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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Investors Bancorp Inc | NASDAQ:ISBC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.87 | 13.88 | 13.95 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
Delaware
|
|
46-4702118
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
|
|
|
|
101 JFK Parkway, Short Hills, New Jersey
|
|
07078
|
(Address of Principal Executive Offices)
|
|
Zip Code
|
|
|
|
|
|
|
|
|
|
Large accelerated filer
|
|
þ
|
|
|
|
Accelerated filer
|
o
|
|
Non-accelerated filer
|
|
o
|
|
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
o
|
|
|
|
|
|
|
|
Emerging growth company
|
o
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
|
|
Part I. Financial Information
|
|
|
|
Page
|
Item 1.
Financial Statements
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Part II. Other Information
|
||
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
March 31,
2017 |
|
December 31,
2016 |
|||
|
(In thousands)
|
|||||
ASSETS
|
|
|
|
|||
Cash and cash equivalents
|
$
|
165,914
|
|
|
164,178
|
|
Securities available-for-sale, at estimated fair value
|
1,767,260
|
|
|
1,660,433
|
|
|
Securities held-to-maturity, net (estimated fair value of $1,736,210 and $1,782,801 at March 31, 2017 and December 31, 2016, respectively)
|
1,704,406
|
|
|
1,755,556
|
|
|
Loans receivable, net
|
19,261,271
|
|
|
18,569,855
|
|
|
Loans held-for-sale
|
4,908
|
|
|
38,298
|
|
|
Federal Home Loan Bank stock
|
251,805
|
|
|
237,878
|
|
|
Accrued interest receivable
|
68,922
|
|
|
65,969
|
|
|
Other real estate owned
|
4,801
|
|
|
4,492
|
|
|
Office properties and equipment, net
|
179,196
|
|
|
177,417
|
|
|
Net deferred tax asset
|
216,183
|
|
|
222,277
|
|
|
Bank owned life insurance
|
153,063
|
|
|
161,940
|
|
|
Goodwill and intangible assets
|
101,475
|
|
|
101,839
|
|
|
Other assets
|
9,469
|
|
|
14,543
|
|
|
Total assets
|
$
|
23,888,673
|
|
|
23,174,675
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|||
Liabilities:
|
|
|
|
|||
Deposits
|
$
|
15,376,023
|
|
|
15,280,833
|
|
Borrowed funds
|
5,093,790
|
|
|
4,546,251
|
|
|
Advance payments by borrowers for taxes and insurance
|
127,401
|
|
|
105,851
|
|
|
Other liabilities
|
132,967
|
|
|
118,495
|
|
|
Total liabilities
|
20,730,181
|
|
|
20,051,430
|
|
|
Commitments and contingencies
|
|
|
|
|||
Stockholders’ equity:
|
|
|
|
|||
Preferred stock, $0.01 par value, 100,000,000 authorized shares; none issued
|
—
|
|
|
—
|
|
|
Common stock, $0.01 par value, 1,000,000,000 shares authorized; 359,070,852 issued at March 31, 2017 and December 31, 2016; 310,364,901 and 309,449,388 outstanding at March 31, 2017 and December 31, 2016, respectively
|
3,591
|
|
|
3,591
|
|
|
Additional paid-in capital
|
2,763,217
|
|
|
2,765,732
|
|
|
Retained earnings
|
1,075,909
|
|
|
1,053,750
|
|
|
Treasury stock, at cost; 48,705,951 and 49,621,464 shares at March 31, 2017 and December 31, 2016, respectively
|
(576,973
|
)
|
|
(587,974
|
)
|
|
Unallocated common stock held by the employee stock ownership plan
|
(86,505
|
)
|
|
(87,254
|
)
|
|
Accumulated other comprehensive loss
|
(20,747
|
)
|
|
(24,600
|
)
|
|
Total stockholders’ equity
|
3,158,492
|
|
|
3,123,245
|
|
|
Total liabilities and stockholders’ equity
|
$
|
23,888,673
|
|
|
23,174,675
|
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(Dollars in thousands, except per share data)
|
|||||
Interest and dividend income:
|
|
|
|
|||
Loans receivable and loans held-for-sale
|
$
|
185,961
|
|
|
172,832
|
|
Securities:
|
|
|
|
|||
Equity
|
48
|
|
|
51
|
|
|
Government-sponsored enterprise obligations
|
8
|
|
|
11
|
|
|
Mortgage-backed securities
|
16,709
|
|
|
15,097
|
|
|
Municipal bonds and other debt
|
4,068
|
|
|
1,952
|
|
|
Interest-bearing deposits
|
107
|
|
|
104
|
|
|
Federal Home Loan Bank stock
|
3,193
|
|
|
2,060
|
|
|
Total interest and dividend income
|
210,094
|
|
|
192,107
|
|
|
Interest expense:
|
|
|
|
|||
Deposits
|
22,184
|
|
|
20,725
|
|
|
Borrowed Funds
|
20,791
|
|
|
16,819
|
|
|
Total interest expense
|
42,975
|
|
|
37,544
|
|
|
Net interest income
|
167,119
|
|
|
154,563
|
|
|
Provision for loan losses
|
4,000
|
|
|
5,000
|
|
|
Net interest income after provision for loan losses
|
163,119
|
|
|
149,563
|
|
|
Non-interest income
|
|
|
|
|||
Fees and service charges
|
4,928
|
|
|
4,180
|
|
|
Income on bank owned life insurance
|
725
|
|
|
1,260
|
|
|
Gain on loans, net
|
992
|
|
|
437
|
|
|
Gain on securities transactions, net
|
1,227
|
|
|
1,388
|
|
|
Gain (loss) on sale of other real estate owned, net
|
174
|
|
|
(233
|
)
|
|
Other income
|
1,657
|
|
|
1,675
|
|
|
Total non-interest income
|
9,703
|
|
|
8,707
|
|
|
Non-interest expense
|
|
|
|
|||
Compensation and fringe benefits
|
57,274
|
|
|
51,817
|
|
|
Advertising and promotional expense
|
2,085
|
|
|
1,694
|
|
|
Office occupancy and equipment expense
|
14,847
|
|
|
13,810
|
|
|
Federal deposit insurance premiums
|
3,710
|
|
|
2,400
|
|
|
General and administrative
|
734
|
|
|
817
|
|
|
Professional fees
|
7,421
|
|
|
4,013
|
|
|
Data processing and communication
|
5,860
|
|
|
5,561
|
|
|
Other operating expenses
|
7,627
|
|
|
7,034
|
|
|
Total non-interest expenses
|
99,558
|
|
|
87,146
|
|
|
Income before income tax expense
|
73,264
|
|
|
71,124
|
|
|
Income tax expense
|
27,244
|
|
|
26,455
|
|
|
Net income
|
$
|
46,020
|
|
|
44,669
|
|
Basic earnings per share
|
$
|
0.16
|
|
|
0.14
|
|
Diluted earnings per share
|
$
|
0.16
|
|
|
0.14
|
|
Weighted average shares outstanding
|
|
|
|
|||
Basic
|
291,185,408
|
|
|
309,166,680
|
|
|
Diluted
|
293,407,422
|
|
|
312,951,988
|
|
|
For the Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(In thousands)
|
|||||
Net income
|
$
|
46,020
|
|
|
44,669
|
|
Other comprehensive income, net of tax:
|
|
|
|
|||
Change in funded status of retirement obligations
|
83
|
|
|
317
|
|
|
Unrealized gain on securities available-for-sale
|
2,679
|
|
|
10,002
|
|
|
Accretion of loss on securities reclassified to held to maturity
|
208
|
|
|
284
|
|
|
Reclassification adjustment for security gains included in net income
|
(736
|
)
|
|
(833
|
)
|
|
Other-than-temporary impairment accretion on debt securities
|
399
|
|
|
191
|
|
|
Net gains on derivatives arising during the period
|
1,220
|
|
|
—
|
|
|
Total other comprehensive income
|
3,853
|
|
|
9,961
|
|
|
Total comprehensive income
|
$
|
49,873
|
|
|
54,630
|
|
|
Common
stock
|
|
Additional
paid-in
capital
|
|
Retained
earnings
|
|
Treasury
stock
|
|
Unallocated
common stock
held by ESOP
|
|
Accumulated
other
comprehensive
loss
|
|
Total
stockholders’
equity
|
||||||||
|
(In thousands)
|
||||||||||||||||||||
Balance at December 31, 2015
|
$
|
3,591
|
|
|
2,785,503
|
|
|
936,040
|
|
|
(295,412
|
)
|
|
(90,250
|
)
|
|
(27,825
|
)
|
|
3,311,647
|
|
Cumulative effect of adopting ASU No. 2016-09
|
—
|
|
|
(8,051
|
)
|
|
8,051
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net income
|
—
|
|
|
—
|
|
|
44,669
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44,669
|
|
|
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,961
|
|
|
9,961
|
|
|
Purchase of treasury stock (12,150,000 shares)
|
—
|
|
|
—
|
|
|
—
|
|
|
(140,192
|
)
|
|
—
|
|
|
—
|
|
|
(140,192
|
)
|
|
Treasury stock allocated to restricted stock plan (161,890 shares)
|
—
|
|
|
(1,865
|
)
|
|
(71
|
)
|
|
1,936
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Compensation cost for stock options and restricted stock
|
—
|
|
|
4,333
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,333
|
|
|
Option exercise
|
—
|
|
|
(3,929
|
)
|
|
—
|
|
|
7,677
|
|
|
—
|
|
|
—
|
|
|
3,748
|
|
|
Cash dividend paid ($0.06 per common share)
|
—
|
|
|
—
|
|
|
(19,805
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,805
|
)
|
|
ESOP shares allocated or committed to be released
|
—
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
749
|
|
|
—
|
|
|
1,365
|
|
|
Balance at March 31, 2016
|
$
|
3,591
|
|
|
2,776,607
|
|
|
968,884
|
|
|
(425,991
|
)
|
|
(89,501
|
)
|
|
(17,864
|
)
|
|
3,215,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2016
|
$
|
3,591
|
|
|
2,765,732
|
|
|
1,053,750
|
|
|
(587,974
|
)
|
|
(87,254
|
)
|
|
(24,600
|
)
|
|
3,123,245
|
|
Net income
|
—
|
|
|
—
|
|
|
46,020
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,020
|
|
|
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,853
|
|
|
3,853
|
|
|
Purchase of treasury stock (4,270 shares)
|
—
|
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(61
|
)
|
|
Treasury stock allocated to restricted stock plan (350,000 shares)
|
—
|
|
|
(5,137
|
)
|
|
919
|
|
|
4,218
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Compensation cost for stock options and restricted stock
|
—
|
|
|
4,857
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,857
|
|
|
Option exercise
|
—
|
|
|
(3,286
|
)
|
|
—
|
|
|
6,952
|
|
|
—
|
|
|
—
|
|
|
3,666
|
|
|
Restricted stock forfeitures (9,019 shares)
|
—
|
|
|
102
|
|
|
6
|
|
|
(108
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Cash dividend paid ($0.08 per common share)
|
—
|
|
|
—
|
|
|
(24,786
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,786
|
)
|
|
ESOP shares allocated or committed to be released
|
—
|
|
|
949
|
|
|
—
|
|
|
—
|
|
|
749
|
|
|
—
|
|
|
1,698
|
|
|
Balance at March 31, 2017
|
$
|
3,591
|
|
|
2,763,217
|
|
|
1,075,909
|
|
|
(576,973
|
)
|
|
(86,505
|
)
|
|
(20,747
|
)
|
|
3,158,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
See accompanying notes to consolidated financial statements.
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(In thousands)
|
|||||
Cash flows from operating activities:
|
|
|
|
|||
Net income
|
$
|
46,020
|
|
|
44,669
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
ESOP and stock-based compensation expense
|
6,555
|
|
|
5,698
|
|
|
Amortization of premiums and accretion of discounts on securities, net
|
5,503
|
|
|
3,203
|
|
|
Amortization of premiums and accretion of fees and costs on loans, net
|
(1,242
|
)
|
|
(624
|
)
|
|
Amortization of other intangible assets
|
626
|
|
|
740
|
|
|
Provision for loan losses
|
4,000
|
|
|
5,000
|
|
|
Depreciation and amortization of office properties and equipment
|
4,084
|
|
|
3,756
|
|
|
Gain on securities, net
|
(1,227
|
)
|
|
(1,388
|
)
|
|
Mortgage loans originated for sale
|
(41,244
|
)
|
|
(29,956
|
)
|
|
Proceeds from mortgage loan sales
|
75,511
|
|
|
34,039
|
|
|
Gain on sales of mortgage loans, net
|
(877
|
)
|
|
(504
|
)
|
|
(Gain) loss on sale of other real estate owned
|
(174
|
)
|
|
233
|
|
|
Income on bank owned life insurance
|
(725
|
)
|
|
(1,260
|
)
|
|
Increase in accrued interest receivable
|
(2,953
|
)
|
|
(5,115
|
)
|
|
Deferred tax expense
|
3,654
|
|
|
11,422
|
|
|
Decrease (increase) in other assets
|
6,543
|
|
|
(1,335
|
)
|
|
Net tax benefit from stock-based compensation
|
1,277
|
|
|
1,043
|
|
|
Increase (decrease) in other liabilities
|
13,694
|
|
|
(22,356
|
)
|
|
Total adjustments
|
73,005
|
|
|
2,596
|
|
|
Net cash provided by operating activities
|
119,025
|
|
|
47,265
|
|
|
Cash flows from investing activities:
|
|
|
|
|||
Purchases of loans receivable
|
(102,457
|
)
|
|
(9,419
|
)
|
|
Net originations of loans receivable
|
(592,766
|
)
|
|
(257,211
|
)
|
|
Proceeds from disposition of loans held for investment
|
115
|
|
|
—
|
|
|
(Gain) loss on disposition of loans held for investment
|
(115
|
)
|
|
67
|
|
|
Net proceeds from sale of foreclosed real estate
|
887
|
|
|
2,190
|
|
|
Proceeds from principal repayments/calls/maturities of securities available for sale
|
79,867
|
|
|
61,590
|
|
|
Proceeds from sales of securities available for sale
|
47,359
|
|
|
33,059
|
|
|
Proceeds from principal repayments/calls/maturities of securities held to maturity
|
84,596
|
|
|
78,120
|
|
|
Purchases of securities available for sale
|
(231,995
|
)
|
|
(86,963
|
)
|
|
Purchases of securities held to maturity
|
(35,690
|
)
|
|
(121,320
|
)
|
|
Proceeds from redemptions of Federal Home Loan Bank stock
|
47,771
|
|
|
33,609
|
|
|
Purchases of Federal Home Loan Bank stock
|
(61,698
|
)
|
|
(45,412
|
)
|
|
Purchases of office properties and equipment
|
(5,863
|
)
|
|
(4,846
|
)
|
|
Death benefit proceeds from bank owned life insurance
|
9,602
|
|
|
468
|
|
|
Net cash used in investing activities
|
(760,387
|
)
|
|
(316,068
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|||
Net increase in deposits
|
95,190
|
|
|
137,731
|
|
Net increase in other borrowings
|
547,539
|
|
|
264,540
|
|
|
Net increase in advance payments by borrowers for taxes and insurance
|
21,550
|
|
|
17,459
|
|
|
Dividends paid
|
(24,786
|
)
|
|
(19,805
|
)
|
|
Exercise of stock options
|
3,666
|
|
|
3,835
|
|
|
Purchase of treasury stock
|
(61
|
)
|
|
(140,192
|
)
|
|
Net cash provided by financing activities
|
643,098
|
|
|
263,568
|
|
|
Net increase (decrease) in cash and cash equivalents
|
1,736
|
|
|
(5,235
|
)
|
|
Cash and cash equivalents at beginning of period
|
164,178
|
|
|
148,904
|
|
|
Cash and cash equivalents at end of period
|
$
|
165,914
|
|
|
143,669
|
|
Supplemental cash flow information:
|
|
|
|
|||
Non-cash investing activities:
|
|
|
|
|||
Real estate acquired through foreclosure
|
$
|
1,048
|
|
|
591
|
|
Cash paid during the year for:
|
|
|
|
|||
Interest
|
41,922
|
|
|
37,884
|
|
|
Income taxes
|
—
|
|
|
31,184
|
|
|
For the Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(Dollars in thousands, except per share data)
|
||||||
Earnings for basic and diluted earnings per common share
|
|
|
|
||||
Earnings applicable to common stockholders
|
$
|
46,020
|
|
|
$
|
44,669
|
|
|
|
|
|
||||
Shares
|
|
|
|
||||
Weighted-average common shares outstanding - basic
|
291,185,408
|
|
|
309,166,680
|
|
||
Effect of dilutive common stock equivalents (1)
|
2,222,014
|
|
|
3,785,308
|
|
||
Weighted-average common shares outstanding - diluted
|
293,407,422
|
|
|
312,951,988
|
|
||
|
|
|
|
||||
Earnings per common share
|
|
|
|
||||
Basic
|
$
|
0.16
|
|
|
$
|
0.14
|
|
Diluted
|
$
|
0.16
|
|
|
$
|
0.14
|
|
|
|
At March 31, 2017
|
|||||||||||
|
Carrying value
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Estimated
fair value
|
|||||
|
(In thousands)
|
|||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|||||
Equity securities
|
$
|
4,849
|
|
|
703
|
|
|
94
|
|
|
5,458
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|||||
Federal Home Loan Mortgage Corporation
|
625,875
|
|
|
1,575
|
|
|
5,381
|
|
|
622,069
|
|
|
Federal National Mortgage Association
|
1,106,936
|
|
|
1,818
|
|
|
13,878
|
|
|
1,094,876
|
|
|
Government National Mortgage Association
|
45,625
|
|
|
—
|
|
|
768
|
|
|
44,857
|
|
|
Total mortgage-backed securities available-for-sale
|
1,778,436
|
|
|
3,393
|
|
|
20,027
|
|
|
1,761,802
|
|
|
Total available-for-sale securities
|
$
|
1,783,285
|
|
|
4,096
|
|
|
20,121
|
|
|
1,767,260
|
|
|
At March 31, 2017
|
|||||||||||||||||
|
Amortized cost
|
|
Net unrealized losses (1)
|
|
Carrying value
|
|
Gross
unrecognized
gains (2)
|
|
Gross
unrecognized
losses (2)
|
|
Estimated
fair value
|
|||||||
|
(In thousands)
|
|||||||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Government-sponsored enterprises
|
$
|
2,106
|
|
|
—
|
|
|
2,106
|
|
|
9
|
|
|
—
|
|
|
2,115
|
|
Municipal bonds
|
27,830
|
|
|
—
|
|
|
27,830
|
|
|
1,474
|
|
|
—
|
|
|
29,304
|
|
|
Corporate and other debt securities
|
65,614
|
|
|
21,084
|
|
|
44,530
|
|
|
38,458
|
|
|
—
|
|
|
82,988
|
|
|
Total debt securities held-to-maturity
|
95,550
|
|
|
21,084
|
|
|
74,466
|
|
|
39,941
|
|
|
—
|
|
|
114,407
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Federal Home Loan Mortgage Corporation
|
421,063
|
|
|
1,395
|
|
|
419,668
|
|
|
1,178
|
|
|
2,689
|
|
|
418,157
|
|
|
Federal National Mortgage Association
|
1,196,452
|
|
|
1,615
|
|
|
1,194,837
|
|
|
4,851
|
|
|
11,501
|
|
|
1,188,187
|
|
|
Government National Mortgage Association
|
15,435
|
|
|
—
|
|
|
15,435
|
|
|
24
|
|
|
—
|
|
|
15,459
|
|
|
Total mortgage-backed securities held-to-maturity
|
1,632,950
|
|
|
3,010
|
|
|
1,629,940
|
|
|
6,053
|
|
|
14,190
|
|
|
1,621,803
|
|
|
Total held-to-maturity securities
|
$
|
1,728,500
|
|
|
24,094
|
|
|
1,704,406
|
|
|
45,994
|
|
|
14,190
|
|
|
1,736,210
|
|
|
At December 31, 2016
|
|||||||||||
|
Carrying value
|
|
Gross
unrealized
gains
|
|
Gross
unrealized
losses
|
|
Estimated
fair value
|
|||||
|
(In thousands)
|
|||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|||||
Equity securities
|
$
|
5,825
|
|
|
918
|
|
|
83
|
|
|
6,660
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|||||
Federal Home Loan Mortgage Corporation
|
603,774
|
|
|
1,971
|
|
|
7,306
|
|
|
598,439
|
|
|
Federal National Mortgage Association
|
1,022,383
|
|
|
2,678
|
|
|
16,474
|
|
|
1,008,587
|
|
|
Government National Mortgage Association
|
47,538
|
|
|
—
|
|
|
791
|
|
|
46,747
|
|
|
Total mortgage-backed securities available-for-sale
|
1,673,695
|
|
|
4,649
|
|
|
24,571
|
|
|
1,653,773
|
|
|
Total available-for-sale securities
|
$
|
1,679,520
|
|
|
5,567
|
|
|
24,654
|
|
|
1,660,433
|
|
|
At December 31, 2016
|
|||||||||||||||||
|
Amortized cost
|
|
Net unrealized losses (1)
|
|
Carrying Value
|
|
Gross
unrecognized
gains (2)
|
|
Gross
unrecognized
losses (2)
|
|
Estimated
fair value
|
|||||||
|
(In thousands)
|
|||||||||||||||||
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Government-sponsored enterprises
|
$
|
2,128
|
|
|
—
|
|
|
2,128
|
|
|
12
|
|
|
—
|
|
|
2,140
|
|
Municipal bonds
|
37,978
|
|
|
—
|
|
|
37,978
|
|
|
1,515
|
|
|
—
|
|
|
39,493
|
|
|
Corporate and other debt securities
|
65,852
|
|
|
21,760
|
|
|
44,092
|
|
|
40,153
|
|
|
—
|
|
|
84,245
|
|
|
Total debt securities held-to-maturity
|
105,958
|
|
|
21,760
|
|
|
84,198
|
|
|
41,680
|
|
|
—
|
|
|
125,878
|
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Federal Home Loan Mortgage Corporation
|
411,692
|
|
|
1,559
|
|
|
410,133
|
|
|
793
|
|
|
3,502
|
|
|
407,424
|
|
|
Federal National Mortgage Association
|
1,246,635
|
|
|
1,802
|
|
|
1,244,833
|
|
|
3,635
|
|
|
15,389
|
|
|
1,233,079
|
|
|
Government National Mortgage Association
|
16,392
|
|
|
—
|
|
|
16,392
|
|
|
28
|
|
|
—
|
|
|
16,420
|
|
|
Total mortgage-backed securities held-to-maturity
|
1,674,719
|
|
|
3,361
|
|
|
1,671,358
|
|
|
4,456
|
|
|
18,891
|
|
|
1,656,923
|
|
|
Total held-to-maturity securities
|
$
|
1,780,677
|
|
|
25,121
|
|
|
1,755,556
|
|
|
46,136
|
|
|
18,891
|
|
|
1,782,801
|
|
|
March 31, 2017
|
|||||
|
Carrying Value
|
|
Estimated
fair value
|
|||
|
(In thousands)
|
|||||
Due in one year or less
|
$
|
23,201
|
|
|
23,201
|
|
Due after one year through five years
|
2,181
|
|
|
2,190
|
|
|
Due after five years through ten years
|
5,000
|
|
|
5,080
|
|
|
Due after ten years
|
44,084
|
|
|
83,936
|
|
|
Total
|
$
|
74,466
|
|
|
114,407
|
|
|
March 31, 2017
|
|||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||
|
Estimated
fair value
|
|
Unrealized
losses
|
|
Estimated
fair value
|
|
Unrealized
losses
|
|
Estimated
fair value
|
|
Unrealized
losses
|
|||||||
|
(In thousands)
|
|||||||||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity Securities
|
$
|
4,734
|
|
|
94
|
|
|
—
|
|
|
—
|
|
|
4,734
|
|
|
94
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Federal Home Loan Mortgage Corporation
|
354,274
|
|
|
5,341
|
|
|
11,829
|
|
|
40
|
|
|
366,103
|
|
|
5,381
|
|
|
Federal National Mortgage Association
|
724,705
|
|
|
13,413
|
|
|
23,319
|
|
|
465
|
|
|
748,024
|
|
|
13,878
|
|
|
Government National Mortgage Association
|
44,857
|
|
|
768
|
|
|
—
|
|
|
—
|
|
|
44,857
|
|
|
768
|
|
|
Total mortgage-backed securities available-for-sale
|
1,123,836
|
|
|
19,522
|
|
|
35,148
|
|
|
505
|
|
|
1,158,984
|
|
|
20,027
|
|
|
Total available-for-sale securities
|
1,128,570
|
|
|
19,616
|
|
|
35,148
|
|
|
505
|
|
|
1,163,718
|
|
|
20,121
|
|
|
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Federal Home Loan Mortgage Corporation
|
301,831
|
|
|
2,561
|
|
|
3,325
|
|
|
128
|
|
|
305,156
|
|
|
2,689
|
|
|
Federal National Mortgage Association
|
673,969
|
|
|
11,429
|
|
|
12,257
|
|
|
72
|
|
|
686,226
|
|
|
11,501
|
|
|
Total held-to-maturity securities
|
975,800
|
|
|
13,990
|
|
|
15,582
|
|
|
200
|
|
|
991,382
|
|
|
14,190
|
|
|
Total
|
$
|
2,104,370
|
|
|
33,606
|
|
|
50,730
|
|
|
705
|
|
|
2,155,100
|
|
|
34,311
|
|
|
December 31, 2016
|
|||||||||||||||||
|
Less than 12 months
|
|
12 months or more
|
|
Total
|
|||||||||||||
|
Estimated
fair value
|
|
Unrealized
losses
|
|
Estimated
fair value
|
|
Unrealized
losses
|
|
Estimated
fair value
|
|
Unrealized
losses
|
|||||||
|
(In thousands)
|
|||||||||||||||||
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity Securities
|
$
|
4,722
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
4,722
|
|
|
83
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Federal Home Loan Mortgage Corporation
|
406,878
|
|
|
7,220
|
|
|
12,756
|
|
|
86
|
|
|
419,634
|
|
|
7,306
|
|
|
Federal National Mortgage Association
|
762,272
|
|
|
15,977
|
|
|
25,089
|
|
|
497
|
|
|
787,361
|
|
|
16,474
|
|
|
Government National Mortgage Association
|
46,747
|
|
|
791
|
|
|
—
|
|
|
—
|
|
|
46,747
|
|
|
791
|
|
|
Total mortgage-backed securities available-for-sale
|
1,215,897
|
|
|
23,988
|
|
|
37,845
|
|
|
583
|
|
|
1,253,742
|
|
|
24,571
|
|
|
Total available-for-sale securities
|
1,220,619
|
|
|
24,071
|
|
|
37,845
|
|
|
583
|
|
|
1,258,464
|
|
|
24,654
|
|
|
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Federal Home Loan Mortgage Corporation
|
339,666
|
|
|
3,354
|
|
|
3,623
|
|
|
148
|
|
|
343,289
|
|
|
3,502
|
|
|
Federal National Mortgage Association
|
970,194
|
|
|
15,389
|
|
|
—
|
|
|
—
|
|
|
970,194
|
|
|
15,389
|
|
|
Total held-to-maturity securities
|
1,309,860
|
|
|
18,743
|
|
|
3,623
|
|
|
148
|
|
|
1,313,483
|
|
|
18,891
|
|
|
Total
|
$
|
2,530,479
|
|
|
42,814
|
|
|
41,468
|
|
|
731
|
|
|
2,571,947
|
|
|
43,545
|
|
|
For the Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(In thousands)
|
|||||
Balance of credit related OTTI, beginning of period
|
$
|
95,743
|
|
|
100,200
|
|
Additions:
|
|
|
|
|||
Initial credit impairments
|
—
|
|
|
—
|
|
|
Subsequent credit impairments
|
—
|
|
|
—
|
|
|
Reductions:
|
|
|
|
|||
Accretion of credit loss impairment due to an increase in expected cash flows
|
(2,935
|
)
|
|
(1,112
|
)
|
|
Reductions for securities sold or paid off during the period
|
(3,811
|
)
|
|
—
|
|
|
Balance of credit related OTTI, end of period
|
$
|
88,997
|
|
|
99,088
|
|
|
March 31,
2017 |
|
December 31,
2016 |
|||
|
(In thousands)
|
|||||
Multi-family loans
|
$
|
7,795,974
|
|
|
7,459,131
|
|
Commercial real estate loans
|
4,630,407
|
|
|
4,445,194
|
|
|
Commercial and industrial loans
|
1,374,599
|
|
|
1,275,283
|
|
|
Construction loans
|
335,341
|
|
|
314,843
|
|
|
Total commercial loans
|
14,136,321
|
|
|
13,494,451
|
|
|
Residential mortgage loans
|
4,749,058
|
|
|
4,710,373
|
|
|
Consumer and other loans
|
611,226
|
|
|
596,922
|
|
|
Total loans excluding PCI loans
|
19,496,605
|
|
|
18,801,746
|
|
|
PCI loans
|
8,823
|
|
|
8,956
|
|
|
Net unamortized premiums and deferred loan costs (1)
|
(13,245
|
)
|
|
(12,474
|
)
|
|
Allowance for loan losses
|
(230,912
|
)
|
|
(228,373
|
)
|
|
Net loans
|
$
|
19,261,271
|
|
|
18,569,855
|
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(In thousands)
|
|||||
Balance, beginning of period
|
$
|
1,451
|
|
|
449
|
|
Accretion
|
(44
|
)
|
|
(67
|
)
|
|
Net reclassification from non-accretable difference (1)
|
—
|
|
|
1,221
|
|
|
Balance, end of period
|
$
|
1,407
|
|
|
1,603
|
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(Dollars in thousands)
|
|||||
Balance at beginning of the period
|
$
|
228,373
|
|
|
218,505
|
|
Loans charged off
|
(3,005
|
)
|
|
(7,977
|
)
|
|
Recoveries
|
1,544
|
|
|
1,085
|
|
|
Net charge-offs
|
(1,461
|
)
|
|
(6,892
|
)
|
|
Provision for loan losses
|
4,000
|
|
|
5,000
|
|
|
Balance at end of the period
|
$
|
230,912
|
|
|
216,613
|
|
|
March 31, 2017
|
|||||||||||||||||||||||
|
Multi-
Family Loans
|
|
Commercial
Real Estate Loans
|
|
Commercial
and Industrial
Loans
|
|
Construction
Loans
|
|
Residential
Mortgage Loans
|
|
Consumer
and Other
Loans
|
|
Unallocated
|
|
Total
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance-December 31, 2016
|
$
|
95,561
|
|
|
52,796
|
|
|
43,492
|
|
|
11,653
|
|
|
19,831
|
|
|
2,850
|
|
|
2,190
|
|
|
228,373
|
|
Charge-offs
|
(6
|
)
|
|
(419
|
)
|
|
(1,751
|
)
|
|
(100
|
)
|
|
(727
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3,005
|
)
|
|
Recoveries
|
280
|
|
|
55
|
|
|
72
|
|
|
—
|
|
|
1,117
|
|
|
20
|
|
|
—
|
|
|
1,544
|
|
|
Provision
|
(5,752
|
)
|
|
8,820
|
|
|
1,942
|
|
|
(859
|
)
|
|
(1,246
|
)
|
|
(98
|
)
|
|
1,193
|
|
|
4,000
|
|
|
Ending balance-March 31, 2017
|
$
|
90,083
|
|
|
61,252
|
|
|
43,755
|
|
|
10,694
|
|
|
18,975
|
|
|
2,770
|
|
|
3,383
|
|
|
230,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,676
|
|
|
41
|
|
|
—
|
|
|
1,717
|
|
Collectively evaluated for impairment
|
90,083
|
|
|
61,252
|
|
|
43,755
|
|
|
10,694
|
|
|
17,299
|
|
|
2,729
|
|
|
3,383
|
|
|
229,195
|
|
|
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Balance at March 31, 2017
|
$
|
90,083
|
|
|
61,252
|
|
|
43,755
|
|
|
10,694
|
|
|
18,975
|
|
|
2,770
|
|
|
3,383
|
|
|
230,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
$
|
1,379
|
|
|
6,748
|
|
|
1,656
|
|
|
—
|
|
|
26,824
|
|
|
583
|
|
|
—
|
|
|
37,190
|
|
Collectively evaluated for impairment
|
7,794,595
|
|
|
4,623,659
|
|
|
1,372,943
|
|
|
335,341
|
|
|
4,722,234
|
|
|
610,643
|
|
|
—
|
|
|
19,459,415
|
|
|
Loans acquired with deteriorated credit quality
|
—
|
|
|
7,020
|
|
|
—
|
|
|
—
|
|
|
1,471
|
|
|
332
|
|
|
—
|
|
|
8,823
|
|
|
Balance at March 31, 2017
|
$
|
7,795,974
|
|
|
4,637,427
|
|
|
1,374,599
|
|
|
335,341
|
|
|
4,750,529
|
|
|
611,558
|
|
|
—
|
|
|
19,505,428
|
|
|
December 31, 2016
|
|||||||||||||||||||||||
|
Multi-
Family Loans
|
|
Commercial
Real Estate Loans
|
|
Commercial
and Industrial
Loans
|
|
Construction
Loans
|
|
Residential
Mortgage Loans
|
|
Consumer
and Other
Loans
|
|
Unallocated
|
|
Total
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance-December 31, 2015
|
$
|
88,223
|
|
|
46,999
|
|
|
40,585
|
|
|
6,794
|
|
|
31,443
|
|
|
3,155
|
|
|
1,306
|
|
|
218,505
|
|
Charge-offs
|
(161
|
)
|
|
(455
|
)
|
|
(4,485
|
)
|
|
(52
|
)
|
|
(9,425
|
)
|
|
(419
|
)
|
|
—
|
|
|
(14,997
|
)
|
|
Recoveries
|
1,885
|
|
|
689
|
|
|
541
|
|
|
267
|
|
|
1,631
|
|
|
102
|
|
|
—
|
|
|
5,115
|
|
|
Provision
|
5,614
|
|
|
5,563
|
|
|
6,851
|
|
|
4,644
|
|
|
(3,818
|
)
|
|
12
|
|
|
884
|
|
|
19,750
|
|
|
Ending balance-December 31, 2016
|
$
|
95,561
|
|
|
52,796
|
|
|
43,492
|
|
|
11,653
|
|
|
19,831
|
|
|
2,850
|
|
|
2,190
|
|
|
228,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,581
|
|
|
20
|
|
|
—
|
|
|
1,601
|
|
Collectively evaluated for impairment
|
95,561
|
|
|
52,796
|
|
|
43,492
|
|
|
11,653
|
|
|
18,250
|
|
|
2,830
|
|
|
2,190
|
|
|
226,772
|
|
|
Loans acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Balance at December 31, 2016
|
$
|
95,561
|
|
|
52,796
|
|
|
43,492
|
|
|
11,653
|
|
|
19,831
|
|
|
2,850
|
|
|
2,190
|
|
|
228,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Individually evaluated for impairment
|
$
|
248
|
|
|
5,962
|
|
|
3,370
|
|
|
—
|
|
|
24,453
|
|
|
371
|
|
|
—
|
|
|
34,404
|
|
Collectively evaluated for impairment
|
7,458,883
|
|
|
4,439,232
|
|
|
1,271,913
|
|
|
314,843
|
|
|
4,685,920
|
|
|
596,551
|
|
|
—
|
|
|
18,767,342
|
|
|
Loans acquired with deteriorated credit quality
|
—
|
|
|
7,106
|
|
|
—
|
|
|
—
|
|
|
1,507
|
|
|
343
|
|
|
—
|
|
|
8,956
|
|
|
Balance at December 31, 2016
|
$
|
7,459,131
|
|
|
4,452,300
|
|
|
1,275,283
|
|
|
314,843
|
|
|
4,711,880
|
|
|
597,265
|
|
|
—
|
|
|
18,810,702
|
|
|
March 31, 2017
|
||||||||||||||||||||
|
Pass
|
|
Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Multi-family
|
$
|
7,201,975
|
|
|
353,911
|
|
|
139,948
|
|
|
100,140
|
|
|
—
|
|
|
—
|
|
|
7,795,974
|
|
Commercial real estate
|
4,021,849
|
|
|
397,567
|
|
|
96,352
|
|
|
114,639
|
|
|
—
|
|
|
—
|
|
|
4,630,407
|
|
|
Commercial and industrial
|
924,256
|
|
|
420,606
|
|
|
24,242
|
|
|
5,495
|
|
|
—
|
|
|
—
|
|
|
1,374,599
|
|
|
Construction
|
233,837
|
|
|
95,841
|
|
|
1,200
|
|
|
4,463
|
|
|
—
|
|
|
—
|
|
|
335,341
|
|
|
Total commercial loans
|
12,381,917
|
|
|
1,267,925
|
|
|
261,742
|
|
|
224,737
|
|
|
—
|
|
|
—
|
|
|
14,136,321
|
|
|
Residential mortgage
|
4,642,980
|
|
|
21,658
|
|
|
7,764
|
|
|
76,656
|
|
|
—
|
|
|
—
|
|
|
4,749,058
|
|
|
Consumer and other
|
594,906
|
|
|
8,027
|
|
|
591
|
|
|
7,702
|
|
|
—
|
|
|
—
|
|
|
611,226
|
|
|
Total
|
$
|
17,619,803
|
|
|
1,297,610
|
|
|
270,097
|
|
|
309,095
|
|
|
—
|
|
|
—
|
|
|
19,496,605
|
|
|
December 31, 2016
|
||||||||||||||||||||
|
Pass
|
|
Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Multi-family
|
$
|
6,961,809
|
|
|
276,858
|
|
|
165,948
|
|
|
54,516
|
|
|
—
|
|
|
—
|
|
|
7,459,131
|
|
Commercial real estate
|
3,900,988
|
|
|
373,319
|
|
|
134,154
|
|
|
36,733
|
|
|
—
|
|
|
—
|
|
|
4,445,194
|
|
|
Commercial and industrial
|
900,190
|
|
|
344,628
|
|
|
23,588
|
|
|
6,877
|
|
|
—
|
|
|
—
|
|
|
1,275,283
|
|
|
Construction
|
230,630
|
|
|
76,773
|
|
|
3,200
|
|
|
4,240
|
|
|
—
|
|
|
—
|
|
|
314,843
|
|
|
Total commercial loans
|
11,993,617
|
|
|
1,071,578
|
|
|
326,890
|
|
|
102,366
|
|
|
—
|
|
|
—
|
|
|
13,494,451
|
|
|
Residential mortgage
|
4,600,611
|
|
|
21,873
|
|
|
10,239
|
|
|
77,650
|
|
|
—
|
|
|
—
|
|
|
4,710,373
|
|
|
Consumer and other
|
583,140
|
|
|
5,627
|
|
|
719
|
|
|
7,436
|
|
|
—
|
|
|
—
|
|
|
596,922
|
|
|
Total
|
$
|
17,177,368
|
|
|
1,099,078
|
|
|
337,848
|
|
|
187,452
|
|
|
—
|
|
|
—
|
|
|
18,801,746
|
|
|
March 31, 2017
|
|||||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
Greater
than 90
Days
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
Receivable
|
|||||||
|
(In thousands)
|
|||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Multi-family
|
$
|
14,702
|
|
|
—
|
|
|
227
|
|
|
14,929
|
|
|
7,781,045
|
|
|
7,795,974
|
|
Commercial real estate
|
38,964
|
|
|
8,570
|
|
|
5,109
|
|
|
52,643
|
|
|
4,577,764
|
|
|
4,630,407
|
|
|
Commercial and industrial
|
1,062
|
|
|
575
|
|
|
553
|
|
|
2,190
|
|
|
1,372,409
|
|
|
1,374,599
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
335,341
|
|
|
335,341
|
|
|
Total commercial loans
|
54,728
|
|
|
9,145
|
|
|
5,889
|
|
|
69,762
|
|
|
14,066,559
|
|
|
14,136,321
|
|
|
Residential mortgage
|
23,276
|
|
|
8,321
|
|
|
54,492
|
|
|
86,089
|
|
|
4,662,969
|
|
|
4,749,058
|
|
|
Consumer and other
|
8,027
|
|
|
591
|
|
|
7,122
|
|
|
15,740
|
|
|
595,486
|
|
|
611,226
|
|
|
Total
|
$
|
86,031
|
|
|
18,057
|
|
|
67,503
|
|
|
171,591
|
|
|
19,325,014
|
|
|
19,496,605
|
|
|
December 31, 2016
|
|||||||||||||||||
|
30-59 Days
|
|
60-89 Days
|
|
Greater
than 90
Days
|
|
Total Past
Due
|
|
Current
|
|
Total
Loans
Receivable
|
|||||||
|
(In thousands)
|
|||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Multi-family
|
$
|
5,272
|
|
|
1,099
|
|
|
234
|
|
|
6,605
|
|
|
7,452,526
|
|
|
7,459,131
|
|
Commercial real estate
|
6,568
|
|
|
31,964
|
|
|
6,445
|
|
|
44,977
|
|
|
4,400,217
|
|
|
4,445,194
|
|
|
Commercial and industrial
|
864
|
|
|
885
|
|
|
2,971
|
|
|
4,720
|
|
|
1,270,563
|
|
|
1,275,283
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
314,843
|
|
|
314,843
|
|
|
Total commercial loans
|
12,704
|
|
|
33,948
|
|
|
9,650
|
|
|
56,302
|
|
|
13,438,149
|
|
|
13,494,451
|
|
|
Residential mortgage
|
24,052
|
|
|
10,930
|
|
|
58,119
|
|
|
93,101
|
|
|
4,617,272
|
|
|
4,710,373
|
|
|
Consumer and other
|
5,627
|
|
|
719
|
|
|
7,065
|
|
|
13,411
|
|
|
583,511
|
|
|
596,922
|
|
|
Total
|
$
|
42,383
|
|
|
45,597
|
|
|
74,834
|
|
|
162,814
|
|
|
18,638,932
|
|
|
18,801,746
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Non-accrual:
|
|
||||||||||||
Multi-family
|
2
|
|
|
$
|
473
|
|
|
2
|
|
|
$
|
482
|
|
Commercial real estate
|
24
|
|
|
8,243
|
|
|
24
|
|
|
9,205
|
|
||
Commercial and industrial
|
4
|
|
|
2,209
|
|
|
8
|
|
|
4,659
|
|
||
Total commercial loans
|
30
|
|
|
10,925
|
|
|
34
|
|
|
14,346
|
|
||
Residential mortgage and consumer
|
470
|
|
|
76,158
|
|
|
478
|
|
|
79,928
|
|
||
Total non-accrual loans
|
500
|
|
|
$
|
87,083
|
|
|
512
|
|
|
$
|
94,274
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
||||||
|
(Dollars in thousands)
|
||||||||||||
Current TDR classified as non-accrual:
|
|
|
|
|
|
|
|
||||||
Multi-family
|
1
|
|
|
$
|
246
|
|
|
1
|
|
|
$
|
248
|
|
Commercial real estate
|
3
|
|
|
509
|
|
|
1
|
|
|
63
|
|
||
Commercial and industrial
|
1
|
|
|
282
|
|
|
1
|
|
|
286
|
|
||
Total commercial loans
|
5
|
|
|
1,037
|
|
|
3
|
|
|
597
|
|
||
Residential mortgage and consumer
|
28
|
|
|
5,958
|
|
|
23
|
|
|
5,721
|
|
||
Total current TDR classified as non-accrual
|
33
|
|
|
$
|
6,995
|
|
|
26
|
|
|
$
|
6,318
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
||||||
|
(Dollars in thousands)
|
||||||||||||
TDR 30-89 days delinquent classified as non-accrual:
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
2
|
|
|
$
|
167
|
|
|
2
|
|
|
$
|
169
|
|
Residential mortgage and consumer
|
11
|
|
|
2,173
|
|
|
14
|
|
|
2,869
|
|
||
Total current TDR classified as non-accrual
|
13
|
|
|
$
|
2,340
|
|
|
16
|
|
|
$
|
3,038
|
|
|
March 31, 2017
|
||||||||||||||
|
Recorded
Investment
|
|
Unpaid Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||
|
(In thousands)
|
||||||||||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
||||||
Multi-family
|
$
|
1,379
|
|
|
1,387
|
|
|
—
|
|
|
1,395
|
|
|
22
|
|
Commercial real estate
|
6,748
|
|
|
10,143
|
|
|
—
|
|
|
6,744
|
|
|
86
|
|
|
Commercial and industrial
|
1,656
|
|
|
2,211
|
|
|
—
|
|
|
1,645
|
|
|
28
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial loans
|
9,783
|
|
|
13,741
|
|
|
—
|
|
|
9,784
|
|
|
136
|
|
|
Residential mortgage and consumer
|
12,499
|
|
|
16,092
|
|
|
—
|
|
|
10,795
|
|
|
114
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Residential mortgage and consumer
|
14,908
|
|
|
15,541
|
|
|
1,717
|
|
|
13,689
|
|
|
117
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
||||||
Multi-family
|
1,379
|
|
|
1,387
|
|
|
—
|
|
|
1,395
|
|
|
22
|
|
|
Commercial real estate
|
6,748
|
|
|
10,143
|
|
|
—
|
|
|
6,744
|
|
|
86
|
|
|
Commercial and industrial
|
1,656
|
|
|
2,211
|
|
|
—
|
|
|
1,645
|
|
|
28
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial loans
|
9,783
|
|
|
13,741
|
|
|
—
|
|
|
9,784
|
|
|
136
|
|
|
Residential mortgage and consumer
|
27,407
|
|
|
31,633
|
|
|
1,717
|
|
|
24,484
|
|
|
231
|
|
|
Total impaired loans
|
$
|
37,190
|
|
|
45,374
|
|
|
1,717
|
|
|
34,268
|
|
|
367
|
|
|
December 31, 2016
|
||||||||||||||
|
Recorded
Investment
|
|
Unpaid Principal
Balance
|
|
Related
Allowance
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||
|
(In thousands)
|
||||||||||||||
With no related allowance:
|
|
|
|
|
|
|
|
|
|
||||||
Multi-family
|
$
|
248
|
|
|
248
|
|
|
—
|
|
|
252
|
|
|
20
|
|
Commercial real estate
|
5,962
|
|
|
9,265
|
|
|
—
|
|
|
5,790
|
|
|
301
|
|
|
Commercial and industrial
|
3,370
|
|
|
3,972
|
|
|
—
|
|
|
3,953
|
|
|
169
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial loans
|
9,580
|
|
|
13,485
|
|
|
—
|
|
|
9,995
|
|
|
490
|
|
|
Residential mortgage and consumer
|
11,030
|
|
|
14,565
|
|
|
—
|
|
|
9,899
|
|
|
483
|
|
|
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
||||||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Residential mortgage and consumer
|
13,794
|
|
|
14,382
|
|
|
1,601
|
|
|
13,689
|
|
|
479
|
|
|
Total:
|
|
|
|
|
|
|
|
|
|
||||||
Multi-family
|
248
|
|
|
248
|
|
|
—
|
|
|
252
|
|
|
20
|
|
|
Commercial real estate
|
5,962
|
|
|
9,265
|
|
|
—
|
|
|
5,790
|
|
|
301
|
|
|
Commercial and industrial
|
3,370
|
|
|
3,972
|
|
|
—
|
|
|
3,953
|
|
|
169
|
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total commercial loans
|
9,580
|
|
|
13,485
|
|
|
—
|
|
|
9,995
|
|
|
490
|
|
|
Residential mortgage and consumer
|
24,824
|
|
|
28,947
|
|
|
1,601
|
|
|
23,588
|
|
|
962
|
|
|
Total impaired loans
|
$
|
34,404
|
|
|
42,432
|
|
|
1,601
|
|
|
33,583
|
|
|
1,452
|
|
|
March 31, 2017
|
|||||||||||||||||||
|
Accrual
|
|
Non-accrual
|
|
Total
|
|||||||||||||||
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Multi-family
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
246
|
|
|
1
|
|
|
$
|
246
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
7
|
|
|
3,679
|
|
|
7
|
|
|
3,679
|
|
|||
Commercial and industrial
|
—
|
|
|
—
|
|
|
2
|
|
|
1,656
|
|
|
2
|
|
|
1,656
|
|
|||
Total commercial loans
|
—
|
|
|
—
|
|
|
10
|
|
|
5,581
|
|
|
10
|
|
|
5,581
|
|
|||
Residential mortgage and consumer
|
47
|
|
|
12,243
|
|
|
65
|
|
|
15,164
|
|
|
112
|
|
|
27,407
|
|
|||
Total
|
47
|
|
|
$
|
12,243
|
|
|
75
|
|
|
$
|
20,745
|
|
|
122
|
|
|
$
|
32,988
|
|
|
December 31, 2016
|
|||||||||||||||||||
|
Accrual
|
|
Non-accrual
|
|
Total
|
|||||||||||||||
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
|
# of loans
|
|
Amount
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Multi-family
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
248
|
|
|
1
|
|
|
$
|
248
|
|
Commercial real estate
|
2
|
|
|
352
|
|
|
4
|
|
|
3,240
|
|
|
6
|
|
|
3,592
|
|
|||
Commercial and industrial
|
—
|
|
|
—
|
|
|
2
|
|
|
1,688
|
|
|
2
|
|
|
1,688
|
|
|||
Total commercial loans
|
2
|
|
|
352
|
|
|
7
|
|
|
5,176
|
|
|
9
|
|
|
5,528
|
|
|||
Residential mortgage and consumer
|
40
|
|
|
9,093
|
|
|
61
|
|
|
15,731
|
|
|
101
|
|
|
24,824
|
|
|||
Total
|
42
|
|
|
$
|
9,445
|
|
|
68
|
|
|
$
|
20,907
|
|
|
110
|
|
|
$
|
30,352
|
|
|
Three Months Ended March 31,
|
||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||
|
Number of
Loans
|
|
Pre-modification
Recorded
Investment
|
|
Post-
modification
Recorded
Investment
|
|
Number of
Loans
|
|
Pre-modification
Recorded
Investment
|
|
Post-
modification
Recorded
Investment
|
||||||
|
(Dollars in thousands)
|
||||||||||||||||
Troubled Debt Restructurings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
1
|
|
|
166
|
|
|
166
|
|
|
2
|
|
|
442
|
|
|
442
|
|
Residential mortgage and consumer
|
13
|
|
|
2,879
|
|
|
2,779
|
|
|
7
|
|
|
958
|
|
|
958
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||||
|
2017
|
|
2016
|
||||||||||||||
|
Number of
Loans
|
|
Pre-modification
Interest Yield
|
|
Post-
modification
Interest Yield
|
|
Number of
Loans
|
|
Pre-modification
Interest Yield
|
|
Post-
modification
Interest Yield
|
||||||
|
|
||||||||||||||||
Troubled Debt Restructurings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
1
|
|
|
5.50
|
%
|
|
5.50
|
%
|
|
2
|
|
|
4.12
|
%
|
|
4.44
|
%
|
Residential mortgage and consumer
|
13
|
|
|
4.27
|
%
|
|
3.54
|
%
|
|
7
|
|
|
6.05
|
%
|
|
3.99
|
%
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|||
|
(In thousands)
|
|||||
Non-interest bearing:
|
|
|
|
|||
Checking accounts
|
$
|
2,234,674
|
|
|
2,173,493
|
|
Interest bearing:
|
|
|
|
|||
Checking accounts
|
3,954,999
|
|
|
3,916,208
|
|
|
Money market deposits
|
4,224,490
|
|
|
4,150,583
|
|
|
Savings
|
2,137,895
|
|
|
2,092,989
|
|
|
Certificates of deposit
|
2,823,965
|
|
|
2,947,560
|
|
|
Total deposits
|
$
|
15,376,023
|
|
|
15,280,833
|
|
|
|
March 31,
2017 |
|
December 31,
2016 |
|||
|
|
(In thousands)
|
|||||
Mortgage servicing rights
|
|
$
|
15,172
|
|
|
14,889
|
|
Core deposit premiums
|
|
7,826
|
|
|
8,451
|
|
|
Other
|
|
906
|
|
|
928
|
|
|
Total other intangible assets
|
|
23,904
|
|
|
24,268
|
|
|
Goodwill
|
|
77,571
|
|
|
77,571
|
|
|
Goodwill and intangible assets
|
|
$
|
101,475
|
|
|
101,839
|
|
|
|
Gross Intangible Asset
|
|
Accumulated Amortization
|
|
Valuation Allowance
|
|
Net Intangible Assets
|
|||||
|
|
(In thousands)
|
|||||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
|||||
Mortgage servicing rights
|
|
$
|
24,340
|
|
|
(9,003
|
)
|
|
(165
|
)
|
|
15,172
|
|
Core deposit premiums
|
|
25,058
|
|
|
(17,232
|
)
|
|
—
|
|
|
7,826
|
|
|
Other
|
|
1,150
|
|
|
(244
|
)
|
|
—
|
|
|
906
|
|
|
Total other intangible assets
|
|
$
|
50,548
|
|
|
(26,479
|
)
|
|
(165
|
)
|
|
23,904
|
|
|
|
|
|
|
|
|
|
|
|||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|||||
Mortgage servicing rights
|
|
$
|
24,340
|
|
|
(9,286
|
)
|
|
(165
|
)
|
|
14,889
|
|
Core deposit premiums
|
|
25,058
|
|
|
(16,607
|
)
|
|
—
|
|
|
8,451
|
|
|
Other
|
|
1,150
|
|
|
(222
|
)
|
|
—
|
|
|
928
|
|
|
Total other intangible assets
|
|
$
|
50,548
|
|
|
(26,115
|
)
|
|
(165
|
)
|
|
24,268
|
|
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(Dollars in thousands)
|
|||||
Stock option expense
|
$
|
1,426
|
|
|
1,380
|
|
Restricted stock expense
|
3,431
|
|
|
2,953
|
|
|
Total share based compensation expense
|
$
|
4,857
|
|
|
4,333
|
|
|
|
Number of
Stock
Options
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life (in years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at December 31, 2016
|
|
13,165,333
|
|
|
|
$11.74
|
|
|
8.2
|
|
|
$29,101
|
|
Granted
|
|
—
|
|
|
—
|
|
|
0.0
|
|
|
|||
Exercised
|
|
(578,800
|
)
|
|
6.33
|
|
|
2.3
|
|
|
|||
Forfeited
|
|
(34,855
|
)
|
|
12.54
|
|
|
|
|
|
|||
Expired
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at March 31, 2017
|
|
12,551,678
|
|
|
|
$11.99
|
|
|
8.2
|
|
|
$30,041
|
|
Exercisable at March 31, 2017
|
|
3,156,608
|
|
|
|
$10.39
|
|
|
6.6
|
|
|
$12,590
|
|
|
|
Number of Shares Awarded
|
|
Weighted Average Grant Date fair Value
|
|||
Outstanding at December 31, 2016
|
|
5,876,491
|
|
|
$
|
12.51
|
|
Granted
|
|
350,000
|
|
|
14.68
|
|
|
Vested
|
|
(7,289
|
)
|
|
11.22
|
|
|
Forfeited
|
|
(9,019
|
)
|
|
11.34
|
|
|
Outstanding and non vested at March 31, 2017
|
|
6,210,183
|
|
|
$
|
12.63
|
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(In thousands)
|
|||||
Service cost
|
$
|
371
|
|
|
894
|
|
Interest cost
|
378
|
|
|
474
|
|
|
Amortization of:
|
|
|
|
|||
Prior service cost
|
—
|
|
|
—
|
|
|
Net loss
|
115
|
|
|
536
|
|
|
Total net periodic benefit cost
|
$
|
864
|
|
|
1,904
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||
|
At March 31, 2017
(1)
|
|
At December 31, 2016
|
|
At March 31, 2017
(1)
|
|
At December 31, 2016
|
||||||||||||
|
Balance Sheet Location
|
Fair Value
|
|
Balance Sheet Location
|
Fair Value
|
|
Balance Sheet Location
|
Fair Value
|
|
Balance Sheet Location
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swaps
|
Other assets
|
$
|
—
|
|
|
Other assets
|
$
|
12,550
|
|
|
Other liabilities
|
$
|
358
|
|
|
Other liabilities
|
$
|
—
|
|
Total derivatives designated as hedging instruments
|
|
$
|
—
|
|
|
|
$
|
12,550
|
|
|
|
$
|
358
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Amounts Not Offset
|
|
|
||||||||||||||
|
Gross Amounts Recognized
|
|
Gross Amounts Offset
|
|
Net Amounts Presented
|
|
Financial Instruments
|
|
Cash Collateral Posted
|
|
Net Amount
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest Rate Swaps
(1)
|
$
|
358
|
|
|
$
|
—
|
|
|
$
|
358
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
358
|
|
Total
|
$
|
358
|
|
|
$
|
—
|
|
|
$
|
358
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest Rate Swaps
|
$
|
12,550
|
|
|
$
|
—
|
|
|
$
|
12,550
|
|
|
$
|
—
|
|
|
$
|
12,550
|
|
|
$
|
—
|
|
Total
|
$
|
12,550
|
|
|
$
|
—
|
|
|
$
|
12,550
|
|
|
$
|
—
|
|
|
$
|
12,550
|
|
|
$
|
—
|
|
|
Three Months Ended March 31,
|
|||||||||||||||||
|
2017
|
|
2016
|
|||||||||||||||
|
Gross
|
|
Tax
|
|
Net
|
|
Gross
|
|
Tax
|
|
Net
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||||||
Net income
|
$
|
73,264
|
|
|
(27,244
|
)
|
|
46,020
|
|
|
71,124
|
|
|
(26,455
|
)
|
|
44,669
|
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Change in funded status of retirement obligations
|
141
|
|
|
(58
|
)
|
|
83
|
|
|
536
|
|
|
(219
|
)
|
|
317
|
|
|
Unrealized gain on securities available-for-sale
|
4,291
|
|
|
(1,612
|
)
|
|
2,679
|
|
|
16,500
|
|
|
(6,498
|
)
|
|
10,002
|
|
|
Accretion of loss on securities reclassified to held to maturity from available for sale
|
352
|
|
|
(144
|
)
|
|
208
|
|
|
480
|
|
|
(196
|
)
|
|
284
|
|
|
Reclassification adjustment for security gains included in net income
|
(1,227
|
)
|
|
491
|
|
|
(736
|
)
|
|
(1,388
|
)
|
|
555
|
|
|
(833
|
)
|
|
Other-than-temporary impairment accretion on debt securities
|
673
|
|
|
(274
|
)
|
|
399
|
|
|
322
|
|
|
(131
|
)
|
|
191
|
|
|
Net gains on derivatives arising during the period
|
2,063
|
|
|
(843
|
)
|
|
1,220
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total other comprehensive income
|
6,293
|
|
|
(2,440
|
)
|
|
3,853
|
|
|
16,450
|
|
|
(6,489
|
)
|
|
9,961
|
|
|
Total comprehensive income
|
$
|
79,557
|
|
|
(29,684
|
)
|
|
49,873
|
|
|
87,574
|
|
|
(32,944
|
)
|
|
54,630
|
|
|
|
Change in
funded status of
retirement
obligations
|
|
Accretion of loss on securities reclassified to held to maturity
|
|
Unrealized gains
on securities
available-for-sale and gains included in net income
|
|
Other-than-
temporary
impairment
accretion on debt
securities
|
|
Unrealized gains on derivatives
|
|
Total
accumulated
other
comprehensive
loss
|
|||||||
|
(Dollars in thousands)
|
|||||||||||||||||
Balance - December 31, 2016
|
$
|
(4,895
|
)
|
|
(1,988
|
)
|
|
(12,271
|
)
|
|
(12,870
|
)
|
|
7,424
|
|
|
(24,600
|
)
|
Net change
|
83
|
|
|
208
|
|
|
1,943
|
|
|
399
|
|
|
1,220
|
|
|
3,853
|
|
|
Balance - March 31, 2017
|
$
|
(4,812
|
)
|
|
(1,780
|
)
|
|
(10,328
|
)
|
|
(12,471
|
)
|
|
8,644
|
|
|
(20,747
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Balance - December 31, 2015
|
$
|
(12,366
|
)
|
|
(3,080
|
)
|
|
1,371
|
|
|
(13,750
|
)
|
|
—
|
|
|
(27,825
|
)
|
Net change
|
317
|
|
|
284
|
|
|
9,169
|
|
|
191
|
|
|
—
|
|
|
9,961
|
|
|
Balance - March 31, 2016
|
$
|
(12,049
|
)
|
|
(2,796
|
)
|
|
10,540
|
|
|
(13,559
|
)
|
|
—
|
|
|
(17,864
|
)
|
|
Three Months Ended March 31,
|
|||||
|
2017
|
|
2016
|
|||
|
(In thousands)
|
|||||
Reclassification adjustment for gains included in net income
|
|
|
|
|||
Gain on security transactions, net
|
$
|
(1,227
|
)
|
|
(1,388
|
)
|
Change in funded status of retirement obligations (1)
|
|
|
|
|||
Compensation and fringe benefits:
|
|
|
|
|||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
Amortization of net loss
|
120
|
|
|
536
|
|
|
Compensation and fringe benefits
|
120
|
|
|
536
|
|
|
Interest Expense
|
|
|
|
|||
Reclassification adjustment for unrealized losses on derivatives
|
807
|
|
|
—
|
|
|
Total before tax
|
(300
|
)
|
|
(852
|
)
|
|
Income tax benefit
|
133
|
|
|
336
|
|
|
Net of tax
|
$
|
(167
|
)
|
|
(516
|
)
|
•
|
Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets.
|
•
|
Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.
|
•
|
Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability.
|
|
Carrying Value at March 31, 2017
|
|||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||
|
(In thousands)
|
|||||||||||
Assets:
|
|
|
|
|
|
|
|
|||||
Securities available for sale:
|
|
|
|
|
|
|
|
|||||
Equity securities
|
$
|
5,458
|
|
|
5,458
|
|
|
—
|
|
|
—
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|||||
Federal Home Loan Mortgage Corporation
|
622,069
|
|
|
—
|
|
|
622,069
|
|
|
—
|
|
|
Federal National Mortgage Association
|
1,094,876
|
|
|
—
|
|
|
1,094,876
|
|
|
—
|
|
|
Government National Mortgage Association
|
44,857
|
|
|
—
|
|
|
44,857
|
|
|
—
|
|
|
Total mortgage-backed securities available-for-sale
|
1,761,802
|
|
|
—
|
|
|
1,761,802
|
|
|
—
|
|
|
Total securities available-for-sale
|
$
|
1,767,260
|
|
|
5,458
|
|
|
1,761,802
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|||||
Derivative financial instruments (1)
|
$
|
358
|
|
|
—
|
|
|
358
|
|
|
—
|
|
|
Carrying Value at December 31, 2016
|
|||||||||||
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||
|
(In thousands)
|
|||||||||||
Assets:
|
|
|
|
|
|
|
|
|||||
Securities available for sale:
|
|
|
|
|
|
|
|
|||||
Equity securities
|
$
|
6,660
|
|
|
6,660
|
|
|
—
|
|
|
—
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|||||
Federal Home Loan Mortgage Corporation
|
598,439
|
|
|
—
|
|
|
598,439
|
|
|
—
|
|
|
Federal National Mortgage Association
|
1,008,587
|
|
|
—
|
|
|
1,008,587
|
|
|
—
|
|
|
Government National Mortgage Association
|
46,747
|
|
|
—
|
|
|
46,747
|
|
|
—
|
|
|
Total mortgage-backed securities available-for-sale
|
1,653,773
|
|
|
—
|
|
|
1,653,773
|
|
|
—
|
|
|
Total securities available-for-sale
|
$
|
1,660,433
|
|
|
6,660
|
|
|
1,653,773
|
|
|
—
|
|
Derivative financial instruments
|
$
|
12,550
|
|
|
—
|
|
|
12,550
|
|
|
—
|
|
|
|
|
|
|
Carrying Value at March 31, 2017
|
||||||||
Security Type
|
Valuation Technique
|
Unobservable Input
|
Range
|
Weighted Average
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||
|
|
|
|
|
(In thousands)
|
||||||||
Impaired loans
|
Market comparable
|
Lack of marketability
|
1.0% - 45.0%
|
45.00%
|
$
|
24
|
|
—
|
|
—
|
|
24
|
|
Other real estate owned
|
Market comparable
|
Lack of marketability
|
0.0% - 25.0%
|
5.82%
|
215
|
|
—
|
|
—
|
|
215
|
|
|
|
|
|
|
|
$
|
239
|
|
—
|
|
—
|
|
239
|
|
|
|
|
|
|
Carrying Value at December 31, 2016
|
||||||||
Security Type
|
Valuation Technique
|
Unobservable Input
|
Range
|
Weighted Average
|
Total
|
Level 1
|
Level 2
|
Level 3
|
|||||
|
|
|
|
|
(In thousands)
|
||||||||
MSR, net
|
Estimated cash flow
|
Prepayment speeds
|
3.15% - 24.18%
|
9.84%
|
$
|
12,877
|
|
—
|
|
—
|
|
12,877
|
|
Impaired loans
|
Estimated cash flow
|
Lack of marketability and probability of default
|
22.0% - 29.0%
|
26.0%
|
1,403
|
|
—
|
|
—
|
|
1,403
|
|
|
Loans held for sale
|
Market comparable
|
Lack of marketability
|
2.5% - 4.5%
|
3.45%
|
313
|
|
—
|
|
—
|
|
313
|
|
|
|
|
|
|
|
$
|
14,593
|
|
—
|
|
—
|
|
14,593
|
|
|
March 31, 2017
|
||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||
|
value
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
|
(In thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
165,914
|
|
|
165,914
|
|
|
165,914
|
|
|
—
|
|
|
—
|
|
Securities available-for-sale
|
1,767,260
|
|
|
1,767,260
|
|
|
5,458
|
|
|
1,761,802
|
|
|
—
|
|
|
Securities held-to-maturity
|
1,704,406
|
|
|
1,736,210
|
|
|
—
|
|
|
1,658,303
|
|
|
77,907
|
|
|
Stock in FHLB
|
251,805
|
|
|
251,805
|
|
|
251,805
|
|
|
—
|
|
|
—
|
|
|
Loans held for sale
|
4,908
|
|
|
4,908
|
|
|
—
|
|
|
4,908
|
|
|
—
|
|
|
Net loans
|
19,261,271
|
|
|
18,943,156
|
|
|
—
|
|
|
—
|
|
|
18,943,156
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||
Deposits, other than time deposits
|
$
|
12,552,058
|
|
|
12,552,058
|
|
|
12,552,058
|
|
|
—
|
|
|
—
|
|
Time deposits
|
2,823,965
|
|
|
2,811,589
|
|
|
—
|
|
|
2,811,589
|
|
|
—
|
|
|
Borrowed funds
|
5,093,790
|
|
|
5,093,224
|
|
|
—
|
|
|
5,093,224
|
|
|
—
|
|
|
December 31, 2016
|
||||||||||||||
|
Carrying
|
|
Estimated Fair Value
|
||||||||||||
|
value
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
|
(In thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
164,178
|
|
|
164,178
|
|
|
164,178
|
|
|
—
|
|
|
—
|
|
Securities available-for-sale
|
1,660,433
|
|
|
1,660,433
|
|
|
6,660
|
|
|
1,653,773
|
|
|
—
|
|
|
Securities held-to-maturity
|
1,755,556
|
|
|
1,782,801
|
|
|
—
|
|
|
1,703,559
|
|
|
79,242
|
|
|
Stock in FHLB
|
237,878
|
|
|
237,878
|
|
|
237,878
|
|
|
—
|
|
|
—
|
|
|
Loans held for sale
|
38,298
|
|
|
38,298
|
|
|
—
|
|
|
38,298
|
|
|
—
|
|
|
Net loans
|
18,569,855
|
|
|
18,391,018
|
|
|
—
|
|
|
—
|
|
|
18,391,018
|
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||
Deposits, other than time deposits
|
$
|
12,333,273
|
|
|
12,333,273
|
|
|
12,333,273
|
|
|
—
|
|
|
—
|
|
Time deposits
|
2,947,560
|
|
|
2,938,137
|
|
|
—
|
|
|
2,938,137
|
|
|
—
|
|
|
Borrowed funds
|
4,546,251
|
|
|
4,545,745
|
|
|
—
|
|
|
4,545,745
|
|
|
—
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(Dollars in thousands)
|
||||||
Commercial Loans:
|
|
|
|
||||
Multi-family loans
|
$
|
7,795,974
|
|
|
$
|
7,459,131
|
|
Commercial real estate loans
|
4,637,427
|
|
|
4,452,300
|
|
||
Commercial and industrial loans
|
1,374,599
|
|
|
1,275,283
|
|
||
Construction loans
|
335,341
|
|
|
314,843
|
|
||
Total commercial loans
|
14,143,341
|
|
|
13,501,557
|
|
||
Residential mortgage loans
|
4,750,529
|
|
|
4,711,880
|
|
||
Consumer and other
|
611,558
|
|
|
597,265
|
|
||
Total Loans
|
19,505,428
|
|
|
18,810,702
|
|
||
Net unamortized premiums and deferred loan costs
|
(13,245
|
)
|
|
(12,474
|
)
|
||
Allowance for loan losses
|
(230,912
|
)
|
|
(228,373
|
)
|
||
Net loans
|
$
|
19,261,271
|
|
|
$
|
18,569,855
|
|
|
March 31, 2017
|
|
December 31, 2016
|
|
September 30, 2016
|
|
June 30, 2016
|
|
March 31, 2016
|
||||||||||||||||||
|
# of Loans
|
Amount
|
|
# of Loans
|
Amount
|
|
# of Loans
|
Amount
|
|
# of Loans
|
Amount
|
|
# of Loans
|
Amount
|
|||||||||||||
|
(dollars in millions)
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Multi-family
|
2
|
|
$
|
0.5
|
|
|
2
|
|
$
|
0.5
|
|
|
1
|
|
$
|
0.2
|
|
|
2
|
$
|
1.2
|
|
|
3
|
$
|
2.9
|
|
Commercial real estate
|
24
|
|
8.2
|
|
|
24
|
|
9.2
|
|
|
29
|
|
8.9
|
|
|
33
|
11.7
|
|
|
35
|
10.3
|
|
|||||
Commercial and industrial
|
4
|
|
2.2
|
|
|
8
|
|
4.7
|
|
|
6
|
|
2.3
|
|
|
6
|
0.7
|
|
|
10
|
5.6
|
|
|||||
Construction
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
|
1
|
0.2
|
|
|
3
|
0.5
|
|
|||||
Total commercial loans
|
30
|
|
10.9
|
|
|
34
|
|
14.4
|
|
|
36
|
|
11.4
|
|
|
42
|
13.8
|
|
|
51
|
19.3
|
|
|||||
Residential and consumer
|
470
|
|
76.2
|
|
|
478
|
|
79.9
|
|
|
481
|
|
86.1
|
|
|
471
|
86.5
|
|
|
488
|
85.9
|
|
|||||
Total non-accrual loans
|
500
|
|
$
|
87.1
|
|
|
512
|
|
$
|
94.3
|
|
|
517
|
|
$
|
97.5
|
|
|
513
|
$
|
100.3
|
|
|
539
|
$
|
105.2
|
|
Accruing troubled debt restructured loans
|
47
|
|
$
|
12.2
|
|
|
42
|
|
$
|
9.4
|
|
|
31
|
|
$
|
8.8
|
|
|
29
|
$
|
12.1
|
|
|
30
|
$
|
10.7
|
|
Non-accrual loans to total loans
|
|
0.45
|
%
|
|
|
0.50
|
%
|
|
|
0.53
|
%
|
|
|
0.57
|
%
|
|
|
0.61
|
%
|
||||||||
Allowance for loan loss as a percent of non-accrual loans
|
|
265.16
|
%
|
|
|
242.24
|
%
|
|
|
229.31
|
%
|
|
|
219.60
|
%
|
|
|
205.83
|
%
|
||||||||
Allowance for loan loss as a percent of total loans
|
|
1.18
|
%
|
|
|
1.21
|
%
|
|
|
1.22
|
%
|
|
|
1.25
|
%
|
|
|
1.26
|
%
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||
|
Allowance for
Loan Losses
|
|
Percent of Loans
in Each Category
to Total Loans
|
|
Allowance for
Loan Losses
|
|
Percent of Loans
in Each Category
to Total Loans
|
||||||
|
(Dollars in thousands)
|
||||||||||||
End of period allocated to:
|
|
|
|
|
|
|
|
||||||
Multi-family loans
|
$
|
90,083
|
|
|
40.0
|
%
|
|
$
|
95,561
|
|
|
39.6
|
%
|
Commercial real estate loans
|
61,252
|
|
|
23.8
|
%
|
|
52,796
|
|
|
23.7
|
%
|
||
Commercial and industrial loans
|
43,755
|
|
|
7.0
|
%
|
|
43,492
|
|
|
6.8
|
%
|
||
Construction loans
|
10,694
|
|
|
1.7
|
%
|
|
11,653
|
|
|
1.7
|
%
|
||
Residential mortgage loans
|
18,975
|
|
|
24.4
|
%
|
|
19,831
|
|
|
25.0
|
%
|
||
Consumer and other loans
|
2,770
|
|
|
3.1
|
%
|
|
2,850
|
|
|
3.2
|
%
|
||
Unallocated
|
3,383
|
|
|
—
|
|
|
2,190
|
|
|
—
|
|
||
Total allowance
|
$
|
230,912
|
|
|
100.00
|
%
|
|
$
|
228,373
|
|
|
100.0
|
%
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||
|
Balance
|
Percent of Total Deposit
|
|
Balance
|
Percent of Total Deposit
|
||||||
|
(Dollars in thousands)
|
||||||||||
Non-interest bearing:
|
|
|
|
|
|
||||||
Checking accounts
|
$
|
2,234,674
|
|
14.5
|
%
|
|
$
|
2,173,493
|
|
14.2
|
%
|
Interest-bearing:
|
|
|
|
|
|
||||||
Checking accounts
|
3,954,999
|
|
25.7
|
%
|
|
3,916,208
|
|
25.6
|
%
|
||
Money market deposits
|
4,224,490
|
|
27.5
|
%
|
|
4,150,583
|
|
27.2
|
%
|
||
Savings
|
2,137,895
|
|
13.9
|
%
|
|
2,092,989
|
|
13.7
|
%
|
||
Certificates of deposit
|
2,823,965
|
|
18.4
|
%
|
|
2,947,560
|
|
19.3
|
%
|
||
Total Deposits
|
$
|
15,376,023
|
|
100.0
|
%
|
|
$
|
15,280,833
|
|
100.0
|
%
|
|
|
Three Months Ended March 31,
|
||||||||||||||||||||
|
|
2017
|
|
2016
|
||||||||||||||||||
|
|
Average
Outstanding
Balance
|
|
Interest
Earned/
Paid
|
|
Average
Yield/
Rate
|
|
Average
Outstanding
Balance
|
|
Interest
Earned/
Paid
|
|
Average
Yield/
Rate
|
||||||||||
|
|
(Dollars in thousands)
|
||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits
|
|
$
|
144,142
|
|
|
$
|
107
|
|
|
0.30
|
%
|
|
$
|
157,877
|
|
|
$
|
104
|
|
|
0.26
|
%
|
Securities available-for-sale
|
|
1,721,518
|
|
|
8,296
|
|
|
1.93
|
%
|
|
1,291,137
|
|
|
6,080
|
|
|
1.88
|
%
|
||||
Securities held-to-maturity
|
|
1,724,751
|
|
|
12,537
|
|
|
2.91
|
%
|
|
1,877,548
|
|
|
11,031
|
|
|
2.35
|
%
|
||||
Net loans
|
|
18,825,615
|
|
|
185,961
|
|
|
3.95
|
%
|
|
16,769,132
|
|
|
172,832
|
|
|
4.12
|
%
|
||||
Stock in FHLB
|
|
241,156
|
|
|
3,193
|
|
|
5.30
|
%
|
|
180,725
|
|
|
2,060
|
|
|
4.56
|
%
|
||||
Total interest-earning assets
|
|
22,657,182
|
|
|
210,094
|
|
|
3.71
|
%
|
|
20,276,419
|
|
|
192,107
|
|
|
3.79
|
%
|
||||
Non-interest-earning assets
|
|
755,164
|
|
|
|
|
|
|
776,029
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
23,412,346
|
|
|
|
|
|
|
$
|
21,052,448
|
|
|
|
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Savings deposits
|
|
$
|
2,106,087
|
|
|
$
|
1,834
|
|
|
0.35
|
%
|
|
$
|
2,119,189
|
|
|
$
|
1,594
|
|
|
0.30
|
%
|
Interest-bearing checking
|
|
4,104,085
|
|
|
6,483
|
|
|
0.63
|
%
|
|
3,000,051
|
|
|
3,135
|
|
|
0.42
|
%
|
||||
Money market accounts
|
|
4,179,321
|
|
|
7,190
|
|
|
0.69
|
%
|
|
3,826,756
|
|
|
6,234
|
|
|
0.65
|
%
|
||||
Certificates of deposit
|
|
2,885,079
|
|
|
6,677
|
|
|
0.93
|
%
|
|
3,393,174
|
|
|
9,762
|
|
|
1.15
|
%
|
||||
Total interest-bearing deposits
|
|
13,274,572
|
|
|
22,184
|
|
|
0.67
|
%
|
|
12,339,170
|
|
|
20,725
|
|
|
0.67
|
%
|
||||
Borrowed funds
|
|
4,619,618
|
|
|
20,791
|
|
|
1.80
|
%
|
|
3,314,563
|
|
|
16,819
|
|
|
2.03
|
%
|
||||
Total interest-bearing liabilities
|
|
17,894,190
|
|
|
42,975
|
|
|
0.96
|
%
|
|
15,653,733
|
|
|
37,544
|
|
|
0.96
|
%
|
||||
Non-interest-bearing liabilities
|
|
2,365,481
|
|
|
|
|
|
|
2,125,420
|
|
|
|
|
|
||||||||
Total liabilities
|
|
20,259,671
|
|
|
|
|
|
|
17,779,153
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
3,152,675
|
|
|
|
|
|
|
3,273,295
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
|
$
|
23,412,346
|
|
|
|
|
|
|
$
|
21,052,448
|
|
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
167,119
|
|
|
|
|
|
|
$
|
154,563
|
|
|
|
||||||
Net interest rate spread
(1)
|
|
|
|
|
|
2.75
|
%
|
|
|
|
|
|
2.83
|
%
|
||||||||
Net interest-earning assets
(2)
|
|
$
|
4,762,992
|
|
|
|
|
|
|
$
|
4,622,686
|
|
|
|
|
|
||||||
Net interest margin
(3)
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
3.05
|
%
|
||||||||
Ratio of interest-earning assets to total interest-bearing liabilities
|
|
1.27
|
|
|
|
|
|
|
1.30
|
|
|
|
|
|
(1)
|
Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(2)
|
Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
|
(3)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
•
|
Established a new minimum Common equity tier 1 risk-based capital ratio (common equity tier 1 capital to total risk-weighted assets) of 4.5% and increased the minimum Tier 1 risk-based capital ratio from 4.0% to 6.0%, while maintaining the minimum Total risk-based capital ratio of 8.0% and the minimum Tier 1 leverage capital ratio of 4.0%.
|
•
|
Revised the rules for calculating risk-weighted assets to enhance their risk sensitivity.
|
•
|
Phased out trust preferred securities and cumulative perpetual preferred stock as Tier 1 capital.
|
•
|
Added a requirement to maintain a minimum Conservation Buffer, composed of Common equity tier 1 capital, of 2.5% of risk-weighted assets, to be applied to the new Common equity tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio and the Total risk-based capital ratio, which means that banking organizations, on a fully phased in basis no later than January 1, 2019, must maintain a minimum Common equity tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5% and a minimum Total risk-based capital ratio of 10.5% or have restrictions imposed on capital distributions and discretionary cash bonus payments.
|
•
|
Changed the definitions of capital categories for insured depository institutions for purposes of the Federal Deposit Insurance Corporation Improvement Act of 1991 prompt corrective action provisions. Under these revised definitions, to be considered well-capitalized, an insured depository institution must have a Tier 1 leverage capital ratio of at least 5.0%, a Common equity tier 1 risk-based capital ratio of at least 6.5%, a Tier 1 risk-based capital ratio of at least 8.0% and a Total risk-based capital ratio of at least 10.0%.
|
|
March 31, 2017
|
|||||||||||||||||||
|
Actual
|
|
Minimum Capital Requirement
|
|
To be Well Capitalized under Prompt Corrective Action Provisions
(1)
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||
Bank:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Leverage Ratio
|
$
|
2,787,922
|
|
|
11.94
|
%
|
|
$
|
933,626
|
|
|
4.000
|
%
|
|
$
|
1,167,032
|
|
|
5.00
|
%
|
Common equity tier 1 risk-based
|
2,787,922
|
|
|
14.54
|
%
|
|
1,102,188
|
|
|
5.750
|
%
|
|
1,245,951
|
|
|
6.50
|
%
|
|||
Tier 1 Risk Based Capital
|
2,787,922
|
|
|
14.54
|
%
|
|
1,389,715
|
|
|
7.250
|
%
|
|
1,533,478
|
|
|
8.00
|
%
|
|||
Total Risk-Based Capital
|
3,019,951
|
|
|
15.75
|
%
|
|
1,773,084
|
|
|
9.250
|
%
|
|
1,916,848
|
|
|
10.00
|
%
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Company:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Tier 1 Leverage Ratio
|
$
|
3,096,973
|
|
|
13.26
|
%
|
|
$
|
933,987
|
|
|
4.000
|
%
|
|
n/a
|
|
n/a
|
|||
Common equity tier 1 risk-based
|
3,096,973
|
|
|
16.15
|
%
|
|
1,102,776
|
|
|
5.750
|
%
|
|
n/a
|
|
n/a
|
|||||
Tier 1 Risk Based Capital
|
3,096,973
|
|
|
16.15
|
%
|
|
1,390,457
|
|
|
7.250
|
%
|
|
n/a
|
|
n/a
|
|||||
Total Risk-Based Capital
|
3,329,002
|
|
|
17.36
|
%
|
|
1,774,031
|
|
|
9.250
|
%
|
|
n/a
|
|
n/a
|
Contractual Obligations
|
|
Total
|
|
Less than One Year
|
|
One-Two Years
|
|
Two-Three Years
|
|
More than Three Years
|
||||||
|
|
(In thousands)
|
||||||||||||||
Debt obligations (excluding capitalized leases)
|
|
$
|
5,093,790
|
|
|
1,131,440
|
|
|
862,022
|
|
|
944,512
|
|
|
2,155,816
|
|
Commitments to originate and purchase loans
|
|
$
|
571,508
|
|
|
571,508
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Commitments to sell loans
|
|
$
|
15,000
|
|
|
15,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
|
|
|
EVE (1) (2)
|
|
Net Interest Income (3)
|
|||||||||||||||||
Change in
Interest Rates
(basis points)
|
|
Estimated
EVE
|
|
Estimated Increase (Decrease)
|
|
Estimated Net
Interest
Income
|
|
Estimated Increase (Decrease)
|
|||||||||||||
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
|
(Dollars in thousands)
|
|||||||||||||||||||
+ 200bp
|
|
$
|
3,660,608
|
|
|
|
(471,344
|
)
|
|
(11.4
|
)%
|
|
$
|
616,575
|
|
|
(44,127
|
)
|
|
(6.7
|
)%
|
0bp
|
|
$
|
4,131,952
|
|
|
|
—
|
|
|
—
|
|
|
$
|
660,702
|
|
|
—
|
|
|
—
|
|
-100bp
|
|
$
|
4,070,934
|
|
|
|
(61,018
|
)
|
|
(1.5
|
)%
|
|
$
|
673,772
|
|
|
13,070
|
|
|
1.98
|
%
|
(1)
|
Assumes an instantaneous and parallel shift in interest rates at all maturities.
|
(2)
|
EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
|
(3)
|
Assumes a gradual change in interest rates over a one year period at all maturities.
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total Number of Shares Purchased
(1)
|
|
Average Price paid Per Share
|
|
As part of Publicly Announced Plans or Programs
|
|
Yet to be Purchased under the Plans or Programs (1) (2)
|
||||||
January 1, 2017 through January 31, 2017
|
3,193
|
|
|
$
|
14.10
|
|
|
$
|
45,021
|
|
|
21,255,978
|
|
February 1, 2017 through February 28, 2017
|
1,077
|
|
|
14.92
|
|
|
16,069
|
|
|
21,254,901
|
|
||
March 1, 2017 through March 31, 2017
|
—
|
|
|
—
|
|
|
—
|
|
|
21,254,901
|
|
||
Total
|
4,270
|
|
|
$
|
14.31
|
|
|
$
|
61,090
|
|
|
21,254,901
|
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
3.1
|
|
|
Certificate of Incorporation of Investors Bancorp, Inc. (1)
|
|
|
|
|
3.2
|
|
|
Bylaws of Investors Bancorp, Inc. (1)
|
|
|
|
|
10.1
|
|
|
First Amendment to the Investors Bancorp, Inc. 2015 Equity Incentive Plan
|
|
|
|
|
10.2
|
|
|
Agreement between Investors Bancorp, Inc. and Blue Harbour Group, L.P.
|
|
|
|
|
31.1
|
|
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
31.2
|
|
|
Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
32.1
|
|
|
Certification of Principal Executive Officer and Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
101.INS
|
|
|
XBRL Instance 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 Labels Linkbase Document
|
101.PRE
|
|
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
|
(1)
|
Incorporated by reference to the Registration Statement on Form S-1 of Investors Bancorp, Inc. (Commission File no. 333-192966), originally filed with the Securities and Exchange Commission on December 20, 2013.
|
|
|
|
|
|
|
|
|
|
INVESTORS BANCORP, INC.
|
|
|
|
||
Date: May 10, 2017
|
|
By:
|
|
/s/ Kevin Cummings
|
|
|
|
|
Kevin Cummings
Chief Executive Officer and President
(Principal Executive Officer)
|
|
|
By:
|
|
/s/ Sean Burke
|
|
|
|
|
Sean Burke
Senior Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
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