|
Delaware
|
|
04-3402944
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
131 Clarendon Street, Boston, MA
|
|
02117-9179
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
|
Page
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
|
|||||||
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
ASSETS
|
(In Thousands Except Share Data)
|
||||||
Cash and due from banks
|
$
|
50,000
|
|
|
$
|
37,148
|
|
Short-term investments
|
22,936
|
|
|
55,357
|
|
||
Total cash and cash equivalents
|
72,936
|
|
|
92,505
|
|
||
Investment securities available-for-sale
|
527,073
|
|
|
492,428
|
|
||
Investment securities held-to-maturity (fair value of $500)
|
500
|
|
|
500
|
|
||
Total investment securities
|
527,573
|
|
|
492,928
|
|
||
Loans and leases held-for-sale
|
177
|
|
|
13,372
|
|
||
Loans and leases:
|
|
|
|
|
|
||
Commercial real estate loans
|
2,274,475
|
|
|
2,203,623
|
|
||
Commercial loans and leases
|
1,011,437
|
|
|
965,610
|
|
||
Indirect automobile loans
|
373,965
|
|
|
400,531
|
|
||
Consumer loans
|
802,120
|
|
|
792,701
|
|
||
Total loans and leases
|
4,461,997
|
|
|
4,362,465
|
|
||
Allowance for loan and lease losses
|
(50,224
|
)
|
|
(48,473
|
)
|
||
Net loans and leases
|
4,411,773
|
|
|
4,313,992
|
|
||
Restricted equity securities
|
66,559
|
|
|
66,559
|
|
||
Premises and equipment, net of accumulated depreciation of $40,231 and $44,420, respectively
|
81,396
|
|
|
80,505
|
|
||
Deferred tax asset
|
29,319
|
|
|
31,710
|
|
||
Goodwill
|
137,890
|
|
|
137,890
|
|
||
Identified intangible assets, net of accumulated amortization of $23,756 and $22,895, respectively
|
16,026
|
|
|
16,887
|
|
||
Other real estate owned and repossessed assets
|
1,290
|
|
|
1,578
|
|
||
Other assets
|
73,846
|
|
|
77,180
|
|
||
Total assets
|
$
|
5,418,785
|
|
|
$
|
5,325,106
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Non-interest-bearing deposits:
|
|
|
|
|
|
||
Demand checking accounts
|
$
|
682,383
|
|
|
$
|
707,023
|
|
Interest-bearing deposits:
|
|
|
|
|
|
||
NOW accounts
|
212,877
|
|
|
210,602
|
|
||
Savings accounts
|
517,327
|
|
|
494,734
|
|
||
Money market accounts
|
1,517,290
|
|
|
1,487,979
|
|
||
Certificate of deposit accounts
|
917,773
|
|
|
934,668
|
|
||
Total interest-bearing deposits
|
3,165,267
|
|
|
3,127,983
|
|
||
Total deposits
|
3,847,650
|
|
|
3,835,006
|
|
||
Borrowed funds:
|
|
|
|
|
|
||
Advances from the FHLBB
|
855,915
|
|
|
768,773
|
|
||
Other borrowed funds
|
36,101
|
|
|
43,782
|
|
||
Total borrowed funds
|
892,016
|
|
|
812,555
|
|
||
Mortgagors’ escrow accounts
|
8,696
|
|
|
7,889
|
|
||
Accrued expenses and other liabilities
|
45,703
|
|
|
51,485
|
|
||
Total liabilities
|
4,794,065
|
|
|
4,706,935
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
|
|
|
|
||||
Stockholders' Equity:
|
|
|
|
|
|
||
Brookline Bancorp, Inc. stockholders’ equity:
|
|
|
|
|
|
||
Common stock, $0.01 par value; 200,000,000 shares authorized; 75,744,445 shares issued
|
757
|
|
|
757
|
|
||
Additional paid-in capital
|
617,978
|
|
|
617,538
|
|
||
Retained earnings, partially restricted
|
69,361
|
|
|
64,903
|
|
||
Accumulated other comprehensive loss
|
(5,936
|
)
|
|
(7,915
|
)
|
||
Treasury stock, at cost; 5,171,985 shares
|
(59,826
|
)
|
|
(59,826
|
)
|
||
Unallocated common stock held by ESOP; 281,595 shares and 291,666 shares, respectively
|
(1,535
|
)
|
|
(1,590
|
)
|
||
Total Brookline Bancorp, Inc. stockholders’ equity
|
620,799
|
|
|
613,867
|
|
||
Noncontrolling interest in subsidiary
|
3,921
|
|
|
4,304
|
|
||
Total stockholders' equity
|
624,720
|
|
|
618,171
|
|
||
Total liabilities and stockholders' equity
|
$
|
5,418,785
|
|
|
$
|
5,325,106
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands Except Share Data)
|
||||||
Interest and dividend income:
|
|
|
|
|
|
||
Loans and leases
|
$
|
51,942
|
|
|
$
|
49,419
|
|
Debt securities
|
2,259
|
|
|
1,852
|
|
||
Marketable and restricted equity securities
|
449
|
|
|
310
|
|
||
Short-term investments
|
44
|
|
|
31
|
|
||
Total interest and dividend income
|
54,694
|
|
|
51,612
|
|
||
|
|
|
|
||||
Interest expense:
|
|
|
|
|
|
||
Deposits
|
4,291
|
|
|
4,834
|
|
||
Borrowed funds
|
2,669
|
|
|
3,109
|
|
||
Total interest expense
|
6,960
|
|
|
7,943
|
|
||
|
|
|
|
||||
Net interest income
|
47,734
|
|
|
43,669
|
|
||
Provision for credit losses
|
2,443
|
|
|
1,855
|
|
||
Net interest income after provision for credit losses
|
45,291
|
|
|
41,814
|
|
||
|
|
|
|
||||
Non-interest income:
|
|
|
|
|
|
||
Deposit fees
|
1,959
|
|
|
2,066
|
|
||
Loan fees
|
436
|
|
|
421
|
|
||
Loss from investments in affordable housing projects
|
(504
|
)
|
|
(312
|
)
|
||
Gain on sales of loans and leases held-for-sale
|
602
|
|
|
298
|
|
||
Gain on sale/disposals of premises and equipment, net
|
1,510
|
|
|
—
|
|
||
Other
|
1,121
|
|
|
854
|
|
||
Total non-interest income
|
5,124
|
|
|
3,327
|
|
||
|
|
|
|
||||
Non-interest expense:
|
|
|
|
|
|
||
Compensation and employee benefits
|
18,032
|
|
|
16,298
|
|
||
Occupancy
|
4,405
|
|
|
3,083
|
|
||
Equipment and data processing
|
4,377
|
|
|
4,100
|
|
||
Professional services
|
1,727
|
|
|
1,501
|
|
||
FDIC insurance
|
860
|
|
|
934
|
|
||
Advertising and marketing
|
665
|
|
|
670
|
|
||
Amortization of identified intangible assets
|
861
|
|
|
1,165
|
|
||
Other
|
2,649
|
|
|
3,021
|
|
||
Total non-interest expense
|
33,576
|
|
|
30,772
|
|
||
|
|
|
|
||||
Income before provision for income taxes
|
16,839
|
|
|
14,369
|
|
||
Provision for income taxes
|
5,995
|
|
|
5,129
|
|
||
Net income before noncontrolling interest in subsidiary
|
10,844
|
|
|
9,240
|
|
||
|
|
|
|
||||
Less net income attributable to noncontrolling interest in subsidiary
|
422
|
|
|
427
|
|
||
Net income attributable to Brookline Bancorp, Inc.
|
$
|
10,422
|
|
|
$
|
8,813
|
|
|
|
|
|
||||
Earnings per common share:
|
|
|
|
|
|
||
Basic
|
$
|
0.15
|
|
|
$
|
0.13
|
|
Diluted
|
0.15
|
|
|
0.13
|
|
||
|
|
|
|
||||
Weighted average common shares outstanding during the period:
|
|
|
|
|
|
||
Basic
|
69,875,473
|
|
|
69,762,784
|
|
||
Diluted
|
69,983,999
|
|
|
69,830,630
|
|
||
|
|
|
|
||||
Dividends declared per common share
|
$
|
0.085
|
|
|
$
|
0.085
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Net income before noncontrolling interest in subsidiary
|
$
|
10,844
|
|
|
$
|
9,240
|
|
|
|
|
|
||||
Other comprehensive income (loss), net of taxes:
|
|
|
|
|
|
||
|
|
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
||
Unrealized securities holding gains (losses)
|
3,293
|
|
|
(2,018
|
)
|
||
Income tax (expense) benefit
|
(1,262
|
)
|
|
768
|
|
||
Net unrealized securities holding gains (losses)
|
2,031
|
|
|
(1,250
|
)
|
||
|
|
|
|
||||
Postretirement benefits:
|
|
|
|
|
|
||
Adjustment of accumulated obligation for postretirement benefits
|
(85
|
)
|
|
—
|
|
||
Income tax benefit
|
33
|
|
|
—
|
|
||
Net adjustment of accumulated obligation for postretirement benefits
|
(52
|
)
|
|
—
|
|
||
|
|
|
|
||||
Net other comprehensive income (loss)
|
1,979
|
|
|
(1,250
|
)
|
||
|
|
|
|
||||
Comprehensive income
|
12,823
|
|
|
7,990
|
|
||
Net income attributable to noncontrolling interest in subsidiary
|
422
|
|
|
427
|
|
||
Comprehensive income attributable to Brookline Bancorp, Inc.
|
$
|
12,401
|
|
|
$
|
7,563
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders’
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total
Equity
|
||||||||||||||||||
|
(In Thousands Except Share Data)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2013
|
$
|
757
|
|
|
$
|
617,538
|
|
|
$
|
64,903
|
|
|
$
|
(7,915
|
)
|
|
$
|
(59,826
|
)
|
|
$
|
(1,590
|
)
|
|
$
|
613,867
|
|
|
$
|
4,304
|
|
|
$
|
618,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
10,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,422
|
|
|
—
|
|
|
10,422
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
422
|
|
|
422
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,979
|
|
|
—
|
|
|
—
|
|
|
1,979
|
|
|
—
|
|
|
1,979
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Common stock dividends of $0.085 per share
|
—
|
|
|
—
|
|
|
(5,964
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,964
|
)
|
|
—
|
|
|
(5,964
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Dividend to owners of noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(805
|
)
|
|
(805
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Compensation under recognition and retention plan
|
—
|
|
|
401
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
401
|
|
|
—
|
|
|
401
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Common stock held by ESOP committed to be released (10,071 shares)
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
94
|
|
|
—
|
|
|
94
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at March 31, 2014
|
$
|
757
|
|
|
$
|
617,978
|
|
|
$
|
69,361
|
|
|
$
|
(5,936
|
)
|
|
$
|
(59,826
|
)
|
|
$
|
(1,535
|
)
|
|
$
|
620,799
|
|
|
$
|
3,921
|
|
|
$
|
624,720
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders’
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total
Equity
|
||||||||||||||||||
|
(In Thousands Except Share Data)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2012
|
$
|
754
|
|
|
$
|
618,429
|
|
|
$
|
53,358
|
|
|
$
|
3,483
|
|
|
$
|
(62,107
|
)
|
|
$
|
(1,820
|
)
|
|
$
|
612,097
|
|
|
$
|
3,712
|
|
|
$
|
615,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
8,813
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,813
|
|
|
—
|
|
|
8,813
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
427
|
|
|
427
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,250
|
)
|
|
—
|
|
|
—
|
|
|
(1,250
|
)
|
|
—
|
|
|
(1,250
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Common stock dividends of $0.085 per share
|
—
|
|
|
—
|
|
|
(5,960
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,960
|
)
|
|
—
|
|
|
(5,960
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Dividend to owners of noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(928
|
)
|
|
(928
|
)
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Compensation under recognition and retention plan
|
—
|
|
|
282
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
282
|
|
|
—
|
|
|
282
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Common stock held by ESOP committed to be released (10,563 shares)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
|
57
|
|
|
—
|
|
|
57
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at March 31, 2013
|
$
|
754
|
|
|
$
|
618,711
|
|
|
$
|
56,211
|
|
|
$
|
2,233
|
|
|
$
|
(62,107
|
)
|
|
$
|
(1,763
|
)
|
|
$
|
614,039
|
|
|
$
|
3,211
|
|
|
$
|
617,250
|
|
BROOKLINE BANCORP. INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income attributable to Brookline Bancorp, Inc.
|
$
|
10,422
|
|
|
$
|
8,813
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
||||
Net income attributable to noncontrolling interest in subsidiary
|
422
|
|
|
427
|
|
||
Provision for credit losses
|
2,443
|
|
|
1,855
|
|
||
Origination of loans and leases to be sold
|
(652
|
)
|
|
(12,194
|
)
|
||
Proceeds from loans and leases sold
|
14,449
|
|
|
14,886
|
|
||
Proceeds from sales of other real estate owned and repossessed assets
|
3,879
|
|
|
978
|
|
||
Deferred income tax expense
|
1,261
|
|
|
921
|
|
||
Depreciation of premises and equipment
|
1,670
|
|
|
1,476
|
|
||
Amortization of investment securities premiums and discounts, net
|
698
|
|
|
913
|
|
||
Amortization of deferred loan and lease origination costs, net
|
2,439
|
|
|
2,426
|
|
||
Amortization of identified intangible assets
|
861
|
|
|
1,165
|
|
||
Accretion of acquisition fair value adjustments, net
|
(4,841
|
)
|
|
(2,764
|
)
|
||
Gains on sales of loans and leases held for sale
|
(602
|
)
|
|
(298
|
)
|
||
Gain on sales of other real estate owned and repossessed assets
|
(16
|
)
|
|
(28
|
)
|
||
Write-down of other real estate owned and repossessed assets
|
111
|
|
|
755
|
|
||
Gain on sale/disposals of premises and equipment, net
|
(1,510
|
)
|
|
—
|
|
||
Compensation under recognition and retention plans
|
401
|
|
|
282
|
|
||
Loss from investments in affordable housing projects
|
504
|
|
|
312
|
|
||
ESOP shares committed to be released
|
94
|
|
|
57
|
|
||
Net change in:
|
|
|
|
|
|
||
Cash surrender value of bank-owned life insurance
|
(258
|
)
|
|
(276
|
)
|
||
Other assets
|
2,989
|
|
|
11,683
|
|
||
Accrued expenses and other liabilities
|
(5,893
|
)
|
|
(15,781
|
)
|
||
Net cash provided from operating activities
|
28,871
|
|
|
15,608
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
|
|
||
Proceeds from maturities, calls and principal repayments of investment securities available-for-sale
|
16,466
|
|
|
31,789
|
|
||
Purchases of investment securities available-for-sale
|
(48,516
|
)
|
|
(40,021
|
)
|
||
Proceeds from maturities, calls, and principal repayments of investment securities held-to-maturity
|
500
|
|
|
—
|
|
||
Purchases of investment securities held-to-maturity
|
(500
|
)
|
|
—
|
|
||
Net increase in loans and leases
|
(102,081
|
)
|
|
(1,465
|
)
|
||
Proceeds from sales of premises and equipment
|
1,972
|
|
|
—
|
|
||
Purchase of premises and equipment, net
|
(3,069
|
)
|
|
(4,908
|
)
|
||
Proceeds from redemption of restricted securities (FHLBB stock)
|
—
|
|
|
2,108
|
|
||
Net cash used for investing activities
|
(135,228
|
)
|
|
(12,497
|
)
|
||
|
|
|
(Continued)
|
|
BROOKLINE BANCORP. INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows (Continued)
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
||
Increase in demand checking, NOW, savings and money market accounts
|
29,539
|
|
|
25,508
|
|
||
Decrease in certificates of deposit
|
(16,961
|
)
|
|
(14,995
|
)
|
||
Proceeds from FHLBB advances
|
220,000
|
|
|
729,300
|
|
||
Repayment of FHLBB advances
|
(132,128
|
)
|
|
(759,569
|
)
|
||
Repayment of subordinated debt
|
—
|
|
|
(3,000
|
)
|
||
(Decrease) increase in other borrowed funds, net
|
(7,700
|
)
|
|
655
|
|
||
Increase in mortgagors’ escrow accounts
|
807
|
|
|
877
|
|
||
Payment of dividends on common stock
|
(5,964
|
)
|
|
(5,960
|
)
|
||
Payment of dividends to owners of noncontrolling interest in subsidiary
|
(805
|
)
|
|
(928
|
)
|
||
Net cash provided from (used in) financing activities
|
86,788
|
|
|
(28,112
|
)
|
||
|
|
|
|
||||
Net decrease in cash and cash equivalents
|
(19,569
|
)
|
|
(25,001
|
)
|
||
Cash and cash equivalents at beginning of period
|
92,505
|
|
|
117,097
|
|
||
Cash and cash equivalents at end of period
|
$
|
72,936
|
|
|
$
|
92,096
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||
Cash paid during the period for:
|
|
|
|
|
|
||
Interest on deposits, borrowed funds and subordinated debt
|
$
|
7,747
|
|
|
$
|
9,139
|
|
Income taxes
|
599
|
|
|
2,614
|
|
||
Non-cash investing activities:
|
|
|
|
|
|
||
Transfer from loans to other real estate owned
|
$
|
3,686
|
|
|
$
|
1,465
|
|
|
At March 31, 2014
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSEs
|
$
|
12,099
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
12,123
|
|
GSE CMOs
|
253,292
|
|
|
137
|
|
|
8,720
|
|
|
244,709
|
|
||||
GSE MBSs
|
223,933
|
|
|
1,887
|
|
|
3,592
|
|
|
222,228
|
|
||||
Private-label CMOs
|
2,950
|
|
|
119
|
|
|
38
|
|
|
3,031
|
|
||||
SBA commercial loan asset-backed securities
|
236
|
|
|
—
|
|
|
2
|
|
|
234
|
|
||||
Auction-rate municipal obligations
|
1,900
|
|
|
—
|
|
|
210
|
|
|
1,690
|
|
||||
Municipal obligations
|
321
|
|
|
15
|
|
|
—
|
|
|
336
|
|
||||
Corporate debt obligations
|
39,787
|
|
|
484
|
|
|
139
|
|
|
40,132
|
|
||||
Trust preferred securities
|
1,461
|
|
|
—
|
|
|
226
|
|
|
1,235
|
|
||||
Total debt securities
|
535,979
|
|
|
2,666
|
|
|
12,927
|
|
|
525,718
|
|
||||
Marketable equity securities
|
1,262
|
|
|
100
|
|
|
7
|
|
|
1,355
|
|
||||
Total investment securities available-for-sale
|
$
|
537,241
|
|
|
$
|
2,766
|
|
|
$
|
12,934
|
|
|
$
|
527,073
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
At December 31, 2013
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSEs
|
$
|
12,138
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
12,180
|
|
GSE CMOs
|
254,331
|
|
|
86
|
|
|
10,773
|
|
|
243,644
|
|
||||
GSE MBSs
|
202,478
|
|
|
1,852
|
|
|
4,929
|
|
|
199,401
|
|
||||
Private-label CMOs
|
3,258
|
|
|
115
|
|
|
18
|
|
|
3,355
|
|
||||
SBA commercial loan asset-backed securities
|
245
|
|
|
—
|
|
|
2
|
|
|
243
|
|
||||
Auction-rate municipal obligations
|
1,900
|
|
|
—
|
|
|
125
|
|
|
1,775
|
|
||||
Municipal obligations
|
1,068
|
|
|
18
|
|
|
—
|
|
|
1,086
|
|
||||
Corporate debt obligations
|
27,751
|
|
|
506
|
|
|
33
|
|
|
28,224
|
|
||||
Trust preferred securities
|
1,461
|
|
|
—
|
|
|
251
|
|
|
1,210
|
|
||||
Total debt securities
|
504,630
|
|
|
2,619
|
|
|
16,131
|
|
|
491,118
|
|
||||
Marketable equity securities
|
1,259
|
|
|
61
|
|
|
10
|
|
|
1,310
|
|
||||
Total investment securities available-for-sale
|
$
|
505,889
|
|
|
$
|
2,680
|
|
|
$
|
16,141
|
|
|
$
|
492,428
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
At March 31, 2014
|
||||||||||||||||||||||
|
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)
|
||||||||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GSE CMOs
|
$
|
180,354
|
|
|
$
|
5,972
|
|
|
$
|
58,623
|
|
|
$
|
2,748
|
|
|
$
|
238,977
|
|
|
$
|
8,720
|
|
GSE MBSs
|
128,133
|
|
|
2,565
|
|
|
16,064
|
|
|
1,027
|
|
|
144,197
|
|
|
3,592
|
|
||||||
Private-label CMOs
|
841
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
841
|
|
|
38
|
|
||||||
SBA commercial loan asset-backed securities
|
32
|
|
|
—
|
|
|
184
|
|
|
2
|
|
|
216
|
|
|
2
|
|
||||||
Auction-rate municipal obligations
|
—
|
|
|
—
|
|
|
1,690
|
|
|
210
|
|
|
1,690
|
|
|
210
|
|
||||||
Corporate debt obligations
|
17,894
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
17,894
|
|
|
139
|
|
||||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
1,235
|
|
|
226
|
|
|
1,235
|
|
|
226
|
|
||||||
Temporarily impaired debt securities
|
327,254
|
|
|
8,714
|
|
|
77,796
|
|
|
4,213
|
|
|
405,050
|
|
|
12,927
|
|
||||||
Marketable equity securities
|
504
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
504
|
|
|
7
|
|
||||||
Total temporarily impaired investment securities
|
$
|
327,758
|
|
|
$
|
8,721
|
|
|
$
|
77,796
|
|
|
$
|
4,213
|
|
|
$
|
405,554
|
|
|
$
|
12,934
|
|
|
At December 31, 2013
|
||||||||||||||||||||||
|
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)
|
||||||||||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GSE CMOs
|
$
|
221,317
|
|
|
$
|
9,861
|
|
|
$
|
16,257
|
|
|
$
|
912
|
|
|
$
|
237,574
|
|
|
$
|
10,773
|
|
GSE MBSs
|
121,836
|
|
|
3,746
|
|
|
13,516
|
|
|
1,183
|
|
|
135,352
|
|
|
4,929
|
|
||||||
Private-label CMOs
|
639
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
639
|
|
|
18
|
|
||||||
SBA commercial loan asset-backed securities
|
32
|
|
|
—
|
|
|
192
|
|
|
2
|
|
|
224
|
|
|
2
|
|
||||||
Auction-rate municipal obligations
|
—
|
|
|
—
|
|
|
1,775
|
|
|
125
|
|
|
1,775
|
|
|
125
|
|
||||||
Corporate debt obligations
|
5,988
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
5,988
|
|
|
33
|
|
||||||
Trust preferred securities
|
—
|
|
|
—
|
|
|
1,210
|
|
|
251
|
|
|
1,210
|
|
|
251
|
|
||||||
Temporarily impaired debt securities
|
349,812
|
|
|
13,658
|
|
|
32,950
|
|
|
2,473
|
|
|
382,762
|
|
|
16,131
|
|
||||||
Marketable equity securities
|
501
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
501
|
|
|
10
|
|
||||||
Total temporarily impaired investment securities
|
$
|
350,313
|
|
|
$
|
13,668
|
|
|
$
|
32,950
|
|
|
$
|
2,473
|
|
|
$
|
383,263
|
|
|
$
|
16,141
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||||||||||
|
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
|
$
|
12,284
|
|
|
$
|
12,317
|
|
|
0.67
|
%
|
|
$
|
13,012
|
|
|
$
|
13,062
|
|
|
0.82
|
%
|
After 1 year through 5 years
|
49,132
|
|
|
50,082
|
|
|
2.78
|
%
|
|
40,204
|
|
|
41,187
|
|
|
2.90
|
%
|
||||
After 5 years through 10 years
|
89,530
|
|
|
90,082
|
|
|
2.03
|
%
|
|
66,447
|
|
|
67,075
|
|
|
2.23
|
%
|
||||
Over 10 years
|
385,033
|
|
|
373,237
|
|
|
1.91
|
%
|
|
384,967
|
|
|
369,794
|
|
|
1.90
|
%
|
||||
|
$
|
535,979
|
|
|
$
|
525,718
|
|
|
1.98
|
%
|
|
$
|
504,630
|
|
|
$
|
491,118
|
|
|
2.00
|
%
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Within 1 year
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
500
|
|
|
$
|
500
|
|
|
1.99
|
%
|
After 1 year through 5 years
|
500
|
|
|
500
|
|
|
1.30
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
After 5 years through 10 years
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
Over 10 years
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
||||
|
$
|
500
|
|
|
$
|
500
|
|
|
1.30
|
%
|
|
$
|
500
|
|
|
$
|
500
|
|
|
1.99
|
%
|
|
|
|
At March 31, 2014
|
|||||||||||||||||||
|
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 mortgage
|
$
|
1,172,866
|
|
|
4.31
|
%
|
|
$
|
332,808
|
|
|
4.40
|
%
|
|
$
|
1,505,674
|
|
|
4.33
|
%
|
Multi-family mortgage
|
559,598
|
|
|
4.14
|
%
|
|
72,524
|
|
|
4.62
|
%
|
|
632,122
|
|
|
4.20
|
%
|
|||
Construction
|
125,626
|
|
|
3.81
|
%
|
|
11,053
|
|
|
4.43
|
%
|
|
136,679
|
|
|
3.86
|
%
|
|||
Total commercial real estate loans
|
1,858,090
|
|
|
4.23
|
%
|
|
416,385
|
|
|
4.44
|
%
|
|
2,274,475
|
|
|
4.27
|
%
|
|||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
330,592
|
|
|
3.67
|
%
|
|
107,365
|
|
|
4.56
|
%
|
|
437,957
|
|
|
3.89
|
%
|
|||
Equipment financing
|
506,983
|
|
|
7.06
|
%
|
|
22,687
|
|
|
6.46
|
%
|
|
529,670
|
|
|
7.03
|
%
|
|||
Condominium association
|
43,810
|
|
|
4.73
|
%
|
|
—
|
|
|
—
|
%
|
|
43,810
|
|
|
4.73
|
%
|
|||
Total commercial loans and leases
|
881,385
|
|
|
5.67
|
%
|
|
130,052
|
|
|
4.89
|
%
|
|
1,011,437
|
|
|
5.57
|
%
|
|||
Indirect automobile loans
|
373,965
|
|
|
4.84
|
%
|
|
—
|
|
|
—
|
%
|
|
373,965
|
|
|
4.84
|
%
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential mortgage
|
419,131
|
|
|
3.62
|
%
|
|
111,216
|
|
|
3.91
|
%
|
|
530,347
|
|
|
3.68
|
%
|
|||
Home equity
|
141,379
|
|
|
3.40
|
%
|
|
120,457
|
|
|
3.87
|
%
|
|
261,836
|
|
|
3.62
|
%
|
|||
Other consumer
|
8,300
|
|
|
5.29
|
%
|
|
1,637
|
|
|
15.11
|
%
|
|
9,937
|
|
|
6.91
|
%
|
|||
Total consumer loans
|
568,810
|
|
|
3.59
|
%
|
|
233,310
|
|
|
3.97
|
%
|
|
802,120
|
|
|
3.70
|
%
|
|||
Total loans and leases
|
$
|
3,682,250
|
|
|
4.54
|
%
|
|
$
|
779,747
|
|
|
4.36
|
%
|
|
$
|
4,461,997
|
|
|
4.50
|
%
|
|
At December 31, 2013
|
|||||||||||||||||||
|
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 mortgage
|
$
|
1,111,750
|
|
|
4.34
|
%
|
|
$
|
350,235
|
|
|
4.42
|
%
|
|
$
|
1,461,985
|
|
|
4.36
|
%
|
Multi-family mortgage
|
554,555
|
|
|
4.19
|
%
|
|
73,378
|
|
|
4.63
|
%
|
|
627,933
|
|
|
4.24
|
%
|
|||
Construction
|
102,927
|
|
|
3.81
|
%
|
|
10,778
|
|
|
4.37
|
%
|
|
113,705
|
|
|
3.87
|
%
|
|||
Total commercial real estate loans
|
1,769,232
|
|
|
4.26
|
%
|
|
434,391
|
|
|
4.46
|
%
|
|
2,203,623
|
|
|
4.30
|
%
|
|||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial
|
297,684
|
|
|
3.68
|
%
|
|
110,108
|
|
|
4.54
|
%
|
|
407,792
|
|
|
3.91
|
%
|
|||
Equipment financing
|
485,330
|
|
|
7.14
|
%
|
|
27,694
|
|
|
6.60
|
%
|
|
513,024
|
|
|
7.11
|
%
|
|||
Condominium association
|
44,794
|
|
|
4.74
|
%
|
|
—
|
|
|
—
|
|
|
44,794
|
|
|
4.74
|
%
|
|||
Total commercial loans and leases
|
827,808
|
|
|
5.77
|
%
|
|
137,802
|
|
|
4.95
|
%
|
|
965,610
|
|
|
5.65
|
%
|
|||
Indirect automobile loans
|
400,531
|
|
|
4.98
|
%
|
|
—
|
|
|
—
|
|
|
400,531
|
|
|
4.98
|
%
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Residential mortgage
|
411,554
|
|
|
3.65
|
%
|
|
116,631
|
|
|
3.93
|
%
|
|
528,185
|
|
|
3.71
|
%
|
|||
Home equity
|
132,396
|
|
|
3.39
|
%
|
|
125,065
|
|
|
3.88
|
%
|
|
257,461
|
|
|
3.63
|
%
|
|||
Other consumer
|
5,532
|
|
|
5.98
|
%
|
|
1,523
|
|
|
14.89
|
%
|
|
7,055
|
|
|
7.90
|
%
|
|||
Total consumer loans
|
549,482
|
|
|
3.61
|
%
|
|
243,219
|
|
|
3.98
|
%
|
|
792,701
|
|
|
3.72
|
%
|
|||
Total loans and leases
|
$
|
3,547,053
|
|
|
4.59
|
%
|
|
$
|
815,412
|
|
|
4.38
|
%
|
|
$
|
4,362,465
|
|
|
4.55
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Balance at beginning of period
|
$
|
45,789
|
|
|
$
|
57,812
|
|
Reclassification from nonaccretable difference for loans with improved cash flows
|
1,440
|
|
|
2,366
|
|
||
Accretion
|
(4,728
|
)
|
|
(6,363
|
)
|
||
Balance at end of period
|
$
|
42,501
|
|
|
$
|
53,815
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Balance at beginning of period
|
$
|
16,110
|
|
|
$
|
4,083
|
|
New loans granted during the period
|
1,292
|
|
|
100
|
|
||
Advances on lines of credit
|
839
|
|
|
668
|
|
||
Repayments
|
(250
|
)
|
|
(38
|
)
|
||
Balance at end of period
|
$
|
17,991
|
|
|
$
|
4,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014
|
||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Indirect
Automobile
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Balance at December 31, 2013
|
$
|
23,022
|
|
|
$
|
15,220
|
|
|
$
|
3,924
|
|
|
$
|
3,375
|
|
|
$
|
2,932
|
|
|
$
|
48,473
|
|
Charge-offs
|
—
|
|
|
(551
|
)
|
|
(289
|
)
|
|
(210
|
)
|
|
—
|
|
|
(1,050
|
)
|
||||||
Recoveries
|
—
|
|
|
251
|
|
|
104
|
|
|
29
|
|
|
—
|
|
|
384
|
|
||||||
Provision (credit) for loan and lease losses
|
1,836
|
|
|
624
|
|
|
(75
|
)
|
|
(84
|
)
|
|
116
|
|
|
2,417
|
|
||||||
Balance at March 31, 2014
|
$
|
24,858
|
|
|
$
|
15,544
|
|
|
$
|
3,664
|
|
|
$
|
3,110
|
|
|
$
|
3,048
|
|
|
$
|
50,224
|
|
|
Three Months Ended March 31, 2013
|
||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Indirect
Automobile
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Balance at December 31, 2012
|
$
|
20,018
|
|
|
$
|
10,655
|
|
|
$
|
5,304
|
|
|
$
|
2,545
|
|
|
$
|
2,630
|
|
|
$
|
41,152
|
|
Charge-offs
|
—
|
|
|
(247
|
)
|
|
(362
|
)
|
|
(52
|
)
|
|
—
|
|
|
(661
|
)
|
||||||
Recoveries
|
4
|
|
|
82
|
|
|
130
|
|
|
26
|
|
|
—
|
|
|
242
|
|
||||||
Provision (credit) for loan and lease losses
|
566
|
|
|
1,162
|
|
|
(72
|
)
|
|
77
|
|
|
66
|
|
|
1,799
|
|
||||||
Balance at March 31, 2013
|
$
|
20,588
|
|
|
$
|
11,652
|
|
|
$
|
5,000
|
|
|
$
|
2,596
|
|
|
$
|
2,696
|
|
|
$
|
42,532
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Provision (credit) for loan and lease losses:
|
|
|
|
|
|
||
Commercial real estate
|
$
|
1,836
|
|
|
$
|
566
|
|
Commercial
|
624
|
|
|
1,162
|
|
||
Indirect automobile
|
(75
|
)
|
|
(72
|
)
|
||
Consumer
|
(84
|
)
|
|
77
|
|
||
Unallocated
|
116
|
|
|
66
|
|
||
Total provision for loan and lease losses
|
2,417
|
|
|
1,799
|
|
||
Unfunded credit commitments
|
26
|
|
|
56
|
|
||
Total provision for credit losses
|
$
|
2,443
|
|
|
$
|
1,855
|
|
|
At March 31, 2014
|
||||||||||||||||||||||||||
|
Commercial
Real Estate
Mortgage
|
|
Multi-
Family
Mortgage
|
|
Construction
|
|
Commercial
|
|
Equipment
Financing
|
|
Condominium
Association
|
|
Other
Consumer
|
||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
$
|
1,163,032
|
|
|
$
|
559,228
|
|
|
$
|
125,626
|
|
|
$
|
324,635
|
|
|
$
|
500,261
|
|
|
$
|
43,810
|
|
|
$
|
8,288
|
|
OAEM
|
8,765
|
|
|
370
|
|
|
—
|
|
|
3,472
|
|
|
1,408
|
|
|
—
|
|
|
—
|
|
|||||||
Substandard
|
1,069
|
|
|
—
|
|
|
—
|
|
|
1,052
|
|
|
5,300
|
|
|
—
|
|
|
12
|
|
|||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
1,433
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|||||||
Total originated
|
1,172,866
|
|
|
559,598
|
|
|
125,626
|
|
|
330,592
|
|
|
506,983
|
|
|
43,810
|
|
|
8,300
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
316,795
|
|
|
65,844
|
|
|
10,778
|
|
|
96,056
|
|
|
22,565
|
|
|
—
|
|
|
1,621
|
|
|||||||
OAEM
|
7,493
|
|
|
2,762
|
|
|
275
|
|
|
2,608
|
|
|
47
|
|
|
—
|
|
|
—
|
|
|||||||
Substandard
|
8,474
|
|
|
3,918
|
|
|
—
|
|
|
8,502
|
|
|
75
|
|
|
—
|
|
|
12
|
|
|||||||
Doubtful
|
46
|
|
|
—
|
|
|
—
|
|
|
199
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||||
Total acquired
|
332,808
|
|
|
72,524
|
|
|
11,053
|
|
|
107,365
|
|
|
22,687
|
|
|
—
|
|
|
1,637
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans
|
$
|
1,505,674
|
|
|
$
|
632,122
|
|
|
$
|
136,679
|
|
|
$
|
437,957
|
|
|
$
|
529,670
|
|
|
$
|
43,810
|
|
|
$
|
9,937
|
|
|
At March 31, 2014
|
||||||||||||
|
Residential Mortgage
|
|
Home Equity
|
||||||||||
|
(In Thousands)
|
|
(Percent)
|
|
(In Thousands)
|
|
(Percent)
|
||||||
Originated:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
$
|
95,056
|
|
|
17.9
|
%
|
|
$
|
81,785
|
|
|
31.1
|
%
|
50% - 69%
|
148,275
|
|
|
28.0
|
%
|
|
33,359
|
|
|
12.7
|
%
|
||
70% - 79%
|
144,935
|
|
|
27.3
|
%
|
|
21,614
|
|
|
8.3
|
%
|
||
80% and over
|
26,763
|
|
|
5.0
|
%
|
|
3,529
|
|
|
1.3
|
%
|
||
Data not available
|
4,102
|
|
|
0.8
|
%
|
|
1,092
|
|
|
0.4
|
%
|
||
Total originated
|
419,131
|
|
|
79.0
|
%
|
|
141,379
|
|
|
54.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
21,073
|
|
|
3.9
|
%
|
|
81,382
|
|
|
31.1
|
%
|
||
50% - 69%
|
39,220
|
|
|
7.4
|
%
|
|
24,548
|
|
|
9.4
|
%
|
||
70% - 79%
|
29,646
|
|
|
5.6
|
%
|
|
13,118
|
|
|
5.0
|
%
|
||
80% and over
|
19,533
|
|
|
3.7
|
%
|
|
1,202
|
|
|
0.5
|
%
|
||
Data not available
|
1,744
|
|
|
0.3
|
%
|
|
207
|
|
|
0.1
|
%
|
||
Total acquired
|
111,216
|
|
|
21.0
|
%
|
|
120,457
|
|
|
46.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Total loans
|
$
|
530,347
|
|
|
100.0
|
%
|
|
$
|
261,836
|
|
|
100.0
|
%
|
|
At December 31, 2013
|
||||||||||||||||||||||||||
|
Commercial
Real Estate
Mortgage
|
|
Multi-
Family
Mortgage
|
|
Construction
|
|
Commercial
|
|
Equipment
Financing
|
|
Condominium
Association
|
|
Other
Consumer
|
||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
$
|
1,099,108
|
|
|
$
|
554,183
|
|
|
$
|
102,927
|
|
|
$
|
295,057
|
|
|
$
|
479,811
|
|
|
$
|
44,793
|
|
|
$
|
5,528
|
|
OAEM
|
11,555
|
|
|
372
|
|
|
—
|
|
|
49
|
|
|
625
|
|
|
—
|
|
|
—
|
|
|||||||
Substandard
|
1,087
|
|
|
—
|
|
|
—
|
|
|
1,078
|
|
|
4,817
|
|
|
1
|
|
|
4
|
|
|||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
1,500
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|||||||
Total originated
|
1,111,750
|
|
|
554,555
|
|
|
102,927
|
|
|
297,684
|
|
|
485,330
|
|
|
44,794
|
|
|
5,532
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Pass
|
332,145
|
|
|
69,310
|
|
|
10,090
|
|
|
96,779
|
|
|
27,535
|
|
|
—
|
|
|
1,509
|
|
|||||||
OAEM
|
7,556
|
|
|
463
|
|
|
688
|
|
|
4,617
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|||||||
Substandard
|
8,645
|
|
|
3,605
|
|
|
—
|
|
|
8,518
|
|
|
98
|
|
|
—
|
|
|
14
|
|
|||||||
Doubtful
|
1,889
|
|
|
—
|
|
|
—
|
|
|
194
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total acquired
|
350,235
|
|
|
73,378
|
|
|
10,778
|
|
|
110,108
|
|
|
27,694
|
|
|
—
|
|
|
1,523
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total loans
|
$
|
1,461,985
|
|
|
$
|
627,933
|
|
|
$
|
113,705
|
|
|
$
|
407,792
|
|
|
$
|
513,024
|
|
|
$
|
44,794
|
|
|
$
|
7,055
|
|
|
At December 31, 2013
|
|||||
|
Indirect Automobile
|
|||||
|
(In Thousands)
|
|
(Percent)
|
|||
Originated:
|
|
|
|
|
||
Credit score:
|
|
|
|
|
||
Over 700
|
$
|
332,140
|
|
|
82.9
|
%
|
661-700
|
54,038
|
|
|
13.5
|
%
|
|
660 and below
|
12,793
|
|
|
3.2
|
%
|
|
Data not available
|
1,560
|
|
|
0.4
|
%
|
|
Total loans
|
$
|
400,531
|
|
|
100.0
|
%
|
|
At December 31, 2013
|
||||||||||||
|
Residential Mortgage
|
|
Home Equity
|
||||||||||
|
(In Thousands)
|
|
(Percent)
|
|
(In Thousands)
|
|
(Percent)
|
||||||
Originated:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
$
|
94,500
|
|
|
17.9
|
%
|
|
$
|
75,372
|
|
|
29.3
|
%
|
50% - 69%
|
149,969
|
|
|
28.4
|
%
|
|
31,504
|
|
|
12.2
|
%
|
||
70% - 79%
|
139,960
|
|
|
26.5
|
%
|
|
21,161
|
|
|
8.2
|
%
|
||
80% and over
|
22,772
|
|
|
4.3
|
%
|
|
3,240
|
|
|
1.3
|
%
|
||
Data not available
|
4,353
|
|
|
0.8
|
%
|
|
1,119
|
|
|
0.4
|
%
|
||
Total originated
|
411,554
|
|
|
77.9
|
%
|
|
132,396
|
|
|
51.4
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
23,101
|
|
|
4.4
|
%
|
|
84,272
|
|
|
32.7
|
%
|
||
50% - 69%
|
39,298
|
|
|
7.4
|
%
|
|
25,964
|
|
|
10.1
|
%
|
||
70% - 79%
|
31,932
|
|
|
6.0
|
%
|
|
13,390
|
|
|
5.2
|
%
|
||
80% and over
|
19,870
|
|
|
3.8
|
%
|
|
1,208
|
|
|
0.5
|
%
|
||
Data not available
|
2,430
|
|
|
0.5
|
%
|
|
231
|
|
|
0.1
|
%
|
||
Total acquired
|
116,631
|
|
|
22.1
|
%
|
|
125,065
|
|
|
48.6
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Total loans
|
$
|
528,185
|
|
|
100.0
|
%
|
|
$
|
257,461
|
|
|
100.0
|
%
|
|
At March 31, 2014
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than 90
Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
Due Greater
Than 90 Days
and Accruing
|
|
Nonaccrual
Loans and
Leases
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate mortgage
|
$
|
—
|
|
|
$
|
906
|
|
|
$
|
163
|
|
|
$
|
1,069
|
|
|
$
|
1,171,797
|
|
|
$
|
1,172,866
|
|
|
$
|
—
|
|
|
$
|
1,069
|
|
Multi-family mortgage
|
604
|
|
|
—
|
|
|
385
|
|
|
989
|
|
|
558,609
|
|
|
559,598
|
|
|
385
|
|
|
—
|
|
||||||||
Construction
|
1,055
|
|
|
—
|
|
|
—
|
|
|
1,055
|
|
|
124,571
|
|
|
125,626
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
1,659
|
|
|
906
|
|
|
548
|
|
|
3,113
|
|
|
1,854,977
|
|
|
1,858,090
|
|
|
385
|
|
|
1,069
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
—
|
|
|
—
|
|
|
1,452
|
|
|
1,452
|
|
|
329,140
|
|
|
330,592
|
|
|
—
|
|
|
1,483
|
|
||||||||
Equipment financing
|
2,115
|
|
|
394
|
|
|
2,301
|
|
|
4,810
|
|
|
502,173
|
|
|
506,983
|
|
|
180
|
|
|
4,630
|
|
||||||||
Condominium association
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
43,713
|
|
|
43,810
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial loans and leases
|
2,212
|
|
|
394
|
|
|
3,753
|
|
|
6,359
|
|
|
875,026
|
|
|
881,385
|
|
|
180
|
|
|
6,113
|
|
||||||||
Indirect automobile
|
3,863
|
|
|
599
|
|
|
134
|
|
|
4,596
|
|
|
369,369
|
|
|
373,965
|
|
|
7
|
|
|
378
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
—
|
|
|
—
|
|
|
406
|
|
|
406
|
|
|
418,725
|
|
|
419,131
|
|
|
—
|
|
|
1,987
|
|
||||||||
Home equity
|
200
|
|
|
—
|
|
|
18
|
|
|
218
|
|
|
141,161
|
|
|
141,379
|
|
|
—
|
|
|
427
|
|
||||||||
Other consumer
|
14
|
|
|
2
|
|
|
6
|
|
|
22
|
|
|
8,278
|
|
|
8,300
|
|
|
—
|
|
|
12
|
|
||||||||
Total consumer loans
|
214
|
|
|
2
|
|
|
430
|
|
|
646
|
|
|
568,164
|
|
|
568,810
|
|
|
—
|
|
|
2,426
|
|
||||||||
Total originated loans and leases
|
7,948
|
|
|
1,901
|
|
|
4,865
|
|
|
14,714
|
|
|
3,667,536
|
|
|
3,682,250
|
|
|
572
|
|
|
9,986
|
|
|
At March 31, 2014
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than 90
Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
Due Greater
Than 90 Days
and Accruing
|
|
Nonaccrual
Loans and
Leases
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate mortgage
|
2,186
|
|
|
871
|
|
|
2,532
|
|
|
5,589
|
|
|
327,219
|
|
|
332,808
|
|
|
1,787
|
|
|
745
|
|
||||||||
Multi-family mortgage
|
391
|
|
|
—
|
|
|
1,050
|
|
|
1,441
|
|
|
71,083
|
|
|
72,524
|
|
|
1,050
|
|
|
—
|
|
||||||||
Construction
|
275
|
|
|
—
|
|
|
—
|
|
|
275
|
|
|
10,778
|
|
|
11,053
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
2,852
|
|
|
871
|
|
|
3,582
|
|
|
7,305
|
|
|
409,080
|
|
|
416,385
|
|
|
2,837
|
|
|
745
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
889
|
|
|
255
|
|
|
3,779
|
|
|
4,923
|
|
|
102,442
|
|
|
107,365
|
|
|
1,301
|
|
|
4,867
|
|
||||||||
Equipment financing
|
34
|
|
|
31
|
|
|
73
|
|
|
138
|
|
|
22,549
|
|
|
22,687
|
|
|
73
|
|
|
3
|
|
||||||||
Total commercial loans and leases
|
923
|
|
|
286
|
|
|
3,852
|
|
|
5,061
|
|
|
124,991
|
|
|
130,052
|
|
|
1,374
|
|
|
4,870
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
425
|
|
|
410
|
|
|
3,602
|
|
|
4,437
|
|
|
106,779
|
|
|
111,216
|
|
|
2,787
|
|
|
1,151
|
|
||||||||
Home equity
|
1,737
|
|
|
174
|
|
|
839
|
|
|
2,750
|
|
|
117,707
|
|
|
120,457
|
|
|
204
|
|
|
1,372
|
|
||||||||
Other consumer
|
1
|
|
|
1
|
|
|
15
|
|
|
17
|
|
|
1,620
|
|
|
1,637
|
|
|
—
|
|
|
16
|
|
||||||||
Total consumer loans
|
2,163
|
|
|
585
|
|
|
4,456
|
|
|
7,204
|
|
|
226,106
|
|
|
233,310
|
|
|
2,991
|
|
|
2,539
|
|
||||||||
Total acquired loans and leases
|
5,938
|
|
|
1,742
|
|
|
11,890
|
|
|
19,570
|
|
|
760,177
|
|
|
779,747
|
|
|
7,202
|
|
|
8,154
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans and leases
|
$
|
13,886
|
|
|
$
|
3,643
|
|
|
$
|
16,755
|
|
|
$
|
34,284
|
|
|
$
|
4,427,713
|
|
|
$
|
4,461,997
|
|
|
$
|
7,774
|
|
|
$
|
18,140
|
|
|
At December 31, 2013
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than 90
Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
Due Greater
Than 90 Days
and Accruing
|
|
Nonaccrual
Loans and
Leases
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate mortgage
|
$
|
4,896
|
|
|
$
|
1,393
|
|
|
$
|
169
|
|
|
$
|
6,458
|
|
|
$
|
1,105,292
|
|
|
$
|
1,111,750
|
|
|
$
|
—
|
|
|
$
|
169
|
|
Multi-family mortgage
|
14,400
|
|
|
—
|
|
|
—
|
|
|
14,400
|
|
|
540,155
|
|
|
554,555
|
|
|
—
|
|
|
—
|
|
||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,927
|
|
|
102,927
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
19,296
|
|
|
1,393
|
|
|
169
|
|
|
20,858
|
|
|
1,748,374
|
|
|
1,769,232
|
|
|
—
|
|
|
169
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
2,288
|
|
|
75
|
|
|
842
|
|
|
3,205
|
|
|
294,479
|
|
|
297,684
|
|
|
—
|
|
|
1,551
|
|
||||||||
Equipment financing
|
867
|
|
|
1,558
|
|
|
2,031
|
|
|
4,456
|
|
|
480,874
|
|
|
485,330
|
|
|
—
|
|
|
4,086
|
|
||||||||
Condominium association
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,794
|
|
|
44,794
|
|
|
—
|
|
|
1
|
|
||||||||
Total commercial loans and leases
|
3,155
|
|
|
1,633
|
|
|
2,873
|
|
|
7,661
|
|
|
820,147
|
|
|
827,808
|
|
|
—
|
|
|
5,638
|
|
||||||||
Indirect automobile
|
5,407
|
|
|
857
|
|
|
229
|
|
|
6,493
|
|
|
394,038
|
|
|
400,531
|
|
|
10
|
|
|
259
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
201
|
|
|
—
|
|
|
415
|
|
|
616
|
|
|
410,938
|
|
|
411,554
|
|
|
—
|
|
|
1,713
|
|
||||||||
Home equity
|
218
|
|
|
—
|
|
|
—
|
|
|
218
|
|
|
132,178
|
|
|
132,396
|
|
|
—
|
|
|
462
|
|
||||||||
Other consumer
|
11
|
|
|
1
|
|
|
4
|
|
|
16
|
|
|
5,516
|
|
|
5,532
|
|
|
—
|
|
|
4
|
|
||||||||
Total consumer loans
|
430
|
|
|
1
|
|
|
419
|
|
|
850
|
|
|
548,632
|
|
|
549,482
|
|
|
—
|
|
|
2,179
|
|
||||||||
Total originated loans and leases
|
28,288
|
|
|
3,884
|
|
|
3,690
|
|
|
35,862
|
|
|
3,511,191
|
|
|
3,547,053
|
|
|
10
|
|
|
8,245
|
|
|
At December 31, 2013
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than 90
Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
Due Greater
Than 90 Days
and Accruing
|
|
Nonaccrual
Loans and
Leases
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate mortgage
|
1,221
|
|
|
87
|
|
|
4,887
|
|
|
6,195
|
|
|
344,040
|
|
|
350,235
|
|
|
3,958
|
|
|
929
|
|
||||||||
Multi-family mortgage
|
327
|
|
|
—
|
|
|
1,052
|
|
|
1,379
|
|
|
71,999
|
|
|
73,378
|
|
|
1,052
|
|
|
—
|
|
||||||||
Construction
|
—
|
|
|
409
|
|
|
—
|
|
|
409
|
|
|
10,369
|
|
|
10,778
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
1,548
|
|
|
496
|
|
|
5,939
|
|
|
7,983
|
|
|
426,408
|
|
|
434,391
|
|
|
5,010
|
|
|
929
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
2,707
|
|
|
121
|
|
|
1,931
|
|
|
4,759
|
|
|
105,349
|
|
|
110,108
|
|
|
1,235
|
|
|
4,597
|
|
||||||||
Equipment financing
|
46
|
|
|
41
|
|
|
73
|
|
|
160
|
|
|
27,534
|
|
|
27,694
|
|
|
73
|
|
|
29
|
|
||||||||
Total commercial loans and leases
|
2,753
|
|
|
162
|
|
|
2,004
|
|
|
4,919
|
|
|
132,883
|
|
|
137,802
|
|
|
1,308
|
|
|
4,626
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
271
|
|
|
777
|
|
|
5,329
|
|
|
6,377
|
|
|
110,254
|
|
|
116,631
|
|
|
4,468
|
|
|
1,162
|
|
||||||||
Home equity
|
1,259
|
|
|
552
|
|
|
895
|
|
|
2,706
|
|
|
122,359
|
|
|
125,065
|
|
|
117
|
|
|
1,525
|
|
||||||||
Other consumer
|
6
|
|
|
11
|
|
|
4
|
|
|
21
|
|
|
1,502
|
|
|
1,523
|
|
|
—
|
|
|
14
|
|
||||||||
Total consumer loans
|
1,536
|
|
|
1,340
|
|
|
6,228
|
|
|
9,104
|
|
|
234,115
|
|
|
243,219
|
|
|
4,585
|
|
|
2,701
|
|
||||||||
Total acquired loans and leases
|
5,837
|
|
|
1,998
|
|
|
14,171
|
|
|
22,006
|
|
|
793,406
|
|
|
815,412
|
|
|
10,903
|
|
|
8,256
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loan and leases
|
$
|
34,125
|
|
|
$
|
5,882
|
|
|
$
|
17,861
|
|
|
$
|
57,868
|
|
|
$
|
4,304,597
|
|
|
$
|
4,362,465
|
|
|
$
|
10,913
|
|
|
$
|
16,501
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||||||||||||
|
Recorded
Investment (1) |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Recorded
Investment
(1)
|
|
Unpaid
Principal Balance |
|
Related
Allowance |
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
4,205
|
|
|
$
|
4,204
|
|
|
$
|
—
|
|
|
$
|
2,009
|
|
|
$
|
2,009
|
|
|
$
|
—
|
|
Commercial
|
3,787
|
|
|
3,762
|
|
|
—
|
|
|
4,410
|
|
|
4,399
|
|
|
—
|
|
||||||
Consumer
|
3,818
|
|
|
3,807
|
|
|
—
|
|
|
989
|
|
|
987
|
|
|
—
|
|
||||||
Total originated with no related allowance recorded
|
11,810
|
|
|
11,773
|
|
|
—
|
|
|
7,408
|
|
|
7,395
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
163
|
|
|
163
|
|
|
50
|
|
|
1,466
|
|
|
1,466
|
|
|
184
|
|
||||||
Commercial
|
3,518
|
|
|
3,509
|
|
|
1,022
|
|
|
2,393
|
|
|
2,383
|
|
|
675
|
|
||||||
Consumer
|
167
|
|
|
166
|
|
|
68
|
|
|
2,448
|
|
|
2,440
|
|
|
323
|
|
||||||
Total originated with an allowance recorded
|
3,848
|
|
|
3,838
|
|
|
1,140
|
|
|
6,307
|
|
|
6,289
|
|
|
1,182
|
|
||||||
Total originated impaired loans and leases
|
15,658
|
|
|
15,611
|
|
|
1,140
|
|
|
13,715
|
|
|
13,684
|
|
|
1,182
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||||||||||||
|
Recorded
Investment (1) |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Recorded
Investment
(1)
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
6,629
|
|
|
6,638
|
|
|
—
|
|
|
9,176
|
|
|
10,082
|
|
|
—
|
|
||||||
Commercial
|
8,134
|
|
|
8,335
|
|
|
—
|
|
|
6,988
|
|
|
7,248
|
|
|
—
|
|
||||||
Consumer
|
8,128
|
|
|
8,128
|
|
|
—
|
|
|
1,033
|
|
|
1,037
|
|
|
—
|
|
||||||
Total acquired with no related allowance recorded
|
22,891
|
|
|
23,101
|
|
|
—
|
|
|
17,197
|
|
|
18,367
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
4,409
|
|
|
4,767
|
|
|
71
|
|
|
1,274
|
|
|
1,291
|
|
|
122
|
|
||||||
Commercial
|
536
|
|
|
537
|
|
|
52
|
|
|
1,020
|
|
|
1,067
|
|
|
169
|
|
||||||
Total acquired with an allowance recorded
|
4,945
|
|
|
5,304
|
|
|
123
|
|
|
2,294
|
|
|
2,358
|
|
|
291
|
|
||||||
Total acquired impaired loans and leases
|
27,836
|
|
|
28,405
|
|
|
123
|
|
|
19,491
|
|
|
20,725
|
|
|
291
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total impaired loans and leases
|
$
|
43,494
|
|
|
$
|
44,016
|
|
|
$
|
1,263
|
|
|
$
|
33,206
|
|
|
$
|
34,409
|
|
|
$
|
1,473
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||
|
(In Thousands)
|
||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
$
|
3,898
|
|
|
$
|
36
|
|
|
$
|
2,375
|
|
|
$
|
20
|
|
Commercial
|
3,880
|
|
|
8
|
|
|
3,292
|
|
|
32
|
|
||||
Consumer
|
3,832
|
|
|
13
|
|
|
1,016
|
|
|
4
|
|
||||
Total originated with no related allowance recorded
|
11,610
|
|
|
57
|
|
|
6,683
|
|
|
56
|
|
||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
164
|
|
|
—
|
|
|
2,162
|
|
|
3
|
|
||||
Commercial
|
3,657
|
|
|
24
|
|
|
2,679
|
|
|
5
|
|
||||
Consumer
|
298
|
|
|
—
|
|
|
3,808
|
|
|
25
|
|
||||
Total originated with an allowance recorded
|
4,119
|
|
|
24
|
|
|
8,649
|
|
|
33
|
|
||||
Total originated impaired loans and leases
|
15,729
|
|
|
81
|
|
|
15,332
|
|
|
89
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||
|
(In Thousands)
|
||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
7,577
|
|
|
46
|
|
|
16,828
|
|
|
54
|
|
||||
Commercial
|
8,221
|
|
|
36
|
|
|
7,062
|
|
|
29
|
|
||||
Consumer
|
8,271
|
|
|
5
|
|
|
2,485
|
|
|
5
|
|
||||
Total acquired with no related allowance recorded
|
24,069
|
|
|
87
|
|
|
26,375
|
|
|
88
|
|
||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial real estate
|
4,420
|
|
|
37
|
|
|
674
|
|
|
—
|
|
||||
Commercial
|
546
|
|
|
1
|
|
|
113
|
|
|
—
|
|
||||
Total acquired with an allowance recorded
|
4,966
|
|
|
38
|
|
|
787
|
|
|
—
|
|
||||
Total acquired impaired loans and leases
|
29,035
|
|
|
125
|
|
|
27,162
|
|
|
88
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total impaired loans and leases
|
$
|
44,764
|
|
|
$
|
206
|
|
|
$
|
42,494
|
|
|
$
|
177
|
|
|
At March 31, 2014
|
||||||||||||||||||||||
|
Commercial Real Estate
|
|
Commercial
|
|
Indirect Automobile
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
50
|
|
|
$
|
1,022
|
|
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
1,140
|
|
Collectively evaluated for impairment
|
24,307
|
|
|
14,145
|
|
|
3,664
|
|
|
2,517
|
|
|
3,048
|
|
|
47,681
|
|
||||||
Total originated loans and leases
|
24,357
|
|
|
15,167
|
|
|
3,664
|
|
|
2,585
|
|
|
3,048
|
|
|
48,821
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Collectively evaluated for impairment
|
—
|
|
|
236
|
|
|
—
|
|
|
204
|
|
|
|
|
440
|
|
|||||||
Acquired with deteriorated credit quality
|
501
|
|
|
138
|
|
|
—
|
|
|
321
|
|
|
|
|
960
|
|
|||||||
Total acquired loans and leases
|
501
|
|
|
377
|
|
|
—
|
|
|
525
|
|
|
—
|
|
|
1,403
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total allowance for loan and lease losses
|
$
|
24,858
|
|
|
$
|
15,544
|
|
|
$
|
3,664
|
|
|
$
|
3,110
|
|
|
$
|
3,048
|
|
|
$
|
50,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and Leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
4,369
|
|
|
$
|
7,305
|
|
|
$
|
—
|
|
|
$
|
3,985
|
|
|
$
|
—
|
|
|
$
|
15,659
|
|
Collectively evaluated for impairment
|
1,853,721
|
|
|
874,080
|
|
|
373,965
|
|
|
564,825
|
|
|
—
|
|
|
3,666,591
|
|
||||||
Total originated loans and leases
|
1,858,090
|
|
|
881,385
|
|
|
373,965
|
|
|
568,810
|
|
|
—
|
|
|
3,682,250
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
1,699
|
|
|
4,794
|
|
|
—
|
|
|
2,475
|
|
|
—
|
|
|
8,968
|
|
||||||
Collectively evaluated for impairment
|
139,878
|
|
|
87,285
|
|
|
—
|
|
|
155,516
|
|
|
—
|
|
|
382,679
|
|
||||||
Acquired with deteriorated credit quality
|
274,808
|
|
|
37,973
|
|
|
—
|
|
|
75,319
|
|
|
—
|
|
|
388,100
|
|
||||||
Total acquired loans and leases
|
416,385
|
|
|
130,052
|
|
|
—
|
|
|
233,310
|
|
|
—
|
|
|
779,747
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
2,274,475
|
|
|
$
|
1,011,437
|
|
|
$
|
373,965
|
|
|
$
|
802,120
|
|
|
$
|
—
|
|
|
$
|
4,461,997
|
|
|
At December 31, 2013
|
||||||||||||||||||||||
|
Commercial Real Estate
|
|
Commercial
|
|
Indirect Automobile
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
184
|
|
|
$
|
675
|
|
|
$
|
—
|
|
|
$
|
323
|
|
|
$
|
—
|
|
|
$
|
1,182
|
|
Collectively evaluated for impairment
|
22,336
|
|
|
14,056
|
|
|
3,924
|
|
|
2,414
|
|
|
2,932
|
|
|
45,662
|
|
||||||
Total originated loans and leases
|
22,520
|
|
|
14,731
|
|
|
3,924
|
|
|
2,737
|
|
|
2,932
|
|
|
46,844
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Collectively evaluated for impairment
|
(54
|
)
|
|
234
|
|
|
—
|
|
|
204
|
|
|
|
|
384
|
|
|||||||
Acquired with deteriorated credit quality
|
556
|
|
|
252
|
|
|
—
|
|
|
434
|
|
|
|
|
1,242
|
|
|||||||
Total acquired loans and leases
|
502
|
|
|
489
|
|
|
—
|
|
|
638
|
|
|
—
|
|
|
1,629
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total allowance for loan and lease losses
|
$
|
23,022
|
|
|
$
|
15,220
|
|
|
$
|
3,924
|
|
|
$
|
3,375
|
|
|
$
|
2,932
|
|
|
$
|
48,473
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and Leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
$
|
3,643
|
|
|
$
|
6,634
|
|
|
$
|
—
|
|
|
$
|
3,438
|
|
|
$
|
—
|
|
|
$
|
13,715
|
|
Collectively evaluated for impairment
|
1,765,589
|
|
|
821,174
|
|
|
400,531
|
|
|
546,044
|
|
|
—
|
|
|
3,533,338
|
|
||||||
Total originated loans and leases
|
1,769,232
|
|
|
827,808
|
|
|
400,531
|
|
|
549,482
|
|
|
—
|
|
|
3,547,053
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Individually evaluated for impairment
|
2,625
|
|
|
4,878
|
|
|
—
|
|
|
872
|
|
|
—
|
|
|
8,375
|
|
||||||
Collectively evaluated for impairment
|
145,057
|
|
|
93,565
|
|
|
—
|
|
|
162,595
|
|
|
—
|
|
|
401,217
|
|
||||||
Acquired with deteriorated credit quality
|
286,709
|
|
|
39,359
|
|
|
—
|
|
|
79,752
|
|
|
—
|
|
|
405,820
|
|
||||||
Total acquired loans and leases
|
434,391
|
|
|
137,802
|
|
|
—
|
|
|
243,219
|
|
|
—
|
|
|
815,412
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
2,203,623
|
|
|
$
|
965,610
|
|
|
$
|
400,531
|
|
|
$
|
792,701
|
|
|
$
|
—
|
|
|
$
|
4,362,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014
|
||||||||||||||||||||||||||||
|
Recorded Investment
|
|
Specific
|
|
|
|
Defaulted
|
||||||||||||||||||||||
|
Number
of Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
Allowance for
Loan and
Lease Losses
|
|
Nonaccrual
Loans and
Leases
|
|
Additional
Commitment
|
|
Number of
Loans/
Leases
|
|
Recorded
Investment
|
||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate mortgage
|
1
|
|
|
$
|
953
|
|
|
$
|
951
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Equipment financing
|
1
|
|
|
384
|
|
|
382
|
|
|
—
|
|
|
382
|
|
|
—
|
|
|
3
|
|
|
266
|
|
||||||
Residential mortgage
|
1
|
|
|
498
|
|
|
498
|
|
|
|
|
|
498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
3
|
|
|
$
|
1,835
|
|
|
$
|
1,831
|
|
|
$
|
—
|
|
|
$
|
880
|
|
|
$
|
—
|
|
|
3
|
|
|
$
|
266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2013
|
||||||||||||||||||||||||||||
|
Recorded Investment
|
|
Specific
|
|
|
|
Defaulted
|
||||||||||||||||||||||
|
Number
of Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
Allowance for
Loan and
Lease Losses
|
|
Nonaccrual
Loans and
Leases
|
|
Additional
Commitment
|
|
Number of
Loans/
Leases
|
|
Recorded
Investment
|
||||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate mortgage
|
1
|
|
|
$
|
1,039
|
|
|
$
|
1,015
|
|
|
$
|
160
|
|
|
$
|
1,015
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Equipment financing
|
3
|
|
|
638
|
|
|
638
|
|
|
—
|
|
|
638
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Residential mortgage
|
1
|
|
|
395
|
|
|
379
|
|
|
—
|
|
|
379
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
5
|
|
|
$
|
2,072
|
|
|
$
|
2,032
|
|
|
$
|
160
|
|
|
$
|
2,032
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Loans with one modification:
|
|
|
|
|
|
||
Adjusted principal
|
$
|
—
|
|
|
$
|
1,394
|
|
Adjusted interest rate
|
880
|
|
|
638
|
|
||
Total loans with one modification
|
$
|
880
|
|
|
$
|
2,032
|
|
|
|
|
|
||||
Loans with more than one modification:
|
|
|
|
|
|
||
Extended maturity
|
$
|
951
|
|
|
$
|
—
|
|
Total loans with more than one modification
|
$
|
951
|
|
|
$
|
—
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
|
(In Thousands)
|
||||||
Goodwill
|
$
|
137,890
|
|
|
$
|
137,890
|
|
Other intangible assets:
|
|
|
|
|
|
||
Core deposits
|
14,937
|
|
|
15,777
|
|
||
Trade name
|
1,089
|
|
|
1,089
|
|
||
Trust relationship
|
—
|
|
|
21
|
|
||
Total other intangible assets
|
16,026
|
|
|
16,887
|
|
||
Total goodwill and other intangible assets
|
$
|
153,916
|
|
|
$
|
154,777
|
|
Remainder of 2014
|
$
|
2,262
|
|
Year ending:
|
|
||
2015
|
2,868
|
|
|
2016
|
2,457
|
|
|
2017
|
1,858
|
|
|
2018
|
1,835
|
|
|
Thereafter
|
3,657
|
|
|
Total
|
$
|
14,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Income
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2013
|
$
|
(8,332
|
)
|
|
$
|
417
|
|
|
$
|
(7,915
|
)
|
Other comprehensive income (loss)
|
2,031
|
|
|
(52
|
)
|
|
1,979
|
|
|||
Balance at March 31, 2014
|
$
|
(6,301
|
)
|
|
$
|
365
|
|
|
$
|
(5,936
|
)
|
|
Three Months Ended March 31, 2013
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Income
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2012
|
$
|
3,358
|
|
|
$
|
125
|
|
|
$
|
3,483
|
|
Other comprehensive loss
|
(1,250
|
)
|
|
—
|
|
|
(1,250
|
)
|
|||
Balance at March 31, 2013
|
$
|
2,108
|
|
|
$
|
125
|
|
|
$
|
2,233
|
|
|
|
|
|
|
|
|
At March 31, 2014
|
|
Three Months Ended
March 31, 2014 |
||||||||
|
Asset
Derivatives
|
|
Liability
Derivatives
|
|
Gain (Loss)
Recognized
in Income
on Derivatives (1)
|
||||||
|
(In Thousands)
|
||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments
|
$
|
789
|
|
|
$
|
818
|
|
|
$
|
2
|
|
|
At December 31, 2013
|
|
Three Months Ended December 31, 2013
|
||||||||
|
Asset
Derivatives
|
|
Liability
Derivatives
|
|
Gain (Loss)
Recognized
in Income
on Derivatives (1)
|
||||||
|
(In Thousands)
|
||||||||||
Total derivatives (interest-rate products) not designated as hedging instruments
|
$
|
825
|
|
|
$
|
856
|
|
|
$
|
8
|
|
(1)
|
The amount of gain (loss) recognized in income on derivatives represents changes related to the fair value of the interest rate products.
|
|
At December 31, 2013
|
||||||||||||||||||||||
|
Gross
Amounts of Recognized
Assets /Liabilities
|
|
Gross Amounts
Offset in the
Statement of Financial Position
|
|
Net Amounts of
Assets Presented in
the Statement of Financial Position
|
|
Gross Amounts Not Offset in the
Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
|
|
|
|
Financial Instruments
|
|
Cash Collateral (Received) / Posted
|
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Asset Derivatives
|
$
|
825
|
|
|
$
|
—
|
|
|
$
|
825
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liability Derivatives
|
$
|
856
|
|
|
$
|
—
|
|
|
$
|
856
|
|
|
$
|
—
|
|
|
$
|
2,811
|
|
|
$
|
3,667
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||
|
Basic
|
|
Fully
Diluted
|
|
Basic
|
|
Fully
Diluted
|
||||||||
|
(In Thousands Except Share Data)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
$
|
10,422
|
|
|
$
|
10,422
|
|
|
$
|
8,813
|
|
|
$
|
8,813
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding
|
69,875,473
|
|
|
69,875,473
|
|
|
69,762,784
|
|
|
69,762,784
|
|
||||
Effect of dilutive securities
|
—
|
|
|
108,526
|
|
|
—
|
|
|
67,846
|
|
||||
Adjusted weighted average shares outstanding
|
69,875,473
|
|
|
69,983,999
|
|
|
69,762,784
|
|
|
69,830,630
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EPS
|
$
|
0.15
|
|
|
$
|
0.15
|
|
|
$
|
0.13
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
|
|
|
Carrying Value at March 31, 2014
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSEs
|
$
|
—
|
|
|
$
|
12,123
|
|
|
$
|
—
|
|
|
$
|
12,123
|
|
GSE CMOs
|
—
|
|
|
244,709
|
|
|
—
|
|
|
244,709
|
|
||||
GSE MBSs
|
—
|
|
|
222,228
|
|
|
—
|
|
|
222,228
|
|
||||
Private-label CMOs
|
—
|
|
|
3,031
|
|
|
—
|
|
|
3,031
|
|
||||
SBA commercial loan asset-backed securities
|
—
|
|
|
234
|
|
|
—
|
|
|
234
|
|
||||
Auction-rate municipal obligations
|
—
|
|
|
—
|
|
|
1,690
|
|
|
1,690
|
|
||||
Municipal obligations
|
—
|
|
|
336
|
|
|
—
|
|
|
336
|
|
||||
Corporate debt obligations
|
—
|
|
|
40,132
|
|
|
—
|
|
|
40,132
|
|
||||
Trust preferred securities
|
—
|
|
|
1,235
|
|
|
—
|
|
|
1,235
|
|
||||
Marketable equity securities
|
1,355
|
|
|
—
|
|
|
—
|
|
|
1,355
|
|
||||
Total investment securities available-for-sale
|
$
|
1,355
|
|
|
$
|
524,028
|
|
|
$
|
1,690
|
|
|
$
|
527,073
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-rate swaps
|
$
|
—
|
|
|
$
|
789
|
|
|
$
|
—
|
|
|
$
|
789
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-rate swaps
|
$
|
—
|
|
|
$
|
818
|
|
|
$
|
—
|
|
|
$
|
818
|
|
|
Carrying Value at December 31, 2013
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSEs
|
$
|
—
|
|
|
$
|
12,180
|
|
|
$
|
—
|
|
|
$
|
12,180
|
|
GSE CMOs
|
—
|
|
|
243,644
|
|
|
—
|
|
|
243,644
|
|
||||
GSE MBSs
|
—
|
|
|
199,401
|
|
|
—
|
|
|
199,401
|
|
||||
Private-label CMOs
|
—
|
|
|
3,355
|
|
|
—
|
|
|
3,355
|
|
||||
SBA commercial loan asset-backed securities
|
—
|
|
|
243
|
|
|
—
|
|
|
243
|
|
||||
Auction-rate municipal obligations
|
—
|
|
|
—
|
|
|
1,775
|
|
|
1,775
|
|
||||
Municipal obligations
|
—
|
|
|
1,086
|
|
|
—
|
|
|
1,086
|
|
||||
Corporate debt obligations
|
—
|
|
|
28,224
|
|
|
—
|
|
|
28,224
|
|
||||
Trust preferred securities
|
—
|
|
|
1,210
|
|
|
—
|
|
|
1,210
|
|
||||
Marketable equity securities
|
1,310
|
|
|
—
|
|
|
—
|
|
|
1,310
|
|
||||
Total investment securities available-for-sale
|
$
|
1,310
|
|
|
$
|
489,343
|
|
|
$
|
1,775
|
|
|
$
|
492,428
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-rate swaps
|
$
|
—
|
|
|
$
|
825
|
|
|
$
|
—
|
|
|
$
|
825
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-rate swaps
|
$
|
—
|
|
|
$
|
856
|
|
|
$
|
—
|
|
|
$
|
856
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In Thousands)
|
||||||
Investment securities available-for-sale, beginning of period
|
$
|
1,775
|
|
|
$
|
2,917
|
|
Principal paydowns and other
|
—
|
|
|
(124
|
)
|
||
Total unrealized gains included in other comprehensive income
|
(85
|
)
|
|
59
|
|
||
Investment securities available-for-sale, end of period
|
$
|
1,690
|
|
|
$
|
2,852
|
|
|
Carrying Value at March 31, 2014
|
||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,301
|
|
|
$
|
7,301
|
|
Other real estate owned
|
—
|
|
|
—
|
|
|
855
|
|
|
855
|
|
||||
Repossessed vehicles and equipment
|
—
|
|
|
435
|
|
|
—
|
|
|
435
|
|
||||
|
$
|
—
|
|
|
$
|
435
|
|
|
$
|
8,156
|
|
|
$
|
8,591
|
|
|
Carrying Value at December 31, 2013
|
||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,099
|
|
|
$
|
12,099
|
|
Other real estate owned
|
—
|
|
|
—
|
|
|
577
|
|
|
577
|
|
||||
Repossessed vehicles and equipment
|
—
|
|
|
1,001
|
|
|
—
|
|
|
1,001
|
|
||||
|
$
|
—
|
|
|
$
|
1,001
|
|
|
$
|
12,676
|
|
|
$
|
13,677
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range
|
|
Weighted Average
Discount Rates |
||
|
(Dollars in Thousands)
|
||||||||||
Auction-rate municipal obligations
|
$
|
1,690
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
0-5%
|
|
4.0%
|
Collateral-dependent impaired loans and leases
|
$
|
7,301
|
|
|
Appraisal of collateral (1)
|
|
|
|
|
|
|
Other real estate owned
|
$
|
855
|
|
|
Appraisal of collateral (1)
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements
|
||||||||||||||
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Level 1
Inputs
|
|
Level 2
Inputs
|
|
Level 3
Inputs
|
||||||||||
|
(In Thousands)
|
||||||||||||||||||
At March 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment securities held-to-maturity
|
$
|
500
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
500
|
|
Loans held-for-sale
|
177
|
|
|
177
|
|
|
—
|
|
|
177
|
|
|
—
|
|
|||||
Loans and leases, net
|
4,411,773
|
|
|
4,424,924
|
|
|
—
|
|
|
—
|
|
|
4,424,924
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
917,773
|
|
|
921,394
|
|
|
—
|
|
|
921,394
|
|
|
—
|
|
|||||
Borrowed funds
|
892,016
|
|
|
895,921
|
|
|
—
|
|
|
895,921
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
At December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Investment securities held-to-maturity
|
$
|
500
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
500
|
|
Loans held-for-sale
|
13,372
|
|
|
13,372
|
|
|
—
|
|
|
13,372
|
|
|
—
|
|
|||||
Loans and leases, net
|
4,313,992
|
|
|
4,552,556
|
|
|
—
|
|
|
—
|
|
|
4,552,556
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Certificates of deposit
|
934,668
|
|
|
938,703
|
|
|
—
|
|
|
938,703
|
|
|
—
|
|
|||||
Borrowed funds
|
812,555
|
|
|
815,910
|
|
|
—
|
|
|
815,910
|
|
|
—
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
|
(In Thousands)
|
||||||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
|
|
||
Commitments to originate loans and leases:
|
|
|
|
|
|
||
Commercial real estate
|
$
|
46,753
|
|
|
$
|
48,973
|
|
Commercial
|
132,659
|
|
|
143,252
|
|
||
Residential mortgage
|
10,658
|
|
|
8,027
|
|
||
Unadvanced portion of loans and leases
|
577,151
|
|
|
586,279
|
|
||
Unused lines of credit:
|
|
|
|
|
|
||
Home equity
|
207,994
|
|
|
205,665
|
|
||
Other consumer
|
6,363
|
|
|
6,503
|
|
||
Other commercial
|
1,317
|
|
|
1,035
|
|
||
Unused letters of credit:
|
|
|
|
|
|
||
Financial standby letters of credit
|
18,685
|
|
|
20,410
|
|
||
Performance standby letters of credit
|
2,989
|
|
|
2,989
|
|
||
Commercial and similar letters of credit
|
2,316
|
|
|
440
|
|
||
Back-to-back interest-rate swaps
|
22,218
|
|
|
22,418
|
|
|
Minimum Rental Payments
|
||
|
(In Thousands)
|
||
|
|
|
|
Remainder of 2014
|
3,399
|
|
|
Year ending:
|
|
||
2015
|
4,432
|
|
|
2016
|
4,272
|
|
|
2017
|
3,795
|
|
|
2018
|
3,157
|
|
|
Thereafter
|
12,277
|
|
|
Total
|
$
|
31,332
|
|
|
At and for the Three Months Ended
|
||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
|
2014
|
|
2013
|
|
2013
|
|
2013
|
|
2013
|
||||||||||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||||
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net income — Basic
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.14
|
|
|
$
|
0.14
|
|
|
$
|
0.13
|
|
Book value per share (end of period)
|
8.88
|
|
|
8.79
|
|
|
8.80
|
|
|
8.76
|
|
|
8.80
|
|
|||||
Tangible book value per share (end of period) (1)
|
6.68
|
|
|
6.57
|
|
|
6.57
|
|
|
6.51
|
|
|
6.53
|
|
|||||
Dividends paid per common share
|
0.085
|
|
|
0.085
|
|
|
0.085
|
|
|
0.085
|
|
|
0.085
|
|
|||||
Stock price (end of period)
|
9.42
|
|
|
9.55
|
|
|
9.40
|
|
|
8.68
|
|
|
9.14
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
PERFORMANCE RATIOS (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net interest margin (taxable equivalent basis)
|
3.82
|
%
|
|
3.54
|
%
|
|
3.56
|
%
|
|
3.78
|
%
|
|
3.70
|
%
|
|||||
Return on average assets
|
0.78
|
%
|
|
0.58
|
%
|
|
0.73
|
%
|
|
0.74
|
%
|
|
0.70
|
%
|
|||||
Return on average tangible assets (1)
|
0.80
|
%
|
|
0.60
|
%
|
|
0.75
|
%
|
|
0.76
|
%
|
|
0.72
|
%
|
|||||
Return on average stockholders’ equity
|
6.70
|
%
|
|
4.95
|
%
|
|
6.15
|
%
|
|
6.16
|
%
|
|
5.72
|
%
|
|||||
Return on average tangible stockholders' equity (1)
|
8.92
|
%
|
|
6.61
|
%
|
|
8.27
|
%
|
|
8.28
|
%
|
|
7.70
|
%
|
|||||
Dividend payout ratio (1)
|
57.23
|
%
|
|
77.88
|
%
|
|
63.26
|
%
|
|
62.75
|
%
|
|
67.63
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSET QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|||||||||||
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)
|
0.06
|
%
|
|
0.16
|
%
|
|
0.06
|
%
|
|
0.06
|
%
|
|
0.04
|
%
|
|||||
Nonperforming loans and leases as a percentage of total loans and leases
|
0.41
|
%
|
|
0.38
|
%
|
|
0.36
|
%
|
|
0.42
|
%
|
|
0.52
|
%
|
|||||
Nonperforming assets as a percentage of total assets
|
0.36
|
%
|
|
0.34
|
%
|
|
0.32
|
%
|
|
0.37
|
%
|
|
0.45
|
%
|
|||||
Total allowance for loan and lease losses as a percentage of total loans and leases
|
1.13
|
%
|
|
1.11
|
%
|
|
1.08
|
%
|
|
1.05
|
%
|
|
1.02
|
%
|
|||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases (1)
|
1.33
|
%
|
|
1.32
|
%
|
|
1.31
|
%
|
|
1.34
|
%
|
|
1.34
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders’ equity to total assets
|
11.46
|
%
|
|
11.53
|
%
|
|
11.74
|
%
|
|
11.87
|
%
|
|
12.02
|
%
|
|||||
Tangible equity ratio (1)
|
8.87
|
%
|
|
8.88
|
%
|
|
9.03
|
%
|
|
9.10
|
%
|
|
9.20
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL CONDITION DATA
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets
|
$
|
5,418,785
|
|
|
$
|
5,325,106
|
|
|
$
|
5,236,229
|
|
|
$
|
5,150,480
|
|
|
$
|
5,110,378
|
|
Total loans and leases
|
4,461,997
|
|
|
4,362,465
|
|
|
4,299,477
|
|
|
4,205,015
|
|
|
4,173,985
|
|
|||||
Allowance for loan and lease losses
|
50,224
|
|
|
48,473
|
|
|
46,390
|
|
|
44,281
|
|
|
42,532
|
|
|||||
Goodwill and identified intangible assets
|
153,916
|
|
|
154,777
|
|
|
155,905
|
|
|
157,058
|
|
|
158,235
|
|
|||||
Total deposits
|
3,847,650
|
|
|
3,835,006
|
|
|
3,737,978
|
|
|
3,656,981
|
|
|
3,626,033
|
|
|||||
Total borrowed funds
|
892,016
|
|
|
812,555
|
|
|
828,802
|
|
|
830,066
|
|
|
820,447
|
|
|||||
Stockholders’ equity
|
620,799
|
|
|
613,867
|
|
|
614,811
|
|
|
611,284
|
|
|
614,039
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net interest income
|
$
|
47,734
|
|
|
$
|
43,774
|
|
|
$
|
43,412
|
|
|
$
|
45,363
|
|
|
$
|
43,669
|
|
Non-interest income
|
5,124
|
|
|
3,907
|
|
|
3,453
|
|
|
3,138
|
|
|
3,327
|
|
|||||
Provision for credit losses
|
2,443
|
|
|
3,887
|
|
|
2,748
|
|
|
2,439
|
|
|
1,855
|
|
|||||
Non-interest expense
|
33,576
|
|
|
31,320
|
|
|
29,553
|
|
|
30,815
|
|
|
30,772
|
|
|||||
Net income
|
10,422
|
|
|
7,654
|
|
|
9,429
|
|
|
9,490
|
|
|
8,813
|
|
(1)
|
Refer to Non-GAAP Financial Measures and Reconciliations to GAAP.
|
(2)
|
All performance ratios are annualized and are based on average balance sheet amounts, where applicable.
|
|
Three Months Ended
|
||||||||||
|
March 31,
2014 |
|
December 31,
2013 |
|
March 31,
2013 |
||||||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||||||
Net income, as reported
|
$
|
10,422
|
|
|
$
|
7,654
|
|
|
$
|
8,813
|
|
Adjustments to arrive at operating earnings:
|
|
|
|
|
|
|
|
|
|||
Compensation-related expenses
|
—
|
|
|
911
|
|
|
—
|
|
|||
Tax effect
|
—
|
|
|
(316
|
)
|
|
—
|
|
|||
Total adjustments, net of tax
|
—
|
|
|
595
|
|
|
—
|
|
|||
Operating earnings
|
$
|
10,422
|
|
|
$
|
8,249
|
|
|
$
|
8,813
|
|
|
|
|
|
|
|
||||||
Basic earnings per share, as reported
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.13
|
|
Adjustments to arrive at basic operating earnings per share:
|
|
|
|
|
|
|
|
|
|||
Compensation-related expenses
|
—
|
|
|
0.01
|
|
|
—
|
|
|||
Total adjustments per share
|
—
|
|
|
0.01
|
|
|
—
|
|
|||
Basic operating earnings per share
|
$
|
0.15
|
|
|
$
|
0.12
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
||||||
Average total assets
|
$
|
5,361,717
|
|
|
$
|
5,287,482
|
|
|
$
|
5,071,163
|
|
Operating return on average assets (annualized)
|
0.78
|
%
|
|
0.62
|
%
|
|
0.70
|
%
|
|||
|
|
|
|
|
|
||||||
Average total stockholders’ equity
|
$
|
621,764
|
|
|
$
|
618,385
|
|
|
$
|
616,627
|
|
Operating return on average stockholders’ equity (annualized)
|
6.70
|
%
|
|
5.34
|
%
|
|
5.72
|
%
|
|
Three Months Ended
|
||||||||||
|
March 31,
2014 |
|
December 31,
2013 |
|
March 31,
2013 |
||||||
|
(Dollars in Thousands)
|
||||||||||
Net income, as reported
|
$
|
10,422
|
|
|
$
|
7,654
|
|
|
$
|
8,813
|
|
|
|
|
|
|
|
||||||
Average total assets
|
$
|
5,361,717
|
|
|
$
|
5,287,482
|
|
|
$
|
5,071,163
|
|
Less: Average goodwill and average identified intangible assets, net
|
154,447
|
|
|
155,439
|
|
|
158,949
|
|
|||
Average tangible assets
|
$
|
5,207,270
|
|
|
$
|
5,132,043
|
|
|
$
|
4,912,214
|
|
|
|
|
|
|
|
||||||
Return on average tangible assets (annualized)
|
0.80
|
%
|
|
0.60
|
%
|
|
0.72
|
%
|
|||
|
|
|
|
|
|
||||||
Average total stockholders’ equity
|
$
|
621,764
|
|
|
$
|
618,385
|
|
|
$
|
616,627
|
|
Less: Average goodwill and average identified intangible assets, net
|
154,447
|
|
|
155,439
|
|
|
158,949
|
|
|||
Average tangible stockholders’ equity
|
$
|
467,317
|
|
|
$
|
462,946
|
|
|
$
|
457,678
|
|
|
|
|
|
|
|
||||||
Return on average tangible stockholders’ equity (annualized)
|
8.92
|
%
|
|
6.61
|
%
|
|
7.70
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
|
At March 31, 2013
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Total stockholders’ equity
|
$
|
620,799
|
|
|
$
|
613,867
|
|
|
$
|
614,039
|
|
Less: Goodwill and identified intangible assets, net
|
153,916
|
|
|
154,777
|
|
|
158,235
|
|
|||
Tangible stockholders’ equity
|
$
|
466,883
|
|
|
$
|
459,090
|
|
|
$
|
455,804
|
|
|
|
|
|
|
|
||||||
Total assets
|
$
|
5,418,785
|
|
|
$
|
5,325,106
|
|
|
$
|
5,110,378
|
|
Less: Goodwill and identified intangible assets, net
|
153,916
|
|
|
154,777
|
|
|
158,235
|
|
|||
Tangible assets
|
$
|
5,264,869
|
|
|
$
|
5,170,329
|
|
|
$
|
4,952,143
|
|
|
|
|
|
|
|
||||||
Tangible equity ratio
|
8.87
|
%
|
|
8.88
|
%
|
|
9.20
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
|
At March 31, 2013
|
||||||
|
(Dollars In Thousands, Except Share Data)
|
||||||||||
Tangible stockholders’ equity
|
$
|
466,883
|
|
|
$
|
459,090
|
|
|
$
|
455,804
|
|
|
|
|
|
|
|
||||||
Common shares issued
|
75,744,445
|
|
|
75,744,445
|
|
|
75,744,445
|
|
|||
Less: Common shares classified as treasury shares
|
5,171,985
|
|
|
5,171,985
|
|
|
5,373,733
|
|
|||
Less: Unallocated ESOP shares
|
281,595
|
|
|
291,666
|
|
|
323,355
|
|
|||
Less: Unvested restricted shares
|
408,651
|
|
|
409,068
|
|
|
277,510
|
|
|||
Common shares outstanding
|
69,882,214
|
|
|
69,871,726
|
|
|
69,769,847
|
|
|||
|
|
|
|
|
|
||||||
Tangible book value per share
|
$
|
6.68
|
|
|
$
|
6.57
|
|
|
$
|
6.53
|
|
|
Three Months Ended
|
||||||||||
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Dividends paid
|
$
|
5,964
|
|
|
$
|
5,961
|
|
|
$
|
5,960
|
|
|
|
|
|
|
|
||||||
Net income, as reported
|
$
|
10,422
|
|
|
$
|
7,654
|
|
|
$
|
8,813
|
|
|
|
|
|
|
|
||||||
Dividend payout ratio
|
57.23
|
%
|
|
77.88
|
%
|
|
67.63
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
|
At March 31, 2013
|
||||||
|
(Dollars in Thousands)
|
||||||||||
Allowance for loan and lease losses
|
$
|
50,224
|
|
|
$
|
48,473
|
|
|
$
|
42,532
|
|
Less: Allowance for acquired loan and lease losses
|
1,404
|
|
|
1,632
|
|
|
—
|
|
|||
Allowance for originated loan and lease losses
|
$
|
48,820
|
|
|
$
|
46,841
|
|
|
$
|
42,532
|
|
|
|
|
|
|
|
||||||
Total loans and leases
|
$
|
4,461,997
|
|
|
$
|
4,362,465
|
|
|
$
|
4,173,985
|
|
Less: Total acquired loans and leases
|
779,747
|
|
|
815,412
|
|
|
997,988
|
|
|||
Total originated loans and leases
|
$
|
3,682,250
|
|
|
$
|
3,547,053
|
|
|
$
|
3,175,997
|
|
|
|
|
|
|
|
||||||
Allowance for loan and lease losses related to originated loans and leases as a percentage of originated loans and leases
|
1.33
|
%
|
|
1.32
|
%
|
|
1.34
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
||||||
|
(Dollars in Thousands)
|
||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial real estate mortgage
|
$
|
1,505,674
|
|
|
33.7
|
%
|
|
$
|
1,461,985
|
|
|
33.5
|
%
|
Multi-family mortgage
|
632,122
|
|
|
14.2
|
%
|
|
627,933
|
|
|
14.4
|
%
|
||
Construction
|
136,679
|
|
|
3.0
|
%
|
|
113,705
|
|
|
2.6
|
%
|
||
Total commercial real estate loans
|
2,274,475
|
|
|
50.9
|
%
|
|
2,203,623
|
|
|
50.5
|
%
|
||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||
Commercial
|
437,957
|
|
|
9.8
|
%
|
|
407,792
|
|
|
9.3
|
%
|
||
Equipment financing
|
529,670
|
|
|
11.9
|
%
|
|
513,024
|
|
|
11.8
|
%
|
||
Condominium association
|
43,810
|
|
|
1.0
|
%
|
|
44,794
|
|
|
1.0
|
%
|
||
Total commercial loans and leases
|
1,011,437
|
|
|
22.7
|
%
|
|
965,610
|
|
|
22.1
|
%
|
||
Indirect automobile
|
373,965
|
|
|
8.4
|
%
|
|
400,531
|
|
|
9.2
|
%
|
||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential mortgage
|
530,347
|
|
|
11.9
|
%
|
|
528,185
|
|
|
12.1
|
%
|
||
Home equity
|
261,836
|
|
|
5.9
|
%
|
|
257,461
|
|
|
5.9
|
%
|
||
Other consumer
|
9,937
|
|
|
0.2
|
%
|
|
7,055
|
|
|
0.2
|
%
|
||
Total consumer loans
|
802,120
|
|
|
18.0
|
%
|
|
792,701
|
|
|
18.2
|
%
|
||
Total loans and leases
|
4,461,997
|
|
|
100.0
|
%
|
|
4,362,465
|
|
|
100.0
|
%
|
||
Allowance for loan and lease losses
|
(50,224
|
)
|
|
|
|
|
(48,473
|
)
|
|
|
|
||
Net loans and leases
|
$
|
4,411,773
|
|
|
|
|
|
$
|
4,313,992
|
|
|
|
|
|
At March 31,
2014 |
|
At December 31,
2013 |
|
Dollar Change
|
|
Percent Change
(Annualized)
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Commercial real estate
|
$
|
2,274,475
|
|
|
$
|
2,203,623
|
|
|
$
|
70,852
|
|
|
12.9
|
%
|
Commercial
|
1,011,437
|
|
|
965,610
|
|
|
45,827
|
|
|
19.0
|
%
|
|||
Indirect automobile
|
373,965
|
|
|
400,531
|
|
|
(26,566
|
)
|
|
-26.5
|
%
|
|||
Consumer
|
802,120
|
|
|
792,701
|
|
|
9,419
|
|
|
4.8
|
%
|
|||
Total loans and leases
|
$
|
4,461,997
|
|
|
$
|
4,362,465
|
|
|
$
|
99,532
|
|
|
9.1
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
|
(Dollars in Thousands)
|
||||||
Nonaccrual loans and leases:
|
|
|
|
|
|
||
Commercial real estate mortgage
|
$
|
1,814
|
|
|
$
|
1,098
|
|
Commercial
|
6,350
|
|
|
6,148
|
|
||
Equipment financing
|
4,633
|
|
|
4,115
|
|
||
Condominium association
|
—
|
|
|
1
|
|
||
Indirect automobile
|
378
|
|
|
259
|
|
||
Residential mortgage
|
3,138
|
|
|
2,875
|
|
||
Home equity
|
1,799
|
|
|
1,987
|
|
||
Other consumer
|
28
|
|
|
18
|
|
||
Total nonaccrual loans and leases
|
18,140
|
|
|
16,501
|
|
||
Other real estate owned
|
855
|
|
|
577
|
|
||
Other repossessed assets
|
435
|
|
|
1,001
|
|
||
Total nonperforming assets
|
$
|
19,430
|
|
|
$
|
18,079
|
|
|
|
|
|
||||
Loans and leases past due greater than 90 days and still accruing
|
$
|
7,774
|
|
|
$
|
10,913
|
|
|
|
|
|
||||
Total nonperforming loans and leases as a percentage of total loans and leases
|
0.41
|
%
|
|
0.38
|
%
|
||
Total nonperforming assets as a percentage of total assets
|
0.36
|
%
|
|
0.34
|
%
|
||
Total delinquent loans and leases greater than 90 days past due as a percentage of total loans and leases
|
0.38
|
%
|
|
0.41
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
|
(Dollars in Thousands)
|
||||||
Troubled debt restructurings:
|
|
|
|
|
|
||
On accrual
|
$
|
11,532
|
|
|
$
|
12,759
|
|
On nonaccrual
|
6,764
|
|
|
5,589
|
|
||
Total troubled debt restructurings
|
$
|
18,296
|
|
|
$
|
18,348
|
|
|
Three months ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(Dollars in Thousands)
|
||||||
Balance at beginning of period
|
$
|
18,348
|
|
|
$
|
17,200
|
|
Additions
|
880
|
|
|
1,894
|
|
||
Repayments
|
(737
|
)
|
|
(15
|
)
|
||
Other reductions
(1)
|
(195
|
)
|
|
(1,749
|
)
|
||
Balance at end of period
|
$
|
18,296
|
|
|
$
|
17,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At and for the Three Months Ended March 31, 2014
|
||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Indirect
Automobile
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Balance at December 31, 2013
|
$
|
23,022
|
|
|
$
|
15,220
|
|
|
$
|
3,924
|
|
|
$
|
3,375
|
|
|
$
|
2,932
|
|
|
$
|
48,473
|
|
Charge-offs
|
—
|
|
|
(551
|
)
|
|
(289
|
)
|
|
(210
|
)
|
|
—
|
|
|
(1,050
|
)
|
||||||
Recoveries
|
—
|
|
|
251
|
|
|
104
|
|
|
29
|
|
|
—
|
|
|
384
|
|
||||||
Provision (credit) for loan and lease losses
|
1,836
|
|
|
624
|
|
|
(75
|
)
|
|
(84
|
)
|
|
116
|
|
|
2,417
|
|
||||||
Balance at March 31, 2014
|
$
|
24,858
|
|
|
$
|
15,544
|
|
|
$
|
3,664
|
|
|
$
|
3,110
|
|
|
$
|
3,048
|
|
|
$
|
50,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
2,274,475
|
|
|
$
|
1,011,437
|
|
|
$
|
373,965
|
|
|
$
|
802,120
|
|
|
N/A
|
|
|
$
|
4,461,997
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases
|
1.09
|
%
|
|
1.54
|
%
|
|
0.98
|
%
|
|
0.39
|
%
|
|
N/A
|
|
|
1.13
|
%
|
|
At and for the Three Months Ended March 31, 2013
|
||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Indirect
Automobile
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||
Balance at December 31, 2012
|
$
|
20,018
|
|
|
$
|
10,655
|
|
|
$
|
5,304
|
|
|
$
|
2,545
|
|
|
$
|
2,630
|
|
|
$
|
41,152
|
|
Charge-offs
|
—
|
|
|
(247
|
)
|
|
(362
|
)
|
|
(52
|
)
|
|
—
|
|
|
(661
|
)
|
||||||
Recoveries
|
4
|
|
|
82
|
|
|
130
|
|
|
26
|
|
|
—
|
|
|
242
|
|
||||||
Provision (credit) for loan and lease losses
|
566
|
|
|
1,162
|
|
|
(72
|
)
|
|
77
|
|
|
66
|
|
|
1,799
|
|
||||||
Balance at March 31, 2013
|
$
|
20,588
|
|
|
$
|
11,652
|
|
|
$
|
5,000
|
|
|
$
|
2,596
|
|
|
$
|
2,696
|
|
|
$
|
42,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
2,001,061
|
|
|
$
|
891,525
|
|
|
$
|
510,954
|
|
|
$
|
770,445
|
|
|
N/A
|
|
|
$
|
4,173,985
|
|
|
Allowance for loan and lease losses as a percentage of total loans and leases
|
1.03
|
%
|
|
1.31
|
%
|
|
0.98
|
%
|
|
0.34
|
%
|
|
N/A
|
|
|
1.02
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||||||||
|
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 loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial real estate mortgage
|
$
|
16,234
|
|
|
32.3
|
%
|
|
33.7
|
%
|
|
$
|
14,883
|
|
|
30.7
|
%
|
|
33.5
|
%
|
Multi-family
|
4,823
|
|
|
9.6
|
%
|
|
14.2
|
%
|
|
4,890
|
|
|
10.1
|
%
|
|
14.4
|
%
|
||
Construction
|
3,801
|
|
|
7.6
|
%
|
|
3.0
|
%
|
|
3,249
|
|
|
6.7
|
%
|
|
2.6
|
%
|
||
Total commercial real estate loans
|
24,858
|
|
|
49.5
|
%
|
|
50.9
|
%
|
|
23,022
|
|
|
47.5
|
%
|
|
50.5
|
%
|
||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
8,790
|
|
|
17.5
|
%
|
|
9.8
|
%
|
|
6,724
|
|
|
13.9
|
%
|
|
9.3
|
%
|
||
Equipment financing
|
6,425
|
|
|
12.8
|
%
|
|
11.9
|
%
|
|
8,161
|
|
|
16.8
|
%
|
|
11.8
|
%
|
||
Condominium association
|
329
|
|
|
0.6
|
%
|
|
1.0
|
%
|
|
335
|
|
|
0.7
|
%
|
|
1.0
|
%
|
||
Total commercial loans and leases
|
15,544
|
|
|
30.9
|
%
|
|
22.7
|
%
|
|
15,220
|
|
|
31.4
|
%
|
|
22.1
|
%
|
||
Indirect automobile
|
3,664
|
|
|
7.3
|
%
|
|
8.4
|
%
|
|
3,924
|
|
|
8.1
|
%
|
|
9.2
|
%
|
||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
1,420
|
|
|
2.8
|
%
|
|
11.9
|
%
|
|
1,431
|
|
|
3.0
|
%
|
|
12.1
|
%
|
||
Home equity
|
1,604
|
|
|
3.2
|
%
|
|
5.9
|
%
|
|
1,324
|
|
|
2.7
|
%
|
|
5.9
|
%
|
||
Other consumer
|
86
|
|
|
0.2
|
%
|
|
0.2
|
%
|
|
620
|
|
|
1.3
|
%
|
|
0.2
|
%
|
||
Total consumer loans
|
3,110
|
|
|
6.2
|
%
|
|
18.0
|
%
|
|
3,375
|
|
|
7.0
|
%
|
|
18.2
|
%
|
||
Unallocated
|
3,048
|
|
|
6.1
|
%
|
|
0.0
|
%
|
|
2,932
|
|
|
6.0
|
%
|
|
0.0
|
%
|
||
Total
|
$
|
50,224
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
48,473
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
GSEs
|
$
|
12,099
|
|
|
$
|
12,123
|
|
|
$
|
12,138
|
|
|
$
|
12,180
|
|
GSE CMOs
|
253,292
|
|
|
244,709
|
|
|
254,331
|
|
|
243,644
|
|
||||
GSE MBSs
|
223,933
|
|
|
222,228
|
|
|
202,478
|
|
|
199,401
|
|
||||
Private-label CMOs
|
2,950
|
|
|
3,031
|
|
|
3,258
|
|
|
3,355
|
|
||||
SBA commercial loan asset-backed securities
|
236
|
|
|
234
|
|
|
245
|
|
|
243
|
|
||||
Auction-rate municipal obligations
|
1,900
|
|
|
1,690
|
|
|
1,900
|
|
|
1,775
|
|
||||
Municipal obligations
|
321
|
|
|
336
|
|
|
1,068
|
|
|
1,086
|
|
||||
Corporate debt obligations
|
39,787
|
|
|
40,132
|
|
|
27,751
|
|
|
28,224
|
|
||||
Trust preferred securities
|
1,461
|
|
|
1,235
|
|
|
1,461
|
|
|
1,210
|
|
||||
Total debt securities
|
535,979
|
|
|
525,718
|
|
|
504,630
|
|
|
491,118
|
|
||||
Marketable equity securities
|
1,262
|
|
|
1,355
|
|
|
1,259
|
|
|
1,310
|
|
||||
Total investment securities available-for-sale
|
$
|
537,241
|
|
|
$
|
527,073
|
|
|
$
|
505,889
|
|
|
$
|
492,428
|
|
|
|
|
|
|
|
|
|
||||||||
Investment securities held-to-maturity
|
$
|
500
|
|
|
$
|
500
|
|
|
$
|
500
|
|
|
$
|
500
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||||||||
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Non-interest-bearing accounts
|
$
|
682,383
|
|
|
17.7
|
%
|
|
0.00
|
%
|
|
$
|
707,023
|
|
|
18.4
|
%
|
|
0.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
NOW accounts
|
212,877
|
|
|
5.5
|
%
|
|
0.07
|
%
|
|
210,602
|
|
|
5.5
|
%
|
|
0.07
|
%
|
||
Savings accounts
|
517,327
|
|
|
13.5
|
%
|
|
0.24
|
%
|
|
494,734
|
|
|
12.9
|
%
|
|
0.25
|
%
|
||
Money market accounts
|
1,517,290
|
|
|
39.4
|
%
|
|
0.51
|
%
|
|
1,487,979
|
|
|
38.8
|
%
|
|
0.54
|
%
|
||
Certificate of deposit accounts
|
917,773
|
|
|
23.9
|
%
|
|
0.89
|
%
|
|
934,668
|
|
|
24.4
|
%
|
|
0.91
|
%
|
||
Total interest-bearing deposits
|
3,165,267
|
|
|
82.3
|
%
|
|
0.55
|
%
|
|
3,127,983
|
|
|
81.6
|
%
|
|
0.57
|
%
|
||
Total deposits
|
$
|
3,847,650
|
|
|
100.0
|
%
|
|
0.45
|
%
|
|
$
|
3,835,006
|
|
|
100.0
|
%
|
|
0.47
|
%
|
|
Three Months Ended March 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||
|
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
|
$
|
698,462
|
|
|
18.2
|
%
|
|
0.00
|
%
|
|
$
|
607,878
|
|
|
16.8
|
%
|
|
0.00
|
%
|
NOW accounts
|
206,226
|
|
|
5.4
|
%
|
|
0.08
|
%
|
|
190,320
|
|
|
5.3
|
%
|
|
0.11
|
%
|
||
Savings accounts
|
508,555
|
|
|
13.2
|
%
|
|
0.24
|
%
|
|
514,383
|
|
|
14.3
|
%
|
|
0.27
|
%
|
||
Money market accounts
|
1,505,992
|
|
|
39.1
|
%
|
|
0.53
|
%
|
|
1,294,593
|
|
|
35.8
|
%
|
|
0.65
|
%
|
||
Total core deposits
|
2,919,235
|
|
|
75.9
|
%
|
|
0.32
|
%
|
|
2,607,174
|
|
|
72.2
|
%
|
|
0.38
|
%
|
||
Certificate of deposit accounts
|
927,199
|
|
|
24.1
|
%
|
|
0.87
|
%
|
|
1,002,602
|
|
|
27.8
|
%
|
|
0.96
|
%
|
||
Total deposits
|
$
|
3,846,434
|
|
|
100.0
|
%
|
|
0.45
|
%
|
|
$
|
3,609,776
|
|
|
100.0
|
%
|
|
0.54
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||||||||
|
Amount
|
|
Weighted
Average Rate
|
|
Amount
|
|
Weighted
Average Rate
|
||||||
|
(Dollars in Thousands)
|
||||||||||||
Maturity period:
|
|
|
|
|
|
|
|
|
|
|
|
||
Six months or less
|
$
|
182,655
|
|
|
0.71
|
%
|
|
$
|
181,598
|
|
|
0.70
|
%
|
Over six months through 12 months
|
137,330
|
|
|
0.83
|
%
|
|
139,154
|
|
|
0.86
|
%
|
||
Over 12 months
|
101,651
|
|
|
1.29
|
%
|
|
103,937
|
|
|
1.32
|
%
|
||
|
$
|
421,636
|
|
|
0.89
|
%
|
|
$
|
424,689
|
|
|
0.91
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(Dollars in Thousands)
|
||||||
Average balance outstanding
|
$
|
803,729
|
|
|
$
|
753,270
|
|
Maximum amount outstanding at any month-end during the period
|
855,915
|
|
|
778,280
|
|
||
Balance outstanding at end of period
|
855,915
|
|
|
759,675
|
|
||
Weighted average interest rate for the period
|
1.28
|
%
|
|
1.59
|
%
|
||
Weighted average interest rate at end of period
|
1.18
|
%
|
|
1.46
|
%
|
|
|
|
|
Carrying Amount at March 31, 2014
|
Carrying Amount at December 31, 2013
|
||||
Issue Date
|
Rate
|
Maturity Date
|
Next Call Date
|
||||||
(Dollars in Thousands)
|
|||||||||
June 26, 2003
|
Variable; 3-month LIBOR + 3.10%
|
June 26, 2033
|
June 26, 2014
|
$
|
4,673
|
|
$
|
4,666
|
|
March 17, 2004
|
Variable; 3-month LIBOR + 2.79%
|
March 17, 2034
|
June 17, 2014
|
$
|
4,509
|
|
$
|
4,497
|
|
|
Interest-Rate Swaps
|
||||||
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
|
(Dollars in Thousands)
|
||||||
Notional principal amounts
|
$
|
22,218
|
|
|
$
|
22,418
|
|
Fixed weighted average interest rate from customer to counterparty
|
5.7
|
%
|
|
5.7
|
%
|
||
Floating weighted average rate from counterparty
|
3.4
|
%
|
|
3.5
|
%
|
||
Weighted average remaining term to maturity (in months)
|
44
|
|
|
47
|
|
||
Fair value:
|
|
|
|
|
|||
Recognized as an asset
|
$
|
789
|
|
|
$
|
825
|
|
Recognized as a liability
|
$
|
818
|
|
|
$
|
856
|
|
|
Three Months Ended March 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||
Income statement data:
|
|
|
|
|
|
||
Net interest income
|
$
|
47,734
|
|
|
$
|
43,669
|
|
Non-interest income
|
5,124
|
|
|
3,327
|
|
||
Non-interest expense
|
33,576
|
|
|
30,772
|
|
||
Net income
|
10,422
|
|
|
8,813
|
|
||
Operating ratios:
|
|
|
|
|
|
||
Interest-rate spread (1) (6)
|
3.67
|
%
|
|
3.54
|
%
|
||
Net interest margin (2) (6)
|
3.82
|
%
|
|
3.70
|
%
|
||
Return on average assets (3) (6)
|
0.78
|
%
|
|
0.70
|
%
|
||
Efficiency ratio (4) (6)
|
63.52
|
%
|
|
65.48
|
%
|
||
Return on average stockholders’ equity (5) (6)
|
6.70
|
%
|
|
5.72
|
%
|
|
Three Months Ended
|
||||||||||||||||||||
|
March 31, 2014
|
|
March 31, 2013
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
(1)
|
|
Average
Yield/
Cost
|
|
Average
Balance
|
|
Interest
(1)
|
|
Average
Yield/
Cost
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debt securities (2)
|
$
|
502,598
|
|
|
$
|
2,263
|
|
|
1.80
|
%
|
|
$
|
471,509
|
|
|
$
|
1,861
|
|
|
1.58
|
%
|
Marketable and restricted equity securities (2)
|
66,954
|
|
|
497
|
|
|
2.99
|
%
|
|
68,550
|
|
|
357
|
|
|
2.10
|
%
|
||||
Short-term investments
|
45,834
|
|
|
44
|
|
|
0.39
|
%
|
|
57,695
|
|
|
29
|
|
|
0.20
|
%
|
||||
Total investments
|
615,386
|
|
|
2,804
|
|
|
1.83
|
%
|
|
597,754
|
|
|
2,247
|
|
|
1.48
|
%
|
||||
Commercial real estate loans (3)
|
2,228,495
|
|
|
25,702
|
|
|
4.61
|
%
|
|
1,988,501
|
|
|
24,315
|
|
|
4.89
|
%
|
||||
Commercial loans and leases (3)
|
476,455
|
|
|
4,693
|
|
|
3.94
|
%
|
|
426,573
|
|
|
4,569
|
|
|
4.28
|
%
|
||||
Equipment financing (3)
|
522,288
|
|
|
11,037
|
|
|
8.50
|
%
|
|
436,983
|
|
|
8,001
|
|
|
7.38
|
%
|
||||
Indirect automobile loans (3)
|
384,833
|
|
|
3,264
|
|
|
3.44
|
%
|
|
526,923
|
|
|
4,916
|
|
|
3.78
|
%
|
||||
Residential mortgage loans (3)
|
532,593
|
|
|
4,809
|
|
|
3.65
|
%
|
|
508,303
|
|
|
5,165
|
|
|
4.10
|
%
|
||||
Other consumer loans (3)
|
267,204
|
|
|
2,579
|
|
|
3.91
|
%
|
|
265,047
|
|
|
2,616
|
|
|
4.00
|
%
|
||||
Total loans and leases
|
4,411,868
|
|
|
52,084
|
|
|
4.74
|
%
|
|
4,152,330
|
|
|
49,582
|
|
|
4.80
|
%
|
||||
Total interest-earning assets
|
5,027,254
|
|
|
54,888
|
|
|
4.38
|
%
|
|
4,750,084
|
|
|
51,829
|
|
|
4.38
|
%
|
||||
Allowance for loan and lease losses
|
(49,087
|
)
|
|
|
|
|
|
|
|
(41,487
|
)
|
|
|
|
|
|
|
||||
Non-interest-earning assets
|
383,550
|
|
|
|
|
|
|
|
|
362,566
|
|
|
|
|
|
|
|
||||
Total assets
|
$
|
5,361,717
|
|
|
|
|
|
|
|
|
$
|
5,071,163
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NOW accounts
|
$
|
206,226
|
|
|
41
|
|
|
0.08
|
%
|
|
$
|
190,320
|
|
|
51
|
|
|
0.11
|
%
|
||
Savings accounts
|
508,555
|
|
|
303
|
|
|
0.24
|
%
|
|
514,383
|
|
|
337
|
|
|
0.27
|
%
|
||||
Money market accounts
|
1,505,992
|
|
|
1,959
|
|
|
0.53
|
%
|
|
1,294,593
|
|
|
2,061
|
|
|
0.65
|
%
|
||||
Certificates of deposit
|
927,199
|
|
|
1,988
|
|
|
0.87
|
%
|
|
1,002,602
|
|
|
2,385
|
|
|
0.96
|
%
|
||||
Total interest-bearing deposits (4)
|
3,147,972
|
|
|
4,291
|
|
|
0.55
|
%
|
|
3,001,898
|
|
|
4,834
|
|
|
0.65
|
%
|
||||
Advances from the FHLBB
|
803,729
|
|
|
2,531
|
|
|
1.28
|
%
|
|
753,270
|
|
|
2,955
|
|
|
1.59
|
%
|
||||
Other borrowed funds
|
38,438
|
|
|
138
|
|
|
1.45
|
%
|
|
63,065
|
|
|
154
|
|
|
0.99
|
%
|
||||
Total interest-bearing liabilities
|
3,990,139
|
|
|
6,960
|
|
|
0.71
|
%
|
|
3,818,233
|
|
|
7,943
|
|
|
0.84
|
%
|
||||
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Demand checking accounts (4)
|
698,462
|
|
|
|
|
|
|
|
|
607,878
|
|
|
|
|
|
|
|
||||
Other non-interest-bearing liabilities
|
47,103
|
|
|
|
|
|
|
|
|
24,575
|
|
|
|
|
|
|
|
||||
Total liabilities
|
4,735,704
|
|
|
|
|
|
|
|
|
4,450,686
|
|
|
|
|
|
|
|
||||
Brookline Bancorp, Inc. stockholders’ equity
|
621,764
|
|
|
|
|
|
|
|
|
616,627
|
|
|
|
|
|
|
|
||||
Noncontrolling interest in subsidiary
|
4,249
|
|
|
|
|
|
|
|
|
3,850
|
|
|
|
|
|
|
|
||||
Total liabilities and equity
|
$
|
5,361,717
|
|
|
|
|
|
|
|
|
$
|
5,071,163
|
|
|
|
|
|
|
|
||
Net interest income (tax-equivalent basis) / Interest-rate spread (5)
|
|
|
|
47,928
|
|
|
3.67
|
%
|
|
|
|
|
43,886
|
|
|
3.54
|
%
|
||||
Less adjustment of tax-exempt income
|
|
|
|
194
|
|
|
|
|
|
|
|
|
217
|
|
|
|
|
||||
Net interest income
|
|
|
|
$
|
47,734
|
|
|
|
|
|
|
|
|
$
|
43,669
|
|
|
|
|
||
Net interest margin (6)
|
|
|
|
|
|
|
3.82
|
%
|
|
|
|
|
|
|
|
3.70
|
%
|
(1)
|
Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
|
(2)
|
Investment securities available-for-sale, which include marketable equity securities, also include unrealized gains (losses). Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
|
(3)
|
Loans on nonaccrual status are included in the average balances.
|
(4)
|
Including non-interest-bearing checking accounts, the average interest rate on total deposits was
0.45%
and
0.54%
in the three months ended
March 31, 2014
and
March 31, 2013
, respectively.
|
(5)
|
Interest-rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2014 as Compared to the Three Months Ended March 31, 2013
|
||||||||||
|
Increase
|
|
|||||||||
|
(Decrease) Due To
|
|
|||||||||
|
Volume
|
|
Rate
|
|
Net
|
||||||
|
(In Thousands)
|
||||||||||
Interest and dividend income
|
|
|
|
|
|
|
|
||||
Debt securities
|
129
|
|
|
273
|
|
|
402
|
|
|||
Marketable and restricted equity securities
|
(8
|
)
|
|
148
|
|
|
140
|
|
|||
Short-term investments
|
$
|
(7
|
)
|
|
$
|
22
|
|
|
$
|
15
|
|
Total investments
|
114
|
|
|
443
|
|
|
557
|
|
|||
Loans and leases:
|
|
|
|
|
|
|
|
|
|||
Commercial real estate loans
|
2,803
|
|
|
(1,416
|
)
|
|
1,387
|
|
|||
Commercial loans and leases
|
500
|
|
|
(376
|
)
|
|
124
|
|
|||
Equipment financing
|
1,708
|
|
|
1,328
|
|
|
3,036
|
|
|||
Indirect automobile loans
|
(1,239
|
)
|
|
(413
|
)
|
|
(1,652
|
)
|
|||
Residential mortgage loans
|
234
|
|
|
(590
|
)
|
|
(356
|
)
|
|||
Other consumer loans
|
21
|
|
|
(58
|
)
|
|
(37
|
)
|
|||
Total loans and leases
|
4,027
|
|
|
(1,525
|
)
|
|
2,502
|
|
|||
Total change in interest and dividend income
|
4,141
|
|
|
(1,082
|
)
|
|
3,059
|
|
|||
|
|
|
|
|
|
||||||
Interest expense
|
|
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|
|
|||
NOW accounts
|
4
|
|
|
(14
|
)
|
|
(10
|
)
|
|||
Savings accounts
|
(3
|
)
|
|
(31
|
)
|
|
(34
|
)
|
|||
Money market accounts
|
312
|
|
|
(414
|
)
|
|
(102
|
)
|
|||
Certificates of deposit
|
(177
|
)
|
|
(220
|
)
|
|
(397
|
)
|
|||
Total deposits
|
136
|
|
|
(679
|
)
|
|
(543
|
)
|
|||
Advances from the FHLBB
|
186
|
|
|
(610
|
)
|
|
(424
|
)
|
|||
Other borrowed funds
|
(73
|
)
|
|
57
|
|
|
(16
|
)
|
|||
Total change in interest expense
|
249
|
|
|
(1,232
|
)
|
|
(983
|
)
|
|||
Change in tax-exempt income
|
(23
|
)
|
|
—
|
|
|
(23
|
)
|
|||
Change in net interest income
|
$
|
3,915
|
|
|
$
|
150
|
|
|
$
|
4,065
|
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income — loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate loans
|
$
|
25,572
|
|
|
$
|
24,152
|
|
|
$
|
1,420
|
|
|
5.9
|
%
|
Commercial loans
|
4,680
|
|
|
4,569
|
|
|
111
|
|
|
2.4
|
%
|
|||
Equipment financing
|
11,037
|
|
|
8,001
|
|
|
3,036
|
|
|
37.9
|
%
|
|||
Indirect automobile loans
|
3,264
|
|
|
4,916
|
|
|
(1,652
|
)
|
|
-33.6
|
%
|
|||
Residential mortgage loans
|
4,809
|
|
|
5,165
|
|
|
(356
|
)
|
|
-6.9
|
%
|
|||
Other consumer loans
|
2,580
|
|
|
2,616
|
|
|
(36
|
)
|
|
-1.4
|
%
|
|||
Total interest income — loans and leases
|
$
|
51,942
|
|
|
$
|
49,419
|
|
|
$
|
2,523
|
|
|
5.1
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income — investments:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debt securities
|
$
|
2,259
|
|
|
$
|
1,852
|
|
|
$
|
407
|
|
|
22.0
|
%
|
Marketable and restricted equity securities
|
449
|
|
|
310
|
|
|
139
|
|
|
44.8
|
%
|
|||
Short-term investments
|
44
|
|
|
31
|
|
|
13
|
|
|
41.9
|
%
|
|||
Total interest income — investments
|
$
|
2,752
|
|
|
$
|
2,193
|
|
|
$
|
559
|
|
|
25.5
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||
NOW accounts
|
$
|
41
|
|
|
$
|
51
|
|
|
$
|
(10
|
)
|
|
-19.6
|
%
|
Savings accounts
|
303
|
|
|
337
|
|
|
(34
|
)
|
|
-10.1
|
%
|
|||
Money market accounts
|
1,959
|
|
|
2,061
|
|
|
(102
|
)
|
|
-4.9
|
%
|
|||
Certificates of deposit
|
1,988
|
|
|
2,385
|
|
|
(397
|
)
|
|
-16.6
|
%
|
|||
Total interest expense — deposits
|
4,291
|
|
|
4,834
|
|
|
(543
|
)
|
|
-11.2
|
%
|
|||
Borrowed funds:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Advances from the FHLBB
|
2,531
|
|
|
2,955
|
|
|
(424
|
)
|
|
-14.3
|
%
|
|||
Other borrowed funds
|
138
|
|
|
154
|
|
|
(16
|
)
|
|
-10.4
|
%
|
|||
Total interest expense — borrowed funds
|
2,669
|
|
|
3,109
|
|
|
(440
|
)
|
|
-14.2
|
%
|
|||
Total interest expense
|
$
|
6,960
|
|
|
$
|
7,943
|
|
|
$
|
(983
|
)
|
|
-12.4
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Provision (credit) for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|||
Commercial real estate
|
$
|
1,836
|
|
|
$
|
566
|
|
|
$
|
1,270
|
|
|
224.4
|
%
|
Commercial
|
624
|
|
|
1,162
|
|
|
(538
|
)
|
|
-46.3
|
%
|
|||
Indirect automobile
|
(75
|
)
|
|
(72
|
)
|
|
(3
|
)
|
|
4.2
|
%
|
|||
Consumer
|
(84
|
)
|
|
77
|
|
|
(161
|
)
|
|
-209.1
|
%
|
|||
Unallocated
|
116
|
|
|
66
|
|
|
50
|
|
|
75.8
|
%
|
|||
Total provision for loan and lease losses
|
2,417
|
|
|
1,799
|
|
|
618
|
|
|
34.4
|
%
|
|||
Unfunded credit commitments
|
26
|
|
|
56
|
|
|
(30
|
)
|
|
-53.6
|
%
|
|||
Total provision for credit losses
|
$
|
2,443
|
|
|
$
|
1,855
|
|
|
$
|
588
|
|
|
31.7
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Deposit fees
|
$
|
1,959
|
|
|
$
|
2,066
|
|
|
$
|
(107
|
)
|
|
-5.2
|
%
|
Loan fees
|
436
|
|
|
421
|
|
|
15
|
|
|
3.6
|
%
|
|||
Loss from investments in affordable housing projects
|
(504
|
)
|
|
(312
|
)
|
|
(192
|
)
|
|
61.5
|
%
|
|||
Gain on sales of loans and leases held-for-sale
|
602
|
|
|
298
|
|
|
304
|
|
|
102.0
|
%
|
|||
Gain on sales/disposals of fixed assets, net
|
1,510
|
|
|
—
|
|
|
1,510
|
|
|
—
|
%
|
|||
Other
|
1,121
|
|
|
854
|
|
|
267
|
|
|
31.3
|
%
|
|||
Total non-interest income
|
$
|
5,124
|
|
|
$
|
3,327
|
|
|
$
|
1,797
|
|
|
54.0
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Compensation and employee benefits
|
$
|
18,032
|
|
|
$
|
16,298
|
|
|
$
|
1,734
|
|
|
10.6
|
%
|
Occupancy
|
4,405
|
|
|
3,083
|
|
|
1,322
|
|
|
42.9
|
%
|
|||
Equipment and data processing
|
4,377
|
|
|
4,100
|
|
|
277
|
|
|
6.8
|
%
|
|||
Professional services
|
1,727
|
|
|
1,501
|
|
|
226
|
|
|
15.1
|
%
|
|||
FDIC insurance
|
860
|
|
|
934
|
|
|
(74
|
)
|
|
-7.9
|
%
|
|||
Advertising and marketing
|
665
|
|
|
670
|
|
|
(5
|
)
|
|
-0.7
|
%
|
|||
Amortization of identified intangible assets
|
861
|
|
|
1,165
|
|
|
(304
|
)
|
|
-26.1
|
%
|
|||
Other
|
2,649
|
|
|
3,021
|
|
|
(372
|
)
|
|
-12.3
|
%
|
|||
Total non-interest expense
|
$
|
33,576
|
|
|
$
|
30,772
|
|
|
$
|
2,804
|
|
|
9.1
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
|
|
Percent
|
|||||||||
|
2014
|
|
2013
|
|
Change
|
|
Change
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Income before provision for income taxes
|
$
|
16,839
|
|
|
$
|
14,369
|
|
|
$
|
2,470
|
|
|
17.2
|
%
|
Provision for income taxes
|
5,995
|
|
|
5,129
|
|
|
866
|
|
|
16.9
|
%
|
|||
Net income
|
$
|
10,844
|
|
|
$
|
9,240
|
|
|
$
|
1,604
|
|
|
17.4
|
%
|
|
|
|
|
|
|
|
|
|||||||
Effective tax rate
|
35.6
|
%
|
|
35.7
|
%
|
|
N/A
|
|
|
-0.3
|
%
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||||
|
(In Thousands)
|
||||||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
|
|
||
Commitments to originate loans and leases:
|
|
|
|
|
|
||
Commercial real estate
|
$
|
46,753
|
|
|
$
|
48,973
|
|
Commercial
|
132,659
|
|
|
143,252
|
|
||
Residential mortgage
|
10,658
|
|
|
8,027
|
|
||
Unadvanced portion of loans and leases
|
577,151
|
|
|
586,279
|
|
||
Unused lines of credit:
|
|
|
|
|
|
||
Home equity
|
207,994
|
|
|
205,665
|
|
||
Other commercial
|
1,317
|
|
|
1,035
|
|
||
Unused letters of credit:
|
|
|
|
|
|
||
Financial standby letters of credit
|
18,685
|
|
|
20,410
|
|
||
Performance standby letters of credit
|
2,989
|
|
|
2,989
|
|
||
Commercial and similar letters of credit
|
2,316
|
|
|
440
|
|
||
Back-to-back interest-rate swaps
|
22,218
|
|
|
22,418
|
|
|
|
Actual
|
|
Minimum Required for
Capital Adequacy
Purposes
|
|
Minimum Required To
Be Considered
“Well-Capitalized”
|
|||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
|
(Dollars in Thousands)
|
|||||||||||||||||||
At March 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brookline Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
485,922
|
|
|
9.3
|
%
|
|
$
|
208,327
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 risk-based capital ratio
|
(2)
|
485,922
|
|
|
10.9
|
%
|
|
178,977
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Total risk-based capital ratio
|
(3)
|
537,208
|
|
|
12.0
|
%
|
|
357,840
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brookline Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
306,754
|
|
|
9.4
|
%
|
|
$
|
130,395
|
|
|
4.0
|
%
|
|
$
|
162,994
|
|
|
5.0
|
%
|
Tier 1 risk-based capital ratio
|
(2)
|
306,754
|
|
|
10.4
|
%
|
|
118,096
|
|
|
4.0
|
%
|
|
177,144
|
|
|
6.0
|
%
|
|||
Total risk-based capital ratio
|
(3)
|
343,660
|
|
|
11.6
|
%
|
|
236,192
|
|
|
8.0
|
%
|
|
295,241
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BankRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
139,838
|
|
|
8.2
|
%
|
|
$
|
68,131
|
|
|
4.0
|
%
|
|
$
|
85,163
|
|
|
5.0
|
%
|
Tier 1 risk-based capital ratio
|
(2)
|
139,838
|
|
|
10.6
|
%
|
|
52,769
|
|
|
4.0
|
%
|
|
79,154
|
|
|
6.0
|
%
|
|||
Total risk-based capital ratio
|
(3)
|
151,646
|
|
|
11.5
|
%
|
|
105,585
|
|
|
8.0
|
%
|
|
131,981
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
First Ipswich
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
30,705
|
|
|
10.2
|
%
|
|
$
|
12,053
|
|
|
4.0
|
%
|
|
$
|
15,066
|
|
|
5.0
|
%
|
Tier 1 risk-based capital ratio
|
(2)
|
30,705
|
|
|
13.3
|
%
|
|
9,255
|
|
|
4.0
|
%
|
|
13,883
|
|
|
6.0
|
%
|
|||
Total risk-based capital ratio
|
(3)
|
32,710
|
|
|
14.1
|
%
|
|
18,506
|
|
|
8.0
|
%
|
|
23,133
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
At December 31, 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brookline Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
480,472
|
|
|
9.4
|
%
|
|
$
|
205,330
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 risk-based capital ratio
|
(2)
|
480,472
|
|
|
11.0
|
%
|
|
174,558
|
|
|
4.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Total risk-based capital ratio
|
(3)
|
529,982
|
|
|
12.2
|
%
|
|
348,959
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Brookline Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
299,822
|
|
|
9.4
|
%
|
|
$
|
127,992
|
|
|
4.0
|
%
|
|
$
|
159,990
|
|
|
5.0
|
%
|
Tier 1 risk-based capital ratio
|
(2)
|
299,822
|
|
|
10.4
|
%
|
|
114,984
|
|
|
4.0
|
%
|
|
172,477
|
|
|
6.0
|
%
|
|||
Total risk-based capital ratio
|
(3)
|
335,748
|
|
|
11.7
|
%
|
|
229,768
|
|
|
8.0
|
%
|
|
287,210
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
BankRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
134,904
|
|
|
8.1
|
%
|
|
$
|
66,784
|
|
|
4.0
|
%
|
|
$
|
83,480
|
|
|
5.0
|
%
|
Tier 1 risk-based capital ratio
|
(2)
|
134,904
|
|
|
10.6
|
%
|
|
51,052
|
|
|
4.0
|
%
|
|
76,577
|
|
|
6.0
|
%
|
|||
Total risk-based capital ratio
|
(3)
|
145,847
|
|
|
11.4
|
%
|
|
102,080
|
|
|
8.0
|
%
|
|
127,600
|
|
|
10.0
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
First Ipswich
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tier 1 leverage capital ratio
|
(1)
|
$
|
30,435
|
|
|
9.8
|
%
|
|
$
|
12,461
|
|
|
4.0
|
%
|
|
$
|
15,576
|
|
|
5.0
|
%
|
Tier 1 risk-based capital ratio
|
(2)
|
30,435
|
|
|
13.6
|
%
|
|
8,971
|
|
|
4.0
|
%
|
|
13,457
|
|
|
6.0
|
%
|
|||
Total risk-based capital ratio
|
(3)
|
32,289
|
|
|
14.4
|
%
|
|
17,938
|
|
|
8.0
|
%
|
|
22,423
|
|
|
10.0
|
%
|
1.
|
Tier 1 leverage capital ratio is calculated by dividing Tier 1 capital by average assets.
|
2.
|
Tier 1 risk-based capital ratio is calculated by dividing Tier 1 capital by risk-weighted assets.
|
3.
|
Total risk-based capital ratio is calculated by dividing total capital by risk-weighted assets.
|
|
|
Estimated Exposure to Net Interest Income
over Twelve-Month Horizon Beginning
|
||||||||||||||||
|
|
March 31, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||||||||
Gradual Change in
Interest Rate Levels
|
|
Dollar
Change
|
|
Percent
Change
|
|
Dollar
Change
|
|
Percent
Change
|
|
Dollar
Change
|
|
Percent
Change
|
||||||
|
|
(Dollars in Thousands)
|
||||||||||||||||
Up 300 basis points
|
|
386
|
|
|
0.21
|
%
|
|
590
|
|
|
0.33
|
%
|
|
2,591
|
|
|
1.48
|
%
|
Up 200 basis points
|
|
297
|
|
|
0.16
|
%
|
|
414
|
|
|
0.23
|
%
|
|
1,635
|
|
|
0.93
|
%
|
Up 100 basis points
|
|
167
|
|
|
0.09
|
%
|
|
220
|
|
|
0.12
|
%
|
|
687
|
|
|
0.39
|
%
|
Down 100 basis points
|
|
(3,756
|
)
|
|
-2.06
|
%
|
|
(3,648
|
)
|
|
-2.02
|
%
|
|
(2,193
|
)
|
|
-1.25
|
%
|
|
|
Estimated Percent Change in EVE at Risk
|
||||
Parallel Shock in Interest Rate Levels
|
|
At March 31, 2014
|
|
At December 31, 2013
|
||
|
|
|
|
|
||
Up 300%
|
|
-5.77
|
%
|
|
-3.05
|
%
|
Up 200%
|
|
-5.55
|
%
|
|
-3.87
|
%
|
Up 100%
|
|
-3.07
|
%
|
|
-2.06
|
%
|
Down 100%
|
|
-0.87
|
%
|
|
-1.11
|
%
|
Exhibit 10.1*
|
|
Form of Amended Change in Control Agreement
|
|
|
|
Exhibit 31.1*
|
|
Certification of Chief Executive Officer
|
|
|
|
Exhibit 31.2*
|
|
Certification of Chief Financial Officer
|
|
|
|
Exhibit 32.1**
|
|
Section 1350 Certification of Chief Executive Officer
|
|
|
|
Exhibit 32.2**
|
|
Section 1350 Certification of Chief Financial Officer
|
|
|
|
Exhibit 101***
|
|
The following materials from Brookline Bancorp, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) Unaudited Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013; (ii) Unaudited Consolidated Statements of Income for the three months ended March 31, 2014 and 2013; (iii) Unaudited Consolidated Statements of Comprehensive Income for the three months ended March 31, 2014 and 2013; (iv) Unaudited Consolidated Statements of Changes in Equity for the three months ended March 31, 2014 and 2013; (v) Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2014 and 2013; and (vi) Notes to Unaudited Consolidated Financial Statements at and for the three months ended March 31, 2014 and 2013.
|
*
|
|
Filed herewith.
|
**
|
|
Furnished herewith.
|
***
|
|
Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended.
|
|
BROOKLINE BANCORP, INC.
|
||
|
|
|
|
|
|
|
|
Date: May 9, 2014
|
By:
|
/s/ Paul A. Perrault
|
|
|
|
Paul A. Perrault
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date: May 9, 2014
|
By:
|
/s/ Carl M. Carlson
|
|
|
|
Carl M. Carlson
|
|
|
|
Chief Financial Officer and Treasurer
|
|
|
|
(Principal Financial Officer)
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Brookline Bancorp, Inc.;
|
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 15d-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 most recent 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 the 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.
|
May 9, 2014
|
/s/ Paul A. Perrault
|
Date
|
Paul A. Perrault
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Brookline Bancorp, Inc.;
|
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 15d-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 most recent 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 the 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.
|
May 9, 2014
|
/s/ Carl M. Carlson
|
Date
|
Carl M. Carlson
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial Officer)
|
1.
|
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
|
May 9, 2014
|
/s/ Paul A. Perrault
|
Date
|
Paul A. Perrault
|
|
President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
May 9, 2014
|
/s/ Carl M. Carlson
|
Date
|
Carl M. Carlson
|
|
Chief Financial Officer and Treasurer
|
|
(Principal Financial Officer)
|