
|
4,751
|
|
||||
Balance at December 31, 2018
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,351,736
|
|
|
$
|
1,768,958
|
|
|
$
|
1,182,822
|
|
|
$
|
6,303,516
|
|
Total allowance for loan and lease losses as a percentage of total loans and leases
|
0.84
|
%
|
|
1.43
|
%
|
|
0.44
|
%
|
|
0.93
|
%
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2016
|
$
|
27,645
|
|
|
$
|
20,906
|
|
|
$
|
5,115
|
|
|
$
|
53,666
|
|
Charge-offs
|
(494
|
)
|
|
(14,914
|
)
|
|
(403
|
)
|
|
(15,811
|
)
|
||||
Recoveries
|
476
|
|
|
1,158
|
|
|
319
|
|
|
1,953
|
|
||||
(Credit) provision for loan and lease losses
|
(515
|
)
|
|
19,183
|
|
|
116
|
|
|
18,784
|
|
||||
Balance at December 31, 2017
|
$
|
27,112
|
|
|
$
|
26,333
|
|
|
$
|
5,147
|
|
|
$
|
58,592
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,075,777
|
|
|
$
|
1,624,111
|
|
|
$
|
1,030,791
|
|
|
$
|
5,730,679
|
|
Allowance for loan and lease losses as a percentage of total loans and leases
|
0.88
|
%
|
|
1.62
|
%
|
|
0.50
|
%
|
|
1.02
|
%
|
|
Year Ended December 31, 2016
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2015
|
$
|
30,151
|
|
|
$
|
22,018
|
|
|
$
|
4,570
|
|
|
$
|
56,739
|
|
Charge-offs
|
(2,169
|
)
|
|
(10,516
|
)
|
|
(1,982
|
)
|
|
(14,667
|
)
|
||||
Recoveries
|
—
|
|
|
642
|
|
|
750
|
|
|
1,392
|
|
||||
(Credit) provision for loan and lease losses
|
(337
|
)
|
|
8,762
|
|
|
1,777
|
|
|
10,202
|
|
||||
Balance at December 31, 2016
|
$
|
27,645
|
|
|
$
|
20,906
|
|
|
$
|
5,115
|
|
|
$
|
53,666
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
2,918,567
|
|
|
$
|
1,495,408
|
|
|
$
|
984,889
|
|
|
$
|
5,398,864
|
|
Allowance for loan and lease losses as a percentage of total loans and leases
|
0.95
|
%
|
|
1.40
|
%
|
|
0.52
|
%
|
|
0.99
|
%
|
|
Year Ended December 31, 2015
|
||||||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Balance at December 31, 2014
|
$
|
29,594
|
|
|
$
|
15,957
|
|
|
$
|
5,690
|
|
|
$
|
2,418
|
|
|
$
|
53,659
|
|
Charge-offs
|
(550
|
)
|
|
(3,634
|
)
|
|
(2,370
|
)
|
|
—
|
|
|
(6,554
|
)
|
|||||
Recoveries
|
—
|
|
|
667
|
|
|
1,544
|
|
|
—
|
|
|
2,211
|
|
|||||
Provision (credit) for loan and lease losses
|
1,107
|
|
|
9,028
|
|
|
(294
|
)
|
|
(2,418
|
)
|
|
7,423
|
|
|||||
Balance at December 31, 2015
|
$
|
30,151
|
|
|
$
|
22,018
|
|
|
$
|
4,570
|
|
|
$
|
—
|
|
|
$
|
56,739
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans and leases
|
$
|
2,664,394
|
|
|
$
|
1,374,296
|
|
|
$
|
956,850
|
|
|
N/A
|
|
|
$
|
4,995,540
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases
|
1.13
|
%
|
|
1.60
|
%
|
|
0.48
|
%
|
|
N/A
|
|
|
1.14
|
%
|
|
At December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Commercial real estate
|
$
|
21,519
|
|
|
35.3
|
%
|
|
37.0
|
%
|
|
$
|
20,779
|
|
|
35.4
|
%
|
|
37.0
|
%
|
|
$
|
20,089
|
|
|
34.3
|
%
|
|
38.0
|
%
|
Multi-family mortgage
|
6,436
|
|
|
10.5
|
%
|
|
13.8
|
%
|
|
5,915
|
|
|
10.1
|
%
|
|
13.4
|
%
|
|
5,667
|
|
|
9.7
|
%
|
|
13.3
|
%
|
|||
Construction
|
2,330
|
|
|
3.8
|
%
|
|
3.7
|
%
|
|
1,494
|
|
|
2.5
|
%
|
|
2.7
|
%
|
|
1,356
|
|
|
2.3
|
%
|
|
2.4
|
%
|
|||
Total commercial real estate loans
|
30,285
|
|
|
49.6
|
%
|
|
54.5
|
%
|
|
28,188
|
|
|
48.0
|
%
|
|
53.1
|
%
|
|
27,112
|
|
|
46.3
|
%
|
|
53.7
|
%
|
|||
Commercial
|
12,849
|
|
|
21.0
|
%
|
|
10.8
|
%
|
|
14,047
|
|
|
23.9
|
%
|
|
11.7
|
%
|
|
15,366
|
|
|
26.2
|
%
|
|
12.3
|
%
|
|||
Equipment financing
|
11,595
|
|
|
19.0
|
%
|
|
15.6
|
%
|
|
10,888
|
|
|
18.6
|
%
|
|
15.6
|
%
|
|
10,586
|
|
|
18.1
|
%
|
|
15.1
|
%
|
|||
Condominium association
|
382
|
|
|
0.6
|
%
|
|
0.8
|
%
|
|
347
|
|
|
0.6
|
%
|
|
0.8
|
%
|
|
381
|
|
|
0.7
|
%
|
|
0.9
|
%
|
|||
Total commercial loans and leases
|
24,826
|
|
|
40.6
|
%
|
|
27.2
|
%
|
|
25,282
|
|
|
43.1
|
%
|
|
28.1
|
%
|
|
26,333
|
|
|
45.0
|
%
|
|
28.3
|
%
|
|||
Residential mortgage
|
3,717
|
|
|
6.1
|
%
|
|
12.1
|
%
|
|
3,076
|
|
|
5.2
|
%
|
|
12.4
|
%
|
|
2,743
|
|
|
4.7
|
%
|
|
11.5
|
%
|
|||
Home equity
|
2,132
|
|
|
3.5
|
%
|
|
5.6
|
%
|
|
2,047
|
|
|
3.5
|
%
|
|
6.0
|
%
|
|
2,219
|
|
|
3.8
|
%
|
|
6.2
|
%
|
|||
Other consumer
|
122
|
|
|
0.2
|
%
|
|
0.6
|
%
|
|
99
|
|
|
0.2
|
%
|
|
0.4
|
%
|
|
185
|
|
|
0.2
|
%
|
|
0.3
|
%
|
|||
Total consumer loans
|
5,971
|
|
|
9.8
|
%
|
|
18.3
|
%
|
|
5,222
|
|
|
8.9
|
%
|
|
18.8
|
%
|
|
5,147
|
|
|
8.7
|
%
|
|
18.0
|
%
|
|||
Total
|
$
|
61,082
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
58,692
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
58,592
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
|
Amount
|
|
Percent of
Allowance
to Total
Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Commercial real estate
|
$
|
19,354
|
|
|
36.1
|
%
|
|
38.1
|
%
|
|
$
|
21,100
|
|
|
37.3
|
%
|
|
37.5
|
%
|
Multi-family mortgage
|
5,528
|
|
|
10.3
|
%
|
|
13.5
|
%
|
|
6,376
|
|
|
11.2
|
%
|
|
13.2
|
%
|
||
Construction
|
2,763
|
|
|
5.1
|
%
|
|
2.5
|
%
|
|
2,675
|
|
|
4.7
|
%
|
|
2.6
|
%
|
||
Total commercial real estate loans
|
27,645
|
|
|
51.5
|
%
|
|
54.1
|
%
|
|
30,151
|
|
|
53.2
|
%
|
|
53.3
|
%
|
||
Commercial
|
10,096
|
|
|
18.8
|
%
|
|
11.8
|
%
|
|
12,745
|
|
|
22.5
|
%
|
|
11.9
|
%
|
||
Equipment financing
|
10,345
|
|
|
19.3
|
%
|
|
14.8
|
%
|
|
8,809
|
|
|
15.5
|
%
|
|
14.5
|
%
|
||
Condominium association
|
465
|
|
|
0.9
|
%
|
|
1.1
|
%
|
|
464
|
|
|
0.8
|
%
|
|
1.2
|
%
|
||
Total commercial loans and leases
|
20,906
|
|
|
39.0
|
%
|
|
27.7
|
%
|
|
22,018
|
|
|
38.8
|
%
|
|
27.6
|
%
|
||
Residential mortgage
|
2,587
|
|
|
4.8
|
%
|
|
11.6
|
%
|
|
2,069
|
|
|
3.6
|
%
|
|
12.3
|
%
|
||
Home equity
|
2,356
|
|
|
4.4
|
%
|
|
6.3
|
%
|
|
2,149
|
|
|
3.8
|
%
|
|
6.3
|
%
|
||
Other consumer
|
172
|
|
|
0.3
|
%
|
|
0.3
|
%
|
|
352
|
|
|
0.6
|
%
|
|
0.5
|
%
|
||
Total consumer loans
|
5,115
|
|
|
9.5
|
%
|
|
18.2
|
%
|
|
4,570
|
|
|
8.0
|
%
|
|
19.1
|
%
|
||
Unallocated
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
||
Total
|
$
|
53,666
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
56,739
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
$
|
182,922
|
|
|
$
|
185,803
|
|
|
$
|
184,072
|
|
|
$
|
181,079
|
|
|
$
|
151,483
|
|
|
$
|
149,924
|
|
GSE CMOs
|
87,001
|
|
|
85,932
|
|
|
107,363
|
|
|
103,130
|
|
|
131,082
|
|
|
127,022
|
|
||||||
GSE MBSs
|
153,049
|
|
|
153,343
|
|
|
169,334
|
|
|
165,089
|
|
|
191,281
|
|
|
189,313
|
|
||||||
SBA commercial loan asset- backed securities
|
34
|
|
|
34
|
|
|
51
|
|
|
51
|
|
|
73
|
|
|
72
|
|
||||||
Corporate debt obligations
|
28,484
|
|
|
28,986
|
|
|
40,618
|
|
|
39,708
|
|
|
62,811
|
|
|
62,683
|
|
||||||
U.S. Treasury bonds
|
44,675
|
|
|
44,897
|
|
|
13,812
|
|
|
13,736
|
|
|
8,785
|
|
|
8,730
|
|
||||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,471
|
|
|
1,398
|
|
||||||
Marketable equity securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
978
|
|
|
982
|
|
||||||
Total investment securities available-for-sale
|
$
|
496,165
|
|
|
$
|
498,995
|
|
|
$
|
515,250
|
|
|
$
|
502,793
|
|
|
$
|
547,964
|
|
|
$
|
540,124
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
$
|
31,228
|
|
|
$
|
31,290
|
|
|
$
|
50,546
|
|
|
$
|
49,601
|
|
|
$
|
41,612
|
|
|
$
|
40,801
|
|
GSE MBSs
|
9,360
|
|
|
9,279
|
|
|
11,426
|
|
|
11,131
|
|
|
13,923
|
|
|
13,705
|
|
||||||
Municipal obligations
|
45,692
|
|
|
46,514
|
|
|
52,304
|
|
|
51,598
|
|
|
53,695
|
|
|
53,517
|
|
||||||
Foreign government obligations
|
500
|
|
|
478
|
|
|
500
|
|
|
500
|
|
|
500
|
|
|
500
|
|
||||||
Total investment securities held-to-maturity
|
$
|
86,780
|
|
|
$
|
87,561
|
|
|
$
|
114,776
|
|
|
$
|
112,830
|
|
|
$
|
109,730
|
|
|
$
|
108,523
|
|
Equity securities held-for-trading
|
|
|
|
$
|
3,581
|
|
|
|
|
|
$
|
4,207
|
|
|
$
|
—
|
|
|
$
|
—
|
|
||
Restricted equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
FHLBB stock
|
$
|
35,482
|
|
|
|
|
|
$
|
43,655
|
|
|
|
|
|
$
|
42,427
|
|
|
|
|
|||
FRB stock
|
18,084
|
|
|
|
|
|
17,995
|
|
|
|
|
|
16,842
|
|
|
|
|
||||||
Other
|
252
|
|
|
|
|
|
101
|
|
|
|
|
|
100
|
|
|
|
|
||||||
Total restricted equity securities
|
$
|
53,818
|
|
|
|
|
|
$
|
61,751
|
|
|
|
|
|
$
|
59,369
|
|
|
|
|
|
Balance at December 31, 2019
|
|||||||||||||||||||||||||||||||||
|
One Year or Less
|
|
After One Year
Through Five Years
|
|
After Five Years
Through Ten Years
|
|
After Ten Years
|
|
Total
|
|||||||||||||||||||||||||
|
Carrying
Value
|
|
Weighted
Average
Yield (1)
|
|
Carrying
Value
|
|
Weighted
Average
Yield (1)
|
|
Carrying
Value
|
|
Weighted
Average
Yield (1)
|
|
Carrying
Value
|
|
Weighted
Average
Yield (1)
|
|
Carrying
Value
|
|
Weighted
Average
Yield (1)
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
GSE debentures
|
$
|
9,793
|
|
|
1.66
|
%
|
|
$
|
157,452
|
|
|
2.15
|
%
|
|
$
|
18,558
|
|
|
2.63
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
185,803
|
|
|
2.17
|
%
|
GSE CMOs
|
—
|
|
|
—
|
%
|
|
5
|
|
|
6.63
|
%
|
|
8,530
|
|
|
1.62
|
%
|
|
77,397
|
|
|
1.86
|
%
|
|
85,932
|
|
|
1.84
|
%
|
|||||
GSE MBSs
|
3
|
|
|
4.80
|
%
|
|
18,155
|
|
|
1.98
|
%
|
|
41,361
|
|
|
2.02
|
%
|
|
93,824
|
|
|
2.34
|
%
|
|
153,343
|
|
|
2.21
|
%
|
|||||
SBA commercial loan asset- backed securities
|
—
|
|
|
—
|
%
|
|
25
|
|
|
2.20
|
%
|
|
9
|
|
|
2.31
|
%
|
|
—
|
|
|
—
|
%
|
|
34
|
|
|
2.23
|
%
|
|||||
Corporate debt obligations
|
3,008
|
|
|
2.08
|
%
|
|
25,978
|
|
|
2.58
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
28,986
|
|
|
2.53
|
%
|
|||||
U.S. Treasury bonds
|
—
|
|
|
—
|
%
|
|
19,142
|
|
|
2.20
|
%
|
|
25,755
|
|
|
1.79
|
%
|
|
—
|
|
|
—
|
%
|
|
44,897
|
|
|
1.96
|
%
|
|||||
Equity securities held-for-trading (2)
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
3,581
|
|
|
3.57
|
%
|
|
3,581
|
|
|
3.57
|
%
|
|||||
Total investment securities available-for-sale
|
$
|
12,804
|
|
|
1.76
|
%
|
|
$
|
220,757
|
|
|
2.19
|
%
|
|
$
|
94,213
|
|
|
2.04
|
%
|
|
$
|
174,802
|
|
|
2.15
|
%
|
|
$
|
502,576
|
|
|
2.14
|
%
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
GSE debentures
|
$
|
—
|
|
|
—
|
%
|
|
$
|
31,228
|
|
|
2.00
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
31,228
|
|
|
2.00
|
%
|
GSE MBSs
|
—
|
|
|
—
|
%
|
|
$
|
20
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
9,340
|
|
|
1.90
|
%
|
|
9,360
|
|
|
1.89
|
%
|
||||
Municipal obligations
|
6,366
|
|
|
1.33
|
%
|
|
32,149
|
|
|
1.61
|
%
|
|
7,177
|
|
|
1.79
|
%
|
|
—
|
|
|
—
|
%
|
|
45,692
|
|
|
1.60
|
%
|
|||||
Foreign government obligations
|
—
|
|
|
—
|
%
|
|
500
|
|
|
3.25
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
500
|
|
|
3.25
|
%
|
|||||
Total investment securities held-to-maturity
|
$
|
6,366
|
|
|
1.33
|
%
|
|
$
|
63,897
|
|
|
1.81
|
%
|
|
$
|
7,177
|
|
|
1.79
|
%
|
|
$
|
9,340
|
|
|
1.90
|
%
|
|
$
|
86,780
|
|
|
1.78
|
%
|
Restricted equity
securities (2):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
FHLBB stock
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
35,482
|
|
|
6.04
|
%
|
|
$
|
35,482
|
|
|
6.04
|
%
|
FRB stock
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
18,084
|
|
|
5.97
|
%
|
|
18,084
|
|
|
5.97
|
%
|
|||||
Other stock
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
252
|
|
|
—
|
%
|
|
252
|
|
|
—
|
%
|
|||||
Total restricted equity securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
53,818
|
|
|
5.99
|
%
|
|
$
|
53,818
|
|
|
5.99
|
%
|
|
At December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Non-interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand checking accounts
|
$
|
1,141,578
|
|
|
19.6
|
%
|
|
—
|
%
|
|
$
|
1,033,551
|
|
|
19.0
|
%
|
|
—
|
%
|
|
$
|
942,583
|
|
|
19.3
|
%
|
|
—
|
%
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW accounts
|
371,380
|
|
|
6.4
|
%
|
|
0.11
|
%
|
|
336,317
|
|
|
6.2
|
%
|
|
0.10
|
%
|
|
350,568
|
|
|
7.2
|
%
|
|
0.07
|
%
|
|||
Savings accounts
|
613,467
|
|
|
10.5
|
%
|
|
0.46
|
%
|
|
619,961
|
|
|
11.4
|
%
|
|
0.32
|
%
|
|
646,359
|
|
|
13.3
|
%
|
|
0.25
|
%
|
|||
Money market accounts
|
1,682,005
|
|
|
28.9
|
%
|
|
1.15
|
%
|
|
1,675,050
|
|
|
30.7
|
%
|
|
1.18
|
%
|
|
1,724,363
|
|
|
35.4
|
%
|
|
0.56
|
%
|
|||
Certificate of deposit accounts
|
2,021,642
|
|
|
34.7
|
%
|
|
2.26
|
%
|
|
1,789,165
|
|
|
32.7
|
%
|
|
1.58
|
%
|
|
1,207,470
|
|
|
24.8
|
%
|
|
1.27
|
%
|
|||
Total interest-bearing deposits
|
4,688,494
|
|
|
80.4
|
%
|
|
1.46
|
%
|
|
4,420,493
|
|
|
81.0
|
%
|
|
1.14
|
%
|
|
3,928,760
|
|
|
80.7
|
%
|
|
0.68
|
%
|
|||
Total deposits
|
$
|
5,830,072
|
|
|
100.0
|
%
|
|
1.17
|
%
|
|
$
|
5,454,044
|
|
|
100.0
|
%
|
|
0.92
|
%
|
|
$
|
4,871,343
|
|
|
100.0
|
%
|
|
0.55
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
Average
Balance
|
|
Percent
of Total
Average
Deposits
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Percent
of Total
Average
Deposits
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Percent
of Total
Average
Deposits
|
|
Weighted
Average
Rate
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Core deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest-bearing demand checking accounts
|
$
|
1,070,859
|
|
|
18.9
|
%
|
|
—
|
%
|
|
$
|
997,179
|
|
|
19.3
|
%
|
|
—
|
%
|
|
$
|
912,743
|
|
|
19.3
|
%
|
|
—
|
%
|
NOW accounts
|
339,275
|
|
|
6.0
|
%
|
|
0.13
|
%
|
|
340,194
|
|
|
6.6
|
%
|
|
0.08
|
%
|
|
322,681
|
|
|
6.8
|
%
|
|
0.07
|
%
|
|||
Savings accounts
|
608,022
|
|
|
10.7
|
%
|
|
0.48
|
%
|
|
618,674
|
|
|
12.0
|
%
|
|
0.29
|
%
|
|
620,757
|
|
|
13.1
|
%
|
|
0.21
|
%
|
|||
Money market accounts
|
1,682,676
|
|
|
29.7
|
%
|
|
1.26
|
%
|
|
1,715,057
|
|
|
33.1
|
%
|
|
0.90
|
%
|
|
1,761,112
|
|
|
37.2
|
%
|
|
0.50
|
%
|
|||
Total core deposits
|
3,700,832
|
|
|
65.4
|
%
|
|
0.66
|
%
|
|
3,671,104
|
|
|
71.0
|
%
|
|
0.48
|
%
|
|
3,617,293
|
|
|
76.4
|
%
|
|
0.29
|
%
|
|||
Certificate of deposit accounts
|
1,956,350
|
|
|
34.6
|
%
|
|
2.30
|
%
|
|
1,497,473
|
|
|
29.0
|
%
|
|
1.64
|
%
|
|
1,116,909
|
|
|
23.6
|
%
|
|
1.16
|
%
|
|||
Total deposits
|
$
|
5,657,182
|
|
|
100.0
|
%
|
|
1.23
|
%
|
|
$
|
5,168,577
|
|
|
100.0
|
%
|
|
0.81
|
%
|
|
$
|
4,734,202
|
|
|
100.0
|
%
|
|
0.49
|
%
|
|
At December 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
|
Amount
|
|
Weighted
Average Rate
|
|
Amount
|
|
Weighted
Average Rate
|
||||||
|
(Dollars in Thousands)
|
||||||||||||
Maturity period:
|
|
|
|
|
|
|
|
||||||
Six months or less
|
$
|
410,973
|
|
|
2.25
|
%
|
|
$
|
261,170
|
|
|
1.63
|
%
|
Over six months through 12 months
|
338,578
|
|
|
2.36
|
%
|
|
270,897
|
|
|
1.97
|
%
|
||
Over 12 months
|
373,632
|
|
|
2.48
|
%
|
|
418,167
|
|
|
2.38
|
%
|
||
Total certificate of deposit of $100,000 or more
|
$
|
1,123,183
|
|
|
2.36
|
%
|
|
$
|
950,234
|
|
|
2.06
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Borrowed funds:
|
|
|
|
|
|
||||||
Average balance outstanding
|
$
|
920,385
|
|
|
$
|
1,075,446
|
|
|
$
|
1,013,360
|
|
Maximum amount outstanding at any month end during the year
|
987,835
|
|
|
1,208,920
|
|
|
1,093,693
|
|
|||
Balance outstanding at end of year
|
902,749
|
|
|
920,542
|
|
|
1,020,819
|
|
|||
Weighted average interest rate for the period
|
2.65
|
%
|
|
2.22
|
%
|
|
1.61
|
%
|
|||
Weighted average interest rate at end of period
|
2.53
|
%
|
|
2.55
|
%
|
|
1.82
|
%
|
|
|
|
|
|
|
|
|
Carrying Amount
|
||||||
Issue Date
|
|
Rate
|
|
Maturity Date
|
|
Next Call Date
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
|
(Dollars in Thousands)
|
||||||||||||
June 26, 2003
|
|
Variable;
3-month LIBOR + 3.10%
|
|
June 26, 2033
|
|
March 25, 2020
|
|
$
|
4,826
|
|
|
$
|
4,803
|
|
March 17, 2004
|
|
Variable;
3-month LIBOR + 2.79%
|
|
March 17, 2034
|
|
March 16, 2020
|
|
4,739
|
|
|
4,704
|
|
||
September 15, 2014
|
|
6.0% Fixed-to-Variable;
3-month LIBOR + 3.315%
|
|
September 15, 2029
|
|
September 15, 2024
|
|
74,026
|
|
|
73,926
|
|
||
|
|
|
|
|
|
Total
|
|
$
|
83,591
|
|
|
$
|
83,433
|
|
|
At December 31, 2019
|
At December 31, 2018
|
||||
|
(Dollars in Thousands)
|
|||||
Loan level derivatives (Notional Amount):
|
|
|
||||
Receive fixed, pay variable
|
$
|
1,101,193
|
|
$
|
719,625
|
|
Pay fixed, receive variable
|
1,101,193
|
|
719,625
|
|
||
Risk participation-out agreements
|
235,693
|
|
100,531
|
|
||
Risk participation-in agreements
|
55,281
|
|
35,838
|
|
||
Foreign exchange contracts (Notional Amount)
|
|
|
||||
Buys foreign currency, sells U.S. currency
|
$
|
1,125
|
|
$
|
6,573
|
|
Sells foreign currency, buys U.S. currency
|
1,230
|
|
6,582
|
|
||
Fixed weighted average interest rate from the Company to counterparty
|
3.54
|
%
|
4.25
|
%
|
||
Floating weighted average interest rate from counterparty to the Company
|
2.88
|
%
|
4.00
|
%
|
||
Weighted average remaining term to maturity (in months)
|
91
|
|
90
|
|
||
Fair value:
|
|
|
||||
Recognized as an asset:
|
|
|
||||
Loan level derivatives
|
$
|
59,365
|
|
$
|
22,013
|
|
Risk participation-out agreements
|
1,229
|
|
344
|
|
||
Foreign exchange contracts
|
54
|
|
131
|
|
||
Recognized as a liability:
|
|
|
||||
Loan level derivatives
|
$
|
59,365
|
|
$
|
22,013
|
|
Risk participation-in agreements
|
283
|
|
84
|
|
||
Foreign exchange contracts
|
53
|
|
123
|
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|||||||||||||||||||||||||||
|
Average
Balance
|
|
Interest (1)
|
|
Average
Yield/
Cost
|
|
Average
Balance
|
|
Interest (1)
|
|
Average
Yield/
Cost
|
|
Average
Balance
|
|
Interest (1)
|
|
Average
Yield/
Cost
|
|||||||||||||||
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities
|
$
|
585,360
|
|
|
$
|
12,483
|
|
|
2.13
|
%
|
|
$
|
653,652
|
|
|
$
|
14,174
|
|
|
2.17
|
%
|
|
$
|
634,930
|
|
|
$
|
12,964
|
|
|
2.04
|
%
|
Marketable and restricted equity securities
|
59,751
|
|
|
3,516
|
|
|
5.88
|
%
|
|
67,640
|
|
|
3,973
|
|
|
5.88
|
%
|
|
65,992
|
|
|
3,065
|
|
|
4.64
|
%
|
||||||
Short-term investments
|
71,090
|
|
|
1,523
|
|
|
2.14
|
%
|
|
38,437
|
|
|
700
|
|
|
1.82
|
%
|
|
40,847
|
|
|
442
|
|
|
1.08
|
%
|
||||||
Total investments
|
716,201
|
|
|
17,522
|
|
|
2.45
|
%
|
|
759,729
|
|
|
18,847
|
|
|
2.48
|
%
|
|
741,769
|
|
|
16,471
|
|
|
2.22
|
%
|
||||||
Commercial real estate loans (2)
|
3,492,848
|
|
|
164,082
|
|
|
4.63
|
%
|
|
3,235,101
|
|
|
146,147
|
|
|
4.46
|
%
|
|
2,968,673
|
|
|
123,000
|
|
|
4.09
|
%
|
||||||
Commercial loans (2)
|
817,347
|
|
|
39,839
|
|
|
4.81
|
%
|
|
813,815
|
|
|
37,616
|
|
|
4.56
|
%
|
|
739,369
|
|
|
30,904
|
|
|
4.13
|
%
|
||||||
Equipment financing (2)
|
1,012,698
|
|
|
74,066
|
|
|
7.31
|
%
|
|
919,047
|
|
|
63,968
|
|
|
6.96
|
%
|
|
830,755
|
|
|
55,164
|
|
|
6.64
|
%
|
||||||
Residential mortgage loans (2)
|
783,556
|
|
|
32,926
|
|
|
4.20
|
%
|
|
746,372
|
|
|
29,773
|
|
|
3.99
|
%
|
|
645,925
|
|
|
23,593
|
|
|
3.65
|
%
|
||||||
Other consumer loans (2)
|
414,730
|
|
|
19,835
|
|
|
4.78
|
%
|
|
401,425
|
|
|
18,216
|
|
|
4.53
|
%
|
|
366,713
|
|
|
15,328
|
|
|
4.18
|
%
|
||||||
Total loans and leases
|
6,521,179
|
|
|
330,748
|
|
|
5.07
|
%
|
|
6,115,760
|
|
|
295,720
|
|
|
4.84
|
%
|
|
5,551,435
|
|
|
247,989
|
|
|
4.47
|
%
|
||||||
Total interest-earning assets
|
7,237,380
|
|
|
348,270
|
|
|
4.81
|
%
|
|
6,875,489
|
|
|
314,567
|
|
|
4.58
|
%
|
|
6,293,204
|
|
|
264,460
|
|
|
4.20
|
%
|
||||||
Allowance for loan and lease losses
|
(58,871
|
)
|
|
|
|
|
|
(59,154
|
)
|
|
|
|
|
|
(62,972
|
)
|
|
|
|
|
||||||||||||
Non-interest-earning assets
|
476,125
|
|
|
|
|
|
|
406,746
|
|
|
|
|
|
|
377,002
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
7,654,634
|
|
|
|
|
|
|
$
|
7,223,081
|
|
|
|
|
|
|
$
|
6,607,234
|
|
|
|
|
|
|||||||||
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW accounts
|
$
|
339,275
|
|
|
436
|
|
|
0.13
|
%
|
|
$
|
340,194
|
|
|
283
|
|
|
0.08
|
%
|
|
$
|
322,681
|
|
|
225
|
|
|
0.07
|
%
|
|||
Savings accounts
|
608,022
|
|
|
2,900
|
|
|
0.48
|
%
|
|
618,674
|
|
|
1,804
|
|
|
0.29
|
%
|
|
620,757
|
|
|
1,297
|
|
|
0.21
|
%
|
||||||
Money market accounts
|
1,682,676
|
|
|
21,206
|
|
|
1.26
|
%
|
|
1,715,057
|
|
|
15,369
|
|
|
0.90
|
%
|
|
1,761,112
|
|
|
8,863
|
|
|
0.50
|
%
|
||||||
Certificate of deposit
|
1,956,350
|
|
|
45,073
|
|
|
2.30
|
%
|
|
1,497,473
|
|
|
24,522
|
|
|
1.64
|
%
|
|
1,116,909
|
|
|
12,903
|
|
|
1.16
|
%
|
||||||
Total interest-bearing deposits (3)
|
4,586,323
|
|
|
69,615
|
|
|
1.52
|
%
|
|
4,171,398
|
|
|
41,978
|
|
|
1.01
|
%
|
|
3,821,459
|
|
|
23,288
|
|
|
0.61
|
%
|
||||||
Advances from the FHLBB
|
757,598
|
|
|
18,701
|
|
|
2.43
|
%
|
|
946,017
|
|
|
18,650
|
|
|
1.94
|
%
|
|
884,266
|
|
|
11,330
|
|
|
1.26
|
%
|
||||||
Subordinated debentures and notes
|
83,511
|
|
|
5,206
|
|
|
6.23
|
%
|
|
83,350
|
|
|
5,181
|
|
|
6.22
|
%
|
|
83,186
|
|
|
5,081
|
|
|
6.11
|
%
|
||||||
Other borrowed funds
|
79,276
|
|
|
804
|
|
|
1.01
|
%
|
|
46,079
|
|
|
385
|
|
|
0.83
|
%
|
|
45,908
|
|
|
170
|
|
|
0.37
|
%
|
||||||
Total borrowed funds
|
920,385
|
|
|
24,711
|
|
|
2.65
|
%
|
|
1,075,446
|
|
|
24,216
|
|
|
2.22
|
%
|
|
1,013,360
|
|
|
16,581
|
|
|
1.61
|
%
|
||||||
Total interest-bearing liabilities
|
5,506,708
|
|
|
94,326
|
|
|
1.71
|
%
|
|
5,246,844
|
|
|
66,194
|
|
|
1.26
|
%
|
|
4,834,819
|
|
|
39,869
|
|
|
0.82
|
%
|
||||||
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest-bearing demand checking accounts (3)
|
1,070,859
|
|
|
|
|
|
|
|
|
997,179
|
|
|
|
|
|
|
|
|
912,743
|
|
|
|
|
|
|
|
||||||
Other non-interest-bearing liabilities
|
159,690
|
|
|
|
|
|
|
|
|
96,560
|
|
|
|
|
|
|
|
|
78,965
|
|
|
|
|
|
|
|
||||||
Total liabilities
|
6,737,257
|
|
|
|
|
|
|
|
|
6,340,583
|
|
|
|
|
|
|
|
|
5,826,527
|
|
|
|
|
|
|
|
||||||
Brookline Bancorp, Inc. stockholders' equity
|
917,286
|
|
|
|
|
|
|
|
|
873,388
|
|
|
|
|
|
|
|
|
773,244
|
|
|
|
|
|
|
|
||||||
Noncontrolling interest in subsidiary
|
91
|
|
|
|
|
|
|
|
|
9,110
|
|
|
|
|
|
|
|
|
7,463
|
|
|
|
|
|
|
|
||||||
Total liabilities and equity
|
$
|
7,654,634
|
|
|
|
|
|
|
|
|
$
|
7,223,081
|
|
|
|
|
|
|
|
|
$
|
6,607,234
|
|
|
|
|
|
|
|
|||
Net interest income (tax-equivalent basis) / Interest-rate spread (4)
|
|
|
|
253,944
|
|
|
3.10
|
%
|
|
|
|
|
248,373
|
|
|
3.32
|
%
|
|
|
|
|
224,591
|
|
|
3.38
|
%
|
||||||
Less adjustment of tax-exempt income
|
|
|
|
644
|
|
|
|
|
|
|
|
|
674
|
|
|
|
|
|
|
|
|
1,410
|
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
253,300
|
|
|
|
|
|
|
|
|
$
|
247,699
|
|
|
|
|
|
|
|
|
$
|
223,181
|
|
|
|
|
|||
Net interest margin (5)
|
|
|
|
|
|
|
3.51
|
%
|
|
|
|
|
|
|
|
3.61
|
%
|
|
|
|
|
|
|
|
3.57
|
%
|
|
Year Ended
December 31, 2019 Compared to Year Ended December 31, 2018 |
|
Year Ended
December 31, 2018 Compared to Year Ended December 31, 2017 |
||||||||||||||||||||
|
Increase
(Decrease) Due To
|
|
|
|
Increase
(Decrease) Due To
|
|
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
Net Change
|
|
Volume
|
|
Rate
|
|
Net Change
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities
|
$
|
(1,437
|
)
|
|
$
|
(254
|
)
|
|
$
|
(1,691
|
)
|
|
$
|
383
|
|
|
$
|
827
|
|
|
$
|
1,210
|
|
Marketable and restricted equity securities
|
(457
|
)
|
|
—
|
|
|
(457
|
)
|
|
78
|
|
|
830
|
|
|
908
|
|
||||||
Short-term investments
|
682
|
|
|
141
|
|
|
823
|
|
|
(27
|
)
|
|
285
|
|
|
258
|
|
||||||
Total investments
|
(1,212
|
)
|
|
(113
|
)
|
|
(1,325
|
)
|
|
434
|
|
|
1,942
|
|
|
2,376
|
|
||||||
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate loans
|
12,131
|
|
|
5,804
|
|
|
17,935
|
|
|
11,527
|
|
|
11,620
|
|
|
23,147
|
|
||||||
Commercial loans and leases
|
163
|
|
|
2,060
|
|
|
2,223
|
|
|
3,300
|
|
|
3,412
|
|
|
6,712
|
|
||||||
Equipment financing
|
6,761
|
|
|
3,337
|
|
|
10,098
|
|
|
6,057
|
|
|
2,747
|
|
|
8,804
|
|
||||||
Residential mortgage loans
|
1,533
|
|
|
1,620
|
|
|
3,153
|
|
|
3,865
|
|
|
2,315
|
|
|
6,180
|
|
||||||
Other consumer loans
|
607
|
|
|
1,012
|
|
|
1,619
|
|
|
1,532
|
|
|
1,356
|
|
|
2,888
|
|
||||||
Total loans
|
21,195
|
|
|
13,833
|
|
|
35,028
|
|
|
26,281
|
|
|
21,450
|
|
|
47,731
|
|
||||||
Total change in interest and dividend income
|
19,983
|
|
|
13,720
|
|
|
33,703
|
|
|
26,715
|
|
|
23,392
|
|
|
50,107
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW accounts
|
(1
|
)
|
|
154
|
|
|
153
|
|
|
16
|
|
|
42
|
|
|
58
|
|
||||||
Savings accounts
|
(32
|
)
|
|
1,128
|
|
|
1,096
|
|
|
(4
|
)
|
|
511
|
|
|
507
|
|
||||||
Money market accounts
|
(293
|
)
|
|
6,130
|
|
|
5,837
|
|
|
(240
|
)
|
|
6,746
|
|
|
6,506
|
|
||||||
Certificate of deposit
|
8,884
|
|
|
11,667
|
|
|
20,551
|
|
|
5,247
|
|
|
6,372
|
|
|
11,619
|
|
||||||
Total deposits
|
8,558
|
|
|
19,079
|
|
|
27,637
|
|
|
5,019
|
|
|
13,671
|
|
|
18,690
|
|
||||||
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Advances from the FHLBB
|
(4,065
|
)
|
|
4,116
|
|
|
51
|
|
|
839
|
|
|
6,481
|
|
|
7,320
|
|
||||||
Subordinated debentures and notes
|
14
|
|
|
11
|
|
|
25
|
|
|
10
|
|
|
90
|
|
|
100
|
|
||||||
Other borrowed funds
|
322
|
|
|
97
|
|
|
419
|
|
|
1
|
|
|
214
|
|
|
215
|
|
||||||
Total borrowed funds
|
(3,729
|
)
|
|
4,224
|
|
|
495
|
|
|
850
|
|
|
6,785
|
|
|
7,635
|
|
||||||
Total change in interest expense
|
4,829
|
|
|
23,303
|
|
|
28,132
|
|
|
5,869
|
|
|
20,456
|
|
|
26,325
|
|
||||||
Change in tax-exempt income
|
(30
|
)
|
|
—
|
|
|
(30
|
)
|
|
(736
|
)
|
|
—
|
|
|
(736
|
)
|
||||||
Change in net interest income
|
$
|
15,184
|
|
|
$
|
(9,583
|
)
|
|
$
|
5,601
|
|
|
$
|
21,582
|
|
|
$
|
2,936
|
|
|
$
|
24,518
|
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2019
|
|
2018
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income—loans and leases:
|
|
|
|
|
|
|
|
|||||||
Commercial real estate loans
|
$
|
164,082
|
|
|
$
|
146,146
|
|
|
$
|
17,936
|
|
|
12.3
|
%
|
Commercial loans
|
39,436
|
|
|
37,166
|
|
|
2,270
|
|
|
6.1
|
%
|
|||
Equipment financing
|
74,066
|
|
|
63,968
|
|
|
10,098
|
|
|
15.8
|
%
|
|||
Residential mortgage loans
|
32,926
|
|
|
29,773
|
|
|
3,153
|
|
|
10.6
|
%
|
|||
Other consumer loans
|
19,835
|
|
|
18,216
|
|
|
1,619
|
|
|
8.9
|
%
|
|||
Total interest income—loans and leases
|
$
|
330,345
|
|
|
$
|
295,269
|
|
|
$
|
35,076
|
|
|
11.9
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2019
|
|
2018
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income—investments:
|
|
|
|
|
|
|
|
|||||||
Debt securities
|
$
|
12,281
|
|
|
$
|
13,960
|
|
|
$
|
(1,679
|
)
|
|
(12.0
|
)%
|
Held-for-trading and restricted equity securities
|
3,477
|
|
|
3,964
|
|
|
(487
|
)
|
|
(12.3
|
)%
|
|||
Short-term investments
|
1,523
|
|
|
700
|
|
|
823
|
|
|
117.6
|
%
|
|||
Total interest income—investments
|
$
|
17,281
|
|
|
$
|
18,624
|
|
|
$
|
(1,343
|
)
|
|
(7.2
|
)%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2019
|
|
2018
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|||||||
Deposits:
|
|
|
|
|
|
|
|
|||||||
NOW accounts
|
$
|
436
|
|
|
$
|
283
|
|
|
$
|
153
|
|
|
54.1
|
%
|
Savings accounts
|
2,900
|
|
|
1,804
|
|
|
1,096
|
|
|
60.8
|
%
|
|||
Money market accounts
|
21,206
|
|
|
15,369
|
|
|
5,837
|
|
|
38.0
|
%
|
|||
Certificate of deposit
|
45,073
|
|
|
24,522
|
|
|
20,551
|
|
|
83.8
|
%
|
|||
Total interest expense—deposits
|
69,615
|
|
|
41,978
|
|
|
27,637
|
|
|
65.8
|
%
|
|||
Borrowed funds:
|
|
|
|
|
|
|
|
|||||||
Advances from the FHLBB
|
18,701
|
|
|
18,650
|
|
|
51
|
|
|
0.3
|
%
|
|||
Subordinated debentures and notes
|
5,206
|
|
|
5,181
|
|
|
25
|
|
|
0.5
|
%
|
|||
Other borrowed funds
|
804
|
|
|
385
|
|
|
419
|
|
|
108.8
|
%
|
|||
Total interest expense—borrowed funds
|
24,711
|
|
|
24,216
|
|
|
495
|
|
|
2.0
|
%
|
|||
Total interest expense
|
$
|
94,326
|
|
|
$
|
66,194
|
|
|
$
|
28,132
|
|
|
42.5
|
%
|
|
Originated
|
|
Acquired
|
|
Total
|
||||||||||||||||||
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Provision (credit) for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
1,798
|
|
|
$
|
254
|
|
|
$
|
300
|
|
|
$
|
924
|
|
|
$
|
2,098
|
|
|
$
|
1,178
|
|
Commercial
|
6,539
|
|
|
3,699
|
|
|
227
|
|
|
(451
|
)
|
|
6,766
|
|
|
3,248
|
|
||||||
Consumer
|
713
|
|
|
556
|
|
|
(16
|
)
|
|
(231
|
)
|
|
697
|
|
|
325
|
|
||||||
Total provision (credit) for loan and lease losses
|
9,050
|
|
|
4,509
|
|
|
511
|
|
|
242
|
|
|
9,561
|
|
|
4,751
|
|
||||||
Unfunded credit commitments
|
22
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
200
|
|
||||||
Total provision (credit) for credit losses
|
$
|
9,072
|
|
|
$
|
4,709
|
|
|
$
|
511
|
|
|
$
|
242
|
|
|
$
|
9,583
|
|
|
$
|
4,951
|
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2019
|
|
2018
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Deposit fees
|
$
|
10,623
|
|
|
$
|
10,400
|
|
|
$
|
223
|
|
|
2.1
|
%
|
Loan fees
|
2,097
|
|
|
1,427
|
|
|
670
|
|
|
47.0
|
%
|
|||
Loan level derivative income, net
|
8,262
|
|
|
5,440
|
|
|
2,822
|
|
|
51.9
|
%
|
|||
Gain on sales of investment securities, net
|
508
|
|
|
227
|
|
|
281
|
|
|
123.8
|
%
|
|||
Gain on sales of loans and leases held-for-sale
|
1,709
|
|
|
1,883
|
|
|
(174
|
)
|
|
(9.2
|
)%
|
|||
Other
|
6,594
|
|
|
5,847
|
|
|
747
|
|
|
12.8
|
%
|
|||
Total non-interest income
|
$
|
29,793
|
|
|
$
|
25,224
|
|
|
$
|
4,569
|
|
|
18.1
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2019
|
|
2018
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Compensation and employee benefits
|
$
|
96,554
|
|
|
$
|
91,535
|
|
|
$
|
5,019
|
|
|
5.5
|
%
|
Occupancy
|
15,696
|
|
|
14,991
|
|
|
705
|
|
|
4.7
|
%
|
|||
Equipment and data processing
|
18,652
|
|
|
18,213
|
|
|
439
|
|
|
2.4
|
%
|
|||
Professional services
|
4,366
|
|
|
4,404
|
|
|
(38
|
)
|
|
(0.9
|
)%
|
|||
FDIC insurance
|
1,445
|
|
|
2,722
|
|
|
(1,277
|
)
|
|
(46.9
|
)%
|
|||
Advertising and marketing
|
4,044
|
|
|
4,016
|
|
|
28
|
|
|
0.7
|
%
|
|||
Amortization of identified intangible assets
|
1,663
|
|
|
2,080
|
|
|
(417
|
)
|
|
(20.0
|
)%
|
|||
Merger and acquisition expense
|
1,125
|
|
|
3,787
|
|
|
(2,662
|
)
|
|
(70.3
|
)%
|
|||
Other
|
13,936
|
|
|
13,484
|
|
|
452
|
|
|
3.4
|
%
|
|||
Total non-interest expense
|
$
|
157,481
|
|
|
$
|
155,232
|
|
|
$
|
2,249
|
|
|
1.4
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2019
|
|
2018
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Income before provision for income taxes
|
$
|
116,029
|
|
|
$
|
112,740
|
|
|
$
|
3,289
|
|
|
2.9
|
%
|
Provision for income taxes
|
28,269
|
|
|
26,189
|
|
|
2,080
|
|
|
7.9
|
%
|
|||
Net income, before non-controlling interest in subsidiary
|
$
|
87,760
|
|
|
$
|
86,551
|
|
|
$
|
1,209
|
|
|
1.4
|
%
|
Effective tax rate
|
24.4
|
%
|
|
23.2
|
%
|
|
N/A
|
|
|
5.2
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income—loans and leases:
|
|
|
|
|
|
|
|
|||||||
Commercial real estate loans
|
$
|
146,146
|
|
|
$
|
123,000
|
|
|
$
|
23,146
|
|
|
18.8
|
%
|
Commercial loans
|
37,166
|
|
|
29,936
|
|
|
7,230
|
|
|
24.2
|
%
|
|||
Equipment financing
|
63,968
|
|
|
55,164
|
|
|
8,804
|
|
|
16.0
|
%
|
|||
Residential mortgage loans
|
29,773
|
|
|
23,593
|
|
|
6,180
|
|
|
26.2
|
%
|
|||
Other consumer loans
|
18,216
|
|
|
15,329
|
|
|
2,887
|
|
|
18.8
|
%
|
|||
Total interest income—loans and leases
|
$
|
295,269
|
|
|
$
|
247,022
|
|
|
$
|
48,247
|
|
|
19.5
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income—investments:
|
|
|
|
|
|
|
|
|||||||
Debt securities
|
$
|
13,960
|
|
|
$
|
12,524
|
|
|
$
|
1,436
|
|
|
11.5
|
%
|
Held-for-trading and restricted equity securities
|
3,964
|
|
|
3,062
|
|
|
902
|
|
|
29.5
|
%
|
|||
Short-term investments
|
700
|
|
|
442
|
|
|
258
|
|
|
58.4
|
%
|
|||
Total interest income—investments
|
$
|
18,624
|
|
|
$
|
16,028
|
|
|
$
|
2,596
|
|
|
16.2
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|||||||
Deposits:
|
|
|
|
|
|
|
|
|||||||
NOW accounts
|
$
|
283
|
|
|
$
|
225
|
|
|
$
|
58
|
|
|
25.8
|
%
|
Savings accounts
|
1,804
|
|
|
1,297
|
|
|
507
|
|
|
39.1
|
%
|
|||
Money market accounts
|
15,369
|
|
|
8,863
|
|
|
6,506
|
|
|
73.4
|
%
|
|||
Certificate of deposit
|
24,522
|
|
|
12,903
|
|
|
11,619
|
|
|
90.0
|
%
|
|||
Total interest expense—deposits
|
41,978
|
|
|
23,288
|
|
|
18,690
|
|
|
80.3
|
%
|
|||
Borrowed funds:
|
|
|
|
|
|
|
|
|||||||
Advances from the FHLBB
|
18,650
|
|
|
11,330
|
|
|
7,320
|
|
|
64.6
|
%
|
|||
Subordinated debentures and notes
|
5,181
|
|
|
5,081
|
|
|
100
|
|
|
2.0
|
%
|
|||
Other borrowed funds
|
385
|
|
|
170
|
|
|
215
|
|
|
126.5
|
%
|
|||
Total interest expense—borrowed funds
|
24,216
|
|
|
16,581
|
|
|
7,635
|
|
|
46.0
|
%
|
|||
Total interest expense
|
$
|
66,194
|
|
|
$
|
39,869
|
|
|
$
|
26,325
|
|
|
66.0
|
%
|
|
Originated
|
|
Acquired
|
|
Total
|
||||||||||||||||||
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
|
Year Ended
December 31,
|
||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Provision (credit) for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
254
|
|
|
$
|
(343
|
)
|
|
$
|
924
|
|
|
$
|
(172
|
)
|
|
$
|
1,178
|
|
|
$
|
(515
|
)
|
Commercial
|
3,699
|
|
|
18,899
|
|
|
(451
|
)
|
|
284
|
|
|
3,248
|
|
|
19,183
|
|
||||||
Consumer
|
556
|
|
|
273
|
|
|
(231
|
)
|
|
(157
|
)
|
|
325
|
|
|
116
|
|
||||||
Total provision (credit) for loan and lease losses
|
4,509
|
|
|
18,829
|
|
|
242
|
|
|
(45
|
)
|
|
4,751
|
|
|
18,784
|
|
||||||
Unfunded credit commitments
|
200
|
|
|
204
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|
204
|
|
||||||
Total provision (credit) for credit losses
|
$
|
4,709
|
|
|
$
|
19,033
|
|
|
$
|
242
|
|
|
$
|
(45
|
)
|
|
$
|
4,951
|
|
|
$
|
18,988
|
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Deposit fees
|
$
|
10,400
|
|
|
$
|
10,050
|
|
|
$
|
350
|
|
|
3.5
|
%
|
Loan fees
|
1,427
|
|
|
1,110
|
|
|
317
|
|
|
28.6
|
%
|
|||
Loan level derivative income, net
|
5,440
|
|
|
2,187
|
|
|
3,253
|
|
|
148.7
|
%
|
|||
Gain on sales of investment securities, net
|
227
|
|
|
11,393
|
|
|
(11,166
|
)
|
|
(98.0
|
)%
|
|||
Gain on sales of loans and leases held-for-sale
|
1,883
|
|
|
2,644
|
|
|
(761
|
)
|
|
(28.8
|
)%
|
|||
Other
|
5,847
|
|
|
4,789
|
|
|
1,058
|
|
|
22.1
|
%
|
|||
Total non-interest income
|
$
|
25,224
|
|
|
$
|
32,173
|
|
|
$
|
(6,949
|
)
|
|
(21.6
|
)%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Compensation and employee benefits
|
$
|
91,535
|
|
|
$
|
82,413
|
|
|
$
|
9,122
|
|
|
11.1
|
%
|
Occupancy
|
14,991
|
|
|
14,546
|
|
|
445
|
|
|
3.1
|
%
|
|||
Equipment and data processing
|
18,213
|
|
|
16,854
|
|
|
1,359
|
|
|
8.1
|
%
|
|||
Professional services
|
4,404
|
|
|
4,315
|
|
|
89
|
|
|
2.1
|
%
|
|||
FDIC insurance
|
2,722
|
|
|
3,326
|
|
|
(604
|
)
|
|
(18.2
|
)%
|
|||
Advertising and marketing
|
4,016
|
|
|
3,369
|
|
|
647
|
|
|
19.2
|
%
|
|||
Amortization of identified intangible assets
|
2,080
|
|
|
2,089
|
|
|
(9
|
)
|
|
(0.4
|
)%
|
|||
Merger and acquisition expense
|
3,787
|
|
|
411
|
|
|
3,376
|
|
|
821.4
|
%
|
|||
Other
|
13,484
|
|
|
11,788
|
|
|
1,696
|
|
|
14.4
|
%
|
|||
Total non-interest expense
|
$
|
155,232
|
|
|
$
|
139,111
|
|
|
$
|
16,121
|
|
|
11.6
|
%
|
|
Year Ended
December 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2018
|
|
2017
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Income before provision for income taxes
|
$
|
112,740
|
|
|
$
|
97,255
|
|
|
$
|
15,485
|
|
|
15.9
|
%
|
Provision for income taxes
|
26,189
|
|
|
43,636
|
|
|
(17,447
|
)
|
|
(40.0
|
)%
|
|||
Net income, before non-controlling interest in subsidiary
|
$
|
86,551
|
|
|
$
|
53,619
|
|
|
$
|
32,932
|
|
|
61.4
|
%
|
Effective tax rate
|
23.2
|
%
|
|
44.9
|
%
|
|
N/A
|
|
|
(48.3
|
)%
|
|
Payment Due by Period
|
||||||||||||||||||
|
Less Than
One Year
|
|
One to
Three Years
|
|
More than Three Years to
Five Years
|
|
Over Five
Years
|
|
Total
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
At December 31, 2019:
|
|
|
|
|
|
|
|
|
|
||||||||||
Advances from the FHLBB
|
$
|
599,262
|
|
|
$
|
142,972
|
|
|
$
|
4,025
|
|
|
$
|
12,210
|
|
|
$
|
758,469
|
|
Subordinated debentures and notes
|
—
|
|
|
—
|
|
|
—
|
|
|
83,591
|
|
|
83,591
|
|
|||||
Other borrowed funds
|
60,689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,689
|
|
|||||
Loan commitments (1)
|
1,535,417
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,535,417
|
|
|||||
Occupancy lease commitments (2)
|
5,886
|
|
|
9,844
|
|
|
5,977
|
|
|
6,163
|
|
|
27,870
|
|
|||||
Service provider contracts (3)
|
27,049
|
|
|
83,499
|
|
|
45,064
|
|
|
22,598
|
|
|
178,210
|
|
|||||
Postretirement benefit obligations (4)
|
463
|
|
|
1,651
|
|
|
1,453
|
|
|
15,755
|
|
|
19,322
|
|
|||||
|
$
|
2,228,766
|
|
|
$
|
237,966
|
|
|
$
|
56,519
|
|
|
$
|
140,317
|
|
|
$
|
2,663,568
|
|
|
|
Estimated Percent Change in Economic Value of Equity
|
||||
Parallel Shock in Interest Rate Levels
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||
Up 300 basis points
|
|
6.0
|
%
|
|
2.5
|
%
|
Up 200 basis points
|
|
5.1
|
%
|
|
2.5
|
%
|
Up 100 basis points
|
|
3.3
|
%
|
|
2.1
|
%
|
Down 100 basis points
|
|
(7.2
|
)%
|
|
(7.0
|
)%
|
|
One Year
or Less
|
|
More than
One Year to
Two Years
|
|
More than
Two Years
to Three
Years
|
|
More than
Three Years
to Five Years
|
|
More than
Five Years
|
|
Total
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Interest-earning assets (1):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Short-term investments
|
$
|
44,201
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
44,201
|
|
Weighted average rate
|
1.55
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.55
|
%
|
||||||
Investment securities (1) (3)
|
86,901
|
|
|
91,014
|
|
|
126,384
|
|
|
163,800
|
|
|
117,676
|
|
|
585,775
|
|
||||||
Weighted average rate
|
1.93
|
%
|
|
1.59
|
%
|
|
1.17
|
%
|
|
1.26
|
%
|
|
2.39
|
%
|
|
1.62
|
%
|
||||||
Commercial real estate loans (1)
|
2,035,515
|
|
|
440,171
|
|
|
435,417
|
|
|
595,679
|
|
|
162,405
|
|
|
3,669,187
|
|
||||||
Weighted average rate
|
4.12
|
%
|
|
4.52
|
%
|
|
4.55
|
%
|
|
4.71
|
%
|
|
4.33
|
%
|
|
4.33
|
%
|
||||||
Commercial loans and leases (1)
|
884,896
|
|
|
387,238
|
|
|
276,206
|
|
|
233,629
|
|
|
56,816
|
|
|
1,838,785
|
|
||||||
Weighted average rate
|
5.98
|
%
|
|
6.90
|
%
|
|
7.01
|
%
|
|
6.52
|
%
|
|
6.35
|
%
|
|
6.41
|
%
|
||||||
Consumer loans (1)
|
656,171
|
|
|
148,077
|
|
|
131,722
|
|
|
181,913
|
|
|
111,963
|
|
|
1,229,846
|
|
||||||
Weighted average rate
|
4.36
|
%
|
|
4.00
|
%
|
|
4.03
|
%
|
|
4.14
|
%
|
|
4.21
|
%
|
|
4.24
|
%
|
||||||
Total interest-earning assets
|
3,707,684
|
|
|
1,066,500
|
|
|
969,729
|
|
|
1,175,021
|
|
|
448,860
|
|
|
7,367,794
|
|
||||||
Weighted average rate
|
4.52
|
%
|
|
5.06
|
%
|
|
4.74
|
%
|
|
4.50
|
%
|
|
4.05
|
%
|
|
4.60
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities (1):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW accounts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
371,380
|
|
|
$
|
371,380
|
|
Weighted average rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.11
|
%
|
|
0.11
|
%
|
||||||
Savings accounts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
613,467
|
|
|
613,467
|
|
||||||
Weighted average rate
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.46
|
%
|
|
0.46
|
%
|
||||||
Money market savings accounts
|
1,682,005
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,682,005
|
|
||||||
Weighted average rate
|
1.15
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
1.15
|
%
|
||||||
Certificates of deposit (1)
|
1,383,027
|
|
|
494,492
|
|
|
56,294
|
|
|
87,829
|
|
|
—
|
|
|
2,021,642
|
|
||||||
Weighted average rate
|
2.26
|
%
|
|
2.28
|
%
|
|
2.19
|
%
|
|
2.64
|
%
|
|
—
|
%
|
|
2.28
|
%
|
||||||
Borrowed funds (1)
|
671,688
|
|
|
141,011
|
|
|
4,795
|
|
|
3,886
|
|
|
81,369
|
|
|
902,749
|
|
||||||
Weighted average rate
|
2.18
|
%
|
|
2.14
|
%
|
|
1.49
|
%
|
|
3.08
|
%
|
|
2.50
|
%
|
|
2.21
|
%
|
||||||
Total interest-bearing liabilities
|
3,736,720
|
|
|
635,503
|
|
|
61,089
|
|
|
91,715
|
|
|
1,066,216
|
|
|
5,591,243
|
|
||||||
Weighted average rate
|
1.75
|
%
|
|
2.25
|
%
|
|
2.14
|
%
|
|
2.66
|
%
|
|
0.50
|
%
|
|
1.58
|
%
|
||||||
Interest sensitivity gap (2)
|
$
|
(29,036
|
)
|
|
$
|
430,997
|
|
|
$
|
908,640
|
|
|
$
|
1,083,306
|
|
|
$
|
(617,356
|
)
|
|
$
|
1,776,551
|
|
Cumulative interest sensitivity gap
|
$
|
(29,036
|
)
|
|
$
|
401,961
|
|
|
$
|
1,310,601
|
|
|
$
|
2,393,907
|
|
|
$
|
1,776,551
|
|
|
|
|
|
Cumulative interest sensitivity gap as a percentage of total assets
|
-0.37
|
%
|
|
5.12
|
%
|
|
16.68
|
%
|
|
30.47
|
%
|
|
22.61
|
%
|
|
|
|
||||||
Cumulative interest sensitivity gap as a percentage of total interest-earning assets
|
-0.39
|
%
|
|
5.46
|
%
|
|
17.79
|
%
|
|
32.49
|
%
|
|
24.11
|
%
|
|
|
|
(a)
|
Financial Statements
|
(2)
|
Financial Statement Schedules
|
(3)
|
Exhibits
|
(b)
|
Exhibits
|
Exhibit
|
|
Description
|
|
2.1
|
|
|
|
3.1
|
|
|
|
3.2
|
|
|
|
4
|
|
|
|
4.1
|
|
|
|
4.2
|
|
|
|
4.3
|
|
|
|
4.4
|
|
|
|
10.1+
|
|
|
|
10.1.1
|
|
|
|
10.2+
|
|
|
|
10.4+
|
|
|
|
10.5+
|
|
|
|
10.5.1+
|
|
|
|
10.6+
|
|
|
|
10.6.1
|
|
|
|
10.8+
|
|
|
Exhibit
|
|
Description
|
|
10.9+
|
|
|
|
21
|
|
|
Subsidiaries of the Registrant (incorporated by reference in Part I, Item 1. "Business—General" of this Annual Report on Form 10-K)
|
23*
|
|
|
|
31.1*
|
|
|
|
31.2*
|
|
|
|
32.1**
|
|
|
|
32.2**
|
|
|
|
101
|
|
|
The following materials from Brookline Bancorp, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019 were formatted in xBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of December 31, 2019 and 2018, (ii) Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017, (iii) Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017, (iv) Consolidated Statements of Changes in Equity for the years ended December 31, 2019, 2018 and 2017, (v) Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017 and (vi) Notes to Consolidated Financial Statements.
|
104
|
|
|
Cover Page Interactive Data File-the cover page xBRL tags are embedded within the Inline xBRL document contained in Exhibit 101.
|
(c)
|
Other Required Financial Statements and Schedules
|
Date: February 28, 2020
|
BROOKLINE BANCORP, INC.
|
|
|
By:
|
/s/ PAUL A. PERRAULT
|
|
|
Paul A. Perrault
President and Chief Executive Officer
|
By:
|
|
/s/ PAUL A. PERRAULT
|
|
By:
|
|
/s/ CARL M. CARLSON
|
|
|
Paul A. Perrault,
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
Carl M. Carlson,
Chief Financial Officer
(Principal Financial Officer)
|
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ MARGARET BOLES FITZGERALD
|
|
By:
|
|
/s/ BOGDAN NOWAK
|
|
|
Margaret Boles Fitzgerald,
Director
|
|
|
|
Bogdan Nowak,
Director |
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ JOANNE CHANG
|
|
By:
|
|
/s/ CHARLES H. PECK
|
|
|
Joanne Chang,
Director
|
|
|
|
Charles H. Peck,
Director
|
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ DAVID C. CHAPIN
|
|
By:
|
|
/s/ JOHN M. PEREIRA
|
|
|
David C. Chapin,
Director
|
|
|
|
John M. Pereira,
Director
|
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ JOHN J. DOYLE, JR.
|
|
By:
|
|
/s/ MERRILL W. SHERMAN
|
|
|
John J. Doyle, Jr.,
Director
|
|
|
|
Merrill W. Sherman,
Director
|
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ JOHN A. HACKETT
|
|
By:
|
|
/s/ JOSEPH J. SLOTNIK
|
|
|
John A. Hackett,
Director
|
|
|
|
Joseph J. Slotnik,
Chairman and Director
|
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ JOHN L. HALL, II
|
|
By:
|
|
/s/ PETER O. WILDE
|
|
|
John L. Hall, II,
Director
|
|
|
|
Peter O. Wilde,
Director
|
|
|
Date: February 28, 2020
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
By:
|
|
/s/ THOMAS J. HOLLISTER
|
|
|
|
|
|
|
Thomas J. Hollister,
Director
|
|
|
|
|
|
|
Date: February 28, 2020
|
|
|
|
|
|
|
|
|
|
|
|
/s/ PAUL A. PERRAULT
|
|
/s/ CARL M. CARLSON
|
Paul A. Perrault
|
|
Carl M. Carlson
|
Chief Executive Officer
(Principal Executive Officer)
|
|
Chief Financial Officer
(Principal Financial Officer)
|
•
|
evaluating the metrics, including the relevance of sources of data and assumptions, used to allocate the qualitative factor adjustments,
|
•
|
analyzing the determination of each qualitative factor adjustment, and
|
•
|
evaluating trends in the ALLL, including the qualitative factor adjustments, for consistency with trends in loan and lease portfolio growth and credit performance.
|
•
|
evaluating the Company’s ALLL methodology for compliance with U.S. generally accepted accounting principles,
|
•
|
testing the look-back period assumptions used in calculating the historical loss rates to evaluate the appropriateness of the length of that period,
|
•
|
evaluating the appropriateness of the methodology and inputs used to develop the loss emergence period assumptions,
|
•
|
testing a sample of individual risk ratings of originated commercial real estate loans and commercial loans and leases, and
|
•
|
evaluating the framework used to develop the resulting qualitative factors and the effect of those factors on the ALLL compared with relevant credit risk factors and consistency with credit trends.
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands Except Share Data)
|
||||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
33,589
|
|
|
$
|
47,542
|
|
Short-term investments
|
44,201
|
|
|
42,042
|
|
||
Total cash and cash equivalents
|
77,790
|
|
|
89,584
|
|
||
Investment securities available-for-sale
|
498,995
|
|
|
502,793
|
|
||
Investment securities held-to-maturity (fair value of $87,561 and $112,830, respectively)
|
86,780
|
|
|
114,776
|
|
||
Equity securities held-for-trading
|
3,581
|
|
|
4,207
|
|
||
Total investment securities
|
589,356
|
|
|
621,776
|
|
||
Loans held-for-sale
|
—
|
|
|
3,247
|
|
||
Loans and leases:
|
|
|
|
||||
Commercial real estate loans
|
3,669,222
|
|
|
3,351,736
|
|
||
Commercial loans and leases
|
1,838,748
|
|
|
1,768,958
|
|
||
Consumer loans
|
1,229,846
|
|
|
1,182,822
|
|
||
Total loans and leases
|
6,737,816
|
|
|
6,303,516
|
|
||
Allowance for loan and lease losses
|
(61,082
|
)
|
|
(58,692
|
)
|
||
Net loans and leases
|
6,676,734
|
|
|
6,244,824
|
|
||
Restricted equity securities
|
53,818
|
|
|
61,751
|
|
||
Premises and equipment, net of accumulated depreciation of $76,763 and $70,140 respectively
|
74,350
|
|
|
76,382
|
|
||
Right-of-use asset operating leases
|
24,876
|
|
|
—
|
|
||
Deferred tax asset
|
25,017
|
|
|
21,495
|
|
||
Goodwill
|
160,427
|
|
|
160,427
|
|
||
Identified intangible assets, net of accumulated amortization of $37,481 and $35,818, respectively
|
4,423
|
|
|
6,086
|
|
||
Other real estate owned ("OREO") and repossessed assets, net
|
2,631
|
|
|
4,019
|
|
||
Other assets
|
167,431
|
|
|
103,214
|
|
||
Total assets
|
$
|
7,856,853
|
|
|
$
|
7,392,805
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest-bearing deposits:
|
|
|
|
||||
Demand checking accounts
|
$
|
1,141,578
|
|
|
$
|
1,033,551
|
|
Interest-bearing deposits:
|
|
|
|
||||
NOW accounts
|
371,380
|
|
|
336,317
|
|
||
Savings accounts
|
613,467
|
|
|
619,961
|
|
||
Money market accounts
|
1,682,005
|
|
|
1,675,050
|
|
||
Certificate of deposit accounts
|
2,021,642
|
|
|
1,789,165
|
|
||
Total interest-bearing deposits
|
4,688,494
|
|
|
4,420,493
|
|
||
Total deposits
|
5,830,072
|
|
|
5,454,044
|
|
||
Borrowed funds:
|
|
|
|
||||
Advances from the Federal Home Loan Bank of Boston ("FHLBB")
|
758,469
|
|
|
784,375
|
|
||
Subordinated debentures and notes
|
83,591
|
|
|
83,433
|
|
||
Other borrowed funds
|
60,689
|
|
|
52,734
|
|
||
Total borrowed funds
|
902,749
|
|
|
920,542
|
|
||
Operating lease liabilities
|
24,876
|
|
|
—
|
|
||
Mortgagors' escrow accounts
|
7,232
|
|
|
7,426
|
|
||
Accrued expenses and other liabilities
|
146,318
|
|
|
100,174
|
|
||
Total liabilities
|
6,911,247
|
|
|
6,482,186
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
||||
Stockholders' Equity:
|
|
|
|
||||
Brookline Bancorp, Inc. stockholders' equity:
|
|
|
|
||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively
|
852
|
|
|
852
|
|
||
Additional paid-in capital
|
736,601
|
|
|
755,629
|
|
||
Retained earnings, partially restricted
|
265,376
|
|
|
212,838
|
|
||
Accumulated other comprehensive loss
|
2,283
|
|
|
(9,460
|
)
|
||
Treasury stock, at cost; 5,003,127 shares and 5,020,025 shares, respectively
|
(59,073
|
)
|
|
(59,120
|
)
|
||
Unallocated common stock held by ESOP; 79,548 shares and 109,950 shares, respectively
|
(433
|
)
|
|
(599
|
)
|
||
Total Brookline Bancorp, Inc. stockholders' equity
|
945,606
|
|
|
900,140
|
|
||
Noncontrolling interest in subsidiary
|
—
|
|
|
10,479
|
|
||
Total stockholders' equity
|
945,606
|
|
|
910,619
|
|
||
Total liabilities and stockholders' equity
|
$
|
7,856,853
|
|
|
$
|
7,392,805
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands Except Share Data)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans and leases
|
$
|
330,345
|
|
|
$
|
295,269
|
|
|
$
|
247,022
|
|
Debt securities
|
12,281
|
|
|
13,960
|
|
|
12,524
|
|
|||
Marketable and restricted equity securities
|
3,477
|
|
|
3,964
|
|
|
3,062
|
|
|||
Short-term investments
|
1,523
|
|
|
700
|
|
|
442
|
|
|||
Total interest and dividend income
|
347,626
|
|
|
313,893
|
|
|
263,050
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Deposits
|
69,615
|
|
|
41,978
|
|
|
23,288
|
|
|||
Borrowed funds
|
24,711
|
|
|
24,216
|
|
|
16,581
|
|
|||
Total interest expense
|
94,326
|
|
|
66,194
|
|
|
39,869
|
|
|||
Net interest income
|
253,300
|
|
|
247,699
|
|
|
223,181
|
|
|||
Provision for credit losses
|
9,583
|
|
|
4,951
|
|
|
18,988
|
|
|||
Net interest income after provision for credit losses
|
243,717
|
|
|
242,748
|
|
|
204,193
|
|
|||
Non-interest income:
|
|
|
|
|
|
||||||
Deposit fees
|
10,623
|
|
|
10,400
|
|
|
10,050
|
|
|||
Loan fees
|
2,097
|
|
|
1,427
|
|
|
1,110
|
|
|||
Loan level derivative income, net
|
8,262
|
|
|
5,440
|
|
|
2,187
|
|
|||
Gain on investment securities, net
|
508
|
|
|
227
|
|
|
11,393
|
|
|||
Gain on sales of loans and leases held-for-sale
|
1,709
|
|
|
1,883
|
|
|
2,644
|
|
|||
Other
|
6,594
|
|
|
5,847
|
|
|
4,789
|
|
|||
Total non-interest income
|
29,793
|
|
|
25,224
|
|
|
32,173
|
|
|||
Non-interest expense:
|
|
|
|
|
|
||||||
Compensation and employee benefits
|
96,554
|
|
|
91,535
|
|
|
82,413
|
|
|||
Occupancy
|
15,696
|
|
|
14,991
|
|
|
14,546
|
|
|||
Equipment and data processing
|
18,652
|
|
|
18,213
|
|
|
16,854
|
|
|||
Professional services
|
4,366
|
|
|
4,404
|
|
|
4,315
|
|
|||
FDIC insurance
|
1,445
|
|
|
2,722
|
|
|
3,326
|
|
|||
Advertising and marketing
|
4,044
|
|
|
4,016
|
|
|
3,369
|
|
|||
Amortization of identified intangible assets
|
1,663
|
|
|
2,080
|
|
|
2,089
|
|
|||
Merger and acquisition expense
|
1,125
|
|
|
3,787
|
|
|
411
|
|
|||
Other
|
13,936
|
|
|
13,484
|
|
|
11,788
|
|
|||
Total non-interest expense
|
157,481
|
|
|
155,232
|
|
|
139,111
|
|
|||
Income before provision for income taxes
|
116,029
|
|
|
112,740
|
|
|
97,255
|
|
|||
Provision for income taxes
|
28,269
|
|
|
26,189
|
|
|
43,636
|
|
|||
Net income before noncontrolling interest in subsidiary
|
87,760
|
|
|
86,551
|
|
|
53,619
|
|
|||
Less net income attributable to noncontrolling interest in subsidiary
|
43
|
|
|
3,489
|
|
|
3,101
|
|
|||
Net income attributable to Brookline Bancorp, Inc.
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
Earnings per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.10
|
|
|
$
|
1.04
|
|
|
$
|
0.68
|
|
Diluted
|
1.10
|
|
|
1.04
|
|
|
0.68
|
|
|||
Weighted average common shares outstanding during the year:
|
|
|
|
|
|
||||||
Basic
|
79,679,781
|
|
|
79,669,668
|
|
|
74,459,508
|
|
|||
Diluted
|
79,856,921
|
|
|
79,909,251
|
|
|
74,811,408
|
|
|||
Dividends declared per common share
|
$
|
0.450
|
|
|
$
|
0.395
|
|
|
$
|
0.360
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Net income before noncontrolling interest in subsidiary
|
$
|
87,760
|
|
|
$
|
86,551
|
|
|
$
|
53,619
|
|
|
|
|
|
|
|
||||||
Other comprehensive loss, net of taxes:
|
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Investment securities available-for-sale:
|
|
|
|
|
|
||||||
Unrealized securities holding gains (losses)
|
15,290
|
|
|
(4,444
|
)
|
|
(1,274
|
)
|
|||
Income tax (expense) benefit
|
(3,379
|
)
|
|
980
|
|
|
457
|
|
|||
Net unrealized securities holding gains (losses) before reclassification adjustments
|
11,911
|
|
|
(3,464
|
)
|
|
(817
|
)
|
|||
Less reclassification adjustments for securities gains included in net income:
|
|
|
|
|
|
||||||
Gain on sales of securities, net
|
—
|
|
|
173
|
|
|
—
|
|
|||
Income tax expense
|
—
|
|
|
(38
|
)
|
|
—
|
|
|||
Net reclassification adjustments for securities gains included in net income
|
—
|
|
|
135
|
|
|
—
|
|
|||
Net unrealized securities holding losses
|
11,911
|
|
|
(3,599
|
)
|
|
(817
|
)
|
|||
|
|
|
|
|
|
||||||
Postretirement benefits:
|
|
|
|
|
|
||||||
Adjustment of accumulated obligation for postretirement benefits
|
(227
|
)
|
|
121
|
|
|
(422
|
)
|
|||
Income tax benefit (expense)
|
59
|
|
|
(32
|
)
|
|
170
|
|
|||
Net adjustment of accumulated obligation for postretirement benefits
|
(168
|
)
|
|
89
|
|
|
(252
|
)
|
|||
|
|
|
|
|
|
||||||
Other comprehensive loss, net of taxes
|
11,743
|
|
|
(3,510
|
)
|
|
(1,069
|
)
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
99,503
|
|
|
83,041
|
|
|
52,550
|
|
|||
Net income attributable to noncontrolling interest in subsidiary
|
43
|
|
|
3,489
|
|
|
3,101
|
|
|||
Comprehensive income attributable to Brookline Bancorp, Inc.
|
$
|
99,460
|
|
|
$
|
79,552
|
|
|
$
|
49,449
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders'
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total Stockholders'
Equity
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
$
|
852
|
|
|
$
|
755,629
|
|
|
$
|
212,838
|
|
|
$
|
(9,460
|
)
|
|
$
|
(59,120
|
)
|
|
$
|
(599
|
)
|
|
$
|
900,140
|
|
|
$
|
10,479
|
|
|
$
|
910,619
|
|
Net income attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
87,717
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,717
|
|
|
—
|
|
|
87,717
|
|
|||||||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
43
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
11,743
|
|
|
—
|
|
|
—
|
|
|
11,743
|
|
|
—
|
|
|
11,743
|
|
|||||||||
Common stock dividends of $0.44 per share
|
—
|
|
|
—
|
|
|
(35,110
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,110
|
)
|
|
—
|
|
|
(35,110
|
)
|
|||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary
|
—
|
|
|
(930
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(930
|
)
|
|
—
|
|
|
(930
|
)
|
|||||||||
Redemption of noncontrolling interest in subsidiary
|
—
|
|
|
(18,470
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,470
|
)
|
|
(10,522
|
)
|
|
(28,992
|
)
|
|||||||||
Restricted stock awards, net of awards surrendered
|
—
|
|
|
80
|
|
|
(69
|
)
|
|
—
|
|
|
1,918
|
|
|
—
|
|
|
1,929
|
|
|
—
|
|
|
1,929
|
|
|||||||||
Treasury stock, repurchase shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,871
|
)
|
|
—
|
|
|
(1,871
|
)
|
|
—
|
|
|
(1,871
|
)
|
|||||||||
Common stock held by ESOP committed to be released (30,402 shares)
|
—
|
|
|
292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166
|
|
|
458
|
|
|
—
|
|
|
458
|
|
|||||||||
Balance at December 31, 2019
|
$
|
852
|
|
|
$
|
736,601
|
|
|
$
|
265,376
|
|
|
$
|
2,283
|
|
|
$
|
(59,073
|
)
|
|
$
|
(433
|
)
|
|
$
|
945,606
|
|
|
$
|
—
|
|
|
$
|
945,606
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders'
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total Stockholders'
Equity
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2017
|
$
|
817
|
|
|
$
|
699,976
|
|
|
$
|
161,217
|
|
|
$
|
(5,950
|
)
|
|
$
|
(51,454
|
)
|
|
$
|
(776
|
)
|
|
$
|
803,830
|
|
|
$
|
8,753
|
|
|
$
|
812,583
|
|
Net income attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
83,062
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,062
|
|
|
—
|
|
|
83,062
|
|
|||||||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,489
|
|
|
3,489
|
|
|||||||||
Common stock issued for acquisition
|
35
|
|
|
55,148
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,183
|
|
|
—
|
|
|
55,183
|
|
|||||||||
Issuance of non controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
130
|
|
|
130
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,510
|
)
|
|
—
|
|
|
—
|
|
|
(3,510
|
)
|
|
—
|
|
|
(3,510
|
)
|
|||||||||
Common stock dividends of $0.395 per share
|
—
|
|
|
—
|
|
|
(31,441
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31,441
|
)
|
|
—
|
|
|
(31,441
|
)
|
|||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,893
|
)
|
|
(1,893
|
)
|
|||||||||
Restricted stock awards issued, net of awards surrendered
|
—
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
2,334
|
|
|
—
|
|
|
2,473
|
|
|
—
|
|
|
2,473
|
|
|||||||||
Treasury stock, repurchase shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,000
|
)
|
|
—
|
|
|
(10,000
|
)
|
|
—
|
|
|
(10,000
|
)
|
|||||||||
Common stock held by ESOP committed to be released (32,382 shares)
|
—
|
|
|
366
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
177
|
|
|
543
|
|
|
—
|
|
|
543
|
|
|||||||||
Balance at December 31, 2018
|
$
|
852
|
|
|
$
|
755,629
|
|
|
$
|
212,838
|
|
|
$
|
(9,460
|
)
|
|
$
|
(59,120
|
)
|
|
$
|
(599
|
)
|
|
$
|
900,140
|
|
|
$
|
10,479
|
|
|
$
|
910,619
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders'
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total Stockholders'
Equity
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2016
|
$
|
757
|
|
|
$
|
616,734
|
|
|
$
|
136,671
|
|
|
$
|
(3,818
|
)
|
|
$
|
(53,837
|
)
|
|
$
|
(963
|
)
|
|
$
|
695,544
|
|
|
$
|
7,205
|
|
|
$
|
702,749
|
|
Reclassification due to the adoption of ASU No. 2018-02
|
—
|
|
|
—
|
|
|
1,063
|
|
|
(1,063
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net income attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
50,518
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,518
|
|
|
—
|
|
|
50,518
|
|
|||||||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,101
|
|
|
3,101
|
|
|||||||||
Issuance of common stock
|
60
|
|
|
81,883
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,943
|
|
|
—
|
|
|
81,943
|
|
|||||||||
Issuance of non controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
|
118
|
|
|||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
|
|
|
(1,069
|
)
|
|
—
|
|
|
—
|
|
|
(1,069
|
)
|
|
—
|
|
|
(1,069
|
)
|
|||||||||
Common stock dividends of $0.360 per share
|
—
|
|
|
—
|
|
|
(27,035
|
)
|
|
—
|
|
|
|
|
|
—
|
|
|
(27,035
|
)
|
|
—
|
|
|
(27,035
|
)
|
|||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,671
|
)
|
|
(1,671
|
)
|
|||||||||
Compensation under recognition and retention plans
|
—
|
|
|
1,045
|
|
|
—
|
|
|
—
|
|
|
2,383
|
|
|
—
|
|
|
3,428
|
|
|
—
|
|
|
3,428
|
|
|||||||||
Common stock held by ESOP committed to be released (34,356 shares)
|
—
|
|
|
314
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187
|
|
|
501
|
|
|
—
|
|
|
501
|
|
|||||||||
Balance at December 31, 2017
|
$
|
817
|
|
|
$
|
699,976
|
|
|
$
|
161,217
|
|
|
$
|
(5,950
|
)
|
|
$
|
(51,454
|
)
|
|
$
|
(776
|
)
|
|
$
|
803,830
|
|
|
$
|
8,753
|
|
|
$
|
812,583
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income attributable to Brookline Bancorp, Inc.
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
||||||
Net income attributable to noncontrolling interest in
subsidiary
|
43
|
|
|
3,489
|
|
|
3,101
|
|
|||
Provision for credit losses
|
9,583
|
|
|
4,951
|
|
|
18,988
|
|
|||
Origination of loans and leases held-for-sale
|
(15,361
|
)
|
|
(25,370
|
)
|
|
(27,425
|
)
|
|||
Proceeds from sales of loans and leases held-for-sale, net
|
19,930
|
|
|
26,519
|
|
|
32,073
|
|
|||
Deferred income tax expense (benefit)
|
(2
|
)
|
|
(5,453
|
)
|
|
10,798
|
|
|||
Depreciation of premises and equipment
|
6,861
|
|
|
7,382
|
|
|
7,232
|
|
|||
Amortization of investment securities premiums and discounts, net
|
1,810
|
|
|
2,200
|
|
|
2,042
|
|
|||
Amortization of deferred loan and lease origination costs, net
|
7,045
|
|
|
6,971
|
|
|
6,695
|
|
|||
Amortization of identified intangible assets
|
1,663
|
|
|
2,080
|
|
|
2,089
|
|
|||
Amortization of debt issuance costs
|
100
|
|
|
100
|
|
|
100
|
|
|||
(Accretion) amortization of acquisition fair value adjustments, net
|
(809
|
)
|
|
354
|
|
|
(1,583
|
)
|
|||
Gain on investment securities, net
|
(508
|
)
|
|
(227
|
)
|
|
(11,393
|
)
|
|||
Gain on sales of loans and leases held-for-sale
|
(1,709
|
)
|
|
(1,883
|
)
|
|
(2,644
|
)
|
|||
Loss (gain) on sales of OREO and other repossessed assets, net
|
108
|
|
|
—
|
|
|
(79
|
)
|
|||
Write-down of OREO and other repossessed assets
|
903
|
|
|
1,234
|
|
|
458
|
|
|||
Compensation under recognition and retention plans
|
2,683
|
|
|
2,546
|
|
|
2,308
|
|
|||
ESOP shares committed to be released
|
458
|
|
|
543
|
|
|
501
|
|
|||
Net change in:
|
|
|
|
|
|
||||||
Cash surrender value of bank-owned life insurance
|
(1,030
|
)
|
|
(1,039
|
)
|
|
(1,041
|
)
|
|||
Equity securities held-for-trading
|
1,215
|
|
|
(5,371
|
)
|
|
—
|
|
|||
Other assets
|
(63,235
|
)
|
|
(10,855
|
)
|
|
(2,413
|
)
|
|||
Accrued expenses and other liabilities
|
45,254
|
|
|
31,796
|
|
|
(5,378
|
)
|
|||
Net cash provided from operating activities
|
102,719
|
|
|
123,029
|
|
|
84,947
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Proceeds from sales of investment securities available-for-sale
|
—
|
|
|
22,210
|
|
|
—
|
|
|||
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale
|
68,165
|
|
|
82,896
|
|
|
71,611
|
|
|||
Purchases of investment securities available-for-sale
|
(50,400
|
)
|
|
(73,852
|
)
|
|
(90,971
|
)
|
|||
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity
|
28,858
|
|
|
3,290
|
|
|
3,817
|
|
|||
Purchases of investment securities held-to-maturity
|
(1,430
|
)
|
|
(8,915
|
)
|
|
(26,873
|
)
|
|||
Proceeds from redemption/sales of restricted equity securities
|
20,857
|
|
|
12,110
|
|
|
24,462
|
|
|||
Purchase of restricted equity securities
|
(12,924
|
)
|
|
(13,262
|
)
|
|
(7,927
|
)
|
|||
Proceeds from sales of loans and leases held-for-investment, net
|
13,860
|
|
|
7,294
|
|
|
28,608
|
|
|||
Net increase in loans and leases
|
(467,493
|
)
|
|
(593,968
|
)
|
|
(378,906
|
)
|
|||
Acquisitions, net of cash and cash equivalents acquired
|
—
|
|
|
(24,659
|
)
|
|
—
|
|
|||
|
|
|
|
|
(Continued)
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Continued)
|
|||||||||||
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Purchase of premises and equipment, net
|
(4,997
|
)
|
|
(3,352
|
)
|
|
(11,557
|
)
|
|||
Proceeds from sales of OREO and other repossessed assets
|
6,482
|
|
|
2,186
|
|
|
3,762
|
|
|||
Net cash used for investing activities
|
(399,022
|
)
|
|
(588,022
|
)
|
|
(383,974
|
)
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Increase in demand checking, NOW, savings and money market accounts
|
143,551
|
|
|
1,006
|
|
|
93,819
|
|
|||
Increase (decrease) in certificates of deposit
|
232,911
|
|
|
580,878
|
|
|
166,448
|
|
|||
Proceeds from FHLBB advances
|
4,029,662
|
|
|
6,607,745
|
|
|
4,685,706
|
|
|||
Repayment of FHLBB advances
|
(4,055,568
|
)
|
|
(6,713,279
|
)
|
|
(4,705,543
|
)
|
|||
Increase (decrease) in other borrowed funds, net
|
7,955
|
|
|
5,095
|
|
|
(2,568
|
)
|
|||
(Decrease) increase in mortgagors' escrow accounts, net
|
(194
|
)
|
|
(260
|
)
|
|
41
|
|
|||
Proceeds from exercise of stock options
|
—
|
|
|
490
|
|
|
1,469
|
|
|||
Repurchases of common stock
|
(1,871
|
)
|
|
(10,000
|
)
|
|
—
|
|
|||
Proceeds from issuance of common stock
|
—
|
|
|
—
|
|
|
81,943
|
|
|||
Common stock issued for acquisition
|
—
|
|
|
55,182
|
|
|
—
|
|
|||
Payment of dividends on common stock
|
(35,110
|
)
|
|
(31,441
|
)
|
|
(27,035
|
)
|
|||
Payment of income taxes for shares withheld in share based activity
|
(46
|
)
|
|
(81
|
)
|
|
(352
|
)
|
|||
Redemption of noncontrolling interest in subsidiary
|
(35,851
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of noncontrolling units
|
—
|
|
|
130
|
|
|
118
|
|
|||
Payment of dividends to owners of noncontrolling interest in subsidiary
|
(930
|
)
|
|
(1,893
|
)
|
|
(1,671
|
)
|
|||
Net cash provided from financing activities
|
284,509
|
|
|
493,572
|
|
|
292,375
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
(11,794
|
)
|
|
28,579
|
|
|
(6,652
|
)
|
|||
Cash and cash equivalents at beginning of year
|
89,584
|
|
|
61,005
|
|
|
67,657
|
|
|||
Cash and cash equivalents at end of year
|
$
|
77,790
|
|
|
$
|
89,584
|
|
|
$
|
61,005
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest on deposits, borrowed funds and subordinated debt
|
$
|
94,533
|
|
|
$
|
65,182
|
|
|
$
|
40,785
|
|
Income taxes
|
27,345
|
|
|
21,129
|
|
|
34,026
|
|
|||
Non-cash investing activities:
|
|
|
|
|
|
||||||
Transfer from loans and leases to loan and leases held-for-sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,500
|
|
Transfer from loans to other real estate owned
|
6,105
|
|
|
3,020
|
|
|
7,161
|
|
|||
Acquisition of First Commons Bank, N.A.:
|
|
|
|
|
|
||||||
Fair value of assets acquired, net of cash and cash equivalents acquired
|
$
|
—
|
|
|
$
|
292,025
|
|
|
$
|
—
|
|
Fair value of liabilities assumed
|
—
|
|
|
278,988
|
|
|
—
|
|
|
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
FRB interest bearing reserve
|
$
|
39,964
|
|
|
$
|
34,914
|
|
FHLB overnight deposits
|
4,237
|
|
|
4,628
|
|
||
Federal funds sold
|
—
|
|
|
2,500
|
|
||
Total short-term investments
|
$
|
44,201
|
|
|
$
|
42,042
|
|
|
At December 31, 2019
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
182,922
|
|
|
$
|
2,939
|
|
|
$
|
58
|
|
|
$
|
185,803
|
|
GSE CMOs
|
87,001
|
|
|
22
|
|
|
1,091
|
|
|
85,932
|
|
||||
GSE MBSs
|
153,049
|
|
|
797
|
|
|
503
|
|
|
153,343
|
|
||||
SBA commercial loan asset-backed securities
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
||||
Corporate debt obligations
|
28,484
|
|
|
502
|
|
|
—
|
|
|
28,986
|
|
||||
U.S. treasury bonds
|
44,675
|
|
|
338
|
|
|
116
|
|
|
44,897
|
|
||||
Total investment securities available-for-sale
|
$
|
496,165
|
|
|
$
|
4,598
|
|
|
$
|
1,768
|
|
|
$
|
498,995
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
31,228
|
|
|
$
|
113
|
|
|
$
|
51
|
|
|
$
|
31,290
|
|
GSEs MBSs
|
9,360
|
|
|
—
|
|
|
81
|
|
|
9,279
|
|
||||
Municipal obligations
|
45,692
|
|
|
822
|
|
|
—
|
|
|
46,514
|
|
||||
Foreign government obligations
|
500
|
|
|
—
|
|
|
22
|
|
|
478
|
|
||||
Total investment securities held-to-maturity
|
$
|
86,780
|
|
|
$
|
935
|
|
|
$
|
154
|
|
|
$
|
87,561
|
|
Equity securities held-for-trading
|
|
|
|
$
|
561
|
|
|
|
|
|
$
|
3,581
|
|
|
At December 31, 2018
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
184,072
|
|
|
$
|
99
|
|
|
$
|
3,092
|
|
|
$
|
181,079
|
|
GSE CMOs
|
107,363
|
|
|
17
|
|
|
4,250
|
|
|
103,130
|
|
||||
GSE MBSs
|
169,334
|
|
|
124
|
|
|
4,369
|
|
|
165,089
|
|
||||
SBA commercial loan asset-backed securities
|
51
|
|
|
—
|
|
|
—
|
|
|
51
|
|
||||
Corporate debt obligations
|
40,618
|
|
|
—
|
|
|
910
|
|
|
39,708
|
|
||||
U.S. treasury bonds
|
13,812
|
|
|
65
|
|
|
141
|
|
|
13,736
|
|
||||
Total investment securities available-for-sale
|
$
|
515,250
|
|
|
$
|
305
|
|
|
$
|
12,762
|
|
|
$
|
502,793
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
50,546
|
|
|
$
|
22
|
|
|
$
|
967
|
|
|
$
|
49,601
|
|
GSEs MBSs
|
11,426
|
|
|
—
|
|
|
295
|
|
|
11,131
|
|
||||
Municipal obligations
|
52,304
|
|
|
10
|
|
|
716
|
|
|
51,598
|
|
||||
Foreign government obligations
|
500
|
|
|
—
|
|
|
—
|
|
|
500
|
|
||||
Total investment securities held-to-maturity
|
$
|
114,776
|
|
|
$
|
32
|
|
|
$
|
1,978
|
|
|
$
|
112,830
|
|
Equity securities held for trading
|
|
|
|
|
|
|
1,170
|
|
|
$
|
4,207
|
|
|
At December 31, 2019
|
||||||||||||||||||||||
|
Less than
Twelve Months
|
|
Twelve Months
or Longer
|
|
Total
|
||||||||||||||||||
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
$
|
10,965
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,965
|
|
|
$
|
58
|
|
GSE CMOs
|
28,659
|
|
|
217
|
|
|
55,885
|
|
|
874
|
|
|
84,544
|
|
|
1,091
|
|
||||||
GSE MBSs
|
42,046
|
|
|
115
|
|
|
42,257
|
|
|
388
|
|
|
84,303
|
|
|
503
|
|
||||||
SBA commercial loan asset-backed securities
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
—
|
|
||||||
U.S. Treasury bonds
|
25,754
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
25,754
|
|
|
116
|
|
||||||
Temporarily impaired investment securities available-for-sale
|
107,424
|
|
|
506
|
|
|
98,175
|
|
|
1,262
|
|
|
205,599
|
|
|
1,768
|
|
||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
8,714
|
|
|
30
|
|
|
2,977
|
|
|
21
|
|
|
11,691
|
|
|
51
|
|
||||||
GSEs MBSs
|
—
|
|
|
—
|
|
|
9,257
|
|
|
81
|
|
|
9,257
|
|
|
81
|
|
||||||
Municipal obligations
|
710
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
915
|
|
|
—
|
|
||||||
Foreign government obligations
|
478
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|
22
|
|
||||||
Temporarily impaired investment securities held-to-maturity
|
9,902
|
|
|
52
|
|
|
12,439
|
|
|
102
|
|
|
22,341
|
|
|
154
|
|
||||||
Total temporarily impaired investment securities
|
$
|
117,326
|
|
|
$
|
558
|
|
|
$
|
110,614
|
|
|
$
|
1,364
|
|
|
$
|
227,940
|
|
|
$
|
1,922
|
|
|
At December 31, 2018
|
||||||||||||||||||||||
|
Less than
Twelve Months
|
|
Twelve Months
or Longer
|
|
Total
|
||||||||||||||||||
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
$
|
25,780
|
|
|
$
|
191
|
|
|
$
|
130,284
|
|
|
$
|
2,901
|
|
|
$
|
156,064
|
|
|
$
|
3,092
|
|
GSE CMOs
|
—
|
|
|
—
|
|
|
102,630
|
|
|
4,250
|
|
|
102,630
|
|
|
4,250
|
|
||||||
GSE MBSs
|
21,487
|
|
|
113
|
|
|
138,051
|
|
|
4,256
|
|
|
159,538
|
|
|
4,369
|
|
||||||
SBA commercial loan asset-backed securities
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
51
|
|
|
—
|
|
||||||
Corporate debt obligations
|
10,019
|
|
|
93
|
|
|
29,689
|
|
|
817
|
|
|
39,708
|
|
|
910
|
|
||||||
U.S. Treasury bonds
|
3,927
|
|
|
37
|
|
|
4,753
|
|
|
104
|
|
|
8,680
|
|
|
141
|
|
||||||
Temporarily impaired investment securities available-for-sale
|
61,213
|
|
|
434
|
|
|
405,458
|
|
|
12,328
|
|
|
466,671
|
|
|
12,762
|
|
||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
—
|
|
|
—
|
|
|
40,653
|
|
|
967
|
|
|
40,653
|
|
|
967
|
|
||||||
GSEs MBSs
|
—
|
|
|
—
|
|
|
11,080
|
|
|
295
|
|
|
11,080
|
|
|
295
|
|
||||||
Municipal obligations
|
14,813
|
|
|
107
|
|
|
35,058
|
|
|
609
|
|
|
49,871
|
|
|
716
|
|
||||||
Foreign government obligations
|
—
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
|
—
|
|
||||||
Temporarily impaired investment securities held-to-maturity
|
14,813
|
|
|
107
|
|
|
87,291
|
|
|
1,871
|
|
|
102,104
|
|
|
1,978
|
|
||||||
Total temporarily impaired investment securities
|
$
|
76,026
|
|
|
$
|
541
|
|
|
$
|
492,749
|
|
|
$
|
14,199
|
|
|
$
|
568,775
|
|
|
$
|
14,740
|
|
|
At December 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Weighted
Average
Rate
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Weighted
Average
Rate
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Within 1 year
|
$
|
12,797
|
|
|
$
|
12,804
|
|
|
1.76%
|
|
$
|
12,041
|
|
|
$
|
12,007
|
|
|
2.03%
|
After 1 year through 5 years
|
217,569
|
|
|
220,757
|
|
|
2.19%
|
|
195,701
|
|
|
192,692
|
|
|
2.14%
|
||||
After 5 years through 10 years
|
93,805
|
|
|
94,212
|
|
|
2.04%
|
|
115,665
|
|
|
112,819
|
|
|
2.18%
|
||||
Over 10 years
|
171,994
|
|
|
171,222
|
|
|
2.12%
|
|
191,843
|
|
|
185,275
|
|
|
2.17%
|
||||
|
$
|
496,165
|
|
|
$
|
498,995
|
|
|
2.13%
|
|
$
|
515,250
|
|
|
$
|
502,793
|
|
|
2.16%
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Within 1 year
|
$
|
6,366
|
|
|
$
|
6,381
|
|
|
1.33%
|
|
$
|
7,640
|
|
|
$
|
7,618
|
|
|
1.17%
|
After 1 year through 5 years
|
63,898
|
|
|
64,559
|
|
|
1.81%
|
|
72,735
|
|
|
71,492
|
|
|
1.84%
|
||||
After 5 years through 10 years
|
7,177
|
|
|
7,364
|
|
|
1.79%
|
|
23,025
|
|
|
22,640
|
|
|
2.20%
|
||||
Over 10 years
|
9,339
|
|
|
9,257
|
|
|
1.90%
|
|
11,376
|
|
|
11,080
|
|
|
2.13%
|
||||
|
$
|
86,780
|
|
|
$
|
87,561
|
|
|
1.82%
|
|
$
|
114,776
|
|
|
$
|
112,830
|
|
|
1.89%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Proceeds from sales of debt securities
|
$
|
—
|
|
|
$
|
20,000
|
|
|
$
|
—
|
|
Proceeds from sales of marketable and restricted equity securities
|
1,212
|
|
|
2,700
|
|
|
11,393
|
|
|||
|
|
|
|
|
|
||||||
Gross gains from sales
|
—
|
|
|
1,472
|
|
|
11,612
|
|
|||
Gross losses from sales
|
(232
|
)
|
|
(68
|
)
|
|
(219
|
)
|
|||
Gain on sales of securities, net
|
$
|
(232
|
)
|
|
$
|
1,404
|
|
|
$
|
11,393
|
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
FHLBB stock
|
$
|
35,482
|
|
|
$
|
43,655
|
|
FRB stock
|
18,084
|
|
|
17,995
|
|
||
Other restricted equity securities
|
252
|
|
|
101
|
|
||
|
$
|
53,818
|
|
|
$
|
61,751
|
|
|
At December 31, 2019
|
|||||||||||||||||||
|
Originated
|
|
Acquired
|
|
Total
|
|||||||||||||||
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
$
|
2,400,037
|
|
|
4.32
|
%
|
|
$
|
90,974
|
|
|
4.63
|
%
|
|
$
|
2,491,011
|
|
|
4.33
|
%
|
Multi-family mortgage
|
896,482
|
|
|
4.18
|
%
|
|
35,681
|
|
|
4.59
|
%
|
|
932,163
|
|
|
4.20
|
%
|
|||
Construction
|
239,015
|
|
|
5.04
|
%
|
|
7,033
|
|
|
6.73
|
%
|
|
246,048
|
|
|
5.09
|
%
|
|||
Total commercial real estate loans
|
3,535,534
|
|
|
4.33
|
%
|
|
133,688
|
|
|
4.73
|
%
|
|
3,669,222
|
|
|
4.34
|
%
|
|||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial
|
713,875
|
|
|
4.65
|
%
|
|
15,627
|
|
|
5.14
|
%
|
|
729,502
|
|
|
4.66
|
%
|
|||
Equipment financing
|
1,049,997
|
|
|
7.71
|
%
|
|
2,411
|
|
|
5.98
|
%
|
|
1,052,408
|
|
|
7.71
|
%
|
|||
Condominium association
|
56,838
|
|
|
4.84
|
%
|
|
—
|
|
|
—
|
%
|
|
56,838
|
|
|
4.84
|
%
|
|||
Total commercial loans and leases
|
1,820,710
|
|
|
6.42
|
%
|
|
18,038
|
|
|
5.25
|
%
|
|
1,838,748
|
|
|
6.41
|
%
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
711,522
|
|
|
4.06
|
%
|
|
102,723
|
|
|
4.40
|
%
|
|
814,245
|
|
|
4.10
|
%
|
|||
Home equity
|
343,247
|
|
|
4.41
|
%
|
|
33,572
|
|
|
4.93
|
%
|
|
376,819
|
|
|
4.46
|
%
|
|||
Other consumer
|
38,674
|
|
|
4.44
|
%
|
|
108
|
|
|
17.91
|
%
|
|
38,782
|
|
|
4.48
|
%
|
|||
Total consumer loans
|
1,093,443
|
|
|
4.18
|
%
|
|
136,403
|
|
|
4.54
|
%
|
|
1,229,846
|
|
|
4.22
|
%
|
|||
Total loans and leases
|
$
|
6,449,687
|
|
|
4.89
|
%
|
|
$
|
288,129
|
|
|
4.67
|
%
|
|
$
|
6,737,816
|
|
|
4.88
|
%
|
|
At December 31, 2018
|
|||||||||||||||||||
|
Originated
|
|
Acquired
|
|
Total
|
|||||||||||||||
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
$
|
2,208,904
|
|
|
4.61
|
%
|
|
$
|
121,821
|
|
|
4.62
|
%
|
|
$
|
2,330,725
|
|
|
4.61
|
%
|
Multi-family mortgage
|
799,813
|
|
|
4.51
|
%
|
|
47,898
|
|
|
4.58
|
%
|
|
847,711
|
|
|
4.51
|
%
|
|||
Construction
|
151,138
|
|
|
5.62
|
%
|
|
22,162
|
|
|
6.74
|
%
|
|
173,300
|
|
|
5.76
|
%
|
|||
Total commercial real estate loans
|
3,159,855
|
|
|
4.63
|
%
|
|
191,881
|
|
|
4.85
|
%
|
|
3,351,736
|
|
|
4.64
|
%
|
|||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Commercial
|
712,630
|
|
|
4.96
|
%
|
|
23,788
|
|
|
5.39
|
%
|
|
736,418
|
|
|
4.97
|
%
|
|||
Equipment financing
|
978,840
|
|
|
7.61
|
%
|
|
3,249
|
|
|
5.97
|
%
|
|
982,089
|
|
|
7.60
|
%
|
|||
Condominium association
|
50,451
|
|
|
4.70
|
%
|
|
—
|
|
|
—
|
%
|
|
50,451
|
|
|
4.70
|
%
|
|||
Total commercial loans and leases
|
1,741,921
|
|
|
6.44
|
%
|
|
27,037
|
|
|
5.46
|
%
|
|
1,768,958
|
|
|
6.43
|
%
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Residential mortgage
|
653,059
|
|
|
4.09
|
%
|
|
129,909
|
|
|
4.45
|
%
|
|
782,968
|
|
|
4.15
|
%
|
|||
Home equity
|
331,014
|
|
|
5.05
|
%
|
|
45,470
|
|
|
5.39
|
%
|
|
376,484
|
|
|
5.09
|
%
|
|||
Other consumer
|
23,260
|
|
|
5.55
|
%
|
|
110
|
|
|
17.81
|
%
|
|
23,370
|
|
|
5.61
|
%
|
|||
Total consumer loans
|
1,007,333
|
|
|
4.44
|
%
|
|
175,489
|
|
|
4.70
|
%
|
|
1,182,822
|
|
|
4.48
|
%
|
|||
Total loans and leases
|
$
|
5,909,109
|
|
|
5.13
|
%
|
|
$
|
394,407
|
|
|
4.83
|
%
|
|
$
|
6,303,516
|
|
|
5.11
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Balance at beginning of year
|
$
|
7,905
|
|
|
$
|
10,522
|
|
|
$
|
14,353
|
|
Accretion
|
(3,769
|
)
|
|
(4,117
|
)
|
|
(7,801
|
)
|
|||
Reclassification from nonaccretable difference as a result from changes in expected cash flows
|
1,086
|
|
|
1,500
|
|
|
3,970
|
|
|||
Balance at end of year
|
$
|
5,222
|
|
|
$
|
7,905
|
|
|
$
|
10,522
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
Balance at beginning of year
|
$
|
46,771
|
|
|
$
|
47,941
|
|
New loans granted during the year
|
34
|
|
|
2,842
|
|
||
Loans reclassified as insider loans
|
16,800
|
|
|
—
|
|
||
Advances on lines of credit
|
8,652
|
|
|
193
|
|
||
Repayments
|
(1,857
|
)
|
|
(4,205
|
)
|
||
Balance at end of year
|
$
|
70,400
|
|
|
$
|
46,771
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2018
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
Charge-offs
|
—
|
|
|
(8,911
|
)
|
|
(127
|
)
|
|
(9,038
|
)
|
||||
Recoveries
|
—
|
|
|
1,688
|
|
|
179
|
|
|
1,867
|
|
||||
Provision for loan and lease losses
|
2,098
|
|
|
6,766
|
|
|
697
|
|
|
9,561
|
|
||||
Balance at December 31, 2019
|
$
|
30,285
|
|
|
$
|
24,826
|
|
|
$
|
5,971
|
|
|
$
|
61,082
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2017
|
$
|
27,112
|
|
|
$
|
26,333
|
|
|
$
|
5,147
|
|
|
$
|
58,592
|
|
Charge-offs
|
(103
|
)
|
|
(6,585
|
)
|
|
(540
|
)
|
|
(7,228
|
)
|
||||
Recoveries
|
—
|
|
|
2,287
|
|
|
290
|
|
|
2,577
|
|
||||
Provision for loan and lease losses
|
1,178
|
|
|
3,248
|
|
|
325
|
|
|
4,751
|
|
||||
Balance at December 31, 2018
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2016
|
$
|
27,645
|
|
|
$
|
20,906
|
|
|
$
|
5,115
|
|
|
$
|
53,666
|
|
Charge-offs
|
(494
|
)
|
|
(14,914
|
)
|
|
(403
|
)
|
|
(15,811
|
)
|
||||
Recoveries
|
476
|
|
|
1,158
|
|
|
319
|
|
|
1,953
|
|
||||
(Credit) provision for loan and lease losses
|
(515
|
)
|
|
19,183
|
|
|
116
|
|
|
18,784
|
|
||||
Balance at December 31, 2017
|
$
|
27,112
|
|
|
$
|
26,333
|
|
|
$
|
5,147
|
|
|
$
|
58,592
|
|
|
Originated
|
|
Acquired
|
|
Total
|
||||||||||||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||
Provision (credit) for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate
|
$
|
1,798
|
|
|
$
|
254
|
|
|
$
|
(343
|
)
|
|
$
|
300
|
|
|
$
|
924
|
|
|
$
|
(172
|
)
|
|
$
|
2,098
|
|
|
$
|
1,178
|
|
|
$
|
(515
|
)
|
Commercial
|
6,539
|
|
|
3,699
|
|
|
18,899
|
|
|
227
|
|
|
(451
|
)
|
|
284
|
|
|
6,766
|
|
|
3,248
|
|
|
19,183
|
|
|||||||||
Consumer
|
713
|
|
|
556
|
|
|
273
|
|
|
(16
|
)
|
|
(231
|
)
|
|
(157
|
)
|
|
697
|
|
|
325
|
|
|
116
|
|
|||||||||
Total provision (credit) for loan and lease losses
|
9,050
|
|
|
4,509
|
|
|
18,829
|
|
|
511
|
|
|
242
|
|
|
(45
|
)
|
|
9,561
|
|
|
4,751
|
|
|
18,784
|
|
|||||||||
Unfunded credit commitments
|
22
|
|
|
200
|
|
|
204
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
200
|
|
|
204
|
|
|||||||||
Total provision (credit) for credit losses
|
$
|
9,072
|
|
|
$
|
4,709
|
|
|
$
|
19,033
|
|
|
$
|
511
|
|
|
$
|
242
|
|
|
$
|
(45
|
)
|
|
$
|
9,583
|
|
|
$
|
4,951
|
|
|
$
|
18,988
|
|
|
At December 31, 2019
|
|
|
||||||||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Multi-
Family
Mortgage
|
|
Construction
|
|
Commercial
|
|
Equipment
Financing
|
|
Condominium
Association
|
|
Other
Consumer
|
|
Total
|
||||||||||||||||
|
(In Thousands)
|
|
|
||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
$
|
2,379,925
|
|
|
$
|
896,398
|
|
|
$
|
239,015
|
|
|
$
|
688,268
|
|
|
$
|
1,038,793
|
|
|
$
|
56,687
|
|
|
$
|
38,673
|
|
|
$
|
5,337,759
|
|
OAEM
|
17,006
|
|
|
—
|
|
|
—
|
|
|
10,803
|
|
|
1,389
|
|
|
—
|
|
|
—
|
|
|
29,198
|
|
||||||||
Substandard
|
3,106
|
|
|
84
|
|
|
—
|
|
|
14,801
|
|
|
7,995
|
|
|
151
|
|
|
1
|
|
|
26,138
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1,820
|
|
|
—
|
|
|
—
|
|
|
1,823
|
|
||||||||
Total originated
|
2,400,037
|
|
|
896,482
|
|
|
239,015
|
|
|
713,875
|
|
|
1,049,997
|
|
|
56,838
|
|
|
38,674
|
|
|
5,394,918
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
81,360
|
|
|
35,681
|
|
|
7,033
|
|
|
15,215
|
|
|
2,404
|
|
|
—
|
|
|
108
|
|
|
141,801
|
|
||||||||
OAEM
|
597
|
|
|
—
|
|
|
—
|
|
|
210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
807
|
|
||||||||
Substandard
|
9,017
|
|
|
—
|
|
|
—
|
|
|
202
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
9,226
|
|
||||||||
Total acquired
|
90,974
|
|
|
35,681
|
|
|
7,033
|
|
|
15,627
|
|
|
2,411
|
|
|
—
|
|
|
108
|
|
|
151,834
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans
|
$
|
2,491,011
|
|
|
$
|
932,163
|
|
|
$
|
246,048
|
|
|
$
|
729,502
|
|
|
$
|
1,052,408
|
|
|
$
|
56,838
|
|
|
$
|
38,782
|
|
|
$
|
5,546,752
|
|
|
|
|
|
|
At December 31, 2019
|
||||||||||||
|
Residential Mortgage
|
|
Home Equity
|
||||||||||
|
($ In Thousands)
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
||||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
$
|
184,628
|
|
|
22.7
|
%
|
|
$
|
132,736
|
|
|
35.2
|
%
|
50% - 69%
|
293,976
|
|
|
36.1
|
%
|
|
91,681
|
|
|
24.3
|
%
|
||
70% - 79%
|
204,600
|
|
|
25.1
|
%
|
|
81,459
|
|
|
21.6
|
%
|
||
80% and over
|
25,664
|
|
|
3.2
|
%
|
|
37,371
|
|
|
9.9
|
%
|
||
Data not available*
|
2,654
|
|
|
0.3
|
%
|
|
—
|
|
|
—
|
%
|
||
Total originated
|
711,522
|
|
|
87.4
|
%
|
|
343,247
|
|
|
91.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
32,838
|
|
|
4.0
|
%
|
|
16,882
|
|
|
4.5
|
%
|
||
50%—69%
|
44,754
|
|
|
5.4
|
%
|
|
7,958
|
|
|
2.1
|
%
|
||
70%—79%
|
14,305
|
|
|
1.8
|
%
|
|
705
|
|
|
0.2
|
%
|
||
80% and over
|
4,608
|
|
|
0.6
|
%
|
|
4,726
|
|
|
1.3
|
%
|
||
Data not available*
|
6,218
|
|
|
0.8
|
%
|
|
3,301
|
|
|
0.9
|
%
|
||
Total acquired
|
102,723
|
|
|
12.6
|
%
|
|
33,572
|
|
|
9.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Total loans
|
$
|
814,245
|
|
|
100.0
|
%
|
|
$
|
376,819
|
|
|
100.0
|
%
|
|
At December 31, 2018
|
|
|
||||||||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Multi-
Family
Mortgage
|
|
Construction
|
|
Commercial
|
|
Equipment
Financing
|
|
Condominium
Association
|
|
Other
Consumer
|
|
Total
|
||||||||||||||||
|
(In Thousands)
|
|
|
||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
$
|
2,198,377
|
|
|
$
|
799,483
|
|
|
$
|
150,742
|
|
|
$
|
685,773
|
|
|
$
|
969,275
|
|
|
$
|
50,186
|
|
|
$
|
23,249
|
|
|
$
|
4,877,085
|
|
OAEM
|
6,096
|
|
|
—
|
|
|
—
|
|
|
3,726
|
|
|
52
|
|
|
—
|
|
|
—
|
|
|
9,874
|
|
||||||||
Substandard
|
4,431
|
|
|
330
|
|
|
396
|
|
|
22,870
|
|
|
6,895
|
|
|
265
|
|
|
11
|
|
|
35,198
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
261
|
|
|
2,618
|
|
|
—
|
|
|
—
|
|
|
2,879
|
|
||||||||
Total originated
|
2,208,904
|
|
|
799,813
|
|
|
151,138
|
|
|
712,630
|
|
|
978,840
|
|
|
50,451
|
|
|
23,260
|
|
|
4,925,036
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
111,919
|
|
|
47,715
|
|
|
22,162
|
|
|
23,250
|
|
|
3,240
|
|
|
—
|
|
|
110
|
|
|
208,396
|
|
||||||||
OAEM
|
626
|
|
|
—
|
|
|
—
|
|
|
236
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
862
|
|
||||||||
Substandard
|
9,276
|
|
|
183
|
|
|
—
|
|
|
302
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9,770
|
|
||||||||
Total acquired
|
121,821
|
|
|
47,898
|
|
|
22,162
|
|
|
23,788
|
|
|
3,249
|
|
|
—
|
|
|
110
|
|
|
219,028
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans
|
$
|
2,330,725
|
|
|
$
|
847,711
|
|
|
$
|
173,300
|
|
|
$
|
736,418
|
|
|
$
|
982,089
|
|
|
$
|
50,451
|
|
|
$
|
23,370
|
|
|
$
|
5,144,064
|
|
|
|
|
|
|
At December 31, 2018
|
||||||||||||
|
Residential Mortgage
|
|
Home Equity
|
||||||||||
|
($ In Thousands)
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
||||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
$
|
171,523
|
|
|
21.9
|
%
|
|
$
|
142,534
|
|
|
37.9
|
%
|
50%—69%
|
287,337
|
|
|
36.7
|
%
|
|
84,423
|
|
|
22.4
|
%
|
||
70%—79%
|
173,870
|
|
|
22.2
|
%
|
|
73,898
|
|
|
19.6
|
%
|
||
80% and over
|
19,030
|
|
|
2.4
|
%
|
|
30,129
|
|
|
8.0
|
%
|
||
Data not available*
|
1,299
|
|
|
0.2
|
%
|
|
30
|
|
|
—
|
%
|
||
Total originated
|
653,059
|
|
|
83.4
|
%
|
|
331,014
|
|
|
87.9
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
36,752
|
|
|
4.6
|
%
|
|
24,705
|
|
|
6.6
|
%
|
||
50%—69%
|
53,788
|
|
|
6.9
|
%
|
|
10,353
|
|
|
2.7
|
%
|
||
70%—79%
|
26,510
|
|
|
3.4
|
%
|
|
1,000
|
|
|
0.3
|
%
|
||
80% and over
|
6,701
|
|
|
0.9
|
%
|
|
4,348
|
|
|
1.2
|
%
|
||
Data not available*
|
6,158
|
|
|
0.8
|
%
|
|
5,064
|
|
|
1.3
|
%
|
||
Total acquired
|
129,909
|
|
|
16.6
|
%
|
|
45,470
|
|
|
12.1
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Total loans
|
$
|
782,968
|
|
|
100.0
|
%
|
|
$
|
376,484
|
|
|
100.0
|
%
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||||
|
(In Thousands)
|
||||||
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure
|
$
|
110
|
|
|
$
|
121
|
|
|
At December 31, 2019
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than
90 Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
|
Nonaccrual
Loans and
Leases
|
|||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
$
|
3,330
|
|
|
$
|
2,032
|
|
|
$
|
1,606
|
|
|
$
|
6,968
|
|
|
$
|
2,393,069
|
|
|
$
|
2,400,037
|
|
|
$
|
51
|
|
|
$
|
2,751
|
|
Multi-family mortgage
|
3,559
|
|
|
553
|
|
|
—
|
|
|
4,112
|
|
|
892,370
|
|
|
896,482
|
|
|
—
|
|
|
84
|
|
||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
239,015
|
|
|
239,015
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
6,889
|
|
|
2,585
|
|
|
1,606
|
|
|
11,080
|
|
|
3,524,454
|
|
|
3,535,534
|
|
|
51
|
|
|
2,835
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
5,010
|
|
|
199
|
|
|
3,875
|
|
|
9,084
|
|
|
704,791
|
|
|
713,875
|
|
|
—
|
|
|
4,707
|
|
||||||||
Equipment financing
|
3,098
|
|
|
1,558
|
|
|
7,246
|
|
|
11,902
|
|
|
1,038,095
|
|
|
1,049,997
|
|
|
—
|
|
|
9,822
|
|
||||||||
Condominium association
|
458
|
|
|
—
|
|
|
—
|
|
|
458
|
|
|
56,380
|
|
|
56,838
|
|
|
—
|
|
|
151
|
|
||||||||
Total commercial loans and leases
|
8,566
|
|
|
1,757
|
|
|
11,121
|
|
|
21,444
|
|
|
1,799,266
|
|
|
1,820,710
|
|
|
—
|
|
|
14,680
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
1,014
|
|
|
—
|
|
|
3
|
|
|
1,017
|
|
|
710,505
|
|
|
711,522
|
|
|
—
|
|
|
753
|
|
||||||||
Home equity
|
794
|
|
|
501
|
|
|
139
|
|
|
1,434
|
|
|
341,813
|
|
|
343,247
|
|
|
2
|
|
|
276
|
|
||||||||
Other consumer
|
46
|
|
|
1
|
|
|
1
|
|
|
48
|
|
|
38,626
|
|
|
38,674
|
|
|
—
|
|
|
1
|
|
||||||||
Total consumer loans
|
1,854
|
|
|
502
|
|
|
143
|
|
|
2,499
|
|
|
1,090,944
|
|
|
1,093,443
|
|
|
2
|
|
|
1,030
|
|
||||||||
Total originated loans and leases
|
$
|
17,309
|
|
|
$
|
4,844
|
|
|
$
|
12,870
|
|
|
$
|
35,023
|
|
|
$
|
6,414,664
|
|
|
$
|
6,449,687
|
|
|
$
|
53
|
|
|
$
|
18,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
|
|
|
At December 31, 2019
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than
90 Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
|
Nonaccrual
Loans and
Leases (1)
|
|||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
$
|
539
|
|
|
$
|
59
|
|
|
$
|
8,989
|
|
|
$
|
9,587
|
|
|
$
|
81,387
|
|
|
$
|
90,974
|
|
|
$
|
8,919
|
|
|
$
|
94
|
|
Multi-family mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,681
|
|
|
35,681
|
|
|
—
|
|
|
—
|
|
||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,033
|
|
|
7,033
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
539
|
|
|
59
|
|
|
8,989
|
|
|
9,587
|
|
|
124,101
|
|
|
133,688
|
|
|
8,919
|
|
|
94
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,627
|
|
|
15,627
|
|
|
—
|
|
|
202
|
|
||||||||
Equipment financing
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
2,404
|
|
|
2,411
|
|
|
7
|
|
|
—
|
|
||||||||
Total commercial loans and leases
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
18,031
|
|
|
18,038
|
|
|
7
|
|
|
202
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
35
|
|
|
75
|
|
|
1,090
|
|
|
1,200
|
|
|
101,523
|
|
|
102,723
|
|
|
1,090
|
|
|
—
|
|
||||||||
Home equity
|
430
|
|
|
—
|
|
|
42
|
|
|
472
|
|
|
33,100
|
|
|
33,572
|
|
|
40
|
|
|
620
|
|
||||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
108
|
|
|
—
|
|
|
—
|
|
||||||||
Total consumer loans
|
465
|
|
|
75
|
|
|
1,132
|
|
|
1,672
|
|
|
134,731
|
|
|
136,403
|
|
|
1,130
|
|
|
620
|
|
||||||||
Total acquired loans and leases
|
1,004
|
|
|
134
|
|
|
10,128
|
|
|
11,266
|
|
|
276,863
|
|
|
288,129
|
|
|
10,056
|
|
|
916
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans and leases
|
$
|
18,313
|
|
|
$
|
4,978
|
|
|
$
|
22,998
|
|
|
$
|
46,289
|
|
|
$
|
6,691,527
|
|
|
$
|
6,737,816
|
|
|
$
|
10,109
|
|
|
$
|
19,461
|
|
|
At December 31, 2018
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than
90 Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
|
Nonaccrual
Loans and
Leases
|
|||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
$
|
5,139
|
|
|
$
|
896
|
|
|
$
|
2,962
|
|
|
$
|
8,997
|
|
|
$
|
2,199,907
|
|
|
$
|
2,208,904
|
|
|
$
|
277
|
|
|
$
|
3,806
|
|
Multi-family mortgage
|
893
|
|
|
—
|
|
|
145
|
|
|
1,038
|
|
|
798,775
|
|
|
799,813
|
|
|
—
|
|
|
330
|
|
||||||||
Construction
|
297
|
|
|
—
|
|
|
396
|
|
|
693
|
|
|
150,445
|
|
|
151,138
|
|
|
—
|
|
|
396
|
|
||||||||
Total commercial real estate loans
|
6,329
|
|
|
896
|
|
|
3,503
|
|
|
10,728
|
|
|
3,149,127
|
|
|
3,159,855
|
|
|
277
|
|
|
4,532
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
2,021
|
|
|
582
|
|
|
6,244
|
|
|
8,847
|
|
|
703,783
|
|
|
712,630
|
|
|
1,962
|
|
|
6,421
|
|
||||||||
Equipment financing
|
2,509
|
|
|
650
|
|
|
5,685
|
|
|
8,844
|
|
|
969,996
|
|
|
978,840
|
|
|
12
|
|
|
9,500
|
|
||||||||
Condominium association
|
320
|
|
|
—
|
|
|
—
|
|
|
320
|
|
|
50,131
|
|
|
50,451
|
|
|
—
|
|
|
265
|
|
||||||||
Total commercial loans and leases
|
4,850
|
|
|
1,232
|
|
|
11,929
|
|
|
18,011
|
|
|
1,723,910
|
|
|
1,741,921
|
|
|
1,974
|
|
|
16,186
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
400
|
|
|
—
|
|
|
1,597
|
|
|
1,997
|
|
|
651,062
|
|
|
653,059
|
|
|
—
|
|
|
1,842
|
|
||||||||
Home equity
|
761
|
|
|
25
|
|
|
183
|
|
|
969
|
|
|
330,045
|
|
|
331,014
|
|
|
1
|
|
|
191
|
|
||||||||
Other consumer
|
51
|
|
|
18
|
|
|
15
|
|
|
84
|
|
|
23,176
|
|
|
23,260
|
|
|
—
|
|
|
17
|
|
||||||||
Total consumer loans
|
1,212
|
|
|
43
|
|
|
1,795
|
|
|
3,050
|
|
|
1,004,283
|
|
|
1,007,333
|
|
|
1
|
|
|
2,050
|
|
||||||||
Total originated loans and leases
|
$
|
12,391
|
|
|
$
|
2,171
|
|
|
$
|
17,227
|
|
|
$
|
31,789
|
|
|
$
|
5,877,320
|
|
|
$
|
5,909,109
|
|
|
$
|
2,252
|
|
|
$
|
22,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Continued)
|
|
|
At December 31, 2018
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than
90 Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
|
Nonaccrual
Loans and
Leases
|
|||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
215
|
|
|
$
|
9,087
|
|
|
$
|
9,302
|
|
|
$
|
112,519
|
|
|
$
|
121,821
|
|
|
$
|
9,018
|
|
|
$
|
122
|
|
Multi-family mortgage
|
348
|
|
|
—
|
|
|
—
|
|
|
348
|
|
|
47,550
|
|
|
47,898
|
|
|
—
|
|
|
—
|
|
||||||||
Construction
|
360
|
|
|
242
|
|
|
—
|
|
|
602
|
|
|
21,560
|
|
|
22,162
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
708
|
|
|
457
|
|
|
9,087
|
|
|
10,252
|
|
|
181,629
|
|
|
191,881
|
|
|
9,018
|
|
|
122
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
124
|
|
|
44
|
|
|
290
|
|
|
458
|
|
|
23,330
|
|
|
23,788
|
|
|
90
|
|
|
200
|
|
||||||||
Equipment financing
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
3,240
|
|
|
3,249
|
|
|
9
|
|
|
—
|
|
||||||||
Total commercial loans and leases
|
124
|
|
|
44
|
|
|
299
|
|
|
467
|
|
|
26,570
|
|
|
27,037
|
|
|
99
|
|
|
200
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
—
|
|
|
371
|
|
|
2,113
|
|
|
2,484
|
|
|
127,425
|
|
|
129,909
|
|
|
2,113
|
|
|
290
|
|
||||||||
Home equity
|
191
|
|
|
265
|
|
|
2
|
|
|
458
|
|
|
45,012
|
|
|
45,470
|
|
|
—
|
|
|
717
|
|
||||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
110
|
|
|
—
|
|
|
—
|
|
||||||||
Total consumer loans
|
191
|
|
|
636
|
|
|
2,115
|
|
|
2,942
|
|
|
172,547
|
|
|
175,489
|
|
|
2,113
|
|
|
1,007
|
|
||||||||
Total acquired loans and leases
|
1,023
|
|
|
1,137
|
|
|
11,501
|
|
|
13,661
|
|
|
380,746
|
|
|
394,407
|
|
|
11,230
|
|
|
1,329
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans and leases
|
$
|
13,414
|
|
|
$
|
3,308
|
|
|
$
|
28,728
|
|
|
$
|
45,450
|
|
|
$
|
6,258,066
|
|
|
$
|
6,303,516
|
|
|
$
|
13,482
|
|
|
$
|
24,097
|
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||||||||||||||||||||
|
Recorded
Investment (1) |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Recorded
Investment (2)
|
|
Unpaid
Principal Balance |
|
Related
Allowance |
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
3,899
|
|
|
$
|
3,892
|
|
|
$
|
—
|
|
|
$
|
5,569
|
|
|
$
|
5,545
|
|
|
$
|
—
|
|
Commercial
|
28,539
|
|
|
28,533
|
|
|
—
|
|
|
30,927
|
|
|
31,053
|
|
|
—
|
|
||||||
Consumer
|
2,237
|
|
|
2,223
|
|
|
—
|
|
|
2,989
|
|
|
2,978
|
|
|
—
|
|
||||||
Total originated with no related allowance recorded
|
34,675
|
|
|
34,648
|
|
|
—
|
|
|
39,485
|
|
|
39,576
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
68
|
|
|
68
|
|
|
7
|
|
|
396
|
|
|
396
|
|
|
5
|
|
||||||
Commercial
|
5,980
|
|
|
6,055
|
|
|
1,672
|
|
|
8,224
|
|
|
8,208
|
|
|
2,961
|
|
||||||
Consumer
|
1,224
|
|
|
1,220
|
|
|
70
|
|
|
665
|
|
|
664
|
|
|
89
|
|
||||||
Total originated with an allowance recorded
|
7,272
|
|
|
7,343
|
|
|
1,749
|
|
|
9,285
|
|
|
9,268
|
|
|
3,055
|
|
||||||
Total originated impaired loans and leases
|
41,947
|
|
|
41,991
|
|
|
1,749
|
|
|
48,770
|
|
|
48,844
|
|
|
3,055
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
12,365
|
|
|
12,366
|
|
|
—
|
|
|
9,538
|
|
|
9,538
|
|
|
—
|
|
||||||
Commercial
|
437
|
|
|
437
|
|
|
—
|
|
|
531
|
|
|
531
|
|
|
—
|
|
||||||
Consumer
|
3,516
|
|
|
3,516
|
|
|
—
|
|
|
4,772
|
|
|
4,772
|
|
|
—
|
|
||||||
Total acquired with no related allowance recorded
|
16,318
|
|
|
16,319
|
|
|
—
|
|
|
14,841
|
|
|
14,841
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer
|
447
|
|
|
447
|
|
|
40
|
|
|
154
|
|
|
154
|
|
|
26
|
|
||||||
Total acquired with an allowance recorded
|
447
|
|
|
447
|
|
|
40
|
|
|
154
|
|
|
154
|
|
|
26
|
|
||||||
Total acquired impaired loans and leases
|
16,765
|
|
|
16,766
|
|
|
40
|
|
|
14,995
|
|
|
14,995
|
|
|
26
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total impaired loans and leases
|
$
|
58,712
|
|
|
$
|
58,757
|
|
|
$
|
1,789
|
|
|
$
|
63,765
|
|
|
$
|
63,839
|
|
|
$
|
3,081
|
|
|
Year Ended
|
||||||||||||||||||||||
|
December 31, 2019
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
5,148
|
|
|
$
|
110
|
|
|
$
|
6,484
|
|
|
$
|
87
|
|
|
$
|
10,181
|
|
|
$
|
277
|
|
Commercial
|
29,759
|
|
|
1,009
|
|
|
26,514
|
|
|
993
|
|
|
24,950
|
|
|
747
|
|
||||||
Consumer
|
2,662
|
|
|
42
|
|
|
2,801
|
|
|
54
|
|
|
4,330
|
|
|
58
|
|
||||||
Total originated with no related allowance recorded
|
37,569
|
|
|
1,161
|
|
|
35,799
|
|
|
1,134
|
|
|
39,461
|
|
|
1,082
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
269
|
|
|
3
|
|
|
99
|
|
|
—
|
|
|
3,271
|
|
|
162
|
|
||||||
Commercial
|
7,125
|
|
|
76
|
|
|
9,026
|
|
|
96
|
|
|
18,382
|
|
|
1
|
|
||||||
Consumer
|
946
|
|
|
32
|
|
|
835
|
|
|
11
|
|
|
—
|
|
|
—
|
|
||||||
Total originated with an allowance recorded
|
8,340
|
|
|
111
|
|
|
9,960
|
|
|
107
|
|
|
21,653
|
|
|
163
|
|
||||||
Total originated impaired loans and leases
|
45,909
|
|
|
1,272
|
|
|
45,759
|
|
|
1,241
|
|
|
61,114
|
|
|
1,245
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
11,409
|
|
|
163
|
|
|
9,868
|
|
|
7
|
|
|
4,005
|
|
|
55
|
|
||||||
Commercial
|
511
|
|
|
11
|
|
|
1,212
|
|
|
16
|
|
|
2,280
|
|
|
31
|
|
||||||
Consumer
|
4,298
|
|
|
39
|
|
|
5,061
|
|
|
61
|
|
|
5,295
|
|
|
69
|
|
||||||
Total acquired with no related allowance recorded
|
16,218
|
|
|
213
|
|
|
16,141
|
|
|
84
|
|
|
11,580
|
|
|
155
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Consumer
|
302
|
|
|
11
|
|
|
135
|
|
|
4
|
|
|
151
|
|
|
4
|
|
||||||
Total acquired with an allowance recorded
|
302
|
|
|
11
|
|
|
135
|
|
|
4
|
|
|
151
|
|
|
4
|
|
||||||
Total acquired impaired loans and leases
|
16,520
|
|
|
224
|
|
|
16,276
|
|
|
88
|
|
|
11,731
|
|
|
159
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total impaired loans and leases
|
$
|
62,429
|
|
|
$
|
1,496
|
|
|
$
|
62,035
|
|
|
$
|
1,329
|
|
|
$
|
72,845
|
|
|
$
|
1,404
|
|
|
At December 31, 2019
|
||||||||||||||
|
Commercial Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
||||||||
Originated:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
7
|
|
|
$
|
1,672
|
|
|
$
|
70
|
|
|
$
|
1,749
|
|
Collectively evaluated for impairment
|
28,415
|
|
|
22,853
|
|
|
5,850
|
|
|
57,118
|
|
||||
Total originated loans and leases
|
28,422
|
|
|
24,525
|
|
|
5,920
|
|
|
58,867
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Acquired:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
||||
Collectively evaluated for impairment
|
65
|
|
|
197
|
|
|
11
|
|
|
273
|
|
||||
Acquired with deteriorated credit quality
|
1,798
|
|
|
104
|
|
|
—
|
|
|
1,902
|
|
||||
Total acquired loans and leases
|
1,863
|
|
|
301
|
|
|
51
|
|
|
2,215
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total allowance for loan and lease losses
|
$
|
30,285
|
|
|
$
|
24,826
|
|
|
$
|
5,971
|
|
|
$
|
61,082
|
|
|
|
|
|
|
|
|
|
||||||||
Loans and Leases:
|
|
|
|
|
|
|
|
||||||||
Originated:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
3,956
|
|
|
$
|
20,019
|
|
|
$
|
3,326
|
|
|
$
|
27,301
|
|
Collectively evaluated for impairment
|
3,531,578
|
|
|
1,800,691
|
|
|
1,090,117
|
|
|
6,422,386
|
|
||||
Total originated loans and leases
|
3,535,534
|
|
|
1,820,710
|
|
|
1,093,443
|
|
|
6,449,687
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Acquired:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
2,942
|
|
|
397
|
|
|
1,841
|
|
|
5,180
|
|
||||
Collectively evaluated for impairment
|
79,465
|
|
|
15,465
|
|
|
110,758
|
|
|
205,688
|
|
||||
Acquired with deteriorated credit quality
|
51,281
|
|
|
2,176
|
|
|
23,804
|
|
|
77,261
|
|
||||
Total acquired loans and leases
|
133,688
|
|
|
18,038
|
|
|
136,403
|
|
|
288,129
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,669,222
|
|
|
$
|
1,838,748
|
|
|
$
|
1,229,846
|
|
|
$
|
6,737,816
|
|
|
At December 31, 2018
|
||||||||||||||
|
Commercial Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
||||||||
Originated:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
5
|
|
|
$
|
2,961
|
|
|
$
|
89
|
|
|
$
|
3,055
|
|
Collectively evaluated for impairment
|
26,617
|
|
|
22,131
|
|
|
5,075
|
|
|
53,823
|
|
||||
Total originated loans and leases
|
26,622
|
|
|
25,092
|
|
|
5,164
|
|
|
56,878
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Acquired:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
||||
Collectively evaluated for impairment
|
32
|
|
|
83
|
|
|
20
|
|
|
135
|
|
||||
Acquired with deteriorated credit quality
|
1,533
|
|
|
108
|
|
|
12
|
|
|
1,653
|
|
||||
Total acquired loans and leases
|
1,565
|
|
|
191
|
|
|
58
|
|
|
1,814
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total allowance for loan and lease losses
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
|
|
|
|
|
|
|
|
||||||||
Loans and Leases:
|
|
|
|
|
|
|
|
||||||||
Originated:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
5,610
|
|
|
$
|
32,127
|
|
|
$
|
3,502
|
|
|
$
|
41,239
|
|
Collectively evaluated for impairment
|
3,154,245
|
|
|
1,709,794
|
|
|
1,003,831
|
|
|
5,867,870
|
|
||||
Total originated loans and leases
|
3,159,855
|
|
|
1,741,921
|
|
|
1,007,333
|
|
|
5,909,109
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Acquired:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
—
|
|
|
404
|
|
|
2,072
|
|
|
2,476
|
|
||||
Collectively evaluated for impairment
|
121,119
|
|
|
24,094
|
|
|
142,194
|
|
|
287,407
|
|
||||
Acquired with deteriorated credit quality
|
70,762
|
|
|
2,539
|
|
|
31,223
|
|
|
104,524
|
|
||||
Total acquired loans and leases
|
191,881
|
|
|
27,037
|
|
|
175,489
|
|
|
394,407
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,351,736
|
|
|
$
|
1,768,958
|
|
|
$
|
1,182,822
|
|
|
$
|
6,303,516
|
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||||
|
(In Thousands)
|
||||||
Troubled debt restructurings:
|
|
|
|
||||
On accrual
|
$
|
17,076
|
|
|
$
|
12,257
|
|
On nonaccrual
|
6,104
|
|
|
8,684
|
|
||
Total troubled debt restructurings
|
$
|
23,180
|
|
|
$
|
20,941
|
|
|
At and for the Year Ended December 31, 2019
|
||||||||||||||||||||||||
|
|
|
Recorded Investment
|
|
Specific
Allowance for
Loan and
Lease Losses
|
|
|
|
Defaulted (1)
|
||||||||||||||||
|
Number of
Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
|
Nonaccrual
Loans and
Leases
|
|
Number of
Loans/
Leases
|
|
Recorded
Investment
|
|||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
2
|
|
|
$
|
295
|
|
|
$
|
290
|
|
|
$
|
—
|
|
|
$
|
221
|
|
|
—
|
|
|
$
|
—
|
|
Commercial
|
3
|
|
|
6,794
|
|
|
5,457
|
|
|
2,455
|
|
|
1,912
|
|
|
1
|
|
|
1,912
|
|
|||||
Equipment financing
|
7
|
|
|
2,774
|
|
|
2,266
|
|
|
—
|
|
|
392
|
|
|
2
|
|
|
365
|
|
|||||
Residential mortgage
|
3
|
|
|
868
|
|
|
866
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|||||
Home equity
|
3
|
|
|
453
|
|
|
453
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total originated
|
18
|
|
|
11,184
|
|
|
9,332
|
|
|
2,455
|
|
|
2,621
|
|
|
3
|
|
|
2,277
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Construction
|
1
|
|
|
4,869
|
|
|
2,942
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage
|
1
|
|
|
297
|
|
|
295
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Home equity
|
1
|
|
|
134
|
|
|
133
|
|
|
—
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|||||
Total acquired
|
3
|
|
|
5,300
|
|
|
3,370
|
|
|
—
|
|
|
133
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
21
|
|
|
$
|
16,484
|
|
|
$
|
12,702
|
|
|
$
|
2,455
|
|
|
$
|
2,754
|
|
|
3
|
|
|
$
|
2,277
|
|
|
At and for the Year Ended December 31, 2018
|
||||||||||||||||||||||||
|
|
|
Recorded Investment
|
|
Specific
Allowance for
Loan and
Lease Losses
|
|
|
|
Defaulted (1)
|
||||||||||||||||
|
Number of
Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
|
Nonaccrual
Loans and
Leases
|
|
Number of
Loans/
Leases
|
|
Recorded
Investment
|
|||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
1
|
|
|
$
|
673
|
|
|
$
|
652
|
|
|
$
|
—
|
|
|
$
|
653
|
|
|
—
|
|
|
$
|
—
|
|
Commercial
|
10
|
|
|
1,775
|
|
|
1,706
|
|
|
733
|
|
|
1,706
|
|
|
2
|
|
|
1,075
|
|
|||||
Equipment financing
|
14
|
|
|
2,510
|
|
|
2,556
|
|
|
37
|
|
|
1,351
|
|
|
—
|
|
|
—
|
|
|||||
Residential mortgage
|
2
|
|
|
550
|
|
|
550
|
|
|
12
|
|
|
341
|
|
|
1
|
|
|
341
|
|
|||||
Home equity
|
1
|
|
|
86
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total originated
|
28
|
|
|
$
|
5,594
|
|
|
$
|
5,547
|
|
|
$
|
782
|
|
|
$
|
4,051
|
|
|
3
|
|
|
$
|
1,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Home equity
|
2
|
|
|
249
|
|
|
245
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
—
|
|
|||||
Total acquired
|
2
|
|
|
249
|
|
|
245
|
|
|
—
|
|
|
245
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
30
|
|
|
$
|
5,843
|
|
|
$
|
5,792
|
|
|
$
|
782
|
|
|
$
|
4,296
|
|
|
3
|
|
|
$
|
1,416
|
|
|
At and for the Year Ended December 31, 2017
|
||||||||||||||||||||||||
|
|
|
Recorded Investment
|
|
Specific
Allowance for
Loan and
Lease Losses
|
|
|
|
Defaulted (1)
|
||||||||||||||||
|
Number of
Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
|
Nonaccrual
Loans and
Leases
|
|
Number of
Loans/
Leases
|
|
Recorded
Investment
|
|||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
1
|
|
|
$
|
189
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial
|
10
|
|
|
7,861
|
|
|
3,911
|
|
|
191
|
|
|
2,189
|
|
|
2
|
|
|
1,361
|
|
|||||
Equipment financing
|
16
|
|
|
2,687
|
|
|
2,901
|
|
|
137
|
|
|
1,440
|
|
|
1
|
|
|
188
|
|
|||||
Total originated
|
27
|
|
|
10,737
|
|
|
7,001
|
|
|
328
|
|
|
3,629
|
|
|
3
|
|
|
1,549
|
|
|
Year Ended
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Loans with one modification:
|
|
|
|
|
|
||||||
Extended maturity
|
$
|
5,811
|
|
|
$
|
1,717
|
|
|
$
|
2,810
|
|
Adjusted principal
|
—
|
|
|
—
|
|
|
19
|
|
|||
Adjusted interest rate
|
252
|
|
|
—
|
|
|
—
|
|
|||
Interest only
|
—
|
|
|
—
|
|
|
174
|
|
|||
Combination maturity, principal, interest rate
|
3,624
|
|
|
3,651
|
|
|
1,914
|
|
|||
Total loans modified once
|
$
|
9,687
|
|
|
$
|
5,368
|
|
|
$
|
4,917
|
|
|
|
|
|
|
|
||||||
Loans with more than one modification:
|
|
|
|
|
|
||||||
Extended maturity
|
$
|
3,015
|
|
|
$
|
—
|
|
|
$
|
1,910
|
|
Combination maturity, principal, interest rate
|
—
|
|
|
424
|
|
|
174
|
|
|||
Total loans modified more than once
|
$
|
3,015
|
|
|
$
|
424
|
|
|
$
|
2,084
|
|
|
|
|
|
|
|
||||||
Total loans modified
|
$
|
12,702
|
|
|
$
|
5,792
|
|
|
$
|
7,001
|
|
|
At December 31,
|
|
Estimated
Useful Life
|
||||||
|
2019
|
|
2018
|
|
|||||
|
(In Thousands)
|
|
(In Years)
|
||||||
Land
|
$
|
12,320
|
|
|
$
|
12,300
|
|
|
NA
|
Fine art
|
545
|
|
|
533
|
|
|
NA
|
||
Computer equipment
|
11,886
|
|
|
10,488
|
|
|
3
|
||
Vehicles
|
135
|
|
|
126
|
|
|
3 to 5
|
||
Core processing system and software
|
20,748
|
|
|
20,466
|
|
|
3 to 7.5
|
||
Furniture, fixtures and equipment
|
15,393
|
|
|
14,696
|
|
|
5 to 25
|
||
Office building and improvements
|
90,086
|
|
|
87,913
|
|
|
10 to 40
|
||
Total
|
151,113
|
|
|
146,522
|
|
|
|
||
Accumulated depreciation and amortization
|
76,763
|
|
|
70,140
|
|
|
|
||
Total premises and equipment
|
$
|
74,350
|
|
|
$
|
76,382
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Balance at beginning of year
|
$
|
160,427
|
|
|
$
|
137,890
|
|
|
$
|
137,890
|
|
Additions
|
—
|
|
|
22,537
|
|
|
—
|
|
|||
Balance at end of year
|
$
|
160,427
|
|
|
$
|
160,427
|
|
|
$
|
137,890
|
|
|
At December 31, 2019
|
|
At December 31, 2018
|
||||||||||||||||||||
|
Gross
Amount |
|
Accumulated
Amortization |
|
Carrying
Amount |
|
Gross
Amount |
|
Accumulated
Amortization |
|
Carrying
Amount |
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Other intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Core deposits
|
$
|
38,294
|
|
|
$
|
34,960
|
|
|
$
|
3,334
|
|
|
$
|
38,294
|
|
|
$
|
33,297
|
|
|
$
|
4,997
|
|
Trade name
|
1,600
|
|
|
511
|
|
|
1,089
|
|
|
1,600
|
|
|
511
|
|
|
1,089
|
|
||||||
Trust relationship
|
1,568
|
|
|
1,568
|
|
|
—
|
|
|
1,568
|
|
|
1,568
|
|
|
—
|
|
||||||
Other intangible
|
442
|
|
|
442
|
|
|
—
|
|
|
442
|
|
|
442
|
|
|
—
|
|
||||||
Total other intangible assets
|
$
|
41,904
|
|
|
$
|
37,481
|
|
|
$
|
4,423
|
|
|
$
|
41,904
|
|
|
$
|
35,818
|
|
|
$
|
6,086
|
|
Year ended December 31:
|
Amount
|
||
|
(In Thousands)
|
|
|
2020
|
$
|
1,297
|
|
2021
|
850
|
|
|
2022
|
494
|
|
|
2023
|
263
|
|
|
2024
|
153
|
|
|
Thereafter
|
277
|
|
|
Total
|
$
|
3,334
|
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
Investments in affordable housing projects included in other assets
|
$
|
29,939
|
|
|
$
|
10,895
|
|
Unfunded commitments related to affordable housing projects included in other liabilities
|
20,286
|
|
|
1,115
|
|
||
Investment in affordable housing tax credits
|
2,042
|
|
|
1,885
|
|
||
Investment in affordable housing tax benefits
|
540
|
|
|
585
|
|
|
For the year ended December 31,
|
||||||||
|
2019
|
2018
|
2017
|
||||||
|
(In Thousands)
|
||||||||
Investment amortization included in provision for income taxes
|
$
|
2,097
|
|
$
|
1,916
|
|
$
|
1,844
|
|
Amount recognized as income tax benefit
|
540
|
|
585
|
|
623
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
|
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Weighted
Average
Rate
|
||||||
|
(Dollars in Thousands)
|
||||||||||||
Demand checking accounts
|
$
|
1,141,578
|
|
|
—
|
%
|
|
$
|
1,033,551
|
|
|
—
|
%
|
NOW accounts
|
371,380
|
|
|
0.11
|
%
|
|
336,317
|
|
|
0.10
|
%
|
||
Savings accounts
|
613,467
|
|
|
0.46
|
%
|
|
619,961
|
|
|
0.32
|
%
|
||
Money market accounts
|
1,682,005
|
|
|
1.15
|
%
|
|
1,675,050
|
|
|
1.18
|
%
|
||
Total core deposit accounts
|
3,808,430
|
|
|
0.59
|
%
|
|
3,664,879
|
|
|
0.60
|
%
|
||
Certificate of deposit accounts maturing:
|
|
|
|
|
|
|
|
||||||
Within six months
|
730,512
|
|
|
2.24
|
%
|
|
475,303
|
|
|
1.20
|
%
|
||
After six months but within 1 year
|
650,461
|
|
|
2.24
|
%
|
|
562,018
|
|
|
1.40
|
%
|
||
After 1 year but within 2 years
|
495,509
|
|
|
2.26
|
%
|
|
538,435
|
|
|
1.85
|
%
|
||
After 2 years but within 3 years
|
56,508
|
|
|
2.19
|
%
|
|
95,806
|
|
|
2.16
|
%
|
||
After 3 years but within 4 years
|
58,492
|
|
|
2.64
|
%
|
|
46,027
|
|
|
1.73
|
%
|
||
After 4 years but within 5 years
|
29,759
|
|
|
2.58
|
%
|
|
71,556
|
|
|
2.57
|
%
|
||
5+ Years
|
401
|
|
|
2.19
|
%
|
|
20
|
|
|
1.98
|
%
|
||
Total certificate of deposit accounts
|
2,021,642
|
|
|
2.26
|
%
|
|
1,789,165
|
|
|
1.58
|
%
|
||
Total deposits
|
$
|
5,830,072
|
|
|
1.17
|
%
|
|
$
|
5,454,044
|
|
|
0.92
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
||||||
NOW accounts
|
$
|
436
|
|
|
$
|
283
|
|
|
$
|
225
|
|
Savings accounts
|
2,900
|
|
|
1,804
|
|
|
1,297
|
|
|||
Money market accounts
|
21,206
|
|
|
15,369
|
|
|
8,863
|
|
|||
Certificate of deposit accounts
|
45,073
|
|
|
24,522
|
|
|
12,903
|
|
|||
Total interest-bearing deposits
|
$
|
69,615
|
|
|
$
|
41,978
|
|
|
$
|
23,288
|
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
Advances from the FHLBB
|
$
|
758,469
|
|
|
$
|
784,375
|
|
Subordinated debentures and notes
|
83,591
|
|
|
83,433
|
|
||
Other borrowed funds
|
60,689
|
|
|
52,734
|
|
||
Total borrowed funds
|
$
|
902,749
|
|
|
$
|
920,542
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Advances from the FHLBB
|
$
|
18,701
|
|
|
$
|
18,650
|
|
|
$
|
11,330
|
|
Subordinated debentures and notes
|
5,206
|
|
|
5,181
|
|
|
5,081
|
|
|||
Other borrowed funds
|
804
|
|
|
385
|
|
|
170
|
|
|||
Total interest expense on borrowed funds
|
$
|
24,711
|
|
|
$
|
24,216
|
|
|
$
|
16,581
|
|
|
At December 31,
|
||||||||||||||||||||
|
2019
|
|
2018
|
||||||||||||||||||
|
Amount
|
|
Callable
Amount
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Callable
Amount
|
|
Weighted
Average
Rate
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||
Within 1 year
|
$
|
599,262
|
|
|
$
|
—
|
|
|
2.27
|
%
|
|
$
|
603,590
|
|
|
$
|
—
|
|
|
2.19
|
%
|
Over 1 year to 2 years
|
139,762
|
|
|
—
|
|
|
2.12
|
%
|
|
160,073
|
|
|
—
|
|
|
2.64
|
%
|
||||
Over 2 years to 3 years
|
3,210
|
|
|
—
|
|
|
0.01
|
%
|
|
580
|
|
|
—
|
|
|
3.07
|
%
|
||||
Over 3 years to 4 years
|
—
|
|
|
—
|
|
|
—
|
%
|
|
3,214
|
|
|
—
|
|
|
0.03
|
%
|
||||
Over 4 years to 5 years
|
4,025
|
|
|
—
|
|
|
3.91
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Over 5 years
|
12,210
|
|
|
—
|
|
|
3.28
|
%
|
|
16,918
|
|
|
—
|
|
|
3.45
|
%
|
||||
|
$
|
758,469
|
|
|
$
|
—
|
|
|
2.26
|
%
|
|
$
|
784,375
|
|
|
$
|
—
|
|
|
2.30
|
%
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Dollars In Thousands)
|
||||||
Outstanding at end of year
|
$
|
60,689
|
|
|
$
|
52,734
|
|
Average outstanding for the year
|
79,276
|
|
|
46,079
|
|
||
Maximum outstanding at any month-end
|
122,776
|
|
|
55,144
|
|
||
Weighted average rate at end of year
|
0.60
|
%
|
|
0.16
|
%
|
||
Weighted average rate paid for the year
|
1.01
|
%
|
|
0.83
|
%
|
|
|
|
|
|
|
Carrying Amount
|
||||||||
Issue Date
|
|
Rate
|
|
Maturity Date
|
|
Next Call Date
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
|
|
(Dollars in Thousands)
|
||||||||||||
June 26, 2003
|
|
Variable;
3-month LIBOR + 3.10%
|
|
June 26, 2033
|
|
March 25, 2020
|
|
$
|
4,826
|
|
|
$
|
4,803
|
|
March 17, 2004
|
|
Variable;
3-month LIBOR + 2.79%
|
|
March 17, 2034
|
|
March 16, 2020
|
|
4,739
|
|
|
4,704
|
|
||
September 15, 2014
|
|
6.0% Fixed-to-Variable;
3-month LIBOR + 3.315%
|
|
September 15, 2029
|
|
September 15, 2024
|
|
74,026
|
|
|
73,926
|
|
||
|
|
|
|
|
|
Total
|
|
$
|
83,591
|
|
|
$
|
83,433
|
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
||||
Commitments to originate loans and leases:
|
|
|
|
||||
Commercial real estate
|
$
|
50,034
|
|
|
$
|
76,642
|
|
Commercial
|
78,058
|
|
|
75,713
|
|
||
Residential mortgage
|
25,998
|
|
|
16,363
|
|
||
Unadvanced portion of loans and leases
|
808,681
|
|
|
707,997
|
|
||
Unused lines of credit:
|
|
|
|
||||
Home equity
|
528,251
|
|
|
487,476
|
|
||
Other consumer
|
25,374
|
|
|
50,404
|
|
||
Other commercial
|
380
|
|
|
347
|
|
||
Unused letters of credit:
|
|
|
|
||||
Financial standby letters of credit
|
10,166
|
|
|
11,491
|
|
||
Performance standby letters of credit
|
4,652
|
|
|
3,075
|
|
||
Commercial and similar letters of credit
|
3,823
|
|
|
4,573
|
|
||
Loan level derivatives:
|
|
|
|
||||
Receive fixed, pay variable
|
1,101,193
|
|
|
714,500
|
|
||
Pay fixed, receive variable
|
1,101,193
|
|
|
714,500
|
|
||
Risk participation-out agreements
|
235,693
|
|
|
100,531
|
|
||
Risk participation-in agreements
|
55,281
|
|
|
35,838
|
|
||
Foreign exchange contracts:
|
|
|
|
||||
Buys foreign currency, sells U.S. currency
|
1,125
|
|
|
6,573
|
|
||
Sells foreign currency, buys U.S. currency
|
1,230
|
|
|
6,582
|
|
Year ended December 31,
|
Minimum Rental Payments
|
||
|
(In Thousands)
|
||
2020
|
$
|
5,886
|
|
2021
|
5,267
|
|
|
2022
|
4,577
|
|
|
2023
|
3,672
|
|
|
2024
|
2,305
|
|
|
Thereafter
|
6,163
|
|
|
Total
|
$
|
27,870
|
|
Less imputed interest
|
(2,994
|
)
|
|
|
$
|
24,876
|
|
|
For the year ended December 31,
|
||||||||||||||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||||||||||||||
|
Basic
|
|
Fully
Diluted
|
|
Basic
|
|
Fully
Diluted
|
|
Basic
|
|
Fully
Diluted
|
||||||||||||
|
(Dollars in Thousands, Except Per Share Amounts)
|
||||||||||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
$
|
87,717
|
|
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
|
$
|
50,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average shares outstanding
|
79,679,781
|
|
|
79,679,781
|
|
|
79,669,668
|
|
|
79,669,668
|
|
|
74,459,508
|
|
|
74,459,508
|
|
||||||
Effect of dilutive securities
|
—
|
|
|
177,140
|
|
|
—
|
|
|
239,583
|
|
|
—
|
|
|
351,900
|
|
||||||
Adjusted weighted average shares outstanding
|
79,679,781
|
|
|
79,856,921
|
|
|
79,669,668
|
|
|
79,909,251
|
|
|
74,459,508
|
|
|
74,811,408
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EPS
|
$
|
1.10
|
|
|
$
|
1.10
|
|
|
$
|
1.04
|
|
|
$
|
1.04
|
|
|
$
|
0.68
|
|
|
$
|
0.68
|
|
|
Year Ended December 31, 2019
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Income (Loss)
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2018
|
$
|
(9,712
|
)
|
|
$
|
252
|
|
|
$
|
(9,460
|
)
|
Other comprehensive income (loss)
|
11,911
|
|
|
(168
|
)
|
|
11,743
|
|
|||
Balance at December 31, 2019
|
$
|
2,199
|
|
|
$
|
84
|
|
|
$
|
2,283
|
|
|
Year Ended December 31, 2018
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Loss
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2017
|
$
|
(6,113
|
)
|
|
$
|
163
|
|
|
$
|
(5,950
|
)
|
Other comprehensive (loss) income
|
(3,599
|
)
|
|
89
|
|
|
(3,510
|
)
|
|||
Reclassification due to adoption of ASU 2018-02
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at December 31, 2018
|
$
|
(9,712
|
)
|
|
$
|
252
|
|
|
$
|
(9,460
|
)
|
|
Year Ended December 31, 2017
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Loss
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2016
|
$
|
(4,213
|
)
|
|
$
|
395
|
|
|
$
|
(3,818
|
)
|
Other comprehensive loss
|
(817
|
)
|
|
(252
|
)
|
|
(1,069
|
)
|
|||
Reclassification due to adoption of ASU 2018-02
|
(1,083
|
)
|
|
20
|
|
|
(1,063
|
)
|
|||
Balance at December 31, 2017
|
$
|
(6,113
|
)
|
|
$
|
163
|
|
|
$
|
(5,950
|
)
|
|
Notional Amount Maturing
|
|||||||||||||||||||||||||||||
|
Number of Positions
|
|
Less than 1 year
|
|
Less than 2 years
|
|
Less than 3 years
|
|
Less than 4 years
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
|||||||||||||||
|
December 31, 2019
|
|||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||||||||||||
Loan level derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Receive fixed, pay variable
|
119
|
|
|
$
|
24,777
|
|
|
$
|
—
|
|
|
$
|
31,131
|
|
|
$
|
16,794
|
|
|
$
|
1,028,491
|
|
|
$
|
1,101,193
|
|
|
$
|
58,102
|
|
Pay fixed, receive variable
|
119
|
|
|
24,777
|
|
|
—
|
|
|
31,131
|
|
|
16,794
|
|
|
1,028,491
|
|
|
1,101,193
|
|
|
58,102
|
|
|||||||
Risk participation-out agreements
|
40
|
|
|
13,967
|
|
|
—
|
|
|
—
|
|
|
7,143
|
|
|
214,583
|
|
|
235,693
|
|
|
1,229
|
|
|||||||
Risk participation-in agreements
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,000
|
|
|
36,281
|
|
|
55,281
|
|
|
283
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Buys foreign currency, sells U.S. currency
|
16
|
|
|
$
|
1,125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,125
|
|
|
$
|
54
|
|
Sells foreign currency, buys U.S. currency
|
18
|
|
|
1,230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
53
|
|
|
Notional Amount Maturing
|
|||||||||||||||||||||||||||||
|
Number of Positions
|
|
Less than 1 year
|
|
Less than 2 years
|
|
Less than 3 years
|
|
Less than 4 years
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
|||||||||||||||
|
December 31, 2018
|
|||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||||||||||||
Loan level derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Receive fixed, pay variable
|
86
|
|
|
$
|
1,931
|
|
|
$
|
26,419
|
|
|
$
|
—
|
|
|
$
|
31,762
|
|
|
$
|
654,388
|
|
|
$
|
714,500
|
|
|
$
|
6,081
|
|
Pay fixed, receive variable
|
86
|
|
|
1,931
|
|
|
26,419
|
|
|
—
|
|
|
31,762
|
|
|
654,388
|
|
|
714,500
|
|
|
6,081
|
|
|||||||
Risk participation-out agreements
|
26
|
|
|
—
|
|
|
14,892
|
|
|
—
|
|
|
—
|
|
|
85,639
|
|
|
100,531
|
|
|
344
|
|
|||||||
Risk participation-in agreements
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,838
|
|
|
35,838
|
|
|
84
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Buys foreign currency, sells U.S. currency
|
22
|
|
|
$
|
6,573
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,573
|
|
|
$
|
123
|
|
Sells foreign currency, buys U.S. currency
|
37
|
|
|
6,582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,582
|
|
|
131
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
Net gain recognized in income on:
|
|
|
|
||||
Net risk participation agreements
|
686
|
|
|
205
|
|
||
Foreign exchange contracts
|
(7
|
)
|
|
1
|
|
||
Total
|
$
|
679
|
|
|
$
|
206
|
|
|
At December 31, 2019
|
||||||||||||||||||||||
|
Gross
Amounts Recognized |
|
Gross Amounts
Offset in the
Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the
Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
|
|
|
|
Financial Instruments Pledged
|
|
Cash Collateral Pledged
|
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Asset derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
11,900
|
|
|
$
|
47,465
|
|
Risk participation-out agreements
|
1,229
|
|
|
—
|
|
|
1,229
|
|
|
—
|
|
|
—
|
|
|
1,229
|
|
||||||
Foreign exchange contracts
|
54
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
54
|
|
||||||
Total
|
$
|
60,648
|
|
|
$
|
—
|
|
|
$
|
60,648
|
|
|
$
|
—
|
|
|
$
|
11,900
|
|
|
$
|
48,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liability derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
59,365
|
|
|
$
|
86,521
|
|
|
$
|
—
|
|
|
$
|
(27,156
|
)
|
Risk participation-in agreements
|
283
|
|
|
—
|
|
|
283
|
|
|
—
|
|
|
—
|
|
|
283
|
|
||||||
Foreign exchange contracts
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||||
Total
|
$
|
59,701
|
|
|
$
|
—
|
|
|
$
|
59,701
|
|
|
$
|
86,521
|
|
|
$
|
—
|
|
|
$
|
(26,820
|
)
|
|
At December 31, 2018
|
||||||||||||||||||||||
|
Gross
Amounts Recognized |
|
Gross Amounts
Offset in the
Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the
Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
|
|
|
|
Financial Instruments Pledged
|
|
Cash Collateral Pledged
|
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Asset derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
22,013
|
|
|
$
|
—
|
|
|
$
|
22,013
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
21,963
|
|
Risk participation-out agreements
|
344
|
|
|
—
|
|
|
344
|
|
|
—
|
|
|
—
|
|
|
344
|
|
||||||
Foreign exchange contracts
|
131
|
|
|
—
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|
131
|
|
||||||
Total
|
$
|
22,488
|
|
|
$
|
—
|
|
|
$
|
22,488
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
22,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liability derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
22,013
|
|
|
$
|
—
|
|
|
$
|
22,013
|
|
|
$
|
5,877
|
|
|
$
|
—
|
|
|
$
|
16,136
|
|
Risk participation-in agreements
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
84
|
|
||||||
Foreign exchange contracts
|
123
|
|
|
—
|
|
|
123
|
|
|
—
|
|
|
—
|
|
|
123
|
|
||||||
Total
|
$
|
22,220
|
|
|
$
|
—
|
|
|
$
|
22,220
|
|
|
$
|
5,877
|
|
|
$
|
—
|
|
|
$
|
16,343
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Current provision:
|
|
|
|
|
|
||||||
Federal
|
$
|
21,706
|
|
|
$
|
23,949
|
|
|
$
|
27,825
|
|
State
|
6,565
|
|
|
7,693
|
|
|
5,013
|
|
|||
Total current provision
|
28,271
|
|
|
31,642
|
|
|
32,838
|
|
|||
Deferred provision (benefit):
|
|
|
|
|
|
||||||
Federal
|
701
|
|
|
(4,323
|
)
|
|
10,209
|
|
|||
State
|
(703
|
)
|
|
(1,130
|
)
|
|
589
|
|
|||
Total deferred provision (benefit)
|
(2
|
)
|
|
(5,453
|
)
|
|
10,798
|
|
|||
Total provision for income taxes
|
$
|
28,269
|
|
|
$
|
26,189
|
|
|
$
|
43,636
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(Dollars In Thousands)
|
||||||||||
Expected income tax expense at statutory federal tax rate
|
$
|
24,366
|
|
|
$
|
23,675
|
|
|
$
|
34,039
|
|
State taxes, net of federal income tax benefit
|
4,837
|
|
|
5,184
|
|
|
3,641
|
|
|||
Bank-owned life insurance
|
(216
|
)
|
|
(218
|
)
|
|
(364
|
)
|
|||
Tax-exempt interest income
|
(435
|
)
|
|
(487
|
)
|
|
(873
|
)
|
|||
Income attributable to noncontrolling interest in subsidiary
|
(11
|
)
|
|
(933
|
)
|
|
(870
|
)
|
|||
Merger and acquisition expense
|
—
|
|
|
32
|
|
|
138
|
|
|||
Tax Act Adjustment
|
—
|
|
|
(707
|
)
|
|
8,965
|
|
|||
Investments in affordable housing projects
|
(369
|
)
|
|
(358
|
)
|
|
(653
|
)
|
|||
Other, net
|
97
|
|
|
1
|
|
|
(387
|
)
|
|||
Total provision for income taxes
|
$
|
28,269
|
|
|
$
|
26,189
|
|
|
$
|
43,636
|
|
Effective income tax rate
|
24.4
|
%
|
|
23.2
|
%
|
|
44.9
|
%
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Allowance for loan and lease losses
|
$
|
16,294
|
|
|
$
|
15,936
|
|
Right-of-use asset - operating leases
|
6,450
|
|
|
—
|
|
||
Deferred compensation
|
4,748
|
|
|
4,692
|
|
||
Identified intangible assets and goodwill
|
4,319
|
|
|
—
|
|
||
Supplemental Executive Retirement Plans
|
3,023
|
|
|
2,846
|
|
||
Unrealized loss on investment securities available-for-sale
|
—
|
|
|
2,737
|
|
||
Net operating loss carryforwards
|
187
|
|
|
976
|
|
||
Postretirement benefits
|
458
|
|
|
391
|
|
||
Nonaccrual interest
|
557
|
|
|
482
|
|
||
Accrued expense
|
—
|
|
|
372
|
|
||
Restricted stock and stock option plans
|
751
|
|
|
497
|
|
||
Employee stock ownership plan
|
83
|
|
|
106
|
|
||
Other
|
733
|
|
|
331
|
|
||
Total gross deferred tax assets
|
37,603
|
|
|
29,366
|
|
||
Deferred tax liabilities:
|
|
|
|
||||
Operating leases - liability
|
6,450
|
|
|
—
|
|
||
Identified intangible assets and goodwill
|
—
|
|
|
2,428
|
|
||
Deferred loan origination costs, net
|
3,785
|
|
|
3,537
|
|
||
Depreciation
|
420
|
|
|
789
|
|
||
Unrealized gain on investment securities available-for-sale
|
622
|
|
|
—
|
|
||
Prepaid expense
|
110
|
|
|
116
|
|
||
Accrued Expense
|
122
|
|
|
—
|
|
||
Acquisition fair value adjustments
|
1,077
|
|
|
1,001
|
|
||
Total gross deferred tax liabilities
|
12,586
|
|
|
7,871
|
|
||
Net deferred tax asset
|
$
|
25,017
|
|
|
$
|
21,495
|
|
|
Actual
|
|
Minimum Required for Capital Adequacy
Purposes
|
|
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer
|
|
Minimum Required to be Considered
“Well-Capitalized” Under Prompt Corrective Action Provisions
|
||||||||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
At December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brookline Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
780,962
|
|
|
11.44
|
%
|
|
$
|
307,197
|
|
|
4.50
|
%
|
|
$
|
477,861
|
|
|
7.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 leverage capital ratio (2)
|
790,527
|
|
|
10.28
|
%
|
|
307,598
|
|
|
4.00
|
%
|
|
307,598
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Tier 1 risk-based capital ratio (3)
|
790,527
|
|
|
11.58
|
%
|
|
409,599
|
|
|
6.00
|
%
|
|
580,266
|
|
|
8.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Total risk-based capital ratio (4)
|
927,515
|
|
|
13.59
|
%
|
|
545,999
|
|
|
8.00
|
%
|
|
716,623
|
|
|
10.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Brookline Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
513,311
|
|
|
11.44
|
%
|
|
$
|
201,914
|
|
|
4.50
|
%
|
|
$
|
314,089
|
|
|
7.00
|
%
|
|
$
|
291,654
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
513,311
|
|
|
10.42
|
%
|
|
197,048
|
|
|
4.00
|
%
|
|
197,048
|
|
|
4.00
|
%
|
|
246,310
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
513,311
|
|
|
11.44
|
%
|
|
269,219
|
|
|
6.00
|
%
|
|
381,394
|
|
|
8.50
|
%
|
|
358,959
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
555,474
|
|
|
12.38
|
%
|
|
358,949
|
|
|
8.00
|
%
|
|
471,121
|
|
|
10.50
|
%
|
|
448,687
|
|
|
10.00
|
%
|
||||
BankRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
240,362
|
|
|
11.75
|
%
|
|
$
|
92,054
|
|
|
4.50
|
%
|
|
$
|
143,194
|
|
|
7.00
|
%
|
|
$
|
132,966
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
240,362
|
|
|
9.97
|
%
|
|
96,434
|
|
|
4.00
|
%
|
|
96,434
|
|
|
4.00
|
%
|
|
120,543
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
240,362
|
|
|
11.75
|
%
|
|
122,738
|
|
|
6.00
|
%
|
|
173,879
|
|
|
8.50
|
%
|
|
163,651
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
258,719
|
|
|
12.65
|
%
|
|
163,617
|
|
|
8.00
|
%
|
|
214,747
|
|
|
10.50
|
%
|
|
204,521
|
|
|
10.00
|
%
|
||||
First Ipswich
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
41,320
|
|
|
13.45
|
%
|
|
$
|
13,825
|
|
|
4.50
|
%
|
|
$
|
21,505
|
|
|
7.00
|
%
|
|
$
|
19,969
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
41,320
|
|
|
8.80
|
%
|
|
18,782
|
|
|
4.00
|
%
|
|
18,782
|
|
|
4.00
|
%
|
|
23,477
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
41,320
|
|
|
13.45
|
%
|
|
18,433
|
|
|
6.00
|
%
|
|
26,113
|
|
|
8.50
|
%
|
|
24,577
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
43,762
|
|
|
14.24
|
%
|
|
24,585
|
|
|
8.00
|
%
|
|
32,268
|
|
|
10.50
|
%
|
|
30,732
|
|
|
10.00
|
%
|
|
Actual
|
|
Minimum Required for Capital Adequacy
Purposes
|
|
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer
|
|
Minimum Required to be Considered
“Well-Capitalized” Under Prompt Corrective Action Provisions
|
||||||||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
At December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brookline Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 capital ratio (1)
|
$
|
745,103
|
|
|
11.94
|
%
|
|
$
|
280,818
|
|
|
4.50
|
%
|
|
$
|
436,828
|
|
|
7.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 leverage capital ratio (2)
|
765,089
|
|
|
10.58
|
%
|
|
289,259
|
|
|
4.00
|
%
|
|
289,259
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Tier 1 risk-based capital ratio (3)
|
765,089
|
|
|
12.26
|
%
|
|
374,432
|
|
|
6.00
|
%
|
|
530,445
|
|
|
8.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Total risk-based capital ratio (4)
|
899,563
|
|
|
14.42
|
%
|
|
499,064
|
|
|
8.00
|
%
|
|
655,022
|
|
|
10.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Brookline Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 capital ratio (1)
|
$
|
495,798
|
|
|
12.06
|
%
|
|
$
|
184,999
|
|
|
4.50
|
%
|
|
$
|
287,777
|
|
|
7.00
|
%
|
|
$
|
267,221
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
506,277
|
|
|
11.02
|
%
|
|
183,767
|
|
|
4.00
|
%
|
|
183,767
|
|
|
4.00
|
%
|
|
229,708
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
506,277
|
|
|
12.32
|
%
|
|
246,563
|
|
|
6.00
|
%
|
|
349,298
|
|
|
8.50
|
%
|
|
328,751
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
545,533
|
|
|
13.27
|
%
|
|
328,882
|
|
|
8.00
|
%
|
|
431,658
|
|
|
10.50
|
%
|
|
411,102
|
|
|
10.00
|
%
|
||||
BankRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
209,670
|
|
|
11.37
|
%
|
|
$
|
82,983
|
|
|
4.50
|
%
|
|
$
|
129,084
|
|
|
7.00
|
%
|
|
$
|
119,864
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
209,670
|
|
|
9.35
|
%
|
|
89,698
|
|
|
4.00
|
%
|
|
89,698
|
|
|
4.00
|
%
|
|
112,123
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
209,670
|
|
|
11.37
|
%
|
|
110,644
|
|
|
6.00
|
%
|
|
156,745
|
|
|
8.50
|
%
|
|
147,525
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
227,674
|
|
|
12.35
|
%
|
|
147,481
|
|
|
8.00
|
%
|
|
193,569
|
|
|
10.50
|
%
|
|
184,351
|
|
|
10.00
|
%
|
||||
First Ipswich
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 capital ratio (1)
|
$
|
39,655
|
|
|
13.91
|
%
|
|
$
|
12,829
|
|
|
4.50
|
%
|
|
$
|
19,956
|
|
|
7.00
|
%
|
|
$
|
18,530
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
39,655
|
|
|
9.59
|
%
|
|
16,540
|
|
|
4.00
|
%
|
|
16,540
|
|
|
4.00
|
%
|
|
20,675
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
39,655
|
|
|
13.91
|
%
|
|
17,105
|
|
|
6.00
|
%
|
|
24,232
|
|
|
8.50
|
%
|
|
22,807
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
42,944
|
|
|
15.06
|
%
|
|
22,812
|
|
|
8.00
|
%
|
|
29,941
|
|
|
10.50
|
%
|
|
28,515
|
|
|
10.00
|
%
|
|
Year Ended
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Change in plan assets:
|
|
|
|
|
|
||||||
Fair value of plan assets at beginning of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Employer contributions
|
32
|
|
|
31
|
|
|
19
|
|
|||
Benefits paid
|
(32
|
)
|
|
(31
|
)
|
|
(19
|
)
|
|||
Fair value of plan assets at end of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Change in benefit obligation:
|
|
|
|
|
|
||||||
Benefit obligation at beginning of year
|
$
|
1,490
|
|
|
$
|
1,534
|
|
|
$
|
1,135
|
|
Service cost
|
54
|
|
|
70
|
|
|
49
|
|
|||
Interest cost
|
60
|
|
|
59
|
|
|
43
|
|
|||
Estimated benefits paid
|
(32
|
)
|
|
(31
|
)
|
|
(19
|
)
|
|||
Actuarial loss (gain)
|
185
|
|
|
(142
|
)
|
|
326
|
|
|||
Benefit obligation at end of year
|
$
|
1,757
|
|
|
$
|
1,490
|
|
|
$
|
1,534
|
|
Funded status at end of year
|
$
|
1,757
|
|
|
$
|
1,490
|
|
|
$
|
1,534
|
|
Accumulated benefit obligation at end of year
|
$
|
1,757
|
|
|
$
|
1,490
|
|
|
$
|
1,534
|
|
|
Year Ended
December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Net periodic benefit expense:
|
|
|
|
|
|
||||||
Service cost
|
$
|
54
|
|
|
$
|
70
|
|
|
$
|
49
|
|
Interest cost
|
60
|
|
|
59
|
|
|
43
|
|
|||
Prior service credit
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|||
Actuarial gain
|
(27
|
)
|
|
—
|
|
|
(47
|
)
|
|||
Net periodic benefit expense
|
$
|
66
|
|
|
$
|
108
|
|
|
$
|
24
|
|
Changes in postretirement benefit obligation recognized in other comprehensive income:
|
|
|
|
|
|
||||||
Net actuarial (loss) gain
|
(206
|
)
|
|
$
|
142
|
|
|
$
|
(401
|
)
|
|
Prior service credit
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|||
Total pre-tax changes in postretirement benefit obligation recognized in other comprehensive income
|
$
|
(227
|
)
|
|
$
|
121
|
|
|
$
|
(422
|
)
|
|
Year Ended
December 31, 2019 |
||||||
|
1% Increase
|
|
1% Decrease
|
||||
|
(In Thousands)
|
||||||
Effect on total service and interest cost components of net periodic postretirement benefit costs
|
$
|
25
|
|
|
$
|
(20
|
)
|
Effect on the accumulated postretirement benefit obligation
|
365
|
|
|
(289
|
)
|
|
Restricted Stock Awards Outstanding
|
|
Weighted Average Price
per Share
|
|
|
|||||
|
(Dollars in Thousands, Except Per Share Amounts)
|
|
|
|||||||
Restricted Stock Awards:
|
|
|
|
|
|
|||||
Outstanding at December 31, 2018
|
390,635
|
|
|
$
|
15.21
|
|
|
|
|
|
Granted
|
212,461
|
|
|
14.25
|
|
|
|
|
||
Vested
|
(175,160
|
)
|
|
14.46
|
|
|
|
|
||
Forfeited / Canceled
|
(21,486
|
)
|
|
11.78
|
|
|
|
|
||
Outstanding at December 31, 2019
|
406,450
|
|
|
$
|
15.21
|
|
|
|
||
Unrecognized compensation cost
|
|
|
|
|
$
|
3,964
|
|
|||
Weighted average remaining recognition period (months)
|
|
|
|
|
24
|
|
|
Options Outstanding
|
|
Weighted Average Exercise Price Per Share
|
|
Aggregate Intrinsic Value
|
|
Weighted Average Contractual Term (In Years)
|
|||||
|
(Dollars in Thousands, Except Per Share Amounts)
|
|||||||||||
Employee Stock Options(1):
|
|
|
|
|
|
|
|
|||||
Outstanding at December 31, 2018
|
5,000
|
|
|
$
|
9.90
|
|
|
|
|
|
|
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Forfeited / Canceled
|
—
|
|
|
—
|
|
|
|
|
|
|
||
Outstanding at December 31, 2019
|
5,000
|
|
|
$
|
9.90
|
|
|
$
|
33
|
|
|
0.8
|
Exercisable at December 31, 2019
|
5,000
|
|
|
$
|
9.90
|
|
|
$
|
33
|
|
|
0.8
|
|
Carrying Value as of December 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
—
|
|
|
$
|
185,803
|
|
|
$
|
—
|
|
|
$
|
185,803
|
|
GSE CMOs
|
—
|
|
|
85,932
|
|
|
—
|
|
|
85,932
|
|
||||
GSE MBSs
|
—
|
|
|
153,343
|
|
|
—
|
|
|
153,343
|
|
||||
SBA commercial loan asset-backed securities
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
||||
Corporate debt obligations
|
—
|
|
|
28,986
|
|
|
—
|
|
|
28,986
|
|
||||
U.S. Treasury bonds
|
—
|
|
|
44,897
|
|
|
—
|
|
|
44,897
|
|
||||
Total investment securities available-for-sale
|
$
|
—
|
|
|
$
|
498,995
|
|
|
$
|
—
|
|
|
$
|
498,995
|
|
Equity securities held-for-trading
|
$
|
2,569
|
|
|
$
|
1,012
|
|
|
$
|
—
|
|
|
$
|
3,581
|
|
Loan level derivatives
|
—
|
|
|
59,365
|
|
|
—
|
|
|
59,365
|
|
||||
Risk participation-out agreements
|
—
|
|
|
1,229
|
|
|
—
|
|
|
1,229
|
|
||||
Foreign exchange contracts
|
—
|
|
|
54
|
|
|
—
|
|
|
54
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Loan level derivatives
|
$
|
—
|
|
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
59,365
|
|
Risk participation-in agreements
|
—
|
|
|
283
|
|
|
—
|
|
|
283
|
|
||||
Foreign exchange contracts
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
|
Carrying Value as of December 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
—
|
|
|
$
|
181,079
|
|
|
$
|
—
|
|
|
$
|
181,079
|
|
GSE CMOs
|
—
|
|
|
103,130
|
|
|
—
|
|
|
103,130
|
|
||||
GSE MBSs
|
—
|
|
|
165,089
|
|
|
—
|
|
|
165,089
|
|
||||
SBA commercial loan asset-backed securities
|
—
|
|
|
51
|
|
|
—
|
|
|
51
|
|
||||
Corporate debt obligations
|
—
|
|
|
39,708
|
|
|
—
|
|
|
39,708
|
|
||||
U.S. Treasury bonds
|
—
|
|
|
13,736
|
|
|
—
|
|
|
13,736
|
|
||||
Total investment securities available-for-sale
|
$
|
—
|
|
|
$
|
502,793
|
|
|
$
|
—
|
|
|
$
|
502,793
|
|
Equity securities held for trading
|
$
|
3,235
|
|
|
$
|
972
|
|
|
$
|
—
|
|
|
$
|
4,207
|
|
Loan level derivatives
|
—
|
|
|
22,013
|
|
|
—
|
|
|
22,013
|
|
||||
Risk participation-out agreements
|
—
|
|
|
344
|
|
|
—
|
|
|
344
|
|
||||
Foreign exchange contracts
|
—
|
|
|
131
|
|
|
—
|
|
|
131
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Loan level derivatives
|
$
|
—
|
|
|
$
|
22,013
|
|
|
$
|
—
|
|
|
$
|
22,013
|
|
Risk participation-in agreements
|
—
|
|
|
84
|
|
|
—
|
|
|
84
|
|
||||
Foreign exchange contracts
|
—
|
|
|
123
|
|
|
—
|
|
|
123
|
|
|
Carrying Value as of December 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Collateral-dependent impaired loans and leases
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,243
|
|
|
$
|
2,243
|
|
Repossessed assets
|
—
|
|
|
2,631
|
|
|
—
|
|
|
2,631
|
|
||||
Total assets measured at fair value on a non-recurring basis
|
$
|
—
|
|
|
$
|
2,631
|
|
|
$
|
2,243
|
|
|
$
|
4,874
|
|
|
Carrying Value as of December 31, 2018
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Collateral-dependent impaired loans and leases
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11,451
|
|
|
$
|
11,451
|
|
OREO
|
—
|
|
|
—
|
|
|
3,054
|
|
|
3,054
|
|
||||
Repossessed assets
|
—
|
|
|
965
|
|
|
—
|
|
|
965
|
|
||||
Total assets measured at fair value on a non-recurring basis
|
$
|
—
|
|
|
$
|
965
|
|
|
$
|
14,505
|
|
|
$
|
15,470
|
|
|
Fair Value
|
|
Valuation Technique
|
||||||
|
At December 31, 2019
|
|
At December 31, 2018
|
|
|
||||
|
(Dollars in Thousands)
|
|
|
||||||
Collateral-dependent impaired loans and leases
|
$
|
2,243
|
|
|
$
|
11,451
|
|
|
Appraisal of collateral (1)
|
Other real estate owned
|
—
|
|
|
3,054
|
|
|
Appraisal of collateral (1)
|
|
|
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Level 1
Inputs
|
|
Level 2
Inputs
|
|
Level 3
Inputs
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
At December 31, 2019
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
GSE debentures
|
$
|
31,228
|
|
|
$
|
31,290
|
|
|
$
|
—
|
|
|
$
|
31,290
|
|
|
$
|
—
|
|
GSE MBSs
|
9,360
|
|
|
9,279
|
|
|
—
|
|
|
9,279
|
|
|
—
|
|
|||||
Municipal obligations
|
45,692
|
|
|
46,514
|
|
|
—
|
|
|
46,514
|
|
|
—
|
|
|||||
Foreign government obligations
|
500
|
|
|
478
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|||||
Loans and leases, net
|
6,676,734
|
|
|
6,697,583
|
|
|
—
|
|
|
—
|
|
|
6,697,583
|
|
|||||
Restricted equity securities
|
53,818
|
|
|
53,818
|
|
|
—
|
|
|
—
|
|
|
53,818
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit
|
2,021,642
|
|
|
2,026,683
|
|
|
—
|
|
|
2,026,683
|
|
|
—
|
|
|||||
Borrowed funds
|
902,749
|
|
|
902,670
|
|
|
—
|
|
|
902,670
|
|
|
—
|
|
|||||
At December 31, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
||||||||||
GSE debentures
|
$
|
50,546
|
|
|
$
|
49,601
|
|
|
$
|
—
|
|
|
$
|
49,601
|
|
|
$
|
—
|
|
GSE MBSs
|
11,426
|
|
|
11,131
|
|
|
—
|
|
|
11,131
|
|
|
—
|
|
|||||
Municipal obligations
|
52,304
|
|
|
51,598
|
|
|
—
|
|
|
51,598
|
|
|
—
|
|
|||||
Foreign government obligations
|
500
|
|
|
500
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|||||
Loans held-for-sale
|
3,247
|
|
|
3,247
|
|
|
—
|
|
|
3,247
|
|
|
—
|
|
|||||
Loans and leases, net
|
6,244,824
|
|
|
6,154,704
|
|
|
—
|
|
|
—
|
|
|
6,154,704
|
|
|||||
Restricted equity securities
|
61,751
|
|
|
61,751
|
|
|
—
|
|
|
—
|
|
|
61,751
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit
|
1,789,165
|
|
|
1,778,860
|
|
|
—
|
|
|
1,778,860
|
|
|
—
|
|
|||||
Borrowed funds
|
920,542
|
|
|
886,545
|
|
|
—
|
|
|
886,545
|
|
|
—
|
|
|
At December 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(In Thousands)
|
||||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
35,736
|
|
|
$
|
33,663
|
|
Short-term investments
|
33
|
|
|
33
|
|
||
Total cash and cash equivalents
|
35,769
|
|
|
33,696
|
|
||
Equity securities held-for-trading
|
2,569
|
|
|
3,235
|
|
||
ESOP loan to Brookline Bank
|
752
|
|
|
1,002
|
|
||
Intercompany loan to Brookline Bank
|
30,000
|
|
|
40,000
|
|
||
Restricted equity securities
|
252
|
|
|
101
|
|
||
Premises and equipment, net
|
2,403
|
|
|
4,318
|
|
||
Deferred tax asset
|
1,742
|
|
|
1,499
|
|
||
Investment in subsidiaries, at equity
|
924,352
|
|
|
864,798
|
|
||
Goodwill
|
35,267
|
|
|
35,267
|
|
||
Other assets
|
12,116
|
|
|
5,400
|
|
||
Total assets
|
$
|
1,045,222
|
|
|
$
|
989,316
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Borrowed funds
|
$
|
83,591
|
|
|
$
|
83,433
|
|
Deferred tax liability
|
—
|
|
|
—
|
|
||
Accrued expenses and other liabilities
|
16,025
|
|
|
5,743
|
|
||
Total liabilities
|
99,616
|
|
|
89,176
|
|
||
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively
|
852
|
|
|
852
|
|
||
Additional paid-in capital
|
736,601
|
|
|
755,629
|
|
||
Retained earnings, partially restricted
|
265,376
|
|
|
212,838
|
|
||
Accumulated other comprehensive loss
|
2,283
|
|
|
(9,460
|
)
|
||
Treasury stock, at cost; 5,003,127 shares and 5,020,025 shares, respectively
|
(59,073
|
)
|
|
(59,120
|
)
|
||
Unallocated common stock held by ESOP; 79,548 shares and 109,950 shares, respectively
|
(433
|
)
|
|
(599
|
)
|
||
Total stockholders' equity
|
945,606
|
|
|
900,140
|
|
||
Total liabilities and stockholders' equity
|
$
|
1,045,222
|
|
|
$
|
989,316
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Dividend income from subsidiaries
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,317
|
|
Marketable and restricted equity securities
|
147
|
|
|
37
|
|
|
—
|
|
|||
ESOP loan to Brookline Bank
|
77
|
|
|
98
|
|
|
120
|
|
|||
Intercompany loan to Brookline Bank
|
1,183
|
|
|
1,722
|
|
|
532
|
|
|||
Total interest and dividend income
|
1,407
|
|
|
1,857
|
|
|
7,969
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Borrowed funds
|
5,274
|
|
|
5,223
|
|
|
5,123
|
|
|||
Net interest income
|
(3,867
|
)
|
|
(3,366
|
)
|
|
2,846
|
|
|||
Non-interest income:
|
|
|
|
|
|
||||||
Gain on securities, net
|
467
|
|
|
71
|
|
|
—
|
|
|||
Other
|
—
|
|
|
16
|
|
|
—
|
|
|||
Total non-interest income
|
467
|
|
|
87
|
|
|
—
|
|
|||
Non-interest expense:
|
|
|
|
|
|
||||||
Compensation and employee benefits (1)
|
(507
|
)
|
|
345
|
|
|
391
|
|
|||
Occupancy
|
1,589
|
|
|
1,586
|
|
|
1,584
|
|
|||
Equipment and data processing (1)
|
(770
|
)
|
|
(798
|
)
|
|
(1,011
|
)
|
|||
Directors' fees
|
461
|
|
|
417
|
|
|
453
|
|
|||
Franchise taxes
|
306
|
|
|
321
|
|
|
180
|
|
|||
Insurance
|
543
|
|
|
534
|
|
|
528
|
|
|||
Professional services
|
548
|
|
|
364
|
|
|
470
|
|
|||
Advertising and marketing
|
31
|
|
|
19
|
|
|
4
|
|
|||
Merger and acquisition expense
|
—
|
|
|
452
|
|
|
411
|
|
|||
Other (1)
|
(1,139
|
)
|
|
(1,140
|
)
|
|
(1,224
|
)
|
|||
Total non-interest expense
|
1,062
|
|
|
2,100
|
|
|
1,786
|
|
|||
Loss before income taxes
|
(4,462
|
)
|
|
(5,379
|
)
|
|
1,060
|
|
|||
Credit for income taxes
|
(969
|
)
|
|
(1,976
|
)
|
|
(1,944
|
)
|
|||
Loss before equity in undistributed income of subsidiaries
|
(3,493
|
)
|
|
(3,403
|
)
|
|
3,004
|
|
|||
Equity in undistributed income of subsidiaries
|
91,210
|
|
|
86,465
|
|
|
47,514
|
|
|||
Net income
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
|
(In Thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income attributable to parent company
|
$
|
87,717
|
|
|
$
|
83,062
|
|
|
$
|
50,518
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
||||||
Equity in undistributed income of subsidiaries
|
(91,210
|
)
|
|
(86,465
|
)
|
|
(47,514
|
)
|
|||
Depreciation of premises and equipment
|
2,824
|
|
|
3,073
|
|
|
2,856
|
|
|||
Amortization of debt issuance costs
|
100
|
|
|
100
|
|
|
100
|
|
|||
Equity securities held-for-trading
|
666
|
|
|
(3,235
|
)
|
|
—
|
|
|||
Other operating activities, net
|
47,296
|
|
|
(31,014
|
)
|
|
(5,885
|
)
|
|||
Net cash provided from (used for) operating activities
|
47,393
|
|
|
(34,479
|
)
|
|
75
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Repayment of ESOP loan by Brookline Bank
|
250
|
|
|
250
|
|
|
250
|
|
|||
Pay down (issuance) of intercompany loan to Brookline Bank
|
10,000
|
|
|
40,000
|
|
|
(80,000
|
)
|
|||
Purchase of restricted equity securities
|
(151
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Purchase of premises and equipment
|
(909
|
)
|
|
(1,359
|
)
|
|
(1,942
|
)
|
|||
Net cash provided from (used for) investing activities
|
9,190
|
|
|
38,890
|
|
|
(81,692
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuance of common stock
|
—
|
|
|
—
|
|
|
81,943
|
|
|||
Common stock issued for acquisition
|
—
|
|
|
55,183
|
|
|
—
|
|
|||
Redemption of noncontrolling interest in subsidiary
|
(18,470
|
)
|
|
—
|
|
|
—
|
|
|||
Payment of dividends to owners of noncontrolling interest in subsidiary
|
(930
|
)
|
|
—
|
|
|
—
|
|
|||
Payment of dividends on common stock
|
(35,110
|
)
|
|
(31,441
|
)
|
|
(27,035
|
)
|
|||
Net cash (used for) provided from financing activities
|
(54,510
|
)
|
|
23,742
|
|
|
54,908
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
2,073
|
|
|
28,153
|
|
|
(26,709
|
)
|
|||
Cash and cash equivalents at beginning of year
|
33,696
|
|
|
5,543
|
|
|
32,252
|
|
|||
Cash and cash equivalents at end of year
|
$
|
35,769
|
|
|
$
|
33,696
|
|
|
$
|
5,543
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Acquisition of First Commons Bank, N.A.:
|
|
|
|
|
|
||||||
Fair value of assets acquired, net of cash and cash equivalents acquired
|
$
|
—
|
|
|
$
|
292,025
|
|
|
$
|
—
|
|
Fair value of liabilities assumed
|
—
|
|
|
278,988
|
|
|
—
|
|
|
2019 Quarters
|
||||||||||||||
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||
|
(Dollars in Thousands Except Per Share Data)
|
||||||||||||||
Interest and dividend income
|
$
|
87,450
|
|
|
$
|
87,906
|
|
|
$
|
87,184
|
|
|
$
|
85,086
|
|
Interest expense
|
23,519
|
|
|
24,670
|
|
|
24,050
|
|
|
22,087
|
|
||||
Net interest income
|
63,931
|
|
|
63,236
|
|
|
63,134
|
|
|
62,999
|
|
||||
Provision for credit losses
|
3,602
|
|
|
871
|
|
|
3,757
|
|
|
1,353
|
|
||||
Net interest income after provision for credit losses
|
60,329
|
|
|
62,365
|
|
|
59,377
|
|
|
61,646
|
|
||||
Loan level derivative income, net
|
2,494
|
|
|
2,251
|
|
|
1,772
|
|
|
1,745
|
|
||||
(Loss) gain on investment securities, net
|
133
|
|
|
(116
|
)
|
|
357
|
|
|
134
|
|
||||
Gain on sales of loans and leases held-for-sale
|
309
|
|
|
550
|
|
|
561
|
|
|
289
|
|
||||
Other non-interest income
|
4,820
|
|
|
5,244
|
|
|
4,788
|
|
|
4,462
|
|
||||
Amortization of identified intangible assets
|
(420
|
)
|
|
(421
|
)
|
|
(420
|
)
|
|
(402
|
)
|
||||
Other non-interest expense
|
(38,395
|
)
|
|
(39,770
|
)
|
|
(39,184
|
)
|
|
(38,469
|
)
|
||||
Income before provision for income taxes
|
29,270
|
|
|
30,103
|
|
|
27,251
|
|
|
29,405
|
|
||||
Provision for income taxes
|
7,087
|
|
|
7,507
|
|
|
6,780
|
|
|
6,895
|
|
||||
Net income before noncontrolling interest in subsidiary
|
22,183
|
|
|
22,596
|
|
|
20,471
|
|
|
22,510
|
|
||||
Less net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
||||
Net income attributable to Brookline Bancorp, Inc.
|
$
|
22,183
|
|
|
$
|
22,596
|
|
|
$
|
20,471
|
|
|
$
|
22,467
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
Diluted
|
0.28
|
|
|
0.28
|
|
|
0.26
|
|
|
0.28
|
|
||||
Average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
79,682,724
|
|
|
79,700,403
|
|
|
79,669,922
|
|
|
79,658,583
|
|
||||
Diluted
|
79,845,447
|
|
|
79,883,510
|
|
|
79,886,292
|
|
|
79,843,578
|
|
||||
Common stock price:
|
|
|
|
|
|
|
|
||||||||
High
|
$
|
16.83
|
|
|
$
|
15.39
|
|
|
$
|
15.92
|
|
|
$
|
16.23
|
|
Low
|
14.36
|
|
|
13.73
|
|
|
14.35
|
|
|
13.90
|
|
||||
Dividends per share
|
$
|
0.115
|
|
|
$
|
0.110
|
|
|
$
|
0.110
|
|
|
$
|
0.105
|
|
|
2018 Quarters
|
||||||||||||||
|
Fourth
|
|
Third
|
|
Second
|
|
First
|
||||||||
|
(Dollars in Thousands Except Per Share Data)
|
||||||||||||||
Interest and dividend income
|
$
|
83,544
|
|
|
$
|
80,636
|
|
|
$
|
78,074
|
|
|
$
|
71,639
|
|
Interest expense
|
20,385
|
|
|
18,304
|
|
|
15,357
|
|
|
12,148
|
|
||||
Net interest income
|
63,159
|
|
|
62,332
|
|
|
62,717
|
|
|
59,491
|
|
||||
Provision for credit losses
|
123
|
|
|
2,717
|
|
|
1,470
|
|
|
641
|
|
||||
Net interest income after provision for credit losses
|
63,036
|
|
|
59,615
|
|
|
61,247
|
|
|
58,850
|
|
||||
Loan level derivative income, net
|
1,811
|
|
|
2,192
|
|
|
571
|
|
|
866
|
|
||||
Gain on sales of investment securities, net
|
(692
|
)
|
|
(243
|
)
|
|
—
|
|
|
1,162
|
|
||||
Gain on sales of loans and leases held-for-sale
|
327
|
|
|
535
|
|
|
722
|
|
|
299
|
|
||||
Other non-interest income
|
5,015
|
|
|
4,585
|
|
|
4,233
|
|
|
3,841
|
|
||||
Amortization of identified intangible assets
|
(537
|
)
|
|
(537
|
)
|
|
(539
|
)
|
|
(467
|
)
|
||||
Other non-interest expense
|
(39,745
|
)
|
|
(36,773
|
)
|
|
(37,163
|
)
|
|
(39,471
|
)
|
||||
Income before provision for income taxes
|
29,215
|
|
|
29,374
|
|
|
29,071
|
|
|
25,080
|
|
||||
Provision for income taxes
|
7,055
|
|
|
6,140
|
|
|
7,342
|
|
|
5,652
|
|
||||
Net income before noncontrolling interest in subsidiary
|
22,160
|
|
|
23,234
|
|
|
21,729
|
|
|
19,428
|
|
||||
Less net income attributable to noncontrolling interest in subsidiary
|
1,022
|
|
|
774
|
|
|
898
|
|
|
795
|
|
||||
Net income attributable to Brookline Bancorp, Inc.
|
$
|
21,138
|
|
|
$
|
22,460
|
|
|
$
|
20,831
|
|
|
$
|
18,633
|
|
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.26
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
|
$
|
0.24
|
|
Diluted
|
0.26
|
|
|
0.28
|
|
|
0.26
|
|
|
0.24
|
|
||||
Average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
80,258,489
|
|
|
80,315,050
|
|
|
80,184,977
|
|
|
77,879,593
|
|
||||
Diluted
|
80,407,558
|
|
|
80,515,467
|
|
|
80,505,614
|
|
|
78,167,800
|
|
||||
Common stock price:
|
|
|
|
|
|
|
|
||||||||
High
|
$
|
16.97
|
|
|
$
|
19.05
|
|
|
$
|
19.25
|
|
|
$
|
17.05
|
|
Low
|
12.86
|
|
|
16.70
|
|
|
15.90
|
|
|
15.60
|
|
||||
Dividends per share
|
$
|
0.105
|
|
|
$
|
0.100
|
|
|
$
|
0.100
|
|
|
$
|
0.090
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Brookline Bancorp, Inc. (the "Registrant");
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
|
4.
|
The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the Registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
|
5.
|
The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
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/s/ PAUL A. PERRAULT
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Paul A. Perrault
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President and Chief Executive Officer
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(Principal Executive Officer)
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1.
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I have reviewed this Annual Report on Form 10-K of Brookline Bancorp, Inc. (the "Registrant");
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
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4.
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The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the Registrant and have:
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a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
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5.
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The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or persons performing the equivalent functions):
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a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
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b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
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/s/ CARL M. CARLSON
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Carl M. Carlson
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Chief Financial Officer
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(Principal Financial Officer)
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A)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
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B)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.
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/s/ PAUL A. PERRAULT
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Paul A. Perrault
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President and Chief Executive Officer
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(Principal Executive Officer)
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A)
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the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and
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B)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods covered by the Report.
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/s/ CARL M. CARLSON
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Carl M. Carlson
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Chief Financial Officer
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(Principal Financial Officer)
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