Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PACWEST BANCORP | |
Entity Central Index Key | 1,102,112 | |
Document Period End Date | Jun. 30, 2017 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 120,048,067 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS: | ||
Cash and due from banks | $ 180,330 | $ 337,965 |
Interest-earning deposits in financial institutions | 107,150 | 81,705 |
Total cash and cash equivalents | 287,480 | 419,670 |
Securities available-for-sale, at fair value | 3,474,560 | 3,223,830 |
Federal Home Loan Bank stock, at cost | 22,059 | 21,870 |
Total investment securities | 3,496,619 | 3,245,700 |
Loans held for sale, at lower of cost or fair value | 175,158 | 0 |
Gross loans and leases held for investment | 15,609,180 | 15,520,537 |
Deferred fees, net | (65,723) | (64,583) |
Allowance for loan and lease losses | (145,958) | (157,238) |
Total loans and leases held for investment, net | 15,397,499 | 15,298,716 |
Equipment leased to others under operating leases | 203,212 | 229,905 |
Premises and equipment, net | 29,108 | 38,594 |
Foreclosed assets, net | 13,278 | 12,976 |
Deferred tax asset, net | 70,354 | 94,112 |
Goodwill | 2,173,949 | 2,173,949 |
Core deposit and customer relationship intangibles, net | 30,237 | 36,366 |
Other assets | 369,983 | 319,779 |
Total assets | 22,246,877 | 21,869,767 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 6,701,039 | 6,659,016 |
Interest-bearing deposits | 10,173,938 | 9,211,595 |
Total deposits | 16,874,977 | 15,870,611 |
Borrowings | 217,454 | 905,812 |
Subordinated debentures | 445,743 | 440,744 |
Accrued interest payable and other liabilities | 148,798 | 173,545 |
Total liabilities | 17,686,972 | 17,390,712 |
Commitments and contingencies (Note 7) | ||
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 June 30, 2017 and December 31, 2016; 123,116,527 and 122,803,029 shares issued, respectively, including 1,400,254 and 1,476,132 shares of unvested restricted stock, respectively) | 1,231 | 1,228 |
Additional paid-in capital | 4,054,895 | 4,162,132 |
Retained earnings | 537,968 | 366,073 |
Treasury stock, at cost (1,668,206 and 1,519,360 shares at June 30, 2017 and December 31, 2016) | (63,918) | (56,360) |
Accumulated other comprehensive income, net | 29,729 | 5,982 |
Total stockholders' equity | 4,559,905 | 4,479,055 |
Total liabilities and stockholders' equity | $ 22,246,877 | $ 21,869,767 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock issued (shares) | 0 | 0 |
Preferred stock outstanding (shares) | 0 | 0 |
Common Stock par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock issued (shares) | 123,116,527 | 122,803,029 |
Unvested restricted shares (shares) | 1,397,993 | 1,476,132 |
Treasury Stock (shares) | 1,668,206 | 1,519,360 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | |||||
Loans and leases | $ 234,618 | $ 224,178 | $ 224,326 | $ 458,796 | $ 460,701 |
Investment securities | 24,689 | 23,039 | 22,420 | 47,728 | 44,967 |
Deposits in financial institutions | 237 | 192 | 308 | 429 | 616 |
Total interest income | 259,544 | 247,409 | 247,054 | 506,953 | 506,284 |
Interest expense: | |||||
Deposits | 10,205 | 8,377 | 7,823 | 18,582 | 16,896 |
Borrowings | 1,066 | 1,018 | 352 | 2,084 | 933 |
Subordinated debentures | 5,800 | 5,562 | 5,122 | 11,362 | 10,104 |
Total interest expense | 17,071 | 14,957 | 13,297 | 32,028 | 27,933 |
Net interest income | 242,473 | 232,452 | 233,757 | 474,925 | 478,351 |
Provision for credit losses | 11,499 | 24,728 | 13,903 | 36,227 | 34,043 |
Net interest income after provision for credit losses | 230,974 | 207,724 | 219,854 | 438,698 | 444,308 |
Noninterest income: | |||||
Service charges on deposit accounts | 3,510 | 3,758 | 3,633 | 7,268 | 7,489 |
Other commissions and fees | 10,583 | 10,390 | 11,073 | 20,973 | 22,562 |
Leased equipment income | 11,635 | 9,475 | 8,523 | 21,110 | 16,767 |
Gain on sale of loans and leases | 649 | 712 | 388 | 1,361 | 633 |
Gain (loss) on sale of securities | 1,651 | (99) | 478 | 1,552 | 8,588 |
FDIC loss sharing expense, net | 0 | 0 | (6,502) | 0 | (8,917) |
Other income | 7,254 | 10,878 | 4,528 | 18,132 | 9,538 |
Total noninterest income | 35,282 | 35,114 | 22,121 | 70,396 | 56,660 |
Noninterest expense: | |||||
Compensation | 65,288 | 64,880 | 62,174 | 130,168 | 123,239 |
Occupancy | 11,811 | 11,608 | 12,193 | 23,419 | 24,825 |
Data processing | 6,337 | 7,015 | 5,644 | 13,352 | 11,548 |
Other professional services | 3,976 | 3,378 | 3,401 | 7,354 | 6,973 |
Insurance and assessments | 4,856 | 4,791 | 4,951 | 9,647 | 9,916 |
Intangible asset amortization | 3,065 | 3,064 | 4,371 | 6,129 | 9,117 |
Leased equipment depreciation | 5,232 | 5,625 | 5,286 | 10,857 | 10,310 |
Foreclosed assets (income) expense, net | (157) | 143 | (3) | (14) | (564) |
Acquisition, integration and reorganization costs | 1,700 | 500 | 0 | 2,200 | 200 |
Loan expense | 3,884 | 3,387 | 2,145 | 7,271 | 4,300 |
Other expense | 11,715 | 12,153 | 9,919 | 23,868 | 20,905 |
Total noninterest expense | 117,707 | 116,544 | 110,081 | 234,251 | 220,769 |
Earnings before income taxes | 148,549 | 126,294 | 131,894 | 274,843 | 280,199 |
Income tax expense | (54,902) | (47,626) | (49,726) | (102,528) | (107,575) |
Net earnings | $ 93,647 | $ 78,668 | $ 82,168 | $ 172,315 | $ 172,624 |
Earnings per share: | |||||
Net earnings (usd per share) | $ 0.77 | $ 0.65 | $ 0.68 | $ 1.42 | $ 1.42 |
Net earnings (usd per share) | 0.77 | 0.65 | 0.68 | 1.42 | 1.42 |
Dividends declared per share (usd per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 1 | $ 1 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings | $ 93,647 | $ 78,668 | $ 82,168 | $ 172,315 | $ 172,624 | |
Other comprehensive income (loss), net of tax: | ||||||
Unrealized net holding gains (losses) on securities available-for-sale arising during the period | 30,340 | 11,184 | 56,514 | 41,524 | 99,607 | |
Income tax (expense) benefit related to unrealized holding gains (losses) arising during the period | (12,350) | (4,507) | (22,965) | (16,857) | (40,620) | |
Unrealized net holding gains (losses) on securities available-for-sale, net of tax | 17,990 | 6,677 | 33,549 | 24,667 | 58,987 | |
Reclassification adjustment for net (gains) losses included in net earnings | [1] | (1,651) | 99 | (478) | (1,552) | (8,588) |
Income tax expense (benefit) related to reclassification adjustment | 672 | (40) | 194 | 632 | 3,517 | |
Reclassification adjustment for net (gains) losses included in net earnings, net of tax | (979) | 59 | (284) | (920) | (5,071) | |
Other comprehensive income, net of tax | 17,011 | 6,736 | 33,265 | 23,747 | 53,916 | |
Comprehensive income | $ 110,658 | $ 85,404 | $ 115,433 | $ 196,062 | $ 226,540 | |
[1] | Entire amounts are recognized in "Gain on sale of securities" on the Condensed Consolidated Statements of Earnings. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Shareholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | |
Balance, December 31, 2016 at Dec. 31, 2016 | $ 4,479,055 | $ 1,228 | $ 4,162,132 | $ 366,073 | $ (56,360) | $ 5,982 | |
Shares outstanding, beginning balance (shares) at Dec. 31, 2016 | 121,283,669 | ||||||
Stockholders' Equity Disclosure [Rollforward] | |||||||
Cumulative effect of change in accounting principle | [1] | 291 | 711 | (420) | |||
Net earnings | 172,315 | 172,315 | |||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 23,747 | 23,747 | |||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 313,498 | ||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 13,719 | $ 3 | 13,716 | ||||
Restricted stock surrendered (shares) | (148,846) | ||||||
Restricted stock surrendered | (7,558) | (7,558) | |||||
Cash dividends paid | (121,664) | (121,664) | |||||
Balance, June 30, 2017 at Jun. 30, 2017 | $ 4,559,905 | $ 1,231 | $ 4,054,895 | $ 537,968 | $ (63,918) | $ 29,729 | |
Shares outstanding, ending balance (shares) at Jun. 30, 2017 | 121,448,321 | ||||||
[1] | Impact due to adoption on January 1, 2017 of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net earnings | $ 172,315 | $ 172,624 |
Depreciation and amortization | 15,980 | 16,522 |
Amortization of net premiums on securities available-for-sale | 20,227 | 18,174 |
Amortization of intangible assets | 6,129 | 9,117 |
Provision for credit losses | 36,227 | 34,043 |
Gain on sale of foreclosed assets | (282) | (534) |
Provision for losses on foreclosed assets | 14 | 0 |
Gain on sale of loans and leases | (1,361) | (633) |
Gain on sale of premises and equipment | (565) | (23) |
Gain on sale of securities | (1,552) | (8,588) |
Gain on BOLI death benefit | (1,050) | (538) |
Unrealized gain on derivatives and foreign currencies, net | (253) | (569) |
Earned stock compensation | 13,719 | 11,600 |
Loss on sale of PWEF leasing unit | 0 | 720 |
Tax effect included in stockholders' equity of restricted stock vesting | 0 | (3,683) |
Decrease in accrued and deferred income taxes, net | 7,823 | 68,466 |
Increase in other assets | (50,973) | (3,031) |
Decrease in accrued interest payable and other liabilities | (31,195) | (40,683) |
Net cash provided by operating activities | 185,203 | 272,984 |
Cash flows from investing activities: | ||
Net increase in loans and leases | (388,619) | (380,289) |
Proceeds from sales of loans and leases | 83,798 | 78,888 |
Proceeds from maturities and paydowns of securities available-for-sale | 217,399 | 117,684 |
Proceeds from sales of securities available-for-sale | 86,018 | 353,374 |
Purchases of securities available-for-sale | (532,849) | (177,644) |
Net purchases of Federal Home Loan Bank stock | (189) | (4,504) |
Proceeds from sales of foreclosed assets | 1,281 | 6,602 |
Purchases of premises and equipment, net | (4,037) | (3,951) |
Proceeds from sales of premises and equipment | 10,306 | 24 |
Proceeds from sale of leasing unit | 0 | 138,955 |
Proceeds from BOLI death benefit | 2,478 | 3,034 |
Net decrease (increase) of equipment leased to others under operating leases | 17,262 | (16,060) |
Net cash (used in) provided by investing activities | (507,152) | 116,113 |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposits | 44,996 | 53,387 |
Net increase (decrease) in interest-bearing deposits | 962,343 | (569,414) |
Net (decrease) increase in borrowings | (688,358) | 298,324 |
Restricted stock surrendered | (7,558) | (4,416) |
Tax effect included in stockholders' equity of restricted stock vesting | 0 | 3,683 |
Cash dividends paid | (121,664) | (121,794) |
Net cash provided by (used in) financing activities | 189,759 | (340,230) |
Net (decrease) increase in cash and cash equivalents | (132,190) | 48,867 |
Cash and cash equivalents, beginning of period | 419,670 | 396,486 |
Cash and cash equivalents, end of period | 287,480 | 445,353 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 30,478 | 28,558 |
Cash paid for income taxes | 118,878 | 44,908 |
Loans transferred to foreclosed assets | 580 | 129 |
Transfers from loans held for investment to loans held for sale | $ 175,158 | $ 0 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to 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. 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 74 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 comprehensive deposit and treasury management services to small and middle-market businesses. We offer additional products and services through our CapitalSource and Square 1 Bank divisions. Our CapitalSource Division provides cash flow, asset-based, equipment, and real estate loans and treasury management services to established middle market businesses on a national basis. Our Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. 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 compensation, occupancy, general operating expenses, and the interest paid by the Bank on deposits and borrowings. We have completed 28 acquisitions from May 1, 2000 through June 30, 2017 . 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. CU Bancorp Merger Announcement On April 6, 2017 , PacWest announced the signing of a definitive agreement and plan of merger (the "Agreement") whereby PacWest will acquire CUB in a transaction valued at approximately $705 million as of the announcement date. CUB, headquartered in Los Angeles, California, is the parent of CU Bank, a California state-chartered non-member bank, with approximately $3.0 billion in assets and nine branches located in Los Angeles, Orange, Ventura, and San Bernardino counties at June 30, 2017 . In connection with the acquisition, CU Bank will be merged into Pacific Western Bank, the principal operating subsidiary of PacWest. The acquisition, which was approved by the PacWest and CUB boards of directors, is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions, including obtaining approval by CUB’s shareholders and bank regulatory authorities. Significant Accounting Policies Except as discussed below, our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission ("Form 10-K"). Accounting Standard Adopted in 2017 Effective January 1, 2017, the Company adopted ASU 2016-09, " Improvements to Employee Share-Based Accounting ." ASU 2016-09 changed aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The recognition of excess tax benefits and tax deficiencies in the income statement was adopted prospectively. Income tax benefits of $1.0 million and $2.1 million were recognized during the three and six months ended June 30, 2017 as a result of the adoption of ASU 2016-09. We expect the requirements of ASU 2016-09 to result in fluctuations in our effective tax rate from period to period based upon the timing of share-based award vestings. In connection with the adoption of ASU 2016-09, we elected to recognize forfeitures on stock-based compensation awards when they occur, instead of estimating forfeitures at the grant date of the awards and throughout the vesting period. The modified retrospective application of this change in accounting principle resulted in a cumulative adjustment charge to retained earnings of $420,000 , net of income taxes. We elected to present the classification of excess tax benefits on the statement of cash flows using a prospective transition method and the prior period has not been adjusted. Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. 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 realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the condensed consolidated statements of earnings we are presenting a new line for "Loan expense", as that category has exceeded the disclosure materiality threshold, which previously had been included as part of "Other expense." Included in loan expense are costs related to servicing our loans including legal fees. Regarding time deposits disclosures, prior to 2017 we presented the categories as: (1) under $100,000 , and (2) $100,000 or more, but now are using the current FDIC insurance limit of $250,000 and presenting the categories as: (1) $250,000 and under, and (2) over $250,000 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. 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 condensed consolidated statements of earnings. Our other intangible assets with definite lives include CDI and CRI. 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 June 30, 2017 is 4.9 years. The aggregate CDI and CRI amortization expense is expected to be $11.5 million for 2017 . The estimated aggregate amortization expense related to these intangible assets for each of the next five years is $8.8 million for 2018 , $6.7 million for 2019 , $4.7 million for 2020 , $3.0 million for 2021 , and $1.7 million for 2022 . The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2017 2017 2016 2017 2016 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 64,187 $ 64,187 $ 93,824 $ 64,187 $ 95,524 Fully amortized portion — — (17,311 ) — (17,311 ) Reduction due to sale of PWEF leasing unit — — — — (1,700 ) Balance, end of period 64,187 64,187 76,513 64,187 76,513 Accumulated Amortization: Balance, beginning of period (30,885 ) (27,821 ) (45,687 ) (27,821 ) (42,304 ) Amortization (3,065 ) (3,064 ) (4,371 ) (6,129 ) (9,117 ) Fully amortized portion — — 17,311 — 17,311 Reduction due to sale of PWEF leasing unit — — — — 1,363 Balance, end of period (33,950 ) (30,885 ) (32,747 ) (33,950 ) (32,747 ) Net CDI and CRI, end of period $ 30,237 $ 33,302 $ 43,766 $ 30,237 $ 43,766 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated: June 30, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Security Type Cost Gains Losses Value Cost Gains Losses Value (In thousands) Residential MBS and CMOs: Agency MBS $ 402,654 $ 4,318 $ (2,652 ) $ 404,320 $ 499,185 $ 6,222 $ (2,964 ) $ 502,443 Agency CMOs 132,494 1,698 (400 ) 133,792 145,258 1,528 (497 ) 146,289 Private label CMOs 157,187 3,372 (858 ) 159,701 122,707 4,199 (1,437 ) 125,469 Municipal securities 1,492,834 43,688 (1,968 ) 1,534,554 1,447,064 15,406 (6,011 ) 1,456,459 Agency commercial MBS 919,696 5,656 (7,142 ) 918,210 555,552 1,798 (9,658 ) 547,692 Corporate debt securities 17,000 2,185 — 19,185 47,100 680 (271 ) 47,509 Collateralized loan obligations 65,521 820 (40 ) 66,301 155,440 1,685 (238 ) 156,887 SBA securities 177,171 1,112 (227 ) 178,056 179,085 510 (750 ) 178,845 Asset-backed and other securities 59,856 685 (100 ) 60,441 62,264 358 (385 ) 62,237 Total $ 3,424,413 $ 63,534 $ (13,387 ) $ 3,474,560 $ 3,213,655 $ 32,386 $ (22,211 ) $ 3,223,830 As of June 30, 2017 , securities available-for-sale with a fair value of $430.2 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. During the three months ended June 30, 2017 , we sold $41.4 million of securities available-for-sale for a gross realized gain of $1.7 million and a gross realized loss of $76,000 . During the three months ended June 30, 2016 , we sold $9.9 million of securities available-for-sale for a gross realized gain of $0.6 million and a gross realized loss of $0.1 million . During the six months ended June 30, 2017 , we sold $84.5 million of securities available-for-sale for a gross realized gain of $1.9 million and a gross realized loss of $379,000 . During the six months ended June 30, 2016 , we sold $344.8 million of securities available-for-sale for a gross realized gain of $9.5 million and a gross realized loss of $0.9 million . Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated: June 30, 2017 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Residential MBS and CMOs: Agency MBS $ 87,541 $ (802 ) $ 118,268 $ (1,850 ) $ 205,809 $ (2,652 ) Agency CMOs 20,041 (259 ) 11,446 (141 ) 31,487 (400 ) Private label CMOs 63,938 (588 ) 21,851 (270 ) 85,789 (858 ) Municipal securities 97,296 (1,968 ) — — 97,296 (1,968 ) Agency commercial MBS 304,470 (5,643 ) 48,714 (1,499 ) 353,184 (7,142 ) Collateralized loan obligations 9,662 (13 ) 6,930 (27 ) 16,592 (40 ) SBA securities 55,951 (227 ) — — 55,951 (227 ) Asset-backed and other securities 7,208 (73 ) 5,958 (27 ) 13,166 (100 ) Total $ 646,107 $ (9,573 ) $ 213,167 $ (3,814 ) $ 859,274 $ (13,387 ) December 31, 2016 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Residential MBS and CMOs: Agency MBS $ 149,281 $ (1,691 ) $ 122,902 $ (1,273 ) $ 272,183 $ (2,964 ) Agency CMOs 44,111 (416 ) 25,316 (81 ) 69,427 (497 ) Private label CMOs 49,067 (906 ) 30,155 (531 ) 79,222 (1,437 ) Municipal securities 644,424 (6,011 ) — — 644,424 (6,011 ) Agency commercial MBS 349,550 (9,658 ) — — 349,550 (9,658 ) Corporate debt securities 29,829 (271 ) — — 29,829 (271 ) Collateralized loan obligations 12,450 (37 ) 39,231 (201 ) 51,681 (238 ) SBA securities 69,293 (407 ) 39,024 (343 ) 108,317 (750 ) Asset-backed and other securities 18,213 (309 ) 7,851 (76 ) 26,064 (385 ) Total $ 1,366,218 $ (19,706 ) $ 264,479 $ (2,505 ) $ 1,630,697 $ (22,211 ) We reviewed the securities that were in a loss position at June 30, 2017 , 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 condensed consolidated statements of earnings. Although we periodically 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 of Securities Available-for-Sale The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated: June 30, 2017 Amortized Fair Maturity Cost Value (In thousands) Due in one year or less $ 12,649 $ 12,997 Due after one year through five years 255,563 259,332 Due after five years through ten years 1,005,595 1,013,932 Due after ten years 2,150,606 2,188,299 Total securities available-for-sale $ 3,424,413 $ 3,474,560 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. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2017 2017 2016 2017 2016 (In thousands) Taxable interest $ 13,517 $ 12,166 $ 11,406 $ 25,683 $ 22,802 Non-taxable interest 10,750 10,381 10,503 21,131 21,229 Dividend income 422 492 511 914 936 Total interest income on investment securities $ 24,689 $ 23,039 $ 22,420 $ 47,728 $ 44,967 |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Our loan and lease portfolio includes originated and purchased loans and leases. Originated and purchased loans and leases for which there was no evidence of credit deterioration at their acquisition date and for which it was probable that we would be able to collect all contractually required payments, are referred to collectively as Non-PCI loans. Generally, PCI loans are purchased loans for which there was, at the acquisition date, evidence of credit deterioration since their origination and for which it was probable that collection of all contractually required payments was unlikely. 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 included in the carrying amount of loans that are sold. PCI loans are accounted for in accordance with ASC Subtopic 310‑30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality." For PCI loans, at the time of acquisition we (i) calculate the contractual amount and timing of undiscounted principal and interest payments (the "undiscounted contractual cash flows") and (ii) estimate the amount and timing of undiscounted expected principal and interest payments (the "undiscounted expected cash flows"). The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The difference between the undiscounted cash flows expected to be collected and the estimated fair value of the acquired loans is the accretable yield. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolio; such amount is subject to change over time based on the performance of such loans. The carrying value of PCI loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. Loans Held for Sale In the second quarter of 2017, we entered into two agreements to sell loans with balances totaling $175.2 million and the associated unfunded commitments of $19.3 million , primarily from our healthcare portfolios. The $175.2 million of loans were reported as loans held for sale at June 30, 2017 and the sales were completed in July. In connection with the transfer of loans to held for sale, we recognized $7.2 million in charge-offs related to our healthcare portfolio loans in order to record the loans at the lower of cost or fair value. Loans and Leases Held for Investment The following table summarizes the composition of our loans and leases held for investment as of the dates indicated: June 30, 2017 December 31, 2016 Non-PCI Non-PCI Loans PCI Loans PCI and Leases Loans Total and Leases Loans Total (In thousands) Real estate mortgage $ 6,089,209 $ 65,950 $ 6,155,159 $ 5,635,675 $ 92,793 $ 5,728,468 Real estate construction and land 1,179,616 1,774 1,181,390 975,032 2,409 977,441 Commercial 7,869,706 4,479 7,874,185 8,426,236 12,994 8,439,230 Consumer 398,204 242 398,446 375,149 249 375,398 Total gross loans and leases held for investment 15,536,735 72,445 15,609,180 15,412,092 108,445 15,520,537 Deferred fees, net (65,704 ) (19 ) (65,723 ) (64,562 ) (21 ) (64,583 ) Total loans and leases held for investment, net of deferred fees 15,471,031 72,426 15,543,457 15,347,530 108,424 15,455,954 Allowance for loan and lease losses (138,879 ) (7,079 ) (145,958 ) (143,755 ) (13,483 ) (157,238 ) Total loans and leases held for investment, net $ 15,332,152 $ 65,347 $ 15,397,499 $ 15,203,775 $ 94,941 $ 15,298,716 Non‑PCI Loans and Leases Held for Investment The following tables present an aging analysis of our Non‑PCI loans and leases held for investment by portfolio segment and class as of the dates indicated: June 30, 2017 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 4,421 $ 4,008 $ 8,429 $ 4,379,267 $ 4,387,696 Residential 444 1,898 2,342 1,681,760 1,684,102 Total real estate mortgage 4,865 5,906 10,771 6,061,027 6,071,798 Real estate construction and land: Commercial — — — 690,058 690,058 Residential — — — 473,282 473,282 Total real estate construction and land — — — 1,163,340 1,163,340 Commercial: Cash flow 1,360 10,040 11,400 2,819,212 2,830,612 Asset-based — 203 203 2,391,921 2,392,124 Venture capital 23,171 6,531 29,702 1,971,679 2,001,381 Equipment finance 690 169 859 612,691 613,550 Total commercial 25,221 16,943 42,164 7,795,503 7,837,667 Consumer 298 44 342 397,884 398,226 Total (1) $ 30,384 $ 22,893 $ 53,277 $ 15,417,754 $ 15,471,031 ________________________ (1) Excludes loans held for sale carried at lower of cost or fair value. December 31, 2016 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 8,590 $ 3,303 $ 11,893 $ 4,341,740 $ 4,353,633 Residential 5,694 1,999 7,693 1,256,630 1,264,323 Total real estate mortgage 14,284 5,302 19,586 5,598,370 5,617,956 Real estate construction and land: Commercial — — — 578,838 578,838 Residential 364 — 364 383,637 384,001 Total real estate construction and land 364 — 364 962,475 962,839 Commercial: Cash flow 191 1,821 2,012 3,105,380 3,107,392 Asset-based 1,500 2 1,502 2,607,543 2,609,045 Venture capital 13,589 5,769 19,358 1,963,798 1,983,156 Equipment finance 1,417 3,051 4,468 687,499 691,967 Total commercial 16,697 10,643 27,340 8,364,220 8,391,560 Consumer 224 — 224 374,951 375,175 Total $ 31,569 $ 15,945 $ 47,514 $ 15,300,016 $ 15,347,530 It is our 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. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The following table presents our nonaccrual and performing Non‑PCI loans and leases held for investment by portfolio segment and class as of the dates indicated: June 30, 2017 (1) December 31, 2016 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 65,599 $ 4,322,097 $ 4,387,696 $ 62,454 $ 4,291,179 $ 4,353,633 Residential 5,229 1,678,873 1,684,102 6,881 1,257,442 1,264,323 Total real estate mortgage 70,828 6,000,970 6,071,798 69,335 5,548,621 5,617,956 Real estate construction and land: Commercial — 690,058 690,058 — 578,838 578,838 Residential — 473,282 473,282 364 383,637 384,001 Total real estate construction and land — 1,163,340 1,163,340 364 962,475 962,839 Commercial: Cash flow 43,169 2,787,443 2,830,612 53,908 3,053,484 3,107,392 Asset-based 1,718 2,390,406 2,392,124 2,118 2,606,927 2,609,045 Venture capital 25,278 1,976,103 2,001,381 11,687 1,971,469 1,983,156 Equipment finance 31,111 582,439 613,550 32,848 659,119 691,967 Total commercial 101,276 7,736,391 7,837,667 100,561 8,290,999 8,391,560 Consumer 472 397,754 398,226 339 374,836 375,175 Total $ 172,576 $ 15,298,455 $ 15,471,031 $ 170,599 $ 15,176,931 $ 15,347,530 ________________________ (1) Excludes loans held for sale carried at lower of cost or fair value. At June 30, 2017 , nonaccrual loans and leases totaled $172.6 million and included $22.9 million of loans and leases 90 or more days past due, $3.2 million of loans and leases 30 to 89 days past due, and $146.5 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $170.6 million at December 31, 2016 , including $15.9 million of the loans and leases 90 or more days past due, $3.0 million of loans and leases 30 to 89 days past due, and $151.7 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of June 30, 2017, our ten largest Non-PCI loan relationships on nonaccrual status had an aggregate carrying value of $141.3 million and represented 81.9% of total Non-PCI nonaccrual loans and leases. The largest of these relationships had an aggregate carrying value of $46.5 million and is a healthcare real estate loan secured by a continuing care retirement facility that migrated to nonaccrual status during the third quarter of 2016 due to weak operating performance and cash flow difficulties. The following table presents the credit risk rating categories for Non‑PCI loans and leases held for investment 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. June 30, 2017 (1) December 31, 2016 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage: Commercial $ 120,336 $ 4,267,360 $ 4,387,696 $ 99,641 $ 4,253,992 $ 4,353,633 Residential 9,446 1,674,656 1,684,102 17,540 1,246,783 1,264,323 Total real estate mortgage 129,782 5,942,016 6,071,798 117,181 5,500,775 5,617,956 Real estate construction and land: Commercial — 690,058 690,058 409 578,429 578,838 Residential — 473,282 473,282 364 383,637 384,001 Total real estate construction and land — 1,163,340 1,163,340 773 962,066 962,839 Commercial: Cash flow 100,652 2,729,960 2,830,612 177,661 2,929,731 3,107,392 Asset-based 18,313 2,373,811 2,392,124 28,112 2,580,933 2,609,045 Venture capital 59,479 1,941,902 2,001,381 52,646 1,930,510 1,983,156 Equipment finance 31,111 582,439 613,550 32,848 659,119 691,967 Total commercial 209,555 7,628,112 7,837,667 291,267 8,100,293 8,391,560 Consumer 640 397,586 398,226 424 374,751 375,175 Total $ 339,977 $ 15,131,054 $ 15,471,031 $ 409,645 $ 14,937,885 $ 15,347,530 ________________________ (1) Excludes loans held for sale carried at lower of cost or fair value. In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s loan and lease risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in increases in the provisions for credit losses and the allowance for credit losses. Non‑PCI nonaccrual loans and leases and performing troubled debt restructured loans are considered impaired for reporting purposes. Troubled debt restructurings are a result of rate reductions, term extensions, fee concessions, and debt forgiveness, or a combination thereof. The following table presents the composition of our impaired loans and leases held for investment as of the dates indicated: June 30, 2017 (1) December 31, 2016 Performing Total Performing Total Nonaccrual Troubled Impaired Nonaccrual Troubled Impaired Loans Debt Loans Loans Debt Loans and Restructured and and Restructured and Leases Loans Leases Leases Loans Leases (In thousands) Real estate mortgage $ 70,828 $ 47,071 $ 117,899 $ 69,335 $ 54,750 $ 124,085 Real estate construction and land — 5,840 5,840 364 6,893 7,257 Commercial 101,276 2,867 104,143 100,561 3,157 103,718 Consumer 472 132 604 339 152 491 Total $ 172,576 $ 55,910 $ 228,486 $ 170,599 $ 64,952 $ 235,551 ___________________ (1) Excludes loans held for sale carried at lower of cost or fair value. The following tables present information regarding our Non‑PCI impaired loans and leases held for investment by portfolio segment and class as of and for the dates indicated: June 30, 2017 (1) December 31, 2016 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Impaired Loans and Leases Investment Balance Allowance Investment Balance Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,591 $ 19,399 $ 894 $ 63,325 $ 65,031 $ 6,266 Residential 3,253 3,406 521 8,424 8,612 585 Real estate construction and land: Residential — — — 213 213 — Commercial: Cash flow 31,497 39,610 7,018 51,272 52,910 12,474 Asset-based 3,181 3,190 304 4,395 4,861 2,144 Venture capital 17,135 17,331 4,242 5,821 5,880 3,294 Equipment finance — — — 1,524 4,636 — Consumer 485 482 333 270 280 170 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 91,691 $ 101,065 $ 44,557 $ 51,402 Residential 5,364 5,753 7,779 8,940 Real estate construction and land: Commercial 5,840 5,837 6,680 6,680 Residential — — 364 366 Commercial: Cash flow 11,837 17,272 2,852 5,939 Asset-based 1,239 2,482 664 1,652 Venture capital 8,143 20,940 5,866 8,939 Equipment finance 31,111 53,256 31,324 53,319 Consumer 119 192 221 292 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 117,899 $ 129,623 $ 1,415 $ 124,085 $ 133,985 $ 6,851 Real estate construction and land 5,840 5,837 — 7,257 7,259 — Commercial 104,143 154,081 11,564 103,718 138,136 17,912 Consumer 604 674 333 491 572 170 Total $ 228,486 $ 290,215 $ 13,312 $ 235,551 $ 279,952 $ 24,933 ___________________ (1) Excludes loans held for sale carried at lower of cost or fair value. Three Months Ended June 30, 2017 (2) 2016 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,591 $ 214 $ 26,853 $ 258 Residential 3,253 14 2,160 14 Real estate construction and land: Residential — — 740 4 Commercial: Cash flow 31,496 2 26,356 9 Asset-based 2,771 32 2,352 10 Venture capital 11,400 — 693 — Equipment finance — — 50,390 — Consumer 239 2 359 3 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 90,778 $ 742 $ 51,378 $ 778 Residential 5,365 15 7,908 46 Real estate construction and land: Commercial 5,840 70 6,758 56 Commercial: Cash flow 11,687 15 12,512 1 Asset-based 1,239 12 3,178 42 Venture capital 6,045 — — — Equipment finance 30,593 — — — Consumer 120 — 82 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 116,987 $ 985 $ 88,299 $ 1,096 Real estate construction and land 5,840 70 7,498 60 Commercial 95,231 61 95,481 62 Consumer 359 2 441 3 Total $ 218,417 $ 1,118 $ 191,719 $ 1,221 _________________________ (1) For Non-PCI loans and leases reported as impaired at June 30, 2017 and 2016 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes loans held for sale carried at lower of cost or fair value. Six Months Ended June 30, 2017 (2) 2016 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,591 $ 425 $ 23,959 $ 516 Residential 3,252 27 1,609 22 Real estate construction and land: Residential — — 740 8 Commercial: Cash flow 31,496 3 17,914 18 Asset-based 2,376 60 2,289 18 Venture capital 6,900 — 347 — Equipment finance — — 48,914 — Consumer 213 4 336 6 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 89,107 $ 1,289 $ 52,810 $ 968 Residential 5,334 29 6,796 60 Real estate construction and land: Commercial 5,840 140 6,758 112 Commercial: Cash flow 8,581 20 12,432 2 Asset-based 1,239 24 2,710 71 Venture capital 4,276 — — — Equipment finance 30,423 — — — Consumer 120 — 82 1 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 115,284 $ 1,770 $ 85,174 $ 1,566 Real estate construction and land 5,840 140 7,498 120 Commercial 85,291 107 84,606 109 Consumer 333 4 418 7 Total $ 206,748 $ 2,021 $ 177,696 $ 1,802 _________________________ (1) For Non-PCI loans and leases reported as impaired at June 30, 2017 and 2016 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes loans held for sale carried at lower of cost or fair value. The following tables present additions to our troubled debt restructurings of Non-PCI loans held for investment for the periods indicated: Three Months Ended June 30, 2017 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 3 $ 1,465 $ 1,465 1 $ 1,000 $ 1,000 Residential 3 720 437 5 4,878 4,878 Real estate construction and land: Residential 1 362 — — — — Commercial: Cash flow 7 16,788 16,789 6 30,300 30,300 Asset-based 3 1,165 1,165 2 1,504 1,504 Venture capital 2 92 92 — — — Equipment finance — — — 4 1,624 — Consumer — — — 2 738 30 Total 19 $ 20,592 $ 19,948 20 $ 40,044 $ 37,712 Six Months Ended June 30, 2017 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 4 $ 1,529 $ 1,465 5 $ 4,140 $ 4,140 Residential 5 762 479 6 5,043 5,043 Real estate construction and land: Residential 1 362 — — — — Commercial: Cash flow 9 16,894 16,895 10 30,557 30,557 Asset-based 5 1,778 1,778 4 2,133 2,133 Venture capital 5 13,157 13,157 — — — Equipment finance — — — 6 4,284 2,660 Consumer 1 97 97 3 798 90 Total 30 $ 34,579 $ 33,871 34 $ 46,955 $ 44,623 The following tables present troubled debt restructurings of Non-PCI loans held for investment that subsequently defaulted for the periods indicated: Three Months Ended June 30, 2017 2016 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage: Commercial — $ — 2 $ 2,572 Commercial: Equipment finance — — 1 39,912 (3) Total — $ — 3 $ 42,484 (2) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended June 30, 2017 , the population of defaulted restructured loans includes only those loans restructured after June 30, 2016 . 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 June 30, 2016 , and there were no charge-offs. (3) The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. Six Months Ended June 30, 2017 2016 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage: Commercial — $ — 2 $ 2,572 Commercial: Equipment finance — — 1 39,912 (3) Total — $ — 3 $ 42,484 (2) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended June 30, 2017 , the population of defaulted restructured loans includes only those loans restructured after June 30, 2016 . 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 June 30, 2016 , and there were no charge-offs. (3) The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. Allowance 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 held for investment and PCI loans held for investment for the periods indicated: Three Months Ended June 30, 2017 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 35,368 $ 10,476 $ 102,134 $ 1,848 $ 149,826 $ 11,481 $ 161,307 Charge-offs (142 ) — (22,696 ) (113 ) (22,951 ) (3,459 ) (26,410 ) Recoveries 20 9 1,953 22 2,004 58 2,062 Provision (negative provision) 1,876 833 6,973 318 10,000 (1,001 ) 8,999 Balance, end of period $ 37,122 $ 11,318 $ 88,364 $ 2,075 $ 138,879 $ 7,079 $ 145,958 Six Months Ended June 30, 2017 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 37,765 $ 10,045 $ 93,853 $ 2,092 $ 143,755 $ 13,483 $ 157,238 Charge-offs (1,686 ) — (41,981 ) (212 ) (43,879 ) (5,689 ) (49,568 ) Recoveries 250 17 4,401 75 4,743 58 4,801 Provision (negative provision) 793 1,256 32,091 120 34,260 (773 ) 33,487 Balance, end of period $ 37,122 $ 11,318 $ 88,364 $ 2,075 $ 138,879 $ 7,079 $ 145,958 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 1,415 $ — $ 11,564 $ 333 $ 13,312 Collectively evaluated for impairment $ 35,707 $ 11,318 $ 76,800 $ 1,742 $ 125,567 Acquired loans with deteriorated credit quality $ 7,079 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 117,441 $ 5,840 $ 104,008 $ 485 $ 227,774 Collectively evaluated for impairment 5,954,357 1,157,500 7,733,659 397,741 15,243,257 Acquired loans with deteriorated credit quality $ 72,426 Ending balance $ 6,071,798 $ 1,163,340 $ 7,837,667 $ 398,226 $ 15,471,031 $ 72,426 $ 15,543,457 Three Months Ended June 30, 2016 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 29,099 $ 6,876 $ 83,957 $ 875 $ 120,807 $ 9,554 $ 130,361 Charge-offs (866 ) — (655 ) (191 ) (1,712 ) (168 ) (1,880 ) Recoveries 939 6 312 23 1,280 — 1,280 Provision 159 971 9,790 705 11,625 1,903 13,528 Balance, end of period $ 29,331 $ 7,853 $ 93,404 $ 1,412 $ 132,000 $ 11,289 $ 143,289 Six Months Ended June 30, 2016 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 36,654 $ 7,137 $ 61,082 $ 661 $ 105,534 $ 9,577 $ 115,111 Charge-offs (1,603 ) — (4,700 ) (782 ) (7,085 ) (331 ) (7,416 ) Recoveries 1,938 158 626 39 2,761 — 2,761 Provision (negative provision) (7,658 ) 558 36,396 1,494 30,790 2,043 32,833 Balance, end of period $ 29,331 $ 7,853 $ 93,404 $ 1,412 $ 132,000 $ 11,289 $ 143,289 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 1,230 $ 16 $ 27,624 $ 186 $ 29,056 Collectively evaluated for impairment $ 28,101 $ 7,837 $ 65,780 $ 1,226 $ 102,944 Acquired loans with deteriorated credit quality $ 11,289 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 92,284 $ 7,498 $ 98,247 $ 394 $ 198,423 Collectively evaluated for impairment 5,471,096 688,735 7,934,086 212,240 14,306,157 Acquired loans with deteriorated credit quality $ 136,880 Ending balance $ 5,563,380 $ 696,233 $ 8,032,333 $ 212,634 $ 14,504,580 $ 136,880 $ 14,641,460 Allowance for Credit Losses The Non-PCI allowance for credit losses is the combination of the Non-PCI allowance for loan and lease losses and the Non-PCI reserve for unfunded loan commitments. The Non-PCI reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The following tables present a summary of the activity in the Non-PCI allowance for loan and lease losses, Non-PCI reserve for unfunded loan commitments, and PCI allowance for loan losses for the periods indicated: Three Months Ended June 30, 2017 Non-PCI Non-PCI Allowance Reserve for Non-PCI PCI Total for Loan Unfunded Allowance Allowance Allowance and Lease Loan for Credit for Loan for Credit Losses Commitments Losses Losses Losses (In thousands) Balance, beginning of period $ 149,826 $ 17,763 $ 167,589 $ 11,481 $ 179,070 Charge-offs (22,951 ) — (22,951 ) (3,459 ) (26,410 ) Recoveries 2,004 — 2,004 58 2,062 Net charge-offs (20,947 ) — (20,947 ) (3,401 ) (24,348 ) Provision (negative provision) 10,000 2,500 12,500 (1,001 ) 11,499 Balance, end of period $ 138,879 $ 20,263 $ 159,142 $ 7,079 $ 166,221 Six Months Ended June 30, 2017 Non-PCI Non-PCI Allowance Reserve for Non-PCI PCI Total for Loan Unfunded Allowance Allowance Allowance and Lease Loan for Credit for Loan for Credit Losses Commitments Losses Losses Losses (In thousands) Balance, beginning of period $ 143,755 $ 17,523 $ 161,278 $ 13,483 $ 174,761 Charge-offs (43,879 ) — (43,879 ) (5,689 ) (49,568 ) Recoveries 4,743 — 4,743 58 4,801 Net charge-offs (39,136 ) — (39,136 ) (5,631 ) (44,767 ) Provision (negative provision) 34,260 2,740 37,000 (773 ) 36,227 Balance, end of period $ 138,879 $ 20,263 $ 159,142 $ 7,079 $ 166,221 Three Months Ended June 30, 2016 Non-PCI Non-PCI Allowance Reserve for Non-PCI PCI Total for Loan Unfunded Allowance Allowance Allowance and Lease Loan for Credit for Loan for Credit Losses Commitments Losses Losses Losses (In thousands) Balance, beginning of period $ 120,807 $ 17,569 $ 138,376 $ 9,554 $ 147,930 Charge-offs (1,712 ) — (1,712 ) (168 ) (1,880 ) Recoveries 1,280 — 1,280 — 1,280 Net charge-offs (432 ) — (432 ) (168 ) (600 ) Provision 11,625 375 12,000 1,903 13,903 Balance, end of period $ 132,000 $ 17,944 $ 149,944 $ 11,289 $ 161,233 Six Months Ended June 30, 2016 Non-PCI Non-PCI Allowance Reserve for Non-PCI PCI Total for Loan Unfunded Allowance Allowance Allowance and Lease Loan for Credit for Loan for Credit Losses Commitments Losses Losses Losses (In thousands) Balance, beginning of period $ 105,534 $ 16,734 $ 122,268 $ 9,577 $ 131,845 Charge-offs (7,085 ) — (7,085 ) (331 ) (7,416 ) Recoveries 2,761 — 2,761 — 2,761 Net charge-offs (4,324 ) — (4,324 ) (331 ) (4,655 ) Provision 30,790 1,210 32,000 2,043 34,043 Balance, end of period $ 132,000 $ 17,944 $ 149,944 $ 11,289 $ 161,233 |
Foreclosed Assets
Foreclosed Assets | 6 Months Ended |
Jun. 30, 2017 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Foreclosed Assets | FORECLOSED ASSETS The following table summarizes foreclosed assets as of the dates indicated: June 30, December 31, Property Type 2017 2016 (In thousands) Construction and land development $ 11,443 $ 11,224 Multi‑family — 652 Commercial real estate 65 — Single family residence 1,018 — Total other real estate owned, net 12,526 11,876 Other foreclosed assets 752 1,100 Total foreclosed assets, net $ 13,278 $ 12,976 The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2016 $ 12,976 Transfers to foreclosed assets from loans 580 Other additions 735 Provision for losses (14 ) Reductions related to sales (999 ) Balance, June 30, 2017 $ 13,278 |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings and Subordinated Debentures | BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated: June 30, 2017 December 31, 2016 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 454 6.78 % $ 812 6.41 % FHLB secured advances 85,000 1.09 % 735,000 0.59 % FHLB unsecured overnight advance 132,000 1.09 % 130,000 0.55 % American Financial Exchange borrowings — — % 40,000 0.81 % Total borrowings $ 217,454 $ 905,812 The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the leased equipment and all interest rates are fixed. As of June 30, 2017 , this debt had a weighted average remaining maturity of 2.1 years. The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions. FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of June 30, 2017 of $2.9 billion , collateralized by a blanket lien on $4.2 billion of certain qualifying loans not pledged to the FRBSF. As of June 30, 2017 , the balance outstanding was an $85.0 million overnight advance. As of December 31, 2016 , the balance outstanding was $735.0 million , which consisted of a $435.0 million overnight advance and a $300.0 million one-month advance with a January 23, 2017 maturity date. FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of June 30, 2017 , the Bank had secured borrowing capacity of $2.2 billion collateralized by liens covering $3.0 billion of certain qualifying loans. As of June 30, 2017 and December 31, 2016 , there were no balances outstanding. FHLB Unsecured Line of Credit. The Bank has a $132.0 million unsecured line of credit with the FHLB for the purchase of overnight funds, of which $132.0 million was outstanding at June 30, 2017 . At December 31, 2016 , the balance outstanding was $130.0 million . Federal Funds Arrangements with Commercial Banks. As of June 30, 2017 , 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 June 30, 2017 and December 31, 2016 , there were no balances outstanding. The Bank is a member of the American Financial Exchange, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of June 30, 2017 , there was no balance outstanding. At December 31, 2016 , the balance outstanding was $40.0 million , which consisted of a $26.0 million overnight borrowing and a $14.0 million one-month borrowing with a January 20, 2017 maturity date. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: June 30, 2017 December 31, 2016 Date Maturity Rate Index Series Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 4.37 % $ 10,310 4.09 % 8/15/2003 9/17/2033 3 month LIBOR + 3.10 Trust VI 10,310 4.30 % 10,310 4.01 % 9/3/2003 9/15/2033 3 month LIBOR + 3.05 Trust CII 5,155 4.22 % 5,155 3.95 % 9/17/2003 9/17/2033 3 month LIBOR + 2.95 Trust VII 61,856 3.92 % 61,856 3.64 % 2/5/2004 4/23/2034 3 month LIBOR + 2.75 Trust CIII 20,619 2.94 % 20,619 2.65 % 8/15/2005 9/15/2035 3 month LIBOR + 1.69 Trust FCCI 16,495 2.85 % 16,495 2.56 % 1/25/2007 3/15/2037 3 month LIBOR + 1.60 Trust FCBI 10,310 2.80 % 10,310 2.51 % 9/30/2005 12/15/2035 3 month LIBOR + 1.55 Trust CS 2005-1 82,475 3.20 % 82,475 2.91 % 11/21/2005 12/15/2035 3 month LIBOR + 1.95 Trust CS 2005-2 128,866 3.12 % 128,866 2.84 % 12/14/2005 1/30/2036 3 month LIBOR + 1.95 Trust CS 2006-1 51,545 3.12 % 51,545 2.84 % 2/22/2006 4/30/2036 3 month LIBOR + 1.95 Trust CS 2006-2 51,550 3.12 % 51,550 2.84 % 9/27/2006 10/30/2036 3 month LIBOR + 1.95 Trust CS 2006-3 (1) 29,417 1.72 % 27,185 1.74 % 9/29/2006 10/30/2036 3 month EURIBOR + 2.05 Trust CS 2006-4 16,470 3.12 % 16,470 2.84 % 12/5/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2006-5 6,650 3.12 % 6,650 2.84 % 12/19/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2007-2 39,177 3.12 % 39,177 2.84 % 6/13/2007 7/30/2037 3 month LIBOR + 1.95 Gross subordinated debentures 541,205 538,973 Unamortized discount (2) (95,462 ) (98,229 ) Net subordinated debentures $ 445,743 $ 440,744 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions. Interest payments made by the Company on subordinated debentures are considered dividend payments under FRB regulations. Bank holding companies, such as PacWest, are required to notify the FRB prior to declaring and paying a dividend during any period in which quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lending Commitments The Company is a party to financial instruments with off‑balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The following table presents a summary of the financial instruments described above as of the dates indicated: June 30, December 31, 2017 2016 (In thousands) Loan commitments to extend credit $ 4,926,743 $ 4,166,703 Standby letters of credit 234,927 211,398 Total $ 5,161,670 $ 4,378,101 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. The increase in loan commitments to extend credit is primarily a result of the continued growth of our construction and venture capital portfolios in 2017. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral with us under these arrangements. In addition, we invest in low income housing project partnerships, which provide income tax credits, and in small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of June 30, 2017 and December 31, 2016 , we had commitments to contribute capital to these entities totaling $36.6 million and $26.6 million . We also had commitments to contribute up to an additional $2.6 million and $2.8 million to private equity funds at June 30, 2017 and December 31, 2016 . Legal Matters In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, 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, a wholly-owned subsidiary of FCAL, 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 | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS ASC Topic 820, “ Fair Value Measurement ,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes municipal securities, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label 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 non-rated private label CMOs, non-rated private label 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, CDI, and other long‑lived assets. The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of June 30, 2017 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Residential MBS and CMOs: Agency MBS $ 404,320 $ — $ 404,320 $ — Agency CMOs 133,792 — 133,792 — Private label CMOs 159,701 — 100,162 59,539 Municipal securities 1,534,554 — 1,534,554 — Agency commercial MBS 918,210 — 918,210 — Corporate debt securities 19,185 — 19,185 — Collateralized loan obligations 66,301 — 66,301 — SBA securities 178,056 — 178,056 — Asset-backed and other securities 60,441 3,721 49,957 6,763 Total securities available-for-sale 3,474,560 3,721 3,404,537 66,302 Equity warrants 5,452 — — 5,452 Other derivative assets 235 — 235 — Total recurring assets $ 3,480,247 $ 3,721 $ 3,404,772 $ 71,754 Derivative liabilities $ 2,235 $ — $ 2,235 $ — Fair Value Measurements as of December 31, 2016 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Residential MBS and CMOs: Agency MBS $ 502,443 $ — $ 502,443 $ — Agency CMOs 146,289 — 146,289 — Private label CMOs 125,469 — 68,567 56,902 Municipal securities 1,456,459 — 1,456,459 — Agency commercial MBS 547,692 — 547,692 — Corporate debt securities 47,509 — 47,509 — Collateralized loan obligations 156,887 — 156,887 — SBA securities 178,845 — 178,845 — Asset-backed and other securities 62,237 2,080 51,784 8,373 Total securities available-for-sale 3,223,830 2,080 3,156,475 65,275 Equity warrants 5,497 — — 5,497 Other derivative assets 694 — 694 — Total recurring assets $ 3,230,021 $ 2,080 $ 3,157,169 $ 70,772 Derivative liabilities $ 3,285 $ — $ 3,285 $ — During the six months ended June 30, 2017 , there were no transfers of assets between Level 1 and Level 2, and there were no transfers of assets in or out of Level 3 of the fair value hierarchy for assets measured on a recurring basis. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: June 30, 2017 Private Label CMOs Asset-Backed Securities (1) Weighted Range Average Unobservable Inputs of Inputs Input Input Voluntary annual prepayment speeds 2.7% - 23.9% 11.5% 5.0% Annual default rates 0.1% - 14.1% 2.2% 1.0% Loss severity rates 3.8% - 132.7% 50.4% 10.0% Discount rates 1.4% - 9.8% 4.2% 3.5% _________________________________ (1) There was only one asset-backed security at June 30, 2017 . The following table presents information about 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 the date indicated: June 30, 2017 Equity Warrants Weighted Average Unobservable Inputs Input Volatility 17.3% Risk-free interest rate 1.7% Remaining life assumption (in years) 3.7 The following table summarizes activity for our Level 3 private label CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated: Private Asset-Backed Equity Label CMOs Securities Warrants (In thousands) Balance, December 31, 2016 $ 56,902 $ 8,373 $ 5,497 Total included in earnings 2,230 59 969 Total included in other comprehensive income (887 ) (75 ) — Purchases 18,643 — — Issuances — — 535 Sales (4,732 ) — (1,549 ) Net settlements (12,617 ) (1,594 ) — Balance, June 30, 2017 $ 59,539 $ 6,763 $ 5,452 The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated: Fair Value Measurement as of June 30, 2017 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 80,495 $ — $ 6,575 $ 73,920 Loans held for sale 175,880 — 175,880 — Total non-recurring $ 256,375 $ — $ 182,455 $ 73,920 Fair Value Measurement as of December 31, 2016 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 149,749 $ — $ 1,661 $ 148,088 OREO 11,224 — 11,224 — Investments carried at cost 242 — — 242 Total non-recurring $ 161,215 $ — $ 12,885 $ 148,330 The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Six Months Ended Losses on Assets June 30, June 30, Measured on a Non‑Recurring Basis 2017 2016 2017 2016 (In thousands) Impaired Non‑PCI loans $ 9,435 $ 603 $ 17,250 $ 16,779 Loans held for sale 7,198 — 7,198 — OREO 14 — 14 — Total losses $ 16,647 $ 603 $ 24,462 $ 16,779 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated: June 30, 2017 Valuation Unobservable Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Impaired Non-PCI loans $ 65,157 Discounted cash flows Discount rates 0% - 8.50% 6.47% 8,763 Third party appraisals No discounts Total non-recurring Level 3 $ 73,920 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 carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: June 30, 2017 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 180,330 $ 180,330 $ 180,330 $ — $ — Interest‑earning deposits in financial institutions 107,150 107,150 107,150 — — Securities available‑for‑sale 3,474,560 3,474,560 3,721 3,404,537 66,302 Investment in FHLB stock 22,059 22,059 — 22,059 — Investments carried at cost 1,158 11,719 — — 11,719 Loans held for sale 175,158 175,880 — 175,880 — Loans and leases held for investment, net 15,397,499 15,611,222 — 6,575 15,604,647 Equity warrants 5,452 5,452 — — 5,452 Other derivative assets 235 235 — 235 — Financial Liabilities: Demand, interest checking, money market, and savings deposits 14,546,898 14,546,898 — 14,546,898 — Time deposits 2,328,079 2,318,904 — 2,318,904 — Borrowings 217,454 217,461 217,000 461 — Subordinated debentures 445,743 429,366 — 429,366 — Derivative liabilities 2,235 2,235 — 2,235 — December 31, 2016 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 337,965 $ 337,965 $ 337,965 $ — $ — Interest‑earning deposits in financial institutions 81,705 81,705 81,705 — — Securities available‑for‑sale 3,223,830 3,223,830 2,080 3,156,475 65,275 Investment in FHLB stock 21,870 21,870 — 21,870 — Investments carried at cost 1,416 3,843 — — 3,843 Loans and leases held for investment, net 15,298,716 15,494,808 — 1,661 15,493,147 Equity warrants 5,497 5,497 — — 5,497 Other derivative assets 694 694 — 694 — Financial Liabilities: Demand, interest checking, money market, and savings deposits 13,698,321 13,698,321 — 13,698,321 — Time deposits 2,172,290 2,166,187 — 2,166,187 — Borrowings 905,812 905,838 591,000 314,838 — Subordinated debentures 440,744 424,507 — 424,507 — Derivative liabilities 3,285 3,285 — 3,285 — Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The loans held for sale at June 30, 2017 consisted primarily of healthcare loans, and the fair value of these loans was based on sale agreements which we entered into during the second quarter of 2017. Loans held for sale which are under contract for sale are considered Level 2 in the fair value hierarchy. For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 13. Fair Value Measurements, to the Consolidated Financial Statements of the Company's 2016 Annual Report on Form 10-K. Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of June 30, 2017 , the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table presents the computations of basic and diluted net earnings per share for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2017 2017 2016 2017 2016 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings $ 93,647 $ 78,668 $ 82,168 $ 172,315 $ 172,624 Less: Earnings allocated to unvested restricted stock (1) (1,080 ) (999 ) (863 ) (2,082 ) (1,933 ) Net earnings allocated to common shares $ 92,567 $ 77,669 $ 81,305 $ 170,233 $ 170,691 Weighted-average basic shares and unvested restricted stock outstanding 121,422 121,346 121,799 121,384 121,698 Less: Weighted-average unvested restricted stock outstanding (1,455 ) (1,503 ) (1,481 ) (1,479 ) (1,436 ) Weighted-average basic shares outstanding 119,967 119,843 120,318 119,905 120,262 Basic earnings per share $ 0.77 $ 0.65 $ 0.68 $ 1.42 $ 1.42 Diluted Earnings Per Share: Net earnings allocated to common shares $ 92,567 $ 77,669 $ 81,305 $ 170,233 $ 170,691 Weighted-average basic shares outstanding 119,967 119,843 120,318 119,905 120,262 Diluted earnings per share $ 0.77 $ 0.65 $ 0.68 $ 1.42 $ 1.42 ________________________ (1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | STOCK-BASED COMPENSATION The Company’s 2017 Stock Incentive Plan, or the 2017 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of June 30, 2017 , the 2017 Plan authorized grants of stock‑based compensation instruments to purchase or issue up to 4,000,000 shares of Company common stock. As of June 30, 2017 , there were 3,852,150 shares available for grant under the 2017 Plan. Restricted Stock Restricted stock amortization totaled $6.6 million , $6.5 million , and $6.0 million for the three months ended June 30, 2017 , March 31, 2017 and June 30, 2016 and, $13.1 million and $11.0 million for the six months ended June 30, 2017 and 2016 . Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings. The amount of unrecognized compensation expense related to unvested TRSAs and PRSUs as of June 30, 2017 totaled $53.6 million . Time-Based Restricted Stock Awards At June 30, 2017 , there were 1,400,254 shares of unvested TRSAs outstanding pursuant to the Company's 2003 and 2017 Stock Incentive Plans (the "Plans"). The TRSAs generally vest over a service period of three or four years from the date of the grant or immediately upon death of an employee. Compensation expense related to TRSAs 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. Performance-Based Restricted Stock Units At June 30, 2017 , there were 239,025 unvested PRSUs outstanding. The PRSUs will vest only if performance goals with respect to certain financial metrics are met over a three -year performance period. The PRSUs are not considered issued and outstanding under the Plans until they vest. PRSUs are granted and initially expensed based on a target number. The number of awards that will ultimately vest based on actual performance will range from zero to a maximum of either 150% or 200% of target. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase to up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three -year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU's is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2017 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the FASB issued 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. 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, while earlier application is permitted only for annual and interim periods beginning after December 31, 2016. The Company has completed the assessment phase of implementing this new standard. In the assessment phase, the Company determined which revenue streams are within the scope and those that are excluded from the scope of the new standard. Substantially all of the Company's revenues are excluded from the scope of the new standard. For the revenue streams determined to be within the scope of the new standard, the Company examined a sample of customer contracts to determine the appropriate accounting for those contracts under the new standard. The Company has evaluated the need for any accounting or operational changes related to implementing the requirements of the new standard and has made some operational changes as needed. The Company will use the cumulative effect transition method and does not expect the provisions of ASU 2014-09 to have a material impact on our consolidated financial statements other than additional disclosure requirements. The Company will adopt this standard effective January 1, 2018. 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 recognize 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. Early adoption is permitted only for the provisions related to the recognition of changes in fair value of financial liabilities, which does not apply to the Company. The Company does not expect the provisions of ASU 2016-01 to have a material impact on its consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases . ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018 and mandates a modified retrospective transition method for all entities. The Company has begun to assess the impact of the new standard on its financial statements and related disclosures and is currently evaluating the existing lease portfolio. The impact to the Company will be primarily related to leased office space. In June 2016, the FASB issued ASU 2016-13, " Measurement of Credit Losses on Financial Instruments," which significantly changes the way entities recognize impairment of many financial assets. Currently, the impairment model is based on incurred losses, and investments are recognized as impaired when there is no longer an assumption that future cash flows will be collected in full under the originally contracted terms. Under the current expected credit loss ("CECL") model, the new standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The Company has selected a software solution to assist in meeting the requirements of ASU 2016-13. The Company has developed an implementation plan and has selected a third-party vendor to assist with the assessment and design phase of the project. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019. The Company is evaluating the effect that ASU 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, " Classification of Certain Cash Receipts and Cash Payments," which addressed eight issues related to the statement of cash flows, including proceeds from the settlement of BOLI policies. ASU 2016-15 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU 2016-15 in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendment in the same period. Entities should apply ASU 2016-15 using a retrospective transition method to each period presented. If it is impracticable for an entity to apply ASU 2016-15 retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. ASU 2016-15 will result in some changes in classification in the consolidated statements of cash flows, which the Company does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. In October 2016, the FASB issued ASU 2016-16, " Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. ASU 2016-16 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, but only at the beginning of an annual period for which no financial statements (interim or annual) have already been issued or made available for issuance. The Company is evaluating the effect that ASU 2016-16 will have on its financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, " Business Combinations (Topic 805): Clarifying the Definition of a Business ," which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for annual periods in fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2019. The Company does not expect ASU 2017-01 to have a material impact on its financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which intends to simplify goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. ASU 2017-04 instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. ASU 2017-04 must be applied prospectively and is effective for the Company on January 1, 2020. Early adoption is permitted. The Company does not expect ASU 2017-04 to have a material impact on its financial condition or results of operations. In March 2017, the FASB issued ASU 2017-08, " Receivables - Nonrefundable Fees and Other Costs (Subtopic 210-20): Premium Amortization on Purchased Callable Debt Securities ," which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 is effective for interim and annual periods in fiscal years beginning after December 15, 2018. Early adoption is permitted for annual or interim periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The Company does not expect ASU 2017-08 to have a material impact on its financial condition or results of operations. In May 2017, the FASB issued ASU 2017-09, " Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ," which clarifies what constitutes a modification of a share-based payment award. ASU 2017-09 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is evaluating the effect that ASU 2017-09 will have on its financial statements and related disclosures. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Common Stock Dividends On August 1, 2017 , 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 August 31, 2017 to stockholders of record at the close of business on August 21, 2017 . We have evaluated events that have occurred subsequent to June 30, 2017 and have concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. |
Organization Organization (Poli
Organization Organization (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Standards | Accounting Standard Adopted in 2017 Effective January 1, 2017, the Company adopted ASU 2016-09, " Improvements to Employee Share-Based Accounting ." ASU 2016-09 changed aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The recognition of excess tax benefits and tax deficiencies in the income statement was adopted prospectively. Income tax benefits of $1.0 million and $2.1 million were recognized during the three and six months ended June 30, 2017 as a result of the adoption of ASU 2016-09. We expect the requirements of ASU 2016-09 to result in fluctuations in our effective tax rate from period to period based upon the timing of share-based award vestings. In connection with the adoption of ASU 2016-09, we elected to recognize forfeitures on stock-based compensation awards when they occur, instead of estimating forfeitures at the grant date of the awards and throughout the vesting period. The modified retrospective application of this change in accounting principle resulted in a cumulative adjustment charge to retained earnings of $420,000 , net of income taxes. We elected to present the classification of excess tax benefits on the statement of cash flows using a prospective transition method and the prior period has not been adjusted. RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the FASB issued 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. 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, while earlier application is permitted only for annual and interim periods beginning after December 31, 2016. The Company has completed the assessment phase of implementing this new standard. In the assessment phase, the Company determined which revenue streams are within the scope and those that are excluded from the scope of the new standard. Substantially all of the Company's revenues are excluded from the scope of the new standard. For the revenue streams determined to be within the scope of the new standard, the Company examined a sample of customer contracts to determine the appropriate accounting for those contracts under the new standard. The Company has evaluated the need for any accounting or operational changes related to implementing the requirements of the new standard and has made some operational changes as needed. The Company will use the cumulative effect transition method and does not expect the provisions of ASU 2014-09 to have a material impact on our consolidated financial statements other than additional disclosure requirements. The Company will adopt this standard effective January 1, 2018. 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 recognize 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. Early adoption is permitted only for the provisions related to the recognition of changes in fair value of financial liabilities, which does not apply to the Company. The Company does not expect the provisions of ASU 2016-01 to have a material impact on its consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, " Leases (Topic 842) ," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases . ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018 and mandates a modified retrospective transition method for all entities. The Company has begun to assess the impact of the new standard on its financial statements and related disclosures and is currently evaluating the existing lease portfolio. The impact to the Company will be primarily related to leased office space. In June 2016, the FASB issued ASU 2016-13, " Measurement of Credit Losses on Financial Instruments," which significantly changes the way entities recognize impairment of many financial assets. Currently, the impairment model is based on incurred losses, and investments are recognized as impaired when there is no longer an assumption that future cash flows will be collected in full under the originally contracted terms. Under the current expected credit loss ("CECL") model, the new standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The Company has selected a software solution to assist in meeting the requirements of ASU 2016-13. The Company has developed an implementation plan and has selected a third-party vendor to assist with the assessment and design phase of the project. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019. The Company is evaluating the effect that ASU 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, " Classification of Certain Cash Receipts and Cash Payments," which addressed eight issues related to the statement of cash flows, including proceeds from the settlement of BOLI policies. ASU 2016-15 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU 2016-15 in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendment in the same period. Entities should apply ASU 2016-15 using a retrospective transition method to each period presented. If it is impracticable for an entity to apply ASU 2016-15 retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. ASU 2016-15 will result in some changes in classification in the consolidated statements of cash flows, which the Company does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. In October 2016, the FASB issued ASU 2016-16, " Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory," which requires entities to recognize at the transaction date the income tax consequences of intercompany asset transfers other than inventory. ASU 2016-16 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, but only at the beginning of an annual period for which no financial statements (interim or annual) have already been issued or made available for issuance. The Company is evaluating the effect that ASU 2016-16 will have on its financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, " Business Combinations (Topic 805): Clarifying the Definition of a Business ," which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for annual periods in fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2019. The Company does not expect ASU 2017-01 to have a material impact on its financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which intends to simplify goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. ASU 2017-04 instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. ASU 2017-04 must be applied prospectively and is effective for the Company on January 1, 2020. Early adoption is permitted. The Company does not expect ASU 2017-04 to have a material impact on its financial condition or results of operations. In March 2017, the FASB issued ASU 2017-08, " Receivables - Nonrefundable Fees and Other Costs (Subtopic 210-20): Premium Amortization on Purchased Callable Debt Securities ," which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 is effective for interim and annual periods in fiscal years beginning after December 15, 2018. Early adoption is permitted for annual or interim periods. If an entity early adopts in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The Company does not expect ASU 2017-08 to have a material impact on its financial condition or results of operations. In May 2017, the FASB issued ASU 2017-09, " Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting ," which clarifies what constitutes a modification of a share-based payment award. ASU 2017-09 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is evaluating the effect that ASU 2017-09 will have on its financial statements and related disclosures. |
Basis of Presentation | Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. |
Use of Estimates | Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. 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 realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. |
Reclassification, Policy | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the condensed consolidated statements of earnings we are presenting a new line for "Loan expense", as that category has exceeded the disclosure materiality threshold, which previously had been included as part of "Other expense." Included in loan expense are costs related to servicing our loans including legal fees. Regarding time deposits disclosures, prior to 2017 we presented the categories as: (1) under $100,000 , and (2) $100,000 or more, but now are using the current FDIC insurance limit of $250,000 and presenting the categories as: (1) $250,000 and under, and (2) over $250,000 . |
Fair Value Measurement | 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, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label 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 non-rated private label CMOs, non-rated private label 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, CDI, and other long‑lived assets. |
Goodwill and Other Intangible21
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2017 2017 2016 2017 2016 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 64,187 $ 64,187 $ 93,824 $ 64,187 $ 95,524 Fully amortized portion — — (17,311 ) — (17,311 ) Reduction due to sale of PWEF leasing unit — — — — (1,700 ) Balance, end of period 64,187 64,187 76,513 64,187 76,513 Accumulated Amortization: Balance, beginning of period (30,885 ) (27,821 ) (45,687 ) (27,821 ) (42,304 ) Amortization (3,065 ) (3,064 ) (4,371 ) (6,129 ) (9,117 ) Fully amortized portion — — 17,311 — 17,311 Reduction due to sale of PWEF leasing unit — — — — 1,363 Balance, end of period (33,950 ) (30,885 ) (32,747 ) (33,950 ) (32,747 ) Net CDI and CRI, end of period $ 30,237 $ 33,302 $ 43,766 $ 30,237 $ 43,766 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 fair values of securities available-for-sale as of the dates indicated: June 30, 2017 December 31, 2016 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Security Type Cost Gains Losses Value Cost Gains Losses Value (In thousands) Residential MBS and CMOs: Agency MBS $ 402,654 $ 4,318 $ (2,652 ) $ 404,320 $ 499,185 $ 6,222 $ (2,964 ) $ 502,443 Agency CMOs 132,494 1,698 (400 ) 133,792 145,258 1,528 (497 ) 146,289 Private label CMOs 157,187 3,372 (858 ) 159,701 122,707 4,199 (1,437 ) 125,469 Municipal securities 1,492,834 43,688 (1,968 ) 1,534,554 1,447,064 15,406 (6,011 ) 1,456,459 Agency commercial MBS 919,696 5,656 (7,142 ) 918,210 555,552 1,798 (9,658 ) 547,692 Corporate debt securities 17,000 2,185 — 19,185 47,100 680 (271 ) 47,509 Collateralized loan obligations 65,521 820 (40 ) 66,301 155,440 1,685 (238 ) 156,887 SBA securities 177,171 1,112 (227 ) 178,056 179,085 510 (750 ) 178,845 Asset-backed and other securities 59,856 685 (100 ) 60,441 62,264 358 (385 ) 62,237 Total $ 3,424,413 $ 63,534 $ (13,387 ) $ 3,474,560 $ 3,213,655 $ 32,386 $ (22,211 ) $ 3,223,830 |
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: June 30, 2017 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Residential MBS and CMOs: Agency MBS $ 87,541 $ (802 ) $ 118,268 $ (1,850 ) $ 205,809 $ (2,652 ) Agency CMOs 20,041 (259 ) 11,446 (141 ) 31,487 (400 ) Private label CMOs 63,938 (588 ) 21,851 (270 ) 85,789 (858 ) Municipal securities 97,296 (1,968 ) — — 97,296 (1,968 ) Agency commercial MBS 304,470 (5,643 ) 48,714 (1,499 ) 353,184 (7,142 ) Collateralized loan obligations 9,662 (13 ) 6,930 (27 ) 16,592 (40 ) SBA securities 55,951 (227 ) — — 55,951 (227 ) Asset-backed and other securities 7,208 (73 ) 5,958 (27 ) 13,166 (100 ) Total $ 646,107 $ (9,573 ) $ 213,167 $ (3,814 ) $ 859,274 $ (13,387 ) December 31, 2016 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Residential MBS and CMOs: Agency MBS $ 149,281 $ (1,691 ) $ 122,902 $ (1,273 ) $ 272,183 $ (2,964 ) Agency CMOs 44,111 (416 ) 25,316 (81 ) 69,427 (497 ) Private label CMOs 49,067 (906 ) 30,155 (531 ) 79,222 (1,437 ) Municipal securities 644,424 (6,011 ) — — 644,424 (6,011 ) Agency commercial MBS 349,550 (9,658 ) — — 349,550 (9,658 ) Corporate debt securities 29,829 (271 ) — — 29,829 (271 ) Collateralized loan obligations 12,450 (37 ) 39,231 (201 ) 51,681 (238 ) SBA securities 69,293 (407 ) 39,024 (343 ) 108,317 (750 ) Asset-backed and other securities 18,213 (309 ) 7,851 (76 ) 26,064 (385 ) Total $ 1,366,218 $ (19,706 ) $ 264,479 $ (2,505 ) $ 1,630,697 $ (22,211 ) |
Investments classified by contractual maturity date | The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated: June 30, 2017 Amortized Fair Maturity Cost Value (In thousands) Due in one year or less $ 12,649 $ 12,997 Due after one year through five years 255,563 259,332 Due after five years through ten years 1,005,595 1,013,932 Due after ten years 2,150,606 2,188,299 Total securities available-for-sale $ 3,424,413 $ 3,474,560 |
Investment income | The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2017 2017 2016 2017 2016 (In thousands) Taxable interest $ 13,517 $ 12,166 $ 11,406 $ 25,683 $ 22,802 Non-taxable interest 10,750 10,381 10,503 21,131 21,229 Dividend income 422 492 511 914 936 Total interest income on investment securities $ 24,689 $ 23,039 $ 22,420 $ 47,728 $ 44,967 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of composition of loans portfolio | The following table summarizes the composition of our loans and leases held for investment as of the dates indicated: June 30, 2017 December 31, 2016 Non-PCI Non-PCI Loans PCI Loans PCI and Leases Loans Total and Leases Loans Total (In thousands) Real estate mortgage $ 6,089,209 $ 65,950 $ 6,155,159 $ 5,635,675 $ 92,793 $ 5,728,468 Real estate construction and land 1,179,616 1,774 1,181,390 975,032 2,409 977,441 Commercial 7,869,706 4,479 7,874,185 8,426,236 12,994 8,439,230 Consumer 398,204 242 398,446 375,149 249 375,398 Total gross loans and leases held for investment 15,536,735 72,445 15,609,180 15,412,092 108,445 15,520,537 Deferred fees, net (65,704 ) (19 ) (65,723 ) (64,562 ) (21 ) (64,583 ) Total loans and leases held for investment, net of deferred fees 15,471,031 72,426 15,543,457 15,347,530 108,424 15,455,954 Allowance for loan and lease losses (138,879 ) (7,079 ) (145,958 ) (143,755 ) (13,483 ) (157,238 ) Total loans and leases held for investment, net $ 15,332,152 $ 65,347 $ 15,397,499 $ 15,203,775 $ 94,941 $ 15,298,716 |
Delinquent loans in loan portfolio | The following tables present an aging analysis of our Non‑PCI loans and leases held for investment by portfolio segment and class as of the dates indicated: June 30, 2017 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 4,421 $ 4,008 $ 8,429 $ 4,379,267 $ 4,387,696 Residential 444 1,898 2,342 1,681,760 1,684,102 Total real estate mortgage 4,865 5,906 10,771 6,061,027 6,071,798 Real estate construction and land: Commercial — — — 690,058 690,058 Residential — — — 473,282 473,282 Total real estate construction and land — — — 1,163,340 1,163,340 Commercial: Cash flow 1,360 10,040 11,400 2,819,212 2,830,612 Asset-based — 203 203 2,391,921 2,392,124 Venture capital 23,171 6,531 29,702 1,971,679 2,001,381 Equipment finance 690 169 859 612,691 613,550 Total commercial 25,221 16,943 42,164 7,795,503 7,837,667 Consumer 298 44 342 397,884 398,226 Total (1) $ 30,384 $ 22,893 $ 53,277 $ 15,417,754 $ 15,471,031 ________________________ (1) Excludes loans held for sale carried at lower of cost or fair value. December 31, 2016 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 8,590 $ 3,303 $ 11,893 $ 4,341,740 $ 4,353,633 Residential 5,694 1,999 7,693 1,256,630 1,264,323 Total real estate mortgage 14,284 5,302 19,586 5,598,370 5,617,956 Real estate construction and land: Commercial — — — 578,838 578,838 Residential 364 — 364 383,637 384,001 Total real estate construction and land 364 — 364 962,475 962,839 Commercial: Cash flow 191 1,821 2,012 3,105,380 3,107,392 Asset-based 1,500 2 1,502 2,607,543 2,609,045 Venture capital 13,589 5,769 19,358 1,963,798 1,983,156 Equipment finance 1,417 3,051 4,468 687,499 691,967 Total commercial 16,697 10,643 27,340 8,364,220 8,391,560 Consumer 224 — 224 374,951 375,175 Total $ 31,569 $ 15,945 $ 47,514 $ 15,300,016 $ 15,347,530 |
Schedule of non accrual and performing restructured impaired financing receivables | The following table presents our nonaccrual and performing Non‑PCI loans and leases held for investment by portfolio segment and class as of the dates indicated: June 30, 2017 (1) December 31, 2016 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 65,599 $ 4,322,097 $ 4,387,696 $ 62,454 $ 4,291,179 $ 4,353,633 Residential 5,229 1,678,873 1,684,102 6,881 1,257,442 1,264,323 Total real estate mortgage 70,828 6,000,970 6,071,798 69,335 5,548,621 5,617,956 Real estate construction and land: Commercial — 690,058 690,058 — 578,838 578,838 Residential — 473,282 473,282 364 383,637 384,001 Total real estate construction and land — 1,163,340 1,163,340 364 962,475 962,839 Commercial: Cash flow 43,169 2,787,443 2,830,612 53,908 3,053,484 3,107,392 Asset-based 1,718 2,390,406 2,392,124 2,118 2,606,927 2,609,045 Venture capital 25,278 1,976,103 2,001,381 11,687 1,971,469 1,983,156 Equipment finance 31,111 582,439 613,550 32,848 659,119 691,967 Total commercial 101,276 7,736,391 7,837,667 100,561 8,290,999 8,391,560 Consumer 472 397,754 398,226 339 374,836 375,175 Total $ 172,576 $ 15,298,455 $ 15,471,031 $ 170,599 $ 15,176,931 $ 15,347,530 The following table presents the composition of our impaired loans and leases held for investment as of the dates indicated: June 30, 2017 (1) December 31, 2016 Performing Total Performing Total Nonaccrual Troubled Impaired Nonaccrual Troubled Impaired Loans Debt Loans Loans Debt Loans and Restructured and and Restructured and Leases Loans Leases Leases Loans Leases (In thousands) Real estate mortgage $ 70,828 $ 47,071 $ 117,899 $ 69,335 $ 54,750 $ 124,085 Real estate construction and land — 5,840 5,840 364 6,893 7,257 Commercial 101,276 2,867 104,143 100,561 3,157 103,718 Consumer 472 132 604 339 152 491 Total $ 172,576 $ 55,910 $ 228,486 $ 170,599 $ 64,952 $ 235,551 ___________________ (1) Excludes loans held for sale carried at lower of cost or fair value. |
CV of loans held for investment by class by performing and nonperforming | The following table presents the credit risk rating categories for Non‑PCI loans and leases held for investment 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. June 30, 2017 (1) December 31, 2016 Classified Nonclassified Total Classified Nonclassified Total (In thousands) Real estate mortgage: Commercial $ 120,336 $ 4,267,360 $ 4,387,696 $ 99,641 $ 4,253,992 $ 4,353,633 Residential 9,446 1,674,656 1,684,102 17,540 1,246,783 1,264,323 Total real estate mortgage 129,782 5,942,016 6,071,798 117,181 5,500,775 5,617,956 Real estate construction and land: Commercial — 690,058 690,058 409 578,429 578,838 Residential — 473,282 473,282 364 383,637 384,001 Total real estate construction and land — 1,163,340 1,163,340 773 962,066 962,839 Commercial: Cash flow 100,652 2,729,960 2,830,612 177,661 2,929,731 3,107,392 Asset-based 18,313 2,373,811 2,392,124 28,112 2,580,933 2,609,045 Venture capital 59,479 1,941,902 2,001,381 52,646 1,930,510 1,983,156 Equipment finance 31,111 582,439 613,550 32,848 659,119 691,967 Total commercial 209,555 7,628,112 7,837,667 291,267 8,100,293 8,391,560 Consumer 640 397,586 398,226 424 374,751 375,175 Total $ 339,977 $ 15,131,054 $ 15,471,031 $ 409,645 $ 14,937,885 $ 15,347,530 ________________________ (1) Excludes loans held for sale carried at lower of cost or fair value. |
Troubled debt restructurings on financing receivables | The following tables present additions to our troubled debt restructurings of Non-PCI loans held for investment for the periods indicated: Three Months Ended June 30, 2017 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 3 $ 1,465 $ 1,465 1 $ 1,000 $ 1,000 Residential 3 720 437 5 4,878 4,878 Real estate construction and land: Residential 1 362 — — — — Commercial: Cash flow 7 16,788 16,789 6 30,300 30,300 Asset-based 3 1,165 1,165 2 1,504 1,504 Venture capital 2 92 92 — — — Equipment finance — — — 4 1,624 — Consumer — — — 2 738 30 Total 19 $ 20,592 $ 19,948 20 $ 40,044 $ 37,712 Six Months Ended June 30, 2017 2016 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded Troubled Debt Restructurings of Loans Investment Investment of Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 4 $ 1,529 $ 1,465 5 $ 4,140 $ 4,140 Residential 5 762 479 6 5,043 5,043 Real estate construction and land: Residential 1 362 — — — — Commercial: Cash flow 9 16,894 16,895 10 30,557 30,557 Asset-based 5 1,778 1,778 4 2,133 2,133 Venture capital 5 13,157 13,157 — — — Equipment finance — — — 6 4,284 2,660 Consumer 1 97 97 3 798 90 Total 30 $ 34,579 $ 33,871 34 $ 46,955 $ 44,623 |
Subsequently defaulted trouble debt restructurings | The following tables present troubled debt restructurings of Non-PCI loans held for investment that subsequently defaulted for the periods indicated: Three Months Ended June 30, 2017 2016 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage: Commercial — $ — 2 $ 2,572 Commercial: Equipment finance — — 1 39,912 (3) Total — $ — 3 $ 42,484 (2) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended June 30, 2017 , the population of defaulted restructured loans includes only those loans restructured after June 30, 2016 . 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 June 30, 2016 , and there were no charge-offs. (3) The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. Six Months Ended June 30, 2017 2016 Troubled Debt Restructurings Number Recorded Number Recorded That Subsequently Defaulted of Loans Investment (1) of Loans Investment (1) (Dollars in thousands) Real estate mortgage: Commercial — $ — 2 $ 2,572 Commercial: Equipment finance — — 1 39,912 (3) Total — $ — 3 $ 42,484 (2) _________________________ (1) The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended June 30, 2017 , the population of defaulted restructured loans includes only those loans restructured after June 30, 2016 . 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 June 30, 2016 , and there were no charge-offs. (3) The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. |
Allowance for credit losses on financing receivables | The following tables present a summary of the activity in the allowance for loan and lease losses on Non‑PCI loans and leases held for investment and PCI loans held for investment for the periods indicated: Three Months Ended June 30, 2017 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 35,368 $ 10,476 $ 102,134 $ 1,848 $ 149,826 $ 11,481 $ 161,307 Charge-offs (142 ) — (22,696 ) (113 ) (22,951 ) (3,459 ) (26,410 ) Recoveries 20 9 1,953 22 2,004 58 2,062 Provision (negative provision) 1,876 833 6,973 318 10,000 (1,001 ) 8,999 Balance, end of period $ 37,122 $ 11,318 $ 88,364 $ 2,075 $ 138,879 $ 7,079 $ 145,958 Six Months Ended June 30, 2017 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 37,765 $ 10,045 $ 93,853 $ 2,092 $ 143,755 $ 13,483 $ 157,238 Charge-offs (1,686 ) — (41,981 ) (212 ) (43,879 ) (5,689 ) (49,568 ) Recoveries 250 17 4,401 75 4,743 58 4,801 Provision (negative provision) 793 1,256 32,091 120 34,260 (773 ) 33,487 Balance, end of period $ 37,122 $ 11,318 $ 88,364 $ 2,075 $ 138,879 $ 7,079 $ 145,958 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 1,415 $ — $ 11,564 $ 333 $ 13,312 Collectively evaluated for impairment $ 35,707 $ 11,318 $ 76,800 $ 1,742 $ 125,567 Acquired loans with deteriorated credit quality $ 7,079 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 117,441 $ 5,840 $ 104,008 $ 485 $ 227,774 Collectively evaluated for impairment 5,954,357 1,157,500 7,733,659 397,741 15,243,257 Acquired loans with deteriorated credit quality $ 72,426 Ending balance $ 6,071,798 $ 1,163,340 $ 7,837,667 $ 398,226 $ 15,471,031 $ 72,426 $ 15,543,457 Three Months Ended June 30, 2016 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 29,099 $ 6,876 $ 83,957 $ 875 $ 120,807 $ 9,554 $ 130,361 Charge-offs (866 ) — (655 ) (191 ) (1,712 ) (168 ) (1,880 ) Recoveries 939 6 312 23 1,280 — 1,280 Provision 159 971 9,790 705 11,625 1,903 13,528 Balance, end of period $ 29,331 $ 7,853 $ 93,404 $ 1,412 $ 132,000 $ 11,289 $ 143,289 Six Months Ended June 30, 2016 Real Estate Real Estate Construction Total Total Mortgage and Land Commercial Consumer Non-PCI PCI Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 36,654 $ 7,137 $ 61,082 $ 661 $ 105,534 $ 9,577 $ 115,111 Charge-offs (1,603 ) — (4,700 ) (782 ) (7,085 ) (331 ) (7,416 ) Recoveries 1,938 158 626 39 2,761 — 2,761 Provision (negative provision) (7,658 ) 558 36,396 1,494 30,790 2,043 32,833 Balance, end of period $ 29,331 $ 7,853 $ 93,404 $ 1,412 $ 132,000 $ 11,289 $ 143,289 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 1,230 $ 16 $ 27,624 $ 186 $ 29,056 Collectively evaluated for impairment $ 28,101 $ 7,837 $ 65,780 $ 1,226 $ 102,944 Acquired loans with deteriorated credit quality $ 11,289 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 92,284 $ 7,498 $ 98,247 $ 394 $ 198,423 Collectively evaluated for impairment 5,471,096 688,735 7,934,086 212,240 14,306,157 Acquired loans with deteriorated credit quality $ 136,880 Ending balance $ 5,563,380 $ 696,233 $ 8,032,333 $ 212,634 $ 14,504,580 $ 136,880 $ 14,641,460 |
Non Purchased Credit Impaired Loans and Leases | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Impaired financing receivables, average balances and interest income recognized | The following tables present information regarding our Non‑PCI impaired loans and leases held for investment by portfolio segment and class as of and for the dates indicated: June 30, 2017 (1) December 31, 2016 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Impaired Loans and Leases Investment Balance Allowance Investment Balance Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,591 $ 19,399 $ 894 $ 63,325 $ 65,031 $ 6,266 Residential 3,253 3,406 521 8,424 8,612 585 Real estate construction and land: Residential — — — 213 213 — Commercial: Cash flow 31,497 39,610 7,018 51,272 52,910 12,474 Asset-based 3,181 3,190 304 4,395 4,861 2,144 Venture capital 17,135 17,331 4,242 5,821 5,880 3,294 Equipment finance — — — 1,524 4,636 — Consumer 485 482 333 270 280 170 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 91,691 $ 101,065 $ 44,557 $ 51,402 Residential 5,364 5,753 7,779 8,940 Real estate construction and land: Commercial 5,840 5,837 6,680 6,680 Residential — — 364 366 Commercial: Cash flow 11,837 17,272 2,852 5,939 Asset-based 1,239 2,482 664 1,652 Venture capital 8,143 20,940 5,866 8,939 Equipment finance 31,111 53,256 31,324 53,319 Consumer 119 192 221 292 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 117,899 $ 129,623 $ 1,415 $ 124,085 $ 133,985 $ 6,851 Real estate construction and land 5,840 5,837 — 7,257 7,259 — Commercial 104,143 154,081 11,564 103,718 138,136 17,912 Consumer 604 674 333 491 572 170 Total $ 228,486 $ 290,215 $ 13,312 $ 235,551 $ 279,952 $ 24,933 ___________________ (1) Excludes loans held for sale carried at lower of cost or fair value. Three Months Ended June 30, 2017 (2) 2016 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,591 $ 214 $ 26,853 $ 258 Residential 3,253 14 2,160 14 Real estate construction and land: Residential — — 740 4 Commercial: Cash flow 31,496 2 26,356 9 Asset-based 2,771 32 2,352 10 Venture capital 11,400 — 693 — Equipment finance — — 50,390 — Consumer 239 2 359 3 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 90,778 $ 742 $ 51,378 $ 778 Residential 5,365 15 7,908 46 Real estate construction and land: Commercial 5,840 70 6,758 56 Commercial: Cash flow 11,687 15 12,512 1 Asset-based 1,239 12 3,178 42 Venture capital 6,045 — — — Equipment finance 30,593 — — — Consumer 120 — 82 — Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 116,987 $ 985 $ 88,299 $ 1,096 Real estate construction and land 5,840 70 7,498 60 Commercial 95,231 61 95,481 62 Consumer 359 2 441 3 Total $ 218,417 $ 1,118 $ 191,719 $ 1,221 _________________________ (1) For Non-PCI loans and leases reported as impaired at June 30, 2017 and 2016 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes loans held for sale carried at lower of cost or fair value. Six Months Ended June 30, 2017 (2) 2016 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 17,591 $ 425 $ 23,959 $ 516 Residential 3,252 27 1,609 22 Real estate construction and land: Residential — — 740 8 Commercial: Cash flow 31,496 3 17,914 18 Asset-based 2,376 60 2,289 18 Venture capital 6,900 — 347 — Equipment finance — — 48,914 — Consumer 213 4 336 6 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 89,107 $ 1,289 $ 52,810 $ 968 Residential 5,334 29 6,796 60 Real estate construction and land: Commercial 5,840 140 6,758 112 Commercial: Cash flow 8,581 20 12,432 2 Asset-based 1,239 24 2,710 71 Venture capital 4,276 — — — Equipment finance 30,423 — — — Consumer 120 — 82 1 Total Non-PCI Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 115,284 $ 1,770 $ 85,174 $ 1,566 Real estate construction and land 5,840 140 7,498 120 Commercial 85,291 107 84,606 109 Consumer 333 4 418 7 Total $ 206,748 $ 2,021 $ 177,696 $ 1,802 _________________________ (1) For Non-PCI loans and leases reported as impaired at June 30, 2017 and 2016 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes loans held for sale carried at lower of cost or fair value. |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Other real estate and foreclosed assets | The following table summarizes foreclosed assets as of the dates indicated: June 30, December 31, Property Type 2017 2016 (In thousands) Construction and land development $ 11,443 $ 11,224 Multi‑family — 652 Commercial real estate 65 — Single family residence 1,018 — Total other real estate owned, net 12,526 11,876 Other foreclosed assets 752 1,100 Total foreclosed assets, net $ 13,278 $ 12,976 |
Other foreclosed assets rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2016 $ 12,976 Transfers to foreclosed assets from loans 580 Other additions 735 Provision for losses (14 ) Reductions related to sales (999 ) Balance, June 30, 2017 $ 13,278 |
Borrowings and Subordinated D25
Borrowings and Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following table summarizes our borrowings as of the dates indicated: June 30, 2017 December 31, 2016 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 454 6.78 % $ 812 6.41 % FHLB secured advances 85,000 1.09 % 735,000 0.59 % FHLB unsecured overnight advance 132,000 1.09 % 130,000 0.55 % American Financial Exchange borrowings — — % 40,000 0.81 % Total borrowings $ 217,454 $ 905,812 |
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: June 30, 2017 December 31, 2016 Date Maturity Rate Index Series Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 4.37 % $ 10,310 4.09 % 8/15/2003 9/17/2033 3 month LIBOR + 3.10 Trust VI 10,310 4.30 % 10,310 4.01 % 9/3/2003 9/15/2033 3 month LIBOR + 3.05 Trust CII 5,155 4.22 % 5,155 3.95 % 9/17/2003 9/17/2033 3 month LIBOR + 2.95 Trust VII 61,856 3.92 % 61,856 3.64 % 2/5/2004 4/23/2034 3 month LIBOR + 2.75 Trust CIII 20,619 2.94 % 20,619 2.65 % 8/15/2005 9/15/2035 3 month LIBOR + 1.69 Trust FCCI 16,495 2.85 % 16,495 2.56 % 1/25/2007 3/15/2037 3 month LIBOR + 1.60 Trust FCBI 10,310 2.80 % 10,310 2.51 % 9/30/2005 12/15/2035 3 month LIBOR + 1.55 Trust CS 2005-1 82,475 3.20 % 82,475 2.91 % 11/21/2005 12/15/2035 3 month LIBOR + 1.95 Trust CS 2005-2 128,866 3.12 % 128,866 2.84 % 12/14/2005 1/30/2036 3 month LIBOR + 1.95 Trust CS 2006-1 51,545 3.12 % 51,545 2.84 % 2/22/2006 4/30/2036 3 month LIBOR + 1.95 Trust CS 2006-2 51,550 3.12 % 51,550 2.84 % 9/27/2006 10/30/2036 3 month LIBOR + 1.95 Trust CS 2006-3 (1) 29,417 1.72 % 27,185 1.74 % 9/29/2006 10/30/2036 3 month EURIBOR + 2.05 Trust CS 2006-4 16,470 3.12 % 16,470 2.84 % 12/5/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2006-5 6,650 3.12 % 6,650 2.84 % 12/19/2006 1/30/2037 3 month LIBOR + 1.95 Trust CS 2007-2 39,177 3.12 % 39,177 2.84 % 6/13/2007 7/30/2037 3 month LIBOR + 1.95 Gross subordinated debentures 541,205 538,973 Unamortized discount (2) (95,462 ) (98,229 ) Net subordinated debentures $ 445,743 $ 440,744 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments disclosure | The following table presents a summary of the financial instruments described above as of the dates indicated: June 30, December 31, 2017 2016 (In thousands) Loan commitments to extend credit $ 4,926,743 $ 4,166,703 Standby letters of credit 234,927 211,398 Total $ 5,161,670 $ 4,378,101 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis | The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of June 30, 2017 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Residential MBS and CMOs: Agency MBS $ 404,320 $ — $ 404,320 $ — Agency CMOs 133,792 — 133,792 — Private label CMOs 159,701 — 100,162 59,539 Municipal securities 1,534,554 — 1,534,554 — Agency commercial MBS 918,210 — 918,210 — Corporate debt securities 19,185 — 19,185 — Collateralized loan obligations 66,301 — 66,301 — SBA securities 178,056 — 178,056 — Asset-backed and other securities 60,441 3,721 49,957 6,763 Total securities available-for-sale 3,474,560 3,721 3,404,537 66,302 Equity warrants 5,452 — — 5,452 Other derivative assets 235 — 235 — Total recurring assets $ 3,480,247 $ 3,721 $ 3,404,772 $ 71,754 Derivative liabilities $ 2,235 $ — $ 2,235 $ — Fair Value Measurements as of December 31, 2016 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Residential MBS and CMOs: Agency MBS $ 502,443 $ — $ 502,443 $ — Agency CMOs 146,289 — 146,289 — Private label CMOs 125,469 — 68,567 56,902 Municipal securities 1,456,459 — 1,456,459 — Agency commercial MBS 547,692 — 547,692 — Corporate debt securities 47,509 — 47,509 — Collateralized loan obligations 156,887 — 156,887 — SBA securities 178,845 — 178,845 — Asset-backed and other securities 62,237 2,080 51,784 8,373 Total securities available-for-sale 3,223,830 2,080 3,156,475 65,275 Equity warrants 5,497 — — 5,497 Other derivative assets 694 — 694 — Total recurring assets $ 3,230,021 $ 2,080 $ 3,157,169 $ 70,772 Derivative liabilities $ 3,285 $ — $ 3,285 $ — |
Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: June 30, 2017 Private Label CMOs Asset-Backed Securities (1) Weighted Range Average Unobservable Inputs of Inputs Input Input Voluntary annual prepayment speeds 2.7% - 23.9% 11.5% 5.0% Annual default rates 0.1% - 14.1% 2.2% 1.0% Loss severity rates 3.8% - 132.7% 50.4% 10.0% Discount rates 1.4% - 9.8% 4.2% 3.5% _________________________________ (1) There was only one asset-backed security at June 30, 2017 . |
Fair value, quantitative inputs and assumptions used to determine fair value | The following table presents information about 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 the date indicated: June 30, 2017 Equity Warrants Weighted Average Unobservable Inputs Input Volatility 17.3% Risk-free interest rate 1.7% Remaining life assumption (in years) 3.7 |
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 available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated: Private Asset-Backed Equity Label CMOs Securities Warrants (In thousands) Balance, December 31, 2016 $ 56,902 $ 8,373 $ 5,497 Total included in earnings 2,230 59 969 Total included in other comprehensive income (887 ) (75 ) — Purchases 18,643 — — Issuances — — 535 Sales (4,732 ) — (1,549 ) Net settlements (12,617 ) (1,594 ) — Balance, June 30, 2017 $ 59,539 $ 6,763 $ 5,452 |
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 June 30, 2017 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 80,495 $ — $ 6,575 $ 73,920 Loans held for sale 175,880 — 175,880 — Total non-recurring $ 256,375 $ — $ 182,455 $ 73,920 Fair Value Measurement as of December 31, 2016 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired Non‑PCI loans $ 149,749 $ — $ 1,661 $ 148,088 OREO 11,224 — 11,224 — Investments carried at cost 242 — — 242 Total non-recurring $ 161,215 $ — $ 12,885 $ 148,330 |
Net losses (gains) on nonrecurring assets | The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Six Months Ended Losses on Assets June 30, June 30, Measured on a Non‑Recurring Basis 2017 2016 2017 2016 (In thousands) Impaired Non‑PCI loans $ 9,435 $ 603 $ 17,250 $ 16,779 Loans held for sale 7,198 — 7,198 — OREO 14 — 14 — Total losses $ 16,647 $ 603 $ 24,462 $ 16,779 |
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 the date indicated: June 30, 2017 Valuation Unobservable Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Impaired Non-PCI loans $ 65,157 Discounted cash flows Discount rates 0% - 8.50% 6.47% 8,763 Third party appraisals No discounts Total non-recurring Level 3 $ 73,920 |
Fair value, by balance sheet grouping | The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: June 30, 2017 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 180,330 $ 180,330 $ 180,330 $ — $ — Interest‑earning deposits in financial institutions 107,150 107,150 107,150 — — Securities available‑for‑sale 3,474,560 3,474,560 3,721 3,404,537 66,302 Investment in FHLB stock 22,059 22,059 — 22,059 — Investments carried at cost 1,158 11,719 — — 11,719 Loans held for sale 175,158 175,880 — 175,880 — Loans and leases held for investment, net 15,397,499 15,611,222 — 6,575 15,604,647 Equity warrants 5,452 5,452 — — 5,452 Other derivative assets 235 235 — 235 — Financial Liabilities: Demand, interest checking, money market, and savings deposits 14,546,898 14,546,898 — 14,546,898 — Time deposits 2,328,079 2,318,904 — 2,318,904 — Borrowings 217,454 217,461 217,000 461 — Subordinated debentures 445,743 429,366 — 429,366 — Derivative liabilities 2,235 2,235 — 2,235 — December 31, 2016 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 337,965 $ 337,965 $ 337,965 $ — $ — Interest‑earning deposits in financial institutions 81,705 81,705 81,705 — — Securities available‑for‑sale 3,223,830 3,223,830 2,080 3,156,475 65,275 Investment in FHLB stock 21,870 21,870 — 21,870 — Investments carried at cost 1,416 3,843 — — 3,843 Loans and leases held for investment, net 15,298,716 15,494,808 — 1,661 15,493,147 Equity warrants 5,497 5,497 — — 5,497 Other derivative assets 694 694 — 694 — Financial Liabilities: Demand, interest checking, money market, and savings deposits 13,698,321 13,698,321 — 13,698,321 — Time deposits 2,172,290 2,166,187 — 2,166,187 — Borrowings 905,812 905,838 591,000 314,838 — Subordinated debentures 440,744 424,507 — 424,507 — Derivative liabilities 3,285 3,285 — 3,285 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net income per share | The following table presents the computations of basic and diluted net earnings per share for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2017 2017 2016 2017 2016 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings $ 93,647 $ 78,668 $ 82,168 $ 172,315 $ 172,624 Less: Earnings allocated to unvested restricted stock (1) (1,080 ) (999 ) (863 ) (2,082 ) (1,933 ) Net earnings allocated to common shares $ 92,567 $ 77,669 $ 81,305 $ 170,233 $ 170,691 Weighted-average basic shares and unvested restricted stock outstanding 121,422 121,346 121,799 121,384 121,698 Less: Weighted-average unvested restricted stock outstanding (1,455 ) (1,503 ) (1,481 ) (1,479 ) (1,436 ) Weighted-average basic shares outstanding 119,967 119,843 120,318 119,905 120,262 Basic earnings per share $ 0.77 $ 0.65 $ 0.68 $ 1.42 $ 1.42 Diluted Earnings Per Share: Net earnings allocated to common shares $ 92,567 $ 77,669 $ 81,305 $ 170,233 $ 170,691 Weighted-average basic shares outstanding 119,967 119,843 120,318 119,905 120,262 Diluted earnings per share $ 0.77 $ 0.65 $ 0.68 $ 1.42 $ 1.42 ________________________ (1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Organization (Details Textual)
Organization (Details Textual) | Apr. 06, 2017USD ($)bank_branch | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($)acquisitionbank_branch |
Business Acquisition [Line Items] | |||
New accounting pronouncement for change in accounting principle effect of change of income taxes | $ 1,000,000 | $ 2,100,000 | |
General Introduction [Abstract] | |||
Number of businesses acquired | acquisition | 28 | ||
CALIFORNIA | |||
General Introduction [Abstract] | |||
Retail branch locations | bank_branch | 74 | ||
NORTH CAROLINA | |||
General Introduction [Abstract] | |||
Retail branch locations | bank_branch | 1 | ||
Retained Earnings | |||
Business Acquisition [Line Items] | |||
Cumulative effect of change in accounting principle | $ 420,000 | $ 420,000 | |
California United Bancorp [Member] | |||
General Introduction [Abstract] | |||
Retail branch locations | bank_branch | 9 | ||
Business combination, consideration transferred | $ 705,000,000 | ||
Assets acquired in merger | $ 3,000,000,000 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-lived Intangible Assets [Roll Forward] | |||||
CDI and CRI Balance, beginning of period | $ 64,187 | $ 64,187 | $ 93,824 | $ 64,187 | $ 95,524 |
Accumulated Amortization, beginning of period | (30,885) | (27,821) | (45,687) | (27,821) | (42,304) |
Amortization | (3,065) | (3,064) | (4,371) | (6,129) | (9,117) |
Fully amortized portion | 0 | 0 | 17,311 | 0 | 17,311 |
Reduction due to sale of PWEF leasing unit | 0 | 0 | 0 | 0 | 1,363 |
CDI and CRI Balance, end of period | 64,187 | 64,187 | 76,513 | 64,187 | 76,513 |
Accumulated Amortization, end of period | (33,950) | (30,885) | (32,747) | (33,950) | (32,747) |
Net CDI and CRI, end of period | 30,237 | 33,302 | 43,766 | 30,237 | 43,766 |
CDI and CRI | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Fully amortized portion | 0 | 0 | 17,311 | 0 | 17,311 |
Reduction due to sale of PWEF leasing unit | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,700) |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted average useful life | 4 years 10 months 20 days | |||||
Intangible asset amortization | $ 3,065 | $ 3,064 | $ 4,371 | $ 6,129 | $ 9,117 | |
Aggregate amortization expense 2018 | 8,800 | 8,800 | ||||
Aggregate amortization expense 2019 | 6,700 | 6,700 | ||||
Aggregate amortization expense 2020 | 4,700 | 4,700 | ||||
Aggregate amortization expense 2021 | 3,000 | 3,000 | ||||
Aggregate amortization expense 2022 | $ 1,700 | $ 1,700 | ||||
Scenario, Forecast | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization | $ 11,500 |
Investment Securities (Details
Investment Securities (Details - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | $ 3,424,413 | $ 3,213,655 |
Available-for-sale Securities, Gross Unrealized Gain | 63,534 | 32,386 |
Available-for-sale Securities, Gross Unrealized Loss | (13,387) | (22,211) |
Securities available‑for‑sale | 3,474,560 | 3,223,830 |
Government agency and government-sponsored enterprise pass through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 402,654 | 499,185 |
Available-for-sale Securities, Gross Unrealized Gain | 4,318 | 6,222 |
Available-for-sale Securities, Gross Unrealized Loss | (2,652) | (2,964) |
Securities available‑for‑sale | 404,320 | 502,443 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 132,494 | 145,258 |
Available-for-sale Securities, Gross Unrealized Gain | 1,698 | 1,528 |
Available-for-sale Securities, Gross Unrealized Loss | (400) | (497) |
Securities available‑for‑sale | 133,792 | 146,289 |
Private label collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 157,187 | 122,707 |
Available-for-sale Securities, Gross Unrealized Gain | 3,372 | 4,199 |
Available-for-sale Securities, Gross Unrealized Loss | (858) | (1,437) |
Securities available‑for‑sale | 159,701 | 125,469 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 1,492,834 | 1,447,064 |
Available-for-sale Securities, Gross Unrealized Gain | 43,688 | 15,406 |
Available-for-sale Securities, Gross Unrealized Loss | (1,968) | (6,011) |
Securities available‑for‑sale | 1,534,554 | 1,456,459 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 919,696 | 555,552 |
Available-for-sale Securities, Gross Unrealized Gain | 5,656 | 1,798 |
Available-for-sale Securities, Gross Unrealized Loss | (7,142) | (9,658) |
Securities available‑for‑sale | 918,210 | 547,692 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 17,000 | 47,100 |
Available-for-sale Securities, Gross Unrealized Gain | 2,185 | 680 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | (271) |
Securities available‑for‑sale | 19,185 | 47,509 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 65,521 | 155,440 |
Available-for-sale Securities, Gross Unrealized Gain | 820 | 1,685 |
Available-for-sale Securities, Gross Unrealized Loss | (40) | (238) |
Securities available‑for‑sale | 66,301 | 156,887 |
SBA asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 177,171 | 179,085 |
Available-for-sale Securities, Gross Unrealized Gain | 1,112 | 510 |
Available-for-sale Securities, Gross Unrealized Loss | (227) | (750) |
Securities available‑for‑sale | 178,056 | 178,845 |
Asset-backed and other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 59,856 | 62,264 |
Available-for-sale Securities, Gross Unrealized Gain | 685 | 358 |
Available-for-sale Securities, Gross Unrealized Loss | (100) | (385) |
Securities available‑for‑sale | $ 60,441 | $ 62,237 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | $ 646,107 | $ 1,366,218 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (9,573) | (19,706) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 213,167 | 264,479 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (3,814) | (2,505) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 859,274 | 1,630,697 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (13,387) | (22,211) |
Government agency and government-sponsored enterprise pass through securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 87,541 | 149,281 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (802) | (1,691) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 118,268 | 122,902 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (1,850) | (1,273) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 205,809 | 272,183 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (2,652) | (2,964) |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 20,041 | 44,111 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (259) | (416) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 11,446 | 25,316 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (141) | (81) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 31,487 | 69,427 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (400) | (497) |
Private label collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 63,938 | 49,067 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (588) | (906) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 21,851 | 30,155 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (270) | (531) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 85,789 | 79,222 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (858) | (1,437) |
Municipal securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 97,296 | 644,424 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (1,968) | (6,011) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 97,296 | 644,424 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (1,968) | (6,011) |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 304,470 | 349,550 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (5,643) | (9,658) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 48,714 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (1,499) | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 353,184 | 349,550 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (7,142) | (9,658) |
Corporate debt securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 29,829 | |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (271) | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 29,829 | |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (271) | |
Collateralized loan obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 9,662 | 12,450 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (13) | (37) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 6,930 | 39,231 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (27) | (201) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 16,592 | 51,681 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (40) | (238) |
SBA asset-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 55,951 | 69,293 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (227) | (407) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 39,024 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | (343) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 55,951 | 108,317 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (227) | (750) |
Asset-backed and other securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 7,208 | 18,213 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (73) | (309) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 5,958 | 7,851 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (27) | (76) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 13,166 | 26,064 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | $ (100) | $ (385) |
Investment Securities (Detail34
Investment Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Amortized Cost | ||
Due in one year or less | $ 12,649 | |
Due after one year through five years | 255,563 | |
Due after five years through ten years | 1,005,595 | |
Due after ten years | 2,150,606 | |
Total securities available-for-sale | 3,424,413 | $ 3,213,655 |
Fair Value | ||
Due in one year or less | 12,997 | |
Due after one year through five years | 259,332 | |
Due after five years through ten years | 1,013,932 | |
Due after ten years | 2,188,299 | |
Total securities available-for-sale | $ 3,474,560 | $ 3,223,830 |
Investment Securities (Detail35
Investment Securities (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Taxable interest | $ 13,517 | $ 12,166 | $ 11,406 | $ 25,683 | $ 22,802 |
Non-taxable interest | 10,750 | 10,381 | 10,503 | 21,131 | 21,229 |
Dividend income | 422 | 492 | 511 | 914 | 936 |
Total interest income on investment securities | $ 24,689 | $ 23,039 | $ 22,420 | $ 47,728 | $ 44,967 |
Investment Securities (Detail36
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
AFS securities pledged as collateral | $ 430,200,000 | $ 430,200,000 | ||
Proceeds from sales of securities available-for-sale | 86,018,000 | $ 353,374,000 | ||
Gross realized gains on sale of securities | 1,700,000 | $ 600,000 | 1,900,000 | 9,500,000 |
Gross realized losses on sale of securities | (76,000) | (100,000) | (379,000) | (900,000) |
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities available-for-sale | $ 41,400,000 | $ 9,900,000 | $ 84,500,000 | $ 344,800,000 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | $ 15,609,180 | $ 15,520,537 | |||||
Deferred fees, net | (65,723) | (64,583) | |||||
Loans held for investment, net | 15,543,457 | 15,455,954 | |||||
Allowance for loan and lease losses | (145,958) | (157,238) | |||||
Total loans and leases held for investment, net | 15,397,499 | 15,298,716 | |||||
Non Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 15,536,735 | 15,412,092 | |||||
Deferred fees, net | (65,704) | (64,562) | |||||
Loans held for investment, net | 15,471,031 | [1],[2] | 15,347,530 | $ 14,504,580 | |||
Allowance for loan and lease losses | (138,879) | $ (149,826) | (143,755) | (132,000) | $ (120,807) | $ (105,534) | |
Total loans and leases held for investment, net | 15,332,152 | 15,203,775 | |||||
Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 72,445 | 108,445 | |||||
Deferred fees, net | (19) | (21) | |||||
Loans held for investment, net | 72,426 | 108,424 | 136,880 | ||||
Allowance for loan and lease losses | (7,079) | (13,483) | |||||
Total loans and leases held for investment, net | 65,347 | 94,941 | |||||
NonPCI and PCI Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Total loans and leases held for investment, net | 15,298,716 | ||||||
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 6,089,209 | 5,635,675 | |||||
Loans held for investment, net | 6,071,798 | [1],[2] | 5,617,956 | 5,563,380 | |||
Allowance for loan and lease losses | (37,122) | (35,368) | (37,765) | (29,331) | (29,099) | (36,654) | |
Real Estate Mortgage | Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 65,950 | 92,793 | |||||
Real Estate Mortgage | NonPCI and PCI Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 6,155,159 | 5,728,468 | |||||
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 1,179,616 | 975,032 | |||||
Loans held for investment, net | 1,163,340 | [1],[2] | 962,839 | 696,233 | |||
Allowance for loan and lease losses | (11,318) | (10,476) | (10,045) | (7,853) | (6,876) | (7,137) | |
Real Estate Construction and Land | Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 1,774 | 2,409 | |||||
Real Estate Construction and Land | NonPCI and PCI Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 1,181,390 | 977,441 | |||||
Commercial | Non Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 7,869,706 | 8,426,236 | |||||
Loans held for investment, net | 7,837,667 | [1],[2] | 8,391,560 | 8,032,333 | |||
Allowance for loan and lease losses | (88,364) | (102,134) | (93,853) | (93,404) | (83,957) | (61,082) | |
Commercial | Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 4,479 | 12,994 | |||||
Commercial | NonPCI and PCI Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 7,874,185 | 8,439,230 | |||||
Consumer | Non Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 398,204 | 375,149 | |||||
Loans held for investment, net | 398,226 | [1] | 375,175 | 212,634 | |||
Allowance for loan and lease losses | (2,075) | $ (1,848) | (2,092) | $ (1,412) | $ (875) | $ (661) | |
Consumer | Purchased Credit Impaired Loans and Leases | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | 242 | 249 | |||||
Consumer | NonPCI and PCI Loans | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Gross loans and leases held for investment | $ 398,446 | $ 375,398 | |||||
[1] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||
[2] | Excludes loans held for sale carried at lower of cost or fair value. |
Loans and Leases (Details 1)
Loans and Leases (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | $ 3,200 | $ 3,000 | ||
90 or More Days Past Due | 22,900 | 15,900 | ||
Loans held for investment, net | 15,543,457 | 15,455,954 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 30,384 | [1] | 31,569 | |
90 or More Days Past Due | 22,893 | [1] | 15,945 | |
Total Past Due | 53,277 | [1] | 47,514 | |
Current | 15,417,754 | [1] | 15,300,016 | |
Loans held for investment, net | 15,471,031 | [2],[3] | 15,347,530 | $ 14,504,580 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 4,865 | 14,284 | ||
90 or More Days Past Due | 5,906 | 5,302 | ||
Total Past Due | 10,771 | 19,586 | ||
Current | 6,061,027 | 5,598,370 | ||
Loans held for investment, net | 6,071,798 | [2],[3] | 5,617,956 | 5,563,380 |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 4,421 | 8,590 | ||
90 or More Days Past Due | 4,008 | 3,303 | ||
Total Past Due | 8,429 | 11,893 | ||
Current | 4,379,267 | 4,341,740 | ||
Loans held for investment, net | 4,387,696 | [2] | 4,353,633 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 444 | 5,694 | ||
90 or More Days Past Due | 1,898 | 1,999 | ||
Total Past Due | 2,342 | 7,693 | ||
Current | 1,681,760 | 1,256,630 | ||
Loans held for investment, net | 1,684,102 | [2] | 1,264,323 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 0 | 364 | ||
90 or More Days Past Due | 0 | 0 | ||
Total Past Due | 0 | 364 | ||
Current | 1,163,340 | 962,475 | ||
Loans held for investment, net | 1,163,340 | [2],[3] | 962,839 | 696,233 |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 0 | 0 | ||
90 or More Days Past Due | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Current | 690,058 | 578,838 | ||
Loans held for investment, net | 690,058 | [2] | 578,838 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 0 | 364 | ||
90 or More Days Past Due | 0 | 0 | ||
Total Past Due | 0 | 364 | ||
Current | 473,282 | 383,637 | ||
Loans held for investment, net | 473,282 | [2] | 384,001 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 25,221 | 16,697 | ||
90 or More Days Past Due | 16,943 | 10,643 | ||
Total Past Due | 42,164 | 27,340 | ||
Current | 7,795,503 | 8,364,220 | ||
Loans held for investment, net | 7,837,667 | [2],[3] | 8,391,560 | 8,032,333 |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 1,360 | 191 | ||
90 or More Days Past Due | 10,040 | 1,821 | ||
Total Past Due | 11,400 | 2,012 | ||
Current | 2,819,212 | 3,105,380 | ||
Loans held for investment, net | 2,830,612 | [2] | 3,107,392 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 0 | 1,500 | ||
90 or More Days Past Due | 203 | 2 | ||
Total Past Due | 203 | 1,502 | ||
Current | 2,391,921 | 2,607,543 | ||
Loans held for investment, net | 2,392,124 | [2] | 2,609,045 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 23,171 | 13,589 | ||
90 or More Days Past Due | 6,531 | 5,769 | ||
Total Past Due | 29,702 | 19,358 | ||
Current | 1,971,679 | 1,963,798 | ||
Loans held for investment, net | 2,001,381 | [2] | 1,983,156 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 690 | 1,417 | ||
90 or More Days Past Due | 169 | 3,051 | ||
Total Past Due | 859 | 4,468 | ||
Current | 612,691 | 687,499 | ||
Loans held for investment, net | 613,550 | [2] | 691,967 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | ||||
Delinquent loans in loan portfolio | ||||
30-89 Days Past Due | 298 | 224 | ||
90 or More Days Past Due | 44 | 0 | ||
Total Past Due | 342 | 224 | ||
Current | 397,884 | 374,951 | ||
Loans held for investment, net | $ 398,226 | [2] | $ 375,175 | $ 212,634 |
[1] | Excludes loans held for sale carried at lower of cost or fair value. | |||
[2] | Excludes loans held for sale carried at lower of cost or fair value. | |||
[3] | Excludes loans held for sale carried at lower of cost or fair value. |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | $ 172,576 | [1] | $ 170,599 | |
Loans held for investment | 15,543,457 | 15,455,954 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 172,576 | [2] | 170,599 | |
Loans held for investment | 15,471,031 | [2],[3] | 15,347,530 | $ 14,504,580 |
Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 15,298,455 | [2] | 15,176,931 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 70,828 | [1] | 69,335 | |
Loans held for investment | 6,071,798 | [2],[3] | 5,617,956 | 5,563,380 |
Real Estate Mortgage | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 6,000,970 | [2] | 5,548,621 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 65,599 | [2] | 62,454 | |
Loans held for investment | 4,387,696 | [3] | 4,353,633 | |
Real Estate Mortgage | Commercial real estate | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 4,322,097 | [2] | 4,291,179 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 5,229 | [2] | 6,881 | |
Loans held for investment | 1,684,102 | [3] | 1,264,323 | |
Real Estate Mortgage | Residential Real Estate | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 1,678,873 | [2] | 1,257,442 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 0 | [1] | 364 | |
Loans held for investment | 1,163,340 | [2],[3] | 962,839 | 696,233 |
Real Estate Construction and Land | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 1,163,340 | [2] | 962,475 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 0 | [2] | 0 | |
Loans held for investment | 690,058 | [3] | 578,838 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 690,058 | [2] | 578,838 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 0 | [2] | 364 | |
Loans held for investment | 473,282 | [3] | 384,001 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 473,282 | [2] | 383,637 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 101,276 | [1] | 100,561 | |
Loans held for investment | 7,837,667 | [2],[3] | 8,391,560 | 8,032,333 |
Commercial | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 7,736,391 | [2] | 8,290,999 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 43,169 | [2] | 53,908 | |
Loans held for investment | 2,830,612 | [3] | 3,107,392 | |
Commercial | Cash Flow | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 2,787,443 | [2] | 3,053,484 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 1,718 | [2] | 2,118 | |
Loans held for investment | 2,392,124 | [3] | 2,609,045 | |
Commercial | Asset Based | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 2,390,406 | [2] | 2,606,927 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 25,278 | [2] | 11,687 | |
Loans held for investment | 2,001,381 | [3] | 1,983,156 | |
Commercial | Venture Capital Loans | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 1,976,103 | [2] | 1,971,469 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 31,111 | [2] | 32,848 | |
Loans held for investment | 613,550 | [3] | 691,967 | |
Commercial | Equipment Finance Commercial Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | 582,439 | [2] | 659,119 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Nonaccrual | 472 | [1] | 339 | |
Loans held for investment | 398,226 | [3] | 375,175 | $ 212,634 |
Consumer | Performing | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans held for investment | $ 397,754 | [2] | $ 374,836 | |
[1] | Excludes loans held for sale carried at lower of cost or fair value. | |||
[2] | Excludes loans held for sale carried at lower of cost or fair value. | |||
[3] | Excludes loans held for sale carried at lower of cost or fair value. |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | $ 15,543,457 | $ 15,455,954 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 15,471,031 | [1],[2] | 15,347,530 | $ 14,504,580 |
Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 339,977 | [1] | 409,645 | |
Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 15,131,054 | [1] | 14,937,885 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 6,071,798 | [1],[2] | 5,617,956 | 5,563,380 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 129,782 | [1] | 117,181 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 5,942,016 | [1] | 5,500,775 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 4,387,696 | [1] | 4,353,633 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 120,336 | [1] | 99,641 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 4,267,360 | [1] | 4,253,992 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,684,102 | [1] | 1,264,323 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 9,446 | [1] | 17,540 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,674,656 | [1] | 1,246,783 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,163,340 | [1],[2] | 962,839 | 696,233 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 0 | [1] | 773 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,163,340 | [1] | 962,066 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 690,058 | [1] | 578,838 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 0 | [1] | 409 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 690,058 | [1] | 578,429 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 473,282 | [1] | 384,001 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 0 | [1] | 364 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 473,282 | [1] | 383,637 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 7,837,667 | [1],[2] | 8,391,560 | 8,032,333 |
Commercial | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 209,555 | [1] | 291,267 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 7,628,112 | [1] | 8,100,293 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 2,830,612 | [1] | 3,107,392 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 100,652 | [1] | 177,661 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 2,729,960 | [1] | 2,929,731 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 2,392,124 | [1] | 2,609,045 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 18,313 | [1] | 28,112 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 2,373,811 | [1] | 2,580,933 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 2,001,381 | [1] | 1,983,156 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 59,479 | [1] | 52,646 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 1,941,902 | [1] | 1,930,510 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 613,550 | [1] | 691,967 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 31,111 | [1] | 32,848 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 582,439 | [1] | 659,119 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 398,226 | [1] | 375,175 | $ 212,634 |
Consumer | Non Purchased Credit Impaired Loans and Leases | Classified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | 640 | [1] | 424 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | Nonclassified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans held for investment | $ 397,586 | [1] | $ 374,751 | |
[1] | Excludes loans held for sale carried at lower of cost or fair value. | |||
[2] | Excludes loans held for sale carried at lower of cost or fair value. |
Loans and Leases (Details 4)
Loans and Leases (Details 4) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | |||
Nonaccrual loans and leases | $ 172,576 | [1] | $ 170,599 |
Performing Restructured Loans | 55,910 | [1] | 64,952 |
Total Impaired Loans and Leases | 228,486 | [1] | 235,551 |
Non Purchased Credit Impaired Loans and Leases | |||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | |||
Nonaccrual loans and leases | 172,576 | [2] | 170,599 |
Total Impaired Loans and Leases | 228,486 | [3] | 235,551 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | |||
Nonaccrual loans and leases | 70,828 | [1] | 69,335 |
Performing Restructured Loans | 47,071 | [1] | 54,750 |
Total Impaired Loans and Leases | 117,899 | [1],[3] | 124,085 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | |||
Nonaccrual loans and leases | 0 | [1] | 364 |
Performing Restructured Loans | 5,840 | [1] | 6,893 |
Total Impaired Loans and Leases | 5,840 | [1],[3] | 7,257 |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | |||
Nonaccrual loans and leases | 101,276 | [1] | 100,561 |
Performing Restructured Loans | 2,867 | [1] | 3,157 |
Total Impaired Loans and Leases | 104,143 | [1],[3] | 103,718 |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | |||
Nonaccrual loans and leases | 472 | [1] | 339 |
Performing Restructured Loans | 132 | [1] | 152 |
Total Impaired Loans and Leases | $ 604 | [1],[3] | $ 491 |
[1] | Excludes loans held for sale carried at lower of cost or fair value. | ||
[2] | Excludes loans held for sale carried at lower of cost or fair value. | ||
[3] | Excludes loans held for sale carried at lower of cost or fair value. |
Loans and Leases (Details 5)
Loans and Leases (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |||||
Financing Receivable, Impaired [Line Items] | |||||||||
Total Impaired Loans and Leases | $ 228,486 | [1] | $ 228,486 | [1] | $ 235,551 | ||||
Non Purchased Credit Impaired Loans and Leases | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 13,312 | [2] | 13,312 | [2] | 24,933 | ||||
Total Impaired Loans and Leases | 228,486 | [2] | 228,486 | [2] | 235,551 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 290,215 | [2] | 290,215 | [2] | 279,952 | ||||
Impaired Financing Receivable, Average Recorded Investment | 218,417 | [3],[4] | $ 191,719 | [4] | 206,748 | [5],[6] | $ 177,696 | [6] | |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,118 | [3] | 1,221 | 2,021 | [5] | 1,802 | |||
Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 1,415 | [2] | 1,415 | [2] | 6,851 | ||||
Total Impaired Loans and Leases | 117,899 | [1],[2] | 117,899 | [1],[2] | 124,085 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 129,623 | [2] | 129,623 | [2] | 133,985 | ||||
Impaired Financing Receivable, Average Recorded Investment | 116,987 | [3],[4] | 88,299 | [4] | 115,284 | [5],[6] | 85,174 | [6] | |
Impaired Financing Receivable, Interest Income, Accrual Method | 985 | [3] | 1,096 | 1,770 | [5] | 1,566 | |||
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | [2] | 0 | [2] | 0 | ||||
Total Impaired Loans and Leases | 5,840 | [1],[2] | 5,840 | [1],[2] | 7,257 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 5,837 | [2] | 5,837 | [2] | 7,259 | ||||
Impaired Financing Receivable, Average Recorded Investment | 5,840 | [3],[4] | 7,498 | [4] | 5,840 | [5],[6] | 7,498 | [6] | |
Impaired Financing Receivable, Interest Income, Accrual Method | 70 | [3] | 60 | 140 | [5] | 120 | |||
Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 11,564 | [2] | 11,564 | [2] | 17,912 | ||||
Total Impaired Loans and Leases | 104,143 | [1],[2] | 104,143 | [1],[2] | 103,718 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 154,081 | [2] | 154,081 | [2] | 138,136 | ||||
Impaired Financing Receivable, Average Recorded Investment | 95,231 | [3],[4] | 95,481 | [4] | 85,291 | [5],[6] | 84,606 | [6] | |
Impaired Financing Receivable, Interest Income, Accrual Method | 61 | [3] | 62 | 107 | [5] | 109 | |||
Non Purchased Credit Impaired Loans and Leases | Consumer | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 485 | [2] | 485 | [2] | 270 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 482 | [2] | 482 | [2] | 280 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 333 | [2] | 333 | [2] | 170 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 119 | [2] | 119 | [2] | 221 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 192 | [2] | 192 | [2] | 292 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 239 | [3],[4] | 359 | [4] | 213 | [5],[6] | 336 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | [3] | 3 | 4 | [5] | 6 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 120 | [3],[4] | 82 | [4] | 120 | [5],[6] | 82 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [3] | 0 | 0 | [5] | 1 | |||
Total Impaired Loans and Leases | 604 | [1],[2] | 604 | [1],[2] | 491 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 674 | [2] | 674 | [2] | 572 | ||||
Impaired Financing Receivable, Average Recorded Investment | 359 | [3],[4] | 441 | [4] | 333 | [5],[6] | 418 | [6] | |
Impaired Financing Receivable, Interest Income, Accrual Method | 2 | [3] | 3 | 4 | [5] | 7 | |||
Cash Flow | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 31,497 | [2] | 31,497 | [2] | 51,272 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 39,610 | [2] | 39,610 | [2] | 52,910 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 7,018 | [2] | 7,018 | [2] | 12,474 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,837 | [2] | 11,837 | [2] | 2,852 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 17,272 | [2] | 17,272 | [2] | 5,939 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 31,496 | [3],[4] | 26,356 | [4] | 31,496 | [5],[6] | 17,914 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | [3] | 9 | 3 | [5] | 18 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 11,687 | [3],[4] | 12,512 | [4] | 8,581 | [5],[6] | 12,432 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 15 | [3] | 1 | 20 | [5] | 2 | |||
Asset Based | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,181 | [2] | 3,181 | [2] | 4,395 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,190 | [2] | 3,190 | [2] | 4,861 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 304 | [2] | 304 | [2] | 2,144 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,239 | [2] | 1,239 | [2] | 664 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,482 | [2] | 2,482 | [2] | 1,652 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,771 | [3],[4] | 2,352 | [4] | 2,376 | [5],[6] | 2,289 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 32 | [3] | 10 | 60 | [5] | 18 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,239 | [3],[4] | 3,178 | [4] | 1,239 | [5],[6] | 2,710 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 12 | [3] | 42 | 24 | [5] | 71 | |||
Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 17,135 | [2] | 17,135 | [2] | 5,821 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 17,331 | [2] | 17,331 | [2] | 5,880 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 4,242 | [2] | 4,242 | [2] | 3,294 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,143 | [2] | 8,143 | [2] | 5,866 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 20,940 | [2] | 20,940 | [2] | 8,939 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 11,400 | [3],[4] | 693 | [4] | 6,900 | [5],[6] | 347 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [3] | 0 | 0 | [5] | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,045 | [3],[4] | 0 | [4] | 4,276 | [5],[6] | 0 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [3] | 0 | 0 | [5] | 0 | |||
Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [2] | 0 | [2] | 1,524 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | [2] | 0 | [2] | 4,636 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | [2] | 0 | [2] | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 31,111 | [2] | 31,111 | [2] | 31,324 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 53,256 | [2] | 53,256 | [2] | 53,319 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | [3],[4] | 50,390 | [4] | 0 | [5],[6] | 48,914 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [3] | 0 | 0 | [5] | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 30,593 | [3],[4] | 0 | [4] | 30,423 | [5],[6] | 0 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | [3] | 0 | 0 | [5] | 0 | |||
Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,840 | [2] | 5,840 | [2] | 6,680 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,837 | [2] | 5,837 | [2] | 6,680 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,840 | [3],[4] | 6,758 | [4] | 5,840 | [5],[6] | 6,758 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 70 | [3] | 56 | 140 | [5] | 112 | |||
Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [2] | 0 | [2] | 213 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | [2] | 0 | [2] | 213 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | [2] | 0 | [2] | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | [2] | 0 | [2] | 364 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | [2] | 0 | [2] | 366 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | [3],[4] | 740 | [4] | 0 | [5],[6] | 740 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | [3] | 4 | 0 | [5] | 8 | |||
Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 17,591 | [2] | 17,591 | [2] | 63,325 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19,399 | [2] | 19,399 | [2] | 65,031 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 894 | [2] | 894 | [2] | 6,266 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 91,691 | [2] | 91,691 | [2] | 44,557 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 101,065 | [2] | 101,065 | [2] | 51,402 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 17,591 | [3],[4] | 26,853 | [4] | 17,591 | [5],[6] | 23,959 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 214 | [3] | 258 | 425 | [5] | 516 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 90,778 | [3],[4] | 51,378 | [4] | 89,107 | [5],[6] | 52,810 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 742 | [3] | 778 | 1,289 | [5] | 968 | |||
Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,253 | [2] | 3,253 | [2] | 8,424 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,406 | [2] | 3,406 | [2] | 8,612 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 521 | [2] | 521 | [2] | 585 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,364 | [2] | 5,364 | [2] | 7,779 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,753 | [2] | 5,753 | [2] | $ 8,940 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,253 | [3],[4] | 2,160 | [4] | 3,252 | [5],[6] | 1,609 | [6] | |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 14 | [3] | 14 | 27 | [5] | 22 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,365 | [3],[4] | 7,908 | [4] | 5,334 | [5],[6] | 6,796 | [6] | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 15 | [3] | $ 46 | $ 29 | [5] | $ 60 | |||
[1] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||||
[2] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||||
[3] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||||
[4] | For Non-PCI loans and leases reported as impaired at June 30, 2017 and 2016, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. | ||||||||
[5] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||||
[6] | For Non-PCI loans and leases reported as impaired at June 30, 2017 and 2016, 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) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | Jun. 30, 2017USD ($)contract | Jun. 30, 2016USD ($)contract | |||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 19 | 20 | 30 | 34 | ||
Pre-Modification Outstanding Recorded Investment | $ 20,592,000 | $ 40,044,000 | $ 34,579,000 | $ 46,955,000 | ||
Post-Modification Outstanding Recorded Investment | 19,948,000 | $ 37,712,000 | $ 33,871,000 | $ 44,623,000 | ||
Number of Loans | contract | 0 | 3 | ||||
Recorded Investment | $ 0 | [1] | $ 42,484,000 | [2],[3],[4] | ||
Charge-offs | $ 0 | $ 0 | ||||
Real Estate Mortgage | Commercial real estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 3 | 1 | 4 | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 1,465,000 | $ 1,000,000 | $ 1,529,000 | $ 4,140,000 | ||
Post-Modification Outstanding Recorded Investment | $ 1,465,000 | $ 1,000,000 | $ 1,465,000 | $ 4,140,000 | ||
Number of Loans | contract | 0 | 2 | ||||
Recorded Investment | $ 0 | [1] | $ 2,572,000 | [4] | ||
Real Estate Mortgage | Residential Real Estate | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 3 | 5 | 5 | 6 | ||
Pre-Modification Outstanding Recorded Investment | $ 720,000 | $ 4,878,000 | $ 762,000 | $ 5,043,000 | ||
Post-Modification Outstanding Recorded Investment | $ 437,000 | $ 4,878,000 | $ 479,000 | $ 5,043,000 | ||
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 0 | 0 | ||||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||||
Commercial | Cash Flow | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 7 | 6 | 9 | 10 | ||
Pre-Modification Outstanding Recorded Investment | $ 16,788,000 | $ 30,300,000 | $ 16,894,000 | $ 30,557,000 | ||
Post-Modification Outstanding Recorded Investment | $ 16,789,000 | $ 30,300,000 | $ 16,895,000 | $ 30,557,000 | ||
Commercial | Asset Based | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 3 | 2 | 5 | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 1,165,000 | $ 1,504,000 | $ 1,778,000 | $ 2,133,000 | ||
Post-Modification Outstanding Recorded Investment | $ 1,165,000 | $ 1,504,000 | $ 1,778,000 | $ 2,133,000 | ||
Commercial | Venture Capital Loans | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 2 | 0 | 5 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 92,000 | $ 0 | $ 13,157,000 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 92,000 | $ 0 | $ 13,157,000 | $ 0 | ||
Commercial | Equipment Finance Commercial Financing Receivable | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 0 | 4 | 0 | 6 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,624,000 | $ 0 | $ 4,284,000 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 2,660,000 | ||
Number of Loans | contract | 0 | 1 | ||||
Recorded Investment | $ 0 | [1] | $ 39,912,000 | [4],[5],[6] | ||
Consumer | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 0 | 2 | 1 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 738,000 | $ 97,000 | $ 798,000 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 30,000 | $ 97,000 | $ 90,000 | ||
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of loans | contract | 1 | 1 | ||||
Pre-Modification Outstanding Recorded Investment | $ 362,000 | $ 362,000 | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||||
[1] | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended June 30, 2017, the population of defaulted restructured loans includes only those loans restructured after June 30, 2016. 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 June 30, 2016, and there were no charge-offs. | |||||
[3] | Represents the balance at June 30, 2016, and there were no charge-offs. | |||||
[4] | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended June 30, 2017, the population of defaulted restructured loans includes only those loans restructured after June 30, 2016. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. | |||||
[5] | The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. | |||||
[6] | The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. |
Loans and Leases (Details 7)
Loans and Leases (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | $ 157,238 | ||||||
Balance, end of period | $ 145,958 | 145,958 | |||||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
Ending balance of loans and leases | 15,543,457 | 15,543,457 | $ 15,455,954 | ||||
Non Purchased Credit Impaired Loans and Leases | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 149,826 | $ 120,807 | 143,755 | $ 105,534 | |||
Charge-offs | (22,951) | (1,712) | (43,879) | (7,085) | |||
Recoveries | 2,004 | 1,280 | 4,743 | 2,761 | |||
Provision | 10,000 | 11,625 | 34,260 | 30,790 | |||
Balance, end of period | 138,879 | 132,000 | 138,879 | 132,000 | |||
Amount of the allowance applicable to loans and leases: | |||||||
impairment | 13,312 | 29,056 | 13,312 | 29,056 | |||
impairment | 125,567 | 102,944 | 125,567 | 102,944 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
impairment | 227,774 | 198,423 | 227,774 | 198,423 | |||
impairment | 15,243,257 | 14,306,157 | 15,243,257 | 14,306,157 | |||
Ending balance of loans and leases | 15,471,031 | [1],[2] | 14,504,580 | 15,471,031 | [1],[2] | 14,504,580 | 15,347,530 |
Purchased Credit Impaired Loans and Leases | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 13,483 | ||||||
Balance, beginning of period | 11,481 | 9,554 | 13,483 | 9,577 | |||
Charge-offs | (3,459) | (168) | (5,689) | (331) | |||
Recoveries | 58 | 0 | 58 | 0 | |||
Provision | (1,001) | 1,903 | (773) | 2,043 | |||
Balance, end of period | 7,079 | 7,079 | |||||
Balance, end of period | 7,079 | 11,289 | 7,079 | 11,289 | |||
Amount of the allowance applicable to loans and leases: | |||||||
deteriorated credit quality | 7,079 | 11,289 | 7,079 | 11,289 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
deteriorated credit quality | 72,426 | 136,880 | 72,426 | 136,880 | |||
Ending balance of loans and leases | 72,426 | 136,880 | 72,426 | 136,880 | 108,424 | ||
NonPCI and PCI Loans | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 161,307 | 130,361 | 157,238 | 115,111 | |||
Charge-offs | (26,410) | (1,880) | (49,568) | (7,416) | |||
Recoveries | 2,062 | 1,280 | 4,801 | 2,761 | |||
Provision | 8,999 | 13,528 | 33,487 | 32,833 | |||
Balance, end of period | 145,958 | 143,289 | 145,958 | 143,289 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
Total loans and leases | 15,543,457 | 14,641,460 | 15,543,457 | 14,641,460 | |||
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 35,368 | 29,099 | 37,765 | 36,654 | |||
Charge-offs | (142) | (866) | (1,686) | (1,603) | |||
Recoveries | 20 | 939 | 250 | 1,938 | |||
Provision | 1,876 | 159 | 793 | (7,658) | |||
Balance, end of period | 37,122 | 29,331 | 37,122 | 29,331 | |||
Amount of the allowance applicable to loans and leases: | |||||||
impairment | 1,415 | 1,230 | 1,415 | 1,230 | |||
impairment | 35,707 | 28,101 | 35,707 | 28,101 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
impairment | 117,441 | 92,284 | 117,441 | 92,284 | |||
impairment | 5,954,357 | 5,471,096 | 5,954,357 | 5,471,096 | |||
Ending balance of loans and leases | 6,071,798 | [1],[2] | 5,563,380 | 6,071,798 | [1],[2] | 5,563,380 | 5,617,956 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 10,476 | 6,876 | 10,045 | 7,137 | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 9 | 6 | 17 | 158 | |||
Provision | 833 | 971 | 1,256 | 558 | |||
Balance, end of period | 11,318 | 7,853 | 11,318 | 7,853 | |||
Amount of the allowance applicable to loans and leases: | |||||||
impairment | 0 | 16 | 0 | 16 | |||
impairment | 11,318 | 7,837 | 11,318 | 7,837 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
impairment | 5,840 | 7,498 | 5,840 | 7,498 | |||
impairment | 1,157,500 | 688,735 | 1,157,500 | 688,735 | |||
Ending balance of loans and leases | 1,163,340 | [1],[2] | 696,233 | 1,163,340 | [1],[2] | 696,233 | 962,839 |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 102,134 | 83,957 | 93,853 | 61,082 | |||
Charge-offs | (22,696) | (655) | (41,981) | (4,700) | |||
Recoveries | 1,953 | 312 | 4,401 | 626 | |||
Provision | 6,973 | 9,790 | 32,091 | 36,396 | |||
Balance, end of period | 88,364 | 93,404 | 88,364 | 93,404 | |||
Amount of the allowance applicable to loans and leases: | |||||||
impairment | 11,564 | 27,624 | 11,564 | 27,624 | |||
impairment | 76,800 | 65,780 | 76,800 | 65,780 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
impairment | 104,008 | 98,247 | 104,008 | 98,247 | |||
impairment | 7,733,659 | 7,934,086 | 7,733,659 | 7,934,086 | |||
Ending balance of loans and leases | 7,837,667 | [1],[2] | 8,032,333 | 7,837,667 | [1],[2] | 8,032,333 | 8,391,560 |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||
Balance, beginning of period | 1,848 | 875 | 2,092 | 661 | |||
Charge-offs | (113) | (191) | (212) | (782) | |||
Recoveries | 22 | 23 | 75 | 39 | |||
Provision | 318 | 705 | 120 | 1,494 | |||
Balance, end of period | 2,075 | 1,412 | 2,075 | 1,412 | |||
Amount of the allowance applicable to loans and leases: | |||||||
impairment | 333 | 186 | 333 | 186 | |||
impairment | 1,742 | 1,226 | 1,742 | 1,226 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||
impairment | 485 | 394 | 485 | 394 | |||
impairment | 397,741 | 212,240 | 397,741 | 212,240 | |||
Ending balance of loans and leases | $ 398,226 | [1] | $ 212,634 | $ 398,226 | [1] | $ 212,634 | $ 375,175 |
[1] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||
[2] | Excludes loans held for sale carried at lower of cost or fair value. |
Loans and Leases (Details 8)
Loans and Leases (Details 8) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | $ 157,238 | $ 157,238 | |||
Reserve for Unfunded Loan Commitments, Balance, beginning of period | $ 17,763 | 17,523 | $ 17,569 | 17,523 | $ 16,734 |
Allowance for Credit Losses, Balance, beginning of period | 179,070 | 174,761 | 147,930 | 174,761 | 131,845 |
Reserve for Unfunded Loan Commitments, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Charge-offs | (26,410) | (1,880) | (49,568) | (7,416) | |
Reserve for Unfunded Loan Commitments, Recoveries | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Recoveries | 2,062 | 1,280 | 4,801 | 2,761 | |
Reserve for Unfunded Loan Commitments, Net charge-offs | 0 | 0 | 0 | 0 | |
Allowance For Credit Losses, Net charge-offs | (24,348) | (600) | (44,767) | (4,655) | |
Reserve for Unfunded Commitments, Provision (negative provision) | 2,500 | 375 | 2,740 | 1,210 | |
Allowance for Credit Losses, Provision (negative provision) | 11,499 | 24,728 | 13,903 | 36,227 | 34,043 |
Balance, end of period | 145,958 | 145,958 | |||
Reserve for Unfunded Loan Commitments, Balance, end of period | 20,263 | 17,763 | 17,944 | 20,263 | 17,944 |
Allowance for Credit Losses, Balance, end of period | 166,221 | 179,070 | 161,233 | 166,221 | 161,233 |
Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | 149,826 | 143,755 | 120,807 | 143,755 | 105,534 |
Allowance for Credit Losses, Balance, beginning of period | 167,589 | 161,278 | 138,376 | 161,278 | 122,268 |
Allowance for Loan and Lease Losses, Charge-offs | 22,951 | 1,712 | 43,879 | 7,085 | |
Allowance for Credit Losses, Charge-offs | (22,951) | (1,712) | (43,879) | (7,085) | |
Allowance for Loan and Lease Loss, Recoveries | 2,004 | 1,280 | 4,743 | 2,761 | |
Allowance for Credit Losses, Recoveries | 2,004 | 1,280 | 4,743 | 2,761 | |
Allowance for Loan and Lease Losses, Net charge-offs | (20,947) | (432) | (39,136) | (4,324) | |
Allowance For Credit Losses, Net charge-offs | (20,947) | (432) | (39,136) | (4,324) | |
Allowance for Loan and Lease Losses, Provision (negative provision) | 10,000 | 11,625 | 34,260 | 30,790 | |
Allowance for Credit Losses, Provision (negative provision) | 12,500 | 12,000 | 37,000 | 32,000 | |
Balance, end of period | 138,879 | 149,826 | 132,000 | 138,879 | 132,000 |
Allowance for Credit Losses, Balance, end of period | 159,142 | 167,589 | 149,944 | 159,142 | 149,944 |
Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | 13,483 | 13,483 | |||
Balance, beginning of period | 11,481 | 13,483 | 9,554 | 13,483 | 9,577 |
Allowance for Loan and Lease Losses, Charge-offs | 3,459 | 168 | 5,689 | 331 | |
Allowance for Loan and Lease Loss, Recoveries | 58 | 0 | 58 | 0 | |
Allowance for Loan and Lease Losses, Net charge-offs | (3,401) | (168) | (5,631) | (331) | |
Allowance for Loan and Lease Losses, Provision (negative provision) | (1,001) | 1,903 | (773) | 2,043 | |
Balance, end of period | 7,079 | 7,079 | |||
Balance, end of period | $ 7,079 | $ 11,481 | $ 11,289 | $ 7,079 | $ 11,289 |
Loans and Leases (Details Textu
Loans and Leases (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017USD ($)agreement | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Number of agreements to sell loans | agreement | 2 | ||||||
Loans held for sale, at lower of cost or fair value | $ 175,158,000 | $ 175,158,000 | $ 0 | ||||
Loan receivable held-for-sale, charge-offs | 7,198,000 | $ 0 | 7,198,000 | $ 0 | |||
Unfunded commitments, loans held-for-sale | 19,300,000 | 19,300,000 | |||||
Nonaccrual loans and leases | 172,576,000 | [1] | 172,576,000 | [1] | 170,599,000 | ||
Receivable, 90 or more days past due | 22,900,000 | 22,900,000 | 15,900,000 | ||||
Receivable, 30-89 days past due | 3,200,000 | 3,200,000 | 3,000,000 | ||||
Financing receivable, nonaccrual status, current | 146,500,000 | 146,500,000 | 151,700,000 | ||||
Charge-offs | 0 | $ 0 | |||||
Non Purchased Credit Impaired Loans and Leases | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Nonaccrual loans and leases | 172,576,000 | [2] | 172,576,000 | [2] | 170,599,000 | ||
Receivable, 90 or more days past due | 22,893,000 | [3] | 22,893,000 | [3] | 15,945,000 | ||
Receivable, 30-89 days past due | 30,384,000 | [3] | 30,384,000 | [3] | $ 31,569,000 | ||
Non Purchased Credit Impaired Loans and Leases | Non Purchased Credit Impaired Loans and Leases | Credit Concentration Risk | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Nonaccrual loans and leases | 141,300,000 | $ 141,300,000 | |||||
Percentage of nonaccrual loans and leases | 81.90% | ||||||
Healthcare Real Estate Loan | Non Purchased Credit Impaired Loans and Leases | Non Purchased Credit Impaired Loans and Leases | Credit Concentration Risk | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Nonaccrual loans and leases | $ 46,500,000 | $ 46,500,000 | |||||
[1] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||
[2] | Excludes loans held for sale carried at lower of cost or fair value. | ||||||
[3] | Excludes loans held for sale carried at lower of cost or fair value. |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Total other real estate owned, net | $ 12,526 | $ 11,876 |
Other foreclosed assets | 752 | 1,100 |
Foreclosed assets, net | 13,278 | 12,976 |
Construction and land development | ||
Total other real estate owned, net | 11,443 | 11,224 |
Multi‑family | ||
Total other real estate owned, net | 0 | 652 |
Commercial real estate | ||
Total other real estate owned, net | 65 | 0 |
Single family residence | ||
Total other real estate owned, net | $ 1,018 | $ 0 |
Foreclosed Assets (Details 1)
Foreclosed Assets (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | ||
Balance, beginning of period | $ 12,976 | |
Loans transferred to foreclosed assets | 580 | $ 129 |
Other additions | 735 | |
Provision for losses | (14) | |
Reductions related to sales | (999) | |
Balance, end of period | $ 13,278 |
Borrowings and Subordinated D49
Borrowings and Subordinated Debentures (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Borrowings | $ 217,454 | $ 905,812 |
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 454 | $ 812 |
Rate | 6.78% | 6.41% |
American Financial Exchange borrowings | ||
Debt Instrument [Line Items] | ||
Amount | $ 0 | $ 40,000 |
Rate | 0.00% | 0.81% |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Amount | $ 85,000 | $ 735,000 |
Rate | 1.09% | 0.59% |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Amount | $ 132,000 | $ 130,000 |
Rate | 1.09% | 0.55% |
Borrowings and Subordinated D50
Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Dec. 31, 2016USD ($) | ||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 541,205 | $ 538,973 | ||
Unamortized discount | [1] | (95,462) | (98,229) | |
Net subordinated debentures | 445,743 | 440,744 | ||
Subordinated Debt Trust V Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 10,310 | $ 10,310 | ||
Rate | 4.37% | 4.37% | 4.09% | |
Date Issued | Aug. 15, 2003 | |||
Maturity Date | Sep. 17, 2033 | |||
Description of variable rate basis | 3 month LIBOR + 3.10 | |||
Subordinated Debt Trust VI Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 10,310 | $ 10,310 | ||
Rate | 4.30% | 4.30% | 4.01% | |
Date Issued | Sep. 3, 2003 | |||
Maturity Date | Sep. 15, 2033 | |||
Description of variable rate basis | 3 month LIBOR + 3.05 | |||
Subordinated Debt Trust CII Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 5,155 | $ 5,155 | ||
Rate | 4.22% | 4.22% | 3.95% | |
Date Issued | Sep. 17, 2003 | |||
Maturity Date | Sep. 17, 2033 | |||
Description of variable rate basis | 3 month LIBOR + 2.95 | |||
Subordinated Debt Trust VII Due April 2034 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 61,856 | $ 61,856 | ||
Rate | 3.92% | 3.92% | 3.64% | |
Date Issued | Feb. 5, 2004 | |||
Maturity Date | Apr. 23, 2034 | |||
Description of variable rate basis | 3 month LIBOR + 2.75 | |||
Subordinated Debt Trust CIII Due September 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 20,619 | $ 20,619 | ||
Rate | 2.94% | 2.94% | 2.65% | |
Date Issued | Aug. 15, 2005 | |||
Maturity Date | Sep. 15, 2035 | |||
Description of variable rate basis | 3 month LIBOR + 1.69 | |||
Subordinated Debt Trust FCCI Due March 2037 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 16,495 | $ 16,495 | ||
Rate | 2.85% | 2.85% | 2.56% | |
Date Issued | Jan. 25, 2007 | |||
Maturity Date | Mar. 15, 2037 | |||
Description of variable rate basis | 3 month LIBOR + 1.60 | |||
Subordinated Debt Trust FCBI Due December 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 10,310 | $ 10,310 | ||
Rate | 2.80% | 2.80% | 2.51% | |
Date Issued | Sep. 30, 2005 | |||
Maturity Date | Dec. 15, 2035 | |||
Description of variable rate basis | 3 month LIBOR + 1.55 | |||
Trust Preferred Securities Two Thousand Five Series One | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 82,475 | $ 82,475 | ||
Rate | 3.20% | 3.20% | 2.91% | |
Date Issued | Nov. 21, 2005 | |||
Maturity Date | Dec. 15, 2035 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
Trust Preferred Securities Two Thousand Five Series Two | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 128,866 | $ 128,866 | ||
Rate | 3.12% | 3.12% | 2.84% | |
Date Issued | Dec. 14, 2005 | |||
Maturity Date | Jan. 30, 2036 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
Two Thousand Six One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 51,545 | $ 51,545 | ||
Rate | 3.12% | 3.12% | 2.84% | |
Date Issued | Feb. 22, 2006 | |||
Maturity Date | Apr. 30, 2036 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
Two Thousand Six Two Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 51,550 | $ 51,550 | ||
Rate | 3.12% | 3.12% | 2.84% | |
Date Issued | Sep. 27, 2006 | |||
Maturity Date | Oct. 30, 2036 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
Trust Preferred Securities Two Thousand Six Series Three | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | [2] | $ 29,417 | $ 27,185 | |
Rate | 1.72% | 1.72% | 1.74% | |
Date Issued | Sep. 29, 2006 | |||
Maturity Date | Oct. 30, 2036 | |||
Denomination value | € | € 25.8 | |||
Description of variable rate basis | 3 month EURIBOR + 2.05 | |||
Trust Preferred Securities Two Thousand Six Series Four | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 16,470 | $ 16,470 | ||
Rate | 3.12% | 3.12% | 2.84% | |
Date Issued | Dec. 5, 2006 | |||
Maturity Date | Jan. 30, 2037 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
Trust Preferred Securities Two Thousand Six Series Five | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 6,650 | $ 6,650 | ||
Rate | 3.12% | 3.12% | 2.84% | |
Date Issued | Dec. 19, 2006 | |||
Maturity Date | Jan. 30, 2037 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
Two Thousand Seven One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Amount | $ 39,177 | $ 39,177 | ||
Rate | 3.12% | 3.12% | 2.84% | |
Date Issued | Jun. 13, 2007 | |||
Maturity Date | Jul. 30, 2037 | |||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust V Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 4.37% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VI Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 4.30% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CII Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 4.22% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VII Due April 2034 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.92% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CIII Due September 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 2.94% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCCI Due March 2037 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 2.85% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCBI Due December 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 2.80% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series One | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.20% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series Two | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.12% | |||
London Interbank Offered Rate (LIBOR) | Two Thousand Six One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.12% | |||
London Interbank Offered Rate (LIBOR) | Two Thousand Six Two Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.12% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Four | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.12% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Five | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.12% | |||
London Interbank Offered Rate (LIBOR) | Two Thousand Seven One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.12% | |||
Euribor Future | Trust Preferred Securities Two Thousand Six Series Three | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.72% | |||
[1] | There was only one asset-backed security at June 30, 2017. | |||
[2] | Denomination is in Euros with a value of €25.8 million. |
Borrowings and Subordinated D51
Borrowings and Subordinated Debentures (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining maturity period | 2 years 1 month | |
Unused Lines of Credit | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 0 | $ 0 |
Current borrowing capacity | 80,000,000 | |
Unused commitment fees | 0 | |
American Financial Exchange borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 0 | 40,000,000 |
Maturity Overnight | American Financial Exchange borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 26,000,000 | |
Maturity Less than 30 Days | American Financial Exchange borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 14,000,000 | |
Federal Reserve Bank Advances | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | 3,000,000,000 | |
Amount outstanding | 0 | 0 |
Federal Reserve Bank Advances | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 2,201,579,000 | |
Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | 4,200,000,000 | |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 2,916,358,000 | |
Current outstanding | 85,000,000 | 735,000,000 |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Current outstanding | 132,000,000 | 130,000,000 |
Federal Home Loan Bank of San Francisco | Unused Lines of Credit | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | $ 132,000,000 | |
Amount outstanding | 130,000,000 | |
Federal Home Loan Bank of San Francisco | Maturity Overnight | ||
Debt Instrument [Line Items] | ||
Current outstanding | 435,000,000 | |
Federal Home Loan Bank of San Francisco | Maturity Less than 30 Days | ||
Debt Instrument [Line Items] | ||
Current outstanding | $ 300,000,000 |
Commitments and Contingencies52
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 4,926,743 | $ 4,166,703 |
Standby letters of credit | 234,927 | 211,398 |
Total | $ 5,161,670 | $ 4,378,101 |
Commitments and Contingencies53
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Long-term Purchase Commitment [Line Items] | ||
Commitment to contribute capital | $ 36.6 | $ 26.6 |
Private Equity Funds | ||
Long-term Purchase Commitment [Line Items] | ||
Remaining minimum amount committed | $ 2.6 | $ 2.8 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Securities available‑for‑sale | $ 3,474,560 | $ 3,223,830 |
Equity warrants | 5,497 | |
Level 1 | ||
Securities available‑for‑sale | 2,080 | |
Level 2 | ||
Securities available‑for‑sale | 3,156,475 | |
Level 3 | ||
Securities available‑for‑sale | 65,275 | |
Government agency and government-sponsored enterprise pass through securities | ||
Securities available‑for‑sale | 404,320 | 502,443 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Securities available‑for‑sale | 133,792 | 146,289 |
Municipal securities | ||
Securities available‑for‑sale | 1,534,554 | 1,456,459 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Securities available‑for‑sale | 918,210 | 547,692 |
Corporate debt securities | ||
Securities available‑for‑sale | 19,185 | 47,509 |
Collateralized loan obligations | ||
Securities available‑for‑sale | 66,301 | 156,887 |
SBA asset-backed securities | ||
Securities available‑for‑sale | 178,056 | 178,845 |
Asset-backed and other securities | ||
Securities available‑for‑sale | 60,441 | 62,237 |
Fair Value, Measurements, Recurring | ||
Securities available‑for‑sale | 3,474,560 | 3,223,830 |
Other derivative assets | 235 | 694 |
Equity warrants | 5,452 | 5,497 |
Total recurring assets | 3,480,247 | 3,230,021 |
Derivative liabilities | 2,235 | 3,285 |
Fair Value, Measurements, Recurring | Level 1 | ||
Securities available‑for‑sale | 3,721 | 2,080 |
Other derivative assets | 0 | 0 |
Equity warrants | 0 | 0 |
Total recurring assets | 3,721 | 2,080 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Securities available‑for‑sale | 3,404,537 | 3,156,475 |
Other derivative assets | 235 | 694 |
Equity warrants | 0 | 0 |
Total recurring assets | 3,404,772 | 3,157,169 |
Derivative liabilities | 2,235 | 3,285 |
Fair Value, Measurements, Recurring | Level 3 | ||
Securities available‑for‑sale | 66,302 | 65,275 |
Other derivative assets | 0 | 0 |
Equity warrants | 5,452 | 5,497 |
Total recurring assets | 71,754 | 70,772 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | ||
Securities available‑for‑sale | 404,320 | 502,443 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 2 | ||
Securities available‑for‑sale | 404,320 | 502,443 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Securities available‑for‑sale | 133,792 | 146,289 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 2 | ||
Securities available‑for‑sale | 133,792 | 146,289 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | ||
Securities available‑for‑sale | 159,701 | 125,469 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 2 | ||
Securities available‑for‑sale | 100,162 | 68,567 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 3 | ||
Securities available‑for‑sale | 59,539 | 56,902 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Securities available‑for‑sale | 1,534,554 | 1,456,459 |
Fair Value, Measurements, Recurring | Municipal securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Securities available‑for‑sale | 1,534,554 | 1,456,459 |
Fair Value, Measurements, Recurring | Municipal securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Securities available‑for‑sale | 918,210 | 547,692 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 2 | ||
Securities available‑for‑sale | 918,210 | 547,692 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Securities available‑for‑sale | 19,185 | 47,509 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Securities available‑for‑sale | 19,185 | 47,509 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Securities available‑for‑sale | 66,301 | 156,887 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 2 | ||
Securities available‑for‑sale | 66,301 | 156,887 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | ||
Securities available‑for‑sale | 178,056 | 178,845 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 2 | ||
Securities available‑for‑sale | 178,056 | 178,845 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | ||
Securities available‑for‑sale | 60,441 | 62,237 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 1 | ||
Securities available‑for‑sale | 3,721 | 2,080 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 2 | ||
Securities available‑for‑sale | 49,957 | 51,784 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 3 | ||
Securities available‑for‑sale | $ 6,763 | |
Square 1 Financial, Inc. [Member] | Fair Value, Measurements, Recurring | Level 3 | ||
Equity warrants | 5,497 | |
Square 1 Financial, Inc. [Member] | Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 3 | ||
Securities available‑for‑sale | $ 8,373 |
Fair Value Measurements (Deta55
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Level 3 CMO Roll Forward [Abstract] | ||
Equity warrants, Balance, beginning of period | $ 5,497 | |
Fair value transfers of assets measured on a recurring basis | 0 | |
Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Equity warrants, Balance, beginning of period | 5,497 | |
Equity warrants, Balance, end of period | 5,452 | |
Level 3 | ||
Level 3 CMO Roll Forward [Abstract] | ||
Total included in earnings, Equity Warrants | 969 | |
Total included in other comprehensive income | 0 | |
Purchases | $ 0 | |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 535 | |
Sales, Equity Warrants | (1,549) | |
Net settlements, Equity Warrants | 0 | |
Level 3 | Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Equity warrants, Balance, beginning of period | 5,497 | |
Equity warrants, Balance, end of period | 5,452 | |
Level 3 | Private Label CMOs | Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Balance, December 31, 2016 | 56,902 | |
Total included in earnings | 2,230 | |
Total included in other comprehensive income | (887) | |
Purchases | 18,643 | |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (4,732) | |
Net settlements | (12,617) | |
Balance, June 30, 2017 | 59,539 | |
Level 3 | Asset-backed and other securities | Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Balance, December 31, 2016 | 8,373 | |
Total included in earnings | 59 | |
Total included in other comprehensive income | (75) | |
Purchases | $ 0 | |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | |
Net settlements | (1,594) | |
Balance, June 30, 2017 | $ 6,763 | |
Level 3 | Minimum | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 2.70% | |
Annual default rates | 0.10% | |
Loss severity rates | 3.80% | |
Discount rates | 1.40% | |
Level 3 | Maximum | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 23.90% | |
Annual default rates | 14.10% | |
Loss severity rates | 132.70% | |
Discount rates | 9.80% | |
Level 3 | Weighted Average | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 11.50% | |
Annual default rates | 2.20% | |
Loss severity rates | 50.40% | |
Discount rates | 4.20% | |
Level 3 | Weighted Average | SBA securities | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 5.00% | |
Annual default rates | 1.00% | |
Loss severity rates | 10.00% | |
Discount rates | 3.50% | |
Level 3 | Weighted Average | Warrant | Fair Value, Measurements, Recurring | ||
Weighted Average Input | ||
Remaining life assumption (in years) | 3 years 8 months | |
Warrant | Level 3 | ||
Weighted Average Input | ||
Volatility | 17.30% | |
Warrant | Level 3 | Weighted Average | ||
Weighted Average Input | ||
Risk-free interest rate | 1.70% |
Fair Value Measurements (Deta56
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 175,880 | |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 256,375 | $ 161,215 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 182,455 | 12,885 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 73,920 | 148,330 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 80,495 | 149,749 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | 0 |
Loans held for sale | 0 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 6,575 | 1,661 |
Loans held for sale | 175,880 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 73,920 | 148,088 |
Loans held for sale | $ 0 | |
Other real estate and foreclosed assets | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 11,224 | |
Other real estate and foreclosed assets | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | |
Other real estate and foreclosed assets | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 11,224 | |
Cost-method Investments | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 242 | |
Cost-method Investments | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | |
Cost-method Investments | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | |
Cost-method Investments | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 242 | |
Third party appraisals | Other real estate and foreclosed assets | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | $ 0 |
Fair Value Measurements (Deta57
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loans held for sale | $ 7,198 | $ 0 | $ 7,198 | $ 0 | |
Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total losses | 16,647 | 603 | 24,462 | $ 16,779 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total losses | 9,435 | 603 | 17,250 | 16,779 | |
Other real estate and foreclosed assets | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total losses | $ 14 | $ 0 | $ 14 | $ 0 |
Fair Value Measurements (Deta58
Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 256,375 | $ 161,215 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 73,920 | 148,330 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 80,495 | 149,749 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 73,920 | 148,088 |
Cost-method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 242 | |
Cost-method Investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 242 | |
Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 0.00% | |
Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 8.50% | |
Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 6.47% | |
Discount Rates | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 65,157 | |
Discount Rates | Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 6.47% | |
No Discounts | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 8,763 |
Fair Value Measurements (Deta59
Fair Value Measurements (Details 5) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 180,330 | $ 337,965 |
Interest-earning deposits in financial institutions | 107,150 | 81,705 |
Securities available-for-sale, Carrying Amount | 3,474,560 | 3,223,830 |
Securities available‑for‑sale, Fair Value | 3,474,560 | 3,223,830 |
Investment in FHLB stock, Carrying Amount | 22,059 | 21,870 |
Investment in FHLB stock, Fair Value | 22,059 | 21,870 |
Investments carried at cost, Carrying Amount | 1,158 | 1,416 |
Investments carried at cost, Fair Value | 11,719 | 3,843 |
Loans and leases held for investment, net, Carrying Amount | 175,158 | 0 |
Loans held for sale, Fair Value | 175,880 | |
Loans and leases, net | 15,397,499 | 15,298,716 |
Loans and leases held for investment, net | 15,611,222 | |
Equity warrants | 5,497 | |
Other derivative assets, Carrying Amount | 235 | 694 |
Demand, interest checking, money market, and savings deposits | 14,546,898 | 13,698,321 |
Time deposits | 2,328,079 | 2,172,290 |
Time deposits | 2,318,904 | 2,166,187 |
Borrowings | 217,454 | 905,812 |
Borrowings | 217,461 | 905,838 |
Subordinated debentures | 445,743 | 440,744 |
Subordinated debentures | 429,366 | 424,507 |
Derivative liabilities, Carrying Amount | 3,285 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 180,330 | 337,965 |
Interest-earning deposits in financial institutions | 107,150 | 81,705 |
Securities available‑for‑sale, Fair Value | 2,080 | |
Investment in FHLB stock, Fair Value | 0 | 0 |
Investments carried at cost, Fair Value | 0 | 0 |
Demand, interest checking, money market, and savings deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowings | 217,000 | 591,000 |
Subordinated debentures | 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 |
Securities available‑for‑sale, Fair Value | 3,156,475 | |
Investment in FHLB stock, Fair Value | 22,059 | 21,870 |
Investments carried at cost, Fair Value | 0 | 0 |
Demand, interest checking, money market, and savings deposits | 14,546,898 | 13,698,321 |
Time deposits | 2,318,904 | 2,166,187 |
Borrowings | 461 | 314,838 |
Subordinated debentures | 429,366 | 424,507 |
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 |
Securities available‑for‑sale, Fair Value | 65,275 | |
Investment in FHLB stock, Fair Value | 0 | 0 |
Investments carried at cost, Fair Value | 11,719 | 3,843 |
Loans and leases held for investment, net | 15,604,647 | |
Demand, interest checking, money market, and savings deposits | 0 | 0 |
Time deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available‑for‑sale, Fair Value | 3,474,560 | 3,223,830 |
Equity warrants | 5,452 | 5,497 |
Other derivative assets, Fair Value | 235 | 694 |
Derivative liabilities | 2,235 | 3,285 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available‑for‑sale, Fair Value | 3,721 | 2,080 |
Equity warrants | 0 | 0 |
Other derivative assets, Fair Value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available‑for‑sale, Fair Value | 3,404,537 | 3,156,475 |
Equity warrants | 0 | 0 |
Other derivative assets, Fair Value | 235 | 694 |
Derivative liabilities | 2,235 | 3,285 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available‑for‑sale, Fair Value | 66,302 | 65,275 |
Equity warrants | 5,452 | 5,497 |
Other derivative assets, Fair Value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale, Fair Value | 0 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale, Fair Value | 175,880 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale, Fair Value | 0 | |
NonPCI and PCI Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net | 15,298,716 | |
Loans and leases held for investment, net | 15,494,808 | |
NonPCI and PCI Loans | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | 0 | 0 |
NonPCI and PCI Loans | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | $ 6,575 | 1,661 |
NonPCI and PCI Loans | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | $ 15,493,147 |
Fair Value Measurements (Deta60
Fair Value Measurements (Details Textual) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair value transfers of assets | $ 0 |
Fair value transfers of assets measured on a recurring basis | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |||||
Net earnings from continuing operations | $ 93,647 | $ 78,668 | $ 82,168 | $ 172,315 | $ 172,624 |
Less: Earnings allocated to unvested restricted stock | (1,080) | (999) | (863) | (2,082) | (1,933) |
Net earnings allocated to common shares | $ 92,567 | $ 77,669 | $ 81,305 | $ 170,233 | $ 170,691 |
Weighted-average basic shares and unvested restricted stock outstanding (shares) | 121,422 | 121,346 | 121,799 | 121,384 | 121,698 |
Weighted-average unvested restricted stock outstanding (shares) | (1,455) | (1,503) | (1,481) | (1,479) | (1,436) |
Weighted-average basic shares outstanding (shares) | 119,967 | 119,843 | 120,318 | 119,905 | 120,262 |
Basic net income per share (usd per share) | $ 0.77 | $ 0.65 | $ 0.68 | $ 1.42 | $ 1.42 |
Net earnings from continuing operations allocated to common shares | $ 92,567 | $ 77,669 | $ 81,305 | $ 170,233 | $ 170,691 |
Diluted net income per share (usd per share) | $ 0.77 | $ 0.65 | $ 0.68 | $ 1.42 | $ 1.42 |
Stock Based Compensation (Detai
Stock Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,397,993 | 1,397,993 | 1,476,132 | |||
Vesting period of time-based restricted stock, lower limit | 3 years | |||||
Vesting period of time-based restricted stock, higher limit | 4 years | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 0.00% | |||||
Performance Target 1 | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 150.00% | |||||
Performance Target 2 | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 200.00% | |||||
Restricted Stock | Vesting Based On Service | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ 6.6 | $ 6.5 | $ 6 | $ 13.1 | $ 11 | |
Restricted Stock Awards And Performance Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized share based compensation expense | $ 53.6 | $ 53.6 | ||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 239,025 | 239,025 | ||||
Performance period | 3 years | |||||
PacWest 2003 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 4,000,000 | 4,000,000 | ||||
Number of shares available for grant (shares) | 3,852,150 | 3,852,150 | ||||
PacWest 2003 Stock Incentive Plan | Time-Based Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,400,254 | 1,400,254 |
Subsequent Events (Details Text
Subsequent Events (Details Textuals) - $ / shares | Aug. 01, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 1 | $ 1 | |
Subsequent Event [Member] | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $ 0.50 |