þ
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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Fiscal Year Ended December 31, 2017
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Connecticut
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27-3577029
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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225 Asylum Street, Hartford, Connecticut
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06103
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(Address of principal executive offices)
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(Zip Code)
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Title of Class
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Name of each exchange where registered
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Common Stock, no par value
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NASDAQ Global Select Stock Market
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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1
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Page No.
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Item 15.
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Item 16.
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3
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•
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Local, regional, national and international business or economic conditions may differ from those expected;
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•
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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;
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•
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The ability to increase market share and control expenses may be more difficult than anticipated;
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•
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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;
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•
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Changes in accounting policies and practices, as may be adopted by regulatory agencies or the Financial Accounting Standards Board, may affect expected financial reporting;
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•
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Future changes in interest rates may reduce our profits which could have a negative impact on the value of our stock;
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•
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Technological changes and cyber-security matters;
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•
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Changes in demand for loan products, financial products and deposit flow could impact our financial performance;
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•
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The timely development and acceptance of new products and services and perceived overall value of these products and services by customers;
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•
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Adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio;
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•
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Strong competition within our market area may limit our growth and profitability;
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•
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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;
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•
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If our allowance for loan losses is not sufficient to cover actual loan losses, our earnings could decrease;
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•
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Our stock value may be negatively affected by banking regulations;
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•
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Changes in the level of non-performing assets and charge-offs;
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•
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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;
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•
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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;
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•
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We may not manage the risks involved in the foregoing as well as anticipated;
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•
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Our ability to attract and retain qualified employees; and
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•
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Severe weather, natural disasters, acts of God, war or terrorism and other external events could significantly impact our business.
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4
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1.
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Align earning asset growth with organic capital and low cost core deposit generation to maintain strong capital and liquidity;
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•
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During the year ending
December 31, 2017
, loans and deposits grew 9.0% and 10.3%, respectively, from the prior year end, and capital grew
5.7%
over the same time period.
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•
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The Company grew non-interest bearing deposit accounts 10.0% in the year ending
December 31, 2017
from the prior year end.
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2.
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Re-mix cash flows into better yielding risk adjusted return on assets with lower funding costs relative to peers;
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•
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Growth focused on commercial business, owner occupied commercial real estate loans and home equity loans which increased year over year 16.0%, 7.0% and 8.6%, respectively.
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•
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The tax equivalent net interest margin increased five basis points over the prior year period.
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3.
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Invest in people, systems and technology to grow revenue and improve customer experience while maintaining attractive cost structure;
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•
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During
2017
, the Company continued to make strategic investments in its Information Technology and Project Management human capital to preserve, enhance, and acquire systems and processes that support products and services for our current and prospective customers that have a compelling value proposition.
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•
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The Company’s ratio of non-interest expense to average assets improved to
2.08%
for the year ended
December 31, 2017
compared to
2.10%
and
2.25%
for the years ended
December 31, 2016
and
2015
, respectively.
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4.
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Grow operating revenue, maximize operating earnings, grow tangible book value and pay dividends. Achieve more revenue into non-interest income and core fee income;
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•
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During
2017
, the Company continued its strategy of reducing its effective tax rate through utilization of tax exempt loans, municipal securities, and investments in bank owned life insurance, maintaining entities in our unconsolidated corporate structure that have state tax advantages, and maintaining a portfolio of tax credit investments that include alternative energy and affordable housing. These tax reduction strategies support tangible book value creation. Through effective tax planning strategies that had been put in place by the Company, we
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5
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•
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The Company continued to pay its dividend, totaling
$0.48
per share in each
2017
and
2016
, compared to $0.46 per share in 2015.
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•
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Tangible book value per share totaled
$11.24
as of
December 31, 2017
, an increase of
$0.71
per share, or
6.7%
, compared to
$10.53
per share at
December 31, 2016
, which increased
$0.46
, per share or
4.6%
, in 2016 from
December 31, 2015
.
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•
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Revenue increased $16.5 million, or 8.2%, from 2016 and increased $4.1 million in 2016, or 2.1%, from 2015.
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6
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7
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8
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9
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10
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11
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12
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13
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•
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Limiting the amount of credit that individual lenders may extend;
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•
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Establishing a process for credit approval accountability;
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•
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Careful initial underwriting and analysis of borrower, transaction, market and collateral risks;
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•
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Established underwriting practices;
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•
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Ongoing servicing of the majority of individual loans and lending relationships;
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•
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Continuous monitoring of the transactions and portfolio, market dynamics and the economy;
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•
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Periodically reevaluating the Company’s strategy and overall exposure to economic, market and other risks; and
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•
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Ongoing review of new commercial loans by the Chief Credit Officer.
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14
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15
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16
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17
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18
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19
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20
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21
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22
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23
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24
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25
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•
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Commercial Business Loans
: Repayment is generally dependent upon the successful operation of the borrower’s business.
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•
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Commercial Real Estate Loans
: Repayment is dependent on income being generated in amounts sufficient to cover operating expenses and debt service.
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•
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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.
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26
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27
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28
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|
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29
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|
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30
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31
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|
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32
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|
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33
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34
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12/31/2012
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12/31/2013
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12/31/2014
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12/31/2015
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12/31/2016
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12/31/2017
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||||||
UBNK
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100.0
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|
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113.5
|
|
|
118.1
|
|
|
109.8
|
|
|
160.1
|
|
|
159.9
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|
S&P 500 Total Return Index
|
100.0
|
|
|
132.4
|
|
|
150.5
|
|
|
152.6
|
|
|
170.8
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|
|
208.1
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KRX Total Return Index
|
100.0
|
|
|
146.9
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|
|
150.4
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|
|
159.3
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|
|
221.5
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|
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225.3
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35
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At December 31,
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||||||||||||||||||
|
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2017
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|
2016
|
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2015
|
|
2014
|
|
2013
|
||||||||||
|
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(In thousands)
|
||||||||||||||||||
Selected Financial Condition Data:
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|
||||||||||
Total assets
|
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$
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7,114,159
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$
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6,599,520
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$
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6,228,541
|
|
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$
|
5,476,809
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$
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2,301,615
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Available for sale securities
|
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1,050,787
|
|
|
1,043,411
|
|
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1,059,169
|
|
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1,053,011
|
|
|
404,903
|
|
|||||
Held to maturity securities
|
|
13,598
|
|
|
14,038
|
|
|
14,565
|
|
|
15,368
|
|
|
13,830
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|
|||||
Federal Home Loan Bank stock
|
|
50,194
|
|
|
53,476
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|
|
51,196
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|
|
31,950
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|
|
15,053
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|
|||||
Loans receivable, net
|
|
5,307,678
|
|
|
4,870,552
|
|
|
4,587,062
|
|
|
3,877,063
|
|
|
1,697,012
|
|
|||||
Cash and cash equivalents
|
|
88,668
|
|
|
90,944
|
|
|
95,176
|
|
|
86,952
|
|
|
45,235
|
|
|||||
Goodwill
|
|
115,281
|
|
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115,281
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|
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115,281
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|
|
115,240
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|
|
1,070
|
|
|||||
Deposits
|
|
5,198,221
|
|
|
4,711,172
|
|
|
4,437,071
|
|
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4,035,311
|
|
|
1,735,205
|
|
|||||
Advances from the Federal Home Loan Bank and other borrowings
|
|
1,165,054
|
|
|
1,169,619
|
|
|
1,099,020
|
|
|
777,314
|
|
|
240,228
|
|
|||||
Total stockholders’ equity
|
|
693,328
|
|
|
655,866
|
|
|
625,521
|
|
|
602,408
|
|
|
299,382
|
|
|||||
Allowance for loan losses
|
|
47,099
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|
|
42,798
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|
|
33,887
|
|
|
24,809
|
|
|
19,183
|
|
|||||
Non-performing loans (1)
|
|
31,662
|
|
|
34,063
|
|
|
37,802
|
|
|
32,358
|
|
|
13,654
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(1)
|
Non-performing loans include loans for which the Bank does not accrue interest (non-accrual loans).
|
|
36
|
|
|
|
For the Years Ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
|
(Dollars in thousands, except per share amounts)
|
||||||||||||||||||
Selected Operating Data:
|
|
|
||||||||||||||||||
Interest and dividend income
|
|
$
|
236,254
|
|
|
$
|
212,152
|
|
|
$
|
196,345
|
|
|
$
|
155,879
|
|
|
$
|
77,517
|
|
Interest expense
|
|
52,012
|
|
|
41,053
|
|
|
31,763
|
|
|
18,007
|
|
|
10,460
|
|
|||||
Net interest income
|
|
184,242
|
|
|
171,099
|
|
|
164,582
|
|
|
137,872
|
|
|
67,057
|
|
|||||
Provision for loan losses
|
|
9,396
|
|
|
13,437
|
|
|
13,005
|
|
|
9,496
|
|
|
2,046
|
|
|||||
Net interest income after provision for loan losses
|
|
174,846
|
|
|
157,662
|
|
|
151,577
|
|
|
128,376
|
|
|
65,011
|
|
|||||
Non-interest income
|
|
33,400
|
|
|
30,084
|
|
|
32,487
|
|
|
16,605
|
|
|
17,051
|
|
|||||
Non-interest expense (1)
|
|
141,585
|
|
|
133,973
|
|
|
128,195
|
|
|
144,432
|
|
|
62,466
|
|
|||||
Income before income taxes
|
|
66,661
|
|
|
53,773
|
|
|
55,869
|
|
|
549
|
|
|
19,596
|
|
|||||
Income tax expense (benefit)
|
|
12,043
|
|
|
4,112
|
|
|
6,229
|
|
|
(6,233
|
)
|
|
5,369
|
|
|||||
Net income
|
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
$
|
49,640
|
|
|
$
|
6,782
|
|
|
$
|
14,227
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
1.09
|
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
|
$
|
0.16
|
|
|
$
|
0.55
|
|
Diluted
|
|
$
|
1.07
|
|
|
$
|
0.99
|
|
|
$
|
1.00
|
|
|
$
|
0.16
|
|
|
$
|
0.54
|
|
Dividends per share
|
|
$
|
0.48
|
|
|
$
|
0.48
|
|
|
$
|
0.46
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
(1)
|
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. There were no merger related expenses in 2017 or 2016.
|
|
37
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Selected Financial Ratios and Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Performance Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
0.80
|
%
|
|
0.78
|
%
|
|
0.87
|
%
|
|
0.16
|
%
|
|
0.67
|
%
|
|||||
Return on average equity
|
8.09
|
|
|
7.77
|
|
|
8.08
|
|
|
1.28
|
|
|
4.67
|
|
|||||
Tax-equivalent net interest rate spread (1)
|
2.87
|
|
|
2.83
|
|
|
3.07
|
|
|
3.43
|
|
|
3.22
|
|
|||||
Tax-equivalent net interest margin (2)
|
3.01
|
|
|
2.96
|
|
|
3.19
|
|
|
3.54
|
|
|
3.37
|
|
|||||
Non-interest expense to average assets
|
2.08
|
|
|
2.10
|
|
|
2.25
|
|
|
3.37
|
|
|
2.93
|
|
|||||
Efficiency ratio (3)
|
61.72
|
|
|
62.29
|
|
|
61.15
|
|
|
65.40
|
|
|
74.27
|
|
|||||
Dividend payout ratio
|
44.14
|
|
|
48.00
|
|
|
45.28
|
|
|
265.51
|
|
|
73.47
|
|
|||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital to total assets at end of year
|
9.75
|
|
|
9.94
|
|
|
10.04
|
|
|
11.00
|
|
|
13.01
|
|
|||||
Average capital to average assets
|
9.91
|
|
|
10.00
|
|
|
10.79
|
|
|
12.37
|
|
|
14.28
|
|
|||||
Total capital to risk-weighted assets
|
12.60
|
|
|
13.00
|
|
|
12.53
|
|
|
14.57
|
|
|
17.68
|
|
|||||
Tier 1 capital to risk-weighted assets
|
10.40
|
|
|
10.70
|
|
|
10.33
|
|
|
12.02
|
|
|
16.58
|
|
|||||
Tier 1 capital to total average assets
|
8.40
|
|
|
8.60
|
|
|
8.87
|
|
|
9.10
|
|
|
13.47
|
|
|||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses as a percent of total loans
|
0.88
|
|
|
0.87
|
|
|
0.73
|
|
|
0.64
|
|
|
1.12
|
|
|||||
Allowance for loan losses as a percent of non-performing loans
|
148.76
|
|
|
125.64
|
|
|
89.64
|
|
|
76.67
|
|
|
140.50
|
|
|||||
Net charge-offs to average outstanding loans during the period
|
0.10
|
|
|
0.10
|
|
|
0.10
|
|
|
0.12
|
|
|
0.08
|
|
|||||
Non-performing loans as a percent of total loans
|
0.59
|
|
|
0.69
|
|
|
0.82
|
|
|
0.83
|
|
|
0.80
|
|
|||||
Non-performing assets as a percent of total assets
|
0.48
|
|
|
0.54
|
|
|
0.62
|
|
|
0.59
|
|
|
0.59
|
|
|||||
Other Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share
|
$
|
13.58
|
|
|
$
|
12.91
|
|
|
$
|
12.53
|
|
|
$
|
12.16
|
|
|
$
|
11.53
|
|
Tangible book value per share (4)
|
$
|
11.24
|
|
|
$
|
10.53
|
|
|
$
|
10.07
|
|
|
$
|
9.65
|
|
|
$
|
11.49
|
|
Number of full service offices
|
52
|
|
|
52
|
|
|
52
|
|
|
53
|
|
|
19
|
|
|||||
Number of limited service offices
|
1
|
|
|
1
|
|
|
1
|
|
|
3
|
|
|
3
|
|
(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 tax-equivalent net interest income as a percent of average interest-earning assets.
|
(3)
|
Calculations for this non-GAAP metric are provided after the reconciliation of non-GAAP financial measures and appear on page 45.
|
(4)
|
Tangible book value per share represents the ratio of stockholders’ equity less intangible assets divided by shares outstanding.
|
|
38
|
|
•
|
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.
|
•
|
Align earning asset growth with organic capital and low cost core deposit generation to maintain strong capital and liquidity;
|
|
39
|
|
•
|
Re-mix cash flows into better yielding risk adjusted return on assets with lower funding costs relative to peers;
|
•
|
Invest in people, systems and technology to grow revenue and improve customer experience while maintaining attractive cost structure;
|
•
|
Grow operating revenue, maximize operating earnings, grow tangible book value and pay dividends. Achieve more revenue into non-interest income and core fee income.
|
|
40
|
|
|
41
|
|
|
42
|
|
•
|
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.
|
|
43
|
|
|
44
|
|
|
|
|
Change
|
||||||||||||||||||||||
|
For the Years Ended December 31,
|
|
2017-2016
|
|
2016-2015
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Net interest income
|
$
|
184,242
|
|
|
$
|
171,099
|
|
|
$
|
164,582
|
|
|
$
|
13,143
|
|
|
7.7
|
%
|
|
$
|
6,517
|
|
|
4.0
|
%
|
Provision for loan losses
|
9,396
|
|
|
13,437
|
|
|
13,005
|
|
|
(4,041
|
)
|
|
(30.1
|
)
|
|
432
|
|
|
3.3
|
|
|||||
Non-interest income
|
33,400
|
|
|
30,084
|
|
|
32,487
|
|
|
3,316
|
|
|
11.0
|
|
|
(2,403
|
)
|
|
(7.4
|
)
|
|||||
Non-interest expense
|
141,585
|
|
|
133,973
|
|
|
128,195
|
|
|
7,612
|
|
|
5.7
|
|
|
5,778
|
|
|
4.5
|
|
|||||
Income before income taxes
|
66,661
|
|
|
53,773
|
|
|
55,869
|
|
|
12,888
|
|
|
24.0
|
|
|
(2,096
|
)
|
|
(3.8
|
)
|
|||||
Income tax provision
|
12,043
|
|
|
4,112
|
|
|
6,229
|
|
|
7,931
|
|
|
192.9
|
|
|
(2,117
|
)
|
|
(34.0
|
)
|
|||||
Net income
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
$
|
49,640
|
|
|
$
|
4,957
|
|
|
10.0
|
|
|
$
|
21
|
|
|
—
|
|
Diluted earnings per share
|
$
|
1.07
|
|
|
$
|
0.99
|
|
|
$
|
1.00
|
|
|
$
|
0.08
|
|
|
8.1
|
%
|
|
$
|
(0.01
|
)
|
|
(1.0
|
)%
|
|
For the Years Ended
December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Efficiency Ratio:
|
|
|
|
|
|
||||||
Non-Interest Expense (GAAP)
|
$
|
141,585
|
|
|
$
|
133,973
|
|
|
$
|
128,195
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
||||||
Other real estate owned expense
|
(764
|
)
|
|
(343
|
)
|
|
(237
|
)
|
|||
Lease exit/disposal cost obligation
|
(536
|
)
|
|
—
|
|
|
—
|
|
|||
Merger related expense
|
—
|
|
|
—
|
|
|
(1,575
|
)
|
|||
Loan portfolio acquisition fees
|
—
|
|
|
—
|
|
|
(1,572
|
)
|
|||
Effect of branch lease termination agreement
|
—
|
|
|
—
|
|
|
195
|
|
|||
Effect of position eliminations
|
—
|
|
|
(1,565
|
)
|
|
—
|
|
|||
FHLBB prepayment penalties
|
—
|
|
|
(1,454
|
)
|
|
—
|
|
|||
Non-Interest Expense for Efficiency Ratio (non-GAAP)
|
$
|
140,285
|
|
|
$
|
130,611
|
|
|
$
|
125,006
|
|
|
|
|
|
|
|
||||||
Net Interest Income (GAAP)
|
$
|
184,242
|
|
|
$
|
171,099
|
|
|
$
|
164,582
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
||||||
Tax equivalent adjustment for tax-exempt loans and investment securities
|
7,822
|
|
|
6,535
|
|
|
5,362
|
|
|||
|
|
|
|
|
|
||||||
Non-Interest Income (GAAP)
|
33,400
|
|
|
30,084
|
|
|
32,487
|
|
|||
Non-GAAP adjustments:
|
|
|
|
|
|
||||||
Net gain on sales of securities
|
(782
|
)
|
|
(1,961
|
)
|
|
(939
|
)
|
|||
Net loss on limited partnership investments
|
3,023
|
|
|
3,995
|
|
|
3,136
|
|
|||
Loss on sale of premises and equipment
|
401
|
|
|
—
|
|
|
—
|
|
|||
BOLI claim benefit
|
(806
|
)
|
|
(70
|
)
|
|
(219
|
)
|
|||
Total Revenue for Efficiency Ratio (non-GAAP)
|
$
|
227,300
|
|
|
$
|
209,682
|
|
|
$
|
204,409
|
|
|
|
|
|
|
|
||||||
Efficiency Ratio (Non-Interest Expense for Efficiency Ratio (non-GAAP)/Total Revenue for Efficiency Ratio (non-GAAP))
|
61.72
|
%
|
|
62.29
|
%
|
|
61.15
|
%
|
|||
|
|
|
|
|
|
|
45
|
|
|
46
|
|
|
47
|
|
|
For the Years Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
|
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
|
$
|
1,291,852
|
|
|
$
|
43,422
|
|
|
3.36
|
%
|
|
$
|
1,214,681
|
|
|
$
|
39,691
|
|
|
3.27
|
%
|
|
$
|
1,169,083
|
|
|
$
|
39,543
|
|
|
3.38
|
%
|
Commercial real estate
|
2,175,197
|
|
|
88,716
|
|
|
4.02
|
|
|
2,055,441
|
|
|
83,996
|
|
|
4.02
|
|
|
1,776,407
|
|
|
78,438
|
|
|
4.36
|
|
||||||
Construction
|
129,636
|
|
|
5,714
|
|
|
4.35
|
|
|
159,677
|
|
|
6,855
|
|
|
4.22
|
|
|
172,257
|
|
|
8,139
|
|
|
4.66
|
|
||||||
Commercial business
|
779,262
|
|
|
30,504
|
|
|
3.86
|
|
|
646,308
|
|
|
24,064
|
|
|
3.66
|
|
|
610,424
|
|
|
28,042
|
|
|
4.53
|
|
||||||
Home equity
|
542,579
|
|
|
23,168
|
|
|
4.27
|
|
|
460,439
|
|
|
16,487
|
|
|
3.58
|
|
|
339,023
|
|
|
10,981
|
|
|
3.24
|
|
||||||
Other consumer
|
243,631
|
|
|
11,890
|
|
|
4.88
|
|
|
216,708
|
|
|
10,743
|
|
|
4.95
|
|
|
22,863
|
|
|
1,114
|
|
|
4.87
|
|
||||||
Investment securities
|
1,083,616
|
|
|
38,078
|
|
|
3.51
|
|
|
1,074,593
|
|
|
34,605
|
|
|
3.21
|
|
|
1,090,086
|
|
|
34,388
|
|
|
3.15
|
|
||||||
Federal Home Loan Bank Stock
|
51,735
|
|
|
2,195
|
|
|
4.24
|
|
|
54,344
|
|
|
1,903
|
|
|
3.50
|
|
|
37,058
|
|
|
882
|
|
|
2.38
|
|
||||||
Other earning assets
|
34,484
|
|
|
389
|
|
|
1.13
|
|
|
62,367
|
|
|
343
|
|
|
0.55
|
|
|
60,956
|
|
|
180
|
|
|
0.30
|
|
||||||
Total interest-earning assets
|
6,331,992
|
|
|
244,076
|
|
|
3.83
|
|
|
5,944,558
|
|
|
218,687
|
|
|
3.65
|
|
|
5,278,157
|
|
|
201,707
|
|
|
3.79
|
|
||||||
Allowance for loan losses
|
(45,480
|
)
|
|
|
|
|
|
(38,133
|
)
|
|
|
|
|
|
(28,482
|
)
|
|
|
|
|
||||||||||||
Non-interest-earning assets
|
526,914
|
|
|
|
|
|
|
479,333
|
|
|
|
|
|
|
442,672
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
6,813,426
|
|
|
|
|
|
|
$
|
6,385,758
|
|
|
|
|
|
|
$
|
5,692,347
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW and money market accounts
|
$
|
2,002,146
|
|
|
13,282
|
|
|
0.66
|
|
|
$
|
1,555,182
|
|
|
6,547
|
|
|
0.42
|
|
|
$
|
1,470,459
|
|
|
7,183
|
|
|
0.49
|
|
|||
Savings accounts(1)
|
529,006
|
|
|
312
|
|
|
0.06
|
|
|
527,544
|
|
|
309
|
|
|
0.06
|
|
|
529,659
|
|
|
319
|
|
|
0.06
|
|
||||||
Time deposits
|
1,731,434
|
|
|
19,971
|
|
|
1.15
|
|
|
1,805,623
|
|
|
18,720
|
|
|
1.04
|
|
|
1,577,739
|
|
|
13,940
|
|
|
0.88
|
|
||||||
Total interest-bearing deposits
|
4,262,586
|
|
|
33,565
|
|
|
0.79
|
|
|
3,888,349
|
|
|
25,576
|
|
|
0.66
|
|
|
3,577,857
|
|
|
21,442
|
|
|
0.60
|
|
||||||
Advances from the FHLBB
|
978,673
|
|
|
12,763
|
|
|
1.29
|
|
|
988,847
|
|
|
9,931
|
|
|
0.99
|
|
|
664,665
|
|
|
4,749
|
|
|
0.70
|
|
||||||
Other borrowings
|
133,364
|
|
|
5,684
|
|
|
4.20
|
|
|
128,617
|
|
|
5,546
|
|
|
4.24
|
|
|
162,419
|
|
|
5,572
|
|
|
3.38
|
|
||||||
Total interest-bearing liabilities
|
5,374,623
|
|
|
52,012
|
|
|
0.96
|
|
|
5,005,813
|
|
|
41,053
|
|
|
0.82
|
|
|
4,404,941
|
|
|
31,763
|
|
|
0.72
|
|
||||||
Non-interest-bearing deposits
|
695,713
|
|
|
|
|
|
|
657,842
|
|
|
|
|
|
|
605,112
|
|
|
|
|
|
||||||||||||
Other liabilities
|
67,810
|
|
|
|
|
|
|
83,236
|
|
|
|
|
|
|
67,801
|
|
|
|
|
|
||||||||||||
Total liabilities
|
6,138,146
|
|
|
|
|
|
|
5,746,891
|
|
|
|
|
|
|
5,077,854
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
675,280
|
|
|
|
|
|
|
638,867
|
|
|
|
|
|
|
614,493
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,813,426
|
|
|
|
|
|
|
$
|
6,385,758
|
|
|
|
|
|
|
$
|
5,692,347
|
|
|
|
|
|
|||||||||
Tax-equivalent net interest income
|
|
|
192,064
|
|
|
|
|
|
|
177,634
|
|
|
|
|
|
|
169,944
|
|
|
|
||||||||||||
Tax-equivalent net interest rate spread(2)
|
|
|
|
|
2.87
|
%
|
|
|
|
|
|
2.83
|
%
|
|
|
|
|
|
3.07
|
%
|
||||||||||||
Net interest-earning assets(3)
|
$
|
957,369
|
|
|
|
|
|
|
$
|
938,745
|
|
|
|
|
|
|
$
|
873,216
|
|
|
|
|
|
|||||||||
Tax-equivalent net interest margin(4)
|
|
|
|
|
3.01
|
%
|
|
|
|
|
|
2.96
|
%
|
|
|
|
|
|
3.19
|
%
|
||||||||||||
Average interest -earning assets to average interest-bearing liabilities
|
117.81
|
%
|
|
|
|
|
|
118.75
|
%
|
|
|
|
|
|
119.82
|
%
|
|
|
|
|
||||||||||||
Less tax-equivalent adjustment
|
|
|
7,822
|
|
|
|
|
|
|
6,535
|
|
|
|
|
|
|
5,362
|
|
|
|
||||||||||||
|
|
|
$
|
184,242
|
|
|
|
|
|
|
$
|
171,099
|
|
|
|
|
|
|
$
|
164,582
|
|
|
|
(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.
|
|
48
|
|
(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 2017 Compared to 2016
|
|
Year Ended 2016 Compared to 2015
|
||||||||||||||||||||
|
Increase (Decrease)
Due To
|
|
|
|
Increase (Decrease)
Due To
|
|
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
Net
|
|
Volume
|
|
Rate
|
|
Net
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans receivable
|
$
|
15,697
|
|
|
$
|
5,881
|
|
|
$
|
21,578
|
|
|
$
|
27,885
|
|
|
$
|
(12,306
|
)
|
|
$
|
15,579
|
|
Securities (1)
|
197
|
|
|
3,568
|
|
|
3,765
|
|
|
16
|
|
|
1,222
|
|
|
1,238
|
|
||||||
Other earning assets
|
(202
|
)
|
|
248
|
|
|
46
|
|
|
4
|
|
|
159
|
|
|
163
|
|
||||||
Total earning assets
|
15,692
|
|
|
9,697
|
|
|
25,389
|
|
|
27,905
|
|
|
(10,925
|
)
|
|
16,980
|
|
||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW and money market accounts
|
2,242
|
|
|
4,493
|
|
|
6,735
|
|
|
397
|
|
|
(1,033
|
)
|
|
(636
|
)
|
||||||
Savings accounts
|
1
|
|
|
2
|
|
|
3
|
|
|
(1
|
)
|
|
(9
|
)
|
|
(10
|
)
|
||||||
Time deposits
|
(792
|
)
|
|
2,043
|
|
|
1,251
|
|
|
2,172
|
|
|
2,608
|
|
|
4,780
|
|
||||||
Total interest-bearing deposits
|
1,451
|
|
|
6,538
|
|
|
7,989
|
|
|
2,568
|
|
|
1,566
|
|
|
4,134
|
|
||||||
FHLBB Advances
|
(102
|
)
|
|
2,934
|
|
|
2,832
|
|
|
2,788
|
|
|
2,394
|
|
|
5,182
|
|
||||||
Other borrowed funds
|
200
|
|
|
(62
|
)
|
|
138
|
|
|
(1,274
|
)
|
|
1,248
|
|
|
(26
|
)
|
||||||
Total interest-bearing liabilities
|
1,549
|
|
|
9,410
|
|
|
10,959
|
|
|
4,082
|
|
|
5,208
|
|
|
9,290
|
|
||||||
Change in tax-equivalent net interest income
|
$
|
14,143
|
|
|
$
|
287
|
|
|
$
|
14,430
|
|
|
$
|
23,823
|
|
|
$
|
(16,133
|
)
|
|
$
|
7,690
|
|
|
49
|
|
|
50
|
|
Non-Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Years Ended December 31,
|
|
Change
|
||||||||||||||||||||||
|
2017-2016
|
|
2016-2015
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Service charges and fees
|
$
|
24,209
|
|
|
$
|
20,259
|
|
|
$
|
21,040
|
|
|
$
|
3,950
|
|
|
19.5
|
%
|
|
$
|
(781
|
)
|
|
(3.7
|
)%
|
Income from mortgage banking activities
|
5,539
|
|
|
8,227
|
|
|
9,552
|
|
|
(2,688
|
)
|
|
(32.7
|
)
|
|
(1,325
|
)
|
|
(13.9
|
)
|
|||||
Bank-owned life insurance income
|
5,462
|
|
|
3,394
|
|
|
3,616
|
|
|
2,068
|
|
|
60.9
|
|
|
(222
|
)
|
|
(6.1
|
)
|
|||||
Gain on sales of securities, net
|
782
|
|
|
1,961
|
|
|
939
|
|
|
(1,179
|
)
|
|
(60.1
|
)
|
|
1,022
|
|
|
108.8
|
|
|||||
Net loss on limited partnership investments
|
(3,023
|
)
|
|
(3,995
|
)
|
|
(3,136
|
)
|
|
972
|
|
|
24.3
|
|
|
(859
|
)
|
|
(27.4
|
)
|
|||||
Other income
|
431
|
|
|
238
|
|
|
476
|
|
|
193
|
|
|
81.1
|
|
|
(238
|
)
|
|
(50.0
|
)
|
|||||
Total non-interest income
|
$
|
33,400
|
|
|
$
|
30,084
|
|
|
$
|
32,487
|
|
|
$
|
3,316
|
|
|
11.0
|
%
|
|
$
|
(2,403
|
)
|
|
(7.4
|
)%
|
|
51
|
|
|
52
|
|
|
53
|
|
Non-Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the Years Ended December 31,
|
|
Change
|
||||||||||||||||||||||
|
2017-2016
|
|
2016-2015
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Salaries and employee benefits
|
$
|
80,061
|
|
|
$
|
75,384
|
|
|
$
|
67,469
|
|
|
$
|
4,677
|
|
|
6.2
|
%
|
|
$
|
7,915
|
|
|
11.7
|
%
|
Occupancy and equipment
|
16,902
|
|
|
14,986
|
|
|
15,442
|
|
|
1,916
|
|
|
12.8
|
|
|
(456
|
)
|
|
(3.0
|
)
|
|||||
Service bureau fees
|
8,098
|
|
|
7,986
|
|
|
6,728
|
|
|
112
|
|
|
1.4
|
|
|
1,258
|
|
|
18.7
|
|
|||||
Professional fees
|
4,305
|
|
|
3,917
|
|
|
6,317
|
|
|
388
|
|
|
9.9
|
|
|
(2,400
|
)
|
|
(38.0
|
)
|
|||||
Marketing and promotions
|
4,047
|
|
|
3,049
|
|
|
2,321
|
|
|
998
|
|
|
32.7
|
|
|
728
|
|
|
31.4
|
|
|||||
FDIC insurance assessments
|
3,076
|
|
|
3,573
|
|
|
3,692
|
|
|
(497
|
)
|
|
(13.9
|
)
|
|
(119
|
)
|
|
(3.2
|
)
|
|||||
Core deposit intangible amortization
|
1,411
|
|
|
1,604
|
|
|
1,796
|
|
|
(193
|
)
|
|
(12.0
|
)
|
|
(192
|
)
|
|
(10.7
|
)
|
|||||
Merger related expense
|
—
|
|
|
—
|
|
|
1,575
|
|
|
—
|
|
|
—
|
|
|
(1,575
|
)
|
|
(100.0
|
)
|
|||||
FHLBB prepayment penalties
|
—
|
|
|
1,454
|
|
|
—
|
|
|
(1,454
|
)
|
|
(100.0
|
)
|
|
1,454
|
|
|
100.0
|
|
|||||
Other
|
23,685
|
|
|
22,020
|
|
|
22,855
|
|
|
1,665
|
|
|
7.6
|
|
|
(835
|
)
|
|
(3.7
|
)
|
|||||
Total non-interest expense
|
$
|
141,585
|
|
|
$
|
133,973
|
|
|
$
|
128,195
|
|
|
$
|
7,612
|
|
|
5.7
|
%
|
|
$
|
5,778
|
|
|
4.5
|
%
|
|
54
|
|
|
55
|
|
|
56
|
|
|
At December 31,
|
||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
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
|
|
Government-sponsored residential mortgage-backed securities
|
235,646
|
|
|
235,479
|
|
|
181,419
|
|
|
179,548
|
|
|
146,434
|
|
|
145,861
|
|
||||||
Government-sponsored residential collateralized debt obligations
|
134,652
|
|
|
133,112
|
|
|
184,185
|
|
|
183,260
|
|
|
287,515
|
|
|
286,967
|
|
||||||
Government-sponsored commercial mortgage-backed securities
|
33,449
|
|
|
33,255
|
|
|
26,949
|
|
|
26,530
|
|
|
21,144
|
|
|
20,965
|
|
||||||
Government-sponsored commercial collateralized debt obligations
|
151,035
|
|
|
147,242
|
|
|
164,433
|
|
|
162,927
|
|
|
128,617
|
|
|
128,972
|
|
||||||
Asset-backed securities
|
166,559
|
|
|
167,139
|
|
|
166,336
|
|
|
166,967
|
|
|
162,895
|
|
|
159,901
|
|
||||||
Corporate debt securities
|
88,571
|
|
|
89,136
|
|
|
76,787
|
|
|
75,015
|
|
|
62,356
|
|
|
59,960
|
|
||||||
Obligations of states and political subdivisions
|
249,531
|
|
|
245,007
|
|
|
223,733
|
|
|
216,376
|
|
|
201,217
|
|
|
201,115
|
|
||||||
Marketable equity securities
|
240
|
|
|
417
|
|
|
32,414
|
|
|
32,788
|
|
|
44,653
|
|
|
45,339
|
|
||||||
Total available for sale
|
$
|
1,059,683
|
|
|
$
|
1,050,787
|
|
|
$
|
1,056,256
|
|
|
$
|
1,043,411
|
|
|
$
|
1,064,990
|
|
|
$
|
1,059,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held to Maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
1,318
|
|
|
$
|
1,429
|
|
|
$
|
1,717
|
|
|
$
|
1,889
|
|
|
$
|
2,205
|
|
|
$
|
2,449
|
|
Obligations of states and political subdivisions
|
12,280
|
|
|
12,871
|
|
|
12,321
|
|
|
12,940
|
|
|
12,360
|
|
|
13,234
|
|
||||||
Total held to maturity securities
|
$
|
13,598
|
|
|
$
|
14,300
|
|
|
$
|
14,038
|
|
|
$
|
14,829
|
|
|
$
|
14,565
|
|
|
$
|
15,683
|
|
|
57
|
|
|
58
|
|
|
At December 31, 2017
|
|||||||||||||||||||||||||||||||||
|
One Year or Less
|
|
More than One Year
through Five Years
|
|
More than Five Years
through Ten Years
|
|
More than Ten Years
|
|
Total Debt 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)
|
|||||||||||||||||||||||||||||||||
Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
235,479
|
|
|
2.90
|
%
|
|
$
|
235,479
|
|
|
2.90
|
%
|
Government-sponsored residential collateralized debt obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
133,112
|
|
|
2.68
|
|
|
133,112
|
|
|
2.68
|
|
|||||
Government-sponsored commercial mortgage-backed securities
|
—
|
|
|
—
|
|
|
2,728
|
|
|
2.22
|
|
|
14,180
|
|
|
2.51
|
|
|
16,347
|
|
|
3.19
|
|
|
33,255
|
|
|
2.82
|
|
|||||
Government-sponsored commercial collateralized debt obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147,242
|
|
|
2.56
|
|
|
147,242
|
|
|
2.56
|
|
|||||
Asset-backed securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,664
|
|
|
4.16
|
|
|
99,475
|
|
|
3.33
|
|
|
167,139
|
|
|
3.66
|
|
|||||
Corporate debt securities
|
—
|
|
|
—
|
|
|
8,309
|
|
|
4.91
|
|
|
80,827
|
|
|
3.55
|
|
|
—
|
|
|
—
|
|
|
89,136
|
|
|
3.68
|
|
|||||
Obligations for state and political subdivisions
|
—
|
|
|
—
|
|
|
1,687
|
|
|
2.77
|
|
|
6,507
|
|
|
2.80
|
|
|
236,813
|
|
|
3.86
|
|
|
245,007
|
|
|
3.83
|
|
|||||
Total debt securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
12,724
|
|
|
4.05
|
%
|
|
$
|
169,178
|
|
|
3.68
|
%
|
|
$
|
868,468
|
|
|
3.13
|
%
|
|
$
|
1,050,370
|
|
|
3.23
|
%
|
Held to Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
250
|
|
|
4.33
|
%
|
|
$
|
1,179
|
|
|
4.82
|
%
|
|
$
|
1,429
|
|
|
4.74
|
%
|
Obligations of states and political subdivisions
|
—
|
|
|
—
|
|
|
1,171
|
|
|
2.41
|
|
|
1,032
|
|
|
3.98
|
|
|
10,668
|
|
|
4.24
|
|
|
12,871
|
|
|
4.08
|
|
|||||
Total debt securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,171
|
|
|
2.41
|
%
|
|
$
|
1,282
|
|
|
4.05
|
%
|
|
$
|
11,847
|
|
|
4.33
|
%
|
|
$
|
14,300
|
|
|
4.14
|
%
|
|
59
|
|
|
At December 31,
|
||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Owner-occupied
|
$
|
445,820
|
|
|
8.3
|
%
|
|
$
|
416,718
|
|
|
8.5
|
%
|
|
$
|
322,084
|
|
|
7.0
|
%
|
|
$
|
399,935
|
|
|
10.3
|
%
|
|
$
|
85,964
|
|
|
5.0
|
%
|
|
Investor non-owner occupied
|
1,854,459
|
|
|
34.7
|
|
|
1,705,319
|
|
|
34.8
|
|
|
1,673,248
|
|
|
36.3
|
|
|
1,279,001
|
|
|
32.8
|
|
|
690,949
|
|
|
40.3
|
|
||||||
Commercial construction
|
78,083
|
|
|
1.5
|
|
|
98,794
|
|
|
2.0
|
|
|
129,922
|
|
|
2.8
|
|
|
172,585
|
|
|
4.4
|
|
|
46,059
|
|
|
2.7
|
|
||||||
Total commercial real estate loans
|
2,378,362
|
|
|
44.5
|
|
|
2,220,831
|
|
|
45.3
|
|
|
2,125,254
|
|
|
46.1
|
|
|
1,851,521
|
|
|
47.5
|
|
|
822,972
|
|
|
48.0
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial business loans
|
840,312
|
|
|
15.7
|
|
|
724,557
|
|
|
14.8
|
|
|
603,332
|
|
|
13.1
|
|
|
613,596
|
|
|
15.7
|
|
|
247,932
|
|
|
14.5
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential real estate
|
1,204,401
|
|
|
22.6
|
|
|
1,156,227
|
|
|
23.6
|
|
|
1,179,915
|
|
|
25.6
|
|
|
1,076,098
|
|
|
27.6
|
|
|
476,599
|
|
|
27.8
|
|
||||||
Home equity
|
583,180
|
|
|
10.9
|
|
|
536,772
|
|
|
11.0
|
|
|
431,282
|
|
|
9.3
|
|
|
337,641
|
|
|
8.7
|
|
|
157,848
|
|
|
9.2
|
|
||||||
Residential construction
|
40,947
|
|
|
0.8
|
|
|
53,934
|
|
|
1.1
|
|
|
41,084
|
|
|
0.9
|
|
|
13,258
|
|
|
0.4
|
|
|
6,184
|
|
|
0.4
|
|
||||||
Other consumer
|
292,781
|
|
|
5.5
|
|
|
209,393
|
|
|
4.2
|
|
|
233,064
|
|
|
5.0
|
|
|
5,752
|
|
|
0.1
|
|
|
2,257
|
|
|
0.1
|
|
||||||
Total consumer loans
|
2,121,309
|
|
|
39.8
|
|
|
1,956,326
|
|
|
39.9
|
|
|
1,885,345
|
|
|
40.8
|
|
|
1,432,749
|
|
|
36.8
|
|
|
642,888
|
|
|
37.5
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans
|
5,339,983
|
|
|
100.0
|
%
|
|
4,901,714
|
|
|
100.0
|
%
|
|
4,613,931
|
|
|
100.0
|
%
|
|
3,897,866
|
|
|
100.0
|
%
|
|
1,713,792
|
|
|
100.0
|
%
|
||||||
Net deferred loan costs and premiums
|
14,794
|
|
|
|
|
11,636
|
|
|
|
|
7,018
|
|
|
|
|
4,006
|
|
—
|
|
|
|
2,403
|
|
|
|
||||||||||
Allowance for loan losses
|
(47,099
|
)
|
|
|
|
(42,798
|
)
|
|
|
|
(33,887
|
)
|
|
|
|
(24,809
|
)
|
—
|
|
|
|
(19,183
|
)
|
|
|
||||||||||
Loans, net
|
$
|
5,307,678
|
|
|
|
|
$
|
4,870,552
|
|
|
|
|
$
|
4,587,062
|
|
|
|
|
$
|
3,877,063
|
|
|
|
|
$
|
1,697,012
|
|
|
|
|
60
|
|
|
61
|
|
|
Loans Maturing
|
||||||||||||||
|
Within One
Year
|
|
After One
But Within
Five Years
|
|
After Five
Years
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Owner-occupied CRE
|
$
|
5,779
|
|
|
$
|
84,916
|
|
|
$
|
355,125
|
|
|
$
|
445,820
|
|
Investor CRE
|
82,524
|
|
|
763,279
|
|
|
1,008,656
|
|
|
1,854,459
|
|
||||
Construction
|
16,202
|
|
|
33,138
|
|
|
69,690
|
|
|
119,030
|
|
||||
Commercial business loans
|
135,995
|
|
|
462,280
|
|
|
242,037
|
|
|
840,312
|
|
||||
Residential real estate
|
546
|
|
|
41,908
|
|
|
1,161,947
|
|
|
1,204,401
|
|
||||
Home equity
|
9,511
|
|
|
48,713
|
|
|
524,956
|
|
|
583,180
|
|
||||
Other consumer
|
1,066
|
|
|
38,561
|
|
|
253,154
|
|
|
292,781
|
|
||||
Total
|
$
|
251,623
|
|
|
$
|
1,472,795
|
|
|
$
|
3,615,565
|
|
|
$
|
5,339,983
|
|
|
Due after December 31, 2018
|
||||||||||
|
Fixed
|
|
Adjustable
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Owner-occupied CRE
|
$
|
120,681
|
|
|
$
|
319,360
|
|
|
$
|
440,041
|
|
Investor CRE
|
743,735
|
|
|
1,028,200
|
|
|
1,771,935
|
|
|||
Construction
|
36,897
|
|
|
65,931
|
|
|
102,828
|
|
|||
Commercial business loans
|
193,492
|
|
|
510,825
|
|
|
704,317
|
|
|||
Residential real estate
|
741,932
|
|
|
461,923
|
|
|
1,203,855
|
|
|||
Home equity
|
40,293
|
|
|
533,376
|
|
|
573,669
|
|
|||
Other consumer
|
220,720
|
|
|
70,995
|
|
|
291,715
|
|
|||
Total
|
$
|
2,097,750
|
|
|
$
|
2,990,610
|
|
|
$
|
5,088,360
|
|
|
62
|
|
|
At or For the Year December 31, 2017
|
|
At or For the Year December 31, 2016
|
||
Non-performing loans as a percentage of total loans
|
0.59
|
%
|
|
0.69
|
%
|
Non-performing assets as a percentage of total assets
|
0.48
|
%
|
|
0.54
|
%
|
Net charge-offs as a percentage of average loans
|
0.10
|
%
|
|
0.10
|
%
|
Allowance for loan losses as a percentage of total loans
|
0.88
|
%
|
|
0.87
|
%
|
Allowance for loan losses to non-performing loans
|
148.76
|
%
|
|
125.64
|
%
|
|
At December 31, 2017
|
|
At December 31, 2016
|
||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Non-accrual loans:
|
|
|
|
|
|
|
|
||||||
Owner-occupied commercial real estate
|
$
|
1,664
|
|
|
4.9
|
%
|
|
$
|
2,642
|
|
|
7.3
|
%
|
Investor commercial real estate
|
1,821
|
|
|
5.4
|
|
|
4,016
|
|
|
11.2
|
|
||
Construction
|
1,398
|
|
|
4.1
|
|
|
1,701
|
|
|
4.7
|
|
||
Commercial business loans
|
1,477
|
|
|
4.4
|
|
|
2,000
|
|
|
5.6
|
|
||
Residential real estate
|
11,824
|
|
|
35.0
|
|
|
11,357
|
|
|
31.6
|
|
||
Home equity
|
4,968
|
|
|
14.7
|
|
|
4,043
|
|
|
11.2
|
|
||
Other consumer
|
35
|
|
|
0.1
|
|
|
1,000
|
|
|
2.8
|
|
||
Total non-accrual loans excluding TDRs
|
23,187
|
|
|
68.6
|
|
|
26,759
|
|
|
74.4
|
|
||
Troubled debt restructurings - non-accruing
|
8,475
|
|
|
25.0
|
|
|
7,304
|
|
|
20.3
|
|
||
Total non-performing loans
|
31,662
|
|
|
93.6
|
|
|
34,063
|
|
|
94.7
|
|
||
Other real estate owned
|
2,154
|
|
|
6.4
|
|
|
1,890
|
|
|
5.3
|
|
||
Total non-performing assets
|
$
|
33,816
|
|
|
100.0
|
%
|
|
$
|
35,953
|
|
|
100.0
|
%
|
Total non-performing loans to total loans
|
0.59
|
%
|
|
|
|
0.69
|
%
|
|
|
||||
Total non-performing assets to total assets
|
0.48
|
%
|
|
|
|
0.54
|
%
|
|
|
|
63
|
|
|
At December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Recorded investment in TDRs
|
|
|
|
||||
Accrual status
|
$
|
14,249
|
|
|
$
|
16,048
|
|
Non-accrual status
|
8,475
|
|
|
7,304
|
|
||
Total recorded investment
|
$
|
22,724
|
|
|
$
|
23,352
|
|
Accruing TDRs performing under modified terms more than one year
|
$
|
7,783
|
|
|
$
|
10,020
|
|
TDR allocated reserves included in the balance of allowance for loan losses
|
520
|
|
|
714
|
|
||
Additional funds committed to borrowers in TDR status
|
29
|
|
|
3
|
|
|
64
|
|
|
At December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Owner-occupied CRE
|
$
|
636
|
|
|
$
|
689
|
|
Investor CRE
|
6,594
|
|
|
5,933
|
|
||
Construction
|
875
|
|
|
1,624
|
|
||
Commercial business loans
|
4,204
|
|
|
5,813
|
|
||
Residential real estate
|
6,477
|
|
|
5,206
|
|
||
Home equity
|
3,578
|
|
|
2,867
|
|
||
Other consumer
|
360
|
|
|
1,220
|
|
||
Total
|
$
|
22,724
|
|
|
$
|
23,352
|
|
|
Years Ended
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
TDRs, beginning of period
|
$
|
23,352
|
|
|
$
|
24,064
|
|
Current year modifications
|
9,594
|
|
|
6,778
|
|
||
Paydowns/draws on existing TDRs, net
|
(9,466
|
)
|
|
(7,183
|
)
|
||
Charge-offs post modification
|
(756
|
)
|
|
(307
|
)
|
||
TDRs, end of period
|
$
|
22,724
|
|
|
$
|
23,352
|
|
|
65
|
|
|
Delinquent Loans
|
|||||||||||||||||||
|
30-89 Days
|
|
90 Days and Over
|
|
Total
|
|||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
At December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Owner-occupied CRE
|
$
|
1,650
|
|
|
5.5
|
%
|
|
$
|
1,297
|
|
|
4.3
|
%
|
|
$
|
2,947
|
|
|
9.8
|
%
|
Investor CRE
|
941
|
|
|
3.1
|
|
|
1,212
|
|
|
4.0
|
|
|
2,153
|
|
|
7.1
|
|
|||
Construction
|
—
|
|
|
—
|
|
|
1,398
|
|
|
4.6
|
|
|
1,398
|
|
|
4.6
|
|
|||
Commercial business loans
|
4,534
|
|
|
15.0
|
|
|
1,219
|
|
|
4.0
|
|
|
5,753
|
|
|
19.0
|
|
|||
Residential real estate
|
5,484
|
|
|
18.3
|
|
|
5,633
|
|
|
18.8
|
|
|
11,117
|
|
|
37.1
|
|
|||
Home equity
|
1,817
|
|
|
6.0
|
|
|
3,281
|
|
|
10.9
|
|
|
5,098
|
|
|
16.9
|
|
|||
Other consumer
|
1,188
|
|
|
3.9
|
|
|
491
|
|
|
1.6
|
|
|
1,679
|
|
|
5.5
|
|
|||
Total
|
$
|
15,614
|
|
|
51.8
|
%
|
|
$
|
14,531
|
|
|
48.2
|
%
|
|
$
|
30,145
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
At December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Owner-occupied CRE
|
$
|
497
|
|
|
1.4
|
%
|
|
$
|
1,667
|
|
|
4.7
|
%
|
|
$
|
2,164
|
|
|
6.1
|
%
|
Investor CRE
|
2,881
|
|
|
8.1
|
|
|
3,260
|
|
|
9.2
|
|
|
6,141
|
|
|
17.3
|
|
|||
Construction
|
709
|
|
|
2.0
|
|
|
1,933
|
|
|
5.6
|
|
|
2,642
|
|
|
7.6
|
|
|||
Commercial business loans
|
3,330
|
|
|
9.4
|
|
|
2,373
|
|
|
6.7
|
|
|
5,703
|
|
|
16.1
|
|
|||
Residential real estate
|
2,848
|
|
|
8.0
|
|
|
7,863
|
|
|
22.2
|
|
|
10,711
|
|
|
30.2
|
|
|||
Home equity
|
2,954
|
|
|
8.3
|
|
|
2,797
|
|
|
7.9
|
|
|
5,751
|
|
|
16.2
|
|
|||
Other consumer
|
1,217
|
|
|
3.4
|
|
|
1,095
|
|
|
3.1
|
|
|
2,312
|
|
|
6.5
|
|
|||
Total
|
$
|
14,436
|
|
|
40.6
|
%
|
|
$
|
20,988
|
|
|
59.4
|
%
|
|
$
|
35,424
|
|
|
100.0
|
%
|
|
66
|
|
|
67
|
|
|
68
|
|
|
At or For the Years Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Balance at beginning of year
|
$
|
42,798
|
|
|
$
|
33,887
|
|
|
$
|
24,809
|
|
|
$
|
19,183
|
|
|
$
|
18,477
|
|
Provision for loan losses
|
9,396
|
|
|
13,437
|
|
|
13,005
|
|
|
9,496
|
|
|
2,046
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner-occupied CRE
|
(103
|
)
|
|
(169
|
)
|
|
(181
|
)
|
|
—
|
|
|
—
|
|
|||||
Investor CRE
|
(735
|
)
|
|
(1,207
|
)
|
|
(837
|
)
|
|
(750
|
)
|
|
(111
|
)
|
|||||
Construction
|
(507
|
)
|
|
—
|
|
|
(466
|
)
|
|
—
|
|
|
(250
|
)
|
|||||
Commercial business loans
|
(1,984
|
)
|
|
(1,018
|
)
|
|
(2,513
|
)
|
|
(1,406
|
)
|
|
(190
|
)
|
|||||
Residential real estate
|
(736
|
)
|
|
(1,043
|
)
|
|
(744
|
)
|
|
(1,557
|
)
|
|
(514
|
)
|
|||||
Home equity
|
(779
|
)
|
|
(742
|
)
|
|
(427
|
)
|
|
(337
|
)
|
|
(331
|
)
|
|||||
Other consumer
|
(1,840
|
)
|
|
(1,710
|
)
|
|
(324
|
)
|
|
(139
|
)
|
|
(124
|
)
|
|||||
Total charge-offs
|
(6,684
|
)
|
|
(5,889
|
)
|
|
(5,492
|
)
|
|
(4,189
|
)
|
|
(1,520
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner-occupied CRE
|
32
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Investor CRE
|
159
|
|
|
411
|
|
|
342
|
|
|
—
|
|
|
—
|
|
|||||
Construction
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Commercial business loans
|
874
|
|
|
557
|
|
|
839
|
|
|
97
|
|
|
18
|
|
|||||
Residential real estate
|
148
|
|
|
74
|
|
|
279
|
|
|
175
|
|
|
137
|
|
|||||
Home equity
|
94
|
|
|
113
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer
|
282
|
|
|
149
|
|
|
103
|
|
|
47
|
|
|
25
|
|
|||||
Total recoveries
|
1,589
|
|
|
1,363
|
|
|
1,565
|
|
|
319
|
|
|
180
|
|
|||||
Net charge-offs
|
(5,095
|
)
|
|
(4,526
|
)
|
|
(3,927
|
)
|
|
(3,870
|
)
|
|
(1,340
|
)
|
|||||
Balance at end of year
|
$
|
47,099
|
|
|
$
|
42,798
|
|
|
$
|
33,887
|
|
|
$
|
24,809
|
|
|
$
|
19,183
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses to non-performing loans at end of year
|
148.76
|
%
|
|
125.64
|
%
|
|
89.64
|
%
|
|
76.67
|
%
|
|
140.50
|
%
|
|||||
Allowance for loan losses to total loans outstanding at end of year
|
0.88
|
%
|
|
0.87
|
%
|
|
0.73
|
%
|
|
0.64
|
%
|
|
1.12
|
%
|
|||||
Net charge-offs to average loans outstanding
|
0.10
|
%
|
|
0.10
|
%
|
|
0.10
|
%
|
|
0.12
|
%
|
|
0.08
|
%
|
|
69
|
|
|
At December 31,
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||||||
|
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)
|
||||||||||||||||||||||||||||
Owner-occupied CRE
|
$
|
3,754
|
|
|
8.0
|
%
|
|
8.3
|
%
|
|
$
|
3,765
|
|
|
8.8
|
%
|
|
8.5
|
%
|
|
$
|
2,174
|
|
|
6.4
|
%
|
|
7.0
|
%
|
Investor CRE
|
15,916
|
|
|
33.8
|
|
|
34.7
|
|
|
14,869
|
|
|
34.7
|
|
|
34.8
|
|
|
12,859
|
|
|
37.9
|
|
|
36.3
|
|
|||
Construction
|
1,601
|
|
|
3.4
|
|
|
2.3
|
|
|
1,913
|
|
|
4.5
|
|
|
3.1
|
|
|
1,895
|
|
|
5.6
|
|
|
3.7
|
|
|||
Commercial business
|
10,608
|
|
|
22.5
|
|
|
15.7
|
|
|
8,730
|
|
|
20.4
|
|
|
14.8
|
|
|
5,827
|
|
|
17.2
|
|
|
13.1
|
|
|||
Residential real estate
|
7,694
|
|
|
16.3
|
|
|
22.6
|
|
|
7,854
|
|
|
18.4
|
|
|
23.6
|
|
|
7,801
|
|
|
23.0
|
|
|
25.6
|
|
|||
Home equity
|
3,258
|
|
|
6.9
|
|
|
10.9
|
|
|
2,858
|
|
|
6.7
|
|
|
11.0
|
|
|
2,391
|
|
|
7.1
|
|
|
9.3
|
|
|||
Other consumer
|
2,523
|
|
|
5.4
|
|
|
5.5
|
|
|
1,353
|
|
|
3.2
|
|
|
4.2
|
|
|
146
|
|
|
0.4
|
|
|
5.0
|
|
|||
Unallocated allowance
|
1,745
|
|
|
3.7
|
|
|
—
|
|
|
1,456
|
|
|
3.3
|
|
|
—
|
|
|
794
|
|
|
2.4
|
|
|
—
|
|
|||
Total allowance for loan losses
|
$
|
47,099
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
42,798
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
33,887
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At December 31,
|
||||||||||||||||||
|
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
|
||||||||
|
(Dollars in thousands)
|
||||||||||||||||||
Owner-occupied CRE
|
$
|
1,281
|
|
|
5.2
|
%
|
|
10.3
|
%
|
|
$
|
917
|
|
|
4.8
|
%
|
|
5.0
|
%
|
Investor CRE
|
8,137
|
|
|
32.8
|
|
|
32.8
|
|
|
7,371
|
|
|
38.4
|
|
|
40.3
|
|
||
Construction
|
1,470
|
|
|
5.9
|
|
|
4.8
|
|
|
829
|
|
|
4.3
|
|
|
3.1
|
|
||
Commercial business
|
5,808
|
|
|
23.4
|
|
|
15.7
|
|
|
3,394
|
|
|
17.7
|
|
|
14.5
|
|
||
Residential real estate
|
5,998
|
|
|
24.2
|
|
|
27.6
|
|
|
4,571
|
|
|
23.8
|
|
|
27.8
|
|
||
Home equity
|
1,929
|
|
|
7.8
|
|
|
8.7
|
|
|
1,825
|
|
|
9.5
|
|
|
9.2
|
|
||
Other consumer
|
75
|
|
|
0.3
|
|
|
0.1
|
|
|
29
|
|
|
0.2
|
|
|
0.1
|
|
||
Unallocated allowance
|
111
|
|
|
0.4
|
|
|
—
|
|
|
247
|
|
|
1.3
|
|
|
—
|
|
||
Total allowance for loan losses
|
$
|
24,809
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
19,183
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
70
|
|
|
At December 31,
|
||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||||||
|
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
|
$
|
695,713
|
|
|
14.03
|
%
|
|
0.00
|
%
|
|
$
|
657,842
|
|
|
14.47
|
%
|
|
0.00
|
%
|
|
$
|
605,112
|
|
|
14.46
|
%
|
|
0.00
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NOW accounts
|
609,714
|
|
|
12.30
|
|
|
0.58
|
|
|
408,955
|
|
|
9.00
|
|
|
0.19
|
|
|
315,217
|
|
|
7.54
|
|
|
0.13
|
|
|||
Regular savings
|
529,006
|
|
|
10.67
|
|
|
0.06
|
|
|
527,544
|
|
|
11.60
|
|
|
0.06
|
|
|
529,659
|
|
|
12.66
|
|
|
0.06
|
|
|||
Money market accounts
|
1,392,432
|
|
|
28.08
|
|
|
0.70
|
|
|
1,146,227
|
|
|
25.21
|
|
|
0.50
|
|
|
1,155,242
|
|
|
27.62
|
|
|
0.59
|
|
|||
Time deposits
|
1,731,434
|
|
|
34.92
|
|
|
1.15
|
|
|
1,805,623
|
|
|
39.72
|
|
|
1.04
|
|
|
1,577,739
|
|
|
37.72
|
|
|
0.88
|
|
|||
Total interest-bearing deposits
|
4,262,586
|
|
|
85.97
|
|
|
0.79
|
%
|
|
3,888,349
|
|
|
85.53
|
|
|
0.66
|
%
|
|
3,577,857
|
|
|
85.54
|
|
|
0.60
|
%
|
|||
Total average deposits
|
$
|
4,958,299
|
|
|
100.00
|
%
|
|
|
|
$
|
4,546,191
|
|
|
100.00
|
%
|
|
|
|
$
|
4,182,969
|
|
|
100.00
|
%
|
|
|
|
At December 31, 2017
|
||
|
(In thousands)
|
||
Three months or less
|
$
|
100,029
|
|
Over three months through six months
|
114,476
|
|
|
Over six months through one year
|
107,996
|
|
|
Over one year through three years
|
196,669
|
|
|
Over three years
|
9,908
|
|
|
Total
|
$
|
529,078
|
|
|
71
|
|
|
At December 31,
|
|
|
|
|
|||||||||
|
2017
|
|
2016
|
|
$ Change
|
|
% Change
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||
FHLBB advances (1)
|
$
|
1,046,458
|
|
|
$
|
1,046,712
|
|
|
$
|
(254
|
)
|
|
—
|
%
|
Subordinated debt (2)
|
79,956
|
|
|
79,716
|
|
|
240
|
|
|
0.3
|
|
|||
Wholesale repurchase agreements
|
20,000
|
|
|
20,000
|
|
|
—
|
|
|
—
|
|
|||
Customer repurchase agreements
|
14,591
|
|
|
18,897
|
|
|
(4,306
|
)
|
|
(22.8
|
)
|
|||
Other
|
4,049
|
|
|
4,294
|
|
|
(245
|
)
|
|
(5.7
|
)
|
|||
Total borrowings
|
$
|
1,165,054
|
|
|
$
|
1,169,619
|
|
|
$
|
(4,565
|
)
|
|
(0.4
|
)%
|
(1)
|
FHLBB advances include
$504,000
and $1.7 million of purchase accounting discounts at
December 31, 2017
and
2016
, respectively.
|
(2)
|
Subordinated debt includes $7.7 million of acquired junior subordinated debt, net of mark to market discounts of $1.9 million and $2.0 million, and $75.0 million of Subordinated Notes, net of associated deferred costs of $853,000 and $980,000 million at
December 31, 2017
and
2016
, respectively.
|
|
72
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Balance at end of period
|
$
|
418,000
|
|
|
$
|
510,000
|
|
|
$
|
445,000
|
|
Average amount outstanding during the period
|
424,333
|
|
|
465,000
|
|
|
327,833
|
|
|||
Maximum amount outstanding at any month-end
|
489,000
|
|
|
560,000
|
|
|
445,000
|
|
|||
Weighted-average interest rate during the period
|
1.20
|
%
|
|
0.63
|
%
|
|
0.35
|
%
|
|||
Weighted-average interest rate at end of period
|
1.61
|
%
|
|
0.79
|
%
|
|
0.58
|
%
|
|
73
|
|
|
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)
|
$
|
1,045,954
|
|
|
$
|
929,274
|
|
|
$
|
83,000
|
|
|
$
|
3,047
|
|
|
$
|
30,633
|
|
Interest expense payable on Federal Home Loan Bank advances
|
16,343
|
|
|
14,452
|
|
|
1,509
|
|
|
76
|
|
|
306
|
|
|||||
Leases (2)
|
67,184
|
|
|
5,189
|
|
|
12,040
|
|
|
11,660
|
|
|
38,295
|
|
|||||
Subordinated Notes (3)
|
82,732
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82,732
|
|
|||||
Interest expense payable on Subordinated Notes
|
34,019
|
|
|
4,582
|
|
|
9,165
|
|
|
9,164
|
|
|
11,108
|
|
|||||
Core service provider (4)
|
3,127
|
|
|
3,127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other (5)
|
1,690
|
|
|
141
|
|
|
312
|
|
|
322
|
|
|
915
|
|
|||||
Total Contractual Obligations
|
$
|
1,251,049
|
|
|
$
|
956,765
|
|
|
$
|
106,026
|
|
|
$
|
24,269
|
|
|
$
|
163,989
|
|
(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. The current contract is in place until August 2018, and the Company is currently in the process of extending the agreement for an additional five years.
|
(5)
|
Consists of estimated benefit payments over the next ten years under unfunded nonqualified pension plans.
|
|
74
|
|
|
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)
|
$
|
77,736
|
|
|
$
|
77,736
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial business loan commitments(1)
|
32,928
|
|
|
32,928
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Undisbursed commercial lines of credit
|
412,547
|
|
|
191,478
|
|
|
75,471
|
|
|
6,546
|
|
|
139,052
|
|
|||||
Undisbursed home equity lines of credit(2)
|
412,484
|
|
|
105
|
|
|
15,974
|
|
|
27,121
|
|
|
369,284
|
|
|||||
Undisbursed construction loans
|
136,149
|
|
|
17,315
|
|
|
54,923
|
|
|
4,736
|
|
|
59,175
|
|
|||||
Standby letters of credit
|
14,680
|
|
|
10,222
|
|
|
4,458
|
|
|
—
|
|
|
—
|
|
|||||
Unused checking overdraft lines of credit(3)
|
1,544
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,544
|
|
|||||
Unused credit card lines
|
16,084
|
|
|
16,084
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Other Commitments
|
$
|
1,104,152
|
|
|
$
|
345,868
|
|
|
$
|
150,826
|
|
|
$
|
38,403
|
|
|
$
|
569,055
|
|
(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”.
|
|
75
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||
|
Percentage Increase (Decrease)
in Estimated
Net Interest Income Over
12 Months
|
|
Percentage Increase (Decrease)
in Estimated
Net Interest Income Over
12 Months
|
||
300 basis point increase in rates
|
(0.01
|
)%
|
|
1.88
|
%
|
150 basis point ramp in rates
|
5.06
|
%
|
|
6.23
|
%
|
50 basis point decrease in rates
|
(4.09
|
)%
|
|
(4.92
|
)%
|
|
76
|
|
|
|
|
Page
No.
|
CONSOLIDATED FINANCIAL STATEMENTS:
|
|
|
77
|
|
|
|
|
|
|
/s/ William H.W. Crawford, IV
|
|
|
|
/s/ Eric R. Newell
|
|
|
|
||
William H.W. Crawford, IV
|
|
|
|
Eric R. Newell
|
Chief Executive Officer & President
|
|
|
|
Executive Vice President, Chief Financial
|
|
|
|
|
Officer and Treasurer
|
|
78
|
|
|
79
|
|
|
80
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents:
|
|
|
|
||||
Cash and due from banks
|
$
|
56,661
|
|
|
$
|
47,248
|
|
Short-term investments
|
32,007
|
|
|
43,696
|
|
||
Total cash and cash equivalents
|
88,668
|
|
|
90,944
|
|
||
Available for sale securities-at fair value
|
1,050,787
|
|
|
1,043,411
|
|
||
Held to maturity securities-at amortized cost
|
13,598
|
|
|
14,038
|
|
||
Loans held for sale
|
114,073
|
|
|
62,517
|
|
||
Loans receivable (net of allowance for loan losses of $47,099 in 2017 and $42,798 in 2016)
|
5,307,678
|
|
|
4,870,552
|
|
||
Federal Home Loan Bank stock, at cost
|
50,194
|
|
|
53,476
|
|
||
Accrued interest receivable
|
22,332
|
|
|
18,771
|
|
||
Deferred tax asset-net
|
25,656
|
|
|
39,962
|
|
||
Premises and equipment-net
|
67,508
|
|
|
51,757
|
|
||
Goodwill
|
115,281
|
|
|
115,281
|
|
||
Core deposit intangible
|
4,491
|
|
|
5,902
|
|
||
Cash surrender value of bank-owned life insurance
|
148,300
|
|
|
167,823
|
|
||
Other assets
|
105,593
|
|
|
65,086
|
|
||
Total assets
|
$
|
7,114,159
|
|
|
$
|
6,599,520
|
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Non-interest-bearing
|
$
|
778,576
|
|
|
$
|
708,050
|
|
Interest-bearing
|
4,419,645
|
|
|
4,003,122
|
|
||
Total deposits
|
5,198,221
|
|
|
4,711,172
|
|
||
Mortgagors’ and investors’ escrow accounts
|
7,545
|
|
|
13,354
|
|
||
Advances from the Federal Home Loan Bank
|
1,046,458
|
|
|
1,046,712
|
|
||
Other borrowings
|
118,596
|
|
|
122,907
|
|
||
Accrued expenses and other liabilities
|
50,011
|
|
|
49,509
|
|
||
Total liabilities
|
6,420,831
|
|
|
5,943,654
|
|
||
Commitments and contingencies (notes 7 and 20)
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock (no par value; 2,000,000 shares authorized; no shares issued)
|
—
|
|
|
—
|
|
||
Common stock (no par value; 120,000,000 shares authorized; 51,044,752 and 50,786,671 shares issued and outstanding at December 31, 2017 and 2016, respectively)
|
537,576
|
|
|
531,848
|
|
||
Additional paid-in capital
|
4,713
|
|
|
7,227
|
|
||
Unearned compensation — ESOP
|
(5,466
|
)
|
|
(5,694
|
)
|
||
Retained earnings
|
168,345
|
|
|
137,838
|
|
||
Accumulated other comprehensive loss, net of tax
|
(11,840
|
)
|
|
(15,353
|
)
|
||
Total stockholders’ equity
|
693,328
|
|
|
655,866
|
|
||
Total liabilities and stockholders’ equity
|
$
|
7,114,159
|
|
|
$
|
6,599,520
|
|
|
81
|
|
|
82
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Net income
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
$
|
49,640
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Securities available for sale:
|
|
|
|
|
|
||||||
Unrealized holding gains (losses)
|
4,731
|
|
|
(5,063
|
)
|
|
(5,912
|
)
|
|||
Reclassification adjustment for gains realized in income (1)
|
(782
|
)
|
|
(1,961
|
)
|
|
(939
|
)
|
|||
Net unrealized gains (losses)
|
3,949
|
|
|
(7,024
|
)
|
|
(6,851
|
)
|
|||
Tax effect - benefit (expense)
|
(1,416
|
)
|
|
2,529
|
|
|
2,462
|
|
|||
Net-of-tax amount - securities available for sale
|
2,533
|
|
|
(4,495
|
)
|
|
(4,389
|
)
|
|||
Interest rate swaps designated as cash flow hedges:
|
|
|
|
|
|
||||||
Unrealized losses
|
(313
|
)
|
|
(1,472
|
)
|
|
(3,108
|
)
|
|||
Reclassification adjustment for losses recognized in interest expense (2)
|
1,487
|
|
|
2,362
|
|
|
12
|
|
|||
Net unrealized gains (losses)
|
1,174
|
|
|
890
|
|
|
(3,096
|
)
|
|||
Tax effect - benefit (expense)
|
(423
|
)
|
|
(321
|
)
|
|
1,116
|
|
|||
Net-of-tax amount - interest rate swaps
|
751
|
|
|
569
|
|
|
(1,980
|
)
|
|||
Pension and Other Post-retirement plans:
|
|
|
|
|
|
||||||
Gains (losses) arising during the period
|
(220
|
)
|
|
(1,358
|
)
|
|
2,106
|
|
|||
Reclassification adjustment for prior service costs recognized in net periodic benefit cost (3)
|
7
|
|
|
7
|
|
|
7
|
|
|||
Reclassification adjustment for losses recognized in net periodic benefit cost (4)
|
571
|
|
|
495
|
|
|
759
|
|
|||
Net change in gains (losses) and prior service costs
|
358
|
|
|
(856
|
)
|
|
2,872
|
|
|||
Tax effect - benefit (expense)
|
(129
|
)
|
|
308
|
|
|
(892
|
)
|
|||
Net-of-tax amount - pension and other post-retirement plans
|
229
|
|
|
(548
|
)
|
|
1,980
|
|
|||
Total other comprehensive income (loss)
|
3,513
|
|
|
(4,474
|
)
|
|
(4,389
|
)
|
|||
Comprehensive income
|
$
|
58,131
|
|
|
$
|
45,187
|
|
|
$
|
45,251
|
|
(1)
|
Amounts are included in gain on sales of securities, net in the Consolidated Statements of Net Income. Income tax expense associated with the reclassification adjustment for the
years ended December 31, 2017, 2016 and 2015
was
$282
,
$707
and
$338
, respectively.
|
(2)
|
Amounts are included in interest expense on borrowed funds in the Consolidated Statements of Net Income. Income tax benefit associated with the reclassification adjustment for the
years ended December 31, 2017, 2016 and 2015
was
$536
,
$851
and
$4
, respectively.
|
(3)
|
Amounts are included in salaries and employee benefits expense in the Consolidated Statements of Net Income. Income tax benefit associated with the reclassification adjustment for each of the
years ended December 31, 2017, 2016 and 2015
was
$3
.
|
(4)
|
Amounts are included in salaries and employee benefits expense in the Consolidated Statements of Net Income. Income tax benefit associated with the reclassification adjustment for the
years ended December 31, 2017, 2016 and 2015
was
$206
,
$178
and
$451
, respectively.
|
|
83
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Unearned
Compensation
- ESOP
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Stockholders’
Equity
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||
|
(In thousands, except share data)
|
|||||||||||||||||||||||||
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
|
)
|
||||||
Forfeited unvested restricted stock
|
(1,135
|
)
|
|
(15
|
)
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax effects of share-based awards
|
—
|
|
|
—
|
|
|
(317
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(317
|
)
|
||||||
Dividends decl
ared ($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
|
|
||||||
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
49,661
|
|
|
(4,474
|
)
|
|
45,187
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
2,252
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,252
|
|
||||||
ESOP shares released or committed to be released
|
—
|
|
|
—
|
|
|
80
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
308
|
|
||||||
Shares issued for stock options exercised
|
655,689
|
|
|
8,958
|
|
|
(2,683
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,275
|
|
||||||
Shares issued for restricted stock grants
|
215,814
|
|
|
3,368
|
|
|
(3,368
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cancellation of shares for tax withholding
|
(21,446
|
)
|
|
—
|
|
|
(327
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(327
|
)
|
||||||
Forfeited unvested restricted stock
|
(4,814
|
)
|
|
(65
|
)
|
|
65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Tax effects of share-based awards
|
—
|
|
|
—
|
|
|
486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
486
|
|
||||||
Dividends declared ($0.48 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,836
|
)
|
|
—
|
|
|
(23,836
|
)
|
||||||
Balance at December 31, 2016
|
50,786,671
|
|
|
531,848
|
|
|
7,227
|
|
|
(5,694
|
)
|
|
137,838
|
|
|
(15,353
|
)
|
|
655,866
|
|
||||||
Comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,618
|
|
|
3,513
|
|
|
58,131
|
|
||||||
Common stock repurchased
|
(80,000
|
)
|
|
(1,312
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,312
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
2,699
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,699
|
|
||||||
ESOP shares released or committed to be released
|
—
|
|
|
—
|
|
|
172
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
400
|
|
||||||
Shares issued for stock options exercised
|
240,638
|
|
|
4,317
|
|
|
(1,857
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,460
|
|
||||||
Shares issued for restricted stock grants
|
155,180
|
|
|
2,850
|
|
|
(2,850
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Shares cancelled for restricted stock forfeitures
|
(9,242
|
)
|
|
(127
|
)
|
|
127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Cancellation of shares for tax withholding
|
(48,495
|
)
|
|
—
|
|
|
(805
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(805
|
)
|
||||||
Dividends declared ($0.48 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,111
|
)
|
|
—
|
|
|
(24,111
|
)
|
||||||
Balance at December 31, 2017
|
51,044,752
|
|
|
$
|
537,576
|
|
|
$
|
4,713
|
|
|
$
|
(5,466
|
)
|
|
$
|
168,345
|
|
|
$
|
(11,840
|
)
|
|
$
|
693,328
|
|
|
84
|
|
|
85
|
|
United Financial Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Concluded)
|
|||||||||||
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net increase in non-interest-bearing deposits
|
70,526
|
|
|
50,332
|
|
|
69,649
|
|
|||
Net increase in interest-bearing deposits
|
417,251
|
|
|
225,103
|
|
|
335,320
|
|
|||
Net increase (decrease) in mortgagors’ and investors’ escrow accounts
|
(5,809
|
)
|
|
(172
|
)
|
|
522
|
|
|||
Net change in short-term FHLBB advances
|
(52,500
|
)
|
|
41,800
|
|
|
88,000
|
|
|||
Proceeds from long-term FHLBB advances
|
125,000
|
|
|
105,000
|
|
|
290,000
|
|
|||
Repayments of long-term FHLBB borrowings and penalty
|
(1,520
|
)
|
|
(10,989
|
)
|
|
(8,056
|
)
|
|||
Prepayments of FHLBB Advances
|
—
|
|
|
(37,796
|
)
|
|
—
|
|
|||
Repayments of called FHLBB advances
|
(70,000
|
)
|
|
—
|
|
|
—
|
|
|||
Net decrease in other borrowings, excluding proceeds from subordinated debt issuance
|
(4,519
|
)
|
|
(27,303
|
)
|
|
(46,491
|
)
|
|||
Proceeds from exercise of stock options
|
2,460
|
|
|
6,275
|
|
|
4,765
|
|
|||
Common stock repurchased
|
(1,312
|
)
|
|
—
|
|
|
(5,171
|
)
|
|||
Cancellation of shares for tax withholding
|
(805
|
)
|
|
(327
|
)
|
|
(311
|
)
|
|||
Tax effects of share-based awards
|
—
|
|
|
486
|
|
|
(317
|
)
|
|||
Cash dividends paid on common stock
|
(24,111
|
)
|
|
(23,836
|
)
|
|
(22,479
|
)
|
|||
Net cash provided by financing activities
|
454,661
|
|
|
328,573
|
|
|
705,431
|
|
|||
Net (decrease) increase in cash and cash equivalents
|
(2,276
|
)
|
|
(4,232
|
)
|
|
8,224
|
|
|||
Cash and cash equivalents - beginning of year
|
90,944
|
|
|
95,176
|
|
|
86,952
|
|
|||
Cash and cash equivalents - end of year
|
$
|
88,668
|
|
|
$
|
90,944
|
|
|
$
|
95,176
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
||||||
Interest
|
$
|
53,012
|
|
|
$
|
43,709
|
|
|
$
|
36,532
|
|
Income taxes, net
|
4,574
|
|
|
3,655
|
|
|
(6,744
|
)
|
|||
Transfer of loans to other real estate owned
|
2,848
|
|
|
3,298
|
|
|
1,099
|
|
|||
Increase (decrease) in due to broker, investment purchases
|
(6
|
)
|
|
6
|
|
|
(1,105
|
)
|
|||
Decrease in due to broker, common stock buyback
|
—
|
|
|
—
|
|
|
(523
|
)
|
|
86
|
|
Note 1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
|
87
|
|
|
88
|
|
|
89
|
|
|
90
|
|
|
91
|
|
|
92
|
|
|
93
|
|
|
94
|
|
Note 2.
|
RECENT ACCOUNTING PRONOUNCEMENTS
|
|
95
|
|
|
96
|
|
Note 3.
|
MERGER
|
|
97
|
|
Note 4.
|
GOODWILL AND CORE DEPOSIT INTANGIBLES
|
|
Goodwill
|
|
Core Deposit Intangible
|
||||
|
(In thousands)
|
||||||
Balance at December 31, 2015
|
$
|
115,281
|
|
|
$
|
7,506
|
|
Adjustments
|
—
|
|
|
—
|
|
||
Amortization expense
|
—
|
|
|
(1,604
|
)
|
||
Balance at December 31, 2016
|
$
|
115,281
|
|
|
$
|
5,902
|
|
Amortization expense
|
—
|
|
|
(1,411
|
)
|
||
Balance at December 31, 2017
|
$
|
115,281
|
|
|
$
|
4,491
|
|
|
|
|
|
||||
Estimated amortization expense for the years ending December 31,
|
|
|
|
||||
2018
|
|
|
$
|
1,219
|
|
||
2019
|
|
|
1,026
|
|
|||
2020
|
|
|
834
|
|
|||
2021
|
|
|
642
|
|
|||
2022
|
|
|
449
|
|
|||
2023 and thereafter
|
|
|
321
|
|
|||
Total remaining
|
|
|
$
|
4,491
|
|
Note 5.
|
RESTRICTIONS ON CASH AND DUE FROM BANKS
|
|
98
|
|
Note 6.
|
SECURITIES
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
December 31, 2017
|
|
(In thousands)
|
||||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
|
$
|
235,646
|
|
|
$
|
779
|
|
|
$
|
(946
|
)
|
|
$
|
235,479
|
|
Government-sponsored residential collateralized debt obligations
|
|
134,652
|
|
|
16
|
|
|
(1,556
|
)
|
|
133,112
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
|
33,449
|
|
|
7
|
|
|
(201
|
)
|
|
33,255
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
|
151,035
|
|
|
—
|
|
|
(3,793
|
)
|
|
147,242
|
|
||||
Asset-backed securities
|
|
166,559
|
|
|
1,253
|
|
|
(673
|
)
|
|
167,139
|
|
||||
Corporate debt securities
|
|
88,571
|
|
|
1,104
|
|
|
(539
|
)
|
|
89,136
|
|
||||
Obligations of states and political subdivisions
|
|
249,531
|
|
|
1,436
|
|
|
(5,960
|
)
|
|
245,007
|
|
||||
Total debt securities
|
|
1,059,443
|
|
|
4,595
|
|
|
(13,668
|
)
|
|
1,050,370
|
|
||||
Marketable equity securities, by sector:
|
|
|
|
|
|
|
|
|
||||||||
Industrial
|
|
109
|
|
|
100
|
|
|
—
|
|
|
209
|
|
||||
Oil and gas
|
|
131
|
|
|
77
|
|
|
—
|
|
|
208
|
|
||||
Total marketable equity securities
|
|
240
|
|
|
177
|
|
|
—
|
|
|
417
|
|
||||
Total available for sale securities
|
|
$
|
1,059,683
|
|
|
$
|
4,772
|
|
|
$
|
(13,668
|
)
|
|
$
|
1,050,787
|
|
Held to maturity:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
|
$
|
1,318
|
|
|
$
|
111
|
|
|
$
|
—
|
|
|
$
|
1,429
|
|
Obligations of states and political subdivisions
|
|
12,280
|
|
|
679
|
|
|
(88
|
)
|
|
12,871
|
|
||||
Total held to maturity securities
|
|
$
|
13,598
|
|
|
$
|
790
|
|
|
$
|
(88
|
)
|
|
$
|
14,300
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
|
$
|
181,419
|
|
|
$
|
365
|
|
|
$
|
(2,236
|
)
|
|
$
|
179,548
|
|
Government-sponsored residential collateralized debt obligations
|
|
184,185
|
|
|
438
|
|
|
(1,363
|
)
|
|
183,260
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
|
26,949
|
|
|
23
|
|
|
(442
|
)
|
|
26,530
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
|
164,433
|
|
|
296
|
|
|
(1,802
|
)
|
|
162,927
|
|
||||
Asset-backed securities
|
|
166,336
|
|
|
1,619
|
|
|
(988
|
)
|
|
166,967
|
|
||||
Corporate debt securities
|
|
76,787
|
|
|
533
|
|
|
(2,305
|
)
|
|
75,015
|
|
||||
Obligations of states and political subdivisions
|
|
223,733
|
|
|
127
|
|
|
(7,484
|
)
|
|
216,376
|
|
||||
Total debt securities
|
|
1,023,842
|
|
|
3,401
|
|
|
(16,620
|
)
|
|
1,010,623
|
|
||||
Marketable equity securities, by sector:
|
|
|
|
|
|
|
|
|
||||||||
Banks
|
|
32,174
|
|
|
482
|
|
|
(243
|
)
|
|
32,413
|
|
||||
Industrial
|
|
109
|
|
|
58
|
|
|
—
|
|
|
167
|
|
||||
Oil and gas
|
|
131
|
|
|
77
|
|
|
—
|
|
|
208
|
|
||||
Total marketable equity securities
|
|
32,414
|
|
|
617
|
|
|
(243
|
)
|
|
32,788
|
|
||||
Total available for sale securities
|
|
$
|
1,056,256
|
|
|
$
|
4,018
|
|
|
$
|
(16,863
|
)
|
|
$
|
1,043,411
|
|
Held to maturity:
|
|
|
|
|
|
|
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
|
$
|
1,717
|
|
|
$
|
172
|
|
|
$
|
—
|
|
|
$
|
1,889
|
|
Obligations of states and political subdivisions
|
|
12,321
|
|
|
654
|
|
|
(35
|
)
|
|
12,940
|
|
||||
Total held to maturity securities
|
|
$
|
14,038
|
|
|
$
|
826
|
|
|
$
|
(35
|
)
|
|
$
|
14,829
|
|
|
99
|
|
|
Available for Sale
|
|
Held to Maturity
|
||||||||||||
|
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
||||||||
|
(In thousands)
|
||||||||||||||
Maturity:
|
|
|
|
|
|
|
|
||||||||
Within 1 year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
After 1 year through 5 years
|
9,753
|
|
|
9,996
|
|
|
1,168
|
|
|
1,171
|
|
||||
After 5 years through 10 years
|
87,282
|
|
|
87,334
|
|
|
1,096
|
|
|
1,032
|
|
||||
After 10 years
|
241,067
|
|
|
236,813
|
|
|
10,016
|
|
|
10,668
|
|
||||
|
338,102
|
|
|
334,143
|
|
|
12,280
|
|
|
12,871
|
|
||||
Government-sponsored residential mortgage-backed securities
|
235,646
|
|
|
235,479
|
|
|
1,318
|
|
|
1,429
|
|
||||
Government-sponsored residential collateralized debt obligations
|
134,652
|
|
|
133,112
|
|
|
—
|
|
|
—
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
33,449
|
|
|
33,255
|
|
|
—
|
|
|
—
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
151,035
|
|
|
147,242
|
|
|
—
|
|
|
—
|
|
||||
Asset-backed securities
|
166,559
|
|
|
167,139
|
|
|
—
|
|
|
—
|
|
||||
Total debt securities
|
$
|
1,059,443
|
|
|
$
|
1,050,370
|
|
|
$
|
13,598
|
|
|
$
|
14,300
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Proceeds from the sale of available for sale securities
|
$
|
315,339
|
|
|
$
|
268,162
|
|
|
$
|
280,564
|
|
Gross realized gains on the sale of available for sale securities
|
3,774
|
|
|
2,880
|
|
|
3,090
|
|
|||
Gross realized losses on the sale of available for sale securities
|
2,992
|
|
|
919
|
|
|
2,151
|
|
|
100
|
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
41,961
|
|
|
$
|
(203
|
)
|
|
$
|
83,545
|
|
|
$
|
(743
|
)
|
|
$
|
125,506
|
|
|
$
|
(946
|
)
|
Government-sponsored residential collateralized debt obligations
|
82,758
|
|
|
(740
|
)
|
|
43,359
|
|
|
(816
|
)
|
|
126,117
|
|
|
(1,556
|
)
|
||||||
Government-sponsored commercial mortgage-backed securities
|
21,196
|
|
|
(74
|
)
|
|
10,895
|
|
|
(127
|
)
|
|
32,091
|
|
|
(201
|
)
|
||||||
Government-sponsored commercial collateralized debt obligations
|
27,965
|
|
|
(291
|
)
|
|
119,277
|
|
|
(3,502
|
)
|
|
147,242
|
|
|
(3,793
|
)
|
||||||
Asset-backed securities
|
64,259
|
|
|
(602
|
)
|
|
4,756
|
|
|
(71
|
)
|
|
69,015
|
|
|
(673
|
)
|
||||||
Corporate debt securities
|
25,403
|
|
|
(257
|
)
|
|
10,764
|
|
|
(282
|
)
|
|
36,167
|
|
|
(539
|
)
|
||||||
Obligations of states and political subdivisions
|
26,341
|
|
|
(312
|
)
|
|
116,624
|
|
|
(5,648
|
)
|
|
142,965
|
|
|
(5,960
|
)
|
||||||
Total available for sale securities
|
$
|
289,883
|
|
|
$
|
(2,479
|
)
|
|
$
|
389,220
|
|
|
$
|
(11,189
|
)
|
|
$
|
679,103
|
|
|
$
|
(13,668
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
2,130
|
|
|
$
|
(24
|
)
|
|
$
|
1,032
|
|
|
$
|
(64
|
)
|
|
$
|
3,162
|
|
|
$
|
(88
|
)
|
Total held to maturity securities
|
$
|
2,130
|
|
|
$
|
(24
|
)
|
|
$
|
1,032
|
|
|
$
|
(64
|
)
|
|
$
|
3,162
|
|
|
$
|
(88
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Government-sponsored residential mortgage-backed securities
|
156,000
|
|
|
(2,236
|
)
|
|
—
|
|
|
—
|
|
|
156,000
|
|
|
(2,236
|
)
|
||||||
Government-sponsored residential collateralized debt obligations
|
109,468
|
|
|
(1,082
|
)
|
|
6,691
|
|
|
(281
|
)
|
|
116,159
|
|
|
(1,363
|
)
|
||||||
Government-sponsored commercial mortgage-backed securities
|
23,808
|
|
|
(442
|
)
|
|
—
|
|
|
—
|
|
|
23,808
|
|
|
(442
|
)
|
||||||
Government-sponsored commercial collateralized debt obligations
|
128,238
|
|
|
(1,802
|
)
|
|
—
|
|
|
—
|
|
|
128,238
|
|
|
(1,802
|
)
|
||||||
Asset-backed securities
|
23,415
|
|
|
(163
|
)
|
|
20,326
|
|
|
(825
|
)
|
|
43,741
|
|
|
(988
|
)
|
||||||
Corporate debt securities
|
43,990
|
|
|
(885
|
)
|
|
3,335
|
|
|
(1,420
|
)
|
|
47,325
|
|
|
(2,305
|
)
|
||||||
Obligations of states and political subdivisions
|
156,891
|
|
|
(5,620
|
)
|
|
41,136
|
|
|
(1,864
|
)
|
|
198,027
|
|
|
(7,484
|
)
|
||||||
Total debt securities
|
641,810
|
|
|
(12,230
|
)
|
|
71,488
|
|
|
(4,390
|
)
|
|
713,298
|
|
|
(16,620
|
)
|
||||||
Marketable equity securities:
|
19,002
|
|
|
(243
|
)
|
|
—
|
|
|
—
|
|
|
19,002
|
|
|
(243
|
)
|
||||||
Total
|
$
|
660,812
|
|
|
$
|
(12,473
|
)
|
|
$
|
71,488
|
|
|
$
|
(4,390
|
)
|
|
$
|
732,300
|
|
|
$
|
(16,863
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held to maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,070
|
|
|
$
|
(35
|
)
|
|
$
|
1,070
|
|
|
$
|
(35
|
)
|
Total held to maturity securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,070
|
|
|
$
|
(35
|
)
|
|
$
|
1,070
|
|
|
$
|
(35
|
)
|
|
101
|
|
|
102
|
|
Note 7.
|
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
||||||
|
(In thousands)
|
||||||||||||
Commercial real estate loans
|
|
|
|
|
|
|
|
||||||
Owner occupied commercial real estate
|
$
|
445,820
|
|
|
8.3
|
%
|
|
$
|
416,718
|
|
|
8.5
|
%
|
Investor non-owner occupied commercial real estate
|
1,854,459
|
|
|
34.7
|
|
|
1,705,319
|
|
|
34.8
|
|
||
Commercial construction
|
78,083
|
|
|
1.5
|
|
|
98,794
|
|
|
2.0
|
|
||
Total commercial real estate loans
|
2,378,362
|
|
|
44.5
|
|
|
2,220,831
|
|
|
45.3
|
|
||
|
|
|
|
|
|
|
|
||||||
Commercial business loans
|
840,312
|
|
|
15.7
|
|
|
724,557
|
|
|
14.8
|
|
||
|
|
|
|
|
|
|
|
||||||
Consumer loans
|
|
|
|
|
|
|
|
||||||
Residential real estate
|
1,204,401
|
|
|
22.6
|
|
|
1,156,227
|
|
|
23.6
|
|
||
Home equity
|
583,180
|
|
|
10.9
|
|
|
536,772
|
|
|
11.0
|
|
||
Residential construction
|
40,947
|
|
|
0.8
|
|
|
53,934
|
|
|
1.1
|
|
||
Other consumer
|
292,781
|
|
|
5.5
|
|
|
209,393
|
|
|
4.3
|
|
||
Total consumer loans
|
2,121,309
|
|
|
39.8
|
|
|
1,956,326
|
|
|
39.9
|
|
||
|
|
|
|
|
|
|
|
||||||
Total loans
|
5,339,983
|
|
|
100.0
|
%
|
|
4,901,714
|
|
|
100.0
|
%
|
||
Net deferred loan costs and premiums
|
14,794
|
|
|
|
|
11,636
|
|
|
|
||||
Allowance for loan losses
|
(47,099
|
)
|
|
|
|
(42,798
|
)
|
|
|
||||
Loans - net
|
$
|
5,307,678
|
|
|
|
|
$
|
4,870,552
|
|
|
|
|
103
|
|
|
Owner-occupied CRE
|
|
Investor CRE
|
|
Construction
|
|
Commercial
Business |
|
Residential Real Estate
|
|
Home Equity
|
|
Other Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance, beginning of year
|
$
|
3,765
|
|
|
$
|
14,869
|
|
|
$
|
1,913
|
|
|
$
|
8,730
|
|
|
$
|
7,854
|
|
|
$
|
2,858
|
|
|
$
|
1,353
|
|
|
$
|
1,456
|
|
|
$
|
42,798
|
|
Provision for loan losses
|
60
|
|
|
1,623
|
|
|
195
|
|
|
2,988
|
|
|
428
|
|
|
1,085
|
|
|
2,728
|
|
|
289
|
|
|
9,396
|
|
|||||||||
Loans charged off
|
(103
|
)
|
|
(735
|
)
|
|
(507
|
)
|
|
(1,984
|
)
|
|
(736
|
)
|
|
(779
|
)
|
|
(1,840
|
)
|
|
—
|
|
|
(6,684
|
)
|
|||||||||
Recoveries of loans previously charged off
|
32
|
|
|
159
|
|
|
—
|
|
|
874
|
|
|
148
|
|
|
94
|
|
|
282
|
|
|
—
|
|
|
1,589
|
|
|||||||||
Balance, end of year
|
$
|
3,754
|
|
|
$
|
15,916
|
|
|
$
|
1,601
|
|
|
$
|
10,608
|
|
|
$
|
7,694
|
|
|
$
|
3,258
|
|
|
$
|
2,523
|
|
|
$
|
1,745
|
|
|
$
|
47,099
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance, beginning of year
|
$
|
2,174
|
|
|
$
|
12,859
|
|
|
$
|
1,895
|
|
|
$
|
5,827
|
|
|
$
|
7,801
|
|
|
$
|
2,391
|
|
|
$
|
146
|
|
|
$
|
794
|
|
|
$
|
33,887
|
|
Provision for loan losses
|
1,704
|
|
|
2,806
|
|
|
15
|
|
|
3,364
|
|
|
1,022
|
|
|
1,096
|
|
|
2,768
|
|
|
662
|
|
|
13,437
|
|
|||||||||
Loans charged off
|
(169
|
)
|
|
(1,207
|
)
|
|
—
|
|
|
(1,018
|
)
|
|
(1,043
|
)
|
|
(742
|
)
|
|
(1,710
|
)
|
|
—
|
|
|
(5,889
|
)
|
|||||||||
Recoveries of loans previously charged off
|
56
|
|
|
411
|
|
|
3
|
|
|
557
|
|
|
74
|
|
|
113
|
|
|
149
|
|
|
—
|
|
|
1,363
|
|
|||||||||
Balance, end of year
|
$
|
3,765
|
|
|
$
|
14,869
|
|
|
$
|
1,913
|
|
|
$
|
8,730
|
|
|
$
|
7,854
|
|
|
$
|
2,858
|
|
|
$
|
1,353
|
|
|
$
|
1,456
|
|
|
$
|
42,798
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance, beginning of year
|
$
|
1,281
|
|
|
$
|
8,137
|
|
|
$
|
1,470
|
|
|
$
|
5,808
|
|
|
$
|
5,998
|
|
|
$
|
1,929
|
|
|
$
|
75
|
|
|
$
|
111
|
|
|
$
|
24,809
|
|
Provision for loan losses
|
1,074
|
|
|
5,217
|
|
|
891
|
|
|
1,693
|
|
|
2,268
|
|
|
887
|
|
|
292
|
|
|
683
|
|
|
13,005
|
|
|||||||||
Loans charged off
|
(181
|
)
|
|
(837
|
)
|
|
(466
|
)
|
|
(2,513
|
)
|
|
(744
|
)
|
|
(427
|
)
|
|
(324
|
)
|
|
—
|
|
|
(5,492
|
)
|
|||||||||
Recoveries of loans previously charged off
|
—
|
|
|
342
|
|
|
—
|
|
|
839
|
|
|
279
|
|
|
2
|
|
|
103
|
|
|
—
|
|
|
1,565
|
|
|||||||||
Balance, end of year
|
$
|
2,174
|
|
|
$
|
12,859
|
|
|
$
|
1,895
|
|
|
$
|
5,827
|
|
|
$
|
7,801
|
|
|
$
|
2,391
|
|
|
$
|
146
|
|
|
$
|
794
|
|
|
$
|
33,887
|
|
|
104
|
|
|
Owner-occupied CRE
|
|
Investor CRE
|
|
Construction
|
|
Commercial
Business |
|
Residential Real Estate
|
|
Home Equity
|
|
Other Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Allowance related to loans individually evaluated and deemed impaired
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
520
|
|
Allowance related to loans collectively evaluated and not deemed impaired
|
3,694
|
|
|
15,916
|
|
|
1,601
|
|
|
10,208
|
|
|
7,634
|
|
|
3,258
|
|
|
2,523
|
|
|
1,745
|
|
|
46,579
|
|
|||||||||
Total allowance for loan losses
|
$
|
3,754
|
|
|
$
|
15,916
|
|
|
$
|
1,601
|
|
|
$
|
10,608
|
|
|
$
|
7,694
|
|
|
$
|
3,258
|
|
|
$
|
2,523
|
|
|
$
|
1,745
|
|
|
$
|
47,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans deemed impaired
|
$
|
2,300
|
|
|
$
|
8,414
|
|
|
$
|
2,273
|
|
|
$
|
5,681
|
|
|
$
|
18,301
|
|
|
$
|
8,547
|
|
|
$
|
395
|
|
|
$
|
—
|
|
|
$
|
45,911
|
|
Loans not deemed impaired
|
443,520
|
|
|
1,845,815
|
|
|
116,757
|
|
|
834,631
|
|
|
1,186,100
|
|
|
574,633
|
|
|
290,898
|
|
|
—
|
|
|
5,292,354
|
|
|||||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,488
|
|
|
—
|
|
|
1,718
|
|
|||||||||
Total loans
|
$
|
445,820
|
|
|
$
|
1,854,459
|
|
|
$
|
119,030
|
|
|
$
|
840,312
|
|
|
$
|
1,204,401
|
|
|
$
|
583,180
|
|
|
$
|
292,781
|
|
|
$
|
—
|
|
|
$
|
5,339,983
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Allowance related to loans individually evaluated and deemed impaired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
646
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
714
|
|
Allowance related to loans collectively evaluated and not deemed impaired
|
3,765
|
|
|
14,869
|
|
|
1,913
|
|
|
7,862
|
|
|
7,786
|
|
|
2,858
|
|
|
1,353
|
|
|
1,456
|
|
|
41,862
|
|
|||||||||
Allowance related to loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|||||||||
Total allowance for loan losses
|
$
|
3,765
|
|
|
$
|
14,869
|
|
|
$
|
1,913
|
|
|
$
|
8,730
|
|
|
$
|
7,854
|
|
|
$
|
2,858
|
|
|
$
|
1,353
|
|
|
$
|
1,456
|
|
|
$
|
42,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans deemed impaired
|
$
|
3,331
|
|
|
$
|
9,949
|
|
|
$
|
3,325
|
|
|
$
|
7,812
|
|
|
$
|
16,563
|
|
|
$
|
6,910
|
|
|
$
|
2,220
|
|
|
$
|
—
|
|
|
$
|
50,110
|
|
Loans not deemed impaired
|
413,387
|
|
|
1,694,190
|
|
|
149,403
|
|
|
715,436
|
|
|
1,139,664
|
|
|
529,862
|
|
|
205,136
|
|
|
—
|
|
|
4,847,078
|
|
|||||||||
Loans acquired with deteriorated credit quality
|
—
|
|
|
1,180
|
|
|
—
|
|
|
1,309
|
|
|
—
|
|
|
—
|
|
|
2,037
|
|
|
—
|
|
|
4,526
|
|
|||||||||
Total loans
|
$
|
416,718
|
|
|
$
|
1,705,319
|
|
|
$
|
152,728
|
|
|
$
|
724,557
|
|
|
$
|
1,156,227
|
|
|
$
|
536,772
|
|
|
$
|
209,393
|
|
|
$
|
—
|
|
|
$
|
4,901,714
|
|
|
105
|
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner-occupied CRE
|
$
|
1,195
|
|
|
$
|
455
|
|
|
$
|
1,297
|
|
|
$
|
2,947
|
|
|
$
|
—
|
|
|
$
|
1,735
|
|
Investor CRE
|
849
|
|
|
92
|
|
|
1,212
|
|
|
2,153
|
|
|
206
|
|
|
1,821
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
1,398
|
|
|
1,398
|
|
|
—
|
|
|
1,398
|
|
||||||
Commercial business loans
|
1,069
|
|
|
3,465
|
|
|
1,219
|
|
|
5,753
|
|
|
650
|
|
|
4,987
|
|
||||||
Residential real estate
|
3,187
|
|
|
2,297
|
|
|
5,633
|
|
|
11,117
|
|
|
—
|
|
|
14,860
|
|
||||||
Home equity
|
1,319
|
|
|
498
|
|
|
3,281
|
|
|
5,098
|
|
|
—
|
|
|
6,466
|
|
||||||
Other consumer
|
947
|
|
|
241
|
|
|
491
|
|
|
1,679
|
|
|
97
|
|
|
395
|
|
||||||
Total
|
$
|
8,566
|
|
|
$
|
7,048
|
|
|
$
|
14,531
|
|
|
$
|
30,145
|
|
|
$
|
953
|
|
|
$
|
31,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner-occupied CRE
|
$
|
482
|
|
|
$
|
15
|
|
|
$
|
1,667
|
|
|
$
|
2,164
|
|
|
$
|
—
|
|
|
$
|
2,733
|
|
Investor CRE
|
2,184
|
|
|
697
|
|
|
3,260
|
|
|
6,141
|
|
|
—
|
|
|
4,858
|
|
||||||
Construction
|
709
|
|
|
—
|
|
|
1,933
|
|
|
2,642
|
|
|
—
|
|
|
2,138
|
|
||||||
Commercial business loans
|
3,289
|
|
|
41
|
|
|
2,373
|
|
|
5,703
|
|
|
38
|
|
|
2,409
|
|
||||||
Residential real estate
|
2,826
|
|
|
22
|
|
|
7,863
|
|
|
10,711
|
|
|
308
|
|
|
14,393
|
|
||||||
Home equity
|
2,232
|
|
|
722
|
|
|
2,797
|
|
|
5,751
|
|
|
56
|
|
|
5,330
|
|
||||||
Other consumer
|
838
|
|
|
379
|
|
|
1,095
|
|
|
2,312
|
|
|
348
|
|
|
2,202
|
|
||||||
Total
|
$
|
12,560
|
|
|
$
|
1,876
|
|
|
$
|
20,988
|
|
|
$
|
35,424
|
|
|
$
|
750
|
|
|
$
|
34,063
|
|
|
106
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Impaired loans without a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner-occupied CRE
|
$
|
2,183
|
|
|
$
|
2,891
|
|
|
|
|
$
|
3,331
|
|
|
$
|
4,107
|
|
|
|
||||
Investor CRE
|
8,414
|
|
|
8,577
|
|
|
|
|
9,949
|
|
|
10,601
|
|
|
|
||||||||
Construction
|
2,273
|
|
|
2,658
|
|
|
|
|
3,325
|
|
|
5,051
|
|
|
|
||||||||
Commercial business loans
|
2,446
|
|
|
3,317
|
|
|
|
|
3,742
|
|
|
4,856
|
|
|
|
||||||||
Residential real estate
|
16,645
|
|
|
17,929
|
|
|
|
|
15,312
|
|
|
18,440
|
|
|
|
||||||||
Home equity
|
8,547
|
|
|
9,583
|
|
|
|
|
6,910
|
|
|
7,864
|
|
|
|
||||||||
Other consumer
|
395
|
|
|
398
|
|
|
|
|
2,220
|
|
|
2,220
|
|
|
|
||||||||
Total
|
40,903
|
|
|
45,353
|
|
|
|
|
44,789
|
|
|
53,139
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired loans with a valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial business loans
|
$
|
3,235
|
|
|
$
|
3,767
|
|
|
$
|
400
|
|
|
$
|
4,070
|
|
|
$
|
4,168
|
|
|
$
|
646
|
|
Residential real estate
|
1,656
|
|
|
1,711
|
|
|
60
|
|
|
1,251
|
|
|
1,267
|
|
|
68
|
|
||||||
Owner-occupied CRE
|
117
|
|
|
117
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
5,008
|
|
|
5,595
|
|
|
520
|
|
|
5,321
|
|
|
5,435
|
|
|
714
|
|
||||||
Total impaired loans
|
$
|
45,911
|
|
|
$
|
50,948
|
|
|
$
|
520
|
|
|
$
|
50,110
|
|
|
$
|
58,574
|
|
|
$
|
714
|
|
|
For the Year Ended
December 31, 2017 |
|
For the Year Ended
December 31, 2016 |
|
For the Year Ended
December 31, 2015 |
||||||||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Owner-occupied CRE
|
$
|
2,840
|
|
|
$
|
97
|
|
|
$
|
3,924
|
|
|
$
|
150
|
|
|
$
|
2,258
|
|
|
$
|
144
|
|
Investor CRE
|
9,736
|
|
|
370
|
|
|
11,363
|
|
|
447
|
|
|
16,166
|
|
|
550
|
|
||||||
Construction
|
2,429
|
|
|
87
|
|
|
4,087
|
|
|
124
|
|
|
3,784
|
|
|
299
|
|
||||||
Commercial business loans
|
7,562
|
|
|
258
|
|
|
12,167
|
|
|
282
|
|
|
7,835
|
|
|
431
|
|
||||||
Residential real estate
|
17,519
|
|
|
789
|
|
|
16,485
|
|
|
715
|
|
|
14,645
|
|
|
579
|
|
||||||
Home equity
|
7,788
|
|
|
281
|
|
|
5,856
|
|
|
202
|
|
|
3,568
|
|
|
37
|
|
||||||
Other consumer
|
1,197
|
|
|
—
|
|
|
819
|
|
|
1
|
|
|
24
|
|
|
—
|
|
||||||
Total
|
$
|
49,071
|
|
|
$
|
1,882
|
|
|
$
|
54,701
|
|
|
$
|
1,921
|
|
|
$
|
48,280
|
|
|
$
|
2,040
|
|
|
107
|
|
|
At December 31,
2017 |
|
At December 31,
2016 |
||||
|
(In thousands)
|
||||||
Recorded investment in TDRs:
|
|
|
|
||||
Accrual status
|
$
|
14,249
|
|
|
$
|
16,048
|
|
Non-accrual status
|
8,475
|
|
|
7,304
|
|
||
Total recorded investment in TDRs
|
$
|
22,724
|
|
|
$
|
23,352
|
|
Accruing TDRs performing under modified terms more than one year
|
$
|
7,783
|
|
|
$
|
10,020
|
|
Specific reserves for TDRs included in the balance of allowance for loan losses
|
$
|
520
|
|
|
$
|
714
|
|
Additional funds committed to borrowers in TDR status
|
$
|
29
|
|
|
$
|
3
|
|
|
For the Year Ended
December 31, 2017 |
|
For the Year Ended
December 31, 2016 |
||||||||||||||||||
(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
|
||||||||||
Owner-occupied CRE
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
5
|
|
|
$
|
654
|
|
|
$
|
666
|
|
Investor CRE
|
1
|
|
|
5,038
|
|
|
5,038
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
67
|
|
|
67
|
|
||||
Commercial business loans
|
5
|
|
|
482
|
|
|
482
|
|
|
8
|
|
|
3,033
|
|
|
5,006
|
|
||||
Residential real estate
|
9
|
|
|
1,598
|
|
|
1,627
|
|
|
13
|
|
|
1,320
|
|
|
1,329
|
|
||||
Home equity
|
21
|
|
|
2,476
|
|
|
2,483
|
|
|
18
|
|
|
1,572
|
|
|
1,574
|
|
||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
132
|
|
|
132
|
|
||||
Total TDRs
|
36
|
|
|
$
|
9,594
|
|
|
$
|
9,630
|
|
|
47
|
|
|
$
|
6,778
|
|
|
$
|
8,774
|
|
|
108
|
|
|
|
For the Year Ended December 31, 2017
|
||||||||||||||||||
|
|
Extended
Maturity |
|
Adjusted
Interest Rates |
|
Adjusted Rate and Maturity
|
|
Payment Deferral
|
|
Other
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Investor CRE
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,038
|
|
Commercial business loans
|
|
211
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
271
|
|
|||||
Residential real estate
|
|
266
|
|
|
—
|
|
|
234
|
|
|
929
|
|
|
169
|
|
|||||
Home equity
|
|
938
|
|
|
—
|
|
|
824
|
|
|
714
|
|
|
—
|
|
|||||
Total
|
|
$
|
1,415
|
|
|
$
|
—
|
|
|
$
|
1,058
|
|
|
$
|
1,643
|
|
|
$
|
5,478
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
For the Year Ended December 31, 2016
|
||||||||||||||||||
|
|
Extended
Maturity |
|
Adjusted
Interest Rates |
|
Adjusted Rate and Maturity
|
|
Payment Deferral
|
|
Other
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Owner-occupied CRE
|
|
$
|
510
|
|
|
$
|
—
|
|
|
$
|
86
|
|
|
$
|
—
|
|
|
$
|
58
|
|
Construction
|
|
23
|
|
|
—
|
|
|
44
|
|
|
—
|
|
|
—
|
|
|||||
Commercial business loans
|
|
2,350
|
|
|
—
|
|
|
243
|
|
|
348
|
|
|
92
|
|
|||||
Residential real estate
|
|
87
|
|
|
—
|
|
|
672
|
|
|
561
|
|
|
—
|
|
|||||
Home equity
|
|
—
|
|
|
261
|
|
|
707
|
|
|
604
|
|
|
—
|
|
|||||
Other consumer
|
|
—
|
|
|
—
|
|
|
132
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
2,970
|
|
|
$
|
261
|
|
|
$
|
1,884
|
|
|
$
|
1,513
|
|
|
$
|
150
|
|
|
For the Year Ended
December 31, 2017 |
|
For the Year Ended
December 31, 2016 |
||||||||||
|
Number
of
Contracts
|
|
Recorded
Investment
|
|
Number
of
Contracts
|
|
Recorded
Investment
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Residential real estate
|
3
|
|
|
$
|
170
|
|
|
3
|
|
|
$
|
456
|
|
Home equity
|
—
|
|
|
—
|
|
|
1
|
|
|
151
|
|
||
Commercial business
|
—
|
|
|
—
|
|
|
2
|
|
|
495
|
|
||
Total troubled debt restructuring
|
3
|
|
|
$
|
170
|
|
|
6
|
|
|
$
|
1,102
|
|
|
109
|
|
|
Owner-Occupied CRE
|
|
Investor CRE
|
|
Construction
|
|
Commercial
Business |
|
Residential Real Estate
|
|
Home Equity
|
|
Other Consumer
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans rated 1 — 5
|
$
|
423,720
|
|
|
$
|
1,829,762
|
|
|
$
|
117,583
|
|
|
$
|
811,604
|
|
|
$
|
1,186,753
|
|
|
$
|
576,592
|
|
|
$
|
292,386
|
|
Loans rated 6
|
4,854
|
|
|
10,965
|
|
|
49
|
|
|
15,816
|
|
|
1,948
|
|
|
89
|
|
|
—
|
|
|||||||
Loans rated 7
|
17,246
|
|
|
13,732
|
|
|
1,398
|
|
|
12,892
|
|
|
15,700
|
|
|
6,499
|
|
|
395
|
|
|||||||
Loans rated 8
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Loans rated 9
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
445,820
|
|
|
$
|
1,854,459
|
|
|
$
|
119,030
|
|
|
$
|
840,312
|
|
|
$
|
1,204,401
|
|
|
$
|
583,180
|
|
|
$
|
292,781
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans rated 1 — 5
|
$
|
388,389
|
|
|
$
|
1,656,256
|
|
|
$
|
150,411
|
|
|
$
|
698,458
|
|
|
$
|
1,139,662
|
|
|
$
|
531,359
|
|
|
$
|
207,193
|
|
Loans rated 6
|
7,139
|
|
|
18,040
|
|
|
204
|
|
|
7,466
|
|
|
1,267
|
|
|
—
|
|
|
—
|
|
|||||||
Loans rated 7
|
21,190
|
|
|
31,023
|
|
|
2,113
|
|
|
18,633
|
|
|
15,298
|
|
|
5,413
|
|
|
2,200
|
|
|||||||
Loans rated 8
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Loans rated 9
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
|
$
|
416,718
|
|
|
$
|
1,705,319
|
|
|
$
|
152,728
|
|
|
$
|
724,557
|
|
|
$
|
1,156,227
|
|
|
$
|
536,772
|
|
|
$
|
209,393
|
|
|
110
|
|
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Balance, beginning of year
|
$
|
2,285
|
|
|
$
|
2,645
|
|
Loans related to parties who terminated service during the year
|
(776
|
)
|
|
—
|
|
||
Additional loans and advances
|
600
|
|
|
390
|
|
||
Repayments
|
(213
|
)
|
|
(750
|
)
|
||
Balance, end of year
|
$
|
1,896
|
|
|
$
|
2,285
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Mortgage servicing rights:
|
|
|
|
|
|
||||||
Balance at beginning of year
|
$
|
10,104
|
|
|
$
|
7,074
|
|
|
$
|
4,729
|
|
Change in fair value recognized in income
|
(1,791
|
)
|
|
567
|
|
|
(586
|
)
|
|||
Issuances/additions
|
3,420
|
|
|
2,463
|
|
|
2,931
|
|
|||
Balance at end of year
|
$
|
11,733
|
|
|
$
|
10,104
|
|
|
$
|
7,074
|
|
|
111
|
|
Note 8.
|
PREMISES AND EQUIPMENT
|
|
At December 31,
|
|
Estimated
Useful Life
|
||||||
|
2017
|
|
2016
|
|
|||||
|
(In thousands)
|
|
|
||||||
Land and improvements
|
$
|
964
|
|
|
$
|
964
|
|
|
up to 15 years
|
Buildings
|
38,294
|
|
|
39,809
|
|
|
10 - 39.5 years
|
||
Furniture and equipment
|
36,867
|
|
|
29,310
|
|
|
3 - 10 years
|
||
Leasehold improvements
|
25,175
|
|
|
9,838
|
|
|
5 - 10 years
|
||
Assets under capitalized leases
|
3,869
|
|
|
4,151
|
|
|
5 - 10 years
|
||
|
105,169
|
|
|
84,072
|
|
|
|
||
Accumulated depreciation and amortization
|
(37,661
|
)
|
|
(32,315
|
)
|
|
|
||
Premises and equipment, net
|
$
|
67,508
|
|
|
$
|
51,757
|
|
|
|
Note 9.
|
OTHER ASSETS
|
|
At December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Current income tax receivable
|
$
|
5,705
|
|
|
$
|
237
|
|
Partnership investments
|
38,160
|
|
|
31,271
|
|
||
Mortgage servicing rights
|
11,733
|
|
|
10,104
|
|
||
Derivative assets
|
11,741
|
|
|
11,734
|
|
||
Other real estate owned
|
2,154
|
|
|
1,890
|
|
||
Receivable on surrendered BOLI policies
|
26,713
|
|
|
—
|
|
||
Prepaid expenses
|
4,521
|
|
|
5,112
|
|
||
Other
|
4,866
|
|
|
4,738
|
|
||
Total other assets
|
$
|
105,593
|
|
|
$
|
65,086
|
|
Note 10.
|
DEPOSITS
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Demand and NOW
|
$
|
1,573,404
|
|
|
$
|
1,206,722
|
|
Regular savings
|
504,115
|
|
|
518,820
|
|
||
Money markets
|
1,325,754
|
|
|
1,222,952
|
|
||
Time deposits
|
1,794,948
|
|
|
1,762,678
|
|
||
Total deposits
|
$
|
5,198,221
|
|
|
$
|
4,711,172
|
|
|
112
|
|
|
December 31, 2017
|
||
|
(In thousands)
|
||
2018
|
$
|
1,225,234
|
|
2019
|
435,867
|
|
|
2020
|
95,472
|
|
|
2021
|
22,938
|
|
|
2022
|
15,437
|
|
|
|
$
|
1,794,948
|
|
Note 11.
|
BORROWINGS
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||
|
Amount
|
|
Weighted-
Average
Rate
|
|
Amount
|
|
Weighted-
Average
Rate
|
||||||
|
(Dollars in thousands)
|
||||||||||||
2017
|
$
|
—
|
|
|
—
|
%
|
|
$
|
803,000
|
|
|
0.94
|
%
|
2018
|
929,274
|
|
|
1.56
|
|
|
139,792
|
|
|
1.48
|
|
||
2019
|
75,000
|
|
|
1.76
|
|
|
20,000
|
|
|
1.45
|
|
||
2020
|
8,000
|
|
|
2.33
|
|
|
33,000
|
|
|
0.86
|
|
||
2021
|
—
|
|
|
—
|
|
|
30,000
|
|
|
0.59
|
|
||
2022
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Thereafter
|
33,680
|
|
|
1.14
|
|
|
19,182
|
|
|
0.89
|
|
||
|
$
|
1,045,954
|
|
|
1.57
|
%
|
|
$
|
1,044,974
|
|
|
1.01
|
%
|
|
113
|
|
|
|
Remaining Contractual Maturity of the Agreements
|
||||||||||||||||||
|
|
Overnight
|
|
Up to 1 Year
|
|
1 - 3 Years
|
|
Greater than 3 Years
|
|
Total
|
||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
|
$
|
14,591
|
|
|
$
|
10,000
|
|
|
$
|
10,000
|
|
|
$
|
—
|
|
|
$
|
34,591
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase Agreements
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury and agency securities
|
|
$
|
18,897
|
|
|
$
|
—
|
|
|
$
|
20,000
|
|
|
$
|
—
|
|
|
$
|
38,897
|
|
|
114
|
|
Note 12.
|
INCOME TAXES
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Current tax provision (benefit):
|
|
|
|
|
|
||||||
Federal
|
$
|
(1,289
|
)
|
|
$
|
6,262
|
|
|
$
|
1,302
|
|
State
|
994
|
|
|
2,202
|
|
|
1,345
|
|
|||
Total current
|
(295
|
)
|
|
8,464
|
|
|
2,647
|
|
|||
Deferred tax provision (benefit):
|
|
|
|
|
|
||||||
Federal
|
9,518
|
|
|
(3,698
|
)
|
|
3,275
|
|
|||
State
|
1,421
|
|
|
(654
|
)
|
|
307
|
|
|||
Effect of tax rate change due to tax reform
|
1,399
|
|
|
—
|
|
|
—
|
|
|||
Total deferred
|
12,338
|
|
|
(4,352
|
)
|
|
3,582
|
|
|||
Total income tax expense
|
$
|
12,043
|
|
|
$
|
4,112
|
|
|
$
|
6,229
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Provision for income tax at statutory rate
|
$
|
23,332
|
|
|
$
|
18,820
|
|
|
$
|
19,554
|
|
Increase (decrease) resulting from:
|
|
|
|
|
|
||||||
State income taxes, net of federal benefit
|
1,298
|
|
|
1,006
|
|
|
1,074
|
|
|||
Increase in cash surrender value of bank-owned life insurance
|
(1,912
|
)
|
|
(1,188
|
)
|
|
(1,266
|
)
|
|||
Dividend received deduction
|
(179
|
)
|
|
(544
|
)
|
|
(471
|
)
|
|||
Tax exempt interest net of disallowed interest expense
|
(4,778
|
)
|
|
(3,726
|
)
|
|
(3,826
|
)
|
|||
Employee Stock Ownership Plan
|
60
|
|
|
28
|
|
|
25
|
|
|||
Excess parachute payments
|
—
|
|
|
—
|
|
|
442
|
|
|||
Investment tax credits
|
(9,581
|
)
|
|
(10,541
|
)
|
|
(8,649
|
)
|
|||
Effect of tax rate change due to tax reform
|
1,399
|
|
|
—
|
|
|
—
|
|
|||
Gain on surrender of BOLI
|
2,377
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
27
|
|
|
257
|
|
|
(654
|
)
|
|||
Total provision for income taxes
|
$
|
12,043
|
|
|
$
|
4,112
|
|
|
$
|
6,229
|
|
|
|
|
|
|
|
||||||
Effective income tax rate
|
18.1
|
%
|
|
7.6
|
%
|
|
11.1
|
%
|
|
115
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Loans
|
$
|
12,939
|
|
|
$
|
17,980
|
|
Investment security losses
|
54
|
|
|
97
|
|
||
Net unrealized losses on securities available for sale
|
2,160
|
|
|
4,816
|
|
||
Net unrealized losses on interest rate swaps
|
511
|
|
|
1,254
|
|
||
Pension, deferred compensation and post-retirement liabilities
|
2,228
|
|
|
3,010
|
|
||
Stock incentive award plan
|
1,251
|
|
|
1,939
|
|
||
Deposits - purchase accounting adjustment
|
54
|
|
|
369
|
|
||
Accrued expenses
|
—
|
|
|
8,799
|
|
||
Tax attributes - tax credits and net operating losses
|
23,489
|
|
|
7,938
|
|
||
Other
|
1,773
|
|
|
3,715
|
|
||
Gross deferred tax assets
|
44,459
|
|
|
49,917
|
|
||
Valuation allowance
|
(565
|
)
|
|
(2,594
|
)
|
||
Gross deferred tax assets, net of valuation allowance
|
43,894
|
|
|
47,323
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Other purchase accounting adjustments
|
(1,583
|
)
|
|
(2,542
|
)
|
||
Partnerships
|
(12,251
|
)
|
|
(4,819
|
)
|
||
Deferred loan origination fees
|
(4,070
|
)
|
|
—
|
|
||
Other
|
(334
|
)
|
|
—
|
|
||
Gross deferred tax liabilities
|
(18,238
|
)
|
|
(7,361
|
)
|
||
Net deferred tax asset
|
$
|
25,656
|
|
|
$
|
39,962
|
|
|
116
|
|
Note 13.
|
DERIVATIVES AND HEDGING ACTIVITIES
|
|
117
|
|
|
Notional
Amount
|
|
Weighted-
Average
Remaining
Maturity
|
|
Weighted-Average Rate
|
|
Estimated
Fair Value
Net
|
||||||||||
Received
|
|
Paid
|
|
||||||||||||||
|
(In thousands)
|
|
(In years)
|
|
|
|
|
|
(In thousands)
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward starting interest rate swaps on future borrowings
|
$
|
50,000
|
|
|
7.88
|
|
TBD
|
|
(1
|
)
|
2.45
|
%
|
|
$
|
(292
|
)
|
|
Interest rate swaps
|
175,000
|
|
|
4.57
|
|
1.35
|
%
|
|
2.41
|
%
|
|
(1,736
|
)
|
||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
10,000
|
|
|
0.47
|
|
1.00
|
%
|
|
1.51
|
%
|
(2
|
)
|
(28
|
)
|
|||
Non-hedging derivatives:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward loan sale commitments
|
137,670
|
|
|
0.00
|
|
|
|
|
|
(92
|
)
|
||||||
Derivative loan commitments
|
24,430
|
|
|
0.00
|
|
|
|
|
|
530
|
|
||||||
Interest rate swap
|
7,500
|
|
|
8.54
|
|
|
|
|
|
(615
|
)
|
||||||
Loan level swaps - dealer (3)
|
603,447
|
|
|
7.31
|
|
3.25
|
%
|
|
3.99
|
%
|
|
(3,183
|
)
|
||||
Loan level swaps - borrowers (3)
|
603,447
|
|
|
7.31
|
|
3.99
|
%
|
|
3.25
|
%
|
|
3,174
|
|
||||
Forward starting loan level swaps - dealer (3)
|
8,000
|
|
|
9.70
|
|
TBD
|
|
(4
|
)
|
5.11
|
%
|
|
105
|
|
|||
Forward starting loan level swaps - borrower (3)
|
8,000
|
|
|
9.70
|
|
5.11
|
%
|
|
TBD
|
|
(4
|
)
|
(105
|
)
|
|||
Total
|
$
|
1,627,494
|
|
|
|
|
|
|
|
|
$
|
(2,242
|
)
|
||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||
Cash flow hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward starting interest rate swaps on future borrowings
|
$
|
100,000
|
|
|
7.36
|
|
TBD
|
|
(1
|
)
|
2.43
|
%
|
|
$
|
(483
|
)
|
|
Interest rate swaps
|
240,000
|
|
|
3.24
|
|
0.91
|
%
|
|
1.74
|
%
|
|
(2,719
|
)
|
||||
Fair value hedges:
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
35,000
|
|
|
0.72
|
|
1.04
|
%
|
|
0.82
|
%
|
(2
|
)
|
1
|
|
|||
Non-hedging derivatives:
|
|
|
|
|
|
|
|
|
|
||||||||
Forward loan sale commitments
|
61,991
|
|
|
0.00
|
|
|
|
|
|
153
|
|
||||||
Derivative loan commitments
|
30,239
|
|
|
0.00
|
|
|
|
|
|
421
|
|
||||||
Interest rate swap
|
7,500
|
|
|
9.54
|
|
|
|
|
|
(660
|
)
|
||||||
Loan level swaps - dealer (3)
|
468,417
|
|
|
7.75
|
|
2.42
|
%
|
|
3.84
|
%
|
|
(4,888
|
)
|
||||
Loan level swaps - borrowers (3)
|
468,417
|
|
|
7.75
|
|
3.84
|
%
|
|
2.42
|
%
|
|
4,869
|
|
||||
Total
|
$
|
1,411,564
|
|
|
|
|
|
|
|
|
$
|
(3,306
|
)
|
(1)
|
The receiver leg of the cash flow hedge 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 hedge is November 15, 2018.
|
(2)
|
The paying leg is
one month LIBOR plus a fixed spread
; above rate in effect as of
December 31, 2017
and 2016, respectively.
|
(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.
|
(4)
|
The floating leg of the forward starting loan level hedge is indexed to the one month USD-LIBOR-BBA, as determined one London banking day prior to the tenth day of each calendar month, commencing with the effective trade date on September 10, 2020.
|
|
118
|
|
|
119
|
|
|
120
|
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||
|
|
|
Fair Value
|
|
|
|
Fair Value
|
||||||||||||
|
Balance Sheet Location
|
|
Dec 31,
2017 |
|
Dec 31,
2016 |
|
Balance Sheet Location
|
|
Dec 31,
2017 |
|
Dec 31,
2016 |
||||||||
|
|
|
(In thousands)
|
|
|
|
(In thousands)
|
||||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap - cash flow hedges
|
Other Assets
|
|
$
|
36
|
|
|
$
|
246
|
|
|
Other Liabilities
|
|
$
|
2,064
|
|
|
$
|
3,448
|
|
Interest rate swap - fair value hedges
|
Other Assets
|
|
—
|
|
|
18
|
|
|
Other Liabilities
|
|
28
|
|
|
17
|
|
||||
Total derivatives designated as hedging instruments
|
|
|
$
|
36
|
|
|
$
|
264
|
|
|
|
|
$
|
2,092
|
|
|
$
|
3,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Forward loan sale commitments
|
Other Assets
|
|
$
|
12
|
|
|
$
|
204
|
|
|
Other Liabilities
|
|
$
|
104
|
|
|
$
|
51
|
|
Derivative loan commitments
|
Other Assets
|
|
530
|
|
|
421
|
|
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swap
|
|
|
—
|
|
|
—
|
|
|
Other Liabilities
|
|
615
|
|
|
660
|
|
||||
Interest rate swap - with customers
|
Other Assets
|
|
7,117
|
|
|
7,864
|
|
|
Other Liabilities
|
|
3,943
|
|
|
2,995
|
|
||||
Interest rate swap - with counterparties
|
Other Assets
|
|
3,941
|
|
|
2,981
|
|
|
Other Liabilities
|
|
7,124
|
|
|
7,869
|
|
||||
Forward starting loan level swap
|
Other Assets
|
|
105
|
|
|
—
|
|
|
Other Liabilities
|
|
105
|
|
|
—
|
|
||||
Total derivatives not designated as hedging
|
|
|
$
|
11,705
|
|
|
$
|
11,470
|
|
|
|
|
$
|
11,891
|
|
|
$
|
11,575
|
|
|
|
|
|
|
|
|
||||||
Derivatives Designated as Cash Flow Hedging Instruments
|
|
Amount of Loss Recognized
in OCI on Derivatives
(Effective Portion)
For the Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
||||||||
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
|
$
|
(313
|
)
|
|
$
|
(1,472
|
)
|
|
$
|
(3,108
|
)
|
|
|
|
|
|
|
|
|
||||||
|
|
|
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
|
|
|||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||
|
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
Interest income
|
|
$
|
(29
|
)
|
|
$
|
(23
|
)
|
|
$
|
106
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Amount of Gain (Loss) Recognized
in Income on Hedged Items
For the Years Ended December 31,
|
||||||||||
2017
|
|
2016
|
|
2015
|
|||||||||
|
|
|
(In thousands)
|
||||||||||
Interest Rate Swaps
|
Interest income
|
|
$
|
(30
|
)
|
|
$
|
25
|
|
|
$
|
(106
|
)
|
|
121
|
|
|
|
Amount of Gain (Loss) Recognized
for the Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands)
|
||||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Derivative loan commitments
|
|
$
|
109
|
|
|
$
|
198
|
|
|
$
|
10
|
|
Mortgage servicing rights derivative
|
|
45
|
|
|
—
|
|
|
—
|
|
|||
Forward loan sale commitments
|
|
(245
|
)
|
|
166
|
|
|
(1
|
)
|
|||
Interest rate swaps
|
|
10
|
|
|
(772
|
)
|
|
231
|
|
|||
|
|
$
|
(81
|
)
|
|
$
|
(408
|
)
|
|
$
|
240
|
|
Note 14.
|
FAIR VALUE MEASUREMENT
|
|
122
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands)
|
||||||||||
Mortgage loans held for sale
|
|
$
|
1,401
|
|
|
$
|
(192
|
)
|
|
$
|
(50
|
)
|
|
123
|
|
|
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, 2017
|
|
|
|
|
|
|
|
||||||||
Available for sale securities:
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
235,479
|
|
|
$
|
—
|
|
|
$
|
235,479
|
|
|
$
|
—
|
|
Government-sponsored residential collateralized debt obligations
|
133,112
|
|
|
—
|
|
|
133,112
|
|
|
—
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
33,255
|
|
|
—
|
|
|
33,255
|
|
|
—
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
147,242
|
|
|
—
|
|
|
147,242
|
|
|
—
|
|
||||
Asset-backed securities
|
167,139
|
|
|
—
|
|
|
—
|
|
|
167,139
|
|
||||
Corporate debt securities
|
89,136
|
|
|
—
|
|
|
89,136
|
|
|
—
|
|
||||
Obligations of states and political subdivisions
|
245,007
|
|
|
—
|
|
|
245,007
|
|
|
—
|
|
||||
Marketable equity securities
|
417
|
|
|
417
|
|
|
—
|
|
|
—
|
|
||||
Total available for sale securities
|
$
|
1,050,787
|
|
|
$
|
417
|
|
|
$
|
883,231
|
|
|
$
|
167,139
|
|
Mortgage loan derivative assets
|
$
|
542
|
|
|
$
|
—
|
|
|
$
|
542
|
|
|
$
|
—
|
|
Mortgage loan derivative liabilities
|
104
|
|
|
—
|
|
|
104
|
|
|
—
|
|
||||
Loans held for sale
|
114,073
|
|
|
—
|
|
|
114,073
|
|
|
—
|
|
||||
Mortgage servicing rights
|
11,733
|
|
|
—
|
|
|
—
|
|
|
11,733
|
|
||||
Interest rate swap assets
|
11,199
|
|
|
—
|
|
|
11,199
|
|
|
—
|
|
||||
Interest rate swap liabilities
|
13,879
|
|
|
—
|
|
|
13,879
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Available for sale securities:
|
|
|
|
|
|
|
|
||||||||
Government-sponsored residential mortgage-backed securities
|
$
|
179,548
|
|
|
$
|
—
|
|
|
$
|
179,548
|
|
|
$
|
—
|
|
Government-sponsored residential collateralized debt obligations
|
183,260
|
|
|
—
|
|
|
183,260
|
|
|
—
|
|
||||
Government-sponsored commercial mortgage-backed securities
|
26,530
|
|
|
—
|
|
|
26,530
|
|
|
—
|
|
||||
Government-sponsored commercial collateralized debt obligations
|
162,927
|
|
|
—
|
|
|
162,927
|
|
|
—
|
|
||||
Asset-backed securities
|
166,967
|
|
|
—
|
|
|
13,087
|
|
|
153,880
|
|
||||
Corporate debt securities
|
75,015
|
|
|
—
|
|
|
73,423
|
|
|
1,592
|
|
||||
Obligations of states and political subdivisions
|
216,376
|
|
|
—
|
|
|
216,376
|
|
|
—
|
|
||||
Marketable equity securities
|
32,788
|
|
|
375
|
|
|
32,413
|
|
|
—
|
|
||||
Total available for sale securities
|
$
|
1,043,411
|
|
|
$
|
375
|
|
|
$
|
887,564
|
|
|
$
|
155,472
|
|
Mortgage loan derivative assets
|
$
|
625
|
|
|
$
|
—
|
|
|
$
|
625
|
|
|
$
|
—
|
|
Mortgage loan derivative liabilities
|
51
|
|
|
—
|
|
|
51
|
|
|
—
|
|
||||
Loans held for sale
|
62,517
|
|
|
—
|
|
|
62,517
|
|
|
—
|
|
||||
Mortgage servicing rights
|
10,104
|
|
|
—
|
|
|
—
|
|
|
10,104
|
|
||||
Interest rate swap assets
|
11,109
|
|
|
—
|
|
|
11,109
|
|
|
—
|
|
||||
Interest rate swap liabilities
|
14,989
|
|
|
—
|
|
|
14,989
|
|
|
—
|
|
|
124
|
|
|
For the Years Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Balance of available for sale securities, at beginning of period
|
$
|
155,472
|
|
|
$
|
146,070
|
|
Purchases
|
14,030
|
|
|
6,857
|
|
||
Principal payments and net accretion
|
(3,108
|
)
|
|
(1,030
|
)
|
||
Total realized gains (losses) on sales included in income
|
191
|
|
|
(143
|
)
|
||
Total unrealized gains included in other comprehensive income
|
554
|
|
|
3,718
|
|
||
Balance at end of period
|
$
|
167,139
|
|
|
$
|
155,472
|
|
|
|
|
|
||||
Balance of mortgage servicing rights at beginning of period
|
$
|
10,104
|
|
|
$
|
7,074
|
|
Issuances
|
3,420
|
|
|
2,463
|
|
||
Change in fair value recognized in income
|
(1,791
|
)
|
|
567
|
|
||
Balance at end of period
|
$
|
11,733
|
|
|
$
|
10,104
|
|
|
125
|
|
|
126
|
|
|
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, 2017
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
$
|
4,488
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,488
|
|
Other real estate owned
|
2,154
|
|
|
—
|
|
|
—
|
|
|
2,154
|
|
||||
Total
|
$
|
6,642
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,642
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Impaired loans
|
$
|
5,100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,100
|
|
Other real estate owned
|
1,890
|
|
|
—
|
|
|
—
|
|
|
1,890
|
|
||||
Total
|
$
|
6,990
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,990
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands)
|
||||||||||
Impaired loans
|
|
$
|
121
|
|
|
$
|
(541
|
)
|
|
$
|
(274
|
)
|
Other real estate owned
|
|
(255
|
)
|
|
(126
|
)
|
|
(118
|
)
|
|||
Total
|
|
$
|
(134
|
)
|
|
$
|
(667
|
)
|
|
$
|
(392
|
)
|
|
127
|
|
|
128
|
|
|
Carrying
Value
|
|
Fair Value
|
||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
88,668
|
|
|
$
|
88,668
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
88,668
|
|
Available for sale securities
|
1,050,787
|
|
|
417
|
|
|
883,231
|
|
|
167,139
|
|
|
1,050,787
|
|
|||||
Held to maturity securities
|
13,598
|
|
|
—
|
|
|
14,300
|
|
|
—
|
|
|
14,300
|
|
|||||
Loans held for sale
|
114,073
|
|
|
—
|
|
|
114,073
|
|
|
—
|
|
|
114,073
|
|
|||||
Loans receivable-net
|
5,307,678
|
|
|
—
|
|
|
—
|
|
|
5,297,381
|
|
|
5,297,381
|
|
|||||
FHLBB stock
|
50,194
|
|
|
—
|
|
|
—
|
|
|
50,194
|
|
|
50,194
|
|
|||||
Accrued interest receivable
|
22,332
|
|
|
—
|
|
|
—
|
|
|
22,332
|
|
|
22,332
|
|
|||||
Derivative assets
|
11,741
|
|
|
—
|
|
|
11,741
|
|
|
—
|
|
|
11,741
|
|
|||||
Mortgage servicing rights
|
11,733
|
|
|
—
|
|
|
—
|
|
|
11,733
|
|
|
11,733
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
5,198,221
|
|
|
—
|
|
|
—
|
|
|
5,191,159
|
|
|
5,191,159
|
|
|||||
Mortgagors’ and investors’ escrow accounts
|
7,545
|
|
|
—
|
|
|
—
|
|
|
7,545
|
|
|
7,545
|
|
|||||
FHLBB advances and other borrowings
|
1,165,054
|
|
|
—
|
|
|
1,200,453
|
|
|
—
|
|
|
1,200,453
|
|
|||||
Derivative liabilities
|
13,983
|
|
|
—
|
|
|
13,983
|
|
|
—
|
|
|
13,983
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
90,944
|
|
|
$
|
90,944
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90,944
|
|
Available for sale securities
|
1,043,411
|
|
|
375
|
|
|
887,564
|
|
|
155,472
|
|
|
1,043,411
|
|
|||||
Held to maturity securities
|
14,038
|
|
|
—
|
|
|
14,829
|
|
|
—
|
|
|
14,829
|
|
|||||
Loans held for sale
|
62,517
|
|
|
—
|
|
|
62,517
|
|
|
—
|
|
|
62,517
|
|
|||||
Loans receivable-net
|
4,870,552
|
|
|
—
|
|
|
—
|
|
|
4,895,638
|
|
|
4,895,638
|
|
|||||
FHLBB stock
|
53,476
|
|
|
—
|
|
|
—
|
|
|
53,476
|
|
|
53,476
|
|
|||||
Accrued interest receivable
|
18,771
|
|
|
—
|
|
|
—
|
|
|
18,771
|
|
|
18,771
|
|
|||||
Derivative assets
|
11,734
|
|
|
—
|
|
|
11,734
|
|
|
—
|
|
|
11,734
|
|
|||||
Mortgage servicing rights
|
10,104
|
|
|
—
|
|
|
—
|
|
|
10,104
|
|
|
10,104
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
4,711,172
|
|
|
—
|
|
|
—
|
|
|
4,711,774
|
|
|
4,711,774
|
|
|||||
Mortgagors’ and investors’ escrow accounts
|
13,354
|
|
|
—
|
|
|
—
|
|
|
13,354
|
|
|
13,354
|
|
|||||
FHLBB advances and other borrowings
|
1,169,619
|
|
|
—
|
|
|
1,167,066
|
|
|
—
|
|
|
1,167,066
|
|
|||||
Derivative liabilities
|
15,040
|
|
|
—
|
|
|
15,040
|
|
|
—
|
|
|
15,040
|
|
|
129
|
|
Note 15.
|
SHARE-BASED COMPENSATION PLANS
|
|
130
|
|
|
Number of
Stock
Options
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
(in years)
|
|
Aggregate
Intrinsic
Value
(in millions)
|
|||||
Outstanding at December 31, 2016
|
1,936,453
|
|
|
$
|
11.21
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(240,638
|
)
|
|
10.26
|
|
|
|
|
1.8
|
|
||
Forfeited, expired, or canceled
|
(820
|
)
|
|
13.73
|
|
|
|
|
|
|||
Outstanding at December 31, 2017
|
1,694,995
|
|
|
$
|
11.34
|
|
|
4.3
|
|
$
|
10.7
|
|
Stock options vested and exercisable at December 31, 2017
|
1,675,712
|
|
|
$
|
11.32
|
|
|
4.3
|
|
$
|
10.6
|
|
|
Number of
Shares
|
|
Weighted-Average
Grant-Date
Fair Value
|
|||
Unvested as of December 31, 2016
|
438,806
|
|
|
$
|
14.23
|
|
Granted
|
155,180
|
|
|
18.15
|
|
|
Vested
|
(159,744
|
)
|
|
14.56
|
|
|
Forfeited
|
(9,242
|
)
|
|
13.71
|
|
|
Unvested as of December 31, 2017
|
425,000
|
|
|
$
|
15.55
|
|
|
131
|
|
Note 16.
|
PENSION PLANS AND OTHER POST-RETIREMENT BENEFITS
|
|
132
|
|
|
Qualified
Pension Plan
December 31,
|
|
Supplemental
Executive
Retirement Plans
December 31,
|
|
Other Post-
Retirement
Benefits
December 31,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
(In thousands )
|
||||||||||||||||||||||||||||||||||
Change in Benefit Obligation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Benefit obligation at beginning of year
|
$
|
28,475
|
|
|
$
|
27,115
|
|
|
$
|
30,571
|
|
|
$
|
1,000
|
|
|
$
|
929
|
|
|
$
|
1,368
|
|
|
$
|
2,041
|
|
|
$
|
1,841
|
|
|
$
|
2,218
|
|
Service cost
|
—
|
|
|
—
|
|
|
60
|
|
|
24
|
|
|
22
|
|
|
24
|
|
|
21
|
|
|
13
|
|
|
23
|
|
|||||||||
Interest cost
|
1,162
|
|
|
1,186
|
|
|
1,162
|
|
|
39
|
|
|
39
|
|
|
40
|
|
|
79
|
|
|
76
|
|
|
80
|
|
|||||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
27
|
|
|
28
|
|
|||||||||
Actuarial loss (gain)
|
2,379
|
|
|
1,088
|
|
|
(3,821
|
)
|
|
72
|
|
|
37
|
|
|
(79
|
)
|
|
(10
|
)
|
|
180
|
|
|
(413
|
)
|
|||||||||
Benefits paid and administration expenses
|
(971
|
)
|
|
(914
|
)
|
|
(857
|
)
|
|
(33
|
)
|
|
(27
|
)
|
|
(31
|
)
|
|
(100
|
)
|
|
(96
|
)
|
|
(95
|
)
|
|||||||||
Curtailments, settlements, special termination benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(393
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Benefit obligation at end of year
|
$
|
31,045
|
|
|
$
|
28,475
|
|
|
$
|
27,115
|
|
|
$
|
1,102
|
|
|
$
|
1,000
|
|
|
$
|
929
|
|
|
$
|
2,059
|
|
|
$
|
2,041
|
|
|
$
|
1,841
|
|
Change in Plan Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Fair value of plan assets at beginning of year
|
$
|
26,425
|
|
|
$
|
25,240
|
|
|
$
|
26,519
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return (loss) on plan assets
|
3,824
|
|
|
1,571
|
|
|
(422
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Employer contributions
|
625
|
|
|
528
|
|
|
—
|
|
|
33
|
|
|
27
|
|
|
424
|
|
|
72
|
|
|
69
|
|
|
67
|
|
|||||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
27
|
|
|
28
|
|
|||||||||
Benefits paid and administration expenses
|
(971
|
)
|
|
(914
|
)
|
|
(857
|
)
|
|
(33
|
)
|
|
(27
|
)
|
|
(31
|
)
|
|
(100
|
)
|
|
(96
|
)
|
|
(95
|
)
|
|||||||||
Settlements
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(393
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Fair value of plan assets at end of year
|
$
|
29,903
|
|
|
$
|
26,425
|
|
|
$
|
25,240
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Funded Status:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Underfunded status at end of year
|
$
|
(1,142
|
)
|
|
$
|
(2,050
|
)
|
|
$
|
(1,875
|
)
|
|
$
|
(1,102
|
)
|
|
$
|
(1,000
|
)
|
|
$
|
(929
|
)
|
|
$
|
(2,059
|
)
|
|
$
|
(2,041
|
)
|
|
$
|
(1,841
|
)
|
Amounts Recognized in the Consolidated Statements of Condition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Accrued expenses and other liabilities
|
$
|
(1,142
|
)
|
|
$
|
(2,050
|
)
|
|
$
|
(1,875
|
)
|
|
$
|
(1,102
|
)
|
|
$
|
(1,000
|
)
|
|
$
|
(929
|
)
|
|
$
|
(2,059
|
)
|
|
$
|
(2,041
|
)
|
|
$
|
(1,841
|
)
|
|
133
|
|
|
Qualified
Pension Plan
December 31,
|
|
Supplemental
Executive
Retirement Plans
December 31,
|
|
Other Post-
Retirement
Benefits
December 31,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
(In thousands )
|
||||||||||||||||||||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Prior service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
71
|
|
|
$
|
78
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net loss (gain)
|
7,285
|
|
|
7,696
|
|
|
7,050
|
|
|
187
|
|
|
117
|
|
|
79
|
|
|
35
|
|
|
45
|
|
|
(134
|
)
|
|||||||||
Total accumulated other comprehensive loss (income)
|
7,285
|
|
|
7,696
|
|
|
7,050
|
|
|
258
|
|
|
195
|
|
|
164
|
|
|
35
|
|
|
45
|
|
|
(134
|
)
|
|||||||||
Deferred tax (asset) liability
|
(2,625
|
)
|
|
(2,773
|
)
|
|
(2,540
|
)
|
|
(93
|
)
|
|
(70
|
)
|
|
(59
|
)
|
|
(12
|
)
|
|
(16
|
)
|
|
48
|
|
|||||||||
Net impact on accumulated other comprehensive loss
|
$
|
4,660
|
|
|
$
|
4,923
|
|
|
$
|
4,510
|
|
|
$
|
165
|
|
|
$
|
125
|
|
|
$
|
105
|
|
|
$
|
23
|
|
|
$
|
29
|
|
|
$
|
(86
|
)
|
|
Qualified Pension Plan
|
|
Supplemental
Executive
Retirement Plans
|
|
Other Post- Retirement
Benefits
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
24
|
|
|
$
|
22
|
|
|
$
|
24
|
|
|
$
|
21
|
|
|
$
|
13
|
|
|
$
|
23
|
|
Interest cost
|
1,162
|
|
|
1,186
|
|
|
1,162
|
|
|
39
|
|
|
39
|
|
|
40
|
|
|
79
|
|
|
76
|
|
|
80
|
|
|||||||||
Expected return on plan assets
|
(1,603
|
)
|
|
(1,624
|
)
|
|
(1,824
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of net actuarial losses
|
569
|
|
|
495
|
|
|
738
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|||||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Settlement charge
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net periodic benefit cost
|
128
|
|
|
57
|
|
|
136
|
|
|
72
|
|
|
68
|
|
|
113
|
|
|
100
|
|
|
89
|
|
|
121
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net loss (gain)
|
158
|
|
|
1,140
|
|
|
(1,574
|
)
|
|
72
|
|
|
37
|
|
|
(80
|
)
|
|
(10
|
)
|
|
180
|
|
|
(413
|
)
|
|||||||||
Amortization of net loss
|
(569
|
)
|
|
(495
|
)
|
|
(738
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|||||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Loss recognized due to settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Total recognized in other comprehensive income (loss)
|
(411
|
)
|
|
645
|
|
|
(2,312
|
)
|
|
63
|
|
|
30
|
|
|
(129
|
)
|
|
(10
|
)
|
|
180
|
|
|
(431
|
)
|
|||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss)
|
$
|
(283
|
)
|
|
$
|
702
|
|
|
$
|
(2,176
|
)
|
|
$
|
135
|
|
|
$
|
98
|
|
|
$
|
(16
|
)
|
|
$
|
90
|
|
|
$
|
269
|
|
|
$
|
(310
|
)
|
|
134
|
|
|
Qualified Pension
|
|
Supplemental Retirement Plans
|
|
Other Post-Retirement Benefits
|
|||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|||||||||
Discount rate
|
4.15
|
%
|
|
4.45
|
%
|
|
3.85
|
%
|
|
4.00
|
%
|
|
4.30
|
%
|
|
3.70
|
%
|
|
4.00
|
%
|
|
4.25
|
%
|
|
3.70
|
%
|
Expected return on plan assets
|
6.50
|
%
|
|
7.00
|
%
|
|
7.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Rate of compensation increase
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
|
1%
Increase
|
|
1%
Decrease
|
||||
|
|
(In thousands)
|
||||||
Effect on post-retirement benefit obligation
|
|
$
|
2,284
|
|
|
$
|
1,871
|
|
Effect on total service and interest
|
|
102
|
|
|
81
|
|
|
135
|
|
|
Total
Fair Value
|
|
Percent
|
|||
|
(In thousands)
|
|||||
December 31, 2017
|
|
|
|
|||
Fixed income funds
|
$
|
16,264
|
|
|
54
|
%
|
Domestic equity funds
|
6,234
|
|
|
21
|
|
|
International equity funds
|
4,187
|
|
|
14
|
|
|
Hedge funds
|
2,909
|
|
|
10
|
|
|
Money market funds
|
309
|
|
|
1
|
|
|
Total
|
$
|
29,903
|
|
|
100
|
%
|
|
|
|
|
|||
December 31, 2016
|
|
|
|
|||
Fixed income funds
|
$
|
10,255
|
|
|
39
|
%
|
Domestic equity funds
|
8,124
|
|
|
31
|
|
|
International equity funds
|
5,125
|
|
|
19
|
|
|
Hedge funds
|
2,710
|
|
|
10
|
|
|
Money market funds
|
211
|
|
|
1
|
|
|
Total
|
$
|
26,425
|
|
|
100
|
%
|
|
136
|
|
|
Qualified
Pension
Plan
|
|
Supplemental
Executive
Retirement
Plans
|
|
Other Post-
Retirement
Benefits
|
||||||
|
(In thousands)
|
||||||||||
Years Ending December 31,
|
|
|
|
|
|
||||||
2018
|
$
|
1,120
|
|
|
$
|
41
|
|
|
$
|
100
|
|
2019
|
1,220
|
|
|
41
|
|
|
110
|
|
|||
2020
|
1,330
|
|
|
41
|
|
|
120
|
|
|||
2021
|
1,360
|
|
|
41
|
|
|
120
|
|
|||
2022
|
1,400
|
|
|
41
|
|
|
120
|
|
|||
Years 2023-2027
|
7,470
|
|
|
325
|
|
|
590
|
|
|
137
|
|
Note 17.
|
REGULATORY MATTERS
|
|
138
|
|
|
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, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
642,179
|
|
|
11.6
|
%
|
|
$
|
442,882
|
|
|
8.0
|
%
|
|
$
|
553,603
|
|
|
10.0
|
%
|
Common equity tier 1 capital to risk weighted assets
|
593,155
|
|
|
10.7
|
|
|
249,458
|
|
|
4.5
|
|
|
360,328
|
|
|
6.5
|
|
|||
Tier 1 capital to risk weighted assets
|
593,155
|
|
|
10.7
|
|
|
332,610
|
|
|
6.0
|
|
|
443,480
|
|
|
8.0
|
|
|||
Tier 1 capital to total average assets
|
593,155
|
|
|
8.7
|
|
|
272,715
|
|
|
4.0
|
|
|
340,894
|
|
|
5.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
619,020
|
|
|
12.1
|
%
|
|
$
|
409,269
|
|
|
8.0
|
%
|
|
$
|
511,587
|
|
|
10.0
|
%
|
Common equity tier 1 capital to risk weighted assets
|
574,632
|
|
|
11.2
|
|
|
230,879
|
|
|
4.5
|
|
|
333,492
|
|
|
6.5
|
|
|||
Tier 1 capital to risk weighted assets
|
574,632
|
|
|
11.2
|
|
|
307,839
|
|
|
6.0
|
|
|
410,451
|
|
|
8.0
|
|
|||
Tier 1 capital to total average assets
|
574,632
|
|
|
9.0
|
|
|
255,392
|
|
|
4.0
|
|
|
319,240
|
|
|
5.0
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
United Financial Bancorp, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
701,794
|
|
|
12.6
|
%
|
|
$
|
445,583
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Common equity tier 1 capital to risk weighted assets
|
577,770
|
|
|
10.4
|
|
|
249,997
|
|
|
4.5
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to risk weighted assets
|
577,770
|
|
|
10.4
|
|
|
333,329
|
|
|
6.0
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to total average assets
|
577,770
|
|
|
8.4
|
|
|
275,129
|
|
|
4.0
|
|
|
N/A
|
|
|
N/A
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets
|
$
|
668,816
|
|
|
13.0
|
%
|
|
$
|
411,579
|
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Common equity tier 1 capital to risk weighted assets
|
549,428
|
|
|
10.7
|
|
|
231,068
|
|
|
4.5
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to risk weighted assets
|
549,428
|
|
|
10.7
|
|
|
308,090
|
|
|
6.0
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 capital to total average assets
|
549,428
|
|
|
8.6
|
|
|
255,548
|
|
|
4.0
|
|
|
N/A
|
|
|
N/A
|
|
|
139
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Total consolidated equity
|
$
|
693,328
|
|
|
$
|
655,866
|
|
Adjustments:
|
|
|
|
||||
Additional Bank-only equity
|
20,081
|
|
|
26,119
|
|
||
Accumulated other comprehensive loss
|
11,840
|
|
|
15,353
|
|
||
Disallowed goodwill and other intangible assets
|
(117,847
|
)
|
|
(117,161
|
)
|
||
Disallowed deferred tax assets
|
(11,398
|
)
|
|
(3,327
|
)
|
||
Other
|
(2,849
|
)
|
|
(2,218
|
)
|
||
Tier 1 capital
|
593,155
|
|
|
574,632
|
|
||
Allowance for loan losses and off-balance sheet credit losses
|
48,944
|
|
|
44,327
|
|
||
Unrealized gains on available-for-sale securities includible in total risk-based capital
|
80
|
|
|
61
|
|
||
Total risk-based capital
|
$
|
642,179
|
|
|
$
|
619,020
|
|
Note 18.
|
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
December 31,
|
||||||
|
|
2017
|
|
2016
|
||||
Benefit plans:
|
|
|
|
|
||||
Unrecognized net actuarial loss
|
|
$
|
(7,578
|
)
|
|
$
|
(7,936
|
)
|
Tax effect
|
|
2,730
|
|
|
2,859
|
|
||
Net-of-tax amount
|
|
(4,848
|
)
|
|
(5,077
|
)
|
||
Securities available for sale:
|
|
|
|
|
||||
Net unrealized loss
|
|
(8,896
|
)
|
|
(12,845
|
)
|
||
Tax effect
|
|
3,201
|
|
|
4,617
|
|
||
Net-of-tax amount
|
|
(5,695
|
)
|
|
(8,228
|
)
|
||
Interest rate swaps:
|
|
|
|
|
||||
Net unrealized loss
|
|
(2,028
|
)
|
|
(3,202
|
)
|
||
Tax effect
|
|
731
|
|
|
1,154
|
|
||
Net-of-tax amount
|
|
(1,297
|
)
|
|
(2,048
|
)
|
||
|
|
$
|
(11,840
|
)
|
|
$
|
(15,353
|
)
|
|
140
|
|
Note 19.
|
NET INCOME PER SHARE
|
|
Years Ended December 31,
|
||||||||||
(In thousands, except share data)
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
$
|
49,640
|
|
Adjusted weighted-average common shares outstanding
|
50,820,019
|
|
|
50,290,934
|
|
|
49,495,381
|
|
|||
Less: average number of unvested ESOP award shares
|
536,948
|
|
|
559,785
|
|
|
582,574
|
|
|||
Weighted-average basic shares outstanding
|
50,283,071
|
|
|
49,731,149
|
|
|
48,912,807
|
|
|||
Dilutive effect of stock options
|
639,581
|
|
|
357,881
|
|
|
472,759
|
|
|||
Weighted-average diluted shares
|
50,922,652
|
|
|
50,089,030
|
|
|
49,385,566
|
|
|||
Net income per share:
|
|
|
|
|
|
||||||
Basic
|
$
|
1.09
|
|
|
$
|
1.00
|
|
|
$
|
1.01
|
|
Diluted
|
$
|
1.07
|
|
|
$
|
0.99
|
|
|
$
|
1.00
|
|
Note 20.
|
OTHER COMMITMENTS AND CONTINGENCIES
|
|
|
||
|
(In thousands)
|
||
2018
|
$
|
5,200
|
|
2019
|
5,767
|
|
|
2020
|
6,296
|
|
|
2021
|
6,091
|
|
|
2022
|
5,591
|
|
|
Thereafter
|
39,742
|
|
|
|
$
|
68,687
|
|
|
141
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Commitments to extend credit:
|
|
|
|
||||
Commitment to grant loans
|
$
|
110,664
|
|
|
$
|
197,070
|
|
Undisbursed construction loans
|
136,149
|
|
|
90,149
|
|
||
Undisbursed home equity lines of credit
|
412,484
|
|
|
364,421
|
|
||
Undisbursed commercial lines of credit
|
412,547
|
|
|
382,018
|
|
||
Standby letters of credit
|
14,680
|
|
|
13,588
|
|
||
Unused credit card lines
|
16,084
|
|
|
12,327
|
|
||
Unused checking overdraft lines of credit
|
1,544
|
|
|
1,465
|
|
||
Total
|
$
|
1,104,152
|
|
|
$
|
1,061,038
|
|
|
142
|
|
Note 21.
|
SELECTED QUARTERLY CONSOLIDATED INFORMATION (UNAUDITED)
|
|
2017
|
|
2016
|
||||||||||||||||||||||||||||
|
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
|
$
|
61,727
|
|
|
$
|
60,799
|
|
|
$
|
58,562
|
|
|
$
|
55,166
|
|
|
$
|
53,621
|
|
|
$
|
53,336
|
|
|
$
|
51,621
|
|
|
$
|
53,574
|
|
Interest expense
|
14,878
|
|
|
14,031
|
|
|
12,234
|
|
|
10,869
|
|
|
10,449
|
|
|
10,307
|
|
|
10,125
|
|
|
10,172
|
|
||||||||
Net interest income
|
46,849
|
|
|
46,768
|
|
|
46,328
|
|
|
44,297
|
|
|
43,172
|
|
|
43,029
|
|
|
41,496
|
|
|
43,402
|
|
||||||||
Provision for loan losses
|
2,250
|
|
|
2,566
|
|
|
2,292
|
|
|
2,288
|
|
|
3,359
|
|
|
3,766
|
|
|
3,624
|
|
|
2,688
|
|
||||||||
Net interest income after provision for loan losses
|
44,599
|
|
|
44,202
|
|
|
44,036
|
|
|
42,009
|
|
|
39,813
|
|
|
39,263
|
|
|
37,872
|
|
|
40,714
|
|
||||||||
Non-interest income
|
7,346
|
|
|
8,073
|
|
|
9,476
|
|
|
8,505
|
|
|
8,936
|
|
|
7,889
|
|
|
6,532
|
|
|
6,727
|
|
||||||||
Other non-interest expense
|
37,002
|
|
|
34,909
|
|
|
34,979
|
|
|
34,695
|
|
|
33,293
|
|
|
32,236
|
|
|
34,681
|
|
|
33,763
|
|
||||||||
Income before income taxes
|
14,943
|
|
|
17,366
|
|
|
18,533
|
|
|
15,819
|
|
|
15,456
|
|
|
14,916
|
|
|
9,723
|
|
|
13,678
|
|
||||||||
Provision for income taxes
|
5,442
|
|
|
2,175
|
|
|
2,333
|
|
|
2,093
|
|
|
906
|
|
|
757
|
|
|
665
|
|
|
1,784
|
|
||||||||
Net income
|
$
|
9,501
|
|
|
$
|
15,191
|
|
|
$
|
16,200
|
|
|
$
|
13,726
|
|
|
$
|
14,550
|
|
|
$
|
14,159
|
|
|
$
|
9,058
|
|
|
$
|
11,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Basic
|
$
|
0.19
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
|
$
|
0.29
|
|
|
$
|
0.28
|
|
|
$
|
0.18
|
|
|
$
|
0.24
|
|
Diluted
|
$
|
0.19
|
|
|
$
|
0.30
|
|
|
$
|
0.32
|
|
|
$
|
0.27
|
|
|
$
|
0.29
|
|
|
$
|
0.28
|
|
|
$
|
0.18
|
|
|
$
|
0.24
|
|
Stock Price (per share):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
High
|
$
|
19.35
|
|
|
$
|
18.50
|
|
|
$
|
18.29
|
|
|
$
|
18.66
|
|
|
$
|
18.49
|
|
|
$
|
14.16
|
|
|
$
|
13.51
|
|
|
$
|
12.81
|
|
Low
|
$
|
17.09
|
|
|
$
|
16.27
|
|
|
$
|
15.84
|
|
|
$
|
15.75
|
|
|
$
|
13.51
|
|
|
$
|
12.64
|
|
|
$
|
12.16
|
|
|
$
|
10.28
|
|
|
143
|
|
Note 22.
|
PARENT COMPANY FINANCIAL INFORMATION
|
|
At December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Assets:
|
|
|
|
||||
Cash and due from banks
|
$
|
24,365
|
|
|
$
|
16,567
|
|
Investment in United Bank
|
713,409
|
|
|
681,985
|
|
||
Due from United Bank
|
13,101
|
|
|
11,405
|
|
||
Other assets
|
24,210
|
|
|
27,308
|
|
||
Total Assets
|
$
|
775,085
|
|
|
$
|
737,265
|
|
Liabilities and Stockholders’ Equity:
|
|
|
|
||||
Subordinated debentures
|
$
|
79,956
|
|
|
$
|
79,716
|
|
Accrued expenses and other liabilities
|
1,801
|
|
|
1,683
|
|
||
Stockholders’ equity
|
693,328
|
|
|
655,866
|
|
||
Total Liabilities and Stockholders’ Equity
|
$
|
775,085
|
|
|
$
|
737,265
|
|
|
|
For the Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands)
|
||||||||||
Interest and dividend income on investments
|
|
$
|
25
|
|
|
$
|
159
|
|
|
$
|
103
|
|
Interest expense on subordinated debentures
|
|
(4,794
|
)
|
|
(4,738
|
)
|
|
(4,682
|
)
|
|||
Net interest expense
|
|
(4,769
|
)
|
|
(4,579
|
)
|
|
(4,579
|
)
|
|||
Non-interest income
|
|
830
|
|
|
—
|
|
|
434
|
|
|||
General and administrative expense
|
|
(5,350
|
)
|
|
(4,982
|
)
|
|
(4,714
|
)
|
|||
Loss before tax benefit and equity in undistributed net loss of United Bank
|
|
(9,289
|
)
|
|
(9,561
|
)
|
|
(8,859
|
)
|
|||
Income tax benefit
|
|
3,987
|
|
|
3,338
|
|
|
3,094
|
|
|||
Loss before equity in undistributed net income of United Bank
|
|
(5,302
|
)
|
|
(6,223
|
)
|
|
(5,765
|
)
|
|||
Equity in undistributed net income of United Bank
|
|
59,920
|
|
|
55,884
|
|
|
55,405
|
|
|||
Net income
|
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
$
|
49,640
|
|
|
144
|
|
|
For the Years ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
54,618
|
|
|
$
|
49,661
|
|
|
$
|
49,640
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Amortization of purchase accounting marks, net
|
114
|
|
|
100
|
|
|
75
|
|
|||
Amortization of subordinated debt issuance costs, net
|
126
|
|
|
127
|
|
|
127
|
|
|||
Share-based compensation expense
|
2,699
|
|
|
2,252
|
|
|
1,076
|
|
|||
ESOP expense
|
400
|
|
|
308
|
|
|
299
|
|
|||
Undistributed income of United Bank
|
(59,920
|
)
|
|
(55,884
|
)
|
|
(55,405
|
)
|
|||
Deferred tax provision
|
7,166
|
|
|
4,237
|
|
|
188
|
|
|||
Tax provision (benefit) of stock-based awards
|
—
|
|
|
(486
|
)
|
|
317
|
|
|||
Net change in:
|
|
|
|
|
|
||||||
Due from United Bank
|
(1,696
|
)
|
|
(2,031
|
)
|
|
6,491
|
|
|||
Other assets
|
3,941
|
|
|
6,879
|
|
|
(32,849
|
)
|
|||
Accrued expenses and other liabilities
|
118
|
|
|
(19
|
)
|
|
(53
|
)
|
|||
Net cash provided by (used in) operating activities
|
7,566
|
|
|
5,144
|
|
|
(30,094
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Dividends from United Bank
|
24,000
|
|
|
—
|
|
|
30,913
|
|
|||
Net cash provided by investing activities
|
24,000
|
|
|
—
|
|
|
30,913
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Common stock repurchased
|
(1,312
|
)
|
|
—
|
|
|
(5,171
|
)
|
|||
Proceeds from the exercise of stock options
|
2,460
|
|
|
6,275
|
|
|
4,765
|
|
|||
Cancellation of shares for tax withholding
|
(805
|
)
|
|
(327
|
)
|
|
(311
|
)
|
|||
Tax effects of share-based awards
|
—
|
|
|
486
|
|
|
(317
|
)
|
|||
Cash dividends paid on common stock
|
(24,111
|
)
|
|
(23,836
|
)
|
|
(22,479
|
)
|
|||
Net cash used in financing activities
|
(23,768
|
)
|
|
(17,402
|
)
|
|
(23,513
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
7,798
|
|
|
(12,258
|
)
|
|
(22,694
|
)
|
|||
Cash and cash equivalents — beginning of year
|
16,567
|
|
|
28,825
|
|
|
51,519
|
|
|||
Cash and cash equivalents — end of year
|
$
|
24,365
|
|
|
$
|
16,567
|
|
|
$
|
28,825
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Cash paid (refunded) for income taxes, net
|
$
|
4,574
|
|
|
$
|
3,655
|
|
|
$
|
(6,744
|
)
|
|
145
|
|
•
|
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.
|
|
146
|
|
|
147
|
|
|
|
Page No.
|
1
|
Consolidated Financial Statements
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
2
|
Financial Statement Schedules
|
3
|
Exhibits:
|
|
|
|
|
|
2.1
|
|
|
|
2.2
|
|
|
|
3.1
|
|
|
|
3.1.1
|
|
|
|
3.2
|
|
|
|
10.5
|
|
|
|
10.6
|
|
|
|
10.9
|
|
|
|
10.10
|
|
|
|
10.11.2
|
|
|
|
10.11.4
|
|
|
148
|
|
|
|
|
|
|
10.12
|
|
|
|
10.12.1
|
|
|
|
10.14
|
|
|
|
10.17
|
|
|
|
10.18
|
|
|
|
10.19
|
|
|
|
10.20
|
|
|
|
10.21
|
|
|
|
10.22
|
|
|
|
14.0
|
|
|
|
21.0
|
|
|
|
23.1
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.0
|
|
|
|
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; (iv) the Consolidated Statements of Changes in Stockholders’ Equity; (v) the Consolidated Statements of Cash Flows; and (vi) the Notes to Consolidated Financial Statements filed herewith
|
|
149
|
|
United Financial Bancorp, Inc.
|
||
|
|
|
By:
|
|
/s/ William H.W. Crawford, IV
|
|
|
William H.W. Crawford, IV
|
|
|
Chief Executive Officer and President
|
|
|
|
|
|
and
|
|
|
|
By:
|
|
/s/ Eric R. Newell
|
|
|
Eric R. Newell
|
|
|
Executive Vice President, Chief
|
|
|
Financial Officer and Treasurer
|
|
150
|
|
|
|
|
|
|
Signatures
|
|
Title
|
|
Date
|
|
|
|
||
/s/ William H.W. Crawford, IV
|
|
Chief Executive Officer and President
(
Principal Executive Officer
)
|
|
February 28, 2018
|
William H.W. Crawford, IV
|
|
|
||
|
|
|
||
/s/ Eric R. Newell
|
|
Executive Vice President, Chief Financial Officer and
Treasurer (
Principal Financial and Accounting Officer
)
|
|
February 28, 2018
|
Eric R. Newell
|
|
|
||
|
|
|
||
/s/ Paula A. Aiello
|
|
Director
|
|
February 28, 2018
|
Paula A. Aiello
|
|
|
||
|
|
|
||
/s/ Michael A. Bars
|
|
Director
|
|
February 28, 2018
|
Michael A. Bars
|
|
|
||
|
|
|
||
/s/ Michael F. Crowley
|
|
Director
|
|
February 28, 2018
|
Michael F. Crowley
|
|
|
||
|
|
|
||
/s/ Kristen A. Johnson
|
|
Director
|
|
February 28, 2018
|
Kristen A. Johnson
|
|
|
||
|
|
|
||
/s/ Carol A. Leary
|
|
Director
|
|
February 28, 2018
|
Carol A. Leary
|
|
|
||
|
|
|
||
/s/ Raymond H. Lefurge, Jr.
|
|
Vice Chairman
|
|
February 28, 2018
|
Raymond H. Lefurge, Jr.
|
|
|
||
|
|
|
|
|
/s/ Kevin E. Ross
|
|
Director
|
|
February 28, 2018
|
Kevin E. Ross
|
|
|
||
|
|
|
||
/s/ Robert A. Stewart, Jr.
|
|
Chairman
|
|
February 28, 2018
|
Robert A. Stewart, Jr.
|
|
|
|
151
|
|
ARTICLE I. OFFICE
|
|
ARTICLE II. SHAREHOLDERS
|
|
Section 1. Place of Meetings
|
|
Section 2. Annual Meeting
|
|
Section 3. Special Meetings
|
|
Section 4. Conduct of Meetings
|
|
Section 5. Notice of Meetings
|
|
Section 6. Fixing of Record Date
|
|
Section 7. Voting Requirements
|
|
Section 8. Voting Lists
|
|
Section 9. Quorum
|
|
Section 10. Proxies
|
|
Section 11. Voting of Shares in the Name of Two or More Persons
|
|
Section 12. Voting of Shares by Certain Holders
|
|
Section 13. No Cumulative Voting
|
|
Section 14. Inspectors of Election
|
|
Section 15. New Business
|
|
Section 16. Director Nominations
|
|
ARTICLE III. BOARD OF DIRECTORS
|
|
Section 1. General Powers
|
|
Section 2. Board Composition
|
|
Section 3. Regular Meetings
|
|
Section 4. Qualifications
|
|
Section 5. Special Meetings
|
|
Section 6. Quorum
|
|
Section 7. Manner of Acting
|
|
Section 8. Action Without a Meeting
|
|
Section 9. Resignation
|
|
Section 10. Vacancies
|
|
Section 11. Director Nominations
|
|
Section 12. Compensation
|
|
Section 13. Presumption of Assent
|
|
Section 14. Removal of Directors
|
|
ARTICLE IV. COMMITTEES
|
|
Section 1. Appointment
|
|
Section 2. Executive Committee
|
Section 3. Audit Committee
|
|
Section 4. Compensation Committee
|
|
Section 5. Governance and Nominating Committee
|
|
Section 6. Other Committees
|
|
Section 7. Quorum
|
|
Section 8. Amendments
|
|
ARTICLE V. OFFICERS
|
|
Section 1. Positions
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Section 2. Chairman and Vice Chairman of the Board
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Section 3. Chief Executive Officer
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Section 4. President
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Section 5. Appointment and Term of Office
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Section 6. Removal
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Section 7. Vacancies
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Section 8. Remuneration
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ARTICLE VI. CONTRACTS, LOANS, CHECKS AND DEPOSITS
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Section 1. Contracts
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Section 2. Loans
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Section 3. Checks, Drafts, etc
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Section 4. Deposits
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ARTICLE VII. CERTIFICATES FOR SHARES AND THEIR TRANSFER
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Section 1. Certificates for Shares
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Section 2. Transfer of Shares
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ARTICLE VIII. FISCAL YEAR
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ARTICLE IX. DIVIDENDS
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ARTICLE X. CORPORATE SEAL
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ARTICLE XI. INDEMNIFICATION
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ARTICLE XII. AMENDMENTS
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February 28, 2018
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/s/ William H.W. Crawford, IV
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William H.W. Crawford, IV
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Chief Executive Officer and President
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February 28, 2018
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/s/ Eric R. Newell
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Eric R. Newell
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EVP, Chief Financial Officer and
Treasurer
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By:
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/s/ William H.W. Crawford, IV
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William H.W. Crawford, IV
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Chief Executive Officer and President
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February 28, 2018
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By:
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/s/ Eric R. Newell
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Eric R. Newell
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EVP, Chief Financial Officer and Treasurer
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February 28, 2018
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