x | Quarterly report pursuant to section 13 or 15 (d) of the Securities Exchange Act of 1934 |
o | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 95-4849715 | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) | |
3731 Wilshire Boulevard, Suite 1000, Los Angeles, California | 90010 | |
(Address of Principal executive offices) | (ZIP Code) |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o | Smaller Reporting Company | o |
Page | ||
Item 1. | ||
Item 2 | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Certifications |
Item 1. | Financial Statements |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||
ASSETS | (In thousands, except share data) | (In thousands, except share data) | ||||||||||||
Cash and cash equivalents: | ||||||||||||||
Cash and due from banks | $ | 172,483 | $ | 88,506 | $ | 116,387 | $ | 96,061 | ||||||
Interest earning deposit at the Federal Reserve Bank (the "FRB") | 172,869 | 224,410 | ||||||||||||
Interest bearing deposit at the Federal Reserve Bank ("FRB") | 286,724 | 220,644 | ||||||||||||
Total cash and cash equivalents | 345,352 | 312,916 | 403,111 | 316,705 | ||||||||||
Securities available for sale, at fair value | 708,566 | 704,403 | 725,229 | 705,751 | ||||||||||
Loans held for sale, at the lower of cost or fair value | 49,480 | 51,635 | 38,157 | 44,115 | ||||||||||
Loans receivable, net of allowance for loan losses (September 30, 2013 - $65,715; December 31, 2012 - $66,941) | 4,833,224 | 4,229,311 | ||||||||||||
Loans receivable, net of allowance for loan losses (March 31, 2014 - $65,699; December 31, 2013 - $67,320) | 5,125,095 | 5,006,856 | ||||||||||||
Other real estate owned ("OREO"), net | 27,582 | 2,698 | 20,001 | 24,288 | ||||||||||
Federal Home Loan Bank ("FHLB") stock, at cost | 27,958 | 22,495 | 27,902 | 27,941 | ||||||||||
Premises and equipment, net of accumulated depreciation and amortization (September 30, 2013 - $24,925; December 31, 2012 - $22,201) | 29,747 | 22,609 | ||||||||||||
Premises and equipment, net of accumulated depreciation and amortization (March 31, 2014 - $27,153; December 31, 2013 - $25,852) | 31,290 | 30,894 | ||||||||||||
Accrued interest receivable | 13,108 | 12,117 | 13,410 | 13,403 | ||||||||||
Deferred tax assets, net | 80,768 | 60,240 | 78,316 | 89,297 | ||||||||||
Customers’ liabilities on acceptances | 6,126 | 10,493 | 4,473 | 5,602 | ||||||||||
Bank owned life insurance | 44,593 | 43,767 | ||||||||||||
Bank owned life insurance ("BOLI") | 45,062 | 44,770 | ||||||||||||
Investments in affordable housing partnerships | 11,983 | 13,164 | 10,953 | 11,460 | ||||||||||
Goodwill | 119,881 | 89,878 | 105,401 | 105,401 | ||||||||||
Other intangible assets, net | 5,563 | 3,033 | 4,859 | 5,184 | ||||||||||
Prepaid FDIC insurance | — | 7,574 | ||||||||||||
FDIC loss share receivable | 2,430 | 5,797 | 253 | 1,110 | ||||||||||
Other assets | 34,626 | 48,531 | 34,039 | 42,422 | ||||||||||
Total assets | $ | 6,340,987 | $ | 5,640,661 | $ | 6,667,551 | $ | 6,475,199 | ||||||
(Continued) | (Continued) | (Continued) |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | (In thousands, except share data) | (In thousands, except share data) | ||||||||||||
LIABILITIES: | ||||||||||||||
Deposits: | ||||||||||||||
Noninterest bearing | $ | 1,362,675 | $ | 1,184,285 | $ | 1,442,348 | $ | 1,399,454 | ||||||
Interest bearing: | ||||||||||||||
Money market and NOW accounts | 1,267,113 | 1,248,304 | 1,391,541 | 1,376,068 | ||||||||||
Savings deposits | 228,073 | 180,686 | 210,973 | 222,446 | ||||||||||
Time deposits of $100,000 or more | 1,475,321 | 1,088,611 | 1,589,751 | 1,498,784 | ||||||||||
Other time deposits | 687,920 | 682,149 | 699,947 | 651,305 | ||||||||||
Total deposits | 5,021,102 | 4,384,035 | 5,334,560 | 5,148,057 | ||||||||||
FHLB advances | 421,446 | 420,722 | 421,260 | 421,352 | ||||||||||
Subordinated debentures | 57,303 | 41,846 | 42,037 | 57,410 | ||||||||||
Accrued interest payable | 4,827 | 4,355 | 5,740 | 4,821 | ||||||||||
Acceptances outstanding | 6,126 | 10,493 | 4,473 | 5,602 | ||||||||||
Other liabilities | 28,953 | 28,106 | 27,322 | 28,583 | ||||||||||
Total liabilities | 5,539,757 | 4,889,557 | 5,835,392 | 5,665,825 | ||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||
Common stock, $0.001 par value; authorized 150,000,000 shares at September 30, 2013 and December 31, 2012; issued and outstanding, 79,247,719 and 78,041,511 shares at September 30, 2013 and December 31, 2012, respectively | 79 | 78 | ||||||||||||
Common stock, $0.001 par value; authorized 150,000,000 shares at March 31, 2014 and December 31, 2013; issued and outstanding, 79,488,899 and 79,441,525 shares at March 31, 2014 and December 31, 2013, respectively | 79 | 79 | ||||||||||||
Additional paid-in capital | 538,062 | 525,354 | 540,979 | 540,876 | ||||||||||
Retained earnings | 266,478 | 216,590 | 294,842 | 278,604 | ||||||||||
Accumulated other comprehensive income, net | (3,389 | ) | 9,082 | |||||||||||
Accumulated other comprehensive loss, net | (3,741 | ) | (10,185 | ) | ||||||||||
Total stockholders’ equity | 801,230 | 751,104 | 832,159 | 809,374 | ||||||||||
Total liabilities and stockholders’ equity | $ | 6,340,987 | $ | 5,640,661 | $ | 6,667,551 | $ | 6,475,199 |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands, except per share data) | |||||||
INTEREST INCOME: | |||||||
Interest and fees on loans | $ | 68,694 | $ | 63,029 | |||
Interest on securities | 4,095 | 3,427 | |||||
Interest on federal funds sold and other investments | 565 | 287 | |||||
Total interest income | 73,354 | 66,743 | |||||
INTEREST EXPENSE: | |||||||
Interest on deposits | 6,690 | 5,408 | |||||
Interest on FHLB advances | 1,211 | 1,224 | |||||
Interest on other borrowings | 487 | 395 | |||||
Total interest expense | 8,388 | 7,027 | |||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 64,966 | 59,716 | |||||
PROVISION FOR LOAN LOSSES | 3,026 | 7,506 | |||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 61,940 | 52,210 | |||||
NONINTEREST INCOME: | |||||||
Service fees on deposit accounts | 3,472 | 2,875 | |||||
International service fees | 1,004 | 1,238 | |||||
Loan servicing fees, net | 965 | 969 | |||||
Wire transfer fees | 905 | 816 | |||||
Other income and fees | 1,621 | 1,249 | |||||
Net gains on sales of SBA loans | 2,722 | 2,694 | |||||
Net gains on sales of other loans | — | 43 | |||||
Net gains on sales of securities available for sale | — | 54 | |||||
Net gains on sales of OREO | 406 | 2 | |||||
Total noninterest income | 11,095 | 9,940 | |||||
NONINTEREST EXPENSE: | |||||||
Salaries and employee benefits | 18,938 | 16,332 | |||||
Occupancy | 4,623 | 4,011 | |||||
Furniture and equipment | 2,014 | 1,573 | |||||
Advertising and marketing | 1,088 | 1,273 | |||||
Data processing and communication | 2,122 | 1,644 | |||||
Professional fees | 1,313 | 1,301 | |||||
FDIC assessments | 1,023 | 694 | |||||
Credit related expenses | 1,421 | 1,715 | |||||
Merger and integration expense | 173 | 1,305 | |||||
Other | 3,560 | 3,427 | |||||
Total noninterest expense | 36,275 | 33,275 | |||||
INCOME BEFORE INCOME TAX PROVISION | 36,760 | 28,875 | |||||
INCOME TAX PROVISION | 14,564 | 11,414 | |||||
NET INCOME | $ | 22,196 | $ | 17,461 | |||
EARNINGS PER COMMON SHARE | |||||||
Basic | $ | 0.28 | $ | 0.22 | |||
Diluted | $ | 0.28 | $ | 0.22 |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands, except share data) | |||||||||||||||
INTEREST INCOME: | |||||||||||||||
Interest and fees on loans | $ | 67,747 | $ | 61,553 | $ | 196,249 | $ | 187,476 | |||||||
Interest on securities | 3,802 | 3,782 | 10,755 | 12,940 | |||||||||||
Interest on federal funds sold and other investments | 486 | 120 | 1,153 | 537 | |||||||||||
Total interest income | 72,035 | 65,455 | 208,157 | 200,953 | |||||||||||
INTEREST EXPENSE: | |||||||||||||||
Interest on deposits | 5,959 | 5,214 | 17,014 | 15,862 | |||||||||||
Interest on FHLB advances | 1,251 | 1,603 | 3,693 | 4,832 | |||||||||||
Interest on other borrowings | 465 | 407 | 1,271 | 1,667 | |||||||||||
Total interest expense | 7,675 | 7,224 | 21,978 | 22,361 | |||||||||||
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 64,360 | 58,231 | 186,179 | 178,592 | |||||||||||
PROVISION FOR LOAN LOSSES | 744 | 6,900 | 9,050 | 16,682 | |||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 63,616 | 51,331 | 177,129 | 161,910 | |||||||||||
NONINTEREST INCOME: | |||||||||||||||
Service fees on deposit accounts | 3,321 | 3,121 | 9,118 | 9,550 | |||||||||||
International service fees | 1,196 | 1,183 | 3,700 | 3,810 | |||||||||||
Loan servicing fees, net | 1,004 | 1,031 | 3,009 | 3,178 | |||||||||||
Wire transfer fees | 916 | 833 | 2,619 | 2,349 | |||||||||||
Other income and fees | 1,583 | 1,364 | 4,036 | 4,058 | |||||||||||
Net gains on sales of SBA loans | 2,827 | — | 8,816 | 5,426 | |||||||||||
Net gains on sales of other loans | — | — | 62 | 146 | |||||||||||
Net gains on sales of securities available for sale | — | 133 | 54 | 949 | |||||||||||
Net valuation gains on interest rate swaps and caps | — | 11 | — | 24 | |||||||||||
Net (losses) gains on sales of OREO | (48 | ) | (12 | ) | (57 | ) | 41 | ||||||||
Total noninterest income | 10,799 | 7,664 | 31,357 | 29,531 | |||||||||||
NONINTEREST EXPENSE: | |||||||||||||||
Salaries and employee benefits | 16,535 | 13,611 | 49,086 | 42,348 | |||||||||||
Occupancy | 4,360 | 3,910 | 13,206 | 11,788 | |||||||||||
Furniture and equipment | 1,728 | 1,495 | 4,914 | 4,181 | |||||||||||
Advertising and marketing | 1,393 | 1,159 | 3,856 | 4,142 | |||||||||||
Data processing and communications | 1,983 | 1,659 | 5,488 | 4,843 | |||||||||||
Professional fees | 1,440 | 876 | 4,184 | 2,558 | |||||||||||
FDIC assessments | 818 | 644 | 2,370 | 1,732 | |||||||||||
Credit related expenses | 2,646 | 2,613 | 6,564 | 6,967 | |||||||||||
Merger and integration expense | 931 | 183 | 2,621 | 3,304 | |||||||||||
Other | 3,912 | 2,620 | 11,161 | 8,419 | |||||||||||
Total noninterest expense | 35,746 | 28,770 | 103,450 | 90,282 | |||||||||||
INCOME BEFORE INCOME TAX PROVISION | 38,669 | 30,225 | 105,036 | 101,159 | |||||||||||
INCOME TAX PROVISION | 15,117 | 11,827 | 41,352 | 39,463 | |||||||||||
NET INCOME | $ | 23,552 | $ | 18,398 | 63,684 | $ | 61,696 | ||||||||
DIVIDENDS AND DISCOUNT ACCRETION ON PREFERRED STOCK | $ | — | $ | — | $ | — | $ | (5,640 | ) | ||||||
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 23,552 | $ | 18,398 | $ | 63,684 | $ | 56,056 | |||||||
EARNINGS PER COMMON SHARE | |||||||||||||||
Basic | $ | 0.30 | $ | 0.24 | $ | 0.81 | $ | 0.72 | |||||||
Diluted | $ | 0.30 | $ | 0.24 | $ | 0.80 | $ | 0.72 |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | |||||||
Three Months Ended March 31, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Net income | $ | 22,196 | $ | 17,461 | |||
Other comprehensive income (loss): | |||||||
Unrealized gains (losses) on securities available for sale and interest only strips | 11,140 | (3,653 | ) | ||||
Reclassification adjustments for gains realized in income | — | (54 | ) | ||||
Tax expense (benefit) | 4,696 | (1,581 | ) | ||||
Change in unrealized gains (losses) on securities available for sale and interest only strips | 6,444 | (2,126 | ) | ||||
Total comprehensive income | $ | 28,640 | $ | 15,335 |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||||
Net income | $ | 23,552 | $ | 18,398 | $ | 63,684 | $ | 61,696 | |||||||
Other comprehensive income (loss): | |||||||||||||||
Unrealized gains (losses) on securities available for sale and interest only strips | 2,021 | 3,374 | (21,389 | ) | 3,867 | ||||||||||
Reclassification adjustments for gains realized in income (1) | — | (133 | ) | (54 | ) | (949 | ) | ||||||||
Tax expense (benefit) | 405 | 1,261 | (8,972 | ) | 1,051 | ||||||||||
Change in unrealized gains (losses) on securities available for sale and interest only strips | 1,616 | 1,980 | (12,471 | ) | 1,867 | ||||||||||
Reclassification adjustment for the deferred gain on early settlement of interest-rate caps (2) | — | (11 | ) | — | (33 | ) | |||||||||
Tax benefit | — | (5 | ) | — | (13 | ) | |||||||||
Change in unrealized gain on interest-rate caps, net of tax (3) | — | (6 | ) | — | (20 | ) | |||||||||
Total other comprehensive income (loss) | 1,616 | 1,974 | (12,471 | ) | 1,847 | ||||||||||
Total comprehensive income | $ | 25,168 | $ | 20,372 | $ | 51,213 | $ | 63,543 |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) | ||||||||||||||||||
Common stock | ||||||||||||||||||
Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss), net | ||||||||||||||
(In thousands, except share data) | ||||||||||||||||||
BALANCE, JANUARY 1, 2013 | 78,041,511 | $ | 78 | $ | 525,354 | $ | 216,590 | $ | 9,082 | |||||||||
Acquisition of Pacific International Bancorp, Inc. | 663,843 | 1 | 8,640 | |||||||||||||||
Issuance of additional shares pursuant to various stock plans | 106,786 | 414 | ||||||||||||||||
Tax effect of stock plans | (26 | ) | ||||||||||||||||
Stock-based compensation | 709 | |||||||||||||||||
Cash dividends declared on common stock | (3,902 | ) | ||||||||||||||||
Comprehensive income: | ||||||||||||||||||
Net income | 17,461 | |||||||||||||||||
Other comprehensive loss | (2,126 | ) | ||||||||||||||||
BALANCE, MARCH 31, 2013 | 78,812,140 | $ | 79 | $ | 535,091 | $ | 230,149 | $ | 6,956 | |||||||||
BALANCE, JANUARY 1, 2014 | 79,441,525 | $ | 79 | $ | 540,876 | $ | 278,604 | $ | (10,185 | ) | ||||||||
Issuance of additional shares pursuant to various stock plans | 47,374 | — | (1 | ) | ||||||||||||||
Stock-based compensation | 104 | |||||||||||||||||
Cash dividends declared on common stock | (5,958 | ) | ||||||||||||||||
Comprehensive income: | ||||||||||||||||||
Net income | 22,196 | |||||||||||||||||
Other comprehensive income | 6,444 | |||||||||||||||||
BALANCE, MARCH 31, 2014 | 79,488,899 | $ | 79 | $ | 540,979 | $ | 294,842 | $ | (3,741 | ) |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) | ||||||||||||||||||||||
Common stock | ||||||||||||||||||||||
Preferred stock | Shares | Amount | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss), net | |||||||||||||||||
(In thousands, except share data) | ||||||||||||||||||||||
BALANCE, JANUARY 1, 2012 | $ | 119,350 | 77,984,252 | $ | 78 | $ | 524,644 | $ | 142,909 | $ | 8,958 | |||||||||||
Redemption of 122,000 shares of TARP preferred stock | (122,000 | ) | ||||||||||||||||||||
Issuance of additional shares pursuant to various stock plans | 32,008 | 200 | ||||||||||||||||||||
Tax effect of stock plans | (6 | ) | ||||||||||||||||||||
Stock-based compensation | 1,959 | |||||||||||||||||||||
Redemption of common stock warrant | (2,189 | ) | ||||||||||||||||||||
Preferred stock cash dividends accrued (5%) | (2,991 | ) | ||||||||||||||||||||
Accretion of preferred stock discount | 2,650 | (2,650 | ) | |||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||
Net income | 61,696 | |||||||||||||||||||||
Other comprehensive loss | 1,847 | |||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2012 | $ | — | 78,016,260 | $ | 78 | $ | 524,608 | $ | 198,964 | $ | 10,805 | |||||||||||
BALANCE, JANUARY 1, 2013 | $ | — | 78,041,511 | $ | 78 | $ | 525,354 | $ | 216,590 | $ | 9,082 | |||||||||||
Acquisition of Pacific International Bancorp, Inc. | 632,050 | 1 | 8,640 | |||||||||||||||||||
Acquisition of Foster Bankshares, Inc. | 49,496 | 778 | ||||||||||||||||||||
Issuance of additional shares pursuant to various stock plans | 524,662 | 1,954 | ||||||||||||||||||||
Tax effect of stock plans | 208 | |||||||||||||||||||||
Stock-based compensation | 1,128 | |||||||||||||||||||||
Cash dividends declared on common stock | (13,796 | ) | ||||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||
Net income | 63,684 | |||||||||||||||||||||
Other comprehensive loss | (12,471 | ) | ||||||||||||||||||||
BALANCE, SEPTEMBER 30, 2013 | $ | — | 79,247,719 | $ | 79 | $ | 538,062 | $ | 266,478 | $ | (3,389 | ) | ||||||||||
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 63,684 | $ | 61,696 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Depreciation, amortization, net of discount accretion | (13,402 | ) | (18,518 | ) | |||
Stock-based compensation expense | 1,128 | 1,959 | |||||
Provision for loan losses | 9,050 | 16,682 | |||||
Valuation adjustment of loans held for sale | 53 | 703 | |||||
Valuation adjustment of OREO | 1,229 | 2,659 | |||||
Proceeds from sales of loans held for sale | 107,712 | 90,022 | |||||
Originations of loans held for sale | (89,832 | ) | (97,968 | ) | |||
Net gains on sales of SBA and other loans | (8,878 | ) | (6,014 | ) | |||
Net change in bank owned life insurance | (826 | ) | (902 | ) | |||
Net gains on sales of securities available for sale | (54 | ) | (949 | ) | |||
Net gains on sales of OREO | 57 | (41 | ) | ||||
Net valuation gains on interest rate swaps and caps | — | (24 | ) | ||||
Change in accrued interest receivable | 539 | 558 | |||||
Change in deferred income taxes | 9,487 | 7,625 | |||||
Change in prepaid FDIC insurance | 7,771 | 1,508 | |||||
Change in investments in affordable housing partnership | 1,181 | 1,591 | |||||
Change in FDIC loss share receivable | 3,367 | 3,743 | |||||
Change in other assets | 17,517 | (9,532 | ) | ||||
Change in accrued interest payable | 472 | (1,068 | ) | ||||
Change in other liabilities | (9,486 | ) | 11,754 | ||||
Net cash provided by operating activities | 100,769 | 65,484 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Net change in loans receivable | (228,758 | ) | (326,194 | ) | |||
Proceeds from sales of securities available for sale | 6,636 | 28,446 | |||||
Proceeds from sales of OREO | 1,708 | 4,341 | |||||
Proceeds from matured term federal funds | — | 100,000 | |||||
Proceeds from sales of equipment | — | 3 | |||||
Purchase of premises and equipment | (6,524 | ) | (5,572 | ) | |||
Purchase of securities available for sale | (167,850 | ) | (111,696 | ) | |||
Purchase of FHLB stock | (1,969 | ) | — | ||||
Redemption of FHLB stock | 49 | 3,873 | |||||
Purchase of term federal funds | — | (60,000 | ) | ||||
Proceeds from matured or paid-down securities available for sale | 143,627 | 135,686 | |||||
Net cash received from acquisition - Pacific International Bancorp, Inc. | 25,967 | — | |||||
Net cash received from acquisition - Foster Bankshares, Inc. | 41,167 | — | |||||
Redemption of preferred stock upon the acquisition | (7,475 | ) | — | ||||
Net cash used in investing activities | (193,422 | ) | (231,113 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Net change in deposits | 172,800 | 114,344 | |||||
Redemption of preferred stock | — | (122,000 | ) | ||||
Cash dividends paid on Preferred Stock | — | (3,648 | ) | ||||
Redemption of subordinated debentures | (4,124 | ) | (10,400 | ) | |||
Proceeds from FHLB advances | 155,000 | 625,000 | |||||
Repayment of FHLB advances | (186,745 | ) | (506,145 | ) | |||
Redemption of common stock warrant | — | (2,189 | ) | ||||
Cash dividends paid on Common Stock | (13,796 | ) | — | ||||
Issuance of additional stock pursuant to various stock plans | 1,954 | 200 | |||||
Net cash provided by financing activities | 125,089 | 95,162 | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 32,436 | (70,467 | ) | ||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 312,916 | 300,110 | |||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 345,352 | $ | 229,643 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
Interest paid | $ | 21,506 | $ | 23,429 | |||
Income taxes paid | $ | 23,650 | $ | 26,663 | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||||||
Transfer from loans receivable to OREO | $ | 7,557 | $ | 3,470 |
BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | BBCN BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||
Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
(In thousands) | ||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||||
Net income | $ | 22,196 | $ | 17,461 | ||||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||
Depreciation, amortization, net of discount accretion | (5,171 | ) | (2,717 | ) | ||||||||||
Stock-based compensation expense | 104 | 709 | ||||||||||||
Provision for loan losses | 3,026 | 7,506 | ||||||||||||
Valuation adjustment of loans held for sale | — | — | ||||||||||||
Valuation adjustment of OREO | (314 | ) | 115 | |||||||||||
Proceeds from sales of loans held for sale | 31,878 | 29,144 | ||||||||||||
Originations of loans held for sale | (28,414 | ) | (23,713 | ) | ||||||||||
Net gains on sales of SBA and other loans | (2,722 | ) | (2,737 | ) | ||||||||||
Net change in BOLI | (292 | ) | (312 | ) | ||||||||||
Net gains on sales of securities available for sale | — | (54 | ) | |||||||||||
Net gains on sales of OREO | (406 | ) | (2 | ) | ||||||||||
Change in accrued interest receivable | (7 | ) | (730 | ) | ||||||||||
Change in deferred income taxes | 6,284 | 1,524 | ||||||||||||
Change in prepaid FDIC insurance | — | 614 | ||||||||||||
Change in investments in affordable housing partnership | 507 | 523 | ||||||||||||
Change in FDIC loss share receivable | 857 | 1,411 | ||||||||||||
Change in other assets | 8,392 | 675 | ||||||||||||
Change in accrued interest payable | 919 | (104 | ) | |||||||||||
Change in other liabilities | (1,261 | ) | (9,836 | ) | ||||||||||
Net cash provided by operating activities | 35,576 | 19,477 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||||
Net change in loans receivable | (109,295 | ) | (69,771 | ) | ||||||||||
Proceeds from sales of securities available for sale | — | 6,636 | ||||||||||||
Proceeds from sales of OREO | 4,820 | 849 | ||||||||||||
Purchase of premises and equipment | (1,969 | ) | (1,671 | ) | ||||||||||
Purchase of securities available for sale | (37,444 | ) | (69,821 | ) | ||||||||||
Redemption of FHLB stock | 39 | 16 | ||||||||||||
Proceeds from matured or paid-down securities available for sale | 28,235 | 52,488 | ||||||||||||
Net cash received from acquisition - Pacific International Bancorp, Inc. | — | 18,493 | ||||||||||||
Net cash used in investing activities | (115,614 | ) | (62,781 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||||
Net change in deposits | 187,866 | 28,412 | ||||||||||||
Redemption of subordinated debentures | (15,464 | ) | — | |||||||||||
Proceeds from FHLB advances | — | 90,000 | ||||||||||||
Repayment of FHLB advances | — | (103,697 | ) | |||||||||||
Cash dividends paid on Common Stock | (5,958 | ) | (3,902 | ) | ||||||||||
Issuance of additional stock pursuant to various stock plans | — | 388 | ||||||||||||
Net cash provided by financing activities | 166,444 | 11,201 | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | 86,406 | (32,103 | ) | |||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 316,705 | 312,916 | ||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 403,111 | $ | 280,813 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||
Interest paid | $ | 7,469 | $ | 7,057 | ||||||||||
Income taxes paid | $ | 2,610 | $ | 16,291 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | ||||||||||||||
Transfer from loans receivable to OREO | $ | 187 | $ | 1,985 | ||||||||||
Transfer from loans receivable to loans held for sale | $ | 6,900 | $ | 2,820 | $ | 34 | $ | — | ||||||
Loans to facilitate sales of loans held for sale | $ | 5,250 | $ | — | ||||||||||
Pacific International Bancorp, Inc. Acquisition: | ||||||||||||||
Assets acquired | $ | 183,120 | $ | — | $ | — | $ | 178,732 | ||||||
Liabilities assumed | $ | 167,545 | $ | — | $ | — | $ | 165,828 | ||||||
Foster Bankshares, Inc. Acquisition: | ||||||||||||||
Assets acquired | $ | 333,243 | $ | — | ||||||||||
Liabilities assumed | $ | (358,274 | ) | $ | — | |||||||||
1. | BBCN Bancorp, Inc. |
2. | Basis of Presentation |
3. | Business Combinations |
(In thousands) | (In thousands) | ||||||
Consideration paid: | Consideration paid: | ||||||
BBCN common stock issued in exchange for Foster common stock | $ | 778 | |||||
Cash paid for the redemption of Foster common stock | 1,716 | ||||||
Liability for unredeemed Foster common stock | 2,140 | ||||||
Total consideration paid | $ | 4,634 | |||||
BBCN common stock issued in exchange for Foster common stock | $ | 2,567 | |||||
Cash paid for the redemption of Foster common stock | 1,922 | ||||||
Liability for unredeemed Foster common stock | 155 | ||||||
Total consideration paid | $ | 4,644 | |||||
Assets Acquired: | Assets Acquired: | ||||||
Cash and cash equivalents | $ | 42,883 | |||||
Investment securities available for sale | 4,844 | ||||||
Loans, net | 245,558 | ||||||
FRB and FHLB stock | 1,714 | ||||||
OREO | 16,630 | ||||||
Premises and equipment | 4,733 | ||||||
Core deposit intangibles | 2,763 | ||||||
Deferred tax assets, net | 11,655 | ||||||
Other assets | 2,463 | ||||||
Cash and cash equivalents | $ | 42,883 | |||||
Investment securities available for sale | 4,844 | ||||||
Loans receivable | 255,297 | ||||||
FRB and FHLB stock | 1,714 | ||||||
OREO | 14,251 | ||||||
Premises and equipment | 4,733 | ||||||
Core deposit intangibles | 2,763 | ||||||
Deferred tax assets, net | 21,211 | ||||||
Other assets | 2,353 | ||||||
Liabilities Assumed: | Liabilities Assumed: | ||||||
Deposits | (321,596 | ) | |||||
Borrowings | (18,045 | ) | |||||
Subordinated debentures | (15,309 | ) | |||||
Other liabilities | (3,324 | ) | |||||
Deposits | (321,596 | ) | |||||
Borrowings | (18,045 | ) | |||||
Subordinated debentures | (15,309 | ) | |||||
Other liabilities | (5,980 | ) | |||||
Total identifiable net assets | Total identifiable net assets | $ | (25,031 | ) | $ | (10,881 | ) |
Excess of consideration paid over fair value of net assets acquired (goodwill) | Excess of consideration paid over fair value of net assets acquired (goodwill) | $ | 29,665 | $ | 15,525 |
(In thousands) | (In thousands) | ||||||
Consideration paid: | Consideration paid: | Consideration paid: | |||||
BBCN common stock issued | $ | 8,437 | |||||
Cash in lieu of fractional shares paid to PIB stockholders | 1 | ||||||
Redemption of Preferred Stock | 7,475 | ||||||
Total consideration paid | $ | 15,913 | |||||
BBCN common stock issued | $ | 8,437 | |||||
Cash in lieu of fractional shares paid to PIB stockholders | 1 | ||||||
Redemption of Preferred Stock | 7,475 | ||||||
Total consideration paid | $ | 15,913 | |||||
Assets Acquired: | Assets Acquired: | Assets Acquired: | |||||
Cash and cash equivalents | $ | 25,968 | |||||
Investment securities available for sale | 7,810 | ||||||
Loans, net | 131,589 | ||||||
FRB and FHLB stock | 1,829 | ||||||
OREO | 3,418 | ||||||
Deferred tax assets, net | 9,388 | ||||||
Other assets | 3,118 | ||||||
Cash and cash equivalents | $ | 25,968 | |||||
Investment securities available for sale | 7,810 | ||||||
Loans receivable | 131,589 | ||||||
FRB and FHLB stock | 1,829 | ||||||
OREO | 3,418 | ||||||
Deferred tax assets, net | 9,886 | ||||||
Core deposit intangibles | 604 | ||||||
Other assets | 2,514 | ||||||
Liabilities Assumed: | Liabilities Assumed: | Liabilities Assumed: | |||||
Deposits | (143,665 | ) | |||||
Borrowings | (14,698 | ) | |||||
Subordinated debentures | (4,108 | ) | |||||
Other liabilities | (5,074 | ) | |||||
Deposits | (143,665 | ) | |||||
Borrowings | (14,698 | ) | |||||
Subordinated debentures | (4,108 | ) | |||||
Other liabilities | (5,116 | ) | |||||
Total identifiable net assets | Total identifiable net assets | $ | 15,575 | $ | 16,031 | ||
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ | 338 | |||||
Bargain purchase gain | $ | 118 |
Foster | PIB | ||||||
(In thousands) | |||||||
Contractually required principal and interest at acquisition | $ | 150,430 | $ | 54,462 | |||
Contractual cash flows not expected to be collected (nonaccretable discount) | 37,447 | 9,687 | |||||
Expected cash flows at acquisition | 112,983 | 44,775 | |||||
Interest component of expected cash flows (accretable discount) | 14,928 | 4,945 | |||||
Fair value of acquired impaired loans | $ | 98,055 | $ | 39,830 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
(In thousands, except share data) | (In thousands, except share data) | |||||||||||||||||||||
Net Interest income | $ | 67,498 | $ | 64,769 | $ | 198,315 | $ | 199,562 | $ | 64,966 | $ | 69,576 | ||||||||||
Net income | $ | 25,277 | $ | 15,475 | $ | 64,211 | $ | 55,754 | $ | 22,196 | $ | 13,847 | ||||||||||
Pro forma earnings per share: | ||||||||||||||||||||||
Basic | $ | 0.32 | $ | 0.20 | $ | 0.81 | $ | 0.64 | $ | 0.28 | $ | 0.18 | ||||||||||
Diluted | 0.32 | 0.20 | 0.81 | 0.64 | 0.28 | 0.18 |
4. | Stock-Based Compensation |
Number of Shares | Weighted- Average Exercise Price Per Share | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | Number of Shares | Weighted- Average Exercise Price Per Share | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||
Outstanding - January 1, 2013 | 797,805 | $ | — | |||||||||||||||||||||
Outstanding - January 1, 2014 | 420,594 | $ | 20.44 | |||||||||||||||||||||
Granted | — | — | — | — | ||||||||||||||||||||
Exercised | (226,242 | ) | 8.64 | — | — | |||||||||||||||||||
Expired | (29,267 | ) | 15.90 | (21,382 | ) | 17.57 | ||||||||||||||||||
Forfeited | (51,702 | ) | 24.20 | — | — | |||||||||||||||||||
Outstanding - September 30, 2013 | 490,594 | $ | 19.67 | 3.14 | $ | — | ||||||||||||||||||
Options exercisable - September 30, 2013 | 490,594 | $ | 19.67 | 3.10 | $ | — | ||||||||||||||||||
Outstanding - March 31, 2014 | 399,212 | $ | 20.60 | 2.67 | $ | 138,215 | ||||||||||||||||||
Options exercisable - March 31, 2014 | 399,212 | $ | 20.60 | 2.67 | $ | 138,215 |
Number of Shares | Weighted- Average Grant Date Fair Value | Number of Shares | Weighted- Average Grant Date Fair Value | ||||||||||
Outstanding - January 1, 2013 | 512,183 | $ | 9.78 | ||||||||||
Outstanding - January 1, 2014 | 200,165 | $ | 11.57 | ||||||||||
Granted | 58,000 | 12.86 | 24,000 | 16.57 | |||||||||
Vested | (306,541 | ) | 10.17 | (53,126 | ) | 10.78 | |||||||
Forfeited | (83,009 | ) | 10.79 | (17,413 | ) | 12.13 | |||||||
Outstanding - September 30, 2013 | 180,633 | $ | 10.79 | ||||||||||
Outstanding - March 31, 2014 | 153,626 | $ | 12.62 |
5. | Earnings Per Share (“EPS”) |
Three Months Ended September 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Net income available to common stockholders (Numerator) | Shares (Denominator) | Per Share (Amount) | Net income available to common stockholders (Numerator) | Shares (Denominator) | Per Share (Amount) | ||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||||
Net income as reported | $ | 23,552 | $ | 18,398 | |||||||||||||||||
Less: preferred stock dividends and accretion of preferred stock discount | — | — | |||||||||||||||||||
Basic EPS - common stock | $ | 23,552 | 79,223,636 | $ | 0.30 | $ | 18,398 | 78,015,960 | $ | 0.24 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Stock Options and Performance Units | 60,188 | 87,835 | |||||||||||||||||||
Common stock warrants | 51,041 | — | |||||||||||||||||||
Diluted EPS - common stock | $ | 23,552 | 79,334,865 | $ | 0.30 | $ | 18,398 | 78,103,795 | $ | 0.24 |
Three Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net income (Numerator) | Shares (Denominator) | Per Share (Amount) | Net income (Numerator) | Shares (Denominator) | Per Share (Amount) | ||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||||
Basic EPS - common stock | $ | 22,196 | 79,489,579 | $ | 0.28 | $ | 17,461 | 78,389,434 | $ | 0.22 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options and performance units | 58,591 | 79,311 | |||||||||||||||||||
Common stock warrants | 91,669 | 11,926 | |||||||||||||||||||
Diluted EPS - common stock | $ | 22,196 | 79,639,839 | $ | 0.28 | $ | 17,461 | 78,480,671 | $ | 0.22 |
Nine Months Ended September 30, | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Net income available to common stockholders (Numerator) | Shares (Denominator) | Per Share (Amount) | Net income available to common stockholders (Numerator) | Shares (Denominator) | Per Share (Amount) | ||||||||||||||||
(In thousands, except share and per share data) | |||||||||||||||||||||
Net income as reported | $ | 63,684 | $ | 61,696 | |||||||||||||||||
Less: preferred stock dividends and accretion of preferred stock discount | — | (5,640 | ) | ||||||||||||||||||
Basic EPS - common stock | $ | 63,684 | 78,914,360 | $ | 0.81 | $ | 56,056 | 78,004,458 | $ | 0.72 | |||||||||||
Effect of Dilutive Securities: | |||||||||||||||||||||
Stock Options and Performance Units | 179,206 | 77,601 | |||||||||||||||||||
Common stock warrants | 28,494 | — | |||||||||||||||||||
Diluted EPS - common stock | $ | 63,684 | 79,122,060 | $ | 0.80 | $ | 56,056 | 78,082,059 | $ | 0.72 |
At September 30, 2013 | At March 31, 2014 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 290,061 | $ | 2,001 | $ | (7,171 | ) | $ | 284,891 | $ | 283,963 | $ | 1,509 | $ | (6,118 | ) | $ | 279,354 | ||||||||||||
Mortgage-backed securities | 396,877 | 4,947 | (5,090 | ) | 396,734 | 420,159 | 4,352 | (5,550 | ) | 418,961 | ||||||||||||||||||||
Trust preferred securities | 4,513 | — | (807 | ) | 3,706 | 4,520 | — | (720 | ) | 3,800 | ||||||||||||||||||||
Municipal bonds | 5,692 | 368 | (44 | ) | 6,016 | 5,681 | 382 | (44 | ) | 6,019 | ||||||||||||||||||||
Total debt securities | 697,143 | 7,316 | (13,112 | ) | 691,347 | 714,323 | 6,243 | (12,432 | ) | 708,134 | ||||||||||||||||||||
Mutual funds | 17,425 | — | (206 | ) | 17,219 | 17,425 | — | (330 | ) | 17,095 | ||||||||||||||||||||
$ | 714,568 | $ | 7,316 | $ | (13,318 | ) | $ | 708,566 | $ | 731,748 | $ | 6,243 | $ | (12,762 | ) | $ | 725,229 | |||||||||||||
At December 31, 2012 | At December 31, 2013 | |||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 249,373 | $ | 5,649 | $ | (110 | ) | $ | 254,912 | $ | 286,608 | $ | 1,104 | $ | (13,611 | ) | $ | 274,101 | ||||||||||||
Mortgage-backed securities | 415,925 | 10,277 | (662 | ) | 425,540 | 409,165 | 3,620 | (7,789 | ) | 404,996 | ||||||||||||||||||||
Trust preferred securities | 4,502 | — | (665 | ) | 3,837 | 4,516 | — | (819 | ) | 3,697 | ||||||||||||||||||||
Municipal bonds | 4,506 | 612 | — | 5,118 | 5,687 | 319 | (70 | ) | 5,936 | |||||||||||||||||||||
Total debt securities | 674,306 | 16,538 | (1,437 | ) | 689,407 | 705,976 | 5,043 | (22,289 | ) | 688,730 | ||||||||||||||||||||
Mutual funds | 14,710 | 286 | — | 14,996 | 17,425 | — | (404 | ) | 17,021 | |||||||||||||||||||||
$ | 689,016 | $ | 16,824 | $ | (1,437 | ) | $ | 704,403 | $ | 723,401 | $ | 5,043 | $ | (22,693 | ) | $ | 705,751 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Proceeds | $ | — | $ | 26,563 | $ | 6,636 | $ | 28,446 | $ | — | $ | 6,636 | ||||||||||
Gross gains | — | 132 | 54 | 948 | — | 54 | ||||||||||||||||
Gross losses | — | — | — | — | — | — |
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Available for sale: | ||||||||||||||
Due within one year | $ | — | $ | — | $ | — | $ | — | ||||||
Due after one year through five years | 340 | 351 | 340 | 349 | ||||||||||
Due after five years through ten years | 3,883 | 4,213 | 3,883 | 4,230 | ||||||||||
Due after ten years | 5,982 | 5,158 | 5,978 | 5,241 | ||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | ||||||||||||||
Collateralized mortgage obligations | 290,061 | 284,891 | 283,963 | 279,354 | ||||||||||
Mortgage-backed securities | 396,877 | 396,734 | 420,159 | 418,960 | ||||||||||
Mutual funds | 17,425 | 17,219 | 17,425 | 17,095 | ||||||||||
$ | 714,568 | $ | 708,566 | $ | 731,748 | $ | 725,229 |
At September 30, 2013 | At March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations* | 17 | $ | 180,322 | $ | (7,170 | ) | — | $ | — | $ | — | 17 | $ | 180,322 | $ | (7,170 | ) | 10 | $ | 103,382 | $ | (2,408 | ) | 9 | $ | 94,998 | $ | (3,710 | ) | 19 | $ | 198,380 | $ | (6,118 | ) | |||||||||||||||||||||||||||||
Mortgage-backed securities* | 22 | 117,369 | (4,683 | ) | 7 | 14,647 | (407 | ) | 29 | 132,016 | (5,090 | ) | 19 | 146,427 | (2,565 | ) | 10 | 40,681 | (2,985 | ) | 29 | 187,108 | (5,550 | ) | ||||||||||||||||||||||||||||||||||||||||
Trust preferred securities | — | — | — | 1 | 3,706 | (807 | ) | 1 | 3,706 | (807 | ) | — | — | — | 1 | 3,800 | (720 | ) | 1 | 3,800 | (720 | ) | ||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | 1 | 1,143 | (44 | ) | — | — | — | 1 | 1,143 | (44 | ) | 1 | 1,132 | (44 | ) | — | — | — | 1 | 1,132 | (44 | ) | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds | 1 | 13,219 | (207 | ) | — | — | — | 1 | 13,219 | (207 | ) | 1 | 13,095 | (330 | ) | ��� | — | — | 1 | 13,095 | (330 | ) | ||||||||||||||||||||||||||||||||||||||||||
41 | $ | 312,053 | $ | (12,104 | ) | 8 | $ | 18,353 | $ | (1,214 | ) | 49 | $ | 330,406 | $ | (13,318 | ) | 31 | $ | 264,036 | $ | (5,347 | ) | 20 | $ | 139,479 | $ | (7,415 | ) | 51 | $ | 403,515 | $ | (12,762 | ) |
At December 31, 2012 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of Securities | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | Number of Securities | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations* | 3 | $ | 18,009 | $ | (110 | ) | — | $ | — | $ | — | 3 | $ | 18,009 | $ | (110 | ) | 21 | $ | 198,713 | $ | (12,460 | ) | 3 | $ | 13,381 | $ | (1,151 | ) | 24 | $ | 212,094 | $ | (13,611 | ) | |||||||||||||||||||||||||||||
Mortgage-backed securities* | 7 | 32,406 | (597 | ) | 3 | 8,251 | (65 | ) | 10 | 40,657 | (662 | ) | 29 | 203,276 | (7,293 | ) | 7 | 14,793 | (496 | ) | 36 | 218,069 | (7,789 | ) | ||||||||||||||||||||||||||||||||||||||||
Trust Preferred securities | — | — | — | 1 | 3,837 | (665 | ) | 1 | 3,837 | (665 | ) | 1 | 1,112 | (70 | ) | 1 | 3,697 | (819 | ) | 2 | 4,809 | (889 | ) | |||||||||||||||||||||||||||||||||||||||||
Mutual funds | 1 | 13,021 | (404 | ) | — | — | — | 1 | 13,021 | (404 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | $ | 50,415 | $ | (707 | ) | 4 | $ | 12,088 | $ | (730 | ) | 14 | $ | 62,503 | $ | (1,437 | ) | 52 | $ | 416,122 | $ | (20,227 | ) | 11 | $ | 31,871 | $ | (2,466 | ) | 63 | $ | 447,993 | $ | (22,693 | ) |
7. | Loans Receivable and Allowance for Loan Losses |
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Loan portfolio composition | ||||||||||||||
Real estate loans: | ||||||||||||||
Residential | $ | 10,294 | $ | 9,247 | $ | 11,035 | $ | 10,039 | ||||||
Commercial & industrial | 3,652,815 | 3,100,466 | 3,947,925 | 3,821,163 | ||||||||||
Construction | 73,116 | 65,045 | 76,038 | 72,856 | ||||||||||
Total real estate loans | 3,736,225 | 3,174,758 | 4,034,998 | 3,904,058 | ||||||||||
Commercial business | 932,955 | 921,556 | 923,026 | 949,093 | ||||||||||
Trade finance | 135,889 | 152,070 | 135,638 | 124,685 | ||||||||||
Consumer and other | 95,693 | 49,954 | 98,895 | 98,507 | ||||||||||
Total loans outstanding | 4,900,762 | 4,298,338 | 5,192,557 | 5,076,343 | ||||||||||
Less: deferred loan fees | (1,823 | ) | (2,086 | ) | (1,763 | ) | (2,167 | ) | ||||||
Gross loans receivable | 4,898,939 | 4,296,252 | ||||||||||||
Loans receivable | 5,190,794 | 5,074,176 | ||||||||||||
Less: allowance for loan losses | (65,715 | ) | (66,941 | ) | (65,699 | ) | (67,320 | ) | ||||||
Loans receivable, net | $ | 4,833,224 | $ | 4,229,311 | ||||||||||
Loans receivable, net of allowance for loan losses | $ | 5,125,095 | $ | 5,006,856 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 37,090 | $ | 22,966 | $ | 18,651 | $ | 31,999 | $ | 47,398 | $ | 18,652 | ||||||||||
Additions due to acquisitions during the period | 14,928 | — | 19,873 | — | — | 4,945 | ||||||||||||||||
Accretion | (4,250 | ) | (3,415 | ) | (11,281 | ) | (10,866 | ) | (4,867 | ) | (3,446 | ) | ||||||||||
Changes in expected cash flows | 5,689 | 516 | 26,214 | (1,066 | ) | (9,948 | ) | 3,259 | ||||||||||||||
Balance at end of period | $ | 53,457 | $ | 20,067 | $ | 53,457 | $ | 20,067 | $ | 32,583 | $ | 23,410 |
Legacy | Acquired | Total | Legacy | Acquired | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 41,932 | $ | 16,520 | $ | 2,335 | $ | 528 | $ | 9,632 | $ | 654 | $ | — | $ | 74 | $ | 71,675 | $ | 40,068 | $ | 16,796 | $ | 2,653 | $ | 461 | $ | 6,482 | $ | 796 | $ | — | $ | 64 | $ | 67,320 | ||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 545 | (2,085 | ) | 178 | 52 | 1,221 | 830 | — | 3 | 744 | (1,414 | ) | 2,547 | 348 | 7 | 451 | 1,011 | — | 76 | 3,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (528 | ) | (774 | ) | — | — | (5,668 | ) | (813 | ) | — | (7 | ) | (7,790 | ) | (87 | ) | (3,725 | ) | (57 | ) | (1 | ) | (95 | ) | (1,220 | ) | — | (78 | ) | (5,263 | ) | ||||||||||||||||||||||||||||||||||||||
Recoveries of charge offs | 62 | 958 | — | 50 | 5 | 10 | — | 1 | 1,086 | 19 | 590 | — | — | — | 6 | — | 1 | 616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 42,011 | $ | 14,619 | $ | 2,513 | $ | 630 | $ | 5,190 | $ | 681 | $ | — | $ | 71 | $ | 65,715 | $ | 38,586 | $ | 16,208 | $ | 2,944 | $ | 467 | $ | 6,838 | $ | 593 | $ | — | $ | 63 | $ | 65,699 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 2,557 | (1,004 | ) | 190 | (96 | ) | 6,308 | 1,126 | (3 | ) | (28 | ) | 9,050 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (2,209 | ) | (2,370 | ) | (26 | ) | (9 | ) | (5,843 | ) | (1,621 | ) | — | (41 | ) | (12,119 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of charge offs | 158 | 1,503 | 0 | 77 | 7 | 61 | — | 37 | 1,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 42,011 | $ | 14,619 | $ | 2,513 | $ | 630 | $ | 5,190 | $ | 681 | $ | — | $ | 71 | $ | 65,715 |
Legacy | Acquired | Total | Legacy | Acquired | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 37,237 | $ | 20,880 | $ | 3,164 | $ | 1,115 | $ | 2,283 | $ | 397 | $ | 340 | $ | 89 | $ | 65,505 | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | ||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 5,499 | 988 | (495 | ) | (418 | ) | 750 | 784 | (157 | ) | (51 | ) | 6,900 | 3,069 | 39 | (625 | ) | (129 | ) | 5,320 | (189 | ) | (3 | ) | 24 | 7,506 | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (1,832 | ) | (5,574 | ) | — | (2 | ) | (242 | ) | (118 | ) | — | (1 | ) | (7,769 | ) | (905 | ) | (183 | ) | (26 | ) | (7 | ) | (151 | ) | (124 | ) | — | (33 | ) | (1,429 | ) | |||||||||||||||||||||||||||||||||||||
Recoveries of charge offs | 973 | 275 | — | 24 | — | 15 | — | 29 | 1,316 | 40 | 176 | — | 16 | 2 | 7 | — | 9 | 250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 41,877 | $ | 16,569 | $ | 2,669 | $ | 719 | $ | 2,791 | $ | 1,078 | $ | 183 | $ | 66 | $ | 65,952 | $ | 43,709 | $ | 16,522 | $ | 1,698 | $ | 538 | $ | 9,889 | $ | 809 | $ | — | $ | 103 | $ | 73,268 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 39,040 | $ | 20,681 | $ | 1,786 | $ | 445 | $ | — | $ | — | $ | — | $ | — | $ | 61,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (credit) for loan losses | 6,831 | 3,203 | 823 | 700 | 2,899 | 1,701 | 483 | 42 | 16,682 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | (6,095 | ) | (8,470 | ) | — | (485 | ) | (411 | ) | (755 | ) | (300 | ) | (244 | ) | (16,760 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries of charge offs | 2,101 | 1,155 | 60 | 59 | 303 | 132 | — | 268 | 4,078 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 41,877 | $ | 16,569 | $ | 2,669 | $ | 719 | $ | 2,791 | $ | 1,078 | $ | 183 | $ | 66 | $ | 65,952 |
March 31, 2014 | |||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | |||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,248 | $ | 4,121 | $ | 761 | $ | — | $ | 555 | $ | 509 | $ | — | $ | — | $ | 10,194 | |||||||||||||||||
Collectively evaluated for impairment | 34,338 | 12,087 | 2,183 | 467 | 723 | 84 | — | 63 | 49,945 | ||||||||||||||||||||||||||
ACILs | — | — | — | — | 5,560 | — | — | — | 5,560 | ||||||||||||||||||||||||||
Total | $ | 38,586 | $ | 16,208 | $ | 2,944 | $ | 467 | $ | 6,838 | $ | 593 | $ | — | $ | 63 | $ | 65,699 | |||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 50,681 | $ | 37,565 | $ | 6,263 | $ | 525 | $ | 23,274 | $ | 2,574 | $ | — | $ | 952 | $ | 121,834 | |||||||||||||||||
Collectively evaluated for impairment | 3,257,964 | 769,299 | 126,364 | 36,112 | 563,265 | 71,138 | — | 29,720 | 4,853,862 | ||||||||||||||||||||||||||
ACILs | — | — | — | — | 139,814 | 42,450 | 3,011 | 31,586 | 216,861 | ||||||||||||||||||||||||||
Total | $ | 3,308,645 | $ | 806,864 | $ | 132,627 | $ | 36,637 | $ | 726,353 | $ | 116,162 | $ | 3,011 | $ | 62,258 | $ | 5,192,557 |
September 30, 2013 | |||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | |||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,516 | $ | 2,753 | $ | 794 | $ | 90 | $ | 1,202 | $ | 680 | $ | — | $ | — | $ | 11,035 | |||||||||||||||||
Collectively evaluated for impairment | 36,495 | 11,866 | 1,719 | 540 | 10 | 1 | — | 71 | 50,702 | ||||||||||||||||||||||||||
Acquired Credit Impaired Loans | — | — | — | — | 3,978 | — | — | — | 3,978 | ||||||||||||||||||||||||||
Total | $ | 42,011 | $ | 14,619 | $ | 2,513 | $ | 630 | $ | 5,190 | $ | 681 | $ | — | $ | 71 | $ | 65,715 | |||||||||||||||||
Loans outstanding: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 41,343 | $ | 26,683 | $ | 6,938 | $ | 544 | $ | 20,023 | $ | 2,892 | $ | — | $ | 770 | $ | 99,193 | |||||||||||||||||
Collectively evaluated for impairment | 2,873,167 | 749,597 | 128,951 | 30,246 | 651,528 | 103,674 | — | 36,994 | 4,574,157 | ||||||||||||||||||||||||||
Acquired Credit Impaired Loans | — | — | — | — | 150,164 | 50,109 | — | 27,139 | 227,412 | ||||||||||||||||||||||||||
Total | $ | 2,914,510 | $ | 776,280 | $ | 135,889 | $ | 30,790 | $ | 821,715 | $ | 156,675 | $ | — | $ | 64,903 | $ | 4,900,762 |
December 31, 2012 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | Legacy | Acquired | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,723 | $ | 3,084 | $ | 96 | $ | — | $ | 183 | $ | 1,074 | $ | — | $ | — | $ | 9,160 | $ | 5,578 | $ | 5,183 | $ | 159 | $ | 32 | $ | 1,092 | $ | 622 | $ | — | $ | — | $ | 12,666 | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 36,782 | 13,406 | 2,253 | 658 | — | 41 | 3 | 103 | 53,246 | 34,490 | 11,613 | 2,494 | 429 | 612 | 174 | — | 64 | 49,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Credit Impaired Loans | — | — | — | — | 4,535 | — | — | — | 4,535 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACILs | — | — | — | — | 4,778 | — | — | — | 4,778 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | $ | 40,068 | $ | 16,796 | $ | 2,653 | $ | 461 | $ | 6,482 | $ | 796 | $ | — | $ | 64 | $ | 67,320 | ||||||||||||||||||||||||||||||||||
Loans outstanding: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 37,394 | $ | 23,951 | $ | 6,199 | $ | 536 | $ | 17,951 | $ | 3,323 | $ | — | $ | 802 | $ | 90,156 | $ | 49,177 | $ | 37,314 | $ | 5,692 | $ | 535 | $ | 19,992 | $ | 2,792 | $ | — | $ | 767 | $ | 116,269 | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | 2,387,080 | 729,904 | 144,173 | 27,284 | 628,449 | 114,621 | 242 | 18,257 | 4,050,010 | 3,076,924 | 778,350 | 117,249 | 32,421 | 613,696 | 84,325 | — | 31,802 | 4,734,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Credit Impaired Loans | — | — | — | — | 103,884 | 49,757 | 1,456 | 3,075 | 158,172 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACILs | — | — | — | — | 144,269 | 46,312 | 1,744 | 32,982 | 225,307 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,424,474 | $ | 753,855 | $ | 150,372 | $ | 27,820 | $ | 750,284 | $ | 167,701 | $ | 1,698 | $ | 22,134 | $ | 4,298,338 | $ | 3,126,101 | $ | 815,664 | $ | 122,941 | $ | 32,956 | $ | 777,957 | $ | 133,429 | $ | 1,744 | $ | 65,551 | $ | 5,076,343 |
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
With Allocated Allowance | ||||||||||||||
With allocated allowance | ||||||||||||||
Without charge off | $ | 71,634 | $ | 65,526 | $ | 70,845 | $ | 85,920 | ||||||
With charge off | 966 | 2,599 | 483 | 851 | ||||||||||
With No Allocated Allowance | ||||||||||||||
With no allocated allowance | ||||||||||||||
Without charge off | 20,451 | 17,536 | 41,383 | 23,160 | ||||||||||
With charge off | 6,142 | 4,495 | 9,123 | 6,338 | ||||||||||
Allowance on Impaired Loans | (11,035 | ) | (9,160 | ) | ||||||||||
Impaired Loans, net of allowance | $ | 88,158 | $ | 80,996 | ||||||||||
Allowance on impaired loans | (10,194 | ) | (12,666 | ) | ||||||||||
Impaired loans, net of allowance | $ | 111,640 | $ | 103,603 |
As of September 30, 2013 | For the Nine Months Ended September 30, 2013 | For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||
Retail | 9,011 | 9,552 | 1,298 | 7,900 | 172 | 9,221 | 76 | |||||||||||||||||||||
Hotel & Motel | 12,009 | 12,833 | 2,884 | 11,310 | 413 | 12,056 | 138 | |||||||||||||||||||||
Gas Station & Car Wash | 2,171 | 2,236 | 415 | 1,826 | 46 | 2,017 | 15 | |||||||||||||||||||||
Mixed Use | 938 | 959 | 224 | 1,152 | 33 | 1,378 | 10 | |||||||||||||||||||||
Industrial & Warehouse | 8,442 | 8,442 | 883 | 8,770 | 171 | 10,940 | 44 | |||||||||||||||||||||
Other | 5,749 | 6,511 | 1,014 | 9,717 | 165 | 5,765 | 55 | |||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial Business | 26,798 | 29,083 | 3,433 | 25,096 | 947 | 25,881 | 306 | |||||||||||||||||||||
Trade Finance | 6,938 | 6,966 | 794 | 5,241 | 228 | 3,939 | 80 | |||||||||||||||||||||
Consumer and Other | 544 | 544 | 90 | 302 | 17 | 548 | 6 | |||||||||||||||||||||
$ | 72,600 | $ | 77,126 | $ | 11,035 | $ | 71,314 | $ | 2,192 | $ | 71,745 | $ | 730 | |||||||||||||||
With No Related Allowance: | ||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||
Retail | 3,927 | 6,557 | — | 3,279 | 30 | 4,645 | 10 | |||||||||||||||||||||
Hotel & Motel | 6,676 | 10,416 | — | 6,254 | 6,340 | |||||||||||||||||||||||
Gas Station & Car Wash | 4,918 | 7,890 | — | 3,543 | 104 | 4,105 | 35 | |||||||||||||||||||||
Mixed Use | 859 | 915 | — | 660 | 430 | |||||||||||||||||||||||
Industrial & Warehouse | 1,932 | 3,976 | — | 3,996 | 8 | 3,374 | 3 | |||||||||||||||||||||
Other | 3,076 | 5,265 | — | 3,417 | 32 | 2,621 | 11 | |||||||||||||||||||||
Real Estate—Construction | 1,658 | 1,658 | — | 1,682 | 67 | 1,667 | 22 | |||||||||||||||||||||
Commercial Business | 2,777 | 3,850 | — | 2,102 | 20 | 2,748 | 4 | |||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||
Consumer and Other | 770 | 831 | — | 1,142 | 1,012 | |||||||||||||||||||||||
$ | 26,593 | $ | 41,358 | $ | — | $ | 26,075 | $ | 261 | $ | 26,942 | $ | 85 | |||||||||||||||
Total | $ | 99,193 | $ | 118,484 | $ | 11,035 | $ | 97,389 | $ | 2,453 | $ | 98,687 | $ | 815 |
As of March 31, 2014 | For the Three Months Ended March 31, 2014 | |||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||
(In thousands) | ||||||||||||||||||||
With related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 4,334 | 4,628 | 521 | 5,826 | 23 | |||||||||||||||
Hotel & motel | 11,741 | 11,741 | 2,036 | 11,831 | 133 | |||||||||||||||
Gas station & car wash | 3,078 | 3,240 | 533 | 3,112 | 19 | |||||||||||||||
Mixed use | 932 | 946 | 160 | 931 | 10 | |||||||||||||||
Industrial & warehouse | 7,977 | 7,977 | 413 | 10,188 | 75 | |||||||||||||||
Other | 10,012 | 10,037 | 1,140 | 10,137 | 94 | |||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||
Commercial business | 27,874 | 28,621 | 4,630 | 31,269 | 297 | |||||||||||||||
Trade finance | 5,380 | 12,567 | 761 | 5,490 | 49 | |||||||||||||||
Consumer and other | — | — | — | 268 | — | |||||||||||||||
$ | 71,328 | $ | 79,757 | $ | 10,194 | $ | 79,052 | $ | 700 | |||||||||||
With no related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 8,242 | 11,259 | — | 6,134 | 58 | |||||||||||||||
Hotel & motel | 6,499 | 11,381 | — | 6,501 | — | |||||||||||||||
Gas station & car wash | 4,654 | 8,161 | — | 4,750 | — | |||||||||||||||
Mixed use | 1,297 | 1,374 | — | 1,071 | — | |||||||||||||||
Industrial & warehouse | 9,444 | 13,134 | — | 6,625 | 3 | |||||||||||||||
Other | 4,140 | 6,284 | — | 2,844 | 16 | |||||||||||||||
Real estate—construction | 1,605 | 1,605 | — | 1,615 | 21 | |||||||||||||||
Commercial business | 12,265 | 15,690 | — | 8,854 | 61 | |||||||||||||||
Trade finance | 883 | 967 | — | 488 | — | |||||||||||||||
Consumer and other | 1,477 | 1,548 | — | 1,123 | 8 | |||||||||||||||
$ | 50,506 | $ | 71,403 | $ | — | $ | 40,005 | $ | 167 | |||||||||||
Total | $ | 121,834 | $ | 151,160 | $ | 10,194 | $ | 119,057 | $ | 867 |
* | Unpaid contractual principal balance less charge offs, interest applied to principal and purchase discounts. |
For the Nine Months Ended September 30, 2012 | For the Three Months Ended September 30, 2012 | |||||||||||||||
Total Impaired Loans | Average Recorded Investment* | Interest Income Recognized during Impairment | Average Recorded Investment* | Interest Income Recognized during Impairment | ||||||||||||
With Related Allowance: | ||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | ||||||||
Real Estate—Commercial | ||||||||||||||||
Retail | 3,021 | 124 | 3,872 | 39 | ||||||||||||
Hotel & Motel | 19,673 | 327 | 19,349 | 106 | ||||||||||||
Gas Station & Car Wash | 3,162 | 69 | 2,496 | 23 | ||||||||||||
Mixed Use | 3,752 | 3,539 | ||||||||||||||
Industrial & Warehouse | 3,297 | 67 | 1,845 | 22 | ||||||||||||
Other | 13,857 | 483 | 13,960 | 160 | ||||||||||||
Real Estate—Construction | 32 | — | — | — | ||||||||||||
Commercial Business | 24,946 | 1,048 | 26,858 | 341 | ||||||||||||
Trade Finance | 2,838 | 108 | 3,208 | 63 | ||||||||||||
Consumer and Other | 135 | 3 | 30 | 2 | ||||||||||||
$ | 74,713 | $ | 2,229 | $ | 75,157 | $ | 756 | |||||||||
With No Related Allowance: | ||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | ||||||||
Real Estate—Commercial | ||||||||||||||||
Retail | 1,374 | 919 | ||||||||||||||
Hotel & Motel | 154 | 307 | ||||||||||||||
Gas Station & Car Wash | 1,786 | 2,689 | ||||||||||||||
Mixed Use | — | — | ||||||||||||||
Industrial & Warehouse | 4,412 | 3,840 | ||||||||||||||
Other | 2,654 | 2,133 | ||||||||||||||
Real Estate—Construction | 1,710 | 85 | 1,710 | 28 | ||||||||||||
Commercial Business | 9,805 | 15 | 5,928 | 5 | ||||||||||||
Trade Finance | 1,182 | — | ||||||||||||||
Consumer and Other | 126 | 105 | ||||||||||||||
$ | 23,203 | $ | 100 | $ | 17,631 | $ | 33 | |||||||||
Total | $ | 97,916 | $ | 2,329 | $ | 92,788 | $ | 789 |
For the Three Months Ended March 31, 2013 | ||||||||
Total Impaired Loans | Average Recorded Investment* | Interest Income Recognized during Impairment | ||||||
With related allowance: | ||||||||
Real estate—residential | $ | — | $ | — | ||||
Real estate—commercial | ||||||||
Retail | 6,578 | 51 | ||||||
Hotel & motel | 10,564 | 137 | ||||||
Gas station & car wash | 1,635 | 11 | ||||||
Mixed use | 926 | 13 | ||||||
Industrial & warehouse | 6,600 | 6 | ||||||
Other | 13,670 | 159 | ||||||
Real estate—construction | — | — | ||||||
Commercial business | 24,312 | 242 | ||||||
Trade finance | 6,543 | 73 | ||||||
Consumer and other | 55 | 1 | ||||||
$ | 70,883 | $ | 693 | |||||
With no related allowance: | ||||||||
Real estate—residential | $ | — | $ | — | ||||
Real estate—commercial | ||||||||
Retail | 1,913 | — | ||||||
Hotel & motel | 6,168 | — | ||||||
Gas station & car wash | 2,981 | 15 | ||||||
Mixed Uuse | 890 | — | ||||||
Industrial & warehouse | 4,618 | 3 | ||||||
Other | 4,214 | 39 | ||||||
Real estate—construction | 1,697 | 22 | ||||||
Commercial business | 1,456 | 16 | ||||||
Trade finance | — | — | ||||||
Consumer and other | 1,273 | 5 | ||||||
$ | 25,210 | $ | 100 | |||||
Total | $ | 96,093 | $ | 793 |
* | Unpaid contractual principal balance less charge offs, interest applied to principal and purchase discounts. |
As of September 30, 2013 | For the Nine Months Ended September 30, 2013 | For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||||
Impaired APLs(1) | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||
Retail | 390 | 834 | 53 | 1,247 | 10 | 831 | 4 | |||||||||||||||||||||
Hotel & Motel | — | — | — | — | — | |||||||||||||||||||||||
Gas Station & Car Wash | 821 | 885 | 362 | 544 | 816 | |||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||
Industrial & Warehouse | 5,200 | 5,200 | 772 | 8,551 | 7,690 | |||||||||||||||||||||||
Other | 159 | 165 | 16 | 1,154 | 8 | 158 | 2 | |||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||
Commercial Business | 2,813 | 3,141 | 680 | 3,058 | 5 | 3,011 | 2 | |||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||
Consumer and Other | — | — | — | — | — | |||||||||||||||||||||||
$ | 9,383 | $ | 10,225 | $ | 1,883 | $ | 14,554 | $ | 23 | $ | 12,506 | $ | 8 | |||||||||||||||
With No Related Allowance: | ||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||
Retail | 1,788 | 2,124 | — | 907 | 30 | 1,330 | 10 | |||||||||||||||||||||
Hotel & Motel | 6,616 | 8,595 | — | 6,138 | 6,243 | |||||||||||||||||||||||
Gas Station & Car Wash | 1,821 | 3,251 | — | 1,481 | 46 | 1,293 | 16 | |||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||
Industrial & Warehouse | 553 | 790 | — | 2,445 | 8 | 1,968 | 3 | |||||||||||||||||||||
Other | 2,675 | 3,120 | — | 2,020 | 32 | 2,157 | 11 | |||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||
Commercial Business | 79 | 79 | — | 99 | 50 | |||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||
Consumer and Other | 770 | 831 | — | 776 | 772 | |||||||||||||||||||||||
$ | 14,302 | $ | 18,790 | $ | — | $ | 13,866 | $ | 116 | $ | 13,813 | $ | 40 | |||||||||||||||
Total | $ | 23,685 | $ | 29,015 | $ | 1,883 | $ | 28,420 | $ | 139 | $ | 26,319 | $ | 48 |
As of March 31, 2014 | For the Three Months Ended March 31, 2014 | |||||||||||||||||||
Impaired APLs | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||
(In thousands) | ||||||||||||||||||||
With related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 105 | 159 | 27 | 248 | 1 | |||||||||||||||
Hotel & motel | — | — | — | — | — | |||||||||||||||
Gas station & car wash | 2,777 | 2,939 | 503 | 1,786 | 15 | |||||||||||||||
Mixed use | — | — | — | — | — | |||||||||||||||
Industrial & warehouse | — | — | — | 2,564 | — | |||||||||||||||
Other | 1,412 | 1,431 | 25 | 1,387 | 2 | |||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||
Commercial business | 952 | 1,568 | 509 | 1,468 | 5 | |||||||||||||||
Trade finance | — | — | — | — | — | |||||||||||||||
Consumer and other | — | — | — | — | — | |||||||||||||||
$ | 5,246 | $ | 6,097 | $ | 1,064 | $ | 7,453 | $ | 23 | |||||||||||
With no related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 1,834 | 3,306 | — | 1,539 | 7 | |||||||||||||||
Hotel & motel | 6,378 | 8,675 | — | 6,410 | — | |||||||||||||||
Gas station & car wash | 537 | 990 | — | 1,076 | — | |||||||||||||||
Mixed use | 465 | 465 | — | 233 | — | |||||||||||||||
Industrial & warehouse | 6,543 | 6,855 | — | 4,213 | 3 | |||||||||||||||
Other | 3,223 | 3,686 | — | 2,179 | 8 | |||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||
Commercial business | 1,622 | 1,803 | — | 1,215 | — | |||||||||||||||
Trade finance | — | — | — | — | — | |||||||||||||||
Consumer and ther | 952 | 1,023 | — | 860 | 2 | |||||||||||||||
$ | 21,554 | $ | 26,803 | $ | — | $ | 17,725 | $ | 20 | |||||||||||
Total | $ | 26,800 | $ | 32,900 | $ | 1,064 | $ | 25,178 | $ | 43 |
* | Unpaid contractual principal balance less charge offs, interest applied to principal and purchase discounts. |
For the Nine Months Ended September 30, 2012 | For the Three Months Ended September 30, 2012 | |||||||||||||||
Impaired APLs(1) | Average Recorded Investment* | Interest Income Recognized during Impairment | Average Recorded Investment* | Interest Income Recognized during Impairment | ||||||||||||
With Related Allowance: | ||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | ||||||||
Real Estate—Commercial | ||||||||||||||||
Retail | 828 | 86 | 1,546 | 26 | ||||||||||||
Hotel & Motel | 4,594 | 6,081 | ||||||||||||||
Gas Station & Car Wash | 71 | — | ||||||||||||||
Mixed Use | — | — | ||||||||||||||
Industrial & Warehouse | 206 | 27 | 411 | 9 | ||||||||||||
Other | 1,071 | 216 | 2,124 | 72 | ||||||||||||
Real Estate—Construction | — | — | ||||||||||||||
Commercial Business | 1,287 | 69 | 2,276 | 21 | ||||||||||||
Trade Finance | — | — | ||||||||||||||
Consumer and Other | — | — | ||||||||||||||
$ | 8,057 | $ | 398 | $ | 12,438 | $ | 128 | |||||||||
With No Related Allowance: | ||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | ||||||||
Real Estate—Commercial | ||||||||||||||||
Retail | 1 | — | 2 | — | ||||||||||||
Hotel & Motel | — | — | — | — | ||||||||||||
Gas Station & Car Wash | 566 | — | 805 | — | ||||||||||||
Mixed Use | — | — | — | — | ||||||||||||
Industrial & Warehouse | 1,709 | — | 1,903 | — | ||||||||||||
Other | 1,040 | — | 1,249 | — | ||||||||||||
Real Estate—Construction | — | — | — | — | ||||||||||||
Commercial Business | 763 | 15 | 927 | 5 | ||||||||||||
Trade Finance | — | — | — | — | ||||||||||||
Consumer and Other | — | — | — | — | ||||||||||||
$ | 4,079 | $ | 15 | $ | 4,886 | $ | 5 | |||||||||
Total | $ | 12,136 | $ | 413 | $ | 17,324 | $ | 133 |
For the Three Months Ended March 31, 2013 | ||||||||
Impaired APLs | Average Recorded Investment* | Interest Income Recognized during Impairment | ||||||
With related allowance: | ||||||||
Real estate—residential | $ | — | $ | — | ||||
Real estate—commercial | ||||||||
Retail | 1,683 | 25 | ||||||
Hotel & motel | — | — | ||||||
Gas station & car wash | — | — | ||||||
Mixed use | — | — | ||||||
Industrial & warehouse | 5,552 | — | ||||||
Other | 3,709 | 62 | ||||||
Real estate—construction | — | |||||||
Commercial business | 3,063 | 8 | ||||||
Trade inance | — | — | ||||||
Consumer and other | — | — | ||||||
$ | 14,007 | $ | 95 | |||||
With no related allowance: | ||||||||
Real estate—residential | $ | — | $ | — | ||||
Real estate—commercial | ||||||||
Retail | 430 | — | ||||||
Hotel & motel | 5,959 | — | ||||||
Gas station & car wash | 1,315 | 15 | ||||||
Mixed use | — | — | ||||||
Industrial & warehouse | 3,294 | 3 | ||||||
Other | 1,276 | 8 | ||||||
Real estate—construction | — | — | ||||||
Commercial business | 273 | — | ||||||
Trade finance | — | — | ||||||
Consumer and other | 793 | — | ||||||
$ | 13,340 | $ | 26 | |||||
Total | $ | 27,347 | $ | 121 |
* | Unpaid contractual principal balance less charge offs, interest applied to principal and purchase discounts. |
As of December 31, 2012 | For the Year Ended December 31, 2012 | |||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||
(In thousands) | ||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real Estate—Commercial | ||||||||||||||||||||
Retail | 5,477 | 5,610 | 1,167 | 3,512 | 255 | |||||||||||||||
Hotel & Motel | 8,990 | 8,995 | 1,860 | 17,536 | 426 | |||||||||||||||
Gas Station & Car Wash | 1,892 | 2,440 | 73 | 2,908 | — | |||||||||||||||
Mixed Use | 900 | 976 | 250 | 3,182 | — | |||||||||||||||
Industrial & Warehouse | 2,074 | 2,153 | 567 | 3,052 | 66 | |||||||||||||||
Other | 16,184 | 16,389 | 989 | 14,322 | 805 | |||||||||||||||
Real Estate—Construction | — | — | — | 26 | — | |||||||||||||||
Commercial Business | 26,354 | 29,073 | 4,158 | 25,227 | 1,252 | |||||||||||||||
Trade Finance | 6,199 | 7,173 | 96 | 3,510 | 248 | |||||||||||||||
Consumer and Other | 55 | 56 | — | 119 | 4 | |||||||||||||||
$ | 68,125 | $ | 72,865 | $ | 9,160 | $ | 73,394 | $ | 3,056 | |||||||||||
With No Related Allowance: | ||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real Estate—Commercial | ||||||||||||||||||||
Retail | 2,516 | 5,404 | — | 1,602 | 48 | |||||||||||||||
Hotel & Motel | 6,212 | 8,202 | — | 1,365 | — | |||||||||||||||
Gas Station & Car Wash | 1,731 | 4,359 | — | 1,775 | — | |||||||||||||||
Mixed Use | 899 | 923 | — | 180 | — | |||||||||||||||
Industrial & Warehouse | 4,392 | 6,450 | — | 4,408 | 160 | |||||||||||||||
Other | 2,371 | 6,283 | — | 2,598 | — | |||||||||||||||
Real Estate—Construction | 1,710 | 1,710 | — | 1,710 | 111 | |||||||||||||||
Commercial Business | 920 | 1,368 | — | 8,028 | 18 | |||||||||||||||
Trade Finance | — | — | — | 946 | — | |||||||||||||||
Consumer and Other | 1,280 | 1,316 | — | 357 | 20 | |||||||||||||||
$ | 22,031 | $ | 36,015 | $ | — | $ | 22,969 | $ | 357 | |||||||||||
Total | $ | 90,156 | $ | 108,880 | $ | 9,160 | $ | 96,363 | $ | 3,413 |
As of December 31, 2013 | For the Year Ended December 31, 2013 | |||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||
(In thousands) | ||||||||||||||||||||
With related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 7,318 | 7,451 | 827 | 7,783 | 181 | |||||||||||||||
Hotel & motel | 11,920 | 12,744 | 2,841 | 11,432 | 550 | |||||||||||||||
Gas station & car wash | 3,145 | 3,236 | 519 | 2,090 | 117 | |||||||||||||||
Mixed use | 930 | 953 | 212 | 1,108 | 43 | |||||||||||||||
Industrial & warehouse | 12,398 | 12,470 | 810 | 9,496 | 323 | |||||||||||||||
Other | 10,262 | 10,351 | 1,461 | 9,826 | 405 | |||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||
Commercial business | 34,663 | 36,472 | 5,805 | 27,010 | 1,572 | |||||||||||||||
Trade finance | 5,600 | 5,628 | 159 | 5,313 | 41 | |||||||||||||||
Consumer and other | 535 | 535 | 32 | 348 | 23 | |||||||||||||||
$ | 86,771 | $ | 89,840 | $ | 12,666 | $ | 74,406 | $ | 3,255 | |||||||||||
With no related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 4,025 | 6,591 | — | 3,428 | 45 | |||||||||||||||
Hotel & motel | 6,502 | 10,498 | — | 6,304 | — | |||||||||||||||
Gas station & car wash | 4,845 | 8,273 | — | 3,803 | 139 | |||||||||||||||
Mixed use | 845 | 912 | — | 697 | — | |||||||||||||||
Industrial & warehouse | 3,806 | 7,204 | — | 3,958 | 10 | |||||||||||||||
Other | 1,548 | 3,647 | — | 3,043 | — | |||||||||||||||
Real estate—construction | 1,625 | 1,625 | — | 1,670 | 89 | |||||||||||||||
Commercial business | 5,443 | 8,437 | — | 2,770 | 25 | |||||||||||||||
Trade finance | 92 | 7,279 | — | 18 | — | |||||||||||||||
Consumer and other | 767 | 831 | — | 1,067 | — | |||||||||||||||
$ | 29,498 | $ | 55,297 | $ | — | $ | 26,758 | $ | 308 | |||||||||||
Total | $ | 116,269 | $ | 145,137 | $ | 12,666 | $ | 101,164 | $ | 3,563 |
* | Unpaid contractual principal balance less charge offs, interest applied to principal and purchase discounts. |
As of December 31, 2012 | For the Year Ended December 31, 2012 | |||||||||||||||||||
Impaired APLs(1) | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||
(In thousands) | ||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real Estate—Commercial | ||||||||||||||||||||
Retail | 1,286 | 1,286 | 9 | 920 | 64 | |||||||||||||||
Hotel & Motel | — | — | — | 3,676 | — | |||||||||||||||
Gas Station & Car Wash | — | — | — | 57 | — | |||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||
Industrial & Warehouse | 832 | 887 | 2 | 331 | 36 | |||||||||||||||
Other | 4,272 | 4,461 | 172 | 1,711 | 288 | |||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||
Commercial Business | 2,974 | 3,072 | 1,074 | 1,625 | 26 | |||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||
Consumer and Other | — | — | — | — | — | |||||||||||||||
$ | 9,364 | $ | 9,706 | $ | 1,257 | $ | 8,320 | $ | 414 | |||||||||||
With No Related Allowance: | ||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real Estate—Commercial | ||||||||||||||||||||
Retail | 800 | 840 | — | 161 | 48 | |||||||||||||||
Hotel & Motel | 5,990 | 7,375 | — | 1,198 | — | |||||||||||||||
Gas Station & Car Wash | 774 | 1,865 | — | 608 | — | |||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||
Industrial & Warehouse | 3,190 | 3,302 | — | 2,005 | 160 | |||||||||||||||
Other | 807 | 3,156 | — | 993 | — | |||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||
Commercial Business | 349 | 681 | — | 680 | 15 | |||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||
Consumer and Other | 802 | 836 | — | 160 | — | |||||||||||||||
$ | 12,712 | $ | 18,055 | $ | — | $ | 5,805 | $ | 223 | |||||||||||
Total | $ | 22,076 | $ | 27,761 | $ | 1,257 | $ | 14,125 | $ | 637 |
As of December 31, 2013 | For the Year Ended December 31, 2013 | |||||||||||||||||||
Impaired APLs | Recorded Investment* | Unpaid Contractual Principal Balance | Related Allowance | Average Recorded Investment* | Interest Income Recognized during Impairment | |||||||||||||||
(In thousands) | ||||||||||||||||||||
With related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 391 | 397 | 15 | 1,084 | 14 | |||||||||||||||
Hotel & motel | — | — | — | — | — | |||||||||||||||
Gas station & car wash | 794 | 885 | 341 | 485 | — | |||||||||||||||
Mixed use | — | — | — | — | — | |||||||||||||||
Industrial & warehouse | 5,128 | 5,200 | 612 | 6,323 | — | |||||||||||||||
Other | 1,362 | 1,412 | 124 | 1,819 | 43 | |||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||
Commercial business | 1,984 | 3,354 | 622 | 2,827 | 5 | |||||||||||||||
Trade finance | — | — | — | — | — | |||||||||||||||
Consumer and other | — | — | — | — | — | |||||||||||||||
$ | 9,659 | $ | 11,248 | $ | 1,714 | $ | 12,538 | $ | 62 | |||||||||||
With no related allowance: | ||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Real estate—commercial | ||||||||||||||||||||
Retail | 1,244 | 2,216 | — | 953 | 14 | |||||||||||||||
Hotel & motel | 6,441 | 8,676 | — | 6,169 | — | |||||||||||||||
Gas station & car wash | 1,614 | 2,109 | — | 1,366 | 62 | |||||||||||||||
Mixed use | — | — | — | — | — | |||||||||||||||
Industrial & warehouse | 1,883 | 3,446 | — | 2,482 | 10 | |||||||||||||||
Other | 1,135 | 1,547 | — | 1,600 | — | |||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||
Commercial business | 808 | 948 | — | 291 | — | |||||||||||||||
Trade finance | — | — | — | — | — | |||||||||||||||
Consumer and other | 767 | 831 | — | 779 | — | |||||||||||||||
$ | 13,892 | $ | 19,773 | $ | — | $ | 13,640 | $ | 86 | |||||||||||
Total | $ | 23,551 | $ | 31,021 | $ | 1,714 | $ | 26,178 | $ | 148 |
* | Unpaid contractual principal balance less charge offs, interest applied to principal and purchase discounts. |
As of September 30, 2013 | |||||||||||||||||||||||
Past Due and Accruing | |||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans (3) | Total Delinquent Loans | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Legacy Loans: | |||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—Commercial | |||||||||||||||||||||||
Retail | 133 | — | — | 133 | 4,683 | 4,816 | |||||||||||||||||
Hotel & Motel | — | — | — | — | 121 | 121 | |||||||||||||||||
Gas Station & Car Wash | 737 | — | — | 737 | 2,091 | 2,828 | |||||||||||||||||
Mixed Use | — | — | — | — | 990 | 990 | |||||||||||||||||
Industrial & Warehouse | 217 | 577 | — | 794 | 1,379 | 2,173 | |||||||||||||||||
Other | — | — | — | — | 1,162 | 1,162 | |||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | |||||||||||||||||
Commercial business | 590 | 154 | — | 744 | 4,990 | 5,734 | |||||||||||||||||
Trade finance | — | — | — | — | 938 | 938 | |||||||||||||||||
Consumer and other | 28 | 1 | — | 29 | — | 29 | |||||||||||||||||
Subtotal | $ | 1,705 | $ | 732 | $ | — | $ | 2,437 | $ | 16,354 | $ | 18,791 | |||||||||||
Acquired Loans: (1) | |||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | 377 | $ | 377 | $ | — | $ | 377 | |||||||||||
Real estate—Commercial | |||||||||||||||||||||||
Retail | 6,776 | 1,667 | 11,802 | 20,245 | 913 | 21,158 | |||||||||||||||||
Hotel & Motel | 79 | — | 4,840 | 4,919 | 6,616 | 11,535 | |||||||||||||||||
Gas Station & Car Wash | 955 | 2,835 | 4,240 | 8,030 | 1,571 | 9,601 | |||||||||||||||||
Mixed Use | 292 | — | 236 | 528 | — | 528 | |||||||||||||||||
Industrial & Warehouse | 1,023 | 1,045 | 4,084 | 6,152 | 5,633 | 11,785 | |||||||||||||||||
Other | 2,836 | 772 | 5,856 | 9,464 | 1,458 | 10,922 | |||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | |||||||||||||||||
Commercial business | 9,907 | 772 | 4,043 | 14,722 | 2,814 | 17,536 | |||||||||||||||||
Trade finance | — | — | — | — | — | — | |||||||||||||||||
Consumer and other | 436 | 275 | 4,082 | 4,793 | 770 | 5,563 | |||||||||||||||||
Subtotal(2) | $ | 22,304 | $ | 7,366 | $ | 39,560 | $ | 69,230 | $ | 19,775 | $ | 89,005 | |||||||||||
TOTAL | $ | 24,009 | $ | 8,098 | $ | 39,560 | $ | 71,667 | $ | 36,129 | $ | 107,796 |
As of March 31, 2014 | |||||||||||||||||||||||
Past Due and Accruing | |||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans (2) | Total Delinquent Loans | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Legacy Loans: | |||||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—commercial | |||||||||||||||||||||||
Retail | 48 | 121 | — | 169 | 4,470 | 4,639 | |||||||||||||||||
Hotel & motel | 365 | — | — | 365 | 121 | 486 | |||||||||||||||||
Gas station & car wash | — | — | — | — | 4,117 | 4,117 | |||||||||||||||||
Mixed use | — | — | — | — | 968 | 968 | |||||||||||||||||
Industrial & warehouse | — | 214 | — | 214 | 3,110 | 3,324 | |||||||||||||||||
Other | 13 | — | — | 13 | 906 | 919 | |||||||||||||||||
Real estate—construction | — | — | — | — | — | — | |||||||||||||||||
Commercial business | 1,228 | 78 | — | 1,306 | 8,691 | 9,997 | |||||||||||||||||
Trade finance | — | 32 | — | 32 | 1,263 | 1,295 | |||||||||||||||||
Consumer and other | 47 | — | — | 47 | 17 | 64 | |||||||||||||||||
Subtotal | $ | 1,701 | $ | 445 | $ | — | $ | 2,146 | $ | 23,663 | $ | 25,809 | |||||||||||
Acquired Loans: (1) | |||||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—commercial | |||||||||||||||||||||||
Retail | 597 | — | — | 597 | 1,336 | 1,933 | |||||||||||||||||
Hotel & motel | — | — | — | — | 6,378 | 6,378 | |||||||||||||||||
Gas station & car wash | 1,061 | — | — | 1,061 | 2,253 | 3,314 | |||||||||||||||||
Mixed use | 577 | — | — | 577 | 465 | 1,042 | |||||||||||||||||
Industrial & warehouse | — | — | — | — | 6,424 | 6,424 | |||||||||||||||||
Other | 1,800 | — | — | 1,800 | 3,522 | 5,322 | |||||||||||||||||
Real estate—construction | — | — | — | — | — | ||||||||||||||||||
Commercial business | 594 | 3 | — | 597 | 2,262 | 2,859 | |||||||||||||||||
Trade finance | — | — | — | — | — | — | |||||||||||||||||
Consumer and other | 285 | — | — | 285 | 1,011 | 1,296 | |||||||||||||||||
Subtotal | $ | 4,914 | $ | 3 | $ | — | $ | 4,917 | $ | 23,651 | $ | 28,568 | |||||||||||
TOTAL | $ | 6,615 | $ | 448 | $ | — | $ | 7,063 | $ | 47,314 | $ | 54,377 |
(1) | The Acquired Loans |
(2) |
Nonaccrual loans exclude the guaranteed portion of delinquent SBA loans that are in liquidation totaling $ |
As of December 31, 2012 | |||||||||||||||||||||||
Past Due and Accruing | |||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans (3) | Total Delinquent Loans | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Legacy Loans: | |||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—Commercial | |||||||||||||||||||||||
Retail | 87 | — | — | 87 | 3,316 | 3,403 | |||||||||||||||||
Hotel & Motel | — | — | — | — | 437 | 437 | |||||||||||||||||
Gas Station & Car Wash | 359 | — | — | 359 | 2,848 | 3,207 | |||||||||||||||||
Mixed Use | 34 | — | — | 34 | 1,799 | 1,833 | |||||||||||||||||
Industrial & Warehouse | — | — | — | — | 1,950 | 1,950 | |||||||||||||||||
Other | — | 115 | — | 115 | 2,379 | 2,494 | |||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | |||||||||||||||||
Commercial business | 298 | 234 | — | 532 | 4,942 | 5,474 | |||||||||||||||||
Trade finance | — | — | — | — | 869 | 869 | |||||||||||||||||
Consumer and other | 190 | — | — | 190 | — | 190 | |||||||||||||||||
Subtotal | $ | 968 | $ | 349 | $ | — | $ | 1,317 | $ | 18,540 | $ | 19,857 | |||||||||||
Acquired Loans: (1) | |||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—Commercial | |||||||||||||||||||||||
Retail | 1,126 | 6,604 | 1,190 | 8,920 | — | 8,920 | |||||||||||||||||
Hotel & Motel | 1,522 | 2,668 | 944 | 5,134 | 5,990 | 11,124 | |||||||||||||||||
Gas Station & Car Wash | 2,218 | 1,109 | 875 | 4,202 | 774 | 4,976 | |||||||||||||||||
Mixed Use | 985 | 1,918 | 1,507 | 4,410 | — | 4,410 | |||||||||||||||||
Industrial & Warehouse | 53 | 3,320 | 61 | 3,434 | — | 3,434 | |||||||||||||||||
Other | 50 | 25 | 5,542 | 5,617 | 937 | 6,554 | |||||||||||||||||
Real estate—Construction | — | — | 5,972 | 5,972 | — | 5,972 | |||||||||||||||||
Commercial business | 1,359 | 1,174 | 1,236 | 3,769 | 2,442 | 6,211 | |||||||||||||||||
Trade finance | — | — | — | — | — | — | |||||||||||||||||
Consumer and other | 98 | 17 | 415 | 530 | 970 | 1,500 | |||||||||||||||||
Subtotal(2) | $ | 7,411 | $ | 16,835 | $ | 17,742 | $ | 41,988 | $ | 11,113 | $ | 53,101 | |||||||||||
TOTAL | $ | 8,379 | $ | 17,184 | $ | 17,742 | $ | 43,305 | $ | 29,653 | $ | 72,958 |
As of December 31, 2013 | |||||||||||||||||||||||
Past Due and Accruing | |||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans (2) | Total Delinquent Loans | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||
Legacy Loans: | |||||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—commercial | |||||||||||||||||||||||
Retail | 122 | — | — | 122 | 4,363 | 4,485 | |||||||||||||||||
Hotel & motel | — | — | — | — | 121 | 121 | |||||||||||||||||
Gas station & car wash | 1,038 | — | — | 1,038 | 2,228 | 3,266 | |||||||||||||||||
Mixed use | — | — | — | — | 974 | 974 | |||||||||||||||||
Industrial & warehouse | 215 | — | — | 215 | 1,923 | 2,138 | |||||||||||||||||
Other | — | — | — | — | 1,398 | 1,398 | |||||||||||||||||
Real estate—construction | — | — | — | — | — | — | |||||||||||||||||
Commercial business | 780 | 244 | — | 1,024 | 6,402 | 7,426 | |||||||||||||||||
Trade finance | — | — | — | — | 1,031 | 1,031 | |||||||||||||||||
Consumer and other | 54 | 22 | — | 76 | — | 76 | |||||||||||||||||
Subtotal | $ | 2,209 | $ | 266 | $ | — | $ | 2,475 | $ | 18,440 | $ | 20,915 | |||||||||||
Acquired Loans: (1) | |||||||||||||||||||||||
Real estate—residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Real estate—commercial | |||||||||||||||||||||||
Retail | 2,024 | — | — | 2,024 | 1,030 | 3,054 | |||||||||||||||||
Hotel & motel | — | — | — | — | 6,441 | 6,441 | |||||||||||||||||
Gas station & car wash | 1,068 | — | — | 1,068 | 1,339 | 2,407 | |||||||||||||||||
Mixed use | 576 | — | — | 576 | — | 576 | |||||||||||||||||
Industrial & warehouse | 121 | — | — | 121 | 6,890 | 7,011 | |||||||||||||||||
Other | 516 | 1,729 | — | 2,245 | 1,376 | 3,621 | |||||||||||||||||
Real estate—construction | — | — | — | — | — | — | |||||||||||||||||
Commercial business | 524 | 703 | 5 | 1,232 | 2,708 | 3,940 | |||||||||||||||||
Trade finance | — | — | — | — | — | — | |||||||||||||||||
Consumer and other | 284 | 74 | — | 358 | 930 | 1,288 | |||||||||||||||||
Subtotal | $ | 5,113 | $ | 2,506 | $ | 5 | $ | 7,624 | $ | 20,714 | $ | 28,338 | |||||||||||
TOTAL | $ | 7,322 | $ | 2,772 | $ | 5 | $ | 10,099 | $ | 39,154 | $ | 49,253 |
(1) | The Acquired Loans |
As of September 30, 2013 | As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful/Loss | Total | Pass | Special Mention | Substandard | Doubtful/Loss | Total | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 8,125 | $ | — | $ | 17 | $ | — | $ | 8,142 | ||||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||||
Real estate—residential | $ | 9,004 | $ | — | $ | — | $ | — | $ | 9,004 | ||||||||||||||||||||||||||||
Real estate—commercial | ||||||||||||||||||||||||||||||||||||||
Retail | 765,450 | 455 | 15,038 | — | 780,943 | 888,454 | 2,395 | 13,562 | — | 904,411 | ||||||||||||||||||||||||||||
Hotel & Motel | 508,721 | 1,854 | 13,770 | — | 524,345 | |||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 452,808 | — | 9,759 | — | 462,567 | |||||||||||||||||||||||||||||||||
Mixed Use | 242,725 | 2,090 | 3,361 | — | 248,176 | |||||||||||||||||||||||||||||||||
Industrial & Warehouse | 222,185 | 8,794 | 6,835 | — | 237,814 | |||||||||||||||||||||||||||||||||
Hotel & motel | 592,932 | 117 | 7,269 | — | 600,318 | |||||||||||||||||||||||||||||||||
Gas station & car wash | 475,483 | — | 10,639 | — | 486,122 | |||||||||||||||||||||||||||||||||
Mixed use | 281,152 | 358 | 3,293 | — | 284,803 | |||||||||||||||||||||||||||||||||
Industrial & warehouse | 285,848 | 5,364 | 13,273 | — | 304,485 | |||||||||||||||||||||||||||||||||
Other | 566,252 | 5,773 | 8,261 | — | 580,286 | 624,042 | 7,904 | 11,159 | 359 | 643,464 | ||||||||||||||||||||||||||||
Real estate—Construction | 70,579 | — | 1,658 | — | 72,237 | |||||||||||||||||||||||||||||||||
Real estate—construction | 74,433 | — | 1,605 | — | 76,038 | |||||||||||||||||||||||||||||||||
Commercial business | 718,178 | 25,601 | 32,493 | 8 | 776,280 | 751,270 | 12,701 | 39,920 | 2,973 | 806,864 | ||||||||||||||||||||||||||||
Trade finance | 110,348 | 17,226 | 8,315 | — | 135,889 | 99,049 | 23,311 | 10,267 | — | 132,627 | ||||||||||||||||||||||||||||
Consumer and other | 29,735 | 11 | 1,044 | — | 30,790 | 36,086 | 9 | 542 | — | 36,637 | ||||||||||||||||||||||||||||
Subtotal | $ | 3,695,106 | $ | 61,804 | $ | 100,551 | $ | 8 | $ | 3,857,469 | $ | 4,117,753 | $ | 52,159 | $ | 111,529 | $ | 3,332 | $ | 4,284,773 | ||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 1,211 | $ | 300 | $ | 641 | $ | — | $ | 2,152 | ||||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||||
Real estate—residential | $ | 1,081 | $ | 578 | $ | 372 | $ | — | $ | 2,031 | ||||||||||||||||||||||||||||
Real estate—commercial | ||||||||||||||||||||||||||||||||||||||
Retail | 246,793 | 9,970 | 29,015 | — | 285,778 | 218,682 | 9,040 | 28,113 | 243 | 256,078 | ||||||||||||||||||||||||||||
Hotel & Motel | 115,022 | 8,122 | 15,560 | — | 138,704 | |||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 36,011 | 5,174 | 14,910 | 253 | 56,348 | |||||||||||||||||||||||||||||||||
Mixed Use | 33,078 | 2,036 | 5,864 | — | 40,978 | |||||||||||||||||||||||||||||||||
Industrial & Warehouse | 102,187 | 4,357 | 18,342 | — | 124,886 | |||||||||||||||||||||||||||||||||
Hotel & motel | 105,736 | 7,143 | 14,141 | — | 127,020 | |||||||||||||||||||||||||||||||||
Gas station & car wash | 29,352 | 1,634 | 14,616 | 250 | 45,852 | |||||||||||||||||||||||||||||||||
Mixed use | 31,302 | 1,418 | 5,268 | — | 37,988 | |||||||||||||||||||||||||||||||||
Industrial & warehouse | 87,748 | 4,195 | 19,207 | — | 111,150 | |||||||||||||||||||||||||||||||||
Other | 142,221 | 6,265 | 22,865 | 638 | 171,989 | 122,472 | 6,376 | 16,814 | 572 | 146,234 | ||||||||||||||||||||||||||||
Real estate—Construction | 880 | — | — | — | 880 | |||||||||||||||||||||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial business | 116,800 | 11,514 | 26,434 | 1,927 | 156,675 | 80,706 | 8,810 | 24,364 | 2,282 | 116,162 | ||||||||||||||||||||||||||||
Trade finance | — | — | — | — | — | 3,011 | — | — | — | 3,011 | ||||||||||||||||||||||||||||
Consumer and other | 53,079 | 2,089 | 9,518 | 217 | 64,903 | 47,817 | 2,201 | 11,765 | 475 | 62,258 | ||||||||||||||||||||||||||||
Subtotal | $ | 847,282 | $ | 49,827 | $ | 143,149 | $ | 3,035 | $ | 1,043,293 | $ | 727,907 | $ | 41,395 | $ | 134,660 | $ | 3,822 | $ | 907,784 | ||||||||||||||||||
Total | $ | 4,542,388 | $ | 111,631 | $ | 243,700 | $ | 3,043 | $ | 4,900,762 | $ | 4,845,660 | $ | 93,554 | $ | 246,189 | $ | 7,154 | $ | 5,192,557 |
As of December 31, 2012 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful/Loss | Total | Pass | Special Mention | Substandard | Doubtful/Loss | Total | |||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 9,223 | $ | — | $ | 24 | $ | — | $ | 9,247 | ||||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||||
Real estate—residential | $ | 8,070 | $ | — | $ | — | $ | — | $ | 8,070 | ||||||||||||||||||||||||||||
Real estate—commercial | ||||||||||||||||||||||||||||||||||||||
Retail | 589,720 | 3,584 | 12,303 | — | 605,607 | 842,815 | 858 | 14,365 | — | 858,038 | ||||||||||||||||||||||||||||
Hotel & Motel | 453,908 | 1,894 | 16,795 | — | 472,597 | |||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 370,803 | 1,288 | 9,982 | — | 382,073 | |||||||||||||||||||||||||||||||||
Mixed Use | 233,687 | 2,131 | 3,423 | — | 239,241 | |||||||||||||||||||||||||||||||||
Industrial & Warehouse | 202,066 | 1,010 | 4,295 | 370 | 207,741 | |||||||||||||||||||||||||||||||||
Hotel & motel | 568,263 | 1,841 | 13,661 | — | 583,765 | |||||||||||||||||||||||||||||||||
Gas station & car wash | 455,205 | — | 10,854 | — | 466,059 | |||||||||||||||||||||||||||||||||
Mixed use | 259,788 | 360 | 3,324 | — | 263,472 | |||||||||||||||||||||||||||||||||
Industrial & warehouse | 251,993 | 4,116 | 12,056 | — | 268,165 | |||||||||||||||||||||||||||||||||
Other | 431,685 | 1,219 | 17,084 | — | 449,988 | 589,895 | 3,928 | 11,493 | 359 | 605,675 | ||||||||||||||||||||||||||||
Real estate—Construction | 56,270 | — | 1,710 | — | 57,980 | |||||||||||||||||||||||||||||||||
Real estate—construction | 71,231 | — | 1,626 | — | 72,857 | |||||||||||||||||||||||||||||||||
Commercial business | 726,073 | 6,164 | 21,514 | 104 | 753,855 | 759,956 | 12,756 | 42,952 | — | 815,664 | ||||||||||||||||||||||||||||
Trade finance | 136,197 | 7,976 | 6,199 | — | 150,372 | 91,055 | 22,589 | 9,297 | — | 122,941 | ||||||||||||||||||||||||||||
Consumer and other | 26,801 | 13 | 1,006 | — | 27,820 | 32,389 | 32 | 535 | — | 32,956 | ||||||||||||||||||||||||||||
Subtotal | $ | 3,236,433 | $ | 25,279 | $ | 94,335 | $ | 474 | $ | 3,356,521 | $ | 3,930,660 | $ | 46,480 | $ | 120,163 | $ | 359 | $ | 4,097,662 | ||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||||
Real estate—residential | $ | 1,066 | $ | 284 | $ | 619 | $ | — | $ | 1,969 | ||||||||||||||||||||||||||||
Real estate—commercial | ||||||||||||||||||||||||||||||||||||||
Retail | 225,982 | 6,469 | 17,331 | — | 249,782 | 237,325 | 9,319 | 28,128 | 94 | 274,866 | ||||||||||||||||||||||||||||
Hotel & Motel | 105,032 | 16,150 | 13,215 | — | 134,397 | |||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 33,360 | 7,192 | 4,119 | — | 44,671 | |||||||||||||||||||||||||||||||||
Mixed Use | 34,927 | 3,826 | 6,526 | — | 45,279 | |||||||||||||||||||||||||||||||||
Industrial & Warehouse | 114,616 | 1,385 | 9,470 | — | 125,471 | |||||||||||||||||||||||||||||||||
Hotel & motel | 109,138 | 7,134 | 14,836 | 179 | 131,287 | |||||||||||||||||||||||||||||||||
Gas station & car wash | 35,356 | 1,621 | 14,440 | 245 | 51,662 | |||||||||||||||||||||||||||||||||
Mixed use | 32,992 | 1,467 | 5,316 | — | 39,775 | |||||||||||||||||||||||||||||||||
Industrial & warehouse | 92,570 | 3,525 | 19,720 | — | 115,815 | |||||||||||||||||||||||||||||||||
Other | 121,667 | 4,473 | 17,479 | — | 143,619 | 133,752 | 6,698 | 21,573 | 560 | 162,583 | ||||||||||||||||||||||||||||
Real estate—Construction | 1,093 | — | 5,972 | — | 7,065 | |||||||||||||||||||||||||||||||||
Real estate—construction | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Commercial business | 119,026 | 14,057 | 34,047 | 571 | 167,701 | 94,854 | 10,266 | 26,245 | 2,064 | 133,429 | ||||||||||||||||||||||||||||
Trade finance | 242 | 334 | 1,122 | — | 1,698 | 1,744 | — | — | — | 1,744 | ||||||||||||||||||||||||||||
Consumer and other | 17,292 | 424 | 4,329 | 89 | 22,134 | 51,036 | 2,695 | 7,460 | 4,360 | 65,551 | ||||||||||||||||||||||||||||
Subtotal | $ | 773,237 | $ | 54,310 | $ | 113,610 | $ | 660 | $ | 941,817 | $ | 789,833 | $ | 43,009 | $ | 138,337 | $ | 7,502 | $ | 978,681 | ||||||||||||||||||
Total | $ | 4,009,670 | $ | 79,589 | $ | 207,945 | $ | 1,134 | $ | 4,298,338 | $ | 4,720,493 | $ | 89,489 | $ | 258,500 | $ | 7,861 | $ | 5,076,343 |
As of September 30, 2013 | As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - Residential | Real estate - Commercial | Real estate - Construction | Commercial business | Trade finance | Consumer and other | Total | Real Estate— Residential | Real Estate— Commercial | Real Estate— Construction | Commercial Business | Trade Finance | Consumer and Other | Total | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans (Gross carrying value) | $ | — | $ | 59,708 | $ | 1,658 | $ | 29,575 | $ | 6,938 | $ | 1,314 | $ | 99,193 | ||||||||||||||||||||||||||||||||||||||||
Impaired loans (gross carrying value) | $ | — | $ | 72,350 | $ | 1,605 | $ | 40,139 | $ | 6,263 | $ | 1,477 | $ | 121,834 | ||||||||||||||||||||||||||||||||||||||||
Specific allowance | $ | — | $ | 6,718 | $ | — | $ | 3,433 | $ | 794 | $ | 90 | $ | 11,035 | $ | — | $ | 4,803 | $ | — | $ | 4,630 | $ | 761 | $ | — | $ | 10,194 | ||||||||||||||||||||||||||
Loss coverage ratio | 0.0 | % | 11.3 | % | 0.0 | % | 11.6 | % | 11.4 | % | 6.8 | % | 11.1 | % | 0.0 | % | 6.6 | % | 0.0 | % | 11.5 | % | 12.2 | % | — | % | 8.4 | % | ||||||||||||||||||||||||||
Non-impaired loans | $ | 10,294 | $ | 3,593,107 | $ | 71,458 | $ | 903,380 | $ | 128,951 | $ | 94,379 | $ | 4,801,569 | $ | 11,035 | $ | 3,875,575 | $ | 74,433 | $ | 882,887 | $ | 129,375 | $ | 97,418 | $ | 5,070,723 | ||||||||||||||||||||||||||
General allowance | $ | 68 | $ | 39,575 | $ | 840 | $ | 11,867 | $ | 1,719 | $ | 611 | $ | 54,680 | $ | 25 | $ | 40,030 | $ | 566 | $ | 12,171 | $ | 2,183 | $ | 530 | $ | 55,505 | ||||||||||||||||||||||||||
Loss coverage ratio | 0.7 | % | 1.1 | % | 1.2 | % | 1.3 | % | 1.3 | % | 0.6 | % | 1.1 | % | 0.2 | % | 1.0 | % | 0.8 | % | 1.4 | % | 1.7 | % | 0.5 | % | 1.1 | % | ||||||||||||||||||||||||||
Total loans | $ | 10,294 | $ | 3,652,815 | $ | 73,116 | $ | 932,955 | $ | 135,889 | $ | 95,693 | $ | 4,900,762 | $ | 11,035 | $ | 3,947,925 | $ | 76,038 | $ | 923,026 | $ | 135,638 | $ | 98,895 | $ | 5,192,557 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 68 | $ | 46,293 | $ | 840 | $ | 15,300 | $ | 2,513 | $ | 701 | $ | 65,715 | $ | 25 | $ | 44,833 | $ | 566 | $ | 16,801 | $ | 2,944 | $ | 530 | $ | 65,699 | ||||||||||||||||||||||||||
Loss coverage ratio | 0.7 | % | 1.3 | % | 1.1 | % | 1.6 | % | 1.8 | % | 0.7 | % | 1.3 | % | 0.2 | % | 1.1 | % | 0.7 | % | 1.8 | % | 2.2 | % | 0.5 | % | 1.3 | % |
As of December 31, 2012 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - Residential | Real estate - Commercial | Real estate - Construction | Commercial business | Trade finance | Consumer and other | Total | Real Estate— Residential | Real Estate— Commercial | Real Estate— Construction | Commercial Business | Trade Finance | Consumer and Other | Total | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans (Gross carrying value) | $ | — | $ | 53,634 | $ | 1,710 | $ | 27,274 | $ | 6,199 | $ | 1,338 | $ | 90,155 | ||||||||||||||||||||||||||||||||||||||||
Impaired loans (gross carrying value) | $ | — | $ | 67,544 | $ | 1,625 | $ | 40,106 | $ | 5,692 | $ | 1,302 | $ | 116,269 | ||||||||||||||||||||||||||||||||||||||||
Specific allowance | $ | — | $ | 4,906 | $ | — | $ | 4,158 | $ | 96 | $ | — | $ | 9,160 | $ | — | $ | 6,670 | $ | — | $ | 5,805 | $ | 159 | $ | 32 | $ | 12,666 | ||||||||||||||||||||||||||
Loss coverage ratio | 0.0 | % | 9.1 | % | 0.0 | % | 15.2 | % | 1.5 | % | 0.0 | % | 10.2 | % | 0.0 | % | 9.9 | % | 0.0 | % | 14.5 | % | 2.8 | % | 2.5 | % | 10.9 | % | ||||||||||||||||||||||||||
Non-impaired loans | $ | 9,247 | $ | 3,046,832 | $ | 63,335 | $ | 894,282 | $ | 145,871 | $ | 48,616 | $ | 4,208,183 | $ | 10,039 | $ | 3,753,619 | $ | 71,231 | $ | 908,987 | $ | 118,993 | $ | 97,205 | $ | 4,960,074 | ||||||||||||||||||||||||||
General allowance | $ | 74 | $ | 40,256 | $ | 986 | $ | 13,448 | $ | 2,256 | $ | 761 | $ | 57,781 | $ | 25 | $ | 39,227 | $ | 628 | $ | 11,787 | $ | 2,494 | $ | 493 | $ | 54,654 | ||||||||||||||||||||||||||
Loss coverage ratio | 0.8 | % | 1.3 | % | 1.6 | % | 1.5 | % | 1.5 | % | 1.6 | % | 1.4 | % | 0.2 | % | 1.0 | % | 0.9 | % | 1.3 | % | 2.1 | % | 0.5 | % | 1.1 | % | ||||||||||||||||||||||||||
Total loans | $ | 9,247 | $ | 3,100,466 | $ | 65,045 | $ | 921,556 | $ | 152,070 | $ | 49,954 | $ | 4,298,338 | $ | 10,039 | $ | 3,821,163 | $ | 72,856 | $ | 949,093 | $ | 124,685 | $ | 98,507 | $ | 5,076,343 | ||||||||||||||||||||||||||
Total allowance for loan losses | $ | 74 | $ | 45,162 | $ | 986 | $ | 17,606 | $ | 2,352 | $ | 761 | $ | 66,941 | $ | 25 | $ | 45,897 | $ | 628 | $ | 17,592 | $ | 2,653 | $ | 525 | $ | 67,320 | ||||||||||||||||||||||||||
Loss coverage ratio | 0.8 | % | 1.5 | % | 1.5 | % | 1.9 | % | 1.5 | % | 1.5 | % | 1.6 | % | 0.2 | % | 1.2 | % | 0.9 | % | 1.9 | % | 2.1 | % | 0.5 | % | 1.3 | % |
As of September 30, 2013 | As of March 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs on Accrual | TDRs on Nonaccrual | Total | TDRs on Accrual | TDRs on Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - Commercial | Commercial Business | Other | Total | Real estate - Commercial | Commercial Business | Other | Total | Real Estate— Commercial | Commercial Business | Other | Total | Real Estate— Commercial | Commercial Business | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment concession | $ | 7,218 | $ | 1,758 | $ | — | $ | 8,976 | $ | 9,918 | $ | 1,279 | $ | 770 | $ | 11,967 | $ | 20,943 | $ | 7,896 | $ | 810 | $ | — | $ | 8,706 | $ | 9,010 | $ | 2,445 | $ | 761 | $ | 12,216 | $ | 20,922 | ||||||||||||||||||||||||||||||||||
Maturity / Amortization concession | 771 | 6,434 | 544 | 7,749 | 1,701 | 3,239 | — | 4,940 | 12,689 | 1,811 | 9,442 | 717 | 11,970 | 2,382 | 2,124 | 1,263 | 5,769 | 17,739 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate concession | 14,591 | 4,703 | — | 19,294 | 7,687 | — | — | 7,687 | 26,981 | 12,473 | 4,378 | — | 16,851 | 8,229 | 28 | — | 8,257 | 25,108 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal forgiveness | — | — | — | — | — | 52 | — | 52 | 52 | — | — | — | — | — | 46 | — | 46 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 22,580 | $ | 12,895 | $ | 544 | $ | 36,019 | $ | 19,306 | $ | 4,570 | $ | 770 | $ | 24,646 | $ | 60,665 | $ | 22,180 | $ | 14,630 | $ | 717 | $ | 37,527 | $ | 19,621 | $ | 4,643 | $ | 2,024 | $ | 26,288 | $ | 63,815 |
As of December 31, 2012 | As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TDRs on Accrual | TDRs on Nonaccrual | Total | TDRs on Accrual | TDRs on Nonaccrual | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - Commercial | Commercial Business | Other | Total | Real estate - Commercial | Commercial Business | Other | Total | Real Estate— Commercial | Commercial Business | Other | Total | Real Estate— Commercial | Commercial Business | Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment concession | $ | 9,608 | $ | 687 | $ | — | $ | 10,295 | $ | 4,735 | $ | 4,618 | $ | 802 | $ | 10,155 | $ | 20,450 | $ | 7,437 | $ | 1,057 | $ | — | $ | 8,494 | $ | 9,489 | $ | 1,279 | $ | 767 | $ | 11,535 | $ | 20,029 | ||||||||||||||||||||||||||||||||||
Maturity / Amortization concession | 348 | 3,847 | 536 | 4,731 | 652 | 1,941 | 869 | 3,462 | 8,193 | 765 | 6,565 | 535 | 7,865 | 1,653 | 3,656 | — | 5,309 | 13,174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rate concession | 13,594 | 1,229 | — | 14,823 | 7,923 | — | — | 7,923 | 22,746 | 13,055 | 4,490 | — | 17,545 | 8,107 | — | — | 8,107 | 25,652 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal forgiveness | — | — | — | — | — | 62 | — | 62 | 62 | — | — | — | — | — | 49 | — | 49 | 49 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 23,550 | $ | 5,763 | $ | 536 | $ | 29,849 | $ | 13,310 | $ | 6,621 | $ | 1,671 | $ | 21,602 | $ | 51,451 | $ | 21,257 | $ | 12,112 | $ | 535 | $ | 33,904 | $ | 19,249 | $ | 4,984 | $ | 767 | $ | 25,000 | $ | 58,904 |
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Number of Loans | Pre- Modification | Post- Modification | Number of Loans | Pre- Modification | Post- Modification | ||||||||||||||||
(Dollars in thousand) | |||||||||||||||||||||
Legacy Loans: | |||||||||||||||||||||
Real estate - Commercial | |||||||||||||||||||||
Retail | 1 | $ | 568 | $ | 568 | 5 | $ | 5,443 | $ | 5,521 | |||||||||||
Hotel & Motel | — | — | — | — | — | — | |||||||||||||||
Gas Station & Car Wash | — | — | — | 1 | 1,371 | 909 | |||||||||||||||
Mixed Use | — | — | — | — | — | — | |||||||||||||||
Industrial & Warehouse | — | — | — | 1 | 370 | 346 | |||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||
Real estate - Construction | — | — | — | — | — | — | |||||||||||||||
Commercial business | 3 | 569 | 258 | 12 | 7,550 | 7,473 | |||||||||||||||
Trade Finance | — | — | — | — | — | — | |||||||||||||||
Consumer and other | 1 | 500 | 496 | 1 | 500 | 496 | |||||||||||||||
Subtotal | 5 | $ | 1,637 | $ | 1,322 | 20 | $ | 15,234 | $ | 14,745 | |||||||||||
Acquired Loans: | |||||||||||||||||||||
Real estate - Commercial | |||||||||||||||||||||
Retail | 1 | $ | 58 | $ | 57 | 1 | $ | 59 | $ | 57 | |||||||||||
Hotel & Motel | — | — | — | — | — | — | |||||||||||||||
Gas Station & Car Wash | — | — | — | 1 | 165 | 170 | |||||||||||||||
Mixed Use | — | — | — | — | — | — | |||||||||||||||
Industrial & Warehouse | — | — | — | 2 | 10,336 | 5,282 | |||||||||||||||
Other | — | — | — | 2 | 1,137 | 1,132 | |||||||||||||||
Real estate - Construction | — | — | — | — | — | — | |||||||||||||||
Commercial business | 1 | 31 | 31 | 6 | 1,089 | 390 | |||||||||||||||
Trade Finance | — | — | — | — | �� | — | |||||||||||||||
Subtotal | 2 | $ | 89 | $ | 88 | 12 | $ | 12,786 | $ | 7,031 | |||||||||||
Total | 7 | $ | 1,726 | $ | 1,410 | 32 | $ | 28,020 | $ | 21,776 | |||||||||||
Three Months Ended March 31, 2014 | ||||||||||
Number of Loans | Pre- Modification | Post- Modification | ||||||||
(Dollars in thousand) | ||||||||||
Legacy Loans: | ||||||||||
Real estate—commercial | ||||||||||
Retail | — | $ | — | $ | — | |||||
Hotel & motel | — | — | — | |||||||
Gas station & car wash | — | — | — | |||||||
Mixed use | — | — | — | |||||||
Industrial & warehouse | — | — | — | |||||||
Other | 1 | 1,023 | 1,018 | |||||||
Real estate - construction | — | — | — | |||||||
Commercial business | 2 | 296 | 121 | |||||||
Trade finance | — | — | — | |||||||
Consumer and other | 1 | 195 | 192 | |||||||
Subtotal | 4 | $ | 1,514 | $ | 1,331 | |||||
Acquired Loans: | ||||||||||
Real estate—commercial | ||||||||||
Retail | — | $ | — | $ | — | |||||
Hotel & motel | — | — | — | |||||||
Gas station & car wash | — | — | — | |||||||
Mixed use | — | — | — | |||||||
Industrial & warehouse | 1 | 756 | 812 | |||||||
Other | 1 | 240 | 240 | |||||||
Real estate—construction | — | — | — | |||||||
Commercial business | 7 | 4,483 | 4,639 | |||||||
Trade finance | 1 | 92 | 380 | |||||||
Subtotal | 10 | $ | 5,571 | $ | 6,071 | |||||
14 | $ | 7,085 | $ | 7,402 |
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||
Number of Loans | Balance | Number of Loans | Balance | ||||||||||
(Dollars In thousands) | |||||||||||||
Legacy Loans: | |||||||||||||
Real estate - Commercial | |||||||||||||
Retail | 1 | $ | 709 | 2 | $ | 1,220 | |||||||
Gas Station & Car Wash | — | — | — | — | |||||||||
Industrial & Warehouse | — | — | — | — | |||||||||
Other | — | — | — | — | |||||||||
Commercial Business | 2 | 1,822 | 4 | 1,852 | |||||||||
Subtotal | 3 | $ | 2,531 | 6 | $ | 3,072 | |||||||
Acquired Loans: | |||||||||||||
Real estate - Commercial | |||||||||||||
Retail | 1 | $ | 57 | 1 | $ | 57 | |||||||
Gas Station & Car Wash | 1 | 170 | 1 | 170 | |||||||||
Hotel & Motel | — | — | — | — | |||||||||
Industrial & Warehouse | 1 | 5,200 | 1 | 5,200 | |||||||||
Other | — | — | — | — | |||||||||
Commercial Business | 3 | 33 | 4 | 182 | |||||||||
Subtotal | 6 | $ | 5,460 | 7 | $ | 5,609 | |||||||
9 | $ | 7,991 | 13 | $ | 8,681 |
Three Months Ended March 31, 2014 | ||||||
Number of Loans | Balance | |||||
(Dollars In thousands) | ||||||
Legacy Loans: | ||||||
Real estate—commercial | ||||||
Retail | — | $ | — | |||
Gas station & car wash | — | — | ||||
Industrial & warehouse | — | — | ||||
Other | — | — | ||||
Commercial business | 2 | 536 | ||||
Subtotal | 2 | $ | 536 | |||
Acquired Loans: | ||||||
Real estate—commercial | ||||||
Retail | 2 | $ | 268 | |||
Gas station & car wash | — | — | ||||
Hotel & motel | — | — | ||||
Industrial & warehouse | — | — | ||||
Other | — | — | ||||
Commercial business | 2 | 44 | ||||
Subtotal | 4 | $ | 312 | |||
6 | $ | 848 |
March 31, 2014 | December 31, 2013 | ||||||
(In thousands) | |||||||
Covered loans on nonaccrual status | $ | 1,400 | $ | 236 | |||
Covered OREO | 590 | 590 | |||||
Total covered nonperforming assets | $ | 1,990 | $ | 826 | |||
Acquired covered loans | $ | 54,229 | $ | 55,088 |
September 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Covered loans on nonaccrual status | $ | 427 | $ | 489 | |||
Covered OREO | 1,963 | 393 | |||||
Total covered nonperforming assets | $ | 2,390 | $ | 882 | |||
Acquired covered loans | $ | 58,637 | $ | 72,528 |
8. | Borrowings |
Contractual Maturities | Maturity/ Put Date | Contractual Maturities | Maturity/ Put Date | |||||||||||
(In thousands) | (In thousands) | |||||||||||||
Due within one year | $ | 39,000 | $ | 76,446 | $ | 30,000 | $ | 51,260 | ||||||
Due after one year through five years | 382,446 | 345,000 | 391,260 | 370,000 | ||||||||||
$ | 421,446 | $ | 421,446 | $ | 421,260 | $ | 421,260 |
9. | Subordinated Debentures |
Issuance Trust | Issuance Date | Trust Preferred Security Amount | Subordinated Debentures Amount | Rate Type | Initial Rate | Coupon Rate at September 30, 2013 | Maturity Date | Issuance Date | Trust Preferred Security Amount | Subordinated Debentures Amount | Rate Type | Initial Rate | Coupon Rate at March 31, 2014 | Maturity Date | ||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Nara Capital Trust III | 6/5/2003 | $ | 5,000 | $ | 5,155 | Variable | 4.44 | % | 3.40 | % | 6/15/2033 | 6/5/2003 | $ | 5,000 | $ | 5,155 | Variable | 4.44 | % | 3.38 | % | 6/15/2033 | ||||||||||||||||||
Nara Statutory Trust IV | 12/22/2003 | 5,000 | 5,155 | Variable | 4.02 | % | 3.12 | % | 1/7/2034 | 12/22/2003 | 5,000 | 5,155 | Variable | 4.02 | % | 3.09 | % | 1/7/2034 | ||||||||||||||||||||||
Nara Statutory Trust V | 12/17/2003 | 10,000 | 10,310 | Variable | 4.12 | % | 3.20 | % | 12/17/2033 | 12/17/2003 | 10,000 | 10,310 | Variable | 4.12 | % | 3.18 | % | 12/17/2033 | ||||||||||||||||||||||
Nara Statutory Trust VI | 3/22/2007 | 8,000 | 8,248 | Variable | 7.00 | % | 1.90 | % | 6/15/2037 | 3/22/2007 | 8,000 | 8,248 | Variable | 7.00 | % | 1.88 | % | 6/15/2037 | ||||||||||||||||||||||
Center Capital Trust I | 12/30/2003 | 18,000 | 13,091 | Variable | 4.01 | % | 3.12 | % | (1) | 1/7/2034 | 12/30/2003 | 18,000 | 13,169 | Variable | 4.01 | % | 3.09 | % | (1) | 1/7/2034 | ||||||||||||||||||||
Foster Capital Trust I | 7/8/2005 | 15,000 | 15,344 | Variable | 1.70 | % | 1.95 | % | (2) | 7/8/2035 | ||||||||||||||||||||||||||||||
TOTAL ISSUANCE | $ | 61,000 | $ | 57,303 | $ | 46,000 | $ | 42,037 |
was $5.4 million at March 31, 2014 and the effective rate of the security, including the effect of the discount accretion, was 5.31% at March 31, 2014. |
10. | Goodwill and Other Intangible Assets |
For the Nine Months Ended September 30, 2013 | |||
(In thousands) | |||
Balance, beginning of period | $ | 89,878 | |
Acquired goodwill - PIB | 3,526 | ||
Acquired goodwill - Foster | 29,665 | ||
Measurement period adjustment - PIB | (3,188 | ) | |
Impairment | — | ||
Balance, end of period | $ | 119,881 |
As of September 30, 2013 | As of March 31, 2014 | |||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||
Intangible assets: | Amortization period | Amortization period | ||||||||||||||||
Core deposit—IBKNY acquisition | 10 years | $ | 1,187 | $ | (1,187 | ) | ||||||||||||
Core deposit—Asiana Bank acquistion | 10 years | 1,018 | (1,017 | ) | ||||||||||||||
Core deposit—KEB, Broadway acquisition | 10 years | 2,726 | (2,720 | ) | ||||||||||||||
Core deposit—Center Financial Corporation acquisition | 7 years | 4,100 | (1,748 | ) | 7 years | $ | 4,100 | $ | (2,145 | ) | ||||||||
Core deposit—PIB acquisition | 7 years | $ | 603 | $ | (101 | ) | 7 years | 603 | (171 | ) | ||||||||
Core deposit—Foster acquisition | 10 years | $ | 2,763 | $ | (63 | ) | 10 years | 2,763 | (291 | ) | ||||||||
Total | $ | 12,397 | $ | (6,836 | ) | $ | 7,466 | $ | (2,607 | ) |
11. | Income Taxes |
12. | Fair Value Measurements |
Level 1: | Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. |
Level 2: | Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. |
Level 3: | Significant unobservable inputs that reflect estimates of assumptions that market participants would use in pricing the asset or liability. |
Fair Value Measurements at the End of the Reporting Period Using | Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||||||||
September 30, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | March 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||
GSE collateralized mortgage obligations | $ | 284,891 | $ | — | $ | 284,891 | $ | — | $ | 279,354 | $ | — | $ | 279,354 | $ | — | ||||||||||||||
GSE mortgage-backed securities | 396,734 | — | 396,734 | — | 418,961 | — | 418,961 | — | ||||||||||||||||||||||
Trust preferred securities | 3,706 | — | 3,706 | — | 3,800 | — | 3,800 | — | ||||||||||||||||||||||
Municipal bonds | 6,016 | — | 4,874 | 1,142 | 6,019 | — | 4,887 | 1,132 | ||||||||||||||||||||||
Mutual funds | 17,219 | 17,219 | — | — | 17,095 | 17,095 | — | — | ||||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Securities available for sale: | ||||||||||||||||||||||||||||||
GSE collateralized mortgage obligations | $ | 254,912 | $ | — | $ | 254,912 | $ | — | $ | 274,101 | $ | — | $ | 274,101 | $ | — | ||||||||||||||
GSE mortgage-backed securities | 425,540 | — | 425,540 | — | 404,996 | — | 404,996 | — | ||||||||||||||||||||||
Trust preferred securities | 3,837 | — | 3,837 | — | 3,697 | — | 3,697 | — | ||||||||||||||||||||||
Municipal bonds | 5,118 | — | 5,118 | — | 5,936 | — | 4,824 | 1,112 | ||||||||||||||||||||||
Mutual funds | 14,996 | 14,996 | — | — | 17,021 | 17,021 | — | — |
Nine Months Ended September 30, | Three Months Ended March 31, | |||||||||||||||
2013 | 2012 | 2014 | 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Beginning Balance, January 1 | $ | — | $ | — | $ | 1,112 | $ | — | ||||||||
Purchases, issuances and settlements | 1,202 | — | — | 1,200 | ||||||||||||
Amortization | (15 | ) | — | — | — | |||||||||||
Total gains or (losses) included in earnings | — | — | — | — | ||||||||||||
Total gains or (losses) included in other comprehensive income | (45 | ) | — | 20 | 6 | |||||||||||
Ending Balance, September 30 | $ | 1,142 | $ | — | ||||||||||||
Ending Balance, March 31 | $ | 1,132 | $ | 1,206 |
Fair Value Measurements at the End of the Reporting Period Using | Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||||||||
September 30, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | March 31, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||||||||||||||||
Real estate loans | $ | 16,822 | $ | — | $ | 16,822 | $ | — | $ | 34,075 | $ | — | $ | 34,075 | $ | — | ||||||||||||||
Commercial business | 2,818 | — | 2,818 | — | 3,504 | — | 3,504 | — | ||||||||||||||||||||||
Trade finance | 385 | — | 385 | — | ||||||||||||||||||||||||||
Consumer | 952 | — | 952 | — | ||||||||||||||||||||||||||
Loans held for sale, net | 6,900 | — | 6,900 | — | 34 | — | 34 | — | ||||||||||||||||||||||
OREO | 4,003 | — | 4,003 | — | 5,039 | — | 5,039 | — |
Fair Value Measurements at the End of the Reporting Period Using | Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||||||||
December 31, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||||||||||||||||
Real estate loans | $ | 4,443 | $ | — | $ | 4,443 | $ | — | $ | 18,746 | $ | — | $ | 18,746 | $ | — | ||||||||||||||
Commercial business | 1,164 | — | 1,164 | — | 2,383 | — | 2,383 | — | ||||||||||||||||||||||
Loans held for sale, net | 803 | — | 803 | — | 6,900 | — | 6,900 | — | ||||||||||||||||||||||
OREO | 2,636 | — | 2,636 | — | 4,003 | — | 4,003 | — |
For the three months ended September 30, | For the nine months ended September 30, | For the three months ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||||||||
Real estate loans | $ | (1,759 | ) | $ | (186 | ) | $ | (9,700 | ) | $ | 1,234 | $ | 1,704 | $ | (7,584 | ) | ||||||
Commercial business | (509 | ) | (1,064 | ) | (1,703 | ) | (3,472 | ) | (10,715 | ) | 535 | |||||||||||
Loans held for sale, net | (530 | ) | (380 | ) | (530 | ) | (536 | ) | ||||||||||||||
Trade Finance | (659 | ) | — | |||||||||||||||||||
Consumer | (46 | ) | — | |||||||||||||||||||
OREO | (570 | ) | (1,611 | ) | (956 | ) | (2,433 | ) | (11 | ) | (114 | ) |
September 30, 2013 | March 31, 2014 | |||||||||||||||||
Carrying Amount | Estimated Fair Value | Fair Value Measurement Using | Carrying Amount | Estimated Fair Value | Fair Value Measurement Using | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Financial Assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 345,352 | $ | 345,352 | Level 1 | $ | 403,111 | $ | 403,111 | Level 1 | ||||||||
Loans held for sale | 49,480 | 54,476 | Level 2 | 38,157 | 40,065 | Level 2 | ||||||||||||
Loans receivable—net | 4,833,224 | 5,266,747 | Level 3 | 5,125,095 | 5,569,266 | Level 3 | ||||||||||||
FHLB stock | 27,958 | N/A | N/A | |||||||||||||||
FDIC loss share receivable | 2,430 | 2,430 | Level 3 | 253 | 253 | Level 3 | ||||||||||||
Customers’ liabilities on acceptances | 6,126 | 6,126 | Level 2 | 4,473 | 4,473 | Level 2 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||
Noninterest bearing deposits | $ | 1,362,675 | $ | 1,362,675 | Level 2 | $ | 1,442,348 | $ | 1,442,348 | Level 2 | ||||||||
Saving and other interest bearing demand deposits | 1,495,186 | 1,495,186 | Level 2 | 1,602,514 | 1,602,514 | Level 2 | ||||||||||||
Time deposits | 2,163,241 | 2,167,307 | Level 2 | 2,289,698 | 2,294,381 | Level 2 | ||||||||||||
FHLB advances | 421,446 | 422,108 | Level 2 | 421,260 | 421,059 | Level 2 | ||||||||||||
Subordinated debentures | 57,303 | 56,434 | Level 2 | 42,037 | 44,012 | Level 2 | ||||||||||||
Bank’s liabilities on acceptances outstanding | 6,126 | 6,126 | Level 2 | 4,473 | 4,473 | Level 2 | ||||||||||||
December 31, 2012 | December 31, 2013 | |||||||||||||||||
Carrying Amount | Estimated Fair Value | Fair Value Measurement Using | Carrying Amount | Estimated Fair Value | Fair Value Measurement Using | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Financial Assets: | ||||||||||||||||||
Cash and cash equivalents | $ | 312,916 | $ | 312,916 | Level 1 | $ | 316,705 | $ | 316,705 | Level 1 | ||||||||
Loans held for sale | 51,635 | 57,856 | Level 2 | 44,115 | 45,975 | Level 2 | ||||||||||||
Loans receivable—net | 4,229,311 | 4,591,685 | Level 3 | 5,006,856 | 5,450,008 | Level 3 | ||||||||||||
FHLB stock | 22,495 | N/A | N/A | |||||||||||||||
FDIC loss share receivable | 5,797 | 5,797 | Level 3 | 1,110 | 1,110 | Level 3 | ||||||||||||
Customers’ liabilities on acceptances | 10,493 | 10,493 | Level 2 | 5,602 | 5,602 | Level 2 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||
Noninterest bearing deposits | $ | 1,184,285 | $ | 1,184,285 | Level 2 | $ | 1,399,454 | $ | 1,399,454 | Level 2 | ||||||||
Saving and other interest bearing demand deposits | 1,428,990 | 1,428,990 | Level 2 | 1,598,514 | 1,598,514 | Level 2 | ||||||||||||
Time deposits | 1,770,760 | 1,772,778 | Level 2 | 2,150,089 | 2,156,514 | Level 2 | ||||||||||||
FHLB advances | 420,722 | 425,107 | Level 2 | 421,352 | 421,258 | Level 2 | ||||||||||||
Subordinated debentures | 41,846 | 32,218 | Level 2 | 57,410 | 56,544 | Level 2 | ||||||||||||
Bank’s liabilities on acceptances outstanding | 10,493 | 10,493 | Level 2 | 5,602 | 5,602 | Level 2 |
13. | Stockholders’ Equity and Regulatory Matters |
Actual | Required For Capital Adequacy Purposes | Required To Be Well Capitalized under Prompt Corrective Action Provisions | Actual | Required For Capital Adequacy Purposes | Required To Be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 793,569 | 14.89 | % | $ | 426,401 | 8.00 | % | N/A | N/A | $ | 830,822 | 14.89 | % | $ | 446,256 | 8.00 | % | N/A | N/A | ||||||||||||||||||||
Bank | $ | 784,601 | 14.73 | % | $ | 426,149 | 8.00 | % | $ | 532,686 | 10.00 | % | $ | 815,512 | 14.63 | % | $ | 446,023 | 8.00 | % | $ | 557,528 | 10.00 | % | ||||||||||||||||
Tier I capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 727,053 | 13.64 | % | $ | 213,200 | 4.00 | % | N/A | N/A | $ | 764,197 | 13.70 | % | $ | 223,128 | 4.00 | % | N/A | N/A | ||||||||||||||||||||
Bank | $ | 718,084 | 13.48 | % | $ | 213,074 | 4.00 | % | $ | 319,612 | 6.00 | % | $ | 748,887 | 13.43 | % | $ | 223,011 | 4.00 | % | $ | 334,517 | 6.00 | % | ||||||||||||||||
Tier I capital (to average assets): | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 727,053 | 12.06 | % | $ | 241,094 | 4.00 | % | N/A | N/A | $ | 764,197 | 11.88 | % | $ | 257,227 | 4.00 | % | N/A | N/A | ||||||||||||||||||||
Bank | $ | 718,084 | 11.90 | % | $ | 241,392 | 4.00 | % | $ | 301,740 | 5.00 | % | $ | 748,887 | 11.66 | % | $ | 256,934 | 4.00 | % | $ | 321,168 | 5.00 | % | ||||||||||||||||
Actual | Required For Capital Adequacy Purposes | Required To Be Well Capitalized under Prompt Corrective Action Provisions | Actual | Required For Capital Adequacy Purposes | Required To Be Well Capitalized under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 746,396 | 16.16 | % | $ | 369,417 | 8.00 | % | N/A | N/A | $ | 819,408 | 14.90 | % | $ | 439,687 | 8.00 | % | N/A | N/A | ||||||||||||||||||||
Bank | $ | 725,655 | 15.73 | % | $ | 369,134 | 8.00 | % | $ | 461,417 | 10.00 | % | $ | 807,620 | 14.70 | % | $ | 439,437 | 8.00 | % | $ | 549,471 | 10.00 | % | ||||||||||||||||
Tier I capital (to risk-weighted assets): | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 688,422 | 14.91 | % | $ | 184,708 | 4.00 | % | N/A | N/A | $ | 751,204 | 13.66 | % | $ | 219,844 | 4.00 | % | N/A | N/A | ||||||||||||||||||||
Bank | $ | 667,725 | 14.47 | % | $ | 184,567 | 4.00 | % | $ | 276,850 | 6.00 | % | $ | 739,416 | 13.46 | % | $ | 219,798 | 4.00 | % | $ | 329,683 | 6.00 | % | ||||||||||||||||
Tier I capital (to average assets): | ||||||||||||||||||||||||||||||||||||||||
Company | $ | 688,422 | 12.76 | % | $ | 215,861 | 4.00 | % | N/A | N/A | $ | 751,204 | 11.97 | % | $ | 251,049 | 4.00 | % | N/A | N/A | ||||||||||||||||||||
Bank | $ | 667,725 | 12.38 | % | $ | 215,813 | 4.00 | % | $ | 269,767 | 5.00 | % | $ | 739,416 | 11.79 | % | $ | 250,954 | 4.00 | % | $ | 313,687 | 5.00 | % |
September 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Net unrealized (loss) gain on securities available for sale | $ | (3,472 | ) | $ | 9,004 | ||
Net unrealized gain on interest-only strips | 83 | 78 | |||||
Total accumulated other comprehensive (loss) income | $ | (3,389 | ) | $ | 9,082 |
March 31, 2014 | December 31, 2013 | ||||||
(In thousands) | |||||||
Net unrealized loss on securities available for sale | $ | (3,826 | ) | $ | (10,264 | ) | |
Net unrealized gain on interest-only strips | 85 | 79 | |||||
Total accumulated other comprehensive loss | $ | (3,741 | ) | $ | (10,185 | ) |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30, | At or for the Three Months Ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
(Dollars in thousands, except share and per share data) | (Dollars in thousands, except share and per share data) | |||||||||||||||||||||
Income Statement Data: | ||||||||||||||||||||||
Interest income | $ | 72,035 | $ | 65,455 | $ | 208,157 | $ | 200,953 | $ | 73,354 | $ | 66,743 | ||||||||||
Interest expense | 7,675 | 7,224 | 21,978 | 22,361 | 8,388 | 7,027 | ||||||||||||||||
Net interest income | 64,360 | 58,231 | 186,179 | 178,592 | 64,966 | 59,716 | ||||||||||||||||
Provision for loan losses | 744 | 6,900 | 9,050 | 16,682 | 3,026 | 7,506 | ||||||||||||||||
Net interest income after provision for loan losses | 63,616 | 51,331 | 177,129 | 161,910 | 61,940 | 52,210 | ||||||||||||||||
Noninterest income | 10,799 | 7,664 | 31,357 | 29,531 | 11,095 | 9,940 | ||||||||||||||||
Noninterest expense | 35,746 | 28,770 | 103,450 | 90,282 | 36,275 | 33,275 | ||||||||||||||||
Income before income tax provision | 38,669 | 30,225 | 105,036 | 101,159 | 36,760 | 28,875 | ||||||||||||||||
Income tax provision | 15,117 | 11,827 | 41,352 | 39,463 | 14,564 | 11,414 | ||||||||||||||||
Net income | $ | 23,552 | $ | 18,398 | $ | 63,684 | $ | 61,696 | $ | 22,196 | $ | 17,461 | ||||||||||
Dividends and discount accretion on preferred stock | — | — | — | (5,640 | ) | |||||||||||||||||
Net income available to common stockholders | $ | 23,552 | $ | 18,398 | $ | 63,684 | $ | 56,056 | ||||||||||||||
Per Share Data: | ||||||||||||||||||||||
Earnings per common share - basic | $ | 0.30 | $ | 0.24 | $ | 0.81 | $ | 0.72 | $ | 0.28 | $ | 0.22 | ||||||||||
Earnings per common share - diluted | $ | 0.30 | $ | 0.24 | $ | 0.80 | $ | 0.72 | $ | 0.28 | $ | 0.22 | ||||||||||
Book value per common share (period end, excluding preferred stock and warrants) | $ | 10.11 | $ | 9.41 | $ | 10.11 | $ | 9.41 | ||||||||||||||
Book value per common share (period end, excluding warrants) | $ | 10.46 | $ | 9.79 | ||||||||||||||||||
Cash dividends declared per common share | $ | .05 | $ | — | $ | .175 | $ | — | $ | .075 | $ | 0.05 | ||||||||||
Tangible book value per common share (period end, excluding preferred stock and warrants) (11) | $ | 8.52 | $ | 8.21 | $ | 8.52 | $ | 8.21 | ||||||||||||||
Tangible book value per common share (period end, excluding warrants) (10) | $ | 9.08 | $ | 8.61 | ||||||||||||||||||
Number of common shares outstanding (period end) | 79,247,719 | 78,016,260 | 79,247,719 | 78,016,260 | 79,488,899 | 78,812,140 | ||||||||||||||||
Weighted average shares - basic | 79,223,636 | 78,015,960 | 78,914,360 | 78,004,458 | 79,489,579 | 78,389,434 | ||||||||||||||||
Weighted average shares - diluted | 79,334,865 | 78,103,795 | 79,122,060 | 78,082,059 | 79,639,839 | 78,480,671 | ||||||||||||||||
Tangible common equity ratio (9) | 10.87 | % | 12.23 | % | 10.87 | % | 12.23 | % | ||||||||||||||
Tangible common equity ratio (8) | 11.00 | % | 11.77 | % | ||||||||||||||||||
Statement of Financial Condition Data - at Period End: | ||||||||||||||||||||||
Assets | $ | 6,340,987 | $ | 5,331,979 | $ | 6,340,987 | $ | 5,331,979 | $ | 6,667,551 | $ | 5,833,597 | ||||||||||
Securities available for sale | 708,566 | 687,059 | 708,566 | 687,059 | 725,229 | 717,441 | ||||||||||||||||
Gross loans, net of deferred loan fees and costs (excludes loans held for sale) | 4,898,939 | 4,069,494 | 4,898,939 | 4,069,494 | ||||||||||||||||||
Loans receivable | 5,190,794 | 4,500,046 | ||||||||||||||||||||
Deposits | 5,021,102 | 4,052,524 | 5,021,102 | 4,052,524 | 5,334,560 | 4,555,674 | ||||||||||||||||
FHLB advances | 421,446 | 460,815 | 421,446 | 460,815 | 421,260 | 421,632 | ||||||||||||||||
Subordinated debentures | 57,303 | 41,809 | 57,303 | 41,809 | 42,037 | 45,996 | ||||||||||||||||
Stockholders’ equity | 801,230 | 734,455 | 801,230 | 734,455 | 832,159 | 772,275 |
At or for the Three Months Ended September 30, | At or for the Nine Months Ended September 30, | At or for the Three Months Ended March 31, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||
Average Balance Sheet Data: | ||||||||||||||||||||||
Assets | $ | 6,160,132 | $ | 5,179,186 | $ | 5,924,397 | $ | 5,140,591 | $ | 6,525,548 | $ | 5,727,738 | ||||||||||
Securities available for sale | 714,660 | 679,764 | 704,124 | 699,225 | 698,931 | 691,984 | ||||||||||||||||
Gross loans, including loans held for sale | 4,771,022 | 4,007,402 | 4,588,464 | 3,878,080 | ||||||||||||||||||
Loans receivable and loans held for sale | 5,183,801 | 4,444,320 | ||||||||||||||||||||
Deposits | 4,845,402 | 3,961,484 | 4,629,925 | 3,906,834 | 5,188,593 | 4,447,970 | ||||||||||||||||
Stockholders’ equity | 794,737 | 728,038 | 781,159 | 785,875 | 819,344 | 765,230 | ||||||||||||||||
Selected Performance Ratios: | ||||||||||||||||||||||
Return on average assets (1) (8) | 1.53 | % | 1.42 | % | 1.43 | % | 1.60 | % | ||||||||||||||
Return on average stockholders’ equity (1) (8) | 11.85 | % | 10.11 | % | 10.87 | % | 10.47 | % | ||||||||||||||
Return on average assets (1) | 1.36 | % | 1.22 | % | ||||||||||||||||||
Return on average stockholders’ equity (1) | 10.84 | % | 9.13 | % | ||||||||||||||||||
Average stockholders' equity to average assets | 12.90 | % | 14.06 | % | 13.19 | % | 15.29 | % | 12.56 | % | 13.36 | % | ||||||||||
Return on average tangible equity (1) (8) (10) | 13.90 | % | 11.60 | % | 12.52 | % | 11.89 | % | ||||||||||||||
Return on average tangible equity (1) (9) | 12.52 | % | 10.42 | % | ||||||||||||||||||
Dividend payout ratio (dividends per share / earnings per share) | 25.00 | % | 0.0 | % | 21.60 | % | 0.0 | % | 26.79 | % | 22.73 | % | ||||||||||
Pre-Tax Pre-Provision income to average assets (1) | 2.56 | % | 2.87 | % | 2.57 | % | 3.06 | % | 2.44 | % | 2.54 | % | ||||||||||
Efficiency ratio (2) | 47.56 | % | 43.66 | % | 47.56 | % | 43.38 | % | 47.69 | % | 47.77 | % | ||||||||||
Net interest spread | 4.19 | % | 4.51 | % | 4.23 | % | 4.68 | % | 4.05 | % | 4.26 | % | ||||||||||
Net interest margin (3) | 4.42 | % | 4.79 | % | 4.46 | % | 4.97 | % | 4.29 | % | 4.49 | % | ||||||||||
Regulatory Capital Ratios (4) | ||||||||||||||||||||||
Leverage capital ratio (5) | 12.06 | % | 13.15 | % | 12.06 | % | 13.15 | % | 11.88 | % | 12.64 | % | ||||||||||
Tier 1 risk-based capital ratio | 13.64 | % | 15.22 | % | 13.64 | % | 15.22 | % | 13.70 | % | 14.63 | % | ||||||||||
Total risk-based capital ratio | 14.89 | % | 16.48 | % | 14.89 | % | 16.48 | % | 14.89 | % | 15.88 | % | ||||||||||
Tier 1 common risk-based capital ratio (12) | 12.60 | % | 14.30 | % | 12.60 | % | 14.30 | % | ||||||||||||||
Tier 1 common risk-based capital ratio (11) | 12.97 | % | 13.72 | % | ||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||
Allowance for loan losses to gross loans, excluding loans held for sale | 1.34 | % | 1.62 | % | 1.34 | % | 1.62 | % | ||||||||||||||
Allowance for loan losses to loans receivable | 1.27 | % | 1.63 | % | ||||||||||||||||||
Allowance for loan losses to nonaccrual loans | 181.89 | % | 212.06 | % | 181.89 | % | 212.06 | % | 138.86 | % | 173.34 | % | ||||||||||
Allowance for loan losses to nonperforming loans (6) | 91.08 | % | 123.70 | % | 91.08 | % | 123.70 | % | 77.44 | % | 98.32 | % | ||||||||||
Allowance for loan losses to nonperforming assets (7) | 47.18 | % | 80.86 | % | 47.18 | % | 80.86 | % | 62.66 | % | 88.34 | % | ||||||||||
Nonaccrual loans to gross loans, excluding loans held for sale | 0.74 | % | 0.76 | % | 0.74 | % | 0.76 | % | ||||||||||||||
Nonperforming loans to gross loans, excluding loans held for sale (6) | 2.28 | % | 1.90 | % | 2.28 | % | 1.90 | % | ||||||||||||||
Nonperforming assets to gross loans and OREO (7) | 2.83 | % | 2.00 | % | 2.83 | % | 2.00 | % | ||||||||||||||
Nonaccrual loans to loans receivable | 0.91 | % | 0.94 | % | ||||||||||||||||||
Nonperforming loans to loans receivable (6) | 1.63 | % | 1.66 | % | ||||||||||||||||||
Nonperforming assets to loans receivable and OREO (7) | 2.01 | % | 1.84 | % | ||||||||||||||||||
Nonperforming assets to total assets (7) | 2.20 | % | 1.53 | % | 2.20 | % | 1.53 | % | 1.57 | % | 1.42 | % |
(1) | Annualized. |
(2) | Efficiency ratio is defined as |
(3) | Net interest margin is calculated by dividing annualized net interest income by average total interest earning assets. |
(4) | The ratios generally required to meet the definition of a “well-capitalized” institution under certain banking regulations are 5% leverage capital, 6% tier I risk-based capital and 10% total risk-based capital. |
(5) | Calculations are based on average quarterly asset balances. |
(6) | Nonperforming loans include nonaccrual loans, |
(7) | Nonperforming assets |
(8) |
Excludes TARP preferred stock |
Average tangible equity is calculated by subtracting average goodwill and average other intangibles from average stockholders' equity. This is a non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Net income | $ | 23,552 | $ | 18,398 | $ | 63,684 | $ | 61,696 | $ | 22,196 | $ | 17,461 | ||||||||||||
Average stockholders' equity | $ | 794,737 | $ | 728,038 | $ | 781,159 | $ | 785,875 | $ | 819,344 | $ | 765,230 | ||||||||||||
Less: Average goodwill and other intangible assets, net | (116,885 | ) | (93,407 | ) | (102,935 | ) | (93,771 | ) | (110,462 | ) | (95,021 | ) | ||||||||||||
Average tangible equity | $ | 677,852 | $ | 634,631 | $ | 678,224 | $ | 692,104 | $ | 708,882 | $ | 670,209 | ||||||||||||
Net income (annualized) to average tangible equity | 13.90 | % | 11.60 | % | 12.52 | % | 11.89 | % | 12.52 | % | 10.42 | % |
Tangible book value per common share is calculated by subtracting goodwill and other intangible assets from total stockholders' equity and dividing the difference by the number of shares of common stock outstanding. This is a non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position. |
September 30, 2013 | September 30, 2012 | March 31, 2014 | March 31, 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Total stockholders' equity | $ | 801,230 | $ | 734,455 | $ | 832,159 | $ | 772,275 | ||||||||
Less: Preferred stock, net of discount | — | — | ||||||||||||||
Common stock warrant | (378 | ) | (378 | ) | ||||||||||||
Less: Common stock warrant | (378 | ) | (378 | ) | ||||||||||||
Goodwill and other intangible assets, net | (125,444 | ) | (93,217 | ) | (110,260 | ) | (93,217 | ) | ||||||||
Tangible common equity | $ | 675,408 | $ | 640,860 | $ | 721,521 | $ | 678,680 | ||||||||
Common shares outstanding | 79,247,719 | 78,016,260 | 79,488,899 | 78,812,140 | ||||||||||||
Tangible book value per common share | $ | 8.52 | $ | 8.21 | $ | 9.08 | $ | 8.61 |
The Tier 1 common risk-based capital ratio is calculated by dividing Tier 1 capital less non-common elements, including perpetual preferred stock and related surplus, minority interest in subsidiaries, trust preferred securities and mandatory convertible preferred securities by total risk-weighted assets less the disallowed allowance for loan losses. |
September 30, 2013 | September 30, 2012 | March 31, 2014 | March 31, 2013 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Tier 1 capital | $ | 727,053 | $ | 668,710 | $ | 764,197 | $ | 711,574 | ||||||||
Less: Preferred stock, net of discount | — | — | ||||||||||||||
Trust preferred securities less unamortized acquisition discount | (55,414 | ) | (40,384 | ) | ||||||||||||
Less: Trust preferred securities less unamortized acquisition discount | (40,612 | ) | (44,447 | ) | ||||||||||||
Tier 1 common risk-based capital | $ | 671,639 | $ | 628,326 | $ | 723,585 | $ | 667,127 | ||||||||
Total risk weighted assets less disallowed allowance for loan losses | 5,330,009 | 4,392,505 | 5,578,204 | 4,864,169 | ||||||||||||
Tier 1 common risk-based capital ratio | 12.60 | % | 14.30 | % | 12.97 | % | 13.72 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||
Accretion of discounts on acquired performing loans | $ | 4,074 | $ | 4,890 | $ | 14,787 | $ | 16,983 | $ | 3,202 | $ | 4,076 | ||||||||||||
Accretion of discounts on acquired credit impaired loans | 2,806 | 1,215 | 5,360 | 6,462 | 2,645 | 1,522 | ||||||||||||||||||
Amortization of premiums on assumed FHLB advances | 94 | 307 | 277 | 2,442 | 92 | 91 | ||||||||||||||||||
Accretion of discounts on assumed subordinated debt | (81 | ) | (37 | ) | (172 | ) | (108 | ) | (91 | ) | (43 | ) | ||||||||||||
Amortization of premiums on assumed time deposits | 308 | 650 | 993 | 2,712 | 314 | 438 | ||||||||||||||||||
Increase to pre-tax income | $ | 7,201 | $ | 7,025 | $ | 21,245 | $ | 28,491 | $ | 6,162 | $ | 6,084 |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
Net interest margin, excluding the effect of acquisition accounting adjustments | 3.86 | % | 4.14 | % | 3.90 | % | 4.29 | % | 3.82 | % | 3.97 | % | ||||||
Acquisition accounting adjustments(1) | 0.56 | 0.65 | 0.56 | 0.68 | 0.47 | 0.52 | ||||||||||||
Reported net interest margin | 4.42 | % | 4.79 | % | 4.46 | % | 4.97 | % | 4.29 | % | 4.49 | % | ||||||
(1) Acquisition accounting adjustments are calculated by subtracting net interest margin, excluding effect of acquisition accounting adjustments, from reported net interest margin. | (1) Acquisition accounting adjustments are calculated by subtracting net interest margin, excluding effect of acquisition accounting adjustments, from reported net interest margin. | (1) Acquisition accounting adjustments are calculated by subtracting net interest margin, excluding effect of acquisition accounting adjustments, from reported net interest margin. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
The weighted average yield on loans, excluding the effect of acquisition accounting adjustments | 4.96 | % | 5.39 | % | 5.04 | % | 5.53 | % | 4.83 | % | 5.15 | % | ||||||
Acquisition accounting adjustments(1) | 0.67 | 0.72 | 0.68 | 0.93 | 0.54 | 0.60 | ||||||||||||
Reported weighted average yield on loans | 5.63 | % | 6.11 | % | 5.72 | % | 6.46 | % | 5.37 | % | 5.75 | % | ||||||
(1) Acquisition accounting adjustments are calculated by subtracting the weighted average yield on loans, excluding the effect of acquisition accounting adjustments, from the reported weighted average yield on loans. | (1) Acquisition accounting adjustments are calculated by subtracting the weighted average yield on loans, excluding the effect of acquisition accounting adjustments, from the reported weighted average yield on loans. | (1) Acquisition accounting adjustments are calculated by subtracting the weighted average yield on loans, excluding the effect of acquisition accounting adjustments, from the reported weighted average yield on loans. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
The weighted average cost of deposits, excluding effect of acquisition accounting adjustments | 0.51 | % | 0.59 | % | 0.52 | % | 0.64 | % | 0.55 | % | 0.53 | % | ||||||
Acquisition accounting adjustments(1) | (0.02 | ) | (0.07 | ) | (0.03 | ) | (0.09 | ) | (0.03 | ) | (0.04 | ) | ||||||
Reported weighted average cost of deposits | 0.49 | % | 0.52 | % | 0.49 | % | 0.55 | % | 0.52 | % | 0.49 | % | ||||||
(1) Acquisition accounting adjustments are calculated by subtracting the weighted average cost of deposits, excluding the effect of acquisition accounting adjustments, from the reported weighted average cost of deposits. | (1) Acquisition accounting adjustments are calculated by subtracting the weighted average cost of deposits, excluding the effect of acquisition accounting adjustments, from the reported weighted average cost of deposits. | (1) Acquisition accounting adjustments are calculated by subtracting the weighted average cost of deposits, excluding the effect of acquisition accounting adjustments, from the reported weighted average cost of deposits. |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended March 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2014 | 2013 | |||||||||||||
The weighted average cost on FHLB advances, excluding effect of acquisition accounting adjustments | 1.27 | % | 1.87 | % | 1.23 | % | 2.72 | % | 1.26 | % | 1.27 | % | ||||||
Acquisition accounting adjustments | (0.09 | ) | (0.31 | ) | (0.06 | ) | (0.93 | ) | (0.09 | ) | (0.10 | ) | ||||||
Reported weighted average cost on FHLB advances | 1.18 | % | 1.56 | % | 1.17 | % | 1.79 | % | 1.17 | % | 1.17 | % | ||||||
(1) Acquisition accounting adjustments are calculated by subtracting the weighted average cost on FHLB advances, excluding the effect of acquisition accounting adjustments, from reported weighted average cost on FHLB advances. | (1) Acquisition accounting adjustments are calculated by subtracting the weighted average cost on FHLB advances, excluding the effect of acquisition accounting adjustments, from reported weighted average cost on FHLB advances. | (1) Acquisition accounting adjustments are calculated by subtracting the weighted average cost on FHLB advances, excluding the effect of acquisition accounting adjustments, from reported weighted average cost on FHLB advances. |
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate * | Average Balance | Interest Income/ Expense | Average Yield/ Rate * | Average Balance | Interest Income/ Expense | Average Yield/ Rate * | Average Balance | Interest Income/ Expense | Average Yield/ Rate * | |||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||
INTEREST EARNINGS ASSETS: | ||||||||||||||||||||||||||||||||||||||||||
Loans(1) (2) | $ | 4,771,022 | $ | 67,747 | 5.63 | % | $ | 4,007,402 | $ | 61,553 | 6.11 | % | $ | 5,183,801 | $ | 68,694 | 5.37 | % | $ | 4,444,313 | $ | 63,029 | 5.75 | % | ||||||||||||||||||
Securities available for sale(3) | 714,660 | 3,802 | 2.13 | % | 679,764 | 3,782 | 2.23 | % | 698,931 | 4,095 | 2.34 | % | 691,984 | 3,427 | 1.98 | % | ||||||||||||||||||||||||||
FRB and FHLB stock and other investments | 291,672 | 486 | 0.65 | % | 155,590 | 120 | 0.30 | % | 259,107 | 565 | 0.87 | % | 257,526 | 287 | 0.45 | % | ||||||||||||||||||||||||||
Federal funds sold | — | — | N/A | — | — | N/A | — | — | NA | — | — | N/A | ||||||||||||||||||||||||||||||
Total interest earning assets | $ | 5,777,354 | $ | 72,035 | 4.95 | % | $ | 4,842,756 | $ | 65,455 | 5.38 | % | $ | 6,141,839 | $ | 73,354 | 4.84 | % | $ | 5,393,823 | $ | 66,743 | 5.01 | % | ||||||||||||||||||
INTEREST BEARING LIABILITIES: | ||||||||||||||||||||||||||||||||||||||||||
Deposits: | ||||||||||||||||||||||||||||||||||||||||||
Demand, interest bearing | $ | 1,276,732 | $ | 1,927 | 0.60 | % | $ | 1,156,915 | $ | 1,775 | 0.61 | % | $ | 1,392,300 | $ | 2,277 | 0.66 | % | $ | 1,265,967 | $ | 1,873 | 0.60 | % | ||||||||||||||||||
Savings | 204,049 | 668 | 1.30 | % | 184,219 | 820 | 1.77 | % | 217,426 | 600 | 1.12 | % | 186,189 | 754 | 1.64 | % | ||||||||||||||||||||||||||
Time deposits: | ||||||||||||||||||||||||||||||||||||||||||
$100,000 or more | 1,380,962 | 2,361 | 0.68 | % | 843,388 | 1,533 | 0.72 | % | 1,561,170 | 2,679 | 0.70 | % | 1,161,322 | 1,730 | 0.60 | % | ||||||||||||||||||||||||||
Other | 677,352 | 1,003 | 0.59 | % | 672,861 | 1,086 | 0.64 | % | 663,978 | 1,134 | 0.69 | % | 695,802 | 1,051 | 0.61 | % | ||||||||||||||||||||||||||
Total time deposits | 2,058,314 | 3,364 | 0.65 | % | 1,516,249 | 2,619 | 0.69 | % | 2,225,148 | 3,813 | 0.69 | % | 1,857,124 | 2,781 | 0.61 | % | ||||||||||||||||||||||||||
Total interest bearing deposits | 3,539,095 | 5,959 | 0.67 | % | 2,857,383 | 5,214 | 0.73 | % | 3,834,874 | 6,690 | 0.71 | % | 3,309,280 | 5,408 | 0.66 | % | ||||||||||||||||||||||||||
FHLB advances | 422,084 | 1,251 | 1.18 | % | 407,325 | 1,603 | 1.56 | % | 421,318 | 1,211 | 1.17 | % | 422,944 | 1,224 | 1.17 | % | ||||||||||||||||||||||||||
Other borrowings | 48,273 | 465 | 3.77 | % | 40,407 | 407 | 3.95 | % | 52,400 | 487 | 3.72 | % | 42,264 | 395 | 3.74 | % | ||||||||||||||||||||||||||
Total interest bearing liabilities | 4,009,452 | $ | 7,675 | 0.76 | % | 3,305,115 | $ | 7,224 | 0.87 | % | 4,308,592 | $ | 8,388 | 0.79 | % | 3,774,488 | $ | 7,027 | 0.75 | % | ||||||||||||||||||||||
Noninterest bearing demand deposits | 1,306,308 | 1,104,996 | 1,353,719 | 1,138,690 | ||||||||||||||||||||||||||||||||||||||
Total funding liabilities/cost of funds | $ | 5,315,760 | 0.57 | % | $ | 4,410,111 | 0.65 | % | $ | 5,662,311 | 0.60 | % | $ | 4,913,178 | 0.58 | % | ||||||||||||||||||||||||||
Net interest income/net interest spread | $ | 64,360 | 4.19 | % | $ | 58,231 | 4.51 | % | $ | 64,966 | 4.05 | % | $ | 59,716 | 4.26 | % | ||||||||||||||||||||||||||
Net interest margin | 4.42 | % | 4.79 | % | 4.29 | % | 4.49 | % | ||||||||||||||||||||||||||||||||||
Net interest margin, excluding the effect of nonaccrual loan income (expense)(4) | 4.42 | % | 4.79 | % | 4.30 | % | 4.47 | % | ||||||||||||||||||||||||||||||||||
Net interest margin, excluding the effect of nonaccrual loan income (expense) and prepayment fee income(4) (5) | 4.37 | % | 4.78 | % | 4.26 | % | 4.46 | % | ||||||||||||||||||||||||||||||||||
Cost of deposits: | ||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing demand deposits | $ | 1,306,308 | $ | — | $ | 1,104,996 | $ | — | $ | 1,353,719 | $ | — | $ | 1,138,690 | $ | — | ||||||||||||||||||||||||||
Interest bearing deposits | 3,539,095 | 5,959 | 0.67 | % | 2,857,383 | 5,214 | 0.73 | % | 3,834,874 | 6,690 | 0.71 | % | 3,309,280 | 5,408 | 0.66 | % | ||||||||||||||||||||||||||
Total deposits | $ | 4,845,403 | $ | 5,959 | 0.49 | % | $ | 3,962,379 | $ | 5,214 | 0.52 | % | $ | 5,188,593 | $ | 6,690 | 0.52 | % | $ | 4,447,970 | $ | 5,408 | 0.49 | % |
* | Annualized |
(1) | Interest income on loans includes loan fees. |
(2) | Average balances of loans |
(3) | Interest income and yields are not presented on a tax-equivalent basis. |
(4) | Nonaccrual interest income |
(5) | Loan prepayment fee income excluded was |
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||
Average Balance | Interest Income/ Expense | Average Yield/ Rate * | Average Balance | Interest Income/ Expense | Average Yield/ Rate * | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
INTEREST EARNINGS ASSETS: | |||||||||||||||||||||
Loans(1) (2) | $ | 4,588,464 | $ | 196,249 | 5.72 | % | $ | 3,878,080 | $ | 187,476 | 6.46 | % | |||||||||
Securities available for sale(3) | 704,124 | 10,755 | 2.04 | % | 699,225 | 12,940 | 2.47 | % | |||||||||||||
FRB and FHLB stock and other investments | 282,120 | 1,153 | 0.54 | % | 205,540 | 459 | 0.29 | % | |||||||||||||
Federal funds sold | — | — | N/A | 15,136 | 78 | 0.68 | % | ||||||||||||||
Total interest earning assets | $ | 5,574,708 | $ | 208,157 | 4.99 | % | $ | 4,797,981 | $ | 200,953 | 5.59 | % | |||||||||
INTEREST BEARING LIABILITIES: | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Demand, interest bearing | $ | 1,276,195 | $ | 5,736 | 0.60 | % | $ | 1,191,213 | $ | 5,748 | 0.64 | % | |||||||||
Savings | 192,006 | 2,144 | 1.49 | % | 189,322 | 2,571 | 1.81 | % | |||||||||||||
Time deposits: | |||||||||||||||||||||
$100,000 or more | 1,265,877 | 6,066 | 0.64 | % | 806,244 | 4,428 | 0.73 | % | |||||||||||||
Other | 675,239 | 3,068 | 0.61 | % | 682,903 | 3,115 | 0.61 | % | |||||||||||||
Total time deposits | 1,941,116 | 9,134 | 0.63 | % | 1,489,147 | 7,543 | 0.68 | % | |||||||||||||
Total interest bearing deposits | 3,409,317 | 17,014 | 0.67 | % | 2,869,682 | 15,862 | 0.74 | % | |||||||||||||
FHLB advances | 422,205 | 3,693 | 1.17 | % | 358,962 | 4,832 | 1.79 | % | |||||||||||||
Other borrowings | 44,721 | 1,271 | 3.75 | % | 45,981 | 1,667 | 4.77 | % | |||||||||||||
Total interest bearing liabilities | 3,876,243 | $ | 21,978 | 0.76 | % | 3,274,625 | $ | 22,361 | 0.91 | % | |||||||||||
Noninterest bearing demand deposits | 1,220,608 | 1,037,152 | |||||||||||||||||||
Total funding liabilities/cost of funds | $ | 5,096,851 | 0.58 | % | $ | 4,311,777 | 0.69 | % | |||||||||||||
Net interest income/net interest spread | $ | 186,179 | 4.23 | % | $ | 178,592 | 4.68 | % | |||||||||||||
Net interest margin | 4.46 | % | 4.97 | % | |||||||||||||||||
Net interest margin, excluding the effect of nonaccrual loan income (expense)(4) | 4.46 | % | 4.99 | % | |||||||||||||||||
Net interest margin, excluding the effect of nonaccrual loan income (expense) and prepayment fee income(4) (5) | 4.44 | % | 4.98 | % | |||||||||||||||||
Cost of deposits: | |||||||||||||||||||||
Noninterest bearing demand deposits | $ | 1,220,608 | $ | — | $ | 1,037,152 | $ | — | |||||||||||||
Interest bearing deposits | 3,409,317 | 17,014 | 0.67 | % | 2,869,682 | 15,862 | 0.74 | % | |||||||||||||
Total deposits | $ | 4,629,925 | $ | 17,014 | 0.49 | % | $ | 3,906,834 | $ | 15,862 | 0.55 | % |
Three Months Ended March 31, 2014 over March 31, 2013 | |||||||||||
Net Increase (Decrease) | |||||||||||
Change due to | |||||||||||
Rate | Volume | ||||||||||
(Dollars in thousands) | |||||||||||
INTEREST INCOME: | |||||||||||
Interest and fees on loans | $ | 5,665 | $ | (4,388 | ) | $ | 10,053 | ||||
Interest on securities | 668 | 633 | 35 | ||||||||
Interest on FRB and FHLB stock and other investments | 278 | 276 | 2 | ||||||||
Total interest income | $ | 6,611 | $ | (3,479 | ) | $ | 10,090 | ||||
INTEREST EXPENSE: | |||||||||||
Interest on demand, interest bearing | $ | 405 | $ | 211 | $ | 194 | |||||
Interest on savings | (154 | ) | (270 | ) | 116 | ||||||
Interest on time deposits | 1,031 | 440 | 591 | ||||||||
Interest on FHLB advances | (13 | ) | (9 | ) | (4 | ) | |||||
Interest on other borrowings | 92 | (2 | ) | 94 | |||||||
Total interest expense | $ | 1,361 | $ | 370 | $ | 991 | |||||
NET INTEREST INCOME | $ | 5,250 | $ | (3,849 | ) | $ | 9,099 |
Three Months Ended September 30, 2013 over September 30, 2012 | |||||||||||
Net Increase (Decrease) | |||||||||||
Change due to | |||||||||||
Rate | Volume | ||||||||||
(Dollars in thousands) | |||||||||||
INTEREST INCOME: | |||||||||||
Interest and fees on loans | $ | 6,194 | $ | (5,013 | ) | $ | 11,207 | ||||
Interest on securities | 20 | (168 | ) | 188 | |||||||
Interest on FRB and FHLB stock and other investments | 366 | 207 | 159 | ||||||||
Interest on federal funds sold | — | — | — | ||||||||
Total interest income | $ | 6,580 | $ | (4,974 | ) | $ | 11,554 | ||||
INTEREST EXPENSE: | |||||||||||
Interest on demand, interest bearing | $ | 152 | $ | (28 | ) | $ | 180 | ||||
Interest on savings | (152 | ) | (233 | ) | 81 | ||||||
Interest on time deposits | 745 | (155 | ) | 900 | |||||||
Interest on FHLB advances | (352 | ) | (409 | ) | 57 | ||||||
Interest on other borrowings | 58 | (18 | ) | 76 | |||||||
Total interest expense | $ | 451 | $ | (843 | ) | $ | 1,294 | ||||
NET INTEREST INCOME | $ | 6,129 | $ | (4,131 | ) | $ | 10,260 |
Nine Months Ended September 30, 2013 over September 30, 2012 | |||||||||||
Net Increase (Decrease) | |||||||||||
Change due to | |||||||||||
Rate | Volume | ||||||||||
(Dollars in thousands) | |||||||||||
INTEREST INCOME: | |||||||||||
Interest and fees on loans | $ | 8,773 | $ | (23,054 | ) | $ | 31,827 | ||||
Interest on securities | 694 | 479 | 215 | ||||||||
Interest on FRB and FHLB stock and other investments | (2,185 | ) | (2,251 | ) | 66 | ||||||
Interest on federal funds sold | (78 | ) | — | (78 | ) | ||||||
Total interest income | $ | 7,204 | $ | (24,826 | ) | $ | 32,030 | ||||
INTEREST EXPENSE: | |||||||||||
Interest on demand, interest bearing | $ | (12 | ) | $ | (400 | ) | $ | 388 | |||
Interest on savings | (427 | ) | (469 | ) | 42 | ||||||
Interest on time deposits | 1,591 | (589 | ) | 2,180 | |||||||
Interest on FHLB advances | (1,139 | ) | (1,904 | ) | 765 | ||||||
Interest on other borrowings | (396 | ) | (356 | ) | (40 | ) | |||||
Total interest expense | $ | (383 | ) | $ | (3,718 | ) | $ | 3,335 | |||
NET INTEREST INCOME | $ | 7,587 | $ | (21,108 | ) | $ | 28,695 |
Three Months Ended September 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||
2013 | 2012 | Amount | % | 2014 | 2013 | Amount | % | |||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||
Service fees on deposit accounts | $ | 3,321 | $ | 3,121 | $ | 200 | 6.4 | % | $ | 3,472 | $ | 2,875 | $ | 597 | 20.8 | % | ||||||||||||
International service fees | 1,196 | 1,183 | 13 | 1.1 | % | 1,004 | 1,238 | (234 | ) | (18.9 | )% | |||||||||||||||||
Loan servicing fees, net | 1,004 | 1,031 | (27 | ) | (2.6 | )% | 965 | 969 | (4 | ) | (0.4 | )% | ||||||||||||||||
Wire transfer fees | 916 | 833 | 83 | 10.0 | % | 905 | 816 | 89 | 10.9 | % | ||||||||||||||||||
Other income and fees | 1,583 | 1,364 | 219 | 16.1 | % | 1,621 | 1,249 | 372 | 29.8 | % | ||||||||||||||||||
Net gains on sales of SBA loans | 2,827 | — | 2,827 | 100.0 | % | 2,722 | 2,694 | 28 | 1.0 | % | ||||||||||||||||||
Net losses on sales of other loans | — | — | — | — | % | — | 43 | (43 | ) | (100.0 | )% | |||||||||||||||||
Net gains on sales of securities available for sale | — | 133 | (133 | ) | (100.0 | )% | — | 54 | (54 | ) | (100.0 | )% | ||||||||||||||||
Net valuation gains on interest rate contracts | — | 11 | (11 | ) | (100.0 | )% | ||||||||||||||||||||||
Net losses on sales of OREO | (48 | ) | (12 | ) | (36 | ) | 300.0 | % | ||||||||||||||||||||
Net gains on sales of OREO | 406 | 2 | 404 | 20,200.0 | % | |||||||||||||||||||||||
Total noninterest income | $ | 10,799 | $ | 7,664 | $ | 3,135 | 40.9 | % | $ | 11,095 | $ | 9,940 | $ | 1,155 | 11.6 | % | ||||||||||||
Nine Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||
2013 | 2012 | Amount | Percent (%) | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Service fees on deposit accounts | $ | 9,118 | $ | 9,550 | $ | (432 | ) | (4.5 | %) | |||||||||||||||||||
International service fees | 3,700 | 3,810 | (110 | ) | (2.9 | %) | ||||||||||||||||||||||
Loan servicing fees, net | 3,009 | 3,178 | (169 | ) | (5.3 | %) | ||||||||||||||||||||||
Wire transfer fees | 2,619 | 2,349 | 270 | 11.5 | % | |||||||||||||||||||||||
Other income and fees | 4,036 | 4,058 | (22 | ) | (0.5 | %) | ||||||||||||||||||||||
Net gains on sales of SBA loans | 8,816 | 5,426 | 3,390 | 62.5 | % | |||||||||||||||||||||||
Net gains on sales of other loans | 62 | 146 | (84 | ) | 57.5 | % | ||||||||||||||||||||||
Net gains on sales of securities available for sale | 54 | 949 | (895 | ) | (94.3 | %) | ||||||||||||||||||||||
Net valuation gains on interest rate contracts | — | 24 | (24 | ) | 100.0 | % | ||||||||||||||||||||||
Net (losses) gains on sales of OREO | (57 | ) | 41 | (98 | ) | (239.0 | %) | |||||||||||||||||||||
Total noninterest income | $ | 31,357 | $ | 29,531 | $ | 1,826 | 6.2 | % |
Three Months Ended September 30, | Increase (Decrease) | Three Months Ended March 31, | Increase (Decrease) | |||||||||||||||||||||||||
2013 | 2012 | Amount | % | 2014 | 2013 | Amount | % | |||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||
Salaries and employee benefits | $ | 16,535 | $ | 13,611 | $ | 2,924 | 21.5 | % | $ | 18,938 | $ | 16,332 | $ | 2,606 | 16.0 | % | ||||||||||||
Occupancy | 4,360 | 3,910 | 450 | 11.5 | % | 4,623 | 4,011 | 612 | 15.3 | % | ||||||||||||||||||
Furniture and equipment | 1,728 | 1,495 | 233 | 15.6 | % | 2,014 | 1,573 | 441 | 28.0 | % | ||||||||||||||||||
Advertising and marketing | 1,393 | 1,159 | 234 | 20.2 | % | 1,088 | 1,273 | (185 | ) | (14.5 | )% | |||||||||||||||||
Data processing and communications | 1,983 | 1,659 | 324 | 19.5 | % | 2,122 | 1,644 | 478 | 29.1 | % | ||||||||||||||||||
Professional fees | 1,440 | 876 | 564 | 64.4 | % | 1,313 | 1,301 | 12 | 0.9 | % | ||||||||||||||||||
FDIC assessment | 818 | 644 | 174 | 27.0 | % | 1,023 | 694 | 329 | 47.4 | % | ||||||||||||||||||
Credit related expenses | 2,646 | 2,613 | 33 | 1.3 | % | 1,421 | 1,715 | (294 | ) | (17.1 | )% | |||||||||||||||||
Merger and integration expenses | 931 | 183 | 748 | 408.7 | % | 173 | 1,305 | (1,132 | ) | (86.7 | )% | |||||||||||||||||
Other | 3,912 | 2,620 | 1,292 | 49.3 | % | 3,560 | 3,427 | 133 | 3.9 | % | ||||||||||||||||||
Total noninterest expense | $ | 35,746 | $ | 28,770 | $ | 6,976 | 24.2 | % | $ | 36,275 | $ | 33,275 | $ | 3,000 | 9.0 | % | ||||||||||||
Nine Months Ended September 30, | Increase (Decrease) | |||||||||||||||||||||||||||
2013 | 2012 | Amount | Percent (%) | |||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 49,086 | $ | 42,348 | $ | 6,738 | 15.9 | % | ||||||||||||||||||||
Occupancy | 13,206 | 11,788 | 1,418 | 12.0 | % | |||||||||||||||||||||||
Furniture and equipment | 4,914 | 4,181 | 733 | 17.5 | % | |||||||||||||||||||||||
Advertising and marketing | 3,856 | 4,142 | (286 | ) | (6.9 | )% | ||||||||||||||||||||||
Data processing and communications | 5,488 | 4,843 | 645 | 13.3 | % | |||||||||||||||||||||||
Professional fees | 4,184 | 2,558 | 1,626 | 63.6 | % | |||||||||||||||||||||||
FDIC assessment | 2,370 | 1,732 | 638 | 36.8 | % | |||||||||||||||||||||||
Credit related expenses | 6,564 | 6,967 | (403 | ) | (5.8 | )% | ||||||||||||||||||||||
Merger and integration expenses | 2,621 | 3,304 | (683 | ) | (20.7 | )% | ||||||||||||||||||||||
Other | 11,161 | 8,419 | 2,742 | 32.6 | % | |||||||||||||||||||||||
Total noninterest expense | $ | 103,450 | $ | 90,282 | $ | 13,168 | 14.6 | % |
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||
Loan portfolio composition | ||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||
Residential | $ | 10,294 | 0 | % | $ | 9,247 | 0 | % | $ | 11,035 | 1 | % | $ | 10,039 | 1 | % | ||||||||||
Commercial & industrial | 3,652,815 | 75 | % | 3,100,466 | 72 | % | 3,947,925 | 76 | % | 3,821,163 | 75 | % | ||||||||||||||
Construction | 73,116 | 1 | % | 65,045 | 2 | % | 76,038 | 1 | % | 72,856 | 1 | % | ||||||||||||||
Total real estate loans | 3,736,225 | 76 | % | 3,174,758 | 73 | % | 4,034,998 | 78 | % | 3,904,058 | 77 | % | ||||||||||||||
Commercial business | 932,955 | 19 | % | 921,556 | 21 | % | 923,026 | 18 | % | 949,093 | 19 | % | ||||||||||||||
Trade finance | 135,889 | 3 | % | 152,070 | 4 | % | 135,638 | 3 | % | 124,685 | 2 | % | ||||||||||||||
Consumer and other | 95,693 | 2 | % | 49,954 | 1 | % | 98,895 | 2 | % | 98,507 | 2 | % | ||||||||||||||
Total loans outstanding | 4,900,762 | 100 | % | 4,298,338 | 100 | % | 5,192,557 | 100 | % | 5,076,343 | 100 | % | ||||||||||||||
Less: deferred loan fees | (1,823 | ) | (2,086 | ) | (1,763 | ) | (2,167 | ) | ||||||||||||||||||
Gross loans receivable | 4,898,939 | 4,296,252 | ||||||||||||||||||||||||
Loans receivable | 5,190,794 | 5,074,176 | ||||||||||||||||||||||||
Less: allowance for loan losses | (65,715 | ) | (66,941 | ) | (65,699 | ) | (67,320 | ) | ||||||||||||||||||
Loans receivable, net | $ | 4,833,224 | $ | 4,229,311 | ||||||||||||||||||||||
Loans receivable, net of allowance for loan losses | $ | 5,125,095 | $ | 5,006,856 |
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||
Loan commitments | $ | 669,248 | $ | 690,917 | $ | 661,178 | $ | 668,306 | ||||||
Standby letters of credit | 36,744 | 39,176 | 45,114 | 44,190 | ||||||||||
Other commercial letters of credit | 55,055 | 51,257 | 53,739 | 56,380 | ||||||||||
$ | 761,047 | $ | 781,350 | $ | 760,031 | $ | 768,876 |
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||
Nonaccrual loans (1) | $ | 36,129 | $ | 29,653 | $ | 47,314 | $ | 39,154 | ||||||
Loans 90 days or more days past due on accrual status | 39,560 | 17,742 | — | 5 | ||||||||||
Accruing restructured loans | 36,018 | 29,849 | 37,527 | 33,904 | ||||||||||
Total Nonperforming Loans | 111,707 | 77,244 | ||||||||||||
Total nonperforming loans | 84,841 | 73,063 | ||||||||||||
OREO | 27,582 | 2,698 | 20,001 | 24,288 | ||||||||||
Total Nonperforming Assets | $ | 139,289 | $ | 79,942 | ||||||||||
Nonperforming loans to total gross loans, excluding loans held for sale | 2.28 | % | 1.80 | % | ||||||||||
Nonperforming assets to gross loans plus OREO | 2.83 | % | 1.86 | % | ||||||||||
Total nonperforming assets | $ | 104,842 | $ | 97,351 | ||||||||||
Nonperforming loans to loans receivable | 1.63 | % | 1.44 | % | ||||||||||
Nonperforming assets to loans receivable and OREO | 2.01 | % | 1.91 | % | ||||||||||
Nonperforming assets to total assets | 2.20 | % | 1.42 | % | 1.57 | % | 1.50 | % | ||||||
Allowance for loan losses to nonperforming loans (excludes delinquent loans 90 days or more on accrual status) | 91.08 | % | 112.50 | % | ||||||||||
Allowance for loan losses to nonperforming loans | 77.44 | % | 92.14 | % | ||||||||||
Allowance for loan losses to nonperforming assets | 47.18 | % | 83.74 | % | 62.66 | % | 69.15 | % |
(1) | Nonaccrual loans exclude the guaranteed portion of delinquent SBA loans that are in liquidation totaling |
Allocation of Allowance for Loan Losses | Allocation of Allowance for Loan Losses | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amount of Allowance for Loan Losses | Percent of ALLL to Total ALLL | Amount of Allowance for Loan Losses | Percent of ALLL to Total ALLL | Amount of Allowance for Loan Losses | Percent of ALLL to Total ALLL | Amount of Allowance for Loan Losses | Percent of ALLL to Total ALLL | |||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||
Loan Type | ||||||||||||||||||||||||||
Real estate - Residential | $ | 68 | 0.10 | % | $ | 74 | 0.11 | % | ||||||||||||||||||
Real estate - Commercial | 46,293 | 70.45 | % | 45,162 | 67.47 | % | ||||||||||||||||||||
Real estate - Construction | 840 | 1.28 | % | 986 | 1.47 | % | ||||||||||||||||||||
Real estate - residential | $ | 25 | 0.04 | % | $ | 25 | 0.04 | % | ||||||||||||||||||
Real estate - commercial | 44,833 | 68.24 | % | 45,897 | 68.18 | % | ||||||||||||||||||||
Real estate - construction | 566 | 0.86 | % | 628 | 0.93 | % | ||||||||||||||||||||
Commercial business | 15,300 | 23.28 | % | 17,606 | 26.30 | % | 16,801 | 25.57 | % | 17,592 | 26.13 | % | ||||||||||||||
Trade finance | 2,513 | 3.82 | % | 2,352 | 3.51 | % | 2,944 | 4.48 | % | 2,653 | 3.94 | % | ||||||||||||||
Consumer and other | 701 | 1.07 | % | 761 | 1.14 | % | 530 | 0.81 | % | 525 | 0.78 | % | ||||||||||||||
Total | $ | 65,715 | 100 | % | $ | 66,941 | 100 | % | $ | 65,699 | 100 | % | $ | 67,320 | 100 | % |
Acquired Loans(2) | Acquired Loans(2) | |||||||||||||||||||||||||||||||
Three Months Ended September, 2013 | Legacy Loans(1) | ACILs | APLs | Total | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Legacy Loans(1) | ACILs | APLs | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 61,315 | $ | 4,535 | $ | 5,825 | $ | 71,675 | $ | 59,978 | $ | 4,778 | $ | 2,564 | $ | 67,320 | ||||||||||||||||
Provision for loan losses | (1,310 | ) | — | 2,054 | 744 | 1,488 | 782 | 756 | 3,026 | |||||||||||||||||||||||
Loan charge offs | (1,302 | ) | (557 | ) | (5,931 | ) | (7,790 | ) | (3,870 | ) | — | (1,393 | ) | (5,263 | ) | |||||||||||||||||
Recoveries of loan charge offs | 1,070 | — | 16 | 1,086 | 609 | — | 7 | 616 | ||||||||||||||||||||||||
Balance, end of period | $ | 59,773 | $ | 3,978 | $ | 1,964 | $ | 65,715 | $ | 58,205 | $ | 5,560 | $ | 1,934 | $ | 65,699 | ||||||||||||||||
Gross loans, net of deferred loan fees and costs | $ | 3,857,469 | 227,412 | 815,881 | $ | 4,900,762 | ||||||||||||||||||||||||||
Total loans outstanding | $ | 4,284,773 | 216,861 | 690,923 | $ | 5,192,557 | ||||||||||||||||||||||||||
Loss coverage ratio | 1.55 | % | 1.75 | % | 0.24 | % | 1.34 | % | 1.36 | % | 2.56 | % | 0.28 | % | 1.27 | % | ||||||||||||||||
Acquired Loans (2) | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Legacy Loans (1) | ACILs | APLs | Total | ||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 61,002 | $ | 4,535 | $ | 1,404 | $ | 66,941 | ||||||||||||||||||||||||
Provision for loan losses | 1,647 | — | 7,403 | 9,050 | ||||||||||||||||||||||||||||
Loans charged off | (4,614 | ) | (557 | ) | (6,948 | ) | (12,119 | ) | ||||||||||||||||||||||||
Recoveries of charged offs | 1,738 | — | 105 | 1,843 | ||||||||||||||||||||||||||||
Balance, end of period | $ | 59,773 | $ | 3,978 | $ | 1,964 | $ | 65,715 | ||||||||||||||||||||||||
(1) Legacy Loans includes acquired loans that have been renewed or refinanced after the merger. | ||||||||||||||||||||||||||||||||
(2) Acquired loans were marked to fair value at the acquisition date and provisions for loan losses reflect credit deterioration since the acquisition date. | ||||||||||||||||||||||||||||||||
(1) Legacy Loans includes Acquired Loans that have been renewed or refinanced subsequent to the acquisition date. | (1) Legacy Loans includes Acquired Loans that have been renewed or refinanced subsequent to the acquisition date. | |||||||||||||||||||||||||||||||
(2) Acquired Loans were marked to fair value at the acquisition date and provisions for loan losses reflect credit deterioration subsequent to the acquisition date. | (2) Acquired Loans were marked to fair value at the acquisition date and provisions for loan losses reflect credit deterioration subsequent to the acquisition date. |
At or for the Nine Months Ended September 30, | At or for the Three Months Ended March 31, | |||||||||||||
2013 | 2012 | 2013 | 2013 | |||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||
LOANS | ||||||||||||||
Average gross loans receivable, including loans held for sale (net of deferred fees) | $ | 4,588,464 | $ | 3,878,080 | ||||||||||
Total gross loans receivables, excluding loans held for sale (net of deferred fees) | $ | 4,898,939 | $ | 4,069,494 | ||||||||||
Average loans receivable, including loans held for sale | $ | 4,588,464 | $ | 4,444,320 | ||||||||||
Loans receivable | $ | 5,190,794 | $ | 4,500,046 | ||||||||||
ALLOWANCE: | ||||||||||||||
Balance, beginning of period | $ | 66,941 | $ | 65,505 | $ | 67,320 | $ | 66,941 | ||||||
Less: Loan charge offs: | ||||||||||||||
Less loan charge offs: | ||||||||||||||
Commercial & industrial real estate | (8,052 | ) | (2,074 | ) | (182 | ) | (1,056 | ) | ||||||
Commercial business loans | (3,991 | ) | (5,692 | ) | (4,945 | ) | (307 | ) | ||||||
Trade finance | (26 | ) | — | (57 | ) | (26 | ) | |||||||
Consumer and other loans | (50 | ) | (3 | ) | (79 | ) | (40 | ) | ||||||
Total loan charge offs | (12,119 | ) | (7,769 | ) | (5,263 | ) | (1,429 | ) | ||||||
Plus: Loan recoveries | ||||||||||||||
Plus loan recoveries: | ||||||||||||||
Commercial & industrial real estate | 165 | 973 | 19 | 42 | ||||||||||
Commercial business loans | 1,564 | 290 | 596 | 183 | ||||||||||
Trade Finance | — | — | — | — | ||||||||||
Consumer and other loans | 114 | 53 | 1 | 25 | ||||||||||
Total loans recoveries | 1,843 | 1,316 | 616 | 250 | ||||||||||
Net loan charge offs | (10,276 | ) | (6,453 | ) | (4,647 | ) | (1,179 | ) | ||||||
Provision for loan losses | 9,050 | 6,900 | 3,026 | 7,506 | ||||||||||
Balance, end of period | $ | 65,715 | $ | 65,952 | $ | 65,699 | $ | 73,268 | ||||||
Net loan charge offs to average gross loans, including loans held for sale (net of deferred fees) * | 0.30 | % | 0.22 | % | ||||||||||
Allowance for loan losses to gross loans at end of period | 1.34 | % | 1.62 | % | ||||||||||
Net loan charge offs to average loans receivable, including loans held for sale* | 0.41 | % | 0.11 | % | ||||||||||
Allowance for loan losses to loans receivable at end of period | 1.27 | % | 1.63 | % | ||||||||||
Net loan charge offs to beginning allowance * | 20.47 | % | 13.13 | % | 27.61 | % | 7.05 | % | ||||||
Net loan charge offs to provision for loan losses | 113.55 | % | 93.52 | % | 153.57 | % | 15.71 | % | ||||||
* Annualized |
Balance | % | Balance | % | |||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||
Three months or less | 722,960 | 35.75 | % | 707,457 | 30.90 | % | ||||
Over three months through six months | 368,962 | 18.25 | % | 426,716 | 18.64 | % | ||||
Over six months through nine months | 314,340 | 15.54 | % | 504,629 | 22.04 | % | ||||
Over nine months through twelve months | 335,169 | 16.57 | % | 420,674 | 18.37 | % | ||||
Over twelve months | 280,717 | 13.88 | % | 230,222 | 10.05 | % | ||||
Total time deposits | 2,022,148 | 100.00 | % | 2,289,698 | 100.00 | % |
As of September 30, 2013 (Dollars in thousands) | As of March 31, 2014 (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Actual | To Be Well-Capitalized | Excess | Actual | To Be Well-Capitalized | Excess | |||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
BBCN Bancorp, Inc | ||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 793,569 | 14.89 | % | N/A | N/A | $ | 830,822 | 14.89 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | $ | 727,053 | 13.64 | % | N/A | N/A | $ | 764,197 | 13.70 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 capital to total assets | $ | 727,053 | 12.06 | % | N/A | N/A | $ | 764,197 | 11.88 | % | N/A | N/A | ||||||||||||||||||||||||||||
BBCN Bank | ||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 784,601 | 14.73 | % | $ | 532,686 | 10.00 | % | $ | 251,915 | 4.73 | % | $ | 815,512 | 14.63 | % | $ | 557,528 | 10.00 | % | $ | 257,984 | 4.63 | % | ||||||||||||||||
Tier 1 risk-based capital ratio | $ | 718,084 | 13.48 | % | $ | 319,612 | 6.00 | % | $ | 398,472 | 7.48 | % | $ | 748,887 | 13.43 | % | $ | 334,517 | 6.00 | % | $ | 414,370 | 7.43 | % | ||||||||||||||||
Tier I capital to total assets | $ | 718,084 | 11.90 | % | $ | 301,740 | 5.00 | % | $ | 416,344 | 6.90 | % | $ | 748,887 | 11.66 | % | $ | 321,168 | 5.00 | % | $ | 427,719 | 6.66 | % | ||||||||||||||||
As of December 31, 2012 (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Actual | To Be Well-Capitalized | Excess | As of December 31, 2013 (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Actual | To Be Well-Capitalized | Excess | ||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||
BBCN Bancorp, Inc | ||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 746,396 | 16.16 | % | N/A | N/A | $ | 819,408 | 14.90 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 risk-based capital ratio | $ | 688,422 | 14.91 | % | N/A | N/A | $ | 751,204 | 13.66 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 capital to total assets | $ | 688,422 | 12.76 | % | N/A | N/A | $ | 751,204 | 11.97 | % | N/A | N/A | ||||||||||||||||||||||||||||
BBCN Bank | ||||||||||||||||||||||||||||||||||||||||
Total risk-based capital ratio | $ | 725,655 | 15.73 | % | $ | 461,417 | 10.00 | % | $ | 264,238 | 5.73 | % | $ | 807,620 | 14.70 | % | $ | 549,471 | 10.00 | % | $ | 258,149 | 4.70 | % | ||||||||||||||||
Tier 1 risk-based capital ratio | $ | 667,725 | 14.47 | % | $ | 276,850 | 6.00 | % | $ | 390,875 | 8.47 | % | $ | 739,416 | 13.46 | % | $ | 329,683 | 6.00 | % | $ | 409,733 | 7.46 | % | ||||||||||||||||
Tier I capital to total assets | $ | 667,725 | 12.38 | % | $ | 269,767 | 5.00 | % | $ | 397,958 | 7.38 | % | $ | 739,416 | 11.79 | % | $ | 313,687 | 5.00 | % | $ | 425,729 | 6.79 | % |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
September 30, 2013 | December 31, 2012 | March 31, 2014 | December 31, 2013 | |||||||||||||||||||
Simulated | Estimated Net Interest Income Sensitivity | Market Value Of Equity Volatility | Estimated Net Interest Income Sensitivity | Market Value Of Equity Volatility | Estimated Net Interest Income Sensitivity | Market Value Of Equity Volatility | Estimated Net Interest Income Sensitivity | Market Value Of Equity Volatility | ||||||||||||||
Rate Changes | ||||||||||||||||||||||
+ 200 basis points | 7.13 | % | (2.90 | )% | 5.31 | % | (2.24 | )% | 7.20 | % | (3.91 | )% | 6.95 | % | (3.89 | )% | ||||||
+ 100 basis points | 3.17 | % | (1.05 | )% | 2.51 | % | 1.01 | % | 3.20 | % | (1.70 | )% | 3.04 | % | (1.62 | )% | ||||||
- 100 basis points | (1.28 | )% | 0.63 | % | (3.78 | )% | 3.06 | % | (1.96 | )% | 1.08 | % | (1.31 | )% | 1.24 | % | ||||||
- 200 basis points | (1.87 | )% | 0.50 | % | (4.52 | )% | 4.68 | % | (2.27 | )% | 0.84 | % | (1.99 | )% | 1.20 | % |
Item 4. | Controls and Procedures |
Item 1. | Legal Proceedings |
Item 1A. | Risk Factors |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. | Defaults Upon Senior Securities |
Item 4. | Mine Safety Disclosures |
Item 5. | Other Information |
Item 6. | Exhibits |
BBCN BANCORP, INC. | |||
Date: | /s/ Kevin S. Kim | ||
Kevin S. Kim | |||
Chairman, President and Chief Executive Officer | |||
Date: | |||
/s/ Douglas J. Goddard | |||
Douglas J. Goddard | |||
Executive Vice President and Chief Financial Officer |
Exhibit Number | Description | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002* | |
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Public Company Accounting Reform and Investor Protection Act of 2002* | |
32.2 | Certification of Chief Financial Officer pursuant to section 906 of the Public Company Accounting Reform and Investor Protection 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 Label Linkbase Document** | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document** |
* | Filed herewith |
** | Furnished herewith |