Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PACWEST BANCORP | ||
Entity Central Index Key | 1,102,112 | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 120,208,695 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,779,964,800 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 161,020 | $ 164,757 |
Interest-earning deposits in financial institutions | 235,466 | 148,469 |
Total cash and cash equivalents | 396,486 | 313,226 |
Securities available-for-sale, at fair value | 3,559,437 | 1,567,177 |
Federal Home Loan Bank stock, at cost | 19,710 | 40,609 |
Total investment securities | 3,579,147 | 1,607,786 |
Gross loans and leases | 14,528,165 | 11,904,684 |
Deferred fees and costs | (49,911) | (22,252) |
Allowance for loan and lease losses | (115,111) | (84,455) |
Total loans and leases, net | 14,363,143 | 11,797,977 |
Equipment leased to others under operating leases | 197,452 | 122,506 |
Premises and equipment, net | 39,197 | 36,551 |
Foreclosed assets, net | 22,120 | 43,721 |
Goodwill | 2,176,291 | 1,720,479 |
Core deposit and customer relationship intangibles, net | 53,220 | 17,204 |
Deferred tax asset, net | 126,389 | 284,411 |
Other assets | 335,045 | 290,744 |
Total assets | 21,288,490 | 16,234,605 |
LIABILITIES: | ||
Noninterest-bearing deposits | 6,171,455 | 2,931,352 |
Interest-bearing deposits | 9,494,727 | 8,823,776 |
Total deposits | 15,666,182 | 11,755,128 |
Borrowings | 621,914 | 383,402 |
Subordinated debentures | 436,000 | 433,583 |
Accrued interest payable and other liabilities | 166,703 | 156,262 |
Total liabilities | 16,890,799 | 12,728,375 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY: | ||
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 December 31, 2015 and 2014; 122,791,729 and 104,219,197 shares issued, respectively, includes 1,211,951 and 1,108,505 shares of unvested restricted stock, respectively) | 1,228 | 1,042 |
Additional paid-in capital | 4,405,775 | 3,807,167 |
Retained earnings (deficit) | 13,907 | (285,712) |
Treasury stock, at cost (1,378,002 and 1,197,180 shares at December 31, 2015 and 2014) | (51,047) | (42,647) |
Accumulated other comprehensive income, net | 27,828 | 26,380 |
Total stockholders' equity | 4,397,691 | 3,506,230 |
Total liabilities and stockholders' equity | $ 21,288,490 | $ 16,234,605 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | $ 0.01 | $ 0.01 |
Preferred Stock, Value, Outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued, Acquisitions | 122,791,729 | 104,219,197 |
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | 1,108,505 |
Treasury Stock, Shares | 1,378,002 | 1,197,180 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Loans and leases | $ 819,094 | $ 657,097 | $ 272,726 |
Investment securities | 64,368 | 47,345 | 36,923 |
Deposits in financial institutions | 476 | 333 | 265 |
Total interest income | 883,938 | 704,775 | 309,914 |
Interest expense: | |||
Deposits | 41,503 | 27,332 | 7,868 |
Borrowings | 554 | 496 | 537 |
Subordinated debentures | 18,535 | 14,570 | 3,796 |
Total interest expense | 60,592 | 42,398 | 12,201 |
Net interest income | 823,346 | 662,377 | 297,713 |
Provision (negative provision) for credit losses | 45,481 | 11,499 | (4,210) |
Net interest income after provision (negative provision) for credit losses | 777,865 | 650,878 | 301,923 |
Noninterest income: | |||
Service charges on deposit accounts | 11,688 | 11,233 | 11,765 |
Other commissions and fees | 31,586 | 18,602 | 8,416 |
Leased equipment income | 24,023 | 16,669 | 0 |
Gain on sale of loans and leases | 373 | 601 | 1,791 |
Gain on securities | 3,744 | 4,841 | 5,359 |
FDIC loss sharing expense, net | (18,246) | (31,730) | (26,172) |
Other income | 31,142 | 21,971 | 3,085 |
Total noninterest income | 84,310 | 42,187 | 4,244 |
Noninterest expense: | |||
Compensation | 203,914 | 165,499 | 107,067 |
Occupancy | 44,144 | 40,606 | 29,459 |
Data processing | 18,617 | 14,618 | 9,494 |
Other professional services | 13,760 | 11,234 | 6,754 |
Insurance and assessments | 16,996 | 10,907 | 5,596 |
Intangible asset amortization | 9,410 | 6,268 | 5,402 |
Leased equipment depreciation | 13,603 | 9,159 | 0 |
Foreclosed assets (income) expense, net | (668) | 5,401 | (1,503) |
Acquisition, integration and reorganization costs | 21,247 | 101,016 | 40,812 |
Other expense | 41,016 | 40,884 | 25,084 |
Total noninterest expense | 382,039 | 405,592 | 228,165 |
Earnings from continuing operations before taxes | 480,136 | 287,473 | 78,002 |
Income tax expense | (180,517) | (117,005) | (32,525) |
Net earnings from continuing operations | 299,619 | 170,468 | 45,477 |
Loss from discontinued operations before taxes | 0 | (2,677) | (620) |
Income tax benefit | 0 | 1,114 | 258 |
Net loss from discontinued operations | 0 | (1,563) | (362) |
Net earnings | $ 299,619 | $ 168,905 | $ 45,115 |
Net earnings from continuing operations (usd per share) | $ 2.79 | $ 1.94 | $ 1.09 |
Basic income per share (usd per share) | 2.79 | 1.92 | 1.08 |
Net earnings from continuing operations (usd per share) | 2.79 | 1.94 | 1.09 |
Diluted income per share (usd per share) | 2.79 | 1.92 | 1.08 |
Dividends declared per share (usd per share) | $ 2 | $ 1.25 | $ 1 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 299,619 | $ 168,905 | $ 45,115 | |
Unrealized holding gains (losses) on securities available-for-sale arising during the year | 6,490 | 54,918 | (57,136) | |
Income tax (expense) benefit related to unrealized holding (losses) gains arising during the year | (2,869) | (22,317) | 26,190 | |
Unrealized holding gains (losses) on securities available-for-sale, net of tax | 3,621 | 32,601 | (30,946) | |
Reclassification adjustment for gains included in net earnings (1) | [1] | (3,744) | (4,841) | (5,359) |
Income tax expense related to reclassification adjustment | 1,571 | 1,967 | 58 | |
Reclassification adjustment for gains included in net earnings, net of tax | (2,173) | (2,874) | (5,301) | |
Other comprehensive income (loss), net of tax | 1,448 | 29,727 | (36,247) | |
Comprehensive income | $ 301,067 | $ 198,632 | $ 8,868 | |
[1] | Entire amount recognized in "Gain on securities" on the Consolidated Statements of Earnings. |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Shares, Outstanding at Dec. 31, 2012 | 37,420,909 | |||||
Total stockholders' equity at Dec. 31, 2012 | $ 589,121,000 | $ 377,000 | $ 1,062,184,000 | $ (499,537,000) | $ (6,803,000) | $ 32,900,000 |
Net Income | 45,115,000 | 45,115,000 | ||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | (36,247,000) | (36,247,000) | ||||
Issuance of common stock for merger with CapitalSource Inc., shares | 8,403,119 | |||||
Issuance of common stock for merger with CapitalSource Inc. | 242,268,000 | $ 84,000 | 242,184,000 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 350,446 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 21,246,000 | $ 4,000 | 21,242,000 | |||
Restricted stock surrendered, shares | (351,640) | |||||
Restricted stock surrendered | (13,537,000) | (13,537,000) | ||||
Tax effect from vesting of restricted stock | 2,133,000 | 2,133,000 | ||||
Cash dividends paid | (41,006,000) | (41,006,000) | ||||
Total stockholders' equity at Dec. 31, 2013 | 808,898,000 | $ 465,000 | 1,286,737,000 | (454,617,000) | (20,340,000) | (3,347,000) |
Shares, Outstanding at Dec. 31, 2013 | 45,822,834 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (195,000) | (195,000) | ||||
Net Income | 168,905,000 | 168,905,000 | ||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 29,727,000 | 29,727,000 | ||||
Issuance of common stock for merger with CapitalSource Inc., shares | 56,601,997 | |||||
Issuance of common stock for merger with CapitalSource Inc. | 2,594,070,000 | $ 566,000 | 2,593,504,000 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 1,088,493 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 36,474,000 | $ 11,000 | 36,463,000 | |||
Restricted stock surrendered, shares | (493,890) | |||||
Restricted stock surrendered | (22,307,000) | (22,307,000) | ||||
Dividend reinvestment, shares | 2,583 | |||||
Dividend reinvestment | 115,000 | 115,000 | ||||
Tax effect from vesting of restricted stock | 4,625,000 | 4,625,000 | ||||
Cash dividends paid | (114,277,000) | (114,277,000) | ||||
Total stockholders' equity at Dec. 31, 2014 | 3,506,230,000 | $ 1,042,000 | 3,807,167,000 | (285,712,000) | (42,647,000) | 26,380,000 |
Shares, Outstanding at Dec. 31, 2014 | 103,022,017 | |||||
Net Income | 299,619,000 | 299,619,000 | ||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 1,448,000 | 1,448,000 | ||||
Issuance of common stock for merger with CapitalSource Inc., shares | 18,135,845 | |||||
Issuance of common stock for merger with CapitalSource Inc. | 797,433,000 | $ 181,000 | 797,252,000 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 435,387 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 15,630,000 | $ 5,000 | 15,625,000 | |||
Restricted stock surrendered, shares | (180,822) | |||||
Restricted stock surrendered | (8,400,000) | 0 | (8,400,000) | |||
Dividend reinvestment, shares | 1,300 | |||||
Dividend reinvestment | 58,000 | 58,000 | ||||
Tax effect from vesting of restricted stock | 841,000 | 841,000 | ||||
Cash dividends paid | (215,168,000) | (215,168,000) | ||||
Total stockholders' equity at Dec. 31, 2015 | 4,397,691,000 | $ 1,228,000 | $ 4,405,775,000 | $ 13,907,000 | $ (51,047,000) | $ 27,828,000 |
Shares, Outstanding at Dec. 31, 2015 | 121,413,727 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 195,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net earnings | $ 299,619 | $ 168,905 | $ 45,115 |
Depreciation and amortization | 53,970 | 39,153 | 31,509 |
Provision (negative provision) for credit losses | 45,481 | 11,499 | (4,210) |
Gain on sale of foreclosed assets, net | (2,967) | (3,413) | (5,201) |
Provision for losses on foreclosed assets | 5,228 | 7,307 | 2,515 |
Gain on sale of loans and leases, net | (373) | (601) | (1,791) |
Gain on sale of premises and equipment | (28) | (1,520) | (21) |
Gain on securities, net | (3,744) | (4,841) | (5,359) |
Unrealized gain on derivatives and foreign currencies, net | (160) | (3,487) | 0 |
Earned stock compensation | 15,630 | 36,474 | 21,246 |
Write-off of goodwill relating to the asset financing segment reorganization | 0 | 6,645 | 0 |
Tax effect included in stockholders' equity of restricted stock vesting | (841) | (4,625) | (2,133) |
Decrease (increase) in deferred income taxes, net | 149,664 | 92,257 | 2,198 |
Decrease (increase) in other assets | 48,172 | 49,498 | 19,789 |
Decrease in accrued interest payable and other liabilities | (15,773) | (61,141) | (53,405) |
Net cash provided by operating activities | 593,878 | 332,110 | 50,252 |
Cash flows from investing activities: | |||
Cash acquired in acquisitions, net of cash consideration paid | 260,936 | 346,047 | 273,013 |
Net (increase) decrease in loans and leases | (1,105,925) | (782,424) | 275,740 |
Proceeds from sale of loans and leases | 31,993 | 66,596 | 33,824 |
Proceeds from maturities and paydowns | 144,847 | 123,949 | 306,536 |
Proceeds from sales | 1,035,926 | 465,608 | 22,415 |
Purchases | (992,680) | (236,739) | (550,211) |
Collection of securities sales proceeds | 0 | 484,084 | 0 |
Net redemptions of Federal Home Loan Bank stock | 23,686 | 33,390 | 18,705 |
Proceeds from sales of foreclosed assets | 32,812 | 24,464 | 36,490 |
Purchases of premises and equipment, net | (8,929) | (2,669) | (3,604) |
Proceeds from sales of premises and equipment | 146 | 3,759 | 31 |
Net (increase) decrease of equipment leased to others under operating leases | (65,309) | 30,493 | 0 |
Net cash (used in) provided by investing activities | (642,497) | 556,558 | 412,939 |
Cash flows from financing activities: | |||
Noninterest-bearing | 685,742 | 506,533 | 18,068 |
Interest-bearing | (569,706) | (375,185) | (547,081) |
Net increase in borrowings | 238,512 | 269,741 | 101,250 |
Restricted stock surrendered | (8,400) | (22,307) | (13,537) |
Repayment of acquired debt | 0 | (992,109) | 0 |
Tax effect included in stockholders' equity of restricted vesting stock | 841 | 4,625 | 2,133 |
Cash dividends paid, net | (215,110) | (114,162) | (41,006) |
Net cash provided by (used in) financing activities | 131,879 | (722,864) | (480,173) |
Net increase (decrease) in cash and cash equivalents | 83,260 | 165,804 | (16,982) |
Cash and cash equivalents, beginning of year | 313,226 | 147,422 | 164,404 |
Cash and cash equivalents, end of year | 396,486 | 313,226 | 147,422 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 65,868 | 34,788 | 13,275 |
Cash paid (received) for income taxes | 16,602 | (1,198) | 27,665 |
Loans transferred to foreclosed assets | 13,472 | 9,806 | 15,416 |
Partnership interest transferred to equipment leased to others under operating leases | 20,833 | 0 | 0 |
Common stock issued in acquisitions | $ 797,433 | $ 2,594,070 | $ 242,268 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 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 December 31, 2015 , we had total assets of $21.3 billion , gross loans and leases of $14.5 billion , total deposits of $15.7 billion and total stockholders' equity of $4.4 billion . We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 80 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country. We provide commercial banking services, including real estate, construction, and commercial loans and leases, and comprehensive deposit and treasury management services to small and middle market businesses. We offer products and services under the brand names of Pacific Western as well as its business groups, CapitalSource and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to established middle-market businesses on a national basis. Square 1 Bank focuses on providing a comprehensive suite of financial products tailored to service entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser, provides investment advisory and asset management services to select clients. 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 Pacific Western 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 are the interest paid by the Bank on deposits and borrowings, compensation and general operating expenses. We have completed 28 acquisitions from May 1, 2000 through December 31, 2015 , including the acquisition of Square 1 Financial, Inc. ("Square 1") on October 6, 2015 . 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 4. Acquisitions , for more information about the Square 1 acquisition, the CapitalSource Inc. merger, and the acquisition of First California Financial Group, Inc. ("FCAL") on May 31, 2013 . (a) 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 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 . (b) Basis of Presentation The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. All significant intercompany balances and transactions have been eliminated. (c) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the carrying value of the FDIC loss sharing asset, and the realization of deferred tax assets. As described in Note 4. Acquisitions , below, we completed the Square 1 acquisition on October 6, 2015 , the CapitalSource Inc. merger on April 7, 2014 , and the acquisition of FCAL on May 31, 2013 . The acquired assets and liabilities in each of these acquisitions were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in each of these transactions. (d) Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the consolidated balance sheets, the "Other assets" category includes "FDIC loss sharing asset," which was previously reported as a separate category. For the loan portfolio segment disclosures: (1) the "Real estate mortgage" loan portfolio segment was divided into two new loan classes, "Commercial" and "Residential;" the new "Commercial" loan class includes the "Hospitality" and "SBA" loan classes that were previously reported separately, as well as the portion of the "Other" loan class related to commercial real estate loans, while the new "Residential" loan class includes the portion of the "Other" loan class related to residential real estate loans, (2) the "Cash flow" loan class of the "Commercial" loan portfolio segment includes the "Unsecured" and "SBA" loan classes that were previously reported separately, and (3) the "Asset-based" loan class of the "Commercial" loan portfolio segment includes the "Collateralized" loan class that was previously reported separately. The operating segments previously reported have been aggregated to one segment to conform to the current period's presentation format. These reclassifications do not affect previously reported net income. (e) Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of cash, due from banks, and interest‑earning deposits in financial institutions. Interest‑earning assets in financial institutions represent mostly cash held at the Federal Reserve Bank of San Francisco (“FRBSF”), the majority of which is immediately available. (f) Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity. Investment securities held‑to‑maturity are stated at amortized cost. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired; consequently, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in Federal Home Loan Bank of San Francisco, or "FHLB," stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. (g) Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Acquired non‑impaired loans, together with originated loans, are referred to as non‑purchased credit impaired (“Non‑PCI”) loans. Purchase discount or premium on acquired non‑impaired loans is recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold. Purchased credit impaired loans. Purchased credit impaired (“PCI”) loans are accounted for in accordance with ASC Subtopic 310‑30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. For PCI loans, at the time of acquisition we (i) calculated the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (ii) estimated 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 nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolios; 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 excess of the undiscounted expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. PCI loans that are contractually past due are still considered to be accruing and performing as long as there is an expectation that the estimated cash flows will be received. If the timing and amount of cash flows is uncertain, then cash payments received will be recognized as a reduction of the recorded investment. As part of the fair value process and the subsequent accounting, the Company aggregates PCI loans into pools having common credit risk characteristics such as type and risk rating. Increases in expected cash flows over those previously estimated increase the accretable yield and are recognized as interest income prospectively. Decreases in the amount and changes in the timing of expected cash flows compared to those previously estimated decrease the accretable yield and usually result in a provision for loan losses and the establishment of an allowance for loan losses. As the accretable yield increases or decreases from changes in cash flow expectations, the offset is a decrease or increase to the nonaccretable difference. The accretable yield is measured at each financial reporting date based on information then currently available and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. Leases. We provide equipment financing to our customers through a variety of lease arrangements. The most common arrangement is a direct financing (capital) lease. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized over the weighted average life of the lease portfolio. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. Operating leases represents a line of business where we purchase equipment which is then leased to our customers. We receive periodic rental income payments, which are recorded as noninterest income, and the equipment remains on our balance sheet and is depreciated in line with our fixed asset accounting policy. Leases in process. We offer “progress funding” which works similarly to a bridge loan by financing an item to be leased during the construction or build phase. Lessees pay interest on the amount advanced to fund a project at an interest rate implicit in the master lease agreement; such income is deferred until the project funding is complete. The amount of funding advanced during the progress funding period is recorded in other assets. At the end of the progress funding period, we either (i) enter into a lease agreement with the lessee and the deferred income is accreted to interest income using an effective yield method over the life of the lease, or (ii) sell the lease to a third party lender and recognize the deferred income as part of any gain or loss on such sale. Loans and Leases Held for Sale. As part of our management of the loans and leases held in our portfolio, we will occasionally transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. Gains or losses on the sale of these loans are recorded in noninterest income. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more; delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on nonaccrual loans is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectable. Loans are restored to accrual status when the loans become both well‑secured and are in the process of collection. Leases are designated as nonaccrual leases when the recognition of interest has been discontinued. The recognition of interest on leases is discontinued when a lessee’s payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability. Interest on nonaccrual leases is subsequently recognized only to the extent that cash is received and the lease balance is deemed collectable. Leases are restored to accrual status when the leases become both well-secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan by using the estimated fair value of the collateral, less estimated costs to sell, including senior obligations such as delinquent property taxes, if the loan is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s effective interest rate if the loan is not collateral‑dependent. The impairment amount on a collateral‑dependent loan is charged‑off to the allowance and the impairment amount on a loan that is not collateral‑dependent is set up as a specific reserve. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease’s effective interest rate. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All loan modifications are evaluated on an individual basis to determine whether such modifications meet the criteria to be classified as a troubled debt restructuring under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured at a rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or mitigating circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate. (h) Allowances for Credit Losses Allowance for credit losses on Non‑PCI loans and leases. The allowance for credit losses on non-purchased credit impaired ("Non-PCI") loans and leases is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities." The following discussion is for Non-PCI loans and leases and the allowance for credit losses thereon. For the allowance policy on purchased credit impaired loans and leases, refer to "— Allowance for Credit Losses on Purchased Credit Impaired Loans. " For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that arise after the acquisition date. The allowance for loan and lease losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our continual review of the credit quality of the loan and lease portfolio, which includes loan and lease payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to pay. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses contains a general reserve component for loans and leases not considered impaired and a specific reserve component for loans and leases determined to be impaired. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans for impairment on an on-going basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan based upon the fair value of the loan’s collateral if the loan is collateral-dependent or the present value of cash flows, discounted at the loan’s effective interest rate, if the loan is not collateral-dependent. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease's effective interest rate. To the extent a loan or lease exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon the certainty of the estimate of loss. Smaller balance loans (under $250,000 ), with a few exceptions for certain loan types, are generally not assessed individually for impairment but are evaluated collectively. The methodology we use to estimate the general reserve component of our allowance for credit losses considers both objective and subjective criteria. The objective criteria uses our actual historical loan and lease charge-off experience on pools of similar loans and leases to establish loss factors that are applied to our current loan and lease balances to estimate inherent credit losses. The estimation of the allowance for credit losses at December 31, 2015 considered actual historical loan and lease charge-off experience over a 23 -quarter look-back period starting with the first quarter of 2010. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination. The estimation of the allowance for credit losses at December 31, 2014 considered actual historical loan and lease charge-off experience over a five -year period starting with the fourth quarter of 2009. The increase in the historical look-back period from five -years or 20 quarters at December 31, 2014 to 23 quarters at December 31, 2015 allows the look-back period to capture sufficient loss observations and is relevant to the current portfolio; in a good economic cycle with less frequent loss events, a longer look-back period is more appropriate to reflect the level of incurred losses. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for loan and lease losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the ratings assigned to loans on an on-going basis. The subjective criteria considered when establishing the loss factors include the following: • current economic trends and forecasts; • current commercial real estate values, performance trends, and overall outlook in the markets where we lend; • legal and regulatory matters that could impact our borrowers’ ability to repay our loans; • our loan portfolio composition and any loan concentrations; • our current lending policies and the effects of any new policies or policy amendments; • our new loan origination volume and the nature of it; • our loan portfolio credit performance trends; and • the results of our on-going independent credit review. The reserve for unfunded commitments is estimated using the same loss factors as used for the allowance for loan and lease losses and is computed based only on the expected usage of the unfunded commitments. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard” or “doubtful” and defined as follows: • Pass: Loans and leases classified as "pass" are not adversely classified and collection and repayment in full is expected. • Special Mention: Loans and leases classified as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. • Substandard: Loans and leases classified as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. • Doubtful: Loans and leases classified as "doubtful" have all the weaknesses of those classified as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. In addition, we may refer to the loans and leases with a credit risk rating of either "substandard" or "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 7. Loans and Leases. Management believes that the allowance for credit losses is appropriate for the known and inherent risks in our Non-PCI loan and lease portfolio and that the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of documentation deficiencies, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified and impaired loans and leases may increase. Higher levels of classified and impaired loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb related losses in the future. Our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Our regulators may require the Company to recognize additions to the allowance based on their judgments related to information available to them at the time of their examinations. Allowance for credit losses on PCI loans. The PCI loans are subject to our internal and external credit review. If deterioration in the expected cash flows results in a reserve requirement, a provision for credit losses is charged to earnings. For PCI loans, the allowance for loan losses is measured at the end of each financial reporting period based on expected cash flows. Decreases or increases in the amount and changes in the timing of expected cash flows on the PCI loans as of the financial reporting date compared to those previously estimated are usually recognized by recording a provision or a negative provision for credit losses on such loans. (i) FDIC Loss Sharing Asset The FDIC loss sharing asset relates to assets covered by the loss sharing agreements between the Bank and the FDIC arising from the acquisitions of Affinity Bank ("Affinity") and Los Padres Bank ("Los Padres") and, through the FCAL acquisition, the assumption of the loss sharing agreements between First California Bank and the FDIC arising from FCB’s acquisition of Western Commercial Bank ("Western Commercial") and San Luis Trust Bank ("San Luis"). The FDIC loss sharing assets related to Western Commercial and San Luis were measured at their fair value as of May 31, 2013 in conjunction with the FCAL acquisition. The FDIC loss sharing assets related to Los Padres and Affinity were measured at their estimated fair value at their respective acquisition dates. An increase in the expected amount of losses on the |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 2. 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 FCAL acquisition. Liabilities of the EPS division, which were $15.9 million and $21.3 million at December 31, 2015 and 2014 , which consisted primarily of noninterest‑bearing deposits, are included in the consolidated balance sheets under the caption “Accrued interest payable and other liabilities.” |
Restricted Cash Balances
Restricted Cash Balances | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash Balances [Abstract] | |
Restricted Cash Balances | NOTE 3. RESTRICTED CASH BALANCES The Company is required to maintain reserve balances with the FRBSF. Such reserve requirements are based on a percentage of deposit liabilities and may be satisfied by cash on hand. The average reserves required to be held at the FRBSF for the years ended December 31, 2015 and 2014 were $27.7 million and $10.0 million . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 4. ACQUISITIONS The following assets acquired and liabilities assumed of the acquired entities are presented at estimated fair value as of their respective acquisition dates: Acquisition and Date Acquired Square 1 Financial, Inc. CapitalSource Inc. First California Financial Group October 6, 2015 April 7, 2014 May 31, 2013 (In thousands) Assets Acquired: Cash and due from banks $ 24,867 $ 768,553 $ 6,124 Interest‑earning deposits in financial institutions 236,069 60,612 266,889 Investment securities available‑for‑sale 2,193,538 382,797 4,444 FHLB stock 2,787 46,060 9,518 Loans and leases 1,553,720 6,877,427 1,049,613 Equipment leased to others under operating leases — 160,015 — Premises and equipment 1,927 12,663 15,322 Foreclosed assets — 6,382 13,772 FDIC loss sharing asset — — 17,241 Income tax assets — 304,856 33,360 Goodwill 447,911 1,526,282 129,070 Core deposit and customer relationship intangibles 45,426 6,720 7,927 Other assets 106,757 582,985 27,576 Total assets acquired $ 4,613,002 $ 10,735,352 $ 1,580,856 Liabilities Assumed: Noninterest‑bearing deposits $ 2,549,000 $ 4,631 $ 361,166 Interest‑bearing deposits 1,240,635 6,236,419 739,713 Other borrowings — 992,109 — Subordinated debentures — 300,918 24,061 Discontinued operations — — 184,619 Accrued interest payable and other liabilities 25,934 124,087 19,729 Total liabilities assumed $ 3,815,569 $ 7,658,164 $ 1,329,288 Total consideration paid $ 797,433 $ 3,077,188 $ 251,568 Summary of consideration: Cash paid $ — $ 483,118 $ — PacWest common stock issued 797,433 2,594,070 242,268 Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) — — 9,300 Total $ 797,433 $ 3,077,188 $ 251,568 Square 1 Financial, Inc. Acquisition We acquired Square 1 Financial, Inc. ("Square 1") on October 6, 2015 . As part of the acquisition, Square 1 Bank, a wholly-owned subsidiary of Square 1, merged with and into Pacific Western and we formed the Square 1 Bank Division of the Bank. The Bank provides a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors nationwide marketed under the Square 1 Bank Division brand. 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 caused to be paid 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 deal value 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. We completed the acquisition to improve our core deposits, expand our nationwide lending platform, and increase our presence in the technology and life-sciences credit markets. The Square 1 acquisition 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 fair values and accounting for such acquired assets and liabilities. Such fair values are preliminary estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. The application of the acquisition method of accounting resulted in goodwill of $448 million . All of the recognized goodwill is expected to be non-deductible for tax purposes. 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 and we formed the CapitalSource Division of the Bank. We completed the merger in order to increase our loan and lease generation capabilities and to diversify our loan portfolio. 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. First California Financial Group Acquisition On May 31, 2013 , we acquired First California Financial Group, Inc. As part of this acquisition, First California Bank ("FCB"), a wholly-owned subsidiary of FCAL, merged with and into Pacific Western. The application of the acquisition method of accounting resulted in goodwill of $129.1 million . All of the recognized goodwill was non‑deductible for tax purposes. Acquisition, Integration and Reorganization Costs For each acquisition, we developed an integration plan for the Company that addressed, among other things, requirements for staffing, systems platforms, compliance-related activities, branch locations and other facilities. Based on these plans, we incurred charges which included severance, acceleration of stock-based compensation, systems integration and facilities-related charges including contract termination fees. These charges, along with legal, accounting, investment banking, valuation and other professional fees necessary to effect a business combination, were charged to acquisition, integration and reorganization costs on the consolidated statements of earnings. We incurred and charged to expense $21.2 million , $101.0 million and $40.8 million of such costs in 2015 , 2014 and 2013 . The following table presents acquisition, integration and reorganization costs by major category for the years indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Acquisition, Integration and Reorganization Costs: Severance and employee-related (1) $ 10,550 $ 57,868 $ 21,497 System conversion and integration 4,246 1,868 3,829 Asset write-downs, lease terminations and other facilities-related 125 6,353 3,212 Asset financing segment reorganization — 10,073 — Investment banking deal costs 1,050 16,117 5,309 Other (legal, accounting, insurance, consulting) 5,276 8,737 6,965 Total acquisition, integration and reorganization costs $ 21,247 $ 101,016 $ 40,812 __________________ (1) Amount includes $26.1 million in 2014 and $12.4 million in 2013 for accelerated vesting of restricted stock awards. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 5. 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 CDI's and CRI's. 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 consolidated statements of earnings. The following table presents the changes in the carrying amount of goodwill for the years indicated: Goodwill (In thousands) Balance, December 31, 2012 $ 79,866 Adjustment to APB goodwill (193 ) Addition from the FCAL acquisition 129,070 Balance, December 31, 2013 208,743 Addition from the CapitalSource Inc. merger 1,518,381 Write-off due to the asset financing segment reorganization (6,645 ) Balance, December 31, 2014 1,720,479 Adjustment to acquired CapitalSource Inc. deferred tax assets 7,901 Addition from the Square 1 acquisition 447,911 Balance, December 31, 2015 $ 2,176,291 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. 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 legacy PacWest asset financing segment, which included the sale of Celtic Capital Corporation. These amounts are included in "Acquisition, integration and reorganization costs" in the consolidated statements of earnings. 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 December 31, 2015 is 6.2 years. The estimated aggregate amortization expense related to these intangible assets for each of the next five years is $16.9 million for 2016 , $11.5 million for 2017 , $8.8 million for 2018 , $6.7 million for 2019 and $4.7 million for 2020 . The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of year $ 53,090 $ 48,963 $ 45,412 Additions due to acquisitions 45,426 6,720 7,927 Fully amortized portion (2,992 ) (1,293 ) (4,376 ) Write-off due to the asset financing segment reorganization — (1,300 ) — Balance, end of year 95,524 53,090 48,963 Accumulated Amortization: Balance, beginning of year (35,886 ) (31,715 ) (30,689 ) Additions (9,410 ) (6,268 ) (5,402 ) Fully amortized portion 2,992 1,293 4,376 Write-off due to the asset financing segment reorganization — 804 — Balance, end of year (42,304 ) (35,886 ) (31,715 ) Net CDI and CRI, end of year $ 53,220 $ 17,204 $ 17,248 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment | NOTE 6. INVESTMENTS 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: December 31, 2015 December 31, 2014 Security Type: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Residential mortgage-backed securities: Government agency and government-sponsored enterprise pass-through securities $ 759,881 $ 12,075 $ (4,159 ) $ 767,797 $ 515,902 $ 20,142 $ (372 ) $ 535,672 Government agency and government-sponsored enterprise collateralized mortgage obligations 486,065 3,584 (3,410 ) 486,239 275,513 3,513 (1,080 ) 277,946 Covered private label collateralized mortgage obligations 24,113 5,794 (125 ) 29,782 26,889 7,153 (95 ) 33,947 Other private label collateralized mortgage obligations 115,952 43 (981 ) 115,014 10,961 46 (93 ) 10,914 Municipal securities 1,508,968 39,435 (1,072 ) 1,547,331 521,499 15,899 (1,282 ) 536,116 US Treasury securities 70,196 — (816 ) 69,380 — — — — Corporate debt securities 49,047 327 (950 ) 48,424 110,074 597 (562 ) 110,109 Collateralized loan obligations 133,192 128 (1,131 ) 132,189 — — — — SBA securities 211,946 41 (830 ) 211,157 — — — — Government-sponsored enterprise debt securities 36,302 611 — 36,913 36,232 525 — 36,757 Asset-backed and other securities 116,723 119 (1,631 ) 115,211 25,801 33 (118 ) 25,716 Total $ 3,512,385 $ 62,157 $ (15,105 ) $ 3,559,437 $ 1,522,871 $ 47,908 $ (3,602 ) $ 1,567,177 See Note 13. Fair Value Measurements , for information on fair value measurements and methodology. As of December 31, 2015 , securities available‑for‑sale with a carrying value of $421.6 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. Realized gains or losses in the statement of earnings resulting from the sale of securities are calculated using the specific identification method and included in gains on securities. During the year ended December 31, 2015 , we sold $30.8 million of municipal securities for a gain of $744,000 , $67.5 million in corporate debt securities for a loss of $232,000 and $110.1 million in government-sponsored enterprise ("GSE") pass-through securities for a gain of $3.2 million . We also sold $823.8 million of the $2.2 billion of securities obtained in the Square 1 acquisition for no gain or loss. During the year ended December 31, 2014 , we sold $460.8 million of GSE pass-through securities and other securities for which we realized gains of $4.8 million . These securities were sold as part of our investment portfolio risk management activities. We also sold $322.7 million of the $382.8 million of securities obtained in the CapitalSource Inc. merger for no gain or loss. During the years ended December 31, 2015 , 2014 and 2013 , we purchased $992.7 million , $236.7 million and $550.2 million in investment securities available-for-sale. During the years ended December 31, 2015 , 2014 and 2013 accumulated other comprehensive income included $3.6 million , $32.6 million and $(30.9) million of net unrealized after-tax gains and (losses). Unrealized Losses on Investment Securities 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: December 31, 2015 Less Than 12 Months 12 Months or More Total Security Type: Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Residential mortgage-backed securities: Government agency and government- sponsored enterprise pass-through securities $ 391,642 $ (3,893 ) $ 9,342 $ (266 ) $ 400,984 $ (4,159 ) Government agency and government- sponsored enterprise collateralized mortgage obligations 314,284 (2,769 ) 14,230 (641 ) 328,514 (3,410 ) Covered private label collateralized mortgage obligations 1,354 (57 ) 568 (68 ) 1,922 (125 ) Other private label collateralized mortgage obligations 92,179 (943 ) 1,070 (38 ) 93,249 (981 ) Municipal securities 126,892 (1,061 ) 531 (11 ) 127,423 (1,072 ) US Treasury securities 69,380 (816 ) — — 69,380 (816 ) Corporate debt securities 29,379 (950 ) — — 29,379 (950 ) Collateralized loan obligations 100,993 (1,131 ) — — 100,993 (1,131 ) SBA securities 179,942 (830 ) — — 179,942 (830 ) Asset-backed and other securities 71,619 (1,182 ) 16,091 (449 ) 87,710 (1,631 ) Total $ 1,377,664 $ (13,632 ) $ 41,832 $ (1,473 ) $ 1,419,496 $ (15,105 ) December 31, 2014 Less Than 12 Months 12 Months or More Total Security Type: Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized 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 ) Asset-backed and 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 December 31, 2015 and 2014 , and concluded their 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 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. December 31, 2015 Maturity: Amortized Cost Estimated Fair Value (In thousands) Due in one year or less $ 12,844 $ 12,677 Due after one year through five years 303,622 304,163 Due after five years through ten years 658,572 664,076 Due after ten years 2,537,347 2,578,521 Total securities available-for-sale $ 3,512,385 $ 3,559,437 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 December 31, 2015 , we had a $19.7 million investment in Federal Home Loan Bank of San Francisco ("FHLB") stock carried at cost. During the year ended December 31, 2015 , FHLB stock decreased by $20.9 million due to $31.3 million in redemptions, offset partially by $7.6 million in purchases and the $2.8 million addition of FHLB stock acquired in the Square 1 acquisition. We evaluated the carrying value of our FHLB stock investment at December 31, 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. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the years indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Taxable interest $ 35,103 $ 30,135 $ 23,542 Non-taxable interest 25,219 13,597 11,777 Dividend income 4,046 3,613 1,604 Total interest income on investment securities $ 64,368 $ 47,345 $ 36,923 |
Loans and Credit Quality
Loans and Credit Quality | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and Leases | NOTE 7. LOANS AND LEASES The Company’s loan and lease portfolio includes originated and purchased loans and leases. Originated loans and leases and purchased loans and leases for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments, 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 it was probable that collection of all contractually required payments was unlikely 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 on acquired non-impaired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income 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 portfolios; 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: December 31, 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 $ 5,706,903 $ 168,725 $ 5,875,628 $ 5,347,197 $ 256,489 $ 5,603,686 Real estate construction and land 534,307 2,656 536,963 312,792 6,924 319,716 Commercial 7,977,067 17,415 7,994,482 5,852,420 27,155 5,879,575 Consumer 120,793 299 121,092 101,423 284 101,707 Total gross loans and leases 14,339,070 189,095 14,528,165 11,613,832 290,852 11,904,684 Deferred fees and costs (49,861 ) (50 ) (49,911 ) (22,191 ) (61 ) (22,252 ) Total loans and leases, net of deferred fees 14,289,209 189,045 14,478,254 11,591,641 290,791 11,882,432 Allowance for loan and lease losses (105,534 ) (9,577 ) (115,111 ) (70,456 ) (13,999 ) (84,455 ) Total net loans and leases $ 14,183,675 $ 179,468 $ 14,363,143 $ 11,521,185 $ 276,792 $ 11,797,977 Non‑Purchased Credit Impaired (Non‑PCI) Loans and Leases The following tables present an aging analysis of our Non‑PCI loans and leases by portfolio segment and class as of the dates indicated: December 31, 2015 30-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans (In thousands) Real estate mortgage: Commercial $ 3,947 $ 13,075 $ 17,022 $ 4,534,936 $ 4,551,958 Residential 3,391 905 4,296 1,131,809 1,136,105 Total real estate mortgage 7,338 13,980 21,318 5,666,745 5,688,063 Real estate construction and land: Commercial — — — 343,360 343,360 Residential — — — 184,360 184,360 Total real estate construction and land — — — 527,720 527,720 Commercial: Cash flow 2,048 1,427 3,475 3,058,793 3,062,268 Asset-based 1 — 1 2,547,532 2,547,533 Equipment finance 359 94 453 889,896 890,349 Venture capital 250 700 950 1,451,477 1,452,427 Total commercial 2,658 2,221 4,879 7,947,698 7,952,577 Consumer 626 1,307 1,933 118,916 120,849 Total Non-PCI loans and leases $ 10,622 $ 17,508 $ 28,130 $ 14,261,079 $ 14,289,209 December 31, 2014 30-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans (In thousands) Real estate mortgage: Commercial $ 9,014 $ 10,856 $ 19,870 $ 4,410,016 $ 4,429,886 Residential 2,614 1,131 3,745 903,299 907,044 Total real estate mortgage 11,628 11,987 23,615 5,313,315 5,336,930 Real estate construction and land: Commercial — 715 715 213,322 214,037 Residential — — — 96,728 96,728 Total real estate construction and land — 715 715 310,050 310,765 Commercial: Cash flow 274 1,639 1,913 2,637,023 2,638,936 Asset-based 878 965 1,843 2,232,195 2,234,038 Equipment finance 6,525 366 6,891 962,598 969,489 Venture capital — — — — — 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 It is the Company’s policy to 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 opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. The amount of interest income that would have been recorded on nonaccrual loans and leases at December 31, 2015 and 2014 had such loans and leases been current in accordance with their original terms was $6.4 million and $7.5 million for 2015 and 2014 , respectively. The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated: December 31, 2015 December 31, 2014 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 52,363 $ 4,499,595 $ 4,551,958 $ 32,223 $ 4,397,663 $ 4,429,886 Residential 4,914 1,131,191 1,136,105 5,389 901,655 907,044 Total real estate mortgage 57,277 5,630,786 5,688,063 37,612 5,299,318 5,336,930 Real estate construction and land: Commercial — 343,360 343,360 1,178 212,859 214,037 Residential 372 183,988 184,360 381 96,347 96,728 Total real estate construction and land 372 527,348 527,720 1,559 309,206 310,765 Commercial: Cash flow 15,800 3,046,468 3,062,268 19,810 2,619,126 2,638,936 Asset-based 2,505 2,545,028 2,547,533 10,024 2,224,014 2,234,038 Equipment finance 51,410 838,939 890,349 11,131 958,358 969,489 Venture capital 124 1,452,303 1,452,427 — — — Total commercial 69,839 7,882,738 7,952,577 40,965 5,801,498 5,842,463 Consumer 1,531 119,318 120,849 3,485 97,998 101,483 Total Non-PCI loans and leases $ 129,019 $ 14,160,190 $ 14,289,209 $ 83,621 $ 11,508,020 $ 11,591,641 At December 31, 2015 , nonaccrual loans and leases totaled $129.0 million . Nonaccrual loans and leases included $16.8 million of loans and leases 90 or more days past due, $3.6 million of loans 30 to 89 days past due and $108.6 million of current loans 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 30 to 89 days past due and $56.1 million of current loans 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 three relationships totaling $47.1 million that are related to the oil and gas industry and which have been adversely impacted by continued low oil prices. 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. December 31, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage: Commercial $ 98,436 $ 4,453,522 $ 4,551,958 $ 86,573 $ 4,343,313 $ 4,429,886 Residential 12,627 1,123,478 1,136,105 10,413 896,631 907,044 Total real estate mortgage 111,063 5,577,000 5,688,063 96,986 5,239,944 5,336,930 Real estate construction and land: Commercial 571 342,789 343,360 3,346 210,691 214,037 Residential 1,395 182,965 184,360 402 96,326 96,728 Total real estate construction and land 1,966 525,754 527,720 3,748 307,017 310,765 Commercial: Cash flow 183,726 2,878,542 3,062,268 87,851 2,551,085 2,638,936 Asset-based 19,340 2,528,193 2,547,533 33,980 2,200,058 2,234,038 Equipment finance 54,054 836,295 890,349 15,973 953,516 969,489 Venture capital 19,105 1,433,322 1,452,427 — — — Total commercial 276,225 7,676,352 7,952,577 137,804 5,704,659 5,842,463 Consumer 2,500 118,349 120,849 4,073 97,410 101,483 Total Non-PCI loans and leases $ 391,754 $ 13,897,455 $ 14,289,209 $ 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 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 increases in the provisions for credit losses and the allowance for credit losses. 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: December 31, 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 $ 57,277 $ 27,133 $ 84,410 $ 37,612 $ 20,245 $ 57,857 Real estate construction and land 372 7,631 8,003 1,559 8,996 10,555 Commercial 69,839 5,221 75,060 40,965 5,744 46,709 Consumer 1,531 197 1,728 3,485 259 3,744 Total $ 129,019 $ 40,182 $ 169,201 $ 83,621 $ 35,244 $ 118,865 At December 31, 2015 and 2014 , we had unfunded commitments related to Non-PCI performing restructured loans of $2.9 million and $214,000 . The following tables present information regarding our Non‑PCI impaired loans and leases by portfolio segment and class as of and for the years indicated: December 31, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,967 $ 19,219 $ 777 $ 11,082 $ 11,178 $ 693 Residential 2,278 2,435 681 — — — Real estate construction and land: Commercial — — — 1,128 4,934 23 Residential 747 747 26 763 763 46 Commercial: Cash flow 14,072 20,312 7,079 16,490 18,894 3,466 Asset-based 3,901 4,423 2,511 4,767 5,493 3,908 Equipment finance 11,193 11,894 8,032 6,956 7,268 2,601 Consumer 365 372 157 143 142 37 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 58,678 $ 68,333 $ — $ 46,775 $ 62,944 $ — Residential 5,487 11,406 — — — — Real estate construction and land: Commercial 7,256 7,256 — 8,643 8,749 — Residential — — — 21 19 — Commercial: Cash flow 2,825 5,121 — 4,319 6,648 — Asset-based 2,729 2,726 — 10,002 12,292 — Equipment finance 40,216 44,194 — 4,175 7,528 — Venture capital 124 125 — — — — Consumer 1,363 1,945 — 3,601 3,768 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 84,410 $ 101,393 $ 1,458 $ 57,857 $ 74,122 $ 693 Real estate construction and land 8,003 8,003 26 10,555 14,465 69 Commercial 75,060 88,795 17,622 46,709 58,123 9,975 Consumer 1,728 2,317 157 3,744 3,910 37 Total $ 169,201 $ 200,508 $ 19,263 $ 118,865 $ 150,620 $ 10,774 Year Ended December 31, 2015 2014 2013 Weighted Average Balance (1) Interest Income Recognized Weighted Average Balance (1) Interest Income Recognized Weighted Average Balance (1) Interest Income Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,833 $ 1,130 $ 10,670 $ 475 $ 20,158 $ 680 Residential 2,143 33 412 1 406 — Real estate construction and land: Commercial — — 1,027 17 1,250 63 Residential 747 15 763 15 778 14 Commercial: Cash flow 12,590 32 8,498 21 1,908 89 Asset-based 3,204 56 4,214 27 3,850 29 Equipment finance 8,475 — 3,802 — — — Consumer 355 15 132 8 425 10 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 28,366 $ 345 $ 29,405 $ 348 $ 31,149 $ 985 Residential 4,643 41 5,223 44 2,377 75 Real estate construction and land: Commercial 7,053 240 8,642 244 4,866 11 Residential — — 4 — — — Commercial: Cash flow 2,752 89 2,289 99 2,728 — Asset-based 1,746 130 6,139 170 3,410 20 Equipment finance 30,363 — 2,534 — 245 — Venture capital 124 — — — — — Consumer 1,363 — 3,027 2 161 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 52,985 $ 1,549 $ 45,710 $ 868 $ 54,090 $ 1,740 Real estate construction and land 7,800 255 10,436 276 6,894 88 Commercial 59,254 307 27,476 317 12,141 138 Consumer 1,718 15 3,159 10 586 10 Total $ 121,757 $ 2,126 $ 86,781 $ 1,471 $ 73,711 $ 1,976 _________________________ (1) For the loans and leases (excluding PCI loans) reported as impaired at December 31, 2015 , 2014 and 2013 , 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 table presents new and defaulted troubled debt restructurings of Non-PCI loans for the years indicated: Troubled Debt Restructurings Troubled Debt Restructurings That Subsequently Defaulted (1) Number of Loans Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Recorded Investment (Dollars In thousands) Year Ended December 31, 2015 Real estate mortgage: Commercial 21 $ 43,536 $ 43,012 2 $ 2,670 Residential 18 3,128 2,961 1 155 Real estate construction and land: Commercial 8 23,881 23,881 — — Commercial: Cash flow 25 2,718 2,539 — — Asset-based 13 8,400 8,400 — — Equipment finance 10 93,868 93,868 — — Consumer 2 197 197 — — Total 97 $ 175,728 $ 174,858 3 $ 2,825 (2) Year Ended December 31, 2014 Real estate mortgage: Commercial 14 $ 14,659 $ 14,660 1 $ 55 Residential 11 4,794 4,794 — — Real estate construction and land: Commercial 4 5,507 4,965 — — Commercial: Cash flow 13 2,717 2,717 1 1,144 Asset-based 22 12,368 6,336 1 390 Equipment finance 1 518 518 — — Consumer 7 467 467 — — Total 72 $ 41,030 $ 34,457 3 $ 1,589 (3) Year Ended December 31, 2013 Real estate mortgage: Commercial 11 $ 15,391 $ 15,391 2 $ 1,844 Residential 3 832 832 — — Real estate construction and land: Residential 1 390 390 — — Commercial: Cash flow 9 658 658 2 66 Asset-based 12 7,650 7,650 2 1,489 Consumer 2 125 125 — — Total 38 $ 25,046 $ 25,046 6 $ 3,399 (4) _________________________ (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 December 31, 2015 , and is net of charge-offs of $96,900 . (3) Represents the balance at December 31, 2014 , and is net of charge-offs of $129,000 . (4) Represents the balance at December 31, 2013 , and is net of charge-offs of $1.6 million . Allowances for Loan and Lease 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 years indicated: Year Ended December 31, 2015 Real Estate Mortgage Real Estate Construction and Land Commercial Consumer Total Non-PCI Total PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of year $ 25,097 $ 4,248 $ 39,858 $ 1,253 $ 70,456 $ 13,999 $ 84,455 Charge-offs (2,489 ) — (13,354 ) (156 ) (15,999 ) (1,772 ) (17,771 ) Recoveries 3,582 1,082 3,399 410 8,473 150 8,623 Provision (negative provision) 10,464 1,807 31,179 (846 ) 42,604 (2,800 ) 39,804 Balance, end of year $ 36,654 $ 7,137 $ 61,082 $ 661 $ 105,534 $ 9,577 $ 115,111 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 1,458 $ 26 $ 17,622 $ 157 $ 19,263 Collectively evaluated for impairment $ 35,196 $ 7,111 $ 43,460 $ 504 $ 86,271 Acquired loans with deteriorated credit quality $ 9,577 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 83,944 $ 8,003 $ 74,680 $ 1,672 $ 168,299 Collectively evaluated for impairment $ 5,604,119 $ 519,717 $ 7,877,897 $ 119,177 $ 14,120,910 Acquired loans with deteriorated credit quality $ 189,045 Ending balance of loans and leases $ 5,688,063 $ 527,720 $ 7,952,577 $ 120,849 $ 14,289,209 $ 189,045 $ 14,478,254 Year Ended December 31, 2014 Real Estate Mortgage Real Estate Construction and Land Commercial Consumer Total Non-PCI Total PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of year $ 26,078 $ 4,298 $ 26,921 $ 2,944 $ 60,241 $ 21,793 $ 82,034 Charge-offs (2,080 ) — (9,463 ) (332 ) (11,875 ) (9,577 ) (21,452 ) Recoveries 2,640 156 6,265 1,283 10,344 766 11,110 Provision (negative provision) (1,541 ) (206 ) 16,135 (2,642 ) 11,746 1,017 12,763 Balance, end of year $ 25,097 $ 4,248 $ 39,858 $ 1,253 $ 70,456 $ 13,999 $ 84,455 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 693 $ 69 $ 9,975 $ 37 $ 10,774 Collectively evaluated for impairment $ 24,404 $ 4,179 $ 29,883 $ 1,216 $ 59,682 Acquired loans with deteriorated credit quality $ 13,999 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 55,290 $ 10,555 $ 45,568 $ 3,510 $ 114,923 Collectively evaluated for impairment $ 5,285,270 $ 296,580 $ 5,796,895 $ 97,973 $ 11,476,718 Acquired loans with deteriorated credit quality $ 290,791 Ending balance $ 5,336,930 $ 310,765 $ 5,842,463 $ 101,483 $ 11,591,641 $ 290,791 $ 11,882,432 Purchased Credit Impaired (PCI) Loans The following table reflects the PCI loans by portfolio segment as of the dates indicated: December 31, 2015 December 31, 2014 (In thousands) Real estate mortgage $ 207,170 $ 299,660 Real estate construction and land 2,534 7,743 Commercial 30,658 32,904 Consumer 302 332 Total gross PCI loans 240,664 340,639 Discount (51,619 ) (49,848 ) Total PCI loans, net of discount 189,045 290,791 Allowance for loan losses (9,577 ) (13,999 ) Total net PCI loans $ 179,468 $ 276,792 The following table summarizes the changes in the carrying amount of PCI loans and accretable yield on those loans for the years indicated: Carrying Amount Accretable Yield (In thousands) Balance, December 31, 2012 $ 491,816 $ (196,022 ) Addition from the FCAL acquisition 44,146 (8,096 ) Accretion 46,680 46,680 Payments received (225,849 ) — Decrease in expected cash flows, net — 17,870 Negative provision for credit losses 4,210 — Balance, December 31, 2013 361,003 (139,568 ) Addition from the CapitalSource Inc. merger 79,234 (13,728 ) Accretion 57,213 57,213 Payments received (219,641 ) — Increase in expected cash flows, net — (10,773 ) Provision for credit losses (1,017 ) — Balance, December 31, 2014 276,792 (106,856 ) Addition from the Square 1 acquisition 16,455 (2,852 ) Accretion 31,857 31,857 Payments received (148,436 ) — Increase in expected cash flows, net — (7,785 ) Negative provision for credit losses 2,800 — Balance, December 31, 2015 $ 179,468 $ (85,636 ) The following table presents the credit risk rating categories for PCI loans by 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. December 31, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage $ 43,554 $ 125,125 $ 168,679 $ 101,161 $ 155,281 $ 256,442 Real estate construction and land 1,230 1,423 2,653 3,901 3,010 6,911 Commercial 17,391 23 17,414 26,942 212 27,154 Consumer 299 — 299 284 — 284 Total PCI loans $ 62,474 $ 126,571 $ 189,045 $ 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 | 12 Months Ended |
Dec. 31, 2015 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Foreclosed Assets | NOTE 8. FORECLOSED ASSETS The following table summarizes foreclosed assets at the dates indicated: Property Type: December 31, 2015 December 31, 2014 (In thousands) Commercial real estate $ 487 $ 2,449 Construction and land development 13,801 24,759 Multi‑family — 4,823 Single family residence 952 3,392 Total other real estate owned, net 15,240 35,423 Other foreclosed assets 6,880 8,298 Total foreclosed assets, net $ 22,120 $ 43,721 The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated: Year Ended December 31, Foreclosed Assets: 2015 2014 2013 (In thousands) Balance, beginning of year $ 43,721 $ 55,891 $ 56,414 Addition due to acquisitions — 6,382 13,772 Foreclosures 13,472 9,806 19,470 Provision for losses (5,228 ) (7,307 ) (2,515 ) Reductions related to sales (29,845 ) (21,051 ) (31,289 ) Payments to third parties (1) — — 39 Balance, end of year $ 22,120 $ 43,721 $ 55,891 _________________________ (1) Represents amounts due to participants and for guarantees, property taxes or other prior lien positions. The following table presents the changes in the foreclosed assets valuation allowance for the years indicated: Year Ended December 31, Foreclosed Assets Valuation Allowance: 2015 2014 2013 (In thousands) Balance, beginning of year $ 12,123 $ 11,314 $ 16,681 Provision for losses 5,228 7,307 2,515 Reductions related to sales (7,105 ) (6,498 ) (7,882 ) Balance, end of year $ 10,246 $ 12,123 $ 11,314 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment, Net [Abstract] | |
Premises and Equipment, Net | NOTE 9. PREMISES AND EQUIPMENT, NET The following table presents the components of premises and equipment as of the dates indicated: December 31, 2015 2014 (In thousands) Land $ 5,505 $ 5,505 Buildings 14,564 14,198 Furniture, fixtures and equipment 36,234 32,359 Leasehold improvements 37,773 33,157 Premises and equipment, gross 94,076 85,219 Less: accumulated depreciation and amortization (54,879 ) (48,668 ) Premises and equipment, net $ 39,197 $ 36,551 Depreciation and amortization expense was $8.1 million , $8.4 million , and $6.0 million for the years ended December 31, 2015 , 2014 , and 2013 . We have obligations under a number of noncancelable operating leases for premises and equipment. The following table presents future minimum rental payments under noncancelable operating leases as of December 31, 2015 : Estimated Lease Payments for Year Ending December 31, Amount (In thousands) 2016 $ 29,730 2017 27,201 2018 24,238 2019 20,792 2020 17,727 Thereafter 46,692 Total $ 166,380 Total gross rental expense for the years ended December 31, 2015 , 2014 , and 2013 , was $26.2 million , $23.8 million , $17.6 million . Most of the leases provide that the Company pays maintenance, insurance and certain other operating expenses applicable to the leased premises in addition to the monthly rental payments. Total rental income for the years ended December 31, 2015 , 2014 , and 2013 , was approximately $487,000 , $589,000 , and $750,000 . The future minimum rental payments to be received under noncancelable subleases are $27.3 million through September 2025. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Deposits | NOTE 10. DEPOSITS The following table presents the components of interest‑bearing deposits as of the dates indicated: December 31, Deposit Category: 2015 2014 (In thousands) Interest checking deposits $ 886,886 $ 736,367 Money market deposits 3,712,690 1,825,510 Savings deposits 742,795 762,961 Time deposits under $100,000 1,656,227 2,467,338 Time deposits $100,000 and over 2,496,129 3,031,600 Total interest-bearing deposits $ 9,494,727 $ 8,823,776 Brokered time deposits totaled $272.5 million and $636.7 million at December 31, 2015 and 2014 . Brokered non-maturity deposits totaled $942.3 million and $120.6 million at December 31, 2015 and 2014, and substantially all of these amounts are included with money market deposits in the table above. At December 31, 2015 and 2014, we had $858 million and $891 million, respectively, of time deposits that exceed the FDIC insurance limit of $250,000 while the remaining $3.3 billion and $4.6 billion, respectively, met or fell below the FDIC insurance limit. The following table summarizes the maturities of time deposits as of the date indicated: December 31, 2015 Year of Maturity: Time Time Total Contractual Rate (Dollars in thousands) 2016 $ 1,543,655 $ 2,368,863 $ 3,912,518 0.65% 2017 82,459 100,050 182,509 0.63% 2018 21,718 17,860 39,578 1.05% 2019 4,973 5,943 10,916 1.02% 2020 2,949 3,202 6,151 0.87% 2021 473 211 684 1.02% Total $ 1,656,227 $ 2,496,129 $ 4,152,356 0.66% |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings and Subordinated Debentures | NOTE 11. BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated: December 31, 2015 December 31, 2014 Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 3,914 5.49% $ 3,402 6.43% FHLB overnight advances 618,000 0.27% 380,000 0.27% Total borrowings $ 621,914 $ 383,402 The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the equipment in the leases and all interest rates are fixed. As of December 31, 2015 , this debt had a weighted average remaining maturity of 3.4 years . The Bank has established secured and unsecured lines of credit. The Bank 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 in our loan portfolio which were not pledged to the FRBSF. As of December 31, 2015 , our borrowing capacity under the FHLB secured borrowing lines was $2.5 billion . As of December 31, 2015 and 2014 , the balances outstanding were $618.0 million and $380.0 million . FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of December 31, 2015 , the Bank had secured borrowing capacity of $2.1 billion collateralized by liens covering $2.9 billion of certain qualifying loans. As of December 31, 2015 and 2014 , there were no balances outstanding. Federal Funds Arrangements with Commercial Banks. As of December 31, 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 December 31, 2015 and 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 December 31, 2015 , there was no balance outstanding. The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: December 31, 2015 December 31, 2014 Date Maturity Rate Index Series: Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 3.63% $ 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 3.35% 5,155 3.19% 9/17/2003 9/17/2033 3 month LIBOR + 2.95 Trust VII 61,856 3.07% 61,856 2.98% 2/5/2004 4/23/2034 3 month LIBOR + 2.75 Trust CIII 20,619 2.20% 20,619 1.93% 8/15/2005 9/15/2035 3 month LIBOR + 1.69 Trust FCCI 16,495 2.11% 16,495 1.84% 1/25/2007 3/15/2037 3 month LIBOR + 1.60 Trust FCBI 10,310 2.06% 10,310 1.79% 9/30/2005 12/15/2035 3 month LIBOR + 1.55 Trust CS 2005-1 82,475 2.46% 82,475 2.19% 11/21/2005 12/15/2035 3 month LIBOR + 1.95 Trust CS 2005-2 128,866 2.27% 128,866 2.18% 12/14/2005 1/30/2036 3 month LIBOR + 1.95 Trust CS 2006-1 51,545 2.27% 51,545 2.18% 2/22/2006 4/30/2036 3 month LIBOR + 1.95 Trust CS 2006-2 51,550 2.27% 51,550 2.18% 9/27/2006 10/30/2036 3 month LIBOR + 1.95 Trust CS 2006-3 (1) 28,007 2.82% 31,188 2.14% 9/29/2006 10/30/2036 3 month EURIBOR + 2.05 Trust CS 2006-4 16,470 2.27% 16,470 2.18% 12/5/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2006-5 6,650 2.27% 6,650 2.18% 12/19/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2007-2 39,177 2.27% 39,177 2.18% 6/13/2007 7/30/2037 3 month LIBOR + 1.95 Gross subordinated debentures 539,795 542,976 Unamortized discount (2) (103,795 ) (109,393 ) Net subordinated debentures $ 436,000 $ 433,583 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on trust preferred securities 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 to stockholders during any period in which quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12. COMMITMENTS AND CONTINGENCIES Lending Commitments The Bank 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 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: December 31, 2015 December 31, 2014 (In thousands) Loan commitments to extend credit $ 3,580,655 $ 1,921,067 Standby letters of credit 210,292 88,495 Commitments to purchase equipment being acquired for lease to others 6,663 12,839 $ 3,797,610 $ 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 in deposit accounts, investment securities, trade accounts receivable, property, plant and equipment, and intellectual property 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 December 31, 2015 and 2014 , the Company had commitments to contribute capital to these entities totaling $19.2 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 December 31, 2015 and 2014 , respectively. Legal Matters In the ordinary course of our business, we are 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 information currently available to us, any resulting liability, in addition to amounts already accrued, would not have a material adverse effect on the Company’s financial statements or operations. Kinde Durkee Investigation The United States Attorney's Office for the Eastern District of California is conducting an investigation relating to the handling by First California Bank ("FCB") of its banking relationship with Kinde Durkee. Ms. Durkee, who had maintained certain of her accounts with FCB, was convicted in 2012 of embezzling funds from certain California politicians, among others. FCB was acquired by PacWest Bancorp and merged into Pacific Western Bank in May 2013. We understand that the investigation is focused on whether any civil or criminal laws were violated by FCB or its employees. Pacific Western is cooperating with the investigation. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13. 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 municipal securities, government agency and government‑sponsored enterprise securities, collateralized loan obligations, and registered publicly rated private label collateralized mortgage obligations ("CMOs") and asset-backed securitizations. • 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, non-rated private placement private label CMOs, non-rated private placement asset-backed securities, and equity warrants. 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 December 31, 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 $ 767,797 $ — $ 767,797 $ — Government agency and government‑sponsored enterprise collateralized mortgage obligations 486,239 — 486,239 — Covered private label collateralized mortgage obligations 29,782 — — 29,782 Other private label collateralized mortgage obligations 115,014 — 63,555 51,459 Municipal securities 1,547,331 — 1,547,331 — US Treasury securities 69,380 69,380 — — Corporate debt securities 48,424 — 48,424 — Collateralized loan obligations 132,189 — 132,189 — SBA securities 211,157 — 211,157 — Government‑sponsored enterprise debt securities 36,913 — 36,913 — Asset-backed and other securities 115,211 2,562 94,449 18,200 Total securities available-for-sale 3,559,437 71,942 3,388,054 99,441 Derivative assets 11,919 — 11,919 — Equity warrants 4,914 — — 4,914 Total recurring assets $ 3,576,270 $ 71,942 $ 3,399,973 $ 104,355 Derivative liabilities $ 1,397 $ — $ 1,397 $ — 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 collateralized mortgage obligations 33,947 — — 33,947 Other private label collateralized mortgage obligations 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 — Asset-backed and 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 $ — During the year ended December 31, 2015 , $1.4 million of other securities measured at fair value on a recurring basis transferred from Level 2 to Level 1. During the year ended December 31, 2015 , we added the following Level 3 assets measured at fair value on a recurring basis from the Square 1 acquisition: non-rated private placement private label CMOs, non-rated private placement asset-backed securities, and equity warrants with fair values of $51.5 million , $18.2 million , and $4.9 million , respectively, at December 31, 2015. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service or broker quotes for our Level 3 private label CMOs (both covered and non-rated private placement) measured at fair value on a recurring basis as of December 31, 2015 : Level 3 Private Label CMOs Range of Inputs Weighted Average Input Unobservable Inputs: Voluntary annual prepayment speeds 0% - 20.55% 8.8% Annual default rates 0% - 7.10% 3.4% Loss severity rates 0% - 100% 44.3% Discount rates 0% - 43.22% 4.4% The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service or broker quotes for our Level 3 asset-backed securities measured at fair value on a recurring basis as of December 31, 2015 : Level 3 Asset-Backed Securities Range of Inputs Weighted Average Input Unobservable Inputs: Voluntary annual prepayment speeds 11.85% - 15% 13.4% Annual default rates 0% - 8.10% 4.1% Loss severity rates 0% - 91% 45.5% Discount rates 2.79% - 4.56% 3.7% The following table presents information about the quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of December 31, 2015 : Equity Warrants Weighted Average Range of Inputs Unobservable Inputs: Volatility 18.8% - 121.9% Risk-free interest rate 1.0% - 1.5% Remaining life assumption 19.9% - 49.5% The following table summarizes activity for our Level 3 private label CMOs measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Private Label CMOs: 2015 2014 2013 (In thousands) Balance, beginning of year $ 33,947 $ 37,904 $ 44,684 Total realized in earnings 1,104 1,627 1,938 Total unrealized loss in comprehensive income (1,388 ) (344 ) (1,204 ) Net settlements (3,881 ) (5,240 ) (7,514 ) Addition from the Square 1 acquisition 51,459 — — Balance, end of year $ 81,241 $ 33,947 $ 37,904 The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the period from acquisition date to December 31, 2015: Period Ended Equity Warrants: December 31, 2015 (In thousands) Balance, acquisition date $ 5,552 Total realized in earnings 530 Transfers to securities available-for-sale (2 ) Sales (1,529 ) Issuances 363 Balance, end of year $ 4,914 The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated: Fair Value Measurement as of December 31, 2015 Measured on a Non‑Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 40,817 $ — $ 9,367 $ 31,450 Other real estate owned 14,101 — 14,101 — Investments carried at cost 107 — — 107 Total non-recurring $ 55,025 $ — $ 23,468 $ 31,557 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 years indicated: Year Ended December 31, Loss on Assets Measured on a Non‑Recurring Basis: 2015 2014 2013 (In thousands) Impaired Non‑PCI loans $ (16,097 ) $ (7,006 ) $ (1,206 ) Other real estate owned (4,726 ) (6,737 ) (1,045 ) Investments carried at cost (17 ) (141 ) — Total net loss $ (20,840 ) $ (13,884 ) $ (2,251 ) The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2015 : Asset Fair Value (In thousands) Valuation Technique Unobservable Inputs Range Weighted Average Impaired Non-PCI loans $ 30,339 Discounted cash flows Discount rates 0% - 9.04% 5.92% 1,111 Third party appraisals No discounts Investments carried at cost 107 Market and income approach Illiquidity discount 75% 75% Total non-recurring Level 3 $ 31,557 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: December 31, 2015 Carrying or Contract Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 161,020 $ 161,020 $ 161,020 $ — $ — Interest‑earning deposits in financial institutions 235,466 235,466 235,466 — — Securities available‑for‑sale 3,559,437 3,559,437 71,942 3,388,054 99,441 Investment in FHLB stock 19,710 19,710 — 19,710 — Investments carried at cost 2,267 6,789 — — 6,789 Loans and leases, net 14,363,143 14,393,558 — 9,367 14,384,191 Derivative assets 11,919 11,919 — 11,919 — Equity warrants 4,914 4,914 — — 4,914 Financial Liabilities: Deposits: Demand, interest checking, money market, and savings deposits 11,513,826 11,513,826 — 11,513,826 — Time deposits 4,152,356 4,152,920 — 4,152,920 — Borrowings 621,914 622,438 618,000 4,438 — Subordinated debentures 436,000 419,762 — 419,762 — Derivative liabilities 1,397 1,397 — 1,397 — 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, interest checking, money market, 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 — The following is a description of the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820, “ Fair Value Measurement ”) and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825). Cash and due from banks. The carrying amount is assumed to be the fair value because of the liquidity of these instruments. Interest‑earning deposits in financial institutions. The carrying amount is assumed to be the fair value given the short‑term nature of these deposits. Securities available‑for‑sale. Securities available‑for‑sale are measured and carried at fair value on a recurring basis. Unrealized gains and losses on available‑for‑sale securities are reported as a component of “Accumulated other comprehensive income” in the consolidated balance sheets. See Note 6. Investment Securities , for further information on unrealized gains and losses on securities available‑for‑sale. Fair value for securities categorized as Level 1, which are publicly traded securities, are based on readily available quoted prices. In determining the fair value of the securities categorized as Level 2, we obtain a report from a nationally recognized broker‑dealer detailing the fair value of each investment security we hold as of each reporting date. The broker‑dealer uses observable market information to value our securities, with the primary source being a nationally recognized pricing service. We review the market prices provided by the broker‑dealer for our securities for reasonableness based on our understanding of the marketplace and we consider any credit issues related to the securities. As we have not made any adjustments to the market quotes provided to us and they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Our covered private label CMOs, non-rated private placement private label CMOs, and non-rated private placement asset-backed securities (collectively, “the Level 3 Securities”) were categorized as Level 3 due in part to the inactive market for such securities. There is a wide range of prices quoted for our Level 3 Securities among independent third party pricing services, and this range reflects the significant judgment being exercised over the assumptions and variables that determine the pricing of such securities. We consider this subjectivity relating to our Level 3 Securities to be a significant unobservable input. Our fair value estimate was based on either 1) prices provided to us by a nationally recognized pricing service which we also use to determine the fair value of the majority of our securities portfolio, or 2) pricing estimates we obtained from brokers. We determined the reasonableness of the fair values by reviewing assumptions at the individual security level about prepayment, default expectations, estimated loss severity factors, and discount rates, all of which are not directly observable in the market. Significant changes in default expectations, loss severity factors, or discount rates, which occur all together or in isolation, would result in different fair value measurements. FHLB stock. Investments in FHLB stock are recorded at cost and measured for impairment quarterly. Ownership of FHLB stock is restricted to member banks and the securities do not have a readily determinable market value. Purchases and sales of these securities are at par value with the issuer. The fair value of investments in FHLB stock is equal to the carrying amount. Non-PCI loans and leases. As Non-PCI loans and leases are not measured at fair value, the following discussion relates to estimating the fair value disclosures under ASC Topic 825. Fair values are estimated for portfolios of loans and leases with similar financial characteristics. Loans are segregated by type and further segmented into fixed and adjustable rate interest terms by credit risk categories. The fair value estimates do not take into consideration the value of the loan portfolio in the event the loans are sold outside the parameters of normal operating activities. The fair value of performing fixed-rate loans is estimating by discounting scheduled cash flows through the estimated maturity using estimated market prepayment speeds. The fair value of equipment leases is estimated by discounting scheduled lease and expected lease residual cash flows over their remaining term. The estimated market discount rates used for performing fixed-rate loans and equipment leases are current market rates for instruments with similar risk and similar terms. The fair value of performing adjustable-rate loans is estimated by discounting scheduled cash flows through the next repricing date. As these loans reprice frequently at market rates and the credit risk is not considered to be greater than normal, the market value is typically close to the carrying amount of these loans. These methods and assumptions are not based on the exit price concept of fair value. Impaired Non‑PCI loans. Nonaccrual loans and performing restructured loans are considered impaired for reporting purposes and are measured and recorded at fair value on a non‑recurring basis. Nonaccrual Non‑PCI loans with an unpaid principal balance over $250,000 and all performing restructured loans are reviewed individually for the amount of impairment, if any. Nonaccrual Non‑PCI loans with an unpaid principal balance less than $250,000 are not individually assessed for impairment but are instead reserved for under our general reserve component. To the extent a loan is collateral dependent, we measure such impaired loan based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on estimated market prices from an independently prepared appraisal, which is then adjusted for the cost related to liquidating such collateral; such valuation inputs result in a nonrecurring fair value measurement that is categorized as a Level 2 measurement. The Level 2 measurement is based on appraisals obtained within the last 12 months and for which a charge‑off was recognized or a change in the specific valuation allowance was made during the year ended December 31, 2015 . When adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. The impaired loans categorized as Level 3 also include unsecured loans and other secured loans whose fair values are based significantly on unobservable inputs such as the strength of a guarantor, including an SBA government guarantee, cash flows discounted at the effective loan rate, and management’s judgment. The impaired Non‑PCI loan balances shown above as measured on a non-recurring basis represent those nonaccrual and restructured loans for which impairment was recognized during the year ended December 31, 2015 . The amounts shown as net losses include the impairment recognized during the year ended December 31, 2015 , for the loan balances shown. Of the $129.0 million of nonaccrual Non-PCI loans at December 31, 2015 , $20.0 million were written down to their collateral fair values through charge‑offs during the year ended December 31, 2015 . Investments that do not have readily determinable fair values. Other investments accounted for under the cost or equity methods of accounting are carried at fair value on a nonrecurring basis to the extent that they are determined to be other-than-temporarily impaired during the period. As there is rarely an observable price or market for such investments, we determine fair value using internally developed models. Our models utilize industry valuation benchmarks, such as multiples of net revenue or EBITDA, to determine a value for the underlying enterprise. We may also reduce the value determined by the model due to illiquidity or other investee-specific characteristics which may affect the fair value. Significant decreases to these valuation benchmarks would result in significant decreases in the estimated fair values. We reduce this value by the value of debt outstanding to arrive at an estimated equity value of the enterprise. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event is used to corroborate our internal valuation. Fair value measurements related to these investments are typically classified within Level 3 of the fair value hierarchy. Other real estate owned ("OREO") . The fair value of foreclosed real estate is generally based on the lower of estimated market prices from independently prepared current appraisals or negotiated sales prices with potential buyers, less estimated costs to sell; such valuation inputs result in a fair value measurement that is categorized as a Level 2 measurement on a nonrecurring basis. As a matter of policy, appraisals are required annually and may be updated more frequently as circumstances require in the opinion of management. The Level 2 measurement for OREO is based on appraisals obtained within the last 12 months and for which a write‑down was recognized during the year ended December 31, 2015 . When a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value as a result of known changes in the market or the collateral and there is no observable market price, such valuation inputs result in a fair value measurement that is categorized as a Level 3 measurement. To the extent a negotiated sales price or reduced listing price represents a significant discount to an observable market price, such valuation input would result in a fair value measurement that is also considered a Level 3 measurement. The OREO losses disclosed are write‑downs based on either a recent appraisal obtained after foreclosure or an accepted purchase offer by an independent third party received after foreclosure. Deposits. Deposits are carried at historical cost. The fair value of deposits with no stated maturity, such as noninterest‑bearing demand deposits, interest checking, money market, and savings accounts, is equal to the amount payable on demand as of the balance sheet date and considered Level 2. The fair value of time deposits is based on the discounted value of contractual cash flows and considered Level 2. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long‑term relationships with its deposit customers, such as a core deposit intangible. Borrowings. Borrowings include overnight FHLB advances and other fixed‑rate term borrowings. Borrowings are carried at amortized cost. The fair value of overnight FHLB advances is equal to the carrying value and considered Level 1. The fair value of fixed‑rate borrowings is calculated by discounting scheduled cash flows through the estimated maturity dates or call dates, if applicable, using estimated market discount rates that reflect current rates offered for borrowings with similar remaining maturities and characteristics and are considered Level 2. Subordinated debentures. Subordinated debentures are carried at amortized cost. The fair value of subordinated debentures with variable rates is determined using a market discount rate on the expected cash flows. Derivative assets and liabilities. Derivatives are carried at fair value on a recurring basis and primarily relate to forward exchange contracts which we enter into to manage foreign exchange risk. Our derivatives are principally traded in over-the-counter markets where quoted market prices are not readily available. Instead, the fair value of derivatives is estimated using market observable inputs such as foreign exchange forward rates, interest rate yield curves, volatilities and basis spreads. We also consider counterparty credit risk in valuing our derivatives. We typically classify our foreign exchange derivatives in Level 2 of the fair value hierarchy. Warrants. Equity warrants with net settlement terms are received in connection with extending loan commitments to certain of our customers. We estimate the fair value of equity warrants using a Black-Scholes option pricing model to approximate fair market value. For warrants of private companies, the model estimates market value for each warrant based on the most recent equity offering at the time of issuance, the warrant's exercise price, the warrant's expected life, a risk-free interest rate based on a duration-matched U.S. Treasury rate and volatility factors derived from the iShares Russell Microcap index (IWC). For warrants of publicly-traded companies, the model estimates market value for each warrant based on the share price as of the evaluation date, the warrant's exercise price, the warrant's expected life, a risk-free interest rate based on a duration-matched U.S. Treasury rate and uses a company-specific volatility factor. We typically classify our equity warrant derivatives in Level 3 of the fair value hierarchy. Commitments to extend credit. The majority of our commitments to extend credit carry current market interest rates if converted to loans. Because these commitments are generally not assignable by either the borrower or us, they only have value to the borrower and us. The estimated fair value approximates the recorded deferred fee amounts and is excluded from the table above because it is not material. 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 conservative 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 December 31, 2015 , the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 14. INCOME TAXES The following table presents the components of income tax expense for the years indicated: December 31, 2015 2014 2013 (In thousands) Current Income Tax Expense: Federal $ (11,950 ) $ (14,611 ) $ (32,113 ) State (28,167 ) (10,823 ) (7,667 ) Total current income tax expense (40,117 ) (25,434 ) (39,780 ) Deferred Income Tax (Expense) Benefit: Federal (128,436 ) (70,662 ) 9,099 State (11,964 ) (19,795 ) (1,586 ) Total deferred income tax (expense) benefit (140,400 ) (90,457 ) 7,513 Total income tax expense $ (180,517 ) $ (115,891 ) $ (32,267 ) The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rate of 35% to earnings or loss before income taxes for the years indicated: December 31, 2015 2014 2013 (In thousands) Computed expected income tax expense at federal statutory rate $ (168,047 ) $ (98,575 ) $ (26,201 ) State tax expense, net of federal tax benefit (29,009 ) (15,689 ) (6,014 ) Tax‑exempt interest benefit 8,274 4,472 3,979 Increase in cash surrender value of life insurance 884 739 407 Tax credits 2,441 3,567 2,480 Nondeductible employee compensation (1,005 ) (6,792 ) (4,730 ) Nondeductible acquisition‑related expense (876 ) (2,994 ) (1,196 ) Acquisition‑related securities gain — — 1,828 Release/settlement of FIN 48 reserve 5,529 (157 ) — Valuation allowance change 2,917 3,520 — Other, net (1,625 ) (3,982 ) (2,820 ) Recorded income tax expense $ (180,517 ) $ (115,891 ) $ (32,267 ) The Company had net income taxes receivable of $6.2 million and $18.3 million at December 31, 2015 and 2014 , included in other assets on its consolidated balance sheets. As of December 31, 2015 and 2014 , the Company had a valuation allowance of $121.1 million and $130.3 million against acquired deferred tax assets (“DTA”). Periodic reviews of the carrying amount of DTA are made to determine if a valuation allowance is necessary. A valuation allowance is required, based on available evidence, when it is more likely than not that all or a portion of a DTA will not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the DTA. All available evidence, both positive and negative, that may affect the realizability of the DTA are identified and considered in determining the appropriate amount of the valuation allowance. It is more likely than not that these deferred tax assets subject to a valuation allowance will not be realized primarily due to their character and/or the expiration of the carryforward periods. We have net operating loss and tax credit carryforwards for federal and state income tax purposes that can be utilized to offset future taxable income. Upon a change in ownership of more than 50% of our capital stock over a three-year period as measured under Section 382 of the Internal Revenue Code (“the Code”), our ability to utilize our net operating loss forwards and other tax attributes after the ownership change generally would be limited. The annual limit would generally equal the product of the applicable long term tax exempt rate and the value of the relevant taxable entity’s capital stock immediately before the ownership change. These change of ownership rules generally focus on ownership changes involving stockholders owning directly or indirectly 5% or more (the “5-Percent Shareholders”) of a company’s outstanding stock, including certain public groups of stockholders as set forth under Section 382, and those arising from new stock issuances and other equity transactions. We acquired Square 1 on October 6, 2015. As merger consideration, we issued approximately 18.1 million shares of common stock to the Square 1 stockholders. The issuance of these shares caused us to experience an ownership change under Section 382 of the Code. Consequently, the utilization of our net operating loss carryforwards, tax credits, and other tax attributes are subject to an annual limitation. We estimate that such annual limitation will not impose additional restriction on the anticipated usage of our existing tax attributes. At December 31, 2015 , we had approximately $200.4 million of unused federal net operating loss carryforwards that may be applied against future taxable income. If not used, these carryforwards will fully expire in 2031 . We had available at December 31, 2015 , approximately $1.0 billion of unused state net operating loss carryforwards that may be applied against future taxable income. The state net operating loss carryforwards will expire in varying amounts beginning in 2016 through 2035 . As of December 31, 2015 , for federal tax purposes, we had capital loss carryforwards of $82.3 million . If not used, these carryforwards will begin to expire in 2016 and will fully expire in 2018 . As of December 31, 2015 , for federal tax purposes, we had foreign tax credit carryforwards of $28.6 million . The foreign tax credit carryforwards are available to offset future federal taxable income. If not used, these carryforwards will begin to expire in 2016 and fully expire in 2021 . We also had Low Income Housing Tax Credit carryforwards of $7.1 million , which if not used, will begin to expire in 2034 and fully expire in 2035 . The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated: December 31, 2015 2014 (In thousands) Deferred Tax Assets: Book allowance for loan losses in excess of tax specific charge-offs $ 97,385 $ 100,981 Interest on nonaccrual loans 5,100 7,394 Deferred compensation 4,027 4,585 Premises and equipment, principally due to differences in depreciation 5,867 5,359 Foreclosed assets valuation allowance 6,479 7,353 Assets acquired in FDIC‑assisted acquisitions 2,319 10,217 State tax benefit 6,101 5,009 Net operating losses 125,678 207,575 Capital loss carryforwards 35,597 57,494 Accrued liabilities 40,733 36,115 Other — 6,254 Equity investments 16,712 8,666 Goodwill 37,423 44,372 Tax credits 35,874 32,183 Gross deferred tax assets 419,295 533,557 Valuation allowance (121,138 ) (130,282 ) Deferred tax assets, net of valuation allowance 298,157 403,275 Deferred Tax Liabilities: Core deposit and customer relationship intangibles 19,122 3,978 Deferred loan fees and costs 16,283 17,594 Unrealized gain on securities available‑for‑sale 19,224 17,926 FHLB stock 1,067 2,820 Subordinated debentures 39,242 40,369 Operating leases 40,029 34,136 Unrealized income from FDIC‑assisted acquisitions 7,543 2,041 Tax mark-to-market 17,087 — Other 12,171 — Gross deferred tax liabilities 171,768 118,864 Total net deferred tax asset $ 126,389 $ 284,411 Based upon our taxpaying history and estimates of taxable income over the years in which the items giving rise to the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences. The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated: Year Ended December 31, Unrecognized Tax Benefits: 2015 2014 (In thousands) Balance, beginning of year $ 20,501 $ — Increase related to CapitalSource Inc. merger — 18,724 Increase based on tax positions related to prior years 6,839 2,371 Reductions for tax positions related to prior years (4,789 ) — Reductions related to settlements (6,640 ) (293 ) Reductions for tax positions as a result of a lapse of the applicable statute of limitations (756 ) (301 ) Balance, end of year $ 15,155 $ 20,501 As of December 31, 2015 and 2014 , our unrecognized tax benefit that may affect the effective tax rate was $4.3 million and $2.4 million . Due to the potential for the resolution of federal and state examinations and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefits may decrease within the next twelve months by as much as $4.0 million . We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2015 , we reduced our accrual for interest expense and penalties and recognized $2.4 million in income related to these items. For the year ended December 31, 2014 , we accrued and recognized $0.2 million in interest expense and penalties. The amount of interest and penalties accrued and recognized for the year ended December 31, 2013 was minimal and immaterial to our financial results. We had $0.9 million and $3.3 million accrued for the payment of interest and penalties as of December 31, 2015 and 2014 . We file federal and state income tax returns with the Internal Revenue Service ("IRS") and various state, local and foreign jurisdictions and generally remain subject to examinations by these tax jurisdictions for tax years 2006 through 2014 . We are currently under examination by the IRS for tax years 2008 through 2012 and certain state jurisdictions for tax years 2006 through 2013 . |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 15. EARNINGS PER SHARE The following table presents the computation of basic and diluted net earnings per share for the years indicated: Year Ended December 31, 2015 2014 2013 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings from continuing operations $ 299,619 $ 170,468 $ 45,477 Less: earnings allocated to unvested restricted stock (1) (2,892 ) (1,959 ) (1,096 ) Net earnings from continuing operations allocated to common shares 296,727 168,509 44,381 Net loss from discontinued operations allocated to common shares — (1,545 ) (348 ) Net earnings allocated to common shares $ 296,727 $ 166,964 $ 44,033 Weighted-average basic shares and unvested restricted stock outstanding 107,401 87,871 42,506 Less: weighted-average unvested restricted stock outstanding (1,074 ) (1,018 ) (1,683 ) Weighted-average basic shares outstanding 106,327 86,853 40,823 Basic earnings per share: Net earnings from continuing operations $ 2.79 $ 1.94 $ 1.09 Net loss from discontinued operations — (0.02 ) (0.01 ) Net earnings $ 2.79 $ 1.92 $ 1.08 Diluted Earnings Per Share: Net earnings from continuing operations allocated to common shares $ 296,727 $ 168,509 $ 44,381 Net loss from discontinued operations allocated to common shares — (1,545 ) (348 ) Net earnings allocated to common shares $ 296,727 $ 166,964 $ 44,033 Weighted-average basic shares outstanding 106,327 86,853 40,823 Diluted earnings per share: Net earnings from continuing operations $ 2.79 $ 1.94 $ 1.09 Net loss from discontinued operations — (0.02 ) (0.01 ) Net earnings $ 2.79 $ 1.92 $ 1.08 ________________________ (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 Plan
Stock Based Compensation Plan | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 16. STOCK BASED COMPENSATION PLANS The Company’s 2003 Stock Incentive Plan as amended and restated, or the 2003 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of December 31, 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. The authorized amount includes 10,686,565 shares that were added to the 2003 Plan as a result of the CapitalSource Inc. merger. Such shares were available for grant under the former CapitalSource Inc. Equity Incentive Plan and remain available for: (a) former employees of CapitalSource Bank who remain employed with the Company, and (b) newly hired employees of the Company. As of December 31, 2015 , there were 12,978,460 shares available for grant under the 2003 Plan, of which 9,550,459 shares related to those added from the CapitalSource Inc. merger. Restricted Stock The following table presents a summary of restricted stock transactions for the years indicated: Number of Shares Weighted Average Grant Date Fair Value (Per Share) Unvested restricted stock, December 31, 2012 1,698,281 $30.68 Granted 673,900 $29.06 Shares vesting (819,461 ) $24.84 Forfeited (336,196 ) $48.92 Unvested restricted stock, December 31, 2013 1,216,524 $28.69 Granted 1,129,805 $40.37 Shares vesting (1,183,024 ) $28.53 Forfeited (54,800 ) $38.97 Unvested restricted stock, December 31, 2014 1,108,505 $40.24 Granted 501,622 $46.18 Shares vesting (318,220 ) $40.26 Forfeited (79,956 ) $41.88 Unvested restricted stock, December 31, 2015 1,211,951 $42.59 At December 31, 2015 , there were 1,211,951 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. For awards granted before December 11, 2014, time-based restricted common stock also vests immediately upon a change in control of the Company, as defined in the 2003 Plan, or upon death of the employee. For awards granted on or after December 11, 2014, time-based restricted stock are subject to "double-trigger" vesting, meaning that, in the event of a change in control of the Company, as defined in the 2003 Plan, and in the event an employee's employment is terminated by the Company without Cause or by the employee for Good Reason, as defined in the 2003 Plan, within 24 months after the change in control, such awards will vest, or upon death of the employee. In April 2014 , upon closing of the CapitalSource Inc. merger, 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. We recorded a $26.1 million charge to earnings for the vesting of such shares. Such amount is included in acquisition, integration and reorganization costs on the accompanying consolidated statements of earnings in 2014. The vesting date fair value of restricted stock awards that vested during 2015 , 2014 and 2013 were $14.7 million , $53.4 million and $30.9 million . 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 $15.0 million , $9.8 million (excluding accelerated vesting of restricted stock of $26.1 million ), and $8.5 million (excluding accelerated vesting of restricted stock of $12.4 million ) for the years ended December 31, 2015 , 2014 and 2013 . Such amounts are included in compensation expense on the accompanying consolidated statements of earnings. The income tax benefit recognized in the consolidated statements of earnings related to this expense was $5.6 million , $3.9 million , and $3.4 million for the years ended December 31, 2015 , 2014 and 2013 . The amount of unrecognized compensation expense related to all unvested restricted stock as of December 31, 2015 totaled $41.1 million . Such expense is expected to be recognized over a weighted average period of 1.6 years. The following table summarizes information about outstanding time-based restricted stock awards as of the date indicated: December 31, 2015 Weighted Weighted Average Weighted Average Number Grant Date Average Remaining of Shares Fair Value Fair Value (1) Contractual Outstanding (Per Share) (In thousands) Life (Years) Time-based restricted stock granted in: 2013 9,666 $35.26 $ 417 1.1 2014 711,633 $40.21 30,671 1.2 2015 490,652 $46.18 21,147 2.1 Outstanding time-based restricted stock awards 1,211,951 $42.59 $ 52,235 1.6 _________________________ (1) Determined using the $43.10 closing price of PacWest common stock on December 31, 2015 . |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans [Abstract] | |
Benefits Plans | NOTE 17. BENEFIT PLANS 401(K) Plans The Company sponsors a defined contribution plan for the benefit of its employees. Participants are eligible to participate immediately as long as they are scheduled to work a minimum of 1,000 hours and are at least 18 years of age. Eligible participants may contribute up to 60% of their annual compensation, not to exceed the dollar limit imposed by the Internal Revenue Code. Employer contributions are determined annually by the Board of Directors in accordance with plan requirements and applicable tax code. Expense related to 401(k) matching contributions was $2.8 million , $1.9 million and $1.3 million for the years ended December 31, 2015 , 2014 , and 2013 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Disclosure [Abstract] | |
Stockholders' Equity | NOTE 18. STOCKHOLDERS' EQUITY Treasury Shares As a Delaware corporation, the Company records treasury shares for shares surrendered to the Company resulting from statutory payroll tax obligations arising from the vesting of restricted stock. The Company purchased 180,822 treasury shares at a weighted average price of $46.46 per share, 493,890 treasury shares at a weighted average price of $45.16 per share and 351,640 treasury shares at a weighted average price of $38.50 per share for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Dividend Reinvestment We paid dividends on deferred shares until April 2015. The shares were deferred under a CapitalSource plan which was terminated, but due to 409A restrictions the shares remained deferred for a period of one year after termination. Dividends paid on deferred shares were used to purchase our common stock. During 2015 , we paid dividends of approximately $58,000 on deferred shares, which was used to purchase an additional 1,300 shares of our common stock. During 2014 , we paid approximately $115,000 on deferred shares, which was used to purchase an additional 2,583 shares of our common stock. |
Dividend Availability and Regul
Dividend Availability and Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Dividend Availability and Regulatory Matters [Abstract] | |
Dividend Availability and Regulatory Matters | NOTE 19. DIVIDEND AVAILABILITY AND REGULATORY MATTERS Holders of Company common stock may receive dividends declared by the Board of Directors out of funds legally available under state law governing the Company and certain federal laws and regulations governing the banking and financial services business. Our ability to pay dividends to our stockholders is subject to the restrictions set forth in Delaware General Corporation Law and certain covenants contained in our subordinated debentures and borrowing agreements. Notification to the FRB is also required prior to our declaring and paying dividends during any period in which our quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. Should the FRB object to payment of dividends, we would not be able to make the payment until approval is received or we no longer need to provide notice under applicable regulations. It is possible, depending upon the financial condition of the Bank, and other factors, that the FRB, the FDIC or the California Department of Business Oversight, Division of Financial Institutions (“DBO”), could assert that payment of dividends or other payments is an unsafe or unsound practice. Pacific Western is subject to restrictions under certain federal and state laws and regulations governing banks which limit its ability to transfer funds to the holding company through intercompany loans, advances or cash dividends. Dividends paid by California state-chartered banks such as Pacific Western are regulated by the DBO and FDIC under their general supervisory authority as it relates to a bank’s capital requirements. A state-chartered bank may declare a dividend without the approval of the DBO and FDIC as long as the total dividends declared in a calendar year do not exceed either the retained earnings or the total of net earnings for three previous fiscal years less any dividend paid during such period. During 2015 , PacWest received $214 million in dividends from the Bank. Since the Bank had a retained deficit of $609 million at December 31, 2015, for the foreseeable future, dividends from the Bank to PacWest will continue to require DBO and FDIC approval. PacWest, as a bank holding company, is subject to regulation by the FRB under the Bank Holding Company Act of 1956, as amended. The Federal Deposit Insurance Corporation Improvement Act of 1991 required that the federal regulatory agencies adopt regulations defining capital tiers for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off‑balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of common equity Tier 1, Tier 1, and total capital to risk‑weighted assets ("total capital ratio"), and of Tier I capital to average assets, adjusted for goodwill and other non-qualifying intangible assets and other assets (“leverage ratio”). Common equity Tier 1 capital includes common stockholders’ equity less goodwill and certain other deductions (including a portion of servicing assets and the after‑tax unrealized net gains and losses on securities available‑for‑sale). Tier 1 capital includes common equity Tier 1 plus additional Tier 1 capital instruments meeting certain requirements. Total capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. All three measures are stated as a percentage of risk‑weighted assets, which are measured based on their perceived credit risk and include certain off‑balance sheet exposures, such as unfunded loan commitments and letters of credit. Banks and bank holding companies considered to be “adequately capitalized” are required to maintain a minimum total capital ratio of 8.0% , a minimum Tier 1 capital ratio of 6.0% , a minimum common equity Tier 1 capital ratio of 4.5% , and a minimum leverage ratio of 4.0% . Banks and bank holding companies considered to be “well capitalized” must maintain a minimum total capital ratio of 10.0% , a minimum Tier 1 capital ratio of 8.0% , a minimum common equity Tier 1 capital ratio of 6.50% , and a minimum leverage ratio of 5.0% . As of December 31, 2015 , the most recent notification date to the regulatory agencies, the Company and the Bank are each “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s or any of the Bank’s categories. Management believes, as of December 31, 2015 , that the Company and the Bank met all capital adequacy requirements to which we are subject. Regulatory capital requirements limit the amount of deferred tax assets that may be included when determining the amount of regulatory capital. Deferred tax asset amounts in excess of the calculated limit are disallowed from regulatory capital. At December 31, 2015 , such disallowed amounts were $47.2 million for the Company and $0.2 million for the Bank. No assurance can be given that the regulatory capital deferred tax asset limitation will not increase in the future or that the Company or Bank will not have increased deferred tax assets that are disallowed. The following table presents actual capital amounts and ratios for the Company and the Bank as of the dates indicated: Actual Well Capitalized Minimum Requirement Excess Capital Amount Ratio Amount Ratio Amount (Dollars in thousands) December 31, 2015 Tier I leverage PacWest Bancorp Consolidated 2,164,152 11.67% 927,359 5.00% 1,236,793 Pacific Western Bank 2,057,546 11.40% 902,204 5.00% 1,155,342 Common equity Tier I capital PacWest Bancorp Consolidated 2,159,741 12.58% 1,116,069 6.50% 1,043,672 Pacific Western Bank 2,057,546 12.03% 1,111,913 6.50% 945,633 Tier I capital PacWest Bancorp Consolidated 2,164,152 12.60% 1,373,623 8.00% 790,529 Pacific Western Bank 2,057,546 12.03% 1,368,508 8.00% 689,038 Total capital PacWest Bancorp Consolidated 2,687,377 15.65% 1,717,029 10.00% 970,348 Pacific Western Bank 2,189,388 12.80% 1,710,635 10.00% 478,753 December 31, 2014 Tier I leverage PacWest Bancorp Consolidated 1,722,870 12.34% 698,109 5.00% 1,024,761 Pacific Western Bank 1,621,546 11.70% 693,174 5.00% 928,372 Tier I capital PacWest Bancorp Consolidated 1,722,870 13.16% 785,781 6.00% 937,089 Pacific Western Bank 1,621,546 12.46% 780,834 6.00% 840,712 Total capital PacWest Bancorp Consolidated 2,104,984 16.07% 1,309,635 10.00% 795,349 Pacific Western Bank 1,712,312 13.16% 1,301,390 10.00% 410,922 We have outstanding subordinated debentures issued to trusts that were established by us or entities that we have acquired, which, in turn, issued trust preferred securities. The amount of subordinated debentures totaled $436.0 million at December 31, 2015 . At December 31, 2015 , $32.8 million of the trust preferred securities was included in the Company's Tier I capital and $391.4 million was included in Tier II capital. Interest payments on subordinated debentures are considered dividend payments under the FRB regulations and subject to the same notification requirements for declaring and paying dividends on common stock. |
Condensed Financial Information
Condensed Financial Information Of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | NOTE 20. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings and condensed statements of cash flows as of and for the years indicated: Parent Company Only December 31, Condensed Balance Sheets: 2015 2014 (In thousands) Assets: Cash and due from banks $ 416,970 $ 309,220 Investments in subsidiaries 3,980,537 3,105,283 Other assets 153,991 226,321 Total assets $ 4,551,498 $ 3,640,824 Liabilities: Subordinated debentures $ 133,812 $ 133,232 Other liabilities 19,995 1,362 Total liabilities 153,807 134,594 Stockholders’ equity 4,397,691 3,506,230 Total liabilities and stockholders’ equity $ 4,551,498 $ 3,640,824 Parent Company Only December 31, Condensed Statement of Earnings: 2015 2014 2013 (In thousands) Miscellaneous income $ 1,458 $ 122 $ 104 Acquisition‑related securities gain — — 5,222 Dividends from Bank subsidiary 214,000 137,000 48,000 Total income 215,458 137,122 53,326 Interest expense 4,279 4,211 3,796 Operating expenses 6,983 8,105 6,061 Total expenses 11,262 12,316 9,857 Earnings before income taxes and equity in undistributed earnings of subsidiaries 204,196 124,806 43,469 Income tax benefit 4,225 5,164 4,038 Earnings before equity in undistributed earnings of subsidiaries 208,421 129,970 47,507 Equity in undistributed earnings (losses) of subsidiaries 91,198 38,935 (2,392 ) Net earnings $ 299,619 $ 168,905 $ 45,115 Parent Company Only December 31, Condensed Statements of Cash Flows: 2015 2014 2013 (In thousands) Cash flows from operating activities: Net earnings $ 299,619 $ 168,905 $ 45,115 Adjustments to reconcile net earnings to net cash provided by operating activities: Acquisition‑related securities gain — — (5,222 ) Change in other assets 145,708 25,515 (609 ) Change in liabilities 9,115 310 4,932 Tax effect in stockholders’ equity of restricted stock vesting 841 4,625 (364 ) Earned stock compensation 14,994 41,099 441 Equity in undistributed (earnings) losses of subsidiaries (91,198 ) (38,935 ) 2,392 Net cash provided by operating activities 379,079 201,519 46,685 Cash flows from investing activities: Net cash and cash equivalents acquired in acquisition 3,021 226,960 857 Net cash provided by investing activities 3,021 226,960 857 Cash flows from financing activities: Tax effect in stockholders’ equity of restricted stock vesting (841 ) (4,625 ) 364 Restricted stock surrendered (8,400 ) (22,307 ) (13,537 ) Increase in note receivable (50,000 ) — — Cash dividends paid, net (215,110 ) (114,162 ) (41,006 ) Net cash used in financing activities (274,351 ) (141,094 ) (54,179 ) Net increase (decrease) in cash and cash equivalents 107,749 287,385 (6,637 ) Cash and cash equivalents, beginning of year 309,220 21,835 28,472 Cash and cash equivalents, end of year $ 416,969 $ 309,220 $ 21,835 Supplemental disclosure of noncash investing and financing activities: Common stock issued for acquisitions $ 797,433 $ 2,594,070 $ 242,268 |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 22. RELATED PARTY TRANSACTIONS Castle Creek Financial LLC, or Castle Creek Financial, is an affiliate of Castle Creek Capital LLC, which the Company's Chairman of the Board, Mr. Eggemeyer, is co-founder and chief executive. During 2014, the Bank paid an advisory fee of $9 million to Castle Creek Financial in connection with the CapitalSource Inc. merger. During 2013, the Bank paid an advisory fee of $1.3 million to Castle Creek Financial in connection with the FCAL acquisition. On August 6, 2014, the services agreement dated May 8, 2011, between the Company and Castle Creek Financial was terminated. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 23. SUBSEQUENT EVENTS On February 1, 2016 , 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 February 29, 2016 to stockholders of record at the close of business on February 16, 2016 . We have evaluated events that have occurred subsequent to December 31, 2015 and have concluded there are no subsequent events that would require recognition in the accompanying consolidated financial statements. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | 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 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 December 31, 2015 , we had total assets of $21.3 billion , gross loans and leases of $14.5 billion , total deposits of $15.7 billion and total stockholders' equity of $4.4 billion . We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 80 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country. We provide commercial banking services, including real estate, construction, and commercial loans and leases, and comprehensive deposit and treasury management services to small and middle market businesses. We offer products and services under the brand names of Pacific Western as well as its business groups, CapitalSource and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to established middle-market businesses on a national basis. Square 1 Bank focuses on providing a comprehensive suite of financial products tailored to service entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser, provides investment advisory and asset management services to select clients. 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 Pacific Western 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 are the interest paid by the Bank on deposits and borrowings, compensation and general operating expenses. We have completed 28 acquisitions from May 1, 2000 through December 31, 2015 , including the acquisition of Square 1 Financial, Inc. ("Square 1") on October 6, 2015 . 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 4. Acquisitions , for more information about the Square 1 acquisition, the CapitalSource Inc. merger, and the acquisition of First California Financial Group, Inc. ("FCAL") on May 31, 2013 . |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (a) 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 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 Accounting, Policy [Policy Text Block] | The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. All significant intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the carrying value of the FDIC loss sharing asset, and the realization of deferred tax assets. As described in Note 4. Acquisitions , below, we completed the Square 1 acquisition on October 6, 2015 , the CapitalSource Inc. merger on April 7, 2014 , and the acquisition of FCAL on May 31, 2013 . The acquired assets and liabilities in each of these acquisitions were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in each of these transactions. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the consolidated balance sheets, the "Other assets" category includes "FDIC loss sharing asset," which was previously reported as a separate category. For the loan portfolio segment disclosures: (1) the "Real estate mortgage" loan portfolio segment was divided into two new loan classes, "Commercial" and "Residential;" the new "Commercial" loan class includes the "Hospitality" and "SBA" loan classes that were previously reported separately, as well as the portion of the "Other" loan class related to commercial real estate loans, while the new "Residential" loan class includes the portion of the "Other" loan class related to residential real estate loans, (2) the "Cash flow" loan class of the "Commercial" loan portfolio segment includes the "Unsecured" and "SBA" loan classes that were previously reported separately, and (3) the "Asset-based" loan class of the "Commercial" loan portfolio segment includes the "Collateralized" loan class that was previously reported separately. The operating segments previously reported have been aggregated to one segment to conform to the current period's presentation format. These reclassifications do not affect previously reported net income. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of cash, due from banks, and interest‑earning deposits in financial institutions. Interest‑earning assets in financial institutions represent mostly cash held at the Federal Reserve Bank of San Francisco (“FRBSF”), the majority of which is immediately available. |
Investment Securities | Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity. Investment securities held‑to‑maturity are stated at amortized cost. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired; consequently, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in Federal Home Loan Bank of San Francisco, or "FHLB," stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. |
Loans and Leases | Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Acquired non‑impaired loans, together with originated loans, are referred to as non‑purchased credit impaired (“Non‑PCI”) loans. Purchase discount or premium on acquired non‑impaired loans is recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold. Purchased credit impaired loans. Purchased credit impaired (“PCI”) loans are accounted for in accordance with ASC Subtopic 310‑30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. For PCI loans, at the time of acquisition we (i) calculated the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (ii) estimated 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 nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolios; 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 excess of the undiscounted expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. PCI loans that are contractually past due are still considered to be accruing and performing as long as there is an expectation that the estimated cash flows will be received. If the timing and amount of cash flows is uncertain, then cash payments received will be recognized as a reduction of the recorded investment. As part of the fair value process and the subsequent accounting, the Company aggregates PCI loans into pools having common credit risk characteristics such as type and risk rating. Increases in expected cash flows over those previously estimated increase the accretable yield and are recognized as interest income prospectively. Decreases in the amount and changes in the timing of expected cash flows compared to those previously estimated decrease the accretable yield and usually result in a provision for loan losses and the establishment of an allowance for loan losses. As the accretable yield increases or decreases from changes in cash flow expectations, the offset is a decrease or increase to the nonaccretable difference. The accretable yield is measured at each financial reporting date based on information then currently available and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. Leases. We provide equipment financing to our customers through a variety of lease arrangements. The most common arrangement is a direct financing (capital) lease. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized over the weighted average life of the lease portfolio. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. Operating leases represents a line of business where we purchase equipment which is then leased to our customers. We receive periodic rental income payments, which are recorded as noninterest income, and the equipment remains on our balance sheet and is depreciated in line with our fixed asset accounting policy. Leases in process. We offer “progress funding” which works similarly to a bridge loan by financing an item to be leased during the construction or build phase. Lessees pay interest on the amount advanced to fund a project at an interest rate implicit in the master lease agreement; such income is deferred until the project funding is complete. The amount of funding advanced during the progress funding period is recorded in other assets. At the end of the progress funding period, we either (i) enter into a lease agreement with the lessee and the deferred income is accreted to interest income using an effective yield method over the life of the lease, or (ii) sell the lease to a third party lender and recognize the deferred income as part of any gain or loss on such sale. Loans and Leases Held for Sale. As part of our management of the loans and leases held in our portfolio, we will occasionally transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. Gains or losses on the sale of these loans are recorded in noninterest income. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more; delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on nonaccrual loans is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectable. Loans are restored to accrual status when the loans become both well‑secured and are in the process of collection. Leases are designated as nonaccrual leases when the recognition of interest has been discontinued. The recognition of interest on leases is discontinued when a lessee’s payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability. Interest on nonaccrual leases is subsequently recognized only to the extent that cash is received and the lease balance is deemed collectable. Leases are restored to accrual status when the leases become both well-secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan by using the estimated fair value of the collateral, less estimated costs to sell, including senior obligations such as delinquent property taxes, if the loan is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s effective interest rate if the loan is not collateral‑dependent. The impairment amount on a collateral‑dependent loan is charged‑off to the allowance and the impairment amount on a loan that is not collateral‑dependent is set up as a specific reserve. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease’s effective interest rate. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All loan modifications are evaluated on an individual basis to determine whether such modifications meet the criteria to be classified as a troubled debt restructuring under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured at a rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or mitigating circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate. |
Allowance for Credit Losses | Allowances for Credit Losses Allowance for credit losses on Non‑PCI loans and leases. The allowance for credit losses on non-purchased credit impaired ("Non-PCI") loans and leases is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities." The following discussion is for Non-PCI loans and leases and the allowance for credit losses thereon. For the allowance policy on purchased credit impaired loans and leases, refer to "— Allowance for Credit Losses on Purchased Credit Impaired Loans. " For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that arise after the acquisition date. The allowance for loan and lease losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our continual review of the credit quality of the loan and lease portfolio, which includes loan and lease payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to pay. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses contains a general reserve component for loans and leases not considered impaired and a specific reserve component for loans and leases determined to be impaired. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans for impairment on an on-going basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan based upon the fair value of the loan’s collateral if the loan is collateral-dependent or the present value of cash flows, discounted at the loan’s effective interest rate, if the loan is not collateral-dependent. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease's effective interest rate. To the extent a loan or lease exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon the certainty of the estimate of loss. Smaller balance loans (under $250,000 ), with a few exceptions for certain loan types, are generally not assessed individually for impairment but are evaluated collectively. The methodology we use to estimate the general reserve component of our allowance for credit losses considers both objective and subjective criteria. The objective criteria uses our actual historical loan and lease charge-off experience on pools of similar loans and leases to establish loss factors that are applied to our current loan and lease balances to estimate inherent credit losses. The estimation of the allowance for credit losses at December 31, 2015 considered actual historical loan and lease charge-off experience over a 23 -quarter look-back period starting with the first quarter of 2010. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination. The estimation of the allowance for credit losses at December 31, 2014 considered actual historical loan and lease charge-off experience over a five -year period starting with the fourth quarter of 2009. The increase in the historical look-back period from five -years or 20 quarters at December 31, 2014 to 23 quarters at December 31, 2015 allows the look-back period to capture sufficient loss observations and is relevant to the current portfolio; in a good economic cycle with less frequent loss events, a longer look-back period is more appropriate to reflect the level of incurred losses. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for loan and lease losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the ratings assigned to loans on an on-going basis. The subjective criteria considered when establishing the loss factors include the following: • current economic trends and forecasts; • current commercial real estate values, performance trends, and overall outlook in the markets where we lend; • legal and regulatory matters that could impact our borrowers’ ability to repay our loans; • our loan portfolio composition and any loan concentrations; • our current lending policies and the effects of any new policies or policy amendments; • our new loan origination volume and the nature of it; • our loan portfolio credit performance trends; and • the results of our on-going independent credit review. The reserve for unfunded commitments is estimated using the same loss factors as used for the allowance for loan and lease losses and is computed based only on the expected usage of the unfunded commitments. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard” or “doubtful” and defined as follows: • Pass: Loans and leases classified as "pass" are not adversely classified and collection and repayment in full is expected. • Special Mention: Loans and leases classified as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. • Substandard: Loans and leases classified as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. • Doubtful: Loans and leases classified as "doubtful" have all the weaknesses of those classified as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. In addition, we may refer to the loans and leases with a credit risk rating of either "substandard" or "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 7. Loans and Leases. Management believes that the allowance for credit losses is appropriate for the known and inherent risks in our Non-PCI loan and lease portfolio and that the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of documentation deficiencies, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified and impaired loans and leases may increase. Higher levels of classified and impaired loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb related losses in the future. Our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Our regulators may require the Company to recognize additions to the allowance based on their judgments related to information available to them at the time of their examinations. Allowance for credit losses on PCI loans. The PCI loans are subject to our internal and external credit review. If deterioration in the expected cash flows results in a reserve requirement, a provision for credit losses is charged to earnings. For PCI loans, the allowance for loan losses is measured at the end of each financial reporting period based on expected cash flows. Decreases or increases in the amount and changes in the timing of expected cash flows on the PCI loans as of the financial reporting date compared to those previously estimated are usually recognized by recording a provision or a negative provision for credit losses on such loans. |
FDIC Loss-Share Agreements | FDIC Loss Sharing Asset The FDIC loss sharing asset relates to assets covered by the loss sharing agreements between the Bank and the FDIC arising from the acquisitions of Affinity Bank ("Affinity") and Los Padres Bank ("Los Padres") and, through the FCAL acquisition, the assumption of the loss sharing agreements between First California Bank and the FDIC arising from FCB’s acquisition of Western Commercial Bank ("Western Commercial") and San Luis Trust Bank ("San Luis"). The FDIC loss sharing assets related to Western Commercial and San Luis were measured at their fair value as of May 31, 2013 in conjunction with the FCAL acquisition. The FDIC loss sharing assets related to Los Padres and Affinity were measured at their estimated fair value at their respective acquisition dates. An increase in the expected amount of losses on the covered assets will increase the FDIC loss sharing asset; such increase is recognized through a credit to FDIC loss sharing income. Recoveries on previous losses paid to us by the FDIC reduce the FDIC loss sharing asset by a charge to FDIC loss sharing income. In addition, decreases in the expected amount of losses on covered assets will decrease the amount of funds expected to be collected from the FDIC and will therefore reduce the FDIC loss sharing asset through higher prospective amortization expense. The FDIC loss sharing asset is being amortized to its estimated value over the lesser of the term of the loss sharing agreements or the remaining contractual life of the assets covered by the loss sharing agreements. 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 other liabilities in the accompanying consolidated balance sheets. Under the terms of the Affinity loss sharing agreement, the FDIC will (a) absorb 80% of losses and receive 80% of loss recoveries on the first $234 million of losses on covered assets and (b) absorb 95% of losses and receive 95% of loss recoveries on losses exceeding $234 million . The Affinity loss sharing provisions expired in the third quarter of 2014 for non single-family covered assets and will expire in the third quarter of 2019 for single family covered assets, while the related loss recovery provisions will expire in the third quarters of 2017 and 2019 , respectively. Under the terms of the Los Padres loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets. The Los Padres loss sharing provisions expired in the third quarter 2015 for non-single family covered assets and will expire in the third quarter of 2020 for single family covered assets while the related loss recovery provisions will expire in the third quarters of 2018 and 2020 , respectively. Under the terms of the Western Commercial loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets; all of which were deemed to be non‑single family. The Western Commercial loss sharing provision expired in the fourth quarter of 2015 , while the related loss recovery provision will expire in the fourth quarter of 2018 . Under the terms of the San Luis loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets. The San Luis loss sharing provisions will expire in the first quarters of 2016 and 2021 for non‑single family and single family covered assets, respectively, while the related loss recovery provisions will expire in the first quarters of 2019 and 2021 , respectively. |
Land, Premises and Equipment | Land, Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is charged to noninterest expense using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives of furniture, fixtures and equipment range from 3 to 7 years and for buildings up to 35 years. Leasehold improvements are amortized over their estimated useful lives, or the life of the lease, whichever is shorter. |
Foreclosed Assets | Foreclosed Assets Foreclosed assets include other real estate owned, or OREO, and repossessed non-real estate assets. Foreclosed assets are initially recorded at the estimated fair value of the property, based on current independent appraisals obtained at the time of acquisition, less estimated costs to sell, including senior obligations such as delinquent property taxes. The excess of the recorded loan balance over the estimated fair value of the property at the time of acquisition less estimated costs to sell is charged to the allowance for loan losses. Any subsequent write‑downs are charged to noninterest expense and recognized through a foreclosed assets valuation allowance. Subsequent increases in the fair value of the asset less selling costs reduce the foreclosed assets valuation allowance, but not below zero, and are credited to noninterest expense. Gains and losses on the sale of foreclosed assets and operating expenses of such assets are also included in noninterest expense. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Any interest or penalties assessed by the taxing authorities is classified in the financial statements as income tax expense. Deferred tax assets and liabilities, net of valuation allowances, are grouped together and reported net on the consolidated balance sheets. On a quarterly basis, the Company evaluates its deferred tax assets to assess whether they are expected to be realized in the future. This determination is based on currently available facts and circumstances, including our current and projected future tax positions, the historical level of our taxable income, and estimates of our future taxable income. In most cases, the realization of deferred tax assets is based on our future profitability. To the extent our deferred tax assets are no longer considered more likely than not to be realized, we could be required to record a valuation allowance on our deferred tax assets by charging earnings. The Company also evaluates existing valuation allowances periodically to determine if sufficient evidence exists to support an increase or reduction in the allowance. |
Goodwill and Intangible Assets | 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. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to noninterest expense in the consolidated statement of earnings. Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values and reviewed for impairment at least quarterly. Core deposit intangible assets, which we refer to as CDI, and customer relationship intangible assets, which we refer to as CRI, are recognized apart from goodwill at the time of acquisition based on market valuations prepared by independent third parties. In preparing such valuations, the third parties consider variables such as deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 7 to 10 years. CRI assets are amortized to expense over their useful lives, which we have estimated to range from 4 to 5 years. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. Both CDI and CRI are reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of either CDI or CRI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset’s fair value at that time. If the fair value is below the carrying value, then the intangible asset is reduced to such fair value; an impairment loss for such amount would be recognized as a charge to noninterest expense in the consolidated statement of earnings. |
Stock-based Compensation | Stock‑Based Compensation Compensation expense related to awards of time-based restricted stock 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. Unvested restricted stock participates with common stock in any dividends declared and paid. Dividends paid on unvested restricted stock awards expected to vest and the related tax benefits are included as a net reduction to stockholders’ equity. Dividends paid on unvested restricted stock not expected to vest are charged to compensation expense. |
Business Segments | (t) Business Segments We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. From the second quarter of 2012 to the third quarter of 2015, we operated as three reportable segments: Community Banking, National Lending (formerly Asset Financing) and Other. As a result of the Square 1 Financial, Inc. acquisition, along with changes in personnel, reporting structure, and operations, we re-evaluated our segment reporting for year-end 2015. As of December 31, 2015, we operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the discrete financial information reviewed by our key decision makers. Through our network of banking offices nationwide, our entire operations provide relationship-based banking products, services and solutions for small to mid-sized companies, entrepreneurial businesses and their venture capital and private equity investors, real estate investors, professionals and other individuals. Our products and services include commercial real estate, multi-family, commercial business, construction and land, consumer and government-guaranteed small business loans, business and personal deposit products, and treasury cash management services. The decision to combine our three reportable segments was made to align the segment reporting with the changes in our operations and reporting structure, consistent with the level of information reviewed by our key decision makers. |
Derivatives, Policy [Policy Text Block] | (o) Derivative Instruments Our derivative contracts primarily manage the foreign currency risk associated with certain assets. As of December 31, 2015 , all of our derivatives were held for risk management purposes and none were designated as accounting hedges. The objective is to manage the uncertainty of future foreign exchange rate fluctuations. These forward exchange contracts provide for a fixed exchange rate which has the effect of reducing or eliminating changes to anticipated cash flows to be received from loan transactions denominated in foreign currencies as the result of changes to exchange rates. Our derivatives are recorded in other assets or other liabilities, as appropriate. The changes in fair value of our derivatives and the related interest are recognized in other income. At December 31, 2015 , our derivative contracts had a notional value of $87.1 million . Derivative instruments expose us to credit risk in the event of nonperformance by counterparties to such agreements. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage the credit risk associated with various derivative agreements through counterparty credit review and monitoring procedures. |
Equity Method Investments, Policy [Policy Text Block] | Investments That Do Not Have Readily Determinable Fair Values Investments in common or preferred stock that are not publicly traded and/or do not have a readily determinable fair value are accounted for pursuant to the equity method of accounting if we have the ability to significantly influence the operating and financial policies of an investee. This is generally presumed to exist when we own between 20% and 50% of a corporation, or when we own greater than 5% of a limited partnership or similarly structured entity. Our investment carrying values are included in other assets and our share of earnings and losses in equity method investees is included in other income. If we do not have significant influence over the investee, the cost method is used to account for the equity interest. For investments accounted for using the cost or equity method of accounting, management evaluates information such as budgets, business plans, and financial statements of the investee in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline in value include, but are not limited to, recurring operating losses and credit defaults. We compare the estimated fair value of each investment to its carrying value quarterly. For any of our investments in which the estimated fair value is less than its carrying value, we consider whether the impairment of that investment is other-than-temporary. If we determine that an investment has sustained an other-than-temporary decline in its value, the equity interest is written down to its estimated fair value through other income and a new carrying value for the investment is established. Realized gains or losses resulting from the sale of investments are calculated using the specific identification method and are included in other income. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net earnings and net unrealized gains (losses) on securities available‑for‑sale, net, and is presented in the consolidated statements of comprehensive income. |
Earnings Per Share | Earnings Per Share In accordance with ASC Topic 260, “ Earnings Per Share ,” all outstanding unvested share‑based payment awards that contain rights to nonforfeitable dividends are considered participating securities and are included in the two‑class method of determining basic and diluted earnings per share. All of our unvested restricted stock participates with our common stockholders in dividends. Accordingly, earnings allocated to unvested restricted stock are deducted from net earnings to determine that amount of earnings available to common stockholders. In the two‑class method, the amount of our earnings available to common stockholders is divided by the weighted average shares outstanding, excluding any unvested restricted stock, for both the basic and diluted earnings per share. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “ Business Combinations .” Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of earnings from the date of acquisition. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. |
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 which allow for vesting after the requisite service period 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 2015-02 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. ASU 2015-03 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. Early adoption is permitted for financial statements that have not already been issued and 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, debt issuance costs related to line-of-credit arrangements are to be capitalized as an asset and amortized 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 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. In January 2016, the FASB issued ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ," which will significantly change the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. For equity investments with readily determinable fair values, entities must measure these investments at fair value and recognized changes in fair value in net income. For equity investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost adjusted for changes in observable prices minus impairment. Changes in measurement under either alternative must be recognized in net income. ASU 2016-01 will be effective for annual and interim periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2016-01 will have on its financial statements and related disclosures. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following assets acquired and liabilities assumed of the acquired entities are presented at estimated fair value as of their respective acquisition dates: Acquisition and Date Acquired Square 1 Financial, Inc. CapitalSource Inc. First California Financial Group October 6, 2015 April 7, 2014 May 31, 2013 (In thousands) Assets Acquired: Cash and due from banks $ 24,867 $ 768,553 $ 6,124 Interest‑earning deposits in financial institutions 236,069 60,612 266,889 Investment securities available‑for‑sale 2,193,538 382,797 4,444 FHLB stock 2,787 46,060 9,518 Loans and leases 1,553,720 6,877,427 1,049,613 Equipment leased to others under operating leases — 160,015 — Premises and equipment 1,927 12,663 15,322 Foreclosed assets — 6,382 13,772 FDIC loss sharing asset — — 17,241 Income tax assets — 304,856 33,360 Goodwill 447,911 1,526,282 129,070 Core deposit and customer relationship intangibles 45,426 6,720 7,927 Other assets 106,757 582,985 27,576 Total assets acquired $ 4,613,002 $ 10,735,352 $ 1,580,856 Liabilities Assumed: Noninterest‑bearing deposits $ 2,549,000 $ 4,631 $ 361,166 Interest‑bearing deposits 1,240,635 6,236,419 739,713 Other borrowings — 992,109 — Subordinated debentures — 300,918 24,061 Discontinued operations — — 184,619 Accrued interest payable and other liabilities 25,934 124,087 19,729 Total liabilities assumed $ 3,815,569 $ 7,658,164 $ 1,329,288 Total consideration paid $ 797,433 $ 3,077,188 $ 251,568 Summary of consideration: Cash paid $ — $ 483,118 $ — PacWest common stock issued 797,433 2,594,070 242,268 Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) — — 9,300 Total $ 797,433 $ 3,077,188 $ 251,568 |
Business Acquisition, Integration, Restructuring and Other Related Costs | The following table presents acquisition, integration and reorganization costs by major category for the years indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Acquisition, Integration and Reorganization Costs: Severance and employee-related (1) $ 10,550 $ 57,868 $ 21,497 System conversion and integration 4,246 1,868 3,829 Asset write-downs, lease terminations and other facilities-related 125 6,353 3,212 Asset financing segment reorganization — 10,073 — Investment banking deal costs 1,050 16,117 5,309 Other (legal, accounting, insurance, consulting) 5,276 8,737 6,965 Total acquisition, integration and reorganization costs $ 21,247 $ 101,016 $ 40,812 __________________ (1) Amount includes $26.1 million in 2014 and $12.4 million in 2013 for accelerated vesting of restricted stock awards. |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure | The following table presents the changes in the carrying amount of goodwill for the years indicated: Goodwill (In thousands) Balance, December 31, 2012 $ 79,866 Adjustment to APB goodwill (193 ) Addition from the FCAL acquisition 129,070 Balance, December 31, 2013 208,743 Addition from the CapitalSource Inc. merger 1,518,381 Write-off due to the asset financing segment reorganization (6,645 ) Balance, December 31, 2014 1,720,479 Adjustment to acquired CapitalSource Inc. deferred tax assets 7,901 Addition from the Square 1 acquisition 447,911 Balance, December 31, 2015 $ 2,176,291 |
Intangible Assets Disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of year $ 53,090 $ 48,963 $ 45,412 Additions due to acquisitions 45,426 6,720 7,927 Fully amortized portion (2,992 ) (1,293 ) (4,376 ) Write-off due to the asset financing segment reorganization — (1,300 ) — Balance, end of year 95,524 53,090 48,963 Accumulated Amortization: Balance, beginning of year (35,886 ) (31,715 ) (30,689 ) Additions (9,410 ) (6,268 ) (5,402 ) Fully amortized portion 2,992 1,293 4,376 Write-off due to the asset financing segment reorganization — 804 — Balance, end of year (42,304 ) (35,886 ) (31,715 ) Net CDI and CRI, end of year $ 53,220 $ 17,204 $ 17,248 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 Security Type: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (In thousands) Residential mortgage-backed securities: Government agency and government-sponsored enterprise pass-through securities $ 759,881 $ 12,075 $ (4,159 ) $ 767,797 $ 515,902 $ 20,142 $ (372 ) $ 535,672 Government agency and government-sponsored enterprise collateralized mortgage obligations 486,065 3,584 (3,410 ) 486,239 275,513 3,513 (1,080 ) 277,946 Covered private label collateralized mortgage obligations 24,113 5,794 (125 ) 29,782 26,889 7,153 (95 ) 33,947 Other private label collateralized mortgage obligations 115,952 43 (981 ) 115,014 10,961 46 (93 ) 10,914 Municipal securities 1,508,968 39,435 (1,072 ) 1,547,331 521,499 15,899 (1,282 ) 536,116 US Treasury securities 70,196 — (816 ) 69,380 — — — — Corporate debt securities 49,047 327 (950 ) 48,424 110,074 597 (562 ) 110,109 Collateralized loan obligations 133,192 128 (1,131 ) 132,189 — — — — SBA securities 211,946 41 (830 ) 211,157 — — — — Government-sponsored enterprise debt securities 36,302 611 — 36,913 36,232 525 — 36,757 Asset-backed and other securities 116,723 119 (1,631 ) 115,211 25,801 33 (118 ) 25,716 Total $ 3,512,385 $ 62,157 $ (15,105 ) $ 3,559,437 $ 1,522,871 $ 47,908 $ (3,602 ) $ 1,567,177 |
Unrealized losses on investment securities | Unrealized Losses on Investment Securities 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: December 31, 2015 Less Than 12 Months 12 Months or More Total Security Type: Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses (In thousands) Residential mortgage-backed securities: Government agency and government- sponsored enterprise pass-through securities $ 391,642 $ (3,893 ) $ 9,342 $ (266 ) $ 400,984 $ (4,159 ) Government agency and government- sponsored enterprise collateralized mortgage obligations 314,284 (2,769 ) 14,230 (641 ) 328,514 (3,410 ) Covered private label collateralized mortgage obligations 1,354 (57 ) 568 (68 ) 1,922 (125 ) Other private label collateralized mortgage obligations 92,179 (943 ) 1,070 (38 ) 93,249 (981 ) Municipal securities 126,892 (1,061 ) 531 (11 ) 127,423 (1,072 ) US Treasury securities 69,380 (816 ) — — 69,380 (816 ) Corporate debt securities 29,379 (950 ) — — 29,379 (950 ) Collateralized loan obligations 100,993 (1,131 ) — — 100,993 (1,131 ) SBA securities 179,942 (830 ) — — 179,942 (830 ) Asset-backed and other securities 71,619 (1,182 ) 16,091 (449 ) 87,710 (1,631 ) Total $ 1,377,664 $ (13,632 ) $ 41,832 $ (1,473 ) $ 1,419,496 $ (15,105 ) December 31, 2014 Less Than 12 Months 12 Months or More Total Security Type: Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized 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 ) Asset-backed and 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. December 31, 2015 Maturity: Amortized Cost Estimated Fair Value (In thousands) Due in one year or less $ 12,844 $ 12,677 Due after one year through five years 303,622 304,163 Due after five years through ten years 658,572 664,076 Due after ten years 2,537,347 2,578,521 Total securities available-for-sale $ 3,512,385 $ 3,559,437 |
Investment Income | The following table presents the composition of our interest income on investment securities for the years indicated: Year Ended December 31, 2015 2014 2013 (In thousands) Taxable interest $ 35,103 $ 30,135 $ 23,542 Non-taxable interest 25,219 13,597 11,777 Dividend income 4,046 3,613 1,604 Total interest income on investment securities $ 64,368 $ 47,345 $ 36,923 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 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 $ 5,706,903 $ 168,725 $ 5,875,628 $ 5,347,197 $ 256,489 $ 5,603,686 Real estate construction and land 534,307 2,656 536,963 312,792 6,924 319,716 Commercial 7,977,067 17,415 7,994,482 5,852,420 27,155 5,879,575 Consumer 120,793 299 121,092 101,423 284 101,707 Total gross loans and leases 14,339,070 189,095 14,528,165 11,613,832 290,852 11,904,684 Deferred fees and costs (49,861 ) (50 ) (49,911 ) (22,191 ) (61 ) (22,252 ) Total loans and leases, net of deferred fees 14,289,209 189,045 14,478,254 11,591,641 290,791 11,882,432 Allowance for loan and lease losses (105,534 ) (9,577 ) (115,111 ) (70,456 ) (13,999 ) (84,455 ) Total net loans and leases $ 14,183,675 $ 179,468 $ 14,363,143 $ 11,521,185 $ 276,792 $ 11,797,977 |
CV of Loans Held for Investment by Class by Classified and Nonclassiified | 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. December 31, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage: Commercial $ 98,436 $ 4,453,522 $ 4,551,958 $ 86,573 $ 4,343,313 $ 4,429,886 Residential 12,627 1,123,478 1,136,105 10,413 896,631 907,044 Total real estate mortgage 111,063 5,577,000 5,688,063 96,986 5,239,944 5,336,930 Real estate construction and land: Commercial 571 342,789 343,360 3,346 210,691 214,037 Residential 1,395 182,965 184,360 402 96,326 96,728 Total real estate construction and land 1,966 525,754 527,720 3,748 307,017 310,765 Commercial: Cash flow 183,726 2,878,542 3,062,268 87,851 2,551,085 2,638,936 Asset-based 19,340 2,528,193 2,547,533 33,980 2,200,058 2,234,038 Equipment finance 54,054 836,295 890,349 15,973 953,516 969,489 Venture capital 19,105 1,433,322 1,452,427 — — — Total commercial 276,225 7,676,352 7,952,577 137,804 5,704,659 5,842,463 Consumer 2,500 118,349 120,849 4,073 97,410 101,483 Total Non-PCI loans and leases $ 391,754 $ 13,897,455 $ 14,289,209 $ 242,611 $ 11,349,030 $ 11,591,641 |
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 years indicated: Year Ended December 31, 2015 Real Estate Mortgage Real Estate Construction and Land Commercial Consumer Total Non-PCI Total PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of year $ 25,097 $ 4,248 $ 39,858 $ 1,253 $ 70,456 $ 13,999 $ 84,455 Charge-offs (2,489 ) — (13,354 ) (156 ) (15,999 ) (1,772 ) (17,771 ) Recoveries 3,582 1,082 3,399 410 8,473 150 8,623 Provision (negative provision) 10,464 1,807 31,179 (846 ) 42,604 (2,800 ) 39,804 Balance, end of year $ 36,654 $ 7,137 $ 61,082 $ 661 $ 105,534 $ 9,577 $ 115,111 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 1,458 $ 26 $ 17,622 $ 157 $ 19,263 Collectively evaluated for impairment $ 35,196 $ 7,111 $ 43,460 $ 504 $ 86,271 Acquired loans with deteriorated credit quality $ 9,577 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 83,944 $ 8,003 $ 74,680 $ 1,672 $ 168,299 Collectively evaluated for impairment $ 5,604,119 $ 519,717 $ 7,877,897 $ 119,177 $ 14,120,910 Acquired loans with deteriorated credit quality $ 189,045 Ending balance of loans and leases $ 5,688,063 $ 527,720 $ 7,952,577 $ 120,849 $ 14,289,209 $ 189,045 $ 14,478,254 Year Ended December 31, 2014 Real Estate Mortgage Real Estate Construction and Land Commercial Consumer Total Non-PCI Total PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of year $ 26,078 $ 4,298 $ 26,921 $ 2,944 $ 60,241 $ 21,793 $ 82,034 Charge-offs (2,080 ) — (9,463 ) (332 ) (11,875 ) (9,577 ) (21,452 ) Recoveries 2,640 156 6,265 1,283 10,344 766 11,110 Provision (negative provision) (1,541 ) (206 ) 16,135 (2,642 ) 11,746 1,017 12,763 Balance, end of year $ 25,097 $ 4,248 $ 39,858 $ 1,253 $ 70,456 $ 13,999 $ 84,455 Amount of the allowance applicable to loans and leases: Individually evaluated for impairment $ 693 $ 69 $ 9,975 $ 37 $ 10,774 Collectively evaluated for impairment $ 24,404 $ 4,179 $ 29,883 $ 1,216 $ 59,682 Acquired loans with deteriorated credit quality $ 13,999 The ending balance of the loan and lease portfolio is composed of loans and leases: Individually evaluated for impairment $ 55,290 $ 10,555 $ 45,568 $ 3,510 $ 114,923 Collectively evaluated for impairment $ 5,285,270 $ 296,580 $ 5,796,895 $ 97,973 $ 11,476,718 Acquired loans with deteriorated credit quality $ 290,791 Ending balance $ 5,336,930 $ 310,765 $ 5,842,463 $ 101,483 $ 11,591,641 $ 290,791 $ 11,882,432 |
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 years indicated: Carrying Amount Accretable Yield (In thousands) Balance, December 31, 2012 $ 491,816 $ (196,022 ) Addition from the FCAL acquisition 44,146 (8,096 ) Accretion 46,680 46,680 Payments received (225,849 ) — Decrease in expected cash flows, net — 17,870 Negative provision for credit losses 4,210 — Balance, December 31, 2013 361,003 (139,568 ) Addition from the CapitalSource Inc. merger 79,234 (13,728 ) Accretion 57,213 57,213 Payments received (219,641 ) — Increase in expected cash flows, net — (10,773 ) Provision for credit losses (1,017 ) — Balance, December 31, 2014 276,792 (106,856 ) Addition from the Square 1 acquisition 16,455 (2,852 ) Accretion 31,857 31,857 Payments received (148,436 ) — Increase in expected cash flows, net — (7,785 ) Negative provision for credit losses 2,800 — Balance, December 31, 2015 $ 179,468 $ (85,636 ) |
Non Purchased Credit Impaired Loans and Leases [Domain] | |
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: December 31, 2015 30-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans (In thousands) Real estate mortgage: Commercial $ 3,947 $ 13,075 $ 17,022 $ 4,534,936 $ 4,551,958 Residential 3,391 905 4,296 1,131,809 1,136,105 Total real estate mortgage 7,338 13,980 21,318 5,666,745 5,688,063 Real estate construction and land: Commercial — — — 343,360 343,360 Residential — — — 184,360 184,360 Total real estate construction and land — — — 527,720 527,720 Commercial: Cash flow 2,048 1,427 3,475 3,058,793 3,062,268 Asset-based 1 — 1 2,547,532 2,547,533 Equipment finance 359 94 453 889,896 890,349 Venture capital 250 700 950 1,451,477 1,452,427 Total commercial 2,658 2,221 4,879 7,947,698 7,952,577 Consumer 626 1,307 1,933 118,916 120,849 Total Non-PCI loans and leases $ 10,622 $ 17,508 $ 28,130 $ 14,261,079 $ 14,289,209 December 31, 2014 30-89 Days Past Due 90 or More Days Past Due Total Past Due Current Total Loans (In thousands) Real estate mortgage: Commercial $ 9,014 $ 10,856 $ 19,870 $ 4,410,016 $ 4,429,886 Residential 2,614 1,131 3,745 903,299 907,044 Total real estate mortgage 11,628 11,987 23,615 5,313,315 5,336,930 Real estate construction and land: Commercial — 715 715 213,322 214,037 Residential — — — 96,728 96,728 Total real estate construction and land — 715 715 310,050 310,765 Commercial: Cash flow 274 1,639 1,913 2,637,023 2,638,936 Asset-based 878 965 1,843 2,232,195 2,234,038 Equipment finance 6,525 366 6,891 962,598 969,489 Venture capital — — — — — 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: December 31, 2015 December 31, 2014 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 52,363 $ 4,499,595 $ 4,551,958 $ 32,223 $ 4,397,663 $ 4,429,886 Residential 4,914 1,131,191 1,136,105 5,389 901,655 907,044 Total real estate mortgage 57,277 5,630,786 5,688,063 37,612 5,299,318 5,336,930 Real estate construction and land: Commercial — 343,360 343,360 1,178 212,859 214,037 Residential 372 183,988 184,360 381 96,347 96,728 Total real estate construction and land 372 527,348 527,720 1,559 309,206 310,765 Commercial: Cash flow 15,800 3,046,468 3,062,268 19,810 2,619,126 2,638,936 Asset-based 2,505 2,545,028 2,547,533 10,024 2,224,014 2,234,038 Equipment finance 51,410 838,939 890,349 11,131 958,358 969,489 Venture capital 124 1,452,303 1,452,427 — — — Total commercial 69,839 7,882,738 7,952,577 40,965 5,801,498 5,842,463 Consumer 1,531 119,318 120,849 3,485 97,998 101,483 Total Non-PCI loans and leases $ 129,019 $ 14,160,190 $ 14,289,209 $ 83,621 $ 11,508,020 $ 11,591,641 |
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables | 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: December 31, 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 $ 57,277 $ 27,133 $ 84,410 $ 37,612 $ 20,245 $ 57,857 Real estate construction and land 372 7,631 8,003 1,559 8,996 10,555 Commercial 69,839 5,221 75,060 40,965 5,744 46,709 Consumer 1,531 197 1,728 3,485 259 3,744 Total $ 129,019 $ 40,182 $ 169,201 $ 83,621 $ 35,244 $ 118,865 |
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 years indicated: December 31, 2015 December 31, 2014 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,967 $ 19,219 $ 777 $ 11,082 $ 11,178 $ 693 Residential 2,278 2,435 681 — — — Real estate construction and land: Commercial — — — 1,128 4,934 23 Residential 747 747 26 763 763 46 Commercial: Cash flow 14,072 20,312 7,079 16,490 18,894 3,466 Asset-based 3,901 4,423 2,511 4,767 5,493 3,908 Equipment finance 11,193 11,894 8,032 6,956 7,268 2,601 Consumer 365 372 157 143 142 37 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 58,678 $ 68,333 $ — $ 46,775 $ 62,944 $ — Residential 5,487 11,406 — — — — Real estate construction and land: Commercial 7,256 7,256 — 8,643 8,749 — Residential — — — 21 19 — Commercial: Cash flow 2,825 5,121 — 4,319 6,648 — Asset-based 2,729 2,726 — 10,002 12,292 — Equipment finance 40,216 44,194 — 4,175 7,528 — Venture capital 124 125 — — — — Consumer 1,363 1,945 — 3,601 3,768 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 84,410 $ 101,393 $ 1,458 $ 57,857 $ 74,122 $ 693 Real estate construction and land 8,003 8,003 26 10,555 14,465 69 Commercial 75,060 88,795 17,622 46,709 58,123 9,975 Consumer 1,728 2,317 157 3,744 3,910 37 Total $ 169,201 $ 200,508 $ 19,263 $ 118,865 $ 150,620 $ 10,774 Year Ended December 31, 2015 2014 2013 Weighted Average Balance (1) Interest Income Recognized Weighted Average Balance (1) Interest Income Recognized Weighted Average Balance (1) Interest Income Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,833 $ 1,130 $ 10,670 $ 475 $ 20,158 $ 680 Residential 2,143 33 412 1 406 — Real estate construction and land: Commercial — — 1,027 17 1,250 63 Residential 747 15 763 15 778 14 Commercial: Cash flow 12,590 32 8,498 21 1,908 89 Asset-based 3,204 56 4,214 27 3,850 29 Equipment finance 8,475 — 3,802 — — — Consumer 355 15 132 8 425 10 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 28,366 $ 345 $ 29,405 $ 348 $ 31,149 $ 985 Residential 4,643 41 5,223 44 2,377 75 Real estate construction and land: Commercial 7,053 240 8,642 244 4,866 11 Residential — — 4 — — — Commercial: Cash flow 2,752 89 2,289 99 2,728 — Asset-based 1,746 130 6,139 170 3,410 20 Equipment finance 30,363 — 2,534 — 245 — Venture capital 124 — — — — — Consumer 1,363 — 3,027 2 161 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 52,985 $ 1,549 $ 45,710 $ 868 $ 54,090 $ 1,740 Real estate construction and land 7,800 255 10,436 276 6,894 88 Commercial 59,254 307 27,476 317 12,141 138 Consumer 1,718 15 3,159 10 586 10 Total $ 121,757 $ 2,126 $ 86,781 $ 1,471 $ 73,711 $ 1,976 _________________________ (1) For the loans and leases (excluding PCI loans) reported as impaired at December 31, 2015 , 2014 and 2013 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Troubled Debt Restructurings on Financing Receivables | The following table presents new and defaulted troubled debt restructurings of Non-PCI loans for the years indicated: Troubled Debt Restructurings Troubled Debt Restructurings That Subsequently Defaulted (1) Number of Loans Pre- Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Recorded Investment (Dollars In thousands) Year Ended December 31, 2015 Real estate mortgage: Commercial 21 $ 43,536 $ 43,012 2 $ 2,670 Residential 18 3,128 2,961 1 155 Real estate construction and land: Commercial 8 23,881 23,881 — — Commercial: Cash flow 25 2,718 2,539 — — Asset-based 13 8,400 8,400 — — Equipment finance 10 93,868 93,868 — — Consumer 2 197 197 — — Total 97 $ 175,728 $ 174,858 3 $ 2,825 (2) Year Ended December 31, 2014 Real estate mortgage: Commercial 14 $ 14,659 $ 14,660 1 $ 55 Residential 11 4,794 4,794 — — Real estate construction and land: Commercial 4 5,507 4,965 — — Commercial: Cash flow 13 2,717 2,717 1 1,144 Asset-based 22 12,368 6,336 1 390 Equipment finance 1 518 518 — — Consumer 7 467 467 — — Total 72 $ 41,030 $ 34,457 3 $ 1,589 (3) Year Ended December 31, 2013 Real estate mortgage: Commercial 11 $ 15,391 $ 15,391 2 $ 1,844 Residential 3 832 832 — — Real estate construction and land: Residential 1 390 390 — — Commercial: Cash flow 9 658 658 2 66 Asset-based 12 7,650 7,650 2 1,489 Consumer 2 125 125 — — Total 38 $ 25,046 $ 25,046 6 $ 3,399 (4) _________________________ (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 December 31, 2015 , and is net of charge-offs of $96,900 . (3) Represents the balance at December 31, 2014 , and is net of charge-offs of $129,000 . (4) Represents the balance at December 31, 2013 , and is net of charge-offs of $1.6 million . |
Purchased Credit Impaired Loans and Leases [Domain] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
CV of Loans Held for Investment by Class by Classified and Nonclassiified | The following table presents the credit risk rating categories for PCI loans by 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. December 31, 2015 December 31, 2014 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage $ 43,554 $ 125,125 $ 168,679 $ 101,161 $ 155,281 $ 256,442 Real estate construction and land 1,230 1,423 2,653 3,901 3,010 6,911 Commercial 17,391 23 17,414 26,942 212 27,154 Consumer 299 — 299 284 — 284 Total PCI loans $ 62,474 $ 126,571 $ 189,045 $ 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: December 31, 2015 December 31, 2014 (In thousands) Real estate mortgage $ 207,170 $ 299,660 Real estate construction and land 2,534 7,743 Commercial 30,658 32,904 Consumer 302 332 Total gross PCI loans 240,664 340,639 Discount (51,619 ) (49,848 ) Total PCI loans, net of discount 189,045 290,791 Allowance for loan losses (9,577 ) (13,999 ) Total net PCI loans $ 179,468 $ 276,792 |
Foreclosed Assets Foreclosed As
Foreclosed Assets Foreclosed Assets (Tables) | 12 Months Ended |
Dec. 31, 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: Property Type: December 31, 2015 December 31, 2014 (In thousands) Commercial real estate $ 487 $ 2,449 Construction and land development 13,801 24,759 Multi‑family — 4,823 Single family residence 952 3,392 Total other real estate owned, net 15,240 35,423 Other foreclosed assets 6,880 8,298 Total foreclosed assets, net $ 22,120 $ 43,721 |
Other Foreclosed Assets Rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated: Year Ended December 31, Foreclosed Assets: 2015 2014 2013 (In thousands) Balance, beginning of year $ 43,721 $ 55,891 $ 56,414 Addition due to acquisitions — 6,382 13,772 Foreclosures 13,472 9,806 19,470 Provision for losses (5,228 ) (7,307 ) (2,515 ) Reductions related to sales (29,845 ) (21,051 ) (31,289 ) Payments to third parties (1) — — 39 Balance, end of year $ 22,120 $ 43,721 $ 55,891 _________________________ (1) Represents amounts due to participants and for guarantees, property taxes or other prior lien positions. |
Foreclosed Assets Valuation Allowance Rollforward | The following table presents the changes in the foreclosed assets valuation allowance for the years indicated: Year Ended December 31, Foreclosed Assets Valuation Allowance: 2015 2014 2013 (In thousands) Balance, beginning of year $ 12,123 $ 11,314 $ 16,681 Provision for losses 5,228 7,307 2,515 Reductions related to sales (7,105 ) (6,498 ) (7,882 ) Balance, end of year $ 10,246 $ 12,123 $ 11,314 |
Premises and Equipment, Net Pre
Premises and Equipment, Net Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Premises and Equipment, Net [Abstract] | |
Property, Plant and Equipment | The following table presents the components of premises and equipment as of the dates indicated: December 31, 2015 2014 (In thousands) Land $ 5,505 $ 5,505 Buildings 14,564 14,198 Furniture, fixtures and equipment 36,234 32,359 Leasehold improvements 37,773 33,157 Premises and equipment, gross 94,076 85,219 Less: accumulated depreciation and amortization (54,879 ) (48,668 ) Premises and equipment, net $ 39,197 $ 36,551 |
Schedule of Future Minimum Rental Payments for Operating Leases | We have obligations under a number of noncancelable operating leases for premises and equipment. The following table presents future minimum rental payments under noncancelable operating leases as of December 31, 2015 : Estimated Lease Payments for Year Ending December 31, Amount (In thousands) 2016 $ 29,730 2017 27,201 2018 24,238 2019 20,792 2020 17,727 Thereafter 46,692 Total $ 166,380 |
Deposits Deposits (Tables)
Deposits Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits [Abstract] | |
Summary of Interest Bearing Deposits | The following table presents the components of interest‑bearing deposits as of the dates indicated: December 31, Deposit Category: 2015 2014 (In thousands) Interest checking deposits $ 886,886 $ 736,367 Money market deposits 3,712,690 1,825,510 Savings deposits 742,795 762,961 Time deposits under $100,000 1,656,227 2,467,338 Time deposits $100,000 and over 2,496,129 3,031,600 Total interest-bearing deposits $ 9,494,727 $ 8,823,776 |
Schedule of Maturities Of Time Deposits | The following table summarizes the maturities of time deposits as of the date indicated: December 31, 2015 Year of Maturity: Time Time Total Contractual Rate (Dollars in thousands) 2016 $ 1,543,655 $ 2,368,863 $ 3,912,518 0.65% 2017 82,459 100,050 182,509 0.63% 2018 21,718 17,860 39,578 1.05% 2019 4,973 5,943 10,916 1.02% 2020 2,949 3,202 6,151 0.87% 2021 473 211 684 1.02% Total $ 1,656,227 $ 2,496,129 $ 4,152,356 0.66% |
Borrowings and Subordinated D38
Borrowings and Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes our borrowings as of the dates indicated: December 31, 2015 December 31, 2014 Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 3,914 5.49% $ 3,402 6.43% FHLB overnight advances 618,000 0.27% 380,000 0.27% Total borrowings $ 621,914 $ 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: December 31, 2015 December 31, 2014 Date Maturity Rate Index Series: Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 3.63% $ 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 3.35% 5,155 3.19% 9/17/2003 9/17/2033 3 month LIBOR + 2.95 Trust VII 61,856 3.07% 61,856 2.98% 2/5/2004 4/23/2034 3 month LIBOR + 2.75 Trust CIII 20,619 2.20% 20,619 1.93% 8/15/2005 9/15/2035 3 month LIBOR + 1.69 Trust FCCI 16,495 2.11% 16,495 1.84% 1/25/2007 3/15/2037 3 month LIBOR + 1.60 Trust FCBI 10,310 2.06% 10,310 1.79% 9/30/2005 12/15/2035 3 month LIBOR + 1.55 Trust CS 2005-1 82,475 2.46% 82,475 2.19% 11/21/2005 12/15/2035 3 month LIBOR + 1.95 Trust CS 2005-2 128,866 2.27% 128,866 2.18% 12/14/2005 1/30/2036 3 month LIBOR + 1.95 Trust CS 2006-1 51,545 2.27% 51,545 2.18% 2/22/2006 4/30/2036 3 month LIBOR + 1.95 Trust CS 2006-2 51,550 2.27% 51,550 2.18% 9/27/2006 10/30/2036 3 month LIBOR + 1.95 Trust CS 2006-3 (1) 28,007 2.82% 31,188 2.14% 9/29/2006 10/30/2036 3 month EURIBOR + 2.05 Trust CS 2006-4 16,470 2.27% 16,470 2.18% 12/5/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2006-5 6,650 2.27% 6,650 2.18% 12/19/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2007-2 39,177 2.27% 39,177 2.18% 6/13/2007 7/30/2037 3 month LIBOR + 1.95 Gross subordinated debentures 539,795 542,976 Unamortized discount (2) (103,795 ) (109,393 ) Net subordinated debentures $ 436,000 $ 433,583 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. |
Commitments and Contingencies D
Commitments and Contingencies Disclosure (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 (In thousands) Loan commitments to extend credit $ 3,580,655 $ 1,921,067 Standby letters of credit 210,292 88,495 Commitments to purchase equipment being acquired for lease to others 6,663 12,839 $ 3,797,610 $ 2,022,401 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value 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 December 31, 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 $ 767,797 $ — $ 767,797 $ — Government agency and government‑sponsored enterprise collateralized mortgage obligations 486,239 — 486,239 — Covered private label collateralized mortgage obligations 29,782 — — 29,782 Other private label collateralized mortgage obligations 115,014 — 63,555 51,459 Municipal securities 1,547,331 — 1,547,331 — US Treasury securities 69,380 69,380 — — Corporate debt securities 48,424 — 48,424 — Collateralized loan obligations 132,189 — 132,189 — SBA securities 211,157 — 211,157 — Government‑sponsored enterprise debt securities 36,913 — 36,913 — Asset-backed and other securities 115,211 2,562 94,449 18,200 Total securities available-for-sale 3,559,437 71,942 3,388,054 99,441 Derivative assets 11,919 — 11,919 — Equity warrants 4,914 — — 4,914 Total recurring assets $ 3,576,270 $ 71,942 $ 3,399,973 $ 104,355 Derivative liabilities $ 1,397 $ — $ 1,397 $ — 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 collateralized mortgage obligations 33,947 — — 33,947 Other private label collateralized mortgage obligations 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 — Asset-backed and 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 Measurements, Recurring and Nonrecurring, 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 or broker quotes for our Level 3 private label CMOs (both covered and non-rated private placement) measured at fair value on a recurring basis as of December 31, 2015 : Level 3 Private Label CMOs Range of Inputs Weighted Average Input Unobservable Inputs: Voluntary annual prepayment speeds 0% - 20.55% 8.8% Annual default rates 0% - 7.10% 3.4% Loss severity rates 0% - 100% 44.3% Discount rates 0% - 43.22% 4.4% |
Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation | The following table summarizes activity for our Level 3 private label CMOs measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Private Label CMOs: 2015 2014 2013 (In thousands) Balance, beginning of year $ 33,947 $ 37,904 $ 44,684 Total realized in earnings 1,104 1,627 1,938 Total unrealized loss in comprehensive income (1,388 ) (344 ) (1,204 ) Net settlements (3,881 ) (5,240 ) (7,514 ) Addition from the Square 1 acquisition 51,459 — — Balance, end of year $ 81,241 $ 33,947 $ 37,904 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the period from acquisition date to December 31, 2015: Period Ended Equity Warrants: December 31, 2015 (In thousands) Balance, acquisition date $ 5,552 Total realized in earnings 530 Transfers to securities available-for-sale (2 ) Sales (1,529 ) Issuances 363 Balance, end of year $ 4,914 |
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 December 31, 2015 Measured on a Non‑Recurring Basis: Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 40,817 $ — $ 9,367 $ 31,450 Other real estate owned 14,101 — 14,101 — Investments carried at cost 107 — — 107 Total non-recurring $ 55,025 $ — $ 23,468 $ 31,557 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 [Table Text Block] | The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated: Year Ended December 31, Loss on Assets Measured on a Non‑Recurring Basis: 2015 2014 2013 (In thousands) Impaired Non‑PCI loans $ (16,097 ) $ (7,006 ) $ (1,206 ) Other real estate owned (4,726 ) (6,737 ) (1,045 ) Investments carried at cost (17 ) (141 ) — Total net loss $ (20,840 ) $ (13,884 ) $ (2,251 ) |
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 December 31, 2015 : Asset Fair Value (In thousands) Valuation Technique Unobservable Inputs Range Weighted Average Impaired Non-PCI loans $ 30,339 Discounted cash flows Discount rates 0% - 9.04% 5.92% 1,111 Third party appraisals No discounts Investments carried at cost 107 Market and income approach Illiquidity discount 75% 75% Total non-recurring Level 3 $ 31,557 |
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: December 31, 2015 Carrying or Contract Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 161,020 $ 161,020 $ 161,020 $ — $ — Interest‑earning deposits in financial institutions 235,466 235,466 235,466 — — Securities available‑for‑sale 3,559,437 3,559,437 71,942 3,388,054 99,441 Investment in FHLB stock 19,710 19,710 — 19,710 — Investments carried at cost 2,267 6,789 — — 6,789 Loans and leases, net 14,363,143 14,393,558 — 9,367 14,384,191 Derivative assets 11,919 11,919 — 11,919 — Equity warrants 4,914 4,914 — — 4,914 Financial Liabilities: Deposits: Demand, interest checking, money market, and savings deposits 11,513,826 11,513,826 — 11,513,826 — Time deposits 4,152,356 4,152,920 — 4,152,920 — Borrowings 621,914 622,438 618,000 4,438 — Subordinated debentures 436,000 419,762 — 419,762 — Derivative liabilities 1,397 1,397 — 1,397 — 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, interest checking, money market, 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 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense for the years indicated: December 31, 2015 2014 2013 (In thousands) Current Income Tax Expense: Federal $ (11,950 ) $ (14,611 ) $ (32,113 ) State (28,167 ) (10,823 ) (7,667 ) Total current income tax expense (40,117 ) (25,434 ) (39,780 ) Deferred Income Tax (Expense) Benefit: Federal (128,436 ) (70,662 ) 9,099 State (11,964 ) (19,795 ) (1,586 ) Total deferred income tax (expense) benefit (140,400 ) (90,457 ) 7,513 Total income tax expense $ (180,517 ) $ (115,891 ) $ (32,267 ) |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rate of 35% to earnings or loss before income taxes for the years indicated: December 31, 2015 2014 2013 (In thousands) Computed expected income tax expense at federal statutory rate $ (168,047 ) $ (98,575 ) $ (26,201 ) State tax expense, net of federal tax benefit (29,009 ) (15,689 ) (6,014 ) Tax‑exempt interest benefit 8,274 4,472 3,979 Increase in cash surrender value of life insurance 884 739 407 Tax credits 2,441 3,567 2,480 Nondeductible employee compensation (1,005 ) (6,792 ) (4,730 ) Nondeductible acquisition‑related expense (876 ) (2,994 ) (1,196 ) Acquisition‑related securities gain — — 1,828 Release/settlement of FIN 48 reserve 5,529 (157 ) — Valuation allowance change 2,917 3,520 — Other, net (1,625 ) (3,982 ) (2,820 ) Recorded income tax expense $ (180,517 ) $ (115,891 ) $ (32,267 ) |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated: December 31, 2015 2014 (In thousands) Deferred Tax Assets: Book allowance for loan losses in excess of tax specific charge-offs $ 97,385 $ 100,981 Interest on nonaccrual loans 5,100 7,394 Deferred compensation 4,027 4,585 Premises and equipment, principally due to differences in depreciation 5,867 5,359 Foreclosed assets valuation allowance 6,479 7,353 Assets acquired in FDIC‑assisted acquisitions 2,319 10,217 State tax benefit 6,101 5,009 Net operating losses 125,678 207,575 Capital loss carryforwards 35,597 57,494 Accrued liabilities 40,733 36,115 Other — 6,254 Equity investments 16,712 8,666 Goodwill 37,423 44,372 Tax credits 35,874 32,183 Gross deferred tax assets 419,295 533,557 Valuation allowance (121,138 ) (130,282 ) Deferred tax assets, net of valuation allowance 298,157 403,275 Deferred Tax Liabilities: Core deposit and customer relationship intangibles 19,122 3,978 Deferred loan fees and costs 16,283 17,594 Unrealized gain on securities available‑for‑sale 19,224 17,926 FHLB stock 1,067 2,820 Subordinated debentures 39,242 40,369 Operating leases 40,029 34,136 Unrealized income from FDIC‑assisted acquisitions 7,543 2,041 Tax mark-to-market 17,087 — Other 12,171 — Gross deferred tax liabilities 171,768 118,864 Total net deferred tax asset $ 126,389 $ 284,411 |
Schedule of Unrecognized Tax Benefits Roll Forward | Year Ended December 31, Unrecognized Tax Benefits: 2015 2014 (In thousands) Balance, beginning of year $ 20,501 $ — Increase related to CapitalSource Inc. merger — 18,724 Increase based on tax positions related to prior years 6,839 2,371 Reductions for tax positions related to prior years (4,789 ) — Reductions related to settlements (6,640 ) (293 ) Reductions for tax positions as a result of a lapse of the applicable statute of limitations (756 ) (301 ) Balance, end of year $ 15,155 $ 20,501 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The following table presents the computation of basic and diluted net earnings per share for the years indicated: Year Ended December 31, 2015 2014 2013 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings from continuing operations $ 299,619 $ 170,468 $ 45,477 Less: earnings allocated to unvested restricted stock (1) (2,892 ) (1,959 ) (1,096 ) Net earnings from continuing operations allocated to common shares 296,727 168,509 44,381 Net loss from discontinued operations allocated to common shares — (1,545 ) (348 ) Net earnings allocated to common shares $ 296,727 $ 166,964 $ 44,033 Weighted-average basic shares and unvested restricted stock outstanding 107,401 87,871 42,506 Less: weighted-average unvested restricted stock outstanding (1,074 ) (1,018 ) (1,683 ) Weighted-average basic shares outstanding 106,327 86,853 40,823 Basic earnings per share: Net earnings from continuing operations $ 2.79 $ 1.94 $ 1.09 Net loss from discontinued operations — (0.02 ) (0.01 ) Net earnings $ 2.79 $ 1.92 $ 1.08 Diluted Earnings Per Share: Net earnings from continuing operations allocated to common shares $ 296,727 $ 168,509 $ 44,381 Net loss from discontinued operations allocated to common shares — (1,545 ) (348 ) Net earnings allocated to common shares $ 296,727 $ 166,964 $ 44,033 Weighted-average basic shares outstanding 106,327 86,853 40,823 Diluted earnings per share: Net earnings from continuing operations $ 2.79 $ 1.94 $ 1.09 Net loss from discontinued operations — (0.02 ) (0.01 ) Net earnings $ 2.79 $ 1.92 $ 1.08 ________________________ (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 Plan S
Stock Based Compensation Plan Stock-based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table presents a summary of restricted stock transactions for the years indicated: Number of Shares Weighted Average Grant Date Fair Value (Per Share) Unvested restricted stock, December 31, 2012 1,698,281 $30.68 Granted 673,900 $29.06 Shares vesting (819,461 ) $24.84 Forfeited (336,196 ) $48.92 Unvested restricted stock, December 31, 2013 1,216,524 $28.69 Granted 1,129,805 $40.37 Shares vesting (1,183,024 ) $28.53 Forfeited (54,800 ) $38.97 Unvested restricted stock, December 31, 2014 1,108,505 $40.24 Granted 501,622 $46.18 Shares vesting (318,220 ) $40.26 Forfeited (79,956 ) $41.88 Unvested restricted stock, December 31, 2015 1,211,951 $42.59 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes information about outstanding time-based restricted stock awards as of the date indicated: December 31, 2015 Weighted Weighted Average Weighted Average Number Grant Date Average Remaining of Shares Fair Value Fair Value (1) Contractual Outstanding (Per Share) (In thousands) Life (Years) Time-based restricted stock granted in: 2013 9,666 $35.26 $ 417 1.1 2014 711,633 $40.21 30,671 1.2 2015 490,652 $46.18 21,147 2.1 Outstanding time-based restricted stock awards 1,211,951 $42.59 $ 52,235 1.6 _________________________ (1) Determined using the $43.10 closing price of PacWest common stock on December 31, 2015 . |
Dividend Availability and Reg44
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Dividend Availability and Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table presents actual capital amounts and ratios for the Company and the Bank as of the dates indicated: Actual Well Capitalized Minimum Requirement Excess Capital Amount Ratio Amount Ratio Amount (Dollars in thousands) December 31, 2015 Tier I leverage PacWest Bancorp Consolidated 2,164,152 11.67% 927,359 5.00% 1,236,793 Pacific Western Bank 2,057,546 11.40% 902,204 5.00% 1,155,342 Common equity Tier I capital PacWest Bancorp Consolidated 2,159,741 12.58% 1,116,069 6.50% 1,043,672 Pacific Western Bank 2,057,546 12.03% 1,111,913 6.50% 945,633 Tier I capital PacWest Bancorp Consolidated 2,164,152 12.60% 1,373,623 8.00% 790,529 Pacific Western Bank 2,057,546 12.03% 1,368,508 8.00% 689,038 Total capital PacWest Bancorp Consolidated 2,687,377 15.65% 1,717,029 10.00% 970,348 Pacific Western Bank 2,189,388 12.80% 1,710,635 10.00% 478,753 December 31, 2014 Tier I leverage PacWest Bancorp Consolidated 1,722,870 12.34% 698,109 5.00% 1,024,761 Pacific Western Bank 1,621,546 11.70% 693,174 5.00% 928,372 Tier I capital PacWest Bancorp Consolidated 1,722,870 13.16% 785,781 6.00% 937,089 Pacific Western Bank 1,621,546 12.46% 780,834 6.00% 840,712 Total capital PacWest Bancorp Consolidated 2,104,984 16.07% 1,309,635 10.00% 795,349 Pacific Western Bank 1,712,312 13.16% 1,301,390 10.00% 410,922 |
Condensed Financial Informati45
Condensed Financial Information Of Parent Company Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company [Abstract] | |
Condensed Balance Sheet | Parent Company Only December 31, Condensed Balance Sheets: 2015 2014 (In thousands) Assets: Cash and due from banks $ 416,970 $ 309,220 Investments in subsidiaries 3,980,537 3,105,283 Other assets 153,991 226,321 Total assets $ 4,551,498 $ 3,640,824 Liabilities: Subordinated debentures $ 133,812 $ 133,232 Other liabilities 19,995 1,362 Total liabilities 153,807 134,594 Stockholders’ equity 4,397,691 3,506,230 Total liabilities and stockholders’ equity $ 4,551,498 $ 3,640,824 |
Condensed Income Statement | Parent Company Only December 31, Condensed Statement of Earnings: 2015 2014 2013 (In thousands) Miscellaneous income $ 1,458 $ 122 $ 104 Acquisition‑related securities gain — — 5,222 Dividends from Bank subsidiary 214,000 137,000 48,000 Total income 215,458 137,122 53,326 Interest expense 4,279 4,211 3,796 Operating expenses 6,983 8,105 6,061 Total expenses 11,262 12,316 9,857 Earnings before income taxes and equity in undistributed earnings of subsidiaries 204,196 124,806 43,469 Income tax benefit 4,225 5,164 4,038 Earnings before equity in undistributed earnings of subsidiaries 208,421 129,970 47,507 Equity in undistributed earnings (losses) of subsidiaries 91,198 38,935 (2,392 ) Net earnings $ 299,619 $ 168,905 $ 45,115 |
Condensed Cash Flow Statement | Parent Company Only December 31, Condensed Statements of Cash Flows: 2015 2014 2013 (In thousands) Cash flows from operating activities: Net earnings $ 299,619 $ 168,905 $ 45,115 Adjustments to reconcile net earnings to net cash provided by operating activities: Acquisition‑related securities gain — — (5,222 ) Change in other assets 145,708 25,515 (609 ) Change in liabilities 9,115 310 4,932 Tax effect in stockholders’ equity of restricted stock vesting 841 4,625 (364 ) Earned stock compensation 14,994 41,099 441 Equity in undistributed (earnings) losses of subsidiaries (91,198 ) (38,935 ) 2,392 Net cash provided by operating activities 379,079 201,519 46,685 Cash flows from investing activities: Net cash and cash equivalents acquired in acquisition 3,021 226,960 857 Net cash provided by investing activities 3,021 226,960 857 Cash flows from financing activities: Tax effect in stockholders’ equity of restricted stock vesting (841 ) (4,625 ) 364 Restricted stock surrendered (8,400 ) (22,307 ) (13,537 ) Increase in note receivable (50,000 ) — — Cash dividends paid, net (215,110 ) (114,162 ) (41,006 ) Net cash used in financing activities (274,351 ) (141,094 ) (54,179 ) Net increase (decrease) in cash and cash equivalents 107,749 287,385 (6,637 ) Cash and cash equivalents, beginning of year 309,220 21,835 28,472 Cash and cash equivalents, end of year $ 416,969 $ 309,220 $ 21,835 Supplemental disclosure of noncash investing and financing activities: Common stock issued for acquisitions $ 797,433 $ 2,594,070 $ 242,268 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables set forth our unaudited quarterly results for the periods indicated: Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share data) Interest income $ 243,497 $ 207,672 $ 218,455 $ 214,314 Interest expense (14,298 ) (15,152 ) (15,903 ) (15,239 ) Net interest income 229,199 192,520 202,552 199,075 Provision for credit losses (13,772 ) (8,746 ) (6,529 ) (16,434 ) FDIC loss sharing expense, net (4,291 ) (4,449 ) (5,107 ) (4,399 ) Gain (loss) on securities — 655 (186 ) 3,275 Other noninterest income 32,349 19,552 24,916 21,995 Total noninterest income 28,058 15,758 19,623 20,871 Foreclosed assets income (expense), net 3,185 (4,521 ) 2,340 (336 ) Acquisition, integration and reorganization costs (17,600 ) (747 ) (900 ) (2,000 ) Other noninterest expense (107,849 ) (84,871 ) (86,716 ) (82,024 ) Total noninterest expense (122,264 ) (90,139 ) (85,276 ) (84,360 ) Earnings before income taxes 121,221 109,393 130,370 119,152 Income tax expense (49,380 ) (39,777 ) (45,287 ) (46,073 ) Net earnings $ 71,841 $ 69,616 $ 85,083 $ 73,079 Basic and diluted earnings per share $ 0.60 $ 0.68 $ 0.83 $ 0.71 Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share data) Interest income $ 209,696 $ 202,356 $ 204,363 $ 88,360 Interest expense (14,713 ) (13,510 ) (11,830 ) (2,345 ) Net interest income 194,983 188,846 192,533 86,015 Negative provision (provision) for credit losses (2,063 ) (5,050 ) (5,030 ) 644 FDIC loss sharing expense, net (4,360 ) (7,415 ) (8,525 ) (11,430 ) Gain on securities — — 89 4,752 Other noninterest income 17,063 23,729 16,915 11,369 Total noninterest income 12,703 16,314 8,479 4,691 Foreclosed assets (expense) income, net (1,938 ) (4,827 ) (497 ) 1,861 Acquisition, integration and reorganization costs (7,381 ) (5,193 ) (86,242 ) (2,200 ) Other noninterest expense (81,986 ) (84,903 ) (82,461 ) (49,825 ) Total noninterest expense (91,305 ) (94,923 ) (169,200 ) (50,164 ) Earnings from continuing operations before income taxes 114,318 105,187 26,782 41,186 Income tax expense (43,261 ) (42,911 ) (15,552 ) (15,281 ) Net earnings from continuing operations 71,057 62,276 11,230 25,905 Loss from discontinued operations before income taxes (105 ) (8 ) (1,151 ) (1,413 ) Income tax benefit 47 3 476 588 Net loss from discontinued operations (58 ) (5 ) (675 ) (825 ) Net earnings $ 70,999 $ 62,271 $ 10,555 $ 25,080 Basic and diluted earnings per share: Net earnings from continuing operations $ 0.69 $ 0.60 $ 0.11 $ 0.57 Net earnings $ 0.69 $ 0.60 $ 0.10 $ 0.55 |
Organization (Details)
Organization (Details) | Oct. 06, 2015 | Apr. 07, 2014 | May. 31, 2013 | Dec. 31, 2015USD ($)reportable_segment | Dec. 31, 2015USD ($)acquisitionbank_branch | Sep. 30, 2015reportable_segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Business Acquisition [Line Items] | |||||||||
Number of Reportable Segments | reportable_segment | 1 | 3 | |||||||
Allowance For Credit Losses, Look-back Period for Estimation | 23 | 23 | 5 | ||||||
Accounting Policies [Abstract] | |||||||||
Total assets | $ 21,288,490,000 | $ 21,288,490,000 | $ 16,234,605,000 | ||||||
Loans and Leases Receivable, Gross | 14,528,165,000 | 14,528,165,000 | 11,904,684,000 | ||||||
Total deposits | 15,666,182,000 | 15,666,182,000 | 11,755,128,000 | ||||||
Total stockholders' equity | 4,397,691,000 | $ 4,397,691,000 | $ 3,506,230,000 | $ 808,898,000 | $ 589,121,000 | ||||
Number of Businesses Acquired | acquisition | 28 | ||||||||
Start of Acquisition Activities | May 1, 2000 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 195,000 | $ 195,000 | $ (195,000) | ||||||
Building [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 35 years | ||||||||
Minimum [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Maximum [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||
Core Deposits [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||||||
Core Deposits [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||
Customer Relationships [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||||
Customer Relationships [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||
Square 1 Financial, Inc. [Member] | |||||||||
Accounting Policies [Abstract] | |||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 6, 2015 | ||||||||
Capitalsource, Inc. [Member] | |||||||||
Accounting Policies [Abstract] | |||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 | ||||||||
First California Financial Group, Inc. [Member] | |||||||||
Accounting Policies [Abstract] | |||||||||
Business Acquisition, Effective Date of Acquisition | May 31, 2013 | ||||||||
Equity Securities [Member] | Equity Method Investments [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||||
Equity Securities [Member] | Equity Method Investments [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||
Limited Partner [Member] | Equity Method Investments [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 5.00% | 5.00% | |||||||
Impaired Loans under $250,000 [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | $ 250,000 | $ 250,000 | |||||||
Number of Quarters [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Allowance For Credit Losses, Look-back Period for Estimation | 20 | ||||||||
CALIFORNIA | |||||||||
Business Acquisition [Line Items] | |||||||||
Retail Branch Locations | bank_branch | 80 | ||||||||
SOUTH CAROLINA | |||||||||
Business Acquisition [Line Items] | |||||||||
Retail Branch Locations | bank_branch | 1 |
Organization FDIC Loss Share Ag
Organization FDIC Loss Share Agreements (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Affinity Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Threshold of covered assets per FDIC loss-share agreement | $ 234 |
Affinity Bank [Member] | Above threshold [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 95.00% |
Recovery rate of assuming bank on covered assets | 95.00% |
Affinity Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2014 |
Affinity Bank [Member] | Commercial Real Estate [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 |
Affinity Bank [Member] | Residential Mortgage [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2019 |
Affinity Bank [Member] | Residential Mortgage [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 |
Los Padres Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Los Padres Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2015 |
Los Padres Bank [Member] | Commercial Real Estate [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 |
Los Padres Bank [Member] | Residential Mortgage [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2020 |
Los Padres Bank [Member] | Residential Mortgage [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 |
Western Commercial Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Western Commercial Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Dec. 31, 2015 |
Western Commercial Bank [Member] | Commercial Real Estate [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 |
San Luis Trust Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
San Luis Trust Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Mar. 31, 2016 |
San Luis Trust Bank [Member] | Commercial Real Estate [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 |
San Luis Trust Bank [Member] | Residential Mortgage [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Mar. 31, 2021 |
San Luis Trust Bank [Member] | Residential Mortgage [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 |
Organization Derivatives Detail
Organization Derivatives Details (Details) $ in Millions | Dec. 31, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Hedges, Net | $ 0 |
Derivative, Notional Amount | $ 87.1 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities | $ 16,890,799 | $ 12,728,375 |
Electronic Payment Systems [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities | $ 15,900 | $ 21,300 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash Balances [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 27.7 | $ 10 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | Oct. 06, 2015 | Apr. 07, 2014 | May. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||
Equipment leased to others under operating leases | $ 197,452 | $ 122,506 | |||||
Goodwill | 2,176,291 | 1,720,479 | $ 208,743 | $ 79,866 | |||
Square 1 Financial, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 797,433 | ||||||
Cash and due from banks | $ 24,867 | ||||||
Interest‑earning deposits in financial institutions | 236,069 | ||||||
Investment securities available‑for‑sale | 2,193,538 | ||||||
FHLB stock | 2,787 | ||||||
Loans and leases | 1,553,720 | ||||||
Equipment leased to others under operating leases | 0 | ||||||
Premises and equipment | 1,927 | ||||||
Foreclosed assets | 0 | ||||||
FDIC loss sharing asset | 0 | ||||||
Income tax assets | 0 | ||||||
Goodwill | 447,911 | ||||||
Core deposit and customer relationship intangibles | 45,426 | ||||||
Other assets | 106,757 | ||||||
Total assets acquired | 4,613,002 | ||||||
Noninterest‑bearing deposits | 2,549,000 | ||||||
Interest‑bearing deposits | 1,240,635 | ||||||
Other borrowings | 0 | ||||||
Subordinated debentures | 0 | ||||||
Discontinued operations | 0 | ||||||
Accrued interest payable and other liabilities | 25,934 | ||||||
Total liabilities assumed | 3,815,569 | ||||||
Total consideration paid | 797,433 | ||||||
Cash paid | 0 | ||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | $ 0 | ||||||
Capitalsource, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,594,070 | ||||||
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 | ||||||
FDIC loss sharing asset | 0 | ||||||
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 | ||||||
Noninterest‑bearing deposits | 4,631 | ||||||
Interest‑bearing deposits | 6,236,419 | ||||||
Other borrowings | 992,109 | ||||||
Subordinated debentures | 300,918 | ||||||
Discontinued operations | 0 | ||||||
Accrued interest payable and other liabilities | 124,087 | ||||||
Total liabilities assumed | 7,658,164 | ||||||
Total consideration paid | 3,077,188 | ||||||
Cash paid | 483,118 | ||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | $ 0 | ||||||
First California Financial Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 242,268 | ||||||
Cash and due from banks | $ 6,124 | ||||||
Interest‑earning deposits in financial institutions | 266,889 | ||||||
Investment securities available‑for‑sale | 4,444 | ||||||
FHLB stock | 9,518 | ||||||
Loans and leases | 1,049,613 | ||||||
Equipment leased to others under operating leases | 0 | ||||||
Premises and equipment | 15,322 | ||||||
Foreclosed assets | 13,772 | ||||||
FDIC loss sharing asset | 17,241 | ||||||
Income tax assets | 33,360 | ||||||
Goodwill | 129,070 | ||||||
Core deposit and customer relationship intangibles | 7,927 | ||||||
Other assets | 27,576 | ||||||
Total assets acquired | 1,580,856 | ||||||
Noninterest‑bearing deposits | 361,166 | ||||||
Interest‑bearing deposits | 739,713 | ||||||
Other borrowings | 0 | ||||||
Subordinated debentures | 24,061 | ||||||
Discontinued operations | 184,619 | ||||||
Accrued interest payable and other liabilities | 19,729 | ||||||
Total liabilities assumed | 1,329,288 | ||||||
Total consideration paid | 251,568 | ||||||
Cash paid | 0 | ||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | $ 9,300 |
Acquisitions Acquisitions (Deta
Acquisitions Acquisitions (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Combinations [Abstract] | ||||||||||||
Business Combination, Severance and Employee-related | [1] | $ 10,550 | $ 57,868 | $ 21,497 | ||||||||
Business Combination, System Conversion and Integration | 4,246 | 1,868 | 3,829 | |||||||||
Business Combinations, Asset Writedowns Lease Terminations and other facilities-related | 125 | 6,353 | 3,212 | |||||||||
Business Combinations, Segment or Division reorganization | 0 | 10,073 | 0 | |||||||||
Business Combinations, Banking Fees | 1,050 | 16,117 | 5,309 | |||||||||
Business Combinations, Other Expenses | 5,276 | 8,737 | 6,965 | |||||||||
Acquisition, integration and reorganization costs | $ 107,849 | $ 84,871 | $ 86,716 | $ 82,024 | $ 81,986 | $ 84,903 | $ 82,461 | $ 49,825 | $ 21,247 | 101,016 | 40,812 | |
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 | $ 26,100 | $ 12,400 | ||||||||||
[1] | Amount includes $26.1 million in 2014 and $12.4 million in 2013 for accelerated vesting of restricted stock awards. |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 06, 2015 | Apr. 07, 2014 | May. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 15.00% | ||||||||||||||
Goodwill | $ 2,176,291 | $ 1,720,479 | $ 2,176,291 | $ 1,720,479 | $ 208,743 | $ 79,866 | |||||||||
Acquisition, integration and reorganization costs | $ 107,849 | $ 84,871 | $ 86,716 | $ 82,024 | $ 81,986 | $ 84,903 | $ 82,461 | $ 49,825 | $ 21,247 | 101,016 | 40,812 | ||||
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 | $ 26,100 | $ 12,400 | |||||||||||||
Square 1 Financial, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 6, 2015 | ||||||||||||||
Business Acquisition Shares Receivable By Stockholders Of Acquiree Ratio | 0.5597 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 17,800 | ||||||||||||||
Common Stock, Value, Outstanding | $ 815,000 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 43.97 | ||||||||||||||
Goodwill | $ 447,911 | ||||||||||||||
Capitalsource, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 | ||||||||||||||
Goodwill | $ 1,526,282 | ||||||||||||||
First California Financial Group, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 31, 2013 | ||||||||||||||
Goodwill | $ 129,070 | ||||||||||||||
Shares Of Common Stock [Member] | Square 1 Financial, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 18,100,000 | ||||||||||||||
CapitalSource Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | ||||
Goodwill | $ 1,720,479 | $ 1,720,479 | $ 208,743 | $ 79,866 |
Goodwill, Impairment Loss | (6,645) | |||
Goodwill | 2,176,291 | 1,720,479 | 208,743 | |
American Perspective Bank [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Other Changes | (193) | |||
First California Financial Group, Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 129,070 | |||
Square 1 Financial, Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 447,911 | |||
CapitalSource Inc. [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 7,900 | $ 7,901 | ||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 1,518,381 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Balance, beginning of year | $ 53,090 | $ 48,963 | $ 53,090 | $ 48,963 | $ 45,412 | ||||||
Balance, beginning of year | (35,886) | (31,715) | (35,886) | (31,715) | (30,689) | ||||||
Additions due to acquisitions | 45,426 | 6,720 | 7,927 | ||||||||
Additions | $ (17,600) | $ (747) | $ (900) | $ (2,000) | $ (7,381) | $ (5,193) | $ (86,242) | $ (2,200) | (9,410) | (6,268) | (5,402) |
Fully amortized portion | (2,992) | (1,293) | (4,376) | ||||||||
Write-off due to the asset financing segment reorganization | 0 | (804) | 0 | ||||||||
Balance, end of year | 95,524 | 53,090 | 95,524 | 53,090 | 48,963 | ||||||
Net CDI and CRI, end of year | 53,220 | 17,204 | 53,220 | 17,204 | 17,248 | ||||||
Net CDI and CRI, end of year | $ (42,304) | $ (35,886) | (42,304) | (35,886) | (31,715) | ||||||
CDI and CRI [Member] | |||||||||||
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Fully amortized portion | (2,992) | (1,293) | (4,376) | ||||||||
Write-off due to the asset financing segment reorganization | $ 0 | $ (1,300) | $ 0 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill, Written off Related to Sale of Business Unit | $ 0 | $ (6,645) | $ 0 | ||
Goodwill, Impairment Loss | (6,645) | ||||
Impairment of Intangible Assets, Finite-lived | $ 0 | 804 | 0 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 2 months 10 days | ||||
Aggregate Amortization Expense 2016 | $ 16,900 | ||||
Aggregate Amortization Expense 2017 | 11,500 | ||||
Aggregate Amortization Expense 2018 | 8,800 | ||||
Aggregate Amortization Expense 2019 | 6,700 | ||||
Aggregate Amortization Expense 2020 | 4,700 | ||||
CapitalSource Inc. [Member] | |||||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 7,900 | 7,901 | |||
CDI and CRI [Member] | |||||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 1,300 | $ 0 | ||
CDI and CRI [Member] | CapitalSource Inc. [Member] | |||||
Goodwill, Written off Related to Sale of Business Unit | $ 6,600 | ||||
Impairment of Intangible Assets, Finite-lived | $ 500 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,512,385 | $ 1,522,871 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 62,157 | 47,908 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (15,105) | (3,602) |
Securities available‑for‑sale | 3,559,437 | 1,567,177 |
Government agency and government-sponsored enterprise pass through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 759,881 | 515,902 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 12,075 | 20,142 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (4,159) | (372) |
Securities available‑for‑sale | 767,797 | 535,672 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 486,065 | 275,513 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,584 | 3,513 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (3,410) | (1,080) |
Securities available‑for‑sale | 486,239 | 277,946 |
Covered Private Label Collateralized Mortgage Obligation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 24,113 | 26,889 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5,794 | 7,153 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (125) | (95) |
Securities available‑for‑sale | 29,782 | 33,947 |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 115,952 | 10,961 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 43 | 46 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (981) | (93) |
Securities available‑for‑sale | 115,014 | 10,914 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,508,968 | 521,499 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 39,435 | 15,899 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,072) | (1,282) |
Securities available‑for‑sale | 1,547,331 | 536,116 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 70,196 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (816) | 0 |
Securities available‑for‑sale | 69,380 | 0 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 49,047 | 110,074 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 327 | 597 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (950) | (562) |
Securities available‑for‑sale | 48,424 | 110,109 |
Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 133,192 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 128 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,131) | 0 |
Securities available‑for‑sale | 132,189 | 0 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 211,946 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 41 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (830) | 0 |
Securities available‑for‑sale | 211,157 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 36,302 | 36,232 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 611 | 525 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available‑for‑sale | 36,913 | 36,757 |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 116,723 | 25,801 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 119 | 33 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,631) | (118) |
Securities available‑for‑sale | $ 115,211 | $ 25,716 |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ (1,377,664) | $ (106,602) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (41,832) | (173,724) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,473) | (2,720) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13,632) | (882) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15,105) | (3,602) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (1,419,496) | (280,326) |
Government agency and government-sponsored enterprise pass through securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (391,642) | (10,711) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (9,342) | (27,100) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (266) | (359) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,893) | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,159) | (372) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (400,984) | (37,811) |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (314,284) | (23,908) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (14,230) | (40,652) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (641) | (1,007) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,769) | (73) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,410) | (1,080) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (328,514) | (64,560) |
Covered Private Label Collateralized Mortgage Obligation [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (1,354) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (568) | (1,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (68) | (95) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (57) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (125) | (95) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (1,922) | (1,000) |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (92,179) | (1,618) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (1,070) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (38) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (943) | (93) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (981) | (93) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (93,249) | (1,618) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (126,892) | (11,854) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (531) | (84,822) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (11) | (1,216) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,061) | (66) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,072) | (1,282) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (127,423) | (96,676) |
US Treasury Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (69,380) | |
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, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (816) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (816) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (69,380) | |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (29,379) | (52,071) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | (10,131) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (15) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (950) | (547) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (950) | (562) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (29,379) | (62,202) |
Collateralized Loan Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (100,993) | |
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, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,131) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,131) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (100,993) | |
Asset-backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (179,942) | |
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, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (830) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (830) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (179,942) | |
Other securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (71,619) | (6,440) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (16,091) | (10,019) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (449) | (28) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,182) | (90) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,631) | (118) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ (87,710) | $ (16,459) |
Investments (Details 2)
Investments (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Securities, Available-for-Sale, Amortized Cost | ||
Due in one year or less | $ 12,844 | |
Due after one year through five years | 303,622 | |
Due after five years through ten years | 658,572 | |
Due after ten years | 2,537,347 | |
Total | 3,512,385 | $ 1,522,871 |
Investment Securities, Available-for-Sale, Estimated Fair Value | ||
Due in one year or less | 12,677 | |
Due after one year through five years | 304,163 | |
Due after five years through ten years | 664,076 | |
Due after ten years | 2,578,521 | |
Available-for-sale, at fair value | $ 3,559,437 | $ 1,567,177 |
Investments (Details 3)
Investments (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||
Interest Income, Securities, Operating, Taxable | $ 35,103 | $ 30,135 | $ 23,542 |
Interest Income, Securities, Operating, Tax Exempt | 25,219 | 13,597 | 11,777 |
Investment Income, Dividend | 4,046 | 3,613 | 1,604 |
Investment Income, Interest and Dividend | $ 64,368 | $ 47,345 | $ 36,923 |
Investments (Details Textual)
Investments (Details Textual) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 06, 2015 | Apr. 07, 2014 | May. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available For Sale Securities Pledged As Collateral Amortized Cost | $ 421,600,000 | |||||
Proceeds from sales | 1,035,926,000 | $ 465,608,000 | $ 22,415,000 | |||
Payments to Acquire Investments | 992,700,000 | 236,700,000 | 550,200,000 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 3,621,000 | 32,601,000 | $ (30,946,000) | |||
Federal Home Loan Bank stock, at cost | 19,710,000 | 40,609,000 | ||||
Redemptions of FHLB stock | (31,300,000) | |||||
Purchases of FHLB Stock | 7,600,000 | |||||
Government agency and government-sponsored enterprise pass through securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 30,800,000 | |||||
Texas Municipal Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Gross Realized Gains | 744,000 | |||||
Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 67,500,000 | |||||
Available-for-sale Securities, Gross Realized Losses | 232,000 | |||||
Government agency and government-sponsored enterprise pass through securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 110,100,000 | 460,800,000 | ||||
Available-for-sale Securities, Gross Realized Gains | 3,200,000 | 4,800,000 | ||||
Square 1 Financial, Inc. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 823,800,000 | |||||
Available-for-sale Securities, Gross Realized Gains | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 2,193,538,000 | |||||
Federal Home Loan Bank stock, at cost | $ 2,800,000 | |||||
Capitalsource, Inc. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 322,700,000 | |||||
Available-for-sale Securities, Gross Realized Gains | $ 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 382,797,000 | |||||
First California Financial Group, Inc. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 4,444,000 | |||||
Federal Home Loan Bank of San Francisco [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Increase (Decrease) in Marketable Securities, Restricted | $ (20,900,000) |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 14,528,165 | $ 11,904,684 | |
Loans and Leases Receivable, Deferred Income | (49,911) | (22,252) | |
Loans and Leases Receivable, Allowance | (115,111) | (84,455) | |
Loans and leases, net | 14,363,143 | 11,797,977 | |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 14,339,070 | 11,613,832 | |
Loans and Leases Receivable, Deferred Income | (49,861) | (22,191) | |
Loans held for investment, net | 14,289,209 | 11,591,641 | |
Loans and Leases Receivable, Allowance | (105,534) | (70,456) | $ (60,241) |
Loans and leases, net | 14,183,675 | 11,521,185 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 189,095 | 290,852 | |
Loans and Leases Receivable, Deferred Income | (50) | (61) | |
Loans held for investment, net | 189,045 | 290,791 | |
Loans and Leases Receivable, Allowance | (9,577) | (13,999) | |
Loans and leases, net | 179,468 | 276,792 | |
NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 14,528,165 | 11,904,684 | |
Loans and Leases Receivable, Deferred Income | (49,911) | (22,252) | |
Loans held for investment, net | 14,478,254 | 11,882,432 | |
Loans and Leases Receivable, Allowance | (115,111) | (84,455) | |
Loans and leases, net | 14,363,143 | 11,797,977 | |
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,706,903 | 5,347,197 | |
Loans held for investment, net | 5,688,063 | 5,336,930 | |
Loans and Leases Receivable, Allowance | (36,654) | (25,097) | (26,078) |
Mortgages [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 168,725 | 256,489 | |
Mortgages [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,875,628 | 5,603,686 | |
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 534,307 | 312,792 | |
Loans held for investment, net | 527,720 | 310,765 | |
Loans and Leases Receivable, Allowance | (7,137) | (4,248) | (4,298) |
Real Estate Construction [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,656 | 6,924 | |
Real Estate Construction [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 536,963 | 319,716 | |
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,977,067 | 5,852,420 | |
Loans held for investment, net | 7,952,577 | 5,842,463 | |
Loans and Leases Receivable, Allowance | (61,082) | (39,858) | (26,921) |
Commercial Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 17,415 | 27,155 | |
Commercial Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,994,482 | 5,879,575 | |
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 120,793 | 101,423 | |
Loans held for investment, net | 120,849 | 101,483 | |
Loans and Leases Receivable, Allowance | (661) | (1,253) | $ (2,944) |
Consumer Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 299 | 284 | |
Consumer Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 121,092 | $ 101,707 |
Loans and Leases (Details 1)
Loans and Leases (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | $ 3,600 | $ 8,700 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 16,800 | |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 10,622 | 19,406 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 17,508 | 18,818 |
Financing Receivable, Recorded Investment, Past Due | 28,130 | 38,224 |
Current | 14,261,079 | 11,553,417 |
Loans held for investment, net | 14,289,209 | 11,591,641 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 7,338 | 11,628 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 13,980 | 11,987 |
Financing Receivable, Recorded Investment, Past Due | 21,318 | 23,615 |
Current | 5,666,745 | 5,313,315 |
Loans held for investment, net | 5,688,063 | 5,336,930 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 3,947 | 9,014 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 13,075 | 10,856 |
Financing Receivable, Recorded Investment, Past Due | 17,022 | 19,870 |
Current | 4,534,936 | 4,410,016 |
Loans held for investment, net | 4,551,958 | 4,429,886 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 3,391 | 2,614 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 905 | 1,131 |
Financing Receivable, Recorded Investment, Past Due | 4,296 | 3,745 |
Current | 1,131,809 | 903,299 |
Loans held for investment, net | 1,136,105 | 907,044 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 715 |
Financing Receivable, Recorded Investment, Past Due | 0 | 715 |
Current | 527,720 | 310,050 |
Loans held for investment, net | 527,720 | 310,765 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 715 |
Financing Receivable, Recorded Investment, Past Due | 0 | 715 |
Current | 343,360 | 213,322 |
Loans held for investment, net | 343,360 | 214,037 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Current | 184,360 | 96,728 |
Loans held for investment, net | 184,360 | 96,728 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,658 | 7,677 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,221 | 2,970 |
Financing Receivable, Recorded Investment, Past Due | 4,879 | 10,647 |
Current | 7,947,698 | 5,831,816 |
Loans held for investment, net | 7,952,577 | 5,842,463 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 626 | 101 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,307 | 3,146 |
Financing Receivable, Recorded Investment, Past Due | 1,933 | 3,247 |
Current | 118,916 | 98,236 |
Loans held for investment, net | 120,849 | 101,483 |
Non Purchased Credit Impaired Loans and Leases [Member] | Cash Flow [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,048 | 274 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,427 | 1,639 |
Financing Receivable, Recorded Investment, Past Due | 3,475 | 1,913 |
Current | 3,058,793 | 2,637,023 |
Loans held for investment, net | 3,062,268 | 2,638,936 |
Non Purchased Credit Impaired Loans and Leases [Member] | Asset Based [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 1 | 878 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 965 |
Financing Receivable, Recorded Investment, Past Due | 1 | 1,843 |
Current | 2,547,532 | 2,232,195 |
Loans held for investment, net | 2,547,533 | 2,234,038 |
Non Purchased Credit Impaired Loans and Leases [Member] | Equipment Finance Commercial Financing Receivable [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 359 | 6,525 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 94 | 366 |
Financing Receivable, Recorded Investment, Past Due | 453 | 6,891 |
Current | 889,896 | 962,598 |
Loans held for investment, net | 890,349 | 969,489 |
Non Purchased Credit Impaired Loans and Leases [Member] | Venture Capital Loans [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 250 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 700 | 0 |
Financing Receivable, Recorded Investment, Past Due | 950 | 0 |
Current | 1,451,477 | 0 |
Loans held for investment, net | $ 1,452,427 | $ 0 |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 129,019 | $ 83,621 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019 | 83,621 |
Loans held for investment, net | 14,289,209 | 11,591,641 |
Non Purchased Credit Impaired Loans and Leases [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 14,160,190 | 11,508,020 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,277 | 37,612 |
Loans held for investment, net | 5,688,063 | 5,336,930 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 5,630,786 | 5,299,318 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 52,363 | 32,223 |
Loans held for investment, net | 4,551,958 | 4,429,886 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 4,499,595 | 4,397,663 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,914 | 5,389 |
Loans held for investment, net | 1,136,105 | 907,044 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,131,191 | 901,655 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 372 | 1,559 |
Loans held for investment, net | 527,720 | 310,765 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 527,348 | 309,206 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 1,178 |
Loans held for investment, net | 343,360 | 214,037 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 343,360 | 212,859 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 372 | 381 |
Loans held for investment, net | 184,360 | 96,728 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 183,988 | 96,347 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 69,839 | 40,965 |
Loans held for investment, net | 7,952,577 | 5,842,463 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 7,882,738 | 5,801,498 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,800 | 19,810 |
Loans held for investment, net | 3,062,268 | 2,638,936 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 3,046,468 | 2,619,126 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,505 | 10,024 |
Loans held for investment, net | 2,547,533 | 2,234,038 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,545,028 | 2,224,014 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 51,410 | 11,131 |
Loans held for investment, net | 890,349 | 969,489 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 838,939 | 958,358 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 124 | 0 |
Loans held for investment, net | 1,452,427 | 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,452,303 | 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,531 | 3,485 |
Loans held for investment, net | 120,849 | 101,483 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | $ 119,318 | $ 97,998 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - Non Purchased Credit Impaired Loans and Leases [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | $ 14,289,209 | $ 11,591,641 |
Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 13,897,455 | 11,349,030 |
Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 391,754 | 242,611 |
Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 5,688,063 | 5,336,930 |
Mortgages [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 5,577,000 | 5,239,944 |
Mortgages [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 111,063 | 96,986 |
Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 4,551,958 | 4,429,886 |
Mortgages [Member] | Commercial Real Estate [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 4,453,522 | 4,343,313 |
Mortgages [Member] | Commercial Real Estate [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 98,436 | 86,573 |
Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,136,105 | 907,044 |
Mortgages [Member] | Residential Real Estate [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,123,478 | 896,631 |
Mortgages [Member] | Residential Real Estate [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 12,627 | 10,413 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 527,720 | 310,765 |
Real Estate Construction [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 525,754 | 307,017 |
Real Estate Construction [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,966 | 3,748 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 343,360 | 214,037 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 342,789 | 210,691 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 571 | 3,346 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 184,360 | 96,728 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 182,965 | 96,326 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,395 | 402 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 7,952,577 | 5,842,463 |
Commercial Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 7,676,352 | 5,704,659 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 276,225 | 137,804 |
Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 3,062,268 | 2,638,936 |
Commercial Portfolio Segment [Member] | Cash Flow [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 2,878,542 | 2,551,085 |
Commercial Portfolio Segment [Member] | Cash Flow [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 183,726 | 87,851 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 2,547,533 | 2,234,038 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 2,528,193 | 2,200,058 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 19,340 | 33,980 |
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 890,349 | 969,489 |
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 836,295 | 953,516 |
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 54,054 | 15,973 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,452,427 | 0 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,433,322 | 0 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 19,105 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 120,849 | 101,483 |
Consumer Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 118,349 | 97,410 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | $ 2,500 | $ 4,073 |
Loans and Leases (Details 4)
Loans and Leases (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 129,019 | $ 83,621 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019 | 83,621 |
Impaired Financing Receivable Performing Restructured Loans | 40,182 | 35,244 |
Impaired Financing Receivable, Recorded Investment | 169,201 | 118,865 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,277 | 37,612 |
Impaired Financing Receivable Performing Restructured Loans | 27,133 | 20,245 |
Impaired Financing Receivable, Recorded Investment | 84,410 | 57,857 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 372 | 1,559 |
Impaired Financing Receivable Performing Restructured Loans | 7,631 | 8,996 |
Impaired Financing Receivable, Recorded Investment | 8,003 | 10,555 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 69,839 | 40,965 |
Impaired Financing Receivable Performing Restructured Loans | 5,221 | 5,744 |
Impaired Financing Receivable, Recorded Investment | 75,060 | 46,709 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,531 | 3,485 |
Impaired Financing Receivable Performing Restructured Loans | 197 | 259 |
Impaired Financing Receivable, Recorded Investment | $ 1,728 | $ 3,744 |
Loans and Leases (Details 5)
Loans and Leases (Details 5) - Non Purchased Credit Impaired Loans and Leases [Member] - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, Related Allowance | $ 19,263 | $ 10,774 | ||||
Impaired Financing Receivable, Recorded Investment | 169,201 | 118,865 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 200,508 | 150,620 | ||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 121,757 | 86,781 | $ 73,711 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 2,126 | 1,471 | 1,976 | |||
Mortgages [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, Related Allowance | 1,458 | 693 | ||||
Impaired Financing Receivable, Recorded Investment | 84,410 | 57,857 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 101,393 | 74,122 | ||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 52,985 | 45,710 | 54,090 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,549 | 868 | 1,740 | |||
Mortgages [Member] | Commercial Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 17,967 | 11,082 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19,219 | 11,178 | ||||
Impaired Financing Receivable, Related Allowance | 777 | 693 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 58,678 | 46,775 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 68,333 | 62,944 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 17,833 | 10,670 | 20,158 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1,130 | 475 | 680 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 28,366 | 29,405 | 31,149 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 345 | 348 | 985 | |||
Mortgages [Member] | Residential Real Estate [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,278 | 0 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,435 | 0 | ||||
Impaired Financing Receivable, Related Allowance | 681 | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,487 | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 11,406 | 0 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 2,143 | 412 | 406 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 33 | 1 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 4,643 | 5,223 | 2,377 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 41 | 44 | 75 | |||
Real Estate Construction [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, Related Allowance | 26 | 69 | ||||
Impaired Financing Receivable, Recorded Investment | 8,003 | 10,555 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 8,003 | 14,465 | ||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 7,800 | 10,436 | 6,894 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 255 | 276 | 88 | |||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 1,128 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 4,934 | ||||
Impaired Financing Receivable, Related Allowance | 0 | 23 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,256 | 8,643 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,256 | 8,749 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 0 | 1,027 | 1,250 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 17 | 63 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 7,053 | 8,642 | 4,866 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 240 | 244 | 11 | |||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 747 | 763 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 747 | 763 | ||||
Impaired Financing Receivable, Related Allowance | 26 | 46 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 21 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 19 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 747 | 763 | 778 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 15 | 15 | 14 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 4 | [1] | 0 | [1] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, Related Allowance | 17,622 | 9,975 | ||||
Impaired Financing Receivable, Recorded Investment | 75,060 | 46,709 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 88,795 | 58,123 | ||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 59,254 | 27,476 | 12,141 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 307 | 317 | 138 | |||
Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 14,072 | 16,490 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 20,312 | 18,894 | ||||
Impaired Financing Receivable, Related Allowance | 7,079 | 3,466 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,825 | 4,319 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,121 | 6,648 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 12,590 | 8,498 | 1,908 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 32 | 21 | 89 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 2,752 | 2,289 | 2,728 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 89 | 99 | 0 | |||
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,901 | 4,767 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,423 | 5,493 | ||||
Impaired Financing Receivable, Related Allowance | 2,511 | 3,908 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,729 | 10,002 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,726 | 12,292 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 3,204 | 4,214 | 3,850 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 56 | 27 | 29 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 1,746 | 6,139 | 3,410 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 130 | 170 | 20 | |||
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,193 | 6,956 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,894 | 7,268 | ||||
Impaired Financing Receivable, Related Allowance | 8,032 | 2,601 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 40,216 | 4,175 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 44,194 | 7,528 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 8,475 | 3,802 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 30,363 | 2,534 | 245 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 124 | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 125 | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 124 | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 365 | 143 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 372 | 142 | ||||
Impaired Financing Receivable, Related Allowance | 157 | 37 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,363 | 3,601 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,945 | 3,768 | ||||
Impaired Financing Receivable, Recorded Investment | 1,728 | 3,744 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 2,317 | 3,910 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 355 | 132 | 425 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 15 | 8 | 10 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 1,363 | 3,027 | 161 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 2 | 0 | |||
Impaired Financing Receivable, Average Recorded Investment | [1] | 1,718 | 3,159 | 586 | ||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 15 | $ 10 | $ 10 | |||
[1] | For the loans and leases (excluding PCI loans) reported as impaired at December 31, 2015, 2014 and 2013, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Loans and Leases (Details 6)
Loans and Leases (Details 6) | 12 Months Ended | ||||||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 97 | [1] | 72 | [2] | 38 | [3] | |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 175,728,000 | [1] | $ 41,030,000 | [2] | $ 25,046,000 | [3] | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 174,858,000 | [1] | $ 34,457,000 | [2] | $ 25,046,000 | [3] | |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 3 | [1] | 3 | [2] | 6 | [3] |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 2,825,000 | [1] | $ 1,589,000 | [2] | $ 3,399,000 | [3] |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 96,900 | $ 129,000 | $ 1,600,000 | ||||
Mortgages [Member] | Commercial Real Estate [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | 21 | 14 | 11 | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 43,536,000 | $ 14,659,000 | $ 15,391,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 43,012,000 | $ 14,660,000 | $ 15,391,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 2 | 1 | 2 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 2,670,000 | $ 55,000 | $ 1,844,000 | |||
Mortgages [Member] | Residential Real Estate [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 18 | 11 | 3 | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 3,128,000 | $ 4,794,000 | $ 832,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,961,000 | $ 4,794,000 | $ 832,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 1 | 0 | 0 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 155,000 | $ 0 | $ 0 | |||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 8 | 4 | |||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 23,881,000 | $ 5,507,000 | |||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 23,881,000 | $ 4,965,000 | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 0 | 0 | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | ||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 1 | ||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 390,000 | ||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 390,000 | ||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 0 | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | |||||
Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 25 | 13 | 9 | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,718,000 | $ 2,717,000 | $ 658,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,539,000 | $ 2,717,000 | $ 658,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 0 | 1 | 2 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 1,144,000 | $ 66,000 | |||
Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 13 | 22 | 12 | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 8,400,000 | $ 12,368,000 | $ 7,650,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 8,400,000 | $ 6,336,000 | $ 7,650,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 0 | 1 | 2 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 390,000 | $ 1,489,000 | |||
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 10 | 1 | |||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 93,868,000 | $ 518,000 | |||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 93,868,000 | $ 518,000 | |||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 0 | 0 | ||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | ||||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Modifications [Line Items] | |||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 2 | 7 | 2 | ||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 197,000 | $ 467,000 | $ 125,000 | ||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 197,000 | $ 467,000 | $ 125,000 | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 0 | 0 | 0 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | $ 0 | |||
[1] | Represents the balance at December 31, 2015, and is net of charge-offs of $96,900. | ||||||
[2] | Represents the balance at December 31, 2014, and is net of charge-offs of | ||||||
[3] | Represents the balance at December 31, 2013, and is net of charge-offs of $1.6 million. | ||||||
[4] | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. |
Loans and Leases (Details 7)
Loans and Leases (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | $ 115,111 | $ 84,455 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 9,577 | 13,999 | |
Loans and Leases Receivable, Allowance, Covered | 9,577 | 13,999 | $ 21,793 |
Allowance for Loan and Lease Losses, Write-offs | (1,772) | (9,577) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 150 | 766 | |
Provision for Loan and Lease Losses | (2,800) | (1,017) | |
Receivables Acquired With Deteriorated Credit Quality, Allowance For Credit Losses | 9,577 | 13,999 | |
Loans held for investment, net | 189,045 | 290,791 | |
Receivables Acquired with Deteriorated Credit Quality | 189,045 | 290,791 | |
NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 115,111 | 84,455 | |
Loans and Leases Receivable Allowance Covered And Noncovered | 115,111 | 84,455 | 82,034 |
Allowance for Loan and Lease Losses, Write-offs | (17,771) | (21,452) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 8,623 | 11,110 | |
Provision for Loan and Lease Losses | (39,804) | (12,763) | |
Loans held for investment, net | 14,478,254 | 11,882,432 | |
Loans and Leases Receivable Net Of Deferred Income Covered And Noncovered | 14,478,254 | 11,882,432 | |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 105,534 | 70,456 | 60,241 |
Allowance for Loan and Lease Losses, Write-offs | (15,999) | (11,875) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 8,473 | 10,344 | |
Provision for Loan and Lease Losses | (42,604) | (11,746) | |
Financing Receivable, Individually Evaluated for Impairment | 19,263 | 10,774 | |
Financing Receivable, Collectively Evaluated for Impairment | 86,271 | 59,682 | |
Loans held for investment, net | 14,289,209 | 11,591,641 | |
Financing Receivable, Individually Evaluated for Impairment | 168,299 | 114,923 | |
Financing Receivable, Collectively Evaluated for Impairment | 14,120,910 | 11,476,718 | |
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 661 | 1,253 | 2,944 |
Allowance for Loan and Lease Losses, Write-offs | (156) | (332) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 410 | 1,283 | |
Provision for Loan and Lease Losses | (846) | (2,642) | |
Financing Receivable, Individually Evaluated for Impairment | 157 | 37 | |
Financing Receivable, Collectively Evaluated for Impairment | 504 | 1,216 | |
Loans held for investment, net | 120,849 | 101,483 | |
Financing Receivable, Individually Evaluated for Impairment | 1,672 | 3,510 | |
Financing Receivable, Collectively Evaluated for Impairment | 119,177 | 97,973 | |
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 61,082 | 39,858 | 26,921 |
Allowance for Loan and Lease Losses, Write-offs | (13,354) | (9,463) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 3,399 | 6,265 | |
Provision for Loan and Lease Losses | (31,179) | (16,135) | |
Financing Receivable, Individually Evaluated for Impairment | 17,622 | 9,975 | |
Financing Receivable, Collectively Evaluated for Impairment | 43,460 | 29,883 | |
Loans held for investment, net | 7,952,577 | 5,842,463 | |
Financing Receivable, Individually Evaluated for Impairment | 74,680 | 45,568 | |
Financing Receivable, Collectively Evaluated for Impairment | 7,877,897 | 5,796,895 | |
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 7,137 | 4,248 | 4,298 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 1,082 | 156 | |
Provision for Loan and Lease Losses | (1,807) | (206) | |
Financing Receivable, Individually Evaluated for Impairment | 26 | 69 | |
Financing Receivable, Collectively Evaluated for Impairment | 7,111 | 4,179 | |
Loans held for investment, net | 527,720 | 310,765 | |
Financing Receivable, Individually Evaluated for Impairment | 8,003 | 10,555 | |
Financing Receivable, Collectively Evaluated for Impairment | 519,717 | 296,580 | |
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 36,654 | 25,097 | $ 26,078 |
Allowance for Loan and Lease Losses, Write-offs | (2,489) | (2,080) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 3,582 | 2,640 | |
Provision for Loan and Lease Losses | (10,464) | (1,541) | |
Financing Receivable, Individually Evaluated for Impairment | 1,458 | 693 | |
Financing Receivable, Collectively Evaluated for Impairment | 35,196 | 24,404 | |
Loans held for investment, net | 5,688,063 | 5,336,930 | |
Financing Receivable, Individually Evaluated for Impairment | 83,944 | 55,290 | |
Financing Receivable, Collectively Evaluated for Impairment | $ 5,604,119 | $ 5,285,270 |
Loans and Leases (Details 8)
Loans and Leases (Details 8) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Purchased Credit Impaired Loans Composition [Line Items] | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 96,900 | $ 129,000 | $ 1,600,000 |
Loans and Leases Receivable, Allowance | 115,111,000 | 84,455,000 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 240,664,000 | 340,639,000 | |
Loan Discounts | (51,619,000) | (49,848,000) | |
Loans and Leases Receivable, Allowance, Covered | (9,577,000) | (13,999,000) | $ (21,793,000) |
Loans and Leases Receivable, Net Reported Amount, Covered | 179,468,000 | 276,792,000 | |
Loans held for investment, net | 189,045,000 | 290,791,000 | |
Loans and Leases Receivable, Allowance | 9,577,000 | 13,999,000 | |
Mortgages [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 207,170,000 | 299,660,000 | |
Real Estate Construction [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,534,000 | 7,743,000 | |
Commercial Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 30,658,000 | 32,904,000 | |
Consumer Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $ 302,000 | $ 332,000 |
Loans and Leases (Details 9)
Loans and Leases (Details 9) - Purchased Credit Impaired Loans and Leases [Member] - Covered [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
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 | $ 179,468 | $ 276,792 | $ 361,003 | |
Accretable yield | (85,636) | (106,856) | (139,568) | |
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, Carrying Amount, Net | $ 491,816 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | (16,455) | (79,234) | (44,146) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 31,857 | 57,213 | 46,680 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | (148,436) | (219,641) | (225,849) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 0 | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | (2,800) | (4,210) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | (1,017) | |||
Accretable Yield [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Accretable yield | $ (196,022) | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | (2,852) | (13,728) | (8,096) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 31,857 | 57,213 | 46,680 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | 0 | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 7,785 | 10,773 | 17,870 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | $ 0 | $ 0 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 0 |
Loans and Leases (Details 10)
Loans and Leases (Details 10) - Purchased Credit Impaired Loans and Leases [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | $ 189,045 | $ 290,791 |
Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 62,474 | 132,288 |
Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 126,571 | 158,503 |
Mortgages [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 168,679 | 256,442 |
Mortgages [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 43,554 | 101,161 |
Mortgages [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 125,125 | 155,281 |
Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 2,653 | 6,911 |
Real Estate Construction [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 1,230 | 3,901 |
Real Estate Construction [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 1,423 | 3,010 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 17,414 | 27,154 |
Commercial Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 17,391 | 26,942 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 23 | 212 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 299 | 284 |
Consumer Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 299 | 284 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | $ 0 | $ 0 |
Loans and Leases (Details Textu
Loans and Leases (Details Textual) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Unfunded Commitments For Troubled Debt Restructurings | $ 2,900,000 | $ 214,000 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019,000 | 83,621,000 | |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 16,800,000 | ||
Loans and Leases Receivable, Gross | 14,528,165,000 | 11,904,684,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 96,900 | 129,000 | $ 1,600,000 |
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 3,600,000 | 8,700,000 | |
Financing Receivable Recorded Investment Nonaccrual Status Current | 108,600,000 | 56,100,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 6,400,000 | 7,500,000 | |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019,000 | 83,621,000 | |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 17,508,000 | 18,818,000 | |
Loans held for investment, net | 14,289,209,000 | 11,591,641,000 | |
Loans and Leases Receivable, Gross | 14,339,070,000 | 11,613,832,000 | |
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 10,622,000 | 19,406,000 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 189,045,000 | 290,791,000 | |
Loans and Leases Receivable, Gross | $ 189,095,000 | $ 290,852,000 | |
Nonperforming Financing Receivable [Member] | Oil and Gas Properties [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Number Of Contracts | Contract | 3 | ||
Loans held for investment, net | $ 47,100,000 |
Foreclosed Assets Foreclosed 75
Foreclosed Assets Foreclosed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate Owned Net | $ 15,240 | $ 35,423 | ||
Foreclosed assets, net | 22,120 | 43,721 | ||
Other Foreclosed Assets NonCovered | 6,880 | 8,298 | ||
Other Real Estate Owned Net Noncovered including Foreclosed Assets | 22,120 | 43,721 | $ 55,891 | $ 56,414 |
Commercial Real Estate [Member] | ||||
Other Real Estate Owned Net | 487 | 2,449 | ||
Construction and Land Development [Member] | ||||
Other Real Estate Owned Net | 13,801 | 24,759 | ||
Multi Family [Member] | ||||
Other Real Estate Owned Net | 0 | 4,823 | ||
Residential Mortgage [Member] | ||||
Other Real Estate Owned Net | $ 952 | $ 3,392 |
Foreclosed Assets Foreclosed 76
Foreclosed Assets Foreclosed Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Business Acquisition [Line Items] | |||||
Other Real Estate Owned Net Noncovered including Foreclosed Assets | $ 22,120 | $ 43,721 | $ 55,891 | $ 56,414 | |
Other Real Estate [Roll Forward] | |||||
Other Foreclosed Assets Acquired | 0 | 6,382 | 13,772 | ||
Loans transferred to foreclosed assets | 13,472 | 9,806 | 15,416 | ||
SEC Schedule III, Real Estate, Acquisitions Through Foreclosures | 19,470 | ||||
Provision for Other Real Estate Owned and Foreclosed Assets | 5,228 | 7,307 | 2,515 | ||
Other Real Estate Owned Foreclosed Assets CORES | (29,845) | (21,051) | (31,289) | ||
Foreclosed Asset Payments Due To Third Parties | 0 | 0 | $ 39 | [1] | |
Foreclosed assets, net | $ 22,120 | $ 43,721 | |||
[1] | Represents amounts due to participants and for guarantees, property taxes or other prior lien positions. |
Foreclosed Assets Foreclosed 77
Foreclosed Assets Foreclosed Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||
Provision for losses on foreclosed assets | $ 5,228 | $ 7,307 | $ 2,515 |
Foreclosed Assets Rollforward [Abstract] | |||
Foreclosed Assets Valuation Allowance | 12,123 | 11,314 | 16,681 |
Foreclosed Assets, Valuation Allowance, Amounts Applied | (7,105) | (6,498) | (7,882) |
Foreclosed Assets Valuation Allowance | $ 10,246 | $ 12,123 | $ 11,314 |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Premises and Equipment, Net [Abstract] | ||
Land | $ 5,505 | $ 5,505 |
Buildings and Improvements, Gross | 14,564 | 14,198 |
Furniture and Fixtures, Gross | 36,234 | 32,359 |
Leasehold Improvements, Gross | 37,773 | 33,157 |
Property, Plant and Equipment, Gross | 94,076 | 85,219 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (54,879) | (48,668) |
Property, Plant and Equipment, Net | $ 39,197 | $ 36,551 |
Premises and Equipment, Net (79
Premises and Equipment, Net (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Premises and Equipment, Net [Abstract] | |
2,016 | $ 29,730 |
2,017 | 27,201 |
2,018 | 24,238 |
2,019 | 20,792 |
2,020 | 17,727 |
Thereafter | 46,692 |
Total | $ 166,380 |
Premises and Equipment, Net (80
Premises and Equipment, Net (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Premises and Equipment, Net [Abstract] | |||
Depreciation, Depletion and Amortization | $ 8,100,000 | $ 8,400,000 | $ 6,000,000 |
Operating Leases, Rent Expense | 26,200,000 | 23,800,000 | 17,600,000 |
Operating Leases, Income Statement, Lease Revenue | 487,000 | $ 589,000 | $ 750,000 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions | $ 27,300,000 |
Deposits Deposits (Details)
Deposits Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Interest checking deposits | $ 886,886 | $ 736,367 |
Money market deposits | 3,712,690 | 1,825,510 |
Savings deposits | 742,795 | 762,961 |
Time deposits under $100,000 | 1,656,227 | 2,467,338 |
Time deposits $100,000 and over | 2,496,129 | 3,031,600 |
Total interest-bearing deposits | $ 9,494,727 | $ 8,823,776 |
Deposits Deposits (Details 1)
Deposits Deposits (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 3,912,518 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year One | 0.65% | |
Time Deposit Maturities, Year Two | $ 182,509 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Two | 0.63% | |
Time Deposit Maturities, Year Three | $ 39,578 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Three | 1.05% | |
Time Deposit Maturities, Year Four | $ 10,916 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Four | 1.02% | |
Time Deposit Maturities, Year Five | $ 6,151 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Five | 0.87% | |
Time Deposit Maturities, after Year Five | $ 684 | |
Time Deposits, Weighted Average Interest Rate, Maturities Greater than Five Years | 1.02% | |
Time Deposits | $ 4,152,356 | $ 5,498,938 |
Weighted Average Rate Domestic Deposit, Time Deposits | 0.66% | |
Time Deposits Under $100,000 | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 1,543,655 | |
Time Deposit Maturities, Year Two | 82,459 | |
Time Deposit Maturities, Year Three | 21,718 | |
Time Deposit Maturities, Year Four | 4,973 | |
Time Deposit Maturities, Year Five | 2,949 | |
Time Deposit Maturities, after Year Five | 473 | |
Time Deposits | 1,656,227 | |
Time Deposits $100,000 Or More | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | 2,368,863 | |
Time Deposit Maturities, Year Two | 100,050 | |
Time Deposit Maturities, Year Three | 17,860 | |
Time Deposit Maturities, Year Four | 5,943 | |
Time Deposit Maturities, Year Five | 3,202 | |
Time Deposit Maturities, after Year Five | 211 | |
Time Deposits | $ 2,496,129 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Time Deposits Balance [Domain] | ||
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 272.5 | $ 636.7 |
Non-maturity Deposits [Member] | ||
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 942.3 | $ 120.6 |
Borrowings and Subordinated D84
Borrowings and Subordinated Debentures (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Borrowings | $ 621,914,000 | $ 383,402,000 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | $ 3,914,000 | $ 3,402,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.49% | 6.43% |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.27% | 0.27% |
Federal Home Loan Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 618,000,000 | $ 380,000,000 |
Borrowings and Subordinated D85
Borrowings and Subordinated Debentures Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2014USD ($) | ||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures | $ 436,000 | $ 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 | 3.63% | 3.63% | 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 | 3.35% | 3.35% | 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 | 3.07% | 3.07% | 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 | 2.20% | 2.20% | 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 | 2.11% | 2.11% | 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 | 2.06% | 2.06% | 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 | 2.46% | 2.46% | 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 | 2.27% | 2.27% | 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 | 2.27% | 2.27% | 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 | 2.27% | 2.27% | 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] | ||||
Liability, Reporting Currency Denominated, Value | € | € 25.8 | |||
Long-term Debt, Gross | [1] | $ 28,007 | $ 31,188 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.82% | 2.82% | 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 | |||
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 | 2.27% | 2.27% | 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 | 2.27% | 2.27% | 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 | 2.27% | 2.27% | 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 | $ 539,795 | $ 542,976 | ||
Debt Instrument, Unamortized Discount | [2] | (103,795) | (109,393) | |
Subordinated debentures | $ 436,000 | $ 433,583 | ||
[1] | Denomination is in Euros with a value of €25.8 million | |||
[2] | Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. |
Borrowings and Subordinated D86
Borrowings and Subordinated Debentures (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instruments Weighted Average Remaining Maturity Period | 3 years 4 months 20 days | |
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 |
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 | 2,100,000,000 | |
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Loans Pledged as Collateral | 2,900,000,000 | |
Federal Home Loan Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,500,000,000 | |
Line of Credit Facility, Amount Outstanding | $ 618,000,000 | $ 380,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 3,580,655 | $ 1,921,067 |
Standby letters of credit | 210,292 | 88,495 |
Commitments to purchase equipment being acquired for lease to others | 6,663 | 12,839 |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 3,797,610 | $ 2,022,401 |
Commitments and Contingencies88
Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)fund |
Long-term Purchase Commitment [Line Items] | ||
Commitment To Contribute Capital | $ 19.2 | $ 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 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Securities available‑for‑sale | $ 3,559,437 | $ 1,567,177 |
Derivative Asset | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 3,559,437 | 1,567,177 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Assets, Fair Value Disclosure, Recurring | 3,576,270 | 1,572,411 |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Level 1 | ||
Securities available‑for‑sale | 519 | |
Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 71,942 | 519 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Recurring | 71,942 | 519 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Level 2 | ||
Securities available‑for‑sale | 1,532,711 | |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 3,388,054 | 1,532,711 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Recurring | 3,399,973 | 1,537,945 |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Level 3 | ||
Securities available‑for‑sale | 33,947 | |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 99,441 | 33,947 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Assets, Fair Value Disclosure, Recurring | 104,355 | 33,947 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Government agency and government-sponsored enterprise pass through securities | ||
Securities available‑for‑sale | 767,797 | 535,672 |
Government agency and government-sponsored enterprise pass through securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 535,672 | |
Government agency and government-sponsored enterprise pass through securities | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Government agency and government-sponsored enterprise pass through securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 767,797 | 535,672 |
Government agency and government-sponsored enterprise pass through securities | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Securities available‑for‑sale | 486,239 | 277,946 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 277,946 | |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 486,239 | 277,946 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Covered Private Label Collateralized Mortgage Obligation [Member] | ||
Securities available‑for‑sale | 29,782 | 33,947 |
Covered Private Label Collateralized Mortgage Obligation [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 33,947 | |
Covered Private Label Collateralized Mortgage Obligation [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Covered Private Label Collateralized Mortgage Obligation [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Covered Private Label Collateralized Mortgage Obligation [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 29,782 | 33,947 |
Other Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 10,914 | |
Other Private Label Collateralized Mortgage Obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Other Private Label Collateralized Mortgage Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 63,555 | 10,914 |
Other Private Label Collateralized Mortgage Obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 51,459 | 0 |
Municipal securities | ||
Securities available‑for‑sale | 1,547,331 | 536,116 |
Municipal securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 536,116 | |
Municipal securities | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Municipal securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 1,547,331 | 536,116 |
Municipal securities | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
US Treasury Securities [Member] | ||
Securities available‑for‑sale | 69,380 | 0 |
US Treasury Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 69,380 | |
US Treasury Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
US Treasury Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Corporate Debt Securities [Member] | ||
Securities available‑for‑sale | 48,424 | 110,109 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 110,109 | |
Corporate Debt Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Corporate Debt Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 48,424 | 110,109 |
Corporate Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available‑for‑sale | 36,913 | 36,757 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 36,757 | |
US Government-sponsored Enterprises Debt Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 36,913 | 36,757 |
US Government-sponsored Enterprises Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Other securities [Member] | ||
Securities available‑for‑sale | 115,211 | 25,716 |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 25,716 | |
Other securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 2,562 | 519 |
Other securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 94,449 | 25,197 |
Other securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 18,200 | 0 |
Collateralized Loan Obligations [Member] | ||
Securities available‑for‑sale | 132,189 | 0 |
Collateralized Loan Obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Collateralized Loan Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 132,189 | |
Collateralized Loan Obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Asset-backed Securities [Member] | ||
Securities available‑for‑sale | 211,157 | $ 0 |
Asset-backed Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Asset-backed Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 211,157 | |
Asset-backed Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | $ 0 |
Fair Value Measurements (Deta90
Fair Value Measurements (Details 1) - Level 3 - Private Label CMOs - Fair Value, Measurements, Recurring [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
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] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Prepayment Rate | 20.55% |
Fair Value Inputs, Probability of Default | 7.10% |
Fair Value Inputs, Loss Severity | 100.00% |
Fair Value Inputs, Discount Rate | 43.22% |
Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Prepayment Rate | 8.75% |
Fair Value Inputs, Probability of Default | 3.40% |
Fair Value Inputs, Loss Severity | 44.26% |
Fair Value Inputs, Discount Rate | 4.39% |
Fair Value Measurements (Deta91
Fair Value Measurements (Details 2) - Covered Private Label Collateralized Mortgage Obligations Member [Domain] - Fair Value, Measurements, Recurring [Member] - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 33,947 | $ 37,904 | $ 44,684 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1,104 | 1,627 | 1,938 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,388) | (344) | (1,204) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,881) | (5,240) | (7,514) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 51,459 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 81,241 | $ 33,947 | $ 37,904 |
Fair Value Measurements (Deta92
Fair Value Measurements (Details 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Disclosures [Abstract] | |
Warrants, Acquired From Acquisition | $ 5,552 |
Gain on Sale of Investments | 530 |
Proceeds from Issuance of Warrants | (1,529) |
Transfers to Available-For-Sale | (2) |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 363 |
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 4,914 |
Fair Value Measurements (Deta93
Fair Value Measurements (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 14,393,558 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 14,384,191 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 55,025 | $ 67,274 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 23,468 | 20,766 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,557 | 46,508 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,817 | 42,693 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,366 | |
Loans Receivable, Fair Value Disclosure | 9,367 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,450 | 40,327 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 24,015 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [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] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 18,400 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | 566 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [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] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,111 | |
Third party appraisals [Domain] | Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | $ 5,615 |
Third party appraisals [Domain] | Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 |
Fair Value Measurements (Deta94
Fair Value Measurements (Details 5) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 55,025 | $ 67,274 | |
Total Net Gain (Loss) from Nonrecurring Assets | (20,840) | (13,884) | $ (2,251) |
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 | 14,101 | 24,015 | |
Total Net Gain (Loss) from Nonrecurring Assets | (4,726) | (6,737) | (1,045) |
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 | 40,817 | 42,693 | |
Total Net Gain (Loss) from Nonrecurring Assets | (16,097) | (7,006) | (1,206) |
Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 107 | 566 | |
Total Net Gain (Loss) from Nonrecurring Assets | (17) | (141) | $ 0 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 1 | 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 | 0 | 0 | |
Level 1 | 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 | 0 | ||
Level 1 | Cost-method Investments [Member] | |||
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 | 23,468 | 20,766 | |
Level 2 | 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 | 14,101 | 18,400 | |
Level 2 | 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 | 2,366 | ||
Level 2 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 31,557 | 46,508 | |
Level 3 | 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 | 31,450 | 40,327 | |
Level 3 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 566 | ||
Third party appraisals [Domain] | Level 3 | 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 | 0 | $ 5,615 | |
Third party appraisals [Domain] | Level 3 | 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 | 1,111 | ||
Third party appraisals [Domain] | Level 3 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 |
Fair Value Measurements (Deta95
Fair Value Measurements (Details 6) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 55,025 | $ 67,274 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,557 | 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 | 40,817 | 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 | 31,450 | 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 | 14,101 | 24,015 |
Cost-method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | 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 | 30,339 | |
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 | 1,111 | |
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 | 0 | $ 5,615 |
Third party appraisals [Domain] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | |
Market Approach Valuation Technique [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 | |
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] | Discounted Cash Flow [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 75.00% | |
Minimum [Member] | 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] | ||
Fair Value Inputs, Discount Rate | ||
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] | Discounted Cash Flow [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 75.00% | |
Maximum [Member] | 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] | ||
Fair Value Inputs, Discount Rate | ||
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 | 5.90% | |
Weighted Average [Member] | Discounted Cash Flow [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 75.00% | |
Weighted Average [Member] | 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] | ||
Fair Value Inputs, Discount Rate |
Fair Value Measurements (Deta96
Fair Value Measurements (Details 7) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 161,020 | $ 164,757 |
Interest-earning deposits in financial institutions | 235,466 | 148,469 |
Available-for-sale Securities | 3,559,437 | 1,567,177 |
Federal Home Loan Bank stock, at cost | 19,710 | 40,609 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 19,710 | 40,609 |
Cost Method Investments | 2,267 | 3,691 |
Cost Method Investments, Fair Value Disclosure | 6,789 | 3,691 |
Equity Method Investments | 21,461 | |
Equity Method Investments, Fair Value Disclosure | 21,700 | |
Loans and leases, net | 14,363,143 | 11,797,977 |
Loans Receivable, Fair Value Disclosure | 14,393,558 | |
Derivative Asset | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Deposits, Savings Deposits | 11,513,826 | 6,256,190 |
Time Deposits | 4,152,356 | 5,498,938 |
Deposits, Fair Value Disclosure | 4,152,920 | 5,502,479 |
Borrowings | 621,914 | 383,402 |
Borrowed Funds | 383,402 | |
Long-term Debt, Fair Value | 622,438 | 383,539 |
Subordinated debentures | 436,000 | 433,583 |
Subordinated Debt Obligations, Fair Value Disclosure | 419,762 | 417,657 |
Derivative Liability | 118 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 161,020 | 164,757 |
Interest-earning deposits in financial institutions | 235,466 | 148,469 |
Available-for-sale Securities | 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 | |
Deposits, Savings Deposits | 0 | 0 |
Deposits, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 618,000 | 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 | 1,532,711 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 19,710 | 40,609 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Equity Method Investments, Fair Value Disclosure | 0 | |
Deposits, Savings Deposits | 11,513,826 | 6,256,190 |
Deposits, Fair Value Disclosure | 4,152,920 | 5,502,479 |
Long-term Debt, Fair Value | 4,438 | 3,539 |
Subordinated Debt Obligations, Fair Value Disclosure | 419,762 | 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 | 33,947 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 6,789 | 3,691 |
Equity Method Investments, Fair Value Disclosure | 21,700 | |
Loans Receivable, Fair Value Disclosure | 14,384,191 | |
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 |
NonPCI and PCI Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net | 14,363,143 | 11,797,977 |
Loans Receivable, Fair Value Disclosure | 11,757,951 | |
NonPCI and PCI Loans [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
NonPCI and PCI Loans [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 2,366 | |
NonPCI and PCI Loans [Member] | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 11,755,585 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 3,559,437 | 1,567,177 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 71,942 | 519 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 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 | 3,388,054 | 1,532,711 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 99,441 | 33,947 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Derivative Liability, Fair Value of Collateral | 0 | $ 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 9,367 |
Fair Value Measurements (Deta97
Fair Value Measurements (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 3,559,437,000 | $ 1,567,177,000 |
Carrying Value of Nonaccrual Loans with Collateral Write-downs | 20,000,000 | |
Threshold for loans that are considered individually significant for allowance analysis purposes | 250,000 | |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914,000 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33,947,000 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,559,437,000 | 1,567,177,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 99,441,000 | 33,947,000 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914,000 | |
Other Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,914,000 | |
Other Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 51,459,000 | 0 |
Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 115,211,000 | 25,716,000 |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 25,716,000 | |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 18,200,000 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (11,950) | $ (14,611) | $ (32,113) |
Current State and Local Tax Expense | (28,167) | (10,823) | (7,667) |
Current Income Tax Expense | (40,117) | (25,434) | (39,780) |
Deferred Federal Income Tax Expense | (128,436) | (70,662) | 9,099 |
Deferred State and Local Income Tax Expense | (11,964) | (19,795) | (1,586) |
Deferred Income Tax Expense (Benefit) | (140,400) | (90,457) | 7,513 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | $ (180,517) | $ (115,891) | $ (32,267) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (168,047) | $ (98,575) | $ (26,201) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (29,009) | (15,689) | (6,014) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 8,274 | 4,472 | 3,979 |
Income Tax Reconciliation Change In Cash Surrender Value Of Life Insurance | 884 | 739 | 407 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 2,441 | 3,567 | 2,480 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (1,005) | (6,792) | (4,730) |
Nondeductible acquisition-related expense | (876) | (2,994) | (1,196) |
Income Tax Reconciliation Acquisition Related Securities Gain Loss | 0 | 0 | 1,828 |
Deferred Tax Assets, Tax Deferred Expense | 5,529 | (157) | 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 2,917 | 3,520 | 0 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (1,625) | (3,982) | (2,820) |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | $ 180,517 | $ 115,891 | $ 32,267 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 97,385 | $ 100,981 |
Interest on nonaccrual loans | 5,100 | 7,394 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 4,027 | 4,585 |
Deferred Tax Assets, Property, Plant and Equipment | 5,867 | 5,359 |
Deferred tax assets, unrealized losses on other real estate owned | 6,479 | 7,353 |
Assets acquired in FDIC-assisted acquisition | 2,319 | 10,217 |
Deferred Tax Assets, State Taxes | 6,101 | 5,009 |
Deferred Tax Assets, Operating Loss Carryforwards | 125,678 | 207,575 |
Deferred Tax Assets, Capital Loss Carryforwards | 35,597 | 57,494 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 40,733 | 36,115 |
Deferred Tax Assets, Other | 0 | 6,254 |
Deferred Tax Assets, Equity Method Investments | 16,712 | 8,666 |
Deferred Tax Assets, Goodwill and Intangible Assets | 37,423 | 44,372 |
Tax Credit Carryforward, Deferred Tax Asset | 35,874 | 32,183 |
Deferred Tax Assets, Gross | 419,295 | 533,557 |
Deferred Tax Assets, Valuation Allowance | (121,138) | (130,282) |
Deferred Tax Assets, Net of Valuation Allowance | 298,157 | 403,275 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 19,122 | 3,978 |
Deferred Tax Liabilities, Tax Deferred Income | 16,283 | 17,594 |
Deferred Tax Liabilities, Other Comprehensive Income | 19,224 | 17,926 |
Deferred Tax Liabilities, Regulatory Assets | 1,067 | 2,820 |
Deferred Tax Liabilities, Subordinated Debt | 39,242 | 40,369 |
Deferred Tax Liabilities, Leasing Arrangements | 40,029 | 34,136 |
Unrealized income from FDIC-assisted acquisition | 7,543 | 2,041 |
Deferred Tax Liabilities, Investments | 17,087 | |
Deferred Tax Assets, Investments | 0 | |
Deferred Tax Liabilities, Other | 12,171 | 0 |
Deferred Tax Liabilities, Gross | 171,768 | 118,864 |
Deferred Tax Assets, Net | $ 126,389 | $ 284,411 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance, beginning of year | $ 20,501 | $ 0 |
Increase related to CapitalSource Inc. merger | 0 | 18,724 |
Increase based on tax positions related to prior years | 6,839 | 2,371 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (4,789) | 0 |
Reductions related to settlements | (6,640) | (293) |
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (756) | (301) |
Balance, end of year | $ 15,155 | $ 20,501 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands, shares in Millions | Oct. 06, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Statutory Federal Income Tax Rate | 35.00% | ||
Income Taxes Receivable | $ 6,200 | $ 18,300 | |
Deferred Tax Assets, Valuation Allowance | 121,138 | 130,282 | |
Unused Federal operating loss carryforwards | 200,400 | ||
Unused State operating loss carryforwards | 1,000,000 | ||
Unused Federal capital loss carryforwards | 82,300 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 28,600 | ||
Low Income Housing Tax Credit carryforwards | 7,100 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (2,400) | (200) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 900 | 3,300 | |
Minimum [Member] | |||
State operating loss carryforwards expiration date | Dec. 31, 2016 | ||
Federal capital loss carryforward expiration date | 1/1/2016 | ||
Foreign tax credit carryforward expiration date | Jan. 1, 2016 | ||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2034 | ||
Open Tax Year | 2,006 | ||
Maximum [Member] | |||
Unused Federal operating loss carryforward expiration date | 12/31/2031 | ||
State operating loss carryforwards expiration date | Dec. 31, 2035 | ||
Federal capital loss carryforward expiration date | 12/31/2018 | ||
Foreign tax credit carryforward expiration date | Dec. 31, 2021 | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2035 | ||
Open Tax Year | 2,014 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax Examination, Year under Examination | 2,006 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Income Tax Examination, Year under Examination | 2,013 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Examination, Year under Examination | 2,008 | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax Examination, Year under Examination | 2,012 | ||
Shares Of Common Stock [Member] | Square 1 Financial, Inc. [Member] | |||
Stock Issued During Period, Shares, New Issues | 18.1 | ||
Unrecognized Tax Rate Benefit (Negative Benefit) [Member] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 4,300 | $ 2,400 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net earnings from continuing operations | $ 71,057 | $ 62,276 | $ 11,230 | $ 25,905 | $ 299,619 | $ 170,468 | $ 45,477 | |||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | [1] | 2,892 | 1,959 | 1,096 | ||||||||
Net earnings from continuing operations allocated to common shares | 296,727 | 168,509 | 44,381 | |||||||||
Net loss from discontinued operations allocated to common shares | 0 | (1,545) | (348) | |||||||||
Net earnings allocated to common shares | $ 296,727 | $ 166,964 | $ 44,033 | |||||||||
Weighted-average basic shares and unvested restricted stock outstanding | 107,401 | 87,871 | 42,506 | |||||||||
Less: weighted-average unvested restricted stock outstanding | (1,074) | (1,018) | (1,683) | |||||||||
Weighted-average basic shares outstanding | 106,327 | 86,853 | 40,823 | |||||||||
Net earnings from continuing operations | $ 0.69 | $ 0.60 | $ 0.11 | $ 0.57 | $ 2.79 | $ 1.94 | $ 1.09 | |||||
Net loss from discontinued operations | 0 | (0.02) | (0.01) | |||||||||
Basic net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | 0.69 | 0.60 | 0.10 | 0.55 | $ 2.79 | $ 1.92 | $ 1.08 | |
Net earnings allocated to common shares | 296,727 | 166,964 | 44,033 | |||||||||
Net earnings from continuing operations | 0.69 | 0.60 | 0.11 | 0.57 | $ 2.79 | $ 1.94 | $ 1.09 | |||||
Net loss from discontinued operations | 0 | (0.02) | (0.01) | |||||||||
Diluted net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | $ 0.69 | $ 0.60 | $ 0.10 | $ 0.55 | $ 2.79 | $ 1.92 | $ 1.08 | |
[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 Pla104
Stock Based Compensation Plan Stock-based Compensation Plan (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Beginning balance | 1,108,505 | 1,216,524 | 1,698,281 |
Granted | 501,622 | 1,129,805 | 673,900 |
Shares vesting | (318,220) | (1,183,024) | (819,461) |
Forfeited | (79,956) | (54,800) | (336,196) |
Ending balance | 1,211,951 | 1,108,505 | 1,216,524 |
Weighted Average Grant Date Fair Value (Per Share) | |||
Beginning balance | $ 40.24 | $ 28.69 | $ 30.68 |
Granted | 46.18 | 40.37 | 29.06 |
Shares vesting | 40.26 | 28.53 | 24.84 |
Forfeited | 41.88 | 38.97 | 48.92 |
Ending balance | $ 42.59 | $ 40.24 | $ 28.69 |
Stock Based Compensation Pla105
Stock Based Compensation Plan Stock-based Compensation Plan (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 501,622 | 1,129,805 | 673,900 | ||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | 1,108,505 | 1,216,524 | 1,698,281 | |
Shares vesting | $ 40.26 | $ 28.53 | $ 24.84 | ||
Granted | $ 46.18 | $ 40.37 | $ 29.06 | ||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted | 490,652 | 711,633 | 9,666 | ||
Restricted stock awarded and earned stock compensation, net of shares forfeited | $ 21,147 | $ 30,671 | $ 417 | ||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | ||||
Shares vesting | $ 46.18 | $ 40.21 | $ 35.26 | ||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 1 month 20 days | 1 year 2 months 20 days | 1 year 1 month 20 days | ||
Outstanding at Year-End [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares vesting | $ 42.59 | ||||
Granted | [1] | $ 52,235,000 | |||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months 20 days | ||||
[1] | Determined using the $43.10 closing price of PacWest common stock on December 31, 2015. |
Stock Based Compensation Pla106
Stock Based Compensation Plan Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Apr. 07, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | 1,108,505 | 1,216,524 | 1,698,281 | ||
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 | |||||
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 | $ 12.4 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 14.7 | 53.4 | 30.9 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 5.6 | $ 3.9 | $ 3.4 | |||
Share Price | [1] | $ 43.10 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 41.1 | |||||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 1 month 20 days | 1 year 2 months 20 days | 1 year 1 month 20 days | |||
Restricted Stock [Member] | Vesting Based On Service [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated Share-based Compensation Expense | $ 15 | $ 9.8 | $ 8.5 | |||
PacWest 2003 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 19,686,565 | |||||
Share-based compensation arrangement, number of Shares Authorized due to CapitalSource, Inc Plan | 10,686,565 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,978,460 | |||||
Share-based compensation arrangement, Number of Shares Available for Grant due to CapitalSource, Inc Compensation Plan | 9,550,459 | |||||
Capitalsource, Inc. [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Business Acquisition, Effective Date of Acquisition | Apr. 7, 2014 | |||||
Outstanding at Year-End [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months 20 days | |||||
[1] | Determined using the $43.10 closing price of PacWest common stock on December 31, 2015. |
Benefit Plans Benefit Plans (De
Benefit Plans Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)yr | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Benefit Plans [Abstract] | |||
Minimum Hours Of Work Required By Participants | 1,000 | ||
Minimum Age Of Work Required By Participants | yr | 18 | ||
Maximum Annual Contributions Per Employee, Percent | 60.00% | ||
Cost Recognized | $ | $ 2.8 | $ 1.9 | $ 1.3 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Treasury Stock, Shares, Acquired | 180,822 | 493,890 | 351,640 |
Treasury Stock Acquired, Average Cost Per Share | $ 46.46 | $ 45.16 | $ 38.5 |
Capitalsource, Inc. [Member] | |||
Proceeds from (Repurchase of) Equity | $ 58,000 | $ 115,000 | |
Repurchased common stock from dividend reinvestment program | 1,300 | 2,583 |
Dividend Availability and Re109
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Tier One Leverage Capital | $ 2,164,152 | $ 1,722,870 |
Tier One Leverage Capital to Average Assets | 11.67% | 12.34% |
Tier One Leverage Capital Required to be Well Capitalized | $ 927,359 | $ 698,109 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Excess Tier One Leverage Capital | $ 1,236,793 | $ 1,024,761 |
Tier One Risk Based Common Equity | $ 2,159,741 | |
Tier One Risk Based Common Equity to Risk Weighted Assets | 12.58% | |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,116,069 | |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Excess Common Equity Tier One Capital | $ 1,043,672 | |
Tier One Risk Based Capital | $ 2,164,152 | $ 1,722,870 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.60% | 13.16% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,373,623 | $ 785,781 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Excess Tier One Risk Based Capital | $ 790,529 | $ 937,089 |
Capital | $ 2,687,377 | $ 2,104,984 |
Capital to Risk Weighted Assets | 15.65% | 16.07% |
Capital Required to be Well Capitalized | $ 1,717,029 | $ 1,309,635 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Excess Capital | $ 970,348 | $ 795,349 |
Pacific Western Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 2,057,546 | $ 1,621,546 |
Tier One Leverage Capital to Average Assets | 11.40% | 11.70% |
Tier One Leverage Capital Required to be Well Capitalized | $ 902,204 | $ 693,174 |
Excess Tier One Leverage Capital | 1,155,342 | 928,372 |
Tier One Risk Based Common Equity | $ 2,057,546 | |
Tier One Risk Based Common Equity to Risk Weighted Assets | 12.03% | |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,111,913 | |
Excess Common Equity Tier One Capital | 945,633 | |
Tier One Risk Based Capital | $ 2,057,546 | $ 1,621,546 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.03% | 12.46% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,368,508 | $ 780,834 |
Excess Tier One Risk Based Capital | 689,038 | 840,712 |
Capital | $ 2,189,388 | $ 1,712,312 |
Capital to Risk Weighted Assets | 12.80% | 13.16% |
Capital Required to be Well Capitalized | $ 1,710,635 | $ 1,301,390 |
Excess Capital | $ 478,753 | $ 410,922 |
Dividend Availability and Re110
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Proceeds from Dividends Received | $ 214,000,000 | |
Retained earnings (deficit) | $ 13,907,000 | $ (285,712,000) |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |
Tier One Risk Based Common Equity Required to be Adequately Capitalized to Risk Weighted Assets | 4.50% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 6.50% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Deferred Tax Assets, Regulatory Assets and Liabilities | $ 47,200,000 | |
Subordinated debentures | 436,000,000 | $ 433,583,000 |
Tier One Capital, Trust Preferred Securities Capital Portion | 32,800,000 | |
Tier Two Capital, Trust Preferred Securities Capital Portion | 391,400,000 | |
Pacific Western Bank [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Retained earnings (deficit) | (609,000,000) | |
Deferred Tax Assets, Regulatory Assets and Liabilities | 200,000 | |
Subordinated Debt [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Subordinated debentures | $ 436,000,000 | $ 433,583,000 |
Condensed Financial Informat111
Condensed Financial Information Of Parent Company Parent Company Information (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 396,486 | $ 313,226 | ||
Other assets | 335,045 | 290,744 | ||
Total assets | 21,288,490 | 16,234,605 | ||
Subordinated debentures | 436,000 | 433,583 | ||
Total liabilities | 16,890,799 | 12,728,375 | ||
Stockholders' Equity Attributable to Parent Only | 4,397,691 | 3,506,230 | $ 808,898 | $ 589,121 |
Total liabilities and stockholders' equity | 21,288,490 | 16,234,605 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 416,970 | 309,220 | ||
Investments In Consolidated Banking Subsidiaries | 3,980,537 | 3,105,283 | ||
Other assets | 153,991 | 226,321 | ||
Total assets | 4,551,498 | 3,640,824 | ||
Subordinated debentures | 133,812 | 133,232 | ||
Other Liabilities | 19,995 | 1,362 | ||
Total liabilities | 153,807 | 134,594 | ||
Stockholders' Equity Attributable to Parent Only | 4,397,691 | 3,506,230 | ||
Total liabilities and stockholders' equity | $ 4,551,498 | $ 3,640,824 |
Condensed Financial Informat112
Condensed Financial Information Of Parent Company Parent Company Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Investment Income, Dividend | $ 4,046 | $ 3,613 | $ 1,604 | ||||||||
Interest Expense | $ 14,298 | $ 15,152 | $ 15,903 | $ 15,239 | $ 14,713 | $ 13,510 | $ 11,830 | $ 2,345 | 60,592 | 42,398 | 12,201 |
Income Tax Expense (Benefit) | (49,380) | (39,777) | (45,287) | (46,073) | (43,261) | (42,911) | (15,552) | (15,281) | (180,517) | (117,005) | (32,525) |
Net earnings | $ 71,841 | $ 69,616 | $ 85,083 | $ 73,079 | $ 70,999 | $ 62,271 | $ 10,555 | $ 25,080 | 299,619 | 168,905 | 45,115 |
Parent Only | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other Income | 1,458 | 122 | 104 | ||||||||
Acquisition Related Securities Gain | 0 | 0 | 5,222 | ||||||||
Investment Income, Dividend | 214,000 | 137,000 | 48,000 | ||||||||
Total Income | 215,458 | 137,122 | 53,326 | ||||||||
Interest Expense | 4,279 | 4,211 | 3,796 | ||||||||
Operating Expenses | 6,983 | 8,105 | 6,061 | ||||||||
Total Expenses | 11,262 | 12,316 | 9,857 | ||||||||
Net earnings from continuing operations | 204,196 | 124,806 | 43,469 | ||||||||
Income Tax Expense (Benefit) | 4,225 | 5,164 | 4,038 | ||||||||
Income Loss From Continuing Operations Before Income Loss From Equity Method Investments | 208,421 | 129,970 | 47,507 | ||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 91,198 | 38,935 | (2,392) | ||||||||
Net earnings | $ 299,619 | $ 168,905 | $ 45,115 |
Condensed Financial Informat113
Condensed Financial Information Of Parent Company Parent Company Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net earnings | $ 71,841 | $ 69,616 | $ 85,083 | $ 73,079 | $ 70,999 | $ 62,271 | $ 10,555 | $ 25,080 | $ 299,619 | $ 168,905 | $ 45,115 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Decrease (increase) in other assets | 48,172 | 49,498 | 19,789 | |||||||||
Tax effect included in stockholders' equity of restricted stock vesting | (841) | (4,625) | (2,133) | |||||||||
Earned stock compensation | 15,630 | 36,474 | 21,246 | |||||||||
Net cash provided by operating activities | 593,878 | 332,110 | 50,252 | |||||||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||||||
Cash acquired in acquisitions, net of cash consideration paid | 260,936 | 346,047 | 273,013 | |||||||||
Payments to Acquire Available-for-sale Securities | (992,680) | (236,739) | (550,211) | |||||||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||||||
Tax effect included in stockholders' equity of restricted vesting stock | 841 | 4,625 | 2,133 | |||||||||
Restricted stock surrendered | 8,400 | 22,307 | 13,537 | |||||||||
Increase (Decrease) in Notes Receivables | 0 | 0 | ||||||||||
Cash dividends paid, net | (215,110) | (114,162) | (41,006) | |||||||||
Net cash provided by (used in) financing activities | 131,879 | (722,864) | (480,173) | |||||||||
Cash and Cash Equivalents, at Carrying Value | 396,486 | 313,226 | 396,486 | 313,226 | 147,422 | $ 164,404 | ||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Common stock ($0.01 par value, 200,000,000 shares authorized at December 31, 2015 and 2014; 122,791,729 and 104,219,197 shares issued, respectively, includes 1,211,951 and 1,108,505 shares of unvested restricted stock, respectively) | 1,228 | 1,042 | 1,228 | 1,042 | ||||||||
Parent Only | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net earnings | 299,619 | 168,905 | 45,115 | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Acquisition Related Securities Gain | 0 | 0 | (5,222) | |||||||||
Decrease (increase) in other assets | 145,708 | 25,515 | (609) | |||||||||
Increase (Decrease) in Operating Liabilities | 9,115 | 310 | 4,932 | |||||||||
Tax effect included in stockholders' equity of restricted stock vesting | 841 | 4,625 | (364) | |||||||||
Earned stock compensation | 14,994 | 41,099 | 441 | |||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (91,198) | (38,935) | 2,392 | |||||||||
Net cash provided by operating activities | 379,079 | 201,519 | 46,685 | |||||||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||||||
Cash acquired in acquisitions, net of cash consideration paid | 3,021 | 226,960 | 857 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 3,021 | 226,960 | 857 | |||||||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||||||
Tax effect included in stockholders' equity of restricted vesting stock | (841) | (4,625) | 364 | |||||||||
Restricted stock surrendered | (8,400) | (22,307) | (13,537) | |||||||||
Increase (Decrease) in Notes Receivables | (50,000) | |||||||||||
Cash dividends paid, net | (215,110) | (114,162) | (41,006) | |||||||||
Net cash provided by (used in) financing activities | (274,351) | (141,094) | (54,179) | |||||||||
Net Cash Provided by (Used in) Continuing Operations | 107,749 | 287,385 | (6,637) | |||||||||
Cash and Cash Equivalents, at Carrying Value | 416,969 | 309,220 | 416,969 | 309,220 | 21,835 | $ 28,472 | ||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Common stock ($0.01 par value, 200,000,000 shares authorized at December 31, 2015 and 2014; 122,791,729 and 104,219,197 shares issued, respectively, includes 1,211,951 and 1,108,505 shares of unvested restricted stock, respectively) | $ 797,433 | $ 2,594,070 | $ 797,433 | $ 2,594,070 | $ 242,268 |
Selected Quarterly Financial114
Selected Quarterly Financial Data Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Income (Expense), Net [Abstract] | |||||||||||
Interest Income | $ 243,497 | $ 207,672 | $ 218,455 | $ 214,314 | $ 209,696 | $ 202,356 | $ 204,363 | $ 88,360 | $ 883,938 | $ 704,775 | $ 309,914 |
Interest expense | (14,298) | (15,152) | (15,903) | (15,239) | (14,713) | (13,510) | (11,830) | (2,345) | (60,592) | (42,398) | (12,201) |
Net interest income | 229,199 | 192,520 | 202,552 | 199,075 | 194,983 | 188,846 | 192,533 | 86,015 | 823,346 | 662,377 | 297,713 |
Provision (negative provision) for credit losses | 13,772 | 8,746 | 6,529 | 16,434 | 2,063 | 5,050 | 5,030 | 644 | 45,481 | 11,499 | (4,210) |
FDIC loss sharing expense, net | (4,291) | (4,449) | (5,107) | (4,399) | (4,360) | (7,415) | (8,525) | (11,430) | (18,246) | (31,730) | (26,172) |
Noninterest Income [Abstract] | |||||||||||
Gain on securities | 0 | 655 | (186) | 3,275 | 0 | 0 | 89 | 4,752 | 3,744 | 4,841 | 5,359 |
Noninterest Income, Other | 32,349 | 19,552 | 24,916 | 21,995 | 17,063 | 23,729 | 16,915 | 11,369 | |||
Total noninterest income | 28,058 | 15,758 | 19,623 | 20,871 | 12,703 | 16,314 | 8,479 | 4,691 | 84,310 | 42,187 | 4,244 |
Foreclosed Assets (Income) Expense, Net | 3,185 | (4,521) | 2,340 | (336) | (1,938) | (4,827) | (497) | 1,861 | 668 | (5,401) | 1,503 |
Noninterest Expense [Abstract] | |||||||||||
Additions | (17,600) | (747) | (900) | (2,000) | (7,381) | (5,193) | (86,242) | (2,200) | (9,410) | (6,268) | (5,402) |
Acquisition, integration and reorganization costs | (107,849) | (84,871) | (86,716) | (82,024) | (81,986) | (84,903) | (82,461) | (49,825) | (21,247) | (101,016) | (40,812) |
Total noninterest expense | (122,264) | (90,139) | (85,276) | (84,360) | (91,305) | (94,923) | (169,200) | (50,164) | (382,039) | (405,592) | (228,165) |
Income (Loss) from Continuing Operations Attributable to Parent [Abstract] | |||||||||||
Earnings from continuing operations before taxes | 121,221 | 109,393 | 130,370 | 119,152 | 114,318 | 105,187 | 26,782 | 41,186 | 480,136 | 287,473 | 78,002 |
Income Tax Expense (Benefit) | (49,380) | (39,777) | (45,287) | (46,073) | (43,261) | (42,911) | (15,552) | (15,281) | (180,517) | (117,005) | (32,525) |
Net earnings from continuing operations | 71,057 | 62,276 | 11,230 | 25,905 | 299,619 | 170,468 | 45,477 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Loss from discontinued operations before taxes | (105) | (8) | (1,151) | (1,413) | 0 | (2,677) | (620) | ||||
Income tax benefit | 47 | 3 | 476 | 588 | 0 | 1,114 | 258 | ||||
Net loss from discontinued operations | (58) | (5) | (675) | (825) | 0 | (1,563) | (362) | ||||
Net earnings | $ 71,841 | $ 69,616 | $ 85,083 | $ 73,079 | $ 70,999 | $ 62,271 | $ 10,555 | $ 25,080 | $ 299,619 | $ 168,905 | $ 45,115 |
Earnings Per Share, Basic [Abstract] | |||||||||||
Net earnings from continuing operations | $ 0.69 | $ 0.60 | $ 0.11 | $ 0.57 | $ 2.79 | $ 1.94 | $ 1.09 | ||||
Basic net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | 0.69 | 0.60 | 0.10 | 0.55 | 2.79 | 1.92 | 1.08 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Net earnings from continuing operations | 0.69 | 0.60 | 0.11 | 0.57 | 2.79 | 1.94 | 1.09 | ||||
Diluted net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | $ 0.69 | $ 0.60 | $ 0.10 | $ 0.55 | $ 2.79 | $ 1.92 | $ 1.08 |
Related Party Transaction Relat
Related Party Transaction Related Party Transaction (Details Textual) - Castle Creek Finance LLC [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Capitalsource, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 9 | |
First California Financial Group, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 1.3 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details Textual) - $ / shares | Feb. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 2 | $ 1.25 | $ 1 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Feb. 1, 2016 | |||
Dividends Payable, Date to be Paid | Feb. 29, 2016 | |||
Dividends Payable, Date of Record | Feb. 16, 2016 | |||
Dividend Declared [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 0.5 |