Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 29, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PACWEST BANCORP | |
Entity Central Index Key | 1,102,112 | |
Document Period End Date | Sep. 30, 2015 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 120,201,464 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets [Abstract] | ||
Cash and due from banks | $ 154,652 | $ 164,757 |
Interest-earning deposits in financial institutions | 81,642 | 148,469 |
Total cash and cash equivalents | 236,294 | 313,226 |
Securities available-for-sale, at fair value | 1,809,364 | 1,567,177 |
Federal Home Loan Bank stock, at cost | 17,250 | 40,609 |
Total investment securities | 1,826,614 | 1,607,786 |
Gross loans and leases | 12,493,397 | 11,904,684 |
Deferred fees and costs | (41,192) | (22,252) |
Allowance for loan and lease losses | (103,271) | (84,455) |
Total loans and leases, net | 12,348,934 | 11,797,977 |
Equipment leased to others under operating leases | 161,508 | 122,506 |
Premises and equipment, net | 36,475 | 36,551 |
Foreclosed assets, net | 33,216 | 43,721 |
Goodwill | 1,728,380 | 1,720,479 |
Core deposit and customer relationship intangibles, net | 12,704 | 17,204 |
Deferred tax asset, net | 169,760 | 284,411 |
Other assets | 260,220 | 290,744 |
Total assets | 16,814,105 | 16,234,605 |
Liabilities and Equity [Abstract] | ||
Noninterest-bearing deposits | 3,508,682 | 2,931,352 |
Interest-bearing deposits | 8,607,081 | 8,823,776 |
Total deposits | 12,115,763 | 11,755,128 |
Borrowings | 552,497 | 383,402 |
Subordinated debentures | 435,417 | 433,583 |
Accrued interest payable and other liabilities | 128,724 | 156,262 |
Total liabilities | 13,232,401 | 12,728,375 |
Commitments and contingencies (Note 10) | 0 | 0 |
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding) | 0 | 0 |
Common stock ($0.01 par value, 200,000,000 shares authorized at September 30, 2015 and December 31, 2014; 104,431,508 and 104,219,197 shares issued, respectively, including 988,825 and 1,108,505 shares of unvested restricted stock, respectively) | 1,044 | 1,042 |
Additional paid-in capital | 3,665,173 | 3,807,167 |
Accumulated deficit | (57,934) | (285,712) |
Treasury stock, at cost (1,377,814 and 1,197,180 shares at September 30, 2015 and December 31, 2014) | (51,038) | (42,647) |
Accumulated other comprehensive income, net | 24,459 | 26,380 |
Total stockholders' equity | 3,581,704 | 3,506,230 |
Total liabilities and stockholders' equity | $ 16,814,105 | $ 16,234,605 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock outstanding (shares) | 5,000,000 | 5,000,000 |
Common Stock par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock issued (shares) | 104,431,508 | 104,219,197 |
Unvested restricted shares (shares) | 988,825 | 1,108,505 |
Treasury Stock (shares) | 1,377,814 | 1,197,180 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest income: | |||||
Loans and leases | $ 193,539 | $ 203,781 | $ 189,961 | $ 599,417 | $ 459,625 |
Investment securities | 13,955 | 14,570 | 12,331 | 40,720 | 35,140 |
Deposits in financial institutions | 178 | 104 | 64 | 304 | 314 |
Total interest income | 207,672 | 218,455 | 202,356 | 640,441 | 495,079 |
Interest expense: | |||||
Deposits | 10,400 | 11,233 | 8,822 | 32,112 | 17,360 |
Borrowings | 72 | 88 | 74 | 395 | 352 |
Subordinated debentures | 4,680 | 4,582 | 4,614 | 13,787 | 9,973 |
Total interest expense | 15,152 | 15,903 | 13,510 | 46,294 | 27,685 |
Net interest income | 192,520 | 202,552 | 188,846 | 594,147 | 467,394 |
Provision for credit losses | 8,746 | 6,529 | 5,050 | 31,709 | 9,436 |
Net interest income after provision for credit losses | 183,774 | 196,023 | 183,796 | 562,438 | 457,958 |
Non-interest income: | |||||
Service charges on deposit accounts | 2,601 | 2,612 | 2,725 | 7,787 | 8,446 |
Other commissions and fees | 6,376 | 7,123 | 6,371 | 18,895 | 14,046 |
Leased equipment income | 5,475 | 5,375 | 5,615 | 16,232 | 11,287 |
Gain on sale of loans and leases | 27 | 163 | 973 | 190 | 594 |
Gain (loss) on sale of securities | 655 | (186) | 0 | 3,744 | 4,841 |
FDIC loss sharing expense, net | (4,449) | (5,107) | (7,415) | (13,955) | (27,370) |
Other income | 5,073 | 9,643 | 8,045 | 23,359 | 17,640 |
Total noninterest income | 15,758 | 19,623 | 16,314 | 56,252 | 29,484 |
Non-interest expense: | |||||
Compensation | 48,152 | 49,033 | 45,861 | 144,922 | 119,569 |
Occupancy | 10,762 | 10,588 | 11,188 | 31,950 | 29,861 |
Data processing | 4,322 | 4,402 | 3,929 | 13,032 | 10,568 |
Other professional services | 3,396 | 3,332 | 3,687 | 9,949 | 8,053 |
Insurance and assessments | 3,805 | 4,716 | 3,020 | 11,546 | 7,792 |
Intangible asset amortization | 1,497 | 1,502 | 1,608 | 4,500 | 4,649 |
Leased equipment depreciation | 3,162 | 3,103 | 2,961 | 9,368 | 6,056 |
Foreclosed assets expense (income), net | 4,521 | (2,340) | 4,827 | 2,517 | 3,463 |
Acquisition, integration and reorganization costs | 747 | 900 | 5,193 | 3,647 | 93,635 |
Other expense | 9,775 | 10,040 | 12,649 | 28,344 | 30,641 |
Total noninterest expense | 90,139 | 85,276 | 94,923 | 259,775 | 314,287 |
Earnings from continuing operations before taxes | 109,393 | 130,370 | 105,187 | 358,915 | 173,155 |
Income tax expense | (39,777) | (45,287) | (42,911) | (131,137) | (73,744) |
Net earnings from continuing operations | 69,616 | 85,083 | 62,276 | 227,778 | 99,411 |
Loss from discontinued operations before taxes | 0 | 0 | (8) | 0 | (2,572) |
Income tax benefit | 0 | 0 | 3 | 0 | 1,067 |
Net loss from discontinued operations | 0 | 0 | (5) | 0 | (1,505) |
Net earnings | $ 69,616 | $ 85,083 | $ 62,271 | $ 227,778 | $ 97,906 |
Earnings Per Share, Basic [Abstract] | |||||
Net earnings from continuing operations (usd per share) | $ 0.68 | $ 0.83 | $ 0.60 | $ 2.21 | $ 1.20 |
Net earnings (usd per share) | 0.68 | 0.83 | 0.60 | 2.21 | 1.18 |
Earnings Per Share, Diluted [Abstract] | |||||
Net earnings from continuing operations (usd per share) | 0.68 | 0.83 | 0.60 | 2.21 | 1.20 |
Net earnings (usd per share) | 0.68 | 0.83 | 0.60 | 2.21 | 1.18 |
Dividends [Abstract] | |||||
Dividends declared per share (usd per share) | $ 0.5 | $ 0.5 | $ 0.25 | $ 1.50 | $ 0.75 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings | $ 69,616 | $ 85,083 | $ 62,271 | $ 227,778 | $ 97,906 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Unrealized holding (losses) gains on securities available-for-sale | 14,466 | (21,213) | 93 | 616 | 45,395 | |
Income tax benefit (expense) related to unrealized holding (losses) gains arising during the period | (5,873) | 8,614 | 607 | (364) | (18,342) | |
Unrealized holding losses (gains) on securities available-for-sale, net of tax | 8,593 | (12,599) | 700 | 252 | 27,053 | |
Reclassification adjustment for losses (gains) included in net earnings | [1] | (655) | 186 | 0 | (3,744) | (4,841) |
Income tax (benefit) expense related to reclassification adjustment | 266 | (76) | 0 | 1,571 | 1,956 | |
Reclassification adjustment for losses (gains) included in net earnings, net of tax | (389) | 110 | 0 | (2,173) | (2,885) | |
Other comprehensive (loss) income, net of tax | 8,204 | (12,489) | 700 | (1,921) | 24,168 | |
Comprehensive income | $ 77,820 | $ 72,594 | $ 62,971 | $ 225,857 | $ 122,074 | |
[1] | Entire amounts are recognized in "Gain (loss) on sale of securities" on the Condensed Consolidated Statements of Earnings. |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2014 | $ 3,506,230 | $ 1,042 | $ 3,807,167 | $ (285,712) | $ (42,647) | $ 26,380 |
Shares outstanding, beginning balance (shares) at Dec. 31, 2014 | 103,022,017 | |||||
Stockholders' Equity Disclosure [Rollforward] | ||||||
Net earnings | 227,778 | 227,778 | ||||
Other comprehensive loss-net unrealized loss on securities available-for-sale, net of tax | (1,921) | $ 0 | 0 | 0 | 0 | (1,921) |
Restricted stock awarded and earned stock compensation, net of shares forfeited | 11,836 | $ 2 | 11,834 | 0 | 0 | 0 |
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 211,011 | |||||
Restricted stock surrendered | (8,391) | $ 0 | 0 | 0 | (8,391) | 0 |
Restricted stock surrendered (shares) | (180,634) | |||||
Tax effect from vesting of restricted stock | 596 | $ 0 | 596 | 0 | 0 | 0 |
Cash dividends paid | (154,482) | 0 | (154,482) | 0 | 0 | 0 |
Dividend reinvestment | 58 | $ 0 | 58 | 0 | 0 | 0 |
Dividend reinvestment (shares) | 1,300 | |||||
Ending Balance at Sep. 30, 2015 | $ 3,581,704 | $ 1,044 | $ 3,665,173 | $ (57,934) | $ (51,038) | $ 24,459 |
Shares outstanding, ending balance (shares) at Sep. 30, 2015 | 103,053,694 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net earnings | $ 227,778 | $ 97,906 |
Depreciation and amortization | 33,239 | 28,434 |
Provision for credit losses | 31,709 | 9,436 |
Loss (gain) on sale of foreclosed assets | 42 | (2,746) |
Provision for losses on foreclosed assets | 5,163 | 5,065 |
Gain On Sale of Non-PCI Loans and Leases | (190) | (594) |
Gain on sale of premises and equipment | (54) | (1,523) |
Gain on sale of securities | (3,744) | (4,841) |
Unrealized gain on derivatives and foreign currencies, net | (909) | (2,393) |
Earned stock compensation | 11,836 | 33,641 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 6,645 |
Tax effect included in stockholders' equity of restricted stock vesting | (596) | (4,402) |
Decrease in accrued and deferred income taxes, net | 108,553 | 47,938 |
Decrease in other assets | 15,786 | 14,341 |
Decrease in accrued interest payable and other liabilities | (25,336) | (79,644) |
Net cash provided by operating activities | 403,277 | 147,263 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Cash acquired in acquisitions, net of cash consideration | 0 | 346,047 |
Net increase in loan and leases | (612,008) | (433,525) |
Proceeds from sales of loans and leases | 10,557 | 35,696 |
Proceeds from maturities and paydowns | 93,389 | 95,039 |
Proceeds from sales | 212,169 | 465,608 |
Purchases | (557,769) | (186,969) |
Collections of securities sales proceeds receivable | 0 | 484,084 |
Net redemptions of Federal Home Loan Bank stock | 23,359 | 28,397 |
Proceeds from sales of foreclosed assets | 18,772 | 20,097 |
Purchases of premises and equipment, net | (5,872) | (2,283) |
Proceeds from sales of premises and equipment | 108 | 3,759 |
Net (increase) decrease of equipment leased to others under operating leases | (26,174) | 30,502 |
Net cash (used in) provided by investing activities | (843,469) | 886,452 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Noninterest-bearing | 573,101 | 420,478 |
Interest-bearing | (216,717) | (518,012) |
Net increase (decrease) in borrowings | 169,095 | (742,109) |
Restricted stock surrendered | (8,391) | (22,307) |
Tax effect included in stockholders' equity of restricted vesting stock | 596 | 4,402 |
Cash dividends paid | (154,424) | (62,727) |
Net cash provided by (used in) financing activities | 363,260 | (920,275) |
Net (decrease) increase in cash and cash equivalents | (76,932) | 113,440 |
Cash and cash equivalents at beginning of period | 313,226 | 147,422 |
Cash and cash equivalents at end of period | 236,294 | 260,862 |
Noncash transactions from investing activities: | ||
Cash paid for interest | 51,218 | 23,959 |
Cash paid (received) for income taxes | 13,760 | (3,829) |
Loans transferred to foreclosed assets | 13,472 | 667 |
Partnership interest transferred to equipment leased to others under operating leases | 20,833 | 0 |
Common stock issued in acquisitions | $ 0 | $ 2,594,070 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization PacWest Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. Our principal business is to serve as the holding company for our Los Angeles‑based wholly owned banking subsidiary, Pacific Western Bank, which we refer to as “Pacific Western” or the “Bank.” When we say “we,” “our,” or the “Company,” we mean PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to “PacWest” or to the holding company, we are referring to PacWest Bancorp, the parent company, on a stand‑alone basis. As of September 30, 2015 , the Company had total assets of $16.8 billion , gross loans and leases of $12.5 billion , total deposits of $12.1 billion and total stockholders' equity of $3.6 billion . Pacific Western is a full-service commercial bank offering a broad range of banking products and services including accepting demand, money market, and time deposits and originating loans and leases, including an array of commercial real estate loans and commercial lending products. The Bank serves the financial needs of its customers through 80 full-service branches located primarily in Southern California extending from San Diego County to California’s Central Coast. The Bank also operates three banking offices in the San Francisco Bay area and four banking offices in the Central Valley. The Bank competes actively for relationship-based loans and deposits through its branch network, and emphasizes solicitation of noninterest-bearing deposits. The CapitalSource Division lends throughout the United States, providing middle-market businesses asset-secured loans, equipment-secured loans and leases, cash flow loans, and real estate loans secured by various property types. The collateral for real estate loans includes healthcare properties, office properties, industrial properties, multi-family properties, hospitality properties, and retail properties. Our leasing operation, Pacific Western Equipment Finance, and our group specializing in asset-based lending, CapitalSource Business Finance Group, are part of the CapitalSource Division. Our commercial loan products include equipment loans and leases, asset based loans, loans to finance companies, and loans secured by borrower future cash flows, as well as other business-oriented products. Our loan and lease origination efforts are conducted through offices located in Chevy Chase, Maryland; Los Angeles and San Jose, California; St. Louis, Missouri; Denver, Colorado; Chicago, Illinois; New York, New York; and Midvale, Utah. When we refer to "CapitalSource Inc.," we are referring to the company acquired on April 7, 2014 , and when we refer to the "CapitalSource Division," we are referring to a division of the Bank that specializes in middle-market lending on a nationwide basis. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses include interest paid by the Bank on deposits and borrowings, compensation and general operating expenses. We have completed 27 acquisitions from May 2000 through September 30, 2015 . Since 2000, our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. See Note 3 , Acquisitions , for more information about the CapitalSource Inc. merger, and Note 16, Subsequent Events , for information regarding the completion of the Square 1 Financial, Inc. acquisition on October 6, 2015 . Significant Accounting Policies Except as discussed below, our accounting policies are described in Note 1, Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission ("Form 10-K"). Accounting Standard Adopted in 2015 Effective January 1, 2015, the Company adopted Accounting Standards Update 2014-01, new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit. As a result of the adoption of this new guidance, the Company made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received and to present the amortization as a component of income tax expense, referred to as the proportional amortization method. Previously, investments in low-income housing tax credits were accounted for under the equity method and such amortization was presented in other expense. The guidance was required to be applied retrospectively and accordingly, prior period amounts for other expense and tax expense have been revised to conform to the current period presentation. The revised amortization amounts for prior periods were not material. The retrospective application of the adoption of the new accounting guidance for the proportional amortization method resulted in a cumulative effect on retained earnings of a reduction of $195,000 . Basis of Presentation Our interim consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all adjustments and eliminations, consisting solely of normal recurring accruals, considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. The accompanying financial statements reflect our consolidated accounts. All significant intercompany accounts and transactions have been eliminated. Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value and useful lives of intangible assets, the carrying value of the FDIC loss sharing asset, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. As described in Note 3 , Acquisitions, the acquired assets and liabilities of CapitalSource Inc. were measured at their estimated fair values. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and assumed liabilities. Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation format. On the condensed consolidated balance sheets, the "Other assets" category includes "FDIC loss sharing asset," which was previously reported as a separate category. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Discontinued operations include the income and expense related to Electronic Payment Services ("EPS"), a discontinued division of the Bank acquired in connection with the First California Financial Group, Inc. ("FCAL") acquisition. Liabilities of the EPS division were $16.9 million and $21.3 million at September 30, 2015 and December 31, 2014 , which consisted primarily of noninterest‑bearing deposits, and are included in the condensed consolidated balance sheets under the caption “Accrued interest payable and other liabilities.” For segment reporting purposes, the EPS division is included in our Community Banking segment. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions The following assets acquired and liabilities assumed of CapitalSource Inc. are presented at their estimated fair values as of its April 7, 2014 acquisition date: CapitalSource Inc. (In thousands) Assets Acquired: Cash and due from banks $ 768,553 Interest‑earning deposits in financial institutions 60,612 Investment securities available‑for‑sale 382,797 FHLB stock 46,060 Loans and leases 6,877,427 Equipment leased to others under operating leases 160,015 Premises and equipment 12,663 Foreclosed assets 6,382 Income tax assets 304,856 Goodwill 1,526,282 Core deposit and customer relationship intangibles 6,720 Other assets 582,985 Total assets acquired $ 10,735,352 Liabilities Assumed: Noninterest‑bearing deposits $ 4,631 Interest‑bearing deposits 6,236,419 Other borrowings 992,109 Subordinated debentures 300,918 Accrued interest payable and other liabilities 124,087 Total liabilities assumed $ 7,658,164 Total consideration paid $ 3,077,188 Summary of consideration: Cash paid $ 483,118 PacWest common stock issued 2,594,070 Total $ 3,077,188 CapitalSource Inc. Merger We acquired CapitalSource Inc. on April 7, 2014 . As part of the merger, CapitalSource Bank (“CSB”), a wholly owned subsidiary of CapitalSource Inc., merged with and into Pacific Western Bank. We completed the merger in order to augment our loan and lease generation capabilities and to diversify our loan portfolio. At closing, we formed the CapitalSource Division within the Bank. The Bank provides a full spectrum of financing solutions across numerous industries and property types to middle market businesses nationwide marketed under the CapitalSource Division brand. The CapitalSource Inc. merger has been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the merger date. We made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and liabilities. The application of the acquisition method of accounting resulted in goodwill of $1.5 billion . All of the recognized goodwill was non‑deductible for tax purposes. Acquisition-Related Charges The costs shown for the 2014 periods relate to the CapitalSource merger completed on April 7, 2014. The costs shown for the 2015 periods relate to the Square 1 acquisition completed on October 6, 2015. The following table presents the components of acquisition, integration and reorganization costs for the periods indicated. Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (In thousands) Acquisition, Integration and Reorganization Costs: Severance and employee-related $ — $ — $ 340 $ — $ 54,601 System conversion and integration 427 — 412 427 1,535 Asset write-downs, lease terminations and other facilities-related — — 150 — 5,853 Investment banking deal costs — — — 1,050 16,117 Other (legal, accounting, insurance, consulting) 320 900 4,291 2,170 15,529 Total acquisition, integration and reorganization costs $ 747 $ 900 $ 5,193 $ 3,647 $ 93,635 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill and Other Intangible Assets Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Our intangible assets with definite lives are core deposit intangibles ("CDI") and customer relationship intangibles ("CRI"). In the first quarter of 2015, we finalized the estimated fair value of the deferred tax assets acquired in the CapitalSource Inc. merger that resulted in a $7.9 million increase to goodwill. Goodwill and other intangible assets deemed to have indefinite lives generated from business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess and would be included in “Noninterest expense” in the condensed consolidated statements of earnings. No impairment losses were recognized during the nine months ended September 30, 2015 and 2014 . CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or loan and lease customers acquired. The weighted average amortization period remaining for all of our CDI and CRI as of September 30, 2015 is 3.8 years. The aggregate CDI and CRI amortization expense is expected to be $6.0 million for 2015 . The estimated aggregate amortization expense related to these intangible assets for each of the next five years is $4.1 million for 2016 , $2.3 million for 2017 , $2.0 million for 2018 , $1.7 million for 2019 , and $953,000 for 2020 . The following table presents the changes in the carrying amount of goodwill for the period indicated: Goodwill (In thousands) Balance, December 31, 2014 $ 1,720,479 Adjustment to acquired CapitalSource Inc. deferred tax assets 7,901 Balance, September 30, 2015 $ 1,728,380 The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 53,090 $ 53,090 $ 53,090 $ 53,090 $ 48,963 Additions — — — — 6,720 Fully amortized portion — — — — (1,293 ) Write-off due to the asset financing segment reorganization — — — — (1,300 ) Balance, end of period 53,090 53,090 53,090 53,090 53,090 Accumulated Amortization: Balance, beginning of period (38,889 ) (37,387 ) (32,659 ) (35,886 ) (31,715 ) Amortization (1,497 ) (1,502 ) (1,608 ) (4,500 ) (4,649 ) Fully amortized portion — — — — 1,293 Write-off due to the asset financing segment reorganization — — — — 804 Balance, end of period (40,386 ) (38,889 ) (34,267 ) (40,386 ) (34,267 ) Net CDI and CRI, end of period $ 12,704 $ 14,201 $ 18,823 $ 12,704 $ 18,823 In the second quarter of 2014, we wrote-off $6.6 million of goodwill and $0.5 million of CRI related to the reorganization of the Company's asset financing segment, which included the sale of Celtic Capital Corporation. These amounts are included in "Acquisition, integration and reorganization costs" in the condensed consolidated statements of earnings. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and carrying values of securities available-for-sale as of the dates indicated: September 30, 2015 December 31, 2014 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Security Type: Cost Gains Losses Value Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government agency and government-sponsored enterprise pass-through securities $ 391,904 $ 15,890 $ (196 ) $ 407,598 $ 515,902 $ 20,142 $ (372 ) $ 535,672 Government agency and government-sponsored enterprise collateralized mortgage obligations 206,380 5,460 (421 ) 211,419 275,513 3,513 (1,080 ) 277,946 Covered private label collateralized mortgage obligations 24,914 6,222 (110 ) 31,026 26,889 7,153 (95 ) 33,947 Other private label collateralized mortgage obligations 7,258 44 (40 ) 7,262 10,961 46 (93 ) 10,914 Municipal securities 844,782 18,057 (4,002 ) 858,837 521,499 15,899 (1,282 ) 536,116 Corporate debt securities 47,380 139 (123 ) 47,396 110,074 597 (562 ) 110,109 Collateralized loan obligations 133,159 316 (1,158 ) 132,317 — — — — SBA loan pool securities 51,153 395 — 51,548 — — — — Government-sponsored enterprise debt securities 36,284 1,240 — 37,524 36,232 525 — 36,757 Other securities 24,972 2 (537 ) 24,437 25,801 33 (118 ) 25,716 Total $ 1,768,186 $ 47,765 $ (6,587 ) $ 1,809,364 $ 1,522,871 $ 47,908 $ (3,602 ) $ 1,567,177 Other securities consist primarily of asset‑backed securities. As of September 30, 2015 , securities available‑for‑sale with a carrying value of $366.2 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. During the nine months ended September 30, 2015 and 2014 , we purchased $557.8 million and $187.0 million in securities available-for-sale. During the nine months ended September 30, 2015 , we sold $49.9 million of government agency and government-sponsored enterprise ("GSE") CMOs for a gain of $609,000 , $30.7 million of municipal securities for a gain of $744,000 , $67.5 million in corporate debt securities for a loss of $232,000 and $60.3 million in GSE pass-through securities for a gain of $2.6 million . During the nine months ended September 30, 2014 , we sold $137.3 million of GSE pass-through securities for a realized gain of $4.8 million and $797,000 in other securities for a realized gain of $89,000 . In addition, we sold $323.6 million of the $382.8 million of securities obtained in the CapitalSource Inc. merger for no gain or loss. Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated: September 30, 2015 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type: Value Losses Value Losses Value Losses (In thousands) Residential mortgage-backed securities: Government agency and government- sponsored enterprise pass-through securities $ 17,968 $ (95 ) $ 9,552 $ (101 ) $ 27,520 $ (196 ) Government agency and government- sponsored enterprise collateralized mortgage obligations — — 14,444 (421 ) 14,444 (421 ) Covered private label collateralized mortgage obligations 1,111 (44 ) 589 (66 ) 1,700 (110 ) Other private label collateralized mortgage obligations 1,296 (2 ) 1,099 (38 ) 2,395 (40 ) Municipal securities 238,631 (3,988 ) 529 (14 ) 239,160 (4,002 ) Corporate debt securities 23,013 (105 ) 2,278 (18 ) 25,291 (123 ) Collateralized loan obligations 103,409 (1,158 ) — — 103,409 (1,158 ) Other securities 5,635 (102 ) 16,114 (435 ) 21,749 (537 ) Total $ 391,063 $ (5,494 ) $ 44,605 $ (1,093 ) $ 435,668 $ (6,587 ) December 31, 2014 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type: Value Losses Value Losses Value Losses (In thousands) Residential mortgage-backed securities: Government agency and government- sponsored enterprise pass-through securities $ 10,711 $ (13 ) $ 27,100 $ (359 ) $ 37,811 $ (372 ) Government agency and government- sponsored enterprise collateralized mortgage obligations 23,908 (73 ) 40,652 (1,007 ) 64,560 (1,080 ) Covered private label collateralized mortgage obligations — — 1,000 (95 ) 1,000 (95 ) Other private label collateralized mortgage obligations 1,618 (93 ) — — 1,618 (93 ) Municipal securities 11,854 (66 ) 84,822 (1,216 ) 96,676 (1,282 ) Corporate debt securities 52,071 (547 ) 10,131 (15 ) 62,202 (562 ) Other securities 6,440 (90 ) 10,019 (28 ) 16,459 (118 ) Total $ 106,602 $ (882 ) $ 173,724 $ (2,720 ) $ 280,326 $ (3,602 ) We reviewed the securities that were in a loss position at September 30, 2015 , and concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the condensed consolidated statements of earnings. Although we occasionally sell securities for portfolio management purposes, we do not foresee having to sell any temporarily impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any temporarily impaired securities before recovery of their amortized cost. Contractual Maturities The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated: September 30, 2015 Amortized Fair Maturity: Cost Value (In thousands) Due in one year or less $ 9,304 $ 9,373 Due after one year through five years 104,445 106,653 Due after five years through ten years 310,318 321,663 Due after ten years 1,344,119 1,371,675 Total securities available-for-sale $ 1,768,186 $ 1,809,364 Mortgage-backed securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities may differ from contractual maturities because obligors and/or issuers may have the right to call or prepay obligations with or without call or prepayment penalties. FHLB Stock At September 30, 2015 , we had a $17.3 million investment in Federal Home Loan Bank of San Francisco ("FHLB") stock carried at cost. During the nine months ended September 30, 2015 , the carrying value of FHLB stock decreased by $23.4 million due to $27.3 million in redemptions, offset partially by $3.9 million in purchases. We evaluated the carrying value of our FHLB stock investment at September 30, 2015 , and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment. The FHLB paid us a special dividend of $1.4 million in the second quarter of 2015. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (In thousands) Taxable interest $ 7,323 $ 7,577 $ 7,850 $ 22,373 $ 22,438 Non-taxable interest 6,058 4,808 3,343 14,760 10,004 Dividend income 574 2,185 1,138 3,587 2,698 Total interest income on investment securities $ 13,955 $ 14,570 $ 12,331 $ 40,720 $ 35,140 |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The Company’s loan and lease portfolio includes originated and purchased loans and leases. Originated and purchased loans and leases for which there was no evidence of credit deterioration at their acquisition date and for which it was probable that all contractually required payments would be collected, are referred to collectively as non-purchased credit impaired loans, or "Non-PCI loans." Purchased loans for which there was, at the acquisition date, evidence of credit deterioration since their origination and for which it was deemed probable that we would be unable to collect all contractually required payments, are referred to as purchased credit impaired loans, or "PCI loans". Non-PCI loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income on an accelerated basis when the related loans are paid off or sold. PCI loans are accounted for in accordance with ASC Subtopic 310‑30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality" . For PCI loans, at the time of acquisition we (i) calculate the contractual amount and timing of undiscounted principal and interest payments (the "undiscounted contractual cash flows") and (ii) estimate the amount and timing of undiscounted expected principal and interest payments (the "undiscounted expected cash flows"). The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The difference between the undiscounted cash flows expected to be collected and the estimated fair value of the acquired loans is the accretable yield. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolio; such amount is subject to change over time based on the performance of such loans. The carrying value of PCI loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. The following table summarizes the composition of our loan and lease portfolio as of the dates indicated: September 30, 2015 December 31, 2014 Non-PCI Non-PCI Loans PCI Loans PCI and Leases Loans Total and Leases Loans Total (In thousands) Real estate mortgage $ 5,521,291 $ 184,751 $ 5,706,042 $ 5,350,827 $ 256,489 $ 5,607,316 Real estate construction and land 376,197 2,690 378,887 309,162 6,924 316,086 Commercial 6,272,807 5,606 6,278,413 5,852,420 27,155 5,879,575 Consumer 129,762 293 130,055 101,423 284 101,707 Total gross loans and leases 12,300,057 193,340 12,493,397 11,613,832 290,852 11,904,684 Deferred fees and costs (41,141 ) (51 ) (41,192 ) (22,191 ) (61 ) (22,252 ) Total loans and leases, net of deferred fees 12,258,916 193,289 12,452,205 11,591,641 290,791 11,882,432 Allowance for loan and lease losses (92,316 ) (10,955 ) (103,271 ) (70,456 ) (13,999 ) (84,455 ) Total net loans and leases $ 12,166,600 $ 182,334 $ 12,348,934 $ 11,521,185 $ 276,792 $ 11,797,977 The following tables present a summary of the activity in the allowance for loan and lease losses on Non‑PCI loans and leases by portfolio segment and PCI loans for the periods indicated: Three Months Ended September 30, 2015 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 29,908 $ 3,908 $ 50,531 $ 700 $ 85,047 $ 14,328 $ 99,375 Charge-offs (252 ) — (4,035 ) (25 ) (4,312 ) (1,119 ) (5,431 ) Recoveries 288 390 239 164 1,081 — 1,081 Provision (negative provision) 4,355 93 6,137 (85 ) 10,500 (2,254 ) 8,246 Balance, end of period $ 34,299 $ 4,391 $ 52,872 $ 754 $ 92,316 $ 10,955 $ 103,271 Nine Months Ended September 30, 2015 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 25,097 $ 4,248 $ 39,858 $ 1,253 $ 70,456 $ 13,999 $ 84,455 Charge-offs (1,767 ) — (12,964 ) (115 ) (14,846 ) (1,698 ) (16,544 ) Recoveries 1,783 1,034 2,393 392 5,602 112 5,714 Provision (negative provision) 9,186 (891 ) 23,585 (776 ) 31,104 (1,458 ) 29,646 Balance, end of period $ 34,299 $ 4,391 $ 52,872 $ 754 $ 92,316 $ 10,955 $ 103,271 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 1,443 $ 31 $ 10,343 $ 158 $ 11,975 Collectively evaluated for impairment $ 32,856 $ 4,360 $ 42,529 $ 596 $ 80,341 Acquired loans with deteriorated credit quality $ 10,955 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 58,393 $ 8,047 $ 76,088 $ 3,540 $ 146,068 Collectively evaluated for impairment $ 5,446,694 $ 364,433 $ 6,175,440 $ 126,281 $ 12,112,848 Acquired loans with deteriorated credit quality $ 193,289 Ending balance of loans and leases $ 5,505,087 $ 372,480 $ 6,251,528 $ 129,821 $ 12,258,916 $ 193,289 $ 12,452,205 Three Months Ended September 30, 2014 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 22,276 $ 4,302 $ 35,530 $ 3,415 $ 65,523 $ 16,626 $ 82,149 Charge-offs (395 ) — (7,282 ) (171 ) (7,848 ) (108 ) (7,956 ) Recoveries 1,312 24 337 52 1,725 — 1,725 Provision (negative provision) 3,810 1,591 422 (2,139 ) 3,684 2,297 5,981 Balance, end of period $ 27,003 $ 5,917 $ 29,007 $ 1,157 $ 63,084 $ 18,815 $ 81,899 Nine Months Ended September 30, 2014 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 26,078 $ 4,298 $ 26,921 $ 2,944 $ 60,241 $ 21,793 $ 82,034 Charge-offs (976 ) — (9,049 ) (203 ) (10,228 ) (4,712 ) (14,940 ) Recoveries 1,949 112 1,301 294 3,656 51 3,707 Provision (negative provision) (48 ) 1,507 9,834 (1,878 ) 9,415 1,683 11,098 Balance, end of period $ 27,003 $ 5,917 $ 29,007 $ 1,157 $ 63,084 $ 18,815 $ 81,899 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 1,568 $ 119 $ 7,654 $ 34 $ 9,375 Collectively evaluated for impairment $ 25,435 $ 5,798 $ 21,353 $ 1,123 $ 53,709 Acquired loans with deteriorated credit quality $ 18,815 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 58,041 $ 12,621 $ 46,143 $ 3,448 $ 120,253 Collectively evaluated for impairment $ 5,340,203 $ 270,446 $ 5,387,644 $ 104,960 $ 11,103,253 Acquired loans with deteriorated credit quality $ 351,379 Ending balance of loans and leases $ 5,398,244 $ 283,067 $ 5,433,787 $ 108,408 $ 11,223,506 $ 351,379 $ 11,574,885 Non‑Purchased Credit Impaired (Non‑PCI) Loans and Leases The following table presents the credit risk rating categories for Non‑PCI loans and leases by portfolio segment and class as of the dates indicated. Nonclassified loans and leases are those with a credit risk rating of either pass or special mention, while classified loans and leases are those with a credit risk rating of either substandard or doubtful. September 30, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage: Hospitality $ 10,695 $ 613,452 $ 624,147 $ 17,761 $ 542,458 $ 560,219 SBA 11,682 387,044 398,726 11,141 364,786 375,927 Other 56,981 4,425,233 4,482,214 68,084 4,336,330 4,404,414 Total real estate mortgage 79,358 5,425,729 5,505,087 96,986 5,243,574 5,340,560 Real estate construction and land: Residential 1,407 143,834 145,241 402 96,326 96,728 Commercial 584 226,655 227,239 3,346 207,061 210,407 Total real estate construction and land 1,991 370,489 372,480 3,748 303,387 307,135 Commercial: Collateralized 17,147 341,942 359,089 22,433 416,754 439,187 Unsecured 2,357 124,214 126,571 1,323 130,501 131,824 Asset-based 3,838 2,018,591 2,022,429 11,547 1,783,304 1,794,851 Cash flow 163,589 2,636,965 2,800,554 83,321 2,376,530 2,459,851 Equipment finance 53,153 841,624 894,777 15,973 953,516 969,489 SBA 2,918 45,190 48,108 3,207 44,054 47,261 Total commercial 243,002 6,008,526 6,251,528 137,804 5,704,659 5,842,463 Consumer 3,687 126,134 129,821 4,073 97,410 101,483 Total Non-PCI loans and leases $ 328,038 $ 11,930,878 $ 12,258,916 $ 242,611 $ 11,349,030 $ 11,591,641 In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s loan and lease risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in higher allowances for credit losses. The following tables present an aging analysis of our Non‑PCI loans and leases by portfolio segment and class as of the dates indicated: September 30, 2015 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Hospitality $ 779 $ — $ 779 $ 623,368 $ 624,147 SBA 276 8,661 8,937 389,789 398,726 Other 4,022 7,276 11,298 4,470,916 4,482,214 Total real estate mortgage 5,077 15,937 21,014 5,484,073 5,505,087 Real estate construction and land: Residential — — — 145,241 145,241 Commercial — — — 227,239 227,239 Total real estate construction and land — — — 372,480 372,480 Commercial: Collateralized 425 140 565 358,524 359,089 Unsecured 57 — 57 126,514 126,571 Asset-based — — — 2,022,429 2,022,429 Cash flow — — — 2,800,554 2,800,554 Equipment finance — 1,680 1,680 893,097 894,777 SBA 239 1,218 1,457 46,651 48,108 Total commercial 721 3,038 3,759 6,247,769 6,251,528 Consumer 88 3,146 3,234 126,587 129,821 Total Non-PCI loans and leases $ 5,886 $ 22,121 $ 28,007 $ 12,230,909 $ 12,258,916 December 31, 2014 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Hospitality $ — $ — $ — $ 560,219 $ 560,219 SBA 5,530 4,357 9,887 366,040 375,927 Other 6,098 7,630 13,728 4,390,686 4,404,414 Total real estate mortgage 11,628 11,987 23,615 5,316,945 5,340,560 Real estate construction and land: Residential — — — 96,728 96,728 Commercial — 715 715 209,692 210,407 Total real estate construction and land — 715 715 306,420 307,135 Commercial: Collateralized 878 965 1,843 437,344 439,187 Unsecured 69 45 114 131,710 131,824 Asset-based — — — 1,794,851 1,794,851 Cash flow — 232 232 2,459,619 2,459,851 Equipment finance 6,525 366 6,891 962,598 969,489 SBA 205 1,362 1,567 45,694 47,261 Total commercial 7,677 2,970 10,647 5,831,816 5,842,463 Consumer 101 3,146 3,247 98,236 101,483 Total Non-PCI loans and leases $ 19,406 $ 18,818 $ 38,224 $ 11,553,417 $ 11,591,641 At September 30, 2015 and December 31, 2014 , the Company had no loans and leases (excluding PCI loans) that were greater than 90 days past due and still accruing interest. We discontinue accruing interest when principal or interest payments are past due 90 days or more unless the loan is both well secured and in the process of collection or when, in the judgment of management, there is a reasonable doubt as to the collectability of the loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated: September 30, 2015 December 31, 2014 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Hospitality $ 1,845 $ 622,302 $ 624,147 $ 6,366 $ 553,853 $ 560,219 SBA 11,682 387,044 398,726 11,141 364,786 375,927 Other 18,294 4,463,920 4,482,214 20,105 4,384,309 4,404,414 Total real estate mortgage 31,821 5,473,266 5,505,087 37,612 5,302,948 5,340,560 Real estate construction and land: Residential 374 144,867 145,241 381 96,347 96,728 Commercial — 227,239 227,239 1,178 209,229 210,407 Total real estate construction and land 374 372,106 372,480 1,559 305,576 307,135 Commercial: Collateralized 2,771 356,318 359,089 5,450 433,737 439,187 Unsecured 923 125,648 126,571 639 131,185 131,824 Asset-based 90 2,022,339 2,022,429 4,574 1,790,277 1,794,851 Cash flow 11,761 2,788,793 2,800,554 15,964 2,443,887 2,459,851 Equipment finance 53,153 841,624 894,777 11,131 958,358 969,489 SBA 2,918 45,190 48,108 3,207 44,054 47,261 Total commercial 71,616 6,179,912 6,251,528 40,965 5,801,498 5,842,463 Consumer 3,379 126,442 129,821 3,485 97,998 101,483 Total Non-PCI loans and leases $ 107,190 $ 12,151,726 $ 12,258,916 $ 83,621 $ 11,508,020 $ 11,591,641 At September 30, 2015 , nonaccrual loans and leases totaled $107.2 million and included $22.1 million of loans and leases 90 or more days past due, $2.6 million of loans and leases 30 to 89 days past due, and $82.4 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $83.6 million at December 31, 2014 , including $18.8 million of loans and leases 90 or more days past due, $8.7 million of loans and leases 30 to 89 days past due, and $56.1 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. The increase in nonaccrual loans and leases generally, and equipment finance loans and leases specifically, was due to four relationships totaling $47.9 million that are related to the oil and gas industries and which have been adversely impacted by continued low oil prices. Non‑PCI nonaccrual loans and leases and performing restructured loans are considered impaired for reporting purposes. The following table presents the composition of our impaired loans and leases as of the dates indicated: September 30, 2015 December 31, 2014 Performing Total Performing Total Nonaccrual Restructured Impaired Nonaccrual Restructured Impaired Loans/Leases Loans Loans/Leases Loans/Leases Loans Loans/Leases (In thousands) Real estate mortgage $ 31,821 $ 27,293 $ 59,114 $ 37,612 $ 20,245 $ 57,857 Real estate construction and land 374 7,673 8,047 1,559 8,996 10,555 Commercial 71,616 4,767 76,383 40,965 5,744 46,709 Consumer 3,379 223 3,602 3,485 259 3,744 Total $ 107,190 $ 39,956 $ 147,146 $ 83,621 $ 35,244 $ 118,865 The following table presents loan and lease relationships having direct exposure to the oil and gas industries as of the dates indicated: September 30, 2015 June 30, 2015 Amount Obligors Amount Obligors (Dollars in thousands) Loans $ 83,025 7 $ 87,005 8 Leases 69,247 20 90,189 21 Total oil & gas support services $ 152,272 27 $ 177,194 29 Nonaccrual $ 47,853 4 $ 64,232 4 Classified $ 47,853 4 $ 64,232 4 The following tables present information regarding our Non‑PCI impaired loans and leases by portfolio segment and class as of and for the dates indicated: September 30, 2015 December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Hospitality $ 1,907 $ 1,907 $ 6 $ 1,946 $ 1,945 $ 47 Other 13,955 14,203 1,437 9,136 9,233 646 Real estate construction and land: Residential 751 751 31 763 763 46 Commercial — — — 1,128 4,934 23 Commercial: Collateralized 4,966 5,529 3,006 4,630 5,246 3,771 Unsecured 1,908 1,921 1,580 912 924 799 Asset-based 30 140 30 137 247 137 Cash flow 11,761 17,606 2,097 15,578 17,970 2,667 Equipment finance 9,654 10,247 3,630 6,956 7,268 2,601 Consumer 394 400 158 143 142 37 With No Related Allowance Recorded: Real estate mortgage: Hospitality $ 7,920 $ 10,019 $ — $ 6,366 $ 7,593 $ — SBA 11,682 15,616 — 11,141 14,708 — Other 23,650 36,240 — 29,268 40,643 — Real estate construction and land: Residential — — — 21 19 — Commercial 7,296 7,293 — 8,643 8,749 — Commercial: Collateralized 1,486 1,908 — 5,566 6,877 — Unsecured 101 111 — 725 809 — Asset-based 61 61 — 4,436 5,415 — Cash flow — 505 — 387 919 — Equipment finance 43,498 46,894 — 4,175 7,528 — SBA 2,918 4,743 — 3,207 4,920 — Consumer 3,208 3,327 — 3,601 3,768 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 59,114 $ 77,985 $ 1,443 $ 57,857 $ 74,122 $ 693 Real estate construction and land 8,047 8,044 31 10,555 14,465 69 Commercial 76,383 89,665 10,343 46,709 58,123 9,975 Consumer 3,602 3,727 158 3,744 3,910 37 Total $ 147,146 $ 179,421 $ 11,975 $ 118,865 $ 150,620 $ 10,774 Three Months Ended September 30, 2015 2014 Weighted Interest Weighted Interest Average Income Average Income Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Hospitality $ 1,907 $ 20 $ 1,957 $ 20 Other 13,801 141 13,302 129 Real estate construction and land: Residential 751 4 767 4 Commercial — — 1,162 6 Commercial: Collateralized 4,876 48 5,404 46 Unsecured 1,892 13 620 6 Asset-based 30 — 262 — Cash flow 11,761 — 15,726 — Equipment finance 9,654 — 1,864 — Consumer 394 4 146 2 With No Related Allowance Recorded: Real estate mortgage: Hospitality $ 7,920 $ 144 $ 6,451 $ — SBA 11,209 — 7,521 38 Other 23,466 113 29,119 79 Real estate construction and land: Residential — — 542 — Commercial 7,193 62 10,221 75 Commercial: Collateralized 1,486 21 2,746 25 Unsecured 101 1 144 — Asset-based 1 — 4,472 — Cash flow — — — — Equipment finance 43,406 — 9,466 — SBA 2,841 — 3,331 36 Consumer 3,208 — 3,492 2 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 58,303 $ 418 $ 58,350 $ 266 Real estate construction and land 7,944 66 12,692 85 Commercial 76,048 83 44,035 113 Consumer 3,602 4 3,638 4 Total $ 145,897 $ 571 $ 118,715 $ 468 _________________________ (1) For Non-PCI loans and leases reported as impaired at September 30, 2015 and 2014 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. Nine Months Ended September 30, 2015 2014 Weighted Interest Weighted Interest Average Income Average Income Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Hospitality $ 1,907 $ 58 $ 1,957 $ 60 SBA — — — — Other 13,582 415 12,989 383 Real estate construction and land: Residential 751 12 767 12 Commercial — — 1,162 19 Commercial: Collateralized 3,876 67 5,404 138 Unsecured 1,464 35 620 18 Asset-based 30 — 262 — Cash flow 11,761 — 5,357 — Equipment finance 6,905 — 1,051 — SBA — — — — Consumer 375 11 146 7 With No Related Allowance Recorded: Real estate mortgage: Hospitality $ 7,839 $ 426 $ 6,451 $ — SBA 9,518 1 6,259 38 Other 20,952 273 26,858 283 Real estate construction and land: Residential — — 407 — Commercial 7,021 176 10,221 222 Commercial: Collateralized 1,238 51 2,623 82 Unsecured 101 4 125 — Asset-based — — 3,013 — Cash flow — — — — Equipment finance 29,088 — 6,057 — SBA 2,816 82 2,786 36 Consumer 3,208 — 2,856 7 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 53,798 $ 1,173 $ 54,514 $ 764 Real estate construction and land 7,772 188 12,557 253 Commercial 57,279 239 27,298 274 Consumer 3,583 11 3,002 14 Total $ 122,432 $ 1,611 $ 97,371 $ 1,305 _________________________ (1) For Non-PCI loans and leases reported as impaired at September 30, 2015 and 2014 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. Troubled debt restructurings are a result of rate reductions, term extensions, fee concessions, and debt forgiveness or a combination thereof. The following tables present new troubled debt restructurings of Non-PCI loans for the periods indicated: Three Months Ended September 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings: of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: SBA — $ — $ — 1 $ 64 $ 64 Other 5 956 956 7 10,496 10,496 Real estate construction and land: Commercial 3 7,333 7,333 — — — Commercial: Collateralized 1 3,431 3,431 9 1,507 1,507 Unsecured 9 883 883 3 173 173 SBA — — — 2 1,313 1,313 Consumer 1 106 106 3 183 183 Total 19 $ 12,709 $ 12,709 25 $ 13,736 $ 13,736 Nine Months Ended September 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings: of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: SBA — $ — $ — 1 $ 64 $ 64 Other 29 9,506 9,291 15 14,352 14,352 Real estate construction and land: Commercial 6 16,948 16,948 2 4,920 4,920 Commercial: Collateralized 13 8,138 8,138 15 4,853 4,853 Unsecured 12 1,190 1,190 5 211 211 Cash flow 4 566 387 — — — Equipment finance 9 53,338 53,338 — — — SBA 1 — — 2 1,313 1,313 Consumer 2 197 197 4 307 307 Total 76 $ 89,883 $ 89,489 44 $ 26,020 $ 26,020 The following tables present troubled debt restructurings that subsequently defaulted for the periods indicated: Three Months Ended September 30, 2015 2014 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted: of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage - Other 3 $ 2,037 — $ — Real estate construction - Commercial — — 1 1,190 Commercial - Unsecured — — 2 37 Total 3 $ 2,037 (2) 3 $ 1,227 (3) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. (2) Represents the balance at September 30, 2015 , and there were no charge-offs. (3) Represents the balance at September 30, 2014 , and is net of charge-offs of $0.2 million . Nine Months Ended September 30, 2015 2014 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted: of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage - Other 5 $ 3,240 — $ — Real estate construction - Commercial — — 1 1,190 Commercial: Collateralized — — 1 22 Unsecured — — 2 37 Consumer — — 1 109 Total 5 $ 3,240 (2) 5 $ 1,358 (3) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. (2) Represents the balance at September 30, 2015 , and there were no charge-offs. (3) Represents the balance at September 30, 2014 , and is net of charge-offs of $0.2 million . Purchased Credit Impaired (PCI) Loans The following table reflects the PCI loans by portfolio segment as of the dates indicated: September 30, December 31, 2015 2014 (In thousands) Real estate mortgage $ 221,258 $ 299,660 Real estate construction and land 2,664 7,743 Commercial 8,590 32,904 Consumer 310 332 Total gross PCI loans 232,822 340,639 Less: Discount (39,533 ) (49,848 ) Allowance for loan losses (10,955 ) (13,999 ) Total net PCI loans $ 182,334 $ 276,792 The following table summarizes the changes in the carrying amount of PCI loans and accretable yield on those loans for the period indicated: Carrying Accretable Amount Yield (In thousands) Balance, December 31, 2014 $ 276,792 $ (106,856 ) Accretion 25,523 25,523 Payments received (121,439 ) — Increase in expected cash flows, net — (10,694 ) Negative provision for credit losses 1,458 — Balance, September 30, 2015 $ 182,334 $ (92,027 ) The following table presents PCI loans by credit risk rating categories and portfolio segment as of the dates indicated. Nonclassified loans are those with a credit risk rating of either pass or special mention, while classified loans are those with a credit risk rating of either substandard or doubtful. September 30, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage $ 48,987 $ 135,717 $ 184,704 $ 101,161 $ 155,281 $ 256,442 Real estate construction and land 1,254 1,432 2,686 3,901 3,010 6,911 Commercial 5,480 126 5,606 26,942 212 27,154 Consumer 293 — 293 284 — 284 Total PCI loans, net of deferred fees $ 56,014 $ 137,275 $ 193,289 $ 132,288 $ 158,503 $ 290,791 In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s loan risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. |
Foreclosed Assets
Foreclosed Assets | 9 Months Ended |
Sep. 30, 2015 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Foreclosed Assets | Foreclosed Assets The following table summarizes foreclosed assets at the dates indicated: September 30, December 31, Property Type: 2015 2014 (In thousands) Commercial real estate $ 3,558 $ 2,449 Construction and land development 14,343 24,759 Multi‑family 3,481 4,823 Single family residence 1,663 3,392 Total other real estate owned, net 23,045 35,423 Other foreclosed assets 10,171 8,298 Total foreclosed assets, net (1) $ 33,216 $ 43,721 _________________________ (1) As of September 30, 2015 and December 31, 2014 , the amounts of covered foreclosed assets were $8.9 million and $9.3 million . The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2014 $ 43,721 Foreclosures 13,472 Provision for losses (5,163 ) Reductions related to sales (18,814 ) Balance, September 30, 2015 $ 33,216 |
FDIC Loss Sharing Asset
FDIC Loss Sharing Asset | 9 Months Ended |
Sep. 30, 2015 | |
FDIC Loss-Sharing Arrangements [Abstract] | |
FDIC Loss Sharing Asset | FDIC Loss Sharing Asset We are a party to four loss sharing agreements with the FDIC. Such agreements cover a substantial portion of losses incurred on acquired covered loans and other real estate owned. The loss sharing agreements relate to the acquisitions of: (1) Affinity Bank ("Affinity") in August 2009, (2) Los Padres Bank ("Los Padres") in August 2010, (3) Western Commercial Bank ("Western Commercial") in connection with the May 2013 FCAL acquisition, and (4) San Luis Trust Bank ("San Luis") in connection with the May 2013 FCAL acquisition. Generally, under the terms of the loss sharing agreements, the FDIC is responsible for 80% of losses in connection with covered assets and is entitled to receive 80% of loss recoveries on the covered assets during the applicable contractual periods. The loss sharing provisions for the Affinity Bank non-single family covered assets expired in the third quarter of 2014 so further activity will be limited to recoveries through the third quarter of 2017. The loss sharing provisions for the Los Padres Bank non-single family covered assets expired in the third quarter of 2015 so further activity will be limited to recoveries through the third quarter of 2018. Both the Western Commercial and San Luis loss sharing agreements contain true-up provisions, under which we will owe the FDIC amounts at the end of the loss sharing agreements based on the performance of the covered assets. The true-up liability is included in "Accrued interest payable and other liabilities" in the condensed consolidated balance sheets. The following table presents information about the composition of the FDIC loss sharing asset, the true‑up liability, and the non‑single family and the single family covered assets as of the date indicated: September 30, 2015 Western San Luis Affinity Los Padres Commercial Trust Bank Bank Bank Bank Total (In thousands) FDIC loss sharing asset $ (647 ) $ 2,885 $ 271 $ 5,096 $ 7,605 True‑up liability N/A N/A $ 1,810 $ 5,692 $ 7,502 Non-single family covered assets (1) $ 87,093 $ 52,317 $ 7,848 $ 19,825 $ 167,083 Single family covered assets $ 10,828 $ 50,237 N/A $ 24,057 $ 85,122 Loss sharing expiration dates: Non‑single family 3rd Quarter 2014 3rd Quarter 2015 4th Quarter 2015 1st Quarter 2016 Single family 3rd Quarter 2019 3rd Quarter 2020 N/A 1st Quarter 2021 Loss recovery expiration dates: Non‑single family 3rd Quarter 2017 3rd Quarter 2018 4th Quarter 2018 1st Quarter 2019 Single family 3rd Quarter 2019 3rd Quarter 2020 N/A 1st Quarter 2021 _________________________ (1) Excludes securities |
Borrowings, Subordinated Debent
Borrowings, Subordinated Debentures and Brokered Time Deposits | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings, Subordinated Debentures and Brokered Deposit | Borrowings, Subordinated Debentures and Brokered Time Deposits Borrowings The following table summarizes our borrowings as of the dates indicated: September 30, 2015 December 31, 2014 Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 2,497 6.23 % $ 3,402 6.43 % FHLB overnight advances 550,000 0.20 % 380,000 0.27 % Total borrowings $ 552,497 $ 383,402 The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the leased equipment and all interest rates are fixed. As of September 30, 2015 , this debt had a weighted average remaining maturity of 2.3 years. PacWest did no t renew the unsecured, variable-rate revolving line of credit in the amount of $75.0 million which expired on September 30, 2015. The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the Federal Reserve Bank of San Francisco (“FRBSF”), or other financial institutions. FHLB Secured Lines of Credit. The borrowing arrangement with the FHLB is based on an FHLB program collateralized by a blanket lien on certain qualifying loans that are not pledged to the FRBSF. As of September 30, 2015 , the borrowing capacity under the FHLB secured borrowing lines was $2.4 billion . As of September 30, 2015 and December 31, 2014 , the balances outstanding were $550.0 million and $380.0 million . FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2015 , the Bank had secured borrowing capacity of $2.0 billion collateralized by liens covering $2.6 billion of certain qualifying loans. As of September 30, 2015 and December 31, 2014 , there were no balances outstanding. Federal Funds Arrangements with Commercial Banks. As of September 30, 2015 , the Bank had unsecured lines of credit of $80.0 million with correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of September 30, 2015 and December 31, 2014 , there were no balances outstanding. FHLB Unsecured Line of Credit. During the second quarter of 2015, the Bank obtained a $99.0 million unsecured line of credit with the FHLB for the purchase of overnight funds. As of September 30, 2015 , there was no balance outstanding. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: September 30, 2015 December 31, 2014 Date Maturity Rate Index Series: Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 3.43 % $ 10,310 3.33 % 8/15/2003 9/17/2033 3 month LIBOR + 3.10 Trust VI 10,310 3.39 % 10,310 3.29 % 9/3/2003 9/15/2033 3 month LIBOR + 3.05 Trust CII 5,155 3.29 % 5,155 3.19 % 9/17/2003 9/17/2033 3 month LIBOR + 2.95 Trust VII 61,856 3.05 % 61,856 2.98 % 2/5/2004 4/23/2034 3 month LIBOR + 2.75 Trust CIII 20,619 2.03 % 20,619 1.93 % 8/15/2005 9/15/2035 3 month LIBOR + 1.69 Trust FCCI 16,495 1.94 % 16,495 1.84 % 1/25/2007 3/15/2037 3 month LIBOR + 1.60 Trust FCBI 10,310 1.89 % 10,310 1.79 % 9/30/2005 12/15/2035 3 month LIBOR + 1.55 Trust CS 2005-1 82,475 2.29 % 82,475 2.19 % 11/21/2005 12/15/2035 3 month LIBOR + 1.95 Trust CS 2005-2 128,866 2.25 % 128,866 2.18 % 12/14/2005 1/30/2036 3 month LIBOR + 1.95 Trust CS 2006-1 51,545 2.25 % 51,545 2.18 % 2/22/2006 4/30/2036 3 month LIBOR + 1.95 Trust CS 2006-2 51,550 2.25 % 51,550 2.18 % 9/27/2006 10/30/2036 3 month LIBOR + 1.95 Trust CS 2006-3 (1) 28,822 2.03 % 31,188 2.14 % 9/29/2006 10/30/2036 3 month EURIBOR + 2.05 Trust CS 2006-4 16,470 2.25 % 16,470 2.18 % 12/5/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2006-5 6,650 2.25 % 6,650 2.18 % 12/19/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2007-2 39,177 2.25 % 39,177 2.18 % 6/13/2007 7/30/2037 3 month LIBOR + 1.95 Gross subordinated debentures 540,610 542,976 Unamortized discount (2) (105,193 ) (109,393 ) Net subordinated debentures $ 435,417 $ 433,583 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions. Interest payments made by the Company on subordinated debentures are considered dividend payments under the Board of Governors of the Federal Reserve System (“FRB”) regulations. Bank holding companies, such as PacWest, are required to notify the FRB prior to declaring and paying a dividend during any period in which quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. Brokered Time Deposits Brokered time deposits totaled $461.1 million and $636.7 million at September 30, 2015 and December 31, 2014 . Brokered time deposits under the Certificate of Deposit Account Registry Service Program ("CDARS Program") totaled $37.8 million and $44.0 million at September 30, 2015 and December 31, 2014 . The CDARS Program represents deposits that are participated with other FDIC‑insured financial institutions as a means to provide FDIC deposit insurance coverage for the full amount of our customers’ deposits. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lending Commitments The Company is a party to financial instruments with off‑balance sheet 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 commitments to purchase equipment being acquired for lease to others. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The following table presents a summary of the financial instruments described above as of the dates indicated: September 30, December 31, 2015 2014 (In thousands) Loan commitments to extend credit $ 2,022,046 $ 1,921,067 Standby letters of credit 104,073 88,495 Commitments to purchase equipment being acquired for lease to others 6,935 12,839 $ 2,133,054 $ 2,022,401 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the 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. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral with us under these arrangements. In addition, the Company has investments in low income housing project partnerships, which provide the Company income tax credits, and in a few small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of September 30, 2015 and December 31, 2014 , the Company had commitments to contribute capital to these entities totaling $16.7 million and $11.0 million , respectively. We also had commitments to contribute up to an additional $2.8 million and $2.9 million to 11 private equity funds at September 30, 2015 and December 31, 2014 , respectively. Legal Matters In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, would not have a material adverse effect on the Company’s financial statements or operations. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820, “ Fair Value Measurement ,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange 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 reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes government agency and government‑sponsored enterprise securities. • Level 3: Inputs to a valuation methodology that are unobservable, supported by little or no market activity, and significant to the fair value measurement. These valuation methodologies generally include pricing models, discounted cash flow models, or a determination of fair value that requires significant management judgment or estimation. This category also includes observable inputs from a pricing service not corroborated by observable market data, and includes our covered private label CMOs. We use fair value to measure certain assets and liabilities on a recurring basis, primarily securities available‑for‑sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, core deposit intangibles, and other long‑lived assets. The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of September 30, 2015 Measured on a Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Government agency and government‑sponsored enterprise pass-through securities $ 407,598 $ — $ 407,598 $ — Government agency and government‑sponsored enterprise collateralized mortgage obligations 211,419 — 211,419 — Covered private label CMOs 31,026 — — 31,026 Other private label CMOs 7,262 — 7,262 — Municipal securities 858,837 — 858,837 — Corporate debt securities 47,396 — 47,396 — Collateralized loan obligations 132,317 — 132,317 — SBA loan pool securities 51,548 — 51,548 — Government‑sponsored enterprise debt securities 37,524 — 37,524 — Other securities 24,437 522 23,915 — Total securities available-for-sale 1,809,364 522 1,777,816 31,026 Derivative assets 10,576 — 10,576 — Total recurring assets $ 1,819,940 $ 522 $ 1,788,392 $ 31,026 Derivative liabilities $ 526 $ — $ 526 $ — Fair Value Measurements as of December 31, 2014 Measured on a Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Government agency and government‑sponsored enterprise pass-through securities $ 535,672 $ — $ 535,672 $ — Government agency and government‑sponsored enterprise collateralized mortgage obligations 277,946 — 277,946 — Covered private label CMOs 33,947 — — 33,947 Other private label CMOs 10,914 — 10,914 — Municipal securities 536,116 — 536,116 — Corporate debt securities 110,109 — 110,109 — Government‑sponsored enterprise debt securities 36,757 — 36,757 — Other securities 25,716 519 25,197 — Total securities available-for-sale 1,567,177 519 1,532,711 33,947 Derivative assets 5,234 — 5,234 — Total recurring assets $ 1,572,411 $ 519 $ 1,537,945 $ 33,947 Derivative liabilities $ 118 $ — $ 118 $ — There were no transfers of assets either between Level 1 and Level 2 nor in or out of Level 3 of the fair value hierarchy for assets measured on a recurring basis during the nine months ended September 30, 2015 . The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 covered private label CMOs measured at fair value on a recurring basis as of September 30, 2015 : Covered Private Label CMOs Weighted Range Average Unobservable Inputs: of Inputs Input Voluntary annual prepayment speeds 0% - 19.31% 5.0% Annual default rates 0% - 10.52% 2.6% Loss severity rates 0% - 94.04% 32.8% Discount rates 0% - 37.05% 5.6% The following table summarizes activity for assets measured at fair value on a recurring basis that are categorized as Level 3 for the period indicated: Covered Private Label CMOs (In thousands) Balance, December 31, 2014 $ 33,947 Total realized in earnings 810 Total unrealized loss in comprehensive income (945 ) Net settlements (2,786 ) Balance, September 30, 2015 $ 31,026 The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated: Fair Value Measurement as of September 30, 2015 Measured on a Non‑Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 42,622 $ — $ 2,556 $ 40,066 Other real estate owned 14,679 — 14,619 60 Total non-recurring $ 57,301 $ — $ 17,175 $ 40,126 Fair Value Measurement as of December 31, 2014 Measured on a Non‑Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 42,693 $ — $ 2,366 $ 40,327 Other real estate owned 24,015 — 18,400 5,615 Investments carried at cost 566 — — 566 Total non-recurring $ 67,274 $ — $ 20,766 $ 46,508 The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Nine Months Ended Loss on Assets Measured on a Non‑Recurring Basis: September 30, 2015 September 30, 2015 (In thousands) Impaired Non‑PCI loans $ (873 ) $ (7,623 ) Other real estate owned (4,758 ) (4,882 ) Total net loss $ (5,631 ) $ (12,505 ) The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2015 : Valuation Unobservable Weighted Asset: Fair Value Technique Inputs Range Average (In thousands) Impaired Non-PCI loans $ 33,371 Discounted cash flows Discount rates 0% - 9.04% 5.97% 6,695 Third party appraisals No discounts Other real estate owned 60 Third party appraisals Illiquidity discount 27.6% - 43.9% 32.9% Total non-recurring Level 3 $ 40,126 ASC Topic 825, “ Financial Instruments ,” requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements. The following tables present a summary of the carrying values and estimated fair values of certain financial instruments as of the dates indicated: September 30, 2015 Carrying or Contract Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 154,652 $ 154,652 $ 154,652 $ — $ — Interest‑earning deposits in financial institutions 81,642 81,642 81,642 — — Securities available‑for‑sale 1,809,364 1,809,364 522 1,777,816 31,026 Investment in FHLB stock 17,250 17,250 — 17,250 — Investments carried at cost 1,420 9,300 — — 9,300 Loans and leases, net 12,348,934 12,254,393 — 2,556 12,251,837 Derivative assets 10,576 10,576 — 10,576 — Financial Liabilities: Deposits: Demand, money market, interest checking, and savings deposits 7,528,467 7,528,467 — 7,528,467 — Time deposits 4,587,296 4,588,540 — 4,588,540 — Borrowings 552,497 552,570 550,000 2,570 — Subordinated debentures 435,417 419,180 — 419,180 — Derivative liabilities 526 526 — 526 — December 31, 2014 Carrying or Contract Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 164,757 $ 164,757 $ 164,757 $ — $ — Interest‑earning deposits in financial institutions 148,469 148,469 148,469 — — Securities available‑for‑sale 1,567,177 1,567,177 519 1,532,711 33,947 Investment in FHLB stock 40,609 40,609 — 40,609 — Investments carried at cost 3,691 3,691 — — 3,691 Investments accounted for under the equity method 21,461 21,700 — — 21,700 Loans and leases, net 11,797,977 11,757,951 — 2,366 11,755,585 Derivative assets 5,234 5,234 — 5,234 — Financial Liabilities: Deposits: Demand, money market, interest checking, and savings deposits 6,256,190 6,256,190 — 6,256,190 — Time deposits 5,498,938 5,502,479 — 5,502,479 — Borrowings 383,402 383,539 380,000 3,539 — Subordinated debentures 433,583 417,657 — 417,657 — Derivative liabilities 118 118 — 118 — For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825), see Note 1 - Nature of Operations and Summary of Significant Accounting Policies and Note 14 - Fair Value Measurements to the Consolidated Financial Statements of the Company's 2014 Annual Report on Form 10-K. Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of September 30, 2015 , the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table presents the computations of basic and diluted net earnings per share for the periods indicated: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings from continuing operations $ 69,616 $ 85,083 $ 62,276 $ 227,778 $ 99,411 Less: Earnings allocated to unvested restricted stock (1) (649 ) (807 ) (685 ) (2,213 ) (1,147 ) Net earnings from continuing operations allocated to common shares 68,967 84,276 61,591 225,565 98,264 Net loss from discontinued operations allocated to common shares — — (5 ) — (1,487 ) Net earnings allocated to common shares $ 68,967 $ 84,276 $ 61,586 $ 225,565 $ 96,777 Weighted-average basic shares and unvested restricted stock outstanding 103,048 103,030 103,029 103,038 82,758 Less: Weighted-average unvested restricted stock outstanding (985 ) (1,060 ) (1,117 ) (1,055 ) (981 ) Weighted-average basic shares outstanding 102,063 101,970 101,912 101,983 81,777 Basic earnings per share: Net earnings from continuing operations $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.20 Net loss from discontinued operations — — — — (0.02 ) Net earnings $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.18 Diluted Earnings Per Share: Net earnings from continuing operations allocated to common shares $ 68,967 $ 84,276 $ 61,591 $ 225,565 $ 98,264 Net loss from discontinued operations allocated to common shares — — (5 ) — (1,487 ) Net earnings allocated to common shares $ 68,967 $ 84,276 $ 61,586 $ 225,565 $ 96,777 Weighted-average basic shares outstanding 102,063 101,970 101,912 101,983 81,777 Diluted earnings per share: Net earnings from continuing operations $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.20 Net loss from discontinued operations — — — — (0.02 ) Net earnings $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.18 ________________________ (1) Represents cash dividends paid to holders of unvested restricted stock, net of estimated forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock Based Compensation The Company’s 2003 Stock Incentive Plan, or the 2003 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of September 30, 2015 , the 2003 Plan authorized grants of stock‑based compensation instruments to purchase or issue up to 19,686,565 shares of Company common stock, subject to adjustments provided by the 2003 Plan. As of September 30, 2015 , there were 13,202,836 shares available for grant under the 2003 Plan. Restricted Stock At September 30, 2015 , there were 988,825 shares of unvested time‑based restricted common stock outstanding. The awarded shares of time‑based restricted common stock vest over a service period of three to four years from the date of the grant or immediately upon the death of an employee. Upon closing of the CapitalSource Inc. merger on April 7, 2014 , 1,013,377 of awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan and a $26.1 million charge to earnings for the vesting of such shares was recorded. Such amount is included in "Acquisition, integration and reorganization costs" on the condensed consolidated statements of earnings in the second quarter of 2014. Compensation expense related to time‑based restricted stock awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Restricted stock amortization totaled $3.8 million , $4.4 million , and $2.9 million for the three months ended September 30, 2015 , June 30, 2015 and September 30, 2014 , respectively, and $11.2 million and $6.9 million for the nine months ended September 30, 2015 and 2014 , respectively. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings. The amount of unrecognized compensation expense related to all unvested restricted stock as of September 30, 2015 totaled $34.8 million . |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company’s reportable segments consist of “Community Banking," “National Lending,” and “Other.” The Community Banking and National Lending segments include all of the operations of Pacific Western Bank. The Other segment consists of holding company and non-bank subsidiary operations, and intercompany eliminations. As a result of the CapitalSource Inc. merger, the Bank formed the CapitalSource Division, which we also refer to as the National Lending segment. The National Lending segment includes the lending operations gained through the CapitalSource Inc. merger, Pacific Western Equipment Finance, and the CapitalSource Business Finance Group. We reorganized our asset-based lending and leasing operations when we formed the CapitalSource Division. The CapitalSource Division lends throughout the United States, providing middle-market businesses asset-secured loans, equipment-secured loans, cash flow loans, and real estate loans secured by various property types. The CapitalSource Division’s loan and lease origination efforts are conducted through offices located in Chevy Chase, Maryland; Los Angeles and San Jose, California; Phoenix, Arizona; St. Louis, Missouri; Denver, Colorado; Chicago, Illinois; New York, New York; and Midvale, Utah. The Community Banking segment includes the operations of Pacific Western Bank, excluding the CapitalSource Division, and includes lending and deposit gathering activities conducted primarily through its California-based branch offices and the Bank’s treasury management function and corporate overhead. The Other segment consists of holding company operations that result in expenses principally for compensation, facilities, professional services, interest on subordinated debentures, and the non-bank subsidiary operations including interest income from a loan portfolio and related loan servicing expense. The accounting policies of the reportable segments are the same as those of the Company described in Note 1, " Nature of Operations and Summary of Significant Accounting Policies ," of our Form 10-K. Transactions between segments consist primarily of borrowed funds and expense allocations for interest, deposit gathering, corporate overhead and credit loss provisions. Intersegment interest expense is allocated from the Community Banking segment to the National Lending segment based upon National Lending’s average earning assets, net of a capital allocation, and the Bank’s total cost of deposits. The Community Banking segment further allocates to the National Lending segment noninterest expense for deposit gathering and maintenance costs and the Bank’s corporate overhead. The provision for credit losses is allocated based on actual charge‑offs for the period as well as net portfolio growth and credit quality trends. All costs associated with investing the Bank’s excess liquidity are included in the Community Banking segment. Noninterest income and noninterest expense, including lending and loan servicing activity, directly attributable to a segment are assigned to such segment. The following tables present information regarding our business segments as of and for the periods indicated: September 30, 2015 Community National Consolidated Balance Sheet Data: Banking Lending Other Company (In thousands) Loans and leases, net of deferred fees $ 3,141,576 $ 9,302,580 $ 8,049 $ 12,452,205 Allowance for loan and lease losses (39,522 ) (63,749 ) — (103,271 ) Total loans and leases, net $ 3,102,054 $ 9,238,831 $ 8,049 $ 12,348,934 Goodwill $ 333,979 $ 1,394,401 $ — $ 1,728,380 Core deposit and customer relationship intangibles, net 12,143 561 — 12,704 Total assets 6,288,790 10,418,282 107,033 16,814,105 Total deposits (1) 12,484,050 36,586 (404,873 ) 12,115,763 ________________________ (1) The negative balance for total deposits in the “Other” segment represents the elimination of holding company cash held in deposit accounts at the Bank. September 30, 2014 Community National Consolidated Balance Sheet Data: Banking Lending Other Company (In thousands) Loans and leases, net of deferred fees $ 3,482,125 $ 8,064,868 $ 27,892 $ 11,574,885 Allowance for loan and lease losses (56,712 ) (25,187 ) — (81,899 ) Total loans and leases, net $ 3,425,413 $ 8,039,681 $ 27,892 $ 11,492,986 Goodwill $ 327,728 $ 1,394,401 $ — $ 1,722,129 Core deposit and customer relationship intangibles, net 17,814 1,009 — 18,823 Total assets 6,492,674 9,182,617 262,859 15,938,150 Total deposits (1) 11,826,681 — (303,244 ) 11,523,437 ________________________ (1) The negative balance for total deposits in the “Other” segment represents the elimination of holding company cash held in deposit accounts at the Bank. Three Months Ended September 30, 2015 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 58,368 $ 148,264 $ 1,040 $ 207,672 Interest expense (10,430 ) (42 ) (4,680 ) (15,152 ) Intersegment interest income (expense) 6,629 (6,629 ) — — Net interest income (expense) 54,567 141,593 (3,640 ) 192,520 Negative provision (provision) for credit losses 1,309 (10,145 ) 90 (8,746 ) Gain on sale of securities 655 — — 655 FDIC loss sharing expense, net (4,449 ) — — (4,449 ) Other noninterest income 7,956 7,478 4,118 19,552 Total noninterest income 4,162 7,478 4,118 15,758 Foreclosed assets (expense) income, net (4,787 ) 39 227 (4,521 ) Intangible asset amortization (1,385 ) (112 ) — (1,497 ) Acquisition, integration and reorganization costs (747 ) — — (747 ) Other noninterest expense (56,318 ) (23,763 ) (3,293 ) (83,374 ) Total noninterest expense (63,237 ) (23,836 ) (3,066 ) (90,139 ) Intersegment noninterest income (expense) 28,280 (28,280 ) — — Total noninterest expense - adjusted (34,957 ) (52,116 ) (3,066 ) (90,139 ) Earnings (loss) before taxes 25,081 86,810 (2,498 ) 109,393 Income tax (expense) benefit (9,584 ) (33,172 ) 2,979 (39,777 ) Net earnings $ 15,497 $ 53,638 $ 481 $ 69,616 Three Months Ended June 30, 2015 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 63,392 $ 154,816 $ 247 $ 218,455 Interest expense (11,273 ) (48 ) (4,582 ) (15,903 ) Intersegment interest income (expense) 7,140 (7,140 ) — — Net interest income (expense) 59,259 147,628 (4,335 ) 202,552 Negative provision (provision) for credit losses 734 (7,263 ) — (6,529 ) Loss on sale of securities (186 ) — — (186 ) FDIC loss sharing expense, net (5,107 ) — — (5,107 ) Other noninterest income 4,235 14,465 6,216 24,916 Total noninterest income (1,058 ) 14,465 6,216 19,623 Foreclosed assets (expense) income, net (351 ) (22 ) 2,713 2,340 Intangible asset amortization (1,390 ) (112 ) — (1,502 ) Acquisition, integration and reorganization costs (806 ) — (94 ) (900 ) Other noninterest expense (58,304 ) (24,164 ) (2,746 ) (85,214 ) Total noninterest expense (60,851 ) (24,298 ) (127 ) (85,276 ) Intersegment noninterest income (expense) 28,857 (28,857 ) — — Total noninterest expense - adjusted (31,994 ) (53,155 ) (127 ) (85,276 ) Earnings before taxes 26,941 101,675 1,754 130,370 Income tax (expense) benefit (10,484 ) (39,566 ) 4,763 (45,287 ) Net earnings $ 16,457 $ 62,109 $ 6,517 $ 85,083 Three Months Ended September 30, 2014 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 67,132 $ 134,624 $ 600 $ 202,356 Interest expense (8,851 ) (45 ) (4,614 ) (13,510 ) Intersegment interest income (expense) 5,250 (5,250 ) — — Net interest income (expense) 63,531 129,329 (4,014 ) 188,846 Negative provision (provision) for credit losses 6,314 (11,364 ) — (5,050 ) FDIC loss sharing expense, net (7,415 ) — — (7,415 ) Other noninterest income 7,566 9,953 6,210 23,729 Total noninterest income 151 9,953 6,210 16,314 Foreclosed assets (expense) income, net (4,627 ) (322 ) 122 (4,827 ) Intangible asset amortization (1,517 ) (91 ) — (1,608 ) Acquisition, integration and reorganization costs (3,953 ) (1,240 ) — (5,193 ) Other noninterest expense (53,078 ) (24,835 ) (5,382 ) (83,295 ) Total noninterest expense (63,175 ) (26,488 ) (5,260 ) (94,923 ) Intersegment noninterest income (expense) 26,411 (26,411 ) — — Total noninterest expense - adjusted (36,764 ) (52,899 ) (5,260 ) (94,923 ) Earnings (loss) from continuing operations before taxes 33,232 75,019 (3,064 ) 105,187 Income tax (expense) benefit (14,576 ) (30,113 ) 1,778 (42,911 ) Net earnings (loss) from continuing operations 18,656 44,906 (1,286 ) 62,276 Loss from discontinued operations before taxes (8 ) — — (8 ) Income tax benefit 3 — — 3 Net loss from discontinued operations (5 ) — — (5 ) Net earnings (loss) $ 18,651 $ 44,906 $ (1,286 ) $ 62,271 Nine Months Ended September 30, 2015 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 184,716 $ 454,299 $ 1,426 $ 640,441 Interest expense (32,364 ) (143 ) (13,787 ) (46,294 ) Intersegment interest income (expense) 20,490 (20,490 ) — — Net interest income (expense) 172,842 433,666 (12,361 ) 594,147 Negative provision (provision) for credit losses 10,107 (41,814 ) (2 ) (31,709 ) Gain on sale of securities 3,744 — — 3,744 FDIC loss sharing expense, net (13,955 ) — — (13,955 ) Other noninterest income 21,766 27,085 17,612 66,463 Total noninterest income (expense) 11,555 27,085 17,612 56,252 Foreclosed assets (expense) income, net (5,182 ) (44 ) 2,709 (2,517 ) Intangible asset amortization (4,164 ) (336 ) — (4,500 ) Acquisition, integration and reorganization costs (3,443 ) — (204 ) (3,647 ) Other noninterest expense (169,827 ) (70,764 ) (8,520 ) (249,111 ) Total noninterest expense (182,616 ) (71,144 ) (6,015 ) (259,775 ) Intersegment noninterest income (expense) 83,700 (83,700 ) — — Total noninterest expense - adjusted (98,916 ) (154,844 ) (6,015 ) (259,775 ) Earnings (loss) before taxes 95,588 264,093 (766 ) 358,915 Income tax (expense) benefit (36,941 ) (102,020 ) 7,824 (131,137 ) Net earnings $ 58,647 $ 162,073 $ 7,058 $ 227,778 Nine Months Ended September 30, 2014 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 214,704 $ 278,131 $ 2,244 $ 495,079 Interest expense (17,528 ) (184 ) (9,973 ) (27,685 ) Intersegment interest income (expense) 9,543 (9,543 ) — — Net interest income (expense) 206,719 268,404 (7,729 ) 467,394 Negative provision (provision) for credit losses 11,558 (20,994 ) — (9,436 ) Gain on sale of securities 4,841 — — 4,841 FDIC loss sharing expense, net (27,370 ) — — (27,370 ) Other noninterest income 18,144 26,885 6,984 52,013 Total noninterest income (4,385 ) 26,885 6,984 29,484 Foreclosed assets (expense) income, net (3,399 ) (284 ) 220 (3,463 ) Intangible asset amortization (4,238 ) (411 ) — (4,649 ) Acquisition, integration and reorganization costs (83,866 ) (8,714 ) (1,055 ) (93,635 ) Other noninterest expense (144,164 ) (55,892 ) (12,484 ) (212,540 ) Total noninterest expense (235,667 ) (65,301 ) (13,319 ) (314,287 ) Intersegment noninterest income (expense) 49,944 (49,944 ) — — Total noninterest expense - adjusted (185,723 ) (115,245 ) (13,319 ) (314,287 ) Earnings (loss) from continuing operations before taxes 28,169 159,050 (14,064 ) 173,155 Income tax (expense) benefit (16,240 ) (63,703 ) 6,199 (73,744 ) Net earnings (loss) from continuing operations 11,929 95,347 (7,865 ) 99,411 Loss from discontinued operations before taxes (2,572 ) — — (2,572 ) Income tax benefit 1,067 — — 1,067 Net loss from discontinued operations (1,505 ) — — (1,505 ) Net earnings (loss) $ 10,424 $ 95,347 $ (7,865 ) $ 97,906 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, " Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017. Early application is not permitted. In June 2014, the FASB issued ASU 2014-12, " Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 will be effective for annual and interim periods beginning after December 15, 2015. ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide for a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, an initial public offering or a profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved. We do not currently have outstanding performance-based awards and, as a result, ASU 2014-12 would not impact our financial statements and its related disclosures. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," which eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. Under ASU 2015-01, an entity will no longer separate out an extraordinary item from the results of ordinary operations and separately present this extraordinary item on its income statement, nor will related income tax and earnings-per-share data applicable to an extraordinary item need to be disclosed. Despite these simplifications, ASU 2015-01 does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. ASU 2015-01 is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect the effect of ASU 2015-01 to have a material impact on its financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. ASU 2015-2 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect the effect of ASU 2015-02 to have a material impact on its financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, " Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs " to modify the presentation of debt issuance costs. Prior to ASU 2015-03, issuance costs were presented as an asset on the statement of financial position, which the FASB concluded was inconsistent with both IFRS as well as FASB Concept Statement No. 6. This ASU requires that issuance costs be presented as a direct deduction of debt balances on the statement of financial position, similar to the presentation of debt discounts. ASU 2015-03 is effective for public companies for years beginning after December 15, 2015, and interim periods within those fiscal periods. For all other entities, ASU 2015-03 is effective for years beginning after December 15, 2015 and interim periods within annual periods beginning after December 15, 2016, while early adoption is permitted for financial statements that have not already been issued. Additionally, the provisions should be applied on a retrospective basis as a change in accounting principle. ASU 2015-03 will not have an impact on the Company's financial statements and related disclosures. Subsequent to the issuance of ASU 2015-03, the SEC staff made an announcement regarding the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, which were not addressed in ASU 2015-03. In August 2015, the FASB codified the SEC announcement in the issuance of ASU 2015-15, " Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. " Per ASU 2015-15, for debt issuance costs related to line-of-credit arrangements, the SEC would not object to an entity deferring and presenting such costs as an asset and subsequently amortizing the costs ratably over the term of the line-of-credit arrangement, regardless of whether there were any outstanding borrowings on the line-of-credit arrangement. The SEC staff guidance is effective upon adoption of ASU 2015-03. ASU 2015-15 will not have an impact on the Company's financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, " Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. " Under ASU 2015-05, a customer should determine whether the arrangement includes a software license. If so, the customer should account for the software license component in a manner consistent with the accounting for other software licenses. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The provisions of ASU 2015-05 must be applied by public entities to annual periods beginning after December 15, 2015 as well as interim periods within those annual periods. The Company does not expect the effect of ASU 2015-05 to have a material impact on its financial statements and related disclosures. In May 2015, the FASB issued ASU 2015-08, " Business Combinations, Pushdown Accounting (Topic 805): Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115 " which revised the SEC's requirement for recognition and disclosure of a new basis of accounting (or pushdown accounting) for certain business combination situations. The Company does not expect ASU 2015-08 to have any impact on its financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, " Technical Corrections and Improvements " which is a set of wide-ranging, small corrections and improvements to clarify the Codification, correct unintended application of guidance, or improve the Codification. The provisions of ASU 2015-10 are effective for fiscal years beginning after December 15, 2015, as well as interim periods within those fiscal years. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 will be effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect ASU 2015-16 to have any impact on its financial statements and related disclosures. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Square 1 Financial, Inc. Acquisition On October 6, 2015 , PacWest completed the acquisition of Square 1 Financial, Inc. ("Square 1"). As part of the acquisition, Square 1 Bank, a wholly-owned subsidiary of Square 1, merged with and into PacWest's wholly-owned banking subsidiary, Pacific Western Bank, and the surviving subsidiary bank is Pacific Western Bank. As of September 30, 2015, Square 1 had $4.0 billion in assets. Upon closing, we formed the Square 1 Bank Division of Pacific Western Bank. The Square 1 Bank Division will continue its nationwide focus on venture-backed companies and venture capital firms, and will continue to offer a full spectrum of deposit, treasury management, and lending products. Under the terms of the definitive agreement, Square 1 stockholders received 0.5597 of a share of PacWest common stock for each share of Square 1 common stock and holders of stock options and restricted stock units received cash consideration as described in the agreement. PacWest issued an aggregate of approximately 18.1 million shares of PacWest common stock to Square 1 stockholders and a total of $17.8 million to Square 1 equity award holders in satisfaction of all outstanding equity awards. Based on the closing price of PacWest's common stock on October 6, 2015 of $43.97 per share, the aggregate consideration paid to Square 1 common stockholders and holders of equity awards to acquire Square 1 common stock was approximately $815 million . Former holders of Square 1 common stock as a group received shares of PacWest common stock in the acquisition constituting approximately 15.0% of the outstanding shares of PacWest common stock immediately after the acquisition. Square 1 Bank was a commercial bank headquartered in Durham, North Carolina. Square 1 Bank offered a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in all key innovative hubs across the United States. We completed the acquisition to improve our core deposits, expand the Company's nationwide lending platform, and increase the Company's presence in the technology and life-sciences credit markets. As of September 30, 2015 , on a pro forma combined basis with Square 1 and excluding purchase accounting adjustments, PacWest would have had approximately $21 billion in assets with 80 branches throughout California and one branch in North Carolina. Common Stock Dividends On November 2, 2015 , the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.50 per common share. The cash dividend is payable on November 30, 2015 to stockholders of record at the close of business on November 16, 2015 . We have evaluated events that have occurred subsequent to September 30, 2015 and have concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | The costs shown for the 2014 periods relate to the CapitalSource merger completed on April 7, 2014. The costs shown for the 2015 periods relate to the Square 1 acquisition completed on October 6, 2015. The following table presents the components of acquisition, integration and reorganization costs for the periods indicated. Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (In thousands) Acquisition, Integration and Reorganization Costs: Severance and employee-related $ — $ — $ 340 $ — $ 54,601 System conversion and integration 427 — 412 427 1,535 Asset write-downs, lease terminations and other facilities-related — — 150 — 5,853 Investment banking deal costs — — — 1,050 16,117 Other (legal, accounting, insurance, consulting) 320 900 4,291 2,170 15,529 Total acquisition, integration and reorganization costs $ 747 $ 900 $ 5,193 $ 3,647 $ 93,635 |
Schedule of Business Acquisitions, by Acquisition | The following assets acquired and liabilities assumed of CapitalSource Inc. are presented at their estimated fair values as of its April 7, 2014 acquisition date: CapitalSource Inc. (In thousands) Assets Acquired: Cash and due from banks $ 768,553 Interest‑earning deposits in financial institutions 60,612 Investment securities available‑for‑sale 382,797 FHLB stock 46,060 Loans and leases 6,877,427 Equipment leased to others under operating leases 160,015 Premises and equipment 12,663 Foreclosed assets 6,382 Income tax assets 304,856 Goodwill 1,526,282 Core deposit and customer relationship intangibles 6,720 Other assets 582,985 Total assets acquired $ 10,735,352 Liabilities Assumed: Noninterest‑bearing deposits $ 4,631 Interest‑bearing deposits 6,236,419 Other borrowings 992,109 Subordinated debentures 300,918 Accrued interest payable and other liabilities 124,087 Total liabilities assumed $ 7,658,164 Total consideration paid $ 3,077,188 Summary of consideration: Cash paid $ 483,118 PacWest common stock issued 2,594,070 Total $ 3,077,188 |
Goodwill and Other Intangible25
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure | The following table presents the changes in the carrying amount of goodwill for the period indicated: Goodwill (In thousands) Balance, December 31, 2014 $ 1,720,479 Adjustment to acquired CapitalSource Inc. deferred tax assets 7,901 Balance, September 30, 2015 $ 1,728,380 |
Intangible Assets Disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 53,090 $ 53,090 $ 53,090 $ 53,090 $ 48,963 Additions — — — — 6,720 Fully amortized portion — — — — (1,293 ) Write-off due to the asset financing segment reorganization — — — — (1,300 ) Balance, end of period 53,090 53,090 53,090 53,090 53,090 Accumulated Amortization: Balance, beginning of period (38,889 ) (37,387 ) (32,659 ) (35,886 ) (31,715 ) Amortization (1,497 ) (1,502 ) (1,608 ) (4,500 ) (4,649 ) Fully amortized portion — — — — 1,293 Write-off due to the asset financing segment reorganization — — — — 804 Balance, end of period (40,386 ) (38,889 ) (34,267 ) (40,386 ) (34,267 ) Net CDI and CRI, end of period $ 12,704 $ 14,201 $ 18,823 $ 12,704 $ 18,823 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table presents amortized cost, gross unrealized gains and losses, and carrying values of securities available-for-sale as of the dates indicated: September 30, 2015 December 31, 2014 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Security Type: Cost Gains Losses Value Cost Gains Losses Value (In thousands) Residential mortgage-backed securities: Government agency and government-sponsored enterprise pass-through securities $ 391,904 $ 15,890 $ (196 ) $ 407,598 $ 515,902 $ 20,142 $ (372 ) $ 535,672 Government agency and government-sponsored enterprise collateralized mortgage obligations 206,380 5,460 (421 ) 211,419 275,513 3,513 (1,080 ) 277,946 Covered private label collateralized mortgage obligations 24,914 6,222 (110 ) 31,026 26,889 7,153 (95 ) 33,947 Other private label collateralized mortgage obligations 7,258 44 (40 ) 7,262 10,961 46 (93 ) 10,914 Municipal securities 844,782 18,057 (4,002 ) 858,837 521,499 15,899 (1,282 ) 536,116 Corporate debt securities 47,380 139 (123 ) 47,396 110,074 597 (562 ) 110,109 Collateralized loan obligations 133,159 316 (1,158 ) 132,317 — — — — SBA loan pool securities 51,153 395 — 51,548 — — — — Government-sponsored enterprise debt securities 36,284 1,240 — 37,524 36,232 525 — 36,757 Other securities 24,972 2 (537 ) 24,437 25,801 33 (118 ) 25,716 Total $ 1,768,186 $ 47,765 $ (6,587 ) $ 1,809,364 $ 1,522,871 $ 47,908 $ (3,602 ) $ 1,567,177 |
Unrealized losses on investment securities | Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated: September 30, 2015 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type: Value Losses Value Losses Value Losses (In thousands) Residential mortgage-backed securities: Government agency and government- sponsored enterprise pass-through securities $ 17,968 $ (95 ) $ 9,552 $ (101 ) $ 27,520 $ (196 ) Government agency and government- sponsored enterprise collateralized mortgage obligations — — 14,444 (421 ) 14,444 (421 ) Covered private label collateralized mortgage obligations 1,111 (44 ) 589 (66 ) 1,700 (110 ) Other private label collateralized mortgage obligations 1,296 (2 ) 1,099 (38 ) 2,395 (40 ) Municipal securities 238,631 (3,988 ) 529 (14 ) 239,160 (4,002 ) Corporate debt securities 23,013 (105 ) 2,278 (18 ) 25,291 (123 ) Collateralized loan obligations 103,409 (1,158 ) — — 103,409 (1,158 ) Other securities 5,635 (102 ) 16,114 (435 ) 21,749 (537 ) Total $ 391,063 $ (5,494 ) $ 44,605 $ (1,093 ) $ 435,668 $ (6,587 ) December 31, 2014 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type: Value Losses Value Losses Value Losses (In thousands) Residential mortgage-backed securities: Government agency and government- sponsored enterprise pass-through securities $ 10,711 $ (13 ) $ 27,100 $ (359 ) $ 37,811 $ (372 ) Government agency and government- sponsored enterprise collateralized mortgage obligations 23,908 (73 ) 40,652 (1,007 ) 64,560 (1,080 ) Covered private label collateralized mortgage obligations — — 1,000 (95 ) 1,000 (95 ) Other private label collateralized mortgage obligations 1,618 (93 ) — — 1,618 (93 ) Municipal securities 11,854 (66 ) 84,822 (1,216 ) 96,676 (1,282 ) Corporate debt securities 52,071 (547 ) 10,131 (15 ) 62,202 (562 ) Other securities 6,440 (90 ) 10,019 (28 ) 16,459 (118 ) Total $ 106,602 $ (882 ) $ 173,724 $ (2,720 ) $ 280,326 $ (3,602 ) |
Investments Classified by Contractual Maturity Date | The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated: September 30, 2015 Amortized Fair Maturity: Cost Value (In thousands) Due in one year or less $ 9,304 $ 9,373 Due after one year through five years 104,445 106,653 Due after five years through ten years 310,318 321,663 Due after ten years 1,344,119 1,371,675 Total securities available-for-sale $ 1,768,186 $ 1,809,364 |
Investment Income | The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (In thousands) Taxable interest $ 7,323 $ 7,577 $ 7,850 $ 22,373 $ 22,438 Non-taxable interest 6,058 4,808 3,343 14,760 10,004 Dividend income 574 2,185 1,138 3,587 2,698 Total interest income on investment securities $ 13,955 $ 14,570 $ 12,331 $ 40,720 $ 35,140 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule Of Composition of Loans Portfolio | The following table summarizes the composition of our loan and lease portfolio as of the dates indicated: September 30, 2015 December 31, 2014 Non-PCI Non-PCI Loans PCI Loans PCI and Leases Loans Total and Leases Loans Total (In thousands) Real estate mortgage $ 5,521,291 $ 184,751 $ 5,706,042 $ 5,350,827 $ 256,489 $ 5,607,316 Real estate construction and land 376,197 2,690 378,887 309,162 6,924 316,086 Commercial 6,272,807 5,606 6,278,413 5,852,420 27,155 5,879,575 Consumer 129,762 293 130,055 101,423 284 101,707 Total gross loans and leases 12,300,057 193,340 12,493,397 11,613,832 290,852 11,904,684 Deferred fees and costs (41,141 ) (51 ) (41,192 ) (22,191 ) (61 ) (22,252 ) Total loans and leases, net of deferred fees 12,258,916 193,289 12,452,205 11,591,641 290,791 11,882,432 Allowance for loan and lease losses (92,316 ) (10,955 ) (103,271 ) (70,456 ) (13,999 ) (84,455 ) Total net loans and leases $ 12,166,600 $ 182,334 $ 12,348,934 $ 11,521,185 $ 276,792 $ 11,797,977 |
Allowance for Loan Losses | The following tables present a summary of the activity in the allowance for loan and lease losses on Non‑PCI loans and leases by portfolio segment and PCI loans for the periods indicated: Three Months Ended September 30, 2015 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 29,908 $ 3,908 $ 50,531 $ 700 $ 85,047 $ 14,328 $ 99,375 Charge-offs (252 ) — (4,035 ) (25 ) (4,312 ) (1,119 ) (5,431 ) Recoveries 288 390 239 164 1,081 — 1,081 Provision (negative provision) 4,355 93 6,137 (85 ) 10,500 (2,254 ) 8,246 Balance, end of period $ 34,299 $ 4,391 $ 52,872 $ 754 $ 92,316 $ 10,955 $ 103,271 Nine Months Ended September 30, 2015 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 25,097 $ 4,248 $ 39,858 $ 1,253 $ 70,456 $ 13,999 $ 84,455 Charge-offs (1,767 ) — (12,964 ) (115 ) (14,846 ) (1,698 ) (16,544 ) Recoveries 1,783 1,034 2,393 392 5,602 112 5,714 Provision (negative provision) 9,186 (891 ) 23,585 (776 ) 31,104 (1,458 ) 29,646 Balance, end of period $ 34,299 $ 4,391 $ 52,872 $ 754 $ 92,316 $ 10,955 $ 103,271 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 1,443 $ 31 $ 10,343 $ 158 $ 11,975 Collectively evaluated for impairment $ 32,856 $ 4,360 $ 42,529 $ 596 $ 80,341 Acquired loans with deteriorated credit quality $ 10,955 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 58,393 $ 8,047 $ 76,088 $ 3,540 $ 146,068 Collectively evaluated for impairment $ 5,446,694 $ 364,433 $ 6,175,440 $ 126,281 $ 12,112,848 Acquired loans with deteriorated credit quality $ 193,289 Ending balance of loans and leases $ 5,505,087 $ 372,480 $ 6,251,528 $ 129,821 $ 12,258,916 $ 193,289 $ 12,452,205 Three Months Ended September 30, 2014 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 22,276 $ 4,302 $ 35,530 $ 3,415 $ 65,523 $ 16,626 $ 82,149 Charge-offs (395 ) — (7,282 ) (171 ) (7,848 ) (108 ) (7,956 ) Recoveries 1,312 24 337 52 1,725 — 1,725 Provision (negative provision) 3,810 1,591 422 (2,139 ) 3,684 2,297 5,981 Balance, end of period $ 27,003 $ 5,917 $ 29,007 $ 1,157 $ 63,084 $ 18,815 $ 81,899 Nine Months Ended September 30, 2014 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 26,078 $ 4,298 $ 26,921 $ 2,944 $ 60,241 $ 21,793 $ 82,034 Charge-offs (976 ) — (9,049 ) (203 ) (10,228 ) (4,712 ) (14,940 ) Recoveries 1,949 112 1,301 294 3,656 51 3,707 Provision (negative provision) (48 ) 1,507 9,834 (1,878 ) 9,415 1,683 11,098 Balance, end of period $ 27,003 $ 5,917 $ 29,007 $ 1,157 $ 63,084 $ 18,815 $ 81,899 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 1,568 $ 119 $ 7,654 $ 34 $ 9,375 Collectively evaluated for impairment $ 25,435 $ 5,798 $ 21,353 $ 1,123 $ 53,709 Acquired loans with deteriorated credit quality $ 18,815 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 58,041 $ 12,621 $ 46,143 $ 3,448 $ 120,253 Collectively evaluated for impairment $ 5,340,203 $ 270,446 $ 5,387,644 $ 104,960 $ 11,103,253 Acquired loans with deteriorated credit quality $ 351,379 Ending balance of loans and leases $ 5,398,244 $ 283,067 $ 5,433,787 $ 108,408 $ 11,223,506 $ 351,379 $ 11,574,885 |
CV of Loans Held for Investment by class by performing and nonperforming | The following table presents the credit risk rating categories for Non‑PCI loans and leases by portfolio segment and class as of the dates indicated. Nonclassified loans and leases are those with a credit risk rating of either pass or special mention, while classified loans and leases are those with a credit risk rating of either substandard or doubtful. September 30, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage: Hospitality $ 10,695 $ 613,452 $ 624,147 $ 17,761 $ 542,458 $ 560,219 SBA 11,682 387,044 398,726 11,141 364,786 375,927 Other 56,981 4,425,233 4,482,214 68,084 4,336,330 4,404,414 Total real estate mortgage 79,358 5,425,729 5,505,087 96,986 5,243,574 5,340,560 Real estate construction and land: Residential 1,407 143,834 145,241 402 96,326 96,728 Commercial 584 226,655 227,239 3,346 207,061 210,407 Total real estate construction and land 1,991 370,489 372,480 3,748 303,387 307,135 Commercial: Collateralized 17,147 341,942 359,089 22,433 416,754 439,187 Unsecured 2,357 124,214 126,571 1,323 130,501 131,824 Asset-based 3,838 2,018,591 2,022,429 11,547 1,783,304 1,794,851 Cash flow 163,589 2,636,965 2,800,554 83,321 2,376,530 2,459,851 Equipment finance 53,153 841,624 894,777 15,973 953,516 969,489 SBA 2,918 45,190 48,108 3,207 44,054 47,261 Total commercial 243,002 6,008,526 6,251,528 137,804 5,704,659 5,842,463 Consumer 3,687 126,134 129,821 4,073 97,410 101,483 Total Non-PCI loans and leases $ 328,038 $ 11,930,878 $ 12,258,916 $ 242,611 $ 11,349,030 $ 11,591,641 |
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables | The following table presents the composition of our impaired loans and leases as of the dates indicated: September 30, 2015 December 31, 2014 Performing Total Performing Total Nonaccrual Restructured Impaired Nonaccrual Restructured Impaired Loans/Leases Loans Loans/Leases Loans/Leases Loans Loans/Leases (In thousands) Real estate mortgage $ 31,821 $ 27,293 $ 59,114 $ 37,612 $ 20,245 $ 57,857 Real estate construction and land 374 7,673 8,047 1,559 8,996 10,555 Commercial 71,616 4,767 76,383 40,965 5,744 46,709 Consumer 3,379 223 3,602 3,485 259 3,744 Total $ 107,190 $ 39,956 $ 147,146 $ 83,621 $ 35,244 $ 118,865 |
Oil And Gas Related Loans and Lease | The following table presents loan and lease relationships having direct exposure to the oil and gas industries as of the dates indicated: September 30, 2015 June 30, 2015 Amount Obligors Amount Obligors (Dollars in thousands) Loans $ 83,025 7 $ 87,005 8 Leases 69,247 20 90,189 21 Total oil & gas support services $ 152,272 27 $ 177,194 29 Nonaccrual $ 47,853 4 $ 64,232 4 Classified $ 47,853 4 $ 64,232 4 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables present new troubled debt restructurings of Non-PCI loans for the periods indicated: Three Months Ended September 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings: of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: SBA — $ — $ — 1 $ 64 $ 64 Other 5 956 956 7 10,496 10,496 Real estate construction and land: Commercial 3 7,333 7,333 — — — Commercial: Collateralized 1 3,431 3,431 9 1,507 1,507 Unsecured 9 883 883 3 173 173 SBA — — — 2 1,313 1,313 Consumer 1 106 106 3 183 183 Total 19 $ 12,709 $ 12,709 25 $ 13,736 $ 13,736 Nine Months Ended September 30, 2015 2014 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings: of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: SBA — $ — $ — 1 $ 64 $ 64 Other 29 9,506 9,291 15 14,352 14,352 Real estate construction and land: Commercial 6 16,948 16,948 2 4,920 4,920 Commercial: Collateralized 13 8,138 8,138 15 4,853 4,853 Unsecured 12 1,190 1,190 5 211 211 Cash flow 4 566 387 — — — Equipment finance 9 53,338 53,338 — — — SBA 1 — — 2 1,313 1,313 Consumer 2 197 197 4 307 307 Total 76 $ 89,883 $ 89,489 44 $ 26,020 $ 26,020 |
Subsequently Defaulted Trouble Debt Restructurings | The following tables present troubled debt restructurings that subsequently defaulted for the periods indicated: Three Months Ended September 30, 2015 2014 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted: of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage - Other 3 $ 2,037 — $ — Real estate construction - Commercial — — 1 1,190 Commercial - Unsecured — — 2 37 Total 3 $ 2,037 (2) 3 $ 1,227 (3) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. (2) Represents the balance at September 30, 2015 , and there were no charge-offs. (3) Represents the balance at September 30, 2014 , and is net of charge-offs of $0.2 million . Nine Months Ended September 30, 2015 2014 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted: of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage - Other 5 $ 3,240 — $ — Real estate construction - Commercial — — 1 1,190 Commercial: Collateralized — — 1 22 Unsecured — — 2 37 Consumer — — 1 109 Total 5 $ 3,240 (2) 5 $ 1,358 (3) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. (2) Represents the balance at September 30, 2015 , and there were no charge-offs. (3) Represents the balance at September 30, 2014 , and is net of charge-offs of $0.2 million . |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table summarizes the changes in the carrying amount of PCI loans and accretable yield on those loans for the period indicated: Carrying Accretable Amount Yield (In thousands) Balance, December 31, 2014 $ 276,792 $ (106,856 ) Accretion 25,523 25,523 Payments received (121,439 ) — Increase in expected cash flows, net — (10,694 ) Negative provision for credit losses 1,458 — Balance, September 30, 2015 $ 182,334 $ (92,027 ) |
Non Purchased Credit Impaired Loans and Leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Delinquent loans in loan portfolio | The following tables present an aging analysis of our Non‑PCI loans and leases by portfolio segment and class as of the dates indicated: September 30, 2015 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Hospitality $ 779 $ — $ 779 $ 623,368 $ 624,147 SBA 276 8,661 8,937 389,789 398,726 Other 4,022 7,276 11,298 4,470,916 4,482,214 Total real estate mortgage 5,077 15,937 21,014 5,484,073 5,505,087 Real estate construction and land: Residential — — — 145,241 145,241 Commercial — — — 227,239 227,239 Total real estate construction and land — — — 372,480 372,480 Commercial: Collateralized 425 140 565 358,524 359,089 Unsecured 57 — 57 126,514 126,571 Asset-based — — — 2,022,429 2,022,429 Cash flow — — — 2,800,554 2,800,554 Equipment finance — 1,680 1,680 893,097 894,777 SBA 239 1,218 1,457 46,651 48,108 Total commercial 721 3,038 3,759 6,247,769 6,251,528 Consumer 88 3,146 3,234 126,587 129,821 Total Non-PCI loans and leases $ 5,886 $ 22,121 $ 28,007 $ 12,230,909 $ 12,258,916 December 31, 2014 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Hospitality $ — $ — $ — $ 560,219 $ 560,219 SBA 5,530 4,357 9,887 366,040 375,927 Other 6,098 7,630 13,728 4,390,686 4,404,414 Total real estate mortgage 11,628 11,987 23,615 5,316,945 5,340,560 Real estate construction and land: Residential — — — 96,728 96,728 Commercial — 715 715 209,692 210,407 Total real estate construction and land — 715 715 306,420 307,135 Commercial: Collateralized 878 965 1,843 437,344 439,187 Unsecured 69 45 114 131,710 131,824 Asset-based — — — 1,794,851 1,794,851 Cash flow — 232 232 2,459,619 2,459,851 Equipment finance 6,525 366 6,891 962,598 969,489 SBA 205 1,362 1,567 45,694 47,261 Total commercial 7,677 2,970 10,647 5,831,816 5,842,463 Consumer 101 3,146 3,247 98,236 101,483 Total Non-PCI loans and leases $ 19,406 $ 18,818 $ 38,224 $ 11,553,417 $ 11,591,641 |
Financing Receivable Non Accrual And Performing | The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated: September 30, 2015 December 31, 2014 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Hospitality $ 1,845 $ 622,302 $ 624,147 $ 6,366 $ 553,853 $ 560,219 SBA 11,682 387,044 398,726 11,141 364,786 375,927 Other 18,294 4,463,920 4,482,214 20,105 4,384,309 4,404,414 Total real estate mortgage 31,821 5,473,266 5,505,087 37,612 5,302,948 5,340,560 Real estate construction and land: Residential 374 144,867 145,241 381 96,347 96,728 Commercial — 227,239 227,239 1,178 209,229 210,407 Total real estate construction and land 374 372,106 372,480 1,559 305,576 307,135 Commercial: Collateralized 2,771 356,318 359,089 5,450 433,737 439,187 Unsecured 923 125,648 126,571 639 131,185 131,824 Asset-based 90 2,022,339 2,022,429 4,574 1,790,277 1,794,851 Cash flow 11,761 2,788,793 2,800,554 15,964 2,443,887 2,459,851 Equipment finance 53,153 841,624 894,777 11,131 958,358 969,489 SBA 2,918 45,190 48,108 3,207 44,054 47,261 Total commercial 71,616 6,179,912 6,251,528 40,965 5,801,498 5,842,463 Consumer 3,379 126,442 129,821 3,485 97,998 101,483 Total Non-PCI loans and leases $ 107,190 $ 12,151,726 $ 12,258,916 $ 83,621 $ 11,508,020 $ 11,591,641 |
Impaired Financing Receivables, Average Balances And Interest Income Recognized | The following tables present information regarding our Non‑PCI impaired loans and leases by portfolio segment and class as of and for the dates indicated: September 30, 2015 December 31, 2014 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Investment Balance Allowance Investment Balance Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Hospitality $ 1,907 $ 1,907 $ 6 $ 1,946 $ 1,945 $ 47 Other 13,955 14,203 1,437 9,136 9,233 646 Real estate construction and land: Residential 751 751 31 763 763 46 Commercial — — — 1,128 4,934 23 Commercial: Collateralized 4,966 5,529 3,006 4,630 5,246 3,771 Unsecured 1,908 1,921 1,580 912 924 799 Asset-based 30 140 30 137 247 137 Cash flow 11,761 17,606 2,097 15,578 17,970 2,667 Equipment finance 9,654 10,247 3,630 6,956 7,268 2,601 Consumer 394 400 158 143 142 37 With No Related Allowance Recorded: Real estate mortgage: Hospitality $ 7,920 $ 10,019 $ — $ 6,366 $ 7,593 $ — SBA 11,682 15,616 — 11,141 14,708 — Other 23,650 36,240 — 29,268 40,643 — Real estate construction and land: Residential — — — 21 19 — Commercial 7,296 7,293 — 8,643 8,749 — Commercial: Collateralized 1,486 1,908 — 5,566 6,877 — Unsecured 101 111 — 725 809 — Asset-based 61 61 — 4,436 5,415 — Cash flow — 505 — 387 919 — Equipment finance 43,498 46,894 — 4,175 7,528 — SBA 2,918 4,743 — 3,207 4,920 — Consumer 3,208 3,327 — 3,601 3,768 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 59,114 $ 77,985 $ 1,443 $ 57,857 $ 74,122 $ 693 Real estate construction and land 8,047 8,044 31 10,555 14,465 69 Commercial 76,383 89,665 10,343 46,709 58,123 9,975 Consumer 3,602 3,727 158 3,744 3,910 37 Total $ 147,146 $ 179,421 $ 11,975 $ 118,865 $ 150,620 $ 10,774 Three Months Ended September 30, 2015 2014 Weighted Interest Weighted Interest Average Income Average Income Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Hospitality $ 1,907 $ 20 $ 1,957 $ 20 Other 13,801 141 13,302 129 Real estate construction and land: Residential 751 4 767 4 Commercial — — 1,162 6 Commercial: Collateralized 4,876 48 5,404 46 Unsecured 1,892 13 620 6 Asset-based 30 — 262 — Cash flow 11,761 — 15,726 — Equipment finance 9,654 — 1,864 — Consumer 394 4 146 2 With No Related Allowance Recorded: Real estate mortgage: Hospitality $ 7,920 $ 144 $ 6,451 $ — SBA 11,209 — 7,521 38 Other 23,466 113 29,119 79 Real estate construction and land: Residential — — 542 — Commercial 7,193 62 10,221 75 Commercial: Collateralized 1,486 21 2,746 25 Unsecured 101 1 144 — Asset-based 1 — 4,472 — Cash flow — — — — Equipment finance 43,406 — 9,466 — SBA 2,841 — 3,331 36 Consumer 3,208 — 3,492 2 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 58,303 $ 418 $ 58,350 $ 266 Real estate construction and land 7,944 66 12,692 85 Commercial 76,048 83 44,035 113 Consumer 3,602 4 3,638 4 Total $ 145,897 $ 571 $ 118,715 $ 468 _________________________ (1) For Non-PCI loans and leases reported as impaired at September 30, 2015 and 2014 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. Nine Months Ended September 30, 2015 2014 Weighted Interest Weighted Interest Average Income Average Income Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Hospitality $ 1,907 $ 58 $ 1,957 $ 60 SBA — — — — Other 13,582 415 12,989 383 Real estate construction and land: Residential 751 12 767 12 Commercial — — 1,162 19 Commercial: Collateralized 3,876 67 5,404 138 Unsecured 1,464 35 620 18 Asset-based 30 — 262 — Cash flow 11,761 — 5,357 — Equipment finance 6,905 — 1,051 — SBA — — — — Consumer 375 11 146 7 With No Related Allowance Recorded: Real estate mortgage: Hospitality $ 7,839 $ 426 $ 6,451 $ — SBA 9,518 1 6,259 38 Other 20,952 273 26,858 283 Real estate construction and land: Residential — — 407 — Commercial 7,021 176 10,221 222 Commercial: Collateralized 1,238 51 2,623 82 Unsecured 101 4 125 — Asset-based — — 3,013 — Cash flow — — — — Equipment finance 29,088 — 6,057 — SBA 2,816 82 2,786 36 Consumer 3,208 — 2,856 7 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 53,798 $ 1,173 $ 54,514 $ 764 Real estate construction and land 7,772 188 12,557 253 Commercial 57,279 239 27,298 274 Consumer 3,583 11 3,002 14 Total $ 122,432 $ 1,611 $ 97,371 $ 1,305 _________________________ (1) For Non-PCI loans and leases reported as impaired at September 30, 2015 and 2014 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Purchased Credit Impaired Loans and Leases [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
CV of Loans Held for Investment by class by performing and nonperforming | The following table presents PCI loans by credit risk rating categories and portfolio segment as of the dates indicated. Nonclassified loans are those with a credit risk rating of either pass or special mention, while classified loans are those with a credit risk rating of either substandard or doubtful. September 30, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage $ 48,987 $ 135,717 $ 184,704 $ 101,161 $ 155,281 $ 256,442 Real estate construction and land 1,254 1,432 2,686 3,901 3,010 6,911 Commercial 5,480 126 5,606 26,942 212 27,154 Consumer 293 — 293 284 — 284 Total PCI loans, net of deferred fees $ 56,014 $ 137,275 $ 193,289 $ 132,288 $ 158,503 $ 290,791 |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table reflects the PCI loans by portfolio segment as of the dates indicated: September 30, December 31, 2015 2014 (In thousands) Real estate mortgage $ 221,258 $ 299,660 Real estate construction and land 2,664 7,743 Commercial 8,590 32,904 Consumer 310 332 Total gross PCI loans 232,822 340,639 Less: Discount (39,533 ) (49,848 ) Allowance for loan losses (10,955 ) (13,999 ) Total net PCI loans $ 182,334 $ 276,792 |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Other Real Estate and Foreclosed Assets | The following table summarizes foreclosed assets at the dates indicated: September 30, December 31, Property Type: 2015 2014 (In thousands) Commercial real estate $ 3,558 $ 2,449 Construction and land development 14,343 24,759 Multi‑family 3,481 4,823 Single family residence 1,663 3,392 Total other real estate owned, net 23,045 35,423 Other foreclosed assets 10,171 8,298 Total foreclosed assets, net (1) $ 33,216 $ 43,721 _________________________ (1) As of September 30, 2015 and December 31, 2014 , the amounts of covered foreclosed assets were $8.9 million and $9.3 million . |
Other Foreclosed Assets Rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2014 $ 43,721 Foreclosures 13,472 Provision for losses (5,163 ) Reductions related to sales (18,814 ) Balance, September 30, 2015 $ 33,216 |
FDIC Loss Sharing Asset (Tables
FDIC Loss Sharing Asset (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
FDIC Loss-Sharing Arrangements [Abstract] | |
Schedule of Composition of Loss Sharing Assets and True Up Liability | The following table presents information about the composition of the FDIC loss sharing asset, the true‑up liability, and the non‑single family and the single family covered assets as of the date indicated: September 30, 2015 Western San Luis Affinity Los Padres Commercial Trust Bank Bank Bank Bank Total (In thousands) FDIC loss sharing asset $ (647 ) $ 2,885 $ 271 $ 5,096 $ 7,605 True‑up liability N/A N/A $ 1,810 $ 5,692 $ 7,502 Non-single family covered assets (1) $ 87,093 $ 52,317 $ 7,848 $ 19,825 $ 167,083 Single family covered assets $ 10,828 $ 50,237 N/A $ 24,057 $ 85,122 Loss sharing expiration dates: Non‑single family 3rd Quarter 2014 3rd Quarter 2015 4th Quarter 2015 1st Quarter 2016 Single family 3rd Quarter 2019 3rd Quarter 2020 N/A 1st Quarter 2021 Loss recovery expiration dates: Non‑single family 3rd Quarter 2017 3rd Quarter 2018 4th Quarter 2018 1st Quarter 2019 Single family 3rd Quarter 2019 3rd Quarter 2020 N/A 1st Quarter 2021 _________________________ (1) Excludes securities |
Borrowings, Subordinated Debe30
Borrowings, Subordinated Debentures and Brokered Time Deposits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes our borrowings as of the dates indicated: September 30, 2015 December 31, 2014 Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 2,497 6.23 % $ 3,402 6.43 % FHLB overnight advances 550,000 0.20 % 380,000 0.27 % Total borrowings $ 552,497 $ 383,402 |
Borrowings Subordinated Debentures And Brokered Deposits Disclosure | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: September 30, 2015 December 31, 2014 Date Maturity Rate Index Series: Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 3.43 % $ 10,310 3.33 % 8/15/2003 9/17/2033 3 month LIBOR + 3.10 Trust VI 10,310 3.39 % 10,310 3.29 % 9/3/2003 9/15/2033 3 month LIBOR + 3.05 Trust CII 5,155 3.29 % 5,155 3.19 % 9/17/2003 9/17/2033 3 month LIBOR + 2.95 Trust VII 61,856 3.05 % 61,856 2.98 % 2/5/2004 4/23/2034 3 month LIBOR + 2.75 Trust CIII 20,619 2.03 % 20,619 1.93 % 8/15/2005 9/15/2035 3 month LIBOR + 1.69 Trust FCCI 16,495 1.94 % 16,495 1.84 % 1/25/2007 3/15/2037 3 month LIBOR + 1.60 Trust FCBI 10,310 1.89 % 10,310 1.79 % 9/30/2005 12/15/2035 3 month LIBOR + 1.55 Trust CS 2005-1 82,475 2.29 % 82,475 2.19 % 11/21/2005 12/15/2035 3 month LIBOR + 1.95 Trust CS 2005-2 128,866 2.25 % 128,866 2.18 % 12/14/2005 1/30/2036 3 month LIBOR + 1.95 Trust CS 2006-1 51,545 2.25 % 51,545 2.18 % 2/22/2006 4/30/2036 3 month LIBOR + 1.95 Trust CS 2006-2 51,550 2.25 % 51,550 2.18 % 9/27/2006 10/30/2036 3 month LIBOR + 1.95 Trust CS 2006-3 (1) 28,822 2.03 % 31,188 2.14 % 9/29/2006 10/30/2036 3 month EURIBOR + 2.05 Trust CS 2006-4 16,470 2.25 % 16,470 2.18 % 12/5/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2006-5 6,650 2.25 % 6,650 2.18 % 12/19/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2007-2 39,177 2.25 % 39,177 2.18 % 6/13/2007 7/30/2037 3 month LIBOR + 1.95 Gross subordinated debentures 540,610 542,976 Unamortized discount (2) (105,193 ) (109,393 ) Net subordinated debentures $ 435,417 $ 433,583 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure | The following table presents a summary of the financial instruments described above as of the dates indicated: September 30, December 31, 2015 2014 (In thousands) Loan commitments to extend credit $ 2,022,046 $ 1,921,067 Standby letters of credit 104,073 88,495 Commitments to purchase equipment being acquired for lease to others 6,935 12,839 $ 2,133,054 $ 2,022,401 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of September 30, 2015 Measured on a Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Government agency and government‑sponsored enterprise pass-through securities $ 407,598 $ — $ 407,598 $ — Government agency and government‑sponsored enterprise collateralized mortgage obligations 211,419 — 211,419 — Covered private label CMOs 31,026 — — 31,026 Other private label CMOs 7,262 — 7,262 — Municipal securities 858,837 — 858,837 — Corporate debt securities 47,396 — 47,396 — Collateralized loan obligations 132,317 — 132,317 — SBA loan pool securities 51,548 — 51,548 — Government‑sponsored enterprise debt securities 37,524 — 37,524 — Other securities 24,437 522 23,915 — Total securities available-for-sale 1,809,364 522 1,777,816 31,026 Derivative assets 10,576 — 10,576 — Total recurring assets $ 1,819,940 $ 522 $ 1,788,392 $ 31,026 Derivative liabilities $ 526 $ — $ 526 $ — Fair Value Measurements as of December 31, 2014 Measured on a Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Government agency and government‑sponsored enterprise pass-through securities $ 535,672 $ — $ 535,672 $ — Government agency and government‑sponsored enterprise collateralized mortgage obligations 277,946 — 277,946 — Covered private label CMOs 33,947 — — 33,947 Other private label CMOs 10,914 — 10,914 — Municipal securities 536,116 — 536,116 — Corporate debt securities 110,109 — 110,109 — Government‑sponsored enterprise debt securities 36,757 — 36,757 — Other securities 25,716 519 25,197 — Total securities available-for-sale 1,567,177 519 1,532,711 33,947 Derivative assets 5,234 — 5,234 — Total recurring assets $ 1,572,411 $ 519 $ 1,537,945 $ 33,947 Derivative liabilities $ 118 $ — $ 118 $ — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 covered private label CMOs measured at fair value on a recurring basis as of September 30, 2015 : Covered Private Label CMOs Weighted Range Average Unobservable Inputs: of Inputs Input Voluntary annual prepayment speeds 0% - 19.31% 5.0% Annual default rates 0% - 10.52% 2.6% Loss severity rates 0% - 94.04% 32.8% Discount rates 0% - 37.05% 5.6% |
Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation | The following table summarizes activity for assets measured at fair value on a recurring basis that are categorized as Level 3 for the period indicated: Covered Private Label CMOs (In thousands) Balance, December 31, 2014 $ 33,947 Total realized in earnings 810 Total unrealized loss in comprehensive income (945 ) Net settlements (2,786 ) Balance, September 30, 2015 $ 31,026 |
Assets carried at fair value on a nonrecurring basis | The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated: Fair Value Measurement as of September 30, 2015 Measured on a Non‑Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 42,622 $ — $ 2,556 $ 40,066 Other real estate owned 14,679 — 14,619 60 Total non-recurring $ 57,301 $ — $ 17,175 $ 40,126 Fair Value Measurement as of December 31, 2014 Measured on a Non‑Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 42,693 $ — $ 2,366 $ 40,327 Other real estate owned 24,015 — 18,400 5,615 Investments carried at cost 566 — — 566 Total non-recurring $ 67,274 $ — $ 20,766 $ 46,508 |
Net Losses (Gains) on Nonrecurring Assets | The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Nine Months Ended Loss on Assets Measured on a Non‑Recurring Basis: September 30, 2015 September 30, 2015 (In thousands) Impaired Non‑PCI loans $ (873 ) $ (7,623 ) Other real estate owned (4,758 ) (4,882 ) Total net loss $ (5,631 ) $ (12,505 ) |
Fair Value Inputs, Assets, Quantitative Information | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2015 : Valuation Unobservable Weighted Asset: Fair Value Technique Inputs Range Average (In thousands) Impaired Non-PCI loans $ 33,371 Discounted cash flows Discount rates 0% - 9.04% 5.97% 6,695 Third party appraisals No discounts Other real estate owned 60 Third party appraisals Illiquidity discount 27.6% - 43.9% 32.9% Total non-recurring Level 3 $ 40,126 |
Fair Value, by Balance Sheet Grouping | The following tables present a summary of the carrying values and estimated fair values of certain financial instruments as of the dates indicated: September 30, 2015 Carrying or Contract Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 154,652 $ 154,652 $ 154,652 $ — $ — Interest‑earning deposits in financial institutions 81,642 81,642 81,642 — — Securities available‑for‑sale 1,809,364 1,809,364 522 1,777,816 31,026 Investment in FHLB stock 17,250 17,250 — 17,250 — Investments carried at cost 1,420 9,300 — — 9,300 Loans and leases, net 12,348,934 12,254,393 — 2,556 12,251,837 Derivative assets 10,576 10,576 — 10,576 — Financial Liabilities: Deposits: Demand, money market, interest checking, and savings deposits 7,528,467 7,528,467 — 7,528,467 — Time deposits 4,587,296 4,588,540 — 4,588,540 — Borrowings 552,497 552,570 550,000 2,570 — Subordinated debentures 435,417 419,180 — 419,180 — Derivative liabilities 526 526 — 526 — December 31, 2014 Carrying or Contract Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 164,757 $ 164,757 $ 164,757 $ — $ — Interest‑earning deposits in financial institutions 148,469 148,469 148,469 — — Securities available‑for‑sale 1,567,177 1,567,177 519 1,532,711 33,947 Investment in FHLB stock 40,609 40,609 — 40,609 — Investments carried at cost 3,691 3,691 — — 3,691 Investments accounted for under the equity method 21,461 21,700 — — 21,700 Loans and leases, net 11,797,977 11,757,951 — 2,366 11,755,585 Derivative assets 5,234 5,234 — 5,234 — Financial Liabilities: Deposits: Demand, money market, interest checking, and savings deposits 6,256,190 6,256,190 — 6,256,190 — Time deposits 5,498,938 5,502,479 — 5,502,479 — Borrowings 383,402 383,539 380,000 3,539 — Subordinated debentures 433,583 417,657 — 417,657 — Derivative liabilities 118 118 — 118 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The following table presents the computations of basic and diluted net earnings per share for the periods indicated: Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30, 2015 2015 2014 2015 2014 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings from continuing operations $ 69,616 $ 85,083 $ 62,276 $ 227,778 $ 99,411 Less: Earnings allocated to unvested restricted stock (1) (649 ) (807 ) (685 ) (2,213 ) (1,147 ) Net earnings from continuing operations allocated to common shares 68,967 84,276 61,591 225,565 98,264 Net loss from discontinued operations allocated to common shares — — (5 ) — (1,487 ) Net earnings allocated to common shares $ 68,967 $ 84,276 $ 61,586 $ 225,565 $ 96,777 Weighted-average basic shares and unvested restricted stock outstanding 103,048 103,030 103,029 103,038 82,758 Less: Weighted-average unvested restricted stock outstanding (985 ) (1,060 ) (1,117 ) (1,055 ) (981 ) Weighted-average basic shares outstanding 102,063 101,970 101,912 101,983 81,777 Basic earnings per share: Net earnings from continuing operations $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.20 Net loss from discontinued operations — — — — (0.02 ) Net earnings $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.18 Diluted Earnings Per Share: Net earnings from continuing operations allocated to common shares $ 68,967 $ 84,276 $ 61,591 $ 225,565 $ 98,264 Net loss from discontinued operations allocated to common shares — — (5 ) — (1,487 ) Net earnings allocated to common shares $ 68,967 $ 84,276 $ 61,586 $ 225,565 $ 96,777 Weighted-average basic shares outstanding 102,063 101,970 101,912 101,983 81,777 Diluted earnings per share: Net earnings from continuing operations $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.20 Net loss from discontinued operations — — — — (0.02 ) Net earnings $ 0.68 $ 0.83 $ 0.60 $ 2.21 $ 1.18 ________________________ (1) Represents cash dividends paid to holders of unvested restricted stock, net of estimated forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present information regarding our business segments as of and for the periods indicated: September 30, 2015 Community National Consolidated Balance Sheet Data: Banking Lending Other Company (In thousands) Loans and leases, net of deferred fees $ 3,141,576 $ 9,302,580 $ 8,049 $ 12,452,205 Allowance for loan and lease losses (39,522 ) (63,749 ) — (103,271 ) Total loans and leases, net $ 3,102,054 $ 9,238,831 $ 8,049 $ 12,348,934 Goodwill $ 333,979 $ 1,394,401 $ — $ 1,728,380 Core deposit and customer relationship intangibles, net 12,143 561 — 12,704 Total assets 6,288,790 10,418,282 107,033 16,814,105 Total deposits (1) 12,484,050 36,586 (404,873 ) 12,115,763 ________________________ (1) The negative balance for total deposits in the “Other” segment represents the elimination of holding company cash held in deposit accounts at the Bank. September 30, 2014 Community National Consolidated Balance Sheet Data: Banking Lending Other Company (In thousands) Loans and leases, net of deferred fees $ 3,482,125 $ 8,064,868 $ 27,892 $ 11,574,885 Allowance for loan and lease losses (56,712 ) (25,187 ) — (81,899 ) Total loans and leases, net $ 3,425,413 $ 8,039,681 $ 27,892 $ 11,492,986 Goodwill $ 327,728 $ 1,394,401 $ — $ 1,722,129 Core deposit and customer relationship intangibles, net 17,814 1,009 — 18,823 Total assets 6,492,674 9,182,617 262,859 15,938,150 Total deposits (1) 11,826,681 — (303,244 ) 11,523,437 ________________________ (1) The negative balance for total deposits in the “Other” segment represents the elimination of holding company cash held in deposit accounts at the Bank. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Three Months Ended September 30, 2015 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 58,368 $ 148,264 $ 1,040 $ 207,672 Interest expense (10,430 ) (42 ) (4,680 ) (15,152 ) Intersegment interest income (expense) 6,629 (6,629 ) — — Net interest income (expense) 54,567 141,593 (3,640 ) 192,520 Negative provision (provision) for credit losses 1,309 (10,145 ) 90 (8,746 ) Gain on sale of securities 655 — — 655 FDIC loss sharing expense, net (4,449 ) — — (4,449 ) Other noninterest income 7,956 7,478 4,118 19,552 Total noninterest income 4,162 7,478 4,118 15,758 Foreclosed assets (expense) income, net (4,787 ) 39 227 (4,521 ) Intangible asset amortization (1,385 ) (112 ) — (1,497 ) Acquisition, integration and reorganization costs (747 ) — — (747 ) Other noninterest expense (56,318 ) (23,763 ) (3,293 ) (83,374 ) Total noninterest expense (63,237 ) (23,836 ) (3,066 ) (90,139 ) Intersegment noninterest income (expense) 28,280 (28,280 ) — — Total noninterest expense - adjusted (34,957 ) (52,116 ) (3,066 ) (90,139 ) Earnings (loss) before taxes 25,081 86,810 (2,498 ) 109,393 Income tax (expense) benefit (9,584 ) (33,172 ) 2,979 (39,777 ) Net earnings $ 15,497 $ 53,638 $ 481 $ 69,616 Three Months Ended June 30, 2015 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 63,392 $ 154,816 $ 247 $ 218,455 Interest expense (11,273 ) (48 ) (4,582 ) (15,903 ) Intersegment interest income (expense) 7,140 (7,140 ) — — Net interest income (expense) 59,259 147,628 (4,335 ) 202,552 Negative provision (provision) for credit losses 734 (7,263 ) — (6,529 ) Loss on sale of securities (186 ) — — (186 ) FDIC loss sharing expense, net (5,107 ) — — (5,107 ) Other noninterest income 4,235 14,465 6,216 24,916 Total noninterest income (1,058 ) 14,465 6,216 19,623 Foreclosed assets (expense) income, net (351 ) (22 ) 2,713 2,340 Intangible asset amortization (1,390 ) (112 ) — (1,502 ) Acquisition, integration and reorganization costs (806 ) — (94 ) (900 ) Other noninterest expense (58,304 ) (24,164 ) (2,746 ) (85,214 ) Total noninterest expense (60,851 ) (24,298 ) (127 ) (85,276 ) Intersegment noninterest income (expense) 28,857 (28,857 ) — — Total noninterest expense - adjusted (31,994 ) (53,155 ) (127 ) (85,276 ) Earnings before taxes 26,941 101,675 1,754 130,370 Income tax (expense) benefit (10,484 ) (39,566 ) 4,763 (45,287 ) Net earnings $ 16,457 $ 62,109 $ 6,517 $ 85,083 Three Months Ended September 30, 2014 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 67,132 $ 134,624 $ 600 $ 202,356 Interest expense (8,851 ) (45 ) (4,614 ) (13,510 ) Intersegment interest income (expense) 5,250 (5,250 ) — — Net interest income (expense) 63,531 129,329 (4,014 ) 188,846 Negative provision (provision) for credit losses 6,314 (11,364 ) — (5,050 ) FDIC loss sharing expense, net (7,415 ) — — (7,415 ) Other noninterest income 7,566 9,953 6,210 23,729 Total noninterest income 151 9,953 6,210 16,314 Foreclosed assets (expense) income, net (4,627 ) (322 ) 122 (4,827 ) Intangible asset amortization (1,517 ) (91 ) — (1,608 ) Acquisition, integration and reorganization costs (3,953 ) (1,240 ) — (5,193 ) Other noninterest expense (53,078 ) (24,835 ) (5,382 ) (83,295 ) Total noninterest expense (63,175 ) (26,488 ) (5,260 ) (94,923 ) Intersegment noninterest income (expense) 26,411 (26,411 ) — — Total noninterest expense - adjusted (36,764 ) (52,899 ) (5,260 ) (94,923 ) Earnings (loss) from continuing operations before taxes 33,232 75,019 (3,064 ) 105,187 Income tax (expense) benefit (14,576 ) (30,113 ) 1,778 (42,911 ) Net earnings (loss) from continuing operations 18,656 44,906 (1,286 ) 62,276 Loss from discontinued operations before taxes (8 ) — — (8 ) Income tax benefit 3 — — 3 Net loss from discontinued operations (5 ) — — (5 ) Net earnings (loss) $ 18,651 $ 44,906 $ (1,286 ) $ 62,271 Nine Months Ended September 30, 2015 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 184,716 $ 454,299 $ 1,426 $ 640,441 Interest expense (32,364 ) (143 ) (13,787 ) (46,294 ) Intersegment interest income (expense) 20,490 (20,490 ) — — Net interest income (expense) 172,842 433,666 (12,361 ) 594,147 Negative provision (provision) for credit losses 10,107 (41,814 ) (2 ) (31,709 ) Gain on sale of securities 3,744 — — 3,744 FDIC loss sharing expense, net (13,955 ) — — (13,955 ) Other noninterest income 21,766 27,085 17,612 66,463 Total noninterest income (expense) 11,555 27,085 17,612 56,252 Foreclosed assets (expense) income, net (5,182 ) (44 ) 2,709 (2,517 ) Intangible asset amortization (4,164 ) (336 ) — (4,500 ) Acquisition, integration and reorganization costs (3,443 ) — (204 ) (3,647 ) Other noninterest expense (169,827 ) (70,764 ) (8,520 ) (249,111 ) Total noninterest expense (182,616 ) (71,144 ) (6,015 ) (259,775 ) Intersegment noninterest income (expense) 83,700 (83,700 ) — — Total noninterest expense - adjusted (98,916 ) (154,844 ) (6,015 ) (259,775 ) Earnings (loss) before taxes 95,588 264,093 (766 ) 358,915 Income tax (expense) benefit (36,941 ) (102,020 ) 7,824 (131,137 ) Net earnings $ 58,647 $ 162,073 $ 7,058 $ 227,778 Nine Months Ended September 30, 2014 Community National Consolidated Results of Operations: Banking Lending Other Company (In thousands) Interest income $ 214,704 $ 278,131 $ 2,244 $ 495,079 Interest expense (17,528 ) (184 ) (9,973 ) (27,685 ) Intersegment interest income (expense) 9,543 (9,543 ) — — Net interest income (expense) 206,719 268,404 (7,729 ) 467,394 Negative provision (provision) for credit losses 11,558 (20,994 ) — (9,436 ) Gain on sale of securities 4,841 — — 4,841 FDIC loss sharing expense, net (27,370 ) — — (27,370 ) Other noninterest income 18,144 26,885 6,984 52,013 Total noninterest income (4,385 ) 26,885 6,984 29,484 Foreclosed assets (expense) income, net (3,399 ) (284 ) 220 (3,463 ) Intangible asset amortization (4,238 ) (411 ) — (4,649 ) Acquisition, integration and reorganization costs (83,866 ) (8,714 ) (1,055 ) (93,635 ) Other noninterest expense (144,164 ) (55,892 ) (12,484 ) (212,540 ) Total noninterest expense (235,667 ) (65,301 ) (13,319 ) (314,287 ) Intersegment noninterest income (expense) 49,944 (49,944 ) — — Total noninterest expense - adjusted (185,723 ) (115,245 ) (13,319 ) (314,287 ) Earnings (loss) from continuing operations before taxes 28,169 159,050 (14,064 ) 173,155 Income tax (expense) benefit (16,240 ) (63,703 ) 6,199 (73,744 ) Net earnings (loss) from continuing operations 11,929 95,347 (7,865 ) 99,411 Loss from discontinued operations before taxes (2,572 ) — — (2,572 ) Income tax benefit 1,067 — — 1,067 Net loss from discontinued operations (1,505 ) — — (1,505 ) Net earnings (loss) $ 10,424 $ 95,347 $ (7,865 ) $ 97,906 |
Organization (Details)
Organization (Details) | Oct. 06, 2015USD ($) | Sep. 30, 2015USD ($)bank_branchacquisition | Dec. 31, 2014USD ($) |
General Introduction [Abstract] | |||
Assets | $ 16,814,105,000 | $ 16,234,605,000 | |
Gross loans and leases | 12,493,397,000 | 11,904,684,000 | |
Total deposits | 12,115,763,000 | 11,755,128,000 | |
Total stockholders' equity | $ 3,581,704,000 | 3,506,230,000 | |
Number of businesses acquired | acquisition | 27 | ||
Start of acquisition activities | May 1, 2000 | ||
Retained Earnings [Member] | |||
General Introduction [Abstract] | |||
Total stockholders' equity | $ (57,934,000) | (285,712,000) | |
Other Organization Information [Abstract] | |||
Cumulative effect of prospective application of new accounting principle | $ (195,000) | ||
CapitalSource Inc. [Member] [Member] | |||
General Introduction [Abstract] | |||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 | ||
Square 1 Financial, Inc. [Member] | |||
General Introduction [Abstract] | |||
Assets | $ 21,000,000,000 | ||
Retail Branch Locations | bank_branch | 80 | ||
Subsequent Event [Member] | |||
General Introduction [Abstract] | |||
Assets | $ 4,000,000,000 | ||
Subsequent Event [Member] | Square 1 Financial, Inc. [Member] | |||
General Introduction [Abstract] | |||
Business Acquisition, Effective Date of Acquisition | Oct. 6, 2015 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities | $ 13,232,401 | $ 12,728,375 |
Electronic Payment Systems [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities | $ 16,900 | $ 21,300 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Apr. 07, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets Acquired: | |||
Equipment leased to others under operating leases | $ 161,508 | $ 122,506 | |
Goodwill | $ 1,728,380 | $ 1,720,479 | |
Capitalsource, Inc. [Member] | |||
Assets Acquired: | |||
Cash and due from banks | $ 768,553 | ||
Interest‑earning deposits in financial institutions | 60,612 | ||
Investment securities available‑for‑sale | 382,797 | ||
FHLB stock | 46,060 | ||
Loans and leases | 6,877,427 | ||
Equipment leased to others under operating leases | 160,015 | ||
Premises and equipment | 12,663 | ||
Foreclosed assets | 6,382 | ||
Income tax assets | 304,856 | ||
Goodwill | 1,526,282 | ||
Core deposit and customer relationship intangibles | 6,720 | ||
Other assets | 582,985 | ||
Total assets acquired | 10,735,352 | ||
Liabilities Assumed: | |||
Noninterest‑bearing deposits | 4,631 | ||
Interest‑bearing deposits | 6,236,419 | ||
Other borrowings | 992,109 | ||
Subordinated debentures | 300,918 | ||
Accrued interest payable and other liabilities | 124,087 | ||
Total liabilities assumed | 7,658,164 | ||
Total consideration paid | 3,077,188 | ||
Cash paid | 483,118 | ||
PacWest common stock issued | $ 2,594,070 |
Acquisitions (Details 1)
Acquisitions (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Business Acquisition [Line Items] | |||||
Severance and employee-related | $ 0 | $ 0 | $ 340 | $ 0 | $ 54,601 |
System conversion and integration | 427 | 0 | 412 | 427 | 1,535 |
Asset write-downs, lease terminations and other facilities-related | 0 | 0 | 150 | 0 | 5,853 |
Investment banking deal costs | 0 | 0 | 0 | 1,050 | 16,117 |
Other (legal, accounting, insurance, consulting) | 320 | 900 | 4,291 | 2,170 | 15,529 |
Total acquisition, integration and reorganization costs | $ 747 | $ 900 | $ 5,193 | $ 3,647 | $ 93,635 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Thousands | Apr. 07, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,728,380 | $ 1,720,479 | |
Capitalsource, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 | ||
Goodwill | $ 1,526,282 | ||
CapitalSource Inc. [Member] [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 |
Goodwill and Other Intangible40
Goodwill and Other Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 7,900,000 | $ 7,901,000 | |
Goodwill [Roll Forward] | |||
Balance, December 31, 2014 | $ 1,720,479,000 | 1,720,479,000 | |
Adjustment to acquired CapitalSource Inc. deferred tax assets | 0 | $ 0 | |
Balance, September 30, 2015 | $ 1,728,380,000 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Balance, beginning of period | $ 53,090 | $ 53,090 | $ 53,090 | $ 53,090 | $ 48,963 |
Additions | 0 | 0 | 0 | 0 | 6,720 |
Fully amortized portion | 0 | 0 | 0 | 0 | (1,293) |
Write-off due to the asset financing segment reorganization | 0 | 0 | 0 | 0 | (804) |
Balance, end of period | 53,090 | 53,090 | 53,090 | 53,090 | 53,090 |
Accumulated Amortization, beginning of period | (38,889) | (37,387) | (32,659) | (35,886) | (31,715) |
Amortization | (1,497) | (1,502) | (1,608) | (4,500) | (4,649) |
Accumulated Amortization, end of period | (40,386) | (38,889) | (34,267) | (40,386) | (34,267) |
Finite-Lived Intangible Assets, Net | 12,704 | 14,201 | 18,823 | 12,704 | 18,823 |
CDI and CRI [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Fully amortized portion | 0 | 0 | 0 | 0 | (1,293) |
Write-off due to the asset financing segment reorganization | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,300) |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 7,900,000 | $ 7,901,000 | ||||||
Adjustment to acquired CapitalSource Inc. deferred tax assets | $ 0 | $ 0 | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 9 months 10 days | |||||||
Intangible asset amortization | $ 1,497,000 | $ 1,502,000 | $ 1,608,000 | $ 4,500,000 | 4,649,000 | |||
Aggregate Amortization Expense 2016 | 4,100,000 | 4,100,000 | ||||||
Aggregate Amortization Expense 2017 | 2,300,000 | 2,300,000 | ||||||
Aggregate Amortization Expense 2018 | 2,000,000 | 2,000,000 | ||||||
Aggregate Amortization Expense 2019 | 1,700,000 | 1,700,000 | ||||||
Aggregate Amortization Expense 2020 | 953,000 | 953,000 | ||||||
Goodwill, Written off Related to Sale of Business Unit | $ 6,600,000 | 0 | (6,645,000) | |||||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | 0 | 0 | 804,000 | |||
Scenario, Forecast [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible asset amortization | $ 6,000,000 | |||||||
CDI and CRI [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,300,000 | |||
CDI and CRI [Member] | CapitalSource Inc. [Member] [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Impairment of Intangible Assets, Finite-lived | $ 500,000 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | $ 1,768,186 | $ 1,522,871 |
Available-for-sale Securities, Gross Unrealized Gain | 47,765 | 47,908 |
Available-for-sale Securities, Gross Unrealized Loss | (6,587) | (3,602) |
Securities available‑for‑sale | 1,809,364 | 1,567,177 |
Government agency and government-sponsored enterprise pass through securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 391,904 | 515,902 |
Available-for-sale Securities, Gross Unrealized Gain | 15,890 | 20,142 |
Available-for-sale Securities, Gross Unrealized Loss | (196) | (372) |
Securities available‑for‑sale | 407,598 | 535,672 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 206,380 | 275,513 |
Available-for-sale Securities, Gross Unrealized Gain | 5,460 | 3,513 |
Available-for-sale Securities, Gross Unrealized Loss | (421) | (1,080) |
Securities available‑for‑sale | 211,419 | 277,946 |
Covered private label collateralized mortgage obligation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 24,914 | 26,889 |
Available-for-sale Securities, Gross Unrealized Gain | 6,222 | 7,153 |
Available-for-sale Securities, Gross Unrealized Loss | (110) | (95) |
Securities available‑for‑sale | 31,026 | 33,947 |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 7,258 | 10,961 |
Available-for-sale Securities, Gross Unrealized Gain | 44 | 46 |
Available-for-sale Securities, Gross Unrealized Loss | (40) | (93) |
Securities available‑for‑sale | 7,262 | 10,914 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 844,782 | 521,499 |
Available-for-sale Securities, Gross Unrealized Gain | 18,057 | 15,899 |
Available-for-sale Securities, Gross Unrealized Loss | (4,002) | (1,282) |
Securities available‑for‑sale | 858,837 | 536,116 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 47,380 | 110,074 |
Available-for-sale Securities, Gross Unrealized Gain | 139 | 597 |
Available-for-sale Securities, Gross Unrealized Loss | (123) | (562) |
Securities available‑for‑sale | 47,396 | 110,109 |
Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 133,159 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | 316 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | (1,158) | 0 |
Securities available‑for‑sale | 132,317 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 36,284 | 36,232 |
Available-for-sale Securities, Gross Unrealized Gain | 1,240 | 525 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Securities available‑for‑sale | 37,524 | 36,757 |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 24,972 | 25,801 |
Available-for-sale Securities, Gross Unrealized Gain | 2 | 33 |
Available-for-sale Securities, Gross Unrealized Loss | (537) | (118) |
Securities available‑for‑sale | 24,437 | 25,716 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 51,153 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | 395 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Securities available‑for‑sale | $ 51,548 | $ 0 |
Investment Securities (Detail44
Investment Securities (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 391,063 | $ 106,602 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (5,494) | (882) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 44,605 | 173,724 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (1,093) | (2,720) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 435,668 | 280,326 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (6,587) | (3,602) |
Government agency and government-sponsored enterprise pass through securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 17,968 | 10,711 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (95) | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,552 | 27,100 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (101) | (359) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 27,520 | 37,811 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (196) | (372) |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 23,908 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | 0 | (73) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,444 | 40,652 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (421) | (1,007) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,444 | 64,560 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (421) | (1,080) |
Covered private label collateralized mortgage obligation [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,111 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (44) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 589 | 1,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (66) | (95) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,700 | 1,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (110) | (95) |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,296 | 1,618 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (2) | (93) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 1,099 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (38) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,395 | 1,618 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (40) | (93) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 238,631 | 11,854 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (3,988) | (66) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 529 | 84,822 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (14) | (1,216) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 239,160 | 96,676 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (4,002) | (1,282) |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 23,013 | 52,071 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (105) | (547) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,278 | 10,131 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (18) | (15) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 25,291 | 62,202 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (123) | (562) |
Collateralized Loan Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 103,409 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1,158) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 103,409 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (1,158) | |
Other securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,635 | 6,440 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (102) | (90) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,114 | 10,019 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (435) | (28) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 21,749 | 16,459 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (537) | $ (118) |
Investment Securities (Detail45
Investment Securities (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Due in one year or less | $ 9,304 | |
Due after one year through five years | 104,445 | |
Due after five years through ten years | 310,318 | |
Due after ten years | 1,344,119 | |
Total securities available-for-sale | 1,768,186 | $ 1,522,871 |
Fair Value Disclosures [Abstract] | ||
Due in one year or less | 9,373 | |
Due after one year through five years | 106,653 | |
Due after five years through ten years | 321,663 | |
Due after ten years | 1,371,675 | |
Total securities available-for-sale | $ 1,809,364 | $ 1,567,177 |
Investment Securities (Detail46
Investment Securities (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Taxable interest | $ 7,323 | $ 7,577 | $ 7,850 | $ 22,373 | $ 22,438 |
Non-taxable interest | 6,058 | 4,808 | 3,343 | 14,760 | 10,004 |
Dividend income | 574 | 2,185 | 1,138 | 3,587 | 2,698 |
Total interest income on investment securities | $ 13,955 | $ 14,570 | $ 12,331 | $ 40,720 | $ 35,140 |
Investment Securities (Detail47
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available For Sale Securities Pledged As Collateral Amortized Cost | $ 366,200,000 | |||
Payments to Acquire Investments | (557,800,000) | $ (187,000,000) | ||
Proceeds from Sale of Available-for-sale Securities | 212,169,000 | 465,608,000 | ||
Federal Home Loan Bank stock, at cost | 17,250,000 | $ 40,609,000 | ||
Net change in FLHB Stock | 23,359,000 | 28,397,000 | ||
Redemptions of FHLB stock | 27,300,000 | |||
Purchases of FHLB Stock | 3,900,000 | |||
Federal Home Loan Bank special dividend | $ 1,400,000 | |||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | 49,900,000 | |||
Available-for-sale Securities, Gross Realized Gains | 609,000 | |||
Other Investments [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | 797,000 | |||
Available-for-sale Securities, Gross Realized Gains | 89,000 | |||
Government agency and government-sponsored enterprise pass through securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | 60,300,000 | 137,300,000 | ||
Available-for-sale Securities, Gross Realized Gains | 2,600,000 | 4,800,000 | ||
Texas Municipal Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | 30,700,000 | |||
Available-for-sale Securities, Gross Realized Gains | 744,000 | |||
Corporate Debt Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | 67,500,000 | |||
Available-for-sale Securities, Gross Realized Losses | $ (232,000) | |||
CapitalSource Inc. [Member] [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | 323,600,000 | |||
Available-for-sale Securities, Gross Realized Gains | 0 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 382,800,000 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | $ 12,493,397 | $ 11,904,684 | ||||
Loans and Leases Receivable, Deferred Income | (41,192) | (22,252) | ||||
Loans held for investment, net | 12,452,205 | 11,882,432 | ||||
Loans and Leases Receivable, Allowance | (103,271) | (84,455) | ||||
Loans and leases, net | 12,348,934 | 11,797,977 | ||||
Mortgage Loans on Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 5,706,042 | 5,607,316 | ||||
Loans and Leases Receivable, Allowance | (34,299) | $ (27,003) | ||||
Real Estate Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 378,887 | 316,086 | ||||
Loans and Leases Receivable, Allowance | (4,391) | (5,917) | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 6,278,413 | 5,879,575 | ||||
Loans and Leases Receivable, Allowance | (52,872) | (29,007) | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 130,055 | 101,707 | ||||
Loans and Leases Receivable, Allowance | (754) | (1,157) | ||||
NonCovered [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 12,300,057 | 11,613,832 | ||||
Loans and Leases Receivable, Deferred Income | (41,141) | (22,191) | ||||
Loans held for investment, net | 12,258,916 | 11,591,641 | 11,223,506 | |||
Loans and Leases Receivable, Allowance | (92,316) | $ (85,047) | (70,456) | (63,084) | $ (65,523) | $ (60,241) |
Loans and leases, net | 12,166,600 | 11,521,185 | ||||
NonCovered [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 5,521,291 | 5,350,827 | ||||
Loans held for investment, net | 5,505,087 | 5,340,560 | 5,398,244 | |||
Loans and Leases Receivable, Allowance | (29,908) | (25,097) | (22,276) | (26,078) | ||
NonCovered [Member] | Real Estate Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 376,197 | 309,162 | ||||
Loans held for investment, net | 372,480 | 307,135 | 283,067 | |||
Loans and Leases Receivable, Allowance | (3,908) | (4,248) | (4,302) | (4,298) | ||
NonCovered [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 6,272,807 | 5,852,420 | ||||
Loans held for investment, net | 6,251,528 | 5,842,463 | 5,433,787 | |||
Loans and Leases Receivable, Allowance | (50,531) | (39,858) | (35,530) | (26,921) | ||
NonCovered [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 129,762 | 101,423 | ||||
Loans held for investment, net | 129,821 | 101,483 | 108,408 | |||
Loans and Leases Receivable, Allowance | $ (700) | (1,253) | $ (3,415) | $ (2,944) | ||
Purchased Credit Impaired Loans and Leases [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 193,340 | 290,852 | ||||
Loans and Leases Receivable, Deferred Income | (51) | (61) | ||||
Loans held for investment, net | 193,289 | 290,791 | $ 351,379 | |||
Loans and Leases Receivable, Allowance | (10,955) | (13,999) | ||||
Loans and leases, net | 182,334 | 276,792 | ||||
Purchased Credit Impaired Loans and Leases [Member] | Mortgage Loans on Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 184,751 | 256,489 | ||||
Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 2,690 | 6,924 | ||||
Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | 5,606 | 27,155 | ||||
Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Non-PCI loans and leases | $ 293 | $ 284 |
Loans and Leases (Details 1)
Loans and Leases (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | $ 103,271 | $ 103,271 | $ 84,455 | |||||
Allowance for loan and lease losses | 103,271 | $ 81,899 | 103,271 | $ 81,899 | $ 99,375 | 84,455 | $ 82,149 | $ 82,034 |
Allowance for Loan and Lease Losses, Write-offs | (5,431) | (7,956) | (16,544) | (14,940) | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 1,081 | 1,725 | 5,714 | 3,707 | ||||
Provision for Loan and Lease Losses | 8,246 | 5,981 | 29,646 | 11,098 | ||||
Loans held for investment, net | 12,452,205 | 12,452,205 | 11,882,432 | |||||
Loans and Leases Receivable Net Of Deferred Income Covered And Noncovered | 12,452,205 | 11,574,885 | 12,452,205 | 11,574,885 | ||||
Mortgage Loans on Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 34,299 | 27,003 | 34,299 | 27,003 | ||||
Real Estate Construction [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 4,391 | 5,917 | 4,391 | 5,917 | ||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 52,872 | 29,007 | 52,872 | 29,007 | ||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 754 | 1,157 | 754 | 1,157 | ||||
Purchased Credit Impaired Loans and Leases [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 10,955 | 10,955 | 13,999 | |||||
Loans and Leases Receivable, Allowance, Covered | 10,955 | 18,815 | 10,955 | 18,815 | 14,328 | 13,999 | 16,626 | 21,793 |
Allowance for Loan and Lease Losses, Write-offs | (1,119) | (108) | (1,698) | (4,712) | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | 0 | 112 | 51 | ||||
Provision for Loan and Lease Losses | (2,254) | 2,297 | (1,458) | 1,683 | ||||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | 10,955 | 18,815 | 10,955 | 18,815 | ||||
Receivables Acquired with Deteriorated Credit Quality | 193,289 | 351,379 | 193,289 | 351,379 | ||||
Loans held for investment, net | 193,289 | 351,379 | 193,289 | 351,379 | 290,791 | |||
NonCovered [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 92,316 | 63,084 | 92,316 | 63,084 | 85,047 | 70,456 | 65,523 | 60,241 |
Impaired Financing Receivable, Related Allowance | 11,975 | 11,975 | 10,774 | |||||
Allowance for Loan and Lease Losses, Write-offs | (4,312) | (7,848) | (14,846) | (10,228) | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 1,081 | 1,725 | 5,602 | 3,656 | ||||
Provision for Loan and Lease Losses | 10,500 | 3,684 | 31,104 | 9,415 | ||||
Financing Receivable, Individually Evaluated for Impairment | 11,975 | 9,375 | 11,975 | 9,375 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 80,341 | 53,709 | 80,341 | 53,709 | ||||
Financing Receivable, Individually Evaluated for Impairment | 146,068 | 120,253 | 146,068 | 120,253 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 12,112,848 | 11,103,253 | 12,112,848 | 11,103,253 | ||||
Loans held for investment, net | 12,258,916 | 11,223,506 | 12,258,916 | 11,223,506 | 11,591,641 | |||
NonCovered [Member] | Mortgage Loans on Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 29,908 | 25,097 | 22,276 | 26,078 | ||||
Impaired Financing Receivable, Related Allowance | 1,443 | 1,443 | 693 | |||||
Allowance for Loan and Lease Losses, Write-offs | (252) | (395) | (1,767) | (976) | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 288 | 1,312 | 1,783 | 1,949 | ||||
Provision for Loan and Lease Losses | 4,355 | 3,810 | 9,186 | (48) | ||||
Financing Receivable, Individually Evaluated for Impairment | 1,443 | 1,568 | 1,443 | 1,568 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 32,856 | 25,435 | 32,856 | 25,435 | ||||
Financing Receivable, Individually Evaluated for Impairment | 58,393 | 58,041 | 58,393 | 58,041 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 5,446,694 | 5,340,203 | 5,446,694 | 5,340,203 | ||||
Loans held for investment, net | 5,505,087 | 5,398,244 | 5,505,087 | 5,398,244 | 5,340,560 | |||
NonCovered [Member] | Real Estate Construction [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 3,908 | 4,248 | 4,302 | 4,298 | ||||
Impaired Financing Receivable, Related Allowance | 31 | 31 | 69 | |||||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | 0 | 0 | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 390 | 24 | 1,034 | 112 | ||||
Provision for Loan and Lease Losses | 93 | 1,591 | (891) | 1,507 | ||||
Financing Receivable, Individually Evaluated for Impairment | 31 | 119 | 31 | 119 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 4,360 | 5,798 | 4,360 | 5,798 | ||||
Financing Receivable, Individually Evaluated for Impairment | 8,047 | 12,621 | 8,047 | 12,621 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 364,433 | 270,446 | 364,433 | 270,446 | ||||
Loans held for investment, net | 372,480 | 283,067 | 372,480 | 283,067 | 307,135 | |||
NonCovered [Member] | Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | 50,531 | 39,858 | 35,530 | 26,921 | ||||
Impaired Financing Receivable, Related Allowance | 10,343 | 10,343 | 9,975 | |||||
Allowance for Loan and Lease Losses, Write-offs | (4,035) | (7,282) | (12,964) | (9,049) | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 239 | 337 | 2,393 | 1,301 | ||||
Provision for Loan and Lease Losses | 6,137 | 422 | 23,585 | 9,834 | ||||
Financing Receivable, Individually Evaluated for Impairment | 10,343 | 7,654 | 10,343 | 7,654 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 42,529 | 21,353 | 42,529 | 21,353 | ||||
Financing Receivable, Individually Evaluated for Impairment | 76,088 | 46,143 | 76,088 | 46,143 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 6,175,440 | 5,387,644 | 6,175,440 | 5,387,644 | ||||
Loans held for investment, net | 6,251,528 | 5,433,787 | 6,251,528 | 5,433,787 | 5,842,463 | |||
NonCovered [Member] | Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Loans and Leases Receivable, Allowance | $ 700 | 1,253 | $ 3,415 | $ 2,944 | ||||
Impaired Financing Receivable, Related Allowance | 158 | 158 | 37 | |||||
Allowance for Loan and Lease Losses, Write-offs | (25) | (171) | (115) | (203) | ||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 164 | 52 | 392 | 294 | ||||
Provision for Loan and Lease Losses | (85) | (2,139) | (776) | (1,878) | ||||
Financing Receivable, Individually Evaluated for Impairment | 158 | 34 | 158 | 34 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 596 | 1,123 | 596 | 1,123 | ||||
Financing Receivable, Individually Evaluated for Impairment | 3,540 | 3,448 | 3,540 | 3,448 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 126,281 | 104,960 | 126,281 | 104,960 | ||||
Loans held for investment, net | $ 129,821 | $ 108,408 | $ 129,821 | $ 108,408 | $ 101,483 |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 12,452,205 | $ 11,882,432 | |
NonCovered [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 12,258,916 | 11,591,641 | $ 11,223,506 |
NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,505,087 | 5,340,560 | 5,398,244 |
NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 372,480 | 307,135 | 283,067 |
NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6,251,528 | 5,842,463 | 5,433,787 |
NonCovered [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 129,821 | 101,483 | $ 108,408 |
NonCovered [Member] | Classified [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 328,038 | 242,611 | |
NonCovered [Member] | Classified [Member] | Hospitality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 10,695 | 17,761 | |
NonCovered [Member] | Classified [Member] | SBA Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,682 | 11,141 | |
NonCovered [Member] | Classified [Member] | Real Estate Other Class [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 56,981 | 68,084 | |
NonCovered [Member] | Classified [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 79,358 | 96,986 | |
NonCovered [Member] | Classified [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,407 | 402 | |
NonCovered [Member] | Classified [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,991 | 3,748 | |
NonCovered [Member] | Classified [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 584 | 3,346 | |
NonCovered [Member] | Classified [Member] | Collateralized Loan Obligations [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 17,147 | 22,433 | |
NonCovered [Member] | Classified [Member] | Unsecured Commercial Member [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,357 | 1,323 | |
NonCovered [Member] | Classified [Member] | Asset Based [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,838 | 11,547 | |
NonCovered [Member] | Classified [Member] | Cash Flow [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 163,589 | 83,321 | |
NonCovered [Member] | Classified [Member] | Equipment Finance Commercial Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 53,153 | 15,973 | |
NonCovered [Member] | Classified [Member] | SBA Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,918 | 3,207 | |
NonCovered [Member] | Classified [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 243,002 | 137,804 | |
NonCovered [Member] | Classified [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,687 | 4,073 | |
NonCovered [Member] | Nonclassified [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,930,878 | 11,349,030 | |
NonCovered [Member] | Nonclassified [Member] | Hospitality [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 613,452 | 542,458 | |
NonCovered [Member] | Nonclassified [Member] | SBA Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 387,044 | 364,786 | |
NonCovered [Member] | Nonclassified [Member] | Real Estate Other Class [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,425,233 | 4,336,330 | |
NonCovered [Member] | Nonclassified [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,425,729 | 5,243,574 | |
NonCovered [Member] | Nonclassified [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 143,834 | 96,326 | |
NonCovered [Member] | Nonclassified [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 370,489 | 303,387 | |
NonCovered [Member] | Nonclassified [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 226,655 | 207,061 | |
NonCovered [Member] | Nonclassified [Member] | Collateralized Loan Obligations [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 341,942 | 416,754 | |
NonCovered [Member] | Nonclassified [Member] | Unsecured Commercial Member [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 124,214 | 130,501 | |
NonCovered [Member] | Nonclassified [Member] | Asset Based [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,018,591 | 1,783,304 | |
NonCovered [Member] | Nonclassified [Member] | Cash Flow [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,636,965 | 2,376,530 | |
NonCovered [Member] | Nonclassified [Member] | Equipment Finance Commercial Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 841,624 | 953,516 | |
NonCovered [Member] | Nonclassified [Member] | SBA Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 45,190 | 44,054 | |
NonCovered [Member] | Nonclassified [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6,008,526 | 5,704,659 | |
NonCovered [Member] | Nonclassified [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 126,134 | 97,410 | |
Collateralized Loan Obligations [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 359,089 | 439,187 | |
Unsecured Commercial Member [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 126,571 | 131,824 | |
Asset Based [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,022,429 | 1,794,851 | |
Cash Flow [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,800,554 | 2,459,851 | |
Equipment Finance Commercial Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 894,777 | 969,489 | |
SBA Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 48,108 | 47,261 | |
Commercial Real Estate Construction Loan Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 227,239 | 210,407 | |
Residential Real Estate Construction Financing Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 145,241 | 96,728 | |
Hospitality [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 624,147 | 560,219 | |
SBA Loans [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 398,726 | 375,927 | |
Real Estate Other Class [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 4,482,214 | $ 4,404,414 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | $ 2,600 | $ 8,700 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 22,100 | 18,800 | |
Loans held for investment, net | 12,452,205 | 11,882,432 | |
NonCovered [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 5,886 | 19,406 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 22,121 | 18,818 | |
Financing Receivable, Recorded Investment, Past Due | 28,007 | 38,224 | |
Current | 12,230,909 | 11,553,417 | |
Loans held for investment, net | 12,258,916 | 11,591,641 | $ 11,223,506 |
NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 5,077 | 11,628 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 15,937 | 11,987 | |
Financing Receivable, Recorded Investment, Past Due | 21,014 | 23,615 | |
Current | 5,484,073 | 5,316,945 | |
Loans held for investment, net | 5,505,087 | 5,340,560 | 5,398,244 |
NonCovered [Member] | Real Estate Construction [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 715 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 715 | |
Current | 372,480 | 306,420 | |
Loans held for investment, net | 372,480 | 307,135 | 283,067 |
NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 721 | 7,677 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,038 | 2,970 | |
Financing Receivable, Recorded Investment, Past Due | 3,759 | 10,647 | |
Current | 6,247,769 | 5,831,816 | |
Loans held for investment, net | 6,251,528 | 5,842,463 | 5,433,787 |
NonCovered [Member] | Consumer Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
Loans held for investment, net | 129,821 | 101,483 | $ 108,408 |
Consumer Financing Receivable [Member] | NonCovered [Member] | Consumer Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 88 | 101 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 3,146 | 3,146 | |
Financing Receivable, Recorded Investment, Past Due | 3,234 | 3,247 | |
Current | 126,587 | 98,236 | |
Loans held for investment, net | 101,483 | ||
Collateralized Loan Obligations [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 425 | 878 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 140 | 965 | |
Financing Receivable, Recorded Investment, Past Due | 565 | 1,843 | |
Current | 358,524 | 437,344 | |
Loans held for investment, net | 359,089 | 439,187 | |
Unsecured Commercial Member [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 57 | 69 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 45 | |
Financing Receivable, Recorded Investment, Past Due | 57 | 114 | |
Current | 126,514 | 131,710 | |
Loans held for investment, net | 126,571 | 131,824 | |
Asset Based [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Current | 2,022,429 | 1,794,851 | |
Loans held for investment, net | 2,022,429 | 1,794,851 | |
Cash Flow [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 232 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 232 | |
Current | 2,800,554 | 2,459,619 | |
Loans held for investment, net | 2,800,554 | 2,459,851 | |
Equipment Finance Commercial Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 6,525 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,680 | 366 | |
Financing Receivable, Recorded Investment, Past Due | 1,680 | 6,891 | |
Current | 893,097 | 962,598 | |
Loans held for investment, net | 894,777 | 969,489 | |
SBA Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 239 | 205 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,218 | 1,362 | |
Financing Receivable, Recorded Investment, Past Due | 1,457 | 1,567 | |
Current | 46,651 | 45,694 | |
Loans held for investment, net | 48,108 | 47,261 | |
Residential Real Estate Construction Financing Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 | |
Current | 145,241 | 96,728 | |
Loans held for investment, net | 145,241 | 96,728 | |
Commercial Real Estate Construction Loan Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 715 | |
Financing Receivable, Recorded Investment, Past Due | 0 | 715 | |
Current | 227,239 | 209,692 | |
Loans held for investment, net | 227,239 | 210,407 | |
Hospitality [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 779 | 0 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 779 | 0 | |
Current | 623,368 | 560,219 | |
Loans held for investment, net | 624,147 | 560,219 | |
SBA Loans [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 276 | 5,530 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 8,661 | 4,357 | |
Financing Receivable, Recorded Investment, Past Due | 8,937 | 9,887 | |
Current | 389,789 | 366,040 | |
Loans held for investment, net | 398,726 | 375,927 | |
Real Estate Other Class [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 4,022 | 6,098 | |
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 7,276 | 7,630 | |
Financing Receivable, Recorded Investment, Past Due | 11,298 | 13,728 | |
Current | 4,470,916 | 4,390,686 | |
Loans held for investment, net | $ 4,482,214 | $ 4,404,414 |
Loans and Leases (Details 4)
Loans and Leases (Details 4) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 12,452,205 | $ 11,882,432 | |
Non-PCI nonaccrual loans | 107,190 | 83,621 | |
NonCovered [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 12,258,916 | 11,591,641 | $ 11,223,506 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 107,190 | 83,621 | |
Non-PCI nonaccrual loans | 11,591,641 | ||
NonCovered [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 129,821 | 101,483 | 108,408 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,379 | 3,485 | |
NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,505,087 | 5,340,560 | 5,398,244 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 31,821 | 37,612 | |
NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 372,480 | 307,135 | 283,067 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 374 | 1,559 | |
NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6,251,528 | 5,842,463 | $ 5,433,787 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 71,616 | 40,965 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Hospitality [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,845 | 6,366 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | SBA Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,682 | 11,141 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Real Estate Other Class [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 18,294 | 20,105 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 374 | 381 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 0 | 1,178 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Collateralized Loan Obligations [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,771 | 5,450 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Unsecured Commercial Member [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 923 | 639 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Asset Based [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 90 | 4,574 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 11,761 | 15,964 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Equipment Finance Commercial Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 53,153 | 11,131 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | SBA Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,918 | 3,207 | |
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 3,485 | ||
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 37,612 | ||
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 1,559 | ||
Nonperforming Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 40,965 | ||
Performing Financing Receivable [Member] | NonCovered [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Non-PCI nonaccrual loans | 12,151,726 | 11,508,020 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Hospitality [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 622,302 | 553,853 | |
Performing Financing Receivable [Member] | NonCovered [Member] | SBA Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 387,044 | 364,786 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Real Estate Other Class [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 4,463,920 | 4,384,309 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 144,867 | 96,347 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 227,239 | 209,229 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Collateralized Loan Obligations [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 356,318 | 433,737 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Unsecured Commercial Member [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 125,648 | 131,185 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Asset Based [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,022,339 | 1,790,277 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Cash Flow [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,788,793 | 2,443,887 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Equipment Finance Commercial Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 841,624 | 958,358 | |
Performing Financing Receivable [Member] | NonCovered [Member] | SBA Financing Receivable [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 45,190 | 44,054 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 126,442 | 97,998 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 5,473,266 | 5,302,948 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 372,106 | 305,576 | |
Performing Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 6,179,912 | 5,801,498 | |
Collateralized Loan Obligations [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 359,089 | 439,187 | |
Unsecured Commercial Member [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 126,571 | 131,824 | |
Asset Based [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,022,429 | 1,794,851 | |
Cash Flow [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 2,800,554 | 2,459,851 | |
Equipment Finance Commercial Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 894,777 | 969,489 | |
SBA Financing Receivable [Member] | NonCovered [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 48,108 | 47,261 | |
Residential Real Estate Construction Financing Receivable [Member] | NonCovered [Member] | Real Estate Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 145,241 | 96,728 | |
Hospitality [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 624,147 | 560,219 | |
SBA Loans [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | 398,726 | 375,927 | |
Real Estate Other Class [Member] | NonCovered [Member] | Mortgage Loans on Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans and Leases Receivable, Net of Deferred Income | $ 4,482,214 | $ 4,404,414 |
Loans and Leases (Details 5)
Loans and Leases (Details 5) - NonCovered [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 107,190 | $ 83,621 |
Impaired Financing Receivable Performing Restructured Loans | 39,956 | 35,244 |
Impaired Financing Receivable, Recorded Investment | 147,146 | 118,865 |
Mortgage Loans on Real Estate [Member] | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 31,821 | 37,612 |
Impaired Financing Receivable Performing Restructured Loans | 27,293 | 20,245 |
Impaired Financing Receivable, Recorded Investment | 59,114 | 57,857 |
Real Estate Construction [Member] | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 374 | 1,559 |
Impaired Financing Receivable Performing Restructured Loans | 7,673 | 8,996 |
Impaired Financing Receivable, Recorded Investment | 8,047 | 10,555 |
Commercial Portfolio Segment [Member] | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 71,616 | 40,965 |
Impaired Financing Receivable Performing Restructured Loans | 4,767 | 5,744 |
Impaired Financing Receivable, Recorded Investment | 76,383 | 46,709 |
Consumer Portfolio Segment [Member] | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,379 | 3,485 |
Impaired Financing Receivable Performing Restructured Loans | 223 | 259 |
Impaired Financing Receivable, Recorded Investment | $ 3,602 | $ 3,744 |
Loans and Leases (Details 6)
Loans and Leases (Details 6) $ in Thousands | Sep. 30, 2015USD ($)Contract | Jun. 30, 2015USD ($)Contract | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) |
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 12,452,205 | $ 11,882,432 | ||
NonCovered [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 12,258,916 | 11,591,641 | $ 11,223,506 | |
Oil and Gas Properties [Member] | Lease Agreements [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 69,247 | $ 90,189 | ||
Financing Receivable, Number Of Contracts | Contract | 20 | 21 | ||
Oil and Gas Properties [Member] | Loans [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 83,025 | $ 87,005 | ||
Financing Receivable, Number Of Contracts | Contract | 7 | 8 | ||
Oil and Gas Properties [Member] | Loans and Leases [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 152,272 | $ 177,194 | ||
Financing Receivable, Number Of Contracts | Contract | 27 | 29 | ||
Classified [Member] | NonCovered [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 328,038 | $ 242,611 | ||
Classified [Member] | Oil and Gas Properties [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 47,853 | $ 64,232 | ||
Financing Receivable, Number Of Contracts | Contract | 4 | 4 | ||
Nonperforming Financing Receivable [Member] | Oil and Gas Properties [Member] | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 47,853 | $ 64,232 | ||
Financing Receivable, Number Of Contracts | Contract | 4 | 4 |
Loans and Leases (Details 7)
Loans and Leases (Details 7) - NonCovered [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, Related Allowance | $ 11,975 | $ 11,975 | $ 10,774 | |||||||
Impaired Financing Receivable, Recorded Investment | 147,146 | 147,146 | 118,865 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 179,421 | 179,421 | 150,620 | |||||||
Impaired Financing Receivable, Average Recorded Investment | 145,897 | [1] | $ 118,715 | [1] | 122,432 | [2] | $ 97,371 | [2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 571 | 468 | 1,611 | 1,305 | ||||||
Hospitality [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,907 | 1,907 | 1,946 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,907 | 1,907 | 1,945 | |||||||
Impaired Financing Receivable, Related Allowance | 6 | 6 | 47 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,920 | 7,920 | 6,366 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 10,019 | 10,019 | 7,593 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,907 | [1] | 1,957 | [1] | 1,907 | [2] | 1,957 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 20 | 20 | 58 | 60 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,920 | [1] | 6,451 | [1] | 7,839 | [2] | 6,451 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 144 | 0 | 426 | 0 | ||||||
SBA Loans [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,682 | 11,682 | 11,141 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 15,616 | 15,616 | 14,708 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2] | 0 | 0 | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 11,209 | [1] | 7,521 | [1] | 9,518 | [2] | 6,259 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 38 | 1 | 38 | ||||||
Real Estate Mortgage Other Receivable [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 13,955 | 13,955 | 9,136 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 14,203 | 14,203 | 9,233 | |||||||
Impaired Financing Receivable, Related Allowance | 1,437 | 1,437 | 646 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 23,650 | 23,650 | 29,268 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 36,240 | 36,240 | 40,643 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 13,801 | [1] | 13,302 | [1] | 13,582 | [2] | 12,989 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 141 | 129 | 415 | 383 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 23,466 | [1] | 29,119 | [1] | 20,952 | [2] | 26,858 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 113 | 79 | 273 | 283 | ||||||
Residential Real Estate Construction Financing Receivable [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 751 | 751 | 763 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 751 | 751 | 763 | |||||||
Impaired Financing Receivable, Related Allowance | 31 | 31 | 46 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 21 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 19 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 751 | [1] | 767 | [1] | 751 | [2] | 767 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 4 | 4 | 12 | 12 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | [1] | 542 | [1] | 0 | [2] | 407 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
Commercial Real Estate Portfolio Segment [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 7,193 | 10,221 | |||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 62 | 75 | ||||||||
Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 1,128 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 4,934 | |||||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 23 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,296 | 7,296 | 8,643 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,293 | 7,293 | 8,749 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | [1] | 1,162 | [1] | 0 | [2] | 1,162 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 6 | 0 | 19 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2] | 7,021 | 10,221 | |||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 176 | 222 | ||||||||
Collateralized Loan Obligations [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,966 | 4,966 | 4,630 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 5,529 | 5,529 | 5,246 | |||||||
Impaired Financing Receivable, Related Allowance | 3,006 | 3,006 | 3,771 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,486 | 1,486 | 5,566 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,908 | 1,908 | 6,877 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 4,876 | [1] | 5,404 | [1] | 3,876 | [2] | 5,404 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 48 | 46 | 67 | 138 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,486 | [1] | 2,746 | [1] | 1,238 | [2] | 2,623 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 21 | 25 | 51 | 82 | ||||||
Unsecured Commercial Member [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,908 | 1,908 | 912 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,921 | 1,921 | 924 | |||||||
Impaired Financing Receivable, Related Allowance | 1,580 | 1,580 | 799 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 101 | 101 | 725 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 111 | 111 | 809 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 1,892 | [1] | 620 | [1] | 1,464 | [2] | 620 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 13 | 6 | 35 | 18 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 101 | [1] | 144 | [1] | 101 | [2] | 125 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 0 | 4 | 0 | ||||||
Asset Based [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 30 | 30 | 137 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 140 | 140 | 247 | |||||||
Impaired Financing Receivable, Related Allowance | 30 | 30 | 137 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 61 | 61 | 4,436 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 61 | 61 | 5,415 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 30 | [1] | 262 | [1] | 30 | [2] | 262 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1 | [1] | 4,472 | [1] | 0 | [2] | 3,013 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
Cash Flow [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,761 | 11,761 | 15,578 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 17,606 | 17,606 | 17,970 | |||||||
Impaired Financing Receivable, Related Allowance | 2,097 | 2,097 | 2,667 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 387 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 505 | 505 | 919 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 11,761 | [1] | 15,726 | [1] | 11,761 | [2] | 5,357 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | [1] | 0 | [1] | 0 | [2] | 0 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
Equipment Finance Commercial Financing Receivable [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 9,654 | 9,654 | 6,956 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,247 | 10,247 | 7,268 | |||||||
Impaired Financing Receivable, Related Allowance | 3,630 | 3,630 | 2,601 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 43,498 | 43,498 | 4,175 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 46,894 | 46,894 | 7,528 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 9,654 | [1] | 1,864 | [1] | 6,905 | [2] | 1,051 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 43,406 | [1] | 9,466 | [1] | 29,088 | [2] | 6,057 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||||
SBA Financing Receivable [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,918 | 2,918 | 3,207 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,743 | 4,743 | 4,920 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2] | 0 | 0 | |||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,841 | [1] | 3,331 | [1] | 2,816 | [2] | 2,786 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 36 | 82 | 36 | ||||||
Consumer Portfolio Segment [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 394 | 394 | 143 | |||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 400 | 400 | 142 | |||||||
Impaired Financing Receivable, Related Allowance | 158 | 158 | 37 | |||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,208 | 3,208 | 3,601 | |||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,327 | 3,327 | 3,768 | |||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 394 | [1] | 146 | [1] | 375 | [2] | 146 | [2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 4 | 2 | 11 | 7 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,208 | [1] | 3,492 | [1] | 3,208 | [2] | 2,856 | [2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 2 | 0 | 7 | ||||||
Impaired Financing Receivable, Recorded Investment | 3,602 | 3,602 | 3,744 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 3,727 | 3,727 | 3,910 | |||||||
Impaired Financing Receivable, Average Recorded Investment | 3,602 | [1] | 3,638 | [1] | 3,583 | [2] | 3,002 | [2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 4 | 4 | 11 | 14 | ||||||
Mortgage Loans on Real Estate [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, Related Allowance | 1,443 | 1,443 | 693 | |||||||
Impaired Financing Receivable, Recorded Investment | 59,114 | 59,114 | 57,857 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 77,985 | 77,985 | 74,122 | |||||||
Impaired Financing Receivable, Average Recorded Investment | 58,303 | [1] | 58,350 | [1] | 53,798 | [2] | 54,514 | [2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 418 | 266 | 1,173 | 764 | ||||||
Real Estate Construction [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, Related Allowance | 31 | 31 | 69 | |||||||
Impaired Financing Receivable, Recorded Investment | 8,047 | 8,047 | 10,555 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 8,044 | 8,044 | 14,465 | |||||||
Impaired Financing Receivable, Average Recorded Investment | 7,944 | [1] | 12,692 | [1] | 7,772 | [2] | 12,557 | [2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 66 | 85 | 188 | 253 | ||||||
Commercial Portfolio Segment [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||
Impaired Financing Receivable, Related Allowance | 10,343 | 10,343 | 9,975 | |||||||
Impaired Financing Receivable, Recorded Investment | 76,383 | 76,383 | 46,709 | |||||||
Impaired Financing Receivable, Unpaid Principal Balance | 89,665 | 89,665 | $ 58,123 | |||||||
Impaired Financing Receivable, Average Recorded Investment | 76,048 | [1] | 44,035 | [1] | 57,279 | [2] | 27,298 | [2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 83 | $ 113 | $ 239 | $ 274 | ||||||
[1] | For Non-PCI loans and leases reported as impaired at September 30, 2015 and 2014, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. | |||||||||
[2] | (1)For Non-PCI loans and leases reported as impaired at September 30, 2015 and 2014, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Loans and Leases (Details 8)
Loans and Leases (Details 8) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 19 | 25 | 76 | 44 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 12,709 | $ 13,736 | $ 89,883 | $ 26,020 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 12,709 | $ 13,736 | $ 89,489 | $ 26,020 |
SBA Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 0 | 1 | 0 | 1 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 64 | $ 0 | $ 64 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 64 | $ 0 | $ 64 |
Real Estate Mortgage Other Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 5 | 7 | 29 | 15 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 956 | $ 10,496 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 956 | $ 10,496 | ||
Commercial Real Estate Construction Loan Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 3 | 0 | 6 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 7,333 | $ 0 | $ 16,948 | $ 4,920 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 7,333 | $ 0 | $ 16,948 | 4,920 |
Collateralized Loan Obligations [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 1 | 9 | 13 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 3,431 | $ 1,507 | $ 4,853 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 3,431 | $ 1,507 | $ 8,138 | |
Unsecured Commercial Member [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 9 | 3 | 12 | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 883 | $ 173 | $ 1,190 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 883 | $ 173 | $ 1,190 | |
Cash Flow [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 4 | 0 | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 566 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 387 | $ 0 | ||
Equipment Finance Commercial Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 0 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 53,338 | $ 0 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 53,338 | $ 0 | ||
SBA Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 0 | 2 | 1 | 2 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 0 | $ 1,313 | $ 0 | $ 1,313 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | $ 1,313 | $ 0 | $ 1,313 |
Consumer Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 1 | 3 | 2 | 4 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 106 | $ 183 | $ 197 | $ 307 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 106 | $ 183 | 197 | $ 307 |
Unsecured Commercial Member [Member] | NonCovered [Member] | Unsecured Commercial Member [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 5 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 211 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 211 | |||
Collateralized Loan Obligations [Member] | NonCovered [Member] | Collateralized Loan Obligations [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 15 | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 8,138 | |||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 4,853 | |||
Equipment Finance Commercial Financing Receivable [Member] | NonCovered [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | Contract | 9 | |||
Real Estate Mortgage Other Receivable [Member] | NonCovered [Member] | Real Estate Mortgage Other Receivable [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 9,506 | 14,352 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 9,291 | $ 14,352 |
Loans and Leases (Details 9)
Loans and Leases (Details 9) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | ||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 200,000 | $ 0 | $ 200,000 | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 3 | 3 | 5 | 5 | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 2,037,000 | [1],[2] | $ 1,227,000 | [2],[3] | $ 3,240,000 | [1],[2] | $ 1,358,000 | [4],[5] | |
Commercial Real Estate Construction Loan Receivable [Member] | Real Estate Construction [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 1 | 0 | 1 | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [2] | $ 0 | $ 1,190,000 | $ 0 | $ 1,190,000 | ||||
Mortgage Loans on Real Estate [Member] | Real Estate Mortgage Other Receivable [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 3 | 0 | 5 | 0 | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 2,037,000 | [2] | $ 0 | [2] | $ 3,240,000 | [2] | $ 0 | [5] | |
Commercial Portfolio Segment [Member] | Unsecured Commercial Member [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 2 | 0 | 2 | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [2] | $ 0 | $ 37,000 | $ 0 | $ 37,000 | ||||
Commercial Portfolio Segment [Member] | Collateralized Loan Obligations [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 1 | |||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | [2] | $ 22,000 | [5] | |||||
Consumer Portfolio Segment [Member] | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 1 | |||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | [2] | $ 109,000 | [5] | |||||
[1] | Represents the balance at September 30, 2015, and there were no charge-offs. | ||||||||
[2] | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. | ||||||||
[3] | Represents the balance at September 30, 2014, and is net of charge-offs of $0.2 million | ||||||||
[4] | Represents the balance at September 30, 2014, and is net of charge-offs of $0.2 million. | ||||||||
[5] | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. |
Loans and Leases (Details 10)
Loans and Leases (Details 10) - USD ($) $ in Thousands | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Purchased Credit Impaired Loans Composition [Line Items] | ||||||
Loans and Leases Receivable, Allowance | $ 103,271 | $ 84,455 | ||||
Loans and Leases Receivable, Net Reported Amount, Covered | 182,334 | 276,792 | ||||
Purchased Credit Impaired Loans and Leases [Member] | ||||||
Purchased Credit Impaired Loans Composition [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 232,822 | 340,639 | ||||
Loan Discounts | (39,533) | (49,848) | ||||
Loans and Leases Receivable, Allowance | 10,955 | 13,999 | ||||
Loans and Leases Receivable, Allowance, Covered | (10,955) | $ (14,328) | (13,999) | $ (18,815) | $ (16,626) | $ (21,793) |
Mortgage Loans on Real Estate [Member] | ||||||
Purchased Credit Impaired Loans Composition [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 221,258 | 299,660 | ||||
Loans and Leases Receivable, Allowance | 34,299 | 27,003 | ||||
Real Estate Construction [Member] | ||||||
Purchased Credit Impaired Loans Composition [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,664 | 7,743 | ||||
Loans and Leases Receivable, Allowance | 4,391 | 5,917 | ||||
Commercial Portfolio Segment [Member] | ||||||
Purchased Credit Impaired Loans Composition [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 8,590 | 32,904 | ||||
Loans and Leases Receivable, Allowance | 52,872 | 29,007 | ||||
Consumer Portfolio Segment [Member] | ||||||
Purchased Credit Impaired Loans Composition [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 310 | $ 332 | ||||
Loans and Leases Receivable, Allowance | $ 754 | $ 1,157 |
Loans and Leases (Details 11)
Loans and Leases (Details 11) - Purchased Credit Impaired Loans and Leases [Member] - Covered [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 276,792 |
Accretable yield | (106,856) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 182,334 |
Accretable yield | (92,027) |
Carrying Amount [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 25,523 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | (121,439) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 1,458 |
Accretable Yield [Member] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 25,523 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | (10,694) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 0 |
Loans and Leases (Details 12)
Loans and Leases (Details 12) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | $ 193,289 | $ 290,791 |
Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 56,014 | 132,288 |
Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 137,275 | 158,503 |
Mortgage Loans on Real Estate [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases PCI Net Of Discounts And Earned Income | 184,704 | 256,442 |
Mortgage Loans on Real Estate [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 48,987 | 101,161 |
Mortgage Loans on Real Estate [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 135,717 | 155,281 |
Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases PCI Net Of Discounts And Earned Income | 2,686 | 6,911 |
Real Estate Construction [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 1,254 | 3,901 |
Real Estate Construction [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 1,432 | 3,010 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases PCI Net Of Discounts And Earned Income | 5,606 | 27,154 |
Commercial Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 5,480 | 26,942 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 126 | 212 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases PCI Net Of Discounts And Earned Income | 293 | 284 |
Consumer Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | 293 | 284 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
PCI loans | $ 0 | $ 0 |
Loans and Leases (Details Textu
Loans and Leases (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Impaired [Line Items] | |||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 200,000 | $ 0 | $ 200,000 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | $ 0 | ||
Non-PCI nonaccrual loans | 107,190,000 | 107,190,000 | 83,621,000 | ||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 22,100,000 | 22,100,000 | 18,800,000 | ||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 2,600,000 | 2,600,000 | 8,700,000 | ||
Financing Receivable Recorded Investment Nonaccrual Status Current | 82,400,000 | 82,400,000 | 56,100,000 | ||
NonCovered [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Non-PCI nonaccrual loans | 11,591,641,000 | ||||
Financing Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 22,121,000 | 22,121,000 | 18,818,000 | ||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 5,886,000 | 5,886,000 | 19,406,000 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 107,190,000 | 107,190,000 | $ 83,621,000 | ||
Loans and Leases Related to the Oil and Gas Industries | |||||
Financing Receivable, Impaired [Line Items] | |||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 47,900,000 | $ 47,900,000 | |||
Nonperforming Financing Receivable [Member] | Loans and Leases Related to the Oil and Gas Industries | |||||
Financing Receivable, Impaired [Line Items] | |||||
Financing Receivable, Number Of Contracts | Contract | 4 | 4 |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | |
Other Real Estate Owned Net | $ 23,045 | $ 35,423 | |
Other Foreclosed Assets NonCovered | 10,171 | 8,298 | |
Other Real Estate Owned Net Noncovered including Foreclosed Assets | [1] | 33,216 | 43,721 |
Other Real Estate Owned Net Covered and Noncovered including Foreclosed Assets | 33,216 | 43,721 | |
NonCovered [Member] | Commercial Real Estate [Member] | |||
Other Real Estate Owned Net | 3,558 | 2,449 | |
NonCovered [Member] | Construction and Land Development [Member] | |||
Other Real Estate Owned Net | 14,343 | 24,759 | |
NonCovered [Member] | Multi Family [Member] | |||
Other Real Estate Owned Net | 3,481 | 4,823 | |
NonCovered [Member] | Residential Mortgage [Member] | |||
Other Real Estate Owned Net | 1,663 | 3,392 | |
Covered [Member] | |||
Other Real Estate Owned Net Covered and Noncovered including Foreclosed Assets | $ 8,900 | $ 9,300 | |
[1] | As of September 30, 2015 and December 31, 2014, the amounts of covered foreclosed assets were $8.9 million and $9.3 million. |
Foreclosed Assets (Details 1)
Foreclosed Assets (Details 1) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Business Acquisition [Line Items] | |||
Balance, December 31, 2014 | [1] | $ 43,721 | |
Foreclosures | 13,472 | $ 667 | |
Provision for losses | (5,163) | ||
Reductions related to sales | (18,814) | ||
Balance, September 30, 2015 | [1] | $ 33,216 | |
[1] | As of September 30, 2015 and December 31, 2014, the amounts of covered foreclosed assets were $8.9 million and $9.3 million. |
FDIC Loss Sharing Asset (Detail
FDIC Loss Sharing Asset (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
FDIC Indemnification Asset | $ 7,605 | |
FDIC Indemnification True Up | 7,502 | |
NonSingle Family Covered Assets | 167,083 | [1] |
Single Family Covered Assets | 85,122 | |
Affinity Bank [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
FDIC Indemnification Asset | (647) | |
NonSingle Family Covered Assets | 87,093 | [1] |
Single Family Covered Assets | 10,828 | |
Los Padres Bank [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
FDIC Indemnification Asset | 2,885 | |
NonSingle Family Covered Assets | 52,317 | [1] |
Single Family Covered Assets | 50,237 | |
Western Commercial Bank [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
FDIC Indemnification Asset | 271 | |
FDIC Indemnification True Up | 1,810 | |
NonSingle Family Covered Assets | 7,848 | [1] |
San Luis Trust Bank [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
FDIC Indemnification Asset | 5,096 | |
FDIC Indemnification True Up | 5,692 | |
NonSingle Family Covered Assets | 19,825 | [1] |
Single Family Covered Assets | $ 24,057 | |
Residential Mortgage [Member] | Affinity Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2019 | |
Residential Mortgage [Member] | Affinity Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2019 | |
Residential Mortgage [Member] | Los Padres Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2020 | |
Residential Mortgage [Member] | Los Padres Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2020 | |
Residential Mortgage [Member] | San Luis Trust Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Mar. 31, 2021 | |
Residential Mortgage [Member] | San Luis Trust Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Mar. 31, 2021 | |
Commercial Real Estate [Member] | Affinity Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2015 | |
Commercial Real Estate [Member] | Affinity Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2017 | |
Commercial Real Estate [Member] | Los Padres Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2015 | |
Commercial Real Estate [Member] | Los Padres Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Sep. 30, 2018 | |
Commercial Real Estate [Member] | Western Commercial Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Dec. 31, 2015 | |
Commercial Real Estate [Member] | Western Commercial Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Dec. 31, 2018 | |
Commercial Real Estate [Member] | San Luis Trust Bank [Member] | FDIC indemnification provision under loss share arrangement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Mar. 31, 2016 | |
Commercial Real Estate [Member] | San Luis Trust Bank [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | ||
Schedule of FDIC Loss Sharing Asset [Line Items] | ||
Expiration date of provision | Mar. 31, 2019 | |
[1] | Excludes securities |
FDIC Loss Sharing Asset (Deta65
FDIC Loss Sharing Asset (Details Textual) | 9 Months Ended |
Sep. 30, 2015 | |
FDIC Loss-Sharing Arrangements [Abstract] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Borrowings, Subordinated Debe66
Borrowings, Subordinated Debentures and Brokered Time Deposits (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Borrowings | $ 552,497,000 | $ 383,402,000 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | $ 2,497,000 | $ 3,402,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.23% | 6.43% |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.20% | 0.27% |
Federal Home Loan Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 550,000,000 | $ 380,000,000 |
Borrowings, Subordinated Debe67
Borrowings, Subordinated Debentures and Brokered Time Deposits (Details 1) $ in Thousands, € in Millions | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Dec. 31, 2014USD ($) | ||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures | $ 435,417 | $ 433,583 | ||
Subordinated Debt Trust V Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.43% | 3.43% | 3.33% | |
Debt Instrument Date Issued | Aug. 15, 2003 | |||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 3.10 | |||
Subordinated Debt Trust VI Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.39% | 3.39% | 3.29% | |
Debt Instrument Date Issued | Sep. 3, 2003 | |||
Debt Instrument, Maturity Date | Sep. 15, 2033 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 3.05 | |||
Subordinated Debt Trust CII Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 5,155 | $ 5,155 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.29% | 3.29% | 3.19% | |
Debt Instrument Date Issued | Sep. 17, 2003 | |||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 2.95 | |||
Subordinated Debt Trust VII Due April 2034 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 61,856 | $ 61,856 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.05% | 3.05% | 2.98% | |
Debt Instrument Date Issued | Feb. 5, 2004 | |||
Debt Instrument, Maturity Date | Apr. 23, 2034 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 2.75 | |||
Subordinated Debt Trust CIII Due September 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 20,619 | $ 20,619 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.03% | 2.03% | 1.93% | |
Debt Instrument Date Issued | Aug. 15, 2005 | |||
Debt Instrument, Maturity Date | Sep. 15, 2035 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.69 | |||
Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 16,495 | $ 16,495 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.94% | 1.94% | 1.84% | |
Debt Instrument Date Issued | Jan. 25, 2007 | |||
Debt Instrument, Maturity Date | Mar. 15, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.60 | |||
Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.89% | 1.89% | 1.79% | |
Debt Instrument Date Issued | Sep. 30, 2005 | |||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.55 | |||
Trust Preferred Securities Two Thousand Five Series One [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 82,475 | $ 82,475 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.29% | 2.29% | 2.19% | |
Debt Instrument Date Issued | Nov. 21, 2005 | |||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 128,866 | $ 128,866 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.25% | 2.25% | 2.18% | |
Debt Instrument Date Issued | Dec. 14, 2005 | |||
Debt Instrument, Maturity Date | Jan. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Two Thousand Six One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 51,545 | $ 51,545 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.25% | 2.25% | 2.18% | |
Debt Instrument Date Issued | Feb. 22, 2006 | |||
Debt Instrument, Maturity Date | Apr. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Two Thousand Six Two Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 51,550 | $ 51,550 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.25% | 2.25% | 2.18% | |
Debt Instrument Date Issued | Sep. 27, 2006 | |||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | [1] | $ 28,822 | $ 31,188 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.03% | 2.03% | 2.14% | |
Debt Instrument Date Issued | Sep. 29, 2006 | |||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month EURIBOR + 2.05 | |||
Liability, Reporting Currency Denominated, Value | € | € 25.8 | |||
Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 16,470 | $ 16,470 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.25% | 2.25% | 2.18% | |
Debt Instrument Date Issued | Dec. 5, 2006 | |||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 6,650 | $ 6,650 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.25% | 2.25% | 2.18% | |
Debt Instrument Date Issued | Dec. 19, 2006 | |||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Two Thousand Seven One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 39,177 | $ 39,177 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.25% | 2.25% | 2.18% | |
Debt Instrument Date Issued | Jun. 13, 2007 | |||
Debt Instrument, Maturity Date | Jul. 30, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||
Subordinated Debt [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 540,610 | $ 542,976 | ||
Debt Instrument, Unamortized Discount | [2] | (105,193) | (109,393) | |
Subordinated debentures | $ 435,417 | $ 433,583 | ||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust V Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.43% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust VI Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.39% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust CII Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.29% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust VII Due April 2034 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust CIII Due September 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.03% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.94% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.89% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Five Series One [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.29% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Six One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Six Two Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Seven One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||
Euribor Future [Member] | Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.03% | |||
[1] | Denomination is in Euros with a value of €25.8 million. | |||
[2] | Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions. |
Borrowings, Subordinated Debe68
Borrowings, Subordinated Debentures and Brokered Time Deposits (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 461,100,000 | $ 636,700,000 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instruments Weighted Average Remaining Maturity Period | 2 years 3 months 20 days | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | $ 75,000,000 | |
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 80,000,000 | |
Unused lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Certificate of Deposit Account Registry Service Program [Member] | ||
Debt Instrument [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | 37,800,000 | 44,000,000 |
Federal Home Loan Bank of San Francisco [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 99,000,000 | |
Line of Credit Facility, Amount Outstanding | 0 | |
Federal Reserve Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,000,000,000 | |
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Loans Pledged as Collateral | 2,600,000,000 | |
Federal Home Loan Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,400,000,000 | |
Line of Credit Facility, Amount Outstanding | $ 550,000,000 | $ 380,000,000 |
Commitments and Contingencies69
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 2,022,046 | $ 1,921,067 |
Standby letters of credit | 104,073 | 88,495 |
Commitments to purchase equipment being acquired for lease to others | 6,935 | 12,839 |
Total | $ 2,133,054 | $ 2,022,401 |
Commitments and Contingencies70
Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2015USD ($)fund | Dec. 31, 2014USD ($)fund |
Long-term Purchase Commitment [Line Items] | ||
Commitment To Contribute Capital | $ 16.7 | $ 11 |
Private Equity Funds [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 2.8 | $ 2.9 |
Number of funds | fund | 11 | 11 |
Fair Value Measurements (Detail
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Securities available‑for‑sale | $ 1,809,364 | $ 1,567,177 |
Level 1 | ||
Securities available‑for‑sale | 522 | 519 |
Level 2 | ||
Securities available‑for‑sale | 1,777,816 | 1,532,711 |
Level 3 | ||
Securities available‑for‑sale | 31,026 | 33,947 |
Government agency and government-sponsored enterprise pass through securities [Member] | ||
Securities available‑for‑sale | 407,598 | 535,672 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Securities available‑for‑sale | 211,419 | 277,946 |
Covered private label collateralized mortgage obligation [Member] | ||
Securities available‑for‑sale | 31,026 | 33,947 |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Securities available‑for‑sale | 7,262 | 10,914 |
Municipal securities | ||
Securities available‑for‑sale | 858,837 | 536,116 |
Corporate Debt Securities [Member] | ||
Securities available‑for‑sale | 47,396 | 110,109 |
Collateralized Loan Obligations [Member] | ||
Securities available‑for‑sale | 132,317 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available‑for‑sale | 37,524 | 36,757 |
Other securities [Member] | ||
Securities available‑for‑sale | 24,437 | 25,716 |
Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 1,809,364 | 1,567,177 |
Derivative Asset, Fair Value of Collateral | 10,576 | 5,234 |
Assets, Fair Value Disclosure, Recurring | 1,819,940 | 1,572,411 |
Derivative Liability, Fair Value of Collateral | 526 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Securities available‑for‑sale | 519 | |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 522 | 519 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Securities available‑for‑sale | 1,532,711 | |
Derivative Asset, Fair Value of Collateral | 10,576 | 5,234 |
Assets, Fair Value Disclosure, Recurring | 1,788,392 | 1,537,945 |
Derivative Liability, Fair Value of Collateral | 526 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Securities available‑for‑sale | 33,947 | |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 31,026 | 33,947 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise pass through securities [Member] | ||
Securities available‑for‑sale | 535,672 | |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise pass through securities [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise pass through securities [Member] | Level 2 | ||
Securities available‑for‑sale | 407,598 | 535,672 |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise pass through securities [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Securities available‑for‑sale | 277,946 | |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 2 | ||
Securities available‑for‑sale | 211,419 | 277,946 |
Fair Value, Measurements, Recurring [Member] | Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Covered private label collateralized mortgage obligation [Member] | ||
Securities available‑for‑sale | 33,947 | |
Fair Value, Measurements, Recurring [Member] | Covered private label collateralized mortgage obligation [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Covered private label collateralized mortgage obligation [Member] | Level 2 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Covered private label collateralized mortgage obligation [Member] | Level 3 | ||
Securities available‑for‑sale | 31,026 | 33,947 |
Fair Value, Measurements, Recurring [Member] | Other Private Label Collateralized Mortgage Obligations [Member] | ||
Securities available‑for‑sale | 10,914 | |
Fair Value, Measurements, Recurring [Member] | Other Private Label Collateralized Mortgage Obligations [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Private Label Collateralized Mortgage Obligations [Member] | Level 2 | ||
Securities available‑for‑sale | 7,262 | 10,914 |
Fair Value, Measurements, Recurring [Member] | Other Private Label Collateralized Mortgage Obligations [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Municipal securities | ||
Securities available‑for‑sale | 536,116 | |
Fair Value, Measurements, Recurring [Member] | Municipal securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Municipal securities | Level 2 | ||
Securities available‑for‑sale | 858,837 | 536,116 |
Fair Value, Measurements, Recurring [Member] | Municipal securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Level 2 | ||
Securities available‑for‑sale | 51,548 | |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available‑for‑sale | 110,109 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 2 | ||
Securities available‑for‑sale | 47,396 | 110,109 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 2 | ||
Securities available‑for‑sale | 132,317 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Loan Obligations [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available‑for‑sale | 36,757 | |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 2 | ||
Securities available‑for‑sale | 37,524 | 36,757 |
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other securities [Member] | ||
Securities available‑for‑sale | 25,716 | |
Fair Value, Measurements, Recurring [Member] | Other securities [Member] | Level 1 | ||
Securities available‑for‑sale | 522 | 519 |
Fair Value, Measurements, Recurring [Member] | Other securities [Member] | Level 2 | ||
Securities available‑for‑sale | 23,915 | 25,197 |
Fair Value, Measurements, Recurring [Member] | Other securities [Member] | Level 3 | ||
Securities available‑for‑sale | $ 0 | $ 0 |
Fair Value Measurements (Deta72
Fair Value Measurements (Details 2) - Level 3 - Private Label CMOs - Fair Value, Measurements, Recurring [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Level 3 CMO Roll Forward [Abstract] | |
Balance, December 31, 2014 | $ 33,947 |
Total realized in earnings | 810 |
Total unrealized loss in comprehensive income | (945) |
Net settlements | (2,786) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 31,026 |
Minimum [Member] | |
Unobservable Inputs Quantitative Information [Abstract] | |
Fair Value Inputs, Prepayment Rate | 0.00% |
Fair Value Inputs, Probability of Default | 0.00% |
Fair Value Inputs, Loss Severity | 0.00% |
Fair Value Inputs, Discount Rate | 0.00% |
Maximum [Member] | |
Unobservable Inputs Quantitative Information [Abstract] | |
Fair Value Inputs, Prepayment Rate | 19.31% |
Fair Value Inputs, Probability of Default | 10.52% |
Fair Value Inputs, Loss Severity | 94.04% |
Fair Value Inputs, Discount Rate | 37.05% |
Weighted Average [Member] | |
Unobservable Inputs Quantitative Information [Abstract] | |
Fair Value Inputs, Prepayment Rate | 5.00% |
Fair Value Inputs, Probability of Default | 2.60% |
Fair Value Inputs, Loss Severity | 32.80% |
Fair Value Inputs, Discount Rate | 5.60% |
Fair Value Measurements (Deta73
Fair Value Measurements (Details 3) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 57,301 | $ 67,274 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 17,175 | 20,766 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,126 | 46,508 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 42,622 | 42,693 |
Non Purchased Credit Impaired Loans and Leases [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,556 | 2,366 |
Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,066 | 40,327 |
Other real estate and foreclosed assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,679 | 24,015 |
Other real estate and foreclosed assets [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Other real estate and foreclosed assets [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,619 | 18,400 |
Cost-method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 566 | |
Cost-method Investments [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Cost-method Investments [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 566 | |
Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,695 | |
Third party appraisals [Domain] | Other real estate and foreclosed assets [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 60 | $ 5,615 |
Fair Value Measurements (Deta74
Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Net Gain (Loss) from Nonrecurring Assets | $ (5,631) | $ (12,505) |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Net Gain (Loss) from Nonrecurring Assets | (873) | (7,623) |
Other real estate and foreclosed assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Net Gain (Loss) from Nonrecurring Assets | $ (4,758) | $ (4,882) |
Fair Value Measurements (Deta75
Fair Value Measurements (Details 5) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 57,301 | $ 67,274 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,126 | 46,508 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 42,622 | 42,693 |
Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,066 | 40,327 |
Cost-method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 566 | |
Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 566 | |
Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 33,371 | |
Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 6,695 | |
Third party appraisals [Domain] | Other Real Estate Owned [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 60 | |
Minimum [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | |
Minimum [Member] | Third party appraisals [Domain] | Other Real Estate Owned [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 27.60% | |
Maximum [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 9.04% | |
Maximum [Member] | Third party appraisals [Domain] | Other Real Estate Owned [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 43.90% | |
Weighted Average [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.97% | |
Weighted Average [Member] | Third party appraisals [Domain] | Other Real Estate Owned [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 32.90% |
Fair Value Measurements (Deta76
Fair Value Measurements (Details 6) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 154,652 | $ 164,757 |
Interest-earning deposits in financial institutions | 81,642 | 148,469 |
Available-for-sale Securities | 1,809,364 | 1,567,177 |
Federal Home Loan Bank stock, at cost | 17,250 | 40,609 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 17,250 | 40,609 |
Cost Method Investments | 1,420 | 3,691 |
Cost Method Investments, Fair Value Disclosure | 9,300 | 3,691 |
Equity Method Investments | 21,461 | |
Equity Method Investments, Fair Value Disclosure | 21,700 | |
Loans and leases, net | 12,348,934 | 11,797,977 |
Loans Receivable, Fair Value Disclosure | 12,254,393 | 11,757,951 |
Derivative Asset | 10,576 | 5,234 |
Deposits, Savings Deposits | 7,528,467 | 6,256,190 |
Time Deposits | 4,587,296 | 5,498,938 |
Deposits, Fair Value Disclosure | 4,588,540 | 5,502,479 |
Borrowed Funds | 552,497 | 383,402 |
Long-term Debt, Fair Value | 552,570 | 383,539 |
Subordinated debentures | 435,417 | 433,583 |
Subordinated Debt Obligations, Fair Value Disclosure | 419,180 | 417,657 |
Derivative Liability | 526 | 118 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 154,652 | 164,757 |
Interest-earning deposits in financial institutions | 81,642 | 148,469 |
Available-for-sale Securities | 522 | 519 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Equity Method Investments, Fair Value Disclosure | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | |
Deposits, Savings Deposits | 0 | 0 |
Deposits, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 550,000 | 380,000 |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Available-for-sale Securities | 1,777,816 | 1,532,711 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 17,250 | 40,609 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Equity Method Investments, Fair Value Disclosure | 0 | |
Loans Receivable, Fair Value Disclosure | 2,366 | |
Deposits, Savings Deposits | 7,528,467 | 6,256,190 |
Deposits, Fair Value Disclosure | 4,588,540 | 5,502,479 |
Long-term Debt, Fair Value | 2,570 | 3,539 |
Subordinated Debt Obligations, Fair Value Disclosure | 419,180 | 417,657 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Available-for-sale Securities | 31,026 | 33,947 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 9,300 | 3,691 |
Equity Method Investments, Fair Value Disclosure | 21,700 | |
Loans Receivable, Fair Value Disclosure | 12,251,837 | 11,755,585 |
Deposits, Savings Deposits | 0 | 0 |
Deposits, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 1,809,364 | 1,567,177 |
Derivative Asset, Fair Value of Collateral | 10,576 | 5,234 |
Derivative Liability, Fair Value of Collateral | 526 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 519 | |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 1,532,711 | |
Derivative Asset, Fair Value of Collateral | 10,576 | 5,234 |
Derivative Liability, Fair Value of Collateral | 526 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 33,947 | |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Derivative Liability, Fair Value of Collateral | $ 0 | $ 0 |
Fair Value Measurements (Deta77
Fair Value Measurements (Details Textual) | Sep. 30, 2015USD ($) |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Earnings Per Share [Abstract] | ||||||
Net earnings from continuing operations | $ 69,616 | $ 85,083 | $ 62,276 | $ 227,778 | $ 99,411 | |
Less: Earnings allocated to unvested restricted stock | [1] | (649) | (807) | (685) | (2,213) | (1,147) |
Net earnings from continuing operations allocated to common shares | 68,967 | 84,276 | 61,591 | 225,565 | 98,264 | |
Net (loss) earnings from discontinued operations allocated to common shares | 0 | 0 | (5) | 0 | (1,487) | |
Net earnings allocated to common shares | $ 68,967 | $ 84,276 | $ 61,586 | $ 225,565 | $ 96,777 | |
Weighted-average basic shares and unvested restricted stock outstanding (shares) | 103,048 | 103,030 | 103,029 | 103,038 | 82,758 | |
Weighted-average unvested restricted stock outstanding (shares) | (985) | (1,060) | (1,117) | (1,055) | (981) | |
Weighted-average basic shares outstanding (shares) | 102,063 | 101,970 | 101,912 | 101,983 | 81,777 | |
Net earnings from continuing operations (usd per share) | $ 0.68 | $ 0.83 | $ 0.60 | $ 2.21 | $ 1.20 | |
Net loss from discontinued operations (usd per share) | 0 | 0 | 0 | 0 | (0.02) | |
Basic net income per share (usd per share) | 0.68 | 0.83 | 0.60 | 2.21 | 1.18 | |
Net earnings from continuing operations (usd per share) | 0.68 | 0.83 | 0.60 | 2.21 | 1.20 | |
Net loss from discontinued operations (usd per share) | 0 | 0 | 0 | 0 | (0.02) | |
Diluted net income per share (usd per share) | $ 0.68 | $ 0.83 | $ 0.60 | $ 2.21 | $ 1.18 | |
[1] | Represents cash dividends paid to holders of unvested restricted stock, net of estimated forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Stock Based Compensation (Detai
Stock Based Compensation (Details 1) - USD ($) $ in Millions | Apr. 07, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unvested restricted shares (shares) | 988,825 | 988,825 | 1,108,505 | ||||
Vesting period of time-based restricted stock, lower limit | 3 years | ||||||
Vesting period of time-based restricted stock, higher limit | 4 years | ||||||
Awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan | 1,013,377 | 1,013,377 | |||||
Expense incurred due to awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan | $ 26.1 | ||||||
PacWest 2003 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized (shares) | 19,686,565 | 19,686,565 | |||||
Number of shares available for grant (shares) | 13,202,836 | 13,202,836 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation not yet recognized | $ 34.8 | $ 34.8 | |||||
Restricted Stock [Member] | Vesting Based On Service [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated share-based compensation expense | $ 3.8 | $ 4.4 | $ 2.9 | $ 11.2 | $ 6.9 | ||
Capitalsource, Inc. [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 |
Business Segments (Details 1)
Business Segments (Details 1) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Apr. 07, 2014 | ||
Loans and Leases Receivable, Net of Deferred Income | $ 12,452,205 | $ 11,882,432 | ||||
Loans and Leases Receivable, Allowance | (103,271) | (84,455) | ||||
Total loans and leases, net | 12,348,934 | 11,797,977 | ||||
Goodwill | 1,728,380 | 1,720,479 | ||||
Core deposit and customer relationship intangibles, net | 12,704 | 17,204 | ||||
Assets | 16,814,105 | 16,234,605 | ||||
Total deposits | 12,115,763 | $ 11,755,128 | ||||
Consolidated Entities [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 12,452,205 | $ 11,574,885 | ||||
Loans and Leases Receivable, Allowance | (103,271) | (81,899) | ||||
Total loans and leases, net | 12,348,934 | 11,492,986 | ||||
Goodwill | [1] | 1,728,380 | 1,722,129 | |||
Core deposit and customer relationship intangibles, net | 12,704 | 18,823 | ||||
Assets | 16,814,105 | 15,938,150 | ||||
Total deposits | 12,115,763 | 11,523,437 | ||||
Operating Segments [Member] | Community Banking Segment [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 3,141,576 | 3,482,125 | ||||
Loans and Leases Receivable, Allowance | (39,522) | (56,712) | ||||
Total loans and leases, net | 3,102,054 | 3,425,413 | ||||
Goodwill | 333,979 | [1] | 327,728 | |||
Core deposit and customer relationship intangibles, net | 12,143 | 17,814 | ||||
Assets | 6,288,790 | 6,492,674 | ||||
Total deposits | 12,484,050 | 11,826,681 | ||||
Operating Segments [Member] | National Lending Segment [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 9,302,580 | 8,064,868 | ||||
Loans and Leases Receivable, Allowance | (63,749) | (25,187) | ||||
Total loans and leases, net | 9,238,831 | 8,039,681 | ||||
Goodwill | 1,394,401 | [1] | 1,394,401 | |||
Core deposit and customer relationship intangibles, net | 561 | 1,009 | ||||
Assets | 10,418,282 | 9,182,617 | ||||
Total deposits | 36,586 | 0 | ||||
Operating Segments [Member] | Other Segments [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income | 8,049 | 27,892 | ||||
Loans and Leases Receivable, Allowance | 0 | 0 | ||||
Total loans and leases, net | 8,049 | 27,892 | ||||
Goodwill | 0 | [1] | 0 | |||
Core deposit and customer relationship intangibles, net | 0 | 0 | ||||
Assets | 107,033 | 262,859 | ||||
Total deposits | $ (404,873) | $ (303,244) | ||||
Capitalsource, Inc. [Member] | ||||||
Goodwill | $ 1,526,282 | |||||
[1] | The negative balance for total deposits in the “Other” segment represents the elimination of holding company cash held in deposit accounts at the Bank. |
Business Segments (Details 2)
Business Segments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | |||||
Interest Income | $ 207,672 | $ 218,455 | $ 202,356 | $ 640,441 | $ 495,079 |
Interest expense | (15,152) | (15,903) | (13,510) | (46,294) | (27,685) |
Net interest income | 192,520 | 202,552 | 188,846 | 594,147 | 467,394 |
Provision for credit losses | (8,746) | (6,529) | (5,050) | (31,709) | (9,436) |
(Loss) gain on securities | 655 | (186) | 0 | 3,744 | 4,841 |
FDIC loss sharing expense, net | (4,449) | (5,107) | (7,415) | (13,955) | (27,370) |
Total noninterest income | 15,758 | 19,623 | 16,314 | 56,252 | 29,484 |
Foreclosed assets (expense) income, net | (4,521) | 2,340 | (4,827) | (2,517) | (3,463) |
Intangible asset amortization | (1,497) | (1,502) | (1,608) | (4,500) | (4,649) |
Acquisition, integration and reorganization costs | (747) | (900) | (5,193) | (3,647) | (93,635) |
Total noninterest expense | (90,139) | (85,276) | (94,923) | (259,775) | (314,287) |
Income tax (expense) benefit | (39,777) | (45,287) | (42,911) | (131,137) | (73,744) |
Net earnings from continuing operations | 69,616 | 85,083 | 62,276 | 227,778 | 99,411 |
Loss from discontinued operations before taxes | 0 | 0 | (8) | 0 | (2,572) |
Income tax benefit | 0 | 0 | 3 | 0 | 1,067 |
Net loss from discontinued operations | 0 | 0 | (5) | 0 | (1,505) |
Net earnings | (69,616) | (85,083) | (62,271) | (227,778) | (97,906) |
Consolidated Entities [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest Income | 207,672 | 218,455 | 202,356 | 640,441 | 495,079 |
Interest expense | (15,152) | (15,903) | (13,510) | (46,294) | (27,685) |
Intersegment interest income (expense), net | 0 | 0 | 0 | 0 | 0 |
Net interest income | 192,520 | 202,552 | 188,846 | 594,147 | 467,394 |
Provision for credit losses | (8,746) | (6,529) | (5,050) | (31,709) | (9,436) |
(Loss) gain on securities | 655 | (186) | 3,744 | 4,841 | |
FDIC loss sharing expense, net | (4,449) | (5,107) | (7,415) | (13,955) | (27,370) |
Other noninterest income | 19,552 | 24,916 | 23,729 | 66,463 | 52,013 |
Total noninterest income | 15,758 | 19,623 | 16,314 | 56,252 | 29,484 |
Foreclosed assets (expense) income, net | (4,521) | 2,340 | (4,827) | (2,517) | (3,463) |
Intangible asset amortization | (1,497) | (1,502) | (1,608) | (4,500) | (4,649) |
Acquisition, integration and reorganization costs | (747) | (900) | (5,193) | (3,647) | (93,635) |
Other noninterest expense | (83,374) | (85,214) | (83,295) | (249,111) | (212,540) |
Total noninterest expense | (90,139) | (85,276) | (94,923) | (259,775) | (314,287) |
Intersegment noninterest income, net | 0 | 0 | 0 | 0 | 0 |
Total noninterest expense - adjusted | (90,139) | (85,276) | (94,923) | (259,775) | (314,287) |
Earnings (loss) before taxes | 109,393 | 130,370 | 105,187 | 358,915 | 173,155 |
Income tax (expense) benefit | (39,777) | (45,287) | (42,911) | (131,137) | (73,744) |
Net earnings from continuing operations | 62,276 | 99,411 | |||
Loss from discontinued operations before taxes | (8) | (2,572) | |||
Income tax benefit | 3 | 1,067 | |||
Net loss from discontinued operations | (5) | (1,505) | |||
Net earnings | (69,616) | (85,083) | (62,271) | (227,778) | (97,906) |
Operating Segments [Member] | Community Banking Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest Income | 58,368 | 63,392 | 67,132 | 184,716 | 214,704 |
Interest expense | (10,430) | (11,273) | (8,851) | (32,364) | (17,528) |
Intersegment interest income (expense), net | 6,629 | 7,140 | 5,250 | 20,490 | 9,543 |
Net interest income | 54,567 | 59,259 | 63,531 | 172,842 | 206,719 |
Provision for credit losses | 1,309 | 734 | 6,314 | 10,107 | 11,558 |
(Loss) gain on securities | 655 | (186) | 3,744 | 4,841 | |
FDIC loss sharing expense, net | (4,449) | (5,107) | (7,415) | (13,955) | (27,370) |
Other noninterest income | 7,956 | 4,235 | 7,566 | 21,766 | 18,144 |
Total noninterest income | 4,162 | (1,058) | 151 | 11,555 | (4,385) |
Foreclosed assets (expense) income, net | (4,787) | (351) | (4,627) | (5,182) | (3,399) |
Intangible asset amortization | (1,385) | (1,390) | (1,517) | (4,164) | (4,238) |
Acquisition, integration and reorganization costs | (747) | (806) | (3,953) | (3,443) | (83,866) |
Other noninterest expense | (56,318) | (58,304) | (53,078) | (169,827) | (144,164) |
Total noninterest expense | (63,237) | (60,851) | (63,175) | (182,616) | (235,667) |
Intersegment noninterest income, net | 28,280 | 28,857 | 26,411 | 83,700 | 49,944 |
Total noninterest expense - adjusted | (34,957) | (31,994) | (36,764) | (98,916) | (185,723) |
Earnings (loss) before taxes | 25,081 | 26,941 | 33,232 | 95,588 | 28,169 |
Income tax (expense) benefit | (9,584) | (10,484) | (14,576) | (36,941) | (16,240) |
Net earnings from continuing operations | 18,656 | 11,929 | |||
Loss from discontinued operations before taxes | (8) | (2,572) | |||
Income tax benefit | 3 | 1,067 | |||
Net loss from discontinued operations | (5) | (1,505) | |||
Net earnings | (15,497) | (16,457) | (18,651) | (58,647) | (10,424) |
Operating Segments [Member] | National Lending Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest Income | 148,264 | 154,816 | 134,624 | 454,299 | 278,131 |
Interest expense | (42) | (48) | (45) | (143) | (184) |
Intersegment interest income (expense), net | (6,629) | (7,140) | (5,250) | (20,490) | (9,543) |
Net interest income | 141,593 | 147,628 | 129,329 | 433,666 | 268,404 |
Provision for credit losses | (10,145) | (7,263) | (11,364) | (41,814) | (20,994) |
(Loss) gain on securities | 0 | 0 | 0 | 0 | |
FDIC loss sharing expense, net | 0 | 0 | 0 | 0 | 0 |
Other noninterest income | 7,478 | 14,465 | 9,953 | 27,085 | 26,885 |
Total noninterest income | 7,478 | 14,465 | 9,953 | 27,085 | 26,885 |
Foreclosed assets (expense) income, net | 39 | (22) | (322) | (44) | (284) |
Intangible asset amortization | (112) | (112) | (91) | (336) | (411) |
Acquisition, integration and reorganization costs | 0 | 0 | (1,240) | 0 | (8,714) |
Other noninterest expense | (23,763) | (24,164) | (24,835) | (70,764) | (55,892) |
Total noninterest expense | (23,836) | (24,298) | (26,488) | (71,144) | (65,301) |
Intersegment noninterest income, net | (28,280) | (28,857) | (26,411) | (83,700) | (49,944) |
Total noninterest expense - adjusted | (52,116) | (53,155) | (52,899) | (154,844) | (115,245) |
Earnings (loss) before taxes | 86,810 | 101,675 | 75,019 | 264,093 | 159,050 |
Income tax (expense) benefit | (33,172) | (39,566) | (30,113) | (102,020) | (63,703) |
Net earnings from continuing operations | 44,906 | 95,347 | |||
Loss from discontinued operations before taxes | 0 | 0 | |||
Income tax benefit | 0 | 0 | |||
Net loss from discontinued operations | 0 | 0 | |||
Net earnings | (53,638) | (62,109) | (44,906) | (162,073) | (95,347) |
Operating Segments [Member] | Other Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest Income | 1,040 | 247 | 600 | 1,426 | 2,244 |
Interest expense | (4,680) | (4,582) | (4,614) | (13,787) | (9,973) |
Intersegment interest income (expense), net | 0 | 0 | 0 | 0 | 0 |
Net interest income | (3,640) | (4,335) | (4,014) | (12,361) | (7,729) |
Provision for credit losses | 90 | 0 | 0 | (2) | 0 |
(Loss) gain on securities | 0 | 0 | 0 | 0 | |
FDIC loss sharing expense, net | 0 | 0 | 0 | 0 | 0 |
Other noninterest income | 4,118 | 6,216 | 6,210 | 17,612 | 6,984 |
Total noninterest income | 4,118 | 6,216 | 6,210 | 17,612 | 6,984 |
Foreclosed assets (expense) income, net | 227 | 2,713 | 122 | 2,709 | 220 |
Intangible asset amortization | 0 | 0 | 0 | 0 | 0 |
Acquisition, integration and reorganization costs | 0 | (94) | 0 | (204) | (1,055) |
Other noninterest expense | (3,293) | (2,746) | (5,382) | (8,520) | (12,484) |
Total noninterest expense | (3,066) | (127) | (5,260) | (6,015) | (13,319) |
Intersegment noninterest income, net | 0 | 0 | 0 | 0 | 0 |
Total noninterest expense - adjusted | (3,066) | (127) | (5,260) | (6,015) | (13,319) |
Earnings (loss) before taxes | (2,498) | 1,754 | (3,064) | (766) | (14,064) |
Income tax (expense) benefit | 2,979 | 4,763 | 1,778 | 7,824 | 6,199 |
Net earnings from continuing operations | (1,286) | (7,865) | |||
Loss from discontinued operations before taxes | 0 | 0 | |||
Income tax benefit | 0 | 0 | |||
Net loss from discontinued operations | 0 | 0 | |||
Net earnings | $ (481) | $ (6,517) | $ 1,286 | $ (7,058) | $ 7,865 |
Subsequent Events (Details 1)
Subsequent Events (Details 1) $ / shares in Units, $ in Thousands | Nov. 02, 2015$ / shares | Oct. 06, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015$ / shares | Sep. 30, 2014$ / shares | Sep. 30, 2015USD ($)bank_branch$ / shares | Sep. 30, 2014$ / shares | Dec. 31, 2014USD ($)$ / shares |
Subsequent Event [Line Items] | ||||||||
Common Stock par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Assets | $ 16,814,105 | $ 16,814,105 | $ 16,234,605 | |||||
Dividends declared per share (usd per share) | $ / shares | $ 0.5 | $ 0.5 | $ 0.25 | $ 1.50 | $ 0.75 | |||
Subsequent Event, Description | 0 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 15.00% | |||||||
Assets | $ 4,000,000 | |||||||
Dividends Payable, Date Declared | Nov. 2, 2015 | |||||||
Dividends Payable, Date to be Paid | Nov. 30, 2015 | |||||||
Dividends Payable, Date of Record | Nov. 16, 2015 | |||||||
Dividend Declared [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends declared per share (usd per share) | $ / shares | $ 0.5 | |||||||
Square 1 Financial, Inc. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Assets | $ 21,000,000 | $ 21,000,000 | ||||||
Retail Branch Locations | bank_branch | 80 | |||||||
Business Combinations, Acquired Locations | bank_branch | 1 | |||||||
Square 1 Financial, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 6, 2015 | |||||||
Common Stock par value (usd per share) | $ / shares | $ 43.97 | |||||||
Total consideration paid | $ 815,000 | |||||||
Business Acquisition Shares Receivable By Stockholders Of Acquiree Ratio | shares | 0.5597 | |||||||
Common Stock, Value, Outstanding | $ 17,800 | |||||||
Shares Of Common Stock [Member] | Square 1 Financial, Inc. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 18,100,000 |