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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Brookline Bancorp Inc | NASDAQ:BRKL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.02 | -0.23% | 8.79 | 8.60 | 9.66 | 8.95 | 8.775 | 8.94 | 279,849 | 21:26:03 |
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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04-3402944
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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131 Clarendon Street
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Boston
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MA
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02116
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(Address of principal executive offices)
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(Zip Code)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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BRKL
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Nasdaq Global Select Market
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐ (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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Page
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BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Balance Sheets
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|||||||
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At March 31, 2020
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At December 31, 2019
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||||
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(In Thousands Except Share Data)
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||||||
ASSETS
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||||
Cash and due from banks
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$
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86,996
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$
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33,589
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Short-term investments
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253,772
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44,201
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Total cash and cash equivalents
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340,768
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77,790
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Investment securities available-for-sale
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761,539
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498,995
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Investment securities held-to-maturity (fair value of $0 and $87,561, respectively)
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—
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86,780
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Equity securities held-for-trading
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2,558
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3,581
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Total investment securities
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764,097
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589,356
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Loans and leases:
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Commercial real estate loans
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3,762,158
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3,669,222
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Commercial loans and leases
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1,826,866
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1,838,748
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Consumer loans
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1,233,503
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1,229,846
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Total loans and leases
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6,822,527
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6,737,816
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Allowance for loan and lease losses
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(113,181
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)
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(61,082
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)
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Net loans and leases
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6,709,346
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6,676,734
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Restricted equity securities
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68,472
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53,818
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Premises and equipment, net of accumulated depreciation of $78,343 and $76,763, respectively
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73,786
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74,350
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Right-of-use asset operating leases
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24,789
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24,876
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Deferred tax asset
|
38,141
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25,017
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Goodwill
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160,427
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160,427
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Identified intangible assets, net of accumulated amortization of $37,817 and $37,481, respectively
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4,087
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4,423
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Other real estate owned ("OREO") and repossessed assets, net
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2,038
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2,631
|
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Other assets
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275,640
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|
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167,431
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Total assets
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$
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8,461,591
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$
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7,856,853
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Deposits:
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||||
Demand checking accounts
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$
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1,175,329
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$
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1,141,578
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Interest-bearing deposits
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4,714,609
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4,688,494
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Total deposits
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5,889,938
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5,830,072
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Borrowed funds:
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Advances from the Federal Home Loan Bank of Boston ("FHLBB")
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1,137,431
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758,469
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Subordinated debentures and notes
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83,630
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83,591
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Other borrowed funds
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70,743
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60,689
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Total borrowed funds
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1,291,804
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902,749
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Operating lease liabilities
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24,789
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|
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24,876
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Mortgagors' escrow accounts
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7,441
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|
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7,232
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|
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Reserve for unfunded credits
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17,222
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1,880
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Accrued expenses and other liabilities
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317,829
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144,438
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Total liabilities
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7,549,023
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6,911,247
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Commitments and contingencies (Note 12)
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Stockholders' Equity:
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Brookline Bancorp, Inc. stockholders' equity:
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Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively
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852
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852
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Additional paid-in capital
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737,422
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736,601
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Retained earnings, partially restricted
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227,359
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265,376
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Accumulated other comprehensive income
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16,947
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2,283
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Treasury stock, at cost; 5,862,811 shares and 5,003,127 shares, respectively
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(69,617
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)
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(59,073
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)
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Unallocated common stock held by Employee Stock Ownership Plan ("ESOP"); 72,441 shares and 79,548 shares, respectively
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(395
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)
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(433
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)
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Total stockholders' equity
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912,568
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945,606
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Total liabilities and stockholders' equity
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$
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8,461,591
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$
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7,856,853
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Three Months Ended March 31,
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||||||
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2020
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2019
|
||||
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(In Thousands Except Share Data)
|
||||||
Interest and dividend income:
|
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|
||||
Loans and leases
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$
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79,559
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$
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80,672
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Debt securities
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2,976
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3,236
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|
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Marketable and restricted equity securities
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778
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911
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Short-term investments
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209
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267
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Total interest and dividend income
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83,522
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85,086
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Interest expense:
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||||
Deposits
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16,240
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15,948
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Borrowed funds
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5,570
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6,139
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Total interest expense
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21,810
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|
22,087
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Net interest income
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61,712
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62,999
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Provision for credit losses
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54,114
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|
1,353
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Net interest income after provision for credit losses
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7,598
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61,646
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Non-interest income:
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||||
Deposit fees
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2,458
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2,523
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Loan fees
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550
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413
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Loan level derivative income, net
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2,156
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|
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1,745
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Gain on investment securities, net
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1,330
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134
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||
Gain on sales of loans and leases held-for-sale
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120
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|
|
289
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Other
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2,714
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|
|
1,526
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|
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Total non-interest income
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9,328
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|
|
6,630
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|
||
Non-interest expense:
|
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|
||||
Compensation and employee benefits
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25,219
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|
23,743
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Occupancy
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3,953
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3,947
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|
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Equipment and data processing
|
4,703
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4,661
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Professional services
|
1,651
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|
|
1,076
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FDIC insurance
|
378
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|
|
593
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|
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Advertising and marketing
|
1,075
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|
|
1,069
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|
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Amortization of identified intangible assets
|
336
|
|
|
402
|
|
||
Other
|
3,433
|
|
|
3,380
|
|
||
Total non-interest expense
|
40,748
|
|
|
38,871
|
|
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(Loss) income before provision for income taxes
|
(23,822
|
)
|
|
29,405
|
|
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(Benefit) provision for income taxes
|
(6,546
|
)
|
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6,895
|
|
||
Net (loss) income before noncontrolling interest in subsidiary
|
(17,276
|
)
|
|
22,510
|
|
||
Less: net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
43
|
|
||
Net (loss) income attributable to Brookline Bancorp, Inc.
|
$
|
(17,276
|
)
|
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$
|
22,467
|
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Earnings per common share:
|
|
|
|
||||
Basic
|
$
|
(0.22
|
)
|
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$
|
0.28
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Diluted
|
(0.22
|
)
|
|
0.28
|
|
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Weighted average common shares outstanding during the year:
|
|
|
|
||||
Basic
|
79,481,462
|
|
|
79,658,583
|
|
||
Diluted
|
79,665,774
|
|
|
79,843,578
|
|
||
Dividends paid per common share
|
$
|
0.115
|
|
|
$
|
0.105
|
|
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Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Net (loss) income before noncontrolling interest in subsidiary
|
$
|
(17,276
|
)
|
|
$
|
22,510
|
|
|
|
|
|
||||
Investment securities available-for-sale:
|
|
|
|
||||
Unrealized securities holding gains (losses)
|
18,810
|
|
|
6,500
|
|
||
Income tax (expense) benefit
|
(4,146
|
)
|
|
(1,433
|
)
|
||
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes
|
14,664
|
|
|
5,067
|
|
||
Net unrealized securities holding gains (losses)
|
14,664
|
|
|
5,067
|
|
||
|
|
|
|
||||
Other comprehensive (loss) income, net of taxes
|
14,664
|
|
|
5,067
|
|
||
|
|
|
|
||||
Comprehensive (loss) income
|
(2,612
|
)
|
|
27,577
|
|
||
Less: Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
43
|
|
||
Comprehensive (loss) income attributable to Brookline Bancorp, Inc.
|
$
|
(2,612
|
)
|
|
$
|
27,534
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders'
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total Stockholders'
Equity
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2019
|
$
|
852
|
|
|
$
|
736,601
|
|
|
$
|
265,376
|
|
|
$
|
2,283
|
|
|
$
|
(59,073
|
)
|
|
$
|
(433
|
)
|
|
$
|
945,606
|
|
|
$
|
—
|
|
|
$
|
945,606
|
|
Net loss attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
(17,276
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,276
|
)
|
|
—
|
|
|
(17,276
|
)
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
14,664
|
|
|
—
|
|
|
—
|
|
|
14,664
|
|
|
—
|
|
|
14,664
|
|
|||||||||
Common stock dividends of $0.115 per share
|
—
|
|
|
—
|
|
|
(9,173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,173
|
)
|
|
—
|
|
|
(9,173
|
)
|
|||||||||
Compensation under recognition and retention plans
|
—
|
|
|
758
|
|
|
(45
|
)
|
|
—
|
|
|
(134
|
)
|
|
—
|
|
|
579
|
|
|
—
|
|
|
579
|
|
|||||||||
Treasury stock, repurchase shares
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,410
|
)
|
|
—
|
|
|
(10,410
|
)
|
|
—
|
|
|
(10,410
|
)
|
|||||||||
Common stock held by ESOP committed to be released (7,107 shares)
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
101
|
|
|
—
|
|
|
101
|
|
|||||||||
Adoption of ASU 2016-13 (CECL)
|
—
|
|
|
—
|
|
|
(11,523
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,523
|
)
|
|
—
|
|
|
(11,523
|
)
|
|||||||||
Balance at March 31, 2020
|
$
|
852
|
|
|
$
|
737,422
|
|
|
$
|
227,359
|
|
|
$
|
16,947
|
|
|
$
|
(69,617
|
)
|
|
$
|
(395
|
)
|
|
$
|
912,568
|
|
|
$
|
—
|
|
|
$
|
912,568
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
|
|
Treasury
Stock
|
|
Unallocated
Common Stock
Held by ESOP
|
|
Total Brookline
Bancorp, Inc.
Stockholders'
Equity
|
|
Noncontrolling
Interest in
Subsidiary
|
|
Total Stockholders'
Equity
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||||||
Balance at December 31, 2018
|
$
|
852
|
|
|
$
|
755,629
|
|
|
$
|
212,838
|
|
|
$
|
(9,460
|
)
|
|
$
|
(59,120
|
)
|
|
$
|
(599
|
)
|
|
$
|
900,140
|
|
|
$
|
10,479
|
|
|
$
|
910,619
|
|
Net income attributable to Brookline Bancorp, Inc.
|
—
|
|
|
—
|
|
|
22,467
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,467
|
|
|
—
|
|
|
22,467
|
|
|||||||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
43
|
|
|||||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
5,067
|
|
|
—
|
|
|
—
|
|
|
5,067
|
|
|
—
|
|
|
5,067
|
|
|||||||||
Common stock dividends of $0.105 per share
|
—
|
|
|
—
|
|
|
(8,376
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,376
|
)
|
|
—
|
|
|
(8,376
|
)
|
|||||||||
Dividend distribution to owners of noncontrolling interest in subsidiary
|
—
|
|
|
(930
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(930
|
)
|
|
—
|
|
|
(930
|
)
|
|||||||||
Redemption of noncontrolling interest in subsidiary
|
—
|
|
|
(18,697
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18,697
|
)
|
|
(10,522
|
)
|
|
(29,219
|
)
|
|||||||||
Compensation under recognition and retention plans
|
—
|
|
|
814
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
813
|
|
|
—
|
|
|
813
|
|
|||||||||
Common stock held by ESOP committed to be released (5,871 shares)
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
88
|
|
|
—
|
|
|
88
|
|
|||||||||
Balance at March 31, 2019
|
$
|
852
|
|
|
$
|
736,872
|
|
|
$
|
226,929
|
|
|
$
|
(4,393
|
)
|
|
$
|
(59,121
|
)
|
|
$
|
(567
|
)
|
|
$
|
900,572
|
|
|
$
|
—
|
|
|
$
|
900,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income attributable to Brookline Bancorp, Inc.
|
$
|
(17,276
|
)
|
|
$
|
22,467
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
||||
Net income attributable to noncontrolling interest in subsidiary
|
—
|
|
|
43
|
|
||
Provision for credit losses
|
54,114
|
|
|
1,353
|
|
||
Origination of loans and leases held-for-sale
|
—
|
|
|
(5,511
|
)
|
||
Proceeds from sales of loans and leases held-for-sale, net
|
—
|
|
|
8,109
|
|
||
Deferred income tax benefit
|
(17,270
|
)
|
|
(390
|
)
|
||
Depreciation of premises and equipment
|
1,581
|
|
|
1,782
|
|
||
Amortization of investment securities premiums and discounts, net
|
384
|
|
|
445
|
|
||
Amortization of deferred loan and lease origination costs, net
|
2,154
|
|
|
1,782
|
|
||
Amortization of identified intangible assets
|
336
|
|
|
402
|
|
||
Amortization of debt issuance costs
|
26
|
|
|
25
|
|
||
Accretion of acquisition fair value adjustments, net
|
(372
|
)
|
|
(704
|
)
|
||
Gain on investment securities, net
|
(1,330
|
)
|
|
(134
|
)
|
||
Gain on sales of loans and leases held-for-sale
|
(120
|
)
|
|
(289
|
)
|
||
Write-down of OREO and other repossessed assets
|
354
|
|
|
49
|
|
||
Compensation under recognition and retention plans
|
624
|
|
|
861
|
|
||
ESOP shares committed to be released
|
101
|
|
|
88
|
|
||
Net change in:
|
|
|
|
||||
Cash surrender value of bank-owned life insurance
|
(254
|
)
|
|
(254
|
)
|
||
Other assets
|
(103,913
|
)
|
|
(12,219
|
)
|
||
Accrued expenses and other liabilities
|
173,346
|
|
|
(1,926
|
)
|
||
Net cash provided from operating activities
|
92,485
|
|
|
15,979
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sales of investment securities available-for-sale
|
86,434
|
|
|
—
|
|
||
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale
|
25,530
|
|
|
19,935
|
|
||
Purchases of investment securities available-for-sale
|
(273,252
|
)
|
|
—
|
|
||
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity
|
6,302
|
|
|
1,475
|
|
||
Purchases of investment securities held-to-maturity
|
—
|
|
|
(500
|
)
|
||
Proceeds from redemption/sales of restricted equity securities
|
2,944
|
|
|
7,958
|
|
||
Purchase of restricted equity securities
|
(17,598
|
)
|
|
(399
|
)
|
||
Proceeds from sales of loans and leases held-for-investment, net
|
5,800
|
|
|
3,408
|
|
||
Net increase in loans and leases
|
(96,414
|
)
|
|
(92,280
|
)
|
||
Purchase of premises and equipment, net
|
(1,071
|
)
|
|
(961
|
)
|
||
Proceeds from sales of OREO and other repossessed assets
|
1,972
|
|
|
563
|
|
||
Net cash used for investing activities
|
(259,353
|
)
|
|
(60,801
|
)
|
||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
(Continued)
|
|
BROOKLINE BANCORP, INC. AND SUBSIDIARIES
Unaudited Consolidated Statements of Cash Flows (Continued)
|
|||||||
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Cash flows from financing activities:
|
|
|
|
||||
Increase in demand checking, NOW, savings and money market accounts
|
57,871
|
|
|
48,526
|
|
||
Increase in certificates of deposit
|
2,333
|
|
|
118,694
|
|
||
Proceeds from FHLBB advances
|
1,736,600
|
|
|
1,621,000
|
|
||
Repayment of FHLBB advances
|
(1,357,638
|
)
|
|
(1,675,357
|
)
|
||
Increase (decrease) in other borrowed funds, net
|
10,054
|
|
|
(219
|
)
|
||
Increase in mortgagors' escrow accounts, net
|
209
|
|
|
91
|
|
||
Repurchases of common stock
|
(10,410
|
)
|
|
—
|
|
||
Proceeds from issuance of common stock
|
—
|
|
|
(1
|
)
|
||
Payment of dividends on common stock
|
(9,173
|
)
|
|
(8,376
|
)
|
||
Redemption of noncontrolling interest in subsidiary
|
—
|
|
|
(35,851
|
)
|
||
Payment of dividends to owners of noncontrolling interest in subsidiary
|
—
|
|
|
(930
|
)
|
||
Net cash provided from financing activities
|
429,846
|
|
|
67,577
|
|
||
Net increase in cash and cash equivalents
|
262,978
|
|
|
22,755
|
|
||
Cash and cash equivalents at beginning of period
|
77,790
|
|
|
89,584
|
|
||
Cash and cash equivalents at end of period
|
$
|
340,768
|
|
|
$
|
112,339
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest on deposits, borrowed funds and subordinated debt
|
$
|
23,227
|
|
|
$
|
23,230
|
|
Income taxes
|
2,070
|
|
|
8,774
|
|
||
Non-cash investing activities:
|
|
|
|
||||
Transfer from loans to other real estate owned
|
$
|
1,733
|
|
|
$
|
505
|
|
|
At March 31, 2020
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
231,779
|
|
|
$
|
6,176
|
|
|
$
|
138
|
|
|
$
|
237,817
|
|
GSE CMOs
|
62,391
|
|
|
1,151
|
|
|
15
|
|
|
63,527
|
|
||||
GSE MBSs
|
319,088
|
|
|
9,551
|
|
|
141
|
|
|
328,498
|
|
||||
SBA commercial loan asset-backed securities
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Municipal obligations
|
44,976
|
|
|
645
|
|
|
3
|
|
|
45,618
|
|
||||
Corporate debt obligations
|
25,389
|
|
|
570
|
|
|
—
|
|
|
25,959
|
|
||||
U.S. Treasury bonds
|
55,776
|
|
|
3,858
|
|
|
—
|
|
|
59,634
|
|
||||
Foreign government obligations
|
500
|
|
|
—
|
|
|
15
|
|
|
485
|
|
||||
Total investment securities available-for-sale
|
$
|
739,900
|
|
|
$
|
21,951
|
|
|
$
|
312
|
|
|
$
|
761,539
|
|
Equity securities held-for-trading
|
|
|
|
|
|
|
$
|
2,558
|
|
|
December 31, 2019
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
182,922
|
|
|
$
|
2,939
|
|
|
$
|
58
|
|
|
$
|
185,803
|
|
GSE CMOs
|
87,001
|
|
|
22
|
|
|
1,091
|
|
|
85,932
|
|
||||
GSE MBSs
|
153,049
|
|
|
797
|
|
|
503
|
|
|
153,343
|
|
||||
SBA commercial loan asset-backed securities
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
||||
Corporate debt obligations
|
28,484
|
|
|
502
|
|
|
—
|
|
|
28,986
|
|
||||
U.S. Treasury bonds
|
44,675
|
|
|
338
|
|
|
116
|
|
|
44,897
|
|
||||
Total investment securities available-for-sale
|
$
|
496,165
|
|
|
$
|
4,598
|
|
|
$
|
1,768
|
|
|
$
|
498,995
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
31,228
|
|
|
$
|
113
|
|
|
$
|
51
|
|
|
$
|
31,290
|
|
GSEs MBSs
|
9,360
|
|
|
—
|
|
|
81
|
|
|
9,279
|
|
||||
Municipal obligations
|
45,692
|
|
|
822
|
|
|
—
|
|
|
46,514
|
|
||||
Foreign government obligations
|
500
|
|
|
—
|
|
|
22
|
|
|
478
|
|
||||
Total investment securities held-to-maturity
|
$
|
86,780
|
|
|
$
|
935
|
|
|
$
|
154
|
|
|
$
|
87,561
|
|
Equity securities held-for-trading
|
|
|
|
|
|
|
$
|
3,581
|
|
|
At March 31, 2020
|
||||||||||||||||||||||
|
Less than
Twelve Months
|
|
Twelve Months
or Longer
|
|
Total
|
||||||||||||||||||
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
$
|
43,783
|
|
|
$
|
138
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
43,783
|
|
|
$
|
138
|
|
GSE CMOs
|
—
|
|
|
—
|
|
|
1,428
|
|
|
15
|
|
|
1,428
|
|
|
15
|
|
||||||
GSE MBSs
|
8,012
|
|
|
50
|
|
|
3,973
|
|
|
91
|
|
|
11,985
|
|
|
141
|
|
||||||
Municipal obligations
|
1,157
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
1,157
|
|
|
3
|
|
||||||
Foreign government obligations
|
485
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
485
|
|
|
15
|
|
||||||
Temporarily impaired investment securities available-for-sale
|
53,437
|
|
|
206
|
|
|
5,401
|
|
|
106
|
|
|
58,838
|
|
|
312
|
|
||||||
Total temporarily impaired investment securities
|
$
|
53,437
|
|
|
$
|
206
|
|
|
$
|
5,401
|
|
|
$
|
106
|
|
|
$
|
58,838
|
|
|
$
|
312
|
|
|
December 31, 2019
|
||||||||||||||||||||||
|
Less than
Twelve Months
|
|
Twelve Months
or Longer
|
|
Total
|
||||||||||||||||||
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
$
|
10,965
|
|
|
$
|
58
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,965
|
|
|
$
|
58
|
|
GSE CMOs
|
28,659
|
|
|
217
|
|
|
55,885
|
|
|
874
|
|
|
84,544
|
|
|
1,091
|
|
||||||
GSE MBSs
|
42,046
|
|
|
115
|
|
|
42,257
|
|
|
388
|
|
|
84,303
|
|
|
503
|
|
||||||
SBA commercial loan asset-backed securities
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
—
|
|
||||||
U.S. Treasury bonds
|
25,754
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
25,754
|
|
|
116
|
|
||||||
Temporarily impaired investment securities available-for-sale
|
107,424
|
|
|
506
|
|
|
98,175
|
|
|
1,262
|
|
|
205,599
|
|
|
1,768
|
|
||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
GSE debentures
|
8,714
|
|
|
30
|
|
|
2,977
|
|
|
21
|
|
|
11,691
|
|
|
51
|
|
||||||
GSEs MBSs
|
—
|
|
|
—
|
|
|
9,257
|
|
|
81
|
|
|
9,257
|
|
|
81
|
|
||||||
Municipal obligations
|
710
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
915
|
|
|
—
|
|
||||||
Foreign government obligations
|
478
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|
22
|
|
||||||
Temporarily impaired investment securities held-to-maturity
|
9,902
|
|
|
52
|
|
|
12,439
|
|
|
102
|
|
|
22,341
|
|
|
154
|
|
||||||
Total temporarily impaired investment securities
|
$
|
117,326
|
|
|
$
|
558
|
|
|
$
|
110,614
|
|
|
$
|
1,364
|
|
|
$
|
227,940
|
|
|
$
|
1,922
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Weighted
Average
Rate
|
|
Amortized
Cost
|
|
Estimated
Fair Value
|
|
Weighted
Average
Rate
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Within 1 year
|
$
|
19,148
|
|
|
$
|
19,198
|
|
|
1.62
|
%
|
|
$
|
12,797
|
|
|
$
|
12,804
|
|
|
1.76
|
%
|
After 1 year through 5 years
|
226,455
|
|
|
234,676
|
|
|
2.09
|
%
|
|
217,569
|
|
|
220,757
|
|
|
2.19
|
%
|
||||
After 5 years through 10 years
|
140,491
|
|
|
144,703
|
|
|
1.85
|
%
|
|
93,805
|
|
|
94,212
|
|
|
2.04
|
%
|
||||
Over 10 years
|
353,806
|
|
|
362,962
|
|
|
2.10
|
%
|
|
171,994
|
|
|
171,222
|
|
|
2.12
|
%
|
||||
|
$
|
739,900
|
|
|
$
|
761,539
|
|
|
2.04
|
%
|
|
$
|
496,165
|
|
|
$
|
498,995
|
|
|
2.13
|
%
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Within 1 year
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
6,366
|
|
|
$
|
6,381
|
|
|
1.33
|
%
|
After 1 year through 5 years
|
—
|
|
|
—
|
|
|
—
|
%
|
|
63,898
|
|
|
64,559
|
|
|
1.81
|
%
|
||||
After 5 years through 10 years
|
—
|
|
|
—
|
|
|
—
|
%
|
|
7,177
|
|
|
7,364
|
|
|
1.79
|
%
|
||||
Over 10 years
|
—
|
|
|
—
|
|
|
—
|
%
|
|
9,339
|
|
|
9,257
|
|
|
1.90
|
%
|
||||
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
86,780
|
|
|
$
|
87,561
|
|
|
1.82
|
%
|
|
Three Months Ended March 31, 2020
|
|
Three Months Ended March 31, 2019
|
||||
|
(In Thousands)
|
||||||
Sales of trading securities
|
$
|
86,435
|
|
|
$
|
—
|
|
|
|
|
|
||||
Gross gains from securities sales
|
2,446
|
|
|
—
|
|
||
Gross losses from securities sales
|
(93
|
)
|
|
—
|
|
||
Gain on sales of securities, net
|
$
|
2,353
|
|
|
$
|
—
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
||||||
|
(Dollars In Thousands)
|
||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
2,526,923
|
|
|
4.19
|
%
|
|
$
|
2,491,011
|
|
|
4.33
|
%
|
Multi-family mortgage
|
963,273
|
|
|
4.06
|
%
|
|
932,163
|
|
|
4.20
|
%
|
||
Construction
|
271,962
|
|
|
4.43
|
%
|
|
246,048
|
|
|
5.09
|
%
|
||
Total commercial real estate loans
|
3,762,158
|
|
|
4.17
|
%
|
|
3,669,222
|
|
|
4.34
|
%
|
||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|||||
Commercial
|
719,208
|
|
|
4.26
|
%
|
|
729,502
|
|
|
4.66
|
%
|
||
Equipment financing
|
1,055,053
|
|
|
7.63
|
%
|
|
1,052,408
|
|
|
7.71
|
%
|
||
Condominium association
|
52,605
|
|
|
4.78
|
%
|
|
56,838
|
|
|
4.84
|
%
|
||
Total commercial loans and leases
|
1,826,866
|
|
|
6.22
|
%
|
|
1,838,748
|
|
|
6.41
|
%
|
||
Consumer loans:
|
|
|
|
|
|
|
|
|
|||||
Residential mortgage
|
810,186
|
|
|
4.03
|
%
|
|
814,245
|
|
|
4.10
|
%
|
||
Home equity
|
388,550
|
|
|
3.52
|
%
|
|
376,819
|
|
|
4.46
|
%
|
||
Other consumer
|
34,767
|
|
|
3.99
|
%
|
|
38,782
|
|
|
4.48
|
%
|
||
Total consumer loans
|
1,233,503
|
|
|
3.87
|
%
|
|
1,229,846
|
|
|
4.22
|
%
|
||
Total loans and leases
|
$
|
6,822,527
|
|
|
4.66
|
%
|
|
$
|
6,737,816
|
|
|
4.88
|
%
|
|
At December 31, 2019
|
|||||||||||||||||||
|
Originated
|
|
Acquired
|
|
Total
|
|||||||||||||||
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
|
Balance
|
|
Weighted
Average
Coupon
|
|||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial real estate
|
$
|
2,400,037
|
|
|
4.32
|
%
|
|
$
|
90,974
|
|
|
4.63
|
%
|
|
$
|
2,491,011
|
|
|
4.33
|
%
|
Multi-family mortgage
|
896,482
|
|
|
4.18
|
%
|
|
35,681
|
|
|
4.59
|
%
|
|
932,163
|
|
|
4.20
|
%
|
|||
Construction
|
239,015
|
|
|
5.04
|
%
|
|
7,033
|
|
|
6.73
|
%
|
|
246,048
|
|
|
5.09
|
%
|
|||
Total commercial real estate loans
|
3,535,534
|
|
|
4.33
|
%
|
|
133,688
|
|
|
4.73
|
%
|
|
3,669,222
|
|
|
4.34
|
%
|
|||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commercial
|
713,875
|
|
|
4.65
|
%
|
|
15,627
|
|
|
5.14
|
%
|
|
729,502
|
|
|
4.66
|
%
|
|||
Equipment financing
|
1,049,997
|
|
|
7.71
|
%
|
|
2,411
|
|
|
5.98
|
%
|
|
1,052,408
|
|
|
7.71
|
%
|
|||
Condominium association
|
56,838
|
|
|
4.84
|
%
|
|
—
|
|
|
—
|
%
|
|
56,838
|
|
|
4.84
|
%
|
|||
Total commercial loans and leases
|
1,820,710
|
|
|
6.42
|
%
|
|
18,038
|
|
|
5.25
|
%
|
|
1,838,748
|
|
|
6.41
|
%
|
|||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage
|
711,522
|
|
|
4.06
|
%
|
|
102,723
|
|
|
4.40
|
%
|
|
814,245
|
|
|
4.10
|
%
|
|||
Home equity
|
343,247
|
|
|
4.41
|
%
|
|
33,572
|
|
|
4.93
|
%
|
|
376,819
|
|
|
4.46
|
%
|
|||
Other consumer
|
38,674
|
|
|
4.44
|
%
|
|
108
|
|
|
17.91
|
%
|
|
38,782
|
|
|
4.48
|
%
|
|||
Total consumer loans
|
1,093,443
|
|
|
4.18
|
%
|
|
136,403
|
|
|
4.54
|
%
|
|
1,229,846
|
|
|
4.22
|
%
|
|||
Total loans and leases
|
$
|
6,449,687
|
|
|
4.89
|
%
|
|
$
|
288,129
|
|
|
4.67
|
%
|
|
$
|
6,737,816
|
|
|
4.88
|
%
|
|
|
Three Months Ended March 31, 2019
|
||
|
|
|
||
Balance at beginning of period
|
|
$
|
7,905
|
|
Accretion
|
|
(800
|
)
|
|
Reclassification from nonaccretable difference as a result of changes in expected cash flows
|
|
61
|
|
|
Balance at end of period
|
|
$
|
7,166
|
|
|
Three Months Ended March 31, 2020
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2019
|
$
|
30,285
|
|
|
$
|
24,826
|
|
|
$
|
5,971
|
|
|
$
|
61,082
|
|
Adoption of ASU 2016-13 (CECL)
|
11,694
|
|
|
(2,672
|
)
|
|
(2,390
|
)
|
|
6,632
|
|
||||
Charge-offs
|
—
|
|
|
(2,527
|
)
|
|
(12
|
)
|
|
(2,539
|
)
|
||||
Recoveries
|
—
|
|
|
247
|
|
|
58
|
|
|
305
|
|
||||
Provision for loan and lease losses excluding unfunded commitments
|
40,200
|
|
|
6,900
|
|
|
601
|
|
|
47,701
|
|
||||
Balance at March 31, 2020
|
$
|
82,179
|
|
|
$
|
26,774
|
|
|
$
|
4,228
|
|
|
$
|
113,181
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2018
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
Charge-offs
|
—
|
|
|
(2,512
|
)
|
|
(30
|
)
|
|
(2,542
|
)
|
||||
Recoveries
|
—
|
|
|
388
|
|
|
53
|
|
|
441
|
|
||||
Provision for loan and lease losses
|
162
|
|
|
1,081
|
|
|
207
|
|
|
1,450
|
|
||||
Balance at March 31, 2019
|
$
|
28,349
|
|
|
$
|
24,240
|
|
|
$
|
5,452
|
|
|
$
|
58,041
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Provision for loan and lease losses:
|
|
|
|
||||
Commercial real estate
|
$
|
40,200
|
|
|
$
|
162
|
|
Commercial
|
6,900
|
|
|
1,081
|
|
||
Consumer
|
601
|
|
|
207
|
|
||
Total provision for loan and lease losses
|
47,701
|
|
|
1,450
|
|
||
Unfunded credit commitments
|
6,413
|
|
|
(97
|
)
|
||
Total provision for credit losses
|
$
|
54,114
|
|
|
$
|
1,353
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2020
|
||||||||||||||||||||||||||
|
2020
|
2019
|
2018
|
2017
|
2016
|
Prior
|
Revolving Loans
|
Revolving Loans Converted to Term Loans
|
Total
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||
Commercial Real Estate
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
$
|
79,035
|
|
$
|
405,437
|
|
$
|
304,254
|
|
$
|
284,975
|
|
$
|
289,293
|
|
$
|
1,069,498
|
|
$
|
52,470
|
|
$
|
11,622
|
|
$
|
2,496,584
|
|
OAEM
|
—
|
|
496
|
|
—
|
|
—
|
|
2,253
|
|
14,750
|
|
—
|
|
—
|
|
17,499
|
|
|||||||||
Substandard
|
—
|
|
—
|
|
466
|
|
228
|
|
46
|
|
12,033
|
|
—
|
|
67
|
|
12,840
|
|
|||||||||
Total
|
79,035
|
|
405,933
|
|
304,720
|
|
285,203
|
|
291,592
|
|
1,096,281
|
|
52,470
|
|
11,689
|
|
2,526,923
|
|
|||||||||
Multi-Family Mortgage
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
35,322
|
|
112,126
|
|
142,968
|
|
109,573
|
|
130,328
|
|
368,436
|
|
52,284
|
|
12,152
|
|
963,189
|
|
|||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
—
|
|
84
|
|
—
|
|
|
|
|
|
84
|
|
|||||||||
Total
|
35,322
|
|
112,126
|
|
142,968
|
|
109,573
|
|
130,412
|
|
368,436
|
|
52,284
|
|
12,152
|
|
963,273
|
|
|||||||||
Construction
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
8,556
|
|
68,836
|
|
165,940
|
|
9,599
|
|
8,848
|
|
722
|
|
9,461
|
|
—
|
|
271,962
|
|
|||||||||
Total
|
8,556
|
|
68,836
|
|
165,940
|
|
9,599
|
|
8,848
|
|
722
|
|
9,461
|
|
—
|
|
271,962
|
|
|||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
19,210
|
|
85,409
|
|
62,169
|
|
80,508
|
|
31,373
|
|
129,970
|
|
286,535
|
|
3,589
|
|
698,763
|
|
|||||||||
OAEM
|
—
|
|
—
|
|
25
|
|
—
|
|
73
|
|
40
|
|
4,302
|
|
376
|
|
4,816
|
|
|||||||||
Substandard
|
—
|
|
—
|
|
785
|
|
642
|
|
1,809
|
|
10,799
|
|
981
|
|
612
|
|
15,628
|
|
Doubtful
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
1
|
|
|||||||||
Total
|
19,210
|
|
85,409
|
|
62,979
|
|
81,150
|
|
33,255
|
|
140,809
|
|
291,818
|
|
4,578
|
|
719,208
|
|
|||||||||
Equipment Financing
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
81,915
|
|
372,988
|
|
270,215
|
|
165,961
|
|
83,859
|
|
66,392
|
|
1,261
|
|
736
|
|
1,043,327
|
|
|||||||||
OAEM
|
—
|
|
—
|
|
—
|
|
—
|
|
1,322
|
|
42
|
|
—
|
|
—
|
|
1,364
|
|
|||||||||
Substandard
|
—
|
|
969
|
|
2,429
|
|
2,168
|
|
1,457
|
|
2,127
|
|
—
|
|
—
|
|
9,150
|
|
|||||||||
Doubtful
|
—
|
|
342
|
|
366
|
|
310
|
|
94
|
|
100
|
|
—
|
|
—
|
|
1,212
|
|
|||||||||
Total
|
81,915
|
|
374,299
|
|
273,010
|
|
168,439
|
|
86,732
|
|
68,661
|
|
1,261
|
|
736
|
|
1,055,053
|
|
|||||||||
Condominium Association
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
809
|
|
10,848
|
|
6,002
|
|
9,380
|
|
6,371
|
|
16,759
|
|
1,659
|
|
574
|
|
52,402
|
|
|||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
—
|
|
130
|
|
73
|
|
—
|
|
—
|
|
203
|
|
|||||||||
Total
|
809
|
|
10,848
|
|
6,002
|
|
9,380
|
|
6,501
|
|
16,832
|
|
1,659
|
|
574
|
|
52,605
|
|
|||||||||
Other Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
929
|
|
662
|
|
8,984
|
|
553
|
|
579
|
|
593
|
|
22,446
|
|
19
|
|
34,765
|
|
|||||||||
Substandard
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2
|
|
|
|
|
|
2
|
|
|||||||||
Total
|
929
|
|
662
|
|
8,984
|
|
553
|
|
579
|
|
595
|
|
22,446
|
|
19
|
|
34,767
|
|
|||||||||
Total
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Pass
|
225,776
|
|
1,056,306
|
|
960,532
|
|
660,549
|
|
550,651
|
|
1,652,370
|
|
426,116
|
|
28,692
|
|
5,560,992
|
|
|||||||||
OAEM
|
—
|
|
496
|
|
25
|
|
—
|
|
3,648
|
|
14,832
|
|
4,302
|
|
376
|
|
23,679
|
|
|||||||||
Substandard
|
—
|
|
969
|
|
3,680
|
|
3,038
|
|
3,526
|
|
25,034
|
|
981
|
|
679
|
|
37,907
|
|
|||||||||
Doubtful
|
—
|
|
342
|
|
366
|
|
310
|
|
94
|
|
100
|
|
—
|
|
1
|
|
1,213
|
|
|||||||||
Total
|
$
|
225,776
|
|
$
|
1,058,113
|
|
$
|
964,603
|
|
$
|
663,897
|
|
$
|
557,919
|
|
$
|
1,692,336
|
|
$
|
431,399
|
|
$
|
29,748
|
|
$
|
5,623,791
|
|
|
At March 31, 2020
|
||||||||||||||||||||||||||
|
2020
|
2019
|
2018
|
2017
|
2016
|
Prior
|
Revolving Loans
|
Revolving Loans Converted to Term Loans
|
Total
|
||||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||
Home Equity
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Scores
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Over 700
|
$
|
819
|
|
$
|
4,499
|
|
$
|
4,370
|
|
$
|
3,853
|
|
$
|
1,330
|
|
$
|
16,556
|
|
$
|
275,436
|
|
$
|
3,778
|
|
$
|
310,641
|
|
661 - 700
|
33
|
|
522
|
|
591
|
|
693
|
|
350
|
|
3,813
|
|
43,883
|
|
1,746
|
|
51,631
|
|
|||||||||
600 and below
|
—
|
|
219
|
|
281
|
|
14
|
|
42
|
|
610
|
|
10,478
|
|
917
|
|
12,561
|
|
|||||||||
Data not available*
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,018
|
|
10,129
|
|
1,570
|
|
13,717
|
|
|||||||||
Total
|
852
|
|
5,240
|
|
5,242
|
|
4,560
|
|
1,722
|
|
22,997
|
|
339,926
|
|
8,011
|
|
388,550
|
|
|||||||||
Residential
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Credit Scores
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Over 700
|
22,590
|
|
109,958
|
|
83,081
|
|
68,973
|
|
60,377
|
|
155,544
|
|
3,793
|
|
—
|
|
504,316
|
|
|||||||||
661 - 700
|
5,083
|
|
22,555
|
|
14,052
|
|
19,070
|
|
11,256
|
|
29,870
|
|
—
|
|
—
|
|
101,886
|
|
|||||||||
600 and below
|
3,058
|
|
6,541
|
|
5,193
|
|
9,142
|
|
6,736
|
|
16,974
|
|
—
|
|
—
|
|
47,644
|
|
|||||||||
Data not available*
|
7,943
|
|
20,444
|
|
20,383
|
|
15,845
|
|
5,635
|
|
84,733
|
|
—
|
|
1,357
|
|
156,340
|
|
|||||||||
Total
|
$
|
38,674
|
|
$
|
159,498
|
|
$
|
122,709
|
|
$
|
113,030
|
|
$
|
84,004
|
|
$
|
287,121
|
|
$
|
3,793
|
|
$
|
1,357
|
|
$
|
810,186
|
|
|
At December 31, 2019
|
|
||||||||||||||||||||||||||||
|
Commercial
Real Estate
|
|
Multi-
Family
Mortgage
|
|
Construction
|
|
Commercial
|
|
Equipment
Financing
|
|
Condominium
Association
|
|
Other
Consumer
|
Total
|
||||||||||||||||
|
(In Thousands)
|
|
||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
$
|
2,379,925
|
|
|
$
|
896,398
|
|
|
$
|
239,015
|
|
|
$
|
688,268
|
|
|
$
|
1,038,793
|
|
|
$
|
56,687
|
|
|
$
|
38,673
|
|
$
|
5,337,759
|
|
OAEM
|
17,006
|
|
|
—
|
|
|
—
|
|
|
10,803
|
|
|
1,389
|
|
|
—
|
|
|
—
|
|
29,198
|
|
||||||||
Substandard
|
3,106
|
|
|
84
|
|
|
—
|
|
|
14,801
|
|
|
7,995
|
|
|
151
|
|
|
1
|
|
26,138
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1,820
|
|
|
—
|
|
|
—
|
|
1,823
|
|
||||||||
Total originated
|
2,400,037
|
|
|
896,482
|
|
|
239,015
|
|
|
713,875
|
|
|
1,049,997
|
|
|
56,838
|
|
|
38,674
|
|
5,394,918
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loan rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Pass
|
81,360
|
|
|
35,681
|
|
|
7,033
|
|
|
15,215
|
|
|
2,404
|
|
|
—
|
|
|
108
|
|
141,801
|
|
||||||||
OAEM
|
597
|
|
|
—
|
|
|
—
|
|
|
210
|
|
|
—
|
|
|
—
|
|
|
—
|
|
807
|
|
||||||||
Substandard
|
9,017
|
|
|
—
|
|
|
—
|
|
|
202
|
|
|
7
|
|
|
—
|
|
|
—
|
|
9,226
|
|
||||||||
Doubtful
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
||||||||
Total acquired
|
90,974
|
|
|
35,681
|
|
|
7,033
|
|
|
15,627
|
|
|
2,411
|
|
|
—
|
|
|
108
|
|
151,834
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans
|
$
|
2,491,011
|
|
|
$
|
932,163
|
|
|
$
|
246,048
|
|
|
$
|
729,502
|
|
|
$
|
1,052,408
|
|
|
$
|
56,838
|
|
|
$
|
38,782
|
|
$
|
5,546,752
|
|
|
At December 31, 2019
|
||||||||||||
|
Residential Mortgage
|
|
Home Equity
|
||||||||||
|
(Dollars In Thousands)
|
||||||||||||
Originated:
|
|
|
|
|
|
|
|
||||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
$
|
184,628
|
|
|
22.7
|
%
|
|
$
|
132,736
|
|
|
35.2
|
%
|
50%—69%
|
293,976
|
|
|
36.1
|
%
|
|
91,681
|
|
|
24.3
|
%
|
||
70%—79%
|
204,600
|
|
|
25.1
|
%
|
|
81,459
|
|
|
21.6
|
%
|
||
80% and over
|
25,664
|
|
|
3.2
|
%
|
|
37,371
|
|
|
9.9
|
%
|
||
Data not available*
|
2,654
|
|
|
0.3
|
%
|
|
—
|
|
|
—
|
%
|
||
Total originated
|
711,522
|
|
|
87.4
|
%
|
|
343,247
|
|
|
91.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
||||
Loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
||||
Less than 50%
|
32,838
|
|
|
4.0
|
%
|
|
16,882
|
|
|
4.5
|
%
|
||
50%—69%
|
44,754
|
|
|
5.4
|
%
|
|
7,958
|
|
|
2.1
|
%
|
||
70%—79%
|
14,305
|
|
|
1.8
|
%
|
|
705
|
|
|
0.2
|
%
|
||
80% and over
|
4,608
|
|
|
0.6
|
%
|
|
4,726
|
|
|
1.3
|
%
|
||
Data not available
|
6,218
|
|
|
0.8
|
%
|
|
3,301
|
|
|
0.9
|
%
|
||
Total acquired
|
102,723
|
|
|
12.6
|
%
|
|
33,572
|
|
|
9.0
|
%
|
||
|
|
|
|
|
|
|
|
||||||
Total loans
|
$
|
814,245
|
|
|
100.0
|
%
|
|
$
|
376,819
|
|
|
100.0
|
%
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Amortized cost basis in mortgage loans collateralized by residential real estate property that are in the process of foreclosure
|
$
|
—
|
|
|
$
|
110
|
|
|
At March 31, 2020
|
|
|||||||||||||||||||||||||
|
Past Due
|
|
|
Past
Due Greater
Than 90 Days
and Accruing
|
|
|
|||||||||||||||||||||
|
31-60
Days
|
61-90
Days
|
Greater
Than
90 Days
|
Total
|
Current
|
Total Loans
and Leases
|
Non-accrual
|
Non-accrual
with No Related Allowance
|
|||||||||||||||||||
|
(In Thousands)
|
|
|||||||||||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial real estate
|
$
|
8,331
|
|
$
|
1,302
|
|
$
|
10,224
|
|
$
|
19,857
|
|
$
|
2,507,066
|
|
$
|
2,526,923
|
|
$
|
268
|
|
$
|
10,937
|
|
$
|
2,933
|
|
Multi-family mortgage
|
1,270
|
|
1,022
|
|
84
|
|
2,376
|
|
960,897
|
|
963,273
|
|
—
|
|
85
|
|
84
|
|
|||||||||
Construction
|
1,617
|
|
4,182
|
|
—
|
|
5,799
|
|
266,163
|
|
271,962
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Total commercial real estate loans
|
11,218
|
|
6,506
|
|
10,308
|
|
28,032
|
|
3,734,126
|
|
3,762,158
|
|
268
|
|
11,022
|
|
3,017
|
|
|||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
3,173
|
|
8,559
|
|
3,169
|
|
14,901
|
|
704,307
|
|
719,208
|
|
18
|
|
12,991
|
|
8,922
|
|
|||||||||
Equipment financing
|
5,885
|
|
2,155
|
|
6,726
|
|
14,766
|
|
1,040,287
|
|
1,055,053
|
|
305
|
|
10,356
|
|
2,299
|
|
|||||||||
Condominium association
|
1,044
|
|
—
|
|
—
|
|
1,044
|
|
51,561
|
|
52,605
|
|
—
|
|
203
|
|
130
|
|
|||||||||
Total commercial loans and leases
|
10,102
|
|
10,714
|
|
9,895
|
|
30,711
|
|
1,796,155
|
|
1,826,866
|
|
323
|
|
23,550
|
|
11,351
|
|
|||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Residential mortgage
|
662
|
|
—
|
|
2,458
|
|
3,120
|
|
807,066
|
|
810,186
|
|
452
|
|
3,446
|
|
3,077
|
|
|||||||||
Home equity
|
1,310
|
|
1
|
|
468
|
|
1,779
|
|
386,771
|
|
388,550
|
|
2
|
|
1,059
|
|
780
|
|
|||||||||
Other consumer
|
26
|
|
4
|
|
5
|
|
35
|
|
34,732
|
|
34,767
|
|
—
|
|
7
|
|
—
|
|
|||||||||
Total consumer loans
|
1,998
|
|
5
|
|
2,931
|
|
4,934
|
|
1,228,569
|
|
1,233,503
|
|
454
|
|
4,512
|
|
3,857
|
|
|||||||||
Total loans and leases
|
$
|
23,318
|
|
$
|
17,225
|
|
$
|
23,134
|
|
$
|
63,677
|
|
$
|
6,758,850
|
|
$
|
6,822,527
|
|
$
|
1,045
|
|
$
|
39,084
|
|
$
|
18,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At December 31, 2019
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than
90 Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
|
Nonaccrual
Loans and
Leases
|
|||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
$
|
3,330
|
|
|
$
|
2,032
|
|
|
$
|
1,606
|
|
|
$
|
6,968
|
|
|
$
|
2,393,069
|
|
|
$
|
2,400,037
|
|
|
$
|
51
|
|
|
$
|
2,751
|
|
Multi-family mortgage
|
3,559
|
|
|
553
|
|
|
—
|
|
|
4,112
|
|
|
892,370
|
|
|
896,482
|
|
|
—
|
|
|
84
|
|
||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
239,015
|
|
|
239,015
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
6,889
|
|
|
2,585
|
|
|
1,606
|
|
|
11,080
|
|
|
3,524,454
|
|
|
3,535,534
|
|
|
51
|
|
|
2,835
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
5,010
|
|
|
199
|
|
|
3,875
|
|
|
9,084
|
|
|
704,791
|
|
|
713,875
|
|
|
—
|
|
|
4,707
|
|
||||||||
Equipment financing
|
3,098
|
|
|
1,558
|
|
|
7,246
|
|
|
11,902
|
|
|
1,038,095
|
|
|
1,049,997
|
|
|
—
|
|
|
9,822
|
|
||||||||
Condominium association
|
458
|
|
|
—
|
|
|
—
|
|
|
458
|
|
|
56,380
|
|
|
56,838
|
|
|
—
|
|
|
151
|
|
||||||||
Total commercial loans and leases
|
8,566
|
|
|
1,757
|
|
|
11,121
|
|
|
21,444
|
|
|
1,799,266
|
|
|
1,820,710
|
|
|
—
|
|
|
14,680
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
1,014
|
|
|
—
|
|
|
3
|
|
|
1,017
|
|
|
710,505
|
|
|
711,522
|
|
|
—
|
|
|
753
|
|
||||||||
Home equity
|
794
|
|
|
501
|
|
|
139
|
|
|
1,434
|
|
|
341,813
|
|
|
343,247
|
|
|
2
|
|
|
276
|
|
||||||||
Other consumer
|
46
|
|
|
1
|
|
|
1
|
|
|
48
|
|
|
38,626
|
|
|
38,674
|
|
|
—
|
|
|
1
|
|
||||||||
Total consumer loans
|
1,854
|
|
|
502
|
|
|
143
|
|
|
2,499
|
|
|
1,090,944
|
|
|
1,093,443
|
|
|
2
|
|
|
1,030
|
|
||||||||
Total originated loans and leases
|
$
|
17,309
|
|
|
$
|
4,844
|
|
|
$
|
12,870
|
|
|
$
|
35,023
|
|
|
$
|
6,414,664
|
|
|
$
|
6,449,687
|
|
|
$
|
53
|
|
|
$
|
18,545
|
|
|
At December 31, 2019
|
||||||||||||||||||||||||||||||
|
Past Due
|
|
|
|
|
|
Loans and
Leases Past
Due Greater
Than 90 Days
and Accruing
|
|
|
||||||||||||||||||||||
|
31-60
Days
|
|
61-90
Days
|
|
Greater
Than
90 Days
|
|
Total
|
|
Current
|
|
Total Loans
and Leases
|
|
|
Nonaccrual
Loans and
Leases (1)
|
|||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||||||||||
Acquired:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial real estate
|
$
|
539
|
|
|
$
|
59
|
|
|
$
|
8,989
|
|
|
$
|
9,587
|
|
|
$
|
81,387
|
|
|
$
|
90,974
|
|
|
$
|
8,919
|
|
|
$
|
94
|
|
Multi-family mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,681
|
|
|
35,681
|
|
|
—
|
|
|
—
|
|
||||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,033
|
|
|
7,033
|
|
|
—
|
|
|
—
|
|
||||||||
Total commercial real estate loans
|
539
|
|
|
59
|
|
|
8,989
|
|
|
9,587
|
|
|
124,101
|
|
|
133,688
|
|
|
8,919
|
|
|
94
|
|
||||||||
Commercial loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,627
|
|
|
15,627
|
|
|
—
|
|
|
202
|
|
||||||||
Equipment financing
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
2,404
|
|
|
2,411
|
|
|
7
|
|
|
—
|
|
||||||||
Total commercial loans and leases
|
—
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
18,031
|
|
|
18,038
|
|
|
7
|
|
|
202
|
|
||||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Residential mortgage
|
35
|
|
|
75
|
|
|
1,090
|
|
|
1,200
|
|
|
101,523
|
|
|
102,723
|
|
|
1,090
|
|
|
—
|
|
||||||||
Home equity
|
430
|
|
|
—
|
|
|
42
|
|
|
472
|
|
|
33,100
|
|
|
33,572
|
|
|
40
|
|
|
620
|
|
||||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
108
|
|
|
—
|
|
|
—
|
|
||||||||
Total consumer loans
|
465
|
|
|
75
|
|
|
1,132
|
|
|
1,672
|
|
|
134,731
|
|
|
136,403
|
|
|
1,130
|
|
|
620
|
|
||||||||
Total acquired loans and leases
|
$
|
1,004
|
|
|
$
|
134
|
|
|
$
|
10,128
|
|
|
$
|
11,266
|
|
|
$
|
276,863
|
|
|
$
|
288,129
|
|
|
$
|
10,056
|
|
|
$
|
916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total loans and leases
|
$
|
18,313
|
|
|
$
|
4,978
|
|
|
$
|
22,998
|
|
|
$
|
46,289
|
|
|
$
|
6,691,527
|
|
|
$
|
6,737,816
|
|
|
$
|
10,109
|
|
|
$
|
19,461
|
|
|
At March 31, 2020
|
||||||||||||||
|
Commercial Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated
|
$
|
1,672
|
|
|
$
|
3,488
|
|
|
$
|
117
|
|
|
$
|
5,277
|
|
Collectively evaluated
|
80,507
|
|
|
23,286
|
|
|
4,111
|
|
|
107,904
|
|
||||
Total
|
82,179
|
|
|
26,774
|
|
|
4,228
|
|
|
113,181
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loans and Leases:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated
|
$
|
15,134
|
|
|
$
|
29,726
|
|
|
$
|
8,187
|
|
|
$
|
53,047
|
|
Collectively evaluated
|
3,747,024
|
|
|
1,797,140
|
|
|
1,225,316
|
|
|
6,769,480
|
|
||||
Total
|
3,762,158
|
|
|
1,826,866
|
|
|
1,233,503
|
|
|
6,822,527
|
|
|
At December 31, 2019
|
||||||||||||||
|
Commercial Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
||||||||
Originated:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
7
|
|
|
$
|
1,672
|
|
|
$
|
70
|
|
|
$
|
1,749
|
|
Collectively evaluated for impairment
|
28,415
|
|
|
22,853
|
|
|
5,850
|
|
|
57,118
|
|
||||
Total originated loans and leases
|
28,422
|
|
|
24,525
|
|
|
5,920
|
|
|
58,867
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Acquired:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
||||
Collectively evaluated for impairment
|
65
|
|
|
197
|
|
|
11
|
|
|
273
|
|
||||
Acquired with deteriorated credit quality
|
1,798
|
|
|
104
|
|
|
—
|
|
|
1,902
|
|
||||
Total acquired loans and leases
|
1,863
|
|
|
301
|
|
|
51
|
|
|
2,215
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total allowance for loan and lease losses
|
$
|
30,285
|
|
|
$
|
24,826
|
|
|
$
|
5,971
|
|
|
$
|
61,082
|
|
|
|
|
|
|
|
|
|
||||||||
Loans and Leases:
|
|
|
|
|
|
|
|
||||||||
Originated:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
$
|
3,956
|
|
|
$
|
20,019
|
|
|
$
|
3,326
|
|
|
$
|
27,301
|
|
Collectively evaluated for impairment
|
3,531,578
|
|
|
1,800,691
|
|
|
1,090,117
|
|
|
6,422,386
|
|
||||
Total originated loans and leases
|
3,535,534
|
|
|
1,820,710
|
|
|
1,093,443
|
|
|
6,449,687
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Acquired:
|
|
|
|
|
|
|
|
||||||||
Individually evaluated for impairment
|
2,942
|
|
|
397
|
|
|
1,841
|
|
|
5,180
|
|
||||
Collectively evaluated for impairment
|
79,465
|
|
|
15,465
|
|
|
110,758
|
|
|
205,688
|
|
||||
Acquired with deteriorated credit quality
|
51,281
|
|
|
2,176
|
|
|
23,804
|
|
|
77,261
|
|
||||
Total acquired loans and leases
|
133,688
|
|
|
18,038
|
|
|
136,403
|
|
|
288,129
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,669,222
|
|
|
$
|
1,838,748
|
|
|
$
|
1,229,846
|
|
|
$
|
6,737,816
|
|
|
At December 31, 2019
|
||||||||||
|
Recorded
Investment (1)
|
|
Unpaid
Principal Balance |
|
Related
Allowance |
||||||
|
(In Thousands)
|
||||||||||
Originated:
|
|
|
|
|
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
3,899
|
|
|
$
|
3,892
|
|
|
$
|
—
|
|
Commercial
|
28,539
|
|
|
28,533
|
|
|
—
|
|
|||
Consumer
|
2,237
|
|
|
2,223
|
|
|
—
|
|
|||
Total originated with no related allowance recorded
|
34,675
|
|
|
34,648
|
|
|
—
|
|
|||
With an allowance recorded:
|
|
|
|
|
|
||||||
Commercial real estate
|
68
|
|
|
68
|
|
|
7
|
|
|||
Commercial
|
5,980
|
|
|
6,055
|
|
|
1,672
|
|
|||
Consumer
|
1,224
|
|
|
1,220
|
|
|
70
|
|
|||
Total originated with an allowance recorded
|
7,272
|
|
|
7,343
|
|
|
1,749
|
|
|||
Total originated impaired loans and leases
|
41,947
|
|
|
41,991
|
|
|
1,749
|
|
|||
|
|
|
|
|
|
||||||
Acquired:
|
|
|
|
|
|
||||||
With no related allowance recorded:
|
|
|
|
|
|
||||||
Commercial real estate
|
12,365
|
|
|
12,366
|
|
|
—
|
|
|||
Commercial
|
437
|
|
|
437
|
|
|
—
|
|
|||
Consumer
|
3,516
|
|
|
3,516
|
|
|
—
|
|
|||
Total acquired with no related allowance recorded
|
16,318
|
|
|
16,319
|
|
|
—
|
|
|||
With an allowance recorded:
|
|
|
|
|
|
||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|||
Commercial
|
—
|
|
|
—
|
|
|
—
|
|
|||
Consumer
|
447
|
|
|
447
|
|
|
40
|
|
|||
Total acquired with an allowance recorded
|
447
|
|
|
447
|
|
|
40
|
|
|||
Total acquired impaired loans and leases
|
16,765
|
|
|
16,766
|
|
|
40
|
|
|||
|
|
|
|
|
|
||||||
Total impaired loans and leases
|
$
|
58,712
|
|
|
$
|
58,757
|
|
|
$
|
1,789
|
|
|
Three Months Ended
|
||||||
|
March 31, 2019
|
||||||
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||
|
(In Thousands)
|
||||||
Originated:
|
|
|
|
||||
With no related allowance recorded:
|
|
|
|
||||
Commercial real estate
|
$
|
8,699
|
|
|
$
|
65
|
|
Commercial
|
35,162
|
|
|
349
|
|
||
Consumer
|
2,732
|
|
|
8
|
|
||
Total originated with no related allowance recorded
|
46,593
|
|
|
422
|
|
||
With an allowance recorded:
|
|
|
|
||||
Commercial real estate
|
469
|
|
|
1
|
|
||
Commercial
|
8,467
|
|
|
28
|
|
||
Consumer
|
663
|
|
|
6
|
|
||
Total originated with an allowance recorded
|
9,599
|
|
|
35
|
|
||
Total originated impaired loans and leases
|
56,192
|
|
|
457
|
|
||
|
|
|
|
||||
Acquired:
|
|
|
|
||||
With no related allowance recorded:
|
|
|
|
||||
Commercial real estate
|
9,153
|
|
|
3
|
|
||
Commercial
|
559
|
|
|
4
|
|
||
Consumer
|
4,943
|
|
|
15
|
|
||
Total acquired with no related allowance recorded
|
14,655
|
|
|
22
|
|
||
With an allowance recorded:
|
|
|
|
||||
Commercial real estate
|
—
|
|
|
—
|
|
||
Commercial
|
—
|
|
|
—
|
|
||
Consumer
|
153
|
|
|
1
|
|
||
Total acquired with an allowance recorded
|
153
|
|
|
1
|
|
||
Total acquired impaired loans and leases
|
14,808
|
|
|
23
|
|
||
|
|
|
|
||||
Total impaired loans and leases
|
$
|
71,000
|
|
|
$
|
480
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Troubled debt restructurings:
|
|
|
|
||||
On accrual
|
$
|
16,480
|
|
|
$
|
17,076
|
|
On nonaccrual
|
5,819
|
|
|
6,104
|
|
||
Total troubled debt restructurings
|
$
|
22,299
|
|
|
$
|
23,180
|
|
|
At and for the Three Months Ended March 31, 2020
|
||||||||||||||||||||||||
|
|
|
Amortized Cost
|
|
Specific
Allowance for
Credit Losses
|
|
|
|
Defaulted (1)
|
||||||||||||||||
|
Number of
Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
|
Nonaccrual
Loans and
Leases
|
|
Number of
Loans/
Leases
|
|
Amortized Cost
|
|||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
—
|
|
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
228
|
|
|
Commercial
|
1
|
|
|
$
|
297
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
295
|
|
|
—
|
|
|
$
|
—
|
|
Equipment financing
|
2
|
|
|
200
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
3
|
|
|
$
|
497
|
|
|
$
|
495
|
|
|
$
|
—
|
|
|
$
|
295
|
|
|
1
|
|
|
$
|
228
|
|
|
At and for the Three Months Ended March 31, 2019
|
||||||||||||||||||||||||
|
|
|
Recorded Investment
|
|
Specific
Allowance for
Loan and
Lease Losses
|
|
|
|
Defaulted (1)
|
||||||||||||||||
|
Number of
Loans/
Leases
|
|
At
Modification
|
|
At End of
Period
|
|
|
Nonaccrual
Loans and
Leases
|
|
Number of
Loans/
Leases
|
|
Recorded
Investment
|
|||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||
Originated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
1
|
|
|
$
|
73
|
|
|
$
|
72
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
635
|
|
Commercial
|
6
|
|
|
16,754
|
|
|
16,730
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1,074
|
|
|||||
Equipment financing
|
3
|
|
|
816
|
|
|
815
|
|
|
182
|
|
|
425
|
|
|
1
|
|
|
52
|
|
|||||
Residential mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
341
|
|
|||||
Total originated
|
10
|
|
|
$
|
17,643
|
|
|
$
|
17,617
|
|
|
$
|
191
|
|
|
$
|
425
|
|
|
6
|
|
|
$
|
2,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(In Thousands)
|
||||||
Loans with one modification:
|
|
|
|
||||
Extended maturity
|
$
|
295
|
|
|
$
|
6,319
|
|
Combination maturity, principal, interest rate
|
200
|
|
|
11,298
|
|
||
Total loans with one modification
|
495
|
|
|
17,617
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Goodwill (beginning)
|
$
|
160,427
|
|
|
$
|
160,427
|
|
Additions
|
—
|
|
|
—
|
|
||
Balance at end of period
|
160,427
|
|
|
160,427
|
|
||
Other intangible assets:
|
|
|
|
||||
Core deposits
|
2,998
|
|
|
3,334
|
|
||
Trade name
|
1,089
|
|
|
1,089
|
|
||
Total other intangible assets
|
4,087
|
|
|
4,423
|
|
||
Total goodwill and other intangible assets
|
$
|
164,514
|
|
|
$
|
164,850
|
|
Remainder of 2020
|
$
|
935
|
|
Year ending:
|
|
||
2021
|
857
|
|
|
2022
|
500
|
|
|
2023
|
268
|
|
|
2024
|
158
|
|
|
2025
|
104
|
|
|
Thereafter
|
176
|
|
|
Total
|
$
|
2,998
|
|
|
Three Months Ended March 31, 2020
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Loss
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2019
|
$
|
2,199
|
|
|
$
|
84
|
|
|
$
|
2,283
|
|
Other comprehensive income
|
14,664
|
|
|
—
|
|
|
14,664
|
|
|||
Balance at March 31, 2020
|
$
|
16,863
|
|
|
$
|
84
|
|
|
$
|
16,947
|
|
|
Three Months Ended March 31, 2019
|
||||||||||
|
Investment
Securities
Available-for-Sale
|
|
Postretirement
Benefits
|
|
Accumulated Other
Comprehensive
Loss
|
||||||
|
(In Thousands)
|
||||||||||
Balance at December 31, 2018
|
$
|
(9,712
|
)
|
|
$
|
252
|
|
|
$
|
(9,460
|
)
|
Other comprehensive income
|
5,067
|
|
|
—
|
|
|
5,067
|
|
|||
Balance at March 31, 2019
|
$
|
(4,645
|
)
|
|
$
|
252
|
|
|
$
|
(4,393
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional Amount Maturing
|
|||||||||||||||||||||||||||||
|
Number of Positions
|
|
Less than 1 year
|
|
Less than 2 years
|
|
Less than 3 years
|
|
Less than 4 years
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
|||||||||||||||
|
March 31, 2020
|
|||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||||||||||||
Loan level derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Receive fixed, pay variable
|
129
|
|
|
$
|
24,358
|
|
|
$
|
—
|
|
|
$
|
33,455
|
|
|
$
|
14,220
|
|
|
$
|
1,159,063
|
|
|
$
|
1,231,096
|
|
|
$
|
154,032
|
|
Pay fixed, receive variable
|
129
|
|
|
24,358
|
|
|
—
|
|
|
33,455
|
|
|
14,220
|
|
|
1,159,063
|
|
|
1,231,096
|
|
|
154,032
|
|
|||||||
Risk participation-out agreements
|
40
|
|
|
13,731
|
|
|
—
|
|
|
7,110
|
|
|
12,773
|
|
|
200,232
|
|
|
233,846
|
|
|
2,473
|
|
|||||||
Risk participation-in agreements
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,000
|
|
|
30,279
|
|
|
49,279
|
|
|
432
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Buys foreign currency, sells U.S. currency
|
24
|
|
|
$
|
1,422
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,422
|
|
|
$
|
200
|
|
Sells foreign currency, buys U.S. currency
|
25
|
|
|
1,530
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,530
|
|
|
224
|
|
|
Notional Amount Maturing
|
|||||||||||||||||||||||||||||
|
Number of Positions
|
|
Less than 1 year
|
|
Less than 2 years
|
|
Less than 3 years
|
|
Less than 4 years
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
|||||||||||||||
|
December 31, 2019
|
|||||||||||||||||||||||||||||
|
(Dollars In Thousands)
|
|||||||||||||||||||||||||||||
Loan level derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Receive fixed, pay variable
|
119
|
|
|
$
|
24,777
|
|
|
$
|
—
|
|
|
$
|
31,131
|
|
|
$
|
16,794
|
|
|
$
|
1,028,491
|
|
|
$
|
1,101,193
|
|
|
$
|
58,102
|
|
Pay fixed, receive variable
|
119
|
|
|
24,777
|
|
|
—
|
|
|
31,131
|
|
|
16,794
|
|
|
1,028,491
|
|
|
1,101,193
|
|
|
58,102
|
|
|||||||
Risk participation-out agreements
|
40
|
|
|
13,967
|
|
|
—
|
|
|
—
|
|
|
7,143
|
|
|
214,583
|
|
|
235,693
|
|
|
1,229
|
|
|||||||
Risk participation-in agreements
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,000
|
|
|
36,281
|
|
|
55,281
|
|
|
283
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Buys foreign currency, sells U.S. currency
|
16
|
|
|
$
|
1,125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,125
|
|
|
$
|
54
|
|
Sells foreign currency, buys U.S. currency
|
18
|
|
|
1,230
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
|
53
|
|
|
At March 31, 2020
|
||||||||||||||||||||||
|
Gross
Amounts Recognized |
|
Gross Amounts
Offset in the
Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the
Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
|
|
|
|
Financial Instruments Pledged
|
|
Cash Collateral Pledged
|
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Asset derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
154,761
|
|
|
$
|
—
|
|
|
$
|
154,761
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
154,761
|
|
Risk participation-out agreements
|
2,473
|
|
|
—
|
|
|
2,473
|
|
|
—
|
|
|
—
|
|
|
2,473
|
|
||||||
Foreign exchange contracts
|
224
|
|
|
—
|
|
|
224
|
|
|
—
|
|
|
—
|
|
|
224
|
|
||||||
Total
|
$
|
157,458
|
|
|
$
|
—
|
|
|
$
|
157,458
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
157,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liability derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
154,761
|
|
|
$
|
—
|
|
|
$
|
154,761
|
|
|
$
|
107,697
|
|
|
$
|
47,516
|
|
|
$
|
(452
|
)
|
Risk participation-in agreements
|
432
|
|
|
—
|
|
|
432
|
|
|
—
|
|
|
—
|
|
|
432
|
|
||||||
Foreign exchange contracts
|
200
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
—
|
|
|
200
|
|
||||||
Total
|
$
|
155,393
|
|
|
$
|
—
|
|
|
$
|
155,393
|
|
|
$
|
107,697
|
|
|
$
|
47,516
|
|
|
$
|
180
|
|
|
At December 31, 2019
|
||||||||||||||||||||||
|
Gross
Amounts Recognized |
|
Gross Amounts
Offset in the
Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the
Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
|
|
|
|
Financial Instruments Pledged
|
|
Cash Collateral Pledged
|
|
||||||||||||||||
|
(In Thousands)
|
||||||||||||||||||||||
Asset derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
11,900
|
|
|
$
|
47,465
|
|
Risk participation-out agreements
|
1,229
|
|
|
—
|
|
|
1,229
|
|
|
—
|
|
|
—
|
|
|
1,229
|
|
||||||
Foreign exchange contracts
|
54
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
54
|
|
||||||
Total
|
$
|
60,648
|
|
|
$
|
—
|
|
|
$
|
60,648
|
|
|
$
|
—
|
|
|
$
|
11,900
|
|
|
$
|
48,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liability derivatives
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan level derivatives
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
59,365
|
|
|
$
|
86,521
|
|
|
$
|
—
|
|
|
$
|
(27,156
|
)
|
Risk participation-in agreements
|
283
|
|
|
—
|
|
|
283
|
|
|
—
|
|
|
—
|
|
|
283
|
|
||||||
Foreign exchange contracts
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
53
|
|
||||||
Total
|
$
|
59,701
|
|
|
$
|
—
|
|
|
$
|
59,701
|
|
|
$
|
86,521
|
|
|
$
|
—
|
|
|
$
|
(26,820
|
)
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2020
|
|
March 31, 2019
|
||||||||||||
|
Basic
|
|
Fully
Diluted
|
|
Basic
|
|
Fully
Diluted
|
||||||||
|
(Dollars in Thousands, Except Per Share Amounts)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income
|
$
|
(17,276
|
)
|
|
$
|
(17,276
|
)
|
|
$
|
22,467
|
|
|
$
|
22,467
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding
|
79,481,462
|
|
|
79,481,462
|
|
|
79,658,583
|
|
|
79,658,583
|
|
||||
Effect of dilutive securities
|
—
|
|
|
184,312
|
|
|
—
|
|
|
184,995
|
|
||||
Adjusted weighted average shares outstanding
|
79,481,462
|
|
|
79,665,774
|
|
|
79,658,583
|
|
|
79,843,578
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EPS
|
$
|
(0.22
|
)
|
|
$
|
(0.22
|
)
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
Carrying Value as of March 31, 2020
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
—
|
|
|
$
|
237,816
|
|
|
$
|
—
|
|
|
$
|
237,816
|
|
GSE CMOs
|
—
|
|
|
63,527
|
|
|
—
|
|
|
63,527
|
|
||||
GSE MBSs
|
—
|
|
|
328,499
|
|
|
—
|
|
|
328,499
|
|
||||
SBA commercial loan asset-backed securities
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Municipal obligations
|
—
|
|
|
45,618
|
|
|
—
|
|
|
45,618
|
|
||||
Corporate debt obligations
|
—
|
|
|
25,959
|
|
|
—
|
|
|
25,959
|
|
||||
U.S. Treasury bonds
|
—
|
|
|
59,634
|
|
|
—
|
|
|
59,634
|
|
||||
Foreign government obligations
|
—
|
|
|
485
|
|
|
—
|
|
|
$
|
485
|
|
|||
Total investment securities available-for-sale
|
$
|
—
|
|
|
$
|
761,539
|
|
|
$
|
—
|
|
|
$
|
761,539
|
|
Equity securities held-for-trading
|
$
|
1,527
|
|
|
$
|
1,031
|
|
|
$
|
—
|
|
|
$
|
2,558
|
|
Loan level derivatives
|
—
|
|
|
154,761
|
|
|
—
|
|
|
154,761
|
|
||||
Risk participation-out agreements
|
—
|
|
|
2,473
|
|
|
—
|
|
|
2,473
|
|
||||
Foreign exchange contracts
|
—
|
|
|
224
|
|
|
—
|
|
|
224
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Loan level derivatives
|
$
|
—
|
|
|
$
|
154,761
|
|
|
$
|
—
|
|
|
$
|
154,761
|
|
Risk participation-in agreements
|
—
|
|
|
432
|
|
|
—
|
|
|
432
|
|
||||
Foreign exchange contracts
|
—
|
|
|
200
|
|
|
—
|
|
|
200
|
|
|
Carrying Value as of December 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
—
|
|
|
$
|
185,803
|
|
|
$
|
—
|
|
|
$
|
185,803
|
|
GSE CMOs
|
—
|
|
|
85,932
|
|
|
—
|
|
|
85,932
|
|
||||
GSE MBSs
|
—
|
|
|
153,343
|
|
|
—
|
|
|
153,343
|
|
||||
SBA commercial loan asset-backed securities
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
||||
Corporate debt obligations
|
—
|
|
|
28,986
|
|
|
—
|
|
|
28,986
|
|
||||
U.S. Treasury bonds
|
—
|
|
|
44,897
|
|
|
—
|
|
|
44,897
|
|
||||
Total investment securities available-for-sale
|
$
|
—
|
|
|
$
|
498,995
|
|
|
$
|
—
|
|
|
$
|
498,995
|
|
Equity securities held-for-trading
|
$
|
2,569
|
|
|
$
|
1,012
|
|
|
$
|
—
|
|
|
$
|
3,581
|
|
Loan level derivatives
|
—
|
|
|
59,365
|
|
|
—
|
|
|
59,365
|
|
||||
Risk participation-out agreements
|
—
|
|
|
1,229
|
|
|
—
|
|
|
1,229
|
|
||||
Foreign exchange contracts
|
—
|
|
|
54
|
|
|
—
|
|
|
54
|
|
||||
Liabilities:
|
|
|
|
|
|
|
|
|
|||||||
Loan level derivatives
|
$
|
—
|
|
|
$
|
59,365
|
|
|
$
|
—
|
|
|
$
|
59,365
|
|
Risk participation-in agreements
|
—
|
|
|
283
|
|
|
—
|
|
|
283
|
|
||||
Foreign exchange contracts
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
|
Carrying Value as of March 31, 2020
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Collateral-dependent impaired loans and leases
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8,682
|
|
|
$
|
8,682
|
|
Repossessed assets
|
—
|
|
|
2,038
|
|
|
—
|
|
|
2,038
|
|
||||
Total assets measured at fair value on a non-recurring basis
|
$
|
—
|
|
|
$
|
2,038
|
|
|
$
|
8,682
|
|
|
$
|
10,720
|
|
|
Carrying Value as of December 31, 2019
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Assets measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
|
||||||||
Collateral-dependent impaired loans and leases
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,243
|
|
|
$
|
2,243
|
|
Repossessed assets
|
—
|
|
|
2,631
|
|
|
—
|
|
|
2,631
|
|
||||
Total assets measured at fair value on a non-recurring basis
|
$
|
—
|
|
|
$
|
2,631
|
|
|
$
|
2,243
|
|
|
$
|
4,874
|
|
|
Fair Value
|
|
Valuation Technique
|
||||||
|
At March 31,
2020 |
|
At December 31, 2019
|
|
|
||||
|
(Dollars in Thousands)
|
|
|
||||||
Collateral-dependent impaired loans and leases
|
$
|
8,682
|
|
|
$
|
2,243
|
|
|
Appraisal of collateral (1)
|
|
|
|
|
|
Fair Value Measurements at March 31, 2020
|
|||||||||
|
Carrying
Value |
|
Estimated
Fair Value |
|
Level 1
Inputs |
|
Level 2
Inputs |
|
Level 3
Inputs |
|||||
|
(In Thousands)
|
|||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|||||
Loans and leases, net
|
6,709,346
|
|
|
6,718,600
|
|
|
—
|
|
|
—
|
|
|
6,718,600
|
|
Restricted equity securities
|
68,472
|
|
|
68,472
|
|
|
—
|
|
|
—
|
|
|
68,472
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|||||
Certificates of deposits
|
2,023,637
|
|
|
2,049,775
|
|
|
—
|
|
|
2,049,775
|
|
|
—
|
|
Borrowed funds
|
1,291,804
|
|
|
1,299,591
|
|
|
—
|
|
|
1,299,591
|
|
|
—
|
|
|
|
|
|
|
Fair Value Measurements at December 31, 2019
|
||||||||||||||
|
Carrying
Value |
|
Estimated
Fair Value |
|
Level 1
Inputs |
|
Level 2
Inputs |
|
Level 3
Inputs |
||||||||||
|
(In Thousands)
|
||||||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
|
|
||||||||||
GSE debentures
|
$
|
31,228
|
|
|
$
|
31,290
|
|
|
$
|
—
|
|
|
$
|
31,290
|
|
|
$
|
—
|
|
GSE MBSs
|
9,360
|
|
|
9,279
|
|
|
—
|
|
|
9,279
|
|
|
—
|
|
|||||
Municipal obligations
|
45,692
|
|
|
46,514
|
|
|
—
|
|
|
46,514
|
|
|
—
|
|
|||||
Foreign government obligations
|
500
|
|
|
478
|
|
|
—
|
|
|
—
|
|
|
478
|
|
|||||
Loans and leases, net
|
6,676,734
|
|
|
6,697,583
|
|
|
—
|
|
|
—
|
|
|
6,697,583
|
|
|||||
Restricted equity securities
|
53,818
|
|
|
53,818
|
|
|
—
|
|
|
—
|
|
|
53,818
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Certificates of deposit
|
2,021,642
|
|
|
2,026,683
|
|
|
—
|
|
|
2,026,683
|
|
|
—
|
|
|||||
Borrowed funds
|
902,749
|
|
|
902,670
|
|
|
—
|
|
|
902,670
|
|
|
—
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
||||
Commitments to originate loans and leases:
|
|
|
|
||||
Commercial real estate
|
$
|
40,933
|
|
|
$
|
50,034
|
|
Commercial
|
93,724
|
|
|
78,058
|
|
||
Residential mortgage
|
52,930
|
|
|
25,998
|
|
||
Unadvanced portion of loans and leases
|
713,352
|
|
|
808,681
|
|
||
Unused lines of credit:
|
|
|
|
||||
Home equity
|
537,313
|
|
|
528,251
|
|
||
Other consumer
|
25,362
|
|
|
25,374
|
|
||
Other commercial
|
406
|
|
|
380
|
|
||
Unused letters of credit:
|
|
|
|
||||
Financial standby letters of credit
|
11,094
|
|
|
10,166
|
|
||
Performance standby letters of credit
|
6,107
|
|
|
4,652
|
|
||
Commercial and similar letters of credit
|
3,823
|
|
|
3,823
|
|
||
Loan level derivatives (Notional principal amounts):
|
|
|
|
|
|
||
Receive fixed, pay variable
|
1,231,096
|
|
|
1,101,193
|
|
||
Pay fixed, receive variable
|
1,231,096
|
|
|
1,101,193
|
|
||
Risk participation-out agreements
|
233,846
|
|
|
235,693
|
|
||
Risk participation-in agreements
|
49,279
|
|
|
55,281
|
|
||
Foreign exchange contracts (Notional amounts):
|
|
|
|
|
|
||
Buys foreign currency, sells U.S. currency
|
1,422
|
|
|
1,125
|
|
||
Sells foreign currency, buys U.S. currency
|
1,530
|
|
|
1,230
|
|
|
At March 31, 2020
|
|
At March 31, 2019
|
||||
|
(In Thousands)
|
||||||
The components of lease expense were as follow:
|
|
|
|
||||
Operating lease cost
|
$
|
1,611
|
|
|
$
|
1,459
|
|
|
|
|
|
||||
Supplemental cash flow information related to leases was as follows:
|
|
|
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows for operating leases
|
$
|
1,658
|
|
|
$
|
1,525
|
|
Right-of-use assets obtained in exchange for new lease obligations:
|
|
|
|
||||
Operating leases
|
$
|
—
|
|
|
$
|
71
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Supplemental balance sheet information related to leases was as follows:
|
|
|
|
||||
Operating Leases
|
|
|
|
||||
Operating lease right-of-use assets
|
$
|
24,789
|
|
|
$
|
24,876
|
|
Operating lease liabilities
|
24,789
|
|
|
24,876
|
|
||
|
|
|
|
||||
Weighted Average Remaining Lease Term
|
|
|
|
||||
Operating leases
|
7.32
|
|
|
7.47
|
|
||
|
|
|
|
||||
Weighted Average Discount Rate
|
|
|
|
||||
Operating leases
|
3.2
|
%
|
|
3.2
|
%
|
|
Minimum Rental Payments
|
||
|
March 31, 2020
|
||
|
(In Thousands)
|
||
|
|
||
Remainder of 2020
|
$
|
4,608
|
|
Year ending:
|
|
||
2021
|
5,560
|
|
|
2022
|
4,833
|
|
|
2023
|
3,907
|
|
|
2024
|
2,547
|
|
|
2025
|
1,515
|
|
|
Thereafter
|
4,675
|
|
|
Total
|
$
|
27,645
|
|
Less imputed interest
|
(2,856
|
)
|
|
Present value of lease liability
|
$
|
24,789
|
|
•
|
Paycheck Protection Program. The CARES Act appropriated $349 billion for “paycheck protection loans” through the U.S. Small Business Administration's (“SBA’s”) Paycheck Protection Program (“PPP”). The amount appropriated was subsequently increased to $659 billion. Loans under the PPP that meet SBA requirements may be forgiven in certain circumstances, and are 100% guaranteed by SBA. As of the filing date, the Banks have obtained SBA approval for 2,923 PPP loans totaling $589 million. All PPP loans have been funded. PPP loans are fully guaranteed by the U.S. government, have a two-year term and earn interest at rate of 1%. We currently expect a significant portion of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. In conjunction with the PPP, the FRB has created a lending facility for qualified financial institutions. The Paycheck Protection Program Liquidity Facility (the “PPPLF”) will extend credit to depository institutions with a term of up to two years at an interest rate of 0.35%. Only loans issued under the PPP can be pledged as collateral to access the facility. The Company began participating in the PPPLF in April 2020.
|
•
|
Troubled Debt Restructuring Relief. From March 1, 2020 through the earlier of December 31, 2020 or 60 days after the termination date of the national emergency declared by the President on March 13, 2020 concerning the COVID-19 outbreak (the “national emergency”), a financial institution may elect to suspend the requirements under accounting principles generally accepted in the U.S. for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a troubled debt restructured, including impairment accounting. This troubled debt restructuring relief applies for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. Financial institutions are required to maintain records of the volume of loans involved in modifications to which troubled debt restructuring relief is applicable. As of the filing date, the banks have granted 5,293 short-term deferments on loan balances of $1.5 billion, which represented 21% of total loan balances as of March 31, 2020. These short-term deferments are not classified as troubled debt restructured loans and will not be reported as past due provided that they are performing in accordance with the modified terms.
|
•
|
CECL Delay. Banks, savings associations, credit unions, bank holding companies and their affiliates are not required to comply with ASU 2016-13, including CECL, from the date of the law’s enactment until the earlier of the end of the national emergency or December 31, 2020. On March 27, 2020, the Federal Reserve, the FDIC and the Office of the Comptroller of the Currency issued an interim final rule that allows banking organizations that are required to adopt CECL this year to mitigate the estimated cumulative regulatory capital effects for up to two years. The relief afforded by the CARES Act and interim final rule is in addition to the three-year transition period already in place. The Company adopted CECL effective January 1, 2020.
|
•
|
Reduction of the Community Bank Leverage Ratio. The CARES Act reduced the community bank leverage ratio from 9% to 8% until the earlier of the end of the national emergency or December 31, 2020. In response to the CARES Act, federal banking regulators set the community bank leverage ratio at 8% for the remainder of 2020, 8.5% for 2021 and 9% thereafter.
|
•
|
Revival of Bank Debt Guarantee Program. The CARES Act amends the Dodd-Frank Act to provide the FDIC with the authority to guarantee bank-issued debt and noninterest-bearing transaction accounts that exceed the FDIC's $250,000 limit through December 31, 2020. The FDIC has discretion to determine whether and how to exercise this authority.
|
•
|
Forbearance. The CARES Act codifies in part guidance from state and federal regulators and government-sponsored enterprises, including the 60-day suspension of foreclosures on federally-backed mortgages and requirements that servicers grant forbearance to borrowers affected by COVID-19.
|
•
|
Moratorium on Negative Credit Reporting. Any furnisher of credit information that agrees to defer payments, forbear on any delinquent credit or account, or provide any other relief to consumers affected by the COVID-19 pandemic must report the credit obligation or account as current if the credit obligation or account was current before the accommodation.
|
•
|
Paycheck Protection Program. The CARES Act appropriated $349 billion for “paycheck protection loans” through the SBA’s PPP. The amount appropriated was subsequently increased to $659 billion. Loans under the PPP that meet SBA requirements may be forgiven in certain circumstances, and are 100% guaranteed by SBA. As of the filing date, Brookline Bank and Bank Rhode Island have obtained SBA approval for 2,923 PPP loans totaling $589 million. All PPP loans have been funded. PPP loans are fully guaranteed by the U.S. government, have a two-year term and earn interest at rate of 1%. We currently expect a significant portion of these loans will ultimately be forgiven by the SBA in accordance with the terms of the program. In conjunction with the PPP, the FRB has created a lending facility for qualified financial institutions. The PPPLF will extend credit to depository institutions with a term of up to two years at an interest rate of 0.35%. Only loans issued under the PPP can be pledged as collateral to access the facility. The Company is participating in the PPPLF program.
|
•
|
Troubled Debt Restructuring Relief. From March 1, 2020 through the earlier of December 31, 2020 or 60 days after the termination date of the national emergency, a financial institution may elect to suspend the requirements under accounting principles generally accepted in the U.S. for loan modifications related to the COVID-19 pandemic that would otherwise be categorized as a troubled debt restructured, including impairment accounting. This troubled debt restructuring relief applies for the term of the loan modification that occurs during the applicable period for a loan that was not more than 30 days past due as of December 31, 2019. Financial institutions are required to maintain records of the volume of loans involved in modifications to which troubled debt restructuring relief is applicable. As of the filing date, the Banks have granted approximately 5,293 short-term deferments on loan balances of $1.5 billion, which represented 21% of total loan balances as of March 31, 2020. These short-term deferments are not classified as troubled debt restructured loans and will not be reported as past due provided that they are performing in accordance with the modified terms.
|
•
|
CECL Delay. Banks, savings associations, credit unions, bank holding companies and their affiliates are not required to comply with ASU 2016-13, including CECL, from the date of the law’s enactment until the earlier of the end of the national emergency or December 31, 2020. On March 27, 2020, the FRB, the FDIC and the Office of the Comptroller of the Currency issued an interim final rule that allows banking organizations that are required to adopt CECL this year to mitigate the estimated cumulative regulatory capital effects for up to two years. The relief afforded by the
|
•
|
Reduction of the Community Bank Leverage Ratio. The CARES Act reduced the community bank leverage ratio from 9% to 8% until the earlier of the end of the national emergency or December 31, 2020. In response to the CARES Act, federal banking regulators set the community bank leverage ratio at 8% for the remainder of 2020, 8.5% for 2021 and 9% thereafter.
|
•
|
Revival of Bank Debt Guarantee Program. The CARES Act amends the Dodd-Frank Act to provide the FDIC with the authority to guarantee bank-issued debt and noninterest-bearing transaction accounts that exceed the FDIC's $250,000 limit through December 31, 2020. The FDIC has discretion to determine whether and how to exercise this authority.
|
•
|
Forbearance. The CARES Act codifies in part guidance from state and federal regulators and government-sponsored enterprises, including the 60-day suspension of foreclosures on federally-backed mortgages and requirements that servicers grant forbearance to borrowers affected by COVID-19.
|
•
|
Moratorium on Negative Credit Reporting. Any furnisher of credit information that agrees to defer payments, forbear on any delinquent credit or account, or provide any other relief to consumers affected by the COVID-19 pandemic must report the credit obligation or account as current if the credit obligation or account was current before the accommodation.
|
|
At and for the Three Months Ended
|
||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
||||||||||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||||
PER COMMON SHARE DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share - Basic
|
$
|
(0.22
|
)
|
|
$
|
0.28
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
|
$
|
0.28
|
|
Earnings per share - Diluted
|
(0.22
|
)
|
|
0.28
|
|
|
0.28
|
|
|
0.26
|
|
|
0.28
|
|
|||||
Book value per share (end of period)
|
11.57
|
|
|
11.87
|
|
|
11.70
|
|
|
11.53
|
|
|
11.30
|
|
|||||
Tangible book value per share (end of period) (1)
|
9.49
|
|
|
9.80
|
|
|
9.63
|
|
|
9.45
|
|
|
9.22
|
|
|||||
Dividends paid per common share
|
0.115
|
|
|
0.115
|
|
|
0.110
|
|
|
0.110
|
|
|
0.105
|
|
|||||
Stock price (end of period)
|
11.28
|
|
|
16.46
|
|
|
14.73
|
|
|
15.38
|
|
|
14.40
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
PERFORMANCE RATIOS (2)
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest margin (taxable equivalent basis)
|
3.31
|
%
|
|
3.43
|
%
|
|
3.45
|
%
|
|
3.55
|
%
|
|
3.64
|
%
|
|||||
Return on average assets
|
(0.87
|
)%
|
|
1.13
|
%
|
|
1.17
|
%
|
|
1.08
|
%
|
|
1.21
|
%
|
|||||
Return on average tangible assets (1)
|
(0.89
|
)%
|
|
1.15
|
%
|
|
1.19
|
%
|
|
1.11
|
%
|
|
1.24
|
%
|
|||||
Return on average stockholders' equity
|
(7.30
|
)%
|
|
9.42
|
%
|
|
9.74
|
%
|
|
8.98
|
%
|
|
10.14
|
%
|
|||||
Return on average tangible stockholders' equity (1)
|
(8.84
|
)%
|
|
11.42
|
%
|
|
11.85
|
%
|
|
10.98
|
%
|
|
12.48
|
%
|
|||||
Dividend payout ratio (1)
|
(53.10
|
)%
|
|
41.35
|
%
|
|
38.88
|
%
|
|
42.87
|
%
|
|
37.28
|
%
|
|||||
Efficiency ratio (3)
|
57.36
|
%
|
|
54.15
|
%
|
|
56.48
|
%
|
|
56.09
|
%
|
|
55.83
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
ASSET QUALITY RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loan and lease charge-offs as a percentage of average loans and leases (annualized)
|
0.13
|
%
|
|
0.10
|
%
|
|
0.02
|
%
|
|
0.19
|
%
|
|
0.13
|
%
|
|||||
Nonperforming loans and leases as a percentage of total loans and leases
|
0.57
|
%
|
|
0.29
|
%
|
|
0.33
|
%
|
|
0.33
|
%
|
|
0.36
|
%
|
|||||
Nonperforming assets as a percentage of total assets
|
0.49
|
%
|
|
0.28
|
%
|
|
0.30
|
%
|
|
0.30
|
%
|
|
0.36
|
%
|
|||||
Total allowance for loan and lease losses as a percentage of total loans and leases
|
1.66
|
%
|
|
0.91
|
%
|
|
0.89
|
%
|
|
0.90
|
%
|
|
0.91
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
CAPITAL RATIOS
|
|
|
|
|
|
|
|
|
|
||||||||||
Stockholders' equity to total assets
|
10.78
|
%
|
|
12.04
|
%
|
|
11.83
|
%
|
|
12.03
|
%
|
|
11.98
|
%
|
|||||
Tangible equity ratio (1)
|
9.02
|
%
|
|
10.15
|
%
|
|
9.94
|
%
|
|
10.08
|
%
|
|
9.99
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
FINANCIAL CONDITION DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,461,591
|
|
|
$
|
7,856,853
|
|
|
$
|
7,878,436
|
|
|
$
|
7,636,980
|
|
|
$
|
7,519,130
|
|
Total loans and leases
|
6,822,527
|
|
|
6,737,816
|
|
|
6,646,821
|
|
|
6,505,329
|
|
|
6,388,197
|
|
|||||
Allowance for loan and lease losses
|
113,181
|
|
|
61,082
|
|
|
59,135
|
|
|
58,635
|
|
|
58,041
|
|
|||||
Investment securities available-for-sale
|
761,539
|
|
|
498,995
|
|
|
467,339
|
|
|
482,497
|
|
|
489,020
|
|
|||||
Investment securities held-to-maturity
|
—
|
|
|
86,780
|
|
|
95,163
|
|
|
103,572
|
|
|
113,694
|
|
|||||
Equity securities held-for-trading
|
2,558
|
|
|
3,581
|
|
|
4,581
|
|
|
4,698
|
|
|
4,341
|
|
|||||
Goodwill and identified intangible assets
|
164,514
|
|
|
164,850
|
|
|
165,270
|
|
|
165,691
|
|
|
166,111
|
|
|||||
Total deposits
|
5,889,938
|
|
|
5,830,072
|
|
|
5,729,339
|
|
|
5,622,493
|
|
|
5,620,633
|
|
|||||
Total borrowed funds
|
1,291,804
|
|
|
902,749
|
|
|
986,405
|
|
|
930,764
|
|
|
866,005
|
|
|||||
Stockholders' equity
|
912,568
|
|
|
945,606
|
|
|
932,311
|
|
|
918,468
|
|
|
900,572
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
(Continued)
|
|
|
At and for the Three Months Ended
|
||||||||||||||||||
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
|
2020
|
|
2019
|
|
2019
|
|
2019
|
|
2019
|
||||||||||
|
(Dollars in Thousands, Except Per Share Data)
|
||||||||||||||||||
EARNINGS DATA
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income
|
$
|
61,712
|
|
|
$
|
63,931
|
|
|
$
|
63,236
|
|
|
$
|
63,134
|
|
|
$
|
62,999
|
|
Provision for credit losses
|
54,114
|
|
|
3,602
|
|
|
871
|
|
|
3,757
|
|
|
1,353
|
|
|||||
Non-interest income
|
9,328
|
|
|
7,756
|
|
|
7,929
|
|
|
7,478
|
|
|
6,630
|
|
|||||
Non-interest expense
|
40,748
|
|
|
38,815
|
|
|
40,191
|
|
|
39,604
|
|
|
38,871
|
|
|||||
Net (loss) income
|
(17,276
|
)
|
|
22,183
|
|
|
22,596
|
|
|
20,471
|
|
|
22,467
|
|
|
At and for the Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in Thousands)
|
||||||
Net (loss) income, as reported
|
$
|
(17,276
|
)
|
|
$
|
22,467
|
|
Less:
|
|
|
|
||||
Security gains (after-tax)
|
964
|
|
|
103
|
|
||
Operating earnings
|
$
|
(18,240
|
)
|
|
$
|
22,364
|
|
|
|
|
|
||||
Basic earnings per share, as reported
|
$
|
(0.22
|
)
|
|
$
|
0.28
|
|
Less:
|
|
|
|
||||
Security gains (after-tax)
|
0.01
|
|
|
—
|
|
||
Basic operating earnings per share
|
$
|
(0.23
|
)
|
|
$
|
0.28
|
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Return on average tangible stockholders' equity (annualized)
|
(8.84
|
)%
|
|
11.42
|
%
|
|
11.85
|
%
|
|
10.98
|
%
|
|
12.48
|
%
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Security gains (losses)
|
0.49
|
%
|
|
0.05
|
%
|
|
(0.05
|
)%
|
|
0.15
|
%
|
|
0.06
|
%
|
|||||
Add:
|
|
|
|
|
|
|
|
|
|
||||||||||
Merger and restructuring-related expenses
|
—
|
%
|
|
—
|
%
|
|
0.44
|
%
|
|
—
|
%
|
|
—
|
%
|
|||||
Operating return on average tangible stockholders' equity (annualized)
|
(9.33
|
)%
|
|
11.37
|
%
|
|
12.34
|
%
|
|
10.83
|
%
|
|
12.42
|
%
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
September 30, 2019
|
|
June 30,
2019 |
|
March 31,
2019 |
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Net (loss) income, as reported
|
$
|
(17,276
|
)
|
|
$
|
22,183
|
|
|
$
|
22,596
|
|
|
$
|
20,471
|
|
|
$
|
22,467
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total assets
|
$
|
7,965,826
|
|
|
$
|
7,860,593
|
|
|
$
|
7,746,492
|
|
|
$
|
7,571,396
|
|
|
$
|
7,434,038
|
|
Less: Average goodwill and average identified intangible assets, net
|
164,701
|
|
|
165,071
|
|
|
165,493
|
|
|
165,914
|
|
|
166,327
|
|
|||||
Average tangible assets
|
$
|
7,801,125
|
|
|
$
|
7,695,522
|
|
|
$
|
7,580,999
|
|
|
$
|
7,405,482
|
|
|
$
|
7,267,711
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible assets (annualized)
|
(0.89
|
)%
|
|
1.15
|
%
|
|
1.19
|
%
|
|
1.11
|
%
|
|
1.24
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average total stockholders' equity
|
$
|
946,138
|
|
|
$
|
941,891
|
|
|
$
|
928,063
|
|
|
$
|
911,824
|
|
|
$
|
886,639
|
|
Less: Average goodwill and average identified intangible assets, net
|
164,701
|
|
|
165,071
|
|
|
165,493
|
|
|
165,914
|
|
|
166,327
|
|
|||||
Average tangible stockholders' equity
|
$
|
781,437
|
|
|
$
|
776,820
|
|
|
$
|
762,570
|
|
|
$
|
745,910
|
|
|
$
|
720,312
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average tangible stockholders' equity (annualized)
|
(8.84
|
)%
|
|
11.42
|
%
|
|
11.85
|
%
|
|
10.98
|
%
|
|
12.48
|
%
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
September 30,
2019 |
|
June 30,
2019 |
|
March 31,
2019 |
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Total stockholders' equity
|
$
|
912,568
|
|
|
$
|
945,606
|
|
|
$
|
932,311
|
|
|
$
|
918,468
|
|
|
$
|
900,572
|
|
Less: Goodwill and identified intangible assets, net
|
164,514
|
|
|
164,850
|
|
|
165,270
|
|
|
165,691
|
|
|
166,111
|
|
|||||
Tangible stockholders' equity
|
$
|
748,054
|
|
|
$
|
780,756
|
|
|
$
|
767,041
|
|
|
$
|
752,777
|
|
|
$
|
734,461
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
8,461,591
|
|
|
$
|
7,856,853
|
|
|
$
|
7,878,436
|
|
|
$
|
7,636,980
|
|
|
$
|
7,519,130
|
|
Less: Goodwill and identified intangible assets, net
|
164,514
|
|
|
164,850
|
|
|
165,270
|
|
|
165,691
|
|
|
166,111
|
|
|||||
Tangible assets
|
$
|
8,297,077
|
|
|
$
|
7,692,003
|
|
|
$
|
7,713,166
|
|
|
$
|
7,471,289
|
|
|
$
|
7,353,019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible equity ratio
|
9.02
|
%
|
|
10.15
|
%
|
|
9.94
|
%
|
|
10.08
|
%
|
|
9.99
|
%
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
September 30, 2019
|
|
June 30,
2019 |
|
March 31,
2019 |
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Tangible stockholders' equity
|
$
|
748,054
|
|
|
$
|
780,756
|
|
|
$
|
767,041
|
|
|
$
|
752,777
|
|
|
$
|
734,461
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares issued
|
85,177,172
|
|
|
85,177,172
|
|
|
85,177,172
|
|
|
85,177,172
|
|
|
85,177,172
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
||||||||||
Treasury shares
|
5,862,811
|
|
|
5,003,127
|
|
|
5,003,127
|
|
|
5,025,764
|
|
|
5,020,025
|
|
|||||
Unallocated ESOP
|
72,441
|
|
|
79,548
|
|
|
92,337
|
|
|
98,208
|
|
|
104,079
|
|
|||||
Unvested restricted stock
|
395,085
|
|
|
406,450
|
|
|
407,784
|
|
|
377,122
|
|
|
390,636
|
|
|||||
Common shares outstanding
|
78,846,835
|
|
|
79,688,047
|
|
|
79,673,924
|
|
|
79,676,078
|
|
|
79,662,432
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per share
|
$
|
9.49
|
|
|
$
|
9.80
|
|
|
$
|
9.63
|
|
|
$
|
9.45
|
|
|
$
|
9.22
|
|
|
Three Months Ended
|
||||||||||||||||||
|
March 31,
2020 |
|
December 31,
2019 |
|
September 30, 2019
|
|
June 30,
2019 |
|
March 31,
2019 |
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Dividends paid
|
$
|
9,173
|
|
|
$
|
9,173
|
|
|
$
|
8,786
|
|
|
$
|
8,775
|
|
|
$
|
8,375
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net (loss) income, as reported
|
$
|
(17,276
|
)
|
|
$
|
22,183
|
|
|
$
|
22,596
|
|
|
$
|
20,471
|
|
|
$
|
22,467
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividend payout ratio
|
(53.10
|
)%
|
|
41.35
|
%
|
|
38.88
|
%
|
|
42.87
|
%
|
|
37.28
|
%
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||
|
Balance
|
|
Percent
of Total
|
|
Balance
|
|
Percent
of Total
|
||||||
|
(Dollars in Thousands)
|
||||||||||||
Commercial real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
2,526,923
|
|
|
37.0
|
%
|
|
$
|
2,491,011
|
|
|
37.0
|
%
|
Multi-family mortgage
|
963,273
|
|
|
14.1
|
%
|
|
932,163
|
|
|
13.8
|
%
|
||
Construction
|
271,962
|
|
|
4.0
|
%
|
|
246,048
|
|
|
3.7
|
%
|
||
Total commercial real estate loans
|
3,762,158
|
|
|
55.1
|
%
|
|
3,669,222
|
|
|
54.5
|
%
|
||
Commercial loans and leases:
|
|
|
|
|
|
|
|
||||||
Commercial
|
719,208
|
|
|
10.5
|
%
|
|
729,502
|
|
|
10.8
|
%
|
||
Equipment financing
|
1,055,053
|
|
|
15.5
|
%
|
|
1,052,408
|
|
|
15.6
|
%
|
||
Condominium association
|
52,605
|
|
|
0.8
|
%
|
|
56,838
|
|
|
0.8
|
%
|
||
Total commercial loans and leases
|
1,826,866
|
|
|
26.8
|
%
|
|
1,838,748
|
|
|
27.2
|
%
|
||
Consumer loans:
|
|
|
|
|
|
|
|
||||||
Residential mortgage
|
810,186
|
|
|
11.9
|
%
|
|
814,245
|
|
|
12.1
|
%
|
||
Home equity
|
388,550
|
|
|
5.7
|
%
|
|
376,819
|
|
|
5.6
|
%
|
||
Other consumer
|
34,767
|
|
|
0.5
|
%
|
|
38,782
|
|
|
0.6
|
%
|
||
Total consumer loans
|
1,233,503
|
|
|
18.1
|
%
|
|
1,229,846
|
|
|
18.3
|
%
|
||
Total loans and leases
|
6,822,527
|
|
|
100.0
|
%
|
|
6,737,816
|
|
|
100.0
|
%
|
||
Allowance for loan and lease losses
|
(113,181
|
)
|
|
|
|
(61,082
|
)
|
|
|
||||
Net loans and leases
|
$
|
6,709,346
|
|
|
|
|
$
|
6,676,734
|
|
|
|
|
At March 31,
2020 |
|
At December 31,
2019 |
|
Dollar Change
|
|
Percent Change
(Annualized)
|
|||||||
|
(Dollars in Thousands)
|
|||||||||||||
Commercial real estate
|
$
|
3,762,158
|
|
|
$
|
3,669,222
|
|
|
$
|
92,936
|
|
|
10.1
|
%
|
Commercial
|
1,826,866
|
|
|
1,838,748
|
|
|
(11,882
|
)
|
|
-2.6
|
%
|
|||
Consumer
|
1,233,503
|
|
|
1,229,846
|
|
|
3,657
|
|
|
1.2
|
%
|
|||
Total loans and leases
|
$
|
6,822,527
|
|
|
$
|
6,737,816
|
|
|
$
|
84,711
|
|
|
5.0
|
%
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(Dollars in Thousands)
|
||||||
Nonperforming loans and leases:
|
|
|
|
||||
Nonaccrual loans and leases:
|
|
|
|
||||
Commercial real estate
|
$
|
10,937
|
|
|
$
|
2,845
|
|
Multi-family mortgage
|
85
|
|
|
84
|
|
||
Total commercial real estate loans
|
11,022
|
|
|
2,929
|
|
||
|
|
|
|
||||
Commercial
|
12,991
|
|
|
4,909
|
|
||
Equipment financing
|
10,356
|
|
|
9,822
|
|
||
Condominium association
|
203
|
|
|
151
|
|
||
Total commercial loans and leases
|
23,550
|
|
|
14,882
|
|
||
|
|
|
|
||||
Residential mortgage
|
3,446
|
|
|
753
|
|
||
Home equity
|
1,059
|
|
|
896
|
|
||
Other consumer
|
7
|
|
|
1
|
|
||
Total consumer loans
|
4,512
|
|
|
1,650
|
|
||
|
|
|
|
||||
Total nonaccrual loans and leases
|
39,084
|
|
|
19,461
|
|
||
|
|
|
|
||||
Other repossessed assets
|
2,038
|
|
|
2,631
|
|
||
Total nonperforming assets
|
$
|
41,122
|
|
|
$
|
22,092
|
|
|
|
|
|
||||
Loans and leases past due greater than 90 days and accruing
|
$
|
1,045
|
|
|
$
|
10,109
|
|
Total delinquent loans and leases 61-90 days past due
|
17,225
|
|
|
4,978
|
|
||
Restructured loans and leases not included in nonperforming assets
|
16,480
|
|
|
17,076
|
|
||
|
|
|
|
||||
Total nonperforming loans and leases as a percentage of total loans and leases
|
0.57
|
%
|
|
0.29
|
%
|
||
Total nonperforming assets as a percentage of total assets
|
0.49
|
%
|
|
0.28
|
%
|
||
Total delinquent loans and leases 61-90 days past due as a percentage of total loans and leases
|
0.25
|
%
|
|
0.07
|
%
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(Dollars in Thousands)
|
||||||
Troubled debt restructurings:
|
|
|
|
|
|
||
On accrual
|
$
|
16,480
|
|
|
$
|
17,076
|
|
On nonaccrual
|
5,819
|
|
|
6,104
|
|
||
Total troubled debt restructurings
|
$
|
22,299
|
|
|
$
|
23,180
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in Thousands)
|
||||||
Balance at beginning of period
|
$
|
23,180
|
|
|
$
|
20,941
|
|
Additions
|
497
|
|
|
17,643
|
|
||
Net charge-offs
|
(140
|
)
|
|
(878
|
)
|
||
Repayments
|
(1,238
|
)
|
|
(1,566
|
)
|
||
Balance at end of period
|
$
|
22,299
|
|
|
$
|
36,140
|
|
|
At and for the Three Months Ended March 31, 2020
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2019
|
$
|
30,285
|
|
|
$
|
24,826
|
|
|
$
|
5,971
|
|
|
$
|
61,082
|
|
Adoption of ASU 2016-13 (CECL)
|
11,694
|
|
|
(2,672
|
)
|
|
(2,390
|
)
|
|
6,632
|
|
||||
Charge-offs
|
—
|
|
|
(2,527
|
)
|
|
(12
|
)
|
|
(2,539
|
)
|
||||
Recoveries
|
—
|
|
|
247
|
|
|
58
|
|
|
305
|
|
||||
Provision for loan and lease losses
|
40,200
|
|
|
6,900
|
|
|
601
|
|
|
47,701
|
|
||||
Balance at March 31, 2020
|
$
|
82,179
|
|
|
$
|
26,774
|
|
|
$
|
4,228
|
|
|
$
|
113,181
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,762,158
|
|
|
$
|
1,826,866
|
|
|
$
|
1,233,503
|
|
|
$
|
6,822,527
|
|
Total allowance for loan and lease losses as a percentage of total loans and leases
|
2.18
|
%
|
|
1.47
|
%
|
|
0.34
|
%
|
|
1.66
|
%
|
|
At and for the Three Months Ended March 31, 2019
|
||||||||||||||
|
Commercial
Real Estate
|
|
Commercial
|
|
Consumer
|
|
Total
|
||||||||
|
(In Thousands)
|
||||||||||||||
Balance at December 31, 2018
|
$
|
28,187
|
|
|
$
|
25,283
|
|
|
$
|
5,222
|
|
|
$
|
58,692
|
|
Charge-offs
|
—
|
|
|
(2,512
|
)
|
|
(30
|
)
|
|
(2,542
|
)
|
||||
Recoveries
|
—
|
|
|
388
|
|
|
53
|
|
|
441
|
|
||||
Provision for loan and lease losses
|
162
|
|
|
1,081
|
|
|
207
|
|
|
1,450
|
|
||||
Balance at March 31, 2019
|
$
|
28,349
|
|
|
$
|
24,240
|
|
|
$
|
5,452
|
|
|
$
|
58,041
|
|
|
|
|
|
|
|
|
|
||||||||
Total loans and leases
|
$
|
3,410,468
|
|
|
$
|
1,786,582
|
|
|
$
|
1,191,147
|
|
|
$
|
6,388,197
|
|
Total allowance for loan and lease losses as a percentage of total loans and leases
|
0.83
|
%
|
|
1.36
|
%
|
|
0.46
|
%
|
|
0.91
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||||||||
|
Amount
|
|
Percent of
Allowance in Each Category
to Total
Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
|
Amount
|
|
Percent of
Allowance in Each Category
to Total Allowance
|
|
Percent of
Loans
in Each
Category to
Total
Loans
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Commercial real estate
|
$
|
47,090
|
|
|
41.7
|
%
|
|
37.0
|
%
|
|
$
|
21,519
|
|
|
35.3
|
%
|
|
37.0
|
%
|
Multi-family mortgage
|
21,472
|
|
|
19.0
|
%
|
|
14.1
|
%
|
|
6,436
|
|
|
10.5
|
%
|
|
13.8
|
%
|
||
Construction
|
13,617
|
|
|
12.0
|
%
|
|
4.0
|
%
|
|
2,330
|
|
|
3.8
|
%
|
|
3.7
|
%
|
||
Total commercial real estate loans
|
82,179
|
|
|
72.7
|
%
|
|
55.1
|
%
|
|
30,285
|
|
|
49.6
|
%
|
|
54.5
|
%
|
||
Commercial
|
11,140
|
|
|
9.8
|
%
|
|
10.5
|
%
|
|
12,849
|
|
|
21.0
|
%
|
|
10.8
|
%
|
||
Equipment financing
|
15,524
|
|
|
13.7
|
%
|
|
15.5
|
%
|
|
11,595
|
|
|
19.0
|
%
|
|
15.6
|
%
|
||
Condominium association
|
110
|
|
|
0.1
|
%
|
|
0.8
|
%
|
|
382
|
|
|
0.6
|
%
|
|
0.8
|
%
|
||
Total commercial loans and leases
|
26,774
|
|
|
23.6
|
%
|
|
26.8
|
%
|
|
24,826
|
|
|
40.6
|
%
|
|
27.2
|
%
|
||
Residential mortgage
|
1,638
|
|
|
1.4
|
%
|
|
11.9
|
%
|
|
3,717
|
|
|
6.1
|
%
|
|
12.1
|
%
|
||
Home equity
|
2,394
|
|
|
2.1
|
%
|
|
5.7
|
%
|
|
2,132
|
|
|
3.5
|
%
|
|
5.6
|
%
|
||
Other consumer
|
196
|
|
|
0.2
|
%
|
|
0.5
|
%
|
|
122
|
|
|
0.2
|
%
|
|
0.6
|
%
|
||
Total consumer loans
|
4,228
|
|
|
3.7
|
%
|
|
18.1
|
%
|
|
5,971
|
|
|
9.8
|
%
|
|
18.3
|
%
|
||
Total
|
$
|
113,181
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
$
|
61,082
|
|
|
100.0
|
%
|
|
100.0
|
%
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||||
|
Amortized
Cost
|
|
Fair Value
|
|
Amortized
Cost
|
|
Fair Value
|
||||||||
|
(In Thousands)
|
||||||||||||||
Investment securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
231,779
|
|
|
$
|
237,817
|
|
|
$
|
182,922
|
|
|
$
|
185,803
|
|
GSE CMOs
|
62,391
|
|
|
63,527
|
|
|
87,001
|
|
|
85,932
|
|
||||
GSE MBSs
|
319,088
|
|
|
328,498
|
|
|
153,049
|
|
|
153,343
|
|
||||
SBA commercial loan asset- backed securities
|
1
|
|
|
1
|
|
|
34
|
|
|
34
|
|
||||
Municipal obligations
|
44,976
|
|
|
45,618
|
|
|
—
|
|
|
—
|
|
||||
Corporate debt obligations
|
25,389
|
|
|
25,959
|
|
|
28,484
|
|
|
28,986
|
|
||||
U.S. Treasury bonds
|
55,776
|
|
|
59,634
|
|
|
44,675
|
|
|
44,897
|
|
||||
Foreign government obligations
|
$
|
500
|
|
|
$
|
485
|
|
|
|
|
|
||||
Total investment securities available-for-sale
|
$
|
739,900
|
|
|
$
|
761,539
|
|
|
$
|
496,165
|
|
|
$
|
498,995
|
|
Investment securities held-to-maturity:
|
|
|
|
|
|
|
|
||||||||
GSE debentures
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
31,228
|
|
|
$
|
31,290
|
|
GSE MBSs
|
—
|
|
|
—
|
|
|
9,360
|
|
|
9,279
|
|
||||
Municipal obligations
|
—
|
|
|
—
|
|
|
45,692
|
|
|
46,514
|
|
||||
Foreign government obligations
|
—
|
|
|
—
|
|
|
500
|
|
|
478
|
|
||||
Total investment securities held-to-maturity
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
86,780
|
|
|
$
|
87,561
|
|
Equity securities held-for-trading
|
|
|
$
|
2,558
|
|
|
|
|
$
|
3,581
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||||||||
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
|
Amount
|
|
Percent
of Total
|
|
Weighted
Average
Rate
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Non-interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Demand checking accounts
|
$
|
1,175,329
|
|
|
20.0
|
%
|
|
—
|
%
|
|
$
|
1,141,578
|
|
|
19.6
|
%
|
|
—
|
%
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
NOW accounts
|
361,854
|
|
|
6.1
|
%
|
|
0.11
|
%
|
|
371,380
|
|
|
6.4
|
%
|
|
0.11
|
%
|
||
Savings accounts
|
653,026
|
|
|
11.1
|
%
|
|
0.31
|
%
|
|
613,467
|
|
|
10.5
|
%
|
|
0.46
|
%
|
||
Money market accounts
|
1,676,092
|
|
|
28.5
|
%
|
|
0.59
|
%
|
|
1,682,005
|
|
|
28.9
|
%
|
|
1.15
|
%
|
||
Certificate of deposit accounts
|
2,023,637
|
|
|
34.4
|
%
|
|
2.15
|
%
|
|
2,021,642
|
|
|
34.7
|
%
|
|
2.26
|
%
|
||
Total interest-bearing deposits
|
4,714,609
|
|
|
80.0
|
%
|
|
1.19
|
%
|
|
4,688,494
|
|
|
80.4
|
%
|
|
1.46
|
%
|
||
Total deposits
|
$
|
5,889,938
|
|
|
100.0
|
%
|
|
0.95
|
%
|
|
$
|
5,830,072
|
|
|
100.0
|
%
|
|
1.17
|
%
|
|
Three Months Ended March 31,
|
||||||||||||||||||
|
2020
|
|
2019
|
||||||||||||||||
|
Average
Balance
|
|
Percent
of Total
Average
Deposits
|
|
Weighted
Average
Rate
|
|
Average
Balance
|
|
Percent
of Total
Average
Deposits
|
|
Weighted
Average
Rate
|
||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||
Core deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-interest-bearing demand checking accounts
|
$
|
1,134,314
|
|
|
19.4
|
%
|
|
—
|
%
|
|
$
|
1,026,970
|
|
|
18.6
|
%
|
|
—
|
%
|
NOW accounts
|
359,641
|
|
|
6.2
|
%
|
|
0.13
|
%
|
|
334,167
|
|
|
6.1
|
%
|
|
0.17
|
%
|
||
Savings accounts
|
626,945
|
|
|
10.7
|
%
|
|
0.41
|
%
|
|
626,414
|
|
|
11.4
|
%
|
|
0.39
|
%
|
||
Money market accounts
|
1,678,649
|
|
|
28.7
|
%
|
|
1.02
|
%
|
|
1,676,199
|
|
|
30.4
|
%
|
|
1.28
|
%
|
||
Total core deposits
|
3,799,549
|
|
|
65.1
|
%
|
|
0.53
|
%
|
|
3,663,750
|
|
|
66.5
|
%
|
|
0.66
|
%
|
||
Certificate of deposit accounts
|
2,040,903
|
|
|
34.9
|
%
|
|
2.22
|
%
|
|
1,844,511
|
|
|
33.5
|
%
|
|
2.18
|
%
|
||
Total deposits
|
$
|
5,840,452
|
|
|
100.0
|
%
|
|
1.11
|
%
|
|
$
|
5,508,261
|
|
|
100.0
|
%
|
|
1.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||||||||
|
Amount
|
|
Weighted
Average Rate
|
|
Amount
|
|
Weighted
Average Rate
|
||||||
|
(Dollars in Thousands)
|
||||||||||||
Maturity period:
|
|
|
|
|
|
|
|
||||||
Six months or less
|
$
|
209,959
|
|
|
2.20
|
%
|
|
$
|
198,279
|
|
|
2.23
|
%
|
Over six months through 12 months
|
187,300
|
|
|
2.37
|
%
|
|
174,154
|
|
|
2.43
|
%
|
||
Over 12 months
|
158,410
|
|
|
2.37
|
%
|
|
185,078
|
|
|
2.56
|
%
|
||
Total certificate of deposit of $250,000 or more
|
$
|
555,669
|
|
|
2.30
|
%
|
|
$
|
557,511
|
|
|
2.40
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2020
|
|
2019
|
||||
|
(Dollars in Thousands)
|
||||||
Borrowed funds:
|
|
|
|
||||
Average balance outstanding
|
$
|
947,123
|
|
|
$
|
927,593
|
|
Maximum amount outstanding at any month-end during the period
|
1,291,804
|
|
|
987,835
|
|
||
Balance outstanding at end of period
|
1,291,804
|
|
|
866,005
|
|
||
Weighted average interest rate for the period
|
2.33
|
%
|
|
2.65
|
%
|
||
Weighted average interest rate at end of period
|
1.76
|
%
|
|
2.72
|
%
|
|
|
|
|
|
|
|
|
Carrying Amount
|
||||||
Issue Date
|
|
Rate
|
|
Maturity Date
|
|
Next Call Date
|
|
March 31,
2020 |
|
December 31, 2019
|
||||
|
|
(Dollars in Thousands)
|
||||||||||||
June 26, 2003
|
|
Variable;
3-month LIBOR + 3.10%
|
|
June 26, 2033
|
|
June 25, 2020
|
|
$
|
4,832
|
|
|
$
|
4,826
|
|
March 17, 2004
|
|
Variable;
3-month LIBOR + 2.79%
|
|
March 17, 2034
|
|
June 16, 2020
|
|
4,747
|
|
|
4,739
|
|
||
September 15, 2014
|
|
6.0% Fixed-to-Variable;
3-month LIBOR + 3.315%
|
|
September 15, 2029
|
|
September 15, 2024
|
|
74,051
|
|
|
74,026
|
|
||
|
|
|
|
|
|
Total
|
|
$
|
83,630
|
|
|
$
|
83,591
|
|
|
At March 31, 2020
|
At December 31, 2019
|
||||
|
(Dollars in Thousands)
|
|||||
Loan level derivatives (Notional principal amounts):
|
|
|
||||
Receive fixed, pay variable
|
$
|
1,231,096
|
|
$
|
1,101,193
|
|
Pay fixed, receive variable
|
1,231,096
|
|
1,101,193
|
|
||
Risk participation-out agreements
|
233,846
|
|
235,693
|
|
||
Risk participation-in agreements
|
49,279
|
|
55,281
|
|
||
Foreign exchange contracts (Notional amounts):
|
|
|
||||
Buys foreign currency, sells U.S. currency
|
$
|
1,422
|
|
$
|
1,125
|
|
Sells foreign currency, buys U.S. currency
|
1,530
|
|
1,230
|
|
||
Fixed weighted average interest rate from the Company to counterparty
|
3.32
|
%
|
3.54
|
%
|
||
Floating weighted average interest rate from counterparty to the Company
|
2.51
|
%
|
2.88
|
%
|
||
Weighted average remaining term to maturity (in months)
|
90
|
|
91
|
|
||
Fair value:
|
|
|
||||
Recognized as an asset:
|
|
|
||||
Loan level derivatives
|
$
|
154,761
|
|
$
|
59,365
|
|
Risk participation-out agreements
|
2,473
|
|
1,229
|
|
||
Foreign exchange contracts
|
224
|
|
54
|
|
||
Recognized as a liability:
|
|
|
||||
Loan level derivatives
|
$
|
154,761
|
|
$
|
59,365
|
|
Risk participation-in agreements
|
432
|
|
283
|
|
||
Foreign exchange contracts
|
200
|
|
53
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
March 31, 2020
|
|
March 31, 2019
|
||||||||||||||||||
|
Average
Balance
|
|
Interest (1)
|
|
Average
Yield/
Cost
|
|
Average
Balance
|
|
Interest (1)
|
|
Average
Yield/
Cost
|
||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities
|
$
|
605,885
|
|
|
$
|
3,024
|
|
|
2.00
|
%
|
|
$
|
608,194
|
|
|
$
|
3,289
|
|
|
2.16
|
%
|
Marketable and restricted equity securities
|
58,881
|
|
|
786
|
|
|
5.33
|
%
|
|
60,389
|
|
|
920
|
|
|
6.10
|
%
|
||||
Short-term investments
|
84,309
|
|
|
209
|
|
|
0.99
|
%
|
|
33,034
|
|
|
267
|
|
|
3.23
|
%
|
||||
Total investments
|
749,075
|
|
|
4,019
|
|
|
2.15
|
%
|
|
701,617
|
|
|
4,476
|
|
|
2.55
|
%
|
||||
Commercial real estate loans (2)
|
3,697,011
|
|
|
40,468
|
|
|
4.33
|
%
|
|
3,376,576
|
|
|
40,019
|
|
|
4.74
|
%
|
||||
Commercial loans (2)
|
783,309
|
|
|
8,328
|
|
|
4.21
|
%
|
|
792,695
|
|
|
9,603
|
|
|
4.85
|
%
|
||||
Equipment financing (2)
|
1,052,846
|
|
|
18,946
|
|
|
7.20
|
%
|
|
988,193
|
|
|
17,985
|
|
|
7.28
|
%
|
||||
Residential mortgage loans (2)
|
810,583
|
|
|
7,934
|
|
|
3.92
|
%
|
|
778,325
|
|
|
8,123
|
|
|
4.17
|
%
|
||||
Other consumer loans (2)
|
417,815
|
|
|
3,955
|
|
|
3.79
|
%
|
|
408,177
|
|
|
5,051
|
|
|
5.01
|
%
|
||||
Total loans and leases
|
6,761,564
|
|
|
79,631
|
|
|
4.71
|
%
|
|
6,343,966
|
|
|
80,781
|
|
|
5.09
|
%
|
||||
Total interest-earning assets
|
7,510,639
|
|
|
83,650
|
|
|
4.46
|
%
|
|
7,045,583
|
|
|
85,257
|
|
|
4.84
|
%
|
||||
Allowance for loan and lease losses
|
(68,581
|
)
|
|
|
|
|
|
(58,749
|
)
|
|
|
|
|
||||||||
Non-interest-earning assets
|
523,768
|
|
|
|
|
|
|
447,204
|
|
|
|
|
|
||||||||
Total assets
|
$
|
7,965,826
|
|
|
|
|
|
|
$
|
7,434,038
|
|
|
|
|
|
||||||
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
NOW accounts
|
$
|
359,641
|
|
|
116
|
|
|
0.13
|
%
|
|
$
|
334,167
|
|
|
142
|
|
|
0.17
|
%
|
||
Savings accounts
|
626,945
|
|
|
643
|
|
|
0.41
|
%
|
|
626,414
|
|
|
597
|
|
|
0.39
|
%
|
||||
Money market accounts
|
1,678,649
|
|
|
4,241
|
|
|
1.02
|
%
|
|
1,676,199
|
|
|
5,275
|
|
|
1.28
|
%
|
||||
Certificate of deposit
|
2,040,903
|
|
|
11,240
|
|
|
2.22
|
%
|
|
1,844,511
|
|
|
9,934
|
|
|
2.18
|
%
|
||||
Total interest-bearing deposits (3)
|
4,706,138
|
|
|
16,240
|
|
|
1.39
|
%
|
|
4,481,291
|
|
|
15,948
|
|
|
1.44
|
%
|
||||
Advances from the FHLBB
|
772,462
|
|
|
4,097
|
|
|
2.10
|
%
|
|
755,542
|
|
|
4,610
|
|
|
2.44
|
%
|
||||
Subordinated debentures and notes
|
83,609
|
|
|
1,284
|
|
|
6.14
|
%
|
|
83,451
|
|
|
1,308
|
|
|
6.27
|
%
|
||||
Other borrowed funds
|
91,052
|
|
|
189
|
|
|
0.84
|
%
|
|
88,600
|
|
|
221
|
|
|
1.01
|
%
|
||||
Total borrowed funds
|
947,123
|
|
|
5,570
|
|
|
2.33
|
%
|
|
927,593
|
|
|
6,139
|
|
|
2.65
|
%
|
||||
Total interest-bearing liabilities
|
5,653,261
|
|
|
21,810
|
|
|
1.55
|
%
|
|
5,408,884
|
|
|
22,087
|
|
|
1.66
|
%
|
||||
Non-interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-interest-bearing demand checking accounts (3)
|
1,134,314
|
|
|
|
|
|
|
|
|
1,026,970
|
|
|
|
|
|
|
|
||||
Other non-interest-bearing liabilities
|
232,113
|
|
|
|
|
|
|
|
|
111,174
|
|
|
|
|
|
|
|
||||
Total liabilities
|
7,019,688
|
|
|
|
|
|
|
|
|
6,547,028
|
|
|
|
|
|
|
|
||||
Brookline Bancorp, Inc. stockholders' equity
|
946,138
|
|
|
|
|
|
|
|
|
886,639
|
|
|
|
|
|
|
|
||||
Noncontrolling interest in subsidiary
|
—
|
|
|
|
|
|
|
|
|
371
|
|
|
|
|
|
|
|
||||
Total liabilities and stockholders' equity
|
$
|
7,965,826
|
|
|
|
|
|
|
|
|
$
|
7,434,038
|
|
|
|
|
|
|
|
||
Net interest income (tax-equivalent basis) / Interest-rate spread (4)
|
|
|
|
61,840
|
|
|
2.91
|
%
|
|
|
|
|
63,170
|
|
|
3.18
|
%
|
||||
Less adjustment of tax-exempt income
|
|
|
|
128
|
|
|
|
|
|
|
|
|
171
|
|
|
|
|
||||
Net interest income
|
|
|
|
$
|
61,712
|
|
|
|
|
|
|
|
|
$
|
62,999
|
|
|
|
|
||
Net interest margin (5)
|
|
|
|
|
|
|
3.31
|
%
|
|
|
|
|
|
|
|
3.64
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2020 as Compared to the Three Months Ended March 31, 2019
|
||||||||||
|
Increase
(Decrease) Due To
|
|
|
||||||||
|
Volume
|
|
Rate
|
|
Net Change
|
||||||
|
(In Thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Investments:
|
|
|
|
|
|
||||||
Debt securities
|
$
|
(13
|
)
|
|
$
|
(252
|
)
|
|
$
|
(265
|
)
|
Marketable and restricted equity securities
|
(22
|
)
|
|
(112
|
)
|
|
(134
|
)
|
|||
Short-term investments
|
214
|
|
|
(272
|
)
|
|
(58
|
)
|
|||
Total investments
|
179
|
|
|
(636
|
)
|
|
(457
|
)
|
|||
Loans and leases:
|
|
|
|
|
|
||||||
Commercial real estate loans
|
3,836
|
|
|
(3,387
|
)
|
|
449
|
|
|||
Commercial loans and leases
|
(105
|
)
|
|
(1,170
|
)
|
|
(1,275
|
)
|
|||
Equipment financing
|
1,159
|
|
|
(198
|
)
|
|
961
|
|
|||
Residential mortgage loans
|
318
|
|
|
(507
|
)
|
|
(189
|
)
|
|||
Other consumer loans
|
122
|
|
|
(1,218
|
)
|
|
(1,096
|
)
|
|||
Total loans
|
5,330
|
|
|
(6,480
|
)
|
|
(1,150
|
)
|
|||
Total change in interest and dividend income
|
5,509
|
|
|
(7,116
|
)
|
|
(1,607
|
)
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
||||||
NOW accounts
|
10
|
|
|
(36
|
)
|
|
(26
|
)
|
|||
Savings accounts
|
1
|
|
|
45
|
|
|
46
|
|
|||
Money market accounts
|
8
|
|
|
(1,042
|
)
|
|
(1,034
|
)
|
|||
Certificate of deposit
|
1,114
|
|
|
192
|
|
|
1,306
|
|
|||
Total deposits
|
1,133
|
|
|
(841
|
)
|
|
292
|
|
|||
Borrowed funds:
|
|
|
|
|
|
||||||
Advances from the FHLBB
|
106
|
|
|
(619
|
)
|
|
(513
|
)
|
|||
Subordinated debentures and notes
|
3
|
|
|
(27
|
)
|
|
(24
|
)
|
|||
Other borrowed funds
|
6
|
|
|
(38
|
)
|
|
(32
|
)
|
|||
Total borrowed funds
|
115
|
|
|
(684
|
)
|
|
(569
|
)
|
|||
Total change in interest expense
|
1,248
|
|
|
(1,525
|
)
|
|
(277
|
)
|
|||
Change in tax-exempt income
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|||
Change in net interest income
|
$
|
4,304
|
|
|
$
|
(5,591
|
)
|
|
$
|
(1,287
|
)
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income—loans and leases:
|
|
|
|
|
|
|
|
|||||||
Commercial real estate loans
|
$
|
40,468
|
|
|
$
|
40,019
|
|
|
$
|
449
|
|
|
1.1
|
%
|
Commercial loans
|
8,256
|
|
|
9,494
|
|
|
(1,238
|
)
|
|
(13.0
|
)%
|
|||
Equipment financing
|
18,946
|
|
|
17,985
|
|
|
961
|
|
|
5.3
|
%
|
|||
Residential mortgage loans
|
7,934
|
|
|
8,123
|
|
|
(189
|
)
|
|
(2.3
|
)%
|
|||
Other consumer loans
|
3,955
|
|
|
5,051
|
|
|
(1,096
|
)
|
|
(21.7
|
)%
|
|||
Total interest income—loans and leases
|
$
|
79,559
|
|
|
$
|
80,672
|
|
|
$
|
(1,113
|
)
|
|
(1.4
|
)%
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest income—investments:
|
|
|
|
|
|
|
|
|||||||
Debt securities
|
$
|
2,976
|
|
|
$
|
3,236
|
|
|
$
|
(260
|
)
|
|
(8.0
|
)%
|
Marketable and restricted equity securities
|
778
|
|
|
911
|
|
|
(133
|
)
|
|
(14.6
|
)%
|
|||
Short-term investments
|
209
|
|
|
267
|
|
|
(58
|
)
|
|
(21.7
|
)%
|
|||
Total interest income—investments
|
$
|
3,963
|
|
|
$
|
4,414
|
|
|
$
|
(451
|
)
|
|
(10.2
|
)%
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Interest expense:
|
|
|
|
|
|
|
|
|||||||
Deposits:
|
|
|
|
|
|
|
|
|||||||
NOW accounts
|
$
|
116
|
|
|
$
|
142
|
|
|
$
|
(26
|
)
|
|
(18.3
|
)%
|
Savings accounts
|
643
|
|
|
597
|
|
|
46
|
|
|
7.7
|
%
|
|||
Money market accounts
|
4,241
|
|
|
5,275
|
|
|
(1,034
|
)
|
|
(19.6
|
)%
|
|||
Certificates of deposit
|
11,240
|
|
|
9,934
|
|
|
1,306
|
|
|
13.1
|
%
|
|||
Total interest expense - deposits
|
16,240
|
|
|
15,948
|
|
|
292
|
|
|
1.8
|
%
|
|||
Borrowed funds:
|
|
|
|
|
|
|
|
|||||||
Advances from the FHLBB
|
4,097
|
|
|
4,610
|
|
|
(513
|
)
|
|
(11.1
|
)%
|
|||
Subordinated debentures and notes
|
1,284
|
|
|
1,308
|
|
|
(24
|
)
|
|
(1.8
|
)%
|
|||
Other borrowed funds
|
189
|
|
|
221
|
|
|
(32
|
)
|
|
(14.5
|
)%
|
|||
Total interest expense - borrowed funds
|
5,570
|
|
|
6,139
|
|
|
(569
|
)
|
|
(9.3
|
)%
|
|||
Total interest expense
|
$
|
21,810
|
|
|
$
|
22,087
|
|
|
$
|
(277
|
)
|
|
(1.3
|
)%
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Provision for loan and lease losses:
|
|
|
|
|
|
|
|
|||||||
Commercial real estate
|
$
|
40,200
|
|
|
$
|
162
|
|
|
$
|
40,038
|
|
|
24,714.8
|
%
|
Commercial
|
6,900
|
|
|
1,081
|
|
|
5,819
|
|
|
538.3
|
%
|
|||
Consumer
|
601
|
|
|
207
|
|
|
394
|
|
|
(190.3
|
)%
|
|||
Total provision for loan and
lease losses
|
47,701
|
|
|
1,450
|
|
|
46,251
|
|
|
3,189.7
|
%
|
|||
Unfunded credit commitments
|
6,413
|
|
|
(97
|
)
|
|
6,510
|
|
|
6,711.3
|
%
|
|||
Total provision for credit losses
|
$
|
54,114
|
|
|
$
|
1,353
|
|
|
$
|
52,761
|
|
|
3,899.6
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Deposit fees
|
$
|
2,458
|
|
|
$
|
2,523
|
|
|
$
|
(65
|
)
|
|
(2.6
|
)%
|
Loan fees
|
550
|
|
|
413
|
|
|
137
|
|
|
33.2
|
%
|
|||
Loan level derivative income, net
|
2,156
|
|
|
1,745
|
|
|
411
|
|
|
23.6
|
%
|
|||
Gain on investment securities
|
1,330
|
|
|
134
|
|
|
1,196
|
|
|
892.5
|
%
|
|||
Gain on sales of loans and leases held-for-sale
|
120
|
|
|
289
|
|
|
(169
|
)
|
|
(58.5
|
)%
|
|||
Other
|
2,714
|
|
|
1,526
|
|
|
1,188
|
|
|
77.9
|
%
|
|||
Total non-interest income
|
$
|
9,328
|
|
|
$
|
6,630
|
|
|
$
|
2,698
|
|
|
40.7
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Compensation and employee benefits
|
$
|
25,219
|
|
|
$
|
23,743
|
|
|
$
|
1,476
|
|
|
6.2
|
%
|
Occupancy
|
3,953
|
|
|
3,947
|
|
|
6
|
|
|
0.2
|
%
|
|||
Equipment and data processing
|
4,703
|
|
|
4,661
|
|
|
42
|
|
|
0.9
|
%
|
|||
Professional services
|
1,651
|
|
|
1,076
|
|
|
575
|
|
|
53.4
|
%
|
|||
FDIC insurance
|
378
|
|
|
593
|
|
|
(215
|
)
|
|
(36.3
|
)%
|
|||
Advertising and marketing
|
1,075
|
|
|
1,069
|
|
|
6
|
|
|
0.6
|
%
|
|||
Amortization of identified intangible assets
|
336
|
|
|
402
|
|
|
(66
|
)
|
|
(16.4
|
)%
|
|||
Other
|
3,433
|
|
|
3,380
|
|
|
53
|
|
|
1.6
|
%
|
|||
Total non-interest expense
|
$
|
40,748
|
|
|
$
|
38,871
|
|
|
$
|
1,877
|
|
|
4.8
|
%
|
|
Three Months Ended March 31,
|
|
Dollar
Change
|
|
Percent
Change
|
|||||||||
|
2020
|
|
2019
|
|
|
|||||||||
|
(Dollars in Thousands)
|
|||||||||||||
Income before provision for income taxes
|
$
|
(23,822
|
)
|
|
$
|
29,405
|
|
|
$
|
(53,227
|
)
|
|
(181.0
|
)%
|
Provision for income taxes
|
(6,546
|
)
|
|
6,895
|
|
|
(13,441
|
)
|
|
(194.9
|
)%
|
|||
Net (loss) income, before non-controlling interest in subsidiary
|
$
|
(17,276
|
)
|
|
$
|
22,510
|
|
|
$
|
(39,786
|
)
|
|
(176.7
|
)%
|
Effective tax rate
|
27.5
|
%
|
|
23.4
|
%
|
|
N/A
|
|
|
17.5
|
%
|
|
At March 31, 2020
|
|
At December 31, 2019
|
||||
|
(In Thousands)
|
||||||
Financial instruments whose contract amounts represent credit risk:
|
|
|
|
||||
Commitments to originate loans and leases:
|
|
|
|
||||
Commercial real estate
|
$
|
40,933
|
|
|
$
|
50,034
|
|
Commercial
|
93,724
|
|
|
78,058
|
|
||
Residential mortgage
|
52,930
|
|
|
25,998
|
|
||
Unadvanced portion of loans and leases
|
713,352
|
|
|
808,681
|
|
||
Unused lines of credit:
|
|
|
|
||||
Home equity
|
537,313
|
|
|
528,251
|
|
||
Other consumer
|
25,362
|
|
|
25,374
|
|
||
Other commercial
|
406
|
|
|
380
|
|
||
Unused letters of credit:
|
|
|
|
||||
Financial standby letters of credit
|
11,094
|
|
|
10,166
|
|
||
Performance standby letters of credit
|
6,107
|
|
|
4,652
|
|
||
Commercial and similar letters of credit
|
3,823
|
|
|
3,823
|
|
||
Loan level derivatives:
|
|
|
|
||||
Receive fixed, pay variable
|
1,231,096
|
|
|
1,101,193
|
|
||
Pay fixed, receive variable
|
1,231,096
|
|
|
1,101,193
|
|
||
Risk participation-out agreements
|
233,846
|
|
|
235,693
|
|
||
Risk participation-in agreements
|
49,279
|
|
|
55,281
|
|
||
Foreign exchange contracts:
|
|
|
|
||||
Buys foreign currency, sells U.S. currency
|
1,422
|
|
|
1,125
|
|
||
Sells foreign currency, buys U.S. currency
|
1,530
|
|
|
1,230
|
|
|
Actual
|
|
Minimum Required for Capital Adequacy Purposes
|
|
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer
|
|
Minimum Required to be Considered “Well-Capitalized” Under Prompt Corrective Action Provisions
|
||||||||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
At March 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Brookline Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
733,661
|
|
|
10.42
|
%
|
|
$
|
316,840
|
|
|
4.50
|
%
|
|
$
|
492,862
|
|
|
7.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 leverage capital ratio (2)
|
743,240
|
|
|
9.54
|
%
|
|
311,631
|
|
|
4.00
|
%
|
|
311,631
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Tier 1 risk-based capital ratio (3)
|
743,240
|
|
|
10.55
|
%
|
|
422,696
|
|
|
6.00
|
%
|
|
598,819
|
|
|
8.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Total risk-based capital ratio (4)
|
905,842
|
|
|
12.86
|
%
|
|
563,510
|
|
|
8.00
|
%
|
|
739,607
|
|
|
10.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Brookline Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
539,269
|
|
|
11.01
|
%
|
|
$
|
220,410
|
|
|
4.50
|
%
|
|
$
|
342,859
|
|
|
7.00
|
%
|
|
$
|
318,370
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
539,269
|
|
|
9.98
|
%
|
|
216,140
|
|
|
4.00
|
%
|
|
216,140
|
|
|
4.00
|
%
|
|
270,175
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
539,269
|
|
|
11.01
|
%
|
|
293,880
|
|
|
6.00
|
%
|
|
416,329
|
|
|
8.50
|
%
|
|
391,839
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
600,829
|
|
|
12.27
|
%
|
|
391,739
|
|
|
8.00
|
%
|
|
514,157
|
|
|
10.50
|
%
|
|
489,673
|
|
|
10.00
|
%
|
||||
BankRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
229,379
|
|
|
10.69
|
%
|
|
$
|
96,558
|
|
|
4.50
|
%
|
|
$
|
150,201
|
|
|
7.00
|
%
|
|
$
|
139,473
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
229,379
|
|
|
9.35
|
%
|
|
98,130
|
|
|
4.00
|
%
|
|
98,130
|
|
|
4.00
|
%
|
|
122,663
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
229,379
|
|
|
10.69
|
%
|
|
128,744
|
|
|
6.00
|
%
|
|
182,387
|
|
|
8.50
|
%
|
|
171,659
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
256,360
|
|
|
11.95
|
%
|
|
171,622
|
|
|
8.00
|
%
|
|
225,254
|
|
|
10.50
|
%
|
|
214,527
|
|
|
10.00
|
%
|
|
Actual
|
|
Minimum Required for Capital Adequacy Purposes
|
|
Minimum Required for Fully Phased in Capital Adequacy Purposes plus Capital Conservation Buffer
|
|
Minimum Required To
Be Considered
“Well-Capitalized” Under Prompt Corrective Action Provisions
|
||||||||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||||||||
|
(Dollars in Thousands)
|
||||||||||||||||||||||||||
At December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brookline Bancorp, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 capital ratio (1)
|
$
|
780,962
|
|
|
11.44
|
%
|
|
$
|
307,197
|
|
|
4.50
|
%
|
|
$
|
477,861
|
|
|
7.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 leverage capital ratio (2)
|
790,527
|
|
|
10.28
|
%
|
|
307,598
|
|
|
4.00
|
%
|
|
307,598
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Tier 1 risk-based capital ratio (3)
|
790,527
|
|
|
11.58
|
%
|
|
409,599
|
|
|
6.00
|
%
|
|
580,266
|
|
|
8.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Total risk-based capital ratio (4)
|
927,515
|
|
|
13.59
|
%
|
|
545,999
|
|
|
8.00
|
%
|
|
716,623
|
|
|
10.50
|
%
|
|
N/A
|
|
|
N/A
|
|
||||
Brookline Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 capital ratio (1)
|
$
|
513,311
|
|
|
11.44
|
%
|
|
$
|
201,914
|
|
|
4.50
|
%
|
|
$
|
314,089
|
|
|
7.00
|
%
|
|
$
|
291,654
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
513,311
|
|
|
10.42
|
%
|
|
197,048
|
|
|
4.00
|
%
|
|
197,048
|
|
|
4.00
|
%
|
|
246,310
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
513,311
|
|
|
11.44
|
%
|
|
269,219
|
|
|
6.00
|
%
|
|
381,394
|
|
|
8.50
|
%
|
|
358,959
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
555,474
|
|
|
12.38
|
%
|
|
358,949
|
|
|
8.00
|
%
|
|
471,121
|
|
|
10.50
|
%
|
|
448,687
|
|
|
10.00
|
%
|
||||
BankRI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Common equity Tier 1 capital ratio (1)
|
$
|
240,362
|
|
|
11.75
|
%
|
|
$
|
92,054
|
|
|
4.50
|
%
|
|
$
|
143,194
|
|
|
7.00
|
%
|
|
$
|
132,966
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
240,362
|
|
|
9.97
|
%
|
|
96,434
|
|
|
4.00
|
%
|
|
96,434
|
|
|
4.00
|
%
|
|
120,543
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
240,362
|
|
|
11.75
|
%
|
|
122,738
|
|
|
6.00
|
%
|
|
173,879
|
|
|
8.50
|
%
|
|
163,651
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
258,719
|
|
|
12.65
|
%
|
|
163,617
|
|
|
8.00
|
%
|
|
214,747
|
|
|
10.50
|
%
|
|
204,521
|
|
|
10.00
|
%
|
||||
First Ipswich
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Common equity Tier 1 capital ratio (1)
|
$
|
41,320
|
|
|
13.45
|
%
|
|
$
|
13,825
|
|
|
4.50
|
%
|
|
$
|
21,505
|
|
|
7.00
|
%
|
|
$
|
19,969
|
|
|
6.50
|
%
|
Tier 1 leverage capital ratio (2)
|
41,320
|
|
|
8.80
|
%
|
|
18,782
|
|
|
4.00
|
%
|
|
18,782
|
|
|
4.00
|
%
|
|
23,477
|
|
|
5.00
|
%
|
||||
Tier 1 risk-based capital ratio (3)
|
41,320
|
|
|
13.45
|
%
|
|
18,433
|
|
|
6.00
|
%
|
|
26,113
|
|
|
8.50
|
%
|
|
24,577
|
|
|
8.00
|
%
|
||||
Total risk-based capital ratio (4)
|
43,762
|
|
|
14.24
|
%
|
|
24,585
|
|
|
8.00
|
%
|
|
32,268
|
|
|
10.50
|
%
|
|
30,732
|
|
|
10.00
|
%
|
|
|
Issuer Purchases of Equity Securities
|
||||||||||||||||
Period
|
|
(a) Total number
of shares
purchased
|
|
(b) Average
price paid
per share
|
|
(c) Total number
of shares
purchased as
part of publicly
announced plans
|
|
(d) Maximum
approximate dollar
value of shares that
may yet be purchased
under the plans
|
||||||||||
January 1- March 31, 2020
|
|
848,319
|
|
|
|
12.27
|
|
|
|
848,319
|
|
|
|
—
|
|
|
Exhibit 31.1*
|
|
|
|
|
|
Exhibit 31.2*
|
|
|
|
|
|
Exhibit 32.1**
|
|
|
|
|
|
Exhibit 32.2**
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
BROOKLINE BANCORP, INC.
|
||
|
|
|
|
|
|
|
|
Date: May 29, 2020
|
By:
|
/s/ Paul A. Perrault
|
|
|
|
Paul A. Perrault
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
Date: May 29, 2020
|
By:
|
/s/ Carl M. Carlson
|
|
|
|
Carl M. Carlson
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Financial Officer)
|
|
1 Year Brookline Bancorp Chart |
1 Month Brookline Bancorp Chart |
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