Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Registrant Name | 'UMPQUA HOLDINGS CORP | ' | ' |
Entity Central Index Key | '0001077771 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 112,185,772 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,663,285,508 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $178,685 | $223,532 |
Interest bearing deposits | 611,224 | 315,053 |
Temporary investments | 514 | 5,202 |
Total cash and cash equivalents | 790,423 | 543,787 |
Investment securities | ' | ' |
Trading, at fair value | 5,958 | 3,747 |
Available for sale, at fair value | 1,790,978 | 2,625,229 |
Held to maturity, at amortized cost | 5,563 | 4,541 |
Loans held for sale, at fair value | 104,664 | 320,132 |
Non-covered loans and leases | 7,354,403 | 6,681,080 |
Allowance for non-covered loan and lease losses | -85,314 | -85,391 |
Net non-covered loans and leases | 7,269,089 | 6,595,689 |
Covered loans, net of allowance of $9,771 and $18,275 | 363,992 | 477,078 |
Restricted equity securities | 30,685 | 33,443 |
Premises and equipment, net | 177,680 | 162,667 |
Goodwill and other intangible assets, net | 776,683 | 685,331 |
Mortgage servicing rights, at fair value | 47,765 | 27,428 |
Non-covered other real estate owned | 21,833 | 17,138 |
Covered other real estate owned | 2,102 | 10,374 |
FDIC indemnification asset | 23,174 | 52,798 |
Bank owned life insurance | 96,938 | 93,831 |
Deferred tax asset, net | 16,627 | 3,528 |
Other assets | 111,958 | 138,702 |
Total assets | 11,636,112 | 11,795,443 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Noninterest bearing | 2,436,477 | 2,278,914 |
Interest bearing | 6,681,183 | 7,100,361 |
Total deposits | 9,117,660 | 9,379,275 |
Securities sold under agreements to repurchase | 224,882 | 137,075 |
Term debt | 251,494 | 253,605 |
Junior subordinated debentures, at fair value | 87,274 | 85,081 |
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 |
Other liabilities | 125,477 | 105,383 |
Total liabilities | 9,908,686 | 10,071,404 |
COMMITMENTS AND CONTINGENCIES (NOTE 20) | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, no par value, 200,000,000 shares authorized; issued and outstanding: 111,973,203 in 2013 and 111,889,959 in 2012 | 1,514,485 | 1,512,400 |
Retained earnings | 217,917 | 187,293 |
Accumulated other comprehensive (loss) income | -4,976 | 24,346 |
Total shareholders' equity | 1,727,426 | 1,724,039 |
Total liabilities and shareholders' equity | $11,636,112 | $11,795,443 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for covered loans | $9,771 | $18,275 |
Common stock, par value (in usd per share) | $0 | $0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 111,973,203 | 111,889,959 |
Common stock, shares, outstanding | 111,973,203 | 111,889,959 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
INTEREST INCOME | ' | ' | ' | |||
Interest and fees on non-covered loans | $343,717 | $313,294 | $319,702 | |||
Interest and fees on covered loans | 54,497 | 73,518 | 86,011 | |||
Interest and dividends on investment securities: | ' | ' | ' | |||
Taxable | 34,146 | 59,078 | 85,785 | |||
Exempt from federal income tax | 8,898 | 9,184 | 8,653 | |||
Dividends | 252 | 83 | 12 | |||
Interest on temporary investments and interest bearing deposits | 1,336 | 928 | 1,590 | |||
Total interest income | 442,846 | 456,085 | 501,753 | |||
INTEREST EXPENSE | ' | ' | ' | |||
Interest on deposits | 20,755 | 31,133 | 55,743 | |||
Interest on securities sold under agreement to repurchase and federal funds purchased | 141 | 288 | 539 | |||
Interest on term debt | 9,248 | 9,279 | 9,255 | |||
Interest on junior subordinated debentures | 7,737 | 8,149 | 7,764 | |||
Total interest expense | 37,881 | 48,849 | 73,301 | |||
Net interest income | 404,965 | 407,236 | 428,452 | |||
PROVISION FOR NON-COVERED LOAN AND LEASE LOSSES | 16,829 | 21,796 | 46,220 | |||
(RECAPTURE OF) PROVISION FOR COVERED LOAN LOSSES | -6,113 | 7,405 | 16,141 | |||
Net interest income after provision for loan and lease losses | 394,249 | 378,035 | 366,091 | |||
NON-INTEREST INCOME | ' | ' | ' | |||
Service charges on deposit accounts | 30,952 | 28,299 | 33,096 | |||
Brokerage commissions and fees | 14,736 | 12,967 | 12,787 | |||
Mortgage banking revenue, net | 78,885 | 84,216 | 26,550 | |||
Gain on investment securities, net | 209 | 3,868 | 7,376 | |||
Loss on junior subordinated debentures carried at fair value | -2,197 | -2,203 | -2,197 | |||
Change in FDIC indemnification asset | -25,549 | -15,234 | -6,168 | |||
Other income | 24,405 | 24,916 | 12,674 | |||
Total non-interest income | 121,441 | 136,829 | 84,118 | |||
NON-INTEREST EXPENSE | ' | ' | ' | |||
Salaries and employee benefits | 209,991 | 200,946 | 179,480 | |||
Net occupancy and equipment | 62,067 | 55,081 | 51,284 | |||
Communications | 11,974 | 11,573 | 11,214 | |||
Marketing | 6,062 | 5,064 | 6,138 | |||
Services | 25,483 | 25,823 | 24,170 | |||
Supplies | 2,843 | 2,506 | 2,824 | |||
FDIC assessments | 6,954 | 7,308 | 10,768 | |||
Net loss on non-covered other real estate owned | 1,113 | 9,245 | 10,690 | |||
Net loss on covered other real estate owned | 135 | 3,410 | 7,481 | |||
Intangible amortization | 4,781 | 4,816 | 4,948 | |||
Merger related expenses | 8,836 | 2,338 | 360 | |||
Other expenses | 24,422 | 31,542 | 29,614 | |||
Total non-interest expense | 364,661 | 359,652 | 338,971 | |||
Income before income taxes | 151,029 | 155,212 | 111,238 | |||
Provision for income taxes | 52,668 | 53,321 | 36,742 | |||
Net income | 98,361 | 101,891 | 74,496 | |||
Dividends and undistributed earnings allocated to participating securities | 788 | [1] | 682 | [1] | 356 | [1] |
Net earnings available to common shareholders | $97,573 | $101,209 | $74,140 | |||
Earnings per common share: | ' | ' | ' | |||
Basic earnings per common share | $0.87 | $0.90 | $0.65 | |||
Diluted earnings per common share | $0.87 | $0.90 | $0.65 | |||
Weighted average number of common shares outstanding: | ' | ' | ' | |||
Basic (in shares) | 111,938 | 111,935 | 114,220 | |||
Diluted (in shares) | 112,176 | 112,151 | 114,409 | |||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $98,361 | $101,891 | $74,496 |
Available for sale securities: | ' | ' | ' |
Unrealized (losses) gains arising during the period | -48,755 | -12,004 | 22,101 |
Reclassification adjustment for net gains realized in earnings (net of tax expense $84, $1,609, and $3,094 in 2013, 2012, and 2011, respectively) | -125 | -2,414 | -4,641 |
Income tax benefit (expense) related to unrealized (losses) gains | 19,502 | 4,802 | -8,840 |
Net change in unrealized (losses) gains | -29,378 | -9,616 | 8,620 |
Held to maturity securities: | ' | ' | ' |
Unrealized losses related to factors other than credit (net of tax benefit of $34 in 2011) | 0 | 0 | -52 |
Reclassification adjustment for impairments realized in net income (net of tax benefit of $42 and $108 in 2012 and 2011, respectively) | 0 | 62 | 161 |
Accretion of unrealized losses related to factors other than credit to investment securities held to maturity (net of tax benefit of $37, $84, and $66 in 2013, 2012, and 2011, respectively) | 56 | 126 | 100 |
Net change in unrealized losses related to factors other than credit | 56 | 188 | 209 |
Other comprehensive (loss) income, net of tax | -29,322 | -9,428 | 8,829 |
Comprehensive income | $69,039 | $92,463 | $83,325 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Reclassification adjustment for net gains | $84 | $1,609 | $3,094 |
Unrealized losses related to factors other than credit, tax benefit | 0 | 0 | 34 |
Reclassification adjustment for impairments realized in net income, tax benefit | 0 | 42 | 108 |
Accretion of unrealized losses related to factors other than credit to investment securities held to maturity , tax benefit | $37 | $84 | $66 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
BALANCE, VALUE at Dec. 31, 2010 | $1,642,574 | $1,540,928 | $76,701 | $24,945 |
BALANCE, SHARES at Dec. 31, 2010 | ' | 114,536,814 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 74,496 | ' | 74,496 | ' |
Other comprehensive income, net of tax | 8,829 | ' | ' | 8,829 |
Comprehensive income | 83,325 | ' | ' | ' |
Stock-based compensation | 3,785 | 3,785 | ' | ' |
Stock repurchased and retired, shares | ' | -2,557,056 | ' | ' |
Stock repurchased and retired, value | -29,754 | -29,754 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, shares | ' | 185,133 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, value | -46 | -46 | ' | ' |
Cash dividends on common stock | -27,471 | ' | -27,471 | ' |
BALANCE, VALUE at Dec. 31, 2011 | 1,672,413 | 1,514,913 | 123,726 | 33,774 |
BALANCE, SHARES at Dec. 31, 2011 | ' | 112,164,891 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 101,891 | ' | 101,891 | ' |
Other comprehensive income, net of tax | -9,428 | ' | ' | -9,428 |
Comprehensive income | 92,463 | ' | ' | ' |
Stock-based compensation | 4,041 | 4,041 | ' | ' |
Stock repurchased and retired, shares | ' | -596,000 | ' | ' |
Stock repurchased and retired, value | -7,436 | -7,436 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, shares | ' | 321,068 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, value | 882 | 882 | ' | ' |
Cash dividends on common stock | -38,324 | ' | -38,324 | ' |
BALANCE, VALUE at Dec. 31, 2012 | 1,724,039 | 1,512,400 | 187,293 | 24,346 |
BALANCE, SHARES at Dec. 31, 2012 | 111,889,959 | 111,889,959 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 98,361 | ' | 98,361 | ' |
Other comprehensive income, net of tax | -29,322 | ' | ' | -29,322 |
Comprehensive income | 69,039 | ' | ' | ' |
Stock-based compensation | 5,017 | 5,017 | ' | ' |
Stock repurchased and retired, shares | ' | -584,677 | ' | ' |
Stock repurchased and retired, value | -9,360 | -9,360 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, shares | ' | 667,921 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, value | 6,428 | 6,428 | ' | ' |
Cash dividends on common stock | -67,737 | ' | -67,737 | ' |
BALANCE, VALUE at Dec. 31, 2013 | $1,727,426 | $1,514,485 | $217,917 | ($4,976) |
BALANCE, SHARES at Dec. 31, 2013 | 111,973,203 | 111,973,203 | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash dividends on common stock (in usd per share) | $0.60 | $0.34 | $0.24 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $98,361 | $101,891 | $74,496 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Deferred income tax expense | 7,748 | 6,421 | 2,000 |
Amortization of investment premiums, net | 32,663 | 45,082 | 36,086 |
Gain on sale of investment securities, net | -209 | -4,023 | -7,735 |
Other-than-temporary impairment on investment securities held to maturity | 0 | 155 | 359 |
(Gain) loss on sale of non-covered other real estate owned | -335 | 2,349 | 1,743 |
Gain on sale of covered other real estate owned | -577 | -1,236 | -1,228 |
Valuation adjustment on non-covered other real estate owned | 1,448 | 6,896 | 8,947 |
Valuation adjustment on covered other real estate owned | 712 | 4,646 | 8,709 |
Provision for non-covered loan and lease losses | 16,829 | 21,796 | 46,220 |
(Recapture of) provision for covered loan losses | -6,113 | 7,405 | 16,141 |
Proceeds from bank owned life insurance | 1,173 | 1,870 | 818 |
Change in cash surrender value of bank owned life insurance | -4,280 | -3,145 | -3,212 |
Change in FDIC indemnification asset | 25,549 | 15,234 | 6,168 |
Depreciation, amortization and accretion | 18,267 | 16,040 | 13,151 |
Increase in mortgage servicing rights | -17,963 | -17,710 | -6,720 |
Change in mortgage servicing rights carried at fair value | -2,374 | 8,466 | 2,990 |
Change in junior subordinated debentures carried at fair value | 2,193 | 2,175 | 2,217 |
Stock-based compensation | 5,017 | 4,041 | 3,785 |
Net (increase) decrease in trading account assets | -2,211 | -1,438 | 715 |
Gain on sale of loans | -65,644 | -91,945 | -26,838 |
Change in loans held for sale carried at fair value | 14,503 | -13,965 | -3,435 |
Origination of loans held for sale | -1,649,911 | -2,022,195 | -821,744 |
Proceeds from sales of loans held for sale | 1,913,776 | 1,910,071 | 828,952 |
Excess tax benefits from the exercise of stock options | -65 | -52 | -6 |
Change in other assets and liabilities: | ' | ' | ' |
Net decrease (increase) in other assets | 32,129 | 5,401 | -15,404 |
Net (decrease) increase in other liabilities | -7,589 | 22,255 | 15,177 |
Net cash provided by operating activities | 413,097 | 26,485 | 182,352 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchases of investment securities available for sale | -51,191 | -994,574 | -1,190,686 |
Payments to Acquire Held-to-maturity Securities | -2,126 | -931 | -1,573 |
Proceeds from investment securities available for sale | 803,866 | 1,481,600 | 927,276 |
Proceeds from investment securities held to maturity | 1,353 | 1,304 | 1,637 |
Redemption of restricted equity securities | 2,758 | 1,629 | 1,894 |
Net non-covered loan and lease originations | -484,933 | -587,396 | -327,032 |
Net covered loan and lease paydowns | 101,861 | 114,815 | 119,772 |
Proceeds from sales of non-covered loans | 60,298 | 14,242 | 11,185 |
Proceeds from insurance settlement on loss of property | 575 | 1,425 | 0 |
Proceeds from fee on termination of merger transaction | 0 | 1,600 | 0 |
Proceeds from disposals of furniture and equipment | 410 | 2,029 | 921 |
Purchases of premises and equipment | -33,995 | -22,817 | -33,974 |
Net proceeds from FDIC indemnification asset | 5,332 | 29,478 | 54,881 |
Proceeds from sales of non-covered other real estate owned | 15,830 | 27,093 | 35,340 |
Proceeds from sales of covered other real estate owned | 10,692 | 12,694 | 17,615 |
Payments to Acquire Businesses, Net of Cash Acquired | -149,658 | 39,328 | 0 |
Net cash used by investing activities | 281,072 | 121,519 | -382,744 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Net decrease in deposit liabilities | -261,184 | -107,445 | -196,063 |
Net increase in securities sold under agreements to repurchase | 87,807 | 12,470 | 50,846 |
Repayment of term debt | -211,727 | -55,404 | -4,993 |
Repayment of junior subordinated debentures | -8,764 | 0 | 0 |
Dividends paid on common stock | -50,768 | -46,201 | -25,317 |
Excess tax benefits from stock based compensation | 65 | 52 | 6 |
Proceeds from exercise of stock options | 6,398 | 981 | 308 |
Repurchases and retirement of common stock | -9,360 | -7,436 | -29,754 |
Net cash used by financing activities | -447,533 | -202,983 | -204,967 |
Net increase (decrease) in cash and cash equivalents | 246,636 | -54,979 | -405,359 |
Cash and cash equivalents, beginning of year | 543,787 | 598,766 | 1,004,125 |
Cash and cash equivalents, end of year | 790,423 | 543,787 | 598,766 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Interest | 40,826 | 52,198 | 78,690 |
Income taxes | 41,993 | 44,350 | 47,608 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' | ' |
Change in unrealized losses on investment securities available for sale, net of taxes | -29,378 | -9,616 | 8,620 |
Change in unrealized losses on investment securities held to maturity related to factors other than credit, net of taxes | 56 | 188 | 209 |
Cash dividend declared on common stock and payable after period-end | 16,936 | 0 | 7,890 |
Transfer of non-covered loans to non-covered other real estate owned | 21,638 | 17,699 | 47,414 |
Transfer of covered loans to covered other real estate owned | 2,555 | 6,987 | 15,271 |
Transfer of covered loans to non-covered loans | 14,783 | 16,166 | 12,263 |
Transfer from FDIC indemnification asset to due from FDIC and other | 4,075 | 23,057 | 49,156 |
Receivable from sales of noncovered other real estate owned and loans | 0 | 0 | 1,100 |
Receivable from sales of covered other real estate owned | 0 | 0 | 547 |
Assets acquired | 376,071 | 317,751 | 0 |
Liabilities assumed | $219,961 | $317,751 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies | ' | ||||||||
Significant Accounting Policies | |||||||||
Nature of Operations-Umpqua Holdings Corporation (the “Company”) is a financial holding company headquartered in Portland, Oregon, that is engaged primarily in the business of commercial and retail banking and the delivery of retail brokerage services. The Company provides a wide range of banking, wealth management, mortgage and other financial services to corporate, institutional and individual customers through its wholly-owned banking subsidiary Umpqua Bank (the “Bank”). The Company engages in the retail brokerage business through its wholly-owned subsidiary Umpqua Investments, Inc. (“Umpqua Investments”). The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. The Company and its subsidiaries are subject to regulation by certain federal and state agencies and undergo periodic examination by these regulatory agencies. | |||||||||
Basis of Financial Statement Presentation-The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with prevailing practices within the banking and securities industries. In preparing such financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan and lease losses, the valuation of mortgage servicing rights, the fair value of junior subordinated debentures, the valuation of covered loans and the FDIC indemnification asset, and the valuation of goodwill and other intangible assets. | |||||||||
Consolidation-The accompanying consolidated financial statements include the accounts of the Company, the Bank and Umpqua Investments. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2013, the Company had 15 wholly-owned trusts (“Trusts”) that were formed to issue trust preferred securities and related common securities of the Trusts. The Company has not consolidated the accounts of the Trusts in its consolidated financial statements in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB”) ASC 810, Consolidation (“ASC 810”). As a result, the junior subordinated debentures issued by the Company to the Trusts are reflected on the Company’s consolidated balance sheet as junior subordinated debentures. | |||||||||
Subsequent events-The Company has evaluated events and transactions subsequent to December 31, 2013 for potential recognition or disclosure. | |||||||||
Cash and Cash Equivalents-Cash and cash equivalents include cash and due from banks, and temporary investments which are federal funds sold and interest bearing balances due from other banks. Cash and cash equivalents generally have a maturity of 90 days or less at the time of purchase. | |||||||||
Trading Account Securities-Debt and equity securities held for resale are classified as trading account securities and reported at fair value. Realized and unrealized gains or losses are recorded in non-interest income. | |||||||||
Investment Securities-Debt securities are classified as held to maturity if the Company has both the intent and ability to hold those securities to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, computed by the effective interest method over their contractual lives. | |||||||||
Securities are classified as available for sale if the Company intends and has the ability to hold those securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are carried at fair value. Unrealized holding gains or losses are included in other comprehensive income as a separate component of shareholders' equity, net of tax. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. | |||||||||
Transfers of securities from available for sale to held to maturity are accounted for at fair value as of the date of the transfer. The difference between the fair value and the par value at the date of transfer is considered a premium or discount and is accounted for accordingly. Any unrealized gain or loss at the date of the transfer is reported in OCI, and is amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount, and will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held to maturity security. | |||||||||
Loans Held for Sale-The Company has elected to account for loans held for sale, which includes mortgage loans, at fair value in accordance with FASB ASC 825 Financial Instruments. Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of related servicing asset, resulting in revaluation adjustments to the recorded fair value. The inputs used in the fair value measurements are considered Level 2 inputs. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income in accordance with the fair value option accounting requirements. Interest income on loans held for sale is included in interest income in the Consolidated Statements of Income and recognized when earned. Loans are placed on nonaccrual in a manner consistent with non-covered loans. | |||||||||
Acquired Loans and Leases-Purchased loans and leases are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan and lease losses is not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased impaired or purchased non-impaired. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. | |||||||||
Purchased impaired loans are aggregated into pools based on individually evaluated common risk characteristics and aggregate expected cash flows were estimated for each pool. A pool is accounted for as a single asset with a single interest rate, cumulative loss rate and cash flow expectation. The Company aggregated the purchased impaired loans into different pools based on common risk characteristics such as risk rating, underlying collateral, type of interest rate (fixed or adjustable), types of amortization, and other similar factors. A loan will be removed from a pool of loans only if the loan is sold, foreclosed, or assets are received in full satisfaction of the loan, and will be removed from the pool at its carrying value. If an individual loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized in income immediately as interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. If, at acquisition, the loans are collateral dependent and acquired primarily for the rewards of ownership of the underlying collateral, or if cash flows expected to be collected cannot be reasonably estimated, accrual of income is inappropriate. | |||||||||
The cash flows expected to be received over the life of the pool were estimated by management. These cash flows were input into a FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) compliant loan accounting system which calculates the carrying values of the pools and underlying loans, book yields, effective interest income and impairment, if any, based on actual and projected events. Default rates, loss severity, and prepayment speeds assumptions will be periodically reassessed and updated within the accounting system to update our expectation of future cash flows. The excess of the cash flows expected to be collected over a pool’s carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective yield method. The accretable yield may change due to changes in the timing and amounts of expected cash flows. Changes in the accretable yield are disclosed quarterly. | |||||||||
The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference. The nonaccretable difference represents our estimate of the credit losses expected to occur and was considered in determining the fair value of the loans as of the acquisition date. Subsequent to the acquisition date, any increases in expected cash flows over those expected at purchase date in excess of fair value are adjusted through an increase to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording a provision for loan losses. | |||||||||
The purchased impaired loans acquired are and will continue to be subject to the Company’s internal and external credit review and monitoring. If credit deterioration is experienced subsequent to the initial acquisition fair value amount, such deterioration will be measured, and a provision for credit losses will be charged to earnings. | |||||||||
The purchased impaired loan portfolio also includes revolving lines of credit with funded and unfunded commitments. Balances outstanding at the time of acquisition are accounted for under ASC 310-30. Any additional advances on these loans subsequent to the acquisition date are not accounted for under ASC 310-30. | |||||||||
For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the estimated life of the loans. | |||||||||
Based on the characteristics of loans acquired in a Federal Deposit Insurance Corporation (“FDIC”) assisted transaction and the impact of associated loss-sharing arrangements, the Company determined that it was appropriate to apply the expected cash flows approach described above to all loans acquired in such transactions. Loans acquired in a FDIC-assisted acquisition that are subject to a loss-share agreement are referred to as “covered loans” and reported separately in our consolidated balance sheets. Covered loans are reported exclusive of the expected cash flow reimbursements expected from the FDIC. | |||||||||
For purchased leases and equipment finance loans, the difference in the cash flows expected to be collected over the initial allocation of fair value to the acquired leases and loans is accreted into interest income over their related term based on the effective interest method. | |||||||||
Originated Loans and Leases-Loans are stated at the amount of unpaid principal, net of unearned income and any deferred fees or costs. All discounts and premiums are recognized over the estimated life of the loan as yield adjustments. Leases are recorded at the amount of minimum future lease payments receivable and estimated residual value of the leased equipment, net of unearned income and any deferred fees. Initial direct costs related to lease originations are deferred as part of the investment in direct financing leases and amortized over their term using the effective interest method. Unearned lease income is amortized over their term using the effective interest method. | |||||||||
Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows (discounted at each loan's effective interest rate) or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loans' value is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. This can be accomplished by charging-off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan and lease losses. | |||||||||
FDIC Indemnification Asset-The Company has elected to account for amounts receivable under the loss-share agreement as an indemnification asset in accordance with FASB ASC 805, Business Combinations. The FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value and the undiscounted cash flows the Company expects to collect from the FDIC will be accreted into non-interest income over the life of the FDIC indemnification asset. | |||||||||
Subsequent to initial recognition, the FDIC indemnification asset is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered portfolio. These adjustments are measured on the same basis as the related covered loans, at a pool level, and covered other real estate owned. Generally, any increases in cash flow of the covered assets over those previously expected will result in prospective increases in the loan pool yield and amortization of the FDIC indemnification asset. Any decreases in cash flow of the covered assets under those previously expected will trigger impairments on the underlying loan pools and will result in a corresponding gain of the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to non-interest income. The resulting carrying value of the indemnification asset represents the present value of amounts recoverable from the FDIC for future expected losses and the amounts due from the FDIC for claims related to covered losses. | |||||||||
Income Recognition on Non-Covered, Non-Accrual and Impaired Loans-Non-covered loans, including impaired non-covered loans, are classified as non-accrual if the collection of principal and interest is doubtful. Generally, this occurs when a non-covered loan is past due as to maturity or payment of principal or interest by 90 days or more, unless such non-covered loans are well-secured and in the process of collection. Generally, if a non-covered loan or portion thereof is partially charged-off, the non-covered loan is considered impaired and classified as non-accrual. Non-covered loans that are less than 90 days past due may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. | |||||||||
When a non-covered loan is classified as non-accrual, all uncollected accrued interest is reversed to interest income and the accrual of interest income is terminated. Generally, any cash payments are applied as a reduction of principal outstanding. In cases where the future collectability of the principal balance in full is expected, interest income may be recognized on a cash basis. A non-covered loan may be restored to accrual status when the borrower's financial condition improves so that full collection of future contractual payments is considered likely. For those non-covered loans placed on non-accrual status due to payment delinquency, return to accrual status will generally not occur until the borrower demonstrates repayment ability over a period of not less than six months. | |||||||||
Non-covered loans are reported as restructured when the Bank grants a more than insignificant concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan and lease losses. | |||||||||
The decision to classify a non-covered loan as impaired is made by the Bank's Allowance for Loan and Lease Losses (“ALLL”) Committee. The ALLL Committee meets regularly to review the status of all problem and potential problem loans. If the ALLL Committee concludes a loan is impaired but recovery of principal and interest is expected, an impaired loan may remain on accrual status. | |||||||||
Allowance for Loan and Lease Losses- The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality of the portfolio and the adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan through the credit review process. The Company’s risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the allowance for loan and lease losses. The Bank has a management ALLL Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans and leases from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. | |||||||||
Each risk rating is assessed an inherent credit loss factor that determines the amount of the allowance for loan and lease losses provided for that group of loans and leases with similar risk rating. Credit loss factors may vary by region based on management's belief that there may ultimately be different credit loss rates experienced in each region. | |||||||||
Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize this impairment reserve as a specific component to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. The combination of the risk rating-based allowance component and the impairment reserve allowance component lead to an allocated allowance for loan and lease losses. | |||||||||
The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of economic conditions characterized by falling real estate values. The unallocated amount is reviewed periodically based on trends in credit losses, the results of credit reviews and overall economic trends. | |||||||||
As adjustments become necessary, they are reported in earnings in the periods in which they become known as a change in the provision for loan and lease losses and a corresponding charge to the allowance. Loans, or portions thereof, deemed uncollectible are charged to the allowance. Provisions for losses, and recoveries on loans previously charged-off, are added to the allowance. | |||||||||
The adequacy of the ALLL is monitored on a regular basis and is based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. | |||||||||
Management believes that the ALLL was adequate as of December 31, 2013. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. Approximately 74% of our loan portfolio is secured by real estate, and a significant decline in real estate market values may require an increase in the allowance for loan and lease losses. The U.S. recession, the housing market downturn, and declining real estate values in our markets have negatively impacted aspects of our loan portfolio, and led in recent past years to an increase in non-performing loans, charge-offs, and the allowance for loan and lease losses. A renewed deterioration or prolonged delay in economic recovery in our markets may adversely affect our loan portfolio and may lead to additional charges to the provision for loan and lease losses. | |||||||||
Reserve for Unfunded Commitments-A reserve for unfunded commitments is maintained at a level that, in the opinion of management, is adequate to absorb probable losses associated with the Bank's commitment to lend funds under existing agreements such as letters or lines of credit. Management determines the adequacy of the reserve for unfunded commitments based upon reviews of individual credit facilities, current economic conditions, the risk characteristics of the various categories of commitments and other relevant factors. The reserve is based on estimates, and ultimate losses may vary from the current estimates. These estimates are evaluated on a regular basis and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Draws on unfunded commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for loan and lease losses. Provisions for unfunded commitment losses are added to the reserve for unfunded commitments, which is included in the Other Liabilities section of the consolidated balance sheets. | |||||||||
Loan Fees and Direct Loan Origination Costs-Loans held for investment origination and commitment fees and direct loan origination costs are deferred and recognized as an adjustment to the yield over the life of the portfolio loans. | |||||||||
Restricted Equity Securities-Restricted equity securities were $30.7 million and $33.4 million at December 31, 2013 and 2012, respectively. Federal Home Loan Bank stock amounted to $29.4 million and $32.2 million of the total restricted securities as of December 31, 2013 and 2012, respectively. Federal Home Loan Bank stock represents the Bank's investment in the Federal Home Loan Banks of Seattle and San Francisco (“FHLB”) stock and is carried at par value, which reasonably approximates its fair value. Management periodically evaluates FHLB stock for other-than-temporary or permanent impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. | |||||||||
In September 2012, the FHLB of Seattle was notified by the Federal Housing Finance Agency (“Finance Agency”) that it is now classified as “adequately capitalized” as compared to the prior classification of “undercapitalized.” Under Finance Agency regulations, the FHLB of Seattle may repurchase excess capital stock under certain conditions; however it may not redeem stock or pay a dividend without Finance Agency approval. Based on the above, the Company has determined there is not an other-than-temporary impairment on the FHLB stock investment as of December 31, 2013. | |||||||||
As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. At December 31, 2013, the Bank's minimum required investment in FHLB stock was $13.5 million. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. The remaining restricted equity securities balance primarily represents an investment in Pacific Coast Bankers’ Bancshares stock. | |||||||||
Premises and Equipment-Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful life of equipment, generally three to ten years, on a straight-line or accelerated basis. Depreciation is provided over the estimated useful life of premises, up to 39 years, on a straight-line or accelerated basis. Generally, leasehold improvements are amortized over the life of the related lease, or the life of the related asset, whichever is shorter. Expenditures for major renovations and betterments of the Company's premises and equipment are capitalized. | |||||||||
Management reviews long-lived and intangible assets any time that a change in circumstance indicates that the carrying amount of these assets may not be recoverable. Recoverability of these assets is determined by comparing the carrying value of the asset to the forecasted undiscounted cash flows of the operation associated with the asset. If the evaluation of the forecasted cash flows indicates that the carrying value of the asset is not recoverable, the asset is written down to fair value. | |||||||||
Goodwill and Other Intangibles-Intangible assets are comprised of goodwill and other intangibles acquired in business combinations. Goodwill and intangible assets with indefinite useful lives are not amortized. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and also reviewed for impairment. Amortization of intangible assets is included in other non-interest expense in the Consolidated Statements of Income. | |||||||||
The Company performs a goodwill impairment analysis on an annual basis as of December 31. Additionally, the Company performs a goodwill impairment evaluation on an interim basis when events or circumstances indicate impairment potentially exists. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others, a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. | |||||||||
On at least an annual basis, we assess the qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The quantitative impairment test involves a two-step process. The first step compares the fair value of a reporting unit to its carrying value. If the reporting unit’s fair value is less than its carrying value, the Company would be required to proceed to the second step. In the second step the Company calculates the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in the same manner as goodwill recognized in a business combination. The estimated fair value of the Company is allocated to all of the Company’s assets and liabilities, including any unrecognized identifiable intangible assets, as if the Company had been acquired in a business combination and the estimated fair value of the reporting unit is the price paid to acquire it. The allocation process is performed only for purposes of determining the amount of goodwill impairment. No assets or liabilities are written up or down, nor are any additional unrecognized identifiable intangible assets recorded as a part of this process. Any excess of the estimated purchase price over the fair value of the reporting unit’s net assets represents the implied fair value of goodwill. If the carrying amount of the goodwill is greater than the implied fair value of that goodwill, an impairment loss would be recognized as a charge to earnings in an amount equal to that excess. | |||||||||
Mortgage Servicing Rights (“MSR”)- The Company determines its classes of servicing assets based on the asset type being serviced along with the methods used to manage the risk inherent in the servicing assets, which includes the market inputs used to value the servicing assets. The Company measures its residential mortgage servicing assets at fair value and reports changes in fair value through earnings. Fair value adjustments that encompass market-driven valuation changes and the runoff in value that occurs from the passage of time, are each separately reported. Under the fair value method, the MSR is carried in the balance sheet at fair value and the changes in fair value are reported in earnings under the caption mortgage banking revenue in the period in which the change occurs. | |||||||||
Retained mortgage servicing rights are measured at fair value as of the date of sale. Subsequent fair value measurements are determined using a discounted cash flow model. In order to determine the fair value of the MSR, the present value of net expected future cash flows is estimated. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Key assumptions used in measuring the fair value of MSR as of December 31 were as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Constant prepayment rate | 12.74 | % | 21.39 | % | 20.39 | % | |||
Discount rate | 8.69 | % | 8.65 | % | 8.6 | % | |||
Weighted average life (years) | 6 | 4.7 | 4.5 | ||||||
The expected life of the loan can vary from management's estimates due to prepayments by borrowers, especially when rates fall. Prepayments in excess of management's estimates would negatively impact the recorded value of the mortgage servicing rights. The value of the mortgage servicing rights is also dependent upon the discount rate used in the model, which we base on current market rates. Management reviews this rate on an ongoing basis based on current market rates. A significant increase in the discount rate would reduce the value of mortgage servicing rights. | |||||||||
SBA/USDA Loans Sales and Servicing-The Bank, on a limited basis, sells or transfers loans, including the guaranteed portion of Small Business Administration (“SBA”) and Department of Agriculture (“USDA”) loans (with servicing retained) for cash proceeds equal to the principal amount of loans, as adjusted to yield interest to the investor based upon the current market rates. The Bank records a servicing asset when it sells a loan and retains the servicing rights. The servicing asset is recorded at fair value upon sale, and the fair value is estimated by discounting estimated net future cash flows from servicing using discount rates that approximate current market rates and using estimated prepayment rates. Subsequent to initial recognition, the servicing rights are carried at the lower of amortized cost or fair market value, and are amortized in proportion to, and over the period of, the estimated net servicing income. | |||||||||
For purposes of evaluating and measuring impairment, the fair value of servicing rights are measured using a discounted estimated net future cash flow model as described above. Any impairment is measured as the amount by which the carrying value of servicing rights for an interest rate-stratum exceeds its fair value. The carrying value of SBA/USDA servicing rights at December 31, 2013 and 2012 were $610,000 and $498,000, respectively. No impairment charges were recorded for the years ended December 31, 2013, 2012 and 2011, related to SBA/USDA servicing assets. | |||||||||
A premium over the adjusted carrying value is received upon the sale of the guaranteed portion of an SBA or USDA loan. The Bank's investment in an SBA or USDA loan is allocated among the sold and retained portions of the loan based on the relative fair value of each portion at the time of loan origination, adjusted for payments and other activities. Because the portion retained does not carry an SBA or USDA guarantee, part of the gain recognized on the sold portion of the loan is deferred and amortized as a yield enhancement on the retained portion in order to obtain a market equivalent yield. | |||||||||
Non-Covered Other Real Estate Owned-Non-covered other real estate owned (“non-covered OREO”) represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at fair value less costs to sell the property, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Subsequent valuation adjustments are recognized within net loss on non-covered OREO. Revenue and expenses from operations and subsequent adjustments to the carrying amount of the property are included in other non-interest expense in the Consolidated Statements of Income. | |||||||||
In some instances, the Bank may make loans to facilitate the sales of other real estate owned. Management reviews all sales for which it is the lending institution for compliance with sales treatment under provisions established within FASB ASC 360-20, Real Estate Sales. Any gains related to sales of other real estate owned may be deferred until the buyer has a sufficient initial and continuing investment in the property. | |||||||||
Covered Other Real Estate Owned - All OREO acquired in FDIC-assisted acquisitions that are subject to a FDIC loss-share agreement are referred to as “covered OREO” and reported separately in our Consolidated Statements of Financial Position. Covered OREO is reported exclusive of expected reimbursement cash flows from the FDIC. Foreclosed covered loan collateral is transferred into covered OREO at the collateral’s net realizable value, less selling costs. | |||||||||
Covered OREO was initially recorded at its estimated fair value on the acquisition date based on similar market comparable valuations less estimated selling costs. Any subsequent valuation adjustments due to declines in fair value will be charged to non-interest expense, and will be mostly offset by non-interest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments will be credited to non-interest expense with a corresponding charge to non-interest income for the portion of the recovery that is due to the FDIC. | |||||||||
Income Taxes-Income taxes are accounted for using the asset and liability method. Under this method a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. | |||||||||
Derivatives-The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. The Bank also executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. The Company recognizes all derivatives as either assets or liabilities in the balance sheet and requires measurement of those instruments at fair value through adjustments to current earnings. None of the Company’s derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, and the Company reports changes in fair values of its derivatives in current period net income. | |||||||||
The fair value of the derivative loan commitments is estimated using the net present value of expected future cash flows. Assumptions used include pull-through rate assumption based on historical information, current mortgage interest rates, the stage of completion of the underlying application and underwriting process, the time remaining until the expiration of the derivative loan commitment, and the expected net future cash flows related to the associated servicing of the loan. | |||||||||
Operating Segments- Public enterprises are required to report certain information about their operating segments in a complete set of financial statements to shareholders. They are also required to report certain enterprise-wide information about the Company's products and services, its activities in different geographic areas, and its reliance on major customers. The basis for determining the Company's operating segments is the manner in which management operates the business. Management has identified three primary business segments, Community Banking, Home Lending, and Wealth Management. | |||||||||
Share-Based Payment-In accordance with FASB ASC 718, Stock Compensation, we recognize in the income statement the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees’ requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. | |||||||||
At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the “2013 Plan”), which, among other things, authorizes the issuance of equity awards to directors and employees and reserves 4,000,000 shares of the Company's common stock for issuance under the plan. With the adoption of the 2013 Plan, no additional grants can be issued under the previous plans. The Company also assumed various plans in connection with mergers and acquisitions but does not make grants under those plans. Stock options and restricted stock awards generally vest ratably over three to five years and are recognized as expense over that same period of time. Under the terms of the 2013 Plan, the exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. | |||||||||
The fair value of each grant is estimated as of the grant date using the Black-Scholes option-pricing model using assumptions noted in the following table or a Monte Carlo simulation pricing model. Expected volatility is based on the historical volatility of the price of the Company's common stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules, and represents the period of time that options granted are expected to be outstanding. The expected dividend yield is based on dividend trends and the market value of the Company’s common stock at the time of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant corresponding to the estimated expected term of the options granted. There were no stock options granted in 2013. The following weighted average assumptions were used to determine the fair value of stock option grants as of the grant date to determine compensation cost for the years ended December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Dividend yield | 3.9 | % | 2.79 | % | |||||
Expected life (years) | 7.4 | 7.1 | |||||||
Expected volatility | 53 | % | 52 | % | |||||
Risk-free rate | 1.27 | % | 2.71 | % | |||||
Weighted average fair value of options on date of grant | $ | 4.39 | $ | 4.65 | |||||
Restricted stock unit grants and certain restricted stock awards are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock units are expected to vest. | |||||||||
Earnings per Share-According to the provisions of FASB ASC 260, Earnings Per Share, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested restricted stock awards qualify as participating securities. | |||||||||
Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings or absorb losses. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. | |||||||||
Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, certain restricted stock awards and restricted stock units are the only potentially dilutive non-participating instruments issued by the Company. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. | |||||||||
Advertising expenses-Advertising costs are generally expensed as incurred. | |||||||||
Fair Value Measurements- FASB ASC 820, Fair Value Measurements and Disclosure, (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data. In general, fair values determined by Level 1 inputs utilize quoted prices for identical assets or liabilities traded in active markets that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||
Recently Issued Accounting Pronouncements- In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. With the Update, a company testing indefinite-lived intangibles for impairment now has the option to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with current guidance. An entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In October 2012, the FASB issued ASU. 2012-06, Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution. The Update clarifies that when an entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and subsequently, a change in the cash flows expected to be collected on the indemnification asset occurs, as a result of a change in cash flows expected to be collected on the assets subject to indemnification, the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2012. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The Update clarifies that ASU. 2011-11 applies only to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement are no longer subject to the disclosure requirements in ASU. 2011-11. The amendments are effective for annual and interim reporting periods beginning on or after January 1, 2013. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and to present either on the face of the statement where net income is presented, or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company's consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge account purposes. The amendment is effective prospectively for qualifying new or redesiginated hedging relationships entered into on or after July 17, 2013. The adoption of ASU No. 2013-10 did not have a material impact on the Company's consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. ASU 2014-04 permit an entity to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and should be applied prospectively. The Company is currently reviewing the requirements of ASU No. 2014-01, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure. ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||
Reclassifications- Certain amounts reported in prior years' financial statements have been reclassified to conform to the current presentation. The results of the reclassifications are not considered material and have no effect on previously reported net earnings available to common shareholders and earnings per common share. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Business Combinations | ' | |||||||||||||
Business Combinations | ||||||||||||||
Sterling Financial Corporation | ||||||||||||||
On September 11, 2013, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with Sterling Financial Corporation, a Washington corporation ("Sterling"). The Merger Agreement provides that Sterling will merge with and into the Company (the "Merger"), with the Company as the surviving corporation in the Merger. Immediately following the Merger, Sterling's wholly owned subsidiary, Sterling Savings Bank, will merge with and into the Bank (the "Bank Merger"), with the Bank as the surviving bank in the Bank Merger. Holders of shares of common stock of Sterling will have the right to receive 1.671 shares of the Company's common stock and $2.18 in cash for each share of Sterling common stock. | ||||||||||||||
The completion of the Merger is subject to customary conditions, including (1) adoption of the Merger Agreement by Sterling's shareholders and by the Company's shareholders, (2) approval of an amendment to the Company's articles of incorporation to increase the number of authorized shares of the Company's common stock, (3) authorization for listing on the NASDAQ of the shares of the Company's common stock to be issued in the Merger, (4) the receipt of required regulatory approvals for the Merger and the Bank Merger from the Federal Reserve Board, Federal Deposit Insurance Corporation and Oregon and Washington state bank regulators, in each case without the imposition of any materially burdensome regulatory condition, (5) effectiveness of the registration statement on Form S-4 for the Company's common stock to be issued in the Merger, and (6) the absence of any order, injunction or other legal restraint preventing the completion of the Merger or making the completion of the Merger illegal. Each party's obligation to complete the Merger is also subject to certain additional customary conditions. The Merger Agreement provides certain termination rights for both the Company and Sterling and further provides that, upon termination of the Merger Agreement under certain circumstances, the Company or Sterling, as applicable, will be obligated to pay the other party a termination fee of $75 million. The Merger is expected to be completed in the second quarter of 2014. | ||||||||||||||
Financial Pacific Holding Corp. | ||||||||||||||
On July 1, 2013, the Bank acquired Financial Pacific Holding Corp. ("FPHC") based in Federal Way, Washington, and its subsidiary, Financial Pacific Leasing, Inc ("FinPac Leasing"), and its subsidiaries, Financial Pacific Funding, Inc. ("FPF"), Financial Pacific Funding II, Inc. ("FPF II") and Financial Pacific Funding III, Inc. ("FPF III"). As part of the same transaction, the Company acquired two related entities, FPC Leasing Corporation ("FPC") and Financial Pacific Reinsurance Co., Ltd. ("FPR"). FPHC, FinPac Leasing, FPF, FPF II, FPF III, FPC and FPR are collectively referred to herein as "FinPac". FinPac provides business-essential commercial equipment leases to various industries throughout the United States and Canada. It originates leases through its brokers, lessors, and direct marketing programs. The results of FinPac's operations are included in the consolidated financial statements as of July 1, 2013. | ||||||||||||||
The aggregate consideration for the FinPac purchase was $158.0 million. Of that amount, $156.1 was distributed in cash, and $1.9 million was exchanged for restricted shares of the Company stock. The restricted shares were issued from the Company’s 2013 Incentive Plan pursuant to employment agreements between the Company and certain executives of FinPac, vest over a period of either two or three years, and will be recognized over that time period within the salaries and employee benefits line item on the Consolidated Statements of Income. The structure of the transaction was as follows: | ||||||||||||||
• | The Bank acquired all of the outstanding stock of FPHC, a shell holding company, which is the sole shareholder of FinPac Leasing, the primary operating subsidiary of FinPac that engages in equipment leasing and financing activities, and is also the sole shareholder of FPF and FPF III, which are bankruptcy-remote entities that serve as lien holder for certain leases. FinPac Leasing is also the sole shareholder of FPF II, which no longer engages in any activities or holds any assets and is anticipated to be wound up in the near future. | |||||||||||||
• | The Company acquired all of the outstanding stock of FPC, a Canadian leasing subsidiary, and FPR, a corporation organized in the Turks & Caicos Islands that reinsures a portion of the liability risk of each insurance policy that is issued by a third party insurance company on leased equipment when the lessee fails to meet its contractual obligations under the lease or financing agreement to obtain insurance on the leased equipment. | |||||||||||||
The acquisition provides diversification, and a scalable platform that is consistent with expansion initiatives that the Bank has completed over the last three years, including growth in the business banking, agricultural lending and home builder lending groups. The transaction leverages excess capital of the Company and deploys excess liquidity into significantly higher yielding assets, provides growth and diversification, and is anticipated to increase profitability. There is no tax deductible goodwill or other intangibles. | ||||||||||||||
The operations of FinPac are included in our operating results from July 1, 2013, and added revenue of $29.9 million, non-interest expense of $8.8 million, and net income of $9.5 million net of tax, for the year ended December 31, 2013. FinPac's results of operations prior to the acquisition are not included in our operating results. Merger related expenses of $1.6 million for the year ended December 31, 2013 have been incurred in connection with the acquisition of FinPac and are recognized within the merger related expenses line item on the Consolidated Statements of Income. | ||||||||||||||
A summary of the net assets acquired and the estimated fair value adjustments of FinPac are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Cost basis net assets | $ | 61,446 | ||||||||||||
Cash payment paid | (156,110 | ) | ||||||||||||
Fair value adjustments: | ||||||||||||||
Non-covered loans and leases, net | 6,881 | |||||||||||||
Other intangible assets | (8,516 | ) | ||||||||||||
Other assets | (1,650 | ) | ||||||||||||
Term debt | (400 | ) | ||||||||||||
Other liabilities | 1,572 | |||||||||||||
Goodwill | $ | (96,777 | ) | |||||||||||
The statement of assets acquired and liabilities assumed at their fair values of FinPac are presented below. Additional adjustments to the purchase price allocation may be required, specifically to leases, other assets, other liabilities and taxes. | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
July 1, 2013 | ||||||||||||||
Assets Acquired: | ||||||||||||||
Cash and equivalents | $ | 6,452 | ||||||||||||
Non-covered loans and leases, net | 264,336 | |||||||||||||
Premises and equipment | 491 | |||||||||||||
Goodwill | 96,777 | |||||||||||||
Other assets | 8,015 | |||||||||||||
Total assets acquired | $ | 376,071 | ||||||||||||
Liabilities Assumed: | ||||||||||||||
Term debt | 211,204 | |||||||||||||
Other liabilities | 8,757 | |||||||||||||
Total liabilities assumed | 219,961 | |||||||||||||
Net Assets Acquired | $ | 156,110 | ||||||||||||
No accrued restructuring charges were recorded with the FinPac acquisition. | ||||||||||||||
Non-covered leases acquired from FinPac that are not subject to the requirements of FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30") are presented below at acquisition: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Contractually required payments | $ | 350,403 | ||||||||||||
Purchase adjustment for credit | $ | (20,520 | ) | |||||||||||
Balance of non-covered loans and leases, net | $ | 264,336 | ||||||||||||
The following tables present unaudited pro forma results of operations for the years ended December 31, 2013 and 2012 as if the acquisition of FinPac had occurred on January 1, 2012. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2012. | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
31-Dec-13 | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Company | FinPac (a) | Adjustments | Combined | |||||||||||
Net interest income | $ | 404,965 | $ | 25,526 | $ | (6,891 | ) | (b) | $ | 423,600 | ||||
Provision for non-covered loan and lease losses | 16,829 | 3,272 | — | (c) | 20,101 | |||||||||
Recapture of provision for covered loan losses | (6,113 | ) | — | — | (6,113 | ) | ||||||||
Non-interest income | 121,441 | 1,312 | — | 122,753 | ||||||||||
Non-interest expense | 364,661 | 8,596 | (76 | ) | (d) | 373,181 | ||||||||
Income before provision for income taxes | 151,029 | 14,970 | (6,815 | ) | 159,184 | |||||||||
Provision for income taxes | 52,668 | 5,835 | (2,835 | ) | (e) | 55,668 | ||||||||
Net income | 98,361 | 9,135 | (3,980 | ) | 103,516 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 788 | — | 41 | 829 | ||||||||||
Net earnings available to common shareholders | $ | 97,573 | $ | 9,135 | $ | (4,021 | ) | $ | 102,687 | |||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.87 | $ | 0.92 | ||||||||||
Diluted | $ | 0.87 | $ | 0.92 | ||||||||||
Average shares outstanding: | ||||||||||||||
Basic | 111,938 | 111,938 | ||||||||||||
Diluted | 112,176 | 112,176 | ||||||||||||
(a) FinPac amounts represent results from January 1, 2013 to June 30, 2013. | ||||||||||||||
(b) Adjustment of interest income from leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||
(c) As acquired leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||
(d) Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, and FinPac management fees of the Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||
(e) Income tax effect of pro forma adjustments at the Company's statutory tax rate of 35%. | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
31-Dec-12 | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Company | FinPac (a) | Adjustments | Combined | |||||||||||
Net interest income | $ | 407,236 | $ | 50,809 | $ | (5,332 | ) | (b) | $ | 452,713 | ||||
Provision for non-covered loan and lease losses | 21,796 | 7,291 | — | (c) | 29,087 | |||||||||
Provision for covered loan losses | 7,405 | — | — | 7,405 | ||||||||||
Non-interest income | 136,829 | 4,132 | — | 140,961 | ||||||||||
Non-interest expense | 359,652 | 16,101 | (1,236 | ) | (d) | 374,517 | ||||||||
Income before provision for income taxes | 155,212 | 31,549 | (4,096 | ) | 182,665 | |||||||||
Provision for income taxes | 53,321 | 12,192 | (1,434 | ) | (e) | 64,079 | ||||||||
Net income | 101,891 | 19,357 | (2,662 | ) | 118,586 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 682 | — | 112 | 794 | ||||||||||
Net earnings available to common shareholders | $ | 101,209 | $ | 19,357 | $ | (2,774 | ) | $ | 117,792 | |||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.9 | $ | 1.05 | ||||||||||
Diluted | $ | 0.9 | $ | 1.05 | ||||||||||
Average shares outstanding: | ||||||||||||||
Basic | 111,935 | 111,935 | ||||||||||||
Diluted | 112,151 | 112,151 | ||||||||||||
(a) FinPac amounts represent results from January 1, 2012 to December 31, 2012. | ||||||||||||||
(b) Adjustment of interest income from leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||
(c) As acquired leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||
(d) Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, FinPac management fees, and other expenses of Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||
(e) Income tax effect of pro forma adjustments at the Company's statutory tax rate of 35%. | ||||||||||||||
Circle Bancorp | ||||||||||||||
On November 14, 2012, the Company acquired all of the assets and liabilities of Circle Bancorp (“Circle”), which has been accounted for under the acquisition method of accounting for cash consideration of $24.9 million, including the redemption of all common and preferred shares and outstanding warrants and options. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition dates, and were subject to change for up to one year after the closing date of the acquisition. This acquisition was consistent with the Company's overall banking expansion strategy and provided further opportunity to enter growth markets in the San Francisco Bay Area of California. Upon completion of the acquisition, all Circle Bank branches operated under the Umpqua Bank name. The acquisition added Circle Bank's network of six branches in Corte Madera, Novato, Petaluma, San Francisco, San Rafael and Santa Rosa, California to Umpqua Bank's network of locations in California, Oregon, Washington and Nevada. The application of the acquisition method of accounting resulted in the recognition of $11.9 million of goodwill. There is no tax deductible goodwill or other intangibles. | ||||||||||||||
The operations of Circle are included in our operating results from November 15, 2012, and added revenue of $17.0 million and $2.3 million, non-interest expense of $6.6 million and $2.8 million, and net income of $5.8 million and net loss of $306,000, net of tax, for the years ended December 31, 2013 and 2012, respectively. Circle's results of operations prior to the acquisition are not included in our operating results. Merger-related expenses of $996,000 and $1.9 million for the years ended December 31, 2013 and 2012, respectively, have been incurred in connection with the acquisition of Circle and recognized within the merger related expenses line item on the Consolidated Statements of Income. | ||||||||||||||
A summary of the net assets acquired and the estimated fair value adjustments of Circle are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
Circle Bank | ||||||||||||||
14-Nov-12 | ||||||||||||||
Cost basis net assets | $ | 17,127 | ||||||||||||
Cash payment paid | (24,860 | ) | ||||||||||||
Fair value adjustments: | ||||||||||||||
Non-covered loans and leases, net | (2,622 | ) | ||||||||||||
Other intangible assets | 830 | |||||||||||||
Non-covered other real estate owned | (487 | ) | ||||||||||||
Deposits | (904 | ) | ||||||||||||
Term debt | (2,404 | ) | ||||||||||||
Other | 1,407 | |||||||||||||
Goodwill | $ | (11,913 | ) | |||||||||||
The statement of assets acquired and liabilities assumed at their fair values of Circle are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
Circle Bank | ||||||||||||||
14-Nov-12 | ||||||||||||||
Assets Acquired: | ||||||||||||||
Cash and equivalents | $ | 39,328 | ||||||||||||
Investment securities | 793 | |||||||||||||
Non-covered loans and leases, net | 246,665 | |||||||||||||
Premises and equipment | 7,695 | |||||||||||||
Restricted equity securities | 2,491 | |||||||||||||
Goodwill | 11,913 | |||||||||||||
Other intangible assets | 830 | |||||||||||||
Non-covered other real estate owned | 1,602 | |||||||||||||
Other assets | 6,478 | |||||||||||||
Total assets acquired | $ | 317,795 | ||||||||||||
Liabilities Assumed: | ||||||||||||||
Deposits | $ | 250,408 | ||||||||||||
Junior subordinated debentures | 8,764 | |||||||||||||
Term debt | 55,404 | |||||||||||||
Other liabilities | 3,219 | |||||||||||||
Total liabilities assumed | $ | 317,795 | ||||||||||||
Accrued restructuring charges relating to the Circle acquisition are recorded in other liabilities and were none and $631,000 at December 31, 2013 and 2012, respectively. | ||||||||||||||
Non-covered loans acquired from Circle that are not subject to the requirements of FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30") are presented below at acquisition: | ||||||||||||||
(in thousands) | ||||||||||||||
Circle Bank | ||||||||||||||
14-Nov-12 | ||||||||||||||
Contractually required principal payments | $ | 242,999 | ||||||||||||
Purchase adjustment for credit | (5,760 | ) | ||||||||||||
Balance of performing non-covered loans | $ | 240,850 | ||||||||||||
Non-covered loans acquired from Circle that are subject to the requirements of ASC 310-30 are presented below at acquisition and as of December 31, 2013 and December 31, 2012: | ||||||||||||||
(in thousands) | ||||||||||||||
December 31, | December 31, | November 14, | ||||||||||||
2013 | 2012 | 2012 | ||||||||||||
Contractually required principal payments | $ | 5,523 | $ | 12,231 | $ | 12,252 | ||||||||
Carrying balance of acquired purchase credit impaired non-covered loans | $ | 2,268 | $ | 5,809 | $ | 5,815 | ||||||||
The acquisition of Circle is not considered significant to the Company's financial statements and therefore pro forma financial information is not included. | ||||||||||||||
The following table presents the key components of merger-related expense for years ended December 31, 2013, 2012 and 2011. Substantially all of the merger-related expenses incurred during 2013 were in connection with the acquisition of FinPac and the proposed merger of Sterling. Substantially all of the merger-related expenses incurred during 2012 were in connection with the acquisition of Circle Bancorp and substantially all of the merger-related expenses incurred during 2011 were in connection with the FDIC-assisted purchase and assumption of Evergreen Bank, Rainier Pacific Bank, and Nevada Security Bank. | ||||||||||||||
Merger-Related Expense | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Professional fees | $ | 7,755 | $ | 1,145 | $ | 173 | ||||||||
Compensation and relocation | 158 | 856 | — | |||||||||||
Communications | 49 | 66 | — | |||||||||||
Premises and equipment | 44 | 29 | 82 | |||||||||||
Travel | 140 | 98 | 11 | |||||||||||
Other | 690 | 144 | 94 | |||||||||||
Total | $ | 8,836 | $ | 2,338 | $ | 360 | ||||||||
No additional merger-related expenses are expected in connection with the Circle acquisition or the FDIC-assisted purchase and assumption of Evergreen, Rainier, and Nevada Security. |
Cash_And_Due_From_Banks
Cash And Due From Banks | 12 Months Ended |
Dec. 31, 2013 | |
Banking and Thrift [Abstract] | ' |
Cash and Due From Banks | ' |
Cash and Due From Banks | |
The Bank is required to maintain an average reserve balance with the Federal Reserve Bank or maintain such reserve balance in the form of cash. The amount of required reserve balance at December 31, 2013 and 2012 was approximately $27.2 million and $29.8 million, respectively, and was met by holding cash and maintaining an average balance with the Federal Reserve Bank. |
Investment_Securities
Investment Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 249 | $ | 20 | $ | (1 | ) | $ | 268 | |||||||||||||||
Obligations of states and political subdivisions | 229,969 | 7,811 | (2,575 | ) | 235,205 | |||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,567,001 | 15,359 | (28,819 | ) | 1,553,541 | |||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 5 | — | 1,964 | ||||||||||||||||||||
$ | 1,799,178 | $ | 23,195 | $ | (31,395 | ) | $ | 1,790,978 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 5,563 | $ | 330 | $ | (19 | ) | $ | 5,874 | |||||||||||||||
$ | 5,563 | $ | 330 | $ | (19 | ) | $ | 5,874 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 45,503 | $ | 318 | $ | (1 | ) | $ | 45,820 | |||||||||||||||
Obligations of states and political subdivisions | 245,606 | 18,119 | — | 263,725 | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 2,291,253 | 28,747 | (6,624 | ) | 2,313,376 | |||||||||||||||||||
Other debt securities | 143 | 79 | — | 222 | ||||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 127 | — | 2,086 | ||||||||||||||||||||
$ | 2,584,464 | $ | 47,390 | $ | (6,625 | ) | $ | 2,625,229 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 595 | $ | 1 | $ | — | $ | 596 | ||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 3,946 | 197 | (7 | ) | 4,136 | |||||||||||||||||||
$ | 4,541 | $ | 198 | $ | (7 | ) | $ | 4,732 | ||||||||||||||||
Investment securities that were in an unrealized loss position as of December 31, 2013 and December 31, 2012 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 32 | $ | 1 | $ | 32 | $ | 1 | ||||||||||||
Obligations of states and political subdivisions | 48,342 | 2,575 | — | — | 48,342 | 2,575 | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 475,982 | 15,951 | 249,695 | 12,868 | 725,677 | 28,819 | ||||||||||||||||||
Total temporarily impaired securities | $ | 524,324 | $ | 18,526 | $ | 249,727 | $ | 12,869 | $ | 774,051 | $ | 31,395 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Total temporarily impaired securities | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Unrealized losses on the impaired held to maturity collateralized mortgage obligations include the unrealized losses related to factors other than credit that are included in other comprehensive income. | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 59 | $ | 1 | $ | 59 | $ | 1 | ||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 780,234 | 5,548 | 106,096 | 1,076 | 886,330 | 6,624 | ||||||||||||||||||
Total temporarily impaired securities | $ | 780,234 | $ | 5,548 | $ | 106,155 | $ | 1,077 | $ | 886,389 | $ | 6,625 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | — | $ | — | $ | 48 | $ | 7 | $ | 48 | $ | 7 | ||||||||||||
Total temporarily impaired securities | $ | — | $ | — | $ | 48 | $ | 7 | $ | 48 | $ | 7 | ||||||||||||
The unrealized losses on investments in U.S. Treasury and agency securities were caused by interest rate increases subsequent to the purchase of these securities. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than par. Because the Bank does not intend to sell the securities in this class and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until contractual maturity, the unrealized losses on these investments are not considered other-than-temporarily impaired. | ||||||||||||||||||||||||
The unrealized losses on obligations of political subdivisions were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities. Management monitors published credit ratings of these securities and no adverse ratings changes have occurred since the date of purchase of obligations of political subdivisions which are in an unrealized loss position as of December 31, 2013. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities in this class and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until maturity, the unrealized losses on these investments are not considered other-than-temporarily impaired. | ||||||||||||||||||||||||
All of the available for sale residential mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at December 31, 2013 are issued or guaranteed by governmental agencies. The unrealized losses on residential mortgage-backed securities and collateralized mortgage obligations were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities in this class and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until contractual maturity, the unrealized losses on these investments are not considered other-than-temporarily impaired. | ||||||||||||||||||||||||
We review investment securities on an ongoing basis for the presence of other-than-temporary impairment (“OTTI”) or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. For debt securities, if we intend to sell the security or it is likely that we will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If we do not intend to sell the security and it is not likely that we will be required to sell the security but we do not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (“OCI”). Impairment losses related to all other factors are presented as separate categories within OCI. For investment securities held to maturity, this amount is accreted over the remaining life of the debt security prospectively based on the amount and timing of future estimated cash flows. The accretion of the OTTI amount recorded in OCI will increase the carrying value of the investment, and would not affect earnings. If there is an indication of additional credit losses the security is re-evaluated according to the procedures described above. For the years ended December 31, 2013, 2012, and 2011, we recognized net impairment losses in earnings of none, $155,000, and $359,000, respectively. | ||||||||||||||||||||||||
The following table presents the maturities of investment securities at December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available For Sale | Held To Maturity | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
AMOUNTS MATURING IN: | ||||||||||||||||||||||||
Three months or less | $ | 15,169 | $ | 15,204 | $ | — | $ | — | ||||||||||||||||
Over three months through twelve months | 100,712 | 102,426 | 357 | 407 | ||||||||||||||||||||
After one year through five years | 1,055,812 | 1,067,340 | 728 | 983 | ||||||||||||||||||||
After five years through ten years | 554,722 | 534,083 | 44 | 49 | ||||||||||||||||||||
After ten years | 70,804 | 69,961 | 4,434 | 4,435 | ||||||||||||||||||||
Other investment securities | 1,959 | 1,964 | — | — | ||||||||||||||||||||
$ | 1,799,178 | $ | 1,790,978 | $ | 5,563 | $ | 5,874 | |||||||||||||||||
The amortized cost and fair value of collateralized mortgage obligations and mortgage-backed securities are presented by expected average life, rather than contractual maturity, in the preceding table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay underlying loans without prepayment penalties. | ||||||||||||||||||||||||
The following table presents the gross realized gains and gross realized losses on the sale of securities available for sale for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Gains | Losses | Gains | Losses | Gains | Losses | |||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 371 | $ | — | $ | — | $ | — | ||||||||||||
Obligations of states and political subdivisions | 10 | 1 | 10 | 1 | 8 | — | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | — | — | 4,578 | 953 | 8,544 | 817 | ||||||||||||||||||
Other debt securities | 200 | — | 18 | — | — | — | ||||||||||||||||||
$ | 210 | $ | 1 | $ | 4,977 | $ | 954 | $ | 8,552 | $ | 817 | |||||||||||||
The following table presents, as of December 31, 2013, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
To Federal Home Loan Bank to secure borrowings | $ | 11,303 | $ | 11,689 | ||||||||||||||||||||
To state and local governments to secure public deposits | 833,068 | 824,737 | ||||||||||||||||||||||
Other securities pledged principally to secure repurchase agreements | 324,253 | 318,708 | ||||||||||||||||||||||
Total pledged securities | $ | 1,168,624 | $ | 1,155,134 | ||||||||||||||||||||
NonCovered_Loans_and_Leases
Non-Covered Loans and Leases | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Non-Covered Loans and Leases | ' | |||||||
Non-Covered Loans and Leases | ||||||||
The following table presents the major types of non-covered loans and leases, net of deferred fees and costs of $495,000 and $12.1 million, recorded in the balance sheets as of December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Commercial real estate | ||||||||
Non-owner occupied term, net | $ | 2,328,260 | $ | 2,316,909 | ||||
Owner occupied term, net | 1,259,583 | 1,276,840 | ||||||
Multifamily, net | 403,537 | 331,735 | ||||||
Construction & development, net | 245,231 | 200,631 | ||||||
Residential development, net | 88,413 | 57,139 | ||||||
Commercial | ||||||||
Term, net | 770,845 | 797,061 | ||||||
LOC & other, net | 987,360 | 890,808 | ||||||
Leases and equipment finance, net | 361,591 | 31,270 | ||||||
Residential | ||||||||
Mortgage, net | 597,201 | 478,463 | ||||||
Home equity loans & lines, net | 264,269 | 262,637 | ||||||
Consumer & other, net | 48,113 | 37,587 | ||||||
Total loans and leases, net of deferred fees and costs | $ | 7,354,403 | $ | 6,681,080 | ||||
As of December 31, 2013, loans totaling $5.3 billion were pledged to secure borrowings and available lines of credit. | ||||||||
At December 31, 2013, non-covered loans accounted for under ASC 310-30 were $21.9 million. At December 31, 2012, non-covered loans accounted for under ASC 310-30 were $19.3 million. | ||||||||
The following table presents the net investment in direct financing leases and loans, net as of December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Minimum lease payments receivable | $ | 242,220 | $ | 26,265 | ||||
Estimated guaranteed and unguaranteed residual value | 8,455 | 3,163 | ||||||
Initial direct costs - net of accumulated amortization | 3,824 | — | ||||||
Unearned income | (55,110 | ) | (3,238 | ) | ||||
Equipment finance loans, including unamortized deferred fees and costs | 151,721 | — | ||||||
Interim lease receivables | 6,752 | 5,080 | ||||||
Accretable yield/purchase accounting adjustments | 3,729 | — | ||||||
Net investment in direct financing leases and loans | $ | 361,591 | $ | 31,270 | ||||
Allowance for credit losses | (3,775 | ) | (225 | ) | ||||
Net investment in direct financing leases and loans - net | $ | 357,816 | $ | 31,045 | ||||
The following table presents the scheduled minimum lease payments receivable, excluding equipment finance loans, as of December 31, 2013: | ||||||||
(in thousands) | ||||||||
2014 | $ | 96,275 | ||||||
2015 | 68,310 | |||||||
2016 | 42,366 | |||||||
2017 | 23,790 | |||||||
2018 | 9,333 | |||||||
Thereafter | 2,146 | |||||||
$ | 242,220 | |||||||
Allowance_for_NonCovered_Loan_
Allowance for Non-Covered Loan and Lease Loss and Credit Quality | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Allowance for Non-Covered Loan and Lease Loss and Credit Quality | ' | |||||||||||||||||||||||||||
Allowance for Non-Covered Loan and Lease Loss and Credit Quality | ||||||||||||||||||||||||||||
The Bank has a management Allowance for Loan and Lease Losses (“ALLL”) Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. | ||||||||||||||||||||||||||||
Our methodology for assessing the appropriateness of the ALLL consists of three key elements, which include 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, all risk-based activities within the loan portfolio are simultaneously considered. | ||||||||||||||||||||||||||||
Formula Allowance | ||||||||||||||||||||||||||||
The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality and adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. | ||||||||||||||||||||||||||||
The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management’s evaluation of the losses inherent within each segment. Segments or regions with greater risk of loss will therefore be assigned a higher risk factor. | ||||||||||||||||||||||||||||
Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base Risk factor based on an evaluation of the loss inherent within each segment. | ||||||||||||||||||||||||||||
Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. | ||||||||||||||||||||||||||||
Changes to risk factors – Risk factors are assigned at origination and may be changed periodically based on management’s evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases (positive or negative); improvement or deterioration in local economic conditions; and any other factors deemed relevant. | ||||||||||||||||||||||||||||
Specific Allowance | ||||||||||||||||||||||||||||
Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired, when based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired with a specific allowance are excluded from the formula allowance so as not to double-count the loss exposure. The non-accrual impaired loans as of period end have already been partially charged-off to their estimated net realizable value, and are expected to be resolved over the coming quarters with no additional material loss, absent further decline in market prices. | ||||||||||||||||||||||||||||
The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. | ||||||||||||||||||||||||||||
Unallocated Allowance | ||||||||||||||||||||||||||||
The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of deteriorating economic conditions characterized by falling real estate values. The unallocated amount is reviewed quarterly with consideration of factors including, but not limited to: | ||||||||||||||||||||||||||||
• Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; | ||||||||||||||||||||||||||||
• Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||||||||||||||||||||||||||||
• Changes in the nature and volume of the portfolio and in the terms of loans and leases; | ||||||||||||||||||||||||||||
• Changes in the experience and ability of lending management and other relevant staff; | ||||||||||||||||||||||||||||
• Changes in the volume and severity of past due loans, the volume of nonaccrual loans and leases, and the volume and severity of adversely classified or graded loans; | ||||||||||||||||||||||||||||
• Changes in the quality of the institution’s loan and lease review system; | ||||||||||||||||||||||||||||
• Changes in the value of underlying collateral for collateral-depending loans; | ||||||||||||||||||||||||||||
• The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | ||||||||||||||||||||||||||||
• The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institutions’ existing portfolio. | ||||||||||||||||||||||||||||
These factors are evaluated through a management survey of the Chief Credit Officer, Chief Lending Officer, Senior Credit Officers, Special Assets Manager, and Credit Review Manager. The survey requests responses to evaluate current changes in the nine qualitative factors. This information is then incorporated into our understanding of the reasonableness of the formula factors and our evaluation of the unallocated portion of the ALLL. | ||||||||||||||||||||||||||||
Management believes that the ALLL was adequate as of December 31, 2013. There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. Approximately 74% of our loan and lease portfolio is secured by real estate, and a significant decline in real estate market values may require an increase in the allowance for loan and lease losses. The recent U.S. recession, the housing market downturn, and declining real estate values in our markets have negatively impacted aspects of our loan and lease portfolio. A continued deterioration in our markets may adversely affect our loan and lease portfolio and may lead to additional charges to the provision for loan and lease losses. | ||||||||||||||||||||||||||||
The reserve for unfunded commitments (“RUC”) is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. For each portfolio segment, these factors include: | ||||||||||||||||||||||||||||
• The quality of the current loan and lease portfolio; | ||||||||||||||||||||||||||||
• The trend in the loan portfolio's risk ratings; | ||||||||||||||||||||||||||||
• Current economic conditions; | ||||||||||||||||||||||||||||
• Loan and lease concentrations; | ||||||||||||||||||||||||||||
• Loan and lease growth rates; | ||||||||||||||||||||||||||||
• Past-due and non-performing trends; | ||||||||||||||||||||||||||||
• Evaluation of specific loss estimates for all significant problem loans; | ||||||||||||||||||||||||||||
• Historical short (one year), medium (three year), and long-term charge-off rates; | ||||||||||||||||||||||||||||
• Recovery experience; and | ||||||||||||||||||||||||||||
• Peer comparison loss rates. | ||||||||||||||||||||||||||||
There have been no significant changes to the Bank’s methodology or policies in the periods presented. | ||||||||||||||||||||||||||||
Activity in the Non-Covered Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||
The following table summarizes activity related to the allowance for non-covered loan and lease losses by non-covered loan and lease portfolio segment for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
Charge-offs | (7,445 | ) | (19,266 | ) | (3,458 | ) | (826 | ) | — | (30,995 | ) | |||||||||||||||||
Recoveries | 3,322 | 9,914 | 351 | 502 | — | 14,089 | ||||||||||||||||||||||
Provision | 2,647 | 10,618 | 3,009 | 555 | — | 16,829 | ||||||||||||||||||||||
Balance, end of period | $ | 53,433 | $ | 24,191 | $ | 6,827 | $ | 863 | $ | — | $ | 85,314 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 59,574 | $ | 20,485 | $ | 7,625 | $ | 867 | $ | 4,417 | $ | 92,968 | ||||||||||||||||
Charge-offs | (22,349 | ) | (12,209 | ) | (5,282 | ) | (1,499 | ) | — | (41,339 | ) | |||||||||||||||||
Recoveries | 5,409 | 5,356 | 762 | 439 | — | 11,966 | ||||||||||||||||||||||
Provision | 12,275 | 9,293 | 3,820 | 825 | (4,417 | ) | 21,796 | |||||||||||||||||||||
Balance, end of period | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
The following table presents the allowance and recorded investment in non-covered loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 51,648 | $ | 24,179 | $ | 6,827 | $ | 863 | $ | — | $ | 83,517 | ||||||||||||||||
Individually evaluated for impairment | 1,785 | 12 | — | — | — | 1,797 | ||||||||||||||||||||||
Total | $ | 53,433 | $ | 24,191 | $ | 6,827 | $ | 863 | $ | — | $ | 85,314 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,235,744 | $ | 2,108,293 | $ | 861,470 | $ | 48,113 | $ | 7,253,620 | ||||||||||||||||||
Individually evaluated for impairment | 89,280 | 11,503 | — | — | 100,783 | |||||||||||||||||||||||
Total | $ | 4,325,024 | $ | 2,119,796 | $ | 861,470 | $ | 48,113 | $ | 7,354,403 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 53,513 | $ | 22,925 | $ | 6,920 | $ | 632 | $ | — | $ | 83,990 | ||||||||||||||||
Individually evaluated for impairment | 1,396 | — | 5 | — | — | 1,401 | ||||||||||||||||||||||
Total | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,059,419 | $ | 1,700,761 | $ | 740,925 | $ | 37,566 | $ | 6,538,671 | ||||||||||||||||||
Individually evaluated for impairment | 123,835 | 18,378 | 175 | 21 | 142,409 | |||||||||||||||||||||||
Total | $ | 4,183,254 | $ | 1,719,139 | $ | 741,100 | $ | 37,587 | $ | 6,681,080 | ||||||||||||||||||
The non-covered loan and lease balance are net of deferred loans fees of $495,000 at December 31, 2013 and $12.1 million at December 31, 2012. | ||||||||||||||||||||||||||||
Summary of Reserve for Unfunded Commitments Activity | ||||||||||||||||||||||||||||
The following table presents a summary of activity in the reserve for unfunded commitments (“RUC”) and unfunded commitments for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 172 | $ | 807 | $ | 173 | $ | 71 | $ | 1,223 | ||||||||||||||||||
Net change to other expense | 48 | 93 | 59 | 13 | 213 | |||||||||||||||||||||||
Balance, end of period | $ | 220 | $ | 900 | $ | 232 | $ | 84 | $ | 1,436 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 59 | $ | 633 | $ | 185 | $ | 63 | $ | 940 | ||||||||||||||||||
Net change to other expense | 113 | 174 | (12 | ) | 8 | 283 | ||||||||||||||||||||||
Balance, end of period | $ | 172 | $ | 807 | $ | 173 | $ | 71 | $ | 1,223 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Unfunded loan and lease commitments: | ||||||||||||||||||||||||||||
December 31, 2013 | $ | 237,042 | $ | 1,012,257 | $ | 336,559 | $ | 52,588 | $ | 1,638,446 | ||||||||||||||||||
December 31, 2012 | $ | 196,292 | $ | 925,642 | $ | 257,508 | $ | 52,170 | $ | 1,431,612 | ||||||||||||||||||
Non-covered loans and leases sold | ||||||||||||||||||||||||||||
In the course of managing the loan and lease portfolio, at certain times, management may decide to sell loans and leases. The following table summarizes loans and leases sold by loan portfolio during the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term | $ | 4,039 | $ | 10,623 | ||||||||||||||||||||||||
Owner occupied term | 3,738 | 1,473 | ||||||||||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||||||||||
Construction & development | 3,515 | — | ||||||||||||||||||||||||||
Residential development | 363 | 12 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term | 47,635 | — | ||||||||||||||||||||||||||
LOC & other | — | 1,942 | ||||||||||||||||||||||||||
Leases and equipment finance | — | — | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage | 1,008 | 192 | ||||||||||||||||||||||||||
Home equity loans & lines | — | — | ||||||||||||||||||||||||||
Consumer & other | — | — | ||||||||||||||||||||||||||
Total | $ | 60,298 | $ | 14,242 | ||||||||||||||||||||||||
Asset Quality and Non-Performing Loans and Leases | ||||||||||||||||||||||||||||
We manage asset quality and control credit risk through diversification of the non-covered loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Group is charged with monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due non-covered loans and leases and larger credits, designed to identify potential charges to the allowance for loan and lease losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions and other factors. | ||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, we determine it is probable that we will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Generally, when non-covered loans are identified as impaired, they are moved to the Special Assets Division. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we will use the current fair value of collateral, less selling costs. The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, external appraisals are updated every 12 months. We obtain appraisals from a pre-approved list of independent, third party, local appraisal firms. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. At a minimum, it is ascertained that the appraiser is: (a) currently licensed in the state in which the property is located, (b) is experienced in the appraisal of properties similar to the property being appraised, (c) is actively engaged in the appraisal work, (d) has knowledge of current real estate market conditions and financing trends, (e) is reputable, and (f) is not on Freddie Mac’s or the Bank’s Exclusionary List of appraisers and brokers. In certain cases appraisals will be reviewed by our Real Estate Valuation Services Group to ensure the quality of the appraisal and the expertise and independence of the appraiser. Upon receipt and review, an external appraisal is utilized to measure a loan for potential impairment. Our impairment analysis documents the date of the appraisal used in the analysis, whether the officer preparing the report deems it current, and, if not, allows for internal valuation adjustments with justification. Typical justified adjustments might include discounts for continued market deterioration subsequent to appraisal date, adjustments for the release of collateral contemplated in the appraisal, or the value of other collateral or consideration not contemplated in the appraisal. An appraisal over one year old in most cases will be considered stale dated and an updated or new appraisal will be required. Any adjustments from appraised value to net realizable value are detailed and justified in the impairment analysis, which is reviewed and approved by senior credit quality officers and the Bank's ALLL Committee. Although an external appraisal is the primary source to value collateral dependent loans, we may also utilize values obtained through purchase and sale agreements, negotiated short sales, broker price opinions, or the sales price of the note. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. Impairment analyses are updated, reviewed and approved on a quarterly basis at or near the end of each reporting period. Appraisals or other alternative sources of value received subsequent to the reporting period, but prior to our filing of periodic reports, are considered and evaluated to ensure our periodic filings are materially correct and not misleading. Based on these processes, we do not believe there are significant time lapses for the recognition of additional loan loss provisions or charge-offs from the date they become known. | ||||||||||||||||||||||||||||
Loans and leases are classified as non-accrual when collection of principal or interest is doubtful—generally if they are past due as to maturity or payment of principal or interest by 90 days or more—unless such loans are well-secured and in the process of collection. Additionally, all loans that are impaired are considered for non-accrual status. Loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospects for future payments in accordance with the loan agreement appear relatively certain. | ||||||||||||||||||||||||||||
Loans are reported as restructured when the Bank grants a more than insignificant concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include a reduction in the loan rate, forgiveness of principal or accrued interest, extending the maturity date or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan and lease losses. | ||||||||||||||||||||||||||||
Loans and leases are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All loans determined to be impaired are individually assessed for impairment except for impaired homogeneous loans which are collectively evaluated for impairment in accordance with FASB ASC 450, Contingencies (“ASC 450”). The specific factors considered in determining that a loan is impaired include borrower financial capacity, current economic, business and market conditions, collection efforts, collateral position and other factors deemed relevant. Generally, impaired loans are placed on non-accrual status and all cash receipts are applied to the principal balance. Continuation of accrual status and recognition of interest income is generally limited to performing restructured loans. | ||||||||||||||||||||||||||||
The Bank has written down impaired, non-accrual loans as of December 31, 2013 to their estimated net realizable value, and expects resolution with no additional material loss, absent further decline in market prices. | ||||||||||||||||||||||||||||
Non-Covered Non-Accrual Loans and Leases and Loans and Leases Past Due | ||||||||||||||||||||||||||||
The following table summarizes our non-covered non-accrual loans and leases and loans and leases past due by loan and lease class as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total Non- | |||||||||||||||||||||||||
Days | Days | 90 Days and | Total | Non- | Current & | covered Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 3,618 | $ | 352 | $ | — | $ | 3,970 | $ | 9,193 | $ | 2,315,097 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,320 | 340 | 610 | 2,270 | 6,204 | 1,251,109 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | — | — | — | — | 935 | 402,602 | 403,537 | |||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 245,231 | 245,231 | |||||||||||||||||||||
Residential development, net | — | — | — | — | 2,801 | 85,612 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 901 | 1,436 | — | 2,337 | 8,723 | 759,785 | 770,845 | |||||||||||||||||||||
LOC & other, net | 619 | 224 | — | 843 | 1,222 | 985,295 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 2,202 | 1,706 | 517 | 4,425 | 2,813 | 354,353 | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 1,050 | 342 | 2,070 | 3,462 | — | 593,739 | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 473 | 563 | 160 | 1,196 | — | 263,073 | 264,269 | |||||||||||||||||||||
Consumer & other, net | 69 | 75 | 73 | 217 | — | 47,896 | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 10,252 | $ | 5,038 | $ | 3,430 | $ | 18,720 | $ | 31,891 | $ | 7,303,792 | $ | 7,354,403 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total Non- | |||||||||||||||||||||||||
Days | Days | 90 Days and | Total | Non- | Current & | covered Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 5,132 | $ | 1,097 | $ | — | $ | 6,229 | $ | 33,797 | $ | 2,276,883 | $ | 2,316,909 | ||||||||||||||
Owner occupied term, net | 2,615 | 1,687 | — | 4,302 | 8,448 | 1,264,090 | 1,276,840 | |||||||||||||||||||||
Multifamily, net | — | — | — | — | 1,045 | 330,690 | 331,735 | |||||||||||||||||||||
Construction & development, net | 283 | — | — | 283 | 4,177 | 196,171 | 200,631 | |||||||||||||||||||||
Residential development, net | 479 | — | — | 479 | 5,132 | 51,528 | 57,139 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 3,009 | 746 | 81 | 3,836 | 7,040 | 786,185 | 797,061 | |||||||||||||||||||||
LOC & other, net | 1,647 | 1,503 | — | 3,150 | 7,027 | 880,631 | 890,808 | |||||||||||||||||||||
Leases and equipment finance, net | — | — | — | — | — | 31,270 | 31,270 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 2,906 | 602 | 3,303 | 6,811 | — | 471,652 | 478,463 | |||||||||||||||||||||
Home equity loans & lines, net | 1,398 | 214 | 758 | 2,370 | 49 | 260,218 | 262,637 | |||||||||||||||||||||
Consumer & other, net | 282 | 191 | 90 | 563 | 21 | 37,003 | 37,587 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 17,751 | $ | 6,040 | $ | 4,232 | $ | 28,023 | $ | 66,736 | $ | 6,586,321 | $ | 6,681,080 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
Non-Covered Impaired Loans | ||||||||||||||||||||||||||||
Loans with no related allowance reported generally represent non-accrual loans. The Bank recognizes the charge-off of impairment reserves on impaired loans in the period it arises for collateral dependent loans. Therefore, the non-accrual loans as of December 31, 2013 have already been written-down to their estimated net realizable value, based on net realizable value, and are expected to be resolved with no additional material loss, absent further decline in market prices. The valuation allowance on impaired loans primarily represents the impairment reserves on performing restructured loans, and is measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. | ||||||||||||||||||||||||||||
At December 31, 2013 and December 31, 2012, impaired loans of $68.8 million and $70.6 million were classified as accruing restructured loans, respectively. The restructurings were granted in response to borrower financial difficulty, by providing for modification of loan repayment terms. The restructured loans on accrual status represent the only impaired loans accruing interest at each respective date. In order for a restructured loan to be considered for accrual status, the loan’s collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. The Bank had no obligation to lend additional funds on the restructured loans as of December 31, 2013. | ||||||||||||||||||||||||||||
The following table summarizes our non-covered impaired loans, including average recorded investment and interest income recognized on impaired non-covered loans, by loan class for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||||||||||
Principal | Recorded | Related | Recorded | Income | ||||||||||||||||||||||||
Balance | Investment | Allowance | Investment | Recognized | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 19,350 | $ | 18,285 | $ | — | $ | 31,024 | $ | — | ||||||||||||||||||
Owner occupied term, net | 6,674 | 6,204 | — | 3,014 | — | |||||||||||||||||||||||
Multifamily, net | 1,416 | 935 | — | 765 | — | |||||||||||||||||||||||
Construction & development, net | 9,518 | 8,498 | — | 12,021 | — | |||||||||||||||||||||||
Residential development, net | 12,347 | 5,776 | — | 7,592 | — | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 22,750 | 8,723 | — | 10,981 | — | |||||||||||||||||||||||
LOC & other, net | 5,886 | 1,222 | — | 2,836 | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | |||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | 70 | — | |||||||||||||||||||||||
Consumer & other, net | — | — | — | 1 | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 31,252 | 31,362 | 928 | 32,250 | 1,512 | |||||||||||||||||||||||
Owner occupied term, net | 5,202 | 5,202 | 198 | 4,448 | 205 | |||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | |||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 11 | 1,898 | 484 | |||||||||||||||||||||||
Residential development, net | 10,166 | 11,927 | 648 | 14,759 | 644 | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 300 | 8 | 974 | 17 | |||||||||||||||||||||||
LOC & other, net | 1,258 | 1,258 | 4 | 1,172 | 51 | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | 153 | — | |||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | 25 | — | |||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 97,016 | 89,280 | 1,785 | 107,771 | 2,845 | |||||||||||||||||||||||
Commercial, net | 29,894 | 11,503 | 12 | 15,963 | 68 | |||||||||||||||||||||||
Residential, net | — | — | — | 248 | — | |||||||||||||||||||||||
Consumer & other, net | — | — | — | 1 | — | |||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 126,910 | $ | 100,783 | $ | 1,797 | $ | 123,983 | $ | 2,913 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||||||||||
Principal | Recorded | Related | Recorded | Income | ||||||||||||||||||||||||
Balance | Investment | Allowance | Investment | Recognized | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 38,654 | $ | 33,912 | $ | — | $ | 36,167 | $ | — | ||||||||||||||||||
Owner occupied term, net | 10,085 | 8,449 | — | 7,998 | ||||||||||||||||||||||||
Multifamily, net | 1,214 | 1,045 | — | 886 | ||||||||||||||||||||||||
Construction & development, net | 18,526 | 15,638 | — | 17,899 | — | |||||||||||||||||||||||
Residential development, net | 9,293 | 6,091 | — | 15,518 | — | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 13,729 | 10,532 | — | 11,966 | — | |||||||||||||||||||||||
LOC & other, net | 10,778 | 7,846 | — | 7,949 | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | |||||||||||||||||||||||
Home equity loans & lines, net | 50 | 49 | — | 301 | — | |||||||||||||||||||||||
Consumer & other, net | 21 | 21 | — | 4 | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 35,732 | 35,732 | 762 | 25,608 | 1,076 | |||||||||||||||||||||||
Owner occupied term, net | 5,284 | 5,284 | 436 | 3,328 | 37 | |||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | |||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 14 | 2,400 | 672 | |||||||||||||||||||||||
Residential development, net | 16,593 | 16,593 | 184 | 18,417 | 747 | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | 443 | 182 | |||||||||||||||||||||||
LOC & other, net | — | — | — | 795 | 9 | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | |||||||||||||||||||||||
Home equity loans & lines, net | 126 | 126 | 5 | 127 | 6 | |||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 136,472 | 123,835 | 1,396 | 128,221 | 2,532 | |||||||||||||||||||||||
Commercial, net | 24,507 | 18,378 | — | 21,153 | 191 | |||||||||||||||||||||||
Residential, net | 176 | 175 | 5 | 428 | 6 | |||||||||||||||||||||||
Consumer & other, net | 21 | 21 | — | 4 | — | |||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 161,176 | $ | 142,409 | $ | 1,401 | $ | 149,806 | $ | 2,729 | ||||||||||||||||||
The impaired loans for which these interest income amounts were recognized primarily relate to accruing restructured loans. | ||||||||||||||||||||||||||||
Non-Covered Credit Quality Indicators | ||||||||||||||||||||||||||||
As previously noted, the Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The Bank differentiates its lending portfolios into homogeneous loans and leases and non-homogeneous loans and leases. The 10 risk rating categories can be generally described by the following groupings for non-homogeneous loans and leases: | ||||||||||||||||||||||||||||
Minimal Risk—A minimal risk loan or lease, risk rated 1, is to a borrower of the highest quality. The borrower has an unquestioned ability to produce consistent profits and service all obligations and can absorb severe market disturbances with little or no difficulty. | ||||||||||||||||||||||||||||
Low Risk—A low risk loan or lease, risk rated 2, is similar in characteristics to a minimal risk loan. Margins may be smaller or protective elements may be subject to greater fluctuation. The borrower will have a strong demonstrated ability to produce profits, provide ample debt service coverage and to absorb market disturbances. | ||||||||||||||||||||||||||||
Modest Risk—A modest risk loan or lease, risk rated 3, is a desirable loan or lease with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the credit in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have reserves to weather these cycles. | ||||||||||||||||||||||||||||
Average Risk—An average risk loan or lease, risk rated 4, is an attractive loan or lease with sound sources of repayment and no material collection or repayment weakness evident. The borrower has an acceptable capacity to pay in accordance with the agreement. The borrower is susceptible to economic cycles and more efficient competition, but should have modest reserves sufficient to survive all but the most severe downturns or major setbacks. | ||||||||||||||||||||||||||||
Acceptable Risk—An acceptable risk loan or lease, risk rated 5, is a loan or lease with lower than average, but still acceptable credit risk. These borrowers may have higher leverage, less certain but viable repayment sources, have limited financial reserves and may possess weaknesses that can be adequately mitigated through collateral, structural or credit enhancement. The borrower is susceptible to economic cycles and is less resilient to negative market forces or financial events. Reserves may be insufficient to survive a modest downturn. | ||||||||||||||||||||||||||||
Watch—A watch loan or lease, risk rated 6, is still pass-rated, but represents the lowest level of acceptable risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower rating would be appropriate. The borrower should have a plausible plan, with reasonable certainty of success, to correct the problems in a short period of time. Borrowers rated watch are characterized by elements of uncertainty, such as: | ||||||||||||||||||||||||||||
• | Borrower may be experiencing declining operating trends, strained cash flows or less-than anticipated performance. Cash flow should still be adequate to cover debt service, and the negative trends should be identified as being of a short-term or temporary nature. | |||||||||||||||||||||||||||
• | The borrower may have experienced a minor, unexpected covenant violation. | |||||||||||||||||||||||||||
• | Companies who may be experiencing tight working capital or have a cash cushion deficiency. | |||||||||||||||||||||||||||
• | A loan or lease may also be a watch if financial information is late, there is a documentation deficiency, the borrower has experienced unexpected management turnover, or if they face industry issues that, when combined with performance factors create uncertainty in their future ability to perform. | |||||||||||||||||||||||||||
• | Delinquent payments, increasing and material overdraft activity, request for bulge and/or out-of-formula advances may be an indicator of inadequate working capital and may suggest a lower rating. | |||||||||||||||||||||||||||
• | Failure of the intended repayment source to materialize as expected, or renewal of a loan (other than cash/marketable security secured or lines of credit) without reduction are possible indicators of a watch or worse risk rating. | |||||||||||||||||||||||||||
Special Mention—A special mention loan or lease, risk rated 7, has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the institutions credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans and leases in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of a substandard classification. A special mention loan or lease has potential weaknesses, which if not checked or corrected, weaken the asset or inadequately protect the Bank’s position at some future date. Such weaknesses include: | ||||||||||||||||||||||||||||
• | Performance is poor or significantly less than expected. There may be a temporary debt-servicing deficiency or inadequate working capital as evidenced by a cash cushion deficiency, but not to the extent that repayment is compromised. Material violation of financial covenants is common. | |||||||||||||||||||||||||||
• | Loans or leases with unresolved material issues that significantly cloud the debt service outlook, even though a debt servicing deficiency does not currently exist. | |||||||||||||||||||||||||||
• | Modest underperformance or deviation from plan for real estate loans where absorption of rental/sales units is necessary to properly service the debt as structured. Depth of support for interest carry provided by owner/guarantors may mitigate and provide for improved rating. | |||||||||||||||||||||||||||
• | This rating may be assigned when a loan officer is unable to supervise the credit properly, an inadequate loan agreement, an inability to control collateral, failure to obtain proper documentation, or any other deviation from prudent lending practices. | |||||||||||||||||||||||||||
• | Unlike a substandard credit, there should be a reasonable expectation that these temporary issues will be corrected within the normal course of business, rather than liquidation of assets, and in a reasonable period of time. | |||||||||||||||||||||||||||
Substandard—A substandard asset, risk rated 8, is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Loans and leases are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan or lease normally has one or more well-defined weaknesses that could jeopardize repayment of the debt. The likely need to liquidate assets to correct the problem, rather than repayment from successful operations is the key distinction between special mention and substandard. The following are examples of well-defined weaknesses: | ||||||||||||||||||||||||||||
• Cash flow deficiencies or trends are of a magnitude to jeopardize current and future payments with no immediate relief. A loss is not presently expected, however the outlook is sufficiently uncertain to preclude ruling out the possibility. | ||||||||||||||||||||||||||||
• The borrower has been unable to adjust to prolonged and unfavorable industry or economic trends. | ||||||||||||||||||||||||||||
• Material underperformance or deviation from plan for real estate loans where absorption of rental/sales units is necessary to properly service the debt and risk is not mitigated by willingness and capacity of owner/guarantor to support interest payments. | ||||||||||||||||||||||||||||
• Management character or honesty has become suspect. This includes instances where the borrower has become uncooperative. | ||||||||||||||||||||||||||||
• Due to unprofitable or unsuccessful business operations, some form of restructuring of the business, including liquidation of assets, has become the primary source of loan repayment. Cash flow has deteriorated, or been diverted, to the point that sale of collateral is now the Bank’s primary source of repayment (unless this was the original source of repayment). If the collateral is under the Bank’s control and is cash or other liquid, highly marketable securities and properly margined, then a more appropriate rating might be special mention or watch. | ||||||||||||||||||||||||||||
• The borrower is bankrupt, or for any other reason, future repayment is dependent on court action. | ||||||||||||||||||||||||||||
• There is material, uncorrectable faulty documentation or materially suspect financial information. | ||||||||||||||||||||||||||||
Doubtful—Loans or leases classified as doubtful, risk rated 9, have all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work towards strengthening of the asset, classification as a loss (and immediate charge-off) is deferred until more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, and perfection of liens on additional collateral and refinancing plans. In certain circumstances, a doubtful rating will be temporary, while the Bank is awaiting an updated collateral valuation. In these cases, once the collateral is valued and appropriate margin applied, the remaining un-collateralized portion will be charged-off. The remaining balance, properly margined, may then be upgraded to substandard, however must remain on non-accrual. | ||||||||||||||||||||||||||||
Loss—Loans or leases classified as loss, risk rated 10, are considered un-collectible and of such little value that the continuance as an active Bank asset is not warranted. This rating does not mean that the loan or lease has no recovery or salvage value, but rather that the loan or lease should be charged-off now, even though partial or full recovery may be possible in the future. | ||||||||||||||||||||||||||||
Impaired—Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement, without unreasonable delay. This generally includes all loans classified as non-accrual and troubled debt restructurings. Impaired loans are risk rated for internal and regulatory rating purposes, but presented separately for clarification. | ||||||||||||||||||||||||||||
Homogeneous loans and leases are not risk rated until they are greater than 30 days past due, and risk rating is based primarily on the past due status of the loan or lease. The risk rating categories can be generally described by the following groupings for commercial and commercial real estate homogeneous loans and leases: | ||||||||||||||||||||||||||||
Special Mention—A homogeneous special mention loan or lease, risk rated 7, is 30-59 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Substandard—A homogeneous substandard loan or lease, risk rated 8, is 60-89 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Doubtful—A homogeneous doubtful loan or lease, risk rated 9, is 90-179 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Loss—A homogeneous loss loan or lease, risk rated 10, is 180 days and more past due from the required payment date. These loans are generally charged-off in the month in which the 180 day time period elapses. | ||||||||||||||||||||||||||||
The risk rating categories can be generally described by the following groupings for residential and consumer and other homogeneous loans: | ||||||||||||||||||||||||||||
Special Mention—A homogeneous retail special mention loan, risk rated 7, is 30-89 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Substandard—A homogeneous retail substandard loan, risk rated 8, is an open-end loan 90-180 days past due from the required payment date at month-end or a closed-end loan 90-120 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Loss—A homogeneous retail loss loan, risk rated 10, is a closed-end loan that becomes past due 120 cumulative days or an open-end retail loan that becomes past due 180 cumulative days from the contractual due date. These loans are generally charged-off in the month in which the 120 or 180 day period elapses. | ||||||||||||||||||||||||||||
The following table summarizes our internal risk rating by loan and lease class for the non-covered loan and lease portfolio as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,073,366 | $ | 108,263 | $ | 96,984 | $ | — | $ | — | $ | 49,647 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,182,865 | 27,615 | 37,524 | 173 | — | 11,406 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | 385,335 | 5,574 | 11,693 | — | — | 935 | 403,537 | |||||||||||||||||||||
Construction & development, net | 230,262 | 2,054 | 3,326 | — | — | 9,589 | 245,231 | |||||||||||||||||||||
Residential development, net | 67,019 | 1,836 | 1,855 | — | — | 17,703 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 718,778 | 23,393 | 19,651 | — | — | 9,023 | 770,845 | |||||||||||||||||||||
LOC & other, net | 951,109 | 24,197 | 9,574 | — | — | 2,480 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 351,971 | 4,585 | 1,706 | 2,996 | 333 | — | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 593,723 | 1,405 | 743 | — | 1,330 | — | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 263,070 | 1,038 | 25 | — | 136 | — | 264,269 | |||||||||||||||||||||
Consumer & other, net | 47,895 | 144 | 33 | — | 41 | — | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,865,393 | $ | 200,104 | $ | 183,114 | $ | 3,169 | $ | 1,840 | $ | 100,783 | $ | 7,354,403 | ||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 1,993,369 | $ | 174,892 | $ | 79,004 | $ | — | $ | — | $ | 69,644 | $ | 2,316,909 | ||||||||||||||
Owner occupied term, net | 1,185,721 | 26,475 | 50,911 | — | — | 13,733 | 1,276,840 | |||||||||||||||||||||
Multifamily, net | 324,315 | 1,950 | 4,425 | — | — | 1,045 | 331,735 | |||||||||||||||||||||
Construction & development, net | 165,185 | 12,654 | 6,063 | — | — | 16,729 | 200,631 | |||||||||||||||||||||
Residential development, net | 25,018 | 4,373 | 5,064 | — | — | 22,684 | 57,139 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 717,546 | 22,256 | 46,727 | — | — | 10,532 | 797,061 | |||||||||||||||||||||
LOC & other, net | 847,883 | 19,510 | 15,569 | — | — | 7,846 | 890,808 | |||||||||||||||||||||
Leases and equipment finance, net | 31,270 | — | — | — | — | — | 31,270 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 471,206 | 3,510 | 1,120 | — | 2,627 | — | 478,463 | |||||||||||||||||||||
Home equity loans & lines, net | 260,086 | 1,616 | — | — | 760 | 175 | 262,637 | |||||||||||||||||||||
Consumer & other, net | 37,056 | 419 | 57 | — | 34 | 21 | 37,587 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,058,655 | $ | 267,655 | $ | 208,940 | $ | — | $ | 3,421 | $ | 142,409 | $ | 6,681,080 | ||||||||||||||
The percentage of non-covered impaired loans classified as watch, special mention, and substandard was 6.4%, 3.7%, and 89.9%, respectively, as of December 31, 2013. The percentage of non-covered impaired loans classified as watch, special mention, and substandard was 9.0%, 1.7%, and 89.3%, respectively, as of December 31, 2012. | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||
At December 31, 2013 and December 31, 2012, impaired loans of $68.8 million and $70.6 million were classified as accruing restructured loans, respectively. The restructurings were granted in response to borrower financial difficulty, and generally provide for a temporary modification of loan repayment terms. The restructured loans on accrual status represent the only impaired loans accruing interest. In order for a restructured loan to be considered for accrual status, the loan’s collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. | ||||||||||||||||||||||||||||
There were no available commitments for troubled debt restructurings outstanding as of December 31, 2013 and none as of December 31, 2012. | ||||||||||||||||||||||||||||
The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 37,366 | $ | — | $ | 37,366 | ||||||||||||||||||||||
Owner occupied term, net | 5,202 | — | 5,202 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 9,590 | — | 9,590 | |||||||||||||||||||||||||
Residential development, net | 14,902 | 2,196 | 17,098 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 2,603 | 2,603 | |||||||||||||||||||||||||
LOC & other, net | 1,258 | — | 1,258 | |||||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 473 | — | 473 | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 68,791 | $ | 4,799 | $ | 73,590 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 34,329 | $ | 16,200 | $ | 50,529 | ||||||||||||||||||||||
Owner occupied term, net | 5,284 | 405 | 5,689 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 12,552 | 3,516 | 16,068 | |||||||||||||||||||||||||
Residential development, net | 17,141 | 4,921 | 22,062 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 350 | 4,641 | 4,991 | |||||||||||||||||||||||||
LOC & other, net | 820 | 1,493 | 2,313 | |||||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | 126 | — | 126 | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 70,602 | $ | 31,176 | $ | 101,778 | ||||||||||||||||||||||
The Bank’s policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank’s policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. | ||||||||||||||||||||||||||||
The types of modifications offered can generally be described in the following categories: | ||||||||||||||||||||||||||||
Rate Modification—A modification in which the interest rate is modified. | ||||||||||||||||||||||||||||
Term Modification —A modification in which the maturity date, timing of payments, or frequency of payments is changed. | ||||||||||||||||||||||||||||
Interest Only Modification—A modification in which the loan is converted to interest only payments for a period of time. | ||||||||||||||||||||||||||||
Payment Modification—A modification in which the payment amount is changed, other than an interest only modification described above. | ||||||||||||||||||||||||||||
Combination Modification—Any other type of modification, including the use of multiple types of modifications. | ||||||||||||||||||||||||||||
The following tables present newly non-covered restructured loans that occurred during the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | ||||||||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Total | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | $ | 4,291 | $ | — | $ | — | $ | 4,291 | ||||||||||||||||
Owner occupied term, net | — | — | — | — | — | — | ||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | — | ||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | — | 3,588 | 3,588 | ||||||||||||||||||||||
LOC & other, net | — | — | — | — | 452 | 452 | ||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | 478 | 478 | ||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | — | ||||||||||||||||||||||
Total, net of deferred fees and costs | $ | — | $ | — | $ | 4,291 | $ | — | $ | 4,518 | $ | 8,809 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | ||||||||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Total | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 14,333 | $ | — | $ | — | $ | — | $ | 2,595 | $ | 16,928 | ||||||||||||||||
Owner occupied term, net | 587 | — | — | — | 4,722 | 5,309 | ||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | — | ||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | — | — | — | ||||||||||||||||||||||
LOC & other, net | — | — | — | 820 | — | 820 | ||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | — | ||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | — | ||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 14,920 | $ | — | $ | — | $ | 820 | $ | 7,317 | $ | 23,057 | ||||||||||||||||
For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification. | ||||||||||||||||||||||||||||
The following tables represent financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | ||||||||||||||||||||||||
Owner occupied term, net | — | 217 | ||||||||||||||||||||||||||
Multifamily, net | — | — | ||||||||||||||||||||||||||
Construction & development, net | — | — | ||||||||||||||||||||||||||
Residential development, net | — | 633 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 1,786 | — | ||||||||||||||||||||||||||
LOC & other, net | — | 26 | ||||||||||||||||||||||||||
Leases and equipment finance, net | — | — | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | ||||||||||||||||||||||||||
Home equity loans & lines, net | — | — | ||||||||||||||||||||||||||
Consumer & other, net | — | — | ||||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 1,786 | $ | 876 | ||||||||||||||||||||||||
Covered_Assets_and_Indemnifica
Covered Assets and Indemnification Asset | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Covered Assets and Indemnification Asset [Abstract] | ' | |||||||||||||||||||||||
Covered Assets and Indemnification Asset | ' | |||||||||||||||||||||||
Covered Assets and Indemnification Asset | ||||||||||||||||||||||||
Covered Loans, Net | ||||||||||||||||||||||||
Loans acquired in a FDIC-assisted acquisition that are subject to a loss-share agreement are referred to as covered loans and reported separately in our statements of financial condition. Covered loans are reported exclusive of the cash flow reimbursements expected from the FDIC. | ||||||||||||||||||||||||
The following table presents the major types of covered loans as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 29,019 | $ | 117,076 | $ | 60,807 | $ | 206,902 | ||||||||||||||||
Owner occupied term, net | 18,582 | 14,711 | 16,524 | 49,817 | ||||||||||||||||||||
Multifamily, net | 7,626 | 22,210 | 7,835 | 37,671 | ||||||||||||||||||||
Construction & development, net | 1,506 | — | 1,949 | 3,455 | ||||||||||||||||||||
Residential development, net | 1,861 | — | 5,425 | 7,286 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 5,651 | 768 | 9,300 | 15,719 | ||||||||||||||||||||
LOC & other, net | 2,664 | 1,934 | 2,100 | 6,698 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,075 | 17,468 | 1,773 | 22,316 | ||||||||||||||||||||
Home equity loans & lines, net | 2,820 | 14,782 | 2,035 | 19,637 | ||||||||||||||||||||
Consumer & other, net | 954 | 3,308 | — | 4,262 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 73,758 | $ | 192,257 | $ | 107,748 | $ | 373,763 | ||||||||||||||||
Allowance for covered loans | (9,771 | ) | ||||||||||||||||||||||
Total | $ | 363,992 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 36,074 | $ | 157,055 | $ | 71,352 | $ | 264,481 | ||||||||||||||||
Owner occupied term, net | 26,682 | 18,853 | 23,115 | 68,650 | ||||||||||||||||||||
Multifamily, net | 10,132 | 23,777 | 10,969 | 44,878 | ||||||||||||||||||||
Construction & development, net | 4,941 | 637 | 6,133 | 11,711 | ||||||||||||||||||||
Residential development, net | 3,840 | — | 5,954 | 9,794 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 9,961 | 2,230 | 11,333 | 23,524 | ||||||||||||||||||||
LOC & other, net | 4,984 | 7,081 | 2,932 | 14,997 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,948 | 22,059 | 1,818 | 27,825 | ||||||||||||||||||||
Home equity loans & lines, net | 3,478 | 17,178 | 2,786 | 23,442 | ||||||||||||||||||||
Consumer & other, net | 1,855 | 4,143 | 53 | 6,051 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 105,895 | $ | 253,013 | $ | 136,445 | $ | 495,353 | ||||||||||||||||
Allowance for covered loans | (18,275 | ) | ||||||||||||||||||||||
Total | $ | 477,078 | ||||||||||||||||||||||
The outstanding contractual unpaid principal balance, excluding purchase accounting adjustments, at December 31, 2013 was $93.8 million, $224.1 million and $144.5 million, for Evergreen, Rainier, and Nevada Security, respectively, as compared to $137.7 million, $297.0 million and $198.4 million, for Evergreen, Rainier, and Nevada Security, respectively, at December 31, 2012. | ||||||||||||||||||||||||
In estimating the fair value of the covered loans at the acquisition date, we (a) calculated the contractual amount and timing of undiscounted principal and interest payments and (b) estimated the amount and timing of undiscounted expected principal and interest payments. The difference between these two amounts represents the nonaccretable difference. | ||||||||||||||||||||||||
On the acquisition date, the amount by which the undiscounted expected cash flows exceed the estimated fair value of the acquired loans is the “accretable yield”. The accretable yield is then measured at each financial reporting date and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. | ||||||||||||||||||||||||
The following table presents the changes in the accretable yield for the years ended December 31, 2013 and 2012 for each respective acquired loan portfolio: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 34,567 | $ | 102,468 | $ | 46,353 | $ | 183,388 | ||||||||||||||||
Accretion to interest income | (12,695 | ) | (23,511 | ) | (15,292 | ) | (51,498 | ) | ||||||||||||||||
Disposals | (3,221 | ) | (12,362 | ) | (3,703 | ) | (19,286 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 1,412 | 5,194 | 7,274 | 13,880 | ||||||||||||||||||||
Balance, end of period | 20,063 | $ | 71,789 | $ | 34,632 | $ | 126,484 | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 56,479 | $ | 120,333 | $ | 61,021 | $ | 237,833 | ||||||||||||||||
Accretion to interest income | (21,237 | ) | (30,325 | ) | (19,969 | ) | (71,531 | ) | ||||||||||||||||
Disposals | (9,688 | ) | (19,705 | ) | (5,214 | ) | (34,607 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 9,013 | 32,165 | 10,515 | 51,693 | ||||||||||||||||||||
Balance, end of period | $ | 34,567 | $ | 102,468 | $ | 46,353 | $ | 183,388 | ||||||||||||||||
Allowance for Covered Loan Losses | ||||||||||||||||||||||||
The following table summarizes activity related to the allowance for covered loan losses by covered loan portfolio segment for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Charge-offs | (2,303 | ) | (1,544 | ) | (197 | ) | (459 | ) | (4,503 | ) | ||||||||||||||
Recoveries | 1,114 | 531 | 218 | 249 | 2,112 | |||||||||||||||||||
(Recapture) provision | (4,835 | ) | (1,130 | ) | (165 | ) | 17 | (6,113 | ) | |||||||||||||||
Balance, end of period | $ | 6,105 | $ | 2,837 | $ | 660 | $ | 169 | $ | 9,771 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 8,939 | $ | 3,964 | $ | 991 | $ | 426 | $ | 14,320 | ||||||||||||||
Charge-offs | (2,921 | ) | (1,613 | ) | (596 | ) | (659 | ) | (5,789 | ) | ||||||||||||||
Recoveries | 1,264 | 733 | 237 | 105 | 2,339 | |||||||||||||||||||
Provision | 4,847 | 1,896 | 172 | 490 | 7,405 | |||||||||||||||||||
Balance, end of period | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
The following table presents the allowance and recorded investment in covered loans by portfolio segment as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 5,995 | $ | 2,713 | $ | 609 | $ | 118 | $ | 9,435 | ||||||||||||||
Collectively evaluated for impairment (2) | 110 | 124 | 51 | 51 | 336 | |||||||||||||||||||
Total | $ | 6,105 | $ | 2,837 | $ | 660 | $ | 169 | $ | 9,771 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 304,232 | $ | 15,781 | $ | 36,960 | $ | 1,739 | $ | 358,712 | ||||||||||||||
Collectively evaluated for impairment (2) | 899 | 6,636 | 4,993 | 2,523 | 15,051 | |||||||||||||||||||
Total | $ | 305,131 | $ | 22,417 | $ | 41,953 | $ | 4,262 | $ | 373,763 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 11,756 | $ | 4,559 | $ | 755 | $ | 315 | $ | 17,385 | ||||||||||||||
Collectively evaluated for impairment (2) | 373 | 421 | 49 | 47 | 890 | |||||||||||||||||||
Total | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 393,464 | $ | 25,402 | $ | 46,382 | $ | 3,360 | $ | 468,608 | ||||||||||||||
Collectively evaluated for impairment (2) | 6,050 | 13,119 | 4,885 | 2,691 | 26,745 | |||||||||||||||||||
Total | $ | 399,514 | $ | 38,521 | $ | 51,267 | $ | 6,051 | $ | 495,353 | ||||||||||||||
(1) In accordance with ASC 310-30, the valuation allowance is netted against the carrying value of the covered loan balance. | ||||||||||||||||||||||||
(2) The allowance on covered loan losses includes an allowance on covered loan advances on acquired loans subsequent to acquisition. | ||||||||||||||||||||||||
The valuation allowance on covered loans was reduced by recaptured provision of $8.8 million, $3.8 million, and $3.5 million for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Covered Credit Quality Indicators | ||||||||||||||||||||||||
Covered loans are risk rated in a manner consistent with non-covered loans. As previously noted, the Bank’s risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating groupings are described fully in Note 6. The following table includes loans acquired with deteriorated credit quality accounted for under ASC 310-30, and advances made subsequent to acquisition on covered loans. | ||||||||||||||||||||||||
The following table summarizes our internal risk rating grouping by covered loans, net as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 133,452 | $ | 26,321 | $ | 44,279 | $ | — | $ | — | $ | 204,052 | ||||||||||||
Owner occupied term, net | 30,119 | 3,370 | 14,971 | 213 | — | 48,673 | ||||||||||||||||||
Multifamily, net | 24,213 | 2,563 | 10,409 | — | — | 37,185 | ||||||||||||||||||
Construction & development, net | 1,117 | — | 1,686 | — | — | 2,803 | ||||||||||||||||||
Residential development, net | 492 | 224 | 5,541 | 54 | — | 6,311 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 3,753 | 3,141 | 6,128 | 258 | — | 13,280 | ||||||||||||||||||
LOC & other, net | 4,630 | 991 | 681 | — | — | 6,302 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 22,175 | — | — | — | — | 22,175 | ||||||||||||||||||
Home equity loans & lines, net | 19,043 | — | 76 | — | — | 19,119 | ||||||||||||||||||
Consumer & other, net | 4,092 | — | — | — | — | 4,092 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 243,086 | $ | 36,610 | $ | 83,771 | $ | 525 | $ | — | $ | 363,992 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Construction & development | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 177,791 | $ | 30,253 | $ | 42,590 | $ | 8,471 | $ | — | $ | 259,105 | ||||||||||||
Owner occupied term, net | 43,698 | 7,803 | 10,417 | 4,673 | — | 66,591 | ||||||||||||||||||
Multifamily, net | 22,234 | 9,824 | 9,804 | 1,781 | — | 43,643 | ||||||||||||||||||
Construction & development, net | 1,792 | 195 | 4,315 | 3,386 | — | 9,688 | ||||||||||||||||||
Residential development, net | — | 391 | 6,658 | 1,309 | — | 8,358 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 9,020 | 3,401 | 4,986 | 2,021 | — | 19,428 | ||||||||||||||||||
LOC & other, net | 11,498 | 354 | 1,080 | 1,181 | — | 14,113 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 27,596 | — | — | — | — | 27,596 | ||||||||||||||||||
Home equity loans & lines, net | 22,790 | — | 77 | — | — | 22,867 | ||||||||||||||||||
Consumer & other, net | 5,689 | — | — | — | — | 5,689 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 322,108 | $ | 52,221 | $ | 79,927 | $ | 22,822 | $ | — | $ | 477,078 | ||||||||||||
Covered Other Real Estate Owned | ||||||||||||||||||||||||
All other real estate owned (“OREO”) acquired in FDIC-assisted acquisitions that are subject to a FDIC loss-share agreement are referred to as “covered OREO” and reported separately in our statements of financial position. Covered OREO is reported exclusive of expected reimbursement cash flows from the FDIC. Foreclosed covered loan collateral is transferred into covered OREO at the collateral’s net realizable value, less selling costs. | ||||||||||||||||||||||||
Covered OREO was initially recorded at its estimated fair value on the acquisition date based on similar market comparable valuations less estimated selling costs. Subsequent to acquisition, loan collateral transferred to OREO is at its net realizable value. Any subsequent valuation adjustments due to declines in fair value will be charged to non-interest expense, and will be mostly offset by non-interest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments will be credited to non-interest expense with a corresponding charge to non-interest income for the portion of the recovery that is due to the FDIC. | ||||||||||||||||||||||||
The following table summarizes the activity related to the covered OREO for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of period | $ | 10,374 | $ | 19,491 | $ | 29,863 | ||||||||||||||||||
Additions to covered OREO | 2,555 | 6,987 | 15,271 | |||||||||||||||||||||
Dispositions of covered OREO | (10,115 | ) | (11,458 | ) | (16,934 | ) | ||||||||||||||||||
Valuation adjustments in the period | (712 | ) | (4,646 | ) | (8,709 | ) | ||||||||||||||||||
Balance, end of period | $ | 2,102 | $ | 10,374 | $ | 19,491 | ||||||||||||||||||
FDIC Indemnification Asset | ||||||||||||||||||||||||
The Company has elected to account for amounts receivable under the loss-share agreement as an indemnification asset in accordance with FASB ASC 805, Business Combinations. The FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value and the undiscounted cash flows the Company expects to collect from the FDIC will be accreted into non-interest income over the life of the FDIC indemnification asset. | ||||||||||||||||||||||||
Subsequent to initial recognition, the FDIC indemnification asset is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered assets. These adjustments are measured on the same basis as the related covered loans and covered other real estate owned. Any increases in cash flow of the covered assets over those expected will reduce the FDIC indemnification asset and any decreases in cash flow of the covered assets under those expected will increase the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to non-interest income. The resulting carrying value of the indemnification asset represents the amounts recoverable from the FDIC for future expected losses, and the amounts due from the FDIC for claims related to covered losses the Company have incurred less amounts due back to the FDIC relating to shared recoveries. | ||||||||||||||||||||||||
The following table summarizes the activity related to the FDIC indemnification asset for each respective acquired portfolio for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 14,876 | $ | 15,110 | $ | 22,812 | $ | 52,798 | ||||||||||||||||
Change in FDIC indemnification asset | (8,556 | ) | (6,280 | ) | (10,713 | ) | (25,549 | ) | ||||||||||||||||
Transfers to due from FDIC and other | (1,111 | ) | (814 | ) | (2,150 | ) | (4,075 | ) | ||||||||||||||||
Balance, end of period | $ | 5,209 | $ | 8,016 | $ | 9,949 | $ | 23,174 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 28,547 | $ | 28,272 | $ | 34,270 | $ | 91,089 | ||||||||||||||||
Change in FDIC indemnification asset | (9,611 | ) | (6,355 | ) | 732 | (15,234 | ) | |||||||||||||||||
Transfers to due from FDIC and other | (4,060 | ) | (6,807 | ) | (12,190 | ) | (23,057 | ) | ||||||||||||||||
Balance, end of period | $ | 14,876 | $ | 15,110 | $ | 22,812 | $ | 52,798 | ||||||||||||||||
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Premises and Equipment | ' | |||||||
Premises and Equipment | ||||||||
The following table presents the major components of premises and equipment at December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
2013 | 2012 | |||||||
Land | $ | 26,438 | $ | 26,438 | ||||
Buildings and improvements | 153,771 | 134,464 | ||||||
Furniture, fixtures and equipment | 131,691 | 121,086 | ||||||
Construction in progress | 13,172 | 10,488 | ||||||
Total premises and equipment | 325,072 | 292,476 | ||||||
Less: Accumulated depreciation and amortization | (147,392 | ) | (129,809 | ) | ||||
Premises and equipment, net | $ | 177,680 | $ | 162,667 | ||||
Depreciation expense totaled $20.5 million, $17.6 million and $16.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||
Umpqua’s subsidiaries have entered into a number of non-cancelable lease agreements with respect to premises and equipment. See Note 20 for more information regarding rental expense, net of rent income, and minimum annual rental commitments under non-cancelable lease agreements. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||||
The following table summarizes the changes in the Company's goodwill and other intangible assets for the years ended December 31, 2010, 2011, 2012, and 2013. Goodwill is reflected by operating segment; all other intangible assets are related to the Community Banking segment. | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Community Banking | Wealth Management | |||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||
Gross | Impairment | Total | Gross | Impairment | Total | |||||||||||||||
Balance, December 31, 2010 | $ | 765,113 | $ | (111,952 | ) | $ | 653,161 | $ | 3,697 | $ | (982 | ) | $ | 2,715 | ||||||
Net additions | 247 | — | 247 | — | — | — | ||||||||||||||
Reductions | (44 | ) | — | (44 | ) | — | — | — | ||||||||||||
Balance, December 31, 2011 | 765,316 | (111,952 | ) | 653,364 | 3,697 | (982 | ) | 2,715 | ||||||||||||
Net additions | 12,545 | — | 12,545 | — | — | — | ||||||||||||||
Reductions | (452 | ) | — | (452 | ) | — | — | — | ||||||||||||
Balance, December 31, 2012 | 777,409 | (111,952 | ) | 665,457 | 3,697 | (982 | ) | 2,715 | ||||||||||||
Net additions | 96,777 | — | 96,777 | — | — | — | ||||||||||||||
Reductions | (644 | ) | — | (644 | ) | — | — | — | ||||||||||||
Balance, December 31, 2013 | $ | 873,542 | $ | (111,952 | ) | $ | 761,590 | $ | 3,697 | $ | (982 | ) | $ | 2,715 | ||||||
Other Intangible Assets | ||||||||||||||||||||
Accumulated | ||||||||||||||||||||
Gross | Amortization | Net | ||||||||||||||||||
Balance, December 31, 2010 | $ | 58,079 | $ | (31,986 | ) | $ | 26,093 | |||||||||||||
Net additions | — | — | — | |||||||||||||||||
Amortization | — | (4,948 | ) | (4,948 | ) | |||||||||||||||
Balance, December 31, 2011 | 58,079 | (36,934 | ) | 21,145 | ||||||||||||||||
Net additions | 830 | — | 830 | |||||||||||||||||
Amortization | — | (4,816 | ) | (4,816 | ) | |||||||||||||||
Balance, December 31, 2012 | 58,909 | (41,750 | ) | 17,159 | ||||||||||||||||
Net additions | — | — | — | |||||||||||||||||
Amortization | — | (4,781 | ) | (4,781 | ) | |||||||||||||||
Balance, December 31, 2013 | $ | 58,909 | $ | (46,531 | ) | $ | 12,378 | |||||||||||||
Goodwill additions in 2013 relate to the FinPac acquisition and represent the excess of the total purchase price paid over the fair value of the assets acquired, net of the fair values of liabilities assumed. Additional information on the acquisition and purchase price allocation is provided in Note 2. Goodwill additions in 2012 relate to the Circle acquisition and represent the excess of the total purchase price paid over the fair value of the assets acquired, net of the fair values of liabilities assumed. Additional information on the acquisition and purchase price allocation is provided in Note 2. Goodwill additions in 2011 relate to purchase accounting adjustments finalized relating to the Rainier acquisition. The reduction to goodwill in 2013 of $644,000 relates to purchase accounting adjustments. The reduction to goodwill in 2012 and 2011 of $452,000, and $44,000 are due to the recognition of tax benefits upon exercise of fully vested acquired stock options. | ||||||||||||||||||||
Intangible additions in 2012 relate to the Circle acquisition and represent core deposits, which includes all deposits except certificates of deposit. The values of the core deposit intangible assets were determined by an analysis of the cost differential between the core deposits and alternative funding sources. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and are also reviewed for impairment. We amortize other intangible assets on an accelerated or straight-line basis over an estimated ten to fifteen year life. No impairment losses separate from the scheduled amortization have been recognized in the periods presented. | ||||||||||||||||||||
The Company conducted its annual evaluation of goodwill for impairment at both December 31, 2013 and 2012 , respectively. At both dates, in the first step of the goodwill impairment test, the Company determined that the fair value of the Community Banking and Wealth Management reporting units exceeded its carrying amount. The significant assumptions and methodology utilized to test for goodwill impairment as of December 31, 2013 were consistent with those used at December 31, 2012. | ||||||||||||||||||||
A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others, a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. | ||||||||||||||||||||
The Company has the option to perform a qualitative assessment before completing the goodwill impairment test two-step process. The first step compares the fair value of a reporting unit to its carrying value. If the reporting unit’s fair value is less than its carrying value, the Company would be required to proceed to the second step. In the second step the Company calculates the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in the same manner as goodwill recognized in a business combination. The estimated fair value of the Company is allocated to all of the Company’s assets and liabilities, including any unrecognized identifiable intangible assets, as if the Company had been acquired in a business combination and the estimated fair value of the reporting unit is the price paid to acquire it. The allocation process is performed only for purposes of determining the amount of goodwill impairment. No assets or liabilities are written up or down, nor are any additional unrecognized identifiable intangible assets recorded as a part of this process. Any excess of the estimated purchase price over the fair value of the reporting unit’s net assets represents the implied fair value of goodwill. If the carrying amount of the goodwill is greater than the implied fair value of that goodwill, an impairment loss would be recognized as a charge to earnings in an amount equal to that excess. The Company performs the first step on an annual basis and in between if certain events or circumstances indicate goodwill may be impaired. | ||||||||||||||||||||
The table below presents the forecasted amortization expense for intangible assets acquired in all mergers: | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Expected | ||||||||||||||||||||
Year | Amortization | |||||||||||||||||||
2014 | $ | 4,528 | ||||||||||||||||||
2015 | 4,286 | |||||||||||||||||||
2016 | 2,520 | |||||||||||||||||||
2017 | 549 | |||||||||||||||||||
2018 | 190 | |||||||||||||||||||
Thereafter | 305 | |||||||||||||||||||
$ | 12,378 | |||||||||||||||||||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||||
Mortgage Servicing Rights | ' | |||||||||||
Mortgage Servicing Rights | ||||||||||||
The following table presents the changes in the Company’s mortgage servicing rights (“MSR”) for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 27,428 | $ | 18,184 | $ | 14,454 | ||||||
Additions for new mortgage servicing rights capitalized | 17,963 | 17,710 | 6,720 | |||||||||
Changes in fair value: | ||||||||||||
Due to changes in model inputs or assumptions(1) | 5,688 | (4,651 | ) | (858 | ) | |||||||
Other(2) | (3,314 | ) | (3,815 | ) | (2,132 | ) | ||||||
Balance, end of period | $ | 47,765 | $ | 27,428 | $ | 18,184 | ||||||
-1 | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. | |||||||||||
-2 | Represents changes due to collection/realization of expected cash flows over time. | |||||||||||
Information related to our serviced loan portfolio as of December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
(dollars in thousands) | ||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Balance of loans serviced for others | $ | 4,362,499 | $ | 3,162,080 | $ | 2,009,849 | ||||||
MSR as a percentage of serviced loans | 1.09 | % | 0.87 | % | 0.9 | % | ||||||
The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in mortgage banking revenue on the Consolidated Statements of Income, was $10.4 million, $6.6 million, and $4.7 million for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2013 and December 31, 2012 is as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Constant prepayment rate | ||||||||||||
Effect on fair value of a 10% adverse change | $ | (2,255 | ) | $ | (1,445 | ) | ||||||
Effect on fair value of a 20% adverse change | $ | (4,323 | ) | $ | (2,754 | ) | ||||||
Discount rate | ||||||||||||
Effect on fair value of a 100 basis point adverse change | $ | (1,832 | ) | $ | (889 | ) | ||||||
Effect on fair value of a 200 basis point adverse change | $ | (3,534 | ) | $ | (1,720 | ) | ||||||
The sensitivity analysis presents the hypothetical effect on fair value of the MSR. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. |
NonCovered_Other_Real_Estate_O
Non-Covered Other Real Estate Owned, Net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate [Abstract] | ' | |||||||||||
Non-covered Other Real Estate Owned, Net | ' | |||||||||||
Non-covered Other Real Estate Owned, Net | ||||||||||||
The following table presents the changes in non-covered other real estate owned (“OREO”) for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 17,138 | $ | 34,175 | $ | 32,791 | ||||||
Additions to OREO due to acquisition | — | 1,602 | — | |||||||||
Additions to OREO | 21,638 | 17,699 | 47,414 | |||||||||
Dispositions of OREO | (15,495 | ) | (29,442 | ) | (37,083 | ) | ||||||
Valuation adjustments in the period | (1,448 | ) | (6,896 | ) | (8,947 | ) | ||||||
Balance, end of period | $ | 21,833 | $ | 17,138 | $ | 34,175 | ||||||
OREO properties are recorded at the lower of the recorded investment in the loan (prior to foreclosure) or the fair market value of the property less expected selling costs. The Company recognized valuation allowances of $1.0 million, $1.8 million, and $5.1 million on its non-covered OREO balances as of December 31, 2013, 2012 and 2011, respectively. Valuation allowances on non-covered OREO balances are based on updated appraisals of the underlying properties as received during a period or management's authorization to reduce the selling price of a property during the period. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets | ' | |||||||
OTHER ASSETS | ||||||||
Other assets consisted of the following at December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
2013 | 2012 | |||||||
Accrued interest receivable | $ | 23,720 | $ | 26,998 | ||||
Derivative assets | 17,921 | 23,942 | ||||||
Income taxes receivable | 15,665 | 12,859 | ||||||
Equity method investments | 9,641 | 11,031 | ||||||
Investment in unconsolidated Trusts | 6,933 | 6,933 | ||||||
Due from FDIC | 3,322 | 12,606 | ||||||
Prepaid FDIC deposit assessment | — | 12,307 | ||||||
Other | 34,756 | 32,026 | ||||||
Total | $ | 111,958 | $ | 138,702 | ||||
The amount due from the FDIC relates to the FDIC-assisted acquisitions of Evergreen, Rainier, and Nevada Security. See further discussion at Note 7. | ||||||||
The Company invests in limited partnerships that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for the investments under the equity method. The Company’s remaining capital commitments to these partnerships at December 31, 2013 and 2012 were approximately $1.4 million and $4.1 million, respectively. Such amounts are included in other liabilities on the consolidated balance sheets. | ||||||||
Also see Note 18 for information on the Company’s investment in Trusts and Note 21 for information on the Company’s derivatives. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The following table presents the components of income tax expense (benefit) included in the Consolidated Statements of Income for the years ended December 31: | ||||||||||||
(in thousands) | ||||||||||||
Current | Deferred | Total | ||||||||||
YEAR ENDED DECEMBER 31, 2013: | ||||||||||||
Federal | $ | 36,733 | $ | 7,459 | $ | 44,192 | ||||||
State | 8,187 | 289 | 8,476 | |||||||||
$ | 44,920 | $ | 7,748 | $ | 52,668 | |||||||
YEAR ENDED DECEMBER 31, 2012: | ||||||||||||
Federal | $ | 44,268 | $ | (426 | ) | $ | 43,842 | |||||
State | 2,632 | 6,847 | 9,479 | |||||||||
$ | 46,900 | $ | 6,421 | $ | 53,321 | |||||||
YEAR ENDED DECEMBER 31, 2011: | ||||||||||||
Federal | $ | 29,932 | $ | (40 | ) | $ | 29,892 | |||||
State | 4,810 | 2,040 | 6,850 | |||||||||
$ | 34,742 | $ | 2,000 | $ | 36,742 | |||||||
The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State tax, net of Federal income tax | 4.4 | % | 4.4 | % | 3.8 | % | ||||||
Tax-exempt income | (3.2 | )% | (3.0 | )% | (3.7 | )% | ||||||
Tax credits | (1.8 | )% | (1.1 | )% | (1.5 | )% | ||||||
Nondeductible merger expenses | 1 | % | 0.1 | % | — | % | ||||||
Other | (0.5 | )% | (1.0 | )% | (0.6 | )% | ||||||
Effective income tax rate | 34.9 | % | 34.4 | % | 33 | % | ||||||
The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax assets recorded on the consolidated balance sheets as of December 31: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
DEFERRED TAX ASSETS: | ||||||||||||
Allowance for loan and lease losses | $ | 33,652 | $ | 33,782 | ||||||||
Covered loans | 16,788 | 28,610 | ||||||||||
Accrued severance and deferred compensation | 13,080 | 13,376 | ||||||||||
Non-accrual loans | 5,760 | 4,759 | ||||||||||
Tax credits | 5,716 | 3,655 | ||||||||||
Unrealized loss on investment securities | 3,318 | — | ||||||||||
Non-covered other real estate owned | 3,023 | 1,974 | ||||||||||
Covered other real estate owned | 831 | 5,120 | ||||||||||
Other | 16,230 | 14,702 | ||||||||||
Total gross deferred tax assets | 98,398 | 105,978 | ||||||||||
DEFERRED TAX LIABILITIES: | ||||||||||||
Mortgage servicing rights | 18,855 | 10,847 | ||||||||||
Fair market value adjustment on preferred securities | 18,649 | 19,567 | ||||||||||
FDIC indemnification asset | 10,471 | 25,913 | ||||||||||
Leased assets | 9,719 | 3,930 | ||||||||||
Deferred loan fees | 7,525 | 5,706 | ||||||||||
Premises and equipment depreciation | 7,356 | 8,834 | ||||||||||
Intangibles | 5,633 | 5,161 | ||||||||||
Unrealized gain on investment securities | — | 16,306 | ||||||||||
Other | 3,512 | 6,186 | ||||||||||
Total gross deferred tax liabilities | 81,720 | 102,450 | ||||||||||
Valuation allowance | (51 | ) | — | |||||||||
Net deferred tax assets | $ | 16,627 | $ | 3,528 | ||||||||
The Company has determined that it is required to establish a valuation allowance for a portion of the deferred tax assets as management believes it is more likely than not that a deferred tax asset of $51,000 as December 31, 2013, relating to Canadian net operating losses, may not be able to be utilized in the future. The Company has determined that no other valuation allowance for the remaining deferred tax assets is required as management believes it is more likely than not that the remaining deferred tax assets of $98.3 million and $106.0 million at December 31, 2013 and 2012, respectively, will be realized principally through future reversals of existing taxable temporary differences. Management further believes that future taxable income will be sufficient to realize the benefits of temporary deductible differences that cannot be realized through carry-back to prior years or through the reversal of future temporary taxable differences. | ||||||||||||
The tax credits consist entirely of state tax credits at December 31, 2013 and 2012. The state tax credits, comprised primarily of State of Oregon Business Energy Tax Credits (“BETC”), will be utilized to offset future state income taxes. Most of the state tax credits benefit a five-year period, with an eight-year carry-forward allowed. Management believes, based upon the Company’s historical performance that the deferred tax assets relating to these tax credits will be realized in the normal course of operations, and, accordingly, management has not reduced these deferred tax assets by a valuation allowance. | ||||||||||||
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as the Oregon and California state jurisdictions. Additionally, as a result of the FinPac acquisition, the Company will now be subject to filings in the majority of states and in Canada. The Company is no longer subject to U.S. federal and other state tax authorities examinations for years before 2009, except in California for years before 2005 and for Canadian tax authority examinations for years before 2012. | ||||||||||||
In accordance with the provisions of FASB 740, Income Taxes, (“ASC 740”), relating to the accounting for uncertainty in income taxes, the Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. | ||||||||||||
The Company recorded an increase in its liability for unrecognized tax benefits relating to California tax incentives and temporary differences in the amount of $4,000 during 2013 and an increase of $47,000 during 2012. The Company had gross unrecognized tax benefits recorded as of December 31, 2013 and 2012 in the amounts of $602,000 and $598,000, respectively. If recognized the unrecognized tax benefit would reduce the 2013 annual effective tax rate by 0.3%. The Company accrued $24,000 of interest related to unrecognized tax benefits and recognized a benefit of $6,000 in interest reversed primarily due to the reductions of its liability for unrecognized tax benefits during 2013 and 2012 , respectively. Interest on unrecognized tax benefits is reported by the Company as a component as of tax expense. As of December 31, 2013 and 2012, the accrued interest related to unrecognized tax benefits is $193,000 and $168,000, respectively. | ||||||||||||
Detailed below is a reconciliation of the Company’s unrecognized tax benefits, gross of any related tax benefits, for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Balance, beginning of period | $ | 598 | $ | 550 | ||||||||
Effectively settled positions | 4 | (39 | ) | |||||||||
Changes for tax positions of prior years | — | 87 | ||||||||||
Balance, end of period | $ | 602 | $ | 598 | ||||||||
Interest_Bearing_Deposits
Interest Bearing Deposits | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Interest Bearing Deposits | ' | |||||||||||
Interest Bearing Deposits | ||||||||||||
The following table presents the major types of interest bearing deposits at December 31, 2013 and 2012: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Interest bearing demand | $ | 1,233,070 | $ | 1,215,002 | ||||||||
Money market | 3,349,946 | 3,407,047 | ||||||||||
Savings | 560,699 | 475,325 | ||||||||||
Time, $100,000 and over | 1,065,380 | 1,429,153 | ||||||||||
Time less than $100,000 | 472,088 | 573,834 | ||||||||||
Total interest bearing deposits | $ | 6,681,183 | $ | 7,100,361 | ||||||||
The following table presents interest expense for each deposit type for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest bearing demand | $ | 978 | $ | 1,980 | $ | 3,056 | ||||||
Money market | 3,485 | 7,193 | 17,236 | |||||||||
Savings | 321 | 291 | 356 | |||||||||
Time, $100,000 and over | 11,911 | 16,067 | 25,771 | |||||||||
Other time less than $100,000 | 4,060 | 5,602 | 9,324 | |||||||||
Total interest on deposits | $ | 20,755 | $ | 31,133 | $ | 55,743 | ||||||
The following table presents the scheduled maturities of time deposits as of December 31, 2013: | ||||||||||||
(in thousands) | ||||||||||||
Year | Amount | |||||||||||
2014 | $ | 1,009,077 | ||||||||||
2015 | 204,701 | |||||||||||
2016 | 217,406 | |||||||||||
2017 | 78,728 | |||||||||||
2018 | 25,001 | |||||||||||
Thereafter | 2,555 | |||||||||||
Total time deposits | $ | 1,537,468 | ||||||||||
The following table presents the remaining maturities of time deposits of $100,000 or more as of December 31, 2013: | ||||||||||||
(in thousands) | ||||||||||||
Amount | ||||||||||||
Three months or less | $ | 226,849 | ||||||||||
Over three months through six months | 211,268 | |||||||||||
Over six months through twelve months | 253,595 | |||||||||||
Over twelve months | 373,668 | |||||||||||
Time, $100,000 and over | $ | 1,065,380 | ||||||||||
Securities_Sold_Under_Agreemen
Securities Sold Under Agreements To Repurchase | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||
Securities Sold Under Agreements To Repurchase | ' | ||||||||||||||
Securities Sold Under Agreements To Repurchase | |||||||||||||||
The following table presents information regarding securities sold under agreements to repurchase at December 31, 2013 and 2012: | |||||||||||||||
(dollars in thousands) | |||||||||||||||
Weighted | Carrying | Market | |||||||||||||
Average | Value of | Value of | |||||||||||||
Repurchase | Interest | Underlying | Underlying | ||||||||||||
Amount | Rate | Assets | Assets | ||||||||||||
December 31, 2013 | $ | 224,882 | 0.07 | % | $ | 229,439 | $ | 229,439 | |||||||
December 31, 2012 | $ | 137,075 | 0.14 | % | $ | 139,373 | $ | 139,373 | |||||||
The securities underlying agreements to repurchase entered into by the Bank are for the same securities originally sold, with a one-day maturity. In all cases, the Bank maintains control over the securities. Securities sold under agreements to repurchase averaged approximately $177.9 million, $142.4 million, and $113.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. The maximum amount outstanding at any month end for the years ended December 31, 2013, 2012 and 2011, was $233.8 million, $166.3 million, and $148.2 million, respectively. Investment securities are pledged as collateral in an amount equal to or greater than the repurchase agreements. |
Federal_Funds_Purchased
Federal Funds Purchased | 12 Months Ended |
Dec. 31, 2013 | |
Banking and Thrift [Abstract] | ' |
Federal Funds Purchased | ' |
Federal Funds Purchased | |
At December 31, 2013 and 2012, the Company had no outstanding federal funds purchased balances. The Bank had available lines of credit with the FHLB totaling $2.2 billion at December 31, 2013. The Bank had available lines of credit with the Federal Reserve totaling $391.7 million subject to certain collateral requirements, namely the amount of certain pledged loans at December 31, 2013. The Bank had uncommitted federal funds line of credit agreements with additional financial institutions totaling $185.0 million at December 31, 2013. At December 31, 2013, the lines of credit had interest rates ranging from 0.3% to 0.8%. Availability of the lines is subject to federal funds balances available for loan and continued borrower eligibility and are reviewed and renewed periodically throughout the year. These lines are intended to support short-term liquidity needs, and the agreements may restrict consecutive day usage. |
Term_Debt
Term Debt | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Term Debt | ' | ||||
Term Debt | |||||
The Bank had outstanding secured advances from the FHLB and other creditors at December 31, 2013 and 2012 with carrying values of $251.5 million and $253.6 million, respectively. | |||||
The following table summarizes the future contractual maturities of borrowed funds (excluding the remaining unamortized purchase accounting adjustments relating to the Rainier acquisition of $6.0 million) as of December 31, 2013: | |||||
(in thousands) | |||||
Year | Amount | ||||
2014 | $ | — | |||
2015 | — | ||||
2016 | 190,016 | ||||
2017 | 55,000 | ||||
2018 | — | ||||
Thereafter | 495 | ||||
Total borrowed funds | $ | 245,511 | |||
The maximum amount outstanding from the FHLB under term advances at month end and the average balance outstanding during both 2013 and 2012 was $245.0 million. The average interest rate on the borrowings (excluding the accretion of purchase accounting adjustments) was 4.6% in 2013 and 2012. The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for notes. The Bank has pledged as collateral for these notes all FHLB stock, all funds on deposit with the FHLB, and its investments and commercial real estate portfolios, accounts, general intangibles, equipment and other property in which a security interest can be granted by the Bank to the FHLB. |
Junior_Subordinated_Debentures
Junior Subordinated Debentures | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Junior Subordinated Debentures | ' | |||||||||||||||||
Junior Subordinated Debentures | ||||||||||||||||||
Following is information about the Company’s wholly-owned trusts (“Trusts”) as of December 31, 2013: | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Issued | Carrying | Effective | ||||||||||||||||
Trust Name | Issue Date | Amount | Value (1) | Rate (2) | Rate (3) | Maturity Date | Redemption Date | |||||||||||
AT FAIR VALUE: | ||||||||||||||||||
Umpqua Statutory Trust II | Oct-02 | $ | 20,619 | $ | 14,791 | Floating (4) | 5.00% | Oct-32 | Oct-07 | |||||||||
Umpqua Statutory Trust III | Oct-02 | 30,928 | 22,392 | Floating (5) | 5.10% | Nov-32 | Nov-07 | |||||||||||
Umpqua Statutory Trust IV | Dec-03 | 10,310 | 6,978 | Floating (6) | 4.57% | Jan-34 | Jan-09 | |||||||||||
Umpqua Statutory Trust V | Dec-03 | 10,310 | 6,957 | Floating (6) | 4.58% | Mar-34 | Mar-09 | |||||||||||
Umpqua Master Trust I | Aug-07 | 41,238 | 22,696 | Floating (7) | 2.89% | Sep-37 | Sep-12 | |||||||||||
Umpqua Master Trust IB | Sep-07 | 20,619 | 13,460 | Floating (8) | 4.58% | Dec-37 | Dec-12 | |||||||||||
134,024 | 87,274 | |||||||||||||||||
AT AMORTIZED COST: | ||||||||||||||||||
HB Capital Trust I | Mar-00 | 5,310 | 6,218 | 10.88% | 8.39% | Mar-30 | Mar-10 | |||||||||||
Humboldt Bancorp Statutory Trust I | Feb-01 | 5,155 | 5,819 | 10.20% | 8.37% | Feb-31 | Feb-11 | |||||||||||
Humboldt Bancorp Statutory Trust II | Dec-01 | 10,310 | 11,271 | Floating (9) | 3.04% | Dec-31 | Dec-06 | |||||||||||
Humboldt Bancorp Statutory Trust III | Sep-03 | 27,836 | 30,344 | Floating (10) | 2.50% | Sep-33 | Sep-08 | |||||||||||
CIB Capital Trust | Nov-02 | 10,310 | 11,131 | Floating (5) | 3.02% | Nov-32 | Nov-07 | |||||||||||
Western Sierra Statutory Trust I | July 2001 | 6,186 | 6,186 | Floating (11) | 3.82% | July 2031 | July 2006 | |||||||||||
Western Sierra Statutory Trust II | December 2001 | 10,310 | 10,310 | Floating (9) | 3.84% | December 2031 | December 2006 | |||||||||||
Western Sierra Statutory Trust III | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
Western Sierra Statutory Trust IV | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
96,037 | 101,899 | |||||||||||||||||
Total | $ | 230,061 | $ | 189,173 | ||||||||||||||
-1 | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. | |||||||||||||||||
-2 | Contractual interest rate of junior subordinated debentures. | |||||||||||||||||
-3 | Effective interest rate based upon the carrying value as of December 31, 2013. | |||||||||||||||||
-4 | Rate based on LIBOR plus 3.35%, adjusted quarterly. | |||||||||||||||||
-5 | Rate based on LIBOR plus 3.45%, adjusted quarterly. | |||||||||||||||||
-6 | Rate based on LIBOR plus 2.85%, adjusted quarterly. | |||||||||||||||||
-7 | Rate based on LIBOR plus 1.35%, adjusted quarterly. | |||||||||||||||||
-8 | Rate based on LIBOR plus 2.75%, adjusted quarterly. | |||||||||||||||||
-9 | Rate based on LIBOR plus 3.60%, adjusted quarterly. | |||||||||||||||||
-10 | Rate based on LIBOR plus 2.95%, adjusted quarterly. | |||||||||||||||||
-11 | Rate based on LIBOR plus 3.58%, adjusted quarterly. | |||||||||||||||||
-12 | Rate based on LIBOR plus 2.90%, adjusted quarterly. | |||||||||||||||||
The Trusts are reflected as junior subordinated debentures in the Consolidated Balance Sheets. The common stock issued by the Trusts is recorded in other assets in the Consolidated Balance Sheets, and totaled $6.9 million at December 31, 2013 and $7.2 million at December 31, 2012. | ||||||||||||||||||
On January 1, 2007, the Company selected the fair value measurement option for certain pre-existing junior subordinated debentures (the Umpqua Statutory Trusts). The remaining junior subordinated debentures as of the adoption date were acquired through business combinations and were measured at fair value at the time of acquisition. In 2007, the Company issued two series of trust preferred securities and elected to measure each instrument at fair value. Accounting for the junior subordinated debentures originally issued by the Company at fair value enables us to more closely align our financial performance with the economic value of those liabilities. Additionally, we believe it improves our ability to manage the market and interest rate risks associated with the junior subordinated debentures. The junior subordinated debentures measured at fair value and amortized cost are presented as separate line items on the balance sheet. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants under current market conditions as of the measurement date. | ||||||||||||||||||
The significant inputs utilized in the estimation of fair value of these instruments are the credit risk adjusted spread and three month LIBOR. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. Generally, an increase in the credit risk adjusted spread and/or a decrease in the three month LIBOR will result in positive fair value adjustments. Conversely, a decrease in the credit risk adjusted spread and/or an increase in the three month LIBOR will result in negative fair value adjustments. | ||||||||||||||||||
Through the first quarter of 2010 we obtained valuations from a third-party pricing service to assist with the estimation and determination of fair value of these liabilities. In these valuations, the credit risk adjusted interest spread for potential new issuances through the primary market and implied spreads of these instruments when traded as assets on the secondary market, were estimated to be significantly higher than the contractual spread of our junior subordinated debentures measured at fair value. The difference between these spreads has resulted in the cumulative gain in fair value, reducing the carrying value of these instruments as reported on our Consolidated Balance Sheets. In July 2010, the Dodd-Frank Wall Street Reform and consumer Protection Act (the "Dodd-Frank Act") was signed into law which, among other things, limits the ability of certain bank holding companies to treat trust preferred security debt issuances as Tier 1 capital. This law may require many banks to raise new Tier 1 capital and has effectively closed the trust-preferred securities markets from offering new issuances in the future. As a result of this legislation, our third-party pricing service noted that they were no longer able to provide reliable fair value estimates related to these liabilities given the absence of observable or comparable transactions in the market place in recent history or as anticipated into the future. | ||||||||||||||||||
Due to inactivity in the junior subordinated debenture market and the inability to obtain observable quotes of our, or similar, junior subordinated debenture liabilities or the related trust preferred securities when traded as assets, we utilize an income approach valuation technique to determine the fair value of these liabilities using our estimation of market discount rate assumptions. The Company monitors activity in the trust preferred and related markets, to the extent available, changes related to the current and anticipated future interest rate environment, and considers our entity-specific creditworthiness, to validate the reasonableness of the credit risk adjusted spread and effective yield utilized in our discounted cash flow model. Regarding the activity in and condition of the junior subordinated debt market, we noted no observable changes in the current period as it relates to companies comparable to our size and condition, in either the primary or secondary markets. Relating to the interest rate environment, we considered the change in slope and shape of the forward LIBOR swap curve in the current period, the effects of which did not result in a significant change in the fair value of these liabilities. | ||||||||||||||||||
The Company’s specific credit risk is implicit in the credit risk adjusted spread used to determine the fair value of our junior subordinated debentures. As our Company is not specifically rated by any credit agency, it is difficult to specifically attribute changes in our estimate of the applicable credit risk adjusted spread to specific changes in our own creditworthiness versus changes in the market’s required return from similar companies. As a result, these considerations must be largely based off of qualitative considerations as we do not have a credit rating and we do not regularly issue senior or subordinated debt that would provide us an independent measure of the changes in how the market quantifies our perceived default risk. | ||||||||||||||||||
On a quarterly basis we assess entity-specific qualitative considerations that if not mitigated or represents a material change from the prior reporting period may result in a change to the perceived creditworthiness and ultimately the estimated credit risk adjusted spread utilized to value these liabilities. Entity-specific considerations that positively impact our creditworthiness include: our strong capital position resulting from our successful public stock offerings in 2009 and 2010 that offers us flexibility to pursue business opportunities such as mergers and acquisitions, or expand our footprint and product offerings; having significant levels of on and off-balance sheet liquidity; being profitable (after excluding the one-time goodwill impairment charge recognized in 2009); and, having an experienced management team. However, these positive considerations are mitigated by significant risks and uncertainties that impact our creditworthiness and ability to maintain capital adequacy in the future. Specific risks and concerns include: given our concentration of loans secured by real estate in our loan portfolio, a continued and sustained deterioration of the real estate market may result in declines in the value of the underlying collateral and increased delinquencies that could result in an increase of charge-offs; despite recent improvement, our credit quality metrics remain negatively elevated since 2007 relative to historical standards; the continuation of current economic downturn that has been particularly severe in our primary markets could adversely affect our business; recent increased regulation facing our industry, such as the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009 and the Dodd-Frank Act, will increase the cost of compliance and restrict our ability to conduct business consistent with historical practices, require that we hold additional capital and could negatively impact profitability; we have a significant amount of goodwill and other intangible assets that dilute our available tangible common equity; and the carrying value of certain material, recently recorded assets on our balance sheet, such as the FDIC loss-sharing indemnification asset, are highly reliant on management estimates, such as the timing or amount of losses that are estimated to be covered, and the assumed continued compliance with the provisions of the applicable loss-share agreement. To the extent assumptions ultimately prove incorrect or should we consciously forego or unknowingly violate the guidelines of the agreement, an impairment of the asset may result which would reduce capital. | ||||||||||||||||||
Additionally, the Company periodically utilizes an external valuation firm to determine or validate the reasonableness of the assessments of inputs and factors that ultimately determines the estimated fair value of these liabilities. The extent we involve or engage these external third parties correlates to management’s assessment of the current subordinated debt market, how the current environment and market compares to the preceding quarter, and perceived changes in the Company’s own creditworthiness during the quarter. In periods of potential significant valuation changes and at year-end reporting periods we typically engage third parties to perform a full independent valuation of these liabilities. For periods where management has assessed the market and other factors impacting the underlying valuation assumptions of these liabilities, and has determined significant changes to the valuation of these liabilities in the current period are remote, the scope of the valuation specialist’s review is limited to a review the reasonableness of management’s assessment of inputs. In the fourth quarter of 2013, the Company engaged an external valuation firm to prepare an independent valuation of our junior subordinated debentures measured at fair value and the results were consistent with the Company's valuation. | ||||||||||||||||||
Absent changes to the significant inputs utilized in the discounted cash flow model used to measure the fair value of these instruments at each reporting period, the cumulative discount for each junior subordinated debenture will reverse over time, ultimately returning the carrying values of these instruments to their notional values at their expected redemption dates, in a manner similar to the effective yield method as if these instruments were accounted for under the amortized cost method. This will result in recognizing losses on junior subordinated debentures carried at fair value on a quarterly basis within non-interest income. For the years ended December 31, 2013, 2012 and 2011, we recorded loss of $2.2 million resulting from the change in fair value of the junior subordinated debentures recorded at fair value. Observable activity in the junior subordinated debenture and related markets in future periods may change the effective rate used to discount these liabilities, and could result in additional fair value adjustments (gains or losses on junior subordinated debentures measured at fair value) outside the expected periodic change in fair value had the fair value assumptions remained unchanged. | ||||||||||||||||||
On July 2, 2013, the federal banking regulators approved the final rules that revise the regulatory capital rules to incorporate certain revisions by the Basel Committee on Banking Supervision to the Basel capital framework ("Basel III"). Under the final rule, consistent with Section 171 of the Dodd-Frank Act, bank holding companies with less than $15 billion assets as of December 31, 2009 will be grandfathered and may continue to include these instruments in Tier 1 capital, subject to certain restrictions. However, if an institution grows above $15 billion as a result of an acquisition, or organically grows above $15 billion and then makes an acquisition, the combined trust preferred issuances would be phased out of Tier 1 and into Tier 2 capital (75% in 2015 and 100% in 2016 and later). If the Company exceeds $15 billion in consolidated assets other than in an organic manner and these instruments no longer qualify as Tier 1 capital, it is possible the Company may accelerate redemption of the existing junior subordinated debentures. This could result in adjustments to the fair value of these instruments including the acceleration of losses on junior subordinated debentures carried at fair value within non-interest income. The Company currently does not intend to redeem the junior subordinated debentures following the proposed merger in order to support regulatory total capital levels. At December 31, 2013, the Company's restricted core capital elements were 18.6% of total core capital, net of goodwill and any associated deferred tax liability. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
Employee Savings Plan-Substantially all of the Bank's and Umpqua Investments' employees are eligible to participate in the Umpqua Bank 401(k) and Profit Sharing Plan (the “Umpqua 401(k) Plan”), a defined contribution and profit sharing plan sponsored by the Company. Employees may elect to have a portion of their salary contributed to the plan in conformity with Section 401(k) of the Internal Revenue Code. At the discretion of the Company's Board of Directors, the Company may elect to make matching and/or profit sharing contributions to the Umpqua 401(k) Plan based on profits of the Bank. FinPac employees are also eligible to participate in a 401(k) Savings Plan (the "FinPac 401(k) Plan"). Under the provisions of the FinPac 401(k) Plan, employees may elect to have a portion of their salary contributed to the plan and FinPac elects to make a matching contribution. The FinPac 401(k) Plan also permits FinPac to make a discretionary profit-sharing match. The Company's contributions under both plans charged to expense amounted to $3.8 million, $3.0 million, and $2.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Supplemental Retirement Plan-The Company has established the Umpqua Holdings Corporation Deferred Compensation & Supplemental Retirement Plan (the “DC/SRP”), a nonqualified deferred compensation plan to help supplement the retirement income of certain highly compensated executives selected by resolution of the Company's Board of Directors. The DC/SRP has two components, a supplemental retirement plan (“SRP”) and a deferred compensation plan (“DCP”). The Company may make discretionary contributions to the SRP. For the years ended December 31, 2013, 2012 and 2011, the Company's matching contribution charged to expense for these supplemental plans totaled $123,000, $116,000, and $96,000, respectively. The SRP plan balances at December 31, 2013 and 2012 were $678,000 and $566,000, respectively, and are recorded in other liabilities. Under the DCP, eligible officers may elect to defer up to 50% of their salary into a plan account. The DCP plan balance was $2.1 million and $1.1 million at December 31, 2013 and 2012, respectively. | |
Salary Continuation Plans-The Bank sponsors various salary continuation plans for the CEO and certain retired employees. These plans are unfunded, and provide for the payment of a specified amount on a monthly basis for a specified period (generally 10 to 20 years) after retirement. In the event of a participant employee's death prior to or during retirement, the Bank is obligated to pay to the designated beneficiary the benefits set forth under the plan. At December 31, 2013 and 2012, liabilities recorded for the estimated present value of future salary continuation plan benefits totaled $19.0 million and $19.5 million, respectively, and are recorded in other liabilities. For the years ended December 31, 2013, 2012 and 2011, expense recorded for the salary continuation plan benefits totaled $849,000, $2.5 million, and $1.8 million, respectively. | |
Deferred Compensation Plans and Rabbi Trusts-The Bank from time to time adopts deferred compensation plans that provide certain key executives with the option to defer a portion of their compensation. In connection with prior acquisitions, the Bank assumed liability for certain deferred compensation plans for key employees, retired employees and directors. Subsequent to the effective date of the acquisitions, no additional contributions were made to these plans. At December 31, 2013 and 2012, liabilities recorded in connection with deferred compensation plan benefits totaled $1.9 million and $2.3 million, respectively, and are recorded in other liabilities. | |
The Bank has established and sponsors, for some deferred compensation plans assumed in connection with prior mergers, irrevocable trusts commonly referred to as “Rabbi Trusts.” The trust assets (generally cash and trading assets) are consolidated in the Company’s balance sheets and the associated liability (which equals the related asset balances) is included in other liabilities. The asset and liability balances related to these trusts as of December 31, 2013 and 2012 were $3.9 million and $2.9 million, respectively. | |
The Bank has purchased, or acquired through mergers, life insurance policies in connection with the implementation of certain executive supplemental income, salary continuation and deferred compensation retirement plans. These policies provide protection against the adverse financial effects that could result from the death of a key employee and provide tax-exempt income to offset expenses associated with the plans. It is the Bank’s intent to hold these policies as a long-term investment. However, there will be an income tax impact if the Bank chooses to surrender certain policies. Although the lives of individual current or former management-level employees are insured, the Bank is the owner and sole or partial beneficiary. At December 31, 2013 and 2012, the cash surrender value of these policies was $96.9 million and $93.8 million, respectively. At December 31, 2013 and 2012, the Bank also had liabilities for post-retirement benefits payable to other partial beneficiaries under some of these life insurance policies of $1.8 million and $1.9 million, respectively. The Bank is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. In order to mitigate this risk, the Bank uses a variety of insurance companies and regularly monitors their financial condition. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
Commitments and Contingencies | ||||||||
Lease Commitments — The Bank leases 155 sites under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. | ||||||||
Rent expense for the years ended December 31, 2013, 2012 and 2011 was $19.1 million, $17.3 million, and $16.6 million. Rent expense was offset by rent income for the years ended December 31, 2013, 2012 and 2011 of $785,000, $1.0 million and $1.0 million. | ||||||||
The following table sets forth, as of December 31, 2013, the future minimum lease payments under non-cancelable operating leases and future minimum income receivable under non-cancelable operating subleases: | ||||||||
(in thousands) | ||||||||
Lease | Sublease | |||||||
Payments | Income | |||||||
2014 | $ | 17,757 | $ | 578 | ||||
2015 | 15,937 | 477 | ||||||
2016 | 13,774 | 311 | ||||||
2017 | 9,826 | 142 | ||||||
2018 | 7,570 | 46 | ||||||
Thereafter | 22,938 | — | ||||||
Total | $ | 87,802 | $ | 1,554 | ||||
Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk. | ||||||||
The following table presents a summary of the Bank's commitments and contingent liabilities: | ||||||||
(in thousands) | ||||||||
As of December 31, 2013 | ||||||||
Commitments to extend credit | $ | 1,606,910 | ||||||
Commitments to extend overdrafts | $ | 207,389 | ||||||
Forward sales commitments | $ | 152,500 | ||||||
Commitments to originate loans held for sale | $ | 77,314 | ||||||
Standby letters of credit | $ | 58,830 | ||||||
The Bank is a party to financial instruments with off-balance-sheet credit risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. Those instruments involve elements of credit and interest-rate risk similar to the risk involved in on-balance sheet items recognized in the Consolidated Balance Sheets. The contract or notional amounts of those instruments reflect the extent of the Bank's involvement in particular classes of financial instruments. | ||||||||
The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | ||||||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any covenant or condition established in the applicable contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. While most standby letters of credit are not utilized, a significant portion of such utilization is on an immediate payment basis. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral varies but may include cash, accounts receivable, inventory, premises and equipment and income-producing commercial properties. | ||||||||
Standby letters of credit and financial guarantees written are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including international trade finance, commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash, marketable securities, or real estate as collateral supporting those commitments for which collateral is deemed necessary. The Bank was not required to perform on any financial guarantees and had $116,000 in recoveries and incurred $78,000 in losses in connection with standby letters of credit during the year ended December 31, 2013. The Bank was not required to perform on any financial guarantees and incurred $2.2 million losses in connection with standby letters of credit during the year ended December 31, 2012. The Bank was not required to perform on any financial guarantees but did incur losses of $110,000 in connection with standby letters of credit during the year ended December 31, 2011. At December 31, 2013, approximately $40.8 million of standby letters of credit expire within one year, and $18.0 million expire thereafter. Upon issuance, the Bank recognizes a liability equivalent to the amount of fees received from the customer for these standby letter of credit commitments. Fees are recognized ratably over the term of the standby letter of credit. The estimated fair value of guarantees associated with standby letters of credit was $183,000 as of December 31, 2013. | ||||||||
Mortgage loans sold to investors may be sold with servicing rights retained, for which the Bank makes only standard legal representations and warranties as to meeting certain underwriting and collateral documentation standards. In the past two years, the Bank has had to repurchase fewer than 20 loans due to deficiencies in underwriting or loan documentation and has not realized significant losses related to these repurchases. Management believes that any liabilities that may result from such recourse provisions are not significant. | ||||||||
Legal Proceedings—The Bank owns 468,659 shares of Class B common stock of Visa Inc. which are convertible into Class A common stock at a conversion ratio of 0.4206 per Class A share. As of December 31, 2013, the value of the Class A shares was $222.68 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $43.9 million as of December 31, 2013, and has not been reflected in the accompanying financial statements. The shares of Visa Inc. Class B common stock are restricted and may not be transferred. Visa member banks are required to fund an escrow account to cover settlements, resolution of pending litigation and related claims. If the funds in the escrow account are insufficient to settle all the covered litigation, Visa Inc. may sell additional Class A shares and use the proceeds to settle litigation, thereby reducing the conversion ratio. If funds remain in the escrow account after all litigation is settled, the Class B conversion ratio will be increased to reflect that surplus. | ||||||||
On July 13, 2012, Visa, Inc. announced that it had entered into a memorandum of understanding obligating it to enter into a settlement agreement to resolve the multi-district interchange litigation brought by the class plaintiffs in the matter styled In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Case No. 5-MD-1720 (JG) (JO) in the U.S. District Court for the Eastern District of New York. The claims originally were brought by a class of U.S. retailers in 2005. The settlement was approved by the Court on December 13, 2013, and Visa’s share of the settlement to be paid is estimated at $4.4 billion. The effect of this settlement on the value of the Bank’s Class B common stock is unknown at this time. | ||||||||
In the ordinary course of business, various claims and lawsuits are brought by and against the Company and its subsidiaries, including the Bank and Umpqua Investments. In the opinion of management, there is no pending or threatened proceeding in which an adverse decision could result in a material adverse change in the Company's consolidated financial condition or results of operations. | ||||||||
Concentrations of Credit Risk— The Bank grants real estate mortgage, real estate construction, commercial, agricultural and installment loans and leases to customers throughout Oregon, Washington, California, and Nevada. In management’s judgment, a concentration exists in real estate-related loans, which represented approximately 74% and 79% of the Bank’s non-covered loan and lease portfolio at December 31, 2013 and December 31, 2012. Commercial real estate concentrations are managed to assure wide geographic and business diversity. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing, represent the primary sources of repayment for a majority of these loans. | ||||||||
The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and mortgage servicing rights. None of the Company’s derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. | |||||||||||||||||||||||||
The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts in 2013, 2012, and 2011. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker/dealer equal to the increase or decrease in the market value of the forward contract. At December 31, 2013, the Bank had commitments to originate mortgage loans held for sale totaling $77.3 million and forward sales commitments of $152.5 million. | |||||||||||||||||||||||||
The Bank’s mortgage banking derivative instruments do not have specific credit risk-related contingent features. The forward sales commitments do have contingent features that may require transferring collateral to the broker/dealers upon their request. However, this amount would be limited to the net unsecured loss exposure at such point in time and would not materially affect the Company’s liquidity or results of operations. | |||||||||||||||||||||||||
The Bank executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. As of December 31, 2013, the Bank had 254 interest rate swaps with an aggregate notional amount of $1.3 billion related to this program. As of December 31, 2012, the Bank had 164 interest rate swaps with an aggregate notional amount of $912.0 million related to this program. | |||||||||||||||||||||||||
In connection with the interest rate swap program with commercial customers, the Bank has agreements with its derivative counterparties that contain a provision where if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The Bank also has agreements with its derivative counterparties that contain a provision where if the Bank fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions and the Bank would be required to settle its obligations under the agreements. Similarly, the Bank could be required to settle its obligations under certain of its agreements if specific regulatory events occur, such as if the Bank were issued a prompt corrective action directive or a cease and desist order, or if certain regulatory ratios fall below specified levels. If the Bank had breached any of these provisions at December 31, 2013, it could have been required to settle its obligations under the agreements at the termination value. | |||||||||||||||||||||||||
As of December 31, 2013 and 2012, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $12.1 million and $21.8 million, respectively. The Bank has collateral posting requirements for initial or variation margins with its clearing members and clearing houses and has been required to post collateral against its obligations under these agreements of $13.0 million and none as of December 31, 2013 and 2012, respectively. The Bank also has minimum collateral posting thresholds with certain of its derivative counterparties, and has been required to post collateral against its obligations under these agreements of none and $22.5 million as of December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, to comply with the provisions of ASC 820, the Bank incorporates credit valuation adjustments (“CVA”) to appropriately reflect nonperformance risk in the fair value measurements of its derivatives. The CVA is calculated by determining the total expected exposure of the derivatives (which incorporates both the current and potential future exposure) and then applying the counterparties’ credit spreads to the exposure. For derivatives with two-way exposure, specifically, the Bank’s interest rate swaps, the counterparty’s credit spread is applied to the Bank’s exposure to the counterparty, and the Bank’s own credit spread is applied to the counterparty’s exposure to the Bank, and the net CVA is reflected in the Bank’s derivative valuations. The total expected exposure of a derivative is derived using market-observable inputs, such as yield curves and volatilities. For the Bank’s own credit spread and for counterparties having publicly available credit information, the credit spreads over LIBOR used in the calculations represent implied credit default swap spreads obtained from a third party credit data provider. For counterparties without publicly available credit information, which are primarily commercial banking customers, the credit spreads over LIBOR used in the calculations are estimated by the Bank based on current market conditions, including consideration of current borrowing spreads for similar customers and transactions, review of existing collateralization or other credit enhancements, and changes in credit sector and entity-specific credit information. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Bank has considered the impact of netting and any applicable credit enhancements. Effective January 1, 2012, the Company made an accounting policy election to use the exception commonly referred to as the “portfolio exception” with respect to measuring counterparty credit risk for its interest rate swap derivative instruments that are subject to master netting agreements with commercial banking customers that are hedged with offsetting interest rate swaps with third parties. | |||||||||||||||||||||||||
As of January 1, 2013, the Bank changed its valuation methodology for interest rate swap derivatives to discount cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially-collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (e.g., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. The Company is making the changes to better align its inputs, assumptions, and pricing methodologies with those used in its principal market by most dealers and major market participants. The changes in valuation methodology are applied prospectively as a change in accounting estimate and are immaterial to the Company's financial statements. | |||||||||||||||||||||||||
The following tables summarize the types of derivatives, separately by assets and liabilities, their locations on the Consolidated Balance Sheets, and the fair values of such derivatives as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Derivatives not designated | Balance Sheet | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
as hedging instrument | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate lock commitments | Other assets/Other liabilities | $ | 706 | $ | 1,496 | $ | — | $ | 18 | ||||||||||||||||
Interest rate forward sales commitments | Other assets/Other liabilities | 1,250 | 133 | 6 | 905 | ||||||||||||||||||||
Interest rate swaps | Other assets/Other liabilities | 15,965 | 22,213 | 14,556 | 22,048 | ||||||||||||||||||||
Total | $ | 17,921 | $ | 23,842 | $ | 14,562 | $ | 22,971 | |||||||||||||||||
The following table summarizes the types of derivatives, their locations within the Consolidated Statements of Income, and the gains (losses) recorded during the 2013, 2012, and 2011: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives not designated | Income Statement | December 31, | |||||||||||||||||||||||
as hedging instrument | Location | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest rate lock commitments | Mortgage banking revenue | $ | (772 | ) | $ | (271 | ) | $ | 1,613 | ||||||||||||||||
Interest rate forward sales commitments | Mortgage banking revenue | 13,225 | (21,281 | ) | (10,579 | ) | |||||||||||||||||||
Interest rate swaps | Other income | 1,243 | 336 | (187 | ) | ||||||||||||||||||||
Total | $ | 13,696 | $ | (21,216 | ) | $ | (9,153 | ) | |||||||||||||||||
As of December 31, 2013 and 2012, the net CVA increased the settlement values of the Bank’s net derivative assets by $1.4 million and decreased the settlement values of the Bank's net derivative assets by $45,000, respectively. The gains (losses) above on the interest rate swaps relate to CVAs. Various factors impact changes in the CVA over time, including changes in the credit spreads of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. | |||||||||||||||||||||||||
The following table summarizes the offsetting derivatives assets that have a right of offset as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/Liabilities presented in the Statement of Financial Position | Financial Instruments | Collateral Posted | Net Amount | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,965 | $ | — | $ | 15,965 | $ | (4,852 | ) | $ | (2,207 | ) | $ | 8,906 | |||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 14,556 | $ | — | $ | 14,556 | $ | (4,852 | ) | $ | (9,704 | ) | $ | — | |||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 22,213 | $ | — | $ | 22,213 | $ | (16 | ) | $ | — | $ | 22,197 | ||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 22,048 | $ | — | $ | 22,048 | $ | (16 | ) | $ | (22,032 | ) | $ | — | |||||||||||
Stock_Compensation_and_Share_R
Stock Compensation and Share Repurchase Plan | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Stock Compensation and Share Repurchase Plan | ' | ||||||||||||||||||||
Stock Compensation and Share Repurchase Plan | |||||||||||||||||||||
At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the “2013 Plan”), which, | |||||||||||||||||||||
among other things, authorizes the issuance of equity awards to directors and employees and reserves 4,000,000 shares of the | |||||||||||||||||||||
Company's common stock for issuance under the plan. | |||||||||||||||||||||
On June 17, 2011, the Company’s Compensation Committee modified restricted stock awards and option grants that were originally issued to fourteen executive officers on January 31, 2011, as follows: | |||||||||||||||||||||
• | Added performance vesting conditions linking total shareholder return, compared to the return of a regional bank stock total return index; | ||||||||||||||||||||
• | Awards will cliff vest after three years instead of time vest over a four year period, but only to the extent that the performance conditions are met; and | ||||||||||||||||||||
• | The modified grants will vest in whole or in part only if total shareholder return achieves specified targets, subject to prorated vesting upon death, disability, qualifying retirement, termination for good reason or a change of control. | ||||||||||||||||||||
As a result of the modification, there was no incremental compensation cost. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The following table summarizes information about stock option activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options | Weighted-Avg | Options | Weighted-Avg | Options | Weighted-Avg | ||||||||||||||||
Outstanding | Exercise Price | Outstanding | Exercise Price | Outstanding | Exercise Price | ||||||||||||||||
Balance, beginning of period | 1,850 | $ | 15.37 | 2,151 | $ | 14.48 | 2,067 | $ | 14.82 | ||||||||||||
Granted | — | $ | — | 20 | $ | 11.98 | 237 | $ | 11.01 | ||||||||||||
Exercised | (515 | ) | $ | 12.42 | (174 | ) | $ | 5.63 | (40 | ) | $ | 7.67 | |||||||||
Forfeited/expired | (354 | ) | $ | 17.46 | (147 | ) | $ | 13.45 | (113 | ) | $ | 15.72 | |||||||||
Balance, end of period | 981 | $ | 16.17 | 1,850 | $ | 15.37 | 2,151 | $ | 14.48 | ||||||||||||
Options exercisable, end of period | 627 | $ | 18.86 | 1,263 | $ | 17.11 | 1,334 | $ | 16.13 | ||||||||||||
The following table summarizes information about outstanding stock options issued under all plans as of December 31, 2013: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted Avg. | |||||||||||||||||||||
Remaining | |||||||||||||||||||||
Range of | Options | Contractual Life | Weighted Avg. | Options | Weighted Avg. | ||||||||||||||||
Exercise Prices | Outstanding | (Years) | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||
$4.58 to $10.97 | 277 | 6.4 | $ | 10.38 | 64 | $ | 8.96 | ||||||||||||||
$11.53 to $12.87 | 252 | 6.2 | $ | 12.05 | 121 | $ | 11.93 | ||||||||||||||
$13.45 to $23.49 | 299 | 2.3 | $ | 20.09 | 289 | $ | 20.32 | ||||||||||||||
$24.25 to $28.425 | 153 | 1.9 | $ | 25.77 | 153 | $ | 25.77 | ||||||||||||||
981 | 4.4 | $ | 16.17 | 627 | $ | 18.86 | |||||||||||||||
The compensation cost related to stock options, including costs related to unvested options assumed in connection with acquisitions, that has been charged against income (included in salaries and employee benefits) was $778,000, $1.1 million, and $1.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
The total income tax benefit recognized in the income statement related to stock options was $311,000, $448,000, and $463,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
The total intrinsic value (which is the amount by which the stock price exceeds the exercise price) of both options outstanding and options exercisable as of December 31, 2013, was $4.7 million and $1.9 million, respectively. | |||||||||||||||||||||
The weighted average remaining contractual term of options exercisable was 3.0 years as of December 31, 2013. | |||||||||||||||||||||
The total intrinsic value of options exercised was $2.3 million, $1.2 million, and $147,000, in the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the amount of cash received from the exercise of stock options was $159,000, $831,000, and $230,000 and total consideration was $6.4 million, $981,000, and $309,000, respectively. | |||||||||||||||||||||
As of December 31, 2013, there was $640,000 of total unrecognized compensation cost related to nonvested stock options which is expected to be recognized over a weighted-average period of 0.6 years. | |||||||||||||||||||||
Restricted Shares | |||||||||||||||||||||
The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares issued prior to 2011 generally vest on an annual basis over five years. Restricted shares issued since 2011 generally vest over a three years period, subject to time or time plus performance vesting conditions. The following table summarizes information about nonvested restricted share activity at December 31, 2013: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Restricted | Average Grant | Restricted | Average Grant | Restricted | Average Grant | ||||||||||||||||
Shares Outstanding | Date Fair Value | Shares Outstanding | Date Fair Value | Shares Outstanding | Date Fair Value | ||||||||||||||||
Balance, beginning of period | 763 | $ | 12.39 | 585 | $ | 12.98 | 401 | $ | 15.29 | ||||||||||||
Granted | 467 | $ | 13.04 | 369 | $ | 11.8 | 282 | $ | 11.02 | ||||||||||||
Released | (153 | ) | $ | 12.17 | (147 | ) | $ | 13.5 | (82 | ) | $ | 17.58 | |||||||||
Forfeited/expired | (85 | ) | $ | 11.74 | (44 | ) | $ | 11.52 | (16 | ) | $ | 12.91 | |||||||||
Balance, end of period | 992 | $ | 12.79 | 763 | $ | 12.39 | 585 | $ | 12.98 | ||||||||||||
The compensation cost related to restricted stock awards that has been charged against income (included in salaries and employee benefits) was $3.7 million, $2.7 million, and $2.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
The total income tax benefit recognized in the income statement related to restricted stock awards was $1.5 million, $1.1 million, and $899,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
The total fair value of restricted shares vested was $2.0 million, $1.9 million, and $919,000, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
As of December 31, 2013, there was $6.4 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.4 years. | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||
The Company granted restricted stock units as a part of the 2007 Long Term Incentive Plan for the benefit of certain executive officers. Restricted stock unit grants are subject to performance-based vesting as well as other approved vesting conditions. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the performance and service conditions set forth in the grant agreements. | |||||||||||||||||||||
The following table summarizes information about nonvested restricted shares outstanding at December 31: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Restricted | Average | Restricted | Average | Restricted | Average | ||||||||||||||||
Stock Units | Grant Date | Stock Units | Grant Date | Stock Units | Grant Date | ||||||||||||||||
Outstanding | Fair Value | Outstanding | Fair Value | Outstanding | Fair Value | ||||||||||||||||
Balance, beginning of period | 130 | $ | 10.41 | 219 | $ | 9.17 | 225 | $ | 11.13 | ||||||||||||
Granted | — | $ | — | 25 | $ | 10.39 | 105 | $ | 10.42 | ||||||||||||
Released | — | $ | — | — | $ | — | (63 | ) | $ | 14.33 | |||||||||||
Forfeited/expired | (35 | ) | $ | 10.42 | (114 | ) | $ | 8.01 | (48 | ) | $ | 14.33 | |||||||||
Balance, end of period | 95 | $ | 10.41 | 130 | $ | 10.41 | 219 | $ | 9.17 | ||||||||||||
The compensation cost related to restricted stock units that has been charged against income (included in salaries and employee benefits) was $144,000, $237,000, and $391,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
The total income tax benefit recognized in the income statement related to restricted stock units was $58,000, $95,000 and $156,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
The total fair value of restricted stock units vested and released was none for the years ended December 31, 2013 and 2012 and $677,000 for the year ended December 31, 2011. | |||||||||||||||||||||
As of December 31, 2013, there was $105,000 of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 0.4 years, assuming the current expectation of performance conditions are met. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company received income tax benefits of $1.7 million, $1.2 million, and $694,000, respectively, related to the exercise of non-qualified employee stock options, disqualifying dispositions in the exercise of incentive stock options, the vesting of restricted shares and the vesting of restricted stock units. | |||||||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the Company had a net tax benefit of $148,000 and net tax deficiencies (tax deficiency resulting from tax deductions less than the compensation cost recognized) of $59,000 and $261,000, respectively. Only cash flows from gross excess tax benefits are classified as financing cash flows. | |||||||||||||||||||||
Share Repurchase Plan- The Company’s share repurchase plan, which was first approved by the Board and announced in August 2003, was amended on September 29, 2011 to increase the number of common shares available for repurchase under the plan to 15 million shares. In April 2013, the repurchase program was extended to run through June 2015. As of December 31, 2013, a total of 12.0 million shares remained available for repurchase. The Company repurchased 98,027 shares under the repurchase plan in 2013, 512,280 shares under the repurchase plan in 2012 and 2.5 million shares in 2011. The timing and amount of future repurchases will depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, and our capital plan. | |||||||||||||||||||||
We also have certain stock option and restricted stock plans which provide for the payment of the option exercise price or withholding taxes by tendering previously owned or recently vested shares. During the years ended December 31, 2013 and 2012, there were 438,000 and 38,000 shares tendered in connection with option exercises, respectively. Restricted shares cancelled to pay withholding taxes totaled 49,000 and 46,000 shares during the years ended December 31, 2013 and 2012, respectively. There were no restricted stock units cancelled to pay withholding taxes for the years ended December 31, 2013 and 2012. |
Regulatory_Capital
Regulatory Capital | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Brokers and Dealers [Abstract] | ' | ||||||||||||||||||||
Regulatory Capital | ' | ||||||||||||||||||||
Regulatory Capital | |||||||||||||||||||||
The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a material effect on the Company's financial statements. Under capital adequacy guidelines, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classifications are also subject to qualitative judgments by the regulators about risk components, asset risk weighting, and other factors. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total and Tier 1 capital to risk-weighted assets (as defined in the regulations), and of Tier 1 capital to average assets (as defined in the regulations). Management believes, as of December 31, 2013, that the Company meets all capital adequacy requirements to which it is subject. | |||||||||||||||||||||
The Company's capital amounts and ratios as of December 31, 2013 and December 31, 2012 are presented in the following table: | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
For Capital | To be Well | ||||||||||||||||||||
Actual | Adequacy purposes | Capitalized | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,279,586 | 14.66 | % | $ | 698,273 | 8 | % | $ | 872,842 | 10 | % | |||||||||
Umpqua Bank | $ | 1,177,782 | 13.51 | % | $ | 697,428 | 8 | % | $ | 871,785 | 10 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,183,061 | 13.56 | % | $ | 348,986 | 4 | % | $ | 523,478 | 6 | % | |||||||||
Umpqua Bank | $ | 1,081,282 | 12.4 | % | $ | 348,801 | 4 | % | $ | 523,201 | 6 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||
Consolidated | $ | 1,183,061 | 10.9 | % | $ | 434,151 | 4 | % | $ | 542,689 | 5 | % | |||||||||
Umpqua Bank | $ | 1,081,282 | 9.97 | % | $ | 433,814 | 4 | % | $ | 542,268 | 5 | % | |||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,357,206 | 16.52 | % | $ | 657,243 | 8 | % | $ | 821,553 | 10 | % | |||||||||
Umpqua Bank | $ | 1,234,010 | 15.03 | % | $ | 656,825 | 8 | % | $ | 821,031 | 10 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,254,514 | 15.27 | % | $ | 328,622 | 4 | % | $ | 492,933 | 6 | % | |||||||||
Umpqua Bank | $ | 1,131,373 | 13.78 | % | $ | 328,410 | 4 | % | $ | 492,615 | 6 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||
Consolidated | $ | 1,254,514 | 11.44 | % | $ | 438,641 | 4 | % | $ | 548,302 | 5 | % | |||||||||
Umpqua Bank | $ | 1,131,373 | 10.32 | % | $ | 438,517 | 4 | % | $ | 548,146 | 5 | % | |||||||||
The Company is a registered financial holding company under the Gramm-Leach-Bliley Act of 1999 (the “GLB Act”), and is subject to the supervision of, and regulation by, the Board of Governors of the Federal Reserve System (the “Federal Reserve”). The Bank is an Oregon state chartered bank with deposits insured by the Federal Deposit Insurance Corporation (“FDIC”), and is subject to the supervision and regulation of the Director of the Oregon Department of Consumer and Business Services, administered through the Division of Finance and Corporate Securities, and to the supervision and regulation of the California Department of Financial Institutions, the Washington Department of Financial Institutions and the FDIC. As of December 31, 2013 , the most recent notification from the FDIC categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. The Company is not subject to the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank's regulatory capital category. | |||||||||||||||||||||
On July 2, 2013, the federal banking regulators approved the final proposed rules that revise the regulatory capital rules to incorporate certain revisions by the Basel Committee on Banking Supervision to the Basel capital framework ("Basel III"). The phase-in period for the final rules will begin for the Company on January 1, 2015, with full compliance with the final rules entire requirement phased in on January 1, 2019. | |||||||||||||||||||||
The final rules, among other things, include a new common equity Tier 1 capital (“CET1”) to risk-weighted assets ratio, including a capital conservation buffer, which will gradually increase from 4.5% on January 1, 2015 to 7.0% on January 1, 2019. The final rules also raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% on January 1, 2015 to 8.5% on January 1, 2019, as well as require a minimum leverage ratio of 4.0%. | |||||||||||||||||||||
Also, if an institution grows above $15 billion as a result of an acquisition, or organically grows above $15 billion and then makes an acquisition, the combined trust preferred security debt issuances would be phased out of Tier 1 and into Tier 2 capital (75% in 2015 and 100% in 2016). It is possible the Company may accelerate redemption of the existing junior subordinated debentures. This could result in adjustments to the fair value of these instruments including the acceleration of losses on junior subordinated debentures carried at fair value within non-interest income. The Company currently does not intend to redeem the junior subordinated debentures following the proposed merger in order to support regulatory total capital levels. | |||||||||||||||||||||
The final rules also provide for a number of adjustments to and deductions from the new CET1. Under current capital standards, the effects of accumulated other comprehensive income items included in capital are excluded for the purposes of determining regulatory capital ratios. Under Basel III, the effects of certain accumulated other comprehensive items are not excluded; however, non-advanced approaches banking organizations, including the Company and the Bank, may make a one-time permanent election to continue to exclude these items. The Company and Bank expect to make this election in order to avoid significant variations in the level of capital depending upon the impact of interest rate fluctuations on the fair value of the Company's securities portfolio. In addition, deductions include, for example, the requirement that mortgage servicing rights, certain deferred tax assets not dependent upon future taxable income and significant investments in non-consolidated financial entities be deducted from CET1 to the extent that any one such category exceeds 10% of CET1 or all such categories in the aggregate exceed 15% of CET1. The Company and the Bank are currently evaluating the provisions of the final rules and expected impact. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2013 and December 31, 2012, whether or not recognized or recorded at fair value in the Consolidated Balance Sheets: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
FINANCIAL ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 790,423 | $ | 790,423 | $ | 543,787 | $ | 543,787 | ||||||||||||||||
Trading securities | 5,958 | 5,958 | 3,747 | 3,747 | ||||||||||||||||||||
Securities available for sale | 1,790,978 | 1,790,978 | 2,625,229 | 2,625,229 | ||||||||||||||||||||
Securities held to maturity | 5,563 | 5,874 | 4,541 | 4,732 | ||||||||||||||||||||
Loans held for sale, at fair value | 104,664 | 104,664 | 320,132 | 320,132 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,269,089 | 7,250,596 | 6,595,689 | 6,652,179 | ||||||||||||||||||||
Covered loans, net | 363,992 | 409,555 | 477,078 | 543,628 | ||||||||||||||||||||
Restricted equity securities | 30,685 | 30,685 | 33,443 | 33,443 | ||||||||||||||||||||
Mortgage servicing rights | 47,765 | 47,765 | 27,428 | 27,428 | ||||||||||||||||||||
Bank owned life insurance assets | 96,938 | 96,938 | 93,831 | 93,831 | ||||||||||||||||||||
FDIC indemnification asset | 23,174 | 6,001 | 52,798 | 18,714 | ||||||||||||||||||||
Derivatives | 17,921 | 17,921 | 23,842 | 23,842 | ||||||||||||||||||||
Visa Class B common stock | — | 41,700 | — | 28,385 | ||||||||||||||||||||
FINANCIAL LIABILITIES: | ||||||||||||||||||||||||
Deposits | $ | 9,117,660 | $ | 9,125,832 | $ | 9,379,275 | $ | 9,396,646 | ||||||||||||||||
Securities sold under agreements to repurchase | 224,882 | 224,882 | 137,075 | 137,075 | ||||||||||||||||||||
Term debt | 251,494 | 270,004 | 253,605 | 289,404 | ||||||||||||||||||||
Junior subordinated debentures, at fair value | 87,274 | 87,274 | 85,081 | 85,081 | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 101,899 | 72,009 | 110,985 | 78,529 | ||||||||||||||||||||
Derivatives | 14,562 | 14,562 | 22,971 | 22,971 | ||||||||||||||||||||
Fair Value of Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||||||||||
The following table presents information about the level in the fair value hierarchy for the Company’s assets and liabilities that are not measured at fair value as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 790,423 | $ | 790,423 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 5,958 | — | — | 5,958 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,250,596 | — | — | 7,250,596 | ||||||||||||||||||||
Covered loans, net | 409,555 | — | — | 409,555 | ||||||||||||||||||||
Restricted equity securities | 30,685 | 30,685 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 96,938 | 96,938 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 6,001 | — | — | 6,001 | ||||||||||||||||||||
Visa Class B common stock | 41,700 | — | — | 41,700 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,580,192 | $ | 7,580,192 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 1,545,640 | — | 1,545,640 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 224,882 | — | 224,882 | — | ||||||||||||||||||||
Term debt | 270,004 | — | 270,004 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 72,009 | — | — | 72,009 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 543,787 | $ | 543,787 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 4,732 | — | — | 4,732 | ||||||||||||||||||||
Non-covered loans and leases, net | 6,652,179 | — | — | 6,652,179 | ||||||||||||||||||||
Covered loans, net | 543,628 | — | — | 543,628 | ||||||||||||||||||||
Restricted equity securities | 33,443 | 33,443 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 93,831 | 93,831 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 18,714 | — | — | 18,714 | ||||||||||||||||||||
Visa Class B common stock | 28,385 | — | — | 28,385 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,376,288 | $ | 7,376,288 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 2,020,358 | — | 2,020,358 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 137,075 | — | 137,075 | — | ||||||||||||||||||||
Term debt | 289,404 | — | 289,404 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 78,529 | — | — | 78,529 | ||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring Basis | ||||||||||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,366 | $ | — | $ | 2,366 | $ | — | ||||||||||||||||
Equity securities | 3,498 | 3,498 | — | — | ||||||||||||||||||||
Other investments securities(1) | 94 | — | 94 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 268 | — | 268 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 235,205 | — | 235,205 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,553,541 | — | 1,553,541 | — | ||||||||||||||||||||
Other debt securities | — | — | — | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 1,964 | — | 1,964 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 104,664 | 104,664 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 47,765 | — | — | 47,765 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 706 | — | — | 706 | ||||||||||||||||||||
Interest rate forward sales commitments | 1,250 | — | 1,250 | — | ||||||||||||||||||||
Interest rate swaps | 15,965 | — | 15,965 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 1,967,286 | $ | 3,498 | $ | 1,915,317 | $ | 48,471 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 87,274 | $ | — | $ | — | $ | 87,274 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||||||
Interest rate forward sales commitments | 6 | — | 6 | — | ||||||||||||||||||||
Interest rate swaps | 14,556 | — | 14,556 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 101,836 | $ | — | $ | 14,562 | $ | 87,274 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,216 | $ | — | $ | 1,216 | $ | — | ||||||||||||||||
Equity securities | 2,408 | 2,408 | — | — | ||||||||||||||||||||
Other investments securities(1) | 123 | — | 123 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 45,820 | — | 45,820 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 263,725 | — | 263,725 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 2,313,376 | — | 2,313,376 | — | ||||||||||||||||||||
Other debt securities | 222 | — | 222 | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 2,086 | — | 2,086 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 320,132 | 320,132 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 27,428 | — | — | 27,428 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 1,496 | — | — | 1,496 | ||||||||||||||||||||
Interest rate forward sales commitments | 133 | — | 133 | — | ||||||||||||||||||||
Interest rate swaps | 22,213 | — | 22,213 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 3,000,378 | $ | 2,408 | $ | 2,969,046 | $ | 28,924 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 85,081 | $ | — | $ | — | $ | 85,081 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 18 | — | — | 18 | ||||||||||||||||||||
Interest rate forward sales commitments | 905 | — | 905 | — | ||||||||||||||||||||
Interest rate swaps | 22,048 | — | 22,048 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 108,052 | $ | — | $ | 22,953 | $ | 85,099 | ||||||||||||||||
-1 | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. | |||||||||||||||||||||||
The following methods were used to estimate the fair value of each class of financial instrument above: | ||||||||||||||||||||||||
Cash and Cash Equivalents—For short-term instruments, including cash and due from banks, and interest bearing deposits with banks, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||||||||||||
Securities— Fair values for investment securities are based on quoted market prices when available or through the use of alternative approaches, such as matrix or model pricing, or broker indicative bids, when market quotes are not readily accessible or available. Management periodically reviews the pricing information received from the third-party pricing service and compares it to secondary pricing service, evaluating significant price variances between services to determine an appropriate estimate of fair value to report. | ||||||||||||||||||||||||
Loans Held for Sale— Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. | ||||||||||||||||||||||||
Non-covered Loans and Leases - Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including commercial, real estate and consumer loans. Each loan category is further segregated by fixed and adjustable rate loans. The fair value of loans is calculated by discounting expected cash flows at rates which similar loans are currently being made. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. | ||||||||||||||||||||||||
Covered Loans – Covered loans are initially measured at their estimated fair value on their date of acquisition as described in Note 7. Subsequent to acquisition, the fair value of covered loans is measured using the same methodology as that of non-covered loans. | ||||||||||||||||||||||||
Restricted Equity Securities – The carrying value of restricted equity securities approximates fair value as the shares can only be redeemed by the issuing institution at par. | ||||||||||||||||||||||||
Mortgage Servicing Rights - The fair value of mortgage servicing rights is estimated using a discounted cash flow model. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Due to the limited observability of all significant inputs utilized in the valuation model, particularly the discount rate and projected constant prepayment rate, and how changes in these assumptions could potentially impact the ending valuation of this asset, as well as the lack of readily available quotes or observable trades of similar assets in the current period, we classify this as a Level 3 fair value measure. Management believes the significant inputs utilized are indicative of those that would be used by market participants. | ||||||||||||||||||||||||
Bank Owned Life Insurance Assets – Fair values of insurance policies owned are based on the insurance contract’s cash surrender value. | ||||||||||||||||||||||||
FDIC Indemnification Asset - The FDIC indemnification asset is calculated as the expected future cash flows under the loss-share agreement discounted by a rate reflective of the creditworthiness of the FDIC as would be required from the market. | ||||||||||||||||||||||||
Visa Class B Common Stock - The fair value of Visa Class B common stock is estimated by applying a 5% discount to the value of the unredeemed Class A equivalent shares. The discount primarily represents the risk related to the further potential reduction of the conversion ratio between Class B and Class A shares and a liquidity risk premium. | ||||||||||||||||||||||||
Deposits—The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | ||||||||||||||||||||||||
Securities Sold under Agreements to Repurchase and Federal Funds Purchased - For short-term instruments, including securities sold under agreements to repurchase and federal funds purchased, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||||||||||||
Term Debt—The fair value of medium term notes is calculated based on the discounted value of the contractual cash flows using current rates at which such borrowings can currently be obtained. | ||||||||||||||||||||||||
Junior Subordinated Debentures - The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, we have classified this as a Level 3 fair value measure. For further discussion of the valuation technique and inputs, see Note 18. | ||||||||||||||||||||||||
Derivative Instruments - The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. The fair value of the interest rate swaps is determined using a discounted cash flow technique incorporating credit valuation adjustments to reflect nonperformance risk in the measurement of fair value. Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the CVA associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2013, the Bank has assessed the significance of the impact of the CVA on the overall valuation of its interest rate swap positions and has determined that the CVA are not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap derivative valuations in Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
The following table provides a description of the valuation technique, significant unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Financial Instrument | Valuation Technique | Unobservable Input | Weighted Average (Range) | |||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow | |||||||||||||||||||||||
Constant Prepayment Rate | 12.74% | |||||||||||||||||||||||
Discount Rate | 8.69% | |||||||||||||||||||||||
Interest rate lock commitment | Internal Pricing Model | |||||||||||||||||||||||
Pull-through rate | 80.90% | |||||||||||||||||||||||
Junior subordinated debentures | Discounted cash flow | |||||||||||||||||||||||
Credit Spread | 6.53% | |||||||||||||||||||||||
Generally, any significant increases in the constant prepayment rate and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in negative fair value adjustments (and a decrease in the fair value measurement). Conversely, a decrease in the constant prepayment rate and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). | ||||||||||||||||||||||||
An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement.) Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement.) | ||||||||||||||||||||||||
Management believes that the credit risk adjusted spread utilized in the fair value measurement of the junior subordinated debentures carried at fair value is indicative of the nonperformance risk premium a willing market participant would require under current market conditions, that is, the inactive market. Management attributes the change in fair value of the junior subordinated debentures during the period to market changes in the nonperformance expectations and pricing of this type of debt, and not as a result of changes to our entity-specific credit risk. The widening of the credit risk adjusted spread above the Company’s contractual spreads has primarily contributed to the positive fair value adjustments. Future contractions in the credit risk adjusted spread relative to the spread currently utilized to measure the Company’s junior subordinated debentures at fair value as of December 31, 2013, or the passage of time, will result in negative fair value adjustments. Generally, an increase in the credit risk adjusted spread and/or a decrease in the three month LIBOR swap curve will result in positive fair value adjustments (and decrease the fair value measurement). Conversely, a decrease in the credit risk adjusted spread and/or an increase in the three month LIBOR swap curve will result in negative fair value adjustments (and increase the fair value measurement). | ||||||||||||||||||||||||
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Beginning Balance | Change included in earnings | Purchases and issuances | Sales and settlements | Ending | Net change in | |||||||||||||||||||
Balance | unrealized gains | |||||||||||||||||||||||
or (losses) relating | ||||||||||||||||||||||||
to items held at | ||||||||||||||||||||||||
end of period | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Mortgage servicing rights, at fair value | $ | 27,428 | $ | 2,374 | $ | 17,963 | $ | — | $ | 47,765 | $ | 2,376 | ||||||||||||
Interest rate lock commitment | 1,478 | (1,478 | ) | 62,560 | (61,854 | ) | 706 | 706 | ||||||||||||||||
Junior subordinated debentures, at fair value | 85,081 | 6,090 | — | (3,897 | ) | 87,274 | 6,090 | |||||||||||||||||
2012 | ||||||||||||||||||||||||
Mortgage servicing rights, at fair value | $ | 18,184 | $ | (8,466 | ) | $ | 17,710 | $ | — | $ | 27,428 | $ | (3,778 | ) | ||||||||||
Interest rate lock commitment | 1,749 | (1,749 | ) | 111,473 | (109,995 | ) | 1,478 | 1,478 | ||||||||||||||||
Junior subordinated debentures, at fair value | 82,905 | 6,350 | — | (4,174 | ) | 85,081 | 6,350 | |||||||||||||||||
Gains (losses) on mortgage servicing rights carried at fair value are recorded in mortgage banking revenue within other non-interest income. Gains (losses) on interest rate lock commitments carried at fair value are recorded in mortgage banking revenue within other non-interest income. Gains (losses) on junior subordinated debentures carried at fair value are recorded within other non-interest income. The contractual interest expense on the junior subordinated debentures is recorded on an accrual basis as interest on junior subordinated debentures within interest expense. Settlements related to the junior subordinated debentures represent the payment of accrued interest that is embedded in the fair value of these liabilities. | ||||||||||||||||||||||||
Additionally, from time to time, certain assets are measured at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. | ||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
The following table presents information about the Company’s assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Non-covered loans and leases | $ | 20,421 | $ | — | $ | — | $ | 20,421 | ||||||||||||||||
Non-covered other real estate owned | 1,986 | — | — | 1,986 | ||||||||||||||||||||
Covered other real estate owned | 2,770 | — | — | 2,770 | ||||||||||||||||||||
$ | 25,177 | $ | — | $ | — | $ | 25,177 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Investment securities, held to maturity | ||||||||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||
and collateralized mortgage obligations | $ | 432 | $ | — | $ | — | $ | 432 | ||||||||||||||||
Non-covered loans and leases | 34,007 | — | — | 34,007 | ||||||||||||||||||||
Non-covered other real estate owned | 4,671 | — | — | 4,671 | ||||||||||||||||||||
Covered other real estate owned | 8,957 | — | — | 8,957 | ||||||||||||||||||||
$ | 48,067 | $ | — | $ | — | $ | 48,067 | |||||||||||||||||
The following table presents the losses resulting from nonrecurring fair value adjustments for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Investment securities, held to maturity | ||||||||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||
and collateralized mortgage obligations | $ | — | $ | 155 | $ | 359 | ||||||||||||||||||
Non-covered loans and leases | 27,171 | 37,897 | 51,883 | |||||||||||||||||||||
Non-covered other real estate owned | 1,448 | 6,896 | 8,947 | |||||||||||||||||||||
Covered other real estate owned | 712 | 4,646 | 8,709 | |||||||||||||||||||||
Total loss from nonrecurring measurements | $ | 29,331 | $ | 49,594 | $ | 69,898 | ||||||||||||||||||
The following provides a description of the valuation technique and inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis at December 31, 2013. Unobservable inputs and qualitative information about the unobservable inputs, as required by ASC 820-10-50-2-bbb, are not presented as the fair value is determined by third-party information. | ||||||||||||||||||||||||
The investment securities held to maturity above relate to non-agency collateralized mortgage obligations where OTTI has been identified and the investments have been adjusted to fair value. The fair value of these investments securities were obtained from third-party pricing services using matrix or model pricing methodologies and were corroborated by broker indicative bids. While we do not expect to recover the entire amortized cost basis of these securities, as we do not intend to sell these securities and it is not likely that we will be required to sell these securities before maturity, only the credit loss component of the impairment is recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. The remaining impairment loss related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to a separate component of OCI. We estimate the cash flows of the underlying collateral within each security considering credit, interest and prepayment risk models that incorporate management’s estimate of projected key assumptions including prepayment rates, collateral default rates and loss severity. Assumptions utilized vary from security to security, and are influenced by factors such as loan interest rates, geographic location, borrower characteristics and vintage, and historical experience. We then use a third party to obtain information about the structure of each security, including subordination and other credit enhancements, in order to determine how the underlying collateral cash flows will be distributed to each security issued in the structure. These cash flows are then discounted at the interest rate used to recognize interest income on each security. | ||||||||||||||||||||||||
The non-covered loans and leases amount above represents impaired, collateral dependent loans that have been adjusted to fair value. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero. | ||||||||||||||||||||||||
The non-covered and covered other real estate owned amount above represents impaired real estate that has been adjusted to fair value. Non-covered other real estate owned represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at the lower of the carrying amount of the loan or fair value less costs to sell, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on non-covered other real estate owned for fair value adjustments based on the fair value of the real estate. | ||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Aggregate | Less Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | |||||||||||||||||||||
Fair | Principal | Principal | Fair | Principal | Principal | |||||||||||||||||||
Value | Balance | Balance | Value | Balance | Balance | |||||||||||||||||||
Loans held for sale | $ | 104,664 | $ | 101,795 | $ | 2,869 | $ | 320,132 | $ | 302,760 | $ | 17,372 | ||||||||||||
Loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of mortgage banking revenue, net in the Consolidated Statements of Income. For the years ended December 31, 2013, 2012 and 2011 the Company recorded a net decrease of $14.5 million, a net increase of $14.0 million, and a net increase of $3.4 million, respectively, representing the change in fair value reflected in earnings. | ||||||||||||||||||||||||
There were no nonaccrual mortgage loans held for sale or mortgage loans held for sale 90 days or more past due and still accruing interest as of December 31, 2013 and December 31, 2012, respectively. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
Earnings Per Common Share | ||||||||||||
The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands, except per share data) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
NUMERATORS: | ||||||||||||
Net income | $ | 98,361 | $ | 101,891 | $ | 74,496 | ||||||
Less: | ||||||||||||
Dividends and undistributed earnings allocated to participating securities (1) | 788 | 682 | 356 | |||||||||
Net earnings available to common shareholders | $ | 97,573 | $ | 101,209 | $ | 74,140 | ||||||
DENOMINATORS: | ||||||||||||
Weighted average number of common shares outstanding - basic | 111,938 | 111,935 | 114,220 | |||||||||
Effect of potentially dilutive common shares (2) | 238 | 216 | 189 | |||||||||
Weighted average number of common shares outstanding - diluted | 112,176 | 112,151 | 114,409 | |||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||
Basic | $ | 0.87 | $ | 0.9 | $ | 0.65 | ||||||
Diluted | $ | 0.87 | $ | 0.9 | $ | 0.65 | ||||||
-1 | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | |||||||||||
-2 | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. | |||||||||||
The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock options | 669 | 1,306 | 1,815 | |||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company operates three primary segments: Community Banking, Home Lending and Wealth Management. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas. As of December 31, 2013, the Community Banking segment operated 206 locations throughout Oregon, California, Washington, and Nevada. | ||||||||||||||||
The Home Lending segment, which operates as a division of the Bank, originates, sells and services residential mortgage loans. | ||||||||||||||||
The Wealth Management segment consists of the operations of Umpqua Investments, which offers a full range of retail brokerage and investment advisory services and products to its clients who consist primarily of individual investors, and Umpqua Private Bank, which serves high net worth individuals with liquid investable assets and provides customized financial solutions and offerings. The Company accounts for intercompany fees and services between Umpqua Investments and the Bank at estimated fair value according to regulatory requirements for services provided. Intercompany items relate primarily to management services, referral fees and deposit rebates. | ||||||||||||||||
Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 406,099 | $ | 14,755 | $ | 21,992 | $ | 442,846 | ||||||||
Interest expense | 34,636 | 731 | 2,514 | 37,881 | ||||||||||||
Net interest income | 371,463 | 14,024 | 19,478 | 404,965 | ||||||||||||
Provision for non-covered loan and lease losses | 16,829 | — | — | 16,829 | ||||||||||||
Recapture of provision for covered loan losses | (6,113 | ) | — | — | (6,113 | ) | ||||||||||
Non-interest income | 26,440 | 15,662 | 79,339 | 121,441 | ||||||||||||
Non-interest expense | 308,894 | 16,849 | 38,918 | 364,661 | ||||||||||||
Income before income taxes | 78,293 | 12,837 | 59,899 | 151,029 | ||||||||||||
Provision for income taxes | 23,544 | 5,164 | 23,960 | 52,668 | ||||||||||||
Net income | 54,749 | 7,673 | 35,939 | 98,361 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 788 | — | — | 788 | ||||||||||||
Net earnings available to common shareholders | $ | 53,961 | $ | 7,673 | $ | 35,939 | $ | 97,573 | ||||||||
Total assets | $ | 10,822,990 | $ | 126,060 | $ | 687,062 | $ | 11,636,112 | ||||||||
Total loans and leases (covered and non-covered) | $ | 7,076,279 | $ | 110,087 | $ | 532,029 | $ | 7,718,395 | ||||||||
Total deposits | $ | 8,734,175 | $ | 356,784 | $ | 26,701 | $ | 9,117,660 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 420,622 | $ | 15,192 | $ | 20,271 | $ | 456,085 | ||||||||
Interest expense | 45,240 | 865 | 2,744 | 48,849 | ||||||||||||
Net interest income | 375,382 | 14,327 | 17,527 | 407,236 | ||||||||||||
Provision for non-covered loan and lease losses | 21,796 | — | — | 21,796 | ||||||||||||
Provision for covered loan losses | 7,405 | — | — | 7,405 | ||||||||||||
Non-interest income | 38,272 | 13,759 | 84,798 | 136,829 | ||||||||||||
Non-interest expense | 307,089 | 15,108 | 37,455 | 359,652 | ||||||||||||
Income before income taxes | 77,364 | 12,978 | 64,870 | 155,212 | ||||||||||||
Provision for income taxes | 22,202 | 5,171 | 25,948 | 53,321 | ||||||||||||
Net income | 55,162 | 7,807 | 38,922 | 101,891 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 682 | — | — | 682 | ||||||||||||
Net earnings available to common shareholders | $ | 54,480 | $ | 7,807 | $ | 38,922 | $ | 101,209 | ||||||||
Total assets | $ | 10,984,996 | $ | 90,370 | $ | 720,077 | $ | 11,795,443 | ||||||||
Total loans and leases (covered and non-covered) | $ | 6,713,792 | $ | 74,132 | $ | 370,234 | $ | 7,158,158 | ||||||||
Total deposits | $ | 8,968,867 | $ | 382,033 | $ | 28,375 | $ | 9,379,275 | ||||||||
Year Ended December 31, 2011 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 474,167 | $ | 13,362 | $ | 14,224 | $ | 501,753 | ||||||||
Interest expense | 68,751 | 2,067 | 2,483 | 73,301 | ||||||||||||
Net interest income | 405,416 | 11,295 | 11,741 | 428,452 | ||||||||||||
Provision for non-covered loan and lease losses | 46,220 | — | — | 46,220 | ||||||||||||
Provision for covered loan losses | 16,141 | — | — | 16,141 | ||||||||||||
Non-interest income | 43,282 | 13,963 | 26,873 | 84,118 | ||||||||||||
Non-interest expense | 302,883 | 15,630 | 20,458 | 338,971 | ||||||||||||
Income before income taxes | 83,454 | 9,628 | 18,156 | 111,238 | ||||||||||||
Provision for income taxes | 26,023 | 3,457 | 7,262 | 36,742 | ||||||||||||
Net income | 57,431 | 6,171 | 10,894 | 74,496 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 356 | — | — | 356 | ||||||||||||
Net earnings available to common shareholders | $ | 57,075 | $ | 6,171 | $ | 10,894 | $ | 74,140 | ||||||||
Total assets | $ | 11,086,493 | $ | 53,044 | $ | 423,321 | $ | 11,562,858 | ||||||||
Total loans and leases (covered and non-covered) | $ | 6,171,368 | $ | 38,810 | $ | 300,371 | $ | 6,510,549 | ||||||||
Total deposits | $ | 8,830,353 | $ | 390,992 | $ | 15,345 | $ | 9,236,690 | ||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Related Party Transactions | ' | ||||||||||||
Related Party Transactions | |||||||||||||
In the ordinary course of business, the Bank has made loans to its directors and executive officers (and their associated and affiliated companies). All such loans have been made on the same terms as those prevailing at the time of origination to other borrowers. | |||||||||||||
The following table presents a summary of aggregate activity involving related party borrowers for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Loans outstanding at beginning of year | $ | 12,272 | $ | 12,245 | $ | 9,264 | |||||||
New loans and advances | 3,584 | 2,697 | 10,041 | ||||||||||
Less loan repayments | (2,213 | ) | (2,113 | ) | (7,060 | ) | |||||||
Reclassification (1) | (336 | ) | (557 | ) | — | ||||||||
Loans outstanding at end of year | $ | 13,307 | $ | 12,272 | $ | 12,245 | |||||||
(1) Represents loans that were once considered related party but are no longer considered related party, or loans that were not related party that subsequently became related party loans. | |||||||||||||
At December 31, 2013 and 2012 deposits of related parties amounted to $15.3 million and $16.3 million, respectively. |
Parent_Company_Financial_State
Parent Company Financial Statements | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Parent Company Financial Statements | ' | |||||||||||
Parent Company Financial Statements | ||||||||||||
Condensed Balance Sheets | ||||||||||||
December 31, | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Non-interest bearing deposits with subsidiary banks | $ | 72,679 | $ | 82,383 | ||||||||
Investments in: | ||||||||||||
Bank subsidiary | 1,847,168 | 1,829,305 | ||||||||||
Nonbank subsidiaries | 29,193 | 25,308 | ||||||||||
Other assets | 1,590 | 1,498 | ||||||||||
Total assets | $ | 1,950,630 | $ | 1,938,494 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Payable to bank subsidiary | $ | 93 | $ | 49 | ||||||||
Other liabilities | 33,938 | 18,340 | ||||||||||
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ||||||||||
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ||||||||||
Total liabilities | 223,204 | 214,455 | ||||||||||
Shareholders' equity | 1,727,426 | 1,724,039 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,950,630 | $ | 1,938,494 | ||||||||
Condensed Statements of Income | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
INCOME | ||||||||||||
Dividends from subsidiaries | $ | 62,241 | $ | 78,755 | $ | 17,743 | ||||||
Other income | (2,321 | ) | (2,174 | ) | (2,127 | ) | ||||||
Total income | 59,920 | 76,581 | 15,616 | |||||||||
EXPENSES | ||||||||||||
Management fees paid to subsidiaries | 501 | 459 | 469 | |||||||||
Other expenses | 8,885 | 9,189 | 9,072 | |||||||||
Total expenses | 9,386 | 9,648 | 9,541 | |||||||||
Income before income tax benefit and equity in undistributed | ||||||||||||
earnings of subsidiaries | 50,534 | 66,933 | 6,075 | |||||||||
Income tax benefit | (4,446 | ) | (4,904 | ) | (4,325 | ) | ||||||
Net income before equity in undistributed earnings of subsidiaries | 54,980 | 71,837 | 10,400 | |||||||||
Equity in undistributed earnings of subsidiaries | 43,381 | 30,054 | 64,096 | |||||||||
Net income | 98,361 | 101,891 | 74,496 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 788 | 682 | 356 | |||||||||
Net earnings available to common shareholders | $ | 97,573 | $ | 101,209 | $ | 74,140 | ||||||
Condensed Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 98,361 | $ | 101,891 | $ | 74,496 | ||||||
Adjustment to reconcile net income to net cash | ||||||||||||
provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (43,381 | ) | (30,054 | ) | (64,096 | ) | ||||||
Depreciation, amortization and accretion | (322 | ) | (322 | ) | (322 | ) | ||||||
Change in fair value of junior subordinated debentures | 2,193 | 2,182 | 2,217 | |||||||||
Net (increase) decrease in other assets | (92 | ) | 4,925 | (3,933 | ) | |||||||
Net (decrease) increase in other liabilities | (1,361 | ) | (1,184 | ) | 3,736 | |||||||
Net cash provided by operating activities | 55,398 | 77,438 | 12,098 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Investment in subsidiaries | (2,928 | ) | (24,970 | ) | (3,668 | ) | ||||||
Acquisitions | — | 419 | — | |||||||||
Net decrease in receivables from nonbank subsidiaries | — | — | 8 | |||||||||
Net cash used by investing activities | (2,928 | ) | (24,551 | ) | (3,660 | ) | ||||||
FINANCING ACTIVITIES: | ||||||||||||
Net (decrease) increase in payables to subsidiaries | (8,448 | ) | 17 | 7 | ||||||||
Dividends paid on common stock | (50,767 | ) | (46,201 | ) | (25,317 | ) | ||||||
Stock repurchased | (9,356 | ) | (7,433 | ) | (29,754 | ) | ||||||
Proceeds from exercise of stock options | 6,397 | 980 | 309 | |||||||||
Net cash used by financing activities | (62,174 | ) | (52,637 | ) | (54,755 | ) | ||||||
Change in cash and cash equivalents | (9,704 | ) | 250 | (46,317 | ) | |||||||
Cash and cash equivalents, beginning of year | 82,383 | 82,133 | 128,450 | |||||||||
Cash and cash equivalents, end of year | $ | 72,679 | $ | 82,383 | $ | 82,133 | ||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ' | |||||||||||||||
Quarterly Financial Information (Unaudited) | ||||||||||||||||
The following tables present the summary results for the eight quarters ending December 31, 2013: | ||||||||||||||||
(in thousands, except per share information) | ||||||||||||||||
2013 | ||||||||||||||||
Four | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | Quarters | ||||||||||||
Interest income | $ | 118,538 | $ | 115,960 | $ | 104,015 | $ | 104,333 | $ | 442,846 | ||||||
Interest expense | 8,464 | 9,151 | 10,122 | 10,144 | 37,881 | |||||||||||
Net interest income | 110,074 | 106,809 | 93,893 | 94,189 | 404,965 | |||||||||||
Provision for non-covered loan and lease losses | 3,840 | 3,008 | 2,993 | 6,988 | 16,829 | |||||||||||
(Recapture of) provision for covered loan and lease losses | (1,369 | ) | (1,904 | ) | (3,072 | ) | 232 | (6,113 | ) | |||||||
Non-interest income | 26,785 | 26,144 | 34,497 | 34,015 | 121,441 | |||||||||||
Non-interest expense | 95,364 | 95,604 | 87,931 | 85,762 | 364,661 | |||||||||||
Income before provision for income taxes | 39,024 | 36,245 | 40,538 | 35,222 | 151,029 | |||||||||||
Provision for income taxes | 13,754 | 12,768 | 14,285 | 11,861 | 52,668 | |||||||||||
Net income | 25,270 | 23,477 | 26,253 | 23,361 | 98,361 | |||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 212 | 196 | 197 | 183 | 788 | |||||||||||
Net earnings available to common shareholders | $ | 25,058 | $ | 23,281 | $ | 26,056 | $ | 23,178 | $ | 97,573 | ||||||
Basic earnings per common share | $ | 0.22 | $ | 0.21 | $ | 0.23 | $ | 0.21 | ||||||||
Diluted earnings per common share | $ | 0.22 | $ | 0.21 | $ | 0.23 | $ | 0.21 | ||||||||
Cash dividends declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.2 | $ | 0.1 | ||||||||
(in thousands, except per share information) | ||||||||||||||||
2012 | ||||||||||||||||
Four | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | Quarters | ||||||||||||
Interest income | $ | 112,741 | $ | 114,108 | $ | 113,594 | $ | 115,642 | $ | 456,085 | ||||||
Interest expense | 10,912 | 12,068 | 12,582 | 13,287 | 48,849 | |||||||||||
Net interest income | 101,829 | 102,040 | 101,012 | 102,355 | 407,236 | |||||||||||
Provision for non-covered loan and lease losses | 4,913 | 7,078 | 6,638 | 3,167 | 21,796 | |||||||||||
Provision for (recapture of) covered loan and lease losses | 3,103 | 2,927 | 1,406 | (31 | ) | 7,405 | ||||||||||
Non-interest income | 46,987 | 33,679 | 28,926 | 27,237 | 136,829 | |||||||||||
Non-interest expense | 98,046 | 86,974 | 86,936 | 87,696 | 359,652 | |||||||||||
Income before provision for income taxes | 42,754 | 38,740 | 34,958 | 38,760 | 155,212 | |||||||||||
Provision for income taxes | 14,796 | 13,587 | 11,681 | 13,257 | 53,321 | |||||||||||
Net income | 27,958 | 25,153 | 23,277 | 25,503 | 101,891 | |||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 183 | 170 | 162 | 167 | 682 | |||||||||||
Net earnings available to common shareholders | $ | 27,775 | $ | 24,983 | $ | 23,115 | $ | 25,336 | $ | 101,209 | ||||||
Basic earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.21 | $ | 0.23 | ||||||||
Diluted earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.21 | $ | 0.23 | ||||||||
Cash dividends declared per common share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.07 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Nature of Operations | ' | ||||||||
Nature of Operations-Umpqua Holdings Corporation (the “Company”) is a financial holding company headquartered in Portland, Oregon, that is engaged primarily in the business of commercial and retail banking and the delivery of retail brokerage services. The Company provides a wide range of banking, wealth management, mortgage and other financial services to corporate, institutional and individual customers through its wholly-owned banking subsidiary Umpqua Bank (the “Bank”). The Company engages in the retail brokerage business through its wholly-owned subsidiary Umpqua Investments, Inc. (“Umpqua Investments”). The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. The Company and its subsidiaries are subject to regulation by certain federal and state agencies and undergo periodic examination by these regulatory agencies. | |||||||||
Basis of Financial Statement Presentation | ' | ||||||||
Basis of Financial Statement Presentation-The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with prevailing practices within the banking and securities industries. In preparing such financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan and lease losses, the valuation of mortgage servicing rights, the fair value of junior subordinated debentures, the valuation of covered loans and the FDIC indemnification asset, and the valuation of goodwill and other intangible assets. | |||||||||
Consolidation | ' | ||||||||
Consolidation-The accompanying consolidated financial statements include the accounts of the Company, the Bank and Umpqua Investments. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2013, the Company had 15 wholly-owned trusts (“Trusts”) that were formed to issue trust preferred securities and related common securities of the Trusts. The Company has not consolidated the accounts of the Trusts in its consolidated financial statements in accordance with Financial Accounting Standards Board Accounting Standards Codification (“FASB”) ASC 810, Consolidation (“ASC 810”). As a result, the junior subordinated debentures issued by the Company to the Trusts are reflected on the Company’s consolidated balance sheet as junior subordinated debentures. | |||||||||
Subsequent Events | ' | ||||||||
Subsequent events-The Company has evaluated events and transactions subsequent to December 31, 2013 for potential recognition or disclosure. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents-Cash and cash equivalents include cash and due from banks, and temporary investments which are federal funds sold and interest bearing balances due from other banks. Cash and cash equivalents generally have a maturity of 90 days or less at the time of purchase. | |||||||||
Trading Account Securities | ' | ||||||||
Trading Account Securities-Debt and equity securities held for resale are classified as trading account securities and reported at fair value. Realized and unrealized gains or losses are recorded in non-interest income. | |||||||||
Investment Securities | ' | ||||||||
Investment Securities-Debt securities are classified as held to maturity if the Company has both the intent and ability to hold those securities to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for amortization of premium and accretion of discount, computed by the effective interest method over their contractual lives. | |||||||||
Securities are classified as available for sale if the Company intends and has the ability to hold those securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are carried at fair value. Unrealized holding gains or losses are included in other comprehensive income as a separate component of shareholders' equity, net of tax. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. | |||||||||
Transfers of securities from available for sale to held to maturity are accounted for at fair value as of the date of the transfer. The difference between the fair value and the par value at the date of transfer is considered a premium or discount and is accounted for accordingly. Any unrealized gain or loss at the date of the transfer is reported in OCI, and is amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount, and will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held to maturity security. | |||||||||
Loans Held For Sale | ' | ||||||||
Loans Held for Sale-The Company has elected to account for loans held for sale, which includes mortgage loans, at fair value in accordance with FASB ASC 825 Financial Instruments. Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of related servicing asset, resulting in revaluation adjustments to the recorded fair value. The inputs used in the fair value measurements are considered Level 2 inputs. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income in accordance with the fair value option accounting requirements. Interest income on loans held for sale is included in interest income in the Consolidated Statements of Income and recognized when earned. Loans are placed on nonaccrual in a manner consistent with non-covered loans. | |||||||||
Acquired Loans and Leases | ' | ||||||||
Acquired Loans and Leases-Purchased loans and leases are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan and lease losses is not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased impaired or purchased non-impaired. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. | |||||||||
Purchased impaired loans are aggregated into pools based on individually evaluated common risk characteristics and aggregate expected cash flows were estimated for each pool. A pool is accounted for as a single asset with a single interest rate, cumulative loss rate and cash flow expectation. The Company aggregated the purchased impaired loans into different pools based on common risk characteristics such as risk rating, underlying collateral, type of interest rate (fixed or adjustable), types of amortization, and other similar factors. A loan will be removed from a pool of loans only if the loan is sold, foreclosed, or assets are received in full satisfaction of the loan, and will be removed from the pool at its carrying value. If an individual loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized in income immediately as interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. If, at acquisition, the loans are collateral dependent and acquired primarily for the rewards of ownership of the underlying collateral, or if cash flows expected to be collected cannot be reasonably estimated, accrual of income is inappropriate. | |||||||||
The cash flows expected to be received over the life of the pool were estimated by management. These cash flows were input into a FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”) compliant loan accounting system which calculates the carrying values of the pools and underlying loans, book yields, effective interest income and impairment, if any, based on actual and projected events. Default rates, loss severity, and prepayment speeds assumptions will be periodically reassessed and updated within the accounting system to update our expectation of future cash flows. The excess of the cash flows expected to be collected over a pool’s carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective yield method. The accretable yield may change due to changes in the timing and amounts of expected cash flows. Changes in the accretable yield are disclosed quarterly. | |||||||||
The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference. The nonaccretable difference represents our estimate of the credit losses expected to occur and was considered in determining the fair value of the loans as of the acquisition date. Subsequent to the acquisition date, any increases in expected cash flows over those expected at purchase date in excess of fair value are adjusted through an increase to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording a provision for loan losses. | |||||||||
The purchased impaired loans acquired are and will continue to be subject to the Company’s internal and external credit review and monitoring. If credit deterioration is experienced subsequent to the initial acquisition fair value amount, such deterioration will be measured, and a provision for credit losses will be charged to earnings. | |||||||||
The purchased impaired loan portfolio also includes revolving lines of credit with funded and unfunded commitments. Balances outstanding at the time of acquisition are accounted for under ASC 310-30. Any additional advances on these loans subsequent to the acquisition date are not accounted for under ASC 310-30. | |||||||||
For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income over the estimated life of the loans. | |||||||||
Based on the characteristics of loans acquired in a Federal Deposit Insurance Corporation (“FDIC”) assisted transaction and the impact of associated loss-sharing arrangements, the Company determined that it was appropriate to apply the expected cash flows approach described above to all loans acquired in such transactions. Loans acquired in a FDIC-assisted acquisition that are subject to a loss-share agreement are referred to as “covered loans” and reported separately in our consolidated balance sheets. Covered loans are reported exclusive of the expected cash flow reimbursements expected from the FDIC. | |||||||||
For purchased leases and equipment finance loans, the difference in the cash flows expected to be collected over the initial allocation of fair value to the acquired leases and loans is accreted into interest income over their related term based on the effective interest method. | |||||||||
Originated Loans and Leases | ' | ||||||||
Originated Loans and Leases-Loans are stated at the amount of unpaid principal, net of unearned income and any deferred fees or costs. All discounts and premiums are recognized over the estimated life of the loan as yield adjustments. Leases are recorded at the amount of minimum future lease payments receivable and estimated residual value of the leased equipment, net of unearned income and any deferred fees. Initial direct costs related to lease originations are deferred as part of the investment in direct financing leases and amortized over their term using the effective interest method. Unearned lease income is amortized over their term using the effective interest method. | |||||||||
Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows (discounted at each loan's effective interest rate) or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loans' value is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. This can be accomplished by charging-off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan and lease losses. | |||||||||
FDIC Indemnification Asset | ' | ||||||||
FDIC Indemnification Asset-The Company has elected to account for amounts receivable under the loss-share agreement as an indemnification asset in accordance with FASB ASC 805, Business Combinations. The FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value and the undiscounted cash flows the Company expects to collect from the FDIC will be accreted into non-interest income over the life of the FDIC indemnification asset. | |||||||||
Subsequent to initial recognition, the FDIC indemnification asset is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered portfolio. These adjustments are measured on the same basis as the related covered loans, at a pool level, and covered other real estate owned. Generally, any increases in cash flow of the covered assets over those previously expected will result in prospective increases in the loan pool yield and amortization of the FDIC indemnification asset. Any decreases in cash flow of the covered assets under those previously expected will trigger impairments on the underlying loan pools and will result in a corresponding gain of the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to non-interest income. The resulting carrying value of the indemnification asset represents the present value of amounts recoverable from the FDIC for future expected losses and the amounts due from the FDIC for claims related to covered losses. | |||||||||
Income Recognition On Non-Covered, Non-Accrual and Impaired Loans | ' | ||||||||
Income Recognition on Non-Covered, Non-Accrual and Impaired Loans-Non-covered loans, including impaired non-covered loans, are classified as non-accrual if the collection of principal and interest is doubtful. Generally, this occurs when a non-covered loan is past due as to maturity or payment of principal or interest by 90 days or more, unless such non-covered loans are well-secured and in the process of collection. Generally, if a non-covered loan or portion thereof is partially charged-off, the non-covered loan is considered impaired and classified as non-accrual. Non-covered loans that are less than 90 days past due may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. | |||||||||
When a non-covered loan is classified as non-accrual, all uncollected accrued interest is reversed to interest income and the accrual of interest income is terminated. Generally, any cash payments are applied as a reduction of principal outstanding. In cases where the future collectability of the principal balance in full is expected, interest income may be recognized on a cash basis. A non-covered loan may be restored to accrual status when the borrower's financial condition improves so that full collection of future contractual payments is considered likely. For those non-covered loans placed on non-accrual status due to payment delinquency, return to accrual status will generally not occur until the borrower demonstrates repayment ability over a period of not less than six months. | |||||||||
Non-covered loans are reported as restructured when the Bank grants a more than insignificant concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan and lease losses. | |||||||||
The decision to classify a non-covered loan as impaired is made by the Bank's Allowance for Loan and Lease Losses (“ALLL”) Committee. The ALLL Committee meets regularly to review the status of all problem and potential problem loans. If the ALLL Committee concludes a loan is impaired but recovery of principal and interest is expected, an impaired loan may remain on accrual status. | |||||||||
Allowance for Loan And Lease Losses | ' | ||||||||
Allowance for Loan and Lease Losses- The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality of the portfolio and the adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan through the credit review process. The Company’s risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the allowance for loan and lease losses. The Bank has a management ALLL Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans and leases from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. | |||||||||
Each risk rating is assessed an inherent credit loss factor that determines the amount of the allowance for loan and lease losses provided for that group of loans and leases with similar risk rating. Credit loss factors may vary by region based on management's belief that there may ultimately be different credit loss rates experienced in each region. | |||||||||
Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize this impairment reserve as a specific component to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. The combination of the risk rating-based allowance component and the impairment reserve allowance component lead to an allocated allowance for loan and lease losses. | |||||||||
The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of economic conditions characterized by falling real estate values. The unallocated amount is reviewed periodically based on trends in credit losses, the results of credit reviews and overall economic trends. | |||||||||
As adjustments become necessary, they are reported in earnings in the periods in which they become known as a change in the provision for loan and lease losses and a corresponding charge to the allowance. Loans, or portions thereof, deemed uncollectible are charged to the allowance. Provisions for losses, and recoveries on loans previously charged-off, are added to the allowance. | |||||||||
The adequacy of the ALLL is monitored on a regular basis and is based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. | |||||||||
Management believes that the ALLL was adequate as of December 31, 2013. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. Approximately 74% of our loan portfolio is secured by real estate, and a significant decline in real estate market values may require an increase in the allowance for loan and lease losses. The U.S. recession, the housing market downturn, and declining real estate values in our markets have negatively impacted aspects of our loan portfolio, and led in recent past years to an increase in non-performing loans, charge-offs, and the allowance for loan and lease losses. A renewed deterioration or prolonged delay in economic recovery in our markets may adversely affect our loan portfolio and may lead to additional charges to the provision for loan and lease losses. | |||||||||
Loans and leases are classified as non-accrual when collection of principal or interest is doubtful—generally if they are past due as to maturity or payment of principal or interest by 90 days or more—unless such loans are well-secured and in the process of collection. Additionally, all loans that are impaired are considered for non-accrual status. Loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospects for future payments in accordance with the loan agreement appear relatively certain. | |||||||||
The Bank has a management Allowance for Loan and Lease Losses (“ALLL”) Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. | |||||||||
Our methodology for assessing the appropriateness of the ALLL consists of three key elements, which include 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, all risk-based activities within the loan portfolio are simultaneously considered. | |||||||||
Formula Allowance | |||||||||
The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality and adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. | |||||||||
The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management’s evaluation of the losses inherent within each segment. Segments or regions with greater risk of loss will therefore be assigned a higher risk factor. | |||||||||
Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base Risk factor based on an evaluation of the loss inherent within each segment. | |||||||||
Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. | |||||||||
Changes to risk factors – Risk factors are assigned at origination and may be changed periodically based on management’s evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases (positive or negative); improvement or deterioration in local economic conditions; and any other factors deemed relevant. | |||||||||
Specific Allowance | |||||||||
Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired, when based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired with a specific allowance are excluded from the formula allowance so as not to double-count the loss exposure. The non-accrual impaired loans as of period end have already been partially charged-off to their estimated net realizable value, and are expected to be resolved over the coming quarters with no additional material loss, absent further decline in market prices. | |||||||||
The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. | |||||||||
Unallocated Allowance | |||||||||
The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of deteriorating economic conditions characterized by falling real estate values. The unallocated amount is reviewed quarterly with consideration of factors including, but not limited to: | |||||||||
• Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; | |||||||||
• Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | |||||||||
• Changes in the nature and volume of the portfolio and in the terms of loans and leases; | |||||||||
• Changes in the experience and ability of lending management and other relevant staff; | |||||||||
• Changes in the volume and severity of past due loans, the volume of nonaccrual loans and leases, and the volume and severity of adversely classified or graded loans; | |||||||||
• Changes in the quality of the institution’s loan and lease review system; | |||||||||
• Changes in the value of underlying collateral for collateral-depending loans; | |||||||||
• The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | |||||||||
• The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institutions’ existing portfolio. | |||||||||
These factors are evaluated through a management survey of the Chief Credit Officer, Chief Lending Officer, Senior Credit Officers, Special Assets Manager, and Credit Review Manager. The survey requests responses to evaluate current changes in the nine qualitative factors. This information is then incorporated into our understanding of the reasonableness of the formula factors and our evaluation of the unallocated portion of the ALLL. | |||||||||
Management believes that the ALLL was adequate as of December 31, 2013. There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. Approximately 74% of our loan and lease portfolio is secured by real estate, and a significant decline in real estate market values may require an increase in the allowance for loan and lease losses. The recent U.S. recession, the housing market downturn, and declining real estate values in our markets have negatively impacted aspects of our loan and lease portfolio. A continued deterioration in our markets may adversely affect our loan and lease portfolio and may lead to additional charges to the provision for loan and lease losses. | |||||||||
The reserve for unfunded commitments (“RUC”) is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. For each portfolio segment, these factors include: | |||||||||
• The quality of the current loan and lease portfolio; | |||||||||
• The trend in the loan portfolio's risk ratings; | |||||||||
• Current economic conditions; | |||||||||
• Loan and lease concentrations; | |||||||||
• Loan and lease growth rates; | |||||||||
• Past-due and non-performing trends; | |||||||||
• Evaluation of specific loss estimates for all significant problem loans; | |||||||||
• Historical short (one year), medium (three year), and long-term charge-off rates; | |||||||||
• Recovery experience; and | |||||||||
• Peer comparison loss rates. | |||||||||
There have been no significant changes to the Bank’s methodology or policies in the periods presented. | |||||||||
Reserve For Unfunded Commitments | ' | ||||||||
Reserve for Unfunded Commitments-A reserve for unfunded commitments is maintained at a level that, in the opinion of management, is adequate to absorb probable losses associated with the Bank's commitment to lend funds under existing agreements such as letters or lines of credit. Management determines the adequacy of the reserve for unfunded commitments based upon reviews of individual credit facilities, current economic conditions, the risk characteristics of the various categories of commitments and other relevant factors. The reserve is based on estimates, and ultimate losses may vary from the current estimates. These estimates are evaluated on a regular basis and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Draws on unfunded commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for loan and lease losses. Provisions for unfunded commitment losses are added to the reserve for unfunded commitments, which is included in the Other Liabilities section of the consolidated balance sheets. | |||||||||
Loan Fees And Direct Loan Origination Costs | ' | ||||||||
Loan Fees and Direct Loan Origination Costs-Loans held for investment origination and commitment fees and direct loan origination costs are deferred and recognized as an adjustment to the yield over the life of the portfolio loans. | |||||||||
Restricted Equity Securities | ' | ||||||||
Restricted Equity Securities-Restricted equity securities were $30.7 million and $33.4 million at December 31, 2013 and 2012, respectively. Federal Home Loan Bank stock amounted to $29.4 million and $32.2 million of the total restricted securities as of December 31, 2013 and 2012, respectively. Federal Home Loan Bank stock represents the Bank's investment in the Federal Home Loan Banks of Seattle and San Francisco (“FHLB”) stock and is carried at par value, which reasonably approximates its fair value. Management periodically evaluates FHLB stock for other-than-temporary or permanent impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. | |||||||||
In September 2012, the FHLB of Seattle was notified by the Federal Housing Finance Agency (“Finance Agency”) that it is now classified as “adequately capitalized” as compared to the prior classification of “undercapitalized.” Under Finance Agency regulations, the FHLB of Seattle may repurchase excess capital stock under certain conditions; however it may not redeem stock or pay a dividend without Finance Agency approval. Based on the above, the Company has determined there is not an other-than-temporary impairment on the FHLB stock investment as of December 31, 2013. | |||||||||
As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. At December 31, 2013, the Bank's minimum required investment in FHLB stock was $13.5 million. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. The remaining restricted equity securities balance primarily represents an investment in Pacific Coast Bankers’ Bancshares stock. | |||||||||
Premises And Equipment | ' | ||||||||
Premises and Equipment-Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful life of equipment, generally three to ten years, on a straight-line or accelerated basis. Depreciation is provided over the estimated useful life of premises, up to 39 years, on a straight-line or accelerated basis. Generally, leasehold improvements are amortized over the life of the related lease, or the life of the related asset, whichever is shorter. Expenditures for major renovations and betterments of the Company's premises and equipment are capitalized. | |||||||||
Management reviews long-lived and intangible assets any time that a change in circumstance indicates that the carrying amount of these assets may not be recoverable. Recoverability of these assets is determined by comparing the carrying value of the asset to the forecasted undiscounted cash flows of the operation associated with the asset. If the evaluation of the forecasted cash flows indicates that the carrying value of the asset is not recoverable, the asset is written down to fair value. | |||||||||
Goodwill And Other Intangibles | ' | ||||||||
Goodwill and Other Intangibles-Intangible assets are comprised of goodwill and other intangibles acquired in business combinations. Goodwill and intangible assets with indefinite useful lives are not amortized. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and also reviewed for impairment. Amortization of intangible assets is included in other non-interest expense in the Consolidated Statements of Income. | |||||||||
The Company performs a goodwill impairment analysis on an annual basis as of December 31. Additionally, the Company performs a goodwill impairment evaluation on an interim basis when events or circumstances indicate impairment potentially exists. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others, a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. | |||||||||
On at least an annual basis, we assess the qualitative factors to determine whether it is necessary to perform a quantitative impairment test. The quantitative impairment test involves a two-step process. The first step compares the fair value of a reporting unit to its carrying value. If the reporting unit’s fair value is less than its carrying value, the Company would be required to proceed to the second step. In the second step the Company calculates the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined in the same manner as goodwill recognized in a business combination. The estimated fair value of the Company is allocated to all of the Company’s assets and liabilities, including any unrecognized identifiable intangible assets, as if the Company had been acquired in a business combination and the estimated fair value of the reporting unit is the price paid to acquire it. The allocation process is performed only for purposes of determining the amount of goodwill impairment. No assets or liabilities are written up or down, nor are any additional unrecognized identifiable intangible assets recorded as a part of this process. Any excess of the estimated purchase price over the fair value of the reporting unit’s net assets represents the implied fair value of goodwill. If the carrying amount of the goodwill is greater than the implied fair value of that goodwill, an impairment loss would be recognized as a charge to earnings in an amount equal to that excess. | |||||||||
Mortgage Servicing Rights (MSR) | ' | ||||||||
Mortgage Servicing Rights (“MSR”)- The Company determines its classes of servicing assets based on the asset type being serviced along with the methods used to manage the risk inherent in the servicing assets, which includes the market inputs used to value the servicing assets. The Company measures its residential mortgage servicing assets at fair value and reports changes in fair value through earnings. Fair value adjustments that encompass market-driven valuation changes and the runoff in value that occurs from the passage of time, are each separately reported. Under the fair value method, the MSR is carried in the balance sheet at fair value and the changes in fair value are reported in earnings under the caption mortgage banking revenue in the period in which the change occurs. | |||||||||
Retained mortgage servicing rights are measured at fair value as of the date of sale. Subsequent fair value measurements are determined using a discounted cash flow model. In order to determine the fair value of the MSR, the present value of net expected future cash flows is estimated. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Key assumptions used in measuring the fair value of MSR as of December 31 were as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Constant prepayment rate | 12.74 | % | 21.39 | % | 20.39 | % | |||
Discount rate | 8.69 | % | 8.65 | % | 8.6 | % | |||
Weighted average life (years) | 6 | 4.7 | 4.5 | ||||||
The expected life of the loan can vary from management's estimates due to prepayments by borrowers, especially when rates fall. Prepayments in excess of management's estimates would negatively impact the recorded value of the mortgage servicing rights. The value of the mortgage servicing rights is also dependent upon the discount rate used in the model, which we base on current market rates. Management reviews this rate on an ongoing basis based on current market rates. A significant increase in the discount rate would reduce the value of mortgage servicing rights. | |||||||||
SBA/USDA Loans Sales And Servicing | ' | ||||||||
SBA/USDA Loans Sales and Servicing-The Bank, on a limited basis, sells or transfers loans, including the guaranteed portion of Small Business Administration (“SBA”) and Department of Agriculture (“USDA”) loans (with servicing retained) for cash proceeds equal to the principal amount of loans, as adjusted to yield interest to the investor based upon the current market rates. The Bank records a servicing asset when it sells a loan and retains the servicing rights. The servicing asset is recorded at fair value upon sale, and the fair value is estimated by discounting estimated net future cash flows from servicing using discount rates that approximate current market rates and using estimated prepayment rates. Subsequent to initial recognition, the servicing rights are carried at the lower of amortized cost or fair market value, and are amortized in proportion to, and over the period of, the estimated net servicing income. | |||||||||
For purposes of evaluating and measuring impairment, the fair value of servicing rights are measured using a discounted estimated net future cash flow model as described above. Any impairment is measured as the amount by which the carrying value of servicing rights for an interest rate-stratum exceeds its fair value. The carrying value of SBA/USDA servicing rights at December 31, 2013 and 2012 were $610,000 and $498,000, respectively. No impairment charges were recorded for the years ended December 31, 2013, 2012 and 2011, related to SBA/USDA servicing assets. | |||||||||
A premium over the adjusted carrying value is received upon the sale of the guaranteed portion of an SBA or USDA loan. The Bank's investment in an SBA or USDA loan is allocated among the sold and retained portions of the loan based on the relative fair value of each portion at the time of loan origination, adjusted for payments and other activities. Because the portion retained does not carry an SBA or USDA guarantee, part of the gain recognized on the sold portion of the loan is deferred and amortized as a yield enhancement on the retained portion in order to obtain a market equivalent yield. | |||||||||
Non-Covered Other Real Estate Owned | ' | ||||||||
Non-Covered Other Real Estate Owned-Non-covered other real estate owned (“non-covered OREO”) represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at fair value less costs to sell the property, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Subsequent valuation adjustments are recognized within net loss on non-covered OREO. Revenue and expenses from operations and subsequent adjustments to the carrying amount of the property are included in other non-interest expense in the Consolidated Statements of Income. | |||||||||
In some instances, the Bank may make loans to facilitate the sales of other real estate owned. Management reviews all sales for which it is the lending institution for compliance with sales treatment under provisions established within FASB ASC 360-20, Real Estate Sales. Any gains related to sales of other real estate owned may be deferred until the buyer has a sufficient initial and continuing investment in the property. | |||||||||
Covered Other Real Estate Owned | ' | ||||||||
Covered Other Real Estate Owned - All OREO acquired in FDIC-assisted acquisitions that are subject to a FDIC loss-share agreement are referred to as “covered OREO” and reported separately in our Consolidated Statements of Financial Position. Covered OREO is reported exclusive of expected reimbursement cash flows from the FDIC. Foreclosed covered loan collateral is transferred into covered OREO at the collateral’s net realizable value, less selling costs. | |||||||||
Covered OREO was initially recorded at its estimated fair value on the acquisition date based on similar market comparable valuations less estimated selling costs. Any subsequent valuation adjustments due to declines in fair value will be charged to non-interest expense, and will be mostly offset by non-interest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments will be credited to non-interest expense with a corresponding charge to non-interest income for the portion of the recovery that is due to the FDIC. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes-Income taxes are accounted for using the asset and liability method. Under this method a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. | |||||||||
Derivatives | ' | ||||||||
Derivatives-The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. The Bank also executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. The Company recognizes all derivatives as either assets or liabilities in the balance sheet and requires measurement of those instruments at fair value through adjustments to current earnings. None of the Company’s derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, and the Company reports changes in fair values of its derivatives in current period net income. | |||||||||
The fair value of the derivative loan commitments is estimated using the net present value of expected future cash flows. Assumptions used include pull-through rate assumption based on historical information, current mortgage interest rates, the stage of completion of the underlying application and underwriting process, the time remaining until the expiration of the derivative loan commitment, and the expected net future cash flows related to the associated servicing of the loan. | |||||||||
The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and mortgage servicing rights. None of the Company’s derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. | |||||||||
Operating Segments | ' | ||||||||
Operating Segments- Public enterprises are required to report certain information about their operating segments in a complete set of financial statements to shareholders. They are also required to report certain enterprise-wide information about the Company's products and services, its activities in different geographic areas, and its reliance on major customers. The basis for determining the Company's operating segments is the manner in which management operates the business. Management has identified three primary business segments, Community Banking, Home Lending, and Wealth Management. | |||||||||
Share-Based Payment | ' | ||||||||
Share-Based Payment-In accordance with FASB ASC 718, Stock Compensation, we recognize in the income statement the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees’ requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. | |||||||||
At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the “2013 Plan”), which, among other things, authorizes the issuance of equity awards to directors and employees and reserves 4,000,000 shares of the Company's common stock for issuance under the plan. With the adoption of the 2013 Plan, no additional grants can be issued under the previous plans. The Company also assumed various plans in connection with mergers and acquisitions but does not make grants under those plans. Stock options and restricted stock awards generally vest ratably over three to five years and are recognized as expense over that same period of time. Under the terms of the 2013 Plan, the exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. | |||||||||
The fair value of each grant is estimated as of the grant date using the Black-Scholes option-pricing model using assumptions noted in the following table or a Monte Carlo simulation pricing model. Expected volatility is based on the historical volatility of the price of the Company's common stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules, and represents the period of time that options granted are expected to be outstanding. The expected dividend yield is based on dividend trends and the market value of the Company’s common stock at the time of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant corresponding to the estimated expected term of the options granted. There were no stock options granted in 2013. The following weighted average assumptions were used to determine the fair value of stock option grants as of the grant date to determine compensation cost for the years ended December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Dividend yield | 3.9 | % | 2.79 | % | |||||
Expected life (years) | 7.4 | 7.1 | |||||||
Expected volatility | 53 | % | 52 | % | |||||
Risk-free rate | 1.27 | % | 2.71 | % | |||||
Weighted average fair value of options on date of grant | $ | 4.39 | $ | 4.65 | |||||
Restricted stock unit grants and certain restricted stock awards are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock units are expected to vest. | |||||||||
Earnings Per Share | ' | ||||||||
Earnings per Share-According to the provisions of FASB ASC 260, Earnings Per Share, nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested restricted stock awards qualify as participating securities. | |||||||||
Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings or absorb losses. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. | |||||||||
Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, certain restricted stock awards and restricted stock units are the only potentially dilutive non-participating instruments issued by the Company. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. | |||||||||
Advertising Expenses | ' | ||||||||
Advertising expenses-Advertising costs are generally expensed as incurred. | |||||||||
Fair Value Measurements | ' | ||||||||
Fair Value Measurements- FASB ASC 820, Fair Value Measurements and Disclosure, (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level hierarchy for disclosure of assets and liabilities recorded at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data. In general, fair values determined by Level 1 inputs utilize quoted prices for identical assets or liabilities traded in active markets that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | |||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||
Recently Issued Accounting Pronouncements- In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. With the Update, a company testing indefinite-lived intangibles for impairment now has the option to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount in accordance with current guidance. An entity also has the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. An entity will be able to resume performing the qualitative assessment in any subsequent period. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In October 2012, the FASB issued ASU. 2012-06, Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution. The Update clarifies that when an entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and subsequently, a change in the cash flows expected to be collected on the indemnification asset occurs, as a result of a change in cash flows expected to be collected on the assets subject to indemnification, the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2012. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In January 2013, the FASB issued ASU No. 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. The Update clarifies that ASU. 2011-11 applies only to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. Entities with other types of financial assets and financial liabilities subject to a master netting arrangement or similar agreement are no longer subject to the disclosure requirements in ASU. 2011-11. The amendments are effective for annual and interim reporting periods beginning on or after January 1, 2013. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements. | |||||||||
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and to present either on the face of the statement where net income is presented, or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company's consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. ASU No. 2013-10 permits the use of the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge account purposes. The amendment is effective prospectively for qualifying new or redesiginated hedging relationships entered into on or after July 17, 2013. The adoption of ASU No. 2013-10 did not have a material impact on the Company's consolidated financial statements. | |||||||||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. ASU 2014-04 permit an entity to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and should be applied prospectively. The Company is currently reviewing the requirements of ASU No. 2014-01, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | |||||||||
In January 2014, the FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure. ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |||||||||
Reclassifications | ' | ||||||||
Reclassifications- Certain amounts reported in prior years' financial statements have been reclassified to conform to the current presentation. The results of the reclassifications are not considered material and have no effect on previously reported net earnings available to common shareholders and earnings per common share. | |||||||||
Income Tax Uncertainties | ' | ||||||||
In accordance with the provisions of FASB 740, Income Taxes, (“ASC 740”), relating to the accounting for uncertainty in income taxes, the Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. | |||||||||
Loans and Leases, Past Due Status | ' | ||||||||
Loans and leases are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All loans determined to be impaired are individually assessed for impairment except for impaired homogeneous loans which are collectively evaluated for impairment in accordance with FASB ASC 450, Contingencies (“ASC 450”). The specific factors considered in determining that a loan is impaired include borrower financial capacity, current economic, business and market conditions, collection efforts, collateral position and other factors deemed relevant. Generally, impaired loans are placed on non-accrual status and all cash receipts are applied to the principal balance. Continuation of accrual status and recognition of interest income is generally limited to performing restructured loans. | |||||||||
Loans and Leases, Troubled Debt Restructurings | ' | ||||||||
The restructured loans on accrual status represent the only impaired loans accruing interest. In order for a restructured loan to be considered for accrual status, the loan’s collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule Of Assumptions Used In Measuring The Fair Value Of Mortgage Servicing Rights | ' | ||||||||
Key assumptions used in measuring the fair value of MSR as of December 31 were as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
Constant prepayment rate | 12.74 | % | 21.39 | % | 20.39 | % | |||
Discount rate | 8.69 | % | 8.65 | % | 8.6 | % | |||
Weighted average life (years) | 6 | 4.7 | 4.5 | ||||||
Schedule Of Weighted Average Assumptions To Determine The Fair Value Of Stock Option Grants | ' | ||||||||
The following weighted average assumptions were used to determine the fair value of stock option grants as of the grant date to determine compensation cost for the years ended December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Dividend yield | 3.9 | % | 2.79 | % | |||||
Expected life (years) | 7.4 | 7.1 | |||||||
Expected volatility | 53 | % | 52 | % | |||||
Risk-free rate | 1.27 | % | 2.71 | % | |||||
Weighted average fair value of options on date of grant | $ | 4.39 | $ | 4.65 | |||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||
Schedule Of Merger Related Expense | ' | |||||||||||||
Merger-Related Expense | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Professional fees | $ | 7,755 | $ | 1,145 | $ | 173 | ||||||||
Compensation and relocation | 158 | 856 | — | |||||||||||
Communications | 49 | 66 | — | |||||||||||
Premises and equipment | 44 | 29 | 82 | |||||||||||
Travel | 140 | 98 | 11 | |||||||||||
Other | 690 | 144 | 94 | |||||||||||
Total | $ | 8,836 | $ | 2,338 | $ | 360 | ||||||||
Financial Pacific Holding Corp [Member] | ' | |||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||
Schedule of Net Assets Acquired and Estimated Fair Value Adjustments | ' | |||||||||||||
A summary of the net assets acquired and the estimated fair value adjustments of FinPac are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Cost basis net assets | $ | 61,446 | ||||||||||||
Cash payment paid | (156,110 | ) | ||||||||||||
Fair value adjustments: | ||||||||||||||
Non-covered loans and leases, net | 6,881 | |||||||||||||
Other intangible assets | (8,516 | ) | ||||||||||||
Other assets | (1,650 | ) | ||||||||||||
Term debt | (400 | ) | ||||||||||||
Other liabilities | 1,572 | |||||||||||||
Goodwill | $ | (96,777 | ) | |||||||||||
Schedule of Assets Acquired and Liabilities Assumed at Estimated Fair Values | ' | |||||||||||||
The statement of assets acquired and liabilities assumed at their fair values of FinPac are presented below. Additional adjustments to the purchase price allocation may be required, specifically to leases, other assets, other liabilities and taxes. | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
July 1, 2013 | ||||||||||||||
Assets Acquired: | ||||||||||||||
Cash and equivalents | $ | 6,452 | ||||||||||||
Non-covered loans and leases, net | 264,336 | |||||||||||||
Premises and equipment | 491 | |||||||||||||
Goodwill | 96,777 | |||||||||||||
Other assets | 8,015 | |||||||||||||
Total assets acquired | $ | 376,071 | ||||||||||||
Liabilities Assumed: | ||||||||||||||
Term debt | 211,204 | |||||||||||||
Other liabilities | 8,757 | |||||||||||||
Total liabilities assumed | 219,961 | |||||||||||||
Net Assets Acquired | $ | 156,110 | ||||||||||||
Schedule of Loans Acquired | ' | |||||||||||||
Non-covered leases acquired from FinPac that are not subject to the requirements of FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30") are presented below at acquisition: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Contractually required payments | $ | 350,403 | ||||||||||||
Purchase adjustment for credit | $ | (20,520 | ) | |||||||||||
Balance of non-covered loans and leases, net | $ | 264,336 | ||||||||||||
Pro Forma Results of Operations | ' | |||||||||||||
The following tables present unaudited pro forma results of operations for the years ended December 31, 2013 and 2012 as if the acquisition of FinPac had occurred on January 1, 2012. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2012. | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
31-Dec-13 | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Company | FinPac (a) | Adjustments | Combined | |||||||||||
Net interest income | $ | 404,965 | $ | 25,526 | $ | (6,891 | ) | (b) | $ | 423,600 | ||||
Provision for non-covered loan and lease losses | 16,829 | 3,272 | — | (c) | 20,101 | |||||||||
Recapture of provision for covered loan losses | (6,113 | ) | — | — | (6,113 | ) | ||||||||
Non-interest income | 121,441 | 1,312 | — | 122,753 | ||||||||||
Non-interest expense | 364,661 | 8,596 | (76 | ) | (d) | 373,181 | ||||||||
Income before provision for income taxes | 151,029 | 14,970 | (6,815 | ) | 159,184 | |||||||||
Provision for income taxes | 52,668 | 5,835 | (2,835 | ) | (e) | 55,668 | ||||||||
Net income | 98,361 | 9,135 | (3,980 | ) | 103,516 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 788 | — | 41 | 829 | ||||||||||
Net earnings available to common shareholders | $ | 97,573 | $ | 9,135 | $ | (4,021 | ) | $ | 102,687 | |||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.87 | $ | 0.92 | ||||||||||
Diluted | $ | 0.87 | $ | 0.92 | ||||||||||
Average shares outstanding: | ||||||||||||||
Basic | 111,938 | 111,938 | ||||||||||||
Diluted | 112,176 | 112,176 | ||||||||||||
(a) FinPac amounts represent results from January 1, 2013 to June 30, 2013. | ||||||||||||||
(b) Adjustment of interest income from leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||
(c) As acquired leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||
(d) Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, and FinPac management fees of the Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||
(e) Income tax effect of pro forma adjustments at the Company's statutory tax rate of 35%. | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
31-Dec-12 | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Company | FinPac (a) | Adjustments | Combined | |||||||||||
Net interest income | $ | 407,236 | $ | 50,809 | $ | (5,332 | ) | (b) | $ | 452,713 | ||||
Provision for non-covered loan and lease losses | 21,796 | 7,291 | — | (c) | 29,087 | |||||||||
Provision for covered loan losses | 7,405 | — | — | 7,405 | ||||||||||
Non-interest income | 136,829 | 4,132 | — | 140,961 | ||||||||||
Non-interest expense | 359,652 | 16,101 | (1,236 | ) | (d) | 374,517 | ||||||||
Income before provision for income taxes | 155,212 | 31,549 | (4,096 | ) | 182,665 | |||||||||
Provision for income taxes | 53,321 | 12,192 | (1,434 | ) | (e) | 64,079 | ||||||||
Net income | 101,891 | 19,357 | (2,662 | ) | 118,586 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 682 | — | 112 | 794 | ||||||||||
Net earnings available to common shareholders | $ | 101,209 | $ | 19,357 | $ | (2,774 | ) | $ | 117,792 | |||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.9 | $ | 1.05 | ||||||||||
Diluted | $ | 0.9 | $ | 1.05 | ||||||||||
Average shares outstanding: | ||||||||||||||
Basic | 111,935 | 111,935 | ||||||||||||
Diluted | 112,151 | 112,151 | ||||||||||||
(a) FinPac amounts represent results from January 1, 2012 to December 31, 2012. | ||||||||||||||
(b) Adjustment of interest income from leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||
(c) As acquired leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||
(d) Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, FinPac management fees, and other expenses of Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||
(e) Income tax effect of pro forma adjustments at the Company's statutory tax rate of 35%. | ||||||||||||||
Circle Bancorp [Member] | ' | |||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||
Schedule of Net Assets Acquired and Estimated Fair Value Adjustments | ' | |||||||||||||
A summary of the net assets acquired and the estimated fair value adjustments of Circle are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
Circle Bank | ||||||||||||||
14-Nov-12 | ||||||||||||||
Cost basis net assets | $ | 17,127 | ||||||||||||
Cash payment paid | (24,860 | ) | ||||||||||||
Fair value adjustments: | ||||||||||||||
Non-covered loans and leases, net | (2,622 | ) | ||||||||||||
Other intangible assets | 830 | |||||||||||||
Non-covered other real estate owned | (487 | ) | ||||||||||||
Deposits | (904 | ) | ||||||||||||
Term debt | (2,404 | ) | ||||||||||||
Other | 1,407 | |||||||||||||
Goodwill | $ | (11,913 | ) | |||||||||||
Schedule of Assets Acquired and Liabilities Assumed at Estimated Fair Values | ' | |||||||||||||
The statement of assets acquired and liabilities assumed at their fair values of Circle are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
Circle Bank | ||||||||||||||
14-Nov-12 | ||||||||||||||
Assets Acquired: | ||||||||||||||
Cash and equivalents | $ | 39,328 | ||||||||||||
Investment securities | 793 | |||||||||||||
Non-covered loans and leases, net | 246,665 | |||||||||||||
Premises and equipment | 7,695 | |||||||||||||
Restricted equity securities | 2,491 | |||||||||||||
Goodwill | 11,913 | |||||||||||||
Other intangible assets | 830 | |||||||||||||
Non-covered other real estate owned | 1,602 | |||||||||||||
Other assets | 6,478 | |||||||||||||
Total assets acquired | $ | 317,795 | ||||||||||||
Liabilities Assumed: | ||||||||||||||
Deposits | $ | 250,408 | ||||||||||||
Junior subordinated debentures | 8,764 | |||||||||||||
Term debt | 55,404 | |||||||||||||
Other liabilities | 3,219 | |||||||||||||
Total liabilities assumed | $ | 317,795 | ||||||||||||
Schedule of Loans Acquired | ' | |||||||||||||
Non-covered loans acquired from Circle that are not subject to the requirements of FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30") are presented below at acquisition: | ||||||||||||||
(in thousands) | ||||||||||||||
Circle Bank | ||||||||||||||
14-Nov-12 | ||||||||||||||
Contractually required principal payments | $ | 242,999 | ||||||||||||
Purchase adjustment for credit | (5,760 | ) | ||||||||||||
Balance of performing non-covered loans | $ | 240,850 | ||||||||||||
Non-covered loans acquired from Circle that are subject to the requirements of ASC 310-30 are presented below at acquisition and as of December 31, 2013 and December 31, 2012: | ||||||||||||||
(in thousands) | ||||||||||||||
December 31, | December 31, | November 14, | ||||||||||||
2013 | 2012 | 2012 | ||||||||||||
Contractually required principal payments | $ | 5,523 | $ | 12,231 | $ | 12,252 | ||||||||
Carrying balance of acquired purchase credit impaired non-covered loans | $ | 2,268 | $ | 5,809 | $ | 5,815 | ||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities | ' | |||||||||||||||||||||||
The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 249 | $ | 20 | $ | (1 | ) | $ | 268 | |||||||||||||||
Obligations of states and political subdivisions | 229,969 | 7,811 | (2,575 | ) | 235,205 | |||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,567,001 | 15,359 | (28,819 | ) | 1,553,541 | |||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 5 | — | 1,964 | ||||||||||||||||||||
$ | 1,799,178 | $ | 23,195 | $ | (31,395 | ) | $ | 1,790,978 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 5,563 | $ | 330 | $ | (19 | ) | $ | 5,874 | |||||||||||||||
$ | 5,563 | $ | 330 | $ | (19 | ) | $ | 5,874 | ||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 45,503 | $ | 318 | $ | (1 | ) | $ | 45,820 | |||||||||||||||
Obligations of states and political subdivisions | 245,606 | 18,119 | — | 263,725 | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 2,291,253 | 28,747 | (6,624 | ) | 2,313,376 | |||||||||||||||||||
Other debt securities | 143 | 79 | — | 222 | ||||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 127 | — | 2,086 | ||||||||||||||||||||
$ | 2,584,464 | $ | 47,390 | $ | (6,625 | ) | $ | 2,625,229 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 595 | $ | 1 | $ | — | $ | 596 | ||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 3,946 | 197 | (7 | ) | 4,136 | |||||||||||||||||||
$ | 4,541 | $ | 198 | $ | (7 | ) | $ | 4,732 | ||||||||||||||||
Schedule Of Fair Value And Unrealized Losses Of Securities | ' | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 32 | $ | 1 | $ | 32 | $ | 1 | ||||||||||||
Obligations of states and political subdivisions | 48,342 | 2,575 | — | — | 48,342 | 2,575 | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 475,982 | 15,951 | 249,695 | 12,868 | 725,677 | 28,819 | ||||||||||||||||||
Total temporarily impaired securities | $ | 524,324 | $ | 18,526 | $ | 249,727 | $ | 12,869 | $ | 774,051 | $ | 31,395 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Total temporarily impaired securities | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Unrealized losses on the impaired held to maturity collateralized mortgage obligations include the unrealized losses related to factors other than credit that are included in other comprehensive income. | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 59 | $ | 1 | $ | 59 | $ | 1 | ||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 780,234 | 5,548 | 106,096 | 1,076 | 886,330 | 6,624 | ||||||||||||||||||
Total temporarily impaired securities | $ | 780,234 | $ | 5,548 | $ | 106,155 | $ | 1,077 | $ | 886,389 | $ | 6,625 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | — | $ | — | $ | 48 | $ | 7 | $ | 48 | $ | 7 | ||||||||||||
Total temporarily impaired securities | $ | — | $ | — | $ | 48 | $ | 7 | $ | 48 | $ | 7 | ||||||||||||
Schedule Of Maturities Of Investment Securities | ' | |||||||||||||||||||||||
The following table presents the maturities of investment securities at December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available For Sale | Held To Maturity | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
AMOUNTS MATURING IN: | ||||||||||||||||||||||||
Three months or less | $ | 15,169 | $ | 15,204 | $ | — | $ | — | ||||||||||||||||
Over three months through twelve months | 100,712 | 102,426 | 357 | 407 | ||||||||||||||||||||
After one year through five years | 1,055,812 | 1,067,340 | 728 | 983 | ||||||||||||||||||||
After five years through ten years | 554,722 | 534,083 | 44 | 49 | ||||||||||||||||||||
After ten years | 70,804 | 69,961 | 4,434 | 4,435 | ||||||||||||||||||||
Other investment securities | 1,959 | 1,964 | — | — | ||||||||||||||||||||
$ | 1,799,178 | $ | 1,790,978 | $ | 5,563 | $ | 5,874 | |||||||||||||||||
Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities | ' | |||||||||||||||||||||||
The following table presents the gross realized gains and gross realized losses on the sale of securities available for sale for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Gains | Losses | Gains | Losses | Gains | Losses | |||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 371 | $ | — | $ | — | $ | — | ||||||||||||
Obligations of states and political subdivisions | 10 | 1 | 10 | 1 | 8 | — | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | — | — | 4,578 | 953 | 8,544 | 817 | ||||||||||||||||||
Other debt securities | 200 | — | 18 | — | — | — | ||||||||||||||||||
$ | 210 | $ | 1 | $ | 4,977 | $ | 954 | $ | 8,552 | $ | 817 | |||||||||||||
Investment Securities Pledged To Secure Borrowings And Public Deposits | ' | |||||||||||||||||||||||
The following table presents, as of December 31, 2013, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
To Federal Home Loan Bank to secure borrowings | $ | 11,303 | $ | 11,689 | ||||||||||||||||||||
To state and local governments to secure public deposits | 833,068 | 824,737 | ||||||||||||||||||||||
Other securities pledged principally to secure repurchase agreements | 324,253 | 318,708 | ||||||||||||||||||||||
Total pledged securities | $ | 1,168,624 | $ | 1,155,134 | ||||||||||||||||||||
NonCovered_Loans_and_Leases_Ta
Non-Covered Loans and Leases (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule Of Major Types Of Non-Covered Loans | ' | |||||||
The following table presents the net investment in direct financing leases and loans, net as of December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Minimum lease payments receivable | $ | 242,220 | $ | 26,265 | ||||
Estimated guaranteed and unguaranteed residual value | 8,455 | 3,163 | ||||||
Initial direct costs - net of accumulated amortization | 3,824 | — | ||||||
Unearned income | (55,110 | ) | (3,238 | ) | ||||
Equipment finance loans, including unamortized deferred fees and costs | 151,721 | — | ||||||
Interim lease receivables | 6,752 | 5,080 | ||||||
Accretable yield/purchase accounting adjustments | 3,729 | — | ||||||
Net investment in direct financing leases and loans | $ | 361,591 | $ | 31,270 | ||||
Allowance for credit losses | (3,775 | ) | (225 | ) | ||||
Net investment in direct financing leases and loans - net | $ | 357,816 | $ | 31,045 | ||||
The following table presents the major types of non-covered loans and leases, net of deferred fees and costs of $495,000 and $12.1 million, recorded in the balance sheets as of December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
Commercial real estate | ||||||||
Non-owner occupied term, net | $ | 2,328,260 | $ | 2,316,909 | ||||
Owner occupied term, net | 1,259,583 | 1,276,840 | ||||||
Multifamily, net | 403,537 | 331,735 | ||||||
Construction & development, net | 245,231 | 200,631 | ||||||
Residential development, net | 88,413 | 57,139 | ||||||
Commercial | ||||||||
Term, net | 770,845 | 797,061 | ||||||
LOC & other, net | 987,360 | 890,808 | ||||||
Leases and equipment finance, net | 361,591 | 31,270 | ||||||
Residential | ||||||||
Mortgage, net | 597,201 | 478,463 | ||||||
Home equity loans & lines, net | 264,269 | 262,637 | ||||||
Consumer & other, net | 48,113 | 37,587 | ||||||
Total loans and leases, net of deferred fees and costs | $ | 7,354,403 | $ | 6,681,080 | ||||
Schedule of Financing Receivables, Minimum Payments | ' | |||||||
The following table presents the scheduled minimum lease payments receivable, excluding equipment finance loans, as of December 31, 2013: | ||||||||
(in thousands) | ||||||||
2014 | $ | 96,275 | ||||||
2015 | 68,310 | |||||||
2016 | 42,366 | |||||||
2017 | 23,790 | |||||||
2018 | 9,333 | |||||||
Thereafter | 2,146 | |||||||
$ | 242,220 | |||||||
Allowance_for_NonCovered_Loan_1
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Activity In The Non-Covered Allowance For Loan And Lease Losses | ' | |||||||||||||||||||||||||||
The following table summarizes activity related to the allowance for non-covered loan and lease losses by non-covered loan and lease portfolio segment for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
Charge-offs | (7,445 | ) | (19,266 | ) | (3,458 | ) | (826 | ) | — | (30,995 | ) | |||||||||||||||||
Recoveries | 3,322 | 9,914 | 351 | 502 | — | 14,089 | ||||||||||||||||||||||
Provision | 2,647 | 10,618 | 3,009 | 555 | — | 16,829 | ||||||||||||||||||||||
Balance, end of period | $ | 53,433 | $ | 24,191 | $ | 6,827 | $ | 863 | $ | — | $ | 85,314 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 59,574 | $ | 20,485 | $ | 7,625 | $ | 867 | $ | 4,417 | $ | 92,968 | ||||||||||||||||
Charge-offs | (22,349 | ) | (12,209 | ) | (5,282 | ) | (1,499 | ) | — | (41,339 | ) | |||||||||||||||||
Recoveries | 5,409 | 5,356 | 762 | 439 | — | 11,966 | ||||||||||||||||||||||
Provision | 12,275 | 9,293 | 3,820 | 825 | (4,417 | ) | 21,796 | |||||||||||||||||||||
Balance, end of period | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
The following table presents the allowance and recorded investment in non-covered loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 51,648 | $ | 24,179 | $ | 6,827 | $ | 863 | $ | — | $ | 83,517 | ||||||||||||||||
Individually evaluated for impairment | 1,785 | 12 | — | — | — | 1,797 | ||||||||||||||||||||||
Total | $ | 53,433 | $ | 24,191 | $ | 6,827 | $ | 863 | $ | — | $ | 85,314 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,235,744 | $ | 2,108,293 | $ | 861,470 | $ | 48,113 | $ | 7,253,620 | ||||||||||||||||||
Individually evaluated for impairment | 89,280 | 11,503 | — | — | 100,783 | |||||||||||||||||||||||
Total | $ | 4,325,024 | $ | 2,119,796 | $ | 861,470 | $ | 48,113 | $ | 7,354,403 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 53,513 | $ | 22,925 | $ | 6,920 | $ | 632 | $ | — | $ | 83,990 | ||||||||||||||||
Individually evaluated for impairment | 1,396 | — | 5 | — | — | 1,401 | ||||||||||||||||||||||
Total | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,059,419 | $ | 1,700,761 | $ | 740,925 | $ | 37,566 | $ | 6,538,671 | ||||||||||||||||||
Individually evaluated for impairment | 123,835 | 18,378 | 175 | 21 | 142,409 | |||||||||||||||||||||||
Total | $ | 4,183,254 | $ | 1,719,139 | $ | 741,100 | $ | 37,587 | $ | 6,681,080 | ||||||||||||||||||
Schedule of Reserve for Unfunded Commitments and Unfunded Commitments | ' | |||||||||||||||||||||||||||
The following table presents a summary of activity in the reserve for unfunded commitments (“RUC”) and unfunded commitments for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 172 | $ | 807 | $ | 173 | $ | 71 | $ | 1,223 | ||||||||||||||||||
Net change to other expense | 48 | 93 | 59 | 13 | 213 | |||||||||||||||||||||||
Balance, end of period | $ | 220 | $ | 900 | $ | 232 | $ | 84 | $ | 1,436 | ||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 59 | $ | 633 | $ | 185 | $ | 63 | $ | 940 | ||||||||||||||||||
Net change to other expense | 113 | 174 | (12 | ) | 8 | 283 | ||||||||||||||||||||||
Balance, end of period | $ | 172 | $ | 807 | $ | 173 | $ | 71 | $ | 1,223 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Unfunded loan and lease commitments: | ||||||||||||||||||||||||||||
December 31, 2013 | $ | 237,042 | $ | 1,012,257 | $ | 336,559 | $ | 52,588 | $ | 1,638,446 | ||||||||||||||||||
December 31, 2012 | $ | 196,292 | $ | 925,642 | $ | 257,508 | $ | 52,170 | $ | 1,431,612 | ||||||||||||||||||
Non-Covered Loans Sold | ' | |||||||||||||||||||||||||||
The following table summarizes loans and leases sold by loan portfolio during the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term | $ | 4,039 | $ | 10,623 | ||||||||||||||||||||||||
Owner occupied term | 3,738 | 1,473 | ||||||||||||||||||||||||||
Multifamily | — | — | ||||||||||||||||||||||||||
Construction & development | 3,515 | — | ||||||||||||||||||||||||||
Residential development | 363 | 12 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term | 47,635 | — | ||||||||||||||||||||||||||
LOC & other | — | 1,942 | ||||||||||||||||||||||||||
Leases and equipment finance | — | — | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage | 1,008 | 192 | ||||||||||||||||||||||||||
Home equity loans & lines | — | — | ||||||||||||||||||||||||||
Consumer & other | — | — | ||||||||||||||||||||||||||
Total | $ | 60,298 | $ | 14,242 | ||||||||||||||||||||||||
Non-Covered Non-Accrual Loans And Loans Past Due | ' | |||||||||||||||||||||||||||
The following table summarizes our non-covered non-accrual loans and leases and loans and leases past due by loan and lease class as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total Non- | |||||||||||||||||||||||||
Days | Days | 90 Days and | Total | Non- | Current & | covered Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 3,618 | $ | 352 | $ | — | $ | 3,970 | $ | 9,193 | $ | 2,315,097 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,320 | 340 | 610 | 2,270 | 6,204 | 1,251,109 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | — | — | — | — | 935 | 402,602 | 403,537 | |||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 245,231 | 245,231 | |||||||||||||||||||||
Residential development, net | — | — | — | — | 2,801 | 85,612 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 901 | 1,436 | — | 2,337 | 8,723 | 759,785 | 770,845 | |||||||||||||||||||||
LOC & other, net | 619 | 224 | — | 843 | 1,222 | 985,295 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 2,202 | 1,706 | 517 | 4,425 | 2,813 | 354,353 | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 1,050 | 342 | 2,070 | 3,462 | — | 593,739 | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 473 | 563 | 160 | 1,196 | — | 263,073 | 264,269 | |||||||||||||||||||||
Consumer & other, net | 69 | 75 | 73 | 217 | — | 47,896 | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 10,252 | $ | 5,038 | $ | 3,430 | $ | 18,720 | $ | 31,891 | $ | 7,303,792 | $ | 7,354,403 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
30-59 | 60-89 | Greater Than | Total Non- | |||||||||||||||||||||||||
Days | Days | 90 Days and | Total | Non- | Current & | covered Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 5,132 | $ | 1,097 | $ | — | $ | 6,229 | $ | 33,797 | $ | 2,276,883 | $ | 2,316,909 | ||||||||||||||
Owner occupied term, net | 2,615 | 1,687 | — | 4,302 | 8,448 | 1,264,090 | 1,276,840 | |||||||||||||||||||||
Multifamily, net | — | — | — | — | 1,045 | 330,690 | 331,735 | |||||||||||||||||||||
Construction & development, net | 283 | — | — | 283 | 4,177 | 196,171 | 200,631 | |||||||||||||||||||||
Residential development, net | 479 | — | — | 479 | 5,132 | 51,528 | 57,139 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 3,009 | 746 | 81 | 3,836 | 7,040 | 786,185 | 797,061 | |||||||||||||||||||||
LOC & other, net | 1,647 | 1,503 | — | 3,150 | 7,027 | 880,631 | 890,808 | |||||||||||||||||||||
Leases and equipment finance, net | — | — | — | — | — | 31,270 | 31,270 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 2,906 | 602 | 3,303 | 6,811 | — | 471,652 | 478,463 | |||||||||||||||||||||
Home equity loans & lines, net | 1,398 | 214 | 758 | 2,370 | 49 | 260,218 | 262,637 | |||||||||||||||||||||
Consumer & other, net | 282 | 191 | 90 | 563 | 21 | 37,003 | 37,587 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 17,751 | $ | 6,040 | $ | 4,232 | $ | 28,023 | $ | 66,736 | $ | 6,586,321 | $ | 6,681,080 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
Non-Covered Impaired Loans | ' | |||||||||||||||||||||||||||
The following table summarizes our non-covered impaired loans, including average recorded investment and interest income recognized on impaired non-covered loans, by loan class for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||||||||||
Principal | Recorded | Related | Recorded | Income | ||||||||||||||||||||||||
Balance | Investment | Allowance | Investment | Recognized | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 19,350 | $ | 18,285 | $ | — | $ | 31,024 | $ | — | ||||||||||||||||||
Owner occupied term, net | 6,674 | 6,204 | — | 3,014 | — | |||||||||||||||||||||||
Multifamily, net | 1,416 | 935 | — | 765 | — | |||||||||||||||||||||||
Construction & development, net | 9,518 | 8,498 | — | 12,021 | — | |||||||||||||||||||||||
Residential development, net | 12,347 | 5,776 | — | 7,592 | — | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 22,750 | 8,723 | — | 10,981 | — | |||||||||||||||||||||||
LOC & other, net | 5,886 | 1,222 | — | 2,836 | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | |||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | 70 | — | |||||||||||||||||||||||
Consumer & other, net | — | — | — | 1 | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 31,252 | 31,362 | 928 | 32,250 | 1,512 | |||||||||||||||||||||||
Owner occupied term, net | 5,202 | 5,202 | 198 | 4,448 | 205 | |||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | |||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 11 | 1,898 | 484 | |||||||||||||||||||||||
Residential development, net | 10,166 | 11,927 | 648 | 14,759 | 644 | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 300 | 8 | 974 | 17 | |||||||||||||||||||||||
LOC & other, net | 1,258 | 1,258 | 4 | 1,172 | 51 | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | 153 | — | |||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | 25 | — | |||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 97,016 | 89,280 | 1,785 | 107,771 | 2,845 | |||||||||||||||||||||||
Commercial, net | 29,894 | 11,503 | 12 | 15,963 | 68 | |||||||||||||||||||||||
Residential, net | — | — | — | 248 | — | |||||||||||||||||||||||
Consumer & other, net | — | — | — | 1 | — | |||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 126,910 | $ | 100,783 | $ | 1,797 | $ | 123,983 | $ | 2,913 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||||||||||
Principal | Recorded | Related | Recorded | Income | ||||||||||||||||||||||||
Balance | Investment | Allowance | Investment | Recognized | ||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 38,654 | $ | 33,912 | $ | — | $ | 36,167 | $ | — | ||||||||||||||||||
Owner occupied term, net | 10,085 | 8,449 | — | 7,998 | ||||||||||||||||||||||||
Multifamily, net | 1,214 | 1,045 | — | 886 | ||||||||||||||||||||||||
Construction & development, net | 18,526 | 15,638 | — | 17,899 | — | |||||||||||||||||||||||
Residential development, net | 9,293 | 6,091 | — | 15,518 | — | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 13,729 | 10,532 | — | 11,966 | — | |||||||||||||||||||||||
LOC & other, net | 10,778 | 7,846 | — | 7,949 | — | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | |||||||||||||||||||||||
Home equity loans & lines, net | 50 | 49 | — | 301 | — | |||||||||||||||||||||||
Consumer & other, net | 21 | 21 | — | 4 | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 35,732 | 35,732 | 762 | 25,608 | 1,076 | |||||||||||||||||||||||
Owner occupied term, net | 5,284 | 5,284 | 436 | 3,328 | 37 | |||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | |||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 14 | 2,400 | 672 | |||||||||||||||||||||||
Residential development, net | 16,593 | 16,593 | 184 | 18,417 | 747 | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | 443 | 182 | |||||||||||||||||||||||
LOC & other, net | — | — | — | 795 | 9 | |||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | |||||||||||||||||||||||
Home equity loans & lines, net | 126 | 126 | 5 | 127 | 6 | |||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 136,472 | 123,835 | 1,396 | 128,221 | 2,532 | |||||||||||||||||||||||
Commercial, net | 24,507 | 18,378 | — | 21,153 | 191 | |||||||||||||||||||||||
Residential, net | 176 | 175 | 5 | 428 | 6 | |||||||||||||||||||||||
Consumer & other, net | 21 | 21 | — | 4 | — | |||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 161,176 | $ | 142,409 | $ | 1,401 | $ | 149,806 | $ | 2,729 | ||||||||||||||||||
Internal Risk Rating By Loan Class | ' | |||||||||||||||||||||||||||
The following table summarizes our internal risk rating by loan and lease class for the non-covered loan and lease portfolio as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,073,366 | $ | 108,263 | $ | 96,984 | $ | — | $ | — | $ | 49,647 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,182,865 | 27,615 | 37,524 | 173 | — | 11,406 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | 385,335 | 5,574 | 11,693 | — | — | 935 | 403,537 | |||||||||||||||||||||
Construction & development, net | 230,262 | 2,054 | 3,326 | — | — | 9,589 | 245,231 | |||||||||||||||||||||
Residential development, net | 67,019 | 1,836 | 1,855 | — | — | 17,703 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 718,778 | 23,393 | 19,651 | — | — | 9,023 | 770,845 | |||||||||||||||||||||
LOC & other, net | 951,109 | 24,197 | 9,574 | — | — | 2,480 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 351,971 | 4,585 | 1,706 | 2,996 | 333 | — | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 593,723 | 1,405 | 743 | — | 1,330 | — | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 263,070 | 1,038 | 25 | — | 136 | — | 264,269 | |||||||||||||||||||||
Consumer & other, net | 47,895 | 144 | 33 | — | 41 | — | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,865,393 | $ | 200,104 | $ | 183,114 | $ | 3,169 | $ | 1,840 | $ | 100,783 | $ | 7,354,403 | ||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 1,993,369 | $ | 174,892 | $ | 79,004 | $ | — | $ | — | $ | 69,644 | $ | 2,316,909 | ||||||||||||||
Owner occupied term, net | 1,185,721 | 26,475 | 50,911 | — | — | 13,733 | 1,276,840 | |||||||||||||||||||||
Multifamily, net | 324,315 | 1,950 | 4,425 | — | — | 1,045 | 331,735 | |||||||||||||||||||||
Construction & development, net | 165,185 | 12,654 | 6,063 | — | — | 16,729 | 200,631 | |||||||||||||||||||||
Residential development, net | 25,018 | 4,373 | 5,064 | — | — | 22,684 | 57,139 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 717,546 | 22,256 | 46,727 | — | — | 10,532 | 797,061 | |||||||||||||||||||||
LOC & other, net | 847,883 | 19,510 | 15,569 | — | — | 7,846 | 890,808 | |||||||||||||||||||||
Leases and equipment finance, net | 31,270 | — | — | — | — | — | 31,270 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 471,206 | 3,510 | 1,120 | — | 2,627 | — | 478,463 | |||||||||||||||||||||
Home equity loans & lines, net | 260,086 | 1,616 | — | — | 760 | 175 | 262,637 | |||||||||||||||||||||
Consumer & other, net | 37,056 | 419 | 57 | — | 34 | 21 | 37,587 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,058,655 | $ | 267,655 | $ | 208,940 | $ | — | $ | 3,421 | $ | 142,409 | $ | 6,681,080 | ||||||||||||||
Schedule Of Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||
The following tables present newly non-covered restructured loans that occurred during the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | ||||||||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Total | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | $ | 4,291 | $ | — | $ | — | $ | 4,291 | ||||||||||||||||
Owner occupied term, net | — | — | — | — | — | — | ||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | — | ||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | — | 3,588 | 3,588 | ||||||||||||||||||||||
LOC & other, net | — | — | — | — | 452 | 452 | ||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | 478 | 478 | ||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | — | ||||||||||||||||||||||
Total, net of deferred fees and costs | $ | — | $ | — | $ | 4,291 | $ | — | $ | 4,518 | $ | 8,809 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | ||||||||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Total | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 14,333 | $ | — | $ | — | $ | — | $ | 2,595 | $ | 16,928 | ||||||||||||||||
Owner occupied term, net | 587 | — | — | — | 4,722 | 5,309 | ||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | — | ||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | — | — | — | ||||||||||||||||||||||
LOC & other, net | — | — | — | 820 | — | 820 | ||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | — | — | ||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & other, net | — | — | — | — | — | — | ||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 14,920 | $ | — | $ | — | $ | 820 | $ | 7,317 | $ | 23,057 | ||||||||||||||||
For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification. | ||||||||||||||||||||||||||||
The following tables represent financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | ||||||||||||||||||||||||
Owner occupied term, net | — | 217 | ||||||||||||||||||||||||||
Multifamily, net | — | — | ||||||||||||||||||||||||||
Construction & development, net | — | — | ||||||||||||||||||||||||||
Residential development, net | — | 633 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 1,786 | — | ||||||||||||||||||||||||||
LOC & other, net | — | 26 | ||||||||||||||||||||||||||
Leases and equipment finance, net | — | — | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | ||||||||||||||||||||||||||
Home equity loans & lines, net | — | — | ||||||||||||||||||||||||||
Consumer & other, net | — | — | ||||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 1,786 | $ | 876 | ||||||||||||||||||||||||
The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 37,366 | $ | — | $ | 37,366 | ||||||||||||||||||||||
Owner occupied term, net | 5,202 | — | 5,202 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 9,590 | — | 9,590 | |||||||||||||||||||||||||
Residential development, net | 14,902 | 2,196 | 17,098 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 2,603 | 2,603 | |||||||||||||||||||||||||
LOC & other, net | 1,258 | — | 1,258 | |||||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 473 | — | 473 | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 68,791 | $ | 4,799 | $ | 73,590 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 34,329 | $ | 16,200 | $ | 50,529 | ||||||||||||||||||||||
Owner occupied term, net | 5,284 | 405 | 5,689 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 12,552 | 3,516 | 16,068 | |||||||||||||||||||||||||
Residential development, net | 17,141 | 4,921 | 22,062 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 350 | 4,641 | 4,991 | |||||||||||||||||||||||||
LOC & other, net | 820 | 1,493 | 2,313 | |||||||||||||||||||||||||
Leases and equipment finance, net | — | — | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | 126 | — | 126 | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 70,602 | $ | 31,176 | $ | 101,778 | ||||||||||||||||||||||
Covered_Assets_and_Indemnifica1
Covered Assets and Indemnification Asset (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Covered Assets and Indemnification Asset [Abstract] | ' | |||||||||||||||||||||||
Covered Loans | ' | |||||||||||||||||||||||
The following table presents the major types of covered loans as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 29,019 | $ | 117,076 | $ | 60,807 | $ | 206,902 | ||||||||||||||||
Owner occupied term, net | 18,582 | 14,711 | 16,524 | 49,817 | ||||||||||||||||||||
Multifamily, net | 7,626 | 22,210 | 7,835 | 37,671 | ||||||||||||||||||||
Construction & development, net | 1,506 | — | 1,949 | 3,455 | ||||||||||||||||||||
Residential development, net | 1,861 | — | 5,425 | 7,286 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 5,651 | 768 | 9,300 | 15,719 | ||||||||||||||||||||
LOC & other, net | 2,664 | 1,934 | 2,100 | 6,698 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,075 | 17,468 | 1,773 | 22,316 | ||||||||||||||||||||
Home equity loans & lines, net | 2,820 | 14,782 | 2,035 | 19,637 | ||||||||||||||||||||
Consumer & other, net | 954 | 3,308 | — | 4,262 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 73,758 | $ | 192,257 | $ | 107,748 | $ | 373,763 | ||||||||||||||||
Allowance for covered loans | (9,771 | ) | ||||||||||||||||||||||
Total | $ | 363,992 | ||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 36,074 | $ | 157,055 | $ | 71,352 | $ | 264,481 | ||||||||||||||||
Owner occupied term, net | 26,682 | 18,853 | 23,115 | 68,650 | ||||||||||||||||||||
Multifamily, net | 10,132 | 23,777 | 10,969 | 44,878 | ||||||||||||||||||||
Construction & development, net | 4,941 | 637 | 6,133 | 11,711 | ||||||||||||||||||||
Residential development, net | 3,840 | — | 5,954 | 9,794 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 9,961 | 2,230 | 11,333 | 23,524 | ||||||||||||||||||||
LOC & other, net | 4,984 | 7,081 | 2,932 | 14,997 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,948 | 22,059 | 1,818 | 27,825 | ||||||||||||||||||||
Home equity loans & lines, net | 3,478 | 17,178 | 2,786 | 23,442 | ||||||||||||||||||||
Consumer & other, net | 1,855 | 4,143 | 53 | 6,051 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 105,895 | $ | 253,013 | $ | 136,445 | $ | 495,353 | ||||||||||||||||
Allowance for covered loans | (18,275 | ) | ||||||||||||||||||||||
Total | $ | 477,078 | ||||||||||||||||||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement Schedule Roll Forward | ' | |||||||||||||||||||||||
The following table presents the changes in the accretable yield for the years ended December 31, 2013 and 2012 for each respective acquired loan portfolio: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 34,567 | $ | 102,468 | $ | 46,353 | $ | 183,388 | ||||||||||||||||
Accretion to interest income | (12,695 | ) | (23,511 | ) | (15,292 | ) | (51,498 | ) | ||||||||||||||||
Disposals | (3,221 | ) | (12,362 | ) | (3,703 | ) | (19,286 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 1,412 | 5,194 | 7,274 | 13,880 | ||||||||||||||||||||
Balance, end of period | 20,063 | $ | 71,789 | $ | 34,632 | $ | 126,484 | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 56,479 | $ | 120,333 | $ | 61,021 | $ | 237,833 | ||||||||||||||||
Accretion to interest income | (21,237 | ) | (30,325 | ) | (19,969 | ) | (71,531 | ) | ||||||||||||||||
Disposals | (9,688 | ) | (19,705 | ) | (5,214 | ) | (34,607 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 9,013 | 32,165 | 10,515 | 51,693 | ||||||||||||||||||||
Balance, end of period | $ | 34,567 | $ | 102,468 | $ | 46,353 | $ | 183,388 | ||||||||||||||||
Activity Related To Allowance For Covered Loan And Lease Losses By Covered Loan Portfolio | ' | |||||||||||||||||||||||
The following table summarizes activity related to the allowance for covered loan losses by covered loan portfolio segment for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Charge-offs | (2,303 | ) | (1,544 | ) | (197 | ) | (459 | ) | (4,503 | ) | ||||||||||||||
Recoveries | 1,114 | 531 | 218 | 249 | 2,112 | |||||||||||||||||||
(Recapture) provision | (4,835 | ) | (1,130 | ) | (165 | ) | 17 | (6,113 | ) | |||||||||||||||
Balance, end of period | $ | 6,105 | $ | 2,837 | $ | 660 | $ | 169 | $ | 9,771 | ||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 8,939 | $ | 3,964 | $ | 991 | $ | 426 | $ | 14,320 | ||||||||||||||
Charge-offs | (2,921 | ) | (1,613 | ) | (596 | ) | (659 | ) | (5,789 | ) | ||||||||||||||
Recoveries | 1,264 | 733 | 237 | 105 | 2,339 | |||||||||||||||||||
Provision | 4,847 | 1,896 | 172 | 490 | 7,405 | |||||||||||||||||||
Balance, end of period | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Allowance And Recorded Investment By Covered Loan Portfolio | ' | |||||||||||||||||||||||
The following table presents the allowance and recorded investment in covered loans by portfolio segment as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 5,995 | $ | 2,713 | $ | 609 | $ | 118 | $ | 9,435 | ||||||||||||||
Collectively evaluated for impairment (2) | 110 | 124 | 51 | 51 | 336 | |||||||||||||||||||
Total | $ | 6,105 | $ | 2,837 | $ | 660 | $ | 169 | $ | 9,771 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 304,232 | $ | 15,781 | $ | 36,960 | $ | 1,739 | $ | 358,712 | ||||||||||||||
Collectively evaluated for impairment (2) | 899 | 6,636 | 4,993 | 2,523 | 15,051 | |||||||||||||||||||
Total | $ | 305,131 | $ | 22,417 | $ | 41,953 | $ | 4,262 | $ | 373,763 | ||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 11,756 | $ | 4,559 | $ | 755 | $ | 315 | $ | 17,385 | ||||||||||||||
Collectively evaluated for impairment (2) | 373 | 421 | 49 | 47 | 890 | |||||||||||||||||||
Total | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 393,464 | $ | 25,402 | $ | 46,382 | $ | 3,360 | $ | 468,608 | ||||||||||||||
Collectively evaluated for impairment (2) | 6,050 | 13,119 | 4,885 | 2,691 | 26,745 | |||||||||||||||||||
Total | $ | 399,514 | $ | 38,521 | $ | 51,267 | $ | 6,051 | $ | 495,353 | ||||||||||||||
(1) In accordance with ASC 310-30, the valuation allowance is netted against the carrying value of the covered loan balance. | ||||||||||||||||||||||||
(2) The allowance on covered loan losses includes an allowance on covered loan advances on acquired loans subsequent to acquisition. | ||||||||||||||||||||||||
Internal Risk Rating By Covered Loans Class | ' | |||||||||||||||||||||||
The following table summarizes our internal risk rating grouping by covered loans, net as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 133,452 | $ | 26,321 | $ | 44,279 | $ | — | $ | — | $ | 204,052 | ||||||||||||
Owner occupied term, net | 30,119 | 3,370 | 14,971 | 213 | — | 48,673 | ||||||||||||||||||
Multifamily, net | 24,213 | 2,563 | 10,409 | — | — | 37,185 | ||||||||||||||||||
Construction & development, net | 1,117 | — | 1,686 | — | — | 2,803 | ||||||||||||||||||
Residential development, net | 492 | 224 | 5,541 | 54 | — | 6,311 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 3,753 | 3,141 | 6,128 | 258 | — | 13,280 | ||||||||||||||||||
LOC & other, net | 4,630 | 991 | 681 | — | — | 6,302 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 22,175 | — | — | — | — | 22,175 | ||||||||||||||||||
Home equity loans & lines, net | 19,043 | — | 76 | — | — | 19,119 | ||||||||||||||||||
Consumer & other, net | 4,092 | — | — | — | — | 4,092 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 243,086 | $ | 36,610 | $ | 83,771 | $ | 525 | $ | — | $ | 363,992 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Construction & development | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 177,791 | $ | 30,253 | $ | 42,590 | $ | 8,471 | $ | — | $ | 259,105 | ||||||||||||
Owner occupied term, net | 43,698 | 7,803 | 10,417 | 4,673 | — | 66,591 | ||||||||||||||||||
Multifamily, net | 22,234 | 9,824 | 9,804 | 1,781 | — | 43,643 | ||||||||||||||||||
Construction & development, net | 1,792 | 195 | 4,315 | 3,386 | — | 9,688 | ||||||||||||||||||
Residential development, net | — | 391 | 6,658 | 1,309 | — | 8,358 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 9,020 | 3,401 | 4,986 | 2,021 | — | 19,428 | ||||||||||||||||||
LOC & other, net | 11,498 | 354 | 1,080 | 1,181 | — | 14,113 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 27,596 | — | — | — | — | 27,596 | ||||||||||||||||||
Home equity loans & lines, net | 22,790 | — | 77 | — | — | 22,867 | ||||||||||||||||||
Consumer & other, net | 5,689 | — | — | — | — | 5,689 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 322,108 | $ | 52,221 | $ | 79,927 | $ | 22,822 | $ | — | $ | 477,078 | ||||||||||||
Summary Of Activity In Covered Other Real Estate Owned | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the covered OREO for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Balance, beginning of period | $ | 10,374 | $ | 19,491 | $ | 29,863 | ||||||||||||||||||
Additions to covered OREO | 2,555 | 6,987 | 15,271 | |||||||||||||||||||||
Dispositions of covered OREO | (10,115 | ) | (11,458 | ) | (16,934 | ) | ||||||||||||||||||
Valuation adjustments in the period | (712 | ) | (4,646 | ) | (8,709 | ) | ||||||||||||||||||
Balance, end of period | $ | 2,102 | $ | 10,374 | $ | 19,491 | ||||||||||||||||||
Summary Of Activity Related To The FDIC Indemnification Asset | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the FDIC indemnification asset for each respective acquired portfolio for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 14,876 | $ | 15,110 | $ | 22,812 | $ | 52,798 | ||||||||||||||||
Change in FDIC indemnification asset | (8,556 | ) | (6,280 | ) | (10,713 | ) | (25,549 | ) | ||||||||||||||||
Transfers to due from FDIC and other | (1,111 | ) | (814 | ) | (2,150 | ) | (4,075 | ) | ||||||||||||||||
Balance, end of period | $ | 5,209 | $ | 8,016 | $ | 9,949 | $ | 23,174 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 28,547 | $ | 28,272 | $ | 34,270 | $ | 91,089 | ||||||||||||||||
Change in FDIC indemnification asset | (9,611 | ) | (6,355 | ) | 732 | (15,234 | ) | |||||||||||||||||
Transfers to due from FDIC and other | (4,060 | ) | (6,807 | ) | (12,190 | ) | (23,057 | ) | ||||||||||||||||
Balance, end of period | $ | 14,876 | $ | 15,110 | $ | 22,812 | $ | 52,798 | ||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Major Components of Premises and Equipment | ' | |||||||
The following table presents the major components of premises and equipment at December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
2013 | 2012 | |||||||
Land | $ | 26,438 | $ | 26,438 | ||||
Buildings and improvements | 153,771 | 134,464 | ||||||
Furniture, fixtures and equipment | 131,691 | 121,086 | ||||||
Construction in progress | 13,172 | 10,488 | ||||||
Total premises and equipment | 325,072 | 292,476 | ||||||
Less: Accumulated depreciation and amortization | (147,392 | ) | (129,809 | ) | ||||
Premises and equipment, net | $ | 177,680 | $ | 162,667 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||||||
Goodwill is reflected by operating segment; all other intangible assets are related to the Community Banking segment. | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Goodwill | ||||||||||||||||||||
Community Banking | Wealth Management | |||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||
Gross | Impairment | Total | Gross | Impairment | Total | |||||||||||||||
Balance, December 31, 2010 | $ | 765,113 | $ | (111,952 | ) | $ | 653,161 | $ | 3,697 | $ | (982 | ) | $ | 2,715 | ||||||
Net additions | 247 | — | 247 | — | — | — | ||||||||||||||
Reductions | (44 | ) | — | (44 | ) | — | — | — | ||||||||||||
Balance, December 31, 2011 | 765,316 | (111,952 | ) | 653,364 | 3,697 | (982 | ) | 2,715 | ||||||||||||
Net additions | 12,545 | — | 12,545 | — | — | — | ||||||||||||||
Reductions | (452 | ) | — | (452 | ) | — | — | — | ||||||||||||
Balance, December 31, 2012 | 777,409 | (111,952 | ) | 665,457 | 3,697 | (982 | ) | 2,715 | ||||||||||||
Net additions | 96,777 | — | 96,777 | — | — | — | ||||||||||||||
Reductions | (644 | ) | — | (644 | ) | — | — | — | ||||||||||||
Balance, December 31, 2013 | $ | 873,542 | $ | (111,952 | ) | $ | 761,590 | $ | 3,697 | $ | (982 | ) | $ | 2,715 | ||||||
Other Intangible Assets | ||||||||||||||||||||
Accumulated | ||||||||||||||||||||
Gross | Amortization | Net | ||||||||||||||||||
Balance, December 31, 2010 | $ | 58,079 | $ | (31,986 | ) | $ | 26,093 | |||||||||||||
Net additions | — | — | — | |||||||||||||||||
Amortization | — | (4,948 | ) | (4,948 | ) | |||||||||||||||
Balance, December 31, 2011 | 58,079 | (36,934 | ) | 21,145 | ||||||||||||||||
Net additions | 830 | — | 830 | |||||||||||||||||
Amortization | — | (4,816 | ) | (4,816 | ) | |||||||||||||||
Balance, December 31, 2012 | 58,909 | (41,750 | ) | 17,159 | ||||||||||||||||
Net additions | — | — | — | |||||||||||||||||
Amortization | — | (4,781 | ) | (4,781 | ) | |||||||||||||||
Balance, December 31, 2013 | $ | 58,909 | $ | (46,531 | ) | $ | 12,378 | |||||||||||||
Schedule of Intangible Assets and Goodwill | ' | |||||||||||||||||||
The table below presents the forecasted amortization expense for intangible assets acquired in all mergers: | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Expected | ||||||||||||||||||||
Year | Amortization | |||||||||||||||||||
2014 | $ | 4,528 | ||||||||||||||||||
2015 | 4,286 | |||||||||||||||||||
2016 | 2,520 | |||||||||||||||||||
2017 | 549 | |||||||||||||||||||
2018 | 190 | |||||||||||||||||||
Thereafter | 305 | |||||||||||||||||||
$ | 12,378 | |||||||||||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||||
Schedule Of Changes In Mortgage Servicing Rights | ' | |||||||||||
The following table presents the changes in the Company’s mortgage servicing rights (“MSR”) for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 27,428 | $ | 18,184 | $ | 14,454 | ||||||
Additions for new mortgage servicing rights capitalized | 17,963 | 17,710 | 6,720 | |||||||||
Changes in fair value: | ||||||||||||
Due to changes in model inputs or assumptions(1) | 5,688 | (4,651 | ) | (858 | ) | |||||||
Other(2) | (3,314 | ) | (3,815 | ) | (2,132 | ) | ||||||
Balance, end of period | $ | 47,765 | $ | 27,428 | $ | 18,184 | ||||||
-1 | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. | |||||||||||
-2 | Represents changes due to collection/realization of expected cash flows over time. | |||||||||||
Schedule Of Other Information Servicing Loan Portfolio | ' | |||||||||||
Information related to our serviced loan portfolio as of December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||
(dollars in thousands) | ||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||
Balance of loans serviced for others | $ | 4,362,499 | $ | 3,162,080 | $ | 2,009,849 | ||||||
MSR as a percentage of serviced loans | 1.09 | % | 0.87 | % | 0.9 | % | ||||||
Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions | ' | |||||||||||
A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2013 and December 31, 2012 is as follows: | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||
Constant prepayment rate | ||||||||||||
Effect on fair value of a 10% adverse change | $ | (2,255 | ) | $ | (1,445 | ) | ||||||
Effect on fair value of a 20% adverse change | $ | (4,323 | ) | $ | (2,754 | ) | ||||||
Discount rate | ||||||||||||
Effect on fair value of a 100 basis point adverse change | $ | (1,832 | ) | $ | (889 | ) | ||||||
Effect on fair value of a 200 basis point adverse change | $ | (3,534 | ) | $ | (1,720 | ) |
NonCovered_Other_Real_Estate_O1
Non-Covered Other Real Estate Owned, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Real Estate [Abstract] | ' | |||||||||||
Schedule Of Changes In Other Real Estate Owned | ' | |||||||||||
The following table presents the changes in non-covered other real estate owned (“OREO”) for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance, beginning of period | $ | 17,138 | $ | 34,175 | $ | 32,791 | ||||||
Additions to OREO due to acquisition | — | 1,602 | — | |||||||||
Additions to OREO | 21,638 | 17,699 | 47,414 | |||||||||
Dispositions of OREO | (15,495 | ) | (29,442 | ) | (37,083 | ) | ||||||
Valuation adjustments in the period | (1,448 | ) | (6,896 | ) | (8,947 | ) | ||||||
Balance, end of period | $ | 21,833 | $ | 17,138 | $ | 34,175 | ||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Assets | ' | |||||||
Other assets consisted of the following at December 31, 2013 and 2012: | ||||||||
(in thousands) | ||||||||
2013 | 2012 | |||||||
Accrued interest receivable | $ | 23,720 | $ | 26,998 | ||||
Derivative assets | 17,921 | 23,942 | ||||||
Income taxes receivable | 15,665 | 12,859 | ||||||
Equity method investments | 9,641 | 11,031 | ||||||
Investment in unconsolidated Trusts | 6,933 | 6,933 | ||||||
Due from FDIC | 3,322 | 12,606 | ||||||
Prepaid FDIC deposit assessment | — | 12,307 | ||||||
Other | 34,756 | 32,026 | ||||||
Total | $ | 111,958 | $ | 138,702 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The following table presents the components of income tax expense (benefit) included in the Consolidated Statements of Income for the years ended December 31: | ||||||||||||
(in thousands) | ||||||||||||
Current | Deferred | Total | ||||||||||
YEAR ENDED DECEMBER 31, 2013: | ||||||||||||
Federal | $ | 36,733 | $ | 7,459 | $ | 44,192 | ||||||
State | 8,187 | 289 | 8,476 | |||||||||
$ | 44,920 | $ | 7,748 | $ | 52,668 | |||||||
YEAR ENDED DECEMBER 31, 2012: | ||||||||||||
Federal | $ | 44,268 | $ | (426 | ) | $ | 43,842 | |||||
State | 2,632 | 6,847 | 9,479 | |||||||||
$ | 46,900 | $ | 6,421 | $ | 53,321 | |||||||
YEAR ENDED DECEMBER 31, 2011: | ||||||||||||
Federal | $ | 29,932 | $ | (40 | ) | $ | 29,892 | |||||
State | 4,810 | 2,040 | 6,850 | |||||||||
$ | 34,742 | $ | 2,000 | $ | 36,742 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory Federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State tax, net of Federal income tax | 4.4 | % | 4.4 | % | 3.8 | % | ||||||
Tax-exempt income | (3.2 | )% | (3.0 | )% | (3.7 | )% | ||||||
Tax credits | (1.8 | )% | (1.1 | )% | (1.5 | )% | ||||||
Nondeductible merger expenses | 1 | % | 0.1 | % | — | % | ||||||
Other | (0.5 | )% | (1.0 | )% | (0.6 | )% | ||||||
Effective income tax rate | 34.9 | % | 34.4 | % | 33 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax assets recorded on the consolidated balance sheets as of December 31: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
DEFERRED TAX ASSETS: | ||||||||||||
Allowance for loan and lease losses | $ | 33,652 | $ | 33,782 | ||||||||
Covered loans | 16,788 | 28,610 | ||||||||||
Accrued severance and deferred compensation | 13,080 | 13,376 | ||||||||||
Non-accrual loans | 5,760 | 4,759 | ||||||||||
Tax credits | 5,716 | 3,655 | ||||||||||
Unrealized loss on investment securities | 3,318 | — | ||||||||||
Non-covered other real estate owned | 3,023 | 1,974 | ||||||||||
Covered other real estate owned | 831 | 5,120 | ||||||||||
Other | 16,230 | 14,702 | ||||||||||
Total gross deferred tax assets | 98,398 | 105,978 | ||||||||||
DEFERRED TAX LIABILITIES: | ||||||||||||
Mortgage servicing rights | 18,855 | 10,847 | ||||||||||
Fair market value adjustment on preferred securities | 18,649 | 19,567 | ||||||||||
FDIC indemnification asset | 10,471 | 25,913 | ||||||||||
Leased assets | 9,719 | 3,930 | ||||||||||
Deferred loan fees | 7,525 | 5,706 | ||||||||||
Premises and equipment depreciation | 7,356 | 8,834 | ||||||||||
Intangibles | 5,633 | 5,161 | ||||||||||
Unrealized gain on investment securities | — | 16,306 | ||||||||||
Other | 3,512 | 6,186 | ||||||||||
Total gross deferred tax liabilities | 81,720 | 102,450 | ||||||||||
Valuation allowance | (51 | ) | — | |||||||||
Net deferred tax assets | $ | 16,627 | $ | 3,528 | ||||||||
Schedule Of Reconciliation Of Unrecognized Tax Benefits Of The Company | ' | |||||||||||
Detailed below is a reconciliation of the Company’s unrecognized tax benefits, gross of any related tax benefits, for the years ended December 31, 2013 and 2012, respectively: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Balance, beginning of period | $ | 598 | $ | 550 | ||||||||
Effectively settled positions | 4 | (39 | ) | |||||||||
Changes for tax positions of prior years | — | 87 | ||||||||||
Balance, end of period | $ | 602 | $ | 598 | ||||||||
Interest_Bearing_Deposits_Tabl
Interest Bearing Deposits (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Schedule Of Interest Bearing Deposits | ' | |||||||||||
The following table presents the major types of interest bearing deposits at December 31, 2013 and 2012: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
Interest bearing demand | $ | 1,233,070 | $ | 1,215,002 | ||||||||
Money market | 3,349,946 | 3,407,047 | ||||||||||
Savings | 560,699 | 475,325 | ||||||||||
Time, $100,000 and over | 1,065,380 | 1,429,153 | ||||||||||
Time less than $100,000 | 472,088 | 573,834 | ||||||||||
Total interest bearing deposits | $ | 6,681,183 | $ | 7,100,361 | ||||||||
Schedule Of Interest Expense By Type | ' | |||||||||||
The following table presents interest expense for each deposit type for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Interest bearing demand | $ | 978 | $ | 1,980 | $ | 3,056 | ||||||
Money market | 3,485 | 7,193 | 17,236 | |||||||||
Savings | 321 | 291 | 356 | |||||||||
Time, $100,000 and over | 11,911 | 16,067 | 25,771 | |||||||||
Other time less than $100,000 | 4,060 | 5,602 | 9,324 | |||||||||
Total interest on deposits | $ | 20,755 | $ | 31,133 | $ | 55,743 | ||||||
Schedule Of Maturities Time Deposits | ' | |||||||||||
The following table presents the scheduled maturities of time deposits as of December 31, 2013: | ||||||||||||
(in thousands) | ||||||||||||
Year | Amount | |||||||||||
2014 | $ | 1,009,077 | ||||||||||
2015 | 204,701 | |||||||||||
2016 | 217,406 | |||||||||||
2017 | 78,728 | |||||||||||
2018 | 25,001 | |||||||||||
Thereafter | 2,555 | |||||||||||
Total time deposits | $ | 1,537,468 | ||||||||||
Schedule Of Remaining Maturities Of Time Deposits | ' | |||||||||||
The following table presents the remaining maturities of time deposits of $100,000 or more as of December 31, 2013: | ||||||||||||
(in thousands) | ||||||||||||
Amount | ||||||||||||
Three months or less | $ | 226,849 | ||||||||||
Over three months through six months | 211,268 | |||||||||||
Over six months through twelve months | 253,595 | |||||||||||
Over twelve months | 373,668 | |||||||||||
Time, $100,000 and over | $ | 1,065,380 | ||||||||||
Securities_Sold_Under_Agreemen1
Securities Sold Under Agreements To Repurchase (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||
Securities Sold Under Agreements To Repurchase | ' | ||||||||||||||
The following table presents information regarding securities sold under agreements to repurchase at December 31, 2013 and 2012: | |||||||||||||||
(dollars in thousands) | |||||||||||||||
Weighted | Carrying | Market | |||||||||||||
Average | Value of | Value of | |||||||||||||
Repurchase | Interest | Underlying | Underlying | ||||||||||||
Amount | Rate | Assets | Assets | ||||||||||||
December 31, 2013 | $ | 224,882 | 0.07 | % | $ | 229,439 | $ | 229,439 | |||||||
December 31, 2012 | $ | 137,075 | 0.14 | % | $ | 139,373 | $ | 139,373 | |||||||
Term_Debt_Tables
Term Debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule Of Future Contractual Maturities Of Borrowed Funds | ' | ||||
The following table summarizes the future contractual maturities of borrowed funds (excluding the remaining unamortized purchase accounting adjustments relating to the Rainier acquisition of $6.0 million) as of December 31, 2013: | |||||
(in thousands) | |||||
Year | Amount | ||||
2014 | $ | — | |||
2015 | — | ||||
2016 | 190,016 | ||||
2017 | 55,000 | ||||
2018 | — | ||||
Thereafter | 495 | ||||
Total borrowed funds | $ | 245,511 | |||
Junior_Subordinated_Debentures1
Junior Subordinated Debentures (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Junior Subordinated Debentures | ' | |||||||||||||||||
Following is information about the Company’s wholly-owned trusts (“Trusts”) as of December 31, 2013: | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Issued | Carrying | Effective | ||||||||||||||||
Trust Name | Issue Date | Amount | Value (1) | Rate (2) | Rate (3) | Maturity Date | Redemption Date | |||||||||||
AT FAIR VALUE: | ||||||||||||||||||
Umpqua Statutory Trust II | Oct-02 | $ | 20,619 | $ | 14,791 | Floating (4) | 5.00% | Oct-32 | Oct-07 | |||||||||
Umpqua Statutory Trust III | Oct-02 | 30,928 | 22,392 | Floating (5) | 5.10% | Nov-32 | Nov-07 | |||||||||||
Umpqua Statutory Trust IV | Dec-03 | 10,310 | 6,978 | Floating (6) | 4.57% | Jan-34 | Jan-09 | |||||||||||
Umpqua Statutory Trust V | Dec-03 | 10,310 | 6,957 | Floating (6) | 4.58% | Mar-34 | Mar-09 | |||||||||||
Umpqua Master Trust I | Aug-07 | 41,238 | 22,696 | Floating (7) | 2.89% | Sep-37 | Sep-12 | |||||||||||
Umpqua Master Trust IB | Sep-07 | 20,619 | 13,460 | Floating (8) | 4.58% | Dec-37 | Dec-12 | |||||||||||
134,024 | 87,274 | |||||||||||||||||
AT AMORTIZED COST: | ||||||||||||||||||
HB Capital Trust I | Mar-00 | 5,310 | 6,218 | 10.88% | 8.39% | Mar-30 | Mar-10 | |||||||||||
Humboldt Bancorp Statutory Trust I | Feb-01 | 5,155 | 5,819 | 10.20% | 8.37% | Feb-31 | Feb-11 | |||||||||||
Humboldt Bancorp Statutory Trust II | Dec-01 | 10,310 | 11,271 | Floating (9) | 3.04% | Dec-31 | Dec-06 | |||||||||||
Humboldt Bancorp Statutory Trust III | Sep-03 | 27,836 | 30,344 | Floating (10) | 2.50% | Sep-33 | Sep-08 | |||||||||||
CIB Capital Trust | Nov-02 | 10,310 | 11,131 | Floating (5) | 3.02% | Nov-32 | Nov-07 | |||||||||||
Western Sierra Statutory Trust I | July 2001 | 6,186 | 6,186 | Floating (11) | 3.82% | July 2031 | July 2006 | |||||||||||
Western Sierra Statutory Trust II | December 2001 | 10,310 | 10,310 | Floating (9) | 3.84% | December 2031 | December 2006 | |||||||||||
Western Sierra Statutory Trust III | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
Western Sierra Statutory Trust IV | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
96,037 | 101,899 | |||||||||||||||||
Total | $ | 230,061 | $ | 189,173 | ||||||||||||||
-1 | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. | |||||||||||||||||
-2 | Contractual interest rate of junior subordinated debentures. | |||||||||||||||||
-3 | Effective interest rate based upon the carrying value as of December 31, 2013. | |||||||||||||||||
-4 | Rate based on LIBOR plus 3.35%, adjusted quarterly. | |||||||||||||||||
-5 | Rate based on LIBOR plus 3.45%, adjusted quarterly. | |||||||||||||||||
-6 | Rate based on LIBOR plus 2.85%, adjusted quarterly. | |||||||||||||||||
-7 | Rate based on LIBOR plus 1.35%, adjusted quarterly. | |||||||||||||||||
-8 | Rate based on LIBOR plus 2.75%, adjusted quarterly. | |||||||||||||||||
-9 | Rate based on LIBOR plus 3.60%, adjusted quarterly. | |||||||||||||||||
-10 | Rate based on LIBOR plus 2.95%, adjusted quarterly. | |||||||||||||||||
-11 | Rate based on LIBOR plus 3.58%, adjusted quarterly. | |||||||||||||||||
-12 | Rate based on LIBOR plus 2.90%, adjusted quarterly. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||
The following table sets forth, as of December 31, 2013, the future minimum lease payments under non-cancelable operating leases and future minimum income receivable under non-cancelable operating subleases: | ||||||||
(in thousands) | ||||||||
Lease | Sublease | |||||||
Payments | Income | |||||||
2014 | $ | 17,757 | $ | 578 | ||||
2015 | 15,937 | 477 | ||||||
2016 | 13,774 | 311 | ||||||
2017 | 9,826 | 142 | ||||||
2018 | 7,570 | 46 | ||||||
Thereafter | 22,938 | — | ||||||
Total | $ | 87,802 | $ | 1,554 | ||||
Schedule Of Commitments And Contingencies | ' | |||||||
The following table presents a summary of the Bank's commitments and contingent liabilities: | ||||||||
(in thousands) | ||||||||
As of December 31, 2013 | ||||||||
Commitments to extend credit | $ | 1,606,910 | ||||||
Commitments to extend overdrafts | $ | 207,389 | ||||||
Forward sales commitments | $ | 152,500 | ||||||
Commitments to originate loans held for sale | $ | 77,314 | ||||||
Standby letters of credit | $ | 58,830 | ||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives | ' | ||||||||||||||||||||||||
The following tables summarize the types of derivatives, separately by assets and liabilities, their locations on the Consolidated Balance Sheets, and the fair values of such derivatives as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Derivatives not designated | Balance Sheet | December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||
as hedging instrument | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Interest rate lock commitments | Other assets/Other liabilities | $ | 706 | $ | 1,496 | $ | — | $ | 18 | ||||||||||||||||
Interest rate forward sales commitments | Other assets/Other liabilities | 1,250 | 133 | 6 | 905 | ||||||||||||||||||||
Interest rate swaps | Other assets/Other liabilities | 15,965 | 22,213 | 14,556 | 22,048 | ||||||||||||||||||||
Total | $ | 17,921 | $ | 23,842 | $ | 14,562 | $ | 22,971 | |||||||||||||||||
Summary Of Types Of Derivatives And Gains (Losses) Recorded | ' | ||||||||||||||||||||||||
The following table summarizes the types of derivatives, their locations within the Consolidated Statements of Income, and the gains (losses) recorded during the 2013, 2012, and 2011: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives not designated | Income Statement | December 31, | |||||||||||||||||||||||
as hedging instrument | Location | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest rate lock commitments | Mortgage banking revenue | $ | (772 | ) | $ | (271 | ) | $ | 1,613 | ||||||||||||||||
Interest rate forward sales commitments | Mortgage banking revenue | 13,225 | (21,281 | ) | (10,579 | ) | |||||||||||||||||||
Interest rate swaps | Other income | 1,243 | 336 | (187 | ) | ||||||||||||||||||||
Total | $ | 13,696 | $ | (21,216 | ) | $ | (9,153 | ) | |||||||||||||||||
Offsetting Derivatives Assets | ' | ||||||||||||||||||||||||
The following table summarizes the offsetting derivatives assets that have a right of offset as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/Liabilities presented in the Statement of Financial Position | Financial Instruments | Collateral Posted | Net Amount | ||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,965 | $ | — | $ | 15,965 | $ | (4,852 | ) | $ | (2,207 | ) | $ | 8,906 | |||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 14,556 | $ | — | $ | 14,556 | $ | (4,852 | ) | $ | (9,704 | ) | $ | — | |||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 22,213 | $ | — | $ | 22,213 | $ | (16 | ) | $ | — | $ | 22,197 | ||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 22,048 | $ | — | $ | 22,048 | $ | (16 | ) | $ | (22,032 | ) | $ | — | |||||||||||
Stock_Compensation_and_Share_R1
Stock Compensation and Share Repurchase Plan (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Summary Of Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes information about stock option activity for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Options | Weighted-Avg | Options | Weighted-Avg | Options | Weighted-Avg | ||||||||||||||||
Outstanding | Exercise Price | Outstanding | Exercise Price | Outstanding | Exercise Price | ||||||||||||||||
Balance, beginning of period | 1,850 | $ | 15.37 | 2,151 | $ | 14.48 | 2,067 | $ | 14.82 | ||||||||||||
Granted | — | $ | — | 20 | $ | 11.98 | 237 | $ | 11.01 | ||||||||||||
Exercised | (515 | ) | $ | 12.42 | (174 | ) | $ | 5.63 | (40 | ) | $ | 7.67 | |||||||||
Forfeited/expired | (354 | ) | $ | 17.46 | (147 | ) | $ | 13.45 | (113 | ) | $ | 15.72 | |||||||||
Balance, end of period | 981 | $ | 16.17 | 1,850 | $ | 15.37 | 2,151 | $ | 14.48 | ||||||||||||
Options exercisable, end of period | 627 | $ | 18.86 | 1,263 | $ | 17.11 | 1,334 | $ | 16.13 | ||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ||||||||||||||||||||
The following table summarizes information about outstanding stock options issued under all plans as of December 31, 2013: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted Avg. | |||||||||||||||||||||
Remaining | |||||||||||||||||||||
Range of | Options | Contractual Life | Weighted Avg. | Options | Weighted Avg. | ||||||||||||||||
Exercise Prices | Outstanding | (Years) | Exercise Price | Exercisable | Exercise Price | ||||||||||||||||
$4.58 to $10.97 | 277 | 6.4 | $ | 10.38 | 64 | $ | 8.96 | ||||||||||||||
$11.53 to $12.87 | 252 | 6.2 | $ | 12.05 | 121 | $ | 11.93 | ||||||||||||||
$13.45 to $23.49 | 299 | 2.3 | $ | 20.09 | 289 | $ | 20.32 | ||||||||||||||
$24.25 to $28.425 | 153 | 1.9 | $ | 25.77 | 153 | $ | 25.77 | ||||||||||||||
981 | 4.4 | $ | 16.17 | 627 | $ | 18.86 | |||||||||||||||
Summary Of Nonvested Restricted Share Activity | ' | ||||||||||||||||||||
The following table summarizes information about nonvested restricted share activity at December 31, 2013: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Restricted | Average Grant | Restricted | Average Grant | Restricted | Average Grant | ||||||||||||||||
Shares Outstanding | Date Fair Value | Shares Outstanding | Date Fair Value | Shares Outstanding | Date Fair Value | ||||||||||||||||
Balance, beginning of period | 763 | $ | 12.39 | 585 | $ | 12.98 | 401 | $ | 15.29 | ||||||||||||
Granted | 467 | $ | 13.04 | 369 | $ | 11.8 | 282 | $ | 11.02 | ||||||||||||
Released | (153 | ) | $ | 12.17 | (147 | ) | $ | 13.5 | (82 | ) | $ | 17.58 | |||||||||
Forfeited/expired | (85 | ) | $ | 11.74 | (44 | ) | $ | 11.52 | (16 | ) | $ | 12.91 | |||||||||
Balance, end of period | 992 | $ | 12.79 | 763 | $ | 12.39 | 585 | $ | 12.98 | ||||||||||||
Schedule Of Share-based Compensation Restricted Stock Activity | ' | ||||||||||||||||||||
The following table summarizes information about nonvested restricted shares outstanding at December 31: | |||||||||||||||||||||
(shares in thousands) | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||||||
Restricted | Average | Restricted | Average | Restricted | Average | ||||||||||||||||
Stock Units | Grant Date | Stock Units | Grant Date | Stock Units | Grant Date | ||||||||||||||||
Outstanding | Fair Value | Outstanding | Fair Value | Outstanding | Fair Value | ||||||||||||||||
Balance, beginning of period | 130 | $ | 10.41 | 219 | $ | 9.17 | 225 | $ | 11.13 | ||||||||||||
Granted | — | $ | — | 25 | $ | 10.39 | 105 | $ | 10.42 | ||||||||||||
Released | — | $ | — | — | $ | — | (63 | ) | $ | 14.33 | |||||||||||
Forfeited/expired | (35 | ) | $ | 10.42 | (114 | ) | $ | 8.01 | (48 | ) | $ | 14.33 | |||||||||
Balance, end of period | 95 | $ | 10.41 | 130 | $ | 10.41 | 219 | $ | 9.17 | ||||||||||||
Regulatory_Capital_Tables
Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Brokers and Dealers [Abstract] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | ' | ||||||||||||||||||||
The Company's capital amounts and ratios as of December 31, 2013 and December 31, 2012 are presented in the following table: | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
For Capital | To be Well | ||||||||||||||||||||
Actual | Adequacy purposes | Capitalized | |||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,279,586 | 14.66 | % | $ | 698,273 | 8 | % | $ | 872,842 | 10 | % | |||||||||
Umpqua Bank | $ | 1,177,782 | 13.51 | % | $ | 697,428 | 8 | % | $ | 871,785 | 10 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,183,061 | 13.56 | % | $ | 348,986 | 4 | % | $ | 523,478 | 6 | % | |||||||||
Umpqua Bank | $ | 1,081,282 | 12.4 | % | $ | 348,801 | 4 | % | $ | 523,201 | 6 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||
Consolidated | $ | 1,183,061 | 10.9 | % | $ | 434,151 | 4 | % | $ | 542,689 | 5 | % | |||||||||
Umpqua Bank | $ | 1,081,282 | 9.97 | % | $ | 433,814 | 4 | % | $ | 542,268 | 5 | % | |||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,357,206 | 16.52 | % | $ | 657,243 | 8 | % | $ | 821,553 | 10 | % | |||||||||
Umpqua Bank | $ | 1,234,010 | 15.03 | % | $ | 656,825 | 8 | % | $ | 821,031 | 10 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Risk Weighted Assets) | |||||||||||||||||||||
Consolidated | $ | 1,254,514 | 15.27 | % | $ | 328,622 | 4 | % | $ | 492,933 | 6 | % | |||||||||
Umpqua Bank | $ | 1,131,373 | 13.78 | % | $ | 328,410 | 4 | % | $ | 492,615 | 6 | % | |||||||||
Tier 1 Capital | |||||||||||||||||||||
(to Average Assets) | |||||||||||||||||||||
Consolidated | $ | 1,254,514 | 11.44 | % | $ | 438,641 | 4 | % | $ | 548,302 | 5 | % | |||||||||
Umpqua Bank | $ | 1,131,373 | 10.32 | % | $ | 438,517 | 4 | % | $ | 548,146 | 5 | % | |||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value | ' | |||||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments as of December 31, 2013 and December 31, 2012, whether or not recognized or recorded at fair value in the Consolidated Balance Sheets: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
FINANCIAL ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 790,423 | $ | 790,423 | $ | 543,787 | $ | 543,787 | ||||||||||||||||
Trading securities | 5,958 | 5,958 | 3,747 | 3,747 | ||||||||||||||||||||
Securities available for sale | 1,790,978 | 1,790,978 | 2,625,229 | 2,625,229 | ||||||||||||||||||||
Securities held to maturity | 5,563 | 5,874 | 4,541 | 4,732 | ||||||||||||||||||||
Loans held for sale, at fair value | 104,664 | 104,664 | 320,132 | 320,132 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,269,089 | 7,250,596 | 6,595,689 | 6,652,179 | ||||||||||||||||||||
Covered loans, net | 363,992 | 409,555 | 477,078 | 543,628 | ||||||||||||||||||||
Restricted equity securities | 30,685 | 30,685 | 33,443 | 33,443 | ||||||||||||||||||||
Mortgage servicing rights | 47,765 | 47,765 | 27,428 | 27,428 | ||||||||||||||||||||
Bank owned life insurance assets | 96,938 | 96,938 | 93,831 | 93,831 | ||||||||||||||||||||
FDIC indemnification asset | 23,174 | 6,001 | 52,798 | 18,714 | ||||||||||||||||||||
Derivatives | 17,921 | 17,921 | 23,842 | 23,842 | ||||||||||||||||||||
Visa Class B common stock | — | 41,700 | — | 28,385 | ||||||||||||||||||||
FINANCIAL LIABILITIES: | ||||||||||||||||||||||||
Deposits | $ | 9,117,660 | $ | 9,125,832 | $ | 9,379,275 | $ | 9,396,646 | ||||||||||||||||
Securities sold under agreements to repurchase | 224,882 | 224,882 | 137,075 | 137,075 | ||||||||||||||||||||
Term debt | 251,494 | 270,004 | 253,605 | 289,404 | ||||||||||||||||||||
Junior subordinated debentures, at fair value | 87,274 | 87,274 | 85,081 | 85,081 | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 101,899 | 72,009 | 110,985 | 78,529 | ||||||||||||||||||||
Derivatives | 14,562 | 14,562 | 22,971 | 22,971 | ||||||||||||||||||||
Schedule of Fair Value Assets and Liabilities Not Measured at Fair Value by Level | ' | |||||||||||||||||||||||
The following table presents information about the level in the fair value hierarchy for the Company’s assets and liabilities that are not measured at fair value as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 790,423 | $ | 790,423 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 5,958 | — | — | 5,958 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,250,596 | — | — | 7,250,596 | ||||||||||||||||||||
Covered loans, net | 409,555 | — | — | 409,555 | ||||||||||||||||||||
Restricted equity securities | 30,685 | 30,685 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 96,938 | 96,938 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 6,001 | — | — | 6,001 | ||||||||||||||||||||
Visa Class B common stock | 41,700 | — | — | 41,700 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,580,192 | $ | 7,580,192 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 1,545,640 | — | 1,545,640 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 224,882 | — | 224,882 | — | ||||||||||||||||||||
Term debt | 270,004 | — | 270,004 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 72,009 | — | — | 72,009 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 543,787 | $ | 543,787 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 4,732 | — | — | 4,732 | ||||||||||||||||||||
Non-covered loans and leases, net | 6,652,179 | — | — | 6,652,179 | ||||||||||||||||||||
Covered loans, net | 543,628 | — | — | 543,628 | ||||||||||||||||||||
Restricted equity securities | 33,443 | 33,443 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 93,831 | 93,831 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 18,714 | — | — | 18,714 | ||||||||||||||||||||
Visa Class B common stock | 28,385 | — | — | 28,385 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,376,288 | $ | 7,376,288 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 2,020,358 | — | 2,020,358 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 137,075 | — | 137,075 | — | ||||||||||||||||||||
Term debt | 289,404 | — | 289,404 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 78,529 | — | — | 78,529 | ||||||||||||||||||||
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis | ' | |||||||||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,366 | $ | — | $ | 2,366 | $ | — | ||||||||||||||||
Equity securities | 3,498 | 3,498 | — | — | ||||||||||||||||||||
Other investments securities(1) | 94 | — | 94 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 268 | — | 268 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 235,205 | — | 235,205 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,553,541 | — | 1,553,541 | — | ||||||||||||||||||||
Other debt securities | — | — | — | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 1,964 | — | 1,964 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 104,664 | 104,664 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 47,765 | — | — | 47,765 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 706 | — | — | 706 | ||||||||||||||||||||
Interest rate forward sales commitments | 1,250 | — | 1,250 | — | ||||||||||||||||||||
Interest rate swaps | 15,965 | — | 15,965 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 1,967,286 | $ | 3,498 | $ | 1,915,317 | $ | 48,471 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 87,274 | $ | — | $ | — | $ | 87,274 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||||||
Interest rate forward sales commitments | 6 | — | 6 | — | ||||||||||||||||||||
Interest rate swaps | 14,556 | — | 14,556 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 101,836 | $ | — | $ | 14,562 | $ | 87,274 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 1,216 | $ | — | $ | 1,216 | $ | — | ||||||||||||||||
Equity securities | 2,408 | 2,408 | — | — | ||||||||||||||||||||
Other investments securities(1) | 123 | — | 123 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 45,820 | — | 45,820 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 263,725 | — | 263,725 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 2,313,376 | — | 2,313,376 | — | ||||||||||||||||||||
Other debt securities | 222 | — | 222 | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 2,086 | — | 2,086 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 320,132 | 320,132 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 27,428 | — | — | 27,428 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 1,496 | — | — | 1,496 | ||||||||||||||||||||
Interest rate forward sales commitments | 133 | — | 133 | — | ||||||||||||||||||||
Interest rate swaps | 22,213 | — | 22,213 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 3,000,378 | $ | 2,408 | $ | 2,969,046 | $ | 28,924 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 85,081 | $ | — | $ | — | $ | 85,081 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 18 | — | — | 18 | ||||||||||||||||||||
Interest rate forward sales commitments | 905 | — | 905 | — | ||||||||||||||||||||
Interest rate swaps | 22,048 | — | 22,048 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 108,052 | $ | — | $ | 22,953 | $ | 85,099 | ||||||||||||||||
-1 | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. | |||||||||||||||||||||||
Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classfied as Level 3 | ' | |||||||||||||||||||||||
The following table provides a description of the valuation technique, significant unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Financial Instrument | Valuation Technique | Unobservable Input | Weighted Average (Range) | |||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow | |||||||||||||||||||||||
Constant Prepayment Rate | 12.74% | |||||||||||||||||||||||
Discount Rate | 8.69% | |||||||||||||||||||||||
Interest rate lock commitment | Internal Pricing Model | |||||||||||||||||||||||
Pull-through rate | 80.90% | |||||||||||||||||||||||
Junior subordinated debentures | Discounted cash flow | |||||||||||||||||||||||
Credit Spread | 6.53% | |||||||||||||||||||||||
Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis | ' | |||||||||||||||||||||||
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Beginning Balance | Change included in earnings | Purchases and issuances | Sales and settlements | Ending | Net change in | |||||||||||||||||||
Balance | unrealized gains | |||||||||||||||||||||||
or (losses) relating | ||||||||||||||||||||||||
to items held at | ||||||||||||||||||||||||
end of period | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Mortgage servicing rights, at fair value | $ | 27,428 | $ | 2,374 | $ | 17,963 | $ | — | $ | 47,765 | $ | 2,376 | ||||||||||||
Interest rate lock commitment | 1,478 | (1,478 | ) | 62,560 | (61,854 | ) | 706 | 706 | ||||||||||||||||
Junior subordinated debentures, at fair value | 85,081 | 6,090 | — | (3,897 | ) | 87,274 | 6,090 | |||||||||||||||||
2012 | ||||||||||||||||||||||||
Mortgage servicing rights, at fair value | $ | 18,184 | $ | (8,466 | ) | $ | 17,710 | $ | — | $ | 27,428 | $ | (3,778 | ) | ||||||||||
Interest rate lock commitment | 1,749 | (1,749 | ) | 111,473 | (109,995 | ) | 1,478 | 1,478 | ||||||||||||||||
Junior subordinated debentures, at fair value | 82,905 | 6,350 | — | (4,174 | ) | 85,081 | 6,350 | |||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis | ' | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Non-covered loans and leases | $ | 20,421 | $ | — | $ | — | $ | 20,421 | ||||||||||||||||
Non-covered other real estate owned | 1,986 | — | — | 1,986 | ||||||||||||||||||||
Covered other real estate owned | 2,770 | — | — | 2,770 | ||||||||||||||||||||
$ | 25,177 | $ | — | $ | — | $ | 25,177 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Investment securities, held to maturity | ||||||||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||
and collateralized mortgage obligations | $ | 432 | $ | — | $ | — | $ | 432 | ||||||||||||||||
Non-covered loans and leases | 34,007 | — | — | 34,007 | ||||||||||||||||||||
Non-covered other real estate owned | 4,671 | — | — | 4,671 | ||||||||||||||||||||
Covered other real estate owned | 8,957 | — | — | 8,957 | ||||||||||||||||||||
$ | 48,067 | $ | — | $ | — | $ | 48,067 | |||||||||||||||||
Losses Resulting From Nonrecurring Fair Value Adjustments | ' | |||||||||||||||||||||||
The following table presents the losses resulting from nonrecurring fair value adjustments for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Investment securities, held to maturity | ||||||||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||
and collateralized mortgage obligations | $ | — | $ | 155 | $ | 359 | ||||||||||||||||||
Non-covered loans and leases | 27,171 | 37,897 | 51,883 | |||||||||||||||||||||
Non-covered other real estate owned | 1,448 | 6,896 | 8,947 | |||||||||||||||||||||
Covered other real estate owned | 712 | 4,646 | 8,709 | |||||||||||||||||||||
Total loss from nonrecurring measurements | $ | 29,331 | $ | 49,594 | $ | 69,898 | ||||||||||||||||||
Fair Value Option | ' | |||||||||||||||||||||||
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Aggregate | Less Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | |||||||||||||||||||||
Fair | Principal | Principal | Fair | Principal | Principal | |||||||||||||||||||
Value | Balance | Balance | Value | Balance | Balance | |||||||||||||||||||
Loans held for sale | $ | 104,664 | $ | 101,795 | $ | 2,869 | $ | 320,132 | $ | 302,760 | $ | 17,372 | ||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation Of Basic And Diluted Earnings (Loss) Per Common Share | ' | |||||||||||
The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2013, 2012 and 2011: | ||||||||||||
(in thousands, except per share data) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
NUMERATORS: | ||||||||||||
Net income | $ | 98,361 | $ | 101,891 | $ | 74,496 | ||||||
Less: | ||||||||||||
Dividends and undistributed earnings allocated to participating securities (1) | 788 | 682 | 356 | |||||||||
Net earnings available to common shareholders | $ | 97,573 | $ | 101,209 | $ | 74,140 | ||||||
DENOMINATORS: | ||||||||||||
Weighted average number of common shares outstanding - basic | 111,938 | 111,935 | 114,220 | |||||||||
Effect of potentially dilutive common shares (2) | 238 | 216 | 189 | |||||||||
Weighted average number of common shares outstanding - diluted | 112,176 | 112,151 | 114,409 | |||||||||
EARNINGS PER COMMON SHARE: | ||||||||||||
Basic | $ | 0.87 | $ | 0.9 | $ | 0.65 | ||||||
Diluted | $ | 0.87 | $ | 0.9 | $ | 0.65 | ||||||
-1 | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | |||||||||||
-2 | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. | |||||||||||
Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share | ' | |||||||||||
The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Stock options | 669 | 1,306 | 1,815 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary Of Financial Information By Reportable Segment | ' | |||||||||||||||
Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 406,099 | $ | 14,755 | $ | 21,992 | $ | 442,846 | ||||||||
Interest expense | 34,636 | 731 | 2,514 | 37,881 | ||||||||||||
Net interest income | 371,463 | 14,024 | 19,478 | 404,965 | ||||||||||||
Provision for non-covered loan and lease losses | 16,829 | — | — | 16,829 | ||||||||||||
Recapture of provision for covered loan losses | (6,113 | ) | — | — | (6,113 | ) | ||||||||||
Non-interest income | 26,440 | 15,662 | 79,339 | 121,441 | ||||||||||||
Non-interest expense | 308,894 | 16,849 | 38,918 | 364,661 | ||||||||||||
Income before income taxes | 78,293 | 12,837 | 59,899 | 151,029 | ||||||||||||
Provision for income taxes | 23,544 | 5,164 | 23,960 | 52,668 | ||||||||||||
Net income | 54,749 | 7,673 | 35,939 | 98,361 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 788 | — | — | 788 | ||||||||||||
Net earnings available to common shareholders | $ | 53,961 | $ | 7,673 | $ | 35,939 | $ | 97,573 | ||||||||
Total assets | $ | 10,822,990 | $ | 126,060 | $ | 687,062 | $ | 11,636,112 | ||||||||
Total loans and leases (covered and non-covered) | $ | 7,076,279 | $ | 110,087 | $ | 532,029 | $ | 7,718,395 | ||||||||
Total deposits | $ | 8,734,175 | $ | 356,784 | $ | 26,701 | $ | 9,117,660 | ||||||||
Year Ended December 31, 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 420,622 | $ | 15,192 | $ | 20,271 | $ | 456,085 | ||||||||
Interest expense | 45,240 | 865 | 2,744 | 48,849 | ||||||||||||
Net interest income | 375,382 | 14,327 | 17,527 | 407,236 | ||||||||||||
Provision for non-covered loan and lease losses | 21,796 | — | — | 21,796 | ||||||||||||
Provision for covered loan losses | 7,405 | — | — | 7,405 | ||||||||||||
Non-interest income | 38,272 | 13,759 | 84,798 | 136,829 | ||||||||||||
Non-interest expense | 307,089 | 15,108 | 37,455 | 359,652 | ||||||||||||
Income before income taxes | 77,364 | 12,978 | 64,870 | 155,212 | ||||||||||||
Provision for income taxes | 22,202 | 5,171 | 25,948 | 53,321 | ||||||||||||
Net income | 55,162 | 7,807 | 38,922 | 101,891 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 682 | — | — | 682 | ||||||||||||
Net earnings available to common shareholders | $ | 54,480 | $ | 7,807 | $ | 38,922 | $ | 101,209 | ||||||||
Total assets | $ | 10,984,996 | $ | 90,370 | $ | 720,077 | $ | 11,795,443 | ||||||||
Total loans and leases (covered and non-covered) | $ | 6,713,792 | $ | 74,132 | $ | 370,234 | $ | 7,158,158 | ||||||||
Total deposits | $ | 8,968,867 | $ | 382,033 | $ | 28,375 | $ | 9,379,275 | ||||||||
Year Ended December 31, 2011 | ||||||||||||||||
(in thousands) | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 474,167 | $ | 13,362 | $ | 14,224 | $ | 501,753 | ||||||||
Interest expense | 68,751 | 2,067 | 2,483 | 73,301 | ||||||||||||
Net interest income | 405,416 | 11,295 | 11,741 | 428,452 | ||||||||||||
Provision for non-covered loan and lease losses | 46,220 | — | — | 46,220 | ||||||||||||
Provision for covered loan losses | 16,141 | — | — | 16,141 | ||||||||||||
Non-interest income | 43,282 | 13,963 | 26,873 | 84,118 | ||||||||||||
Non-interest expense | 302,883 | 15,630 | 20,458 | 338,971 | ||||||||||||
Income before income taxes | 83,454 | 9,628 | 18,156 | 111,238 | ||||||||||||
Provision for income taxes | 26,023 | 3,457 | 7,262 | 36,742 | ||||||||||||
Net income | 57,431 | 6,171 | 10,894 | 74,496 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 356 | — | — | 356 | ||||||||||||
Net earnings available to common shareholders | $ | 57,075 | $ | 6,171 | $ | 10,894 | $ | 74,140 | ||||||||
Total assets | $ | 11,086,493 | $ | 53,044 | $ | 423,321 | $ | 11,562,858 | ||||||||
Total loans and leases (covered and non-covered) | $ | 6,171,368 | $ | 38,810 | $ | 300,371 | $ | 6,510,549 | ||||||||
Total deposits | $ | 8,830,353 | $ | 390,992 | $ | 15,345 | $ | 9,236,690 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||
Schedule Of Aggregate Activity Involving Related party Borrowers | ' | ||||||||||||
The following table presents a summary of aggregate activity involving related party borrowers for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||
(in thousands) | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Loans outstanding at beginning of year | $ | 12,272 | $ | 12,245 | $ | 9,264 | |||||||
New loans and advances | 3,584 | 2,697 | 10,041 | ||||||||||
Less loan repayments | (2,213 | ) | (2,113 | ) | (7,060 | ) | |||||||
Reclassification (1) | (336 | ) | (557 | ) | — | ||||||||
Loans outstanding at end of year | $ | 13,307 | $ | 12,272 | $ | 12,245 | |||||||
(1) Represents loans that were once considered related party but are no longer considered related party, or loans that were not related party that subsequently became related party loans. |
Parent_Company_Financial_State1
Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule Of Condensed Balance Sheet | ' | |||||||||||
Condensed Balance Sheets | ||||||||||||
December 31, | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | |||||||||||
ASSETS | ||||||||||||
Non-interest bearing deposits with subsidiary banks | $ | 72,679 | $ | 82,383 | ||||||||
Investments in: | ||||||||||||
Bank subsidiary | 1,847,168 | 1,829,305 | ||||||||||
Nonbank subsidiaries | 29,193 | 25,308 | ||||||||||
Other assets | 1,590 | 1,498 | ||||||||||
Total assets | $ | 1,950,630 | $ | 1,938,494 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Payable to bank subsidiary | $ | 93 | $ | 49 | ||||||||
Other liabilities | 33,938 | 18,340 | ||||||||||
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ||||||||||
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ||||||||||
Total liabilities | 223,204 | 214,455 | ||||||||||
Shareholders' equity | 1,727,426 | 1,724,039 | ||||||||||
Total liabilities and shareholders' equity | $ | 1,950,630 | $ | 1,938,494 | ||||||||
Schedule Of Condensed Statements Of Operations | ' | |||||||||||
Condensed Statements of Income | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
INCOME | ||||||||||||
Dividends from subsidiaries | $ | 62,241 | $ | 78,755 | $ | 17,743 | ||||||
Other income | (2,321 | ) | (2,174 | ) | (2,127 | ) | ||||||
Total income | 59,920 | 76,581 | 15,616 | |||||||||
EXPENSES | ||||||||||||
Management fees paid to subsidiaries | 501 | 459 | 469 | |||||||||
Other expenses | 8,885 | 9,189 | 9,072 | |||||||||
Total expenses | 9,386 | 9,648 | 9,541 | |||||||||
Income before income tax benefit and equity in undistributed | ||||||||||||
earnings of subsidiaries | 50,534 | 66,933 | 6,075 | |||||||||
Income tax benefit | (4,446 | ) | (4,904 | ) | (4,325 | ) | ||||||
Net income before equity in undistributed earnings of subsidiaries | 54,980 | 71,837 | 10,400 | |||||||||
Equity in undistributed earnings of subsidiaries | 43,381 | 30,054 | 64,096 | |||||||||
Net income | 98,361 | 101,891 | 74,496 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 788 | 682 | 356 | |||||||||
Net earnings available to common shareholders | $ | 97,573 | $ | 101,209 | $ | 74,140 | ||||||
Schedule Of Condensed Statements of Cash Flows | ' | |||||||||||
Condensed Statements of Cash Flows | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 98,361 | $ | 101,891 | $ | 74,496 | ||||||
Adjustment to reconcile net income to net cash | ||||||||||||
provided by operating activities: | ||||||||||||
Equity in undistributed earnings of subsidiaries | (43,381 | ) | (30,054 | ) | (64,096 | ) | ||||||
Depreciation, amortization and accretion | (322 | ) | (322 | ) | (322 | ) | ||||||
Change in fair value of junior subordinated debentures | 2,193 | 2,182 | 2,217 | |||||||||
Net (increase) decrease in other assets | (92 | ) | 4,925 | (3,933 | ) | |||||||
Net (decrease) increase in other liabilities | (1,361 | ) | (1,184 | ) | 3,736 | |||||||
Net cash provided by operating activities | 55,398 | 77,438 | 12,098 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||
Investment in subsidiaries | (2,928 | ) | (24,970 | ) | (3,668 | ) | ||||||
Acquisitions | — | 419 | — | |||||||||
Net decrease in receivables from nonbank subsidiaries | — | — | 8 | |||||||||
Net cash used by investing activities | (2,928 | ) | (24,551 | ) | (3,660 | ) | ||||||
FINANCING ACTIVITIES: | ||||||||||||
Net (decrease) increase in payables to subsidiaries | (8,448 | ) | 17 | 7 | ||||||||
Dividends paid on common stock | (50,767 | ) | (46,201 | ) | (25,317 | ) | ||||||
Stock repurchased | (9,356 | ) | (7,433 | ) | (29,754 | ) | ||||||
Proceeds from exercise of stock options | 6,397 | 980 | 309 | |||||||||
Net cash used by financing activities | (62,174 | ) | (52,637 | ) | (54,755 | ) | ||||||
Change in cash and cash equivalents | (9,704 | ) | 250 | (46,317 | ) | |||||||
Cash and cash equivalents, beginning of year | 82,383 | 82,133 | 128,450 | |||||||||
Cash and cash equivalents, end of year | $ | 72,679 | $ | 82,383 | $ | 82,133 | ||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following tables present the summary results for the eight quarters ending December 31, 2013: | ||||||||||||||||
(in thousands, except per share information) | ||||||||||||||||
2013 | ||||||||||||||||
Four | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | Quarters | ||||||||||||
Interest income | $ | 118,538 | $ | 115,960 | $ | 104,015 | $ | 104,333 | $ | 442,846 | ||||||
Interest expense | 8,464 | 9,151 | 10,122 | 10,144 | 37,881 | |||||||||||
Net interest income | 110,074 | 106,809 | 93,893 | 94,189 | 404,965 | |||||||||||
Provision for non-covered loan and lease losses | 3,840 | 3,008 | 2,993 | 6,988 | 16,829 | |||||||||||
(Recapture of) provision for covered loan and lease losses | (1,369 | ) | (1,904 | ) | (3,072 | ) | 232 | (6,113 | ) | |||||||
Non-interest income | 26,785 | 26,144 | 34,497 | 34,015 | 121,441 | |||||||||||
Non-interest expense | 95,364 | 95,604 | 87,931 | 85,762 | 364,661 | |||||||||||
Income before provision for income taxes | 39,024 | 36,245 | 40,538 | 35,222 | 151,029 | |||||||||||
Provision for income taxes | 13,754 | 12,768 | 14,285 | 11,861 | 52,668 | |||||||||||
Net income | 25,270 | 23,477 | 26,253 | 23,361 | 98,361 | |||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 212 | 196 | 197 | 183 | 788 | |||||||||||
Net earnings available to common shareholders | $ | 25,058 | $ | 23,281 | $ | 26,056 | $ | 23,178 | $ | 97,573 | ||||||
Basic earnings per common share | $ | 0.22 | $ | 0.21 | $ | 0.23 | $ | 0.21 | ||||||||
Diluted earnings per common share | $ | 0.22 | $ | 0.21 | $ | 0.23 | $ | 0.21 | ||||||||
Cash dividends declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.2 | $ | 0.1 | ||||||||
(in thousands, except per share information) | ||||||||||||||||
2012 | ||||||||||||||||
Four | ||||||||||||||||
31-Dec | 30-Sep | 30-Jun | 31-Mar | Quarters | ||||||||||||
Interest income | $ | 112,741 | $ | 114,108 | $ | 113,594 | $ | 115,642 | $ | 456,085 | ||||||
Interest expense | 10,912 | 12,068 | 12,582 | 13,287 | 48,849 | |||||||||||
Net interest income | 101,829 | 102,040 | 101,012 | 102,355 | 407,236 | |||||||||||
Provision for non-covered loan and lease losses | 4,913 | 7,078 | 6,638 | 3,167 | 21,796 | |||||||||||
Provision for (recapture of) covered loan and lease losses | 3,103 | 2,927 | 1,406 | (31 | ) | 7,405 | ||||||||||
Non-interest income | 46,987 | 33,679 | 28,926 | 27,237 | 136,829 | |||||||||||
Non-interest expense | 98,046 | 86,974 | 86,936 | 87,696 | 359,652 | |||||||||||
Income before provision for income taxes | 42,754 | 38,740 | 34,958 | 38,760 | 155,212 | |||||||||||
Provision for income taxes | 14,796 | 13,587 | 11,681 | 13,257 | 53,321 | |||||||||||
Net income | 27,958 | 25,153 | 23,277 | 25,503 | 101,891 | |||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 183 | 170 | 162 | 167 | 682 | |||||||||||
Net earnings available to common shareholders | $ | 27,775 | $ | 24,983 | $ | 23,115 | $ | 25,336 | $ | 101,209 | ||||||
Basic earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.21 | $ | 0.23 | ||||||||
Diluted earnings per common share | $ | 0.25 | $ | 0.22 | $ | 0.21 | $ | 0.23 | ||||||||
Cash dividends declared per common share | $ | 0.09 | $ | 0.09 | $ | 0.09 | $ | 0.07 | ||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 16, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
trust | Land and Building [Member] | Minimum [Member] | Maximum [Member] | Investment in Federal Home Loan Bank Stock [Member] | Investment in Federal Home Loan Bank Stock [Member] | 2013 Stock Incentive Plan [Member] | 2013 Stock Incentive Plan [Member] | 2013 Stock Incentive Plan [Member] | 2013 Stock Incentive Plan [Member] | |||
Equipment [Member] | Equipment [Member] | Minimum [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock for issuance under the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' |
Share-based compensation award, vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Stock options granted | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Wholly Owned Trusts | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash And Cash Equivalents General Maturity | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unallocated Allowance Maximum Amount | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk, percentage | 74.00% | 79.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal Home Loan Bank Stock | $30,685,000 | $33,443,000 | ' | ' | ' | ' | $29,400,000 | $32,200,000 | ' | ' | ' | ' |
Federal home loan bank stock, minimum investment | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | '39 years | '3 years | '10 years | ' | ' | ' | ' | ' | ' |
Carrying value of Small Business Administration and Department of Agriculture servicing rights | 610,000 | 498,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges related to SBA/USDA servicing assets | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule Of Assumptions Used In Measuring The Fair Value Of Mortgage Servicing Rights) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Constant prepayment rate | 12.74% | 21.39% | 20.39% |
Discount rate | 8.69% | 8.65% | 8.60% |
Weighted average life (years) | '6 years | '4 years 8 months 12 days | '4 years 6 months |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule Of Weighted Average Assumptions To Determine The Fair Value Of Stock Option Grants) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' |
Dividend yield | 3.90% | 2.79% |
Expected life (years) | '7 years 4 months 24 days | '7 years 1 month 6 days |
Expected volatility | 53.00% | 52.00% |
Risk-free rate | 1.27% | 2.71% |
Weighted average fair value of options on the date of grant | $4.39 | $4.65 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||
Sep. 11, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 11, 2013 | Jul. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 02, 2013 | Jul. 02, 2013 | Nov. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||
ProposedAcquisition [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Circle Bancorp [Member] | Circle Bancorp [Member] | Circle Bancorp [Member] | |||||||||||||||
Minimum [Member] | Maximum [Member] | operating_location | ||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Lease receivable, term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Shares, Acquisitions | 1.671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash Paid Acquisition, Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | $149,658,000 | ($39,328,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Fee on termination of merger transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Aggregate consideration to acquire entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash consideration to acquire entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 156,110,000 | ' | ' | ' | ' | ' | 24,860,000 | ' | ' | ||
Equity consideration to acquire entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Vesting period of equity consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ||
Tax deductible goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,900,000 | ' | ' | ' | ' | ' | 17,000,000 | 2,300,000 | ||
Non-interest expense | ' | 95,364,000 | 95,604,000 | 87,931,000 | 85,762,000 | 98,046,000 | 86,974,000 | 86,936,000 | 87,696,000 | 364,661,000 | 359,652,000 | 338,971,000 | ' | ' | 8,800,000 | 8,596,000 | [1] | 16,101,000 | ' | ' | ' | 6,600,000 | 2,800,000 | |
Net income (loss) | ' | 25,270,000 | 23,477,000 | 26,253,000 | 23,361,000 | 27,958,000 | 25,153,000 | 23,277,000 | 25,503,000 | 98,361,000 | 101,891,000 | 74,496,000 | ' | ' | 9,500,000 | 9,135,000 | [1] | 19,357,000 | [2] | ' | ' | ' | 5,800,000 | -306,000 |
Merger related expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,836,000 | 2,338,000 | 360,000 | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | 996,000 | 1,900,000 | ||
Number of locations in operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,777,000 | ' | ' | ' | ' | ' | 11,913,000 | ' | ' | ||
Accrued acquisition-related restructuring charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $631,000 | ||
[1] | FinPac amounts represent results from January 1, 2013 to June 30, 2013. | |||||||||||||||||||||||
[2] | FinPac amounts represent results from January 1, 2012 to December 31, 2012. |
Business_Combinations_Schedule
Business Combinations (Schedule of Net Assets (Liabilities) Received and Estimated Fair Value Adjustments) (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jul. 02, 2013 | Nov. 14, 2012 |
Financial Pacific Holding Corp [Member] | Circle Bancorp [Member] | |
Business Acquisition [Line Items] | ' | ' |
Cost basis net assets | $61,446 | $17,127 |
Cash payment paid | -156,110 | -24,860 |
Fair value adjustments: | ' | ' |
Non-covered loans and leases, net | 6,881 | -2,622 |
Other intangible assets | -8,516 | 830 |
Other assets | -1,650 | ' |
Non-covered other real estate owned | ' | -487 |
Deposits | ' | -904 |
Term debt | -400 | -2,404 |
Other liabilities | 1,572 | 1,407 |
Goodwill | ($96,777) | ($11,913) |
Business_Combinations_Statemen
Business Combinations (Statement of Assets Acquired and Liabilities Assumed at Estimated Fair Values) (Details) (USD $) | Jul. 02, 2013 | Nov. 14, 2012 |
In Thousands, unless otherwise specified | Financial Pacific Holding Corp [Member] | Circle Bancorp [Member] |
Assets Acquired: | ' | ' |
Cash and equivalents | $6,452 | $39,328 |
Investment securities | ' | 793 |
Non-covered loans and leases, net | 264,336 | 246,665 |
Premises and equipment | 491 | 7,695 |
Restricted equity securities | ' | 2,491 |
Goodwill | 96,777 | 11,913 |
Other intangible assets | ' | 830 |
Non-covered other real estate owned | ' | 1,602 |
Other assets | 8,015 | 6,478 |
Total assets acquired | 376,071 | 317,795 |
Liabilities Assumed: | ' | ' |
Deposits | ' | 250,408 |
Junior subordinated debentures | ' | 8,764 |
Term debt | 211,204 | 55,404 |
Other liabilities | 8,757 | 3,219 |
Total liabilities assumed | 219,961 | 317,795 |
Net Assets Acquired | $156,110 | ' |
Business_Combinations_Schedule1
Business Combinations (Schedule of Loans Acquired) (Details) (USD $) | Jul. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2012 |
In Thousands, unless otherwise specified | Financial Pacific Holding Corp [Member] | Circle Bancorp [Member] | Circle Bancorp [Member] | Circle Bancorp [Member] |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Contractually required principal payments | $350,403 | ' | ' | $242,999 |
Purchase adjustment for credit | -20,520 | ' | ' | -5,760 |
Balance of performing non-covered loans | 264,336 | ' | ' | 240,850 |
Contractually required principal payments | ' | 5,523 | 12,231 | 12,252 |
Carrying balance of acquired purchase credit impaired non-covered loans | ' | $2,268 | $5,809 | $5,815 |
Business_Combinations_Pro_Form
Business Combinations (Pro Forma Results of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||
Pro Forma [Member] | Pro Forma [Member] | Acquisition-related Costs [Member] | Acquisition-related Costs [Member] | UmpquaFinPacAcquisition [Member] | UmpquaFinPacAcquisition [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | |||||||||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net interest income | $110,074 | $106,809 | $93,893 | $94,189 | $101,829 | $102,040 | $101,012 | $102,355 | $404,965 | $407,236 | $428,452 | $423,600 | $452,713 | ($6,891) | [1] | ($5,332) | [1] | $404,965 | $407,236 | ' | $25,526 | [2] | $50,809 | [3] | |||
Provision for non-covered loan and lease losses | 3,840 | 3,008 | 2,993 | 6,988 | 4,913 | 7,078 | 6,638 | 3,167 | 16,829 | 21,796 | 46,220 | 20,101 | 29,087 | 0 | [4] | 0 | [4] | 16,829 | 21,796 | ' | 3,272 | [2] | 7,291 | [3] | |||
(RECAPTURE OF) PROVISION FOR COVERED LOAN LOSSES | -1,369 | -1,904 | -3,072 | 232 | 3,103 | 2,927 | 1,406 | -31 | -6,113 | 7,405 | 16,141 | -6,113 | 7,405 | 0 | 0 | -6,113 | 7,405 | ' | 0 | [2] | 0 | [3] | |||||
Non-interest income | 26,785 | 26,144 | 34,497 | 34,015 | 46,987 | 33,679 | 28,926 | 27,237 | 121,441 | 136,829 | 84,118 | 122,753 | 140,961 | 0 | 0 | 121,441 | 136,829 | ' | 1,312 | [2] | 4,132 | [3] | |||||
Non-interest expense | 95,364 | 95,604 | 87,931 | 85,762 | 98,046 | 86,974 | 86,936 | 87,696 | 364,661 | 359,652 | 338,971 | 373,181 | 374,517 | -76 | [5] | -1,236 | [6] | 364,661 | 359,652 | 8,800 | 8,596 | [2] | 16,101 | ||||
Income before income taxes | 39,024 | 36,245 | 40,538 | 35,222 | 42,754 | 38,740 | 34,958 | 38,760 | 151,029 | 155,212 | 111,238 | 159,184 | 182,665 | -6,815 | -4,096 | 151,029 | 155,212 | ' | 14,970 | [2] | 31,549 | ||||||
Provision for income taxes | 13,754 | 12,768 | 14,285 | 11,861 | 14,796 | 13,587 | 11,681 | 13,257 | 52,668 | 53,321 | 36,742 | 55,668 | 64,079 | -2,835 | [7] | -1,434 | [7] | 52,668 | 53,321 | ' | 5,835 | [2] | 12,192 | [3] | |||
Net income | 25,270 | 23,477 | 26,253 | 23,361 | 27,958 | 25,153 | 23,277 | 25,503 | 98,361 | 101,891 | 74,496 | 103,516 | 118,586 | -3,980 | -2,662 | 98,361 | 101,891 | 9,500 | 9,135 | [2] | 19,357 | [3] | |||||
Dividends and undistributed earnings allocated to participating securities | 212 | 196 | 197 | 183 | 183 | 170 | 162 | 167 | 788 | [8] | 682 | [8] | 356 | [8] | 829 | 794 | 41 | 112 | 788 | 682 | ' | 0 | [2] | 0 | [3] | ||
Net earnings available to common shareholders | 25,058 | 23,281 | 26,056 | 23,178 | 27,775 | 24,983 | 23,115 | 25,336 | 97,573 | 101,209 | 74,140 | 102,687 | 117,792 | -4,021 | -2,774 | 97,573 | 101,209 | ' | 9,135 | [2] | 19,357 | [3] | |||||
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Basic earnings per common share | $0.22 | $0.21 | $0.23 | $0.21 | $0.25 | $0.22 | $0.21 | $0.23 | $0.87 | $0.90 | $0.65 | $0.92 | $1.05 | ' | ' | $0.87 | $0.90 | ' | ' | ' | |||||||
Diluted earnings per common share | $0.22 | $0.21 | $0.23 | $0.21 | $0.25 | $0.22 | $0.21 | $0.23 | $0.87 | $0.90 | $0.65 | $0.92 | $1.05 | ' | ' | $0.87 | $0.90 | ' | ' | ' | |||||||
Average shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 111,938 | 111,935 | 114,220 | 111,938 | 111,935 | ' | ' | 111,938 | 111,935 | ' | ' | ' | |||||||
Diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 112,176 | 112,151 | 114,409 | 112,176 | 112,151 | ' | ' | 112,176 | 112,151 | ' | ' | ' | |||||||
Merger related expenses | ' | ' | ' | ' | ' | ' | ' | ' | $8,836 | $2,338 | $360 | ' | ' | ' | ' | ' | ' | ' | $1,600 | ' | |||||||
Statutory Federal income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | |||||||
[1] | Adjustment of interest income from leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||||||||||||||
[2] | FinPac amounts represent results from January 1, 2013 to June 30, 2013. | ||||||||||||||||||||||||||
[3] | FinPac amounts represent results from January 1, 2012 to December 31, 2012. | ||||||||||||||||||||||||||
[4] | As acquired leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||||||||||||||
[5] | Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, and FinPac management fees of the Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||||||||||||||
[6] | Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, FinPac management fees, and other expenses of Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||||||||||||||
[7] | Income tax effect of pro forma adjustments at the Company's statutory tax rate of 35%. | ||||||||||||||||||||||||||
[8] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
Business_Combinations_Schedule2
Business Combinations (Schedule of Merger-Related Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' |
Professional fees | $25,483 | $25,823 | $24,170 |
Communications | 11,974 | 11,573 | 11,214 |
Total | 8,836 | 2,338 | 360 |
Merged Companies [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Professional fees | 7,755 | 1,145 | 173 |
Compensation and relocation | 158 | 856 | 0 |
Communications | 49 | 66 | 0 |
Premises and equipment | 44 | 29 | 82 |
Travel | 140 | 98 | 11 |
Other | 690 | 144 | 94 |
Total | $8,836 | $2,338 | $360 |
Cash_And_Due_From_Banks_Narrat
Cash And Due From Banks (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Federal reserve cash required reserve | $27.20 | $29.80 |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Held-to-maturity Securities | $0 | $155,000 | $359,000 |
Investment_Securities_Amortize
Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | $1,799,178 | $2,584,464 |
Available-for-sale Securities, Unrealized Gains | 23,195 | 47,390 |
Available-for-sale Securities, Unrealized Losses | -31,395 | -6,625 |
Available for sale, at fair value | 1,790,978 | 2,625,229 |
Held to maturity, at amortized cost | 5,563 | 4,541 |
Held-to-maturity Securities, Unrecognized Gains | 330 | 198 |
Held-to-maturity Securities, Unrecognized Losses | -19 | -7 |
Held-to-maturity Securities, Fair Value | 5,874 | 4,732 |
U.S. Treasury And Agencies [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 249 | 45,503 |
Available-for-sale Securities, Unrealized Gains | 20 | 318 |
Available-for-sale Securities, Unrealized Losses | -1 | -1 |
Available for sale, at fair value | 268 | 45,820 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 229,969 | 245,606 |
Available-for-sale Securities, Unrealized Gains | 7,811 | 18,119 |
Available-for-sale Securities, Unrealized Losses | -2,575 | 0 |
Available for sale, at fair value | 235,205 | 263,725 |
Held to maturity, at amortized cost | ' | 595 |
Held-to-maturity Securities, Unrecognized Gains | ' | 1 |
Held-to-maturity Securities, Unrecognized Losses | ' | 0 |
Held-to-maturity Securities, Fair Value | ' | 596 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,567,001 | 2,291,253 |
Available-for-sale Securities, Unrealized Gains | 15,359 | 28,747 |
Available-for-sale Securities, Unrealized Losses | -28,819 | -6,624 |
Available for sale, at fair value | 1,553,541 | 2,313,376 |
Held to maturity, at amortized cost | 5,563 | 3,946 |
Held-to-maturity Securities, Unrecognized Gains | 330 | 197 |
Held-to-maturity Securities, Unrecognized Losses | -19 | -7 |
Held-to-maturity Securities, Fair Value | 5,874 | 4,136 |
Other Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | ' | 143 |
Available-for-sale Securities, Unrealized Gains | ' | 79 |
Available-for-sale Securities, Unrealized Losses | ' | 0 |
Available for sale, at fair value | 0 | 222 |
Investments In Mutual Funds And Other Equity Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,959 | 1,959 |
Available-for-sale Securities, Unrealized Gains | 5 | 127 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available for sale, at fair value | $1,964 | $2,086 |
Investment_Securities_Schedule
Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | $524,324 | $780,234 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 18,526 | 5,548 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 249,727 | 106,155 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 12,869 | 1,077 |
Available-for-sale Securities, Fair Value | 774,051 | 886,389 |
Available-for-sale Securities, Unrealized Losses | 31,395 | 6,625 |
Held-to-maturity Securities, Less than 12 Months, Fair Value | 156 | 0 |
Held-to-maturity Securities, Less than 12 Months, Unrealized Losses | 19 | 0 |
Held-to-maturity Securities, 12 Months or Longer, Fair Value | 0 | 48 |
Held-to-maturity Securities, 12 Months or Longer, Unrealized Losses | 0 | 7 |
Held-to-maturity Securities, Fair Value | 156 | 48 |
Held-to-maturity Securities, Unrealized Losses | 19 | 7 |
U.S. Treasury And Agencies [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 32 | 59 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1 | 1 |
Available-for-sale Securities, Fair Value | 32 | 59 |
Available-for-sale Securities, Unrealized Losses | 1 | 1 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | 48,342 | ' |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 2,575 | ' |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 0 | ' |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 0 | ' |
Available-for-sale Securities, Fair Value | 48,342 | ' |
Available-for-sale Securities, Unrealized Losses | 2,575 | ' |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | 475,982 | 780,234 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 15,951 | 5,548 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 249,695 | 106,096 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 12,868 | 1,076 |
Available-for-sale Securities, Fair Value | 725,677 | 886,330 |
Available-for-sale Securities, Unrealized Losses | 28,819 | 6,624 |
Held-to-maturity Securities, Less than 12 Months, Fair Value | 156 | 0 |
Held-to-maturity Securities, Less than 12 Months, Unrealized Losses | 19 | 0 |
Held-to-maturity Securities, 12 Months or Longer, Fair Value | 0 | 48 |
Held-to-maturity Securities, 12 Months or Longer, Unrealized Losses | 0 | 7 |
Held-to-maturity Securities, Fair Value | 156 | 48 |
Held-to-maturity Securities, Unrealized Losses | $19 | $7 |
Investment_Securities_Schedule1
Investment Securities (Schedule Of Maturities Of Investment Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Three months or less, Amortized Cost | $15,169 | ' |
Available-for-sale Securities, Over three months through twelve months, Amortized Cost | 100,712 | ' |
Available-for-sale Securities, After one year through five years, Amortized Cost | 1,055,812 | ' |
Available-for-sale Securities, After five years through ten years, Amortized Cost | 554,722 | ' |
Available-for-sale Securities, After ten years, Amortized Cost | 70,804 | ' |
Available-for-sale Securities, Amortized Cost | 1,799,178 | ' |
Available-for-sale Securities, Three months or less, Fair Value | 15,204 | ' |
Available-for-sale Securities, Over three months through twelve months, Fair Value | 102,426 | ' |
Available-for-sale Securities, After one year through five years, Fair Value | 1,067,340 | ' |
Available-for-sale Securities, After five years through ten years, Fair Value | 534,083 | ' |
Available-for-sale Securities, After ten years, Fair Value | 69,961 | ' |
Available-for-sale Securities, Fair Value | 1,790,978 | ' |
Held-to-maturity Securities, Three months or less, Amortized Cost | 0 | ' |
Held-to-maturity Securities, Over three months through twelve months, Amortized Cost | 357 | ' |
Held-to-maturity Securities, After one year through five years, Amortized Cost | 728 | ' |
Held-to-maturity Securities, After five years through ten years, Amortized Cost | 44 | ' |
Held-to-maturity Securities, After ten years, Amortized Cost | 4,434 | ' |
Held to maturity, at amortized cost | 5,563 | 4,541 |
Held-to-maturity Securities, Three months or less, Fair Value | 0 | ' |
Held-to-maturity Securities, Over three months through twelve months, Fair Value | 407 | ' |
Held-to-maturity Securities, After one year through five years, Fair Value | 983 | ' |
Held-to-maturity Securities, After five years through ten years, Fair Value | 49 | ' |
Held-to-maturity Securities, After ten years, Fair Value | 4,435 | ' |
Held-to-maturity Securities, Fair Value | 5,874 | 4,732 |
Other Investments Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,959 | ' |
Available-for-sale Securities, Fair Value | 1,964 | ' |
Held to maturity, at amortized cost | 0 | ' |
Held-to-maturity Securities, Fair Value | $0 | ' |
Investment_Securities_Gross_Re
Investment Securities (Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment Holdings [Line Items] | ' | ' | ' |
Gains | $210 | $4,977 | $8,552 |
Losses | 1 | 954 | 817 |
U.S. Treasury And Agencies [Member] | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' |
Gains | 0 | 371 | 0 |
Losses | 0 | 0 | 0 |
Obligations Of States And Political Subdivisions [Member] | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' |
Gains | 10 | 10 | 8 |
Losses | 1 | 1 | 0 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' |
Gains | 0 | 4,578 | 8,544 |
Losses | 0 | 953 | 817 |
Other Debt Securities [Member] | ' | ' | ' |
Investment Holdings [Line Items] | ' | ' | ' |
Gains | 200 | 18 | 0 |
Losses | $0 | $0 | $0 |
Investment_Securities_Investme
Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
To Federal Home Loan Bank to secure borrowings, Amortized Cost | $11,303 |
To Federal Home Loan Bank to secure borrowings, Fair Value | 11,689 |
To state and local governments to secure public deposits, Amortized Cost | 833,068 |
To state and local governments to secure public deposits, Fair Value | 824,737 |
Other securities pledged principally to secure repurchase agreements, Amortized Cost | 324,253 |
Other securities pledged principally to secure repurchase agreements, Fair Value | 318,708 |
Total pledged securities, Amortized Cost | 1,168,624 |
Total pledged securities, Fair Value | $1,155,134 |
NonCovered_Loans_and_Leases_Na
Non-Covered Loans and Leases (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ' | ' |
Non-covered loans and leases, net of deferred fees and costs | $7,269,089,000 | $6,595,689,000 |
Non-covered loans and leases, deferred fees and costs | 495,000 | 12,100,000 |
Total loans pledged to secure borrowings | 5,300,000,000 | ' |
Non-covered loans acquired with deteriorated credit quality | $21,900,000 | $19,300,000 |
NonCovered_Loans_and_Leases_Sc
Non-Covered Loans and Leases (Schedule Of Major Types Of Non-Covered Loans And Leases) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Commercial real estate, Non-owner occupied term, net | $2,328,260 | $2,316,909 |
Commercial real estate, Owner occupied term, net | 1,259,583 | 1,276,840 |
Commercial real estate, Multifamily, net | 403,537 | 331,735 |
Commercial real estate, Construction & development, net | 245,231 | 200,631 |
Commercial real estate, Residential development, net | 88,413 | 57,139 |
Commercial, Term, net | 770,845 | 797,061 |
Commercial, LOC & other, net | 987,360 | 890,808 |
Commercial, Leases and equipment finance, net | 361,591 | 31,270 |
Residential, Mortgage, net | 597,201 | 478,463 |
Residential, Home equity loans & lines, net | 264,269 | 262,637 |
Consumer & other, net | 48,113 | 37,587 |
Total, Non-covered loans and leases | $7,354,403 | $6,681,080 |
NonCovered_Loans_and_Leases_Ne
Non-Covered Loans and Leases (Net Investment In Direct Financing Leases and Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Minimum lease payments receivable | $242,220 | $26,265 |
Estimated guaranteed and unguaranteed residual value | 8,455 | 3,163 |
Initial direct costs - net of accumulated amortization | 3,824 | 0 |
Unearned income | -55,110 | -3,238 |
Equipment finance loans, including unamortized deferred fees and costs | 151,721 | 0 |
Interim lease receivables | 6,752 | 5,080 |
Accretable yield/purchase accounting adjustments | 3,729 | 0 |
Net investment in direct financing leases and loans | 361,591 | 31,270 |
Allowance for credit losses | -3,775 | -225 |
Net investment in direct financing leases and loans - net | $357,816 | $31,045 |
NonCovered_Loans_and_Leases_Sc1
Non-Covered Loans and Leases (Schedule Of Minimum Lease Payments Receivable) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Receivables [Abstract] | ' |
2014 | $96,275 |
2015 | 68,310 |
2016 | 42,366 |
2017 | 23,790 |
2018 | 9,333 |
Thereafter | 2,146 |
Total | $242,220 |
Allowance_for_NonCovered_Loan_2
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Non-covered loans and leases, deferred fees and costs | $495,000 | $12,100,000 |
Unallocated allowance, maximum percentage | 5.00% | ' |
Secured loan portfolio, percentage | 74.00% | 79.00% |
External appraisal, months | '12 months | ' |
External appraisal considered stale requiring a new appraisal, years | '1 year | ' |
Loans past due as to maturity, days | '90 days | ' |
Financing Receivable Modifications Recorded Investments | 73,590,000 | 101,778,000 |
Restructured Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 68,800,000 | 70,600,000 |
Percentage of loan collateral balance, greater than or equal to | 100.00% | ' |
Available commitments for troubled debt restructurings outstanding | $0 | $0 |
Homogeneous [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Duration of time account is past due before risk rating is applied | '30 days | ' |
Minimal Risk [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 1 | ' |
Low Risk [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 2 | ' |
Modest Risk [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 3 | ' |
Average Risk [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 4 | ' |
Acceptable Risk [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 5 | ' |
Pass/Watch [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 6 | ' |
Special Mention [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 7 | ' |
Special Mention [Member] | Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 7 | ' |
Special Mention [Member] | Homogeneous [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '59 days | ' |
Special Mention [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '30 days | ' |
Special Mention [Member] | Homogeneous Retail [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 7 | ' |
Special Mention [Member] | Homogeneous Retail [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '89 days | ' |
Special Mention [Member] | Homogeneous Retail [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '30 days | ' |
Substandard [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 8 | ' |
Substandard [Member] | Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 8 | ' |
Substandard [Member] | Homogeneous [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '89 days | ' |
Substandard [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '60 days | ' |
Substandard [Member] | Homogeneous Retail [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 8 | ' |
Substandard [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' |
Substandard [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '90 days | ' |
Substandard [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '120 days | ' |
Substandard [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '90 days | ' |
Doubtful [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 9 | ' |
Doubtful [Member] | Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 9 | ' |
Doubtful [Member] | Homogeneous [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '179 days | ' |
Doubtful [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '90 days | ' |
Loss [Member] | Non-Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 10 | ' |
Loss [Member] | Homogeneous [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 10 | ' |
Loss [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' |
Loss [Member] | Homogeneous Retail [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Internal risk rating code | 10 | ' |
Loss [Member] | Homogeneous Retail [Member] | Maximum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' |
Loss [Member] | Homogeneous Retail [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '120 days | ' |
Loss [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' |
Loss [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Minimum [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Days past due on account for qualifying credit quality indicator | '120 days | ' |
Allowance_for_NonCovered_Loan_3
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Activity In The Non-Covered Allowance For Loan And Lease Losses) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period, Allowance | ' | ' | ' | $85,391 | ' | ' | ' | $92,968 | $85,391 | $92,968 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -30,995 | -41,339 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 14,089 | 11,966 | ' |
Provision | 3,840 | 3,008 | 2,993 | 6,988 | 4,913 | 7,078 | 6,638 | 3,167 | 16,829 | 21,796 | 46,220 |
Balance, end of period, Allowance | 85,314 | ' | ' | ' | 85,391 | ' | ' | ' | 85,314 | 85,391 | 92,968 |
Collectively evaluated for impairment, Allowance | 83,517 | ' | ' | ' | 83,990 | ' | ' | ' | 83,517 | 83,990 | ' |
Individually evaluated for impairment, Allowance | 1,797 | ' | ' | ' | 1,401 | ' | ' | ' | 1,797 | 1,401 | ' |
Total, Allowance for non-covered loans and leases | 85,314 | ' | ' | ' | 85,391 | ' | ' | ' | 85,314 | 85,391 | 92,968 |
Collectively evaluated for impairment, Non-covered loans and leases | 7,253,620 | ' | ' | ' | 6,538,671 | ' | ' | ' | 7,253,620 | 6,538,671 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 100,783 | ' | ' | ' | 142,409 | ' | ' | ' | 100,783 | 142,409 | ' |
Total, Non-covered loans and leases | 7,354,403 | ' | ' | ' | 6,681,080 | ' | ' | ' | 7,354,403 | 6,681,080 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period, Allowance | ' | ' | ' | 54,909 | ' | ' | ' | 59,574 | 54,909 | 59,574 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -7,445 | -22,349 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 3,322 | 5,409 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 2,647 | 12,275 | ' |
Balance, end of period, Allowance | 53,433 | ' | ' | ' | 54,909 | ' | ' | ' | 53,433 | 54,909 | ' |
Collectively evaluated for impairment, Allowance | 51,648 | ' | ' | ' | 53,513 | ' | ' | ' | 51,648 | 53,513 | ' |
Individually evaluated for impairment, Allowance | 1,785 | ' | ' | ' | 1,396 | ' | ' | ' | 1,785 | 1,396 | ' |
Total, Allowance for non-covered loans and leases | 53,433 | ' | ' | ' | 54,909 | ' | ' | ' | 53,433 | 54,909 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 4,235,744 | ' | ' | ' | 4,059,419 | ' | ' | ' | 4,235,744 | 4,059,419 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 89,280 | ' | ' | ' | 123,835 | ' | ' | ' | 89,280 | 123,835 | ' |
Total, Non-covered loans and leases | 4,325,024 | ' | ' | ' | 4,183,254 | ' | ' | ' | 4,325,024 | 4,183,254 | ' |
Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period, Allowance | ' | ' | ' | 22,925 | ' | ' | ' | 20,485 | 22,925 | 20,485 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -19,266 | -12,209 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 9,914 | 5,356 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 10,618 | 9,293 | ' |
Balance, end of period, Allowance | 24,191 | ' | ' | ' | 22,925 | ' | ' | ' | 24,191 | 22,925 | ' |
Collectively evaluated for impairment, Allowance | 24,179 | ' | ' | ' | 22,925 | ' | ' | ' | 24,179 | 22,925 | ' |
Individually evaluated for impairment, Allowance | 12 | ' | ' | ' | 0 | ' | ' | ' | 12 | 0 | ' |
Total, Allowance for non-covered loans and leases | 24,191 | ' | ' | ' | 22,925 | ' | ' | ' | 24,191 | 22,925 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 2,108,293 | ' | ' | ' | 1,700,761 | ' | ' | ' | 2,108,293 | 1,700,761 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 11,503 | ' | ' | ' | 18,378 | ' | ' | ' | 11,503 | 18,378 | ' |
Total, Non-covered loans and leases | 2,119,796 | ' | ' | ' | 1,719,139 | ' | ' | ' | 2,119,796 | 1,719,139 | ' |
Residential [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period, Allowance | ' | ' | ' | 6,925 | ' | ' | ' | 7,625 | 6,925 | 7,625 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -3,458 | -5,282 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 351 | 762 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 3,009 | 3,820 | ' |
Balance, end of period, Allowance | 6,827 | ' | ' | ' | 6,925 | ' | ' | ' | 6,827 | 6,925 | ' |
Collectively evaluated for impairment, Allowance | 6,827 | ' | ' | ' | 6,920 | ' | ' | ' | 6,827 | 6,920 | ' |
Individually evaluated for impairment, Allowance | 0 | ' | ' | ' | 5 | ' | ' | ' | 0 | 5 | ' |
Total, Allowance for non-covered loans and leases | 6,827 | ' | ' | ' | 6,925 | ' | ' | ' | 6,827 | 6,925 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 861,470 | ' | ' | ' | 740,925 | ' | ' | ' | 861,470 | 740,925 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 0 | ' | ' | ' | 175 | ' | ' | ' | 0 | 175 | ' |
Total, Non-covered loans and leases | 861,470 | ' | ' | ' | 741,100 | ' | ' | ' | 861,470 | 741,100 | ' |
Consumer & Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period, Allowance | ' | ' | ' | 632 | ' | ' | ' | 867 | 632 | 867 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | -826 | -1,499 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 502 | 439 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 555 | 825 | ' |
Balance, end of period, Allowance | 863 | ' | ' | ' | 632 | ' | ' | ' | 863 | 632 | ' |
Collectively evaluated for impairment, Allowance | 863 | ' | ' | ' | 632 | ' | ' | ' | 863 | 632 | ' |
Individually evaluated for impairment, Allowance | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Total, Allowance for non-covered loans and leases | 863 | ' | ' | ' | 632 | ' | ' | ' | 863 | 632 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 48,113 | ' | ' | ' | 37,566 | ' | ' | ' | 48,113 | 37,566 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 0 | ' | ' | ' | 21 | ' | ' | ' | 0 | 21 | ' |
Total, Non-covered loans and leases | 48,113 | ' | ' | ' | 37,587 | ' | ' | ' | 48,113 | 37,587 | ' |
Unallocated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period, Allowance | ' | ' | ' | 0 | ' | ' | ' | 4,417 | 0 | 4,417 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -4,417 | ' |
Balance, end of period, Allowance | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Collectively evaluated for impairment, Allowance | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Individually evaluated for impairment, Allowance | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Total, Allowance for non-covered loans and leases | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' |
Allowance_for_NonCovered_Loan_4
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Summary Of Reserve For Unfunded Commitments Activity) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | $1,223 | $940 |
Net change to other expense | 213 | 283 |
Balance, end of period | 1,436 | 1,223 |
Unfunded loan commitments | 1,638,446 | 1,431,612 |
Commercial Real Estate [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 172 | 59 |
Net change to other expense | 48 | 113 |
Balance, end of period | 220 | 172 |
Unfunded loan commitments | 237,042 | 196,292 |
Commercial [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 807 | 633 |
Net change to other expense | 93 | 174 |
Balance, end of period | 900 | 807 |
Unfunded loan commitments | 1,012,257 | 925,642 |
Residential [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 173 | 185 |
Net change to other expense | 59 | -12 |
Balance, end of period | 232 | 173 |
Unfunded loan commitments | 336,559 | 257,508 |
Consumer & Other [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 71 | 63 |
Net change to other expense | 13 | 8 |
Balance, end of period | 84 | 71 |
Unfunded loan commitments | $52,588 | $52,170 |
Allowance_for_NonCovered_Loan_5
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Non-Covered Loans Sold) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | $60,298 | $14,242 | $11,185 |
Non-owner Occupied Term [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 4,039 | 10,623 | ' |
Owner Occupied Term [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 3,738 | 1,473 | ' |
Multifamily [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 0 | 0 | ' |
Construction & Development [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 3,515 | 0 | ' |
Residential Development [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 363 | 12 | ' |
Term [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 47,635 | 0 | ' |
LOC & Other [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 0 | 1,942 | ' |
Leases and Equipment Finance [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 0 | 0 | ' |
Mortgage [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 1,008 | 192 | ' |
Home Equity Loans & Lines [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | 0 | 0 | ' |
Consumer & Other [Member] | ' | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' | ' |
Total | $0 | $0 | ' |
Allowance_for_NonCovered_Loan_6
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Non-Covered Non-Accrual Loans And Loans Past Due) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | $10,252 | $17,751 | ||
60-89 Days Past Due | 5,038 | 6,040 | ||
Greater Than 90 Days and Accruing | 3,430 | 4,232 | ||
Total Past Due | 18,720 | 28,023 | ||
Nonaccrual | 31,891 | 66,736 | ||
Current | 7,303,792 | [1] | 6,586,321 | [1] |
Total, Non-covered loans and leases | 7,354,403 | 6,681,080 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Total, Non-covered loans and leases | 4,325,024 | 4,183,254 | ||
Non-owner Occupied Term [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 3,618 | 5,132 | ||
60-89 Days Past Due | 352 | 1,097 | ||
Greater Than 90 Days and Accruing | 0 | 0 | ||
Total Past Due | 3,970 | 6,229 | ||
Nonaccrual | 9,193 | 33,797 | ||
Current | 2,315,097 | [1] | 2,276,883 | [1] |
Total, Non-covered loans and leases | 2,328,260 | 2,316,909 | ||
Owner Occupied Term [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 1,320 | 2,615 | ||
60-89 Days Past Due | 340 | 1,687 | ||
Greater Than 90 Days and Accruing | 610 | 0 | ||
Total Past Due | 2,270 | 4,302 | ||
Nonaccrual | 6,204 | 8,448 | ||
Current | 1,251,109 | [1] | 1,264,090 | [1] |
Total, Non-covered loans and leases | 1,259,583 | 1,276,840 | ||
Multifamily [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ||
60-89 Days Past Due | 0 | 0 | ||
Greater Than 90 Days and Accruing | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Nonaccrual | 935 | 1,045 | ||
Current | 402,602 | [1] | 330,690 | [1] |
Total, Non-covered loans and leases | 403,537 | 331,735 | ||
Construction & Development [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 0 | 283 | ||
60-89 Days Past Due | 0 | 0 | ||
Greater Than 90 Days and Accruing | 0 | 0 | ||
Total Past Due | 0 | 283 | ||
Nonaccrual | 0 | 4,177 | ||
Current | 245,231 | [1] | 196,171 | [1] |
Total, Non-covered loans and leases | 245,231 | 200,631 | ||
Residential Development [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 0 | 479 | ||
60-89 Days Past Due | 0 | 0 | ||
Greater Than 90 Days and Accruing | 0 | 0 | ||
Total Past Due | 0 | 479 | ||
Nonaccrual | 2,801 | 5,132 | ||
Current | 85,612 | [1] | 51,528 | [1] |
Total, Non-covered loans and leases | 88,413 | 57,139 | ||
Commercial [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Total, Non-covered loans and leases | 2,119,796 | 1,719,139 | ||
Term [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 901 | 3,009 | ||
60-89 Days Past Due | 1,436 | 746 | ||
Greater Than 90 Days and Accruing | 0 | 81 | ||
Total Past Due | 2,337 | 3,836 | ||
Nonaccrual | 8,723 | 7,040 | ||
Current | 759,785 | [1] | 786,185 | [1] |
Total, Non-covered loans and leases | 770,845 | 797,061 | ||
LOC & Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 619 | 1,647 | ||
60-89 Days Past Due | 224 | 1,503 | ||
Greater Than 90 Days and Accruing | 0 | 0 | ||
Total Past Due | 843 | 3,150 | ||
Nonaccrual | 1,222 | 7,027 | ||
Current | 985,295 | [1] | 880,631 | [1] |
Total, Non-covered loans and leases | 987,360 | 890,808 | ||
Leases and Equipment Finance [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 2,202 | 0 | ||
60-89 Days Past Due | 1,706 | 0 | ||
Greater Than 90 Days and Accruing | 517 | 0 | ||
Total Past Due | 4,425 | 0 | ||
Nonaccrual | 2,813 | 0 | ||
Current | 354,353 | [1] | 31,270 | [1] |
Total, Non-covered loans and leases | 361,591 | 31,270 | ||
Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Total, Non-covered loans and leases | 861,470 | 741,100 | ||
Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 1,050 | 2,906 | ||
60-89 Days Past Due | 342 | 602 | ||
Greater Than 90 Days and Accruing | 2,070 | 3,303 | ||
Total Past Due | 3,462 | 6,811 | ||
Nonaccrual | 0 | 0 | ||
Current | 593,739 | [1] | 471,652 | [1] |
Total, Non-covered loans and leases | 597,201 | 478,463 | ||
Home Equity Loans & Lines [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 473 | 1,398 | ||
60-89 Days Past Due | 563 | 214 | ||
Greater Than 90 Days and Accruing | 160 | 758 | ||
Total Past Due | 1,196 | 2,370 | ||
Nonaccrual | 0 | 49 | ||
Current | 263,073 | [1] | 260,218 | [1] |
Total, Non-covered loans and leases | 264,269 | 262,637 | ||
Consumer & Other [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30-59 Days Past Due | 69 | 282 | ||
60-89 Days Past Due | 75 | 191 | ||
Greater Than 90 Days and Accruing | 73 | 90 | ||
Total Past Due | 217 | 563 | ||
Nonaccrual | 0 | 21 | ||
Current | 47,896 | [1] | 37,003 | [1] |
Total, Non-covered loans and leases | $48,113 | $37,587 | ||
[1] | Other includes non-covered loans accounted for under ASC 310-30. |
Allowance_for_NonCovered_Loan_7
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Non-Covered Impaired Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance | $1,797 | $1,401 |
Unpaid Principal Balance | 126,910 | 161,176 |
Recorded Investment | 100,783 | 142,409 |
Impaired Financing Receivable, Average Recorded Investment | 123,983 | 149,806 |
Impaired Financing Receivable, Interest Income, Accrual Method | 2,913 | 2,729 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance | 1,785 | 1,396 |
Unpaid Principal Balance | 97,016 | 136,472 |
Recorded Investment | 89,280 | 123,835 |
Impaired Financing Receivable, Average Recorded Investment | 107,771 | 128,221 |
Impaired Financing Receivable, Interest Income, Accrual Method | 2,845 | 2,532 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 19,350 | 38,654 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 18,285 | 33,912 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 31,024 | 36,167 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 31,252 | 35,732 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 31,362 | 35,732 |
Related Allowance | 928 | 762 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 32,250 | 25,608 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1,512 | 1,076 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,674 | 10,085 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,204 | 8,449 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,014 | 7,998 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,202 | 5,284 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,202 | 5,284 |
Related Allowance | 198 | 436 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,448 | 3,328 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 205 | 37 |
Multifamily [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,416 | 1,214 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 935 | 1,045 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 765 | 886 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ' |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,518 | 18,526 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,498 | 15,638 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,021 | 17,899 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,091 | 1,091 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,091 | 1,091 |
Related Allowance | 11 | 14 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,898 | 2,400 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 484 | 672 |
Residential Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 12,347 | 9,293 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,776 | 6,091 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,592 | 15,518 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,166 | 16,593 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,927 | 16,593 |
Related Allowance | 648 | 184 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 14,759 | 18,417 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 644 | 747 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance | 12 | 0 |
Unpaid Principal Balance | 29,894 | 24,507 |
Recorded Investment | 11,503 | 18,378 |
Impaired Financing Receivable, Average Recorded Investment | 15,963 | 21,153 |
Impaired Financing Receivable, Interest Income, Accrual Method | 68 | 191 |
Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 22,750 | 13,729 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,723 | 10,532 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 10,981 | 11,966 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 300 | 0 |
Related Allowance | 8 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 974 | 443 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 17 | 182 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,886 | 10,778 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,222 | 7,846 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,836 | 7,949 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,258 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,258 | 0 |
Related Allowance | 4 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,172 | 795 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 51 | 9 |
Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Related Allowance | 0 | 5 |
Unpaid Principal Balance | 0 | 176 |
Recorded Investment | 0 | 175 |
Impaired Financing Receivable, Average Recorded Investment | 248 | 428 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 6 |
Mortgage [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 153 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 50 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 49 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 70 | 301 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 126 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 126 |
Related Allowance | 0 | 5 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 25 | 127 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 6 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 21 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 21 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1 | 4 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Unpaid Principal Balance | 0 | 21 |
Recorded Investment | 0 | 21 |
Impaired Financing Receivable, Average Recorded Investment | 1 | 4 |
Impaired Financing Receivable, Interest Income, Accrual Method | $0 | $0 |
Allowance_for_NonCovered_Loan_8
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Internal Risk Rating By Loan Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | $7,354,403 | $6,681,080 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 4,325,024 | 4,183,254 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 2,328,260 | 2,316,909 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,259,583 | 1,276,840 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 403,537 | 331,735 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 245,231 | 200,631 |
Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 88,413 | 57,139 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 2,119,796 | 1,719,139 |
Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 770,845 | 797,061 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 987,360 | 890,808 |
Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 361,591 | 31,270 |
Residential [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 861,470 | 741,100 |
Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 597,201 | 478,463 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 264,269 | 262,637 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 48,113 | 37,587 |
Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 6,865,393 | 6,058,655 |
Percentage of impaired loans | 6.40% | 9.00% |
Pass/Watch [Member] | Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 2,073,366 | 1,993,369 |
Pass/Watch [Member] | Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,182,865 | 1,185,721 |
Pass/Watch [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 385,335 | 324,315 |
Pass/Watch [Member] | Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 230,262 | 165,185 |
Pass/Watch [Member] | Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 67,019 | 25,018 |
Pass/Watch [Member] | Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 718,778 | 717,546 |
Pass/Watch [Member] | LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 951,109 | 847,883 |
Pass/Watch [Member] | Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 351,971 | 31,270 |
Pass/Watch [Member] | Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 593,723 | 471,206 |
Pass/Watch [Member] | Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 263,070 | 260,086 |
Pass/Watch [Member] | Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 47,895 | 37,056 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 200,104 | 267,655 |
Percentage of impaired loans | 3.70% | 1.70% |
Special Mention [Member] | Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 108,263 | 174,892 |
Special Mention [Member] | Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 27,615 | 26,475 |
Special Mention [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 5,574 | 1,950 |
Special Mention [Member] | Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 2,054 | 12,654 |
Special Mention [Member] | Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,836 | 4,373 |
Special Mention [Member] | Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 23,393 | 22,256 |
Special Mention [Member] | LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 24,197 | 19,510 |
Special Mention [Member] | Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 4,585 | 0 |
Special Mention [Member] | Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,405 | 3,510 |
Special Mention [Member] | Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,038 | 1,616 |
Special Mention [Member] | Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 144 | 419 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 183,114 | 208,940 |
Percentage of impaired loans | 89.90% | 89.30% |
Substandard [Member] | Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 96,984 | 79,004 |
Substandard [Member] | Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 37,524 | 50,911 |
Substandard [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 11,693 | 4,425 |
Substandard [Member] | Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 3,326 | 6,063 |
Substandard [Member] | Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,855 | 5,064 |
Substandard [Member] | Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 19,651 | 46,727 |
Substandard [Member] | LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 9,574 | 15,569 |
Substandard [Member] | Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,706 | 0 |
Substandard [Member] | Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 743 | 1,120 |
Substandard [Member] | Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 25 | 0 |
Substandard [Member] | Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 33 | 57 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 3,169 | 0 |
Doubtful [Member] | Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 173 | 0 |
Doubtful [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 2,996 | 0 |
Doubtful [Member] | Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Doubtful [Member] | Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,840 | 3,421 |
Loss [Member] | Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Loss [Member] | Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 333 | 0 |
Loss [Member] | Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 1,330 | 2,627 |
Loss [Member] | Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 136 | 760 |
Loss [Member] | Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 41 | 34 |
Impaired [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 100,783 | 142,409 |
Impaired [Member] | Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 49,647 | 69,644 |
Impaired [Member] | Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 11,406 | 13,733 |
Impaired [Member] | Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 935 | 1,045 |
Impaired [Member] | Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 9,589 | 16,729 |
Impaired [Member] | Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 17,703 | 22,684 |
Impaired [Member] | Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 9,023 | 10,532 |
Impaired [Member] | LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 2,480 | 7,846 |
Impaired [Member] | Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Impaired [Member] | Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 0 |
Impaired [Member] | Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | 0 | 175 |
Impaired [Member] | Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans by credit quality | $0 | $21 |
Allowance_for_NonCovered_Loan_9
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Schedule Of Troubled Debt Restructuring By Accrual versus Non-Accrual Status) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | $73,590 | $101,778 |
Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 68,791 | 70,602 |
Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 4,799 | 31,176 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 37,366 | 50,529 |
Non-owner Occupied Term [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 37,366 | 34,329 |
Non-owner Occupied Term [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 16,200 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 5,202 | 5,689 |
Owner Occupied Term [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 5,202 | 5,284 |
Owner Occupied Term [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 405 |
Multifamily [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Multifamily [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Multifamily [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 9,590 | 16,068 |
Construction & Development [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 9,590 | 12,552 |
Construction & Development [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 3,516 |
Residential Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 17,098 | 22,062 |
Residential Development [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 14,902 | 17,141 |
Residential Development [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 2,196 | 4,921 |
Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 2,603 | 4,991 |
Term [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 350 |
Term [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 2,603 | 4,641 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 1,258 | 2,313 |
LOC & Other [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 1,258 | 820 |
LOC & Other [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 1,493 |
Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Leases and Equipment Finance [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Leases and Equipment Finance [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 473 | 0 |
Mortgage [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 473 | 0 |
Mortgage [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 126 |
Home Equity Loans & Lines [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 126 |
Home Equity Loans & Lines [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Consumer & Other [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Consumer & Other [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | $0 | $0 |
Recovered_Sheet1
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Schedule Of Newly Restructured Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | $8,809 | $23,057 |
Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 14,920 |
Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 4,291 | 0 |
Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 820 |
Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 4,518 | 7,317 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 4,291 | 16,928 |
Non-owner Occupied Term [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 14,333 |
Non-owner Occupied Term [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Non-owner Occupied Term [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 4,291 | 0 |
Non-owner Occupied Term [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Non-owner Occupied Term [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 2,595 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 5,309 |
Owner Occupied Term [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 587 |
Owner Occupied Term [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Owner Occupied Term [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Owner Occupied Term [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Owner Occupied Term [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 4,722 |
Multifamily [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Multifamily [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Multifamily [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Multifamily [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Multifamily [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Multifamily [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Construction & Development [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Construction & Development [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Construction & Development [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Construction & Development [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Construction & Development [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Residential Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Residential Development [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Residential Development [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Residential Development [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Residential Development [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Residential Development [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 3,588 | 0 |
Term [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Term [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Term [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Term [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Term [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 3,588 | 0 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 452 | 820 |
LOC & Other [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
LOC & Other [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
LOC & Other [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
LOC & Other [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 820 |
LOC & Other [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 452 | 0 |
Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Leases and Equipment Finance [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Leases and Equipment Finance [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Leases and Equipment Finance [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Leases and Equipment Finance [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Leases and Equipment Finance [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 478 | 0 |
Mortgage [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Mortgage [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Mortgage [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Mortgage [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Mortgage [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 478 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Home Equity Loans & Lines [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Home Equity Loans & Lines [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Home Equity Loans & Lines [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Home Equity Loans & Lines [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Home Equity Loans & Lines [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Rate Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Term Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Interest Only Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Payment Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Combination Modifications [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications During The Period | $0 | $0 |
Recovered_Sheet2
Allowance for Non-Covered Loan and Lease Loss and Credit Quality (Schedule Of Troubled Debt Restructurings Modified With Payment Default) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | $1,786 | $876 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 0 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 217 |
Multifamily [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 0 |
Residential Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 633 |
Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 1,786 | 0 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 26 |
Leases and Equipment Finance [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Subsequent Default During The Period | $0 | $0 |
Covered_Assets_and_Indemnifica2
Covered Assets and Indemnification Asset (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
risk_rating | |||
Business Acquisition [Line Items] | ' | ' | ' |
Recaptured provision on covered loans | $8.80 | $3.80 | $3.50 |
Range of risk rating for loans and leases, minimum | 1 | ' | ' |
Range of risk rating for loans and leases, maximum | 10 | ' | ' |
Evergreen Bank [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Outstanding unpaid principal of covered loans | 93.8 | 137.7 | ' |
Rainier Pacific Bank [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Outstanding unpaid principal of covered loans | 224.1 | 297 | ' |
Nevada Security Bank [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Outstanding unpaid principal of covered loans | $144.50 | $198.40 | ' |
Covered_Assets_and_Indemnifica3
Covered Assets and Indemnification Asset (Major Types Of Covered Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $373,763 | $495,353 | ' |
Allowance for covered loans | -9,771 | -18,275 | -14,320 |
Total | 363,992 | 477,078 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 305,131 | 399,514 | ' |
Allowance for covered loans | -6,105 | -12,129 | -8,939 |
Non-owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 206,902 | 264,481 | ' |
Total | 204,052 | 259,105 | ' |
Owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 49,817 | 68,650 | ' |
Total | 48,673 | 66,591 | ' |
Multifamily [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 37,671 | 44,878 | ' |
Total | 37,185 | 43,643 | ' |
Construction & Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 3,455 | 11,711 | ' |
Total | 2,803 | 9,688 | ' |
Residential Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 7,286 | 9,794 | ' |
Total | 6,311 | 8,358 | ' |
Commercial [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 22,417 | 38,521 | ' |
Allowance for covered loans | -2,837 | -4,980 | -3,964 |
Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 15,719 | 23,524 | ' |
Total | 13,280 | 19,428 | ' |
LOC & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 6,698 | 14,997 | ' |
Total | 6,302 | 14,113 | ' |
Residential [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 41,953 | 51,267 | ' |
Allowance for covered loans | -660 | -804 | -991 |
Mortgage [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 22,316 | 27,825 | ' |
Total | 22,175 | 27,596 | ' |
Home Equity Loans & Lines [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 19,637 | 23,442 | ' |
Total | 19,119 | 22,867 | ' |
Consumer & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 4,262 | 6,051 | ' |
Allowance for covered loans | -169 | -362 | -426 |
Total | 4,092 | 5,689 | ' |
Evergreen Bank [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 73,758 | 105,895 | ' |
Evergreen Bank [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 29,019 | 36,074 | ' |
Evergreen Bank [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 18,582 | 26,682 | ' |
Evergreen Bank [Member] | Multifamily [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 7,626 | 10,132 | ' |
Evergreen Bank [Member] | Construction & Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,506 | 4,941 | ' |
Evergreen Bank [Member] | Residential Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,861 | 3,840 | ' |
Evergreen Bank [Member] | Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 5,651 | 9,961 | ' |
Evergreen Bank [Member] | LOC & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,664 | 4,984 | ' |
Evergreen Bank [Member] | Mortgage [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 3,075 | 3,948 | ' |
Evergreen Bank [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,820 | 3,478 | ' |
Evergreen Bank [Member] | Consumer & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 954 | 1,855 | ' |
Rainier Pacific Bank [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 192,257 | 253,013 | ' |
Rainier Pacific Bank [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 117,076 | 157,055 | ' |
Rainier Pacific Bank [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 14,711 | 18,853 | ' |
Rainier Pacific Bank [Member] | Multifamily [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 22,210 | 23,777 | ' |
Rainier Pacific Bank [Member] | Construction & Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 0 | 637 | ' |
Rainier Pacific Bank [Member] | Residential Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 0 | 0 | ' |
Rainier Pacific Bank [Member] | Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 768 | 2,230 | ' |
Rainier Pacific Bank [Member] | LOC & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,934 | 7,081 | ' |
Rainier Pacific Bank [Member] | Mortgage [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 17,468 | 22,059 | ' |
Rainier Pacific Bank [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 14,782 | 17,178 | ' |
Rainier Pacific Bank [Member] | Consumer & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 3,308 | 4,143 | ' |
Nevada Security Bank [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 107,748 | 136,445 | ' |
Nevada Security Bank [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 60,807 | 71,352 | ' |
Nevada Security Bank [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 16,524 | 23,115 | ' |
Nevada Security Bank [Member] | Multifamily [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 7,835 | 10,969 | ' |
Nevada Security Bank [Member] | Construction & Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,949 | 6,133 | ' |
Nevada Security Bank [Member] | Residential Development [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 5,425 | 5,954 | ' |
Nevada Security Bank [Member] | Term [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 9,300 | 11,333 | ' |
Nevada Security Bank [Member] | LOC & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,100 | 2,932 | ' |
Nevada Security Bank [Member] | Mortgage [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,773 | 1,818 | ' |
Nevada Security Bank [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,035 | 2,786 | ' |
Nevada Security Bank [Member] | Consumer & Other [Member] | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $0 | $53 | ' |
Covered_Assets_and_Indemnifica4
Covered Assets and Indemnification Asset (Changes In Accretable Yield In Acquired Loans) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | $183,388 | $237,833 |
Accretion to interest income | -51,498 | -71,531 |
Disposals | -19,286 | -34,607 |
Reclassifications (to)/from nonaccretable difference | 13,880 | 51,693 |
Balance, end of period | 126,484 | 183,388 |
Evergreen Bank [Member] | ' | ' |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | 34,567 | 56,479 |
Accretion to interest income | -12,695 | -21,237 |
Disposals | -3,221 | -9,688 |
Reclassifications (to)/from nonaccretable difference | 1,412 | 9,013 |
Balance, end of period | 20,063 | 34,567 |
Rainier Pacific Bank [Member] | ' | ' |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | 102,468 | 120,333 |
Accretion to interest income | -23,511 | -30,325 |
Disposals | -12,362 | -19,705 |
Reclassifications (to)/from nonaccretable difference | 5,194 | 32,165 |
Balance, end of period | 71,789 | 102,468 |
Nevada Security Bank [Member] | ' | ' |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | 46,353 | 61,021 |
Accretion to interest income | -15,292 | -19,969 |
Disposals | -3,703 | -5,214 |
Reclassifications (to)/from nonaccretable difference | 7,274 | 10,515 |
Balance, end of period | $34,632 | $46,353 |
Covered_Assets_and_Indemnifica5
Covered Assets and Indemnification Asset (Activity Related To Allowance For Covered Loan And Lease Losses By Covered Loan Portfolio) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | $18,275 | $14,320 |
Charge-offs | -4,503 | -5,789 |
Recoveries | 2,112 | 2,339 |
(Recapture) provision | -6,113 | 7,405 |
Balance, end of period | 9,771 | 18,275 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 12,129 | 8,939 |
Charge-offs | -2,303 | -2,921 |
Recoveries | 1,114 | 1,264 |
(Recapture) provision | -4,835 | 4,847 |
Balance, end of period | 6,105 | 12,129 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 4,980 | 3,964 |
Charge-offs | -1,544 | -1,613 |
Recoveries | 531 | 733 |
(Recapture) provision | -1,130 | 1,896 |
Balance, end of period | 2,837 | 4,980 |
Residential [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 804 | 991 |
Charge-offs | -197 | -596 |
Recoveries | 218 | 237 |
(Recapture) provision | -165 | 172 |
Balance, end of period | 660 | 804 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 362 | 426 |
Charge-offs | -459 | -659 |
Recoveries | 249 | 105 |
(Recapture) provision | 17 | 490 |
Balance, end of period | $169 | $362 |
Covered_Assets_and_Indemnifica6
Covered Assets and Indemnification Asset (Allowance And Recorded Investment By Covered Loan Portfolio) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Loans acquired with deteriorated credit quality | $9,435 | [1] | $17,385 | [1] | ' |
Collectively evaluated for impairment | 336 | [2] | 890 | [2] | ' |
Total | 9,771 | 18,275 | 14,320 | ||
Loans acquired with deteriorated credit quality | 358,712 | [1] | 468,608 | [1] | ' |
Collectively evaluated for impairment | 15,051 | [2] | 26,745 | [2] | ' |
Total | 373,763 | 495,353 | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Loans acquired with deteriorated credit quality | 5,995 | [1] | 11,756 | [1] | ' |
Collectively evaluated for impairment | 110 | [2] | 373 | [2] | ' |
Total | 6,105 | 12,129 | 8,939 | ||
Loans acquired with deteriorated credit quality | 304,232 | [1] | 393,464 | [1] | ' |
Collectively evaluated for impairment | 899 | [2] | 6,050 | [2] | ' |
Total | 305,131 | 399,514 | ' | ||
Commercial [Member] | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Loans acquired with deteriorated credit quality | 2,713 | [1] | 4,559 | [1] | ' |
Collectively evaluated for impairment | 124 | [2] | 421 | [2] | ' |
Total | 2,837 | 4,980 | 3,964 | ||
Loans acquired with deteriorated credit quality | 15,781 | [1] | 25,402 | [1] | ' |
Collectively evaluated for impairment | 6,636 | [2] | 13,119 | [2] | ' |
Total | 22,417 | 38,521 | ' | ||
Residential [Member] | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Loans acquired with deteriorated credit quality | 609 | [1] | 755 | [1] | ' |
Collectively evaluated for impairment | 51 | [2] | 49 | [2] | ' |
Total | 660 | 804 | 991 | ||
Loans acquired with deteriorated credit quality | 36,960 | [1] | 46,382 | [1] | ' |
Collectively evaluated for impairment | 4,993 | [2] | 4,885 | [2] | ' |
Total | 41,953 | 51,267 | ' | ||
Consumer & Other [Member] | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ||
Loans acquired with deteriorated credit quality | 118 | [1] | 315 | [1] | ' |
Collectively evaluated for impairment | 51 | [2] | 47 | [2] | ' |
Total | 169 | 362 | 426 | ||
Loans acquired with deteriorated credit quality | 1,739 | [1] | 3,360 | [1] | ' |
Collectively evaluated for impairment | 2,523 | [2] | 2,691 | [2] | ' |
Total | $4,262 | $6,051 | ' | ||
[1] | In accordance with ASC 310-30, the valuation allowance is netted against the carrying value of the covered loan balance. | ||||
[2] | The allowance on covered loan losses includes an allowance on covered loan advances on acquired loans subsequent to acquisition. |
Covered_Assets_and_Indemnifica7
Covered Assets and Indemnification Asset (Internal Risk Rating By Loan Class) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | $363,992 | $477,078 |
Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 243,086 | 322,108 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 36,610 | 52,221 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 83,771 | 79,927 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 525 | 22,822 |
Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 204,052 | 259,105 |
Non-owner Occupied Term [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 133,452 | 177,791 |
Non-owner Occupied Term [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 26,321 | 30,253 |
Non-owner Occupied Term [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 44,279 | 42,590 |
Non-owner Occupied Term [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 8,471 |
Non-owner Occupied Term [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 48,673 | 66,591 |
Owner Occupied Term [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 30,119 | 43,698 |
Owner Occupied Term [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,370 | 7,803 |
Owner Occupied Term [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 14,971 | 10,417 |
Owner Occupied Term [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 213 | 4,673 |
Owner Occupied Term [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 37,185 | 43,643 |
Multifamily [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 24,213 | 22,234 |
Multifamily [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 2,563 | 9,824 |
Multifamily [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 10,409 | 9,804 |
Multifamily [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 1,781 |
Multifamily [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 2,803 | 9,688 |
Construction & Development [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 1,117 | 1,792 |
Construction & Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 195 |
Construction & Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 1,686 | 4,315 |
Construction & Development [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 3,386 |
Construction & Development [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 6,311 | 8,358 |
Residential Development [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 492 | 0 |
Residential Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 224 | 391 |
Residential Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 5,541 | 6,658 |
Residential Development [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 54 | 1,309 |
Residential Development [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 13,280 | 19,428 |
Term [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,753 | 9,020 |
Term [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,141 | 3,401 |
Term [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 6,128 | 4,986 |
Term [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 258 | 2,021 |
Term [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 6,302 | 14,113 |
LOC & Other [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 4,630 | 11,498 |
LOC & Other [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 991 | 354 |
LOC & Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 681 | 1,080 |
LOC & Other [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 1,181 |
LOC & Other [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 22,175 | 27,596 |
Mortgage [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 22,175 | 27,596 |
Mortgage [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 19,119 | 22,867 |
Home Equity Loans & Lines [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 19,043 | 22,790 |
Home Equity Loans & Lines [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Home Equity Loans & Lines [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 76 | 77 |
Home Equity Loans & Lines [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Home Equity Loans & Lines [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 4,092 | 5,689 |
Consumer & Other [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 4,092 | 5,689 |
Consumer & Other [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | $0 | $0 |
Covered_Assets_and_Indemnifica8
Covered Assets and Indemnification Asset (Summary Of Activity In Covered Other Real Estate Owned) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Covered Assets and Indemnification Asset [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $10,374 | $19,491 | $29,863 |
Additions to covered OREO | 2,555 | 6,987 | 15,271 |
Dispositions of covered OREO | -10,115 | -11,458 | -16,934 |
Valuation adjustments in the period | -712 | -4,646 | -8,709 |
Balance, end of period | $2,102 | $10,374 | $19,491 |
Covered_Assets_and_Indemnifica9
Covered Assets and Indemnification Asset (Summary Of Activity Related To The FDIC Indemnification Asset) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
FDIC Indemnification Asset [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $52,798 | $91,089 | ' |
Change in FDIC indemnification asset | -25,549 | -15,234 | -6,168 |
Transfers to due from FDIC and other | -4,075 | -23,057 | ' |
Balance, end of period | 23,174 | 52,798 | 91,089 |
Evergreen Bank [Member] | ' | ' | ' |
FDIC Indemnification Asset [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 14,876 | 28,547 | ' |
Change in FDIC indemnification asset | -8,556 | -9,611 | ' |
Transfers to due from FDIC and other | -1,111 | -4,060 | ' |
Balance, end of period | 5,209 | 14,876 | ' |
Rainier Pacific Bank [Member] | ' | ' | ' |
FDIC Indemnification Asset [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 15,110 | 28,272 | ' |
Change in FDIC indemnification asset | -6,280 | -6,355 | ' |
Transfers to due from FDIC and other | -814 | -6,807 | ' |
Balance, end of period | 8,016 | 15,110 | ' |
Nevada Security Bank [Member] | ' | ' | ' |
FDIC Indemnification Asset [Roll Forward] | ' | ' | ' |
Balance, beginning of period | 22,812 | 34,270 | ' |
Change in FDIC indemnification asset | -10,713 | 732 | ' |
Transfers to due from FDIC and other | -2,150 | -12,190 | ' |
Balance, end of period | $9,949 | $22,812 | ' |
Premises_and_Equipment_Narrati
Premises and Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $20.50 | $17.60 | $16.50 |
Premises_and_Equipment_Compone
Premises and Equipment (Components Of Premises And Equipment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ' | ' |
Land | $26,438 | $26,438 |
Buildings and improvements | 153,771 | 134,464 |
Furniture, fixtures and equipment | 131,691 | 121,086 |
Construction in progress | 13,172 | 10,488 |
Total premises and equipment | 325,072 | 292,476 |
Less: Accumulated depreciation and amortization | -147,392 | -129,809 |
Premises and equipment, net | $177,680 | $162,667 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Reductions to goodwill | $644 | $452 | $44 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Goodwill And Other Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Other Intangible Assets, Net | $12,378 | ' | ' | ' |
Other Intangible Assets, Amortization | -4,781 | -4,816 | -4,948 | ' |
Community Banking [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Gross | 873,542 | 777,409 | 765,316 | 765,113 |
Goodwill, Impaired, Accumulated Impairment Loss | -111,952 | -111,952 | -111,952 | -111,952 |
Goodwill, Total | 761,590 | 665,457 | 653,364 | 653,161 |
Goodwill, Net additions | 96,777 | 12,545 | 247 | ' |
Goodwill, Reductions | -644 | -452 | -44 | ' |
Wealth Management [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Goodwill, Gross | 3,697 | 3,697 | 3,697 | 3,697 |
Goodwill, Impaired, Accumulated Impairment Loss | -982 | -982 | -982 | -982 |
Goodwill, Total | 2,715 | 2,715 | 2,715 | 2,715 |
Other Intagible Assets [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Other Intangible Assets, Gross | 58,909 | 58,909 | 58,079 | 58,079 |
Other Intangible Assets, Accumulated Amortization | -46,531 | -41,750 | -36,934 | -31,986 |
Other Intangible Assets, Net | 12,378 | 17,159 | 21,145 | 26,093 |
Other Intangible Assets, Net additions | 0 | 830 | 0 | ' |
Other Intangible Assets, Amortization | ($4,781) | ($4,816) | ($4,948) | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule Of Intangible Assets and Goodwill) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $4,528 |
2015 | 4,286 |
2016 | 2,520 |
2017 | 549 |
2018 | 190 |
Thereafter | 305 |
Total Expected Amortization | $12,378 |
Mortgage_Servicing_Rights_Narr
Mortgage Servicing Rights (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Transfers and Servicing [Abstract] | ' | ' | ' |
Contractually specified servicing fees, late fees and ancillary fees earned | $10.40 | $6.60 | $4.70 |
Mortgage_Servicing_Rights_Sche
Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ' | |||
Balance, beginning of period | $27,428 | $18,184 | $14,454 | |||
Additions for new mortgage servicing rights capitalized | 17,963 | 17,710 | 6,720 | |||
Due to changes in model inputs or assumptions | 5,688 | [1] | -4,651 | [1] | -858 | [1] |
Other | -3,314 | [2] | -3,815 | [2] | -2,132 | [2] |
Balance, end of period | $47,765 | $27,428 | $18,184 | |||
[1] | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. | |||||
[2] | Represents changes due to collection/realization of expected cash flows over time. |
Mortgage_Servicing_Rights_Sche1
Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Transfers and Servicing [Abstract] | ' | ' | ' |
Balance of loans serviced for others | $4,362,499 | $3,162,080 | $2,009,849 |
MSR as a percentage of serviced loans | 1.09% | 0.87% | 0.90% |
Mortgage_Servicing_Rights_Key_
Mortgage Servicing Rights (Key Assumptions Used In Measuring The Fair Value Of MSR) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Transfers and Servicing [Abstract] | ' | ' | ' |
Constant prepayment rate | 12.74% | 21.39% | 20.39% |
Discount rate | 8.69% | 8.65% | 8.60% |
Weighted average life (years) | '6 years | '4 years 8 months 12 days | '4 years 6 months |
Mortgage_Servicing_Rights_Sens
Mortgage Servicing Rights (Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Transfers and Servicing [Abstract] | ' | ' |
Effect on fair value of a 10% adverse change | ($2,255) | ($1,445) |
Effect on fair value of a 20% adverse change | -4,323 | -2,754 |
Effect on fair value of a 100 basis point adverse change | -1,832 | -889 |
Effect on fair value of a 200 basis point adverse change | ($3,534) | ($1,720) |
NonCovered_Other_Real_Estate_O2
Non-Covered Other Real Estate Owned, Net (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Real Estate [Abstract] | ' | ' | ' |
Valuation Allowances and Reserves, Balance | $1 | $1.80 | $5.10 |
NonCovered_Other_Real_Estate_O3
Non-Covered Other Real Estate Owned, Net (Schedule Of Changes In Other Real Estate Owned) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Owned Valuation Allowance [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $17,138 | $34,175 | $32,791 |
Additions to OREO due to acquisition | 0 | 1,602 | 0 |
Additions to OREO | 21,638 | 17,699 | 47,414 |
Dispositions of OREO | -15,495 | -29,442 | -37,083 |
Valuation adjustments in the period | -1,448 | -6,896 | -8,947 |
Balance, end of period | $21,833 | $17,138 | $34,175 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Capital commitments relating to investments | $1.40 | $4.10 |
Other_Assets_Schedule_of_Other
Other Assets (Schedule of Other Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Accrued interest receivable | $23,720 | $26,998 |
Derivative assets | 17,921 | 23,942 |
Income taxes receivable | 15,665 | 12,859 |
Equity method investments | 9,641 | 11,031 |
Investment in unconsolidated Trusts | 6,933 | 6,933 |
Due from FDIC | 3,322 | 12,606 |
Prepaid FDIC deposit assessment | 0 | 12,307 |
Other | 34,756 | 32,026 |
Total | $111,958 | $138,702 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Valuation allowance | $51,000 | $0 | ' |
Deferred Tax Assets, Gross | 98,300,000 | 106,000,000 | ' |
State Tax Credits Benefit Period | '5 years | ' | ' |
State Tax Credits Carry Forward Period | '8 years | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | ' | 47,000 | ' |
Unrecognized Tax Benefits | 602,000 | 598,000 | 550,000 |
Effective income tax rate on unrecognized tax benefits that would impact effective tax rate | 0.30% | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 24,000 | 6,000 | ' |
Accrued interest related to unrecognized tax benefits | 193,000 | 168,000 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | $4,000 | ' | ' |
Income_Taxes_Schedule_Of_Compo
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current, Federal | ' | ' | ' | ' | ' | ' | ' | ' | $36,733 | $44,268 | $29,932 |
Deferred, Federal | ' | ' | ' | ' | ' | ' | ' | ' | 7,459 | -426 | -40 |
Total, Federal | ' | ' | ' | ' | ' | ' | ' | ' | 44,192 | 43,842 | 29,892 |
Current, State | ' | ' | ' | ' | ' | ' | ' | ' | 8,187 | 2,632 | 4,810 |
Deferred, State | ' | ' | ' | ' | ' | ' | ' | ' | 289 | 6,847 | 2,040 |
State, Total | ' | ' | ' | ' | ' | ' | ' | ' | 8,476 | 9,479 | 6,850 |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 44,920 | 46,900 | 34,742 |
Deferred income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 7,748 | 6,421 | 2,000 |
Income Tax Expense (Benefit) | $13,754 | $12,768 | $14,285 | $11,861 | $14,796 | $13,587 | $11,681 | $13,257 | $52,668 | $53,321 | $36,742 |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciliation Of Income Taxes) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax, net of Federal income tax | 4.40% | 4.40% | 3.80% |
Tax-exempt income | -3.20% | -3.00% | -3.70% |
Tax credits | -1.80% | -1.10% | -1.50% |
Nondeductible merger expenses | 1.00% | 0.10% | 0.00% |
Other | -0.50% | -1.00% | -0.60% |
Effective income tax rate | 34.90% | 34.40% | 33.00% |
Income_Taxes_Components_Of_The
Income Taxes (Components Of The Net Deferred Tax (Liabilities) Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Allowance for loan and lease losses | $33,652 | $33,782 |
Covered loans | 16,788 | 28,610 |
Accrued severance and deferred compensation | 13,080 | 13,376 |
Non-accrual loans | 5,760 | 4,759 |
Tax credits | 5,716 | 3,655 |
Unrealized loss on investment securities | 3,318 | 0 |
Non-covered other real estate owned | 3,023 | 1,974 |
Covered other real estate owned | 831 | 5,120 |
Other | 16,230 | 14,702 |
Total gross deferred tax assets | 98,398 | 105,978 |
Mortgage servicing rights | 18,855 | 10,847 |
Fair market value adjustment on preferred securities | 18,649 | 19,567 |
FDIC indemnification asset | 10,471 | 25,913 |
Leased assets | 9,719 | 3,930 |
Deferred loan fees | 7,525 | 5,706 |
Premises and equipment depreciation | 7,356 | 8,834 |
Intangibles | 5,633 | 5,161 |
Unrealized gain on investment securities | 0 | 16,306 |
Other | 3,512 | 6,186 |
Total gross deferred tax liabilities | 81,720 | 102,450 |
Valuation allowance | -51 | 0 |
Net deferred tax assets (liabilities) | $16,627 | $3,528 |
Income_Taxes_Schedule_Of_Compa
Income Taxes (Schedule Of Company's Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Balance, beginning of period | $598 | $550 |
Effectively settled positions | 4 | -39 |
Changes for tax positions of prior years | 0 | 87 |
Balance, end of period | $602 | $598 |
Interest_Bearing_Deposits_Majo
Interest Bearing Deposits (Major Types Of Interest Bearing Deposits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Interest bearing demand | $1,233,070 | $1,215,002 |
Money market | 3,349,946 | 3,407,047 |
Savings | 560,699 | 475,325 |
Time, $100,000 and over | 1,065,380 | 1,429,153 |
Time less than $100,000 | 472,088 | 573,834 |
Total interest bearing deposits | $6,681,183 | $7,100,361 |
Interest_Bearing_Deposits_Inte
Interest Bearing Deposits (Interest Expense For Each Deposit Type) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking and Thrift [Abstract] | ' | ' | ' |
Interest bearing demand | $978 | $1,980 | $3,056 |
Money market | 3,485 | 7,193 | 17,236 |
Savings | 321 | 291 | 356 |
Time, $100,000 and over | 11,911 | 16,067 | 25,771 |
Other time less than $100,000 | 4,060 | 5,602 | 9,324 |
Total interest on deposits | $20,755 | $31,133 | $55,743 |
Interest_Bearing_Deposits_Matu
Interest Bearing Deposits (Maturities Of Time Deposits) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Banking and Thrift [Abstract] | ' |
2014 | $1,009,077 |
2015 | 204,701 |
2016 | 217,406 |
2017 | 78,728 |
2018 | 25,001 |
Thereafter | 2,555 |
Total time deposits | $1,537,468 |
Interest_Bearing_Deposits_Rema
Interest Bearing Deposits (Remaining Maturities Of Time Deposits of $100,000 Or More) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift [Abstract] | ' | ' |
Three months or less | $226,849,000 | ' |
Over three months through six months | 211,268,000 | ' |
Over six months through twelve months | 253,595,000 | ' |
Over twelve months | 373,668,000 | ' |
Time, $100,000 and over | 1,065,380,000 | 1,429,153,000 |
Time Deposit Of One Hundred Thousand Or More | $100,000 | ' |
Securities_Sold_Under_Agreemen2
Securities Sold Under Agreements To Repurchase (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' |
Securities sold under agreements to repurchase average | $177.90 | $142.40 | $113.10 |
Securities sold under agreements to repurchase maximum outstanding | $233.80 | $166.30 | $148.20 |
Securities_Sold_Under_Agreemen3
Securities Sold Under Agreements To Repurchase (Securities Sold Under Agreements to Repurchase) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Repurchase Amount | $224,882 | $137,075 |
Weighted Average Interest Rate | 0.07% | 0.14% |
Carrying Value of Underlying Assets | 229,439 | 139,373 |
Market Value of Underlying Assets | $229,439 | $139,373 |
Federal_Funds_Purchased_Detail
Federal Funds Purchased (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Banking and Thrift [Abstract] | ' | ' |
Outstanding federal funds purchased balance | $0 | $0 |
Federal home loan bank, advances, general debt obligations, disclosures, amount of available, unused funds | 2,200,000,000 | ' |
Federal Reserve Bank Advances [Member] | ' | ' |
Federal Funds Purchased [Line Items] | ' | ' |
Lines of credit | 391,700,000 | ' |
Federal Funds Purchased [Member] | ' | ' |
Federal Funds Purchased [Line Items] | ' | ' |
Lines of credit | $185,000,000 | ' |
Minimum [Member] | ' | ' |
Federal Funds Purchased [Line Items] | ' | ' |
Interest rate available lines of credit | 0.30% | ' |
Maximum [Member] | ' | ' |
Federal Funds Purchased [Line Items] | ' | ' |
Interest rate available lines of credit | 0.80% | ' |
Term_Debt_Narrative_Details
Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Disclosure [Abstract] | ' | ' |
Term debt | $251,494,000 | $253,605,000 |
FHLB advances unamortized purchase accounting adjustment | 6,000,000 | ' |
Maximum outstanding FHLB advances at any month end | $245,000,000 | $245,000,000 |
Average interest rate on borrowings | 4.60% | 4.60% |
Term_Debt_Schedule_Of_Future_C
Term Debt (Schedule Of Future Contractual Maturities Of Borrowed Funds) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $0 |
2015 | 0 |
2016 | 190,016 |
2017 | 55,000 |
2018 | 0 |
Thereafter | 495 |
Total borrowed funds | $245,511 |
Junior_Subordinated_Debentures2
Junior Subordinated Debentures (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |
Dodd-Frank Act [Member] | ||||
Junior Subordinated Debentures [Line Items] | ' | ' | ' | ' |
Common stock issued by Trusts | $6,900,000 | $7,200,000 | ' | ' |
Term of LIBOR variable base rate | '3 months | ' | ' | ' |
Loss on junior subordinated debentures carried at fair value | 2,197,000 | 2,203,000 | 2,197,000 | ' |
Total assets | $11,636,112,000 | $11,795,443,000 | $11,562,858,000 | $15,000,000,000 |
Restricted core capital percentage | 18.60% | ' | ' | ' |
Junior_Subordinated_Debentures3
Junior Subordinated Debentures (Junior Subordinated Debentures) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||
In Thousands, unless otherwise specified | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Estimated Fair Value [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | Amortized Cost [Member] | ||||||||||||||||||||
Umpqua Statutory Trust II [Member] | Umpqua Statutory Trust III [Member] | Umpqua Statutory Trust IV [Member] | Umpqua Statutory Trust V [Member] | Umpqua Master Trust I [Member] | Umpqua Master Trust IB [Member] | HB Capital Trust I [Member] | Humboldt Bancorp Statutory Trust I [Member] | Humboldt Bancorp Statutory Trust II [Member] | Humboldt Bancorp Statutory Trust III [Member] | CIB Capital Trust [Member] | Western Sierra Statutory Trust I [Member] | Western Sierra Statutory Trust II [Member] | Western Sierra Statutory Trust III [Member] | Western Sierra Statutory Trust IV [Member] | ||||||||||||||||||||||||
Junior Subordinated Debentures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Issue Date | ' | ' | ' | ' | 'October 2002 | 'October 2002 | 'December 2003 | 'December 2003 | 'August 2007 | 'September 2007 | ' | 'March 2000 | 'February 2001 | 'December 2001 | 'September 2003 | 'November 2002 | 'JulyB 2001 | 'DecemberB 2001 | 'SeptemberB 2003 | 'SeptemberB 2003 | ||||||||||||||||||
Issued Amount | $230,061 | ' | $134,024 | ' | $20,619 | $30,928 | $10,310 | $10,310 | $41,238 | $20,619 | $96,037 | $5,310 | $5,155 | $10,310 | $27,836 | $10,310 | $6,186 | $10,310 | $10,310 | $10,310 | ||||||||||||||||||
AT FAIR VALUE | 87,274 | 85,081 | 87,274 | [1] | 85,081 | 14,791 | [1] | 22,392 | [1] | 6,978 | [1] | 6,957 | [1] | 22,696 | [1] | 13,460 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
AT AMORTIZED COST | 101,899 | 110,985 | 72,009 | 78,529 | ' | ' | ' | ' | ' | ' | 101,899 | [1] | 6,218 | [1] | 5,819 | [1] | 11,271 | [1] | 30,344 | [1] | 11,131 | [1] | 6,186 | [1] | 10,310 | [1] | 10,310 | [1] | 10,310 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.88% | [2] | 10.20% | [2] | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Carrying Value | $189,173 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Rate | ' | ' | ' | ' | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | ' | ' | ' | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | |||||
Effective Rate | ' | ' | ' | ' | 5.00% | [3] | 5.10% | [3] | 4.57% | [3] | 4.58% | [3] | 2.89% | [3] | 4.58% | [3] | ' | 8.39% | [3] | 8.37% | [3] | 3.04% | [3] | 2.50% | [3] | 3.02% | [3] | 3.82% | [3] | 3.84% | [3] | 3.14% | [3] | 3.14% | [3] | |||
Maturity Date | ' | ' | ' | ' | 'October 2032 | 'November 2032 | 'January 2034 | 'March 2034 | 'September 2037 | 'December 2037 | ' | 'March 2030 | 'February 2031 | 'December 2031 | 'September 2033 | 'November 2032 | 'JulyB 2031 | 'DecemberB 2031 | 'SeptemberB 2033 | 'SeptemberB 2033 | ||||||||||||||||||
Redemption Date | ' | ' | ' | ' | 'October 2007 | 'November 2007 | 'January 2009 | 'March 2009 | 'September 2012 | 'December 2012 | ' | 'March 2010 | 'February 2011 | 'December 2006 | 'September 2008 | 'November 2007 | 'JulyB 2006 | 'DecemberB 2006 | 'SeptemberB 2008 | 'SeptemberB 2008 | ||||||||||||||||||
Basis spread on LIBOR | ' | ' | ' | ' | 3.35% | [2] | 3.45% | [2] | 2.85% | [2] | 2.85% | [2] | 1.35% | [2] | 2.75% | [2] | ' | ' | ' | 3.60% | [2] | 2.95% | [2] | 3.45% | [2] | 3.58% | [2] | 3.60% | [2] | 2.90% | [2] | 2.90% | [2] | |||||
[1] | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debenturesB assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. | |||||||||||||||||||||||||||||||||||||
[2] | Contractual interest rate of junior subordinated debentures. | |||||||||||||||||||||||||||||||||||||
[3] | Effective interest rate based upon the carrying value as of DecemberB 31, 2013. |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Plan, Cost Recognized | $3,800,000 | $3,000,000 | $2,700,000 |
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent | 1,900,000 | 2,300,000 | ' |
Present Value Of Future Salary Contribution Plan Benefits | 19,000,000 | 19,500,000 | ' |
Postemployment Benefits, Period Expense | 849,000 | 2,500,000 | 1,800,000 |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 3,900,000 | 2,900,000 | ' |
Cash Surrender Value of Life Insurance | 96,900,000 | 93,800,000 | ' |
Other Postretirement Defined Benefit Plan, Liabilities | 1,800,000 | 1,900,000 | ' |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | 123,000 | 116,000 | 96,000 |
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent | 678,000 | 566,000 | ' |
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $2,100,000 | $1,100,000 | ' |
Supplemental Retirement And Deferred Compensation Plans [Member] | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Percentage Of Deferred Salary | 50.00% | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
loan | |||
properties | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Number of non-cancelable operating leases | 155 | ' | ' |
Rent expense | $19,100,000 | $17,300,000 | $16,600,000 |
Rent income | 785,000 | 1,000,000 | 1,000,000 |
Recoveries in connection with standby letters of credit | 116,000 | ' | ' |
Losses in connection with standby letters of credit | 78,000 | 2,200,000 | 110,000 |
Standby letters of credit that expire thereafter | 18,000,000 | ' | ' |
Standby letters of credit that expire within one year | 40,800,000 | ' | ' |
Fair value of guarantee with standby letters of credit | 183,000 | ' | ' |
Number of loans repurchased due to deficiencies in underwriting or loan documentation | 20 | ' | ' |
Litigation settlement other company owned stock | 4,400,000,000 | ' | ' |
Concentration risk, percentage | 74.00% | 79.00% | ' |
Visa Inc [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Other company stock owned shares | 468,659 | ' | ' |
Conversion ratio from Class B shares into Class A shares | 0.4206 | ' | ' |
Value of the Class A shares | $222.68 | ' | ' |
Unredeemed Class A equivalent shares owned | $43,900,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Future Minimum Lease Payments And Future Minimum Income Receivable Under Non-Cancelable Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014, Lease Payments | $17,757 |
2015, Lease Payments | 15,937 |
2016, Lease Payments | 13,774 |
2017, Lease Payments | 9,826 |
2018, Lease Payments | 7,570 |
Thereafter, Lease Payments | 22,938 |
Total, Lease Payments | 87,802 |
2014, Sublease Income | 578 |
2015, Sublease Income | 477 |
2016, Sublease Income | 311 |
2017, Sublease Income | 142 |
2018, Sublease Income | 46 |
Thereafter, Sublease | 0 |
Total, Sublease Income | $1,554 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | ' | ' |
Commitments To Extend Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 1,606,910 | ' |
Commitments To Extend Overdrafts [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 207,389 | ' |
Forward Sales Commitments [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 152,500 | ' |
Commitments To Originate Loans Held For Sale [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 77,314 | ' |
Standby Letters Of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | $58,830 | ' |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
contracts | contracts | ||
Credit Derivatives [Line Items] | ' | ' | ' |
Counterparty default losses on forward contracts | $0 | $0 | $0 |
Commitments and contingent liabilities | ' | ' | ' |
Number of interest rate derivatives held | 254 | 164 | ' |
Notional amount of credit risk derivatives | 1,300,000,000 | 912,000,000 | ' |
Termination value of derivatives in net liability position | 12,100,000 | 21,800,000 | ' |
Required collateral posting | 13,000,000 | 0 | ' |
Minimum collateral posting agreement amount | 0 | 22,500,000 | ' |
Increase (decrease) in settlement values of the Bank's derivative assets | 1,400,000 | -45,000 | ' |
Interest Rate Forward Sales Commitments [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Commitments and contingent liabilities | 152,500,000 | ' | ' |
Commitments To Originate Loans Held For Sale [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Commitments and contingent liabilities | $77,314,000 | ' | ' |
Derivatives_Summary_Of_Types_O
Derivatives (Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | $17,921 | $23,942 |
Interest Rate Lock Commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 706 | 1,496 |
Total liability derivatives | 0 | 18 |
Interest Rate Forward Sales Commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 1,250 | 133 |
Total liability derivatives | 6 | 905 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 15,965 | 22,213 |
Total liability derivatives | 14,556 | 22,048 |
Interest Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 17,921 | 23,842 |
Total liability derivatives | 14,562 | 22,971 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Other Assets[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 706 | 1,496 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liability derivatives | 0 | 18 |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Other Assets[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 1,250 | 133 |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liability derivatives | 6 | 905 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Assets[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative assets | 15,965 | 22,213 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liability derivatives | $14,556 | $22,048 |
Derivatives_Summary_Of_Types_O1
Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) (Interest Rate Contracts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative gains (losses) | $13,696 | ($21,216) | ($9,153) |
Interest Rate Lock Commitments [Member] | Mortgage Banking Revenue [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative gains (losses) | -772 | -271 | 1,613 |
Interest Rate Forward Sales Commitments [Member] | Mortgage Banking Revenue [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative gains (losses) | 13,225 | -21,281 | -10,579 |
Interest Rate Swap [Member] | Other Income [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Derivative gains (losses) | $1,243 | $336 | ($187) |
Derivatives_Offsetting_Derivat
Derivatives (Offsetting Derivatives Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Assets | ' | ' |
Derivatives Assets, Net Amounts of Assets presented in the Statement of Financial Position | $17,921 | $23,942 |
Interest Rate Swap [Member] | ' | ' |
Derivative Assets | ' | ' |
Derivative Assets, Gross Amounts of Recognized Assets | 15,965 | 22,213 |
Derivative Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivatives Assets, Net Amounts of Assets presented in the Statement of Financial Position | 15,965 | 22,213 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ' | ' |
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | -4,852 | -16 |
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | -2,207 | 0 |
Derivative Assets, Net Amount | $8,906 | $22,197 |
Derivatives_Offsetting_Derivat1
Derivatives (Offsetting Derivatives Liabilities) (Details) (Interest Rate Swap [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative Liabilities | ' | ' |
Derivative Liabilities, Gross Amounts of Recognized Liabilities | $14,556 | $22,048 |
Derivative Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivatives Liabilities, Net Amounts of Liabilities presented in the Statement of Financial Position | 14,556 | 22,048 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ' | ' |
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | -4,852 | -16 |
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | -9,704 | -22,032 |
Derivative Liabilities, Net Amount | $0 | $0 |
Stock_Compensation_and_Share_R2
Stock Compensation and Share Repurchase Plan (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 16, 2013 | Jun. 16, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | |
2013 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Repurchase Plan [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Nonvested Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Prior To 2011 [Member] | Subsequent To 2011 [Member] | ||||
Restricted Stock [Member] | Restricted Stock [Member] | |||||||||||||||||
Shareholders Equity and Share-Based Payments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Units Granted To Executives That Cliff Vest, Period | ' | ' | ' | ' | '4 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost | $5,017,000 | $4,041,000 | $3,785,000 | ' | ' | $144,000 | $237,000 | $391,000 | ' | $778,000 | $1,100,000 | $1,200,000 | ' | $3,700,000 | $2,700,000 | $2,300,000 | ' | ' |
Total income tax benefit recognized related to stock-based compensation | ' | ' | ' | ' | ' | 58,000 | 95,000 | 156,000 | ' | 311,000 | 448,000 | 463,000 | ' | 1,500,000 | 1,100,000 | 899,000 | ' | ' |
Restricted Stock Units At Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,900,000 | 919,000 | ' | ' |
Total intrinsic value of options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 1,200,000 | 147,000 | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,000 | 831,000 | 230,000 | ' | ' | ' | ' | ' | ' |
Stock option compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | 981,000 | 309,000 | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock shares/units vested and released | ' | ' | ' | ' | ' | ' | 0 | 677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to nonvested stock awards | ' | ' | ' | ' | ' | 105,000 | ' | ' | ' | ' | ' | ' | 640,000 | 6,400,000 | ' | ' | ' | ' |
Expected recognized over a weighted-average period, years | ' | ' | ' | ' | ' | '4 months 24 days | ' | ' | ' | ' | ' | ' | '7 months 21 days | '1 year 4 months 24 days | ' | ' | ' | ' |
Share-based compensation award, vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years |
Income tax benefits received | 1,700,000 | 1,200,000 | 694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit from stock options exercised | 148,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deficiency from stock options exercised | ' | 59,000 | 261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock for issuance under the plan | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Number Of Shares Authorized, Amended | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | 98,027 | 512,280 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program Number Of Shares Tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,000 | 38,000 | ' | ' | ' | ' | ' | ' | ' |
Cancellation Of Restricted Stock Shares To Pay Withholding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,000 | 46,000 | ' | ' | ' |
Cancellation Of Restricted Stock Units To Pay Withholding | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,700,000 | $1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Compensation_and_Share_R3
Stock Compensation and Share Repurchase Plan (Summary Of Stock Option Activity) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options Outstanding, Balance, beginning of period | 1,850 | 2,151 | 2,067 |
Options Outstanding, Granted | 0 | 20 | 237 |
Options Outstanding, Exercised | -515 | -174 | -40 |
Options Outstanding, Forfeited/expired | -354 | -147 | -113 |
Options Outstanding, Balance, end of period | 981 | 1,850 | 2,151 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted Avg Exercise Price, Balance beginning of period | $15.37 | $14.48 | $14.82 |
Weighted-Avg Exercise Price, Granted | $0 | $11.98 | $11.01 |
Weighted-Avg Exercise Price, Exercised | $12.42 | $5.63 | $7.67 |
Weighted-Avg Exercise Price, Forfeited/expired | $17.46 | $13.45 | $15.72 |
Weighted Avg Exercise Price, Balance, end of period | $16.17 | $15.37 | $14.48 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Options exercisable, end of year, Options Outstanding | 627 | 1,263 | 1,334 |
Options exercisable, end of year, Weighted Avg. Exercise Price | $18.86 | $17.11 | $16.13 |
Stock_Compensation_and_Share_R4
Stock Compensation and Share Repurchase Plan (Summary Of Outstanding Stock Options Issued Under All Plans) (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding | 981 | 1,850 | 2,151 | 2,067 |
Weighted Avg Remaining Contractual Life | '4 years 4 months 24 days | ' | ' | ' |
Options Outstanding, Weighted Avg. Exercise Price | $16.17 | $15.37 | $14.48 | $14.82 |
Options Exercisable | 627 | 1,263 | 1,334 | ' |
Options Exercisable, Weighted Avg. Exercise Price | $18.86 | $17.11 | $16.13 | ' |
$4.58 to $10.97 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, minimum | $4.58 | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, maximum | $10.97 | ' | ' | ' |
Options Outstanding | 277 | ' | ' | ' |
Weighted Avg Remaining Contractual Life | '6 years 4 months 24 days | ' | ' | ' |
Options Outstanding, Weighted Avg. Exercise Price | $10.38 | ' | ' | ' |
Options Exercisable | 64 | ' | ' | ' |
Options Exercisable, Weighted Avg. Exercise Price | $8.96 | ' | ' | ' |
$11.53 to $12.87 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, minimum | $11.53 | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, maximum | $12.87 | ' | ' | ' |
Options Outstanding | 252 | ' | ' | ' |
Weighted Avg Remaining Contractual Life | '6 years 2 months 12 days | ' | ' | ' |
Options Outstanding, Weighted Avg. Exercise Price | $12.05 | ' | ' | ' |
Options Exercisable | 121 | ' | ' | ' |
Options Exercisable, Weighted Avg. Exercise Price | $11.93 | ' | ' | ' |
$13.45 to $23.49 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, minimum | $13.54 | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, maximum | $23.49 | ' | ' | ' |
Options Outstanding | 299 | ' | ' | ' |
Weighted Avg Remaining Contractual Life | '2 years 3 months 18 days | ' | ' | ' |
Options Outstanding, Weighted Avg. Exercise Price | $20.09 | ' | ' | ' |
Options Exercisable | 289 | ' | ' | ' |
Options Exercisable, Weighted Avg. Exercise Price | $20.32 | ' | ' | ' |
$24.25 to $28.425 | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, minimum | $24.25 | ' | ' | ' |
Options Outstanding, Range of Exercise Prices, maximum | $28.43 | ' | ' | ' |
Options Outstanding | 153 | ' | ' | ' |
Weighted Avg Remaining Contractual Life | '1 year 10 months 24 days | ' | ' | ' |
Options Outstanding, Weighted Avg. Exercise Price | $25.77 | ' | ' | ' |
Options Exercisable | 153 | ' | ' | ' |
Options Exercisable, Weighted Avg. Exercise Price | $25.77 | ' | ' | ' |
Stock_Compensation_and_Share_R5
Stock Compensation and Share Repurchase Plan (Summary Of Nonvested Restricted Share Activity) (Details) (Restricted Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Shares [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Restricted Shares Outstanding - Balance, beginning of year | 763,000 | 585,000 | 401,000 |
Restricted Shares Outstanding - Granted | 467,000 | 369,000 | 282,000 |
Restricted Shares Outstanding - Released | -153,000 | -147,000 | -82,000 |
Restricted Shares Outstanding - Forfeited/expired | -85,000 | -44,000 | -16,000 |
Restricted Shares Outstanding - Balance, end of year | 992,000 | 763,000 | 585,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted Average Grant Date Fair Value - Balance, beginning of year | $12.39 | $12.98 | $15.29 |
Weighted Average Grant Date Fair Value - Granted | $13.04 | $11.80 | $11.02 |
Weighted Average Grant Date Fair Value - Released | $12.17 | $13.50 | $17.58 |
Weighted Average Grant Date Fair Value - Forfeited/expired | $11.74 | $11.52 | $12.91 |
Weighted Average Grant Date Fair Value - Balance, end of year | $12.79 | $12.39 | $12.98 |
Stock_Compensation_and_Share_R6
Stock Compensation and Share Repurchase Plan (Summary Of Restricted Stock Unit Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Restricted Shares Outstanding - Balance, beginning of year | 130,000 | 219,000 | 225,000 |
Restricted Shares Outstanding - Granted | 0 | 25,000 | 105,000 |
Restricted Shares Outstanding - Released | 0 | 0 | -63,000 |
Restricted Shares Outstanding - Forfeited/expired | -35,000 | -114,000 | -48,000 |
Restricted Shares Outstanding - Balance, end of year | 95,000 | 130,000 | 219,000 |
Weighted Average Grant Date Fair Value - Balance, beginning of year | $10.41 | $9.17 | $11.13 |
Weighted Average Grant Date Fair Value - Granted | $0 | $10.39 | $10.42 |
Weighted Average Grant Date Fair Value - Released | $0 | $0 | $14.33 |
Weighted Average Grant Date Fair Value - Forfeited/expired | $10.42 | $8.01 | $14.33 |
Weighted Average Grant Date Fair Value - Balance, end of year | $10.41 | $10.41 | $9.17 |
Regulatory_Capital_Summary_of_
Regulatory Capital (Summary of Company's Capital Amounts And Ratios) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Consolidated [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Capital | $1,279,586 | $1,357,206 |
Capital to Risk Weighted Assets | 14.66% | 16.52% |
Capital Required for Capital Adequacy | 698,273 | 657,243 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 872,842 | 821,553 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | 1,183,061 | 1,254,514 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.56% | 15.27% |
Tier One Risk Based Capital Required for Capital Adequacy | 348,986 | 328,622 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 523,478 | 492,933 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital | 1,183,061 | 1,254,514 |
Tier One Leverage Capital to Average Assets | 10.90% | 11.44% |
Tier One Leverage Capital Required for Capital Adequacy | 434,151 | 438,641 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 542,689 | 548,302 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Umpqua Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Capital | 1,177,782 | 1,234,010 |
Capital to Risk Weighted Assets | 13.51% | 15.03% |
Capital Required for Capital Adequacy | 697,428 | 656,825 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 871,785 | 821,031 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | 1,081,282 | 1,131,373 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.40% | 13.78% |
Tier One Risk Based Capital Required for Capital Adequacy | 348,801 | 328,410 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 523,201 | 492,615 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital | 1,081,282 | 1,131,373 |
Tier One Leverage Capital to Average Assets | 9.97% | 10.32% |
Tier One Leverage Capital Required for Capital Adequacy | 433,814 | 438,517 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $542,268 | $548,146 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Other Company Stock Owned Fair Value Discount Percentage | 5.00% | ' | ' |
Carrying value of loans fully charged-off | $0 | ' | ' |
Net gain (loss) representing the change in fair value in earnings | ($14.50) | $14 | $3.40 |
Fair_Value_Measurement_Schedul
Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
FINANCIAL ASSETS: | ' | ' | ' | ' | |
Cash and cash equivalents | $178,685 | $223,532 | ' | ' | |
Trading securities | 5,958 | 3,747 | ' | ' | |
Securities available for sale | 1,790,978 | 2,625,229 | ' | ' | |
Securities held to maturity | 5,563 | 4,541 | ' | ' | |
Loans held for sale, at fair value | 104,664 | 320,132 | ' | ' | |
Non-covered loans and leases, net | 7,354,403 | 6,681,080 | ' | ' | |
Covered loans and leases, net | 363,992 | 477,078 | ' | ' | |
Restricted equity securities | 30,685 | 33,443 | ' | ' | |
Mortgage servicing rights | 47,765 | 27,428 | 18,184 | 14,454 | |
Bank owned life insurance | 96,938 | 93,831 | ' | ' | |
FDIC indemnification asset | 23,174 | 52,798 | 91,089 | ' | |
Derivatives | 17,921 | 23,942 | ' | ' | |
FINANCIAL LIABILITIES: | ' | ' | ' | ' | |
Deposits | 9,117,660 | 9,379,275 | 9,236,690 | ' | |
Securities sold under agreements to repurchase | 224,882 | 137,075 | ' | ' | |
Term debt | 251,494 | 253,605 | ' | ' | |
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ' | ' | |
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ' | ' | |
Carrying Value [Member] | ' | ' | ' | ' | |
FINANCIAL ASSETS: | ' | ' | ' | ' | |
Cash and cash equivalents | 790,423 | 543,787 | ' | ' | |
Trading securities | 5,958 | 3,747 | ' | ' | |
Securities available for sale | 1,790,978 | 2,625,229 | ' | ' | |
Securities held to maturity | 5,563 | 4,541 | ' | ' | |
Loans held for sale, at fair value | 104,664 | 320,132 | ' | ' | |
Non-covered loans and leases, net | 7,269,089 | 6,595,689 | ' | ' | |
Covered loans and leases, net | 363,992 | 477,078 | ' | ' | |
Restricted equity securities | 30,685 | 33,443 | ' | ' | |
Mortgage servicing rights | 47,765 | 27,428 | ' | ' | |
Bank owned life insurance | 96,938 | 93,831 | ' | ' | |
FDIC indemnification asset | 23,174 | 52,798 | ' | ' | |
Derivatives | 17,921 | 23,842 | ' | ' | |
Visa Class B common stock | 0 | 0 | ' | ' | |
FINANCIAL LIABILITIES: | ' | ' | ' | ' | |
Deposits | 9,117,660 | 9,379,275 | ' | ' | |
Securities sold under agreements to repurchase | 224,882 | 137,075 | ' | ' | |
Term debt | 251,494 | 253,605 | ' | ' | |
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ' | ' | |
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ' | ' | |
Derivatives | 14,562 | 22,971 | ' | ' | |
Estimated Fair Value [Member] | ' | ' | ' | ' | |
FINANCIAL ASSETS: | ' | ' | ' | ' | |
Cash and cash equivalents | 790,423 | 543,787 | ' | ' | |
Trading securities | 5,958 | 3,747 | ' | ' | |
Securities available for sale | 1,790,978 | 2,625,229 | ' | ' | |
Securities held to maturity | 5,874 | 4,732 | ' | ' | |
Loans held for sale, at fair value | 104,664 | 320,132 | ' | ' | |
Non-covered loans and leases, net | 7,250,596 | 6,652,179 | ' | ' | |
Covered loans and leases, net | 409,555 | 543,628 | ' | ' | |
Restricted equity securities | 30,685 | 33,443 | ' | ' | |
Mortgage servicing rights | 47,765 | 27,428 | ' | ' | |
Bank owned life insurance | 96,938 | 93,831 | ' | ' | |
FDIC indemnification asset | 6,001 | 18,714 | ' | ' | |
Derivatives | 17,921 | 23,842 | ' | ' | |
Visa Class B common stock | 41,700 | 28,385 | ' | ' | |
FINANCIAL LIABILITIES: | ' | ' | ' | ' | |
Deposits | 9,125,832 | 9,396,646 | ' | ' | |
Securities sold under agreements to repurchase | 224,882 | 137,075 | ' | ' | |
Term debt | 270,004 | 289,404 | ' | ' | |
Junior subordinated debentures, at fair value | 87,274 | [1] | 85,081 | ' | ' |
Junior subordinated debentures, at amortized cost | 72,009 | 78,529 | ' | ' | |
Derivatives | $14,562 | $22,971 | ' | ' | |
[1] | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debenturesB assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. |
Fair_Value_Measurement_Schedul1
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Not Measured At Fair Value By Level) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | $178,685 | $223,532 | ' |
Securities held to maturity | 5,563 | 4,541 | ' |
Loans held for sale, at fair value | 104,664 | 320,132 | ' |
Non-covered loans and leases, net | 7,354,403 | 6,681,080 | ' |
Covered loans and leases, net | 363,992 | 477,078 | ' |
Restricted equity securities | 30,685 | 33,443 | ' |
Bank owned life insurance | 96,938 | 93,831 | ' |
FDIC indemnification asset | 23,174 | 52,798 | 91,089 |
Deposits | 9,117,660 | 9,379,275 | 9,236,690 |
Securities sold under agreements to repurchase | 224,882 | 137,075 | ' |
Term debt | 251,494 | 253,605 | ' |
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ' |
Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Loans held for sale, at fair value | 104,664 | 320,132 | ' |
Estimated Fair Value [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 790,423 | 543,787 | ' |
Securities held to maturity | 5,958 | 4,732 | ' |
Non-covered loans and leases, net | 7,250,596 | 6,652,179 | ' |
Covered loans and leases, net | 409,555 | 543,628 | ' |
Restricted equity securities | 30,685 | 33,443 | ' |
Bank owned life insurance | 96,938 | 93,831 | ' |
FDIC indemnification asset | 6,001 | 18,714 | ' |
Visa Class B common stock | 41,700 | 28,385 | ' |
Securities sold under agreements to repurchase | 224,882 | 137,075 | ' |
Term debt | 270,004 | 289,404 | ' |
Junior subordinated debentures, at amortized cost | 72,009 | 78,529 | ' |
Estimated Fair Value [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 790,423 | 543,787 | ' |
Securities held to maturity | 0 | 0 | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Covered loans and leases, net | 0 | 0 | ' |
Restricted equity securities | 30,685 | 33,443 | ' |
Bank owned life insurance | 96,938 | 93,831 | ' |
FDIC indemnification asset | 0 | 0 | ' |
Visa Class B common stock | 0 | 0 | ' |
Securities sold under agreements to repurchase | 0 | 0 | ' |
Term debt | 0 | 0 | ' |
Junior subordinated debentures, at amortized cost | 0 | 0 | ' |
Estimated Fair Value [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Securities held to maturity | 0 | 0 | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Covered loans and leases, net | 0 | 0 | ' |
Restricted equity securities | 0 | 0 | ' |
Bank owned life insurance | 0 | 0 | ' |
FDIC indemnification asset | 0 | 0 | ' |
Visa Class B common stock | 0 | 0 | ' |
Securities sold under agreements to repurchase | 224,882 | 137,075 | ' |
Term debt | 270,004 | 289,404 | ' |
Junior subordinated debentures, at amortized cost | 0 | 0 | ' |
Estimated Fair Value [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' |
Securities held to maturity | 5,958 | 4,732 | ' |
Non-covered loans and leases, net | 7,250,596 | 6,652,179 | ' |
Covered loans and leases, net | 409,555 | 543,628 | ' |
Restricted equity securities | 0 | 0 | ' |
Bank owned life insurance | 0 | 0 | ' |
FDIC indemnification asset | 6,001 | 18,714 | ' |
Visa Class B common stock | 41,700 | 28,385 | ' |
Securities sold under agreements to repurchase | 0 | 0 | ' |
Term debt | 0 | 0 | ' |
Junior subordinated debentures, at amortized cost | 72,009 | 78,529 | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 7,580,192 | 7,376,288 | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 7,580,192 | 7,376,288 | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 0 | 0 | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 0 | 0 | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 1,545,640 | 2,020,358 | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 0 | 0 | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | 1,545,640 | 2,020,358 | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Deposits | $0 | $0 | ' |
Fair_Value_Measurement_Schedul2
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | $5,958 | $3,747 | ' | ' | ||
Available for sale, at fair value | 1,790,978 | 2,625,229 | ' | ' | ||
Loans held for sale, at fair value | 104,664 | 320,132 | ' | ' | ||
Mortgage servicing rights, at fair value | 47,765 | 27,428 | 18,184 | 14,454 | ||
Derivatives, assets | 17,921 | 23,942 | ' | ' | ||
Total assets measured at fair value | 1,967,286 | 3,000,378 | ' | ' | ||
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ' | ' | ||
Total liabilities measured at fair value | 101,836 | 108,052 | ' | ' | ||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 15,965 | 22,213 | ' | ' | ||
Derivatives, liabilities | 14,556 | 22,048 | ' | ' | ||
Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 1,250 | 133 | ' | ' | ||
Derivatives, liabilities | 6 | 905 | ' | ' | ||
Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 706 | 1,496 | ' | ' | ||
Derivatives, liabilities | 0 | 18 | ' | ' | ||
Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Mortgage servicing rights, at fair value | 0 | 0 | ' | ' | ||
Total assets measured at fair value | 3,498 | 2,408 | ' | ' | ||
Junior subordinated debentures, at fair value | 0 | 0 | ' | ' | ||
Total liabilities measured at fair value | 0 | 0 | ' | ' | ||
Level 1 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 1 [Member] | Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 1 [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Loans held for sale, at fair value | 104,664 | 320,132 | ' | ' | ||
Mortgage servicing rights, at fair value | 0 | 0 | ' | ' | ||
Total assets measured at fair value | 1,915,317 | 2,969,046 | ' | ' | ||
Junior subordinated debentures, at fair value | 0 | 0 | ' | ' | ||
Total liabilities measured at fair value | 14,562 | 22,953 | ' | ' | ||
Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 15,965 | 22,213 | ' | ' | ||
Derivatives, liabilities | 14,556 | 22,048 | ' | ' | ||
Level 2 [Member] | Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 1,250 | 133 | ' | ' | ||
Derivatives, liabilities | 6 | 905 | ' | ' | ||
Level 2 [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Mortgage servicing rights, at fair value | 47,765 | 27,428 | ' | ' | ||
Total assets measured at fair value | 48,471 | 28,924 | ' | ' | ||
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ' | ' | ||
Total liabilities measured at fair value | 87,274 | 85,099 | ' | ' | ||
Level 3 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 3 [Member] | Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 3 [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 706 | 1,496 | ' | ' | ||
Derivatives, liabilities | 0 | 18 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 2,366 | 1,216 | ' | ' | ||
Available for sale, at fair value | 235,205 | 263,725 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 2,366 | 1,216 | ' | ' | ||
Available for sale, at fair value | 235,205 | 263,725 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Equity Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 3,498 | 2,408 | ' | ' | ||
Equity Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 3,498 | 2,408 | ' | ' | ||
Equity Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Equity Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Other Investments Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 94 | [1] | 123 | [1] | ' | ' |
Other Investments Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | [1] | 0 | [1] | ' | ' |
Other Investments Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 94 | [1] | 123 | [1] | ' | ' |
Other Investments Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | [1] | 0 | [1] | ' | ' |
U.S. Treasury And Agencies [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 268 | 45,820 | ' | ' | ||
U.S. Treasury And Agencies [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
U.S. Treasury And Agencies [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 268 | 45,820 | ' | ' | ||
U.S. Treasury And Agencies [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,553,541 | 2,313,376 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,553,541 | 2,313,376 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Other Debt Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 222 | ' | ' | ||
Other Debt Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Other Debt Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 222 | ' | ' | ||
Other Debt Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,964 | 2,086 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,964 | 2,086 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | $0 | $0 | ' | ' | ||
[1] | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. |
Fair_Value_Measurement_Schedul3
Fair Value Measurement (Schedule Of A Description Of The Valuation Technique, Unobservable Input, And Qualitative Information For The Company's Assets And Liabilities Classified As Level 3) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Constant prepayment rate | 12.74% | 21.39% | 20.39% |
Discount rate | 8.69% | 8.65% | 8.60% |
Mortgage Servicing Rights [Member] | ' | ' | ' |
Valuation Technique | 'Discounted cash flow | ' | ' |
Interest Rate Lock Commitments [Member] | ' | ' | ' |
Valuation Technique | 'Internal Pricing Model | ' | ' |
Junior Subordinated Debentures [Member] | ' | ' | ' |
Valuation Technique | 'Discounted cash flow | ' | ' |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | ' | ' | ' |
Constant prepayment rate | 12.74% | ' | ' |
Discount rate | 8.69% | ' | ' |
Weighted Average [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' |
Fair Value Inputs, Pull-through Rate | 80.90% | ' | ' |
Weighted Average [Member] | Junior Subordinated Debentures [Member] | ' | ' | ' |
Credit spread | 6.53% | ' | ' |
Fair_Value_Measurement_Schedul4
Fair Value Measurement (Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis) (Details) (Level 3 [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Junior Subordinated Debentures [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Junior subordinated debentures, at fair value, Beginning Balance | $85,081 | $82,905 |
Junior subordinated debentures, at fair value, Change included in earnings | 6,090 | 6,350 |
Junior subordinated debentures, at fair value, Purchases and issuances | 0 | 0 |
Junior subordinated debentures, at fair value, Sales and settlements | -3,897 | -4,174 |
Junior subordinated debentures, at fair value, Ending Balance | 87,274 | 85,081 |
Junior subordinated debentures, at fair value, Net change in unrealized gains or (losses) relating to items held at end of period | 6,090 | 6,350 |
Interest Rate Lock Commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Interest rate lock commitment, Beginning Balance | 1,478 | 1,749 |
Interest rate lock commitment, Change included in earnings | -1,478 | -1,749 |
Interest rate lock commitment, Purchases and issuances | 62,560 | 111,473 |
Interest rate lock commitment, Sales and settlements | -61,854 | -109,995 |
Interest rate lock commitment, Ending Balance | 706 | 1,478 |
Interest rate lock commitment, Net change in unrealized gains or (losses) relating to items held at end of period | 706 | 1,478 |
Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Mortgage servicing rights, at fair value, Beginning Balance | 27,428 | 18,184 |
Mortgage servicing rights, at fair value, Change included in earnings | 2,374 | -8,466 |
Mortgage servicing rights, at fair value, Purchases and issuances | 17,963 | 17,710 |
Mortgage servicing rights, at fair value, Sales and settlements | 0 | 0 |
Mortgage servicing rights, at fair value, Ending Balance | 47,765 | 27,428 |
Mortgage servicing rights, at fair value, Net change in unrealized gains or (losses) relating to items held at end of period | $2,376 | ($3,778) |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investment securities, held to maturity | $5,874 | $4,732 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 25,177 | 48,067 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 25,177 | 48,067 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investment securities, held to maturity | ' | 432 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investment securities, held to maturity | ' | 0 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investment securities, held to maturity | ' | 0 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investment securities, held to maturity | ' | 432 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 20,421 | 34,007 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 20,421 | 34,007 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 1,986 | 4,671 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 1,986 | 4,671 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 2,770 | 8,957 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | $2,770 | $8,957 |
Fair_Value_Measurement_Losses_
Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loss from nonrecurring measurements | $29,331 | $49,594 | $69,898 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loss from nonrecurring measurements | 0 | 155 | 359 |
Non-Covered Loans And Leases [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loss from nonrecurring measurements | 27,171 | 37,897 | 51,883 |
Non-Covered Other Real Estate Owned [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loss from nonrecurring measurements | 1,448 | 6,896 | 8,947 |
Covered Other Real Estate Owned [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loss from nonrecurring measurements | $712 | $4,646 | $8,709 |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement (Fair Value Option) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair Value | $104,664 | $320,132 |
Aggregate Unpaid Balance | 101,795 | 302,760 |
Fair Value Less Aggregate Unpaid Balance | $2,869 | $17,372 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
NUMERATORS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $25,270 | $23,477 | $26,253 | $23,361 | $27,958 | $25,153 | $23,277 | $25,503 | $98,361 | $101,891 | $74,496 | |||
Dividends and undistributed earnings allocated to participating securities | 212 | 196 | 197 | 183 | 183 | 170 | 162 | 167 | 788 | [1] | 682 | [1] | 356 | [1] |
Net earnings available to common shareholders | $25,058 | $23,281 | $26,056 | $23,178 | $27,775 | $24,983 | $23,115 | $25,336 | $97,573 | $101,209 | $74,140 | |||
DENOMINATORS: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted average number of common shares outstanding - basic | ' | ' | ' | ' | ' | ' | ' | ' | 111,938 | 111,935 | 114,220 | |||
Effect of potentially dilutive common shares | ' | ' | ' | ' | ' | ' | ' | ' | 238 | [2] | 216 | [2] | 189 | [2] |
Weighted average number of common shares outstanding - diluted | ' | ' | ' | ' | ' | ' | ' | ' | 112,176 | 112,151 | 114,409 | |||
EARNINGS PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic earnings per common share | $0.22 | $0.21 | $0.23 | $0.21 | $0.25 | $0.22 | $0.21 | $0.23 | $0.87 | $0.90 | $0.65 | |||
Diluted earnings per common share | $0.22 | $0.21 | $0.23 | $0.21 | $0.25 | $0.22 | $0.21 | $0.23 | $0.87 | $0.90 | $0.65 | |||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | |||||||||||||
[2] | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share (Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share) (Details) (Stock Options [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Stock options | 669 | 1,306 | 1,815 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Segment Reporting [Abstract] | ' |
Number of primary segments | 3 |
Community Banking [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of locations in operation | 206 |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Information By Reportable Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | $118,538 | $115,960 | $104,015 | $104,333 | $112,741 | $114,108 | $113,594 | $115,642 | $442,846 | $456,085 | $501,753 | |||
Interest expense | 8,464 | 9,151 | 10,122 | 10,144 | 10,912 | 12,068 | 12,582 | 13,287 | 37,881 | 48,849 | 73,301 | |||
Net interest income | 110,074 | 106,809 | 93,893 | 94,189 | 101,829 | 102,040 | 101,012 | 102,355 | 404,965 | 407,236 | 428,452 | |||
Provision for non-covered loan and lease losses | 3,840 | 3,008 | 2,993 | 6,988 | 4,913 | 7,078 | 6,638 | 3,167 | 16,829 | 21,796 | 46,220 | |||
Recapture of provision for covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -6,113 | 7,405 | 16,141 | |||
Non-interest income | 26,785 | 26,144 | 34,497 | 34,015 | 46,987 | 33,679 | 28,926 | 27,237 | 121,441 | 136,829 | 84,118 | |||
Non-interest expense | 95,364 | 95,604 | 87,931 | 85,762 | 98,046 | 86,974 | 86,936 | 87,696 | 364,661 | 359,652 | 338,971 | |||
Income before income taxes | 39,024 | 36,245 | 40,538 | 35,222 | 42,754 | 38,740 | 34,958 | 38,760 | 151,029 | 155,212 | 111,238 | |||
Provision for income taxes | 13,754 | 12,768 | 14,285 | 11,861 | 14,796 | 13,587 | 11,681 | 13,257 | 52,668 | 53,321 | 36,742 | |||
Net income | 25,270 | 23,477 | 26,253 | 23,361 | 27,958 | 25,153 | 23,277 | 25,503 | 98,361 | 101,891 | 74,496 | |||
Dividends and undistributed earnings allocated to participating securities | 212 | 196 | 197 | 183 | 183 | 170 | 162 | 167 | 788 | [1] | 682 | [1] | 356 | [1] |
Net earnings available to common shareholders | 25,058 | 23,281 | 26,056 | 23,178 | 27,775 | 24,983 | 23,115 | 25,336 | 97,573 | 101,209 | 74,140 | |||
Total assets | 11,636,112 | ' | ' | ' | 11,795,443 | ' | ' | ' | 11,636,112 | 11,795,443 | 11,562,858 | |||
Total loans and leases (covered and non-covered) | 7,718,395 | ' | ' | ' | 7,158,158 | ' | ' | ' | 7,718,395 | 7,158,158 | 6,510,549 | |||
Total deposits | 9,117,660 | ' | ' | ' | 9,379,275 | ' | ' | ' | 9,117,660 | 9,379,275 | 9,236,690 | |||
Community Banking [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 406,099 | 420,622 | 474,167 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 34,636 | 45,240 | 68,751 | |||
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 371,463 | 375,382 | 405,416 | |||
Provision for non-covered loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 16,829 | 21,796 | 46,220 | |||
Recapture of provision for covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | -6,113 | 7,405 | 16,141 | |||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 26,440 | 38,272 | 43,282 | |||
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 308,894 | 307,089 | 302,883 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 78,293 | 77,364 | 83,454 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 23,544 | 22,202 | 26,023 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 54,749 | 55,162 | 57,431 | |||
Dividends and undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 788 | 682 | 356 | |||
Net earnings available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 53,961 | 54,480 | 57,075 | |||
Total assets | 10,822,990 | ' | ' | ' | 10,984,996 | ' | ' | ' | 10,822,990 | 10,984,996 | 11,086,493 | |||
Total loans and leases (covered and non-covered) | 7,076,279 | ' | ' | ' | 6,713,792 | ' | ' | ' | 7,076,279 | 6,713,792 | 6,171,368 | |||
Total deposits | 8,734,175 | ' | ' | ' | 8,968,867 | ' | ' | ' | 8,734,175 | 8,968,867 | 8,830,353 | |||
Wealth Management [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 14,755 | 15,192 | 13,362 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 731 | 865 | 2,067 | |||
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 14,024 | 14,327 | 11,295 | |||
Provision for non-covered loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Recapture of provision for covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 15,662 | 13,759 | 13,963 | |||
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,849 | 15,108 | 15,630 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 12,837 | 12,978 | 9,628 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 5,164 | 5,171 | 3,457 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 7,673 | 7,807 | 6,171 | |||
Dividends and undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net earnings available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 7,673 | 7,807 | 6,171 | |||
Total assets | 126,060 | ' | ' | ' | 90,370 | ' | ' | ' | 126,060 | 90,370 | 53,044 | |||
Total loans and leases (covered and non-covered) | 110,087 | ' | ' | ' | 74,132 | ' | ' | ' | 110,087 | 74,132 | 38,810 | |||
Total deposits | 356,784 | ' | ' | ' | 382,033 | ' | ' | ' | 356,784 | 382,033 | 390,992 | |||
Home Lending [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 21,992 | 20,271 | 14,224 | |||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,514 | 2,744 | 2,483 | |||
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 19,478 | 17,527 | 11,741 | |||
Provision for non-covered loan and lease losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Recapture of provision for covered loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Non-interest income | ' | ' | ' | ' | ' | ' | ' | ' | 79,339 | 84,798 | 26,873 | |||
Non-interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 38,918 | 37,455 | 20,458 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 59,899 | 64,870 | 18,156 | |||
Provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 23,960 | 25,948 | 7,262 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 35,939 | 38,922 | 10,894 | |||
Dividends and undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Net earnings available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 35,939 | 38,922 | 10,894 | |||
Total assets | 687,062 | ' | ' | ' | 720,077 | ' | ' | ' | 687,062 | 720,077 | 423,321 | |||
Total loans and leases (covered and non-covered) | 532,029 | ' | ' | ' | 370,234 | ' | ' | ' | 532,029 | 370,234 | 300,371 | |||
Total deposits | $26,701 | ' | ' | ' | $28,375 | ' | ' | ' | $26,701 | $28,375 | $15,345 | |||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Related Party Transactions [Abstract] | ' | ' | ' | |||
Loans outstanding at the beginning of the year | $12,272,000 | $12,245,000 | $9,264,000 | |||
New loans and advances | 3,584,000 | 2,697,000 | 10,041,000 | |||
Less loan repayments | -2,213,000 | -2,113,000 | -7,060,000 | |||
Reclassification | -336,000 | [1] | -557,000 | [1] | 0 | [1] |
Loans outstanding at the end of the year | 13,307,000 | 12,272,000 | 12,245,000 | |||
Deposits of related parties | $15,300,000 | $16,300,000 | ' | |||
[1] | Represents loans that were once considered related party but are no longer considered related party, or loans that were not related party that subsequently became related party loans. |
Parent_Company_Financial_State2
Parent Company Financial Statements (Schedule Of Condensed Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Other assets | $111,958 | $138,702 | ' |
Total assets | 11,636,112 | 11,795,443 | 11,562,858 |
Other liabilities | 125,477 | 105,383 | ' |
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ' |
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ' |
Total liabilities | 9,908,686 | 10,071,404 | ' |
Shareholders' equity | 1,727,426 | 1,724,039 | ' |
Total liabilities and shareholders' equity | 11,636,112 | 11,795,443 | ' |
Umpqua Bank [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Non-interest bearing deposits with subsidiary banks | 72,679 | 82,383 | ' |
Investments in Bank subsidiary | 1,847,168 | 1,829,305 | ' |
Investments In Nonbank subsidiaries | 29,193 | 25,308 | ' |
Other assets | 1,590 | 1,498 | ' |
Total assets | 1,950,630 | 1,938,494 | ' |
Payable to bank subsidiary | 93 | 49 | ' |
Other liabilities | 33,938 | 18,340 | ' |
Junior subordinated debentures, at fair value | 87,274 | 85,081 | ' |
Junior subordinated debentures, at amortized cost | 101,899 | 110,985 | ' |
Total liabilities | 223,204 | 214,455 | ' |
Shareholders' equity | 1,727,426 | 1,724,039 | ' |
Total liabilities and shareholders' equity | $1,950,630 | $1,938,494 | ' |
Parent_Company_Financial_State3
Parent Company Financial Statements (Schedule Of Condensed Statements Of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | $24,405 | $24,916 | $12,674 | |||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 24,422 | 31,542 | 29,614 | |||
Income tax benefit | 13,754 | 12,768 | 14,285 | 11,861 | 14,796 | 13,587 | 11,681 | 13,257 | 52,668 | 53,321 | 36,742 | |||
Net income | 25,270 | 23,477 | 26,253 | 23,361 | 27,958 | 25,153 | 23,277 | 25,503 | 98,361 | 101,891 | 74,496 | |||
Net earnings available to common shareholders | 212 | 196 | 197 | 183 | 183 | 170 | 162 | 167 | 788 | [1] | 682 | [1] | 356 | [1] |
Umpqua Bank [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Dividends from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 62,241 | 78,755 | 17,743 | |||
Other income | ' | ' | ' | ' | ' | ' | ' | ' | -2,321 | -2,174 | -2,127 | |||
Total income | ' | ' | ' | ' | ' | ' | ' | ' | 59,920 | 76,581 | 15,616 | |||
Management fees paid to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 501 | 459 | 469 | |||
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 8,885 | 9,189 | 9,072 | |||
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,386 | 9,648 | 9,541 | |||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 50,534 | 66,933 | 6,075 | |||
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -4,446 | -4,904 | -4,325 | |||
Net income before equity in undistributed earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 54,980 | 71,837 | 10,400 | |||
Equity in undistributed earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 43,381 | 30,054 | 64,096 | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 98,361 | 101,891 | 74,496 | |||
Dividends and undistributed earnings allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | 788 | 682 | 356 | |||
Net earnings available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $97,573 | $101,209 | $74,140 | |||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
Parent_Company_Financial_State4
Parent Company Financial Statements (Schedule Of Condensed Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | $98,361 | $101,891 | $74,496 |
Depreciation, amortization and accretion | 18,267 | 16,040 | 13,151 |
Change in fair value of junior subordinated debentures | 2,193 | 2,175 | 2,217 |
Net (increase) decrease in other assets | 32,129 | 5,401 | -15,404 |
Net (decrease) increase in other liabilities | -7,589 | 22,255 | 15,177 |
Net cash provided by operating activities | 413,097 | 26,485 | 182,352 |
Net cash used by investing activities | 281,072 | 121,519 | -382,744 |
Dividends paid on common stock | -50,768 | -46,201 | -25,317 |
Stock repurchased | -9,360 | -7,436 | -29,754 |
Proceeds from exercise of stock options | 6,398 | 981 | 308 |
Net cash used by financing activities | -447,533 | -202,983 | -204,967 |
Change in cash and cash equivalents | 246,636 | -54,979 | -405,359 |
Cash and cash equivalents, beginning of year | 543,787 | 598,766 | 1,004,125 |
Cash and cash equivalents, end of year | 790,423 | 543,787 | 598,766 |
Umpqua Bank [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net income | 98,361 | 101,891 | 74,496 |
Equity in undistributed earnings of subsidiaries | -43,381 | -30,054 | -64,096 |
Depreciation, amortization and accretion | -322 | -322 | -322 |
Change in fair value of junior subordinated debentures | 2,193 | 2,182 | 2,217 |
Net (increase) decrease in other assets | -92 | 4,925 | -3,933 |
Net (decrease) increase in other liabilities | -1,361 | -1,184 | 3,736 |
Net cash provided by operating activities | 55,398 | 77,438 | 12,098 |
Investment in subsidiaries | -2,928 | -24,970 | -3,668 |
Acquisitions | 0 | 419 | 0 |
Net decrease in receivables from nonbank subsidiaries | 0 | 0 | 8 |
Net cash used by investing activities | -2,928 | -24,551 | -3,660 |
Net (decrease) increase in payables to subsidiaries | -8,448 | 17 | 7 |
Dividends paid on common stock | -50,767 | -46,201 | -25,317 |
Stock repurchased | -9,356 | -7,433 | -29,754 |
Proceeds from exercise of stock options | 6,397 | 980 | 309 |
Net cash used by financing activities | -62,174 | -52,637 | -54,755 |
Change in cash and cash equivalents | -9,704 | 250 | -46,317 |
Cash and cash equivalents, beginning of year | 82,383 | 82,133 | 128,450 |
Cash and cash equivalents, end of year | $72,679 | $82,383 | $82,133 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest income | $118,538 | $115,960 | $104,015 | $104,333 | $112,741 | $114,108 | $113,594 | $115,642 | $442,846 | $456,085 | $501,753 | |||
Interest expense | 8,464 | 9,151 | 10,122 | 10,144 | 10,912 | 12,068 | 12,582 | 13,287 | 37,881 | 48,849 | 73,301 | |||
Net interest income | 110,074 | 106,809 | 93,893 | 94,189 | 101,829 | 102,040 | 101,012 | 102,355 | 404,965 | 407,236 | 428,452 | |||
Provision for non-covered loan and lease losses | 3,840 | 3,008 | 2,993 | 6,988 | 4,913 | 7,078 | 6,638 | 3,167 | 16,829 | 21,796 | 46,220 | |||
(Recapture of) provision for covered loan losses | -1,369 | -1,904 | -3,072 | 232 | 3,103 | 2,927 | 1,406 | -31 | -6,113 | 7,405 | 16,141 | |||
Non-interest income | 26,785 | 26,144 | 34,497 | 34,015 | 46,987 | 33,679 | 28,926 | 27,237 | 121,441 | 136,829 | 84,118 | |||
Non-interest expense | 95,364 | 95,604 | 87,931 | 85,762 | 98,046 | 86,974 | 86,936 | 87,696 | 364,661 | 359,652 | 338,971 | |||
Income before provision for income taxes | 39,024 | 36,245 | 40,538 | 35,222 | 42,754 | 38,740 | 34,958 | 38,760 | 151,029 | 155,212 | 111,238 | |||
Provision for income taxes | 13,754 | 12,768 | 14,285 | 11,861 | 14,796 | 13,587 | 11,681 | 13,257 | 52,668 | 53,321 | 36,742 | |||
Net income | 25,270 | 23,477 | 26,253 | 23,361 | 27,958 | 25,153 | 23,277 | 25,503 | 98,361 | 101,891 | 74,496 | |||
Dividends and undistributed earnings allocated to participating securities | 212 | 196 | 197 | 183 | 183 | 170 | 162 | 167 | 788 | [1] | 682 | [1] | 356 | [1] |
Net earnings available to common shareholders | $25,058 | $23,281 | $26,056 | $23,178 | $27,775 | $24,983 | $23,115 | $25,336 | $97,573 | $101,209 | $74,140 | |||
Basic earnings per common share | $0.22 | $0.21 | $0.23 | $0.21 | $0.25 | $0.22 | $0.21 | $0.23 | $0.87 | $0.90 | $0.65 | |||
Diluted earnings per common share | $0.22 | $0.21 | $0.23 | $0.21 | $0.25 | $0.22 | $0.21 | $0.23 | $0.87 | $0.90 | $0.65 | |||
Cash dividends declared per common share | $0.15 | $0.15 | $0.20 | $0.10 | $0.09 | $0.09 | $0.09 | $0.07 | ' | ' | ' | |||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |