þ
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
For the Fiscal Year Ended December 31, 2015
|
¨
|
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Connecticut
|
|
27-3577029
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
45 Glastonbury Boulevard, Glastonbury, Connecticut
|
|
06033
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of Class
|
|
Name of each exchange where registered
|
Common Stock, no par value
|
|
NASDAQ Global Select Stock Market
|
Large accelerated filer
¨
|
|
Accelerated filer
þ
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
¨
|
|
|
Page No.
|
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
||
Item 15.
|
||
•
|
Local, regional, national and international business or economic conditions may differ from those expected;
|
•
|
The effects of and changes in trade, monetary and fiscal policies and laws, including the U.S. Federal Reserve Board’s interest rate policies, may adversely affect our business;
|
•
|
The ability to increase market share and control expenses may be more difficult than anticipated;
|
•
|
Changes in government regulations (including those concerning taxes, banking, securities and insurance) may adversely affect us or our businesses, including those under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the Basel III update to the Basel Accords;
|
•
|
Changes in accounting policies and practices, as may be adopted by regulatory agencies or the Financial Accounting Standards Board, may affect expected financial reporting;
|
•
|
Future changes in interest rates may reduce our profits which could have a negative impact on the value of our stock;
|
•
|
Technological changes and cyber-security matters;
|
•
|
Changes in demand for loan products, financial products and deposit flow could impact our financial performance;
|
•
|
The timely development and acceptance of new products and services and perceived overall value of these products and services by customers;
|
•
|
Adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio;
|
•
|
Strong competition within our market area may limit our growth and profitability;
|
•
|
We have opened and plan to open additional new branches and/or loan production offices which may not become profitable as soon as anticipated, if at all;
|
•
|
If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease;
|
•
|
Our stock value may be negatively affected by banking regulations;
|
•
|
Changes in the level of non-performing assets and charge-offs;
|
•
|
Because we intend to continue to increase our commercial real estate and commercial business loan originations, our lending risk may increase, and downturns in the real estate market or local economy could adversely affect our earnings;
|
•
|
The trading volume in our stock is less than in larger publicly traded companies which can cause price volatility, hinder your ability to sell our common stock and may lower the market price of the stock;
|
•
|
We may not manage the risks involved in the foregoing as well as anticipated;
|
•
|
Our ability to attract and retain qualified employees; and
|
•
|
Severe weather, natural disasters, acts of God, war or terrorism and other external events could significantly impact our business.
|
•
|
Limiting the amount of credit that individual lenders may extend;
|
•
|
Establishing a process for credit approval accountability;
|
•
|
Careful initial underwriting and analysis of borrower, transaction, market and collateral risks;
|
•
|
Established underwriting practices;
|
•
|
Ongoing servicing of the majority of individual loans and lending relationships;
|
•
|
Continuous monitoring of the transactions and portfolio, market dynamics and the economy;
|
•
|
Periodically reevaluating the Bank’s strategy and overall exposure to economic, market and other risks; and
|
•
|
Ongoing review of new commercial loans by the Chief Credit Officer.
|
•
|
Commercial Business Loans
: Repayment is generally dependent upon the successful operation of the borrower’s business.
|
•
|
Commercial Real Estate Loans
: Repayment is dependent on income being generated in amounts sufficient to cover operating expenses and debt service.
|
•
|
Consumer Loans
: Consumer loans are collateralized, if at all, with assets that may not provide an adequate source of payment of the loan due to depreciation, damage or loss.
|
|
Common Stock Per Share
|
||||||||||
|
Market Price
|
|
Dividends
Declared
|
||||||||
|
High
|
|
Low
|
|
|||||||
2015:
|
|
|
|
|
|
||||||
First Quarter
|
$
|
14.47
|
|
|
$
|
12.00
|
|
|
$
|
0.10
|
|
Second Quarter
|
13.91
|
|
|
12.25
|
|
|
0.12
|
|
|||
Third Quarter
|
13.87
|
|
|
12.14
|
|
|
0.12
|
|
|||
Fourth Quarter
|
14.16
|
|
|
12.45
|
|
|
0.12
|
|
|||
2014:
|
|
|
|
|
|
||||||
First Quarter
|
$
|
14.63
|
|
|
$
|
12.56
|
|
|
$
|
0.10
|
|
Second Quarter
|
14.31
|
|
|
12.21
|
|
|
0.10
|
|
|||
Third Quarter
|
13.91
|
|
|
12.01
|
|
|
0.10
|
|
|||
Fourth Quarter
|
14.67
|
|
|
12.66
|
|
|
0.10
|
|
|
12/31/2010
|
|
12/31/2011
|
|
12/31/2012
|
|
12/31/2013
|
|
12/31/2014
|
|
12/31/2015
|
||||||
S&P 500 Total Return Index
|
100.0
|
|
|
102.1
|
|
|
118.5
|
|
|
156.8
|
|
|
178.3
|
|
|
180.8
|
|
KRX Total Return Index
|
100.0
|
|
|
94.9
|
|
|
107.4
|
|
|
157.8
|
|
|
161.6
|
|
|
171.1
|
|
UBNK
|
100.0
|
|
|
131.8
|
|
|
171.1
|
|
|
194.2
|
|
|
202.2
|
|
|
187.8
|
|
|
|
|
At December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
|
$
|
6,228,541
|
|
|
$
|
5,476,809
|
|
|
$
|
2,301,615
|
|
|
$
|
1,998,799
|
|
|
$
|
1,749,872
|
|
Available for sale securities
|
|
1,059,169
|
|
|
1,053,011
|
|
|
404,903
|
|
|
241,389
|
|
|
151,237
|
|
|||||
Held to maturity securities
|
|
14,565
|
|
|
15,368
|
|
|
13,830
|
|
|
6,084
|
|
|
9,506
|
|
|||||
Federal Home Loan Bank stock
|
|
51,196
|
|
|
31,950
|
|
|
15,053
|
|
|
15,867
|
|
|
17,007
|
|
|||||
Loans receivable, net
|
|
4,587,062
|
|
|
3,877,063
|
|
|
1,697,012
|
|
|
1,586,985
|
|
|
1,457,398
|
|
|||||
Cash and cash equivalents
|
|
95,176
|
|
|
86,952
|
|
|
45,235
|
|
|
35,315
|
|
|
40,985
|
|
|||||
Deposits
|
|
4,437,071
|
|
|
4,035,311
|
|
|
1,735,205
|
|
|
1,504,680
|
|
|
1,326,766
|
|
|||||
Advances from the Federal Home Loan Bank and other borrowings
|
|
1,099,020
|
|
|
777,314
|
|
|
240,228
|
|
|
143,106
|
|
|
65,882
|
|
|||||
Total stockholders’ equity
|
|
625,521
|
|
|
602,408
|
|
|
299,382
|
|
|
320,611
|
|
|
333,471
|
|
|||||
Allowance for loan losses
|
|
33,887
|
|
|
24,809
|
|
|
19,183
|
|
|
18,477
|
|
|
16,025
|
|
|||||
Non-performing loans(1)
|
|
37,802
|
|
|
32,358
|
|
|
13,654
|
|
|
16,056
|
|
|
12,610
|
|
(1)
|
Non-performing loans include loans for which the Bank does not accrue interest (non-accrual loans).
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012 (1)
|
|
2011
|
||||||||||
|
|
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||
Selected Operating Data:
|
|
|
||||||||||||||||||
Interest and dividend income
|
|
$
|
196,345
|
|
|
$
|
155,879
|
|
|
$
|
77,517
|
|
|
$
|
77,952
|
|
|
$
|
75,580
|
|
Interest expense
|
|
31,763
|
|
|
18,007
|
|
|
10,460
|
|
|
10,944
|
|
|
17,471
|
|
|||||
Net interest income
|
|
164,582
|
|
|
137,872
|
|
|
67,057
|
|
|
67,008
|
|
|
58,109
|
|
|||||
Provision for loan losses
|
|
13,005
|
|
|
9,496
|
|
|
2,046
|
|
|
3,587
|
|
|
3,021
|
|
|||||
Net interest income after provision for loan losses
|
|
151,577
|
|
|
128,376
|
|
|
65,011
|
|
|
63,421
|
|
|
55,088
|
|
|||||
Non-interest income
|
|
32,487
|
|
|
16,605
|
|
|
17,051
|
|
|
14,707
|
|
|
14,759
|
|
|||||
Non-interest expense (2)
|
|
128,195
|
|
|
144,432
|
|
|
62,466
|
|
|
55,696
|
|
|
59,016
|
|
|||||
Income before income taxes
|
|
55,869
|
|
|
549
|
|
|
19,596
|
|
|
22,432
|
|
|
10,831
|
|
|||||
Income tax expense (benefit)
|
|
6,229
|
|
|
(6,233
|
)
|
|
5,369
|
|
|
6,635
|
|
|
3,739
|
|
|||||
Net income
|
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
|
$
|
15,797
|
|
|
$
|
7,092
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
1.01
|
|
|
$
|
0.16
|
|
|
$
|
0.55
|
|
|
$
|
0.57
|
|
|
$
|
0.25
|
|
Diluted
|
|
$
|
1.00
|
|
|
$
|
0.16
|
|
|
$
|
0.54
|
|
|
$
|
0.56
|
|
|
$
|
0.25
|
|
Dividends per share
|
|
$
|
0.46
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.52
|
|
|
$
|
0.27
|
|
(1)
|
Dividends per share included a $0.16 special dividend in the fourth quarter 2012.
|
(2)
|
Included in non-interest expense for 2015, 2014 and 2013, was merger related expense of
$1.6 million
,
$36.9 million
and
$2.1 million
, respectively.
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
0.87
|
%
|
|
0.16
|
%
|
|
0.67
|
%
|
|
0.84
|
%
|
|
0.39
|
%
|
|||||
Return on average equity
|
8.08
|
|
|
1.28
|
|
|
4.67
|
|
|
4.83
|
|
|
2.30
|
|
|||||
Tax-equivalent net interest rate spread (1)
|
3.11
|
|
|
3.43
|
|
|
3.22
|
|
|
3.61
|
|
|
3.04
|
|
|||||
Tax-equivalent net interest margin (2)
|
3.23
|
|
|
3.54
|
|
|
3.37
|
|
|
3.81
|
|
|
3.40
|
|
|||||
Non-interest expense to average assets
|
2.25
|
|
|
3.37
|
|
|
2.93
|
|
|
2.94
|
|
|
3.28
|
|
|||||
Efficiency ratio (3)
|
60.11
|
|
|
91.01
|
|
|
74.27
|
|
|
68.16
|
|
|
80.99
|
|
|||||
Dividend payout ratio
|
46.28
|
|
|
265.51
|
|
|
73.47
|
|
|
91.00
|
|
|
99.13
|
|
|||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital to total assets at end of year
|
10.04
|
|
|
11.00
|
|
|
13.01
|
|
|
16.04
|
|
|
19.06
|
|
|||||
Average capital to average assets
|
10.79
|
|
|
12.37
|
|
|
14.28
|
|
|
17.30
|
|
|
17.12
|
|
|||||
Total capital to risk-weighted assets
|
12.53
|
|
|
14.57
|
|
|
17.68
|
|
|
21.86
|
|
|
25.43
|
|
|||||
Tier 1 capital to risk-weighted assets
|
10.33
|
|
|
12.02
|
|
|
16.58
|
|
|
20.64
|
|
|
24.26
|
|
|||||
Tier 1 capital to total average assets
|
8.87
|
|
|
9.10
|
|
|
13.47
|
|
|
16.51
|
|
|
19.51
|
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses as a percent of total loans
|
0.73
|
|
|
0.64
|
|
|
1.12
|
|
|
1.15
|
|
|
1.09
|
|
|||||
Allowance for loan losses as a percent of non-performing loans
|
89.64
|
|
|
76.67
|
|
|
140.50
|
|
|
115.08
|
|
|
127.08
|
|
|||||
Net charge-offs to average outstanding loans during the period
|
0.10
|
|
|
0.12
|
|
|
0.08
|
|
|
0.07
|
|
|
0.09
|
|
|||||
Non-performing loans as a percent of total loans
|
0.82
|
|
|
0.83
|
|
|
0.80
|
|
|
1.00
|
|
|
0.86
|
|
|||||
Non-performing assets as a percent of total assets
|
0.62
|
|
|
0.59
|
|
|
0.59
|
|
|
0.80
|
|
|
0.72
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share
|
$
|
12.53
|
|
|
$
|
12.16
|
|
|
$
|
11.53
|
|
|
$
|
11.39
|
|
|
$
|
11.30
|
|
Tangible book value per share
|
$
|
10.07
|
|
|
$
|
9.65
|
|
|
$
|
11.49
|
|
|
$
|
11.35
|
|
|
$
|
11.26
|
|
Number of full service offices
|
52
|
|
|
53
|
|
|
19
|
|
|
18
|
|
|
18
|
|
|||||
Number of limited service offices
|
1
|
|
|
3
|
|
|
3
|
|
|
5
|
|
|
4
|
|
(1)
|
Represents the difference between the weighted-average yield on average interest-earning assets and the weighted- average cost of interest-bearing liabilities.
|
(2)
|
Represents net interest income as a percent of average interest-earning assets.
|
(3)
|
The efficiency ratio represents the ratio of non-interest expense before other real estate owned expense, amortization of intangibles, and goodwill impairment, if any, as a percent of net interest income (fully taxable equivalent) and non-interest income, excluding gains from securities transactions, net loss on limited partnerships and other nonrecurring items. The ratio for 2015, 2014 and 2013 includes $1.6 million, $36.9 million and $2.1 million, respectively, in merger related expense.
|
|
•
|
Our Business —
a general description of our business, our objectives and the challenges and risks of our business.
|
•
|
Critical Accounting Estimates —
a discussion of accounting estimates that require critical judgments and estimates.
|
•
|
Operating Results
— an analysis of our Company’s consolidated results of operations for the periods presented in our Consolidated Financial Statements.
|
•
|
Financial Condition, Liquidity and Capital Resources —
an overview of financial condition and market and interest rate risk.
|
•
|
Legacy United merged with and into Rockville Financial, Inc., which was the accounting acquirer and the surviving entity.
|
•
|
Rockville Financial, Inc. changed its legal entity name to United Financial Bancorp, Inc.
|
•
|
The Company’s common stock began trading on the NASDAQ Global Select Stock Exchange under the symbol “UBNK” upon consummation of the merger.
|
•
|
United Bank merged into Rockville Bank.
|
•
|
Rockville Bank changed its legal entity name to United Bank.
|
•
|
Expand our market area to increase core deposit relationships with a focus on checking, savings and money market accounts for personal, business and municipal depositors;
|
•
|
Build high quality, profitable loan portfolios using primarily organic growth and also purchase strategies, while also continuing to build efficiencies in its robust secondary mortgage banking business;
|
•
|
Build and diversify revenue streams through development of banking-related fee income; in particular through the expansion of its financial advisory services;
|
•
|
Maintain expense discipline and improve operating efficiencies;
|
•
|
Invest in technology to enhance superior customer service and products; and
|
•
|
Maintain a rigorous risk identification and management process.
|
•
|
Percentage and length of time by which an issue is below book value;
|
•
|
Financial condition and near-term prospects of the issuer including their ability to meet contractual obligations in a timely manner;
|
•
|
Ratings of the security;
|
•
|
Whether the decline in fair value appears to be issuer specific or, alternatively, a reflection of general market or industry conditions;
|
•
|
Whether the decline is due to interest rates and spreads or credit risk;
|
•
|
The value of underlying collateral; and
|
•
|
Our intent and ability to retain the investment for a period of time sufficient to allow for the anticipated recovery in the market value, or more likely than not, will be required to sell a debt security before its anticipated recovery which may not be until maturity.
|
|
|
|
Change
|
||||||||||||||||||||||
|
For the Years Ended December 31,
|
|
2015-2014
|
|
2014-2013
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Net interest income
|
$
|
164,582
|
|
|
$
|
137,872
|
|
|
$
|
67,057
|
|
|
$
|
26,710
|
|
|
19.4
|
%
|
|
$
|
70,815
|
|
|
105.6
|
%
|
Provision for loan losses
|
13,005
|
|
|
9,496
|
|
|
2,046
|
|
|
3,509
|
|
|
37.0
|
|
|
7,450
|
|
|
364.1
|
|
|||||
Non-interest income
|
32,487
|
|
|
16,605
|
|
|
17,051
|
|
|
15,882
|
|
|
95.6
|
|
|
(446
|
)
|
|
(2.6
|
)
|
|||||
Non-interest expense
|
128,195
|
|
|
144,432
|
|
|
62,466
|
|
|
(16,237
|
)
|
|
(11.2
|
)
|
|
81,966
|
|
|
131.2
|
|
|||||
Income before income taxes
|
55,869
|
|
|
549
|
|
|
19,596
|
|
|
55,320
|
|
|
10,076.5
|
|
|
(19,047
|
)
|
|
(97.2
|
)
|
|||||
Income tax provision (benefit)
|
6,229
|
|
|
(6,233
|
)
|
|
5,369
|
|
|
12,462
|
|
|
(199.9
|
)
|
|
(11,602
|
)
|
|
(216.1
|
)
|
|||||
Net income
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
|
$
|
42,858
|
|
|
631.9
|
|
|
$
|
(7,445
|
)
|
|
(52.3
|
)
|
Diluted earnings per share
|
$
|
1.00
|
|
|
$
|
0.16
|
|
|
$
|
0.54
|
|
|
$
|
0.84
|
|
|
525.0
|
%
|
|
$
|
(0.38
|
)
|
|
(70.4
|
)%
|
|
For the Years Ended
December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Net income (GAAP)
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
Adjustments:
|
|
|
|
|
|
||||||
Net interest income
|
|
|
|
|
|
||||||
Accretion of loan mark
|
(7,570
|
)
|
|
(6,665
|
)
|
|
—
|
|
|||
Accretion of deposit mark
|
3,209
|
|
|
3,908
|
|
|
—
|
|
|||
Accretion of borrowings mark
|
1,874
|
|
|
1,624
|
|
|
—
|
|
|||
Net adjustment to net interest income
|
(12,653
|
)
|
|
(12,197
|
)
|
|
—
|
|
|||
Non-interest income
|
|
|
|
|
|
||||||
Net gain on sales of securities
|
(939
|
)
|
|
(1,228
|
)
|
|
(585
|
)
|
|||
Loss on fixed assets-branch optimization
|
—
|
|
|
670
|
|
|
—
|
|
|||
BOLI claim benefit
|
(219
|
)
|
|
—
|
|
|
—
|
|
|||
Net adjustment to non-interest income
|
(1,158
|
)
|
|
(558
|
)
|
|
(585
|
)
|
|||
Non-interest expense
|
|
|
|
|
|
||||||
Merger related expense
|
(1,575
|
)
|
|
(36,918
|
)
|
|
(2,141
|
)
|
|||
Core deposit intangible amortization expense
|
(1,796
|
)
|
|
(1,283
|
)
|
|
—
|
|
|||
Loan portfolio acquisition fees
|
(1,572
|
)
|
|
—
|
|
|
—
|
|
|||
Amortization of fixed assets mark
|
(22
|
)
|
|
(16
|
)
|
|
—
|
|
|||
Effect of position eliminations
|
—
|
|
|
—
|
|
|
(561
|
)
|
|||
Effect of branch lease termination agreement
|
195
|
|
|
(1,888
|
)
|
|
(809
|
)
|
|||
Net adjustment to non-interest expense
|
(4,770
|
)
|
|
(40,105
|
)
|
|
(3,511
|
)
|
|||
Total adjustments
|
(9,041
|
)
|
|
27,350
|
|
|
2,926
|
|
|||
Income tax expense (benefit) adjustment
|
3,609
|
|
|
(7,403
|
)
|
|
(853
|
)
|
|||
Operating net income (Non-GAAP)
|
$
|
44,208
|
|
|
$
|
26,729
|
|
|
$
|
16,300
|
|
|
|
For the Year Ended December 31, 2015
|
|||||||||||||||||||||||||||||||
|
|
GAAP
|
|
Mark to Market
|
|
Operating
|
|||||||||||||||||||||||||||
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/Cost
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/Cost
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/Cost
|
|||||||||||||||
|
|
(Dollars in Thousands)
|
|||||||||||||||||||||||||||||||
Total loans
|
|
$
|
4,090,057
|
|
|
$
|
166,711
|
|
|
4.08
|
%
|
|
$
|
(11,571
|
)
|
|
$
|
7,570
|
|
|
0.20
|
%
|
|
$
|
4,101,628
|
|
|
$
|
159,141
|
|
|
3.88
|
%
|
Total interest-earning assets
|
|
5,278,157
|
|
|
202,262
|
|
|
3.83
|
|
|
(11,571
|
)
|
|
7,570
|
|
|
0.15
|
|
|
5,289,728
|
|
|
194,692
|
|
|
3.68
|
|
||||||
Certificates of deposit
|
|
1,577,739
|
|
|
13,940
|
|
|
0.88
|
|
|
3,674
|
|
|
(3,209
|
)
|
|
(0.21
|
)
|
|
1,574,065
|
|
|
17,149
|
|
|
1.09
|
|
||||||
Federal Home Loan Bank advances
|
|
664,665
|
|
|
4,749
|
|
|
0.71
|
|
|
4,472
|
|
|
(1,914
|
)
|
|
(0.30
|
)
|
|
660,193
|
|
|
6,663
|
|
|
1.01
|
|
||||||
Other borrowings
|
|
162,419
|
|
|
5,572
|
|
|
3.43
|
|
|
(1,796
|
)
|
|
40
|
|
|
0.07
|
|
|
164,215
|
|
|
5,532
|
|
|
3.36
|
|
||||||
Total interest-bearing liabilities
|
|
4,404,941
|
|
|
31,763
|
|
|
0.72
|
|
|
6,350
|
|
|
(5,082
|
)
|
|
(0.12
|
)
|
|
4,398,591
|
|
|
36,845
|
|
|
0.84
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Tax-equivalent net interest margin
|
|
|
|
|
|
3.23
|
|
|
|
|
|
|
|
|
|
|
|
|
2.98
|
|
|
|
For the Year Ended December 31, 2014
|
|||||||||||||||||||||||||||||||
|
|
GAAP
|
|
Mark to Market
|
|
Operating
|
|||||||||||||||||||||||||||
(In Thousands)
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/Cost
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/Cost
|
|
Average Balance
|
|
Interest and Dividends
|
|
Yield/Cost
|
|||||||||||||||
Total loans
|
|
$
|
3,108,422
|
|
|
$
|
133,011
|
|
|
4.28
|
%
|
|
$
|
(12,046
|
)
|
|
$
|
6,664
|
|
|
0.23
|
%
|
|
$
|
3,120,468
|
|
|
$
|
126,347
|
|
|
4.05
|
%
|
Total interest-earning assets
|
|
3,977,666
|
|
|
158,704
|
|
|
3.99
|
|
|
(12,046
|
)
|
|
6,664
|
|
|
0.18
|
|
|
3,989,712
|
|
|
152,040
|
|
|
3.81
|
|
||||||
Certificates of deposit
|
|
1,218,782
|
|
|
9,829
|
|
|
0.81
|
|
|
4,225
|
|
|
(3,908
|
)
|
|
(0.32
|
)
|
|
1,214,557
|
|
|
13,737
|
|
|
1.13
|
|
||||||
Federal Home Loan Bank advances
|
|
344,218
|
|
|
2,326
|
|
|
0.68
|
|
|
3,616
|
|
|
(1,648
|
)
|
|
(0.49
|
)
|
|
340,602
|
|
|
3,974
|
|
|
1.17
|
|
||||||
Other borrowings
|
|
127,381
|
|
|
2,122
|
|
|
1.67
|
|
|
(1,127
|
)
|
|
17
|
|
|
(0.01
|
)
|
|
128,508
|
|
|
2,105
|
|
|
1.68
|
|
||||||
Total interest-bearing liabilities
|
|
3,218,097
|
|
|
18,007
|
|
|
0.56
|
|
|
6,714
|
|
|
(5,539
|
)
|
|
(0.17
|
)
|
|
3,211,383
|
|
|
23,546
|
|
|
0.73
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Tax-equivalent net interest margin
|
|
|
|
|
|
3.54
|
|
|
|
|
|
|
|
|
|
|
|
|
3.22
|
|
|
For the Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||||
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/
Cost
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/
Cost
|
|
Average
Balance
|
|
Interest
and
Dividends
|
|
Yield/
Cost
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential real estate loans
|
$
|
1,508,370
|
|
|
$
|
50,859
|
|
|
3.37
|
%
|
|
$
|
1,134,890
|
|
|
$
|
39,537
|
|
|
3.48
|
%
|
|
$
|
652,220
|
|
|
$
|
24,646
|
|
|
3.78
|
%
|
Commercial real estate loans
|
1,776,407
|
|
|
77,710
|
|
|
4.37
|
|
|
1,365,059
|
|
|
65,044
|
|
|
4.76
|
|
|
724,089
|
|
|
33,337
|
|
|
4.60
|
|
||||||
Construction loans
|
172,257
|
|
|
7,942
|
|
|
4.61
|
|
|
106,291
|
|
|
7,469
|
|
|
7.03
|
|
|
48,531
|
|
|
1,773
|
|
|
3.65
|
|
||||||
Commercial loans
|
610,424
|
|
|
29,093
|
|
|
4.77
|
|
|
492,035
|
|
|
20,549
|
|
|
4.18
|
|
|
197,499
|
|
|
7,867
|
|
|
3.98
|
|
||||||
Installment and collateral loans
|
22,599
|
|
|
1,107
|
|
|
4.90
|
|
|
10,147
|
|
|
412
|
|
|
4.06
|
|
|
2,581
|
|
|
129
|
|
|
5.01
|
|
||||||
Investment securities
|
1,127,144
|
|
|
35,370
|
|
|
3.14
|
|
|
833,402
|
|
|
25,607
|
|
|
3.07
|
|
|
363,849
|
|
|
10,678
|
|
|
2.93
|
|
||||||
Other interest-earning assets
|
60,956
|
|
|
181
|
|
|
0.30
|
|
|
35,842
|
|
|
86
|
|
|
0.24
|
|
|
30,143
|
|
|
80
|
|
|
0.27
|
|
||||||
Total interest-earning assets
|
5,278,157
|
|
|
202,262
|
|
|
3.83
|
|
|
3,977,666
|
|
|
158,704
|
|
|
3.99
|
|
|
2,018,912
|
|
|
78,510
|
|
|
3.89
|
|
||||||
Allowance for loan losses
|
(28,483
|
)
|
|
|
|
|
|
(21,192
|
)
|
|
|
|
|
|
(18,664
|
)
|
|
|
|
|
||||||||||||
Non-interest-earning assets
|
444,518
|
|
|
|
|
|
|
329,652
|
|
|
|
|
|
|
133,409
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
5,694,192
|
|
|
|
|
|
|
$
|
4,286,126
|
|
|
|
|
|
|
$
|
2,133,657
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW and money market accounts
|
$
|
1,470,459
|
|
|
7,183
|
|
|
0.49
|
|
|
$
|
1,109,625
|
|
|
3,293
|
|
|
0.30
|
|
|
$
|
596,580
|
|
|
1,772
|
|
|
0.30
|
|
|||
Savings accounts(1)
|
529,659
|
|
|
319
|
|
|
0.06
|
|
|
418,091
|
|
|
437
|
|
|
0.10
|
|
|
225,379
|
|
|
142
|
|
|
0.06
|
|
||||||
Time deposits
|
1,577,739
|
|
|
13,940
|
|
|
0.88
|
|
|
1,218,782
|
|
|
9,829
|
|
|
0.81
|
|
|
541,148
|
|
|
6,078
|
|
|
1.12
|
|
||||||
Total interest-bearing deposits
|
3,577,857
|
|
|
21,442
|
|
|
0.60
|
|
|
2,746,498
|
|
|
13,559
|
|
|
0.49
|
|
|
1,363,107
|
|
|
7,992
|
|
|
0.59
|
|
||||||
Advances from the FHLBB
|
664,665
|
|
|
4,749
|
|
|
0.71
|
|
|
344,218
|
|
|
2,326
|
|
|
0.68
|
|
|
179,637
|
|
|
2,387
|
|
|
1.33
|
|
||||||
Other borrowings
|
162,419
|
|
|
5,572
|
|
|
3.43
|
|
|
127,381
|
|
|
2,122
|
|
|
1.67
|
|
|
17,842
|
|
|
81
|
|
|
0.45
|
|
||||||
Total interest-bearing liabilities
|
4,404,941
|
|
|
31,763
|
|
|
0.72
|
|
|
3,218,097
|
|
|
18,007
|
|
|
0.56
|
|
|
1,560,586
|
|
|
10,460
|
|
|
0.67
|
|
||||||
Non-interest-bearing deposits
|
605,112
|
|
|
|
|
|
|
503,398
|
|
|
|
|
|
|
238,803
|
|
|
|
|
|
||||||||||||
Other liabilities
|
69,646
|
|
|
|
|
|
|
34,482
|
|
|
|
|
|
|
29,681
|
|
|
|
|
|
||||||||||||
Total liabilities
|
5,079,699
|
|
|
|
|
|
|
3,755,977
|
|
|
|
|
|
|
1,829,070
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
614,493
|
|
|
|
|
|
|
530,149
|
|
|
|
|
|
|
304,587
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’equity
|
$
|
5,694,192
|
|
|
|
|
|
|
$
|
4,286,126
|
|
|
|
|
|
|
$
|
2,133,657
|
|
|
|
|
|
|||||||||
Tax-equivalent net interest income
|
|
|
170,499
|
|
|
|
|
|
|
140,697
|
|
|
|
|
|
|
68,050
|
|
|
|
||||||||||||
Tax-equivalent net interest rate spread(2)
|
|
|
|
|
3.11
|
%
|
|
|
|
|
|
3.43
|
%
|
|
|
|
|
|
3.22
|
%
|
||||||||||||
Net interest-earning assets(3)
|
$
|
873,216
|
|
|
|
|
|
|
$
|
759,569
|
|
|
|
|
|
|
$
|
458,326
|
|
|
|
|
|
|||||||||
Tax-equivalent net interest margin(4)
|
|
|
|
|
3.23
|
%
|
|
|
|
|
|
3.54
|
%
|
|
|
|
|
|
3.37
|
%
|
||||||||||||
Average interest -earning assets to average interest-bearing liabilities
|
119.82
|
%
|
|
|
|
|
|
123.60
|
%
|
|
|
|
|
|
129.37
|
%
|
|
|
|
|
||||||||||||
Less tax-equivalent adjustment
|
|
|
5,917
|
|
|
|
|
|
|
2,825
|
|
|
|
|
|
|
993
|
|
|
|
||||||||||||
|
|
|
$
|
164,582
|
|
|
|
|
|
|
$
|
137,872
|
|
|
|
|
|
|
$
|
67,057
|
|
|
|
(1)
|
Includes mortgagors’ and investors’ escrow accounts
|
(2)
|
Tax-equivalent net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(3)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
(4)
|
Tax-equivalent net interest margin represents the annualized net interest income divided by average total interest-earning assets.
|
|
Year Ended 2015
Compared to 2014 |
|
Year Ended 2014
Compared to 2013 |
||||||||||||||||||||
|
Increase (Decrease)
Due To
|
|
|
|
Increase (Decrease)
Due To
|
|
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
Net
|
|
Volume
|
|
Rate
|
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans receivable
|
$
|
40,557
|
|
|
$
|
(6,857
|
)
|
|
$
|
33,700
|
|
|
$
|
63,255
|
|
|
$
|
2,004
|
|
|
$
|
65,259
|
|
Securities and other earning assets
|
9,278
|
|
|
580
|
|
|
9,858
|
|
|
14,407
|
|
|
528
|
|
|
14,935
|
|
||||||
Total earning assets
|
49,835
|
|
|
(6,277
|
)
|
|
43,558
|
|
|
77,662
|
|
|
2,532
|
|
|
80,194
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW and money market accounts
|
1,302
|
|
|
2,588
|
|
|
3,890
|
|
|
1,523
|
|
|
(2
|
)
|
|
1,521
|
|
||||||
Savings accounts
|
98
|
|
|
(216
|
)
|
|
(118
|
)
|
|
167
|
|
|
128
|
|
|
295
|
|
||||||
Time deposits
|
3,104
|
|
|
1,007
|
|
|
4,111
|
|
|
5,859
|
|
|
(2,108
|
)
|
|
3,751
|
|
||||||
Total interest-bearing deposits
|
4,504
|
|
|
3,379
|
|
|
7,883
|
|
|
7,549
|
|
|
(1,982
|
)
|
|
5,567
|
|
||||||
FHLBB Advances
|
2,282
|
|
|
141
|
|
|
2,423
|
|
|
1,487
|
|
|
(1,548
|
)
|
|
(61
|
)
|
||||||
Other borrowed funds
|
711
|
|
|
2,739
|
|
|
3,450
|
|
|
1,422
|
|
|
619
|
|
|
2,041
|
|
||||||
Total interest-bearing liabilities
|
7,497
|
|
|
6,259
|
|
|
13,756
|
|
|
10,458
|
|
|
(2,911
|
)
|
|
7,547
|
|
||||||
Change in tax-equivalent net interest income
|
$
|
42,338
|
|
|
$
|
(12,536
|
)
|
|
$
|
29,802
|
|
|
$
|
67,204
|
|
|
$
|
5,443
|
|
|
$
|
72,647
|
|
Non-Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Years Ended December 31,
|
|
Change
|
||||||||||||||||||||||
|
2015-2014
|
|
2014-2013
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Service charges and fees
|
$
|
21,040
|
|
|
$
|
13,509
|
|
|
$
|
7,250
|
|
|
$
|
7,531
|
|
|
55.7
|
%
|
|
$
|
6,259
|
|
|
86.3
|
%
|
Net gain from sales of securities
|
939
|
|
|
1,228
|
|
|
585
|
|
|
(289
|
)
|
|
(23.5
|
)
|
|
643
|
|
|
109.9
|
|
|||||
Income from mortgage banking activities
|
9,552
|
|
|
3,203
|
|
|
7,203
|
|
|
6,349
|
|
|
198.2
|
|
|
(4,000
|
)
|
|
(55.5
|
)
|
|||||
Bank owned life insurance income
|
3,616
|
|
|
3,042
|
|
|
2,092
|
|
|
574
|
|
|
18.9
|
|
|
950
|
|
|
45.4
|
|
|||||
Net loss on limited partnership investments
|
(3,136
|
)
|
|
(4,224
|
)
|
|
—
|
|
|
1,088
|
|
|
25.8
|
|
|
(4,224
|
)
|
|
—
|
|
|||||
Other income (loss)
|
476
|
|
|
(153
|
)
|
|
(79
|
)
|
|
629
|
|
|
411.1
|
|
|
(74
|
)
|
|
(93.7
|
)
|
|||||
Total non-interest income
|
$
|
32,487
|
|
|
$
|
16,605
|
|
|
$
|
17,051
|
|
|
$
|
15,882
|
|
|
95.6
|
%
|
|
$
|
(446
|
)
|
|
(2.6
|
)%
|
Non-Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Years Ended December 31,
|
|
Change
|
||||||||||||||||||||||
|
2015-2014
|
|
2014-2013
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
67,469
|
|
|
$
|
59,332
|
|
|
$
|
36,428
|
|
|
$
|
8,137
|
|
|
13.7
|
%
|
|
$
|
22,904
|
|
|
62.9
|
%
|
Occupancy and equipment
|
15,442
|
|
|
13,239
|
|
|
6,679
|
|
|
2,203
|
|
|
16.6
|
|
|
6,560
|
|
|
98.2
|
|
|||||
Service bureau fees
|
6,728
|
|
|
8,179
|
|
|
3,287
|
|
|
(1,451
|
)
|
|
(17.7
|
)
|
|
4,892
|
|
|
148.8
|
|
|||||
Professional fees
|
6,317
|
|
|
3,662
|
|
|
2,377
|
|
|
2,655
|
|
|
72.5
|
|
|
1,285
|
|
|
54.1
|
|
|||||
Marketing and promotions
|
2,321
|
|
|
2,296
|
|
|
476
|
|
|
25
|
|
|
1.1
|
|
|
1,820
|
|
|
382.4
|
|
|||||
FDIC insurance assessments
|
3,692
|
|
|
2,553
|
|
|
1,172
|
|
|
1,139
|
|
|
44.6
|
|
|
1,381
|
|
|
117.8
|
|
|||||
Other real estate owned
|
237
|
|
|
792
|
|
|
874
|
|
|
(555
|
)
|
|
(70.1
|
)
|
|
(82
|
)
|
|
(9.4
|
)
|
|||||
Core deposit intangible amortization
|
1,796
|
|
|
1,283
|
|
|
—
|
|
|
513
|
|
|
40.0
|
|
|
1,283
|
|
|
—
|
|
|||||
Merger related expense
|
1,575
|
|
|
36,918
|
|
|
2,141
|
|
|
(35,343
|
)
|
|
(95.7
|
)
|
|
34,777
|
|
|
1,624.3
|
|
|||||
Other
|
22,618
|
|
|
16,178
|
|
|
9,032
|
|
|
6,440
|
|
|
39.8
|
|
|
7,146
|
|
|
79.1
|
|
|||||
Total non-interest expense
|
$
|
128,195
|
|
|
$
|
144,432
|
|
|
$
|
62,466
|
|
|
$
|
(16,237
|
)
|
|
(11.2
|
)%
|
|
$
|
81,966
|
|
|
131.2
|
%
|
|
At December 31,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Available for Sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government and government-sponsored enterprise obligations
|
$
|
10,159
|
|
|
$
|
10,089
|
|
|
$
|
6,965
|
|
|
$
|
6,822
|
|
|
$
|
6,801
|
|
|
$
|
6,031
|
|
Government-sponsored residential mortgage-backed securities
|
146,434
|
|
|
145,861
|
|
|
165,199
|
|
|
167,419
|
|
|
96,708
|
|
|
95,662
|
|
||||||
Government-sponsored residential collateralized mortgage obligations
|
287,515
|
|
|
286,967
|
|
|
237,128
|
|
|
238,133
|
|
|
69,568
|
|
|
67,751
|
|
||||||
Government-sponsored commercial mortgage-backed securities
|
21,144
|
|
|
20,965
|
|
|
67,470
|
|
|
68,298
|
|
|
13,841
|
|
|
12,898
|
|
||||||
Government-sponsored commercial collateralized debt obligations
|
128,617
|
|
|
128,972
|
|
|
129,547
|
|
|
129,686
|
|
|
5,043
|
|
|
4,706
|
|
||||||
Asset-backed securities
|
162,895
|
|
|
159,901
|
|
|
181,198
|
|
|
178,755
|
|
|
107,699
|
|
|
106,536
|
|
||||||
Corporate debt securities
|
62,356
|
|
|
59,960
|
|
|
43,907
|
|
|
42,245
|
|
|
43,586
|
|
|
42,486
|
|
||||||
Obligations of states and political subdivisions
|
201,217
|
|
|
201,115
|
|
|
194,857
|
|
|
195,772
|
|
|
67,142
|
|
|
62,505
|
|
||||||
Marketable preferred and equity securities
|
44,653
|
|
|
45,339
|
|
|
25,709
|
|
|
25,881
|
|
|
6,101
|
|
|
6,328
|
|
||||||
Total available for sale
|
$
|
1,064,990
|
|
|
$
|
1,059,169
|
|
|
$
|
1,051,980
|
|
|
$
|
1,053,011
|
|
|
$
|
416,489
|
|
|
$
|
404,903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
2,205
|
|
|
$
|
2,449
|
|
|
$
|
2,971
|
|
|
$
|
3,310
|
|
|
$
|
3,743
|
|
|
$
|
4,107
|
|
Obligations of states and political subdivisions
|
12,360
|
|
|
13,234
|
|
|
12,397
|
|
|
13,403
|
|
|
10,087
|
|
|
10,153
|
|
||||||
Total held to maturity securities
|
$
|
14,565
|
|
|
$
|
15,683
|
|
|
$
|
15,368
|
|
|
$
|
16,713
|
|
|
$
|
13,830
|
|
|
$
|
14,260
|
|
|
One Year or Less
|
|
More than One Year
through Five Years
|
|
More than Five Years
through Ten Years
|
|
More than Ten Years
|
|
Total Securities
|
|||||||||||||||||||||||||
|
Fair
Value
|
|
Weighted-
Average
Yield
|
|
Fair
Value
|
|
Weighted-
Average
Yield
|
|
Fair
Value
|
|
Weighted-
Average
Yield
|
|
Fair
Value
|
|
Weighted-
Average
Yield
|
|
Fair
Value
|
|
Weighted-
Average
Yield
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S . Government and government-sponsored enterprise obligations
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
4,867
|
|
|
2.22
|
%
|
|
$
|
5,222
|
|
|
2.31
|
%
|
|
$
|
10,089
|
|
|
2.27
|
%
|
Government-sponsored residential mortgage-backed securities
|
—
|
|
|
—
|
|
|
6
|
|
|
2.43
|
|
|
19,292
|
|
|
2.21
|
|
|
126,563
|
|
|
2.45
|
|
|
145,861
|
|
|
2.42
|
|
|||||
Government-sponsored residential collateralized debt obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286,967
|
|
|
2.33
|
|
|
286,967
|
|
|
2.33
|
|
|||||
Government-sponsored commercial mortgage-backed securities
|
—
|
|
|
—
|
|
|
3,472
|
|
|
2.39
|
|
|
16,207
|
|
|
2.16
|
|
|
1,286
|
|
|
6.90
|
|
|
20,965
|
|
|
2.49
|
|
|||||
Government-sponsored commercial collateralized debt obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,013
|
|
|
2.38
|
|
|
123,959
|
|
|
2.55
|
|
|
128,972
|
|
|
2.54
|
|
|||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75,302
|
|
|
3.27
|
|
|
84,599
|
|
|
3.18
|
|
|
159,901
|
|
|
3.22
|
|
|||||
Corporate debt securities
|
225
|
|
|
1.75
|
|
|
8,050
|
|
|
4.92
|
|
|
48,280
|
|
|
3.11
|
|
|
3,405
|
|
|
2.44
|
|
|
59,960
|
|
|
3.31
|
|
|||||
Obligations for state and political subdivisions
|
304
|
|
|
2.80
|
|
|
1,140
|
|
|
2.36
|
|
|
11,930
|
|
|
2.30
|
|
|
187,741
|
|
|
3.83
|
|
|
201,115
|
|
|
3.73
|
|
|||||
Total debt securities
|
$
|
529
|
|
|
2.36
|
%
|
|
$
|
12,668
|
|
|
4.00
|
%
|
|
$
|
180,891
|
|
|
2.90
|
%
|
|
$
|
819,742
|
|
|
2.82
|
%
|
|
$
|
1,013,830
|
|
|
2.85
|
%
|
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
423
|
|
|
4.31
|
%
|
|
$
|
2,026
|
|
|
4.82
|
%
|
|
$
|
2,449
|
|
|
4.73
|
%
|
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
1,202
|
|
|
2.39
|
|
|
—
|
|
|
—
|
|
|
12,032
|
|
|
4.15
|
|
|
13,234
|
|
|
3.99
|
|
|||||
Total debt securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,202
|
|
|
2.39
|
%
|
|
$
|
423
|
|
|
4.31
|
%
|
|
$
|
14,058
|
|
|
4.24
|
%
|
|
$
|
15,683
|
|
|
4.10
|
%
|
|
At December 31,
|
|||||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential
|
$
|
1,611,197
|
|
|
34.9
|
%
|
|
$
|
1,413,739
|
|
|
36.3
|
%
|
|
$
|
634,447
|
|
|
37.0
|
%
|
|
$
|
683,195
|
|
|
42.6
|
%
|
|
$
|
680,702
|
|
|
46.2
|
%
|
Commercial
|
1,995,332
|
|
|
43.2
|
|
|
1,678,936
|
|
|
43.1
|
|
|
776,913
|
|
|
45.3
|
|
|
697,133
|
|
|
43.4
|
|
|
593,867
|
|
|
40.3
|
|
|||||
Construction
|
171,006
|
|
|
3.7
|
|
|
185,843
|
|
|
4.8
|
|
|
52,243
|
|
|
3.1
|
|
|
49,980
|
|
|
3.1
|
|
|
50,654
|
|
|
3.4
|
|
|||||
Commercial Business
|
603,332
|
|
|
13.1
|
|
|
613,596
|
|
|
15.7
|
|
|
247,932
|
|
|
14.5
|
|
|
171,632
|
|
|
10.7
|
|
|
143,475
|
|
|
9.8
|
|
|||||
Installment and collateral
|
233,064
|
|
|
5.1
|
|
|
5,752
|
|
|
0.1
|
|
|
2,257
|
|
|
0.1
|
|
|
2,751
|
|
|
0.2
|
|
|
4,231
|
|
|
0.3
|
|
|||||
Total loans
|
4,613,931
|
|
|
100.0
|
%
|
|
3,897,866
|
|
|
100.0
|
%
|
|
1,713,792
|
|
|
100.0
|
%
|
|
1,604,691
|
|
|
100.0
|
%
|
|
1,472,929
|
|
|
100.0
|
%
|
|||||
Net deferred loan costs and premiums
|
7,018
|
|
|
|
|
4,006
|
|
|
|
|
2,403
|
|
|
|
|
771
|
|
|
|
|
494
|
|
|
|
||||||||||
Allowance for loan losses
|
(33,887
|
)
|
|
|
|
(24,809
|
)
|
|
|
|
(19,183
|
)
|
|
|
|
(18,477
|
)
|
|
|
|
(16,025
|
)
|
|
|
||||||||||
Loans, net
|
$
|
4,587,062
|
|
|
|
|
$
|
3,877,063
|
|
|
|
|
$
|
1,697,012
|
|
|
|
|
$
|
1,586,985
|
|
|
|
|
$
|
1,457,398
|
|
|
|
|
Loans Maturing
|
||||||||||||||
|
Within One
Year
|
|
After One
But Within
Five Years
|
|
After Five
Years
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Residential
|
$
|
28,518
|
|
|
$
|
64,980
|
|
|
$
|
1,517,699
|
|
|
$
|
1,611,197
|
|
Commercial
|
84,515
|
|
|
632,407
|
|
|
1,278,410
|
|
|
1,995,332
|
|
||||
Construction
|
33,706
|
|
|
35,805
|
|
|
101,495
|
|
|
171,006
|
|
||||
Commercial business loans
|
58,581
|
|
|
206,051
|
|
|
338,700
|
|
|
603,332
|
|
||||
Installment and collateral loans
|
7,244
|
|
|
9,021
|
|
|
216,799
|
|
|
233,064
|
|
||||
Total
|
$
|
212,564
|
|
|
$
|
948,264
|
|
|
$
|
3,453,103
|
|
|
$
|
4,613,931
|
|
|
Due After December 31, 2016
|
||||||||||
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Real estate loans:
|
|
|
|
|
|
||||||
Residential
|
$
|
786,860
|
|
|
$
|
795,819
|
|
|
$
|
1,582,679
|
|
Commercial
|
871,972
|
|
|
1,038,845
|
|
|
1,910,817
|
|
|||
Construction
|
48,355
|
|
|
88,945
|
|
|
137,300
|
|
|||
Commercial business loans
|
56,552
|
|
|
488,199
|
|
|
544,751
|
|
|||
Installment and collateral loans
|
213,271
|
|
|
12,549
|
|
|
225,820
|
|
|||
Total
|
$
|
1,977,010
|
|
|
$
|
2,424,357
|
|
|
$
|
4,401,367
|
|
|
At December 31, 2015
|
|
At December 31, 2014
|
||
Non-performing loans as a percentage of total loans
|
0.82
|
%
|
|
0.83
|
%
|
Non-performing assets as a percentage of total assets
|
0.62
|
%
|
|
0.63
|
%
|
Net charge-offs as a percentage of average loans
|
0.10
|
%
|
|
0.12
|
%
|
Allowance for loan losses as a percentage of total loans
|
0.73
|
%
|
|
0.64
|
%
|
Allowance for loan losses to non-performing loans
|
89.64
|
%
|
|
76.67
|
%
|
|
At December 31, 2015
|
|
At December 31, 2014
|
||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Non-accrual loans:
|
|
|
|
|
|
|
|
||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||
Residential
|
$
|
13,979
|
|
|
36.3
|
%
|
|
$
|
12,018
|
|
|
34.7
|
%
|
Commercial
|
11,504
|
|
|
29.8
|
|
|
10,663
|
|
|
30.8
|
|
||
Construction
|
2,808
|
|
|
7.3
|
|
|
611
|
|
|
1.8
|
|
||
Commercial business loans
|
3,898
|
|
|
10.1
|
|
|
4,872
|
|
|
14.1
|
|
||
Installment and collateral
|
2
|
|
|
—
|
|
|
25
|
|
|
0.1
|
|
||
Total non-accrual loans excluding TDRs
|
32,191
|
|
|
83.5
|
|
|
28,189
|
|
|
81.5
|
|
||
Troubled debt restructurings - non-accruing
|
5,611
|
|
|
14.6
|
|
|
4,169
|
|
|
12.1
|
|
||
Total non-performing loans
|
37,802
|
|
|
98.1
|
|
|
32,358
|
|
|
93.6
|
|
||
Other real estate owned
|
755
|
|
|
1.9
|
|
|
2,239
|
|
|
6.4
|
|
||
Total non-performing assets
|
$
|
38,557
|
|
|
100.0
|
%
|
|
$
|
34,597
|
|
|
100.0
|
%
|
Total non-performing loans to total loans
|
0.82
|
%
|
|
|
|
0.83
|
%
|
|
|
||||
Total non-performing assets to total assets
|
0.62
|
%
|
|
|
|
0.63
|
%
|
|
|
|
At December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Recorded investment in TDRs
|
|
|
|
||||
Accrual status
|
$
|
18,453
|
|
|
$
|
11,638
|
|
Non-accrual status
|
5,611
|
|
|
4,169
|
|
||
Total recorded investment
|
$
|
24,064
|
|
|
$
|
15,807
|
|
Accruing TDRs performing under modified terms more than one year
|
$
|
5,821
|
|
|
$
|
1,919
|
|
TDR allocated reserves included in the balance of allowance for loan losses
|
223
|
|
|
380
|
|
||
Additional funds committed to borrowers in TDR status
|
513
|
|
|
210
|
|
|
At December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Residential
|
$
|
6,612
|
|
|
$
|
3,965
|
|
Commercial
|
6,456
|
|
|
8,852
|
|
||
Construction
|
1,853
|
|
|
1,998
|
|
||
Commercial business loans
|
9,138
|
|
|
971
|
|
||
Installment and collateral
|
5
|
|
|
21
|
|
||
Total
|
$
|
24,064
|
|
|
$
|
15,807
|
|
|
Years Ended
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
TDRs, beginning of period
|
$
|
15,807
|
|
|
$
|
10,216
|
|
Current year modifications
|
15,167
|
|
|
9,231
|
|
||
Paydowns/draws on existing TDRs, net
|
(6,349
|
)
|
|
(2,890
|
)
|
||
Charge-offs post modification
|
(561
|
)
|
|
(750
|
)
|
||
TDRs, end of period
|
$
|
24,064
|
|
|
$
|
15,807
|
|
|
Delinquent Loans
|
|||||||||||||||||||
|
30-89 Days
|
|
90 Days and Over
|
|
Total
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
At December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential
|
$
|
13,274
|
|
|
32.4
|
%
|
|
$
|
8,485
|
|
|
20.9
|
%
|
|
$
|
21,759
|
|
|
53.3
|
%
|
Commercial
|
6,743
|
|
|
16.5
|
|
|
6,024
|
|
|
14.7
|
|
|
12,767
|
|
|
31.2
|
|
|||
Construction
|
663
|
|
|
1.6
|
|
|
2,135
|
|
|
5.2
|
|
|
2,798
|
|
|
6.8
|
|
|||
Commercial business loans
|
792
|
|
|
1.9
|
|
|
2,804
|
|
|
6.8
|
|
|
3,596
|
|
|
8.7
|
|
|||
Installment and collateral
|
20
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|||
Total
|
$
|
21,492
|
|
|
52.4
|
%
|
|
$
|
19,456
|
|
|
47.6
|
%
|
|
$
|
40,948
|
|
|
100.0
|
%
|
At December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Residential
|
$
|
22,867
|
|
|
33.7
|
%
|
|
$
|
7,320
|
|
|
10.9
|
%
|
|
$
|
30,187
|
|
|
44.6
|
%
|
Commercial
|
11,701
|
|
|
17.2
|
|
|
9,509
|
|
|
14.0
|
|
|
21,210
|
|
|
31.2
|
|
|||
Construction
|
1,630
|
|
|
2.4
|
|
|
695
|
|
|
1.0
|
|
|
2,325
|
|
|
3.4
|
|
|||
Commercial business loans
|
6,594
|
|
|
9.7
|
|
|
7,486
|
|
|
11.0
|
|
|
14,080
|
|
|
20.7
|
|
|||
Installment and collateral
|
34
|
|
|
0.1
|
|
|
12
|
|
|
—
|
|
|
46
|
|
|
0.1
|
|
|||
Total
|
$
|
42,826
|
|
|
63.1
|
%
|
|
$
|
25,022
|
|
|
36.9
|
%
|
|
$
|
67,848
|
|
|
100.0
|
%
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of year
|
$
|
24,809
|
|
|
$
|
19,183
|
|
|
$
|
18,477
|
|
|
$
|
16,025
|
|
|
$
|
14,312
|
|
Provision for loan losses
|
13,005
|
|
|
9,496
|
|
|
2,046
|
|
|
3,587
|
|
|
3,021
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate
|
(2,655
|
)
|
|
(2,644
|
)
|
|
(1,206
|
)
|
|
(1,174
|
)
|
|
(1,071
|
)
|
|||||
Commercial business loans
|
(2,513
|
)
|
|
(1,406
|
)
|
|
(190
|
)
|
|
(132
|
)
|
|
(480
|
)
|
|||||
Installment and collateral loans
|
(324
|
)
|
|
(139
|
)
|
|
(124
|
)
|
|
(48
|
)
|
|
(37
|
)
|
|||||
Total charge-offs
|
(5,492
|
)
|
|
(4,189
|
)
|
|
(1,520
|
)
|
|
(1,354
|
)
|
|
(1,588
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate
|
623
|
|
|
175
|
|
|
137
|
|
|
150
|
|
|
261
|
|
|||||
Commercial business loans
|
839
|
|
|
97
|
|
|
18
|
|
|
52
|
|
|
6
|
|
|||||
Installment and collateral loans
|
103
|
|
|
47
|
|
|
25
|
|
|
17
|
|
|
13
|
|
|||||
Total recoveries
|
1,565
|
|
|
319
|
|
|
180
|
|
|
219
|
|
|
280
|
|
|||||
Net charge-offs
|
(3,927
|
)
|
|
(3,870
|
)
|
|
(1,340
|
)
|
|
(1,135
|
)
|
|
(1,308
|
)
|
|||||
Balance at end of year
|
$
|
33,887
|
|
|
$
|
24,809
|
|
|
$
|
19,183
|
|
|
$
|
18,477
|
|
|
$
|
16,025
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses to non-performing loans at end of year
|
89.64
|
%
|
|
76.67
|
%
|
|
140.50
|
%
|
|
115.08
|
%
|
|
127.08
|
%
|
|||||
Allowance for loan losses to total loans outstanding at end of year
|
0.73
|
%
|
|
0.64
|
%
|
|
1.12
|
%
|
|
1.15
|
%
|
|
1.09
|
%
|
|||||
Net charge-offs to average loans outstanding
|
0.10
|
%
|
|
0.12
|
%
|
|
0.08
|
%
|
|
0.07
|
%
|
|
0.09
|
%
|
|
At December 31,
|
||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||||||
|
Allowance
for Loan
Losses
|
|
% of
Allowance
for Loan
Losses
|
|
% of Loans
in Category
of Total
Loans
|
|
Allowance
for Loan
Losses
|
|
% of
Allowance
for Loan
Losses
|
|
% of Loans
in Category
of Total
Loans
|
|
Allowance
for Loan
Losses
|
|
% of
Allowance
for Loan
Losses
|
|
% of Loans
in Category
of Total
Loans
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
10,192
|
|
|
30.1
|
%
|
|
34.9
|
%
|
|
$
|
7,927
|
|
|
32.0
|
%
|
|
36.3
|
%
|
|
$
|
6,396
|
|
|
33.3
|
%
|
|
37.0
|
%
|
Commercial
|
15,033
|
|
|
44.4
|
|
|
43.2
|
|
|
9,418
|
|
|
38.0
|
|
|
43.1
|
|
|
8,288
|
|
|
43.2
|
|
|
45.3
|
|
|||
Construction
|
1,895
|
|
|
5.6
|
|
|
3.7
|
|
|
1,470
|
|
|
5.9
|
|
|
4.8
|
|
|
829
|
|
|
4.3
|
|
|
3.1
|
|
|||
Commercial business
|
5,827
|
|
|
17.2
|
|
|
13.1
|
|
|
5,808
|
|
|
23.4
|
|
|
15.7
|
|
|
3,394
|
|
|
17.7
|
|
|
14.5
|
|
|||
Installment and collateral
|
146
|
|
|
0.4
|
|
|
5.1
|
|
|
75
|
|
|
0.3
|
|
|
0.1
|
|
|
29
|
|
|
0.2
|
|
|
0.1
|
|
|||
Unallocated allowance
|
794
|
|
|
2.3
|
|
|
—
|
|
|
111
|
|
|
0.4
|
|
|
—
|
|
|
247
|
|
|
1.3
|
|
|
—
|
|
|||
Total allowance for loan losses
|
$
|
33,887
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
24,809
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
19,183
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||||||||
|
2012
|
|
2011
|
||||||||||||||||
|
Allowance
for Loan
Losses
|
|
% of
Allowance
for Loan
Losses
|
|
% of Loans
in Category
of Total
Loans
|
|
Allowance
for Loan
Losses
|
|
% of
Allowance
for Loan
Losses
|
|
% of Loans
in Category
of Total
Loans
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Real Estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential
|
$
|
6,194
|
|
|
33.5
|
%
|
|
42.6
|
%
|
|
$
|
5,071
|
|
|
31.6
|
%
|
|
46.2
|
%
|
Commercial
|
8,051
|
|
|
43.6
|
|
|
43.4
|
|
|
6,694
|
|
|
41.8
|
|
|
40.3
|
|
||
Construction
|
807
|
|
|
4.4
|
|
|
3.1
|
|
|
1,286
|
|
|
8.0
|
|
|
3.4
|
|
||
Commercial business
|
2,916
|
|
|
15.8
|
|
|
10.7
|
|
|
2,515
|
|
|
15.7
|
|
|
9.8
|
|
||
Installment and collateral
|
29
|
|
|
0.2
|
|
|
0.2
|
|
|
49
|
|
|
0.3
|
|
|
0.3
|
|
||
Unallocated allowance
|
480
|
|
|
2.5
|
|
|
—
|
|
|
410
|
|
|
2.6
|
|
|
—
|
|
||
Total allowance for loan losses
|
$
|
18,477
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
16,025
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||||||
|
Average Balance
|
|
% of Total Average Deposits
|
|
Weighted Average Rate
|
|
Average Balance
|
|
% of Total Average Deposits
|
|
Weighted Average Rate
|
|
Average Balance
|
|
% of Total Average Deposits
|
|
Weighted Average Rate
|
||||||||||||
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand accounts
|
$
|
605,112
|
|
|
14.46
|
%
|
|
0.00
|
%
|
|
$
|
503,398
|
|
|
15.49
|
%
|
|
0.00
|
%
|
|
$
|
238,803
|
|
|
14.91
|
%
|
|
0.00
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW accounts
|
315,217
|
|
|
7.54
|
|
|
0.13
|
|
|
236,935
|
|
|
7.29
|
|
|
0.15
|
|
|
158,804
|
|
|
9.91
|
|
|
0.14
|
|
|||
Regular savings
|
529,659
|
|
|
12.66
|
|
|
0.06
|
|
|
418,091
|
|
|
12.86
|
|
|
0.10
|
|
|
225,379
|
|
|
14.07
|
|
|
0.06
|
|
|||
Money market accounts
|
1,155,242
|
|
|
27.62
|
|
|
0.59
|
|
|
872,690
|
|
|
26.85
|
|
|
0.34
|
|
|
437,776
|
|
|
27.33
|
|
|
0.35
|
|
|||
Time deposits
|
1,577,739
|
|
|
37.72
|
|
|
0.88
|
|
|
1,218,782
|
|
|
37.51
|
|
|
0.81
|
|
|
541,148
|
|
|
33.78
|
|
|
1.12
|
|
|||
Total interest-bearing deposits
|
3,577,857
|
|
|
85.54
|
|
|
0.60
|
%
|
|
2,746,498
|
|
|
84.51
|
|
|
0.49
|
%
|
|
1,363,107
|
|
|
85.09
|
|
|
0.59
|
%
|
|||
Total average deposits
|
$
|
4,182,969
|
|
|
100.00
|
%
|
|
|
|
$
|
3,249,896
|
|
|
100.00
|
%
|
|
|
|
$
|
1,601,910
|
|
|
100.00
|
%
|
|
|
|
At December 31, 2015
|
||
|
(In thousands)
|
||
Three months or less
|
$
|
59,999
|
|
Over three months through six months
|
36,012
|
|
|
Over six months through one year
|
44,877
|
|
|
Over one year through three years
|
88,041
|
|
|
Over three years
|
24,780
|
|
|
Total
|
$
|
253,709
|
|
|
At December 31,
|
|
|
|
|
|||||||||
|
2015
|
|
2014
|
|
$ Change
|
|
% Change
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
FHLBB advances (1)
|
$
|
949,003
|
|
|
$
|
580,973
|
|
|
$
|
368,030
|
|
|
63.3
|
%
|
Subordinated debt (2)
|
79,489
|
|
|
79,288
|
|
|
201
|
|
|
0.3
|
|
|||
Wholesale repurchase agreements
|
45,000
|
|
|
69,242
|
|
|
(24,242
|
)
|
|
(35.0
|
)
|
|||
Customer repurchase agreements
|
19,278
|
|
|
41,335
|
|
|
(22,057
|
)
|
|
(53.4
|
)
|
|||
Other
|
6,250
|
|
|
6,476
|
|
|
(226
|
)
|
|
(3.5
|
)
|
|||
Total borrowings
|
$
|
1,099,020
|
|
|
$
|
777,314
|
|
|
$
|
321,706
|
|
|
41.4
|
%
|
(1)
|
FHLBB advances include
$3.5 million
and $5.4 million of purchase accounting discounts at December 31, 2015 and 2014, respectively.
|
(2)
|
Subordinated debt includes $7.7 million of acquired junior subordinated debt, net of mark to market discounts of $2.1 million and $2.2 million, and $75.0 million Subordinated Notes, net of associated deferred costs of $1.1 million and $1.2 million at December 31, 2015 and 2014, respectively.
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Balance at end of period
|
$
|
445,000
|
|
|
$
|
362,000
|
|
|
$
|
110,000
|
|
Average amount outstanding during the period
|
327,833
|
|
|
204,750
|
|
|
82,500
|
|
|||
Maximum amount outstanding at any month-end
|
445,000
|
|
|
362,000
|
|
|
150,000
|
|
|||
Weighted-average interest rate during the period
|
0.35
|
%
|
|
0.23
|
%
|
|
0.23
|
%
|
|||
Weighted-average interest rate at end of period
|
0.58
|
%
|
|
0.27
|
%
|
|
0.21
|
%
|
|
Contractual Obligations
|
||||||||||||||||||
|
Total
|
|
One Year
or Less
|
|
More than
One Year
Through
Three Years
|
|
More than
Three Years
Through
Five Years
|
|
Over Five
Years
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Federal Home Loan Bank advances (1)
|
$
|
945,505
|
|
|
$
|
637,580
|
|
|
$
|
271,795
|
|
|
$
|
31,458
|
|
|
$
|
4,672
|
|
Interest expense payable on Federal Home Loan Bank advances
|
14,095
|
|
|
1,324
|
|
|
9,623
|
|
|
2,239
|
|
|
909
|
|
|||||
Leases (2)
|
44,990
|
|
|
5,145
|
|
|
9,318
|
|
|
8,481
|
|
|
22,046
|
|
|||||
Subordinated Notes (3)
|
82,732
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,732
|
|
|||||
Interest expense payable on Subordinated Notes
|
41,478
|
|
|
4,498
|
|
|
8,995
|
|
|
8,996
|
|
|
18,989
|
|
|||||
Core service provider (4)
|
12,445
|
|
|
4,659
|
|
|
7,786
|
|
|
—
|
|
|
—
|
|
|||||
Other (5)
|
1,544
|
|
|
128
|
|
|
279
|
|
|
302
|
|
|
835
|
|
|||||
Total Contractual Obligations
|
$
|
1,142,789
|
|
|
$
|
653,334
|
|
|
$
|
307,796
|
|
|
$
|
51,476
|
|
|
$
|
130,183
|
|
(1)
|
Secured under a blanket security agreement on qualifying assets, principally, mortgage loans.
|
(2)
|
Represents non-cancelable capital and operating leases for offices and office equipment.
|
(3)
|
Consists of $7.7 million of acquired junior subordinated debt maturing March 2036, and $75.0 million in Subordinated Notes due October 2024
|
(4)
|
Payments to the core service provider under the existing contract are primarily based on the volume of accounts served or the transactions processed. The expected payments shown in this table are based on an estimate of our current number of accounts to be served or transactions to be processed, but do not include any projection of the effect of pricing or volume changes.
|
(5)
|
Consists of estimated benefit payments over the next ten years under unfunded nonqualified pension plans.
|
|
Other Commitments
|
||||||||||||||||||
|
Total
|
|
One Year
or Less
|
|
More than
One Year
Through
Three Years
|
|
More than
Three Years
Through
Five Years
|
|
Over Five
Years
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Real estate loan commitments(1)
|
$
|
182,849
|
|
|
$
|
182,849
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial business loan commitments(1)
|
36,558
|
|
|
36,558
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Undisbursed commercial lines of credit
|
302,700
|
|
|
97,784
|
|
|
30,832
|
|
|
37,352
|
|
|
136,732
|
|
|||||
Undisbursed home equity lines of credit(2)
|
320,140
|
|
|
5,396
|
|
|
20,943
|
|
|
31,630
|
|
|
262,171
|
|
|||||
Undisbursed construction loans
|
103,140
|
|
|
30,008
|
|
|
27,876
|
|
|
3,500
|
|
|
41,756
|
|
|||||
Standby letters of credit
|
9,477
|
|
|
7,498
|
|
|
1,666
|
|
|
133
|
|
|
180
|
|
|||||
Unused checking overdraft lines of credit(3)
|
1,293
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,293
|
|
|||||
Unused credit card lines
|
6,725
|
|
|
6,725
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Other Commitments
|
$
|
962,882
|
|
|
$
|
366,818
|
|
|
$
|
81,317
|
|
|
$
|
72,615
|
|
|
$
|
442,132
|
|
(1)
|
Commitments for loans are extended to customers for up to 180 days after which they expire.
|
(2)
|
Unused portions of home equity lines of credit are available to the borrower for up to 10 years.
|
(3)
|
Unused portion of checking overdraft lines of credit are available to customers in “good standing”.
|
|
Percentage Increase (Decrease)
in Estimated
Net Interest Income Over
12 Months
|
|
300 basis point increase in rates
|
3.10
|
%
|
50 basis point decrease in rates
|
(4.42
|
)%
|
|
|
|
|
Page
No.
|
CONSOLIDATED FINANCIAL STATEMENTS:
|
|
|
|
|
|
|
/s/ William H.W. Crawford, IV
|
|
|
|
/s/ Eric R. Newell
|
|
|
|
||
William H.W. Crawford, IV
|
|
|
|
Eric R. Newell
|
Chief Executive Officer
|
|
|
|
Executive Vice President, Chief Financial
|
|
|
|
|
Officer and Treasurer
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
||||
Cash and due from banks
|
$
|
47,602
|
|
|
$
|
43,416
|
|
Short-term investments
|
47,574
|
|
|
43,536
|
|
||
Total cash and cash equivalents
|
95,176
|
|
|
86,952
|
|
||
Available for sale securities-at fair value
|
1,059,169
|
|
|
1,053,011
|
|
||
Held to maturity securities-at amortized cost
|
14,565
|
|
|
15,368
|
|
||
Loans held for sale
|
10,136
|
|
|
8,220
|
|
||
Loans receivable (net of allowance for loan losses of $33,887 in 2015 and $24,809 in 2014)
|
4,587,062
|
|
|
3,877,063
|
|
||
Federal Home Loan Bank stock, at cost
|
51,196
|
|
|
31,950
|
|
||
Accrued interest receivable
|
15,740
|
|
|
14,212
|
|
||
Deferred tax asset-net
|
33,094
|
|
|
33,833
|
|
||
Premises and equipment-net
|
54,779
|
|
|
57,665
|
|
||
Goodwill
|
115,281
|
|
|
115,240
|
|
||
Core deposit intangible
|
7,506
|
|
|
9,302
|
|
||
Cash surrender value of bank-owned life insurance
|
125,101
|
|
|
122,622
|
|
||
Other real estate owned
|
755
|
|
|
2,239
|
|
||
Other assets
|
58,981
|
|
|
49,132
|
|
||
Total assets
|
$
|
6,228,541
|
|
|
$
|
5,476,809
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest-bearing
|
$
|
672,008
|
|
|
$
|
602,359
|
|
Interest-bearing
|
3,765,063
|
|
|
3,432,952
|
|
||
Total deposits
|
4,437,071
|
|
|
4,035,311
|
|
||
Mortgagors’ and investors’ escrow accounts
|
13,526
|
|
|
13,004
|
|
||
Advances from the Federal Home Loan Bank
|
949,003
|
|
|
580,973
|
|
||
Other borrowings
|
150,017
|
|
|
196,341
|
|
||
Accrued expenses and other liabilities
|
53,403
|
|
|
48,772
|
|
||
Total liabilities
|
5,603,020
|
|
|
4,874,401
|
|
||
Commitments and contingencies (notes 7, 8 and 21)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock (no par value; 2,000,000 shares authorized; no shares issued)
|
—
|
|
|
—
|
|
||
Common stock (no par value; 120,000,000 and 60,000,000 shares authorized; 49,941,428 and 49,537,700 shares issued and 49,941,428 and 49,537,700 outstanding at December 31, 2015 and 2014, respectively)
|
519,587
|
|
|
514,189
|
|
||
Additional paid-in capital
|
10,722
|
|
|
16,007
|
|
||
Unearned compensation — ESOP
|
(5,922
|
)
|
|
(6,150
|
)
|
||
Retained earnings
|
112,013
|
|
|
84,852
|
|
||
Accumulated other comprehensive loss, net of tax
|
(10,879
|
)
|
|
(6,490
|
)
|
||
Total stockholders’ equity
|
625,521
|
|
|
602,408
|
|
||
Total liabilities and stockholders’ equity
|
$
|
6,228,541
|
|
|
$
|
5,476,809
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Net income
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains (losses)
|
(5,912
|
)
|
|
13,847
|
|
|
(15,704
|
)
|
|||
Reclassification adjustment for gains realized in income (1)
|
(939
|
)
|
|
(1,228
|
)
|
|
(585
|
)
|
|||
Net unrealized gains (losses)
|
(6,851
|
)
|
|
12,619
|
|
|
(16,289
|
)
|
|||
Tax effect - benefit (expense)
|
2,462
|
|
|
(4,430
|
)
|
|
5,701
|
|
|||
Net-of-tax amount - securities available for sale
|
(4,389
|
)
|
|
8,189
|
|
|
(10,588
|
)
|
|||
Interest rate swaps designated as cash flow hedges:
|
|
|
|
|
|
||||||
Unrealized gains (losses)
|
(3,108
|
)
|
|
(8,385
|
)
|
|
7,537
|
|
|||
Reclassification adjustment for losses recognized in interest expense (2)
|
12
|
|
|
—
|
|
|
—
|
|
|||
Net unrealized gains (losses)
|
(3,096
|
)
|
|
(8,385
|
)
|
|
7,537
|
|
|||
Tax effect - benefit (expense)
|
1,116
|
|
|
2,945
|
|
|
(2,638
|
)
|
|||
Net-of-tax amount - interest rate swaps
|
(1,980
|
)
|
|
(5,440
|
)
|
|
4,899
|
|
|||
Defined benefit pension plan:
|
|
|
|
|
|
||||||
Gains (losses) arising during the period
|
1,574
|
|
|
(6,460
|
)
|
|
5,842
|
|
|||
Reclassification adjustment for losses (gains) recognized in net periodic benefit cost (3)
|
738
|
|
|
(277
|
)
|
|
784
|
|
|||
Net gains (losses)
|
2,312
|
|
|
(6,737
|
)
|
|
6,626
|
|
|||
Tax effect - benefit (expense)
|
(698
|
)
|
|
2,427
|
|
|
(2,319
|
)
|
|||
Net-of-tax amount - pension plan
|
1,614
|
|
|
(4,310
|
)
|
|
4,307
|
|
|||
Other post-retirement plans:
|
|
|
|
|
|
||||||
Gains (losses) arising during the period
|
532
|
|
|
(372
|
)
|
|
820
|
|
|||
Reclassification adjustment for prior service costs recognized in net periodic benefit cost (4)
|
7
|
|
|
13
|
|
|
23
|
|
|||
Reclassification adjustment for losses (gains) recognized in net periodic benefit cost (5)
|
21
|
|
|
(9
|
)
|
|
72
|
|
|||
Prior service cost arising during the period
|
—
|
|
|
168
|
|
|
105
|
|
|||
Change in gains (losses) and prior service costs
|
560
|
|
|
(200
|
)
|
|
1,020
|
|
|||
Tax effect - benefit (expense)
|
(194
|
)
|
|
37
|
|
|
(357
|
)
|
|||
Net-of-tax amount - post-retirement plans
|
366
|
|
|
(163
|
)
|
|
663
|
|
|||
Net-of-tax amount - pension and post-retirement plans
|
1,980
|
|
|
(4,473
|
)
|
|
4,970
|
|
|||
Total other comprehensive income (loss)
|
(4,389
|
)
|
|
(1,724
|
)
|
|
(719
|
)
|
|||
Comprehensive income (loss)
|
$
|
45,251
|
|
|
$
|
5,058
|
|
|
$
|
13,508
|
|
(1)
|
Amounts are included in net gains from sales of securities in the Consolidated Statements of Net Income. Income tax expense associated with the reclassification adjustment for the
years ended December 31, 2015, 2014 and 2013
was
$338
,
$442
and
$205
, respectively.
|
(2)
|
Amounts are included in borrowed funds in the Consolidated Statements of Net Income in interest expense. Income tax benefit associated with the reclassification adjustment for the
years ended December 31, 2015, 2014 and 2013
was
$4
,
$0
and
$0
, respectively.
|
(3)
|
Amounts are included in salaries and employee benefits in the Consolidated Statements of Net Income. Income tax expense (benefit) associated with the reclassification adjustment for the
years ended December 31, 2015, 2014 and 2013
was
$(266)
,
$100
and
$(274)
, respectively.
|
(4)
|
Amounts are included in salaries and employee benefits in the Consolidated Statements of Net Income. Income tax expense associated with the reclassification adjustment for the
years ended December 31, 2015, 2014 and 2013
was
$3
,
$7
and
$8
, respectively.
|
(5)
|
Amounts are included in salaries and employee benefits in the Consolidated Statements of Net Income. Income tax expense (benefit) associated with the reclassification adjustment for the
years ended December 31, 2015, 2014 and 2013
was
$(185)
,
$3
and
$(25)
, respectively.
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Unearned
Compensation
- ESOP
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury Stock
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||||||
|
(In thousands, except share data)
|
||||||||||||||||||||||||||||||||
Balance at December 31, 2012
|
29,487,363
|
|
|
$
|
243,776
|
|
|
$
|
13,418
|
|
|
$
|
(8,306
|
)
|
|
$
|
91,811
|
|
|
$
|
(4,047
|
)
|
|
1,330,466
|
|
|
$
|
(16,041
|
)
|
|
$
|
320,611
|
|
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,227
|
|
|
(719
|
)
|
|
—
|
|
|
—
|
|
|
13,508
|
|
|||||||
Adoption of MSR fair value accounting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
2,665
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,665
|
|
|||||||
ESOP shares released or committed to be released
|
—
|
|
|
—
|
|
|
552
|
|
|
1,155
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,707
|
|
|||||||
ESOP Forfeiture
|
—
|
|
|
—
|
|
|
357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
357
|
|
|||||||
Cancellation of shares for tax withholding
|
(24,932
|
)
|
|
—
|
|
|
(357
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(357
|
)
|
|||||||
Reissuance of treasury shares for restricted stock grants
|
—
|
|
|
—
|
|
|
(633
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(53,834
|
)
|
|
642
|
|
|
—
|
|
|||||||
Reissuance of treasury shares for stock options exercised
|
—
|
|
|
—
|
|
|
(259
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(90,411
|
)
|
|
1,064
|
|
|
805
|
|
|||||||
Treasury stock purchased
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,301,665
|
|
|
(30,028
|
)
|
|
(30,028
|
)
|
|||||||
Forfeited unvested restricted stock
|
(6,141
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Tax effects of share-based awards
|
—
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|||||||
Dividends declared ($0.40 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,453
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,453
|
)
|
|||||||
Balance at December 31, 2013
|
29,456,290
|
|
|
243,776
|
|
|
15,808
|
|
|
(7,151
|
)
|
|
96,078
|
|
|
(4,766
|
)
|
|
3,487,886
|
|
|
(44,363
|
)
|
|
299,382
|
|
|||||||
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,782
|
|
|
(1,724
|
)
|
|
—
|
|
|
—
|
|
|
5,058
|
|
|||||||
Issuance of common stock for the acquisition of United Financial Bancorp, Inc
|
26,706,401
|
|
|
356,365
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
356,365
|
|
|||||||
Cancellation of treasury shares
|
(3,476,270
|
)
|
|
(44,226
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,476,270
|
)
|
|
44,226
|
|
|
—
|
|
|||||||
Common stock repurchased
|
(3,507,324
|
)
|
|
(47,772
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(47,772
|
)
|
|||||||||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
3,957
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,957
|
|
|||||||
ESOP shares released or committed to be released
|
—
|
|
|
—
|
|
|
726
|
|
|
1,001
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,727
|
|
|||||||
Shares issued for stock options exercised
|
321,058
|
|
|
4,530
|
|
|
(2,421
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,616
|
)
|
|
137
|
|
|
2,246
|
|
|||||||
Shares issued for restricted stock grants
|
138,482
|
|
|
1,889
|
|
|
(1,889
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Cancellation of shares for tax withholding
|
(100,937
|
)
|
|
(373
|
)
|
|
(994
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,367
|
)
|
|||||||
Tax effects of share-based awards
|
—
|
|
|
—
|
|
|
820
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
820
|
|
|||||||
Dividends declared ($0.40 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,008
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,008
|
)
|
|||||||
Balance at December 31, 2014
|
49,537,700
|
|
|
514,189
|
|
|
16,007
|
|
|
(6,150
|
)
|
|
84,852
|
|
|
(6,490
|
)
|
|
—
|
|
|
—
|
|
|
602,408
|
|
|||||||
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,640
|
|
|
(4,389
|
)
|
|
—
|
|
|
—
|
|
|
45,251
|
|
|||||||
Common stock repurchased
|
(377,700
|
)
|
|
(5,171
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,171
|
)
|
|||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
1,076
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,076
|
|
|||||||
ESOP shares released or committed to be released
|
—
|
|
|
—
|
|
|
71
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|||||||
Shares issued for stock options exercised
|
545,148
|
|
|
7,281
|
|
|
(2,516
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,765
|
|
|||||||
Shares issued for restricted stock grants
|
259,845
|
|
|
3,491
|
|
|
(3,491
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Cancellation of shares for tax withholding
|
(22,430
|
)
|
|
(188
|
)
|
|
(123
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(311
|
)
|
|||||||
Tax effects of share-based awards
|
—
|
|
|
—
|
|
|
(317
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(317
|
)
|
|||||||
Forfeited unvested restricted stock
|
(1,135
|
)
|
|
(15
|
)
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Dividends declared ($0.46 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,479
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,479
|
)
|
|||||||
Balance at December 31, 2015
|
49,941,428
|
|
|
$
|
519,587
|
|
|
$
|
10,722
|
|
|
$
|
(5,922
|
)
|
|
$
|
112,013
|
|
|
$
|
(10,879
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
625,521
|
|
United Financial Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Concluded)
|
|||||||||||
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net increase in non-interest-bearing deposits
|
69,649
|
|
|
2,550
|
|
|
27,685
|
|
|||
Net increase in interest-bearing deposits
|
335,320
|
|
|
357,800
|
|
|
202,840
|
|
|||
Net increase (decrease) in mortgagors’ and investors’ escrow accounts
|
522
|
|
|
4,604
|
|
|
(434
|
)
|
|||
Net increase in short-term FHLBB advances
|
196,200
|
|
|
275,776
|
|
|
64,112
|
|
|||
Repayments of long-term FHLBB advances
|
(8,056
|
)
|
|
(6,076
|
)
|
|
(15,182
|
)
|
|||
Proceeds from long-term FHLBB advances
|
181,800
|
|
|
10,000
|
|
|
—
|
|
|||
Repayments of FHLBB borrowings and penalty
|
—
|
|
|
(12,466
|
)
|
|
—
|
|
|||
Net increase in other borrowings, excluding proceeds from subordinated debt issuance
|
(46,491
|
)
|
|
4,860
|
|
|
48,192
|
|
|||
Proceeds from issuance of subordinated debt, net of issuance costs
|
—
|
|
|
73,733
|
|
|
—
|
|
|||
Proceeds from exercise of stock options
|
4,765
|
|
|
2,246
|
|
|
805
|
|
|||
Common stock repurchased
|
(5,171
|
)
|
|
(47,772
|
)
|
|
(30,028
|
)
|
|||
Cancellation of shares for tax withholding
|
(311
|
)
|
|
(1,367
|
)
|
|
(357
|
)
|
|||
Tax effects of share-based awards
|
(317
|
)
|
|
820
|
|
|
65
|
|
|||
Cash dividend paid on common stock
|
(22,479
|
)
|
|
(18,008
|
)
|
|
(10,453
|
)
|
|||
ESOP forfeiture
|
—
|
|
|
—
|
|
|
357
|
|
|||
Net cash provided by financing activities
|
705,431
|
|
|
646,700
|
|
|
287,602
|
|
|||
Net increase in cash and cash equivalents
|
8,224
|
|
|
41,717
|
|
|
9,920
|
|
|||
Cash and cash equivalents - beginning of year
|
86,952
|
|
|
45,235
|
|
|
35,315
|
|
|||
Cash and cash equivalents - end of year
|
$
|
95,176
|
|
|
$
|
86,952
|
|
|
$
|
45,235
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
36,532
|
|
|
$
|
21,824
|
|
|
$
|
10,465
|
|
Income taxes, net
|
(6,744
|
)
|
|
3,599
|
|
|
7,017
|
|
|||
Transfer of loans to other real estate owned
|
1,099
|
|
|
2,339
|
|
|
3,097
|
|
|||
Increase (decrease) in due to broker, investment purchases
|
(1,105
|
)
|
|
(4,855
|
)
|
|
1,758
|
|
|||
Increase in due to broker, common stock buyback
|
(523
|
)
|
|
523
|
|
|
—
|
|
|||
Acquisition of non-cash assets and liabilities:
|
|
|
|
|
|
||||||
Fair value of assets acquired
|
—
|
|
|
2,396,937
|
|
|
—
|
|
|||
Fair value of liabilities assumed
|
—
|
|
|
2,154,713
|
|
|
—
|
|
|
Note 1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Note 2.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
Note 3.
|
MERGER
|
Note 4.
|
GOODWILL AND CORE DEPOSIT INTANGIBLES
|
|
Goodwill
|
|
Core Deposit Intangible
|
||||
|
(In thousands)
|
||||||
Balance at December 31, 2013
|
$
|
1,070
|
|
|
$
|
—
|
|
Acquisition of Legacy United
|
114,170
|
|
|
10,585
|
|
||
Amortization expense
|
—
|
|
|
(1,283
|
)
|
||
Balance at December 31, 2014
|
$
|
115,240
|
|
|
$
|
9,302
|
|
Adjustments
|
41
|
|
|
—
|
|
||
Amortization expense
|
—
|
|
|
(1,796
|
)
|
||
Balance at December 31, 2015
|
$
|
115,281
|
|
|
$
|
7,506
|
|
|
|
|
|
||||
Estimated amortization expense for the years ending December 31,
|
|
|
|
||||
2016
|
|
|
$
|
1,604
|
|
||
2017
|
|
|
1,411
|
|
|||
2018
|
|
|
1,219
|
|
|||
2019
|
|
|
1,026
|
|
|||
2020
|
|
|
834
|
|
|||
2021 and thereafter
|
|
|
1,412
|
|
|||
Total remaining
|
|
|
$
|
7,506
|
|
Note 5.
|
RESTRICTIONS ON CASH AND DUE FROM BANKS
|
Note 6.
|
SECURITIES
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
December 31, 2015
|
|
(In thousands)
|
||||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government and government-sponsored enterprise obligations
|
|
$
|
10,159
|
|
|
$
|
13
|
|
|
$
|
(83
|
)
|
|
$
|
10,089
|
|
Government-sponsored residential mortgage-backed securities
|
|
146,434
|
|
|
731
|
|
|
(1,304
|
)
|
|
145,861
|
|
||||
Government-sponsored residential collateralized debt obligations
|
|
287,515
|
|
|
855
|
|
|
(1,403
|
)
|
|
286,967
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
|
21,144
|
|
|
21
|
|
|
(200
|
)
|
|
20,965
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
|
128,617
|
|
|
626
|
|
|
(271
|
)
|
|
128,972
|
|
||||
Asset-backed securities
|
|
162,895
|
|
|
43
|
|
|
(3,037
|
)
|
|
159,901
|
|
||||
Corporate debt securities
|
|
62,356
|
|
|
91
|
|
|
(2,487
|
)
|
|
59,960
|
|
||||
Obligations of states and political subdivisions
|
|
201,217
|
|
|
1,561
|
|
|
(1,663
|
)
|
|
201,115
|
|
||||
Total debt securities
|
|
1,020,337
|
|
|
3,941
|
|
|
(10,448
|
)
|
|
1,013,830
|
|
||||
Marketable equity securities, by sector:
|
|
|
|
|
|
|
|
|
||||||||
Banks
|
|
41,558
|
|
|
1,099
|
|
|
(544
|
)
|
|
42,113
|
|
||||
Industrial
|
|
109
|
|
|
34
|
|
|
—
|
|
|
143
|
|
||||
Mutual funds
|
|
2,854
|
|
|
65
|
|
|
(4
|
)
|
|
2,915
|
|
||||
Oil and gas
|
|
132
|
|
|
36
|
|
|
—
|
|
|
168
|
|
||||
Total marketable equity securities
|
|
44,653
|
|
|
1,234
|
|
|
(548
|
)
|
|
45,339
|
|
||||
Total available for sale securities
|
|
$
|
1,064,990
|
|
|
$
|
5,175
|
|
|
$
|
(10,996
|
)
|
|
$
|
1,059,169
|
|
Held to maturity:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
|
$
|
2,205
|
|
|
$
|
244
|
|
|
$
|
—
|
|
|
$
|
2,449
|
|
Obligations of states and political subdivisions
|
|
12,360
|
|
|
884
|
|
|
(10
|
)
|
|
13,234
|
|
||||
Total held to maturity securities
|
|
$
|
14,565
|
|
|
$
|
1,128
|
|
|
$
|
(10
|
)
|
|
$
|
15,683
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. Government and government-sponsored enterprise obligations
|
|
$
|
6,965
|
|
|
$
|
94
|
|
|
$
|
(237
|
)
|
|
$
|
6,822
|
|
Government-sponsored residential mortgage-backed securities
|
|
165,199
|
|
|
2,379
|
|
|
(159
|
)
|
|
167,419
|
|
||||
Government-sponsored residential collateralized debt obligations
|
|
237,128
|
|
|
1,365
|
|
|
(360
|
)
|
|
238,133
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
|
67,470
|
|
|
1,081
|
|
|
(253
|
)
|
|
68,298
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
|
129,547
|
|
|
737
|
|
|
(598
|
)
|
|
129,686
|
|
||||
Asset-backed securities
|
|
181,198
|
|
|
272
|
|
|
(2,715
|
)
|
|
178,755
|
|
||||
Corporate debt securities
|
|
43,907
|
|
|
35
|
|
|
(1,697
|
)
|
|
42,245
|
|
||||
Obligations of states and political subdivisions
|
|
194,857
|
|
|
1,572
|
|
|
(657
|
)
|
|
195,772
|
|
||||
Total debt securities
|
|
1,026,271
|
|
|
7,535
|
|
|
(6,676
|
)
|
|
1,027,130
|
|
||||
Marketable equity securities, by sector:
|
|
|
|
|
|
|
|
|
||||||||
Banks
|
|
22,645
|
|
|
277
|
|
|
(340
|
)
|
|
22,582
|
|
||||
Industrial
|
|
109
|
|
|
76
|
|
|
—
|
|
|
185
|
|
||||
Mutual funds
|
|
2,824
|
|
|
89
|
|
|
(3
|
)
|
|
2,910
|
|
||||
Oil and gas
|
|
131
|
|
|
73
|
|
|
—
|
|
|
204
|
|
||||
Total marketable equity securities
|
|
25,709
|
|
|
515
|
|
|
(343
|
)
|
|
25,881
|
|
||||
Total available for sale securities
|
|
$
|
1,051,980
|
|
|
$
|
8,050
|
|
|
$
|
(7,019
|
)
|
|
$
|
1,053,011
|
|
Held to maturity:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
|
$
|
2,971
|
|
|
$
|
339
|
|
|
$
|
—
|
|
|
$
|
3,310
|
|
Obligations of states and political subdivisions
|
|
12,397
|
|
|
1,006
|
|
|
—
|
|
|
13,403
|
|
||||
Total held to maturity securities
|
|
$
|
15,368
|
|
|
$
|
1,345
|
|
|
$
|
—
|
|
|
$
|
16,713
|
|
|
Available for Sale
|
|
Held to Maturity
|
||||||||||||
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Maturity:
|
|
|
|
|
|
|
|
||||||||
Within 1 year
|
$
|
529
|
|
|
$
|
529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
After 1 year through 5 years
|
9,340
|
|
|
9,190
|
|
|
1,193
|
|
|
1,202
|
|
||||
After 5 years through 10 years
|
66,078
|
|
|
65,077
|
|
|
—
|
|
|
—
|
|
||||
After 10 years
|
197,785
|
|
|
196,368
|
|
|
11,167
|
|
|
12,032
|
|
||||
|
273,732
|
|
|
271,164
|
|
|
12,360
|
|
|
13,234
|
|
||||
Government-sponsored mortgage-backed securities
|
146,434
|
|
|
145,861
|
|
|
2,205
|
|
|
2,449
|
|
||||
Government-sponsored residential collateralized debt obligations
|
287,515
|
|
|
286,967
|
|
|
—
|
|
|
—
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
21,144
|
|
|
20,965
|
|
|
—
|
|
|
—
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
128,617
|
|
|
128,972
|
|
|
—
|
|
|
—
|
|
||||
Asset-backed securities
|
162,895
|
|
|
159,901
|
|
|
—
|
|
|
—
|
|
||||
Total debt securities
|
$
|
1,020,337
|
|
|
$
|
1,013,830
|
|
|
$
|
14,565
|
|
|
$
|
15,683
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Proceeds from the sale of available for sale securities
|
$
|
280,564
|
|
|
$
|
511,044
|
|
|
$
|
44,880
|
|
Gross gains on the sale of available for sale securities
|
3,090
|
|
|
2,711
|
|
|
804
|
|
|||
Gross losses on the sale of available for sale securities
|
2,151
|
|
|
1,483
|
|
|
219
|
|
|
Less than 12 months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
|
Fair
Value
|
|
Unrealized
Loss
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government and government sponsored enterprise obligations
|
$
|
4,867
|
|
|
$
|
(66
|
)
|
|
$
|
4,977
|
|
|
$
|
(17
|
)
|
|
$
|
9,844
|
|
|
$
|
(83
|
)
|
Government-sponsored residential mortgage-backed securities
|
107,142
|
|
|
(1,183
|
)
|
|
7,195
|
|
|
(121
|
)
|
|
114,337
|
|
|
(1,304
|
)
|
||||||
Government-sponsored residential collateralized debt obligations
|
152,278
|
|
|
(1,357
|
)
|
|
3,506
|
|
|
(46
|
)
|
|
155,784
|
|
|
(1,403
|
)
|
||||||
Government-sponsored commercial mortgage-backed securities
|
16,207
|
|
|
(200
|
)
|
|
—
|
|
|
—
|
|
|
16,207
|
|
|
(200
|
)
|
||||||
Government-sponsored commercial collateralized debt obligations
|
38,151
|
|
|
(221
|
)
|
|
3,496
|
|
|
(50
|
)
|
|
41,647
|
|
|
(271
|
)
|
||||||
Asset-backed securities
|
93,723
|
|
|
(1,233
|
)
|
|
49,462
|
|
|
(1,804
|
)
|
|
143,185
|
|
|
(3,037
|
)
|
||||||
Corporate debt securities
|
42,102
|
|
|
(797
|
)
|
|
6,720
|
|
|
(1,690
|
)
|
|
48,822
|
|
|
(2,487
|
)
|
||||||
Obligations of states and political subdivisions
|
47,878
|
|
|
(946
|
)
|
|
42,685
|
|
|
(717
|
)
|
|
90,563
|
|
|
(1,663
|
)
|
||||||
Total debt securities
|
502,348
|
|
|
(6,003
|
)
|
|
118,041
|
|
|
(4,445
|
)
|
|
620,389
|
|
|
(10,448
|
)
|
||||||
Marketable equity securities
|
18,449
|
|
|
(287
|
)
|
|
6,176
|
|
|
(261
|
)
|
|
24,625
|
|
|
(548
|
)
|
||||||
Total available for sale securities
|
$
|
520,797
|
|
|
$
|
(6,290
|
)
|
|
$
|
124,217
|
|
|
$
|
(4,706
|
)
|
|
$
|
645,014
|
|
|
$
|
(10,996
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
1,104
|
|
|
$
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
$
|
1,104
|
|
|
$
|
(10
|
)
|
||
Total held to maturity securities
|
$
|
1,104
|
|
|
$
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
$
|
1,104
|
|
|
$
|
(10
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Government and government sponsored enterprise obligations
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,757
|
|
|
$
|
(237
|
)
|
|
$
|
4,757
|
|
|
$
|
(237
|
)
|
Government-sponsored residential mortgage-backed securities
|
1,492
|
|
|
(11
|
)
|
|
19,785
|
|
|
(148
|
)
|
|
21,277
|
|
|
(159
|
)
|
||||||
Government-sponsored residential collateralized debt obligations
|
35,769
|
|
|
(124
|
)
|
|
17,443
|
|
|
(236
|
)
|
|
53,212
|
|
|
(360
|
)
|
||||||
Government-sponsored commercial mortgage-backed securities
|
14,118
|
|
|
(15
|
)
|
|
16,337
|
|
|
(238
|
)
|
|
30,455
|
|
|
(253
|
)
|
||||||
Government-sponsored commercial collateralized debt obligations
|
62,477
|
|
|
(551
|
)
|
|
4,991
|
|
|
(47
|
)
|
|
67,468
|
|
|
(598
|
)
|
||||||
Asset-backed securities
|
128,808
|
|
|
(2,080
|
)
|
|
20,146
|
|
|
(635
|
)
|
|
148,954
|
|
|
(2,715
|
)
|
||||||
Corporate debt securities
|
30,634
|
|
|
(501
|
)
|
|
5,054
|
|
|
(1,196
|
)
|
|
35,688
|
|
|
(1,697
|
)
|
||||||
Obligations of states and political subdivisions
|
55,029
|
|
|
(419
|
)
|
|
18,568
|
|
|
(238
|
)
|
|
73,597
|
|
|
(657
|
)
|
||||||
Total debt securities
|
328,327
|
|
|
(3,701
|
)
|
|
107,081
|
|
|
(2,975
|
)
|
|
435,408
|
|
|
(6,676
|
)
|
||||||
Marketable equity securities:
|
12,716
|
|
|
(340
|
)
|
|
140
|
|
|
(3
|
)
|
|
12,856
|
|
|
(343
|
)
|
||||||
Total
|
$
|
341,043
|
|
|
$
|
(4,041
|
)
|
|
$
|
107,221
|
|
|
$
|
(2,978
|
)
|
|
$
|
448,264
|
|
|
$
|
(7,019
|
)
|
Note 7.
|
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Residential
|
$
|
1,611,197
|
|
|
$
|
1,413,739
|
|
Commercial
|
1,995,332
|
|
|
1,678,936
|
|
||
Construction
|
171,006
|
|
|
185,843
|
|
||
Total real estate loans
|
3,777,535
|
|
|
3,278,518
|
|
||
Commercial business loans
|
603,332
|
|
|
613,596
|
|
||
Installment and collateral loans
|
233,064
|
|
|
5,752
|
|
||
Total loans
|
4,613,931
|
|
|
3,897,866
|
|
||
Net deferred loan costs and premiums
|
7,018
|
|
|
4,006
|
|
||
Allowance for loan losses
|
(33,887
|
)
|
|
(24,809
|
)
|
||
Loans — net
|
$
|
4,587,062
|
|
|
$
|
3,877,063
|
|
|
For the Year Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Balance at beginning of period
|
$
|
(7,989
|
)
|
|
$
|
—
|
|
Acquisitions
|
(3,674
|
)
|
|
(8,650
|
)
|
||
Accretion
|
223
|
|
|
648
|
|
||
Paid off
|
2,533
|
|
|
13
|
|
||
Reclassification to accretable
|
3,097
|
|
|
—
|
|
||
Balance at end of year
|
$
|
(5,810
|
)
|
|
$
|
(7,989
|
)
|
|
Residential
Real Estate
|
|
Commercial
Real Estate
|
|
Construction
|
|
Commercial
Business
|
|
Installment
and
Collateral
|
|
Unallocated
|
|
Total
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of year
|
$
|
7,927
|
|
|
$
|
9,418
|
|
|
$
|
1,470
|
|
|
$
|
5,808
|
|
|
$
|
75
|
|
|
$
|
111
|
|
|
$
|
24,809
|
|
Provision (credit) for loan losses
|
3,155
|
|
|
6,291
|
|
|
891
|
|
|
1,693
|
|
|
292
|
|
|
683
|
|
|
13,005
|
|
|||||||
Loans charged off
|
(1,171
|
)
|
|
(1,018
|
)
|
|
(466
|
)
|
|
(2,513
|
)
|
|
(324
|
)
|
|
—
|
|
|
(5,492
|
)
|
|||||||
Recoveries of loans previously charged off
|
281
|
|
|
342
|
|
|
—
|
|
|
839
|
|
|
103
|
|
|
—
|
|
|
1,565
|
|
|||||||
Balance, end of year
|
$
|
10,192
|
|
|
$
|
15,033
|
|
|
$
|
1,895
|
|
|
$
|
5,827
|
|
|
$
|
146
|
|
|
$
|
794
|
|
|
$
|
33,887
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of year
|
$
|
6,396
|
|
|
$
|
8,288
|
|
|
$
|
829
|
|
|
$
|
3,394
|
|
|
$
|
29
|
|
|
$
|
247
|
|
|
$
|
19,183
|
|
Provision (credit) for loan losses
|
3,250
|
|
|
1,880
|
|
|
641
|
|
|
3,723
|
|
|
138
|
|
|
(136
|
)
|
|
9,496
|
|
|||||||
Loans charged off
|
(1,894
|
)
|
|
(750
|
)
|
|
—
|
|
|
(1,406
|
)
|
|
(139
|
)
|
|
—
|
|
|
(4,189
|
)
|
|||||||
Recoveries of loans previously charged off
|
175
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
47
|
|
|
—
|
|
|
319
|
|
|||||||
Balance, end of year
|
$
|
7,927
|
|
|
$
|
9,418
|
|
|
$
|
1,470
|
|
|
$
|
5,808
|
|
|
$
|
75
|
|
|
$
|
111
|
|
|
$
|
24,809
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance, beginning of year
|
$
|
6,194
|
|
|
$
|
8,051
|
|
|
$
|
807
|
|
|
$
|
2,916
|
|
|
$
|
29
|
|
|
$
|
480
|
|
|
$
|
18,477
|
|
Provision (credit) for loan losses
|
876
|
|
|
382
|
|
|
272
|
|
|
650
|
|
|
99
|
|
|
(233
|
)
|
|
2,046
|
|
|||||||
Loans charged off
|
(811
|
)
|
|
(145
|
)
|
|
(250
|
)
|
|
(190
|
)
|
|
(124
|
)
|
|
—
|
|
|
(1,520
|
)
|
|||||||
Recoveries of loans previously charged off
|
137
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
25
|
|
|
—
|
|
|
180
|
|
|||||||
Balance, end of year
|
$
|
6,396
|
|
|
$
|
8,288
|
|
|
$
|
829
|
|
|
$
|
3,394
|
|
|
$
|
29
|
|
|
$
|
247
|
|
|
$
|
19,183
|
|
|
Residential
Real Estate
|
|
Commercial
Real Estate
|
|
Construction
|
|
Commercial
Business
|
|
Installment
and
Collateral
|
|
Unallocated
|
|
Total
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance related to loans individually evaluated and deemed impaired
|
$
|
74
|
|
|
$
|
—
|
|
|
$
|
147
|
|
|
$
|
121
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
342
|
|
Allowance related to loans collectively evaluated and not deemed impaired
|
10,118
|
|
|
15,033
|
|
|
1,748
|
|
|
5,531
|
|
|
146
|
|
|
794
|
|
|
33,370
|
|
|||||||
Allowance related to loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|||||||
Total allowance for loan losses
|
$
|
10,192
|
|
|
$
|
15,033
|
|
|
$
|
1,895
|
|
|
$
|
5,827
|
|
|
$
|
146
|
|
|
$
|
794
|
|
|
$
|
33,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans deemed impaired
|
$
|
20,592
|
|
|
$
|
17,960
|
|
|
$
|
4,660
|
|
|
$
|
13,035
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
56,255
|
|
Loans not deemed impaired
|
1,590,605
|
|
|
1,975,349
|
|
|
166,346
|
|
|
588,982
|
|
|
230,061
|
|
|
—
|
|
|
4,551,343
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
2,023
|
|
|
—
|
|
|
1,315
|
|
|
2,995
|
|
|
—
|
|
|
6,333
|
|
|||||||
Total loans
|
$
|
1,611,197
|
|
|
$
|
1,995,332
|
|
|
$
|
171,006
|
|
|
$
|
603,332
|
|
|
$
|
233,064
|
|
|
$
|
—
|
|
|
$
|
4,613,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Allowance related to loans individually evaluated and deemed impaired
|
$
|
28
|
|
|
$
|
316
|
|
|
$
|
33
|
|
|
$
|
882
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,259
|
|
Allowance related to loans collectively evaluated and not deemed impaired
|
7,899
|
|
|
9,102
|
|
|
1,437
|
|
|
4,710
|
|
|
75
|
|
|
111
|
|
|
23,334
|
|
|||||||
Allowance related to loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
216
|
|
|||||||
Total allowance for loan losses
|
$
|
7,927
|
|
|
$
|
9,418
|
|
|
$
|
1,470
|
|
|
$
|
5,808
|
|
|
$
|
75
|
|
|
$
|
111
|
|
|
$
|
24,809
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans deemed impaired
|
$
|
15,981
|
|
|
$
|
19,514
|
|
|
$
|
2,610
|
|
|
$
|
5,846
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
43,997
|
|
Loans not deemed impaired
|
1,397,758
|
|
|
1,654,917
|
|
|
180,548
|
|
|
604,055
|
|
|
5,706
|
|
|
—
|
|
|
3,842,984
|
|
|||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
4,505
|
|
|
2,685
|
|
|
3,695
|
|
|
—
|
|
|
—
|
|
|
10,885
|
|
|||||||
Total loans
|
$
|
1,413,739
|
|
|
$
|
1,678,936
|
|
|
$
|
185,843
|
|
|
$
|
613,596
|
|
|
$
|
5,752
|
|
|
$
|
—
|
|
|
$
|
3,897,866
|
|
|
30-59
Days
Past Due
|
|
60-89
Days
Past Due
|
|
Past Due 90
Days or
More
|
|
Total
Past Due
|
|
Past Due 90
Days or More
and Still Accruing
|
|
Loans on
Non-accrual
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
10,516
|
|
|
$
|
2,758
|
|
|
$
|
8,485
|
|
|
$
|
21,759
|
|
|
$
|
238
|
|
|
$
|
19,122
|
|
Commercial
|
4,054
|
|
|
2,689
|
|
|
6,024
|
|
|
12,767
|
|
|
—
|
|
|
11,620
|
|
||||||
Construction
|
214
|
|
|
449
|
|
|
2,135
|
|
|
2,798
|
|
|
—
|
|
|
2,808
|
|
||||||
Commercial business
|
526
|
|
|
266
|
|
|
2,804
|
|
|
3,596
|
|
|
66
|
|
|
4,244
|
|
||||||
Installment and collateral
|
17
|
|
|
3
|
|
|
8
|
|
|
28
|
|
|
3
|
|
|
8
|
|
||||||
Total
|
$
|
15,327
|
|
|
$
|
6,165
|
|
|
$
|
19,456
|
|
|
$
|
40,948
|
|
|
$
|
307
|
|
|
$
|
37,802
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
18,913
|
|
|
$
|
3,954
|
|
|
$
|
7,320
|
|
|
$
|
30,187
|
|
|
$
|
—
|
|
|
$
|
13,972
|
|
Commercial
|
7,734
|
|
|
3,967
|
|
|
9,509
|
|
|
21,210
|
|
|
2,361
|
|
|
12,514
|
|
||||||
Construction
|
1,403
|
|
|
227
|
|
|
695
|
|
|
2,325
|
|
|
84
|
|
|
611
|
|
||||||
Commercial business
|
2,782
|
|
|
3,812
|
|
|
7,486
|
|
|
14,080
|
|
|
2,307
|
|
|
5,217
|
|
||||||
Installment and collateral
|
34
|
|
|
—
|
|
|
12
|
|
|
46
|
|
|
—
|
|
|
44
|
|
||||||
Total
|
$
|
30,866
|
|
|
$
|
11,960
|
|
|
$
|
25,022
|
|
|
$
|
67,848
|
|
|
$
|
4,752
|
|
|
$
|
32,358
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Impaired loans without a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
19,315
|
|
|
$
|
22,829
|
|
|
|
|
$
|
15,233
|
|
|
$
|
17,143
|
|
|
|
||||
Commercial
|
17,960
|
|
|
20,381
|
|
|
|
|
18,408
|
|
|
21,202
|
|
|
|
||||||||
Construction
|
4,442
|
|
|
6,869
|
|
|
|
|
2,384
|
|
|
2,441
|
|
|
|
||||||||
Commercial business loans
|
12,634
|
|
|
14,477
|
|
|
|
|
3,804
|
|
|
6,129
|
|
|
|
||||||||
Installment and collateral loans
|
8
|
|
|
11
|
|
|
|
|
46
|
|
|
34
|
|
|
|
||||||||
Total
|
54,359
|
|
|
64,567
|
|
|
|
|
39,875
|
|
|
46,949
|
|
|
|
||||||||
Impaired loans with a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
1,277
|
|
|
1,292
|
|
|
$
|
74
|
|
|
748
|
|
|
892
|
|
|
$
|
28
|
|
||||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
1,106
|
|
|
1,271
|
|
|
316
|
|
||||||
Construction
|
218
|
|
|
218
|
|
|
147
|
|
|
226
|
|
|
226
|
|
|
33
|
|
||||||
Commercial business loans
|
401
|
|
|
401
|
|
|
121
|
|
|
2,042
|
|
|
2,098
|
|
|
882
|
|
||||||
Total
|
1,896
|
|
|
1,911
|
|
|
342
|
|
|
4,122
|
|
|
4,487
|
|
|
1,259
|
|
||||||
Total impaired loans
|
$
|
56,255
|
|
|
$
|
66,478
|
|
|
$
|
342
|
|
|
$
|
43,997
|
|
|
$
|
51,436
|
|
|
$
|
1,259
|
|
|
For the Year Ended
December 31, 2015 |
|
For the Year Ended
December 31, 2014 |
|
For the Year Ended
December 31, 2013 |
||||||||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
$
|
18,213
|
|
|
$
|
616
|
|
|
$
|
12,721
|
|
|
$
|
451
|
|
|
$
|
9,999
|
|
|
$
|
432
|
|
Commercial
|
18,424
|
|
|
694
|
|
|
11,868
|
|
|
284
|
|
|
4,407
|
|
|
45
|
|
||||||
Construction
|
3,784
|
|
|
299
|
|
|
2,646
|
|
|
81
|
|
|
2,720
|
|
|
46
|
|
||||||
Commercial business loans
|
7,835
|
|
|
431
|
|
|
3,087
|
|
|
121
|
|
|
1,525
|
|
|
46
|
|
||||||
Installment and collateral loans
|
24
|
|
|
—
|
|
|
110
|
|
|
1
|
|
|
36
|
|
|
2
|
|
||||||
Total
|
$
|
48,280
|
|
|
$
|
2,040
|
|
|
$
|
30,432
|
|
|
$
|
938
|
|
|
$
|
18,687
|
|
|
$
|
571
|
|
|
At December 31,
2015 |
|
At December 31,
2014 |
||||
|
(In thousands)
|
||||||
Recorded investment in TDRs:
|
|
|
|
||||
Accrual status
|
$
|
18,453
|
|
|
$
|
11,638
|
|
Non-accrual status
|
5,611
|
|
|
4,169
|
|
||
Total recorded investment in TDRs
|
$
|
24,064
|
|
|
$
|
15,807
|
|
Accruing TDRs performing under modified terms more than one year
|
$
|
5,821
|
|
|
$
|
1,919
|
|
Specific reserves for TDRs included in the balance of allowance for loan losses
|
$
|
223
|
|
|
$
|
380
|
|
Additional funds committed to borrowers in TDR status
|
$
|
513
|
|
|
$
|
210
|
|
|
For the Year Ended
December 31, 2015 |
|
For the Year Ended
December 31, 2014 |
||||||||||||||||||
(Dollars in thousands)
|
Number
of
Contracts
|
|
Pre-Modification
Outstanding Recorded
Investment
|
|
Post-Modification
Outstanding Recorded
Investment
|
|
Number
of
Contracts
|
|
Pre-Modification
Outstanding Recorded
Investment
|
|
Post-Modification
Outstanding Recorded
Investment
|
||||||||||
Residential real estate
|
38
|
|
|
$
|
4,632
|
|
|
$
|
4,642
|
|
|
16
|
|
|
$
|
2,497
|
|
|
$
|
2,497
|
|
Commercial real estate
|
2
|
|
|
791
|
|
|
791
|
|
|
6
|
|
|
1,450
|
|
|
1,450
|
|
||||
Construction
|
2
|
|
|
564
|
|
|
564
|
|
|
15
|
|
|
4,161
|
|
|
4,161
|
|
||||
Commercial business
|
8
|
|
|
9,180
|
|
|
9,680
|
|
|
8
|
|
|
1,121
|
|
|
1,121
|
|
||||
Installment & collateral
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Total TDRs
|
50
|
|
|
$
|
15,167
|
|
|
$
|
15,677
|
|
|
46
|
|
|
$
|
9,231
|
|
|
$
|
9,231
|
|
|
|
For the Year Ended December 31, 2015
|
||||||||||||||||||
|
|
Extended
Maturity |
|
Adjusted
Interest Rates |
|
Adjusted Rate and Maturity
|
|
Payment Deferral
|
|
Other
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Residential real estate
|
|
$
|
—
|
|
|
$
|
1,202
|
|
|
$
|
1,659
|
|
|
$
|
814
|
|
|
$
|
967
|
|
Commercial real estate
|
|
538
|
|
|
—
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|||||
Construction
|
|
564
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial business
|
|
9,673
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
10,775
|
|
|
$
|
1,202
|
|
|
$
|
1,919
|
|
|
$
|
814
|
|
|
$
|
967
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the Year Ended December 31, 2014
|
||||||||||||||||||
|
|
Extended
Maturity |
|
Adjusted
Interest Rates |
|
Adjusted Rate and Maturity
|
|
Payment Deferral
|
|
Other
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Residential real estate
|
|
$
|
80
|
|
|
$
|
1,008
|
|
|
$
|
—
|
|
|
$
|
732
|
|
|
$
|
677
|
|
Commercial real estate
|
|
448
|
|
|
564
|
|
|
438
|
|
|
—
|
|
|
—
|
|
|||||
Construction
|
|
3,980
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
181
|
|
|||||
Commercial business
|
|
548
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
516
|
|
|||||
Installment and collateral
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|||||
Total
|
|
$
|
5,056
|
|
|
$
|
1,572
|
|
|
$
|
495
|
|
|
734
|
|
|
$
|
1,374
|
|
|
For the Year Ended
December 31, 2015 |
|
For the Year Ended
December 31, 2014 |
||||||||||
(Dollars in thousands)
|
Number
of
Contracts
|
|
Recorded
Investment
|
|
Number
of
Contracts
|
|
Recorded
Investment
|
||||||
Residential real estate
|
5
|
|
|
$
|
769
|
|
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
2
|
|
|
806
|
|
|
2
|
|
|
3,360
|
|
||
Total troubled debt restructuring
|
7
|
|
|
$
|
1,575
|
|
|
2
|
|
|
$
|
3,360
|
|
|
Residential
Real Estate
|
|
Commercial
Real Estate
|
|
Construction
|
|
Commercial
Business
|
|
Installment
and
Collateral
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans rated 1 — 5
|
$
|
1,589,095
|
|
|
$
|
1,909,091
|
|
|
$
|
156,607
|
|
|
$
|
568,248
|
|
|
$
|
233,054
|
|
Loans rated 6
|
1,379
|
|
|
48,522
|
|
|
10,860
|
|
|
8,382
|
|
|
—
|
|
|||||
Loans rated 7
|
20,720
|
|
|
37,719
|
|
|
3,539
|
|
|
26,655
|
|
|
10
|
|
|||||
Loans rated 8
|
—
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|||||
Loans rated 9
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
1,611,197
|
|
|
$
|
1,995,332
|
|
|
$
|
171,006
|
|
|
$
|
603,332
|
|
|
$
|
233,064
|
|
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans rated 1 — 5
|
$
|
1,396,866
|
|
|
$
|
1,606,420
|
|
|
$
|
174,629
|
|
|
$
|
570,808
|
|
|
$
|
5,488
|
|
Loans rated 6
|
1,981
|
|
|
28,616
|
|
|
4,652
|
|
|
21,589
|
|
|
—
|
|
|||||
Loans rated 7
|
14,892
|
|
|
43,900
|
|
|
6,562
|
|
|
21,154
|
|
|
264
|
|
|||||
Loans rated 8
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|||||
Loans rated 9
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
$
|
1,413,739
|
|
|
$
|
1,678,936
|
|
|
$
|
185,843
|
|
|
$
|
613,596
|
|
|
$
|
5,752
|
|
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Balance, beginning of year
|
$
|
3,722
|
|
|
$
|
2,020
|
|
Loans related to parties who terminated service during the year
|
(1,495
|
)
|
|
(948
|
)
|
||
Additional loans and advances
|
875
|
|
|
2,848
|
|
||
Repayments
|
(457
|
)
|
|
(198
|
)
|
||
Balance, end of year
|
$
|
2,645
|
|
|
$
|
3,722
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Mortgage servicing rights:
|
|
|
|
|
|
||||||
Balance at beginning of year
|
$
|
4,729
|
|
|
$
|
4,103
|
|
|
$
|
1,083
|
|
Cumulative effect of net change in accounting principle
|
—
|
|
|
—
|
|
|
471
|
|
|||
Addition of Legacy United mortgage servicing rights
|
—
|
|
|
764
|
|
|
—
|
|
|||
Change in fair value recognized in net income
|
(586
|
)
|
|
(1,269
|
)
|
|
1,347
|
|
|||
Issuances/additions
|
2,931
|
|
|
1,131
|
|
|
1,202
|
|
|||
Balance at end of year
|
$
|
7,074
|
|
|
$
|
4,729
|
|
|
$
|
4,103
|
|
Note 8.
|
PREMISES AND EQUIPMENT
|
|
At December 31,
|
|
Estimated
Useful Life
|
||||||
|
2015
|
|
2014
|
|
|||||
|
(In thousands)
|
|
|
||||||
Land and improvements
|
$
|
950
|
|
|
$
|
950
|
|
|
0 - 15 years
|
Buildings
|
40,375
|
|
|
40,001
|
|
|
10 - 39.5 years
|
||
Furniture and equipment
|
27,468
|
|
|
27,618
|
|
|
3 - 10 years
|
||
Leasehold improvements
|
8,961
|
|
|
9,261
|
|
|
5 - 10 years
|
||
Assets under capitalized leases
|
4,902
|
|
|
4,902
|
|
|
5 - 10 years
|
||
Construction in progress
|
—
|
|
|
586
|
|
|
|
||
|
82,656
|
|
|
83,318
|
|
|
|
||
Accumulated depreciation and amortization
|
(27,877
|
)
|
|
(25,653
|
)
|
|
|
||
Premises and equipment, net
|
$
|
54,779
|
|
|
$
|
57,665
|
|
|
|
Note 9.
|
OTHER REAL ESTATE OWNED
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
2,239
|
|
|
$
|
1,529
|
|
|
$
|
2,846
|
|
Additions
|
1,099
|
|
|
2,339
|
|
|
3,097
|
|
|||
Acquisition of Legacy United
|
—
|
|
|
2,044
|
|
|
—
|
|
|||
Write-downs
|
(118
|
)
|
|
(213
|
)
|
|
(287
|
)
|
|||
Proceeds from sales
|
(2,683
|
)
|
|
(3,869
|
)
|
|
(4,042
|
)
|
|||
Gain (loss) on sales
|
218
|
|
|
409
|
|
|
(85
|
)
|
|||
Balance at end of year
|
$
|
755
|
|
|
$
|
2,239
|
|
|
$
|
1,529
|
|
Note 10.
|
OTHER ASSETS
|
|
At December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Current tax receivable
|
$
|
4,770
|
|
|
$
|
14,391
|
|
Partnership investments
|
21,441
|
|
|
13,461
|
|
||
Mortgage servicing rights
|
7,074
|
|
|
4,729
|
|
||
Derivative assets
|
12,910
|
|
|
4,074
|
|
||
Investment receivable
|
20
|
|
|
2,762
|
|
||
Other
|
12,766
|
|
|
9,715
|
|
||
Total other assets
|
$
|
58,981
|
|
|
$
|
49,132
|
|
Note 11.
|
DEPOSITS
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Demand and NOW
|
$
|
1,019,161
|
|
|
$
|
902,460
|
|
Regular savings
|
508,377
|
|
|
528,614
|
|
||
Money markets
|
1,182,422
|
|
|
1,047,302
|
|
||
Time deposits
|
1,727,111
|
|
|
1,556,935
|
|
||
Total deposits
|
$
|
4,437,071
|
|
|
$
|
4,035,311
|
|
|
December 31, 2015
|
||
|
(In thousands)
|
||
2016
|
$
|
1,061,959
|
|
2017
|
471,007
|
|
|
2018
|
95,520
|
|
|
2019
|
22,042
|
|
|
2020
|
76,583
|
|
|
|
$
|
1,727,111
|
|
Note 12.
|
BORROWINGS
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||
|
Amount
|
|
Weighted-
Average
Rate
|
|
Amount
|
|
Weighted-
Average
Rate
|
||||||
|
(Dollars in thousands)
|
||||||||||||
2015
|
$
|
—
|
|
|
—
|
%
|
|
$
|
435,763
|
|
|
0.38
|
%
|
2016
|
637,580
|
|
|
0.60
|
|
|
19,714
|
|
|
1.53
|
|
||
2017
|
151,000
|
|
|
1.76
|
|
|
66,000
|
|
|
2.72
|
|
||
2018
|
120,795
|
|
|
1.54
|
|
|
16,784
|
|
|
2.19
|
|
||
2019
|
20,000
|
|
|
1.63
|
|
|
20,000
|
|
|
1.63
|
|
||
Thereafter
|
16,130
|
|
|
2.21
|
|
|
17,300
|
|
|
2.19
|
|
||
|
$
|
945,505
|
|
|
0.95
|
%
|
|
$
|
575,561
|
|
|
0.84
|
%
|
|
|
Remaining Contractual Maturity of the Agreements
|
||||||||||||||||||
|
|
Overnight
|
|
Up to 1 Year
|
|
1 - 3 Years
|
|
Greater than 3 Years
|
|
Total
|
||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
|
$
|
19,278
|
|
|
$
|
25,000
|
|
|
$
|
20,000
|
|
|
$
|
—
|
|
|
$
|
64,278
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
|
$
|
41,335
|
|
|
$
|
49,242
|
|
|
$
|
—
|
|
|
$
|
20,000
|
|
|
$
|
110,577
|
|
Note 13.
|
INCOME TAXES
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Current tax provision (benefit)
|
|
|
|
|
|
||||||
Federal
|
$
|
1,302
|
|
|
$
|
(13,905
|
)
|
|
$
|
4,842
|
|
State
|
1,345
|
|
|
311
|
|
|
117
|
|
|||
Total current
|
2,647
|
|
|
(13,594
|
)
|
|
4,959
|
|
|||
Deferred tax provision (benefit)
|
|
|
|
|
|
||||||
Federal
|
3,275
|
|
|
7,482
|
|
|
410
|
|
|||
State
|
307
|
|
|
(121
|
)
|
|
—
|
|
|||
Total deferred
|
3,582
|
|
|
7,361
|
|
|
410
|
|
|||
Total income tax expense (benefit)
|
$
|
6,229
|
|
|
$
|
(6,233
|
)
|
|
$
|
5,369
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Provision for income tax at statutory rate
|
$
|
19,554
|
|
|
$
|
192
|
|
|
$
|
6,859
|
|
Increase (decrease) resulting from:
|
|
|
|
|
|
||||||
State income taxes, net of federal benefit
|
1,074
|
|
|
124
|
|
|
76
|
|
|||
Increase in cash surrender value of bank-owned life insurance
|
(1,266
|
)
|
|
(1,065
|
)
|
|
(732
|
)
|
|||
Dividend received deduction
|
(471
|
)
|
|
(276
|
)
|
|
(24
|
)
|
|||
Tax exempt interest and disallowed interest expense
|
(3,826
|
)
|
|
(1,740
|
)
|
|
(808
|
)
|
|||
Employee Stock Ownership Plan
|
25
|
|
|
153
|
|
|
193
|
|
|||
Nondeductible acquisition costs
|
—
|
|
|
440
|
|
|
—
|
|
|||
Excess parachute payments
|
442
|
|
|
1,615
|
|
|
—
|
|
|||
Investment tax credits
|
(8,649
|
)
|
|
(5,596
|
)
|
|
—
|
|
|||
Other, net
|
(654
|
)
|
|
(80
|
)
|
|
(195
|
)
|
|||
Total provision (benefit) for income taxes
|
$
|
6,229
|
|
|
$
|
(6,233
|
)
|
|
$
|
5,369
|
|
|
|
|
|
|
|
||||||
Effective income tax rate (benefit)
|
11.1
|
%
|
|
(11.4
|
)%
|
|
27.4
|
%
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Loans
|
$
|
14,558
|
|
|
$
|
17,601
|
|
Investment security losses
|
150
|
|
|
440
|
|
||
Net unrealized losses on securities available for sale
|
2,107
|
|
|
—
|
|
||
Net unrealized losses on interest rate swaps
|
1,603
|
|
|
390
|
|
||
Pension, deferred compensation and post-retirement liabilities
|
2,723
|
|
|
4,279
|
|
||
Stock incentive award plan
|
2,044
|
|
|
2,871
|
|
||
Deposits - purchase accounting adjustment
|
891
|
|
|
2,149
|
|
||
Accrued expenses
|
8,043
|
|
|
3,124
|
|
||
Tax credits
|
3,539
|
|
|
5,116
|
|
||
Other
|
3,166
|
|
|
4,484
|
|
||
Gross deferred tax assets
|
38,824
|
|
|
40,454
|
|
||
Valuation allowance
|
(2,706
|
)
|
|
(2,463
|
)
|
||
Gross deferred tax assets, net of valuation allowance
|
36,118
|
|
|
37,991
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Net unrealized gains on securities available for sale
|
—
|
|
|
(455
|
)
|
||
Other purchase accounting adjustments
|
(3,024
|
)
|
|
(3,703
|
)
|
||
Gross deferred tax liabilities
|
(3,024
|
)
|
|
(4,158
|
)
|
||
Net deferred tax asset
|
$
|
33,094
|
|
|
$
|
33,833
|
|
Note 14.
|
DERIVATIVES AND HEDGING ACTIVITIES
|
|
Notional
Amount
|
|
Weighted-
Average
Remaining
Maturity
|
|
Weighted-Average Rate
|
|
Estimated
Fair Value
Net
|
||||||||||
Received
|
|
Paid
|
|
||||||||||||||
|
(In thousands)
|
|
(In years)
|
|
|
|
|
|
(In thousands)
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward starting interest rate swaps on future borrowings
|
$
|
150,000
|
|
|
7.99
|
|
TBD
|
|
(1
|
)
|
2.46
|
%
|
|
$
|
(2,072
|
)
|
|
Interest rate swaps
|
280,000
|
|
|
2.65
|
|
0.46
|
%
|
|
1.28
|
%
|
|
(2,020
|
)
|
||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
35,000
|
|
|
1.72
|
|
1.04
|
%
|
|
0.48
|
%
|
(2
|
)
|
24
|
|
|||
Non-hedging derivatives:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward loan sale commitments
|
25,060
|
|
|
0.00
|
|
|
|
|
|
(13
|
)
|
||||||
Derivative loan commitments
|
9,403
|
|
|
0.00
|
|
|
|
|
|
223
|
|
||||||
Loan level swaps - dealer (3)
|
333,981
|
|
|
9.05
|
|
1.94
|
%
|
|
3.93
|
%
|
|
(12,059
|
)
|
||||
Loan level swaps - borrowers (3)
|
333,981
|
|
|
9.05
|
|
3.93
|
%
|
|
1.94
|
%
|
|
12,152
|
|
||||
Total
|
$
|
1,167,425
|
|
|
|
|
|
|
|
|
$
|
(3,765
|
)
|
||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward starting interest rate swaps on future borrowings
|
$
|
150,000
|
|
|
6.34
|
|
TBD
|
|
(1
|
)
|
2.45
|
%
|
|
$
|
(1,069
|
)
|
|
Interest rate swaps
|
25,000
|
|
|
2.41
|
|
0.23
|
%
|
|
0.90
|
%
|
|
72
|
|
||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
35,000
|
|
|
2.72
|
|
1.04
|
%
|
|
0.24
|
%
|
(2
|
)
|
(82
|
)
|
|||
Non-hedging derivatives:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward loan sale commitments
|
14,091
|
|
|
0.00
|
|
|
|
|
|
(14
|
)
|
||||||
Derivative loan commitments
|
8,839
|
|
|
0.00
|
|
|
|
|
|
213
|
|
||||||
Loan level swaps - dealer (3)
|
86,446
|
|
|
8.69
|
|
1.98
|
%
|
|
4.34
|
%
|
|
3,678
|
|
||||
Loan level swaps - borrowers (3)
|
86,446
|
|
|
8.69
|
|
4.34
|
%
|
|
1.98
|
%
|
|
(3,678
|
)
|
||||
Total
|
$
|
405,822
|
|
|
|
|
|
|
|
|
$
|
(880
|
)
|
(1)
|
The receiver leg of the cash flow hedges is floating rate and indexed to the 3-month USD-LIBOR-BBA, as determined
two
London banking days prior to the first day of each calendar quarter, commencing with the earliest effective trade. The earliest effective trade date for the cash flow hedges is January 4, 2016.
|
(2)
|
The paying leg is
one month LIBOR plus a fixed spread
; above rate in effect as of
December 31, 2015
.
|
(3)
|
The Company offers a loan level hedging product to qualifying commercial borrowers that seek to mitigate risk to rising interest rates. As such, the Company enters into equal and offsetting trades with dealer counterparties.
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||
|
|
|
Fair Value
|
|
|
|
Fair Value
|
||||||||||||
|
Balance Sheet Location
|
|
Dec 31,
2015 |
|
Dec 31,
2014 |
|
Balance Sheet Location
|
|
Dec 31,
2015 |
|
Dec 31,
2014 |
||||||||
|
|
|
(In thousands)
|
|
|
|
(In thousands)
|
||||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap - cash flow hedge
|
Other Assets
|
|
$
|
478
|
|
|
$
|
140
|
|
|
Other Liabilities
|
|
$
|
4,570
|
|
|
$
|
1,137
|
|
Interest rate swap - fair value hedge
|
Other Assets
|
|
50
|
|
|
34
|
|
|
Other Liabilities
|
|
26
|
|
|
116
|
|
||||
Total derivatives designated as hedging instruments
|
|
|
$
|
528
|
|
|
$
|
174
|
|
|
|
|
$
|
4,596
|
|
|
$
|
1,253
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward loan sale commitment
|
Other Assets
|
|
$
|
7
|
|
|
$
|
7
|
|
|
Other Liabilities
|
|
$
|
20
|
|
|
$
|
21
|
|
Derivative loan commitment
|
Other Assets
|
|
223
|
|
|
213
|
|
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swap - with customers
|
Other Assets
|
|
12,152
|
|
|
3,678
|
|
|
Other Liabilities
|
|
—
|
|
|
—
|
|
||||
Interest rate swap - with counterparties
|
|
|
—
|
|
|
—
|
|
|
Other Liabilities
|
|
12,059
|
|
|
3,816
|
|
||||
Interest rate swap -risk participation agreement
|
Other Assets
|
|
—
|
|
|
1
|
|
|
|
|
—
|
|
|
—
|
|
||||
Total derivatives not designated as hedging
|
|
|
$
|
12,382
|
|
|
$
|
3,899
|
|
|
|
|
$
|
12,079
|
|
|
$
|
3,837
|
|
|
|
|
|
|
|
|
||||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Gain (Loss) Recognized
in OCI on Derivatives
(Effective Portion)
For the Years Ended December 31,
|
||||||||||
2015
|
|
2014
|
|
2013
|
||||||||
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
|
$
|
(3,108
|
)
|
|
$
|
(8,385
|
)
|
|
$
|
7,537
|
|
|
|
|
|
|
|
|
||||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
For the Years Ended December 31,
|
||||||||||
2015
|
|
2014
|
|
2013
|
||||||||
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Amount of Gain (Loss) Recognized
in Income on Derivatives
For the Years Ended December 31,
|
||||||||||
Derivatives in Fair Value Hedging Relationships
|
Location on Gain (Loss)
Recognized in Income
|
|
|||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||
|
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
Interest income
|
|
$
|
106
|
|
|
$
|
101
|
|
|
$
|
(183
|
)
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Amount of Gain (Loss) Recognized
in Income on Hedged Items
For the Years Ended December 31,
|
||||||||||
2015
|
|
2014
|
|
2013
|
|||||||||
|
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
Interest income
|
|
$
|
(106
|
)
|
|
$
|
(101
|
)
|
|
$
|
183
|
|
|
|
Amount of Gain (Loss) Recognized
for the Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In thousands)
|
||||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Derivative loan commitment
|
|
$
|
10
|
|
|
$
|
193
|
|
|
$
|
(6
|
)
|
Forward loan sale commitments
|
|
(1
|
)
|
|
(33
|
)
|
|
(19
|
)
|
|||
Interest rate swaps
|
|
231
|
|
|
(70
|
)
|
|
70
|
|
|||
Interest rate swap - risk participation agreement
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|||
|
|
$
|
240
|
|
|
$
|
89
|
|
|
$
|
45
|
|
Note 15.
|
FAIR VALUE MEASUREMENT
|
|
|
Years Ended December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
|
|
(In thousands)
|
||||||
Mortgage loans held for sale
|
|
$
|
(50
|
)
|
|
$
|
195
|
|
|
Total
Fair Value
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
|
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Available for Sale Securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government and government-sponsored enterprise obligations
|
$
|
10,089
|
|
|
$
|
—
|
|
|
$
|
10,089
|
|
|
$
|
—
|
|
Government-sponsored residential mortgage-backed securities
|
145,861
|
|
|
—
|
|
|
145,861
|
|
|
—
|
|
||||
Government-sponsored residential collateralized debt obligations
|
286,967
|
|
|
—
|
|
|
286,967
|
|
|
—
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
20,965
|
|
|
—
|
|
|
20,965
|
|
|
—
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
128,972
|
|
|
—
|
|
|
128,972
|
|
|
—
|
|
||||
Asset-backed securities
|
159,901
|
|
|
—
|
|
|
15,388
|
|
|
144,513
|
|
||||
Corporate debt securities
|
59,960
|
|
|
—
|
|
|
58,403
|
|
|
1,557
|
|
||||
Obligations of states and political subdivisions
|
201,115
|
|
|
—
|
|
|
201,115
|
|
|
—
|
|
||||
Marketable equity securities
|
45,339
|
|
|
3,227
|
|
|
42,112
|
|
|
—
|
|
||||
Total available for sale securities
|
$
|
1,059,169
|
|
|
$
|
3,227
|
|
|
$
|
909,872
|
|
|
$
|
146,070
|
|
Mortgage loan derivative assets
|
$
|
230
|
|
|
$
|
—
|
|
|
$
|
230
|
|
|
$
|
—
|
|
Mortgage loan derivative liabilities
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
||||
Loans held for sale
|
10,136
|
|
|
—
|
|
|
10,136
|
|
|
—
|
|
||||
Mortgage servicing rights
|
7,074
|
|
|
—
|
|
|
—
|
|
|
7,074
|
|
||||
Interest rate swap assets
|
12,680
|
|
|
—
|
|
|
12,680
|
|
|
—
|
|
||||
Interest rate swap liabilities
|
16,655
|
|
|
—
|
|
|
16,655
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Available for Sale Securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government and government-sponsored enterprise obligations
|
$
|
6,822
|
|
|
$
|
—
|
|
|
$
|
6,822
|
|
|
$
|
—
|
|
Government-sponsored residential mortgage-backed securities
|
167,419
|
|
|
—
|
|
|
167,419
|
|
|
—
|
|
||||
Government-sponsored residential collateralized debt obligations
|
238,133
|
|
|
—
|
|
|
238,133
|
|
|
—
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
68,298
|
|
|
—
|
|
|
68,298
|
|
|
—
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
129,686
|
|
|
—
|
|
|
129,686
|
|
|
—
|
|
||||
Asset-backed securities
|
178,755
|
|
|
—
|
|
|
43,166
|
|
|
135,589
|
|
||||
Corporate debt securities
|
42,245
|
|
|
—
|
|
|
40,627
|
|
|
1,618
|
|
||||
Obligations of states and political subdivisions
|
195,772
|
|
|
—
|
|
|
195,772
|
|
|
—
|
|
||||
Marketable equity securities
|
25,881
|
|
|
3,299
|
|
|
22,582
|
|
|
—
|
|
||||
Total available for sale securities
|
$
|
1,053,011
|
|
|
$
|
3,299
|
|
|
$
|
912,505
|
|
|
$
|
137,207
|
|
Mortgage loan derivative assets
|
$
|
220
|
|
|
$
|
—
|
|
|
$
|
220
|
|
|
$
|
—
|
|
Mortgage loan derivative liabilities
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
||||
Loans held for sale
|
8,220
|
|
|
—
|
|
|
8,220
|
|
|
—
|
|
||||
Mortgage servicing rights
|
4,729
|
|
|
—
|
|
|
—
|
|
|
4,729
|
|
||||
Interest rate swap assets
|
3,853
|
|
|
—
|
|
|
3,853
|
|
|
—
|
|
||||
Interest rate swap liabilities
|
4,931
|
|
|
—
|
|
|
4,931
|
|
|
—
|
|
|
For the Years Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Balance of available for sale securities, at beginning of period
|
$
|
137,207
|
|
|
$
|
72,963
|
|
Purchases
|
10,794
|
|
|
72,115
|
|
||
Principal payments
|
(1,392
|
)
|
|
(6,915
|
)
|
||
Total unrealized gains (losses) included in other comprehensive income
|
(539
|
)
|
|
(956
|
)
|
||
Balance at end of period
|
$
|
146,070
|
|
|
$
|
137,207
|
|
|
|
|
|
||||
Balance of mortgage servicing rights at beginning of period
|
$
|
4,729
|
|
|
$
|
4,103
|
|
Addition of Legacy United mortgage servicing rights
|
—
|
|
|
764
|
|
||
Issuances
|
2,931
|
|
|
1,131
|
|
||
Change in fair value recognized in net income
|
(586
|
)
|
|
(1,269
|
)
|
||
Balance at end of period
|
$
|
7,074
|
|
|
$
|
4,729
|
|
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
||
|
|
Fair
Value
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Range
(Weighted Average)
|
||
Asset-backed securities
|
|
$
|
144,513
|
|
|
Discounted Cash Flow
|
|
Discount Rates
|
|
1.5% - 6.7% (5.5%)
|
|
|
|
|
|
|
Cumulative Default %
|
|
6.1% - 11.8% (8.7%)
|
||
|
|
|
|
|
|
Loss Given Default
|
|
1.8% - 3.9% (2.8%)
|
||
|
|
|
|
|
|
|
|
|
||
Corporate debt - pooled trust
|
|
$
|
1,557
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
7.0% (7.0%)
|
preferred security
|
|
|
|
|
|
Cumulative Default %
|
|
2.8% - 42.1% (12.2%)
|
||
|
|
|
|
|
|
Loss Given Default
|
|
85% - 100% (94.2%)
|
||
|
|
|
|
|
|
|
|
|
||
Mortgage servicing rights
|
|
$
|
7,074
|
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
9.0% - 18.0% (10.5%)
|
|
|
|
|
|
|
Cost to Service
|
|
$50 - $110 ($61.37)
|
||
|
|
|
|
|
|
Float Earnings Rate
|
|
0.25% (0.25%)
|
|
Total Fair
Value
|
|
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
|
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
$
|
2,096
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,096
|
|
Other real estate owned
|
755
|
|
|
—
|
|
|
—
|
|
|
755
|
|
||||
Total
|
$
|
2,851
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,851
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
$
|
2,863
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,863
|
|
Other real estate owned
|
2,239
|
|
|
—
|
|
|
—
|
|
|
2,239
|
|
||||
Total
|
$
|
5,102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,102
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In thousands)
|
||||||||||
Impaired loans
|
|
$
|
(274
|
)
|
|
$
|
(1,865
|
)
|
|
$
|
(977
|
)
|
Other real estate owned
|
|
(218
|
)
|
|
(409
|
)
|
|
(85
|
)
|
|||
Total
|
|
$
|
(492
|
)
|
|
$
|
(2,274
|
)
|
|
$
|
(1,062
|
)
|
|
Carrying
Value
|
|
Fair Value
|
||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
95,176
|
|
|
$
|
95,176
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
95,176
|
|
Available for sale securities
|
1,059,169
|
|
|
3,227
|
|
|
909,872
|
|
|
146,070
|
|
|
1,059,169
|
|
|||||
Held to maturity securities
|
14,565
|
|
|
—
|
|
|
15,683
|
|
|
—
|
|
|
15,683
|
|
|||||
Loans held for sale
|
10,136
|
|
|
—
|
|
|
10,136
|
|
|
—
|
|
|
10,136
|
|
|||||
Loans receivable-net
|
4,587,062
|
|
|
—
|
|
|
—
|
|
|
4,629,243
|
|
|
4,629,243
|
|
|||||
FHLBB stock
|
51,196
|
|
|
—
|
|
|
—
|
|
|
51,196
|
|
|
51,196
|
|
|||||
Accrued interest receivable
|
15,740
|
|
|
—
|
|
|
—
|
|
|
15,740
|
|
|
15,740
|
|
|||||
Derivative assets
|
12,910
|
|
|
—
|
|
|
12,910
|
|
|
—
|
|
|
12,910
|
|
|||||
Mortgage servicing rights
|
7,074
|
|
|
—
|
|
|
—
|
|
|
7,074
|
|
|
7,074
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
4,437,071
|
|
|
—
|
|
|
—
|
|
|
4,436,456
|
|
|
4,436,456
|
|
|||||
Mortgagors’ and investors’ escrow accounts
|
13,526
|
|
|
—
|
|
|
—
|
|
|
13,526
|
|
|
13,526
|
|
|||||
FHLBB advances and other borrowings
|
1,099,020
|
|
|
—
|
|
|
1,096,452
|
|
|
—
|
|
|
1,096,452
|
|
|||||
Derivative liabilities
|
16,675
|
|
|
—
|
|
|
16,675
|
|
|
—
|
|
|
16,675
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
86,952
|
|
|
$
|
86,952
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
86,952
|
|
Available for sale securities
|
1,053,011
|
|
|
3,299
|
|
|
912,505
|
|
|
137,207
|
|
|
1,053,011
|
|
|||||
Held to maturity securities
|
15,368
|
|
|
—
|
|
|
16,713
|
|
|
—
|
|
|
16,713
|
|
|||||
Loans held for sale
|
8,220
|
|
|
—
|
|
|
8,220
|
|
|
—
|
|
|
8,220
|
|
|||||
Loans receivable-net
|
3,877,063
|
|
|
—
|
|
|
—
|
|
|
3,919,432
|
|
|
3,919,432
|
|
|||||
FHLBB stock
|
31,950
|
|
|
—
|
|
|
—
|
|
|
31,950
|
|
|
31,950
|
|
|||||
Accrued interest receivable
|
14,212
|
|
|
—
|
|
|
—
|
|
|
14,212
|
|
|
14,212
|
|
|||||
Derivative assets
|
4,073
|
|
|
—
|
|
|
4,073
|
|
|
—
|
|
|
4,073
|
|
|||||
Mortgage servicing rights
|
4,729
|
|
|
—
|
|
|
—
|
|
|
4,729
|
|
|
4,729
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
4,035,311
|
|
|
—
|
|
|
—
|
|
|
3,899,658
|
|
|
3,899,658
|
|
|||||
Mortgagors’ and investors’ escrow accounts
|
13,004
|
|
|
—
|
|
|
—
|
|
|
13,004
|
|
|
13,004
|
|
|||||
FHLBB advances and other borrowings
|
777,314
|
|
|
—
|
|
|
—
|
|
|
773,786
|
|
|
773,786
|
|
|||||
Derivative liabilities
|
4,952
|
|
|
—
|
|
|
4,952
|
|
|
—
|
|
|
4,952
|
|
Note 16.
|
SHARE-BASED COMPENSATION PLANS
|
|
Number of
Stock
Options
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
Aggregate
Intrinsic
Value
(in millions)
|
|||||
Outstanding at December 31, 2014
|
3,390,469
|
|
|
$
|
10.70
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(678,363
|
)
|
|
9.75
|
|
|
|
|
2.4
|
|
||
Forfeited, expired, or canceled
|
(62,371
|
)
|
|
13.48
|
|
|
|
|
|
|||
Outstanding at December 31, 2015
|
2,649,735
|
|
|
$
|
10.88
|
|
|
5.4
|
|
$
|
5.7
|
|
Stock options vested and exercisable at December 31, 2015
|
2,446,573
|
|
|
$
|
10.64
|
|
|
5.2
|
|
$
|
5.7
|
|
|
2014
|
|
2013
|
||||
Weighted per share average fair value of options granted
|
$
|
1.95
|
|
|
$
|
1.80
|
|
Assumptions:
|
|
|
|
||||
Risk-free interest rate
|
1.94
|
%
|
|
1.61
|
%
|
||
Expected volatility
|
19.90
|
%
|
|
20.33
|
%
|
||
Expected dividend yield
|
2.92
|
%
|
|
3.03
|
%
|
||
Expected life of options granted
|
6.0 years
|
|
|
6.0 years
|
|
|
Number of
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Unvested as of December 31, 2014
|
124,536
|
|
|
$
|
13.66
|
|
Granted
|
259,845
|
|
|
13.08
|
|
|
Vested
|
(57,233
|
)
|
|
13.63
|
|
|
Forfeited
|
(1,135
|
)
|
|
13.22
|
|
|
Unvested as of December 31, 2015
|
326,013
|
|
|
$
|
13.20
|
|
Note 17.
|
PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS
|
|
Qualified
Pension Plan
December 31,
|
|
Supplemental
Executive
Retirement Plans
December 31,
|
|
Other Post-
Retirement
Benefits
December 31,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
(In thousands )
|
||||||||||||||||||||||||||||||||||
Change in Benefit Obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Benefit obligation at beginning of year
|
$
|
30,571
|
|
|
$
|
24,224
|
|
|
$
|
27,226
|
|
|
$
|
1,368
|
|
|
$
|
1,191
|
|
|
$
|
1,199
|
|
|
$
|
2,218
|
|
|
$
|
1,926
|
|
|
$
|
2,547
|
|
Service cost
|
60
|
|
|
75
|
|
|
50
|
|
|
24
|
|
|
25
|
|
|
38
|
|
|
23
|
|
|
19
|
|
|
35
|
|
|||||||||
Interest cost
|
1,162
|
|
|
1,145
|
|
|
1,048
|
|
|
40
|
|
|
54
|
|
|
48
|
|
|
80
|
|
|
85
|
|
|
91
|
|
|||||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
26
|
|
|
26
|
|
|||||||||
Actuarial loss (gain)
|
(3,821
|
)
|
|
6,460
|
|
|
(3,291
|
)
|
|
(79
|
)
|
|
166
|
|
|
(159
|
)
|
|
(413
|
)
|
|
271
|
|
|
(661
|
)
|
|||||||||
Benefits paid and administration expenses
|
(857
|
)
|
|
(1,333
|
)
|
|
(809
|
)
|
|
(31
|
)
|
|
(484
|
)
|
|
(28
|
)
|
|
(95
|
)
|
|
(109
|
)
|
|
(112
|
)
|
|||||||||
Curtailments, settlements, special termination benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
(393
|
)
|
|
416
|
|
|
93
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Benefit obligation at end of year
|
$
|
27,115
|
|
|
$
|
30,571
|
|
|
$
|
24,224
|
|
|
$
|
929
|
|
|
$
|
1,368
|
|
|
$
|
1,191
|
|
|
$
|
1,841
|
|
|
$
|
2,218
|
|
|
$
|
1,926
|
|
Change in Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Fair value of plan assets at beginning of year
|
$
|
26,519
|
|
|
$
|
26,258
|
|
|
$
|
22,782
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return (loss) on plan assets
|
(422
|
)
|
|
1,594
|
|
|
4,285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Employer contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
424
|
|
|
484
|
|
|
28
|
|
|
67
|
|
|
83
|
|
|
86
|
|
|||||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
26
|
|
|
26
|
|
|||||||||
Benefits paid and administration expenses
|
(857
|
)
|
|
(1,333
|
)
|
|
(809
|
)
|
|
(31
|
)
|
|
(484
|
)
|
|
(28
|
)
|
|
(95
|
)
|
|
(109
|
)
|
|
(112
|
)
|
|||||||||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
(393
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Fair value of plan assets at end of year
|
$
|
25,240
|
|
|
$
|
26,519
|
|
|
$
|
26,258
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Funded Status:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Overfunded (underfunded) status at end of year
|
$
|
(1,875
|
)
|
|
$
|
(4,052
|
)
|
|
$
|
2,034
|
|
|
$
|
(929
|
)
|
|
$
|
(1,368
|
)
|
|
$
|
(1,191
|
)
|
|
$
|
(1,841
|
)
|
|
$
|
(2,218
|
)
|
|
$
|
(1,926
|
)
|
Amounts Recognized in the Consolidated Statements of Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Accrued expenses and other liabilities
|
$
|
(1,875
|
)
|
|
$
|
(4,052
|
)
|
|
$
|
2,034
|
|
|
$
|
(929
|
)
|
|
$
|
(1,368
|
)
|
|
$
|
(1,191
|
)
|
|
$
|
(1,841
|
)
|
|
$
|
(2,218
|
)
|
|
$
|
(1,926
|
)
|
|
Qualified
Pension Plan
December 31,
|
|
Supplemental
Executive
Retirement Plans
December 31,
|
|
Other Post-
Retirement
Benefits
December 31,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
(In thousands )
|
||||||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Prior service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
92
|
|
|
$
|
273
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net loss (gain)
|
7,050
|
|
|
9,362
|
|
|
2,625
|
|
|
79
|
|
|
202
|
|
|
103
|
|
|
(134
|
)
|
|
297
|
|
|
15
|
|
|||||||||
Total accumulated other comprehensive loss (income)
|
7,050
|
|
|
9,362
|
|
|
2,625
|
|
|
164
|
|
|
294
|
|
|
376
|
|
|
(134
|
)
|
|
297
|
|
|
15
|
|
|||||||||
Deferred tax (asset) liability
|
(2,540
|
)
|
|
(3,278
|
)
|
|
(844
|
)
|
|
(59
|
)
|
|
(69
|
)
|
|
(131
|
)
|
|
48
|
|
|
(97
|
)
|
|
(5
|
)
|
|||||||||
Net impact on accumulated other comprehensive loss
|
$
|
4,510
|
|
|
$
|
6,084
|
|
|
$
|
1,781
|
|
|
$
|
105
|
|
|
$
|
225
|
|
|
$
|
245
|
|
|
$
|
(86
|
)
|
|
$
|
200
|
|
|
$
|
10
|
|
|
Qualified Pension Plan
|
|
Supplemental
Executive
Retirement Plans
|
|
Other Post- Retirement
Benefits
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
60
|
|
|
$
|
75
|
|
|
$
|
50
|
|
|
$
|
24
|
|
|
$
|
25
|
|
|
$
|
38
|
|
|
$
|
23
|
|
|
$
|
19
|
|
|
$
|
35
|
|
Interest cost
|
1,162
|
|
|
1,145
|
|
|
1,048
|
|
|
40
|
|
|
54
|
|
|
48
|
|
|
80
|
|
|
85
|
|
|
91
|
|
|||||||||
Expected return on plan assets
|
(1,824
|
)
|
|
(1,595
|
)
|
|
(1,734
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of net actuarial losses (gains)
|
738
|
|
|
(277
|
)
|
|
784
|
|
|
3
|
|
|
2
|
|
|
5
|
|
|
18
|
|
|
(10
|
)
|
|
66
|
|
|||||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
12
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Settlement charge
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
651
|
|
|
199
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net periodic benefit cost (income)
|
136
|
|
|
(652
|
)
|
|
148
|
|
|
113
|
|
|
744
|
|
|
313
|
|
|
121
|
|
|
94
|
|
|
192
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net loss (gain)
|
(1,574
|
)
|
|
6,460
|
|
|
(5,842
|
)
|
|
(80
|
)
|
|
100
|
|
|
(159
|
)
|
|
(413
|
)
|
|
271
|
|
|
(661
|
)
|
|||||||||
Change in prior service cost (credit)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(168
|
)
|
|
(105
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of net (loss) gain
|
(738
|
)
|
|
277
|
|
|
(784
|
)
|
|
(3
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
(18
|
)
|
|
10
|
|
|
(66
|
)
|
|||||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(12
|
)
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total recognized in other comprehensive income (loss)
|
(2,312
|
)
|
|
6,737
|
|
|
(6,626
|
)
|
|
(129
|
)
|
|
(82
|
)
|
|
(292
|
)
|
|
(431
|
)
|
|
281
|
|
|
(727
|
)
|
|||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss)
|
$
|
(2,176
|
)
|
|
$
|
6,085
|
|
|
$
|
(6,478
|
)
|
|
$
|
(16
|
)
|
|
$
|
662
|
|
|
$
|
21
|
|
|
$
|
(310
|
)
|
|
$
|
375
|
|
|
$
|
(535
|
)
|
|
Qualified
Pension
|
|
Supplemental
Retirement
Plans
|
|
Other Post-Retirement
Benefits
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||
Discount rate
|
4.45
|
%
|
|
3.85
|
%
|
|
4.30
|
%
|
|
3.70
|
%
|
|
4.25
|
%
|
|
3.70
|
%
|
Expected return on plan assets
|
7.00
|
%
|
|
7.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Rate of compensation increase
|
—
|
%
|
|
—
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
Qualified Pension
|
|
Supplemental Retirement Plans
|
|
Other Post-Retirement Benefits
|
|||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|||||||||
Discount rate
|
3.85
|
%
|
|
4.80
|
%
|
|
3.90
|
%
|
|
3.70
|
%
|
|
4.70
|
%
|
|
3.80
|
%
|
|
3.70
|
%
|
|
4.55
|
%
|
|
3.65
|
%
|
Expected return on plan assets
|
7.00
|
%
|
|
7.25
|
%
|
|
8.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Rate of compensation increase
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
|
1%
Increase
|
|
1%
Decrease
|
||||
|
|
(In thousands)
|
||||||
Effect on post-retirement benefit obligation
|
|
$
|
2,039
|
|
|
$
|
(1,675
|
)
|
Effect on total service and interest
|
|
101
|
|
|
(80
|
)
|
|
Total
Fair Value
|
Percent
|
|||
|
(In thousands)
|
||||
December 31, 2015
|
|
|
|||
Fixed income funds
|
$
|
10,135
|
|
40
|
%
|
Domestic equity funds
|
7,557
|
|
30
|
|
|
International equity funds
|
4,572
|
|
18
|
|
|
Hedge funds
|
2,697
|
|
11
|
|
|
Money market funds
|
279
|
|
1
|
|
|
Total
|
$
|
25,240
|
|
100
|
%
|
|
|
|
|||
December 31, 2014
|
|
|
|||
Domestic equity funds
|
$
|
11,900
|
|
45
|
%
|
International equity funds
|
1,051
|
|
4
|
|
|
Fixed income funds
|
3,719
|
|
14
|
|
|
Domestic bond funds
|
7,996
|
|
30
|
|
|
International bond funds
|
790
|
|
3
|
|
|
Real estate REIT index funds
|
1,063
|
|
4
|
|
|
Total
|
$
|
26,519
|
|
100
|
%
|
|
Qualified
Pension
Plan
|
|
Supplemental
Executive
Retirement
Plans
|
|
Other Post-
Retirement
Benefits
|
||||||
|
(In thousands)
|
||||||||||
Years Ending December 31,
|
|
|
|
|
|
||||||
2016
|
$
|
930
|
|
|
$
|
28
|
|
|
$
|
100
|
|
2017
|
980
|
|
|
28
|
|
|
110
|
|
|||
2018
|
1,060
|
|
|
41
|
|
|
100
|
|
|||
2019
|
1,170
|
|
|
41
|
|
|
110
|
|
|||
2020
|
1,300
|
|
|
41
|
|
|
110
|
|
|||
Years 2021-2025
|
7,070
|
|
|
265
|
|
|
570
|
|
Note 18.
|
REGULATORY MATTERS
|
|
Actual
|
|
Minimum For
Capital
Adequacy
Purposes
|
|
Minimum
To Be Well-
Capitalized Under
Prompt Corrective
Action Provisions
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
United Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
558,969
|
|
|
11.2
|
%
|
|
$
|
398,552
|
|
|
8.0
|
%
|
|
$
|
498,190
|
|
|
10.0
|
%
|
Common equity tier 1 capital to risk weighted assets
|
523,786
|
|
|
10.5
|
|
|
224,266
|
|
|
4.5
|
|
|
323,940
|
|
|
6.5
|
|
|||
Tier 1 capital to risk weighted assets
|
523,786
|
|
|
10.5
|
|
|
299,022
|
|
|
6.0
|
|
|
398,695
|
|
|
8.0
|
|
|||
Tier 1 capital to total average assets
|
523,786
|
|
|
8.9
|
|
|
234,882
|
|
|
4.0
|
|
|
293,602
|
|
|
5.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
513,960
|
|
|
12.9
|
%
|
|
$
|
317,750
|
|
|
8.0
|
%
|
|
$
|
397,187
|
|
|
10.0
|
%
|
Tier 1 capital to risk weighted assets
|
487,713
|
|
|
12.3
|
|
|
158,864
|
|
|
4.0
|
|
|
238,296
|
|
|
6.0
|
|
|||
Tier 1 capital to total average assets
|
487,713
|
|
|
9.3
|
|
|
210,221
|
|
|
4.0
|
|
|
262,776
|
|
|
5.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
United Financial Bancorp, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
628,915
|
|
|
12.5
|
%
|
|
$
|
401,542
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Common equity tier 1 capital to risk weighted assets
|
518,732
|
|
|
10.3
|
|
|
225,972
|
|
|
4.5
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to risk weighted assets
|
518,732
|
|
|
10.3
|
|
|
301,296
|
|
|
6.0
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to total average assets
|
518,732
|
|
|
8.9
|
|
|
233,926
|
|
|
4.0
|
|
|
N/A
|
|
|
N/A
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
579,109
|
|
|
14.6
|
%
|
|
$
|
317,973
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 capital to risk weighted assets
|
477,862
|
|
|
12.0
|
|
|
159,022
|
|
|
4.0
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to total average assets
|
477,862
|
|
|
9.1
|
|
|
210,049
|
|
|
4.0
|
|
|
N/A
|
|
|
N/A
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Total consolidated equity
|
$
|
625,521
|
|
|
$
|
602,408
|
|
Adjustments:
|
|
|
|
||||
Decrease (increase) in equity under United Financial Bancorp, Inc.
|
5,054
|
|
|
8,252
|
|
||
Accumulated other comprehensive loss
|
10,879
|
|
|
6,490
|
|
||
Disallowed goodwill and other intangible assets
|
(116,816
|
)
|
|
(121,637
|
)
|
||
Disallowed deferred tax assets
|
(852
|
)
|
|
(7,800
|
)
|
||
Tier 1 capital
|
523,786
|
|
|
487,713
|
|
||
Allowance for loan losses and off-balance sheet credit losses
|
35,124
|
|
|
26,141
|
|
||
Unrealized gains on available-for-sale securities includible in total risk-based capital
|
59
|
|
|
106
|
|
||
Total risk-based capital
|
$
|
558,969
|
|
|
$
|
513,960
|
|
Note 19.
|
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||
|
|
(In thousands)
|
||||||
Benefit plans:
|
|
|
|
|
||||
Unrecognized net actuarial loss
|
|
$
|
(7,080
|
)
|
|
$
|
(9,952
|
)
|
Tax effect
|
|
2,551
|
|
|
3,443
|
|
||
Net-of-tax amount
|
|
(4,529
|
)
|
|
(6,509
|
)
|
||
Securities available for sale:
|
|
|
|
|
||||
Net unrealized gain (loss)
|
|
(5,821
|
)
|
|
1,030
|
|
||
Tax effect
|
|
2,088
|
|
|
(374
|
)
|
||
Net-of-tax amount
|
|
(3,733
|
)
|
|
656
|
|
||
Interest rate swaps:
|
|
|
|
|
||||
Net unrealized loss
|
|
(4,092
|
)
|
|
(996
|
)
|
||
Tax effect
|
|
1,475
|
|
|
359
|
|
||
Net-of-tax amount
|
|
(2,617
|
)
|
|
(637
|
)
|
||
|
|
$
|
(10,879
|
)
|
|
$
|
(6,490
|
)
|
Note 20.
|
NET INCOME PER SHARE
|
|
Years Ended December 31,
|
||||||||||
(In thousands, except share data)
|
2015
|
|
2014
|
|
2013
|
||||||
Net income
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
Adjusted weighted-average common shares outstanding
|
49,495,381
|
|
|
43,491,441
|
|
|
29,471,397
|
|
|||
Less: average number of treasury shares
|
—
|
|
|
—
|
|
|
2,618,178
|
|
|||
Less: average number of unvested ESOP award shares
|
582,574
|
|
|
662,347
|
|
|
791,277
|
|
|||
Weighted-average basic shares outstanding
|
48,912,807
|
|
|
42,829,094
|
|
|
26,061,942
|
|
|||
Dilutive effect of stock options
|
472,759
|
|
|
440,423
|
|
|
364,278
|
|
|||
Weighted-average diluted shares
|
49,385,566
|
|
|
43,269,517
|
|
|
26,426,220
|
|
|||
Net income per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.01
|
|
|
$
|
0.16
|
|
|
$
|
0.55
|
|
Diluted
|
$
|
1.00
|
|
|
$
|
0.16
|
|
|
$
|
0.54
|
|
Note 21.
|
OTHER COMMITMENTS AND CONTINGENCIES
|
|
|
||
|
(In thousands)
|
||
2016
|
$
|
5,145
|
|
2017
|
4,831
|
|
|
2018
|
4,487
|
|
|
2019
|
4,388
|
|
|
2020
|
4,093
|
|
|
Thereafter
|
22,046
|
|
|
|
$
|
44,990
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Commitments to extend credit:
|
|
|
|
||||
Commitment to grant loans
|
$
|
219,407
|
|
|
$
|
128,766
|
|
Undisbursed construction loans
|
103,140
|
|
|
144,118
|
|
||
Undisbursed home equity lines of credit
|
320,140
|
|
|
321,346
|
|
||
Undisbursed commercial lines of credit
|
302,700
|
|
|
295,639
|
|
||
Standby letters of credit
|
9,477
|
|
|
12,547
|
|
||
Unused credit card lines
|
6,725
|
|
|
—
|
|
||
Unused checking overdraft lines of credit
|
1,293
|
|
|
1,304
|
|
||
Total
|
$
|
962,882
|
|
|
$
|
903,720
|
|
Note 22.
|
SELECTED QUARTERLY CONSOLIDATED INFORMATION (UNAUDITED)
|
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Second Quarter
|
|
First Quarter
|
||||||||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||||||||||||||
Interest and dividend income
|
$
|
49,714
|
|
|
$
|
49,625
|
|
|
$
|
48,711
|
|
|
$
|
48,295
|
|
|
$
|
48,209
|
|
|
$
|
47,201
|
|
|
$
|
40,767
|
|
|
$
|
19,702
|
|
Interest expense
|
9,021
|
|
|
7,982
|
|
|
7,808
|
|
|
6,952
|
|
|
6,317
|
|
|
5,008
|
|
|
3,888
|
|
|
2,794
|
|
||||||||
Net interest income
|
40,693
|
|
|
41,643
|
|
|
40,903
|
|
|
41,343
|
|
|
41,892
|
|
|
42,193
|
|
|
36,879
|
|
|
16,908
|
|
||||||||
Provision for loan losses
|
3,780
|
|
|
3,252
|
|
|
4,462
|
|
|
1,511
|
|
|
4,333
|
|
|
2,633
|
|
|
2,080
|
|
|
450
|
|
||||||||
Net interest income after provision for loan losses
|
36,913
|
|
|
38,391
|
|
|
36,441
|
|
|
39,832
|
|
|
37,559
|
|
|
39,560
|
|
|
34,799
|
|
|
16,458
|
|
||||||||
Non-interest income
|
8,463
|
|
|
7,818
|
|
|
9,371
|
|
|
6,835
|
|
|
3,001
|
|
|
4,076
|
|
|
6,319
|
|
|
3,209
|
|
||||||||
Other non-interest expense
|
35,305
|
|
|
31,876
|
|
|
30,357
|
|
|
30,657
|
|
|
45,076
|
|
|
34,922
|
|
|
46,177
|
|
|
18,257
|
|
||||||||
Income (loss) before income taxes
|
10,071
|
|
|
14,333
|
|
|
15,455
|
|
|
16,010
|
|
|
(4,516
|
)
|
|
8,714
|
|
|
(5,059
|
)
|
|
1,410
|
|
||||||||
Provision (benefit) for income taxes
|
169
|
|
|
952
|
|
|
2,123
|
|
|
2,985
|
|
|
(5,937
|
)
|
|
(1,271
|
)
|
|
512
|
|
|
463
|
|
||||||||
Net income (loss)
|
$
|
9,902
|
|
|
$
|
13,381
|
|
|
$
|
13,332
|
|
|
$
|
13,025
|
|
|
$
|
1,421
|
|
|
$
|
9,985
|
|
|
$
|
(5,571
|
)
|
|
$
|
947
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.20
|
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
|
$
|
0.03
|
|
|
$
|
0.19
|
|
|
$
|
(0.13
|
)
|
|
$
|
0.04
|
|
Diluted
|
$
|
0.20
|
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
|
$
|
0.26
|
|
|
$
|
0.03
|
|
|
$
|
0.19
|
|
|
$
|
(0.13
|
)
|
|
$
|
0.04
|
|
Stock Price (per share):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
High
|
$
|
14.16
|
|
|
$
|
13.87
|
|
|
$
|
13.91
|
|
|
$
|
14.47
|
|
|
$
|
14.67
|
|
|
$
|
13.91
|
|
|
$
|
14.31
|
|
|
$
|
14.63
|
|
Low
|
$
|
12.45
|
|
|
$
|
12.14
|
|
|
$
|
12.25
|
|
|
$
|
12.00
|
|
|
$
|
12.66
|
|
|
$
|
12.01
|
|
|
$
|
12.21
|
|
|
$
|
12.56
|
|
Note 23.
|
PARENT COMPANY FINANCIAL INFORMATION
|
|
At December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In thousands)
|
||||||
Assets:
|
|
|
|
||||
Cash and due from banks
|
$
|
28,825
|
|
|
$
|
51,519
|
|
Investment in United Bank
|
630,575
|
|
|
610,660
|
|
||
Due from United Bank
|
9,374
|
|
|
15,677
|
|
||
Other assets
|
37,938
|
|
|
5,594
|
|
||
Total Assets
|
$
|
706,712
|
|
|
$
|
683,450
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
||||
Accrued expenses and other liabilities
|
$
|
81,191
|
|
|
$
|
81,042
|
|
Stockholders’ equity
|
625,521
|
|
|
602,408
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
706,712
|
|
|
$
|
683,450
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
|
||||||
Interest on investments
|
|
$
|
103
|
|
|
$
|
35
|
|
|
$
|
1
|
|
Interest expense
|
|
4,682
|
|
|
1,353
|
|
|
—
|
|
|||
Net interest income (expense)
|
|
(4,579
|
)
|
|
(1,318
|
)
|
|
1
|
|
|||
Non-interest income
|
|
434
|
|
|
73
|
|
|
—
|
|
|||
Non-interest expenses:
|
|
|
|
|
|
|
||||||
General and administrative
|
|
4,714
|
|
|
7,257
|
|
|
5,528
|
|
|||
Total non-interest expense
|
|
4,714
|
|
|
7,257
|
|
|
5,528
|
|
|||
Loss before tax benefit and equity in undistributed net income of United Bank
|
|
(8,859
|
)
|
|
(8,502
|
)
|
|
(5,527
|
)
|
|||
Income tax benefit
|
|
3,094
|
|
|
2,566
|
|
|
1,602
|
|
|||
Loss before equity in undistributed net income of United Bank
|
|
(5,765
|
)
|
|
(5,936
|
)
|
|
(3,925
|
)
|
|||
Equity in undistributed net income of United Bank
|
|
55,405
|
|
|
12,718
|
|
|
18,152
|
|
|||
Net income
|
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
|
For the Years ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
|
||||||
Amortization of purchase accounting marks, net
|
75
|
|
|
41
|
|
|
—
|
|
|||
Amortization of subordinated debt issuance costs, net
|
127
|
|
|
34
|
|
|
—
|
|
|||
Share-based compensation expense
|
1,076
|
|
|
3,957
|
|
|
2,665
|
|
|||
ESOP expense
|
299
|
|
|
1,727
|
|
|
2,064
|
|
|||
Undistributed income of United Bank
|
(55,405
|
)
|
|
(12,718
|
)
|
|
(18,152
|
)
|
|||
Deferred tax provision
|
188
|
|
|
959
|
|
|
555
|
|
|||
Tax benefit of stock-based awards
|
317
|
|
|
(820
|
)
|
|
(65
|
)
|
|||
Net change in:
|
|
|
|
|
|
||||||
Due from United Bank
|
6,491
|
|
|
(5,395
|
)
|
|
(850
|
)
|
|||
Other assets
|
(32,532
|
)
|
|
3,582
|
|
|
(3,190
|
)
|
|||
Accrued expenses and other liabilities
|
(370
|
)
|
|
(1,831
|
)
|
|
1,124
|
|
|||
Net cash used in operating activities
|
(30,094
|
)
|
|
(3,682
|
)
|
|
(1,622
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Dividends from United Bank
|
30,913
|
|
|
13,310
|
|
|
11,197
|
|
|||
Cash acquired from United Financial Bancorp, Inc., net
|
—
|
|
|
6,546
|
|
|
—
|
|
|||
Net cash provided by investing activities
|
30,913
|
|
|
19,856
|
|
|
11,197
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from debt offering, net of expenses
|
—
|
|
|
73,733
|
|
|
—
|
|
|||
Common stock repurchased
|
(5,171
|
)
|
|
(47,249
|
)
|
|
(30,028
|
)
|
|||
Proceeds from the exercise of stock options
|
4,765
|
|
|
2,246
|
|
|
805
|
|
|||
Cancellation of shares for tax withholding
|
(311
|
)
|
|
(1,367
|
)
|
|
(357
|
)
|
|||
Tax benefit of share-based awards
|
(317
|
)
|
|
820
|
|
|
65
|
|
|||
Cash dividends paid on common stock
|
(22,479
|
)
|
|
(18,008
|
)
|
|
(10,453
|
)
|
|||
Net cash provided by (used in) financing activities
|
(23,513
|
)
|
|
10,175
|
|
|
(39,968
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
(22,694
|
)
|
|
26,349
|
|
|
(30,393
|
)
|
|||
Cash and cash equivalents — beginning of year
|
51,519
|
|
|
25,170
|
|
|
55,563
|
|
|||
Cash and cash equivalents — end of year
|
$
|
28,825
|
|
|
$
|
51,519
|
|
|
$
|
25,170
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Cash paid for income taxes (net)
|
$
|
(6,744
|
)
|
|
$
|
3,599
|
|
|
$
|
6,228
|
|
|
•
|
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
•
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that our receipts and expenditures are being made only in accordance with authorizations of the Company’s management and Directors; and
|
•
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
|
|
|
Page No.
|
1
|
Consolidated Financial Statements
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
2
|
Financial Statement Schedules
|
3
|
Exhibits:
|
|
|
|
|
|
2.1
|
|
Amended and Restated Plan of Conversion and Reorganization (incorporated herein by reference to Exhibit 2.1 to the Registration Statement filed on the Form S-1 for Rockville Financial New, Inc. on September 16, 2010)
|
|
2.2
|
|
Agreement and Plan of Merger by and between Rockville Financial, Inc. and United Financial Bancorp, Inc. (incorporated herein by reference to Exhibit 99.1 to the Current Report on the Company’s Form 8-K filed on November 15, 2013)
|
|
3.1
|
|
Certificate of Incorporation of United Financial Bancorp, Inc. (incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed on May 1, 2014)
|
|
3.2
|
|
The Bylaws, as amended and restated, (incorporated herein by reference to Exhibit 3.2 to the Current Report on the Company’s Form 8-K filed on May 1, 2014)
|
|
10.5
|
|
Supplemental Savings and Retirement Plan of United Bank as amended and restated effective December 31, 2007 (incorporated herein by reference to Exhibit 10.5 to the Current Report on Form 8-K filed for Rockville Financial, Inc. (now United Financial Bancorp, Inc.) filed on December 18, 2007)
|
|
10.6
|
|
United Bank Officer Incentive Compensation Plan (incorporated herein by reference to Exhibit 10.2.3 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2005 filed on March 31, 2006 (File No. 000-52139))
|
|
10.9
|
|
United Bank Supplemental Executive Retirement Plan as amended and restated effective December 31, 2007 (incorporated herein by reference to Exhibit 10.9 to the Current Report on Form 8-K filed for Rockville Financial, Inc. (now United Financial Bancorp, Inc.) filed on December 18, 2007)
|
|
10.10
|
|
United Financial Bancorp, Inc. 2006 Stock Incentive Award Plan (incorporated herein by reference to Appendix B in the Definitive Proxy Statement on Form 14A for Rockville Financial, Inc. (now United Financial Bancorp, Inc.) filed on July 3, 2006 (File No. 000-51239))
|
|
10.11.2
|
|
Supplemental Executive Retirement Agreement of United Bank for William H.W. Crawford, IV effective December 26, 2012 (incorporated by reference to Exhibit 10.11.2 to the Current Report on the Company’s Form 8-K filed on January 2, 2013)
|
|
10.11.4
|
|
On November 14, 2013, United Financial Bancorp, Inc. and its subsidiary United Bank entered into an Employment Agreement with William H.W. Crawford, IV effective on the date of the consummation of the Merger (incorporated by reference to Exhibit 10.11.4 to the Company’s Form 8-K filed on November 20, 2013)
|
|
|
|
|
|
10.12
|
|
Supplemental Executive Retirement Agreement of United Bank for Mark A. Kucia effective December 6, 2010 (incorporated by reference to Exhibit 10.13 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 filed on March 10, 2011)
|
|
10.12.1
|
|
Employment Agreement as amended and restated by and among United Financial Bancorp, Inc., United Bank and Mark A. Kucia, effective January 1, 2016 (replaces former Exhibit 10.12.1) filed herewith
|
|
10.13
|
|
Employment Agreement by and among United Financial Bancorp, Inc., United Bank and Marino J. Santarelli effective January 9, 2012 (replaces former Exhibits 10.2 and 10.2.2) (incorporated herein by reference to Exhibit 10.2 to the Current Report on the Company’s Form 8-K filed on January 13, 2012)
|
|
10.14
|
|
United Financial Bancorp, Inc. 2012 Stock Incentive Award Plan (incorporated herein by reference to Appendix A in the Definitive Proxy Statement on Form 14A for Rockville Financial, Inc. (now United Financial Bancorp, Inc.) filed on April 4, 2012 (File No. 0001193125-12-149948)
|
|
10.16
|
|
On November 14, 2013, United Financial Bancorp, Inc. and its subsidiary United Bank entered into an Advisory Agreement with Richard B. Collins effective on the date of the consummation of the Merger (incorporated by reference to Exhibit 10.16 to the Company’s Form 8-K filed on November 20, 2013)
|
|
10.17
|
|
Employment Agreement as amended and restated by and among United Financial Bancorp, Inc., United Bank and Eric R. Newell, effective January 1, 2016 (replaces former Exhibit 10.17) filed herewith
|
|
10.18
|
|
Employment Agreement as amended and restated by and among United Financial Bancorp, Inc., United Bank and David Paulson, effective January 1, 2016 (replaces former Exhibit 10.18) filed herewith
|
|
10.19
|
|
Form of United Financial Bancorp, Inc. Executive Change in Control Severance Plan, effective January 21, 2015 (incorporated herein by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 9, 2015)
|
|
10.20
|
|
United Financial Bancorp, Inc. 2015 Omnibus Stock Incentive Plan (incorporated herein by reference to Appendix A in the Definitive Proxy Statement on Form 14A for the Company filed September 8, 2015)
|
|
14.0
|
|
United Financial Bancorp, Inc., United Bank, Standards of Conduct Policy Employees (incorporated herein by reference to Exhibit 14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed on March 9, 2015)
|
|
21.0
|
|
Subsidiaries of United Financial Bancorp, Inc. and United Bank filed herewith
|
|
23.1
|
|
Consent of Independent Registered Public Accounting Firm, Wolf & Company, P.C. filed herewith
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer filed herewith
|
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer filed herewith
|
|
32.0
|
|
Section 1350 Certification of the Chief Executive Officer and Chief Financial Officer attached hereto
|
|
101.
|
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Statements of Condition; (ii) the Consolidated Statements of Net Income; (iii) the Consolidated Statements of Comprehensive Income (Loss); (iv) the Consolidated Statements of Changes in Stockholders’ Equity; (v) the Consolidated Statements of Cash Flows; and (vi) the Notes to Audited Consolidated Financial Statements filed herewith
|
United Financial Bancorp, Inc.
|
||
|
|
|
By:
|
|
/s/ William H.W. Crawford, IV
|
|
|
William H.W. Crawford, IV
|
|
|
Chief Executive Officer
|
|
|
|
|
|
and
|
|
|
|
By:
|
|
/s/ Eric R. Newell
|
|
|
Eric R. Newell
|
|
|
Executive Vice President, Chief
|
|
|
Financial Officer and Treasurer
|
|
|
|
|
|
Signatures
|
|
Title
|
|
Date
|
|
|
|
||
/s/ William H.W. Crawford, IV
|
|
Chief Executive Officer
(
Principal Executive Officer
)
|
|
March 7, 2016
|
William H.W. Crawford, IV
|
|
|
||
|
|
|
||
/s/ Eric R. Newell
|
|
Executive Vice President, Chief Financial Officer and
Treasurer (
Principal Financial and Accounting Officer
)
|
|
March 7, 2016
|
Eric R. Newell
|
|
|
||
|
|
|
||
/s/ Paula A. Aiello
|
|
Director
|
|
March 7, 2016
|
Paula A. Aiello
|
|
|
||
|
|
|
||
/s/ Michael A. Bars
|
|
Director
|
|
March 7, 2016
|
Michael A. Bars
|
|
|
||
|
|
|
||
/s/ Michael F. Crowley
|
|
Director
|
|
March 7, 2016
|
Michael f. Crowley
|
|
|
||
|
|
|
||
/s/ Kristen A. Johnson
|
|
Director
|
|
March 7, 2016
|
Kristen A. Johnson
|
|
|
||
|
|
|
||
/s/ Carol A. Leary
|
|
Director
|
|
March 7, 2016
|
Carol A. Leary
|
|
|
||
|
|
|
||
/s/ Raymond H. Lefurge, Jr.
|
|
Vice Chairman
|
|
March 7, 2016
|
Raymond H. Lefurge, Jr.
|
|
|
||
|
|
|
|
|
/s/ Kevin E. Ross
|
|
Director
|
|
March 7, 2016
|
Kevin E. Ross
|
|
|
||
|
|
|
||
/s/ Robert A. Stewart, Jr.
|
|
Chairman
|
|
March 7, 2016
|
Robert A. Stewart, Jr.
|
|
|
|
|
|
|
|
March 7, 2016
|
|
|
|
/s/ William H.W. Crawford, IV
|
|
|
|
|
William H.W. Crawford, IV
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
March 7, 2016
|
|
|
|
/s/ Eric R. Newell
|
|
|
|
|
Eric R. Newell
|
|
|
|
|
EVP, Chief Financial Officer and
Treasurer
|
|
|
|
|
By:
|
|
/s/ William H.W. Crawford, IV
|
|
|
|
William H.W. Crawford, IV
|
|
|
|
Chief Executive Officer
|
|
|
|
March 7, 2016
|
|
|
|
|
|
By:
|
|
/s/ Eric R. Newell
|
|
|
|
Eric R. Newell
|
|
|
|
EVP, Chief Financial Officer and Treasurer
|
|
|
|
March 7, 2016
|
|