Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 01, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'HAFC | ' | ' |
Entity Registrant Name | 'HANMI FINANCIAL CORP | ' | ' |
Entity Central Index Key | '0001109242 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 32,357,252 | ' |
Entity Public Float | ' | ' | $543,543,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $179,357 | $268,047 |
Restricted cash | ' | 5,350 |
Securities available-for-sale, at fair value (amortized cost of $549,113 as of December 31, 2013 and $443,712 as of December 31, 2012) | 530,926 | 451,060 |
Loans held for sale, at the lower of cost or fair value | ' | 8,306 |
Loans receivable, net of allowance for loan losses of $57,555 as of December 31, 2013 and $63,305 as of December 31, 2012 | 2,177,498 | 1,986,051 |
Accrued interest receivable | 7,055 | 7,581 |
Premises and equipment, net | 14,221 | 15,150 |
Other real estate owned, net | 756 | 774 |
Customers' liability on acceptances | 2,018 | 1,336 |
Servicing assets | 6,833 | 5,542 |
Other intangible assets, net | 1,171 | 1,335 |
Investment in federal home loan bank stock, at cost | 14,060 | 17,800 |
Investment in federal reserve bank stock, at cost | 11,196 | 12,222 |
Deferred tax assets | 51,767 | 50,998 |
Current tax assets | 11,769 | 9,030 |
Bank-owned life insurance | 29,699 | 29,054 |
Prepaid expenses | 1,415 | 2,084 |
Other assets | 15,798 | 10,800 |
Total assets | 3,055,539 | 2,882,520 |
Deposits: | ' | ' |
Noninterest-bearing | 819,015 | 720,931 |
Interest-bearing | 1,693,310 | 1,675,032 |
Total deposits | 2,512,325 | 2,395,963 |
Accrued interest payable | 3,366 | 11,775 |
Bank's liability on acceptances | 2,018 | 1,336 |
Federal home loan bank advances | 127,546 | 2,935 |
Junior subordinated debentures | ' | 82,406 |
Accrued expenses and other liabilities | 9,047 | 9,741 |
Total liabilities | 2,654,302 | 2,504,156 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 32,339,444 shares (31,761,550 shares outstanding) and 32,074,434 shares (31,496,540 shares outstanding) as of December 31, 2013 and December 31, 2012 | 257 | 257 |
Additional paid-in capital | 552,270 | 550,066 |
Accumulated other comprehensive (loss) income, net of tax (benefit) expense of ($8,791) as of December 31, 2013 and $1,946 as of December 31, 2012 | -9,380 | 5,418 |
Accumulated deficit | -72,052 | -107,519 |
Less: treasury stock, at cost; 577,894 shares as of December 31, 2013 and December 31, 2012 | -69,858 | -69,858 |
Total stockholders' equity | 401,237 | 378,364 |
Total liabilities and stockholders' equity | $3,055,539 | $2,882,520 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Amortized cost of securities available-for-sale | $549,113 | $443,712 |
Allowance for loan losses of loans receivable | 57,555 | 63,305 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 62,500,000 | 62,500,000 |
Common stock, shares issued | 32,339,444 | 32,074,434 |
Common stock, shares outstanding | 31,761,550 | 31,496,540 |
Accumulated other comprehensive (loss) income, tax (benefit) expense | ($8,791) | $1,946 |
Treasury stock, shares | 577,894 | 577,894 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest and Dividend Income: | ' | ' | ' |
Interest and fees on loans | $111,992 | $108,982 | $117,671 |
Taxable interest on investment securities | 8,434 | 8,418 | 9,768 |
Tax-exempt interest on investment securities | 283 | 394 | 216 |
Interest on term federal funds sold | ' | 706 | 276 |
Interest on federal funds sold | 6 | 60 | 27 |
Interest on interest-bearing deposits in other banks | 209 | 422 | 315 |
Dividends on federal reserve bank stock | 754 | 609 | 458 |
Dividends on federal home loan bank stock | 650 | 209 | 76 |
Total interest and dividend income | 122,328 | 119,800 | 128,807 |
Interest Expense: | ' | ' | ' |
Interest on deposits | 12,678 | 15,877 | 23,958 |
Interest on federal home loan bank advances | 151 | 165 | 662 |
Interest on junior subordinated debentures | 678 | 2,703 | 2,915 |
Interest on other borrowings | ' | ' | 95 |
Total interest expense | 13,507 | 18,745 | 27,630 |
Net interest income before provision for credit losses | 108,821 | 101,055 | 101,177 |
Provision for credit losses | ' | 6,000 | 12,100 |
Net interest income after provision for credit losses | 108,821 | 95,055 | 89,077 |
Non-Interest Income: | ' | ' | ' |
Service charges on deposit accounts | 11,307 | 12,146 | 12,826 |
Insurance commissions | 5,247 | 4,857 | 4,500 |
Remittance fees | 2,036 | 1,976 | 1,925 |
Trade finance fees | 1,064 | 1,140 | 1,305 |
Other service charges and fees | 1,375 | 1,499 | 1,447 |
Bank-owned life insurance income | 1,171 | 1,110 | 939 |
Gain on sales of SBA loans guaranteed portion | 8,000 | 9,923 | 4,543 |
Net loss on sales of other loans | -557 | -9,481 | -6,020 |
Net gain on sales of investment securities | 1,039 | 1,396 | 1,635 |
Other-than-temporary impairment loss on investment securities | 0 | -292 | ' |
Other operating income | 735 | 538 | 751 |
Total non-interest income | 31,417 | 24,812 | 23,851 |
Non-Interest Expense: | ' | ' | ' |
Salaries and employee benefits | 38,628 | 36,931 | 35,465 |
Occupancy and equipment | 10,309 | 10,424 | 10,353 |
Deposit insurance premiums and regulatory assessments | 1,435 | 4,431 | 6,630 |
Data processing | 4,627 | 4,941 | 5,601 |
Other real estate owned expense | -59 | 344 | 1,620 |
Professional fees | 7,403 | 4,694 | 4,187 |
Directors and officers liability insurance | 879 | 1,186 | 2,940 |
Supplies and communications | 2,287 | 2,370 | 2,323 |
Advertising and promotion | 4,081 | 3,876 | 2,993 |
Loan-related expense | 396 | 527 | 827 |
Amortization of other intangible assets | 164 | 198 | 700 |
Expense related to unconsummated capital offerings | ' | ' | 2,220 |
Other operating expenses | 8,097 | 6,939 | 8,189 |
Total non-interest expense | 78,247 | 76,861 | 84,048 |
Income before provision (benefit) for income taxes | 61,991 | 43,006 | 28,880 |
Provision (benefit) for income taxes | 22,085 | -47,368 | 733 |
Net income | $39,906 | $90,374 | $28,147 |
Earnings per share: | ' | ' | ' |
Basic | $1.26 | $2.87 | $1.38 |
Diluted | $1.26 | $2.87 | $1.38 |
Weighted-average shares outstanding: | ' | ' | ' |
Basic | 31,598,913 | 31,475,510 | 20,403,549 |
Diluted | 31,696,520 | 31,515,582 | 20,422,984 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $39,906 | $90,374 | $28,147 |
Other comprehensive (loss) income, net of tax Unrealized (loss) gain on securities | ' | ' | ' |
Unrealized holding (loss) gain arising during period | -24,496 | 2,369 | 8,123 |
Unrealized holding gain arising from the reclassification of held-to-maturity securities to available-for-sale securities | ' | 1,968 | ' |
Less: reclassification adjustment for (gain) loss included in net income | -1,039 | -1,104 | -1,635 |
Unrealized gain on interest rate swap | ' | 9 | 2 |
Unrealized gain (loss) on interest-only strip of servicing assets | ' | -4 | -2 |
Income tax benefit (expense) related to items of other comprehensive income | 10,737 | -1,344 | ' |
Other comprehensive (loss ) income | -14,798 | 1,894 | 6,488 |
Comprehensive Income | $25,108 | $92,268 | $34,635 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock - Number of Shares, Gross Shares Issued and Outstanding [Member] | Common Stock - Number of Shares, Treasury Shares [Member] | Common Stock - Number of Shares, Net Shares Issued and Outstanding [Member] | Stockholders' Equity Additional Paid-in Capital [Member] | Stockholders' Equity Accumulated Other Comprehensive Income (Loss) [Member] | Stockholders' Equity Retained Earnings (Deficit) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning balance at Dec. 31, 2010 | $173,256 | $156 | ($70,012) | ' | $472,116 | ($2,964) | ($226,040) |
Beginning balance, shares at Dec. 31, 2010 | ' | 19,478,862 | -579,063 | 18,899,799 | ' | ' | ' |
Shares issued, net of offering and underwriting costs | 77,109 | 101 | ' | ' | 77,008 | ' | ' |
Shares issued, net of offering and underwriting costs, shares | ' | 12,578,233 | ' | 12,578,233 | ' | ' | ' |
Treasury shares issued related to reverse stock split | ' | ' | 154 | ' | -154 | ' | ' |
Treasury shares issued related to reverse stock split, shares | ' | ' | 1,169 | 1,169 | ' | ' | ' |
Share-based compensation expense | 608 | ' | ' | ' | 608 | ' | ' |
Restricted stock awards | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards, shares | ' | 10,000 | ' | 10,000 | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 28,147 | ' | ' | ' | ' | ' | 28,147 |
Change in unrealized gain (loss) on securities Available-for-sale and interest-only strips, net of income taxes | 6,488 | ' | ' | ' | ' | 6,488 | ' |
Comprehensive Income | 34,635 | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 285,608 | 257 | -69,858 | ' | 549,578 | 3,524 | -197,893 |
Ending balance, shares at Dec. 31, 2011 | ' | 32,067,095 | -577,894 | 31,489,201 | ' | ' | ' |
Share-based compensation expense | 478 | ' | ' | ' | 478 | ' | ' |
Exercises of stock options | 10 | ' | ' | ' | 10 | ' | ' |
Exercises of stock options, shares | ' | 1,250 | ' | 1,250 | ' | ' | ' |
Exercises of stock warrants, shares | ' | 8,089 | ' | 8,089 | ' | ' | ' |
Restricted stock cancellation | ' | ' | ' | ' | ' | ' | ' |
Restricted stock cancellation, shares | ' | -2,000 | ' | -2,000 | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 90,374 | ' | ' | ' | ' | ' | 90,374 |
Change in unrealized gain (loss) on securities Available-for-sale and interest-only strips, net of income taxes | 1,894 | ' | ' | ' | ' | 1,894 | ' |
Comprehensive Income | 92,268 | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 378,364 | 257 | -69,858 | ' | 550,066 | 5,418 | -107,519 |
Ending balance, shares at Dec. 31, 2012 | ' | 32,074,434 | -577,894 | 31,496,540 | ' | ' | ' |
Share-based compensation expense | 705 | ' | ' | ' | 705 | ' | ' |
Exercises of stock options | 205 | ' | ' | ' | 205 | ' | ' |
Exercises of stock options, shares | ' | 46,113 | ' | 46,113 | ' | ' | ' |
Exercises of stock warrants | 1,294 | ' | ' | ' | 1,294 | ' | ' |
Exercises of stock warrants, shares | ' | 106,315 | ' | 106,315 | ' | ' | ' |
Restricted stock awards | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards, shares | ' | 116,332 | ' | 116,332 | ' | ' | ' |
Restricted stock cancellation | ' | ' | ' | ' | ' | ' | ' |
Restricted stock cancellation, shares | ' | -3,750 | ' | -3,750 | ' | ' | ' |
Cash dividend | -4,439 | ' | ' | ' | ' | ' | -4,439 |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' |
Net income | 39,906 | ' | ' | ' | ' | ' | 39,906 |
Change in unrealized gain (loss) on securities Available-for-sale and interest-only strips, net of income taxes | -14,798 | ' | ' | ' | ' | -14,798 | ' |
Comprehensive Income | 25,108 | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $401,237 | $257 | ($69,858) | ' | $552,270 | ($9,380) | ($72,052) |
Ending balance, shares at Dec. 31, 2013 | ' | 32,339,444 | -577,894 | 31,761,550 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $39,906 | $90,374 | $28,147 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization of premises and equipment | 1,960 | 2,123 | 2,163 |
Amortization of premiums and accretion of discounts on investment securities, net | 2,443 | 3,470 | 3,222 |
Amortization of other intangible assets | 164 | 198 | 700 |
Amortization of servicing assets | 1,463 | 1,067 | 730 |
Share-based compensation expense | 705 | 478 | 608 |
Provision for credit losses | ' | 6,000 | 12,100 |
Other-than-temporary loss on investment securities | 0 | 292 | ' |
Gain on sales of investment securities | -1,039 | -1,396 | -1,635 |
Loss on investment in affordable housing partnership | 639 | 620 | 846 |
Gain on bank-owned life insurance settlement | ' | -163 | ' |
Gain on sales of loans | -7,443 | -4,188 | -1,426 |
(Gain) loss on sales of other real estate owned | -71 | -10 | 671 |
(Gain) loss on sale of premises and equipment | -13 | 5 | ' |
Valuation adjustment on other real estate owned | 10 | 301 | 488 |
Valuation adjustment for loans held for sale | ' | 3,746 | 2,903 |
Origination of loans held for sale | -83,027 | -116,829 | -60,238 |
Proceeds from sales of SBA loans guaranteed portion | 105,006 | 126,777 | 63,950 |
Change in restricted cash | 5,350 | -3,532 | -1,818 |
Change in accrued interest receivable | 526 | 248 | 219 |
Change in servicing assets | ' | -2,889 | -1,560 |
Change in deferred tax assets | 9,650 | -52,342 | ' |
Change in current tax assets | -2,739 | 43 | 115 |
Change in cash surrender value of bank-owned life insurance | -1,171 | -947 | -939 |
Change in prepaid expenses | 669 | -486 | -167 |
Change in other assets | -6,319 | 183 | 2,118 |
Change in accrued interest payable | -8,409 | -4,257 | 66 |
Change in stock warrants payable | 83 | 23 | -717 |
Change in other liabilities | 2,375 | 1,029 | -1,301 |
Net cash provided by operating activities | 60,718 | 49,938 | 49,245 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from matured term federal funds | ' | 270,000 | ' |
Proceeds from redemption of federal home loan bank and federal reserve bank stock | 5,743 | 5,054 | 4,428 |
Proceeds from matured or called securities available-for-sale | 65,574 | 150,113 | 249,282 |
Proceeds from sales of securities available-for-sale | 78,473 | 102,538 | 155,468 |
Proceeds from matured or called securities held to maturity | ' | 6,704 | 135 |
Proceeds from sales of other real estate owned | 784 | 749 | 6,453 |
Proceeds from sales of loans held for sale | 5,380 | 97,915 | 107,782 |
Proceeds from insurance settlement on bank-owned life insurance | 526 | 345 | ' |
Change in loans receivable | -207,999 | -157,514 | 120,686 |
Purchases of term federal fund | ' | -155,000 | -115,000 |
Purchases of securities available-for-sale | -250,852 | -267,949 | -368,442 |
Purchases of securities held to maturity | ' | ' | -59,179 |
Purchases of premises and equipment | -1,018 | -675 | -1,167 |
Purchases of loans receivable | ' | -82,885 | ' |
Purchases of federal reserve bank stock | -977 | -3,664 | -1,109 |
Net cash (used in) provided by investing activities | -304,366 | -34,269 | 99,337 |
Cash flows from financing activities: | ' | ' | ' |
Change in deposits | 116,362 | 51,053 | -121,811 |
Repayment of long-term federal home loan bank advances | -389 | -368 | -347 |
Redemption of junior subordinated debentures | -82,406 | ' | ' |
Proceeds from issuance of common stock in offering | ' | ' | 77,109 |
Proceeds from exercise of stock options | 525 | 10 | ' |
Proceeds from exercise of stock warrants | 305 | ' | ' |
Cash dividend paid | -4,439 | ' | ' |
Net change in short-term federal home loan bank advances and other borrowings | 125,000 | ' | -151,570 |
Net cash provided by (used in) financing activities | 154,958 | 50,695 | -196,619 |
Net (decrease) increase in cash and cash equivalents | -88,690 | 66,364 | -48,037 |
Cash and cash equivalents at beginning of year | 268,047 | 201,683 | 249,720 |
Cash and cash equivalents at end of period | 179,357 | 268,047 | 201,683 |
Cash paid during the period for: | ' | ' | ' |
Interest paid | 21,916 | 23,002 | 27,696 |
Income taxes paid | 15,110 | 4,912 | 3 |
Non-cash activities: | ' | ' | ' |
Transfer of loans receivable to other real estate owned | 1,612 | 3,071 | 4,213 |
Transfer of loans receivable to loans held for sale | 8,010 | 95,611 | 110,290 |
Transfer of loans held for sale to loans receivable | 2,534 | 1,779 | ' |
Loans provided in the sale of loans held for sale | ' | ' | 5,750 |
Loans provided in the sale of other real estate owned | ' | ' | 510 |
Reclassification of held-to-maturity securities to available-for-sale securities | ' | 52,674 | ' |
Conversion of stock warrants into common stock | 987 | ' | ' |
Issuance of treasury stocks in connection with reverse stock split | ' | ' | 154 |
Income tax benefit related to items of other comprehensive loss | 10,737 | -1,344 | ' |
Change in unrealized loss in accumulated other comprehensive income | $24,496 | ($2,369) | ($8,123) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Significant Accounting Policies | ' | ||
Note 1 — Summary of Significant Accounting Policies | |||
Summary of Operations | |||
Hanmi Financial Corporation (“Hanmi Financial,” the “Company,” “we,” “us” or “our”) was formed as a holding company of Hanmi Bank (the “Bank”) and registered with the Securities and Exchange Commission under the Act on March 17, 2001. Subsequent to its formation, each of the Bank’s shares was exchanged for one share of Hanmi Financial with an equal value. Our primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through operation of the Bank. | |||
The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community as well as other ethnic communities in Los Angeles County, Orange County, San Bernardino County, San Diego County, the San Francisco Bay area, and the Silicon Valley area in Santa Clara County. The Bank’s full-service offices are located in markets where many of the businesses are run by immigrants and other minority groups. The Bank’s client base reflects the multi-ethnic composition of these communities. The Bank is a California state-chartered financial institution insured by the FDIC. As of December 31, 2013, the Bank maintained a network of 27 full-service branch offices in California and two loan production offices in Washington and Texas. | |||
Our other subsidiaries, Chun-Ha Insurance Services, Inc. (“Chun-Ha”) and All World Insurance Services, Inc. (“All World”), were acquired in January 2007. Founded in 1989, Chun-Ha and All World are insurance agencies that offer a complete line of insurance products, including life, commercial, automobile, health, and property and casualty. | |||
Basis of Presentation | |||
The accounting and reporting policies of Hanmi Financial and subsidiaries conform, in all material respects, to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying Consolidated Financial Statements. | |||
The number of shares of our common stock and the computation of basic and diluted earnings (loss) per share were adjusted retroactively for all periods presented to reflect the 1-for-8 reverse stock split, which became effective on December 19, 2011. | |||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of Hanmi Financial and our wholly owned subsidiaries, the Bank, Chun-Ha and All World. All intercompany transactions and balances have been eliminated in consolidation. | |||
Use of Estimates in the Preparation of Financial Statements | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas where estimates are made consist of the allowance for loan losses, other-than-temporary impairment, investment securities valuations and income taxes. Actual results could differ from those estimates. | |||
Reclassifications | |||
Certain reclassifications were made to the prior year’s presentation to conform to the current year’s presentation. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents include cash, due from banks, overnight federal funds sold and Treasury bills, all of which have original or purchased maturities of less than 90 days. | |||
Restricted Cash | |||
Effective June 30, 2011, the Bank was required to enter into a reserve account agreement with the SBA to sell loans into the secondary market. Under the agreement, the Bank was required to maintain a reserve account at a well-capitalized FDIC insured depository financial institution for the amount equal to the percentage of the guaranteed portion sold into the secondary market. The reserve account was terminated on February 4, 2013. | |||
Securities | |||
Securities are classified into three categories and accounted for as follows: | |||
(i) | Securities that we have the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost; | ||
(ii) | Securities that are bought and held principally for the purpose of selling them in the near future are classified as “trading securities” and reported at fair value. Unrealized gains and losses are recognized in earnings; and | ||
(iii) | Securities not classified as held to maturity or trading securities are classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of stockholders’ equity as accumulated other comprehensive income, net of income taxes. | ||
Accreted discounts and amortized premiums on investment securities are included in interest income using the effective interest method over the remaining period to the call date or contractual maturity and, in the case of mortgage-backed securities and securities with call features, adjusted for anticipated prepayments. Unrealized and realized gains or losses related to holding or selling of securities are calculated using the specific-identification method. | |||
We review investment securities on an ongoing basis for the presence of other-than-temporary impairment (“OTTI”) or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. | |||
For debt securities, the classification of OTTI depends on whether we intend to sell the security or if it is more likely than not that we will be required to sell the security before recovery of its costs basis, and on the nature of the impairment. If we intend to sell a security or if it is more likely than not that we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in other comprehensive income net of tax. A credit loss is the difference between the cost basis of the security and the present value of cash flows expected to be collected, discounted at the security’s effective interest rate at the date of acquisition. The cost basis of an other than temporarily impaired security is written down by the amount of impairment recognized in earnings. The new cost basis is not adjusted for subsequent recoveries in fair value. | |||
Loans Receivable | |||
We originate loans for investment, with such designation made at the time of origination. Loans receivable that we have the intent and ability to hold for the foreseeable future, or until maturity, are stated at their outstanding principal, reduced by an allowance for loan losses and net of deferred loan fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Non-refundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method. Discounts or premiums on purchased loans are accreted or amortized to interest income using the effective interest method over the remaining period to contractual maturity adjusted for anticipated prepayments. Interest on loans is credited to income as earned and is accrued only if deemed collectible. Accretion of discounts and deferred loan fees is discontinued when loans are placed on non-accrual status. | |||
Loans are placed on non-accrual status when, in the opinion of management, the full timely collection of principal or interest is in doubt. Generally, the accrual of interest is discontinued when principal or interest payments become more than 90 days past due. However, in certain instances, we may place a particular loan on non-accrual status earlier, depending upon the individual circumstances surrounding the loan’s delinquency. When an asset is placed on non-accrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Non-accrual assets may be restored to accrual status when principal and interest become current and full repayment is expected. Interest income is recognized on the accrual basis for impaired loans not meeting the criteria for non-accrual. | |||
Non-performing assets consist of loans on non-accrual status, loans 90 days or more past due and still accruing interest, loans restructured with troubled borrowers where the terms of repayment have been renegotiated resulting in a reduction or deferral of interest or principal, and other real estate owned (“OREO”). Loans are generally placed on non-accrual status when they become 90 days past due unless management believes the loan is adequately collateralized and in the process of collection. Additionally, the Bank may place loans that are not 90 days past due on non-accrual status, if management reasonably believes the borrower will not be able to comply with the contractual loan repayment terms and collection of principal or interest is in question. | |||
Loans Held for Sale | |||
Loans originated, or transferred from loans receivable, and intended for sale in the secondary market are carried at the lower of aggregate cost or fair market value. Fair market value, if lower than cost, is determined based on valuations obtained from market participants or the value of underlying collateral, calculated individually. A valuation allowance is established if the market value of such loans is lower than their cost and net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Origination fees on loans held for sale, net of certain costs of processing and closing the loans, are deferred until the time of sale and are included in the computation of the gain or loss from the sale of the related loans. | |||
Allowance for Loan Losses | |||
Management believes the allowance for loan losses is adequate to provide for probable losses inherent in the loan portfolio. However, the allowance is an estimate that is inherently uncertain and depends on the outcome of future events. Management’s estimates are based on previous loan loss experience; volume, growth and composition of the loan portfolio; the value of collateral; and current economic conditions. Our lending is concentrated in commercial, consumer, construction and real estate loans in greater Los Angeles County and Orange County. | |||
Provisions to allowance for loan losses are made quarterly to recognize probable loan losses. The quarterly provision is based on the allowance need, which is determined through analysis involving quantitative calculations based on historic loss rates for general reserves and individual impairment calculations for specific allocations to impaired loans as well as qualitative adjustments. | |||
In the first quarter of 2010, the look-back period was reduced from twelve quarters to eight quarters, with 60 percent weighting given to the most recent four quarters and 40 percent to the oldest four quarters, to place greater emphasis on losses taken by the Bank during the economic downturn. In the second quarter of 2013, management reevaluated the look-back period and restored the twelve quarter look-back period in order to capture a period of higher losses that would have otherwise been excluded. Risk factor calculations are weighted at 50 percent for the most recent four quarters, 33 percent for the next four quarters, and 17 percent for the oldest four quarters. Homogenous loans are collectively evaluated for loss potential. The change in methodology maintained the Bank’s allowance at a level consistent with the prior quarter. | |||
To determine general reserve requirements, existing loans are divided into 11 general loan pools of risk-rated loans as well as three homogenous loan pools. For risk-rated loans, migration analysis allocates historical losses by loan pool and risk grade to determine risk factors for potential loss inherent in the current outstanding loan portfolio. In addition, specific reserves are allocated for loans deemed “impaired.” | |||
When determining the appropriate level for allowance for loan losses, management considers qualitative adjustments for any factors that are likely to cause estimated credit losses associated with the Bank’s current portfolio to differ from historical loss experience, including, but not limited to, national and local economic and business conditions, volume and geographic concentrations, and problem loan trends. | |||
To systematically quantify the credit risk impact of trends and changes within the loan portfolio, a credit risk matrix is utilized. The qualitative factors are considered on a loan pool by loan pool basis subsequent to, and in conjunction with, a loss migration analysis. The credit risk matrix provides various scenarios with positive or negative impact on the portfolio along with corresponding basis points for qualitative adjustments. | |||
Loan losses are charged off, and recoveries are credited, to the allowance account. Additions to the allowance account are charged to the provision for credit losses. The allowance for loan losses is maintained at a level considered adequate by management to absorb probable losses in the loan portfolio. The adequacy of the allowance is determined by management based upon an evaluation and review of the loan portfolio, consideration of historical loan loss experience, current economic conditions, changes in the composition of the loan portfolio, analysis of collateral values and other pertinent factors. | |||
Loans are measured for impairment when it is probable that not all amounts, including principal and interest, will be collected in accordance with the original contractual terms of the loan agreement. The amount of impairment and any subsequent changes are recorded through the provision for credit losses as an adjustment to the allowance for loan losses. | |||
The Bank follows the “Interagency Policy Statement on the Allowance for Loan and Lease Losses” and, as an integral part of the quarterly credit review process, the allowance for loan losses and allowance for off-balance sheet items are reviewed for adequacy. The California Department of Business Oversight (“DBO”) and/or the Board of Governors of the Federal Reserve System (“Federal Reserve”) require the Bank to recognize additions to the allowance for loan losses based upon their assessment of the information available to them at the time of their examinations. | |||
In general, the Bank will charge off a loan and declare a loss when its collectability is questionable and when the Bank can no longer justify presenting the loan as an asset on its balance sheet. To determine if a loan should be charged off, all possible sources of repayment are analyzed, including the potential for future cash flow from income or liquidation of other assets, the value of any collateral, and the strength of co-makers or guarantors. When these sources do not provide a reasonable probability that principal can be collected in full, the Bank will fully or partially charge off the loan. | |||
For a real estate loan, including commercial term loans secured by collateral, any impaired portion is considered as loss if the loan is more than 90 days past due. In a case where the fair value of collateral is less than the loan balance and the borrower has no other assets or income to support repayment, the amount of the deficiency is considered loss and charged off. | |||
For a commercial and industrial loan other than those secured by real estate, if the borrower is in the process of a bankruptcy filing in which the Bank is an unsecured creditor or deemed virtually unsecured by lack of collateral equity or lien position and the borrower has no realizable equity in assets and prospects for recovery are negligible, the loan is considered loss and charged off. Additionally, a commercial and industrial unsecured loan that is more than 120 days past due is considered loss and charged off. | |||
An unsecured consumer loan where a borrower files for bankruptcy, the loan is considered loss within 60 days of receipt of notification of filing from the bankruptcy court. Other consumer loans are considered loss if they are more than 90 days past due. Other events, such as bankruptcy, fraud, or death result in charge offs being recorded in an earlier period. | |||
Impaired Loans | |||
Loans are identified and classified as impaired when it is probable that not all amounts, including principal and interest, will be collected in accordance with the contractual terms of the loan agreement. The Bank will consider the following loans as impaired: non-accrual loans or loans where principal or interest payments have been contractually past due for 90 days or more, unless the loan is both well-collateralized and in the process of collection; loans classified as troubled debt restructuring loans; or any loan classified as Substandard that the amount is over 5 percent of the Bank’s Tier 1 Capital. | |||
The Bank considers whether the borrower is experiencing problems such as operating losses, marginal working capital, inadequate cash flow or business deterioration in realizable value. The Bank also considers the financial condition of a borrower who is in industries or countries experiencing economic or political instability. | |||
When a loan is considered impaired, any future cash receipts on such loans will be treated as either interest income or return of principal depending upon management’s opinion of the ultimate risk of loss on the individual loan. Cash payments are treated as interest income where management believes the remaining principal balance is fully collectible. | |||
We evaluate loan impairment in accordance with applicable GAAP. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, less costs to sell. If the measure of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established. Additionally, impaired loans are specifically excluded from the quarterly migration analysis when determining the amount of the allowance for loan losses required for the period. | |||
For impaired loans where the impairment amount is measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate, any impairment that represents the change in present value attributable to the passage of time is recognized as provision for credit losses. | |||
The amount of interest income recognized on impaired loans using a cash basis method is disclosed in Note 3 – Loans. | |||
Troubled Debt Restructuring | |||
A loan is identified as a troubled debt restructuring (“TDR”) loan when a borrower is experiencing financial difficulties and, for economic or legal reasons related to these difficulties, the Bank grants a concession to the borrower in the restructuring that it would not otherwise consider. The Bank has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due, including principal and/or interest accrued at the original terms of the loan. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a note split with principal forgiveness. All troubled debt restructurings are reviewed for potential impairment. Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of six months to demonstrate that the borrower can perform under the restructured terms. If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Loans classified as TDRs are reported as impaired loans. | |||
Premises and Equipment | |||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of useful lives for the principal classes of assets are as follows: | |||
Buildings and improvements | 10 to 30 years | ||
Furniture and equipment | 3 to 7 years | ||
Leasehold improvements | Term of lease or useful life, whichever is shorter | ||
Software | 3 years | ||
Impairment of Long-Lived Assets | |||
We account for long-lived assets in accordance with the provisions of FASB ASC 360, “Property, Plant and Equipment.” This requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | |||
Other Real Estate Owned | |||
Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, valuation impairment is recorded through expense. Operating costs after acquisition are expensed. | |||
Servicing Assets | |||
Servicing assets are recorded at the lower of amortized cost or fair value in accordance with the provisions of FASB ASC 860, “Transfers and Servicing.” The fair values of servicing assets represent either the price paid if purchased, or the allocated carrying amounts based on relative values when retained in a sale. Servicing assets are amortized in proportion to, and over the period of, estimated net servicing income. The fair value of servicing assets is determined based on the present value of estimated net future cash flows related to contractually specified servicing fees. | |||
The servicing asset is recorded based on the present value of the contractually specified servicing fee, net of adequate compensation, for the estimated life of the loan, using a discount rate and a constant prepayment rate. Management periodically evaluates the servicing asset for impairment. Impairment, if it occurs, is recognized in a valuation allowance in the period of impairment. | |||
Interest-only strips are recorded based on the present value of the excess of total servicing fee over the contractually specified servicing fee for the estimated life of the loan, calculated using the same assumptions as noted above. Such interest-only strips are accounted for at their estimated fair value, with unrealized gains or losses recorded as adjustments to accumulated other comprehensive income (loss). | |||
Other Intangible Assets | |||
Other intangible assets consist of acquired intangible assets arising from acquisitions, including trade names, carrier relationships and client/insured relationships. The acquired intangible assets were initially measured at fair value and then are amortized on the straight-line method over their estimated useful lives. | |||
As required by FASB ASC 350, other intangible assets are assessed for impairment or recoverability whenever events or changes in circumstances indicate the carrying amount may not be recoverable. | |||
Federal Home Loan Bank Stock | |||
The Bank is a member of the Federal Home Loan Bank of San Francisco (“FHLB”) and is required to own common stock in the FHLB based upon the Bank’s balance of outstanding FHLB advances. FHLB stock is carried at cost and may be sold back to the FHLB at its carrying value. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends received are reported as dividend income. | |||
Federal Reserve Bank Stock | |||
The Bank is a member of the Federal Reserve Bank of San Francisco (“FRB”) and is required to maintain stock in the FRB based on a specified ratio relative to the Bank’s capital. FRB stock is carried at cost and may be sold back to the FRB at its carrying value. FRB stock is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends received are reported as dividend income. | |||
Bank-Owned Life Insurance | |||
We have purchased single premium life insurance policies (“bank-owned life insurance”) on certain officers. The Bank is the beneficiary under the policy. In the event of the death of a covered officer, we will receive the specified insurance benefit from the insurance carrier. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due, if any, that are probable at settlement. | |||
Affordable Housing Investments | |||
The Bank has invested in limited partnerships formed to develop and operate affordable housing units for lower income tenants throughout California. The partnership interests are accounted for utilizing the equity method of accounting. The costs of the investments are being amortized on a straight-line method over the life of related tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken is subject to recapture with interest. Such investments are recorded in other assets in the accompanying Consolidated Balance Sheets. | |||
Income Tax | |||
We provide for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Share-Based Compensation | |||
We adopted FASB ASC 718, “Compensation-Stock Compensation,” on January 1, 2006 using the “modified prospective” method. Under this method, awards that are granted, modified or settled after December 31, 2005 are measured and accounted for in accordance with FASB ASC 718. Also under this method, expense is recognized for services attributed to the current period for unvested awards that were granted prior to January 1, 2006, based upon the fair value determined at the grant date under SFAS No. 123, “Accounting for Stock-Based Compensation.” | |||
FASB ASC 718 requires that cash flows resulting from the realization of excess tax benefits recognized on awards that were fully vested at the time of adoption of FASB ASC 718 be classified as a financing cash inflow and an operating cash outflow on the Consolidated Statements of Cash Flows. Before the adoption of FASB ASC 718, we presented all tax benefits realized from the exercise of stock options as an operating cash inflow. | |||
In addition, FASB ASC 718 requires that any unearned compensation related to awards granted prior to the adoption of FASB ASC 718 be eliminated against the appropriate equity accounts. As a result, the presentation of stockholders’ equity was revised to reflect the transfer of the balance previously reported in unearned compensation to additional paid-in capital. | |||
Earnings Per Share | |||
Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. | |||
Treasury Stock | |||
We use the cost method of accounting for treasury stock. The cost method requires us to record the reacquisition cost of treasury stock as a deduction from stockholders’ equity on the Consolidated Balance Sheets. | |||
Recently Issued Accounting Standards | |||
FASB ASU 2014-04 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (Topic 310-40)” was issued to define a term in substance a repossession or foreclosure and physical possession in accounting literature and when a creditor should derecognize the loan receivable and recognize the real estate property. The amendments in this update are intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendment is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of FASB ASU 2014-04 is not expected to have a significant impact on our financial condition or result of operations. | |||
FASB ASU 2014-01 “Accounting for Investments in Qualified Affordable Housing Projects (Topic 323)” was issued to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendment is effective for public business entities for annual periods and interim presorting periods within those annual periods, beginning after December 15, 2014. The adoption of FASB ASU 2014-01 is not expected to have a significant impact on our financial condition or result of operations. | |||
FASB ASU 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740)” was issued to improve the reporting for unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The pronouncement is expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The pronouncement is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this pronouncement did not have a material impact on our consolidated financial statements. | |||
FASB ASU 2013-02 “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (Topic 220)” was issued to address concerns raised in the initial issuance of ASU 2011-05, “Presentation of Comprehensive Income.” For items reclassified out of accumulated other comprehensive income into net income in their entirety, entities must disclose the effect of the reclassification on each affected net income line item. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required U.S. GAAP disclosures. This information may be provided either in the notes or parenthetically on the face of the statement that reports net income as long as all the information is disclosed in a single location. However, an entity is prohibited from providing this information parenthetically on the face of the statement that reports net income if it has items that are not reclassified in their entirety into net income. The amendments are effective for annual reporting periods beginning after December 15, 2012 and interim periods within those years. The adoption of FASB ASU 2013-02 did not have a significant impact on our financial condition or result of operations. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||||||||||
Note 2 — Investment Securities | |||||||||||||||||||||||||||||||||||||
The following is a summary of investment securities available for sale as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 222,768 | $ | 317 | $ | 6,026 | $ | 217,059 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 130,636 | 274 | 3,217 | 127,693 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 90,852 | — | 7,316 | 83,536 | |||||||||||||||||||||||||||||||||
Municipal bonds-tax exempt | 13,857 | 110 | 30 | 13,937 | |||||||||||||||||||||||||||||||||
Municipal bonds-taxable | 33,361 | 73 | 1,080 | 32,354 | |||||||||||||||||||||||||||||||||
Corporate bonds | 21,013 | 8 | 186 | 20,835 | |||||||||||||||||||||||||||||||||
U.S. treaury bills | 19,998 | — | 1 | 19,997 | |||||||||||||||||||||||||||||||||
SBA loan pool securities | 13,598 | — | 969 | 12,629 | |||||||||||||||||||||||||||||||||
Other securities | 3,030 | — | 144 | 2,886 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 549,113 | $ | 782 | $ | 18,969 | $ | 530,926 | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 157,185 | $ | 3,327 | $ | 186 | $ | 160,326 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 98,821 | 1,775 | 109 | 100,487 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 92,990 | 222 | 94 | 93,118 | |||||||||||||||||||||||||||||||||
Municipal bonds-tax exempt | 12,209 | 603 | — | 12,812 | |||||||||||||||||||||||||||||||||
Municipal bonds-taxable | 44,248 | 2,029 | 135 | 46,142 | |||||||||||||||||||||||||||||||||
Corporate bonds | 20,470 | 176 | 246 | 20,400 | |||||||||||||||||||||||||||||||||
SBA loan pool securities | 14,104 | 4 | 82 | 14,026 | |||||||||||||||||||||||||||||||||
Other securities | 3,331 | 73 | 47 | 3,357 | |||||||||||||||||||||||||||||||||
Equity securities | 354 | 78 | 40 | 392 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 443,712 | $ | 8,287 | $ | 939 | $ | 451,060 | |||||||||||||||||||||||||||||
(1) | Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities | ||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities as of December 31, 2013, by contractual maturity, are shown below. Although mortgage-backed securities and collateralized mortgage obligations have contractual maturities through 2063, expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Within one year | $ | 19,998 | $ | 19,996 | |||||||||||||||||||||||||||||||||
Over one year through five years | 31,560 | 31,306 | |||||||||||||||||||||||||||||||||||
Over five years through ten years | 101,992 | 95,869 | |||||||||||||||||||||||||||||||||||
Over ten years | 42,159 | 39,003 | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 222,768 | 217,059 | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 130,636 | 127,693 | |||||||||||||||||||||||||||||||||||
Total | $ | 549,113 | $ | 530,926 | |||||||||||||||||||||||||||||||||
FASB ASC 320, “Investments – Debt and Equity Securities,” requires us to periodically evaluate our investments for other-than-temporary impairment (“OTTI”). There was no OTTI charge during the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Gross unrealized losses on investment securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Holding Period | |||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||
Gross | Estimated | Number of | Gross | Estimated | Number of | Gross | Estimated | Number of | |||||||||||||||||||||||||||||
Unrealized | Fair Value | Securities | Unrealized | Fair Value | Securities | Unrealized | Fair Value | Securities | |||||||||||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||||||||||||||
(In thousands, except number of securities) | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 3,437 | $ | 170,324 | 51 | $ | 2,589 | $ | 30,947 | 12 | $ | 6,026 | $ | 201,271 | 63 | ||||||||||||||||||||||
Collateralized mortgage obligations | 2,353 | 87,026 | 27 | 864 | 14,657 | 7 | 3,217 | 101,683 | 34 | ||||||||||||||||||||||||||||
U.S. government agency securities | 3,942 | 50,932 | 19 | 3,374 | 32,606 | 12 | 7,316 | 83,538 | 31 | ||||||||||||||||||||||||||||
Municipal bonds-tax exempt | 30 | 8,562 | 5 | — | — | — | 30 | 8,562 | 5 | ||||||||||||||||||||||||||||
Municipal bonds-taxable | 787 | 22,817 | 16 | 293 | 3,813 | 4 | 1,080 | 26,630 | 20 | ||||||||||||||||||||||||||||
Corporate bonds | 9 | 5,024 | 1 | 177 | 11,803 | 3 | 186 | 16,827 | 4 | ||||||||||||||||||||||||||||
U.S. Treasury bills | 1 | 19,996 | 2 | — | — | — | 1 | 19,996 | 2 | ||||||||||||||||||||||||||||
SBA loan pool securities | — | — | — | 969 | 12,629 | 4 | 969 | 12,629 | 4 | ||||||||||||||||||||||||||||
Other securities | 48 | 1,957 | 3 | 96 | 929 | 3 | 144 | 2,886 | 6 | ||||||||||||||||||||||||||||
Total | $ | 10,607 | $ | 366,638 | 124 | $ | 8,362 | $ | 107,384 | 45 | $ | 18,969 | $ | 474,022 | 169 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 186 | $ | 28,354 | 10 | $ | — | $ | — | — | $ | 186 | $ | 28,354 | 10 | ||||||||||||||||||||||
Collateralized mortgage obligations | 109 | 14,344 | 5 | — | — | — | 109 | 14,344 | 5 | ||||||||||||||||||||||||||||
U.S. government agency securities | 94 | 26,894 | 9 | — | — | — | 94 | 26,894 | 9 | ||||||||||||||||||||||||||||
Municipal bonds-taxable | 126 | 4,587 | 4 | 9 | 1,964 | 3 | 135 | 6,551 | 7 | ||||||||||||||||||||||||||||
Corporate bonds | — | — | — | 246 | 10,738 | 3 | 246 | 10,738 | 3 | ||||||||||||||||||||||||||||
SBA loan pool securities | 82 | 11,004 | 3 | — | — | — | 82 | 11,004 | 3 | ||||||||||||||||||||||||||||
Other securities | 1 | 12 | 1 | 46 | 953 | 1 | 47 | 965 | 2 | ||||||||||||||||||||||||||||
Equity securities | 40 | 96 | 1 | — | — | — | 40 | 96 | 1 | ||||||||||||||||||||||||||||
Total | $ | 638 | $ | 85,291 | 33 | $ | 301 | $ | 13,655 | 7 | $ | 939 | $ | 98,946 | 40 | ||||||||||||||||||||||
All individual securities that have been in a continuous unrealized loss position for 12 months or longer as of December 31, 2013 and December 31, 2012 had investment grade ratings upon purchase. The issuers of these securities have not established any cause for default on these securities and the various rating agencies have reaffirmed these securities’ long-term investment grade status as of December 31, 2013. These securities have fluctuated in value since their purchase dates as market interest rates have fluctuated. | |||||||||||||||||||||||||||||||||||||
FASB ASC 320 requires other-than-temporarily impaired investment securities to be written down when fair value is below amortized cost in circumstances where: (1) an entity has the intent to sell a security; (2) it is more likely than not that an entity will be required to sell the security before recovery of its amortized cost basis; or (3) an entity does not expect to recover the entire amortized cost basis of the security. If an entity intends to sell a security or if it is more likely than not the entity will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in other comprehensive income. | |||||||||||||||||||||||||||||||||||||
The Company does not intend to sell these securities and it is not more likely than not that we will be required to sell the investments before the recovery of its amortized cost basis. In addition, the unrealized losses on municipal and corporate bonds are not considered other-than-temporarily impaired as the bonds are rated investment grade and there are no credit quality concerns with the issuers. Interest payments have been made as scheduled, and management believes this will continue in the future and that the bonds will be repaid in full as scheduled. Therefore, in management’s opinion, all securities that have been in a continuous unrealized loss position for the past 12 months or longer as of December 31, 2013 and 2012 were not other-than-temporarily impaired, and therefore, no impairment charges as of December 31, 2013 and 2012 were warranted. | |||||||||||||||||||||||||||||||||||||
Realized gains and losses on sales of investment securities, proceeds from sales of investment securities and the tax expense on sales of investment securities were as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Gross realized gains on sales of investment securities | $ | 1,602 | $ | 1,447 | $ | 2,674 | |||||||||||||||||||||||||||||||
Gross realized losses on sales of investment securities | (563 | ) | (50 | ) | (1,039 | ) | |||||||||||||||||||||||||||||||
Net realized gains on sales of investment securities | $ | 1,039 | $ | 1,397 | $ | 1,635 | |||||||||||||||||||||||||||||||
Proceeds from sales of investment securities | $ | 78,473 | $ | 102,538 | $ | 155,468 | |||||||||||||||||||||||||||||||
Tax expense on sales of investment securities | $ | 437 | $ | 587 | $ | 687 | |||||||||||||||||||||||||||||||
For the year ended December 31, 2013, there was a $1.0 million net gain in earnings resulting from the redemption and sale of investment securities that had previously been recognized as net unrealized gains of $3.3 million in comprehensive income. For the year ended December 31, 2012, there was a $1.4 million net gain in earnings resulting from the redemption and sale of investment securities that had previously been recorded as net unrealized gains of $1.7 million in comprehensive income. | |||||||||||||||||||||||||||||||||||||
Investment securities available for sale with carrying values of $47.6 million and $18.2 million as of December 31, 2013 and 2012, respectively, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law. |
Loans
Loans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Loans | ' | ||||||||||||||||||||||||||||||||||||||||
Note 3 — Loans | |||||||||||||||||||||||||||||||||||||||||
The Board of Directors and management review and approve the Bank’s loan policy and procedures on a regular basis to reflect issues such as regulatory and organizational structure changes, strategic planning revisions, concentrations of credit, loan delinquencies and non-performing loans, problem loans, and policy adjustments. | |||||||||||||||||||||||||||||||||||||||||
Real estate loans are loans secured by liens or interest in real estate, to provide purchase, construction, and refinance on real estate properties. Commercial and industrial loans consist of commercial term loans, commercial lines of credit, and Small Business Administration (“SBA”) loans. Consumer loans consist of auto loans, credit cards, personal loans, and home equity lines of credit. We maintain management loan review and monitoring departments that review and monitor pass graded loans as well as problem loans to prevent further deterioration. | |||||||||||||||||||||||||||||||||||||||||
Concentrations of Credit: The majority of the Bank’s loan portfolio consists of commercial real estate and commercial and industrial loans. The Bank has been diversifying and monitoring commercial real estate loans based on property types, tightening underwriting standards, and portfolio liquidity and management, and has not exceeded certain specified limits set forth in the Bank’s loan policy. Most of the Bank’s lending activity occurs within Southern California. | |||||||||||||||||||||||||||||||||||||||||
Loans Receivable | |||||||||||||||||||||||||||||||||||||||||
Loans receivable consisted of the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | $ | 933,398 | $ | 787,094 | |||||||||||||||||||||||||||||||||||||
Residential property | 79,078 | 101,778 | |||||||||||||||||||||||||||||||||||||||
Total real estate loans | 1,012,476 | 888,872 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term (1) | 929,648 | 884,364 | |||||||||||||||||||||||||||||||||||||||
Commercial lines of credit (2) | 71,577 | 56,121 | |||||||||||||||||||||||||||||||||||||||
SBA loans (3) | 151,530 | 148,306 | |||||||||||||||||||||||||||||||||||||||
International loans | 36,353 | 34,221 | |||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans | 1,189,108 | 1,123,012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | 32,505 | 36,676 | |||||||||||||||||||||||||||||||||||||||
Total gross loans | 2,234,089 | 2,048,560 | |||||||||||||||||||||||||||||||||||||||
Allowance for loans losses | (57,555 | ) | (63,305 | ) | |||||||||||||||||||||||||||||||||||||
Deferred loan fees | 964 | 796 | |||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 2,177,498 | $ | 1,986,051 | |||||||||||||||||||||||||||||||||||||
(1) | Includes owner-occupied property loans of $822.0 million and $774.2 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2) | Includes owner-occupied property loans of $535,000 and $1.4 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
(3) | Includes owner-occupied property loans of $144.5 million and $128.4 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
Accrued interest on loans receivable was $5.4 million both at December 31, 2013 and 2012. At December 31, 2013 and 2012, loans receivable totaling $568.7 million and $524.0 million, respectively, were pledged to secure advances from the FHLB and the FRB’s federal discount window. | |||||||||||||||||||||||||||||||||||||||||
The following table details the information on the sales and reclassifications of loans receivable to loans held for sale by portfolio segment for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||||||||
and Industrial | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 8,306 | $ | — | $ | 8,306 | |||||||||||||||||||||||||||||||||
Origination of loans held for sale | — | 83,027 | — | 83,027 | |||||||||||||||||||||||||||||||||||||
Reclassification from loans receivable to loans held for sale | 780 | 7,230 | — | 8,010 | |||||||||||||||||||||||||||||||||||||
Reclassification from Loans held for sale to loans receivable | (774 | ) | (1,760 | ) | — | (2,534 | ) | ||||||||||||||||||||||||||||||||||
Sales of loans held for sale | — | (96,754 | ) | — | (96,754 | ) | |||||||||||||||||||||||||||||||||||
Principal payoffs and amortization | (6 | ) | (49 | ) | — | (55 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 11,068 | $ | 11,519 | $ | — | $ | 22,587 | |||||||||||||||||||||||||||||||||
Origination of loans held for sale | — | 116,829 | — | 116,829 | |||||||||||||||||||||||||||||||||||||
Reclassification from loans receivable to loans held for sale | 46,960 | 48,651 | — | 95,611 | |||||||||||||||||||||||||||||||||||||
Reclassification from loans held for sale to other real estate owned | (360 | ) | — | — | (360 | ) | |||||||||||||||||||||||||||||||||||
Reclassification from loans held for sale to loans receivable | (1,647 | ) | (132 | ) | — | (1,779 | ) | ||||||||||||||||||||||||||||||||||
Sales of loans held for sale | (54,669 | ) | (165,563 | ) | — | (220,232 | ) | ||||||||||||||||||||||||||||||||||
Principal payoffs and amortization | (228 | ) | (376 | ) | — | (604 | ) | ||||||||||||||||||||||||||||||||||
Valuation adjustments | (1,124 | ) | (2,622 | ) | — | (3,746 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 8,306 | $ | — | $ | 8,306 | |||||||||||||||||||||||||||||||||
For the year ended December 31, 2013, loans receivable of $8.0 million were reclassified as loans held for sale, and loans held for sale of $96.8 million were sold. For the year ended December 31, 2012, loans receivable of $95.6 million were reclassified as loans held for sale, and loans held for sale of $220.2 million were sold. | |||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Allowance for Off-Balance Sheet Items | |||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses and allowance for off-balance sheet items was as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
As of and for the | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 63,305 | $ | 89,936 | $ | 146,059 | |||||||||||||||||||||||||||||||||||
Actual charge-offs | (11,862 | ) | (38,227 | ) | (78,652 | ) | |||||||||||||||||||||||||||||||||||
Recoveries on loans previously charged off | 5,536 | 4,439 | 9,993 | ||||||||||||||||||||||||||||||||||||||
Net loan charge-offs | (6,326 | ) | (33,788 | ) | (68,659 | ) | |||||||||||||||||||||||||||||||||||
Provision charged to operating expense | 576 | 7,157 | 12,536 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 57,555 | $ | 63,305 | $ | 89,936 | |||||||||||||||||||||||||||||||||||
Allowance for off-balance sheet items: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,824 | $ | 2,981 | $ | 3,417 | |||||||||||||||||||||||||||||||||||
Provision charged to operating expense | (576 | ) | (1,157 | ) | (436 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,248 | $ | 1,824 | $ | 2,981 | |||||||||||||||||||||||||||||||||||
The allowance for off-balance sheet items and provisions is maintained at a level believed to be sufficient to absorb estimated probable losses related to these unfunded credit facilities. The determination of the allowance adequacy is based on periodic evaluations of the unfunded credit facilities including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. As of December 31, 2013 and 2012, the allowance for off-balance sheet items amounted to $1.2 million and $1.8 million, respectively. Net adjustments to the allowance for off-balance sheet items are included in the provision for credit losses. | |||||||||||||||||||||||||||||||||||||||||
The following table details the information on the allowance for loan losses by portfolio segment for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||
and Industrial | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 18,180 | $ | 41,928 | $ | 2,280 | $ | 917 | $ | 63,305 | |||||||||||||||||||||||||||||||
Charge-offs | (359 | ) | (11,236 | ) | (267 | ) | — | (11,862 | ) | ||||||||||||||||||||||||||||||||
Recoveries on loans previously charged off | 1,784 | 3,583 | 169 | — | 5,536 | ||||||||||||||||||||||||||||||||||||
Provision | (1,044 | ) | 2,001 | (755 | ) | 374 | 576 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 18,561 | $ | 36,276 | $ | 1,427 | $ | 1,291 | $ | 57,555 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 204 | $ | 5,980 | $ | 284 | $ | — | $ | 6,468 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 18,357 | $ | 30,296 | $ | 1,143 | $ | 1,291 | $ | 51,087 | |||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,012,476 | $ | 1,189,108 | $ | 32,505 | $ | — | $ | 2,234,089 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 8,817 | $ | 42,680 | $ | 1,569 | $ | — | $ | 53,066 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,003,659 | $ | 1,146,428 | $ | 30,936 | $ | — | $ | 2,181,023 | |||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 19,637 | $ | 66,005 | $ | 2,243 | $ | 2,051 | $ | 89,936 | |||||||||||||||||||||||||||||||
Charge-offs | (11,382 | ) | (25,897 | ) | (948 | ) | — | (38,227 | ) | ||||||||||||||||||||||||||||||||
Recoveries on loans previously charged off | 583 | 3,758 | 98 | — | 4,439 | ||||||||||||||||||||||||||||||||||||
Provision | 9,342 | (1,938 | ) | 887 | (1,134 | ) | 7,157 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 18,180 | $ | 41,928 | $ | 2,280 | $ | 917 | $ | 63,305 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 161 | $ | 5,456 | $ | 615 | $ | — | $ | 6,232 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 18,019 | $ | 36,472 | $ | 1,665 | $ | 917 | $ | 57,073 | |||||||||||||||||||||||||||||||
Loans receivable: | — | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 888,872 | $ | 1,123,012 | $ | 36,676 | $ | — | $ | 2,048,560 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 8,819 | $ | 44,273 | $ | 1,652 | $ | — | $ | 54,744 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 880,053 | $ | 1,078,739 | $ | 35,024 | $ | — | $ | 1,993,816 | |||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||||||
As part of the on-going monitoring of the credit quality of our loan portfolio, we utilize an internal loan grading system to identify credit risk and assign an appropriate grade (from (0) to (8)) for each and every loan in our loan portfolio. A third-party loan review is required on an annual basis. Additional adjustments are made when determined to be necessary. The loan grade definitions are as follows: | |||||||||||||||||||||||||||||||||||||||||
Pass: Pass loans, grades (0) to (4), are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weaknesses as defined under “Special Mention (5),” “Substandard (6)” or “Doubtful (7).” This category is the strongest level of the Bank’s loan grading system. It incorporates all performing loans with no credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans. The following are sub categories within the Pass category, or grades (0) to (4): | |||||||||||||||||||||||||||||||||||||||||
Pass (0): | Loans or commitments secured in full by cash or cash equivalents. | ||||||||||||||||||||||||||||||||||||||||
Pass (1): | Loans or commitments requiring a very strong, well-structured credit relationship with an established borrower. The relationship should be supported by audited financial statements indicating cash flow well in excess of debt service requirements, excellent liquidity, and very strong capital. | ||||||||||||||||||||||||||||||||||||||||
Pass (2): | Loans or commitments requiring a well-structured credit that may not be as seasoned or as high quality as grade (1). Capital, liquidity, debt service capacity, and collateral coverage must all be well above average. This grade includes individuals with substantial net worth supported by liquid assets and strong income. | ||||||||||||||||||||||||||||||||||||||||
Pass (3): | Loans or commitments to borrowers exhibiting a fully acceptable credit risk. These borrowers should have sound balance sheets and significant cash flow coverage, although they may be somewhat more leveraged and exhibit greater fluctuations in earning and financing but generally would be considered very attractive to the Bank as a borrower. The borrower has historically demonstrated the ability to manage economic adversity. Real estate and asset-based loans with this grade must have characteristics that place them well above the minimum underwriting requirements. Asset-based borrowers assigned this grade must exhibit extremely favorable leverage and cash flow characteristics and consistently demonstrate a high level of unused borrowing capacity. | ||||||||||||||||||||||||||||||||||||||||
Pass (4): | Loans or commitments to borrowers exhibiting either somewhat weaker balance sheets or positive, but inconsistent, cash flow coverage. These borrowers may exhibit somewhat greater credit risk, and as a result, the Bank may have secured its exposure to mitigate the risk. If so, the collateral taken should provide an unquestionable ability to repay the indebtedness in full through liquidation, if necessary. Cash flows should be adequate to cover debt service and fixed obligations, although there may be a question about the borrower’s ability to provide alternative sources of funds in emergencies. Better quality real estate and asset-based borrowers who fully comply with all underwriting standards and are performing according to projections would be assigned this grade. | ||||||||||||||||||||||||||||||||||||||||
Special Mention: A Special Mention credit, grade (5), has potential weaknesses that deserve management’s close attention. If not corrected, these potential weaknesses may result in deterioration of the repayment of the debt and result in a Substandard classification. Loans that have significant actual, not potential, weaknesses are considered more severely classified. | |||||||||||||||||||||||||||||||||||||||||
Substandard: A Substandard credit, grade (6), has a well-defined weakness that jeopardizes the liquidation of the debt. A credit graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||||||||
Doubtful: A Doubtful credit, grade (7), is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the credit, and therefore the amount or timing of a possible loss cannot be determined at the current time. | |||||||||||||||||||||||||||||||||||||||||
Loss: A loan classified as Loss, grade (8), is considered uncollectible and of such little value that their continuance as active bank assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be possible in the future. Loans classified Loss will be charged off in a timely manner. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, pass (grade 0-4), criticized (grade 5) and classified (grade 6-7) loans, disaggregated by loan class, were as follows: | |||||||||||||||||||||||||||||||||||||||||
Pass | Criticized | Classified | Total Loans | ||||||||||||||||||||||||||||||||||||||
(Grade 0-4) | (Grade 5) | (Grade 6-7) | |||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 473,435 | $ | 5,308 | $ | 4,264 | $ | 483,007 | |||||||||||||||||||||||||||||||||
Land | 4,419 | 981 | 157 | 5,557 | |||||||||||||||||||||||||||||||||||||
Other | 427,355 | 4,363 | 13,116 | 444,834 | |||||||||||||||||||||||||||||||||||||
Residential property | 77,422 | — | 1,656 | 79,078 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 94,306 | 1,699 | 11,608 | 107,613 | |||||||||||||||||||||||||||||||||||||
Secured by real estate | 777,114 | 7,818 | 37,103 | 822,035 | |||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 70,358 | — | 1,219 | 71,577 | |||||||||||||||||||||||||||||||||||||
SBA loans | 140,162 | 571 | 10,797 | 151,530 | |||||||||||||||||||||||||||||||||||||
International loans | 35,777 | 576 | — | 36,353 | |||||||||||||||||||||||||||||||||||||
Consumer loans | 30,044 | 163 | 2,298 | 32,505 | |||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 2,130,392 | $ | 21,479 | $ | 82,218 | $ | 2,234,089 | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 386,650 | $ | 3,971 | $ | 2,324 | $ | 392,945 | |||||||||||||||||||||||||||||||||
Land | 5,491 | — | 8,516 | 14,007 | |||||||||||||||||||||||||||||||||||||
Other | 366,518 | 12,132 | 1,492 | 380,142 | |||||||||||||||||||||||||||||||||||||
Residential property | 99,250 | — | 2,528 | 101,778 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 87,370 | 663 | 22,139 | 110,172 | |||||||||||||||||||||||||||||||||||||
Secured by real estate | 710,723 | 13,038 | 50,431 | 774,192 | |||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 53,391 | 863 | 1,867 | 56,121 | |||||||||||||||||||||||||||||||||||||
SBA loans | 136,058 | 1,119 | 11,129 | 148,306 | |||||||||||||||||||||||||||||||||||||
International loans | 34,221 | — | — | 34,221 | |||||||||||||||||||||||||||||||||||||
Consumer loans | 33,707 | 201 | 2,768 | 36,676 | |||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 1,913,379 | $ | 31,987 | $ | 103,194 | $ | 2,048,560 | |||||||||||||||||||||||||||||||||
The following is an aging analysis of past due loans, disaggregated by loan class, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
30-59 Days Past | 60-89 Days Past | 90 Days or | Total Past Due | Current | Total Loans | Accruing 90 | |||||||||||||||||||||||||||||||||||
Due | Due | More Past Due | Days or More | ||||||||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | 404 | $ | 2,196 | $ | 2,600 | $ | 480,407 | $ | 483,007 | $ | — | |||||||||||||||||||||||||||
Land | — | — | — | — | 5,557 | 5,557 | — | ||||||||||||||||||||||||||||||||||
Other | 411 | — | — | 411 | 444,423 | 444,834 | — | ||||||||||||||||||||||||||||||||||
Residential property | — | 122 | 279 | 401 | 78,677 | 79,078 | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 224 | 386 | 1,159 | 1,770 | 105,843 | 107,613 | — | ||||||||||||||||||||||||||||||||||
Secured by real estate | 802 | 952 | 1,012 | 2,766 | 819,269 | 822,035 | — | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | — | 150 | 250 | 400 | 71,177 | 71,577 | — | ||||||||||||||||||||||||||||||||||
SBA loans | 1,859 | 2,016 | 3,622 | 7,496 | 144,034 | 151,530 | — | ||||||||||||||||||||||||||||||||||
International loans | — | — | — | — | 36,353 | 36,353 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 311 | 42 | 77 | 430 | 32,075 | 32,505 | — | ||||||||||||||||||||||||||||||||||
Total gross loans | $ | 3,607 | $ | 4,072 | $ | 8,595 | $ | 16,274 | $ | 2,217,815 | $ | 2,234,089 | $ | — | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | 111 | $ | — | $ | 111 | $ | 392,834 | $ | 392,945 | $ | — | |||||||||||||||||||||||||||
Land | — | — | 335 | 335 | 13,672 | 14,007 | — | ||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 380,142 | 380,142 | — | ||||||||||||||||||||||||||||||||||
Residential property | — | 588 | 311 | 899 | 100,879 | 101,778 | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 918 | 1,103 | 1,279 | 3,300 | 106,872 | 110,172 | — | ||||||||||||||||||||||||||||||||||
Secured by real estate | 1,949 | — | 926 | 2,875 | 771,317 | 774,192 | — | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | — | 188 | 416 | 604 | 55,517 | 56,121 | — | ||||||||||||||||||||||||||||||||||
SBA loans | 3,759 | 1,039 | 2,800 | 7,598 | 140,708 | 148,306 | — | ||||||||||||||||||||||||||||||||||
International loans | — | — | — | — | 34,221 | 34,221 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 61 | 146 | 538 | 745 | 35,931 | 36,676 | — | ||||||||||||||||||||||||||||||||||
Total gross loans | $ | 6,687 | $ | 3,175 | $ | 6,605 | $ | 16,467 | $ | 2,032,093 | $ | 2,048,560 | $ | — | |||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||||||||||||||
Loans are considered impaired when non-accrual and principal or interest payments have been contractually past due for 90 days or more, unless the loan is both well-collateralized and in the process of collection; or they are classified as TDR loans to offer terms not typically granted by the Bank; or when current information or events make it unlikely to collect in full according to the contractual terms of the loan agreements; or there is a deterioration in the borrower’s financial condition that raises uncertainty as to timely collection of either principal or interest; or full payment of both interest and principal is in doubt according to the original contractual terms. | |||||||||||||||||||||||||||||||||||||||||
We evaluate loan impairment in accordance with applicable GAAP. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, less costs to sell. If the measure of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established. Additionally, loans that are considered impaired are specifically excluded from the quarterly migration analysis when determining the amount of the allowance for loan losses required for the period. | |||||||||||||||||||||||||||||||||||||||||
The allowance for collateral-dependent loans is determined by calculating the difference between the outstanding loan balance and the value of the collateral as determined by recent appraisals. The allowance for collateral-dependent loans varies from loan to loan based on the collateral coverage of the loan at the time of designation as non-performing. We continue to monitor the collateral coverage, using recent appraisals, on these loans on a quarterly basis and adjust the allowance accordingly. | |||||||||||||||||||||||||||||||||||||||||
The following table provides information on impaired loans, disaggregated by loan class, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | With No | With an | Related | Average | Interest Income | |||||||||||||||||||||||||||||||||||
Investment | Balance | Related | Allowance | Allowance | Recorded | Recognized | |||||||||||||||||||||||||||||||||||
Allowance | Recorded | Investment | |||||||||||||||||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 4,402 | $ | 4,491 | $ | 2,400 | $ | 2,002 | $ | 199 | $ | 2,819 | $ | 93 | |||||||||||||||||||||||||||
Land | — | — | — | — | — | 837 | 80 | ||||||||||||||||||||||||||||||||||
Other | 1,737 | 1,754 | 1,219 | 518 | 5 | 991 | 44 | ||||||||||||||||||||||||||||||||||
Residential property | 2,678 | 2,773 | 2,678 | — | — | 2,941 | 117 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 11,612 | 11,827 | 2,166 | 9,446 | 2,581 | 12,048 | 732 | ||||||||||||||||||||||||||||||||||
Secured by real estate | 21,093 | 22,429 | 19,346 | 1,746 | 493 | 18,313 | 1,322 | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | 614 | 686 | 173 | 441 | 252 | 1,008 | 54 | ||||||||||||||||||||||||||||||||||
SBA loans | 8,274 | 9,845 | 4,380 | 3,894 | 2,576 | 6,495 | 1,195 | ||||||||||||||||||||||||||||||||||
International loans | 1,087 | 1,087 | 286 | 801 | 78 | 1,284 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 1,569 | 1,671 | 644 | 925 | 284 | 1,612 | 71 | ||||||||||||||||||||||||||||||||||
Total | $ | 53,066 | $ | 56,563 | $ | 33,292 | $ | 19,773 | $ | 6,468 | $ | 48,348 | $ | 3,708 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 2,930 | $ | 3,024 | $ | 2,930 | $ | — | $ | — | $ | 2,357 | $ | 136 | |||||||||||||||||||||||||||
Land | 2,097 | 2,307 | 2,097 | — | — | 2,140 | 179 | ||||||||||||||||||||||||||||||||||
Other | 527 | 527 | — | 527 | 67 | 835 | 43 | ||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 6,012 | 207 | ||||||||||||||||||||||||||||||||||
Residential property | 3,265 | 3,308 | 1,866 | 1,399 | 94 | 3,268 | 164 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 14,532 | 15,515 | 6,826 | 7,706 | 2,144 | 14,160 | 821 | ||||||||||||||||||||||||||||||||||
Secured by real estate | 22,050 | 23,221 | 9,520 | 12,530 | 2,319 | 21,894 | 1,723 | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | 1,521 | 1,704 | 848 | 673 | 230 | 1,688 | 64 | ||||||||||||||||||||||||||||||||||
SBA loans | 6,170 | 10,244 | 4,294 | 1,876 | 762 | 7,173 | 1,131 | ||||||||||||||||||||||||||||||||||
Consumer loans | 1,652 | 1,711 | 449 | 1,203 | 615 | 1,205 | 73 | ||||||||||||||||||||||||||||||||||
Total | $ | 54,744 | $ | 61,561 | $ | 28,830 | $ | 25,914 | $ | 6,231 | $ | 60,732 | $ | 4,541 | |||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 1,260 | $ | 1,260 | $ | 1,100 | $ | 160 | $ | 126 | $ | 105 | $ | — | |||||||||||||||||||||||||||
Land | 3,178 | 3,210 | — | 3,178 | 360 | 16,910 | 78 | ||||||||||||||||||||||||||||||||||
Other | 14,773 | 14,823 | 1,131 | 13,642 | 3,004 | 14,850 | 907 | ||||||||||||||||||||||||||||||||||
Construction | 14,120 | 14,120 | 14,120 | — | — | 14,353 | 1,077 | ||||||||||||||||||||||||||||||||||
Residential property | 5,368 | 5,408 | 3,208 | 2,160 | 128 | 5,399 | 279 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 16,035 | 16,559 | 244 | 15,791 | 10,793 | 15,685 | 1,043 | ||||||||||||||||||||||||||||||||||
Secured by real estate | 53,159 | 54,156 | 14,990 | 38,169 | 7,062 | 51,977 | 3,652 | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | 1,431 | 1,554 | 715 | 716 | 716 | 1,590 | 82 | ||||||||||||||||||||||||||||||||||
SBA loans | 11,619 | 12,971 | 9,445 | 2,174 | 1,167 | 12,658 | 1,186 | ||||||||||||||||||||||||||||||||||
Consumer loans | 746 | 788 | 511 | 235 | 26 | 832 | 44 | ||||||||||||||||||||||||||||||||||
Total | $ | 121,689 | $ | 124,849 | $ | 45,464 | $ | 76,225 | $ | 23,382 | $ | 134,359 | $ | 8,348 | |||||||||||||||||||||||||||
The following is a summary of interest foregone on impaired loans for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms | $ | 4,451 | $ | 5,887 | $ | 9,192 | |||||||||||||||||||||||||||||||||||
Less: Interest income recognized on impaired loans (1) | (3,708 | ) | (4,541 | ) | (8,348 | ) | |||||||||||||||||||||||||||||||||||
Interest foregone on impaired loans | $ | 743 | $ | 1,346 | $ | 844 | |||||||||||||||||||||||||||||||||||
(1) | Includes interest recognized on accrual basis prior to classification as impaired. | ||||||||||||||||||||||||||||||||||||||||
There were no commitments to lend additional funds to borrowers whose loans are included above. | |||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans | |||||||||||||||||||||||||||||||||||||||||
Loans are placed on non-accrual status when, in the opinion of management, the full timely collection of principal or interest is in doubt. Generally, the accrual of interest is discontinued when principal or interest payments become more than 90 days past due, unless management believes the loan is adequately collateralized and in the process of collection. However, in certain instances, we may place a particular loan on non-accrual status earlier, depending upon the individual circumstances surrounding the loan’s delinquency. When a loan is placed on non-accrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Non-accrual loans may be restored to accrual status when principal and interest payments become current and full repayment is expected. | |||||||||||||||||||||||||||||||||||||||||
The following table details non-accrual loans, disaggregated by loan class, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 2,946 | $ | 1,079 | |||||||||||||||||||||||||||||||||||||
Land | — | 2,097 | |||||||||||||||||||||||||||||||||||||||
Other | 574 | — | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||||||
Residential property | 1,365 | 1,270 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 3,144 | 8,311 | |||||||||||||||||||||||||||||||||||||||
Secured by real estate | 6,773 | 8,679 | |||||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 423 | 1,521 | |||||||||||||||||||||||||||||||||||||||
SBA loans | 9,155 | 12,563 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | 1,497 | 1,759 | |||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 25,877 | $ | 37,279 | |||||||||||||||||||||||||||||||||||||
The following table details non-performing assets as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 25,877 | $ | 37,279 | |||||||||||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | — | — | |||||||||||||||||||||||||||||||||||||||
Total non-performing loans | 25,877 | 37,279 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned | 756 | 774 | |||||||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 26,633 | $ | 38,053 | |||||||||||||||||||||||||||||||||||||
Loans on non-accrual status, excluding loans held for sale, totaled $25.9 million as of December 31, 2013, compared to $37.3 million as of December 31, 2012, representing a 30.6 percent decrease. Delinquent loans (defined as 30 days or more past due), excluding loans held for sale, were $16.3 million as of December 31, 2013, compared to $16.5 million as of December 31, 2012, representing a 1.2 percent decrease. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, there were three OREOs located in Washington and California with a combined carrying value of $756,000 and a valuation adjustment of $56,000. As of December 31, 2012, there were two OREOs located in Illinois and Virginia with a combined carrying value of $774,000 and no valuation adjustment. | |||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||||||||||||||||||
In April 2011, the FASB issued ASU 2011-02, “A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring,” which clarifies the guidance for evaluating whether a restructuring constitutes a TDR. This guidance is effective for the first interim or annual period beginning on or after June 15, 2011, and should be applied retrospectively to the beginning of the annual period of adoption. For the purposes of measuring impairment of loans that are newly considered impaired, the guidance should be applied prospectively for the first interim or annual period beginning on or after June 15, 2011. | |||||||||||||||||||||||||||||||||||||||||
As a result of the amendments in ASU 2011-02, we reassessed all restructurings that occurred on or after the beginning of the annual period and identified certain receivables as TDRs. Upon identifying those receivables as TDRs, we considered them impaired and applied the impairment measurement guidance prospectively for those receivables newly identified as impaired. | |||||||||||||||||||||||||||||||||||||||||
The following table details troubled debt restructurings, disaggregated by concession type and by loan type, as of December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Non-Accrual TDRs | Accrual TDRs | ||||||||||||||||||||||||||||||||||||||||
Deferral of | Deferral of | Reduction of | Extension of | Total | Deferral of | Deferral of | Reduction of | Extension of | Total | ||||||||||||||||||||||||||||||||
Principal | Principal and | Principal | Maturity | Principal | Principal and | Principal | Maturity | ||||||||||||||||||||||||||||||||||
Interest | and Interest | Interest | and Interest | ||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | 750 | $ | 750 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Other | — | — | — | — | — | 518 | — | — | 645 | 1,163 | |||||||||||||||||||||||||||||||
Residential property | 795 | — | — | — | 795 | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | — | 198 | 1,016 | 851 | 2,065 | 1,130 | — | 2,221 | 3,816 | 7,167 | |||||||||||||||||||||||||||||||
Secured by real estate | 2,115 | 967 | 976 | — | 4,058 | 3,437 | — | 1,253 | 4,466 | 9,156 | |||||||||||||||||||||||||||||||
Commercial lines of credit | — | — | — | 173 | 173 | — | — | 191 | — | 191 | |||||||||||||||||||||||||||||||
SBA loans | 876 | 1,078 | 741 | — | 2,695 | 439 | — | 65 | — | 504 | |||||||||||||||||||||||||||||||
International loans | — | — | — | — | — | — | — | 1,087 | — | 1,087 | |||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | — | 149 | — | 149 | |||||||||||||||||||||||||||||||
Total | $ | 3,786 | $ | 2,243 | $ | 2,733 | $ | 1,774 | $ | 10,536 | $ | 5,524 | $ | — | $ | 4,966 | $ | 8,927 | $ | 19,417 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | 1,080 | $ | 1,080 | $ | 357 | $ | — | $ | — | $ | 175 | $ | 532 | |||||||||||||||||||||
Other | — | — | — | — | — | 527 | — | — | — | 527 | |||||||||||||||||||||||||||||||
Residential property | 827 | — | — | — | 827 | — | 572 | — | — | 572 | |||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | — | 658 | 4,558 | 1,413 | 6,629 | 976 | — | 1,090 | 3,260 | 5,326 | |||||||||||||||||||||||||||||||
Secured by real estate | 2,317 | 1,343 | 318 | — | 3,978 | 4,444 | — | 448 | 4,547 | 9,439 | |||||||||||||||||||||||||||||||
Commercial lines of credit | 673 | — | 188 | 244 | 1,105 | — | — | — | — | ||||||||||||||||||||||||||||||||
SBA loans | 2,831 | 1,287 | 1,032 | — | 5,150 | 484 | — | 100 | — | 584 | |||||||||||||||||||||||||||||||
Total | $ | 6,648 | $ | 3,288 | $ | 6,096 | $ | 2,737 | $ | 18,769 | $ | 6,788 | $ | 572 | $ | 1,638 | $ | 7,982 | $ | 16,980 | |||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | 1,260 | $ | 1,260 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Other | 900 | — | — | — | 900 | 1,480 | — | — | — | 1,480 | |||||||||||||||||||||||||||||||
Residential property | — | — | 138 | — | 138 | 2,167 | 572 | — | — | 2,739 | |||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 1,480 | 669 | 4,650 | 682 | 7,481 | 185 | — | 7,069 | 1,584 | 8,838 | |||||||||||||||||||||||||||||||
Secured by real estate | 1,202 | 1,523 | 2,403 | 3,243 | 8,371 | 2,005 | — | 8,628 | 2,699 | 13,332 | |||||||||||||||||||||||||||||||
SBA loans | 2,758 | 1,524 | 794 | — | 5,076 | 1,354 | 468 | — | — | 1,822 | |||||||||||||||||||||||||||||||
Total | $ | 6,340 | $ | 3,716 | $ | 7,985 | $ | 5,185 | $ | 23,226 | $ | 7,191 | $ | 1,040 | $ | 15,697 | $ | 4,283 | $ | 28,211 | |||||||||||||||||||||
As of December 31, 2013, 2012 and 2011, total TDRs, excluding loans held for sale, were $30.0 million, $35.7 million and $51.4 million, respectively. A debt restructuring is considered a TDR if we grant a concession that we would not have otherwise considered to the borrower, for economic or legal reasons related to the borrower’s financial difficulties. Loans are considered to be TDRs if they were restructured through payment structure modifications such as reducing the amount of principal and interest due monthly and/or allowing for interest only monthly payments for six months or less. All TDRs are impaired and are individually evaluated for specific impairment using one of these three criteria: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent. | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2013, 2012 and 2011, TDRs, excluding loans held for sale, were subjected to specific impairment analysis, and $2.8 million, $3.6 million and $14.2 million, respectively, of reserves relating to these loans were included in the allowance for loan losses. | |||||||||||||||||||||||||||||||||||||||||
The following table details troubled debt restructuring, disaggregated by loan class, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | |||||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | Loans | Outstanding | Modification | Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||||
Recorded | Outstanding | Recorded | Outstanding | Recorded | Outstanding | ||||||||||||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | |||||||||||||||||||||||||||||||||||||||
(In thousands except number of loans) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail (1) | — | $ | — | $ | — | 2 | $ | 562 | $ | 533 | 2 | $ | 1,260 | $ | 1,260 | ||||||||||||||||||||||||||
Other (2) | 1 | 658 | 645 | 1 | 547 | 527 | 2 | 2,387 | 2,381 | ||||||||||||||||||||||||||||||||
Residential property (3) | — | — | — | — | — | — | 3 | 2,740 | 2,739 | ||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured (4) | 19 | 4,060 | 3,528 | 37 | 6,024 | 5,277 | 50 | 15,410 | 14,797 | ||||||||||||||||||||||||||||||||
Secured by real estate (5) | 5 | 2,833 | 2,755 | 7 | 7,963 | 7,570 | 12 | 15,363 | 14,268 | ||||||||||||||||||||||||||||||||
Commercial lines of credit (6) | 2 | 220 | 191 | 1 | 202 | 188 | — | — | — | ||||||||||||||||||||||||||||||||
SBA loans (7) | 3 | 273 | 221 | 11 | 1,022 | 951 | 29 | 7,954 | 6,670 | ||||||||||||||||||||||||||||||||
International loans (8) | 2 | 1,584 | 1,087 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Consumer loans (9) | 1 | 149 | 149 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | 33 | $ | 9,777 | $ | 8,576 | 59 | $ | 16,320 | $ | 15,046 | 98 | $ | 45,114 | $ | 42,115 | ||||||||||||||||||||||||||
(1) | Includes modifications of $357,000 through a payment deferral and $175,000 through an extension of maturity for the year ended December 31, 2012, and modifications of $1.3 million through extensions of maturity for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(2) | Includes a modification of $645,000 through an extension of maturity for the year ended December 31, 2013, a modification of $527,000 through a payment deferral for the year ended December 31, 2012, and modifications of $2.4 million through payment deferrals for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(3) | Includes modifications of $2.7 million through payment deferrals for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(4) | Includes modifications of $380,000 through payment deferrals, $733,000 through reductions of principal or accrued interest and $2.4 million through extensions of maturity for the year ended December 31, 2013, modifications of $909,000 through payment deferrals, $723,000 through reductions of principal or accrued interest and $3.6 million through extensions of maturity for the year ended December 31, 2012, and modifications of $1.6 million through payment deferrals, $11.5 million through reductions of principal or accrued interest and $1.5 million through extension of maturity for the year ended December 31, 2011 . | ||||||||||||||||||||||||||||||||||||||||
(5) | Includes modifications of $1.4 million through payment deferrals and $1.4 million through reductions of principal or accrued interest for the year ended December 31, 2013, modifications of $5.4 million through payment deferrals, $318,000 through reductions of principal or accrued interest and $1.9 million through extensions of maturity for the year ended December 31, 2012, and modifications of $2.4 million through payment deferrals, $9.1 million through reduction of principal or accrued interest and $2.7 million through extensions of maturity for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(6) | Includes modifications of $191,000 through reductions of principal or accrued interest for the year ended December 31, 2013 and a modification of $188,000 through a reduction of principal or accrued interest for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
(7) | Includes modifications of $97,000 through payment deferrals and $124,000 through reductions of principal or accrued interest for the year ended December 31, 2013, modifications of $504,000 through payment deferrals and $447,000 through reductions of principal or accrued interest for the year ended December 31, 2012, and modifications of $5.7 million through payment deferrals and $957,000 through reductions of principal or accrued interest for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(8) | Includes modifications of $1.1 million through reductions of principal or accrued interest for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
(9) | Includes a modification of $149,000 through a reduction of principal or accrued interest for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we restructured monthly payments on 33 loans, with a net carrying value of $8.6 million as of December 31, 2013, through temporary payment structure modifications or re-amortization. For the restructured loans on accrual status, we determined that, based on the financial capabilities of the borrowers at the time of the loan restructuring and the borrowers’ past performance in the payment of debt service under the previous loan terms, performance and collection under the revised terms are probable. | |||||||||||||||||||||||||||||||||||||||||
The following table details troubled debt restructurings that defaulted subsequent to the modifications occurring within the previous twelve months, disaggregated by loan class, for years ended December 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||||||
(In thousands except number of loans) | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 2 | $ | 123 | 8 | $ | 554 | 6 | $ | 2,368 | ||||||||||||||||||||||||||||||||
Secured by real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Commercial lines of credit | — | — | 1 | 188 | — | — | |||||||||||||||||||||||||||||||||||
SBA loans | 2 | 215 | 3 | 165 | 8 | 1,450 | |||||||||||||||||||||||||||||||||||
Total | 4 | $ | 338 | 12 | $ | 907 | 14 | $ | 3,818 | ||||||||||||||||||||||||||||||||
Servicing Assets | |||||||||||||||||||||||||||||||||||||||||
The changes in servicing assets for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,542 | $ | 3,720 | |||||||||||||||||||||||||||||||||||||
Additions | 2,755 | 2,889 | |||||||||||||||||||||||||||||||||||||||
Amortization | (1,463 | ) | (1,067 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 6,834 | $ | 5,542 | |||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, we serviced loans sold to unaffiliated parties in the amounts of $350.0 million and $297.2 million, respectively. These represented loans that have been sold for which the Bank continues to provide servicing. These loans are maintained off balance sheet and are not included in the loans receivable balance. All of the loans being serviced were SBA loans. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Premises and Equipment | ' | ||||||||
Note 4 — Premises and Equipment | |||||||||
The following is a summary of the major components of premises and equipment: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 6,120 | $ | 6,120 | |||||
Building and improvements | 9,248 | 9,197 | |||||||
Furniture and equipment | 15,654 | 15,039 | |||||||
Leasehold improvements | 10,389 | 10,320 | |||||||
Software | 862 | 862 | |||||||
42,273 | 41,538 | ||||||||
Accumulated depreciation and amortization | (28,052 | ) | (26,388 | ) | |||||
Total premises and equipment, net | $ | 14,221 | $ | 15,150 | |||||
Depreciation and amortization expense totaled $1.9 million, $2.1 million and $2.2 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Other Intangible Assets | ' | ||||||||||||||||||||||||||||
Note 5 — Other Intangible Assets | |||||||||||||||||||||||||||||
Other intangible assets were as follows for the periods indicated: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Amortization | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Period | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Other intangible assets: | |||||||||||||||||||||||||||||
Trade names | 20 years | $ | 970 | $ | (338 | ) | $ | 632 | $ | 970 | $ | (290 | ) | $ | 680 | ||||||||||||||
Client/insured relationships | 10 years | 770 | (539 | ) | 231 | 770 | (462 | ) | 308 | ||||||||||||||||||||
Carrier relationships | 15 years | 580 | (272 | ) | 308 | 580 | (233 | ) | 347 | ||||||||||||||||||||
Total other intangible assets | $ | 2,320 | $ | (1,149 | ) | $ | 1,171 | $ | 2,320 | $ | (985 | ) | $ | 1,335 | |||||||||||||||
The weighted-average amortization period for other intangible assets is 15.4 years. The total amortization expense for other intangible assets was $164,000, $198,000 and $700,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||
Estimated future amortization expense related to other intangible assets for each of the next five years is as follows: | |||||||||||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
2014 | $ | 164 | |||||||||||||||||||||||||||
2015 | 164 | ||||||||||||||||||||||||||||
2016 | 164 | ||||||||||||||||||||||||||||
2017 | 87 | ||||||||||||||||||||||||||||
2018 | 87 | ||||||||||||||||||||||||||||
Thereafter | 505 | ||||||||||||||||||||||||||||
Total | $ | 1,171 | |||||||||||||||||||||||||||
As of December 31, 2013 and 2012, management is not aware of any circumstances that would indicate impairment of other intangible assets. There was no impairment charges related to other intangible asset recorded through earnings in 2013 or 2012. |
Deposits
Deposits | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Deposits | ' | ||||||||||||
Note 6 — Deposits | |||||||||||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||||||||||
Year Ending | Time | Other | Total | ||||||||||
December 31, | Deposits of | Time | |||||||||||
$100,000 | Deposits | ||||||||||||
or More | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 451,211 | $ | 459,424 | $ | 910,635 | |||||||
2015 | 51,355 | 28,446 | 79,801 | ||||||||||
2016 | 4,380 | 4,900 | 9,280 | ||||||||||
2017 | — | 3,889 | 3,889 | ||||||||||
2018 and thereafter | — | — | — | ||||||||||
Total | $ | 506,946 | $ | 496,659 | $ | 1,003,605 | |||||||
A summary of interest expense on deposits was as follows for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Savings | $ | 1,812 | $ | 2,152 | $ | 2,757 | |||||||
Money market checking and NOW accounts | 2,912 | 3,085 | 3,461 | ||||||||||
Time deposits of $100,000 or more | 4,094 | 7,290 | 13,855 | ||||||||||
Other time deposits | 3,860 | 3,350 | 3,885 | ||||||||||
Total interest expense on deposits | $ | 12,678 | $ | 15,877 | $ | 23,958 | |||||||
Accrued interest payable on deposits totaled $3.4 million and $3.5 million at December 31, 2013 and 2012, respectively. Total deposits reclassified to loans due to overdrafts at December 31, 2013 and 2012 were $1.1 million and $1.8 million, respectively. |
FHLB_Advances_and_Other_Borrow
FHLB Advances and Other Borrowings | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
FHLB Advances and Other Borrowings | ' | ||||||||||||
Note 7 — FHLB Advances and Other Borrowings | |||||||||||||
FHLB advances and other borrowings consisted of the following: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
FHLB advances | $ | 127,546 | $ | 2,935 | |||||||||
Total FHLB advances | $ | 127,546 | $ | 2,935 | |||||||||
FHLB advances represent collateralized obligations with the FHLB. The following is a summary of contractual maturities pertaining to FHLB advances: | |||||||||||||
Year of Maturity | Amount | Weighted- | |||||||||||
Average | |||||||||||||
Interest | |||||||||||||
Rate | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 127,546 | 0.16 | % | |||||||||
Total | $ | 127,546 | 0.16 | % | |||||||||
The following is financial data pertaining to FHLB advances: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Weighted-average interest rate at end of year | 0.16 | % | 5.27 | % | 5.27 | % | |||||||
Weighted-average interest rate during the year | 2.28 | % | 5.27 | % | 1 | % | |||||||
Average balance of FHLB advances | $ | 6,573 | $ | 3,354 | $ | 66,191 | |||||||
Maximum amount outstanding at any month-end | $ | 127,546 | $ | 3,273 | $ | 153,622 | |||||||
We have pledged investment securities available for sale and loans receivable with carrying values of $11.2 million and $414.7 million, respectively, as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $343.3 million, of which $215.8 million remained available as of December 31, 2013. At December 31, 2013, we had $87.1 million available for use through the Fed Discount Window, as we pledged loans with a carrying value of $118.4 million, and there were no borrowings. | |||||||||||||
At December 31, 2013, advances from the FHLB were $127.5 million, an increase of $124.6 million from the December 31, 2012 balance of $2.9 million. At December 31, 2013, the FHLB advances, primarily consisting of overnight borrowings, have remaining maturities of less than one year. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011 interest expense on FHLB advances were $151,000, $165,000 and $662,000, respectively, and the weighted-average interest rates were 2.28 percent, 5.27 percent and 1.00 percent, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 8 — Income Taxes | |||||||||||||
In accordance with the provisions of FASB ASC 740, the Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits at beginning of year | $ | 1,254 | $ | 1,281 | $ | 940 | |||||||
Gross increases for tax positions of prior years | — | 14 | 515 | ||||||||||
Lapse of statute of limitations | — | (41 | ) | (174 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | 1,254 | $ | 1,254 | $ | 1,281 | |||||||
The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $1.0 million as of December 31, 2013, 2012 and 2011. | |||||||||||||
For the year ended December 31, 2013, there was no addition in unrecognized tax benefit except increases in accrued interest. For the year ended December 31, 2012, unrecognized tax benefits decreased by $27,000 in connection with the tax position taken on expense related to prior business acquisition cost. For the year ended December 31, 2011, unrecognized tax benefits increased by $341,000 in connection with the tax position taken on expense related to non-qualified stock option and prior business acquisition costs. | |||||||||||||
In 2013, 2012 and 2011, the Company accrued interest of $45,000, $41,000 and $181,000 for uncertain tax benefits, respectively. As of December 31, 2013, 2012 and 2011, the total amounts of accrued interest related to uncertain tax positions, net of federal tax benefit, were $403,000, $360,000 and $319,000, respectively. We account for interest and penalties related to uncertain tax positions as part of our provision for federal and state income taxes. Accrued interest and penalties are included within the related tax liability line on the Consolidated Balance Sheets. | |||||||||||||
Unrecognized tax benefits primarily include state exposures from California Enterprise Zone interest deductions and income tax treatment for prior business acquisition costs, dividend income from FRB stock and expense related to non-qualified stock options. We believe that it is reasonably possible that certain remaining unrecognized tax positions, each of which are individually insignificant, may be recognized by the end of 2014 because of a lapse of the statute of limitations. We do not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months. | |||||||||||||
As of December 31, 2013, the Company was subject to examination by various federal and state tax authorities for the years ended December 31, 2004 through 2012. As of December 31, 2013, the Company was subjected to audit or examination by Internal Revenue Service for the 2009 tax year and California FTB for the 2008 and 2009 tax years. Management does not anticipate any material changes in our financial statements due to the result of the audits. | |||||||||||||
A summary of the provision (benefit) for income taxes was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current expense: | |||||||||||||
Federal | $ | 12,028 | $ | 4,993 | $ | 704 | |||||||
State | 407 | (19 | ) | 29 | |||||||||
Total current expense | 12,435 | 4,974 | 733 | ||||||||||
Deferred expense: | |||||||||||||
Federal | 8,235 | (25,836 | ) | — | |||||||||
State | 1,415 | (26,506 | ) | — | |||||||||
Total deferred expense | 9,650 | (52,342 | ) | — | |||||||||
Provision (benefit) for income taxes | $ | 22,085 | $ | (47,368 | ) | $ | 733 | ||||||
Deferred tax assets and liabilities were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Credit loss provision | $ | 27,607 | $ | 29,995 | $ | 42,712 | |||||||
Depreciation | 1,180 | 1,253 | 1,240 | ||||||||||
Net operating loss carryforward | 31,140 | 33,875 | 50,255 | ||||||||||
Unrealized loss on securities available for sale, interest-only strips | 7,641 | — | — | ||||||||||
Tax credit | 5,661 | 5,426 | 5,803 | ||||||||||
State taxes | — | — | 91 | ||||||||||
Other | 2,831 | 3,766 | 3,517 | ||||||||||
Total deferred tax assets | 76,060 | 74,315 | 103,618 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Mark to market | (10,112 | ) | (5,562 | ) | (14,820 | ) | |||||||
Purchase accounting | (3,083 | ) | (3,217 | ) | (3,119 | ) | |||||||
Unrealized gain on securities available for sale, interest-only strips | — | (3,096 | ) | (1,752 | ) | ||||||||
State taxes | (8,848 | ) | (9,429 | ) | — | ||||||||
Other | (2,250 | ) | (2,013 | ) | (1,658 | ) | |||||||
Total deferred tax liabilities | (24,293 | ) | (23,317 | ) | (21,349 | ) | |||||||
Valuation allowance | — | — | (82,269 | ) | |||||||||
Net deferred tax assets | $ | 51,767 | $ | 50,998 | $ | — | |||||||
As of December 31, 2013, the Company’s net deferred tax assets were primarily the result of net operating loss carryforwards, allowance for loan losses and unrealized loss on securities available for sale. For the year ended December 31, 2012, the Company recorded a net valuation allowance release of $62.6 million based on management’s reassessment of the amount of its deferred tax assets that are more likely than not to be realized. A valuation allowance of $82.3 million was recorded against its gross deferred tax asset balance as of December 31, 2011. | |||||||||||||
As of each reporting date, management considers the realization of deferred tax assets based on management’s judgment of various future events and uncertainties, including the timing and amount of future income, as well as the implementation of various tax planning strategies to maximize realization of deferred tax assets. A valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. As of December 31, 2013, management determined that no valuation allowance for deferred tax assets is required, as management believes it is more likely than not that deferred tax assets will be realized principally through future reversals of existing taxable temporary differences. Management further believes that future taxable income will be sufficient to realize the benefits of temporary deductible differences that cannot be realized through carry-back to prior years or through the reversal of future temporary taxable differences. | |||||||||||||
As of December 31, 2013, the Company had net operating loss carryforwards of $31.2 million and $186.3 million for federal and state income tax purposes, respectively, which are available to offset future taxable income, if any, through 2031. | |||||||||||||
Reconciliation between the federal statutory income tax rate and the effective tax rate is shown in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax benefits | 4.37 | % | 0.03 | % | 0 | % | |||||||
Tax-exempt municipal securities | -0.16 | % | -0.32 | % | -0.26 | % | |||||||
Tax credit—federal | -1.41 | % | -2.1 | % | -2.97 | % | |||||||
Other | -2.17 | % | -2.16 | % | -0.8 | % | |||||||
Valuation allowance | 0 | % | 140.59 | % | 28.5 | % | |||||||
Effective tax rate | 35.63 | % | 110.14 | % | 2.47 | % | |||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Note 9 — Stockholders’ Equity | |
Stock Warrants | |
As part of the agreement dated as of July 27, 2010 with Cappello Capital Corp., the placement agent in connection with our best efforts offering and the financial advisor in connection with our completed rights offering, we issued warrants to purchase 250,000 shares of our common stock for services performed. The warrants have an exercise price of $9.60 per share. According to the agreement, the warrants vested on October 14, 2010 and are exercisable until its expiration on October 14, 2015. The Company followed the guidance of FASB ASC Topic 815- 40, “Derivatives and Hedging—Contracts in Entity’s Own Stock,” which establishes a framework for determining whether certain freestanding and embedded instruments are indexed to a company’s own stock for purposes of evaluation of the accounting for such instruments under existing accounting literature. Under GAAP, the issuer is required to measure the fair value of the equity instruments in the transaction as of earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty’s performance is complete. The fair value of the warrants at the date of issuance totaling $2.0 million was recorded as a liability and a cost of equity, which was determined by the Black-Scholes option pricing model. The expected stock volatility was based on historical volatility of our common stock over the expected term of the warrants. We used a weighted average expected stock volatility of 111.46 percent. The expected life assumption was based on the contract term of five years. The dividend yield of zero was based on the fact that we had no intention to pay cash dividends for the term at the grant date. The risk free rate of 2.07 percent used for the warrants was equal to the zero coupon rate in effect at the time of the grant. | |
Upon re-measuring the fair value of the stock warrants remaining, the fair value was $2,000 at December 31, 2013, compared to $906,000 at December 31, 2012. We used a weighted average expected stock volatility of 25.97 percent and a remaining contractual life of 1.6 years based on the contract terms. We also used a dividend yield of 1.29 percent and the risk free rate of 0.43 percent used for the warrants was equal to the zero coupon rate in effect at the end of the measurement period. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Note 10 — Accumulated Other Comprehensive Income | |||||||||||||||||||||
Activity in accumulated other comprehensive income for the year ended December 31, 2013 and 2012 was as follows: | |||||||||||||||||||||
Unrealized Gains | Unrealized Gains | Unrealized Gains | Tax(Expense) | Total | |||||||||||||||||
and Losses on | and Losses on | and Losses on | Benefit | ||||||||||||||||||
Available-for-Sale | Interest Rate | Interest-Only | |||||||||||||||||||
Securities | Swap | Strip | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the year ended December 31 2013: | |||||||||||||||||||||
Balance at beginning of period | $ | 7,348 | $ | — | $ | 16 | $ | (1,946 | ) | $ | 5,418 | ||||||||||
Other comprehensive (loss) income before reclassification | (24,496 | ) | — | — | 10,737 | (13,759 | ) | ||||||||||||||
Reclassification from accumulated other comprehensive income | (1,039 | ) | — | — | — | (1,039 | ) | ||||||||||||||
Period change | (25,535 | ) | — | — | 10,737 | (14,798 | ) | ||||||||||||||
Balance at end of period | $ | (18,187 | ) | $ | — | $ | 16 | $ | 8,791 | $ | (9,380 | ) | |||||||||
For the year ended December 31, 2012: | |||||||||||||||||||||
Balance at beginning of period | $ | 4,115 | $ | (9 | ) | $ | 20 | $ | (602 | ) | $ | 3,524 | |||||||||
Other comprehensive income (loss) before reclassification | 4,337 | 9 | (4 | ) | (1,344 | ) | 2,998 | ||||||||||||||
Reclassification from accumulated other comprehensive income | (1,104 | ) | — | — | — | (1,104 | ) | ||||||||||||||
Period change | 3,233 | 9 | (4 | ) | (1,344 | ) | 1,894 | ||||||||||||||
Balance at end of period | $ | 7,348 | $ | — | $ | 16 | $ | (1,946 | ) | $ | 5,418 | ||||||||||
For the year ended December 31, 2013, there was a $1.0 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $1.0 million reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of investment securities under non-interest income. The securities were previously recorded as an unrealized gain of $3.3 million in accumulated other comprehensive income. | |||||||||||||||||||||
For the years ended December 31, 2012, there was a $1.1 million reclassification from accumulated other comprehensive income to gains in earnings, which resulted from the redemption and sale of available-for-sale securities, and a $292,000 reclassification from other comprehensive loss to OTTI charge in earnings, which resulted from write-down of the value of investment securities to its fair value. The reclassification adjustments of a $1.4 million gain and a $292,000 loss out of accumulated other comprehensive income were included in net gain on sales of investment securities and impairment loss on investment securities, respectively, under non-interest income. The securities were previously recorded as an unrealized gain of $1.7 million in accumulated other comprehensive income. |
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
Note 11 — Regulatory Matters | |||||||||||||||||||||||||
Risk-Based Capital | |||||||||||||||||||||||||
Federal bank regulatory agencies require bank holding companies and banks to maintain a minimum ratio of qualifying total capital to risk-weighted assets of 8.0 percent and a minimum ratio of Tier 1 capital to risk-weighted assets of 4.0 percent. In addition to the risk-based guidelines, federal bank regulatory agencies require bank holding companies and banks to maintain a minimum ratio of Tier 1 capital to average assets, referred to as the leverage ratio, of 4.0 percent. | |||||||||||||||||||||||||
In order for banks to be considered “well capitalized,” federal bank regulatory agencies require them to maintain a minimum ratio of qualifying total capital to risk-weighted assets of 10.0 percent and a minimum ratio of Tier 1 capital to risk-weighted assets of 6.0 percent. In addition to the risk-based guidelines, federal bank regulatory agencies require depository institutions to maintain a minimum ratio of Tier 1 capital to average assets, referred to as the leverage ratio, of 5.0 percent. | |||||||||||||||||||||||||
The capital ratios of Hanmi Financial and the Bank as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Actual | Minimum | Minimum to Be | |||||||||||||||||||||||
Regulatory | Categorized as | ||||||||||||||||||||||||
Requirement | “Well Capitalized” | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 427,910 | 17.53 | % | $ | 195,304 | 8 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 410,505 | 16.84 | % | $ | 194,974 | 8 | % | $ | 243,717 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 397,044 | 16.26 | % | $ | 97,652 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 379,691 | 15.58 | % | $ | 97,487 | 4 | % | $ | 146,230 | 6 | % | |||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 397,044 | 13.66 | % | $ | 116,303 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 379,691 | 13.09 | % | $ | 116,043 | 4 | % | $ | 145,054 | 5 | % | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 451,784 | 20.65 | % | $ | 175,050 | 8 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 433,570 | 19.85 | % | $ | 174,734 | 8 | % | $ | 218,418 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 423,937 | 19.37 | % | $ | 87,525 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 405,801 | 18.58 | % | $ | 87,367 | 4 | % | $ | 131,051 | 6 | % | |||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 423,937 | 14.95 | % | $ | 113,464 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 405,801 | 14.33 | % | $ | 113,278 | 4 | % | $ | 141,597 | 5 | % | |||||||||||||
Regulatory Capital Rule Adjustments | |||||||||||||||||||||||||
In July 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation approved the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act changes. The rules revise minimum capital requirements and adjust prompt corrective action thresholds. The rules also revise the regulatory capital elements, add a new common equity Tier I capital ratio, and increase the minimum Tier I capital ratio requirement. The revisions permit banking organizations to retain, through a one-time election, the existing treatment for accumulated other comprehensive income. Additionally, the rules implement a new capital conservation buffer. Under the final rules, institutions are subject to limitations on paying dividends, engaging in share repurchases, and paying discretionary bonuses if its capital level falls below the capital conservation buffer amount. The rules will become effective January 1, 2015 for smaller, non-complex banking organizations with full implementation of the capital conservation buffer and certain deductions and adjustments to regulatory capital through January 1, 2019. The Company will continue to evaluate the new changes, and expects that the Company and the Bank will meet the capital requirements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 12 — Fair Value Measurements | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
FASB ASC 820, “Fair Value Measurements and Disclosures,” 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 for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows: | |||||||||||||||||||||
• | Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. | ||||||||||||||||||||
• | Level 2 - Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||||||
• | Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. | ||||||||||||||||||||
Fair value is used on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. | |||||||||||||||||||||
We record investment securities available for sale at fair value on a recurring basis. Certain other assets, such as loans held for sale, impaired loans, other real estate owned, and other intangible assets, are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. | |||||||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instrument below: | |||||||||||||||||||||
Investment securities available for sale – The fair values of investment securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges. If quoted prices are not available, fair values are measured using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities, or other model-based valuation techniques requiring observable inputs other than quoted prices such as yield curve, prepayment speeds, and default rates. Level 1 investment securities include U.S. government and agency debentures and equity securities that are traded on an active exchange or by dealers or brokers in active over-the-counter markets. The fair value of these securities is determined by quoted prices on an active exchange or over-the-counter market. Level 2 investment securities primarily include mortgage-backed securities, municipal bonds, collateralized mortgage obligations, and SBA loan pool securities. In determining the fair value of the securities categorized as Level 2, we obtain reports from nationally recognized broker-dealers detailing the fair value of each investment security held as of each reporting date. The broker-dealers use prices obtained from nationally recognized pricing services to value our fixed income securities. The fair value of the municipal bonds is determined based on a proprietary model maintained by the broker-dealers. We review the prices obtained for reasonableness based on our understanding of the marketplace, and also consider any credit issues related to the bonds. As we have not made any adjustments to the market quotes provided to us and as they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Level 3 investment securities are instruments that are not traded in the market. As such, no observable market data for the instrument is available, which necessitates the use of significant unobservable inputs. | |||||||||||||||||||||
As of December 31, 2013, we had a zero coupon tax credit municipal bond of $748,000, compared to $779,000 as of December 31, 2012. This bond was recorded at estimated fair value using a discounted cash flow method, and was measured on a recurring basis with Level 3 inputs. Key assumptions used in measuring the fair value of the tax credit bond as of December 31, 2013 were discount rate and cash flows. The discount rate was derived from the term structure of Bank Qualified (“BQ”) “A-” rated municipal bonds, as the tax credit bond’s guarantee had the similar credit strength. The contractual future cash flows were the tax credits to be received for a remaining life of 1.2 years. If the discount rate is adjusted down to the term structure of BQ “BBB-” rating municipal bonds, the tax credit bond’s value would decline by 0.61 percent. We do not anticipate a significant deterioration of the tax credit bond’s credit quality. Management reviews the discount rate on an ongoing basis based on current market rates. | |||||||||||||||||||||
SBA loans held for sale – SBA loans held for sale are carried at the lower of cost or fair value. As of December 31, 2013 and 2012, we had zero and $7.8 million of SBA loans held for sale, respectively. Management obtains quotes, bids or pricing indication sheets on all or part of these loans directly from the purchasing financial institutions. Premiums received or to be received on the quotes, bids or pricing indication sheets are indicative of the fact that cost is lower than fair value. At December 31, 2012, the entire balance of SBA loans held for sale was recorded at its cost. We record SBA loans held for sale on a nonrecurring basis with Level 2 inputs. | |||||||||||||||||||||
Non-performing loans held for sale – We reclassify certain non-performing loans as held for sale when we decide to sell those loans. The fair value of non-performing loans held for sale is generally based upon the quotes, bids or sales contract prices which approximate their fair value. Non-performing loans held for sale are recorded at estimated fair value less anticipated liquidation cost. As of December 31, 2013 and 2012, we had zero and $484,000 of non-performing loans held for sale, respectively, which are measured on a nonrecurring basis with Level 2 inputs. | |||||||||||||||||||||
Stock warrants - The Company followed the guidance of FASB ASC Topic 815- 40, “Derivatives and Hedging—Contracts in Entity’s Own Stock,” which establishes a framework for determining whether certain freestanding and embedded instruments are indexed to a company’s own stock for purposes of evaluation of the accounting for such instruments under existing accounting literature. Under GAAP, the issuer is required to measure the fair value of the equity instruments in the transaction as of earlier of (i) the date at which a commitment for performance by the counterparty to earn the equity instruments is reached or (ii) the date at which the counterparty’s performance is complete. The fair value of the warrants was recorded as a liability and a cost of equity, which was determined by the Black-Scholes option pricing modeling and was measured on a recurring basis with Level 3 inputs. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
There were no transfers of assets between Level 1 and Level 2 of the fair value hierarchy for the year ended December 31, 2013. As of December 31, 2013 and 2012, assets and liabilities measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Quoted Prices in | Significant | Significant | Balance | ||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||
for Identical | Inputs with No | Inputs | |||||||||||||||||||
Assets | Active Market | ||||||||||||||||||||
with Identical | |||||||||||||||||||||
Characteristics | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 217,059 | $ | — | $ | 217,059 | |||||||||||||
Collateralized mortgage obligations | — | 127,693 | — | 127,693 | |||||||||||||||||
U.S. government agency securities | 83,536 | — | — | 83,536 | |||||||||||||||||
Municipal bonds-tax exempt | — | 13,189 | 748 | 13,937 | |||||||||||||||||
Municipal bonds-taxable | — | 32,354 | — | 32,354 | |||||||||||||||||
Corporate bonds | — | 20,835 | — | 20,835 | |||||||||||||||||
SBA loan pools securities | — | 12,629 | — | 12,629 | |||||||||||||||||
U.S. treasury bills | 19,997 | — | — | 19,997 | |||||||||||||||||
Other securities | — | 2,886 | — | 2,886 | |||||||||||||||||
Total debt securities available for sale | 103,533 | 426,645 | 748 | 530,926 | |||||||||||||||||
Total securities available for sale | $ | 103,533 | $ | 426,645 | $ | 748 | $ | 530,926 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Stock warrants | $ | — | $ | — | $ | 2 | $ | 2 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 160,326 | $ | — | $ | 160,326 | |||||||||||||
Collateralized mortgage obligations | — | 100,487 | — | 100,487 | |||||||||||||||||
U.S. government agency securities | 93,118 | — | — | 93,118 | |||||||||||||||||
Municipal bonds-tax exempt | — | 12,033 | 779 | 12,812 | |||||||||||||||||
Municipal bonds-taxable | — | 46,142 | — | 46,142 | |||||||||||||||||
Corporate bonds | — | 20,400 | — | 20,400 | |||||||||||||||||
SBA loan pools securities | — | 14,026 | — | 14,026 | |||||||||||||||||
Other securities | — | 3,357 | — | 3,357 | |||||||||||||||||
Total debt securities available for sale | 93,118 | 356,771 | 779 | 450,668 | |||||||||||||||||
Equity securities available for sale: | |||||||||||||||||||||
Financial services industry | 392 | — | — | 392 | |||||||||||||||||
Total equity securities available for sale | 392 | — | — | 392 | |||||||||||||||||
Total securities available for sale | $ | 93,510 | $ | 356,771 | $ | 779 | $ | 451,060 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Stock warrants | $ | — | $ | — | $ | 906 | $ | 906 | |||||||||||||
The table below presents a reconciliation and income statement classification of gains and losses for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2013: | |||||||||||||||||||||
Beginning | Purchases | Realized | Unrealized | Ending | |||||||||||||||||
Balance as of | Issuances, | Gains or | Gains or | Balance as of | |||||||||||||||||
January 1, | and | Losses In | Losses in Other | December 31, | |||||||||||||||||
2013 | Settlement | Earnings | Comprehensive | 2013 | |||||||||||||||||
Income | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Municipal bonds-tax exempt (1) | $ | 779 | $ | — | $ | — | $ | (31 | ) | $ | 748 | ||||||||||
Liabilities: | |||||||||||||||||||||
Stock warrants (2) | $ | 906 | $ | (843 | ) | $ | (61 | ) | $ | — | $ | 2 | |||||||||
(1) | Reflects a zero coupon tax credit municipal bond. As the Company was not able to obtain a price from independent external pricing service providers, the discounted cash flow method was used to determine its fair value. The bond carried a par value of $700,000 and an amortized value of $699,000 with a remaining life of 1.2 years at December 31, 2013. | ||||||||||||||||||||
(2) | Reflects warrants for our common stock issued in connection with services Cappello Capital Corp. provided to us as a placement agent in connection with our best efforts public offering and as our financial adviser in connection with our completed rights offering. The warrants were immediately exercisable when issued at an exercise price of $9.60 per share of our common stock and expire on October 14, 2015. See “Note 9 – Stockholders’ Equity” for more details. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
As of December 31, 2013 and 2012, assets and liabilities measured at fair value on a non-recurring basis are as follows: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Quoted Prices in | Significant | Significant | Loss During The | ||||||||||||||||||
Active Markets | Observable | Unobservable | Years Ended | ||||||||||||||||||
for Identical | Inputs With No | Inputs | |||||||||||||||||||
Assets | Active Market | ||||||||||||||||||||
With Identical | |||||||||||||||||||||
Characteristics | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Non-performing loans held for sale | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Impaired loans (1) | — | 36,254 | 1,738 | 2,431 | |||||||||||||||||
Other real estate owned (2) | — | 756 | — | 10 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Non-performing loans held for sale (3) | $ | — | $ | 484 | $ | — | $ | 3,747 | |||||||||||||
Impaired loans (4) | — | 27,844 | 8,888 | 580 | |||||||||||||||||
Other real estate owned (5) | — | 774 | — | 301 | |||||||||||||||||
(1) | Includes real estate loans of $8.6 million, commercial and industrial loans of $28.1 million, and consumer loans of $1.3 million. | ||||||||||||||||||||
(2) | Includes properties from the foreclosure of a residential property loan of $756,000. | ||||||||||||||||||||
(3) | Includes a SBA loan of $484,000. | ||||||||||||||||||||
(4) | Includes real estate loans of $8.7 million, commercial and industrial loans of $27.0 million, and consumer loans of $1.0 million. | ||||||||||||||||||||
(5) | Includes properties from the foreclosure of real estate loans of $774,000. | ||||||||||||||||||||
FASB ASC 825 requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured on a recurring basis or non-recurring basis are discussed above. | |||||||||||||||||||||
The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data in order to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||
The estimated fair values of financial instruments were as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Carrying or | Estimated | Carrying or | Estimated | ||||||||||||||||||
Contract | Fair Value | Contract | Fair Value | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 179,357 | $ | 179,357 | $ | 268,047 | $ | 268,047 | |||||||||||||
Restricted cash | — | — | 5,350 | 5,350 | |||||||||||||||||
Investment securities available for sale | 530,926 | 530,926 | 451,060 | 451,060 | |||||||||||||||||
Loans receivable, net of allowance for loan losses | 2,177,498 | 2,204,069 | 1,986,051 | 1,981,669 | |||||||||||||||||
Loans held for sale | — | — | 8,306 | 8,306 | |||||||||||||||||
Accrued interest receivable | 7,055 | 7,055 | 7,581 | 7,581 | |||||||||||||||||
Investment in federal home loan bank stock | 14,060 | 14,060 | 17,800 | 17,800 | |||||||||||||||||
Investment in federal reserve bank stock | 11,196 | 11,196 | 12,222 | 12,222 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | 819,015 | 819,015 | 720,931 | 720,931 | |||||||||||||||||
Interest-bearing deposits | 1,693,310 | 1,693,739 | 1,675,032 | 1,680,211 | |||||||||||||||||
Borrowings | 127,546 | 127,249 | 85,341 | 85,414 | |||||||||||||||||
Accrued interest payable | 3,366 | 3,366 | 11,775 | 11,775 | |||||||||||||||||
Off-balance sheet items: | |||||||||||||||||||||
Commitments to extend credit | 246,161 | 190 | 182,746 | 146 | |||||||||||||||||
Standby letters of credit | 8,926 | 25 | 10,588 | 24 | |||||||||||||||||
The methods and assumptions used to estimate the fair value of each class of financial instruments for which it was practicable to estimate that value are explained below: | |||||||||||||||||||||
Cash and cash equivalents – The carrying amounts of cash and cash equivalents approximate fair value due to the short-term nature of these instruments (Level 1). | |||||||||||||||||||||
Restricted cash – The carrying amount of restricted cash approximates its fair value (Level 1). | |||||||||||||||||||||
Investment securities – The fair value of investment securities, consisting of investment securities available for sale, is generally obtained from market bids for similar or identical securities, from independent securities brokers or dealers, or from other model-based valuation techniques described above (Level 1, 2 and 3). | |||||||||||||||||||||
Loans receivable, net of allowance for loan losses – The fair value for loans receivable is estimated based on the discounted cash flow approach. The discount rate was derived from the associated yield curve plus spreads and reflects the offering rates offered by the Bank for loans with similar financial characteristics. Yield curves are constructed by product and payment types. These rates could be different from what other financial institutions could offer for these loans. No adjustments have been made for changes in credit within the loan portfolio. It is our opinion that the allowance for loan losses relating to performing and nonperforming loans results in a fair valuation of such loans. Additionally, the fair value of our loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that we may ultimately realize (Level 3). | |||||||||||||||||||||
Loans held for sale – Loans held for sale are carried at the lower of aggregate cost or fair market value, as determined based upon quotes, bids or sales contract prices, or as may be assessed based upon the fair value of the collateral which is obtained from recent real estate appraisals (Level 2). Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustment is typically significant and results in Level 3 classification of the inputs for determining fair value. | |||||||||||||||||||||
Accrued interest receivable – The carrying amount of accrued interest receivable approximates its fair value (Level 1). | |||||||||||||||||||||
Investment in Federal Home Loan Bank and Federal Reserve Bank stock – The carrying amounts of investment in FHLB and FRB stock approximate fair value as such stock may be resold to the issuer at carrying value (Level 1). | |||||||||||||||||||||
Non-interest-bearing deposits – The fair value of non-interest-bearing deposits is the amount payable on demand at the reporting date (Level 2). | |||||||||||||||||||||
Interest-bearing deposits – The fair value of interest-bearing deposits, such as savings accounts, money market checking, and certificates of deposit, is estimated based on discounted cash flows. The cash flows for non-maturity deposits, including savings accounts and money market checking, are estimated based on their historical decaying experiences. The discount rate used for fair valuation is based on interest rates currently being offered by the Bank on comparable deposits as to amount and term (Level 3). | |||||||||||||||||||||
Borrowings – Borrowings consist of FHLB advances, junior subordinated debentures and other borrowings. Discounted cash flows based on current market rates for borrowings with similar remaining maturities are used to estimate the fair value of borrowings (Level 3). | |||||||||||||||||||||
Accrued interest payable – The carrying amount of accrued interest payable approximates its fair value (Level 1). | |||||||||||||||||||||
Stock warrants – The fair value of stock warrants is determined by the Black-Scholes option pricing model. The expected stock volatility is based on historical volatility of our common stock over expected term of the warrants. The expected life assumption is based on the contract term and dividend yield is based on the company’s annual dividend divided by the current share price. The risk free rate used for the warrants is equal to the zero coupon rate in effect at the time of the grant (Level 3). | |||||||||||||||||||||
Commitments to extend credit and standby letters of credit – The fair values of commitments to extend credit and standby letters of credit are based upon the difference between the current value of similar loans and the price at which the Bank has committed to make the loans (Level 3). |
Sharebased_Compensations
Share-based Compensations | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Share-based Compensations | ' | ||||||||||||||||||||||||||||||||
Note 13 — Share-based Compensations | |||||||||||||||||||||||||||||||||
At December 31, 2013, we had three incentive plans, the Year 2000 Stock Option Plan (the “2000 Plan”), the 2007 Equity Compensation Plan (the “2007 Plan”) which replaced the 2000 Plan and the 2013 Equity Compensation Plan (the “2013 Plan” and with the 2000 Plan and 2007 Plan, the “Plans”) which replaced the 2007 Plan. | |||||||||||||||||||||||||||||||||
The 2013 Plan provides awards of any options, stock appreciation right, restricted stock award, restricted stock unit award, share granted as a bonus or in lieu of another award, dividend equivalent, other stock-based award or performance award, together with any other right or interest to a participant under the plan. Plan participant includes executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its related entities. Although no future stock options may be granted under the 2007 Plan and 2000 Plan, certain employees, directors and officers of Hanmi Financial and its subsidiaries still hold options to purchase Hanmi Financial common stock under the 2013 Plan. | |||||||||||||||||||||||||||||||||
Under the 2013 Plan, we may grant equity incentive awards for up to 1,500,000 shares of common stock. As of December 31, 2013, 1,078,668 shares were still available for issuance under the 2013 Plan. | |||||||||||||||||||||||||||||||||
The table below shows the share-based compensation expense and related tax benefits for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | 705 | $ | 478 | $ | 608 | |||||||||||||||||||||||||||
Related tax benefits | $ | 32 | $ | 201 | $ | 256 | |||||||||||||||||||||||||||
As of December 31, 2013, unrecognized share-based compensation expense was as follows: | |||||||||||||||||||||||||||||||||
Unrecognized | Average Expected | ||||||||||||||||||||||||||||||||
Expense | Recognition | ||||||||||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Stock option awards | $ | 1,538 | 2.4 years | ||||||||||||||||||||||||||||||
Restricted stock awards | 1,666 | 2.7 years | |||||||||||||||||||||||||||||||
Total unrecognized share-based compensation expense | $ | 3,204 | 2.5 years | ||||||||||||||||||||||||||||||
2013 and 2007 Equity Compensation Plans and 2000 Stock Option Plan | |||||||||||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||||||||||
All stock options granted under the Plans have an exercise price equal to the fair market value of the underlying common stock on the date of grant. Stock options granted under the Plans generally vest based on three to five years of continuous service and expire 10 years from the date of grant. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined in the Plan). New shares of common stock are issued or treasury shares are utilized upon the exercise of stock options. | |||||||||||||||||||||||||||||||||
The weighted-average estimated fair value per share of options granted under the Plans was as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted-average estimated fair value per share of options granted | $ | 4.48 | $ | 5.4 | $ | 6.23 | |||||||||||||||||||||||||||
The weighted-average fair value per share of options granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted-average assumption | |||||||||||||||||||||||||||||||||
Dividend yield | 1.61 | % | — | — | |||||||||||||||||||||||||||||
Expected volatility | 43.67 | % | 65.23 | % | 103.76 | % | |||||||||||||||||||||||||||
Expected term | 3.0 years | 3.0 years | 3.2 years | ||||||||||||||||||||||||||||||
Risk-free interest rate | 0.79 | % | 0.32 | % | 1.04 | % | |||||||||||||||||||||||||||
Expected volatility was determined based on the historical weekly volatility of our stock price over a period equal to the expected term of the options granted. The expected term of the options represents the period that options granted are expected to be outstanding based primarily on the historical exercise behavior associated with previous option grants. The risk-free interest rate was based on the U.S. Treasury yield curve at the time of grant for a period equal to the expected term of the options granted. | |||||||||||||||||||||||||||||||||
The following information under the Plans is presented for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Grant date fair value of options granted | $ | 1,053 | $ | 1,197 | $ | 156 | |||||||||||||||||||||||||||
Fair value of options vested | $ | 728 | $ | 911 | $ | 1,272 | |||||||||||||||||||||||||||
Total intrinsic value of options exercised (1) | $ | 485 | $ | 6 | $ | — | |||||||||||||||||||||||||||
Cash received from options exercised | $ | 525 | $ | 10 | $ | — | |||||||||||||||||||||||||||
Weighted-average estimated fair value per share of options granted | $ | 4.48 | $ | 5.4 | $ | 6.23 | |||||||||||||||||||||||||||
(1) | Intrinsic value represents the difference between the closing stock price on the exercise date and the exercise price, multiplied by the number of options. | ||||||||||||||||||||||||||||||||
The following is a summary of stock option transactions under the Plans for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||
Price Per | Price Per | Price Per | |||||||||||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||||||||||
Options outstanding at beginning of period | 342,950 | $ | 37.44 | 143,325 | $ | 81.27 | 133,361 | $ | 95.45 | ||||||||||||||||||||||||
Options granted | 305,000 | $ | 16.43 | 221,750 | $ | 12.54 | 25,000 | $ | 9.88 | ||||||||||||||||||||||||
Options exercised | (46,113 | ) | $ | 11.37 | (1,250 | ) | $ | 8.32 | — | $ | — | ||||||||||||||||||||||
Options forfeited | (36,566 | ) | $ | 12.5 | (5,375 | ) | $ | 8.61 | (425 | ) | $ | 64.89 | |||||||||||||||||||||
Options expired | (18,676 | ) | $ | 81.2 | (15,500 | ) | $ | 98.76 | (14,611 | ) | $ | 39.09 | |||||||||||||||||||||
Options outstanding at end of period | 546,595 | $ | 28.09 | 342,950 | $ | 37.44 | 143,325 | $ | 81.27 | ||||||||||||||||||||||||
Options exercisable at end of period | 154,970 | $ | 59.77 | 159,762 | $ | 66.19 | 107,475 | $ | 104.25 | ||||||||||||||||||||||||
The following is a summary of transactions for non-vested stock options under the Plans for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||
Price Per | Price Per | Price Per | |||||||||||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||||||||||
Non-vested options outstanding at beginning of period | 183,188 | $ | 12.37 | 35,850 | $ | 25.2 | 33,775 | $ | 17.68 | ||||||||||||||||||||||||
Options granted | 305,000 | $ | 16.43 | 221,750 | $ | 12.54 | 25,000 | $ | 9.88 | ||||||||||||||||||||||||
Options vested | (59,997 | ) | $ | 12.14 | (69,037 | ) | $ | 13.2 | (22,500 | ) | $ | 56.54 | |||||||||||||||||||||
Options forfeited | (36,566 | ) | $ | 12.5 | (5,375 | ) | $ | 8.61 | (425 | ) | $ | 64.89 | |||||||||||||||||||||
Non-vested options outstanding at end of period | 391,625 | $ | 15.56 | 183,188 | $ | 12.37 | 35,850 | $ | 25.2 | ||||||||||||||||||||||||
As of December 31, 2013, stock options outstanding under the Plans were as follows: | |||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||||
Number of | Intrinsic | Weighted- | Weighted- | Number of | Intrinsic | Weighted- | Weighted- | ||||||||||||||||||||||||||
Shares | Value | Average | Average | Shares | Value | Average | Average | ||||||||||||||||||||||||||
-1 | Exercise | Remaining | -1 | Exercise | Remaining | ||||||||||||||||||||||||||||
Price Per | Contractual | Price Per | Contractual | ||||||||||||||||||||||||||||||
Share | Life | Share | Life | ||||||||||||||||||||||||||||||
(In thousands except share and per share data) | |||||||||||||||||||||||||||||||||
$10.80 to $49.99 | 486,195 | $ | 3,384 | $ | 14.93 | 9.27 years | 94,570 | $ | 904 | $ | 12.33 | 8.43 years | |||||||||||||||||||||
$50.00 to $99.99 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
$100.00 to $149.99 | 49,150 | — | 126.07 | 1.28 years | 49,150 | — | 126.07 | 1.28 years | |||||||||||||||||||||||||
$150.00 to $173.04 | 11,250 | — | 168.86 | 2.81 years | 11,250 | — | 168.86 | 2.81 years | |||||||||||||||||||||||||
546,595 | $ | 3,384 | $ | 28.09 | 8.41 years | 154,970 | $ | 904 | $ | 59.77 | 5.76 years | ||||||||||||||||||||||
(1) | Intrinsic value represents the difference between the closing stock price on the last trading day of the period, which was $21.89 as of December 31, 2013, and the exercise price, multiplied by the number of options. | ||||||||||||||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||||||||||||||
Restricted stock awards under the Plans become fully vested after three to five years of continued employment from the date of grant. Hanmi Financial becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Restricted shares are forfeited if officers and employees terminate prior to the lapsing of restrictions. Forfeitures of restricted stock are treated as cancelled shares. | |||||||||||||||||||||||||||||||||
The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Per Share | Per Share | Per Share | |||||||||||||||||||||||||||||||
Restricted stock at beginning of period | 10,500 | $ | 10.83 | 19,725 | $ | 11.66 | 18,200 | $ | 14.38 | ||||||||||||||||||||||||
Restricted stock granted | 116,332 | $ | 16.55 | — | $ | — | 10,000 | $ | 9.88 | ||||||||||||||||||||||||
Restricted stock vested | (7,000 | ) | $ | 10.75 | (7,225 | ) | $ | 13.78 | (8,475 | ) | $ | 15.41 | |||||||||||||||||||||
Restricted stock forfeited | (3,750 | ) | $ | 15.3 | (2,000 | ) | $ | 8.32 | — | $ | — | ||||||||||||||||||||||
Restricted stock at end of period | 116,082 | $ | 16.43 | 10,500 | $ | 10.83 | 19,725 | $ | 11.66 | ||||||||||||||||||||||||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings per Share | ' | ||||||||||||
Note 14 — Earnings per Share | |||||||||||||
Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. Unvested restricted stock is excluded from the calculation of weighted-average common shares for basic EPS. For diluted EPS, weighted-average common shares include the impact of restricted stock under the treasury method. | |||||||||||||
The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated: | |||||||||||||
Net Income | Weighted- | Per | |||||||||||
(Numerator) | Average | Share | |||||||||||
Shares | Amount | ||||||||||||
(Denominator) | |||||||||||||
(In thousands, except share and per share data) | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
Basic EPS | $ | 39,906 | 31,598,913 | $ | 1.26 | ||||||||
Effect of dilutive securities - options, warrants and unvested restricted stock | — | 97,607 | — | ||||||||||
Diluted EPS | $ | 39,906 | 31,696,520 | $ | 1.26 | ||||||||
Year ended December 31, 2012 | |||||||||||||
Basic EPS | $ | 90,374 | 31,475,510 | $ | 2.87 | ||||||||
Effect of dilutive securities - options, warrants and unvested restricted stock | — | 40,072 | — | ||||||||||
Diluted EPS | $ | 90,374 | 31,515,582 | $ | 2.87 | ||||||||
Year ended December 31, 2011 | |||||||||||||
Basic EPS | $ | 28,147 | 20,403,549 | $ | 1.38 | ||||||||
Effect of dilutive securities - options, warrants and unvested restricted stock | — | 19,435 | — | ||||||||||
Diluted EPS | $ | 28,147 | 20,422,984 | $ | 1.38 | ||||||||
For the years ended December 31, 2013, 2012 and 2011, there were 60,400, 301,200 and 409,875 options, warrants and shares of unvested restricted stock outstanding, respectively, that were not included in the computation of diluted EPS because their effect would be anti-dilutive. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Employee Benefits | ' |
Note 15 — Employee Benefits | |
401(k) Plan | |
We have a Section 401(k) plan for the benefit of substantially all of our employees. We match 75 percent of participant contributions to the 401(k) plan up to 8 percent of each 401(k) plan participant’s annual compensation. Contributions to the 401(k) plan were $1.0 million for the years ended December 31, 2013, 2012 and 2011. | |
Bank-Owned Life Insurance | |
In 2001 and 2004, we purchased single premium life insurance policies called bank-owned life insurance covering certain officers. The Bank is the beneficiary under the policy. In the event of the death of a covered officer, we will receive the specified insurance benefit from the insurance carrier. | |
Deferred Compensation Plan | |
Effective November 1, 2006, the Board of Directors approved the Hanmi Financial Corporation Deferred Compensation Plan (the “DCP”). The DCP is unfunded, and a non-qualified deferred compensation program for directors and certain key employees whereby they may defer a portion of annual compensation for payment upon retirement of the amount deferred plus a guaranteed return. The liabilities for the deferred compensation plan and interest thereon were zero both as of December 31, 2013 and 2012. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 16 — Commitments and Contingencies | |||||
We lease our premises under non-cancelable operating leases. At December 31, 2013, future minimum annual rental commitments under these non-cancelable operating leases, with initial or remaining terms of one year or more, were as follows: | |||||
Year Ending December 31, | Amount | ||||
2014 | $ | 5,347 | |||
2015 | 4,948 | ||||
2016 | 4,152 | ||||
2017 | 2,234 | ||||
2018 | 1,211 | ||||
Thereafter | 2,034 | ||||
Total | $ | 19,926 | |||
For the years ended December 31, 2013, 2012 and 2011, rental expenses recorded under such leases amounted to $5.6 million, $5.5 million and $5.4 million, respectively. | |||||
Litigation | |||||
In the normal course of business, we are involved in various legal claims. Management has reviewed all legal claims against us with in-house or outside legal counsel and has taken into consideration the views of such counsel as to the outcome of the claims. In management’s opinion, the final disposition of all such claims will not have a material adverse effect on our financial position or results of operations. |
OffBalance_Sheet_Commitments
Off-Balance Sheet Commitments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Off-Balance Sheet Commitments | ' | ||||||||
Note 17 — Off-Balance Sheet Commitments | |||||||||
The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk similar to the risk involved with on-balance sheet items recognized in the Consolidated Balance Sheets. | |||||||||
The Bank’s exposure to credit losses in the event of non-performance by the other party to commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for extending loan facilities to customers. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, was based on management’s credit evaluation of the counterparty. | |||||||||
Collateral held varies but may include accounts receivable, inventory, premises and equipment, and income-producing or borrower-occupied properties. The following table shows the distribution of undisbursed loan commitments as of the dates indicated: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Commitments to extend credit | $ | 246,161 | $ | 182,746 | |||||
Standby letters of credit | 8,926 | 10,588 | |||||||
Commercial letters of credit | 4,179 | 6,092 | |||||||
Unused credit card lines | 12,223 | 13,459 | |||||||
Total undisbursed loan commitments | $ | 271,488 | $ | 212,885 | |||||
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Liquidity | ' |
Note 18 — Liquidity | |
Hanmi Financial | |
Management believes that Hanmi Financial, on a stand-alone basis, has adequate liquid assets to meet its operating cash needs through December 31, 2014. Hanmi Financial redeemed $30.9 million of trust preferred securities (“TPS”) in March 2013, and fully paid the remaining $51.5 million of TPS in April 2013. | |
Hanmi Bank | |
The principal objective of our liquidity management program is to maintain the Bank’s ability to meet the day-to-day cash flow requirements of our customers who either wish to withdraw funds or to draw upon credit facilities to meet their cash needs. Management believes that the Bank, on a stand-alone basis, has adequate liquid assets to meet its current obligations. The Bank’s primary funding source will continue to be deposits originating from its branch platform. The Bank’s wholesale funds historically consisted of FHLB advances and brokered deposits. As of December 31, 2013, the Bank had no brokered deposits, and had a FHLB advance of $127.5 million compared to $2.9 million as of December 31, 2012. | |
We monitor the sources and uses of funds on a regular basis to maintain an acceptable liquidity position. The Bank’s primary source of borrowings is the FHLB, from which the Bank is eligible to borrow up to 30 percent of its total assets. As of December 31, 2013, the total borrowing capacity available based on pledged collateral and the remaining available borrowing capacity were $343.3 million and $215.8 million, respectively, compared to $275.1 million and $272.2 million, respectively, as of December 31, 2012. The Bank’s FHLB borrowings as of December 31, 2013 and 2012 totaled $127.5 million and $2.9 million, respectively, which represented 4.17 percent and 0.10 percent of total assets as of December 31, 2013 and 2012, respectively. | |
The amount that the FHLB is willing to advance differs based on the quality and character of qualifying collateral pledged by the Bank, and the advance rates for qualifying collateral may be adjusted upwards or downwards by the FHLB from time to time. To the extent deposit renewals and deposit growth are not sufficient to fund maturing and withdrawable deposits, repay maturing borrowings, fund existing and future loans and investment securities and otherwise fund working capital needs and capital expenditures, the Bank may utilize the remaining borrowing capacity from its FHLB borrowing arrangement. | |
As a means of augmenting its liquidity, the Bank had an available borrowing source of $87.1 million from the Federal Reserve Discount Window (the “Fed Discount Window”), to which the Bank pledged loans with a carrying value of $118.4 million, and had no borrowings as of December 31, 2013. In December 2012, the Bank established a line of credit with Raymond James & Associates, Inc. for repurchase agreements up to a maximum of $100.0 million. | |
The Bank has Contingency Funding Plans (“CFPs”) designed to ensure that liquidity sources are sufficient to meet its ongoing obligations and commitments, particularly in the event of a liquidity contraction. The CFPs are designed to examine and quantify its liquidity under various “stress” scenarios. Furthermore, the CFPs provide a framework for management and other critical personnel to follow in the event of a liquidity contraction or in anticipation of such an event. The CFPs address authority for activation and decision making, liquidity options and the responsibilities of key departments in the event of a liquidity contraction. |
Segment_Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2013 | |
Segment Reporting [Abstract] | ' |
Segment Reporting | ' |
Note 19 — Segment Reporting | |
Through our branch network and lending units, we provide a broad range of financial services to individuals and companies located primarily in Southern California. These services include demand, time and savings deposits; and commercial and industrial, real estate and consumer lending. While our chief decision makers monitor the revenue streams of our various products and services, operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, we consider all of our operations to be aggregated in one reportable operating segment. |
Condensed_Financial_Informatio
Condensed Financial Information of Parent Company | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Financial Information of Parent Company | ' | ||||||||||||
Note 20 — Condensed Financial Information of Parent Company | |||||||||||||
Balance Sheets | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Assets | |||||||||||||
Cash | $ | 13,657 | $ | 24,722 | |||||||||
Securities available for sale | — | 296 | |||||||||||
Investment in consolidated subsidiaries | 386,270 | 442,380 | |||||||||||
Investment in trust preferred securities | — | 2,475 | |||||||||||
Other assets | 1,928 | 330 | |||||||||||
Total assets | $ | 401,855 | $ | 470,203 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Liabilities: | |||||||||||||
Junior subordinated debentures | $ | — | $ | 82,406 | |||||||||
Other liabilities | 618 | 9,433 | |||||||||||
Stockholders’ equity | 401,237 | 378,364 | |||||||||||
Total liabilities and stockholders’ equity | $ | 401,855 | $ | 470,203 | |||||||||
Statement of Income | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Equity in earnings of subsidiaries | $ | 42,986 | $ | 96,350 | $ | 35,654 | |||||||
Other expenses, net | (3,080 | ) | (5,976 | ) | (7,507 | ) | |||||||
Net income | $ | 39,906 | $ | 90,374 | $ | 28,147 | |||||||
Statement of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Net income | $ | 39,906 | $ | 90,374 | $ | 28,147 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||
(Income) losses from subsidiaries | (42,986 | ) | (96,350 | ) | (35,654 | ) | |||||||
Share-based compensation expense | 705 | 478 | 608 | ||||||||||
Changes in fair value of stock warrants | 82 | 23 | (717 | ) | |||||||||
Gain on sale of investment securities | (218 | ) | — | — | |||||||||
Other-than-temporary loss on investment securities | — | 292 | — | ||||||||||
Change in decrease in other assets | (923 | ) | (330 | ) | 1,833 | ||||||||
Change in other liabilities | (8,897 | ) | (1,481 | ) | 2,664 | ||||||||
Net cash used in operating activities | (12,331 | ) | (6,994 | ) | (3,119 | ) | |||||||
Cash Flows from Investing Activities: | |||||||||||||
Proceeds from sale of security available for sale | 436 | — | — | ||||||||||
Proceeds from Hanmi Bank | 86,845 | — | — | ||||||||||
Payments to Hanmi Bank | — | — | (50,000 | ) | |||||||||
Net cash provided by (used in) investing activities | 87,281 | — | (50,000 | ) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||
Proceeds from exercise of stock options and stock warrants | 830 | 10 | — | ||||||||||
Net proceeds from issuance of common stock in offering | — | — | 77,109 | ||||||||||
Redemption of junior subordinated debentures | (82,406 | ) | — | — | |||||||||
Cash dividend paid | (4,439 | ) | — | — | |||||||||
Net cash (used in) provided by financing activities | (86,015 | ) | 10 | 77,109 | |||||||||
Net (decrease) increase in cash | (11,065 | ) | (6,984 | ) | 23,990 | ||||||||
Cash at beginning of year | 24,722 | 31,706 | 7,716 | ||||||||||
Cash at end of year | $ | 13,657 | $ | 24,722 | $ | 31,706 | |||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
Note 21 — Quarterly Financial Data (Unaudited) | |||||||||||||||||
Summarized quarterly financial data is shown in the following tables: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013:00:00 | |||||||||||||||||
Interest and dividend income | $ | 29,395 | $ | 30,379 | $ | 31,627 | $ | 30,927 | |||||||||
Interest expense | 3,791 | 3,225 | 3,153 | 3,338 | |||||||||||||
Net interest income before provision for credit losses | 25,604 | 27,154 | 28,474 | 27,589 | |||||||||||||
Provision for credit losses | — | — | — | — | |||||||||||||
Non-interest income | 8,357 | 8,150 | 7,326 | 7,584 | |||||||||||||
Non-interest expense | 19,167 | 19,964 | 18,966 | 20,150 | |||||||||||||
Income before provision for income taxes | 14,794 | 15,340 | 16,834 | 15,023 | |||||||||||||
Provision for income taxes | 4,684 | 5,821 | 6,584 | 4,996 | |||||||||||||
Net income | $ | 10,110 | $ | 9,519 | $ | 10,250 | $ | 10,027 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.32 | $ | 0.3 | $ | 0.32 | $ | 0.32 | |||||||||
Diluted | $ | 0.32 | $ | 0.3 | $ | 0.32 | $ | 0.31 | |||||||||
2012:00:00 | |||||||||||||||||
Interest and dividend income | $ | 30,294 | $ | 29,965 | $ | 29,402 | $ | 30,139 | |||||||||
Interest expense | 5,761 | 4,793 | 4,483 | 3,708 | |||||||||||||
Net interest income before provision for credit losses | 24,533 | 25,172 | 24,919 | 26,431 | |||||||||||||
Provision for credit losses | 2,000 | 4,000 | — | — | |||||||||||||
Non-interest income | 3,633 | 7,189 | 6,520 | 7,470 | |||||||||||||
Non-interest expense | 18,746 | 19,763 | 18,804 | 19,548 | |||||||||||||
Income before provision for income taxes | 7,420 | 8,598 | 12,635 | 14,353 | |||||||||||||
Provision (benefit) for income taxes | 79 | (47,177 | ) | (644 | ) | 374 | |||||||||||
Net income | $ | 7,341 | $ | 55,775 | $ | 13,279 | $ | 13,979 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.23 | $ | 1.77 | $ | 0.42 | $ | 0.44 | |||||||||
Diluted | $ | 0.23 | $ | 1.77 | $ | 0.42 | $ | 0.44 |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 22 — Subsequent Events | |
Management has evaluated subsequent events through the date of issuance of the financial data included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Annual Report on Form 10-K or would be required to be recognized in the Consolidated Financial Statements as of December 31, 2013. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Summary of Operations | ' | ||
Summary of Operations | |||
Hanmi Financial Corporation (“Hanmi Financial,” the “Company,” “we,” “us” or “our”) was formed as a holding company of Hanmi Bank (the “Bank”) and registered with the Securities and Exchange Commission under the Act on March 17, 2001. Subsequent to its formation, each of the Bank’s shares was exchanged for one share of Hanmi Financial with an equal value. Our primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through operation of the Bank. | |||
The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American community as well as other ethnic communities in Los Angeles County, Orange County, San Bernardino County, San Diego County, the San Francisco Bay area, and the Silicon Valley area in Santa Clara County. The Bank’s full-service offices are located in markets where many of the businesses are run by immigrants and other minority groups. The Bank’s client base reflects the multi-ethnic composition of these communities. The Bank is a California state-chartered financial institution insured by the FDIC. As of December 31, 2013, the Bank maintained a network of 27 full-service branch offices in California and two loan production offices in Washington and Texas. | |||
Our other subsidiaries, Chun-Ha Insurance Services, Inc. (“Chun-Ha”) and All World Insurance Services, Inc. (“All World”), were acquired in January 2007. Founded in 1989, Chun-Ha and All World are insurance agencies that offer a complete line of insurance products, including life, commercial, automobile, health, and property and casualty. | |||
Basis of Presentation | ' | ||
Basis of Presentation | |||
The accounting and reporting policies of Hanmi Financial and subsidiaries conform, in all material respects, to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying Consolidated Financial Statements. | |||
The number of shares of our common stock and the computation of basic and diluted earnings (loss) per share were adjusted retroactively for all periods presented to reflect the 1-for-8 reverse stock split, which became effective on December 19, 2011. | |||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The Consolidated Financial Statements include the accounts of Hanmi Financial and our wholly owned subsidiaries, the Bank, Chun-Ha and All World. All intercompany transactions and balances have been eliminated in consolidation. | |||
Use of Estimates in the Preparation of Financial Statements | ' | ||
Use of Estimates in the Preparation of Financial Statements | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant areas where estimates are made consist of the allowance for loan losses, other-than-temporary impairment, investment securities valuations and income taxes. Actual results could differ from those estimates. | |||
Reclassifications | ' | ||
Reclassifications | |||
Certain reclassifications were made to the prior year’s presentation to conform to the current year’s presentation. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents include cash, due from banks, overnight federal funds sold and Treasury bills, all of which have original or purchased maturities of less than 90 days. | |||
Restricted Cash | ' | ||
Restricted Cash | |||
Effective June 30, 2011, the Bank was required to enter into a reserve account agreement with the SBA to sell loans into the secondary market. Under the agreement, the Bank was required to maintain a reserve account at a well-capitalized FDIC insured depository financial institution for the amount equal to the percentage of the guaranteed portion sold into the secondary market. The reserve account was terminated on February 4, 2013. | |||
Securities | ' | ||
Securities | |||
Securities are classified into three categories and accounted for as follows: | |||
(i) | Securities that we have the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost; | ||
(ii) | Securities that are bought and held principally for the purpose of selling them in the near future are classified as “trading securities” and reported at fair value. Unrealized gains and losses are recognized in earnings; and | ||
(iii) | Securities not classified as held to maturity or trading securities are classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of stockholders’ equity as accumulated other comprehensive income, net of income taxes. | ||
Accreted discounts and amortized premiums on investment securities are included in interest income using the effective interest method over the remaining period to the call date or contractual maturity and, in the case of mortgage-backed securities and securities with call features, adjusted for anticipated prepayments. Unrealized and realized gains or losses related to holding or selling of securities are calculated using the specific-identification method. | |||
We review investment securities on an ongoing basis for the presence of other-than-temporary impairment (“OTTI”) or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. | |||
For debt securities, the classification of OTTI depends on whether we intend to sell the security or if it is more likely than not that we will be required to sell the security before recovery of its costs basis, and on the nature of the impairment. If we intend to sell a security or if it is more likely than not that we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the entire difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in other comprehensive income net of tax. A credit loss is the difference between the cost basis of the security and the present value of cash flows expected to be collected, discounted at the security’s effective interest rate at the date of acquisition. The cost basis of an other than temporarily impaired security is written down by the amount of impairment recognized in earnings. The new cost basis is not adjusted for subsequent recoveries in fair value. | |||
Loans Receivable | ' | ||
Loans Receivable | |||
We originate loans for investment, with such designation made at the time of origination. Loans receivable that we have the intent and ability to hold for the foreseeable future, or until maturity, are stated at their outstanding principal, reduced by an allowance for loan losses and net of deferred loan fees or costs on originated loans and unamortized premiums or discounts on purchased loans. Non-refundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method. Discounts or premiums on purchased loans are accreted or amortized to interest income using the effective interest method over the remaining period to contractual maturity adjusted for anticipated prepayments. Interest on loans is credited to income as earned and is accrued only if deemed collectible. Accretion of discounts and deferred loan fees is discontinued when loans are placed on non-accrual status. | |||
Loans are placed on non-accrual status when, in the opinion of management, the full timely collection of principal or interest is in doubt. Generally, the accrual of interest is discontinued when principal or interest payments become more than 90 days past due. However, in certain instances, we may place a particular loan on non-accrual status earlier, depending upon the individual circumstances surrounding the loan’s delinquency. When an asset is placed on non-accrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Non-accrual assets may be restored to accrual status when principal and interest become current and full repayment is expected. Interest income is recognized on the accrual basis for impaired loans not meeting the criteria for non-accrual. | |||
Non-performing assets consist of loans on non-accrual status, loans 90 days or more past due and still accruing interest, loans restructured with troubled borrowers where the terms of repayment have been renegotiated resulting in a reduction or deferral of interest or principal, and other real estate owned (“OREO”). Loans are generally placed on non-accrual status when they become 90 days past due unless management believes the loan is adequately collateralized and in the process of collection. Additionally, the Bank may place loans that are not 90 days past due on non-accrual status, if management reasonably believes the borrower will not be able to comply with the contractual loan repayment terms and collection of principal or interest is in question. | |||
Loans Held for Sale | ' | ||
Loans Held for Sale | |||
Loans originated, or transferred from loans receivable, and intended for sale in the secondary market are carried at the lower of aggregate cost or fair market value. Fair market value, if lower than cost, is determined based on valuations obtained from market participants or the value of underlying collateral, calculated individually. A valuation allowance is established if the market value of such loans is lower than their cost and net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Origination fees on loans held for sale, net of certain costs of processing and closing the loans, are deferred until the time of sale and are included in the computation of the gain or loss from the sale of the related loans. | |||
Allowance for Loan Losses | ' | ||
Allowance for Loan Losses | |||
Management believes the allowance for loan losses is adequate to provide for probable losses inherent in the loan portfolio. However, the allowance is an estimate that is inherently uncertain and depends on the outcome of future events. Management’s estimates are based on previous loan loss experience; volume, growth and composition of the loan portfolio; the value of collateral; and current economic conditions. Our lending is concentrated in commercial, consumer, construction and real estate loans in greater Los Angeles County and Orange County. | |||
Provisions to allowance for loan losses are made quarterly to recognize probable loan losses. The quarterly provision is based on the allowance need, which is determined through analysis involving quantitative calculations based on historic loss rates for general reserves and individual impairment calculations for specific allocations to impaired loans as well as qualitative adjustments. | |||
In the first quarter of 2010, the look-back period was reduced from twelve quarters to eight quarters, with 60 percent weighting given to the most recent four quarters and 40 percent to the oldest four quarters, to place greater emphasis on losses taken by the Bank during the economic downturn. In the second quarter of 2013, management reevaluated the look-back period and restored the twelve quarter look-back period in order to capture a period of higher losses that would have otherwise been excluded. Risk factor calculations are weighted at 50 percent for the most recent four quarters, 33 percent for the next four quarters, and 17 percent for the oldest four quarters. Homogenous loans are collectively evaluated for loss potential. The change in methodology maintained the Bank’s allowance at a level consistent with the prior quarter. | |||
To determine general reserve requirements, existing loans are divided into 11 general loan pools of risk-rated loans as well as three homogenous loan pools. For risk-rated loans, migration analysis allocates historical losses by loan pool and risk grade to determine risk factors for potential loss inherent in the current outstanding loan portfolio. In addition, specific reserves are allocated for loans deemed “impaired.” | |||
When determining the appropriate level for allowance for loan losses, management considers qualitative adjustments for any factors that are likely to cause estimated credit losses associated with the Bank’s current portfolio to differ from historical loss experience, including, but not limited to, national and local economic and business conditions, volume and geographic concentrations, and problem loan trends. | |||
To systematically quantify the credit risk impact of trends and changes within the loan portfolio, a credit risk matrix is utilized. The qualitative factors are considered on a loan pool by loan pool basis subsequent to, and in conjunction with, a loss migration analysis. The credit risk matrix provides various scenarios with positive or negative impact on the portfolio along with corresponding basis points for qualitative adjustments. | |||
Loan losses are charged off, and recoveries are credited, to the allowance account. Additions to the allowance account are charged to the provision for credit losses. The allowance for loan losses is maintained at a level considered adequate by management to absorb probable losses in the loan portfolio. The adequacy of the allowance is determined by management based upon an evaluation and review of the loan portfolio, consideration of historical loan loss experience, current economic conditions, changes in the composition of the loan portfolio, analysis of collateral values and other pertinent factors. | |||
Loans are measured for impairment when it is probable that not all amounts, including principal and interest, will be collected in accordance with the original contractual terms of the loan agreement. The amount of impairment and any subsequent changes are recorded through the provision for credit losses as an adjustment to the allowance for loan losses. | |||
The Bank follows the “Interagency Policy Statement on the Allowance for Loan and Lease Losses” and, as an integral part of the quarterly credit review process, the allowance for loan losses and allowance for off-balance sheet items are reviewed for adequacy. The California Department of Business Oversight (“DBO”) and/or the Board of Governors of the Federal Reserve System (“Federal Reserve”) require the Bank to recognize additions to the allowance for loan losses based upon their assessment of the information available to them at the time of their examinations. | |||
In general, the Bank will charge off a loan and declare a loss when its collectability is questionable and when the Bank can no longer justify presenting the loan as an asset on its balance sheet. To determine if a loan should be charged off, all possible sources of repayment are analyzed, including the potential for future cash flow from income or liquidation of other assets, the value of any collateral, and the strength of co-makers or guarantors. When these sources do not provide a reasonable probability that principal can be collected in full, the Bank will fully or partially charge off the loan. | |||
For a real estate loan, including commercial term loans secured by collateral, any impaired portion is considered as loss if the loan is more than 90 days past due. In a case where the fair value of collateral is less than the loan balance and the borrower has no other assets or income to support repayment, the amount of the deficiency is considered loss and charged off. | |||
For a commercial and industrial loan other than those secured by real estate, if the borrower is in the process of a bankruptcy filing in which the Bank is an unsecured creditor or deemed virtually unsecured by lack of collateral equity or lien position and the borrower has no realizable equity in assets and prospects for recovery are negligible, the loan is considered loss and charged off. Additionally, a commercial and industrial unsecured loan that is more than 120 days past due is considered loss and charged off. | |||
An unsecured consumer loan where a borrower files for bankruptcy, the loan is considered loss within 60 days of receipt of notification of filing from the bankruptcy court. Other consumer loans are considered loss if they are more than 90 days past due. Other events, such as bankruptcy, fraud, or death result in charge offs being recorded in an earlier period. | |||
Impaired Loans | ' | ||
Impaired Loans | |||
Loans are identified and classified as impaired when it is probable that not all amounts, including principal and interest, will be collected in accordance with the contractual terms of the loan agreement. The Bank will consider the following loans as impaired: non-accrual loans or loans where principal or interest payments have been contractually past due for 90 days or more, unless the loan is both well-collateralized and in the process of collection; loans classified as troubled debt restructuring loans; or any loan classified as Substandard that the amount is over 5 percent of the Bank’s Tier 1 Capital. | |||
The Bank considers whether the borrower is experiencing problems such as operating losses, marginal working capital, inadequate cash flow or business deterioration in realizable value. The Bank also considers the financial condition of a borrower who is in industries or countries experiencing economic or political instability. | |||
When a loan is considered impaired, any future cash receipts on such loans will be treated as either interest income or return of principal depending upon management’s opinion of the ultimate risk of loss on the individual loan. Cash payments are treated as interest income where management believes the remaining principal balance is fully collectible. | |||
We evaluate loan impairment in accordance with applicable GAAP. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, less costs to sell. If the measure of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established. Additionally, impaired loans are specifically excluded from the quarterly migration analysis when determining the amount of the allowance for loan losses required for the period. | |||
For impaired loans where the impairment amount is measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate, any impairment that represents the change in present value attributable to the passage of time is recognized as provision for credit losses. | |||
The amount of interest income recognized on impaired loans using a cash basis method is disclosed in Note 3 – Loans. | |||
Troubled Debt Restructuring | ' | ||
Troubled Debt Restructuring | |||
A loan is identified as a troubled debt restructuring (“TDR”) loan when a borrower is experiencing financial difficulties and, for economic or legal reasons related to these difficulties, the Bank grants a concession to the borrower in the restructuring that it would not otherwise consider. The Bank has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due, including principal and/or interest accrued at the original terms of the loan. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a note split with principal forgiveness. All troubled debt restructurings are reviewed for potential impairment. Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of six months to demonstrate that the borrower can perform under the restructured terms. If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Loans classified as TDRs are reported as impaired loans. | |||
Premises and Equipment | ' | ||
Premises and Equipment | |||
Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of useful lives for the principal classes of assets are as follows: | |||
Buildings and improvements | 10 to 30 years | ||
Furniture and equipment | 3 to 7 years | ||
Leasehold improvements | Term of lease or useful life, whichever is shorter | ||
Software | 3 years | ||
Impairment of Long-Lived Assets | ' | ||
Impairment of Long-Lived Assets | |||
We account for long-lived assets in accordance with the provisions of FASB ASC 360, “Property, Plant and Equipment.” This requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | |||
Other Real Estate Owned | ' | ||
Other Real Estate Owned | |||
Assets acquired through loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, valuation impairment is recorded through expense. Operating costs after acquisition are expensed. | |||
Servicing Assets | ' | ||
Servicing Assets | |||
Servicing assets are recorded at the lower of amortized cost or fair value in accordance with the provisions of FASB ASC 860, “Transfers and Servicing.” The fair values of servicing assets represent either the price paid if purchased, or the allocated carrying amounts based on relative values when retained in a sale. Servicing assets are amortized in proportion to, and over the period of, estimated net servicing income. The fair value of servicing assets is determined based on the present value of estimated net future cash flows related to contractually specified servicing fees. | |||
The servicing asset is recorded based on the present value of the contractually specified servicing fee, net of adequate compensation, for the estimated life of the loan, using a discount rate and a constant prepayment rate. Management periodically evaluates the servicing asset for impairment. Impairment, if it occurs, is recognized in a valuation allowance in the period of impairment. | |||
Interest-only strips are recorded based on the present value of the excess of total servicing fee over the contractually specified servicing fee for the estimated life of the loan, calculated using the same assumptions as noted above. Such interest-only strips are accounted for at their estimated fair value, with unrealized gains or losses recorded as adjustments to accumulated other comprehensive income (loss). | |||
Other Intangible Assets | ' | ||
Other Intangible Assets | |||
Other intangible assets consist of acquired intangible assets arising from acquisitions, including trade names, carrier relationships and client/insured relationships. The acquired intangible assets were initially measured at fair value and then are amortized on the straight-line method over their estimated useful lives. | |||
As required by FASB ASC 350, other intangible assets are assessed for impairment or recoverability whenever events or changes in circumstances indicate the carrying amount may not be recoverable. | |||
Federal Home Loan Bank Stock | ' | ||
Federal Home Loan Bank Stock | |||
The Bank is a member of the Federal Home Loan Bank of San Francisco (“FHLB”) and is required to own common stock in the FHLB based upon the Bank’s balance of outstanding FHLB advances. FHLB stock is carried at cost and may be sold back to the FHLB at its carrying value. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends received are reported as dividend income. | |||
Federal Reserve Bank Stock | ' | ||
Federal Reserve Bank Stock | |||
The Bank is a member of the Federal Reserve Bank of San Francisco (“FRB”) and is required to maintain stock in the FRB based on a specified ratio relative to the Bank’s capital. FRB stock is carried at cost and may be sold back to the FRB at its carrying value. FRB stock is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends received are reported as dividend income. | |||
Bank-Owned Life Insurance | ' | ||
Bank-Owned Life Insurance | |||
We have purchased single premium life insurance policies (“bank-owned life insurance”) on certain officers. The Bank is the beneficiary under the policy. In the event of the death of a covered officer, we will receive the specified insurance benefit from the insurance carrier. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due, if any, that are probable at settlement. | |||
Affordable Housing Investments | ' | ||
Affordable Housing Investments | |||
The Bank has invested in limited partnerships formed to develop and operate affordable housing units for lower income tenants throughout California. The partnership interests are accounted for utilizing the equity method of accounting. The costs of the investments are being amortized on a straight-line method over the life of related tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken is subject to recapture with interest. Such investments are recorded in other assets in the accompanying Consolidated Balance Sheets. | |||
Income Tax | ' | ||
Income Tax | |||
We provide for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Share-Based Compensation | ' | ||
Share-Based Compensation | |||
We adopted FASB ASC 718, “Compensation-Stock Compensation,” on January 1, 2006 using the “modified prospective” method. Under this method, awards that are granted, modified or settled after December 31, 2005 are measured and accounted for in accordance with FASB ASC 718. Also under this method, expense is recognized for services attributed to the current period for unvested awards that were granted prior to January 1, 2006, based upon the fair value determined at the grant date under SFAS No. 123, “Accounting for Stock-Based Compensation.” | |||
FASB ASC 718 requires that cash flows resulting from the realization of excess tax benefits recognized on awards that were fully vested at the time of adoption of FASB ASC 718 be classified as a financing cash inflow and an operating cash outflow on the Consolidated Statements of Cash Flows. Before the adoption of FASB ASC 718, we presented all tax benefits realized from the exercise of stock options as an operating cash inflow. | |||
In addition, FASB ASC 718 requires that any unearned compensation related to awards granted prior to the adoption of FASB ASC 718 be eliminated against the appropriate equity accounts. As a result, the presentation of stockholders’ equity was revised to reflect the transfer of the balance previously reported in unearned compensation to additional paid-in capital. | |||
Earnings Per Share | ' | ||
Earnings Per Share | |||
Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. | |||
Treasury Stock | ' | ||
Treasury Stock | |||
We use the cost method of accounting for treasury stock. The cost method requires us to record the reacquisition cost of treasury stock as a deduction from stockholders’ equity on the Consolidated Balance Sheets. | |||
Recently Issued Accounting Standards | ' | ||
Recently Issued Accounting Standards | |||
FASB ASU 2014-04 “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (Topic 310-40)” was issued to define a term in substance a repossession or foreclosure and physical possession in accounting literature and when a creditor should derecognize the loan receivable and recognize the real estate property. The amendments in this update are intended to reduce diversity in practice by clarifying when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendment is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of FASB ASU 2014-04 is not expected to have a significant impact on our financial condition or result of operations. | |||
FASB ASU 2014-01 “Accounting for Investments in Qualified Affordable Housing Projects (Topic 323)” was issued to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this update permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendment is effective for public business entities for annual periods and interim presorting periods within those annual periods, beginning after December 15, 2014. The adoption of FASB ASU 2014-01 is not expected to have a significant impact on our financial condition or result of operations. | |||
FASB ASU 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (Topic 740)” was issued to improve the reporting for unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The pronouncement is expected to reduce diversity in practice by providing guidance on the presentation of unrecognized tax benefits and will better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. The pronouncement is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this pronouncement did not have a material impact on our consolidated financial statements. | |||
FASB ASU 2013-02 “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income (Topic 220)” was issued to address concerns raised in the initial issuance of ASU 2011-05, “Presentation of Comprehensive Income.” For items reclassified out of accumulated other comprehensive income into net income in their entirety, entities must disclose the effect of the reclassification on each affected net income line item. For accumulated other comprehensive income reclassification items that are not reclassified in their entirety into net income, entities must provide a cross reference to other required U.S. GAAP disclosures. This information may be provided either in the notes or parenthetically on the face of the statement that reports net income as long as all the information is disclosed in a single location. However, an entity is prohibited from providing this information parenthetically on the face of the statement that reports net income if it has items that are not reclassified in their entirety into net income. The amendments are effective for annual reporting periods beginning after December 15, 2012 and interim periods within those years. The adoption of FASB ASU 2013-02 did not have a significant impact on our financial condition or result of operations. | |||
Fair Value Measurements | ' | ||
The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data in order to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Useful Lives for Principal Classes of Assets | ' | ||
The ranges of useful lives for the principal classes of assets are as follows: | |||
Buildings and improvements | 10 to 30 years | ||
Furniture and equipment | 3 to 7 years | ||
Leasehold improvements | Term of lease or useful life, whichever is shorter | ||
Software | 3 years |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Summary of Investment Securities Available for Sale | ' | ||||||||||||||||||||||||||||||||||||
The following is a summary of investment securities available for sale as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 222,768 | $ | 317 | $ | 6,026 | $ | 217,059 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 130,636 | 274 | 3,217 | 127,693 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 90,852 | — | 7,316 | 83,536 | |||||||||||||||||||||||||||||||||
Municipal bonds-tax exempt | 13,857 | 110 | 30 | 13,937 | |||||||||||||||||||||||||||||||||
Municipal bonds-taxable | 33,361 | 73 | 1,080 | 32,354 | |||||||||||||||||||||||||||||||||
Corporate bonds | 21,013 | 8 | 186 | 20,835 | |||||||||||||||||||||||||||||||||
U.S. treaury bills | 19,998 | — | 1 | 19,997 | |||||||||||||||||||||||||||||||||
SBA loan pool securities | 13,598 | — | 969 | 12,629 | |||||||||||||||||||||||||||||||||
Other securities | 3,030 | — | 144 | 2,886 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 549,113 | $ | 782 | $ | 18,969 | $ | 530,926 | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 157,185 | $ | 3,327 | $ | 186 | $ | 160,326 | |||||||||||||||||||||||||||||
Collateralized mortgage obligations (1) | 98,821 | 1,775 | 109 | 100,487 | |||||||||||||||||||||||||||||||||
U.S. government agency securities | 92,990 | 222 | 94 | 93,118 | |||||||||||||||||||||||||||||||||
Municipal bonds-tax exempt | 12,209 | 603 | — | 12,812 | |||||||||||||||||||||||||||||||||
Municipal bonds-taxable | 44,248 | 2,029 | 135 | 46,142 | |||||||||||||||||||||||||||||||||
Corporate bonds | 20,470 | 176 | 246 | 20,400 | |||||||||||||||||||||||||||||||||
SBA loan pool securities | 14,104 | 4 | 82 | 14,026 | |||||||||||||||||||||||||||||||||
Other securities | 3,331 | 73 | 47 | 3,357 | |||||||||||||||||||||||||||||||||
Equity securities | 354 | 78 | 40 | 392 | |||||||||||||||||||||||||||||||||
Total securities available for sale | $ | 443,712 | $ | 8,287 | $ | 939 | $ | 451,060 | |||||||||||||||||||||||||||||
(1) | Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities | ||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | ' | ||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities as of December 31, 2013, by contractual maturity, are shown below. Although mortgage-backed securities and collateralized mortgage obligations have contractual maturities through 2063, expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Within one year | $ | 19,998 | $ | 19,996 | |||||||||||||||||||||||||||||||||
Over one year through five years | 31,560 | 31,306 | |||||||||||||||||||||||||||||||||||
Over five years through ten years | 101,992 | 95,869 | |||||||||||||||||||||||||||||||||||
Over ten years | 42,159 | 39,003 | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 222,768 | 217,059 | |||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 130,636 | 127,693 | |||||||||||||||||||||||||||||||||||
Total | $ | 549,113 | $ | 530,926 | |||||||||||||||||||||||||||||||||
Available for Sale Securities, Continuous Unrealized Loss Position, Fair value | ' | ||||||||||||||||||||||||||||||||||||
Gross unrealized losses on investment securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||
Holding Period | |||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||
Gross | Estimated | Number of | Gross | Estimated | Number of | Gross | Estimated | Number of | |||||||||||||||||||||||||||||
Unrealized | Fair Value | Securities | Unrealized | Fair Value | Securities | Unrealized | Fair Value | Securities | |||||||||||||||||||||||||||||
Loss | Loss | Loss | |||||||||||||||||||||||||||||||||||
(In thousands, except number of securities) | |||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 3,437 | $ | 170,324 | 51 | $ | 2,589 | $ | 30,947 | 12 | $ | 6,026 | $ | 201,271 | 63 | ||||||||||||||||||||||
Collateralized mortgage obligations | 2,353 | 87,026 | 27 | 864 | 14,657 | 7 | 3,217 | 101,683 | 34 | ||||||||||||||||||||||||||||
U.S. government agency securities | 3,942 | 50,932 | 19 | 3,374 | 32,606 | 12 | 7,316 | 83,538 | 31 | ||||||||||||||||||||||||||||
Municipal bonds-tax exempt | 30 | 8,562 | 5 | — | — | — | 30 | 8,562 | 5 | ||||||||||||||||||||||||||||
Municipal bonds-taxable | 787 | 22,817 | 16 | 293 | 3,813 | 4 | 1,080 | 26,630 | 20 | ||||||||||||||||||||||||||||
Corporate bonds | 9 | 5,024 | 1 | 177 | 11,803 | 3 | 186 | 16,827 | 4 | ||||||||||||||||||||||||||||
U.S. Treasury bills | 1 | 19,996 | 2 | — | — | — | 1 | 19,996 | 2 | ||||||||||||||||||||||||||||
SBA loan pool securities | — | — | — | 969 | 12,629 | 4 | 969 | 12,629 | 4 | ||||||||||||||||||||||||||||
Other securities | 48 | 1,957 | 3 | 96 | 929 | 3 | 144 | 2,886 | 6 | ||||||||||||||||||||||||||||
Total | $ | 10,607 | $ | 366,638 | 124 | $ | 8,362 | $ | 107,384 | 45 | $ | 18,969 | $ | 474,022 | 169 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 186 | $ | 28,354 | 10 | $ | — | $ | — | — | $ | 186 | $ | 28,354 | 10 | ||||||||||||||||||||||
Collateralized mortgage obligations | 109 | 14,344 | 5 | — | — | — | 109 | 14,344 | 5 | ||||||||||||||||||||||||||||
U.S. government agency securities | 94 | 26,894 | 9 | — | — | — | 94 | 26,894 | 9 | ||||||||||||||||||||||||||||
Municipal bonds-taxable | 126 | 4,587 | 4 | 9 | 1,964 | 3 | 135 | 6,551 | 7 | ||||||||||||||||||||||||||||
Corporate bonds | — | — | — | 246 | 10,738 | 3 | 246 | 10,738 | 3 | ||||||||||||||||||||||||||||
SBA loan pool securities | 82 | 11,004 | 3 | — | — | — | 82 | 11,004 | 3 | ||||||||||||||||||||||||||||
Other securities | 1 | 12 | 1 | 46 | 953 | 1 | 47 | 965 | 2 | ||||||||||||||||||||||||||||
Equity securities | 40 | 96 | 1 | — | — | — | 40 | 96 | 1 | ||||||||||||||||||||||||||||
Total | $ | 638 | $ | 85,291 | 33 | $ | 301 | $ | 13,655 | 7 | $ | 939 | $ | 98,946 | 40 | ||||||||||||||||||||||
Realized Gains and Losses on Sales of Investment Securities | ' | ||||||||||||||||||||||||||||||||||||
Realized gains and losses on sales of investment securities, proceeds from sales of investment securities and the tax expense on sales of investment securities were as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Gross realized gains on sales of investment securities | $ | 1,602 | $ | 1,447 | $ | 2,674 | |||||||||||||||||||||||||||||||
Gross realized losses on sales of investment securities | (563 | ) | (50 | ) | (1,039 | ) | |||||||||||||||||||||||||||||||
Net realized gains on sales of investment securities | $ | 1,039 | $ | 1,397 | $ | 1,635 | |||||||||||||||||||||||||||||||
Proceeds from sales of investment securities | $ | 78,473 | $ | 102,538 | $ | 155,468 | |||||||||||||||||||||||||||||||
Tax expense on sales of investment securities | $ | 437 | $ | 587 | $ | 687 |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||||||
Loans receivable consisted of the following as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | $ | 933,398 | $ | 787,094 | |||||||||||||||||||||||||||||||||||||
Residential property | 79,078 | 101,778 | |||||||||||||||||||||||||||||||||||||||
Total real estate loans | 1,012,476 | 888,872 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term (1) | 929,648 | 884,364 | |||||||||||||||||||||||||||||||||||||||
Commercial lines of credit (2) | 71,577 | 56,121 | |||||||||||||||||||||||||||||||||||||||
SBA loans (3) | 151,530 | 148,306 | |||||||||||||||||||||||||||||||||||||||
International loans | 36,353 | 34,221 | |||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans | 1,189,108 | 1,123,012 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | 32,505 | 36,676 | |||||||||||||||||||||||||||||||||||||||
Total gross loans | 2,234,089 | 2,048,560 | |||||||||||||||||||||||||||||||||||||||
Allowance for loans losses | (57,555 | ) | (63,305 | ) | |||||||||||||||||||||||||||||||||||||
Deferred loan fees | 964 | 796 | |||||||||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 2,177,498 | $ | 1,986,051 | |||||||||||||||||||||||||||||||||||||
(1) | Includes owner-occupied property loans of $822.0 million and $774.2 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
(2) | Includes owner-occupied property loans of $535,000 and $1.4 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
(3) | Includes owner-occupied property loans of $144.5 million and $128.4 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
Loans Receivable to Loans Held for Sale | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details the information on the sales and reclassifications of loans receivable to loans held for sale by portfolio segment for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial | Consumer | Total | ||||||||||||||||||||||||||||||||||||||
and Industrial | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | — | $ | 8,306 | $ | — | $ | 8,306 | |||||||||||||||||||||||||||||||||
Origination of loans held for sale | — | 83,027 | — | 83,027 | |||||||||||||||||||||||||||||||||||||
Reclassification from loans receivable to loans held for sale | 780 | 7,230 | — | 8,010 | |||||||||||||||||||||||||||||||||||||
Reclassification from Loans held for sale to loans receivable | (774 | ) | (1,760 | ) | — | (2,534 | ) | ||||||||||||||||||||||||||||||||||
Sales of loans held for sale | — | (96,754 | ) | — | (96,754 | ) | |||||||||||||||||||||||||||||||||||
Principal payoffs and amortization | (6 | ) | (49 | ) | — | (55 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 11,068 | $ | 11,519 | $ | — | $ | 22,587 | |||||||||||||||||||||||||||||||||
Origination of loans held for sale | — | 116,829 | — | 116,829 | |||||||||||||||||||||||||||||||||||||
Reclassification from loans receivable to loans held for sale | 46,960 | 48,651 | — | 95,611 | |||||||||||||||||||||||||||||||||||||
Reclassification from loans held for sale to other real estate owned | (360 | ) | — | — | (360 | ) | |||||||||||||||||||||||||||||||||||
Reclassification from loans held for sale to loans receivable | (1,647 | ) | (132 | ) | — | (1,779 | ) | ||||||||||||||||||||||||||||||||||
Sales of loans held for sale | (54,669 | ) | (165,563 | ) | — | (220,232 | ) | ||||||||||||||||||||||||||||||||||
Principal payoffs and amortization | (228 | ) | (376 | ) | — | (604 | ) | ||||||||||||||||||||||||||||||||||
Valuation adjustments | (1,124 | ) | (2,622 | ) | — | (3,746 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | — | $ | 8,306 | $ | — | $ | 8,306 | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Allowance for Off-Balance Sheet Items | ' | ||||||||||||||||||||||||||||||||||||||||
Activity in the allowance for loan losses and allowance for off-balance sheet items was as follows for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
As of and for the | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 63,305 | $ | 89,936 | $ | 146,059 | |||||||||||||||||||||||||||||||||||
Actual charge-offs | (11,862 | ) | (38,227 | ) | (78,652 | ) | |||||||||||||||||||||||||||||||||||
Recoveries on loans previously charged off | 5,536 | 4,439 | 9,993 | ||||||||||||||||||||||||||||||||||||||
Net loan charge-offs | (6,326 | ) | (33,788 | ) | (68,659 | ) | |||||||||||||||||||||||||||||||||||
Provision charged to operating expense | 576 | 7,157 | 12,536 | ||||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 57,555 | $ | 63,305 | $ | 89,936 | |||||||||||||||||||||||||||||||||||
Allowance for off-balance sheet items: | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 1,824 | $ | 2,981 | $ | 3,417 | |||||||||||||||||||||||||||||||||||
Provision charged to operating expense | (576 | ) | (1,157 | ) | (436 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,248 | $ | 1,824 | $ | 2,981 | |||||||||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details the information on the allowance for loan losses by portfolio segment for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
Real Estate | Commercial | Consumer | Unallocated | Total | |||||||||||||||||||||||||||||||||||||
and Industrial | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 18,180 | $ | 41,928 | $ | 2,280 | $ | 917 | $ | 63,305 | |||||||||||||||||||||||||||||||
Charge-offs | (359 | ) | (11,236 | ) | (267 | ) | — | (11,862 | ) | ||||||||||||||||||||||||||||||||
Recoveries on loans previously charged off | 1,784 | 3,583 | 169 | — | 5,536 | ||||||||||||||||||||||||||||||||||||
Provision | (1,044 | ) | 2,001 | (755 | ) | 374 | 576 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 18,561 | $ | 36,276 | $ | 1,427 | $ | 1,291 | $ | 57,555 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 204 | $ | 5,980 | $ | 284 | $ | — | $ | 6,468 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 18,357 | $ | 30,296 | $ | 1,143 | $ | 1,291 | $ | 51,087 | |||||||||||||||||||||||||||||||
Loans receivable: | |||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,012,476 | $ | 1,189,108 | $ | 32,505 | $ | — | $ | 2,234,089 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 8,817 | $ | 42,680 | $ | 1,569 | $ | — | $ | 53,066 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,003,659 | $ | 1,146,428 | $ | 30,936 | $ | — | $ | 2,181,023 | |||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 19,637 | $ | 66,005 | $ | 2,243 | $ | 2,051 | $ | 89,936 | |||||||||||||||||||||||||||||||
Charge-offs | (11,382 | ) | (25,897 | ) | (948 | ) | — | (38,227 | ) | ||||||||||||||||||||||||||||||||
Recoveries on loans previously charged off | 583 | 3,758 | 98 | — | 4,439 | ||||||||||||||||||||||||||||||||||||
Provision | 9,342 | (1,938 | ) | 887 | (1,134 | ) | 7,157 | ||||||||||||||||||||||||||||||||||
Ending balance | $ | 18,180 | $ | 41,928 | $ | 2,280 | $ | 917 | $ | 63,305 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 161 | $ | 5,456 | $ | 615 | $ | — | $ | 6,232 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 18,019 | $ | 36,472 | $ | 1,665 | $ | 917 | $ | 57,073 | |||||||||||||||||||||||||||||||
Loans receivable: | — | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 888,872 | $ | 1,123,012 | $ | 36,676 | $ | — | $ | 2,048,560 | |||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 8,819 | $ | 44,273 | $ | 1,652 | $ | — | $ | 54,744 | |||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 880,053 | $ | 1,078,739 | $ | 35,024 | $ | — | $ | 1,993,816 | |||||||||||||||||||||||||||||||
Credit Quality of Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, pass (grade 0-4), criticized (grade 5) and classified (grade 6-7) loans, disaggregated by loan class, were as follows: | |||||||||||||||||||||||||||||||||||||||||
Pass | Criticized | Classified | Total Loans | ||||||||||||||||||||||||||||||||||||||
(Grade 0-4) | (Grade 5) | (Grade 6-7) | |||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 473,435 | $ | 5,308 | $ | 4,264 | $ | 483,007 | |||||||||||||||||||||||||||||||||
Land | 4,419 | 981 | 157 | 5,557 | |||||||||||||||||||||||||||||||||||||
Other | 427,355 | 4,363 | 13,116 | 444,834 | |||||||||||||||||||||||||||||||||||||
Residential property | 77,422 | — | 1,656 | 79,078 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 94,306 | 1,699 | 11,608 | 107,613 | |||||||||||||||||||||||||||||||||||||
Secured by real estate | 777,114 | 7,818 | 37,103 | 822,035 | |||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 70,358 | — | 1,219 | 71,577 | |||||||||||||||||||||||||||||||||||||
SBA loans | 140,162 | 571 | 10,797 | 151,530 | |||||||||||||||||||||||||||||||||||||
International loans | 35,777 | 576 | — | 36,353 | |||||||||||||||||||||||||||||||||||||
Consumer loans | 30,044 | 163 | 2,298 | 32,505 | |||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 2,130,392 | $ | 21,479 | $ | 82,218 | $ | 2,234,089 | |||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 386,650 | $ | 3,971 | $ | 2,324 | $ | 392,945 | |||||||||||||||||||||||||||||||||
Land | 5,491 | — | 8,516 | 14,007 | |||||||||||||||||||||||||||||||||||||
Other | 366,518 | 12,132 | 1,492 | 380,142 | |||||||||||||||||||||||||||||||||||||
Residential property | 99,250 | — | 2,528 | 101,778 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 87,370 | 663 | 22,139 | 110,172 | |||||||||||||||||||||||||||||||||||||
Secured by real estate | 710,723 | 13,038 | 50,431 | 774,192 | |||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 53,391 | 863 | 1,867 | 56,121 | |||||||||||||||||||||||||||||||||||||
SBA loans | 136,058 | 1,119 | 11,129 | 148,306 | |||||||||||||||||||||||||||||||||||||
International loans | 34,221 | — | — | 34,221 | |||||||||||||||||||||||||||||||||||||
Consumer loans | 33,707 | 201 | 2,768 | 36,676 | |||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 1,913,379 | $ | 31,987 | $ | 103,194 | $ | 2,048,560 | |||||||||||||||||||||||||||||||||
Analysis of Past Due Loans, Disaggregated by Loan Class | ' | ||||||||||||||||||||||||||||||||||||||||
The following is an aging analysis of past due loans, disaggregated by loan class, as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
30-59 Days Past | 60-89 Days Past | 90 Days or | Total Past Due | Current | Total Loans | Accruing 90 | |||||||||||||||||||||||||||||||||||
Due | Due | More Past Due | Days or More | ||||||||||||||||||||||||||||||||||||||
Past Due | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | 404 | $ | 2,196 | $ | 2,600 | $ | 480,407 | $ | 483,007 | $ | — | |||||||||||||||||||||||||||
Land | — | — | — | — | 5,557 | 5,557 | — | ||||||||||||||||||||||||||||||||||
Other | 411 | — | — | 411 | 444,423 | 444,834 | — | ||||||||||||||||||||||||||||||||||
Residential property | — | 122 | 279 | 401 | 78,677 | 79,078 | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 224 | 386 | 1,159 | 1,770 | 105,843 | 107,613 | — | ||||||||||||||||||||||||||||||||||
Secured by real estate | 802 | 952 | 1,012 | 2,766 | 819,269 | 822,035 | — | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | — | 150 | 250 | 400 | 71,177 | 71,577 | — | ||||||||||||||||||||||||||||||||||
SBA loans | 1,859 | 2,016 | 3,622 | 7,496 | 144,034 | 151,530 | — | ||||||||||||||||||||||||||||||||||
International loans | — | — | — | — | 36,353 | 36,353 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 311 | 42 | 77 | 430 | 32,075 | 32,505 | — | ||||||||||||||||||||||||||||||||||
Total gross loans | $ | 3,607 | $ | 4,072 | $ | 8,595 | $ | 16,274 | $ | 2,217,815 | $ | 2,234,089 | $ | — | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | 111 | $ | — | $ | 111 | $ | 392,834 | $ | 392,945 | $ | — | |||||||||||||||||||||||||||
Land | — | — | 335 | 335 | 13,672 | 14,007 | — | ||||||||||||||||||||||||||||||||||
Other | — | — | — | — | 380,142 | 380,142 | — | ||||||||||||||||||||||||||||||||||
Residential property | — | 588 | 311 | 899 | 100,879 | 101,778 | — | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 918 | 1,103 | 1,279 | 3,300 | 106,872 | 110,172 | — | ||||||||||||||||||||||||||||||||||
Secured by real estate | 1,949 | — | 926 | 2,875 | 771,317 | 774,192 | — | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | — | 188 | 416 | 604 | 55,517 | 56,121 | — | ||||||||||||||||||||||||||||||||||
SBA loans | 3,759 | 1,039 | 2,800 | 7,598 | 140,708 | 148,306 | — | ||||||||||||||||||||||||||||||||||
International loans | — | — | — | — | 34,221 | 34,221 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 61 | 146 | 538 | 745 | 35,931 | 36,676 | — | ||||||||||||||||||||||||||||||||||
Total gross loans | $ | 6,687 | $ | 3,175 | $ | 6,605 | $ | 16,467 | $ | 2,032,093 | $ | 2,048,560 | $ | — | |||||||||||||||||||||||||||
Information on Impaired Loans, Disaggregated by Loan Class | ' | ||||||||||||||||||||||||||||||||||||||||
The following table provides information on impaired loans, disaggregated by loan class, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
Recorded | Unpaid Principal | With No | With an | Related | Average | Interest Income | |||||||||||||||||||||||||||||||||||
Investment | Balance | Related | Allowance | Allowance | Recorded | Recognized | |||||||||||||||||||||||||||||||||||
Allowance | Recorded | Investment | |||||||||||||||||||||||||||||||||||||||
Recorded | |||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 4,402 | $ | 4,491 | $ | 2,400 | $ | 2,002 | $ | 199 | $ | 2,819 | $ | 93 | |||||||||||||||||||||||||||
Land | — | — | — | — | — | 837 | 80 | ||||||||||||||||||||||||||||||||||
Other | 1,737 | 1,754 | 1,219 | 518 | 5 | 991 | 44 | ||||||||||||||||||||||||||||||||||
Residential property | 2,678 | 2,773 | 2,678 | — | — | 2,941 | 117 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 11,612 | 11,827 | 2,166 | 9,446 | 2,581 | 12,048 | 732 | ||||||||||||||||||||||||||||||||||
Secured by real estate | 21,093 | 22,429 | 19,346 | 1,746 | 493 | 18,313 | 1,322 | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | 614 | 686 | 173 | 441 | 252 | 1,008 | 54 | ||||||||||||||||||||||||||||||||||
SBA loans | 8,274 | 9,845 | 4,380 | 3,894 | 2,576 | 6,495 | 1,195 | ||||||||||||||||||||||||||||||||||
International loans | 1,087 | 1,087 | 286 | 801 | 78 | 1,284 | — | ||||||||||||||||||||||||||||||||||
Consumer loans | 1,569 | 1,671 | 644 | 925 | 284 | 1,612 | 71 | ||||||||||||||||||||||||||||||||||
Total | $ | 53,066 | $ | 56,563 | $ | 33,292 | $ | 19,773 | $ | 6,468 | $ | 48,348 | $ | 3,708 | |||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 2,930 | $ | 3,024 | $ | 2,930 | $ | — | $ | — | $ | 2,357 | $ | 136 | |||||||||||||||||||||||||||
Land | 2,097 | 2,307 | 2,097 | — | — | 2,140 | 179 | ||||||||||||||||||||||||||||||||||
Other | 527 | 527 | — | 527 | 67 | 835 | 43 | ||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | 6,012 | 207 | ||||||||||||||||||||||||||||||||||
Residential property | 3,265 | 3,308 | 1,866 | 1,399 | 94 | 3,268 | 164 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 14,532 | 15,515 | 6,826 | 7,706 | 2,144 | 14,160 | 821 | ||||||||||||||||||||||||||||||||||
Secured by real estate | 22,050 | 23,221 | 9,520 | 12,530 | 2,319 | 21,894 | 1,723 | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | 1,521 | 1,704 | 848 | 673 | 230 | 1,688 | 64 | ||||||||||||||||||||||||||||||||||
SBA loans | 6,170 | 10,244 | 4,294 | 1,876 | 762 | 7,173 | 1,131 | ||||||||||||||||||||||||||||||||||
Consumer loans | 1,652 | 1,711 | 449 | 1,203 | 615 | 1,205 | 73 | ||||||||||||||||||||||||||||||||||
Total | $ | 54,744 | $ | 61,561 | $ | 28,830 | $ | 25,914 | $ | 6,231 | $ | 60,732 | $ | 4,541 | |||||||||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 1,260 | $ | 1,260 | $ | 1,100 | $ | 160 | $ | 126 | $ | 105 | $ | — | |||||||||||||||||||||||||||
Land | 3,178 | 3,210 | — | 3,178 | 360 | 16,910 | 78 | ||||||||||||||||||||||||||||||||||
Other | 14,773 | 14,823 | 1,131 | 13,642 | 3,004 | 14,850 | 907 | ||||||||||||||||||||||||||||||||||
Construction | 14,120 | 14,120 | 14,120 | — | — | 14,353 | 1,077 | ||||||||||||||||||||||||||||||||||
Residential property | 5,368 | 5,408 | 3,208 | 2,160 | 128 | 5,399 | 279 | ||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 16,035 | 16,559 | 244 | 15,791 | 10,793 | 15,685 | 1,043 | ||||||||||||||||||||||||||||||||||
Secured by real estate | 53,159 | 54,156 | 14,990 | 38,169 | 7,062 | 51,977 | 3,652 | ||||||||||||||||||||||||||||||||||
Commercial lines of credit | 1,431 | 1,554 | 715 | 716 | 716 | 1,590 | 82 | ||||||||||||||||||||||||||||||||||
SBA loans | 11,619 | 12,971 | 9,445 | 2,174 | 1,167 | 12,658 | 1,186 | ||||||||||||||||||||||||||||||||||
Consumer loans | 746 | 788 | 511 | 235 | 26 | 832 | 44 | ||||||||||||||||||||||||||||||||||
Total | $ | 121,689 | $ | 124,849 | $ | 45,464 | $ | 76,225 | $ | 23,382 | $ | 134,359 | $ | 8,348 | |||||||||||||||||||||||||||
Summary of Interest Foregone on Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||||||
The following is a summary of interest foregone on impaired loans for the periods indicated: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms | $ | 4,451 | $ | 5,887 | $ | 9,192 | |||||||||||||||||||||||||||||||||||
Less: Interest income recognized on impaired loans (1) | (3,708 | ) | (4,541 | ) | (8,348 | ) | |||||||||||||||||||||||||||||||||||
Interest foregone on impaired loans | $ | 743 | $ | 1,346 | $ | 844 | |||||||||||||||||||||||||||||||||||
(1) | Includes interest recognized on accrual basis prior to classification as impaired. | ||||||||||||||||||||||||||||||||||||||||
Non-Accrual Loans, Disaggregated by Loan Class | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details non-accrual loans, disaggregated by loan class, as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | 2,946 | $ | 1,079 | |||||||||||||||||||||||||||||||||||||
Land | — | 2,097 | |||||||||||||||||||||||||||||||||||||||
Other | 574 | — | |||||||||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||||||||||
Residential property | 1,365 | 1,270 | |||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 3,144 | 8,311 | |||||||||||||||||||||||||||||||||||||||
Secured by real estate | 6,773 | 8,679 | |||||||||||||||||||||||||||||||||||||||
Commercial lines of credit | 423 | 1,521 | |||||||||||||||||||||||||||||||||||||||
SBA loans | 9,155 | 12,563 | |||||||||||||||||||||||||||||||||||||||
Consumer loans | 1,497 | 1,759 | |||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | $ | 25,877 | $ | 37,279 | |||||||||||||||||||||||||||||||||||||
Non-Performing Assets | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details non-performing assets as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Non-accrual loans | $ | 25,877 | $ | 37,279 | |||||||||||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | — | — | |||||||||||||||||||||||||||||||||||||||
Total non-performing loans | 25,877 | 37,279 | |||||||||||||||||||||||||||||||||||||||
Other real estate owned | 756 | 774 | |||||||||||||||||||||||||||||||||||||||
Total non-performing assets | $ | 26,633 | $ | 38,053 | |||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings, Disaggregated by Type of Concession and by Loan Type | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details troubled debt restructurings, disaggregated by concession type and by loan type, as of December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Non-Accrual TDRs | Accrual TDRs | ||||||||||||||||||||||||||||||||||||||||
Deferral of | Deferral of | Reduction of | Extension of | Total | Deferral of | Deferral of | Reduction of | Extension of | Total | ||||||||||||||||||||||||||||||||
Principal | Principal and | Principal | Maturity | Principal | Principal and | Principal | Maturity | ||||||||||||||||||||||||||||||||||
Interest | and Interest | Interest | and Interest | ||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | 750 | $ | 750 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Other | — | — | — | — | — | 518 | — | — | 645 | 1,163 | |||||||||||||||||||||||||||||||
Residential property | 795 | — | — | — | 795 | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | — | 198 | 1,016 | 851 | 2,065 | 1,130 | — | 2,221 | 3,816 | 7,167 | |||||||||||||||||||||||||||||||
Secured by real estate | 2,115 | 967 | 976 | — | 4,058 | 3,437 | — | 1,253 | 4,466 | 9,156 | |||||||||||||||||||||||||||||||
Commercial lines of credit | — | — | — | 173 | 173 | — | — | 191 | — | 191 | |||||||||||||||||||||||||||||||
SBA loans | 876 | 1,078 | 741 | — | 2,695 | 439 | — | 65 | — | 504 | |||||||||||||||||||||||||||||||
International loans | — | — | — | — | — | — | — | 1,087 | — | 1,087 | |||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | — | 149 | — | 149 | |||||||||||||||||||||||||||||||
Total | $ | 3,786 | $ | 2,243 | $ | 2,733 | $ | 1,774 | $ | 10,536 | $ | 5,524 | $ | — | $ | 4,966 | $ | 8,927 | $ | 19,417 | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | 1,080 | $ | 1,080 | $ | 357 | $ | — | $ | — | $ | 175 | $ | 532 | |||||||||||||||||||||
Other | — | — | — | — | — | 527 | — | — | — | 527 | |||||||||||||||||||||||||||||||
Residential property | 827 | — | — | — | 827 | — | 572 | — | — | 572 | |||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | — | 658 | 4,558 | 1,413 | 6,629 | 976 | — | 1,090 | 3,260 | 5,326 | |||||||||||||||||||||||||||||||
Secured by real estate | 2,317 | 1,343 | 318 | — | 3,978 | 4,444 | — | 448 | 4,547 | 9,439 | |||||||||||||||||||||||||||||||
Commercial lines of credit | 673 | — | 188 | 244 | 1,105 | — | — | — | — | ||||||||||||||||||||||||||||||||
SBA loans | 2,831 | 1,287 | 1,032 | — | 5,150 | 484 | — | 100 | — | 584 | |||||||||||||||||||||||||||||||
Total | $ | 6,648 | $ | 3,288 | $ | 6,096 | $ | 2,737 | $ | 18,769 | $ | 6,788 | $ | 572 | $ | 1,638 | $ | 7,982 | $ | 16,980 | |||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail | $ | — | $ | — | $ | — | $ | 1,260 | $ | 1,260 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Other | 900 | — | — | — | 900 | 1,480 | — | — | — | 1,480 | |||||||||||||||||||||||||||||||
Residential property | — | — | 138 | — | 138 | 2,167 | 572 | — | — | 2,739 | |||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 1,480 | 669 | 4,650 | 682 | 7,481 | 185 | — | 7,069 | 1,584 | 8,838 | |||||||||||||||||||||||||||||||
Secured by real estate | 1,202 | 1,523 | 2,403 | 3,243 | 8,371 | 2,005 | — | 8,628 | 2,699 | 13,332 | |||||||||||||||||||||||||||||||
SBA loans | 2,758 | 1,524 | 794 | — | 5,076 | 1,354 | 468 | — | — | 1,822 | |||||||||||||||||||||||||||||||
Total | $ | 6,340 | $ | 3,716 | $ | 7,985 | $ | 5,185 | $ | 23,226 | $ | 7,191 | $ | 1,040 | $ | 15,697 | $ | 4,283 | $ | 28,211 | |||||||||||||||||||||
Troubled Debt Restructuring, Disaggregated by Loan Class | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details troubled debt restructuring, disaggregated by loan class, for the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | |||||||||||||||||||||||||||||||||
Loans | Outstanding | Modification | Loans | Outstanding | Modification | Loans | Outstanding | Modification | |||||||||||||||||||||||||||||||||
Recorded | Outstanding | Recorded | Outstanding | Recorded | Outstanding | ||||||||||||||||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||||||||||||||||
Investment | Investment | Investment | |||||||||||||||||||||||||||||||||||||||
(In thousands except number of loans) | |||||||||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||||||||||||||||
Retail (1) | — | $ | — | $ | — | 2 | $ | 562 | $ | 533 | 2 | $ | 1,260 | $ | 1,260 | ||||||||||||||||||||||||||
Other (2) | 1 | 658 | 645 | 1 | 547 | 527 | 2 | 2,387 | 2,381 | ||||||||||||||||||||||||||||||||
Residential property (3) | — | — | — | — | — | — | 3 | 2,740 | 2,739 | ||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured (4) | 19 | 4,060 | 3,528 | 37 | 6,024 | 5,277 | 50 | 15,410 | 14,797 | ||||||||||||||||||||||||||||||||
Secured by real estate (5) | 5 | 2,833 | 2,755 | 7 | 7,963 | 7,570 | 12 | 15,363 | 14,268 | ||||||||||||||||||||||||||||||||
Commercial lines of credit (6) | 2 | 220 | 191 | 1 | 202 | 188 | — | — | — | ||||||||||||||||||||||||||||||||
SBA loans (7) | 3 | 273 | 221 | 11 | 1,022 | 951 | 29 | 7,954 | 6,670 | ||||||||||||||||||||||||||||||||
International loans (8) | 2 | 1,584 | 1,087 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Consumer loans (9) | 1 | 149 | 149 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total | 33 | $ | 9,777 | $ | 8,576 | 59 | $ | 16,320 | $ | 15,046 | 98 | $ | 45,114 | $ | 42,115 | ||||||||||||||||||||||||||
(1) | Includes modifications of $357,000 through a payment deferral and $175,000 through an extension of maturity for the year ended December 31, 2012, and modifications of $1.3 million through extensions of maturity for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(2) | Includes a modification of $645,000 through an extension of maturity for the year ended December 31, 2013, a modification of $527,000 through a payment deferral for the year ended December 31, 2012, and modifications of $2.4 million through payment deferrals for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(3) | Includes modifications of $2.7 million through payment deferrals for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(4) | Includes modifications of $380,000 through payment deferrals, $733,000 through reductions of principal or accrued interest and $2.4 million through extensions of maturity for the year ended December 31, 2013, modifications of $909,000 through payment deferrals, $723,000 through reductions of principal or accrued interest and $3.6 million through extensions of maturity for the year ended December 31, 2012, and modifications of $1.6 million through payment deferrals, $11.5 million through reductions of principal or accrued interest and $1.5 million through extension of maturity for the year ended December 31, 2011 . | ||||||||||||||||||||||||||||||||||||||||
(5) | Includes modifications of $1.4 million through payment deferrals and $1.4 million through reductions of principal or accrued interest for the year ended December 31, 2013, modifications of $5.4 million through payment deferrals, $318,000 through reductions of principal or accrued interest and $1.9 million through extensions of maturity for the year ended December 31, 2012, and modifications of $2.4 million through payment deferrals, $9.1 million through reduction of principal or accrued interest and $2.7 million through extensions of maturity for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(6) | Includes modifications of $191,000 through reductions of principal or accrued interest for the year ended December 31, 2013 and a modification of $188,000 through a reduction of principal or accrued interest for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
(7) | Includes modifications of $97,000 through payment deferrals and $124,000 through reductions of principal or accrued interest for the year ended December 31, 2013, modifications of $504,000 through payment deferrals and $447,000 through reductions of principal or accrued interest for the year ended December 31, 2012, and modifications of $5.7 million through payment deferrals and $957,000 through reductions of principal or accrued interest for the year ended December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
(8) | Includes modifications of $1.1 million through reductions of principal or accrued interest for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
(9) | Includes a modification of $149,000 through a reduction of principal or accrued interest for the year ended December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings that Defaulted Subsequent to Modifications Occurring Within Previous Twelve Months, Disaggregated by Loan Class | ' | ||||||||||||||||||||||||||||||||||||||||
The following table details troubled debt restructurings that defaulted subsequent to the modifications occurring within the previous twelve months, disaggregated by loan class, for years ended December 31, 2013, 2012 and 2011, respectively: | |||||||||||||||||||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||||||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||||
Loans | Investment | Loans | Investment | Loans | Investment | ||||||||||||||||||||||||||||||||||||
(In thousands except number of loans) | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Unsecured | 2 | $ | 123 | 8 | $ | 554 | 6 | $ | 2,368 | ||||||||||||||||||||||||||||||||
Secured by real estate | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Commercial lines of credit | — | — | 1 | 188 | — | — | |||||||||||||||||||||||||||||||||||
SBA loans | 2 | 215 | 3 | 165 | 8 | 1,450 | |||||||||||||||||||||||||||||||||||
Total | 4 | $ | 338 | 12 | $ | 907 | 14 | $ | 3,818 | ||||||||||||||||||||||||||||||||
Changes in Servicing Assets | ' | ||||||||||||||||||||||||||||||||||||||||
The changes in servicing assets for the years ended December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 5,542 | $ | 3,720 | |||||||||||||||||||||||||||||||||||||
Additions | 2,755 | 2,889 | |||||||||||||||||||||||||||||||||||||||
Amortization | (1,463 | ) | (1,067 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 6,834 | $ | 5,542 | |||||||||||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Major Components of Premises and Equipment | ' | ||||||||
The following is a summary of the major components of premises and equipment: | |||||||||
As of December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 6,120 | $ | 6,120 | |||||
Building and improvements | 9,248 | 9,197 | |||||||
Furniture and equipment | 15,654 | 15,039 | |||||||
Leasehold improvements | 10,389 | 10,320 | |||||||
Software | 862 | 862 | |||||||
42,273 | 41,538 | ||||||||
Accumulated depreciation and amortization | (28,052 | ) | (26,388 | ) | |||||
Total premises and equipment, net | $ | 14,221 | $ | 15,150 | |||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||||||||||||||
Other intangible assets were as follows for the periods indicated: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Amortization | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||
Period | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Other intangible assets: | |||||||||||||||||||||||||||||
Trade names | 20 years | $ | 970 | $ | (338 | ) | $ | 632 | $ | 970 | $ | (290 | ) | $ | 680 | ||||||||||||||
Client/insured relationships | 10 years | 770 | (539 | ) | 231 | 770 | (462 | ) | 308 | ||||||||||||||||||||
Carrier relationships | 15 years | 580 | (272 | ) | 308 | 580 | (233 | ) | 347 | ||||||||||||||||||||
Total other intangible assets | $ | 2,320 | $ | (1,149 | ) | $ | 1,171 | $ | 2,320 | $ | (985 | ) | $ | 1,335 | |||||||||||||||
Estimated Future Amortization Expense Related to Other Intangible Assets | ' | ||||||||||||||||||||||||||||
Estimated future amortization expense related to other intangible assets for each of the next five years is as follows: | |||||||||||||||||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
2014 | $ | 164 | |||||||||||||||||||||||||||
2015 | 164 | ||||||||||||||||||||||||||||
2016 | 164 | ||||||||||||||||||||||||||||
2017 | 87 | ||||||||||||||||||||||||||||
2018 | 87 | ||||||||||||||||||||||||||||
Thereafter | 505 | ||||||||||||||||||||||||||||
Total | $ | 1,171 | |||||||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
Scheduled Maturities of Time Deposits | ' | ||||||||||||
At December 31, 2013, the scheduled maturities of time deposits are as follows: | |||||||||||||
Year Ending | Time | Other | Total | ||||||||||
December 31, | Deposits | Time | |||||||||||
of $100,000 | Deposits | ||||||||||||
or More | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 451,211 | $ | 459,424 | $ | 910,635 | |||||||
2015 | 51,355 | 28,446 | 79,801 | ||||||||||
2016 | 4,380 | 4,900 | 9,280 | ||||||||||
2017 | — | 3,889 | 3,889 | ||||||||||
2018 and thereafter | — | — | — | ||||||||||
Total | $ | 506,946 | $ | 496,659 | $ | 1,003,605 | |||||||
Summary of Interest Expense on Deposits | ' | ||||||||||||
A summary of interest expense on deposits was as follows for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Savings | $ | 1,812 | $ | 2,152 | $ | 2,757 | |||||||
Money market checking and NOW accounts | 2,912 | 3,085 | 3,461 | ||||||||||
Time deposits of $100,000 or more | 4,094 | 7,290 | 13,855 | ||||||||||
Other time deposits | 3,860 | 3,350 | 3,885 | ||||||||||
Total interest expense on deposits | $ | 12,678 | $ | 15,877 | $ | 23,958 | |||||||
FHLB_Advances_and_Other_Borrow1
FHLB Advances and Other Borrowings (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||
FHLB Advances and Other Borrowings | ' | ||||||||||||
FHLB advances and other borrowings consisted of the following: | |||||||||||||
As of December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
FHLB advances | $ | 127,546 | $ | 2,935 | |||||||||
Total FHLB advances | $ | 127,546 | $ | 2,935 | |||||||||
Summary of Contractual Maturities Pertaining to FHLB | ' | ||||||||||||
The following is a summary of contractual maturities pertaining to FHLB advances: | |||||||||||||
Year of Maturity | Amount | Weighted- | |||||||||||
Average | |||||||||||||
Interest | |||||||||||||
Rate | |||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 127,546 | 0.16 | % | |||||||||
Total | $ | 127,546 | 0.16 | % | |||||||||
Summary of Financial Data Pertaining to Federal Home Loan Bank Advances | ' | ||||||||||||
The following is financial data pertaining to FHLB advances: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Weighted-average interest rate at end of year | 0.16 | % | 5.27 | % | 5.27 | % | |||||||
Weighted-average interest rate during the year | 2.28 | % | 5.27 | % | 1 | % | |||||||
Average balance of FHLB advances | $ | 6,573 | $ | 3,354 | $ | 66,191 | |||||||
Maximum amount outstanding at any month-end | $ | 127,546 | $ | 3,273 | $ | 153,622 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits at beginning of year | $ | 1,254 | $ | 1,281 | $ | 940 | |||||||
Gross increases for tax positions of prior years | — | 14 | 515 | ||||||||||
Lapse of statute of limitations | — | (41 | ) | (174 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | 1,254 | $ | 1,254 | $ | 1,281 | |||||||
Summary of Provision (Benefit) for Income Taxes | ' | ||||||||||||
A summary of the provision (benefit) for income taxes was as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current expense: | |||||||||||||
Federal | $ | 12,028 | $ | 4,993 | $ | 704 | |||||||
State | 407 | (19 | ) | 29 | |||||||||
Total current expense | 12,435 | 4,974 | 733 | ||||||||||
Deferred expense: | |||||||||||||
Federal | 8,235 | (25,836 | ) | — | |||||||||
State | 1,415 | (26,506 | ) | — | |||||||||
Total deferred expense | 9,650 | (52,342 | ) | — | |||||||||
Provision (benefit) for income taxes | $ | 22,085 | $ | (47,368 | ) | $ | 733 | ||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
Deferred tax assets and liabilities were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Credit loss provision | $ | 27,607 | $ | 29,995 | $ | 42,712 | |||||||
Depreciation | 1,180 | 1,253 | 1,240 | ||||||||||
Net operating loss carryforward | 31,140 | 33,875 | 50,255 | ||||||||||
Unrealized loss on securities available for sale, interest-only strips | 7,641 | — | — | ||||||||||
Tax credit | 5,661 | 5,426 | 5,803 | ||||||||||
State taxes | — | — | 91 | ||||||||||
Other | 2,831 | 3,766 | 3,517 | ||||||||||
Total deferred tax assets | 76,060 | 74,315 | 103,618 | ||||||||||
Deferred tax liabilities: | |||||||||||||
Mark to market | (10,112 | ) | (5,562 | ) | (14,820 | ) | |||||||
Purchase accounting | (3,083 | ) | (3,217 | ) | (3,119 | ) | |||||||
Unrealized gain on securities available for sale, interest-only strips | — | (3,096 | ) | (1,752 | ) | ||||||||
State taxes | (8,848 | ) | (9,429 | ) | — | ||||||||
Other | (2,250 | ) | (2,013 | ) | (1,658 | ) | |||||||
Total deferred tax liabilities | (24,293 | ) | (23,317 | ) | (21,349 | ) | |||||||
Valuation allowance | — | — | (82,269 | ) | |||||||||
Net deferred tax assets | $ | 51,767 | $ | 50,998 | $ | — | |||||||
Reconciliation Between Federal Statutory Income Tax Rate and Effective Tax Rate | ' | ||||||||||||
Reconciliation between the federal statutory income tax rate and the effective tax rate is shown in the following table: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal tax benefits | 4.37 | % | 0.03 | % | 0 | % | |||||||
Tax-exempt municipal securities | -0.16 | % | -0.32 | % | -0.26 | % | |||||||
Tax credit—federal | -1.41 | % | -2.1 | % | -2.97 | % | |||||||
Other | -2.17 | % | -2.16 | % | -0.8 | % | |||||||
Valuation allowance | 0 | % | 140.59 | % | 28.5 | % | |||||||
Effective tax rate | 35.63 | % | 110.14 | % | 2.47 | % | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Activity in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||
Activity in accumulated other comprehensive income for the year ended December 31, 2013 and 2012 was as follows: | |||||||||||||||||||||
Unrealized Gains | Unrealized Gains | Unrealized Gains | Tax(Expense) | Total | |||||||||||||||||
and Losses on | and Losses on | and Losses on | Benefit | ||||||||||||||||||
Available-for-Sale | Interest Rate | Interest-Only | |||||||||||||||||||
Securities | Swap | Strip | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
For the year ended December 31 2013: | |||||||||||||||||||||
Balance at beginning of period | $ | 7,348 | $ | — | $ | 16 | $ | (1,946 | ) | $ | 5,418 | ||||||||||
Other comprehensive (loss) income before reclassification | (24,496 | ) | — | — | 10,737 | (13,759 | ) | ||||||||||||||
Reclassification from accumulated other comprehensive income | (1,039 | ) | — | — | — | (1,039 | ) | ||||||||||||||
Period change | (25,535 | ) | — | — | 10,737 | (14,798 | ) | ||||||||||||||
Balance at end of period | $ | (18,187 | ) | $ | — | $ | 16 | $ | 8,791 | $ | (9,380 | ) | |||||||||
For the year ended December 31, 2012: | |||||||||||||||||||||
Balance at beginning of period | $ | 4,115 | $ | (9 | ) | $ | 20 | $ | (602 | ) | $ | 3,524 | |||||||||
Other comprehensive income (loss) before reclassification | 4,337 | 9 | (4 | ) | (1,344 | ) | 2,998 | ||||||||||||||
Reclassification from accumulated other comprehensive income | (1,104 | ) | — | — | — | (1,104 | ) | ||||||||||||||
Period change | 3,233 | 9 | (4 | ) | (1,344 | ) | 1,894 | ||||||||||||||
Balance at end of period | $ | 7,348 | $ | — | $ | 16 | $ | (1,946 | ) | $ | 5,418 | ||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Capital Ratios of Hanmi Financial and Bank | ' | ||||||||||||||||||||||||
The capital ratios of Hanmi Financial and the Bank as of December 31, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Actual | Minimum | Minimum to Be | |||||||||||||||||||||||
Regulatory | Categorized as | ||||||||||||||||||||||||
Requirement | “Well Capitalized” | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 427,910 | 17.53 | % | $ | 195,304 | 8 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 410,505 | 16.84 | % | $ | 194,974 | 8 | % | $ | 243,717 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 397,044 | 16.26 | % | $ | 97,652 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 379,691 | 15.58 | % | $ | 97,487 | 4 | % | $ | 146,230 | 6 | % | |||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 397,044 | 13.66 | % | $ | 116,303 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 379,691 | 13.09 | % | $ | 116,043 | 4 | % | $ | 145,054 | 5 | % | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 451,784 | 20.65 | % | $ | 175,050 | 8 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 433,570 | 19.85 | % | $ | 174,734 | 8 | % | $ | 218,418 | 10 | % | |||||||||||||
Tier 1 capital (to risk-weighted assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 423,937 | 19.37 | % | $ | 87,525 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 405,801 | 18.58 | % | $ | 87,367 | 4 | % | $ | 131,051 | 6 | % | |||||||||||||
Tier 1 capital (to average assets): | |||||||||||||||||||||||||
Hanmi Financial | $ | 423,937 | 14.95 | % | $ | 113,464 | 4 | % | N/A | N/A | |||||||||||||||
Hanmi Bank | $ | 405,801 | 14.33 | % | $ | 113,278 | 4 | % | $ | 141,597 | 5 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
As of December 31, 2013 and 2012, assets and liabilities measured at fair value on a recurring basis are as follows: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Quoted Prices in | Significant | Significant | Balance | ||||||||||||||||||
Active Markets | Observable | Unobservable | |||||||||||||||||||
for Identical | Inputs with No | Inputs | |||||||||||||||||||
Assets | Active Market | ||||||||||||||||||||
with Identical | |||||||||||||||||||||
Characteristics | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 217,059 | $ | — | $ | 217,059 | |||||||||||||
Collateralized mortgage obligations | — | 127,693 | — | 127,693 | |||||||||||||||||
U.S. government agency securities | 83,536 | — | — | 83,536 | |||||||||||||||||
Municipal bonds-tax exempt | — | 13,189 | 748 | 13,937 | |||||||||||||||||
Municipal bonds-taxable | — | 32,354 | — | 32,354 | |||||||||||||||||
Corporate bonds | — | 20,835 | — | 20,835 | |||||||||||||||||
SBA loan pools securities | — | 12,629 | — | 12,629 | |||||||||||||||||
U.S. treasury bills | 19,997 | — | — | 19,997 | |||||||||||||||||
Other securities | — | 2,886 | — | 2,886 | |||||||||||||||||
Total debt securities available for sale | 103,533 | 426,645 | 748 | 530,926 | |||||||||||||||||
Total securities available for sale | $ | 103,533 | $ | 426,645 | $ | 748 | $ | 530,926 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Stock warrants | $ | — | $ | — | $ | 2 | $ | 2 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 160,326 | $ | — | $ | 160,326 | |||||||||||||
Collateralized mortgage obligations | — | 100,487 | — | 100,487 | |||||||||||||||||
U.S. government agency securities | 93,118 | — | — | 93,118 | |||||||||||||||||
Municipal bonds-tax exempt | — | 12,033 | 779 | 12,812 | |||||||||||||||||
Municipal bonds-taxable | — | 46,142 | — | 46,142 | |||||||||||||||||
Corporate bonds | — | 20,400 | — | 20,400 | |||||||||||||||||
SBA loan pools securities | — | 14,026 | — | 14,026 | |||||||||||||||||
Other securities | — | 3,357 | — | 3,357 | |||||||||||||||||
Total debt securities available for sale | 93,118 | 356,771 | 779 | 450,668 | |||||||||||||||||
Equity securities available for sale: | |||||||||||||||||||||
Financial services industry | 392 | — | — | 392 | |||||||||||||||||
Total equity securities available for sale | 392 | — | — | 392 | |||||||||||||||||
Total securities available for sale | $ | 93,510 | $ | 356,771 | $ | 779 | $ | 451,060 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Stock warrants | $ | — | $ | — | $ | 906 | $ | 906 | |||||||||||||
Reconciliation and Income Statement Classification of Gains and Losses for All Assets and Liabilities | ' | ||||||||||||||||||||
The table below presents a reconciliation and income statement classification of gains and losses for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2013: | |||||||||||||||||||||
Beginning | Purchases | Realized | Unrealized | Ending | |||||||||||||||||
Balance as of | Issuances, | Gains or | Gains or | Balance as of | |||||||||||||||||
January 1, | and | Losses | Losses | December 31, | |||||||||||||||||
2013 | Settlement | In Earnings | in Other | 2013 | |||||||||||||||||
Comprehensive | |||||||||||||||||||||
Income | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Municipal bonds-tax exempt (1) | $ | 779 | $ | — | $ | — | $ | (31 | ) | $ | 748 | ||||||||||
Liabilities: | |||||||||||||||||||||
Stock warrants (2) | $ | 906 | $ | (843 | ) | $ | (61 | ) | $ | — | $ | 2 | |||||||||
(1) | Reflects a zero coupon tax credit municipal bond. As the Company was not able to obtain a price from independent external pricing service providers, the discounted cash flow method was used to determine its fair value. The bond carried a par value of $700,000 and an amortized value of $699,000 with a remaining life of 1.2 years at December 31, 2013. | ||||||||||||||||||||
(2) | Reflects warrants for our common stock issued in connection with services Cappello Capital Corp. provided to us as a placement agent in connection with our best efforts public offering and as our financial adviser in connection with our completed rights offering. The warrants were immediately exercisable when issued at an exercise price of $9.60 per share of our common stock and expire on October 14, 2015. See “Note 9 – Stockholders’ Equity” for more details. | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | ' | ||||||||||||||||||||
As of December 31, 2013 and 2012, assets and liabilities measured at fair value on a non-recurring basis are as follows: | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Quoted Prices in | Significant | Significant | Loss During The | ||||||||||||||||||
Active Markets | Observable | Unobservable | Years Ended | ||||||||||||||||||
for Identical | Inputs With No | Inputs | |||||||||||||||||||
Assets | Active Market | ||||||||||||||||||||
With Identical | |||||||||||||||||||||
Characteristics | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Non-performing loans held for sale | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Impaired loans (1) | — | 36,254 | 1,738 | 2,431 | |||||||||||||||||
Other real estate owned (2) | — | 756 | — | 10 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Non-performing loans held for sale (3) | $ | — | $ | 484 | $ | — | $ | 3,747 | |||||||||||||
Impaired loans (4) | — | 27,844 | 8,888 | 580 | |||||||||||||||||
Other real estate owned (5) | — | 774 | — | 301 | |||||||||||||||||
(1) | Includes real estate loans of $8.6 million, commercial and industrial loans of $28.1 million, and consumer loans of $1.3 million. | ||||||||||||||||||||
(2) | Includes properties from the foreclosure of a residential property loan of $756,000. | ||||||||||||||||||||
(3) | Includes a SBA loan of $484,000. | ||||||||||||||||||||
(4) | Includes real estate loans of $8.7 million, commercial and industrial loans of $27.0 million, and consumer loans of $1.0 million. | ||||||||||||||||||||
(5) | Includes properties from the foreclosure of real estate loans of $774,000. | ||||||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of financial instruments were as follows: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Carrying or | Estimated | Carrying or | Estimated | ||||||||||||||||||
Contract | Fair Value | Contract | Fair Value | ||||||||||||||||||
Amount | Amount | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 179,357 | $ | 179,357 | $ | 268,047 | $ | 268,047 | |||||||||||||
Restricted cash | — | — | 5,350 | 5,350 | |||||||||||||||||
Investment securities available for sale | 530,926 | 530,926 | 451,060 | 451,060 | |||||||||||||||||
Loans receivable, net of allowance for loan losses | 2,177,498 | 2,204,069 | 1,986,051 | 1,981,669 | |||||||||||||||||
Loans held for sale | — | — | 8,306 | 8,306 | |||||||||||||||||
Accrued interest receivable | 7,055 | 7,055 | 7,581 | 7,581 | |||||||||||||||||
Investment in federal home loan bank stock | 14,060 | 14,060 | 17,800 | 17,800 | |||||||||||||||||
Investment in federal reserve bank stock | 11,196 | 11,196 | 12,222 | 12,222 | |||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Noninterest-bearing deposits | 819,015 | 819,015 | 720,931 | 720,931 | |||||||||||||||||
Interest-bearing deposits | 1,693,310 | 1,693,739 | 1,675,032 | 1,680,211 | |||||||||||||||||
Borrowings | 127,546 | 127,249 | 85,341 | 85,414 | |||||||||||||||||
Accrued interest payable | 3,366 | 3,366 | 11,775 | 11,775 | |||||||||||||||||
Off-balance sheet items: | |||||||||||||||||||||
Commitments to extend credit | 246,161 | 190 | 182,746 | 146 | |||||||||||||||||
Standby letters of credit | 8,926 | 25 | 10,588 | 24 |
Sharebased_Compensations_Table
Share-based Compensations (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||
Share-Based Compensation Expense and Related Tax Benefits | ' | ||||||||||||||||||||||||||||||||
The table below shows the share-based compensation expense and related tax benefits for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Share-based compensation expense | $ | 705 | $ | 478 | $ | 608 | |||||||||||||||||||||||||||
Related tax benefits | $ | 32 | $ | 201 | $ | 256 | |||||||||||||||||||||||||||
Unrecognized Share-Based Compensation Expense | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013, unrecognized share-based compensation expense was as follows: | |||||||||||||||||||||||||||||||||
Unrecognized | Average Expected | ||||||||||||||||||||||||||||||||
Expense | Recognition | ||||||||||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Stock option awards | $ | 1,538 | 2.4 years | ||||||||||||||||||||||||||||||
Restricted stock awards | 1,666 | 2.7 years | |||||||||||||||||||||||||||||||
Total unrecognized share-based compensation expense | $ | 3,204 | 2.5 years | ||||||||||||||||||||||||||||||
Weighted-Average Estimated Fair Value Per Share of Options Granted under Plans | ' | ||||||||||||||||||||||||||||||||
The weighted-average estimated fair value per share of options granted under the Plans was as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted-average estimated fair value per share of options granted | $ | 4.48 | $ | 5.4 | $ | 6.23 | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used to Estimate Fair Value Per Share of Options Granted | ' | ||||||||||||||||||||||||||||||||
The weighted-average fair value per share of options granted was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Weighted-average assumption | |||||||||||||||||||||||||||||||||
Dividend yield | 1.61 | % | — | — | |||||||||||||||||||||||||||||
Expected volatility | 43.67 | % | 65.23 | % | 103.76 | % | |||||||||||||||||||||||||||
Expected term | 3.0 years | 3.0 years | 3.2 years | ||||||||||||||||||||||||||||||
Risk-free interest rate | 0.79 | % | 0.32 | % | 1.04 | % | |||||||||||||||||||||||||||
Summary of Information under Plans | ' | ||||||||||||||||||||||||||||||||
The following information under the Plans is presented for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Grant date fair value of options granted | $ | 1,053 | $ | 1,197 | $ | 156 | |||||||||||||||||||||||||||
Fair value of options vested | $ | 728 | $ | 911 | $ | 1,272 | |||||||||||||||||||||||||||
Total intrinsic value of options exercised (1) | $ | 485 | $ | 6 | $ | — | |||||||||||||||||||||||||||
Cash received from options exercised | $ | 525 | $ | 10 | $ | — | |||||||||||||||||||||||||||
Weighted-average estimated fair value per share of options granted | $ | 4.48 | $ | 5.4 | $ | 6.23 | |||||||||||||||||||||||||||
(1) | Intrinsic value represents the difference between the closing stock price on the exercise date and the exercise price, multiplied by the number of options. | ||||||||||||||||||||||||||||||||
Summary of Stock Option Transactions under Plans | ' | ||||||||||||||||||||||||||||||||
The following is a summary of stock option transactions under the Plans for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||
Price Per | Price Per | Price Per | |||||||||||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||||||||||
Options outstanding at beginning of period | 342,950 | $ | 37.44 | 143,325 | $ | 81.27 | 133,361 | $ | 95.45 | ||||||||||||||||||||||||
Options granted | 305,000 | $ | 16.43 | 221,750 | $ | 12.54 | 25,000 | $ | 9.88 | ||||||||||||||||||||||||
Options exercised | (46,113 | ) | $ | 11.37 | (1,250 | ) | $ | 8.32 | — | $ | — | ||||||||||||||||||||||
Options forfeited | (36,566 | ) | $ | 12.5 | (5,375 | ) | $ | 8.61 | (425 | ) | $ | 64.89 | |||||||||||||||||||||
Options expired | (18,676 | ) | $ | 81.2 | (15,500 | ) | $ | 98.76 | (14,611 | ) | $ | 39.09 | |||||||||||||||||||||
Options outstanding at end of period | 546,595 | $ | 28.09 | 342,950 | $ | 37.44 | 143,325 | $ | 81.27 | ||||||||||||||||||||||||
Options exercisable at end of period | 154,970 | $ | 59.77 | 159,762 | $ | 66.19 | 107,475 | $ | 104.25 | ||||||||||||||||||||||||
Summary of Transactions for Non-Vested Stock Options | ' | ||||||||||||||||||||||||||||||||
The following is a summary of transactions for non-vested stock options under the Plans for the periods indicated: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||||||||||
Price Per | Price Per | Price Per | |||||||||||||||||||||||||||||||
Share | Share | Share | |||||||||||||||||||||||||||||||
Non-vested options outstanding at beginning of period | 183,188 | $ | 12.37 | 35,850 | $ | 25.2 | 33,775 | $ | 17.68 | ||||||||||||||||||||||||
Options granted | 305,000 | $ | 16.43 | 221,750 | $ | 12.54 | 25,000 | $ | 9.88 | ||||||||||||||||||||||||
Options vested | (59,997 | ) | $ | 12.14 | (69,037 | ) | $ | 13.2 | (22,500 | ) | $ | 56.54 | |||||||||||||||||||||
Options forfeited | (36,566 | ) | $ | 12.5 | (5,375 | ) | $ | 8.61 | (425 | ) | $ | 64.89 | |||||||||||||||||||||
Non-vested options outstanding at end of period | 391,625 | $ | 15.56 | 183,188 | $ | 12.37 | 35,850 | $ | 25.2 | ||||||||||||||||||||||||
Summary of Stock Options Outstanding under Plans | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013, stock options outstanding under the Plans were as follows: | |||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||||||
Number of | Intrinsic | Weighted- | Weighted- | Number of | Intrinsic | Weighted- | Weighted- | ||||||||||||||||||||||||||
Shares | Value | Average | Average | Shares | Value | Average | Average | ||||||||||||||||||||||||||
-1 | Exercise | Remaining | -1 | Exercise | Remaining | ||||||||||||||||||||||||||||
Price Per | Contractual | Price Per | Contractual | ||||||||||||||||||||||||||||||
Share | Life | Share | Life | ||||||||||||||||||||||||||||||
(In thousands except share and per share data) | |||||||||||||||||||||||||||||||||
$10.80 to $49.99 | 486,195 | $ | 3,384 | $ | 14.93 | 9.27 years | 94,570 | $ | 904 | $ | 12.33 | 8.43 years | |||||||||||||||||||||
$50.00 to $99.99 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
$100.00 to $149.99 | 49,150 | — | 126.07 | 1.28 years | 49,150 | — | 126.07 | 1.28 years | |||||||||||||||||||||||||
$150.00 to $173.04 | 11,250 | — | 168.86 | 2.81 years | 11,250 | — | 168.86 | 2.81 years | |||||||||||||||||||||||||
546,595 | $ | 3,384 | $ | 28.09 | 8.41 years | 154,970 | $ | 904 | $ | 59.77 | 5.76 years | ||||||||||||||||||||||
(1) | Intrinsic value represents the difference between the closing stock price on the last trading day of the period, which was $21.89 as of December 31, 2013, and the exercise price, multiplied by the number of options. | ||||||||||||||||||||||||||||||||
Schedule of Restricted Stock Awards under 2013 Plan | ' | ||||||||||||||||||||||||||||||||
The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Number of | Weighted- | Number of | Weighted- | Number of | Weighted- | ||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | ||||||||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||
Per Share | Per Share | Per Share | |||||||||||||||||||||||||||||||
Restricted stock at beginning of period | 10,500 | $ | 10.83 | 19,725 | $ | 11.66 | 18,200 | $ | 14.38 | ||||||||||||||||||||||||
Restricted stock granted | 116,332 | $ | 16.55 | — | $ | — | 10,000 | $ | 9.88 | ||||||||||||||||||||||||
Restricted stock vested | (7,000 | ) | $ | 10.75 | (7,225 | ) | $ | 13.78 | (8,475 | ) | $ | 15.41 | |||||||||||||||||||||
Restricted stock forfeited | (3,750 | ) | $ | 15.3 | (2,000 | ) | $ | 8.32 | — | $ | — | ||||||||||||||||||||||
Restricted stock at end of period | 116,082 | $ | 16.43 | 10,500 | $ | 10.83 | 19,725 | $ | 11.66 | ||||||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation of Components Used to Derive Basic and Diluted EPS | ' | ||||||||||||
The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated: | |||||||||||||
Net Income | Weighted- | Per | |||||||||||
(Numerator) | Average | Share | |||||||||||
Shares | Amount | ||||||||||||
(Denominator) | |||||||||||||
(In thousands, except share and per share data) | |||||||||||||
Year ended December 31, 2013 | |||||||||||||
Basic EPS | $ | 39,906 | 31,598,913 | $ | 1.26 | ||||||||
Effect of dilutive securities - options, warrants and unvested restricted stock | — | 97,607 | — | ||||||||||
Diluted EPS | $ | 39,906 | 31,696,520 | $ | 1.26 | ||||||||
Year ended December 31, 2012 | |||||||||||||
Basic EPS | $ | 90,374 | 31,475,510 | $ | 2.87 | ||||||||
Effect of dilutive securities - options, warrants and unvested restricted stock | — | 40,072 | — | ||||||||||
Diluted EPS | $ | 90,374 | 31,515,582 | $ | 2.87 | ||||||||
Year ended December 31, 2011 | |||||||||||||
Basic EPS | $ | 28,147 | 20,403,549 | $ | 1.38 | ||||||||
Effect of dilutive securities - options, warrants and unvested restricted stock | — | 19,435 | — | ||||||||||
Diluted EPS | $ | 28,147 | 20,422,984 | $ | 1.38 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Annual Rental Commitments under Non-Cancelable Operating Leases | ' | ||||
At December 31, 2013, future minimum annual rental commitments under these non-cancelable operating leases, with initial or remaining terms of one year or more, were as follows: | |||||
Year Ending December 31, | Amount | ||||
2014 | $ | 5,347 | |||
2015 | 4,948 | ||||
2016 | 4,152 | ||||
2017 | 2,234 | ||||
2018 | 1,211 | ||||
Thereafter | 2,034 | ||||
Total | $ | 19,926 | |||
OffBalance_Sheet_Commitments_T
Off-Balance Sheet Commitments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||
Distribution of Undisbursed Loan Commitments | ' | ||||||||
The following table shows the distribution of undisbursed loan commitments as of the dates indicated: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Commitments to extend credit | $ | 246,161 | $ | 182,746 | |||||
Standby letters of credit | 8,926 | 10,588 | |||||||
Commercial letters of credit | 4,179 | 6,092 | |||||||
Unused credit card lines | 12,223 | 13,459 | |||||||
Total undisbursed loan commitments | $ | 271,488 | $ | 212,885 | |||||
Condensed_Financial_Informatio1
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Balance Sheets of Parent Company | ' | ||||||||||||
Balance Sheets | |||||||||||||
Year Ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Assets | |||||||||||||
Cash | $ | 13,657 | $ | 24,722 | |||||||||
Securities available for sale | — | 296 | |||||||||||
Investment in consolidated subsidiaries | 386,270 | 442,380 | |||||||||||
Investment in trust preferred securities | — | 2,475 | |||||||||||
Other assets | 1,928 | 330 | |||||||||||
Total assets | $ | 401,855 | $ | 470,203 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Liabilities: | |||||||||||||
Junior subordinated debentures | $ | — | $ | 82,406 | |||||||||
Other liabilities | 618 | 9,433 | |||||||||||
Stockholders’ equity | 401,237 | 378,364 | |||||||||||
Total liabilities and stockholders’ equity | $ | 401,855 | $ | 470,203 | |||||||||
Statement of Income of Parent Company | ' | ||||||||||||
Statement of Income | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Equity in earnings of subsidiaries | $ | 42,986 | $ | 96,350 | $ | 35,654 | |||||||
Other expenses, net | (3,080 | ) | (5,976 | ) | (7,507 | ) | |||||||
Net income | $ | 39,906 | $ | 90,374 | $ | 28,147 | |||||||
Statement of Cash Flows of Parent Company | ' | ||||||||||||
Statement of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Cash Flows from Operating Activities: | |||||||||||||
Net income | $ | 39,906 | $ | 90,374 | $ | 28,147 | |||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||||
(Income) losses from subsidiaries | (42,986 | ) | (96,350 | ) | (35,654 | ) | |||||||
Share-based compensation expense | 705 | 478 | 608 | ||||||||||
Changes in fair value of stock warrants | 82 | 23 | (717 | ) | |||||||||
Gain on sale of investment securities | (218 | ) | — | — | |||||||||
Other-than-temporary loss on investment securities | — | 292 | — | ||||||||||
Change in decrease in other assets | (923 | ) | (330 | ) | 1,833 | ||||||||
Change in other liabilities | (8,897 | ) | (1,481 | ) | 2,664 | ||||||||
Net cash used in operating activities | (12,331 | ) | (6,994 | ) | (3,119 | ) | |||||||
Cash Flows from Investing Activities: | |||||||||||||
Proceeds from sale of security available for sale | 436 | — | — | ||||||||||
Proceeds from Hanmi Bank | 86,845 | — | — | ||||||||||
Payments to Hanmi Bank | — | — | (50,000 | ) | |||||||||
Net cash provided by (used in) investing activities | 87,281 | — | (50,000 | ) | |||||||||
Cash Flows from Financing Activities: | |||||||||||||
Proceeds from exercise of stock options and stock warrants | 830 | 10 | — | ||||||||||
Net proceeds from issuance of common stock in offering | — | — | 77,109 | ||||||||||
Redemption of junior subordinated debentures | (82,406 | ) | — | — | |||||||||
Cash dividend paid | (4,439 | ) | — | — | |||||||||
Net cash (used in) provided by financing activities | (86,015 | ) | 10 | 77,109 | |||||||||
Net (decrease) increase in cash | (11,065 | ) | (6,984 | ) | 23,990 | ||||||||
Cash at beginning of year | 24,722 | 31,706 | 7,716 | ||||||||||
Cash at end of year | $ | 13,657 | $ | 24,722 | $ | 31,706 | |||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Financial Data | ' | ||||||||||||||||
Summarized quarterly financial data is shown in the following tables: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013:00:00 | |||||||||||||||||
Interest and dividend income | $ | 29,395 | $ | 30,379 | $ | 31,627 | $ | 30,927 | |||||||||
Interest expense | 3,791 | 3,225 | 3,153 | 3,338 | |||||||||||||
Net interest income before provision for credit losses | 25,604 | 27,154 | 28,474 | 27,589 | |||||||||||||
Provision for credit losses | — | — | — | — | |||||||||||||
Non-interest income | 8,357 | 8,150 | 7,326 | 7,584 | |||||||||||||
Non-interest expense | 19,167 | 19,964 | 18,966 | 20,150 | |||||||||||||
Income before provision for income taxes | 14,794 | 15,340 | 16,834 | 15,023 | |||||||||||||
Provision for income taxes | 4,684 | 5,821 | 6,584 | 4,996 | |||||||||||||
Net income | $ | 10,110 | $ | 9,519 | $ | 10,250 | $ | 10,027 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.32 | $ | 0.3 | $ | 0.32 | $ | 0.32 | |||||||||
Diluted | $ | 0.32 | $ | 0.3 | $ | 0.32 | $ | 0.31 | |||||||||
2012:00:00 | |||||||||||||||||
Interest and dividend income | $ | 30,294 | $ | 29,965 | $ | 29,402 | $ | 30,139 | |||||||||
Interest expense | 5,761 | 4,793 | 4,483 | 3,708 | |||||||||||||
Net interest income before provision for credit losses | 24,533 | 25,172 | 24,919 | 26,431 | |||||||||||||
Provision for credit losses | 2,000 | 4,000 | — | — | |||||||||||||
Non-interest income | 3,633 | 7,189 | 6,520 | 7,470 | |||||||||||||
Non-interest expense | 18,746 | 19,763 | 18,804 | 19,548 | |||||||||||||
Income before provision for income taxes | 7,420 | 8,598 | 12,635 | 14,353 | |||||||||||||
Provision (benefit) for income taxes | 79 | (47,177 | ) | (644 | ) | 374 | |||||||||||
Net income | $ | 7,341 | $ | 55,775 | $ | 13,279 | $ | 13,979 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.23 | $ | 1.77 | $ | 0.42 | $ | 0.44 | |||||||||
Diluted | $ | 0.23 | $ | 1.77 | $ | 0.42 | $ | 0.44 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2010 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | ' | ' |
Reverse stock split | ' | 'The number of shares of our common stock and the computation of basic and diluted earnings (loss) per share were adjusted retroactively for all periods presented to reflect the 1-for-8 reverse stock split, which became effective on December 19, 2011. |
Period of utilization rate and historical loss rates used for breaking down commitments by loan type | ' | '36 months |
Loans to be impaired if the Bank's Tier 1 Capital exceeds, percentage | ' | 5.00% |
Hanmi Bank [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Number of shares exchanged for each of the Bank's share | ' | 1 |
General loan pools [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Number of loan pools | ' | 11 |
Homogeneous loan pools [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Number of loan pools | ' | 3 |
Nonperforming Financing Receivable [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Delinquency period of loans with respect to interest or principal for discontinuance of accrual of interest income | ' | '90 days |
Maximum [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Period of utilization rate and historical loss rates used for breaking down commitments by loan type | '36 months | ' |
Maximum [Member] | Cash and Cash Equivalents [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Delinquency period of loans with respect to interest or principal for discontinuance of accrual of interest income | ' | '90 days |
Minimum [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Period of utilization rate and historical loss rates used for breaking down commitments by loan type | '24 months | ' |
CANADA | Full Service [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Number of branches | ' | 27 |
Washington [Member] | Loan Production [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Number of branches | ' | 2 |
TEXAS | Loan Production [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Number of branches | ' | 2 |
Most recent four quarters [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Risk factor calculations | 60.00% | 50.00% |
Next four quarters [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Risk factor calculations | ' | 33.00% |
Oldest four quarters [Member] | ' | ' |
Accounting Policies [Line Items] | ' | ' |
Risk factor calculations | 40.00% | 17.00% |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Useful Lives for Principal Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold improvements [Member] | ' |
Accounting Policies [Line Items] | ' |
Premises and equipment useful life | 'Term of lease or useful life, whichever is shorter |
Software [Member] | ' |
Accounting Policies [Line Items] | ' |
Premises and equipment useful life | '3 years |
Minimum [Member] | Buildings and improvements [Member] | ' |
Accounting Policies [Line Items] | ' |
Premises and equipment useful life | '10 years |
Minimum [Member] | Furniture and equipment [Member] | ' |
Accounting Policies [Line Items] | ' |
Premises and equipment useful life | '3 years |
Maximum [Member] | Buildings and improvements [Member] | ' |
Accounting Policies [Line Items] | ' |
Premises and equipment useful life | '30 years |
Maximum [Member] | Furniture and equipment [Member] | ' |
Accounting Policies [Line Items] | ' |
Premises and equipment useful life | '7 years |
Investment_Securities_Summary_
Investment Securities - Summary of Investment Securities Available for Sale (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $549,113 | $443,712 |
Gross Unrealized Gain | 782 | 8,287 |
Gross Unrealized Loss | 18,969 | 939 |
Estimated Fair Value | 530,926 | 451,060 |
Collateralized mortgage obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 130,636 | 98,821 |
Gross Unrealized Gain | 274 | 1,775 |
Gross Unrealized Loss | 3,217 | 109 |
Estimated Fair Value | 127,693 | 100,487 |
Municipal bonds-tax exempt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 13,857 | 12,209 |
Gross Unrealized Gain | 110 | 603 |
Gross Unrealized Loss | 30 | ' |
Estimated Fair Value | 13,937 | 12,812 |
Municipal bonds-taxable [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 33,361 | 44,248 |
Gross Unrealized Gain | 73 | 2,029 |
Gross Unrealized Loss | 1,080 | 135 |
Estimated Fair Value | 32,354 | 46,142 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 21,013 | 20,470 |
Gross Unrealized Gain | 8 | 176 |
Gross Unrealized Loss | 186 | 246 |
Estimated Fair Value | 20,835 | 20,400 |
Mortgage-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 222,768 | 157,185 |
Gross Unrealized Gain | 317 | 3,327 |
Gross Unrealized Loss | 6,026 | 186 |
Estimated Fair Value | 217,059 | 160,326 |
U.S. government agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 90,852 | 92,990 |
Gross Unrealized Gain | ' | 222 |
Gross Unrealized Loss | 7,316 | 94 |
Estimated Fair Value | 83,536 | 93,118 |
U.S. treasury bills [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 19,998 | ' |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | 1 | ' |
Estimated Fair Value | 19,997 | ' |
SBA loan pool securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 13,598 | 14,104 |
Gross Unrealized Gain | ' | 4 |
Gross Unrealized Loss | 969 | 82 |
Estimated Fair Value | 12,629 | 14,026 |
Other securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 3,030 | 3,331 |
Gross Unrealized Gain | ' | 73 |
Gross Unrealized Loss | 144 | 47 |
Estimated Fair Value | 2,886 | 3,357 |
Equity securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 354 |
Gross Unrealized Gain | ' | 78 |
Gross Unrealized Loss | ' | 40 |
Estimated Fair Value | ' | $392 |
Investment_Securities_Schedule
Investment Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within one year, Amortized Cost | $19,998 | ' |
Available-for-Sale Over one year through five years, Amortized Cost | 31,560 | ' |
Available-for-Sale Over five years through ten years, Amortized Cost | 101,992 | ' |
Available-for-Sale Over ten years, Amortized Cost | 42,159 | ' |
Available-for-Sale, Amortized Cost | 549,113 | 443,712 |
Available-for-Sale Within one year, Estimated Fair Value | 19,996 | ' |
Available-for-Sale Over one year through five years, Estimated Fair Value | 31,306 | ' |
Available-for-Sale Over five years through ten years, Estimated Fair Value | 95,869 | ' |
Available-for-Sale Over ten years, Estimated Fair Value | 39,003 | ' |
Available-for-Sale, Estimated Fair Value | 530,926 | 451,060 |
Collateralized mortgage obligations [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 130,636 | 98,821 |
Available-for-Sale, Estimated Fair Value | 127,693 | 100,487 |
Mortgage-backed securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale, Amortized Cost | 222,768 | 157,185 |
Available-for-Sale, Estimated Fair Value | $217,059 | $160,326 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment Securities [Line Items] | ' | ' | ' |
Other-than-temporary impairment charge | $0 | $292,000 | ' |
Impairment charges on securities in continuous unrealized loss position for 12 months or longer | 0 | 0 | ' |
Net realized gain (loss) on redemption or sale of investment securities | 1,039,000 | 1,397,000 | 1,635,000 |
Recognized in earnings resulting from the redemption of investment securities | 3,300,000 | 1,700,000 | ' |
Investment securities available-for- sale, carrying values | 530,926,000 | 451,060,000 | ' |
Securities Pledged as Collateral [Member] | ' | ' | ' |
Investment Securities [Line Items] | ' | ' | ' |
Investment securities available-for- sale, carrying values | $47,600,000 | $18,200,000 | ' |
Investment_Securities_Availabl
Investment Securities - Available for Sale Securities, Continuous Unrealized Loss Position, Fair value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Security | Security |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | $10,607 | $638 |
Available-for-Sale Within One Year, Estimated Fair Value | 366,638 | 85,291 |
Available-for-Sale Within One Year, Number of Securities | 124 | 33 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 8,362 | 301 |
Available-for-Sale More than One Year, Estimated Fair Value | 107,384 | 13,655 |
Available-for-Sale More than One Year, Number of Securities | 45 | 7 |
Available-for-Sale, Gross Unrealized Loss | 18,969 | 939 |
Available-for-Sale, Estimated Fair Value | 474,022 | 98,946 |
Available-for-Sale, Number of Securities | 169 | 40 |
Collateralized mortgage obligations [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 2,353 | 109 |
Available-for-Sale Within One Year, Estimated Fair Value | 87,026 | 14,344 |
Available-for-Sale Within One Year, Number of Securities | 27 | 5 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 864 | ' |
Available-for-Sale More than One Year, Estimated Fair Value | 14,657 | ' |
Available-for-Sale More than One Year, Number of Securities | 7 | ' |
Available-for-Sale, Gross Unrealized Loss | 3,217 | 109 |
Available-for-Sale, Estimated Fair Value | 101,683 | 14,344 |
Available-for-Sale, Number of Securities | 34 | 5 |
Municipal bonds-tax exempt [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 30 | ' |
Available-for-Sale Within One Year, Estimated Fair Value | 8,562 | ' |
Available-for-Sale Within One Year, Number of Securities | 5 | ' |
Available-for-Sale More than One Year, Gross Unrealized Loss | ' | ' |
Available-for-Sale More than One Year, Estimated Fair Value | ' | ' |
Available-for-Sale More than One Year, Number of Securities | ' | ' |
Available-for-Sale, Gross Unrealized Loss | 30 | ' |
Available-for-Sale, Estimated Fair Value | 8,562 | ' |
Available-for-Sale, Number of Securities | 5 | ' |
Municipal bonds-taxable [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 787 | 126 |
Available-for-Sale Within One Year, Estimated Fair Value | 22,817 | 4,587 |
Available-for-Sale Within One Year, Number of Securities | 16 | 4 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 293 | 9 |
Available-for-Sale More than One Year, Estimated Fair Value | 3,813 | 1,964 |
Available-for-Sale More than One Year, Number of Securities | 4 | 3 |
Available-for-Sale, Gross Unrealized Loss | 1,080 | 135 |
Available-for-Sale, Estimated Fair Value | 26,630 | 6,551 |
Available-for-Sale, Number of Securities | 20 | 7 |
U.S. treasury bills [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 1 | ' |
Available-for-Sale Within One Year, Estimated Fair Value | 19,996 | ' |
Available-for-Sale Within One Year, Number of Securities | 2 | ' |
Available-for-Sale More than One Year, Gross Unrealized Loss | ' | ' |
Available-for-Sale More than One Year, Estimated Fair Value | ' | ' |
Available-for-Sale More than One Year, Number of Securities | ' | ' |
Available-for-Sale, Gross Unrealized Loss | 1 | ' |
Available-for-Sale, Estimated Fair Value | 19,996 | ' |
Available-for-Sale, Number of Securities | 2 | ' |
Mortgage-backed securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 3,437 | 186 |
Available-for-Sale Within One Year, Estimated Fair Value | 170,324 | 28,354 |
Available-for-Sale Within One Year, Number of Securities | 51 | 10 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 2,589 | ' |
Available-for-Sale More than One Year, Estimated Fair Value | 30,947 | ' |
Available-for-Sale More than One Year, Number of Securities | 12 | ' |
Available-for-Sale, Gross Unrealized Loss | 6,026 | 186 |
Available-for-Sale, Estimated Fair Value | 201,271 | 28,354 |
Available-for-Sale, Number of Securities | 63 | 10 |
U.S. government agency securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 3,942 | 94 |
Available-for-Sale Within One Year, Estimated Fair Value | 50,932 | 26,894 |
Available-for-Sale Within One Year, Number of Securities | 19 | 9 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 3,374 | ' |
Available-for-Sale More than One Year, Estimated Fair Value | 32,606 | ' |
Available-for-Sale More than One Year, Number of Securities | 12 | ' |
Available-for-Sale, Gross Unrealized Loss | 7,316 | 94 |
Available-for-Sale, Estimated Fair Value | 83,538 | 26,894 |
Available-for-Sale, Number of Securities | 31 | 9 |
Corporate bonds [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 9 | ' |
Available-for-Sale Within One Year, Estimated Fair Value | 5,024 | ' |
Available-for-Sale Within One Year, Number of Securities | 1 | ' |
Available-for-Sale More than One Year, Gross Unrealized Loss | 177 | 246 |
Available-for-Sale More than One Year, Estimated Fair Value | 11,803 | 10,738 |
Available-for-Sale More than One Year, Number of Securities | 3 | 3 |
Available-for-Sale, Gross Unrealized Loss | 186 | 246 |
Available-for-Sale, Estimated Fair Value | 16,827 | 10,738 |
Available-for-Sale, Number of Securities | 4 | 3 |
SBA loan pool securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | ' | 82 |
Available-for-Sale Within One Year, Estimated Fair Value | ' | 11,004 |
Available-for-Sale Within One Year, Number of Securities | ' | 3 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 969 | ' |
Available-for-Sale More than One Year, Estimated Fair Value | 12,629 | ' |
Available-for-Sale More than One Year, Number of Securities | 4 | ' |
Available-for-Sale, Gross Unrealized Loss | 969 | 82 |
Available-for-Sale, Estimated Fair Value | 12,629 | 11,004 |
Available-for-Sale, Number of Securities | 4 | 3 |
Other securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | 48 | 1 |
Available-for-Sale Within One Year, Estimated Fair Value | 1,957 | 12 |
Available-for-Sale Within One Year, Number of Securities | 3 | 1 |
Available-for-Sale More than One Year, Gross Unrealized Loss | 96 | 46 |
Available-for-Sale More than One Year, Estimated Fair Value | 929 | 953 |
Available-for-Sale More than One Year, Number of Securities | 3 | 1 |
Available-for-Sale, Gross Unrealized Loss | 144 | 47 |
Available-for-Sale, Estimated Fair Value | 2,886 | 965 |
Available-for-Sale, Number of Securities | 6 | 2 |
Equity securities [Member] | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Available-for-Sale Within One Year, Gross Unrealized Loss | ' | 40 |
Available-for-Sale Within One Year, Estimated Fair Value | ' | 96 |
Available-for-Sale Within One Year, Number of Securities | ' | 1 |
Available-for-Sale, Gross Unrealized Loss | ' | 40 |
Available-for-Sale, Estimated Fair Value | ' | $96 |
Available-for-Sale, Number of Securities | ' | 1 |
Investment_Securities_Realized
Investment Securities - Realized Gains and Losses on Sales of Investment Securities (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Gross realized gains on sales of investment securities | $1,602 | $1,447 | $2,674 |
Gross realized losses on sales of investment securities | -563 | -50 | -1,039 |
Net realized gains on sales of investment securities | 1,039 | 1,397 | 1,635 |
Proceeds from sales of investment securities | 78,473 | 102,538 | 155,468 |
Tax expense on sales of investment securities | $437 | $587 | $687 |
Loans_Loans_Receivable_Detail
Loans - Loans Receivable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | $2,234,089 | $2,048,560 | ' |
Allowance for loans losses | -57,555 | -63,305 | -89,936 |
Deferred loan fees | 964 | 796 | ' |
Loans receivable, net | 2,177,498 | 1,986,051 | ' |
Real estate loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 1,012,476 | 888,872 | ' |
Allowance for loans losses | -18,561 | -18,180 | -19,637 |
Commercial and Industrial loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 1,189,108 | 1,123,012 | ' |
Allowance for loans losses | -36,276 | -41,928 | -66,005 |
Consumer loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 32,505 | 36,676 | ' |
Allowance for loans losses | -1,427 | -2,280 | -2,243 |
Commercial term [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 929,648 | 884,364 | ' |
SBA loans [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 151,530 | 148,306 | ' |
Commercial lines of credit [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 71,577 | 56,121 | ' |
Commercial property [Member] | Real estate loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 933,398 | 787,094 | ' |
Residential property [Member] | Real estate loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | 79,078 | 101,778 | ' |
International loans [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total gross loans | $36,353 | $34,221 | ' |
Loans_Loans_Receivable_Parenth
Loans - Loans Receivable (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | $2,234,089 | $2,048,560 |
Owner Occupied Real Estate [Member] | Commercial term [Member] | Commercial and Industrial loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | 822,000 | 774,200 |
Owner Occupied Real Estate [Member] | SBA loans [Member] | Commercial and Industrial loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | 144,500 | 128,400 |
Owner Occupied Real Estate [Member] | Commercial lines of credit [Member] | Commercial and Industrial loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total gross loans | $535 | $1,400 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property | Property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accrued interest receivable | $7,055,000 | $7,581,000 | ' |
Loans receivable | 2,177,498,000 | 1,986,051,000 | ' |
Loans receivable reclassified as loans held for sale | 8,010,000 | 95,611,000 | 110,290,000 |
Sale of loans held for sale | 96,754,000 | 220,232,000 | ' |
Allowance for off-balance sheet items | 1,200,000 | 1,800,000 | ' |
Loans on non-accrual status | 25,877,000 | 37,279,000 | ' |
Percentage decrease in loans on non-accrual status, excluding loans held for sale | 30.60% | ' | ' |
Delinquent loans (defined as 30 days or more past due) | 16,274,000 | 16,467,000 | ' |
Percentage decrease in delinquent loans excluding loans held for sale | 1.20% | ' | ' |
Number of real estate properties | 3 | 2 | ' |
Net carrying value of other real estate property | 756,000 | 774,000 | ' |
Net valuation adjustment | 56,000 | 0 | ' |
TDR loans receivable | 30,000,000 | 35,700,000 | 51,400,000 |
Principal and interest due | '6 months | ' | ' |
Reserves relating to loans included in allowance for loan losses | 2,800,000 | 3,600,000 | 14,200,000 |
Net carrying value | 8,600,000 | ' | ' |
Serviced loans sold to unaffiliated parties | 350,000,000 | 297,200,000 | ' |
Loans and Finance Receivables [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Accrued interest receivable | 7,055,000 | 7,581,000 | ' |
Minimum [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Due period for considering loans as impaired | '90 days | ' | ' |
Securities Pledged as Collateral [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Loans receivable | $568,700,000 | $524,000,000 | ' |
Loans_Loans_Receivable_to_Loan
Loans - Loans Receivable to Loans Held for Sale (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of period | $8,306 | $22,587 | ' |
Origination of loans held for sale | 83,027 | 116,829 | 60,238 |
Reclassification from loans receivable to loans held for sale | 8,010 | 95,611 | 110,290 |
Reclassification from loans held for sale to other real estate owned | ' | -360 | ' |
Reclassification from Loans held for sale to loans receivable | -2,534 | -1,779 | ' |
Sales of loans held for sale | -96,754 | -220,232 | ' |
Principal payoffs and amortization | -55 | -604 | ' |
Valuation adjustments | ' | -3,746 | -2,903 |
Balance at end of period | ' | 8,306 | 22,587 |
Real estate loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of period | ' | 11,068 | ' |
Origination of loans held for sale | ' | ' | ' |
Reclassification from loans receivable to loans held for sale | 780 | 46,960 | ' |
Reclassification from loans held for sale to other real estate owned | ' | -360 | ' |
Reclassification from Loans held for sale to loans receivable | -774 | -1,647 | ' |
Sales of loans held for sale | ' | -54,669 | ' |
Principal payoffs and amortization | -6 | -228 | ' |
Valuation adjustments | ' | -1,124 | ' |
Balance at end of period | ' | ' | ' |
Commercial and Industrial loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of period | 8,306 | 11,519 | ' |
Origination of loans held for sale | 83,027 | 116,829 | ' |
Reclassification from loans receivable to loans held for sale | 7,230 | 48,651 | ' |
Reclassification from Loans held for sale to loans receivable | -1,760 | -132 | ' |
Sales of loans held for sale | -96,754 | -165,563 | ' |
Principal payoffs and amortization | -49 | -376 | ' |
Valuation adjustments | ' | -2,622 | ' |
Balance at end of period | ' | 8,306 | ' |
Consumer loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
Balance at beginning of period | ' | ' | ' |
Origination of loans held for sale | ' | ' | ' |
Reclassification from loans receivable to loans held for sale | ' | ' | ' |
Reclassification from loans held for sale to other real estate owned | ' | ' | ' |
Reclassification from Loans held for sale to loans receivable | ' | ' | ' |
Sales of loans held for sale | ' | ' | ' |
Principal payoffs and amortization | ' | ' | ' |
Valuation adjustments | ' | ' | ' |
Balance at end of period | ' | ' | ' |
Loans_Allowance_for_Loan_Losse
Loans - Allowance for Loan Losses and Allowance for Off-Balance Sheet Items (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | $63,305 | $89,936 | ' |
Actual charge-offs | -11,862 | -38,227 | ' |
Recoveries on loans previously charged off | 5,536 | 4,439 | ' |
Provision charged to operating expense | -576 | -7,157 | ' |
Balance at end of period | 57,555 | 63,305 | ' |
Allowance for loan losses [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 63,305 | 89,936 | 146,059 |
Actual charge-offs | -11,862 | -38,227 | -78,652 |
Recoveries on loans previously charged off | 5,536 | 4,439 | 9,993 |
Net loan charge-offs | -6,326 | -33,788 | -68,659 |
Provision charged to operating expense | 576 | 7,157 | 12,536 |
Balance at end of period | 57,555 | 63,305 | 89,936 |
Allowance for off-balance sheet items [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance at beginning of period | 1,824 | 2,981 | 3,417 |
Provision charged to operating expense | -576 | -1,157 | -436 |
Balance at end of period | $1,248 | $1,824 | $2,981 |
Loans_Allowance_for_Loan_Losse1
Loans - Allowance for Loan Losses by Portfolio Segment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for loan losses: | ' | ' |
Balance at beginning of period | $63,305 | $89,936 |
Charge-offs | -11,862 | -38,227 |
Recoveries on loans previously charged off | 5,536 | 4,439 |
Provision | 576 | 7,157 |
Balance at end of period | 57,555 | 63,305 |
Loans receivable: | ' | ' |
Ending balance | 2,234,089 | 2,048,560 |
Allowance for Loans and Leases Receivable [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 6,468 | 6,232 |
Ending balance: collectively evaluated for impairment | 51,087 | 57,073 |
Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 53,066 | 54,744 |
Ending balance: collectively evaluated for impairment | 2,181,023 | 1,993,816 |
Real estate loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance at beginning of period | 18,180 | 19,637 |
Charge-offs | -359 | -11,382 |
Recoveries on loans previously charged off | 1,784 | 583 |
Provision | -1,044 | 9,342 |
Balance at end of period | 18,561 | 18,180 |
Loans receivable: | ' | ' |
Ending balance | 1,012,476 | 888,872 |
Real estate loans [Member] | Allowance for Loans and Leases Receivable [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 204 | 161 |
Ending balance: collectively evaluated for impairment | 18,357 | 18,019 |
Real estate loans [Member] | Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 8,817 | 8,819 |
Ending balance: collectively evaluated for impairment | 1,003,659 | 880,053 |
Commercial and Industrial loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance at beginning of period | 41,928 | 66,005 |
Charge-offs | -11,236 | -25,897 |
Recoveries on loans previously charged off | 3,583 | 3,758 |
Provision | 2,001 | -1,938 |
Balance at end of period | 36,276 | 41,928 |
Loans receivable: | ' | ' |
Ending balance | 1,189,108 | 1,123,012 |
Commercial and Industrial loans [Member] | Allowance for Loans and Leases Receivable [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 5,980 | 5,456 |
Ending balance: collectively evaluated for impairment | 30,296 | 36,472 |
Commercial and Industrial loans [Member] | Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 42,680 | 44,273 |
Ending balance: collectively evaluated for impairment | 1,146,428 | 1,078,739 |
Consumer loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance at beginning of period | 2,280 | 2,243 |
Charge-offs | -267 | -948 |
Recoveries on loans previously charged off | 169 | 98 |
Provision | -755 | 887 |
Balance at end of period | 1,427 | 2,280 |
Loans receivable: | ' | ' |
Ending balance | 32,505 | 36,676 |
Consumer loans [Member] | Allowance for Loans and Leases Receivable [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 284 | 615 |
Ending balance: collectively evaluated for impairment | 1,143 | 1,665 |
Consumer loans [Member] | Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | 1,569 | 1,652 |
Ending balance: collectively evaluated for impairment | 30,936 | 35,024 |
Unallocated [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Balance at beginning of period | 917 | 2,051 |
Charge-offs | ' | ' |
Recoveries on loans previously charged off | ' | ' |
Provision | 374 | -1,134 |
Balance at end of period | 1,291 | 917 |
Loans receivable: | ' | ' |
Ending balance | ' | ' |
Unallocated [Member] | Allowance for Loans and Leases Receivable [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | ' | ' |
Ending balance: collectively evaluated for impairment | 1,291 | 917 |
Unallocated [Member] | Loans [Member] | ' | ' |
Allowance for loan losses: | ' | ' |
Ending balance: individually evaluated for impairment | ' | ' |
Ending balance: collectively evaluated for impairment | ' | ' |
Loans_Credit_Quality_of_Loan_P
Loans - Credit Quality of Loan Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | $2,234,089 | $2,048,560 |
Real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 1,012,476 | 888,872 |
Real estate loans [Member] | Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 483,007 | 392,945 |
Real estate loans [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 5,557 | 14,007 |
Real estate loans [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 444,834 | 380,142 |
Real estate loans [Member] | Residential property [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 79,078 | 101,778 |
Commercial and Industrial loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 1,189,108 | 1,123,012 |
Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 107,613 | 110,172 |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 822,035 | 774,192 |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 71,577 | 56,121 |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 151,530 | 148,306 |
Commercial and Industrial loans [Member] | International loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 36,353 | 34,221 |
Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 32,505 | 36,676 |
Pass Grade 0-4[Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 2,130,392 | 1,913,379 |
Pass Grade 0-4[Member] | Real estate loans [Member] | Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 473,435 | 386,650 |
Pass Grade 0-4[Member] | Real estate loans [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 4,419 | 5,491 |
Pass Grade 0-4[Member] | Real estate loans [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 427,355 | 366,518 |
Pass Grade 0-4[Member] | Real estate loans [Member] | Residential property [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 77,422 | 99,250 |
Pass Grade 0-4[Member] | Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 94,306 | 87,370 |
Pass Grade 0-4[Member] | Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 777,114 | 710,723 |
Pass Grade 0-4[Member] | Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 70,358 | 53,391 |
Pass Grade 0-4[Member] | Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 140,162 | 136,058 |
Pass Grade 0-4[Member] | Commercial and Industrial loans [Member] | International loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 35,777 | 34,221 |
Pass Grade 0-4[Member] | Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 30,044 | 33,707 |
Criticized Grade 5 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 21,479 | 31,987 |
Criticized Grade 5 [Member] | Real estate loans [Member] | Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 5,308 | 3,971 |
Criticized Grade 5 [Member] | Real estate loans [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 981 | ' |
Criticized Grade 5 [Member] | Real estate loans [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 4,363 | 12,132 |
Criticized Grade 5 [Member] | Real estate loans [Member] | Residential property [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | ' | ' |
Criticized Grade 5 [Member] | Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 1,699 | 663 |
Criticized Grade 5 [Member] | Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 7,818 | 13,038 |
Criticized Grade 5 [Member] | Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | ' | 863 |
Criticized Grade 5 [Member] | Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 571 | 1,119 |
Criticized Grade 5 [Member] | Commercial and Industrial loans [Member] | International loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 576 | ' |
Criticized Grade 5 [Member] | Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 163 | 201 |
Classified Grade 6-7 [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 82,218 | 103,194 |
Classified Grade 6-7 [Member] | Real estate loans [Member] | Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 4,264 | 2,324 |
Classified Grade 6-7 [Member] | Real estate loans [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 157 | 8,516 |
Classified Grade 6-7 [Member] | Real estate loans [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 13,116 | 1,492 |
Classified Grade 6-7 [Member] | Real estate loans [Member] | Residential property [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 1,656 | 2,528 |
Classified Grade 6-7 [Member] | Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 11,608 | 22,139 |
Classified Grade 6-7 [Member] | Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 37,103 | 50,431 |
Classified Grade 6-7 [Member] | Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 1,219 | 1,867 |
Classified Grade 6-7 [Member] | Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | 10,797 | 11,129 |
Classified Grade 6-7 [Member] | Commercial and Industrial loans [Member] | International loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | ' | ' |
Classified Grade 6-7 [Member] | Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Total gross loans | $2,298 | $2,768 |
Loans_Analysis_of_Past_Due_Loa
Loans - Analysis of Past Due Loans, Disaggregated by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | $3,607 | $6,687 |
60-89 Days Past Due | 4,072 | 3,175 |
90 Days or More Past Due | 8,595 | 6,605 |
Total Past Due | 16,274 | 16,467 |
Current | 2,217,815 | 2,032,093 |
Total Loans | 2,234,089 | 2,048,560 |
Accruing 90 Days or More Past Due | ' | ' |
Real estate loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans | 1,012,476 | 888,872 |
Real estate loans [Member] | Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | 404 | 111 |
90 Days or More Past Due | 2,196 | ' |
Total Past Due | 2,600 | 111 |
Current | 480,407 | 392,834 |
Total Loans | 483,007 | 392,945 |
Accruing 90 Days or More Past Due | ' | ' |
Real estate loans [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days or More Past Due | ' | 335 |
Total Past Due | ' | 335 |
Current | 5,557 | 13,672 |
Total Loans | 5,557 | 14,007 |
Accruing 90 Days or More Past Due | ' | ' |
Real estate loans [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 411 | ' |
60-89 Days Past Due | ' | ' |
90 Days or More Past Due | ' | ' |
Total Past Due | 411 | ' |
Current | 444,423 | 380,142 |
Total Loans | 444,834 | 380,142 |
Accruing 90 Days or More Past Due | ' | ' |
Real estate loans [Member] | Residential property [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | 122 | 588 |
90 Days or More Past Due | 279 | 311 |
Total Past Due | 401 | 899 |
Current | 78,677 | 100,879 |
Total Loans | 79,078 | 101,778 |
Accruing 90 Days or More Past Due | ' | ' |
Commercial and Industrial loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total Loans | 1,189,108 | 1,123,012 |
Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 224 | 918 |
60-89 Days Past Due | 386 | 1,103 |
90 Days or More Past Due | 1,159 | 1,279 |
Total Past Due | 1,770 | 3,300 |
Current | 105,843 | 106,872 |
Total Loans | 107,613 | 110,172 |
Accruing 90 Days or More Past Due | ' | ' |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 802 | 1,949 |
60-89 Days Past Due | 952 | ' |
90 Days or More Past Due | 1,012 | 926 |
Total Past Due | 2,766 | 2,875 |
Current | 819,269 | 771,317 |
Total Loans | 822,035 | 774,192 |
Accruing 90 Days or More Past Due | ' | ' |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | 150 | 188 |
90 Days or More Past Due | 250 | 416 |
Total Past Due | 400 | 604 |
Current | 71,177 | 55,517 |
Total Loans | 71,577 | 56,121 |
Accruing 90 Days or More Past Due | ' | ' |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 1,859 | 3,759 |
60-89 Days Past Due | 2,016 | 1,039 |
90 Days or More Past Due | 3,622 | 2,800 |
Total Past Due | 7,496 | 7,598 |
Current | 144,034 | 140,708 |
Total Loans | 151,530 | 148,306 |
Accruing 90 Days or More Past Due | ' | ' |
Commercial and Industrial loans [Member] | International loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | ' | ' |
60-89 Days Past Due | ' | ' |
90 Days or More Past Due | ' | ' |
Total Past Due | ' | ' |
Current | 36,353 | 34,221 |
Total Loans | 36,353 | 34,221 |
Accruing 90 Days or More Past Due | ' | ' |
Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30-59 Days Past Due | 311 | 61 |
60-89 Days Past Due | 42 | 146 |
90 Days or More Past Due | 77 | 538 |
Total Past Due | 430 | 745 |
Current | 32,075 | 35,931 |
Total Loans | 32,505 | 36,676 |
Accruing 90 Days or More Past Due | ' | ' |
Loans_Information_on_Impaired_
Loans - Information on Impaired Loans, Disaggregated by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | $53,066 | $54,744 | $121,689 |
Unpaid Principal Balance | 56,563 | 61,561 | 124,849 |
With No Related Allowance Recorded | 33,292 | 28,830 | 45,464 |
With an Allowance Recorded | 19,773 | 25,914 | 76,225 |
Related Allowance | 6,468 | 6,231 | 23,382 |
Average Recorded Investment | 48,348 | 60,732 | 134,359 |
Interest Income Recognized | 3,708 | 4,541 | 8,348 |
Real estate loans [Member] | Retail [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 4,402 | 2,930 | 1,260 |
Unpaid Principal Balance | 4,491 | 3,024 | 1,260 |
With No Related Allowance Recorded | 2,400 | 2,930 | 1,100 |
With an Allowance Recorded | 2,002 | ' | 160 |
Related Allowance | 199 | ' | 126 |
Average Recorded Investment | 2,819 | 2,357 | 105 |
Interest Income Recognized | 93 | 136 | ' |
Real estate loans [Member] | Land [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | ' | 2,097 | 3,178 |
Unpaid Principal Balance | ' | 2,307 | 3,210 |
With No Related Allowance Recorded | ' | 2,097 | ' |
With an Allowance Recorded | ' | ' | 3,178 |
Related Allowance | ' | ' | 360 |
Average Recorded Investment | 837 | 2,140 | 16,910 |
Interest Income Recognized | 80 | 179 | 78 |
Real estate loans [Member] | Other [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 1,737 | 527 | 14,773 |
Unpaid Principal Balance | 1,754 | 527 | 14,823 |
With No Related Allowance Recorded | 1,219 | ' | 1,131 |
With an Allowance Recorded | 518 | 527 | 13,642 |
Related Allowance | 5 | 67 | 3,004 |
Average Recorded Investment | 991 | 835 | 14,850 |
Interest Income Recognized | 44 | 43 | 907 |
Real estate loans [Member] | Residential property [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 2,678 | 3,265 | 5,368 |
Unpaid Principal Balance | 2,773 | 3,308 | 5,408 |
With No Related Allowance Recorded | 2,678 | 1,866 | 3,208 |
With an Allowance Recorded | ' | 1,399 | 2,160 |
Related Allowance | ' | 94 | 128 |
Average Recorded Investment | 2,941 | 3,268 | 5,399 |
Interest Income Recognized | 117 | 164 | 279 |
Real estate loans [Member] | Unsecured [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 11,612 | 14,532 | 16,035 |
Unpaid Principal Balance | 11,827 | 15,515 | 16,559 |
With No Related Allowance Recorded | 2,166 | 6,826 | 244 |
With an Allowance Recorded | 9,446 | 7,706 | 15,791 |
Related Allowance | 2,581 | 2,144 | 10,793 |
Average Recorded Investment | 12,048 | 14,160 | 15,685 |
Interest Income Recognized | 732 | 821 | 1,043 |
Real estate loans [Member] | Construction [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | ' | ' | 14,120 |
Unpaid Principal Balance | ' | ' | 14,120 |
With No Related Allowance Recorded | ' | ' | 14,120 |
Average Recorded Investment | ' | 6,012 | 14,353 |
Interest Income Recognized | ' | 207 | 1,077 |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 21,093 | 22,050 | 53,159 |
Unpaid Principal Balance | 22,429 | 23,221 | 54,156 |
With No Related Allowance Recorded | 19,346 | 9,520 | 14,990 |
With an Allowance Recorded | 1,746 | 12,530 | 38,169 |
Related Allowance | 493 | 2,319 | 7,062 |
Average Recorded Investment | 18,313 | 21,894 | 51,977 |
Interest Income Recognized | 1,322 | 1,723 | 3,652 |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 614 | 1,521 | 1,431 |
Unpaid Principal Balance | 686 | 1,704 | 1,554 |
With No Related Allowance Recorded | 173 | 848 | 715 |
With an Allowance Recorded | 441 | 673 | 716 |
Related Allowance | 252 | 230 | 716 |
Average Recorded Investment | 1,008 | 1,688 | 1,590 |
Interest Income Recognized | 54 | 64 | 82 |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 8,274 | 6,170 | 11,619 |
Unpaid Principal Balance | 9,845 | 10,244 | 12,971 |
With No Related Allowance Recorded | 4,380 | 4,294 | 9,445 |
With an Allowance Recorded | 3,894 | 1,876 | 2,174 |
Related Allowance | 2,576 | 762 | 1,167 |
Average Recorded Investment | 6,495 | 7,173 | 12,658 |
Interest Income Recognized | 1,195 | 1,131 | 1,186 |
Commercial and Industrial loans [Member] | International loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 1,087 | ' | ' |
Unpaid Principal Balance | 1,087 | ' | ' |
With No Related Allowance Recorded | 286 | ' | ' |
With an Allowance Recorded | 801 | ' | ' |
Related Allowance | 78 | ' | ' |
Average Recorded Investment | 1,284 | ' | ' |
Interest Income Recognized | ' | ' | ' |
Consumer loans [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment | 1,569 | 1,652 | 746 |
Unpaid Principal Balance | 1,671 | 1,711 | 788 |
With No Related Allowance Recorded | 644 | 449 | 511 |
With an Allowance Recorded | 925 | 1,203 | 235 |
Related Allowance | 284 | 615 | 26 |
Average Recorded Investment | 1,612 | 1,205 | 832 |
Interest Income Recognized | $71 | $73 | $44 |
Loans_Summary_of_Interest_Fore
Loans - Summary of Interest Foregone on Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Interest income that would have been recognized had impaired loans performed in accordance with their original terms | $4,451 | $5,887 | $9,192 |
Less: Interest income recognized on impaired loans | -3,708 | -4,541 | -8,348 |
Interest foregone on impaired loans | $743 | $1,346 | $844 |
Loans_NonAccrual_Loans_Disaggr
Loans - Non-Accrual Loans, Disaggregated by Loan Class (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | $25,877 | $37,279 |
Real estate loans [Member] | Retail [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 2,946 | 1,079 |
Real estate loans [Member] | Land [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | ' | 2,097 |
Real estate loans [Member] | Other [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 574 | ' |
Real estate loans [Member] | Construction [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | ' | ' |
Real estate loans [Member] | Residential property [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 1,365 | 1,270 |
Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 3,144 | 8,311 |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 6,773 | 8,679 |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 423 | 1,521 |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | 9,155 | 12,563 |
Consumer loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total non-accrual loans | $1,497 | $1,759 |
Loans_NonPerforming_Assets_Det
Loans - Non-Performing Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Non-accrual loans | $25,877 | $37,279 |
Loans 90 days or more past due and still accruing | ' | ' |
Total non-performing loans | 25,877 | 37,279 |
Other real estate owned | 756 | 774 |
Total non-performing assets | $26,633 | $38,053 |
Loans_Troubled_Debt_Restructur
Loans - Troubled Debt Restructurings, Disaggregated by Type of Concession and by Loan Type (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | $3,786 | $6,648 | $6,340 |
Non-Accrual TDRs, Deferral of Principal and Interest | 2,243 | 3,288 | 3,716 |
Non-Accrual TDRs, Reduction of Principal and Interest | 2,733 | 6,096 | 7,985 |
Non-Accrual TDRs, Extension of Maturity | 1,774 | 2,737 | 5,185 |
Non-Accrual TDRs, Total | 10,536 | 18,769 | 23,226 |
Accrual TDRs, Deferral of Principal | 5,524 | 6,788 | 7,191 |
Accrual TDRs, Deferral of Principal and Interest | ' | 572 | 1,040 |
Accrual TDRs, Reduction of Principal and Interest | 4,966 | 1,638 | 15,697 |
Accrual TDRs, Extension of Maturity | 8,927 | 7,982 | 4,283 |
Accrual TDRs | 19,417 | 16,980 | 28,211 |
Consumer loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Extension of Maturity | ' | ' | ' |
Non-Accrual TDRs, Total | ' | ' | ' |
Accrual TDRs, Deferral of Principal | ' | ' | ' |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | 149 | ' | ' |
Accrual TDRs, Extension of Maturity | ' | ' | ' |
Accrual TDRs | 149 | ' | ' |
Real estate loans [Member] | Retail [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Extension of Maturity | 750 | 1,080 | 1,260 |
Non-Accrual TDRs, Total | 750 | 1,080 | 1,260 |
Accrual TDRs, Deferral of Principal | ' | 357 | ' |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Accrual TDRs, Extension of Maturity | ' | 175 | ' |
Accrual TDRs | ' | 532 | ' |
Real estate loans [Member] | Other [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | ' | ' | 900 |
Non-Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Extension of Maturity | ' | ' | ' |
Non-Accrual TDRs, Total | ' | ' | 900 |
Accrual TDRs, Deferral of Principal | 518 | 527 | 1,480 |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Accrual TDRs, Extension of Maturity | 645 | ' | ' |
Accrual TDRs | 1,163 | 527 | 1,480 |
Real estate loans [Member] | Residential property [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | 795 | 827 | ' |
Non-Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Reduction of Principal and Interest | ' | ' | 138 |
Non-Accrual TDRs, Extension of Maturity | ' | ' | ' |
Non-Accrual TDRs, Total | 795 | 827 | 138 |
Accrual TDRs, Deferral of Principal | ' | ' | 2,167 |
Accrual TDRs, Deferral of Principal and Interest | ' | 572 | 572 |
Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Accrual TDRs, Extension of Maturity | ' | ' | ' |
Accrual TDRs | ' | 572 | 2,739 |
Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | ' | ' | 1,480 |
Non-Accrual TDRs, Deferral of Principal and Interest | 198 | 658 | 669 |
Non-Accrual TDRs, Reduction of Principal and Interest | 1,016 | 4,558 | 4,650 |
Non-Accrual TDRs, Extension of Maturity | 851 | 1,413 | 682 |
Non-Accrual TDRs, Total | 2,065 | 6,629 | 7,481 |
Accrual TDRs, Deferral of Principal | 1,130 | 976 | 185 |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | 2,221 | 1,090 | 7,069 |
Accrual TDRs, Extension of Maturity | 3,816 | 3,260 | 1,584 |
Accrual TDRs | 7,167 | 5,326 | 8,838 |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | 2,115 | 2,317 | 1,202 |
Non-Accrual TDRs, Deferral of Principal and Interest | 967 | 1,343 | 1,523 |
Non-Accrual TDRs, Reduction of Principal and Interest | 976 | 318 | 2,403 |
Non-Accrual TDRs, Extension of Maturity | ' | ' | 3,243 |
Non-Accrual TDRs, Total | 4,058 | 3,978 | 8,371 |
Accrual TDRs, Deferral of Principal | 3,437 | 4,444 | 2,005 |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | 1,253 | 448 | 8,628 |
Accrual TDRs, Extension of Maturity | 4,466 | 4,547 | 2,699 |
Accrual TDRs | 9,156 | 9,439 | 13,332 |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | ' | 673 | ' |
Non-Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Reduction of Principal and Interest | ' | 188 | ' |
Non-Accrual TDRs, Extension of Maturity | 173 | 244 | ' |
Non-Accrual TDRs, Total | 173 | 1,105 | ' |
Accrual TDRs, Deferral of Principal | ' | ' | ' |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | 191 | ' | ' |
Accrual TDRs, Extension of Maturity | ' | ' | ' |
Accrual TDRs | 191 | ' | ' |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | 876 | 2,831 | 2,758 |
Non-Accrual TDRs, Deferral of Principal and Interest | 1,078 | 1,287 | 1,524 |
Non-Accrual TDRs, Reduction of Principal and Interest | 741 | 1,032 | 794 |
Non-Accrual TDRs, Extension of Maturity | ' | ' | ' |
Non-Accrual TDRs, Total | 2,695 | 5,150 | 5,076 |
Accrual TDRs, Deferral of Principal | 439 | 484 | 1,354 |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | 468 |
Accrual TDRs, Reduction of Principal and Interest | 65 | 100 | ' |
Accrual TDRs, Extension of Maturity | ' | ' | ' |
Accrual TDRs | 504 | 584 | 1,822 |
Commercial and Industrial loans [Member] | International loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal | ' | ' | ' |
Non-Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Reduction of Principal and Interest | ' | ' | ' |
Non-Accrual TDRs, Extension of Maturity | ' | ' | ' |
Non-Accrual TDRs, Total | ' | ' | ' |
Accrual TDRs, Deferral of Principal | ' | ' | ' |
Accrual TDRs, Deferral of Principal and Interest | ' | ' | ' |
Accrual TDRs, Reduction of Principal and Interest | 1,087 | ' | ' |
Accrual TDRs, Extension of Maturity | ' | ' | ' |
Accrual TDRs | $1,087 | ' | ' |
Loans_Troubled_Debt_Restructur1
Loans - Troubled Debt Restructuring, Disaggregated by Loan Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SecurityLoan | SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 33 | 59 | 98 |
Pre-Modification Outstanding Recorded Investment | $9,777 | $16,320 | $45,114 |
Post-Modification Outstanding Recorded Investment | 8,576 | 15,046 | 42,115 |
Consumer loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 1 | ' | ' |
Pre-Modification Outstanding Recorded Investment | 149 | ' | ' |
Post-Modification Outstanding Recorded Investment | 149 | ' | ' |
Real estate loans [Member] | Retail [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | ' | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | ' | 562 | 1,260 |
Post-Modification Outstanding Recorded Investment | ' | 533 | 1,260 |
Real estate loans [Member] | Other [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 1 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | 658 | 547 | 2,387 |
Post-Modification Outstanding Recorded Investment | 645 | 527 | 2,381 |
Real estate loans [Member] | Residential property [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | ' | ' | 3 |
Pre-Modification Outstanding Recorded Investment | ' | ' | 2,740 |
Post-Modification Outstanding Recorded Investment | ' | ' | 2,739 |
Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 19 | 37 | 50 |
Pre-Modification Outstanding Recorded Investment | 4,060 | 6,024 | 15,410 |
Post-Modification Outstanding Recorded Investment | 3,528 | 5,277 | 14,797 |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 5 | 7 | 12 |
Pre-Modification Outstanding Recorded Investment | 2,833 | 7,963 | 15,363 |
Post-Modification Outstanding Recorded Investment | 2,755 | 7,570 | 14,268 |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 2 | 1 | ' |
Pre-Modification Outstanding Recorded Investment | 220 | 202 | ' |
Post-Modification Outstanding Recorded Investment | 191 | 188 | ' |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 3 | 11 | 29 |
Pre-Modification Outstanding Recorded Investment | 273 | 1,022 | 7,954 |
Post-Modification Outstanding Recorded Investment | 221 | 951 | 6,670 |
Commercial and Industrial loans [Member] | International loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 2 | ' | ' |
Pre-Modification Outstanding Recorded Investment | 1,584 | ' | ' |
Post-Modification Outstanding Recorded Investment | $1,087 | ' | ' |
Loans_Troubled_Debt_Restructur2
Loans - Troubled Debt Restructuring, Disaggregated by Loan Class (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Retail [Member] | Real estate loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through deferrals principal payment | ' | $357,000 | ' |
Amount of loan modification through extension of maturity | ' | 175,000 | 1,300,000 |
Other [Member] | Real estate loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through deferrals principal payment | ' | 527,000 | 2,400,000 |
Amount of loan modification through extension of maturity | 645,000 | ' | ' |
Residential property [Member] | Real estate loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through deferrals principal payment | ' | ' | 2,700,000 |
Unsecured [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through deferrals principal payment | 380,000 | 909,000 | 1,600,000 |
Amount of loan modification through extension of maturity | 2,400,000 | 3,600,000 | 1,500,000 |
Loan modification made through reduction of principal or accrued interest payments | 733,000 | 723,000 | 11,500,000 |
Secured by real estate [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through deferrals principal payment | 1,400,000 | 5,400,000 | 2,400,000 |
Amount of loan modification through extension of maturity | ' | 1,900,000 | 2,700,000 |
Loan modification made through reduction of principal or accrued interest payments | 1,400,000 | 318,000 | 9,100,000 |
Commercial lines of credit [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through reduction of principal or accrued interest payments | 191,000 | 188,000 | ' |
SBA loans [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through deferrals principal payment | 97,000 | 504,000 | 5,700,000 |
Loan modification made through reduction of principal or accrued interest payments | 124,000 | 447,000 | 957,000 |
International loans [Member] | Commercial and Industrial loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through reduction of principal or accrued interest payments | 1,100,000 | ' | ' |
Consumer loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Loan modification made through reduction of principal or accrued interest payments | $149,000 | ' | ' |
Loans_Troubled_Debt_Restructur3
Loans - Troubled Debt Restructurings that Defaulted Subsequent to Modifications Occurring Within Previous Twelve Months, Disaggregated by Loan Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
SecurityLoan | SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 4 | 12 | 14 |
Recorded Investment | $338 | $907 | $3,818 |
Commercial and Industrial loans [Member] | Unsecured [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 2 | 8 | 6 |
Recorded Investment | 123 | 554 | 2,368 |
Commercial and Industrial loans [Member] | Secured by real estate [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | ' | ' | ' |
Recorded Investment | ' | ' | ' |
Commercial and Industrial loans [Member] | Commercial lines of credit [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | ' | 1 | ' |
Recorded Investment | ' | 188 | ' |
Commercial and Industrial loans [Member] | SBA loans [Member] | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of Loans | 2 | 3 | 8 |
Recorded Investment | $215 | $165 | $1,450 |
Loans_Changes_in_Servicing_Ass
Loans - Changes in Servicing Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Transfers And Servicing [Abstract] | ' | ' | ' |
Balance at beginning of period | $5,542 | $3,720 | ' |
Additions | ' | 2,889 | 1,560 |
Amortization | -1,463 | -1,067 | -730 |
Balance at end of period | $6,833 | $5,542 | $3,720 |
Premises_and_Equipment_Summary
Premises and Equipment - Summary of Major Components of Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | $42,273 | $41,538 |
Accumulated depreciation and amortization | -28,052 | -26,388 |
Total Premises and Equipment, Net | 14,221 | 15,150 |
Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 862 | 862 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 6,120 | 6,120 |
Buildings and improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 9,248 | 9,197 |
Furniture and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | 15,654 | 15,039 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Premises and Equipment, Gross | $10,389 | $10,320 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation and amortization expense | $1.90 | $2.10 | $2.20 |
Other_Intangible_Assets_Summar
Other Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $2,320 | $2,320 |
Accumulated Amortization | -1,149 | -985 |
Net Carrying Amount | 1,171 | 1,335 |
Trade names [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '20 years | ' |
Gross Carrying Amount | 970 | 970 |
Accumulated Amortization | -338 | -290 |
Net Carrying Amount | 632 | 680 |
Client/insured relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '10 years | ' |
Gross Carrying Amount | 770 | 770 |
Accumulated Amortization | -539 | -462 |
Net Carrying Amount | 231 | 308 |
Carrier relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '15 years | ' |
Gross Carrying Amount | 580 | 580 |
Accumulated Amortization | -272 | -233 |
Net Carrying Amount | $308 | $347 |
Other_Intangible_Assets_Additi
Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Weighted-average amortization period | '15 years 4 months 24 days | ' | ' |
Total amortization expense for other intangible assets | $164,000 | $198,000 | $700,000 |
Intangible asset impairment charges | $0 | $0 | ' |
Other_Intangible_Assets_Estima
Other Intangible Assets - Estimated Future Amortization Expense Related to Other Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | ' | ' |
2014 | $164 | ' |
2015 | 164 | ' |
2016 | 164 | ' |
2017 | 87 | ' |
2018 | 87 | ' |
Thereafter | 505 | ' |
Total | $1,171 | $1,335 |
Deposits_Scheduled_Maturities_
Deposits - Scheduled Maturities of Time Deposits (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Deposits [Line Items] | ' |
2014 | $910,635 |
2015 | 79,801 |
2016 | 9,280 |
2017 | 3,889 |
2018 and thereafter | ' |
Total | 1,003,605 |
Time Deposits of $100,000 or More [Member] | ' |
Deposits [Line Items] | ' |
2014 | 451,211 |
2015 | 51,355 |
2016 | 4,380 |
2018 and thereafter | ' |
Total | 506,946 |
Other Time Deposits [Member] | ' |
Deposits [Line Items] | ' |
2014 | 459,424 |
2015 | 28,446 |
2016 | 4,900 |
2017 | 3,889 |
2018 and thereafter | ' |
Total | $496,659 |
Deposits_Summary_of_Interest_E
Deposits - Summary of Interest Expense on Deposits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Time Deposits [Abstract] | ' | ' | ' |
Savings | $1,812 | $2,152 | $2,757 |
Money market checking and NOW accounts | 2,912 | 3,085 | 3,461 |
Time deposits of $100,000 or more | 4,094 | 7,290 | 13,855 |
Other time deposits | 3,860 | 3,350 | 3,885 |
Total interest expense on deposits | $12,678 | $15,877 | $23,958 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Time Deposits [Abstract] | ' | ' |
Accrued interest payable on deposits | $3.40 | $3.50 |
Total deposits reclassified to loans due to overdrafts | $1.10 | $1.80 |
FHLB_Advances_and_Other_Borrow2
FHLB Advances and Other Borrowings - FHLB Advances and Other Borrowings (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Banks [Abstract] | ' | ' |
FHLB advances | $127,546 | $2,935 |
Total FHLB advances | $127,546 | $2,935 |
FHLB_Advances_and_Other_Borrow3
FHLB Advances and Other Borrowings - Summary of Contractual Maturities Pertaining to FHLB (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank Advances Rolling Maturity [Abstract] | ' | ' |
Year of Maturity, 2014, Amount | $127,546 | ' |
Total FHLB advances | $127,546 | $2,935 |
Year of Maturity, 2014, Weighted-Average Interest Rate | 0.16% | ' |
Year of Maturity, Total, Weighted-Average Interest Rate | 0.16% | ' |
FHLB_Advances_and_Other_Borrow4
FHLB Advances and Other Borrowings - Summary of Financial Data Pertaining to Federal Home Loan Bank Advances (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Federal Home Loan Banks [Abstract] | ' | ' | ' |
Weighted-average interest rate at end of year | 0.16% | 5.27% | 5.27% |
Weighted-average interest rate during the year | 2.28% | 5.27% | 1.00% |
Average balance of FHLB advances | $6,573 | $3,354 | $66,191 |
Maximum amount outstanding at any month-end | $127,546 | $3,273 | $153,622 |
FHLB_Advances_and_Other_Borrow5
FHLB Advances and Other Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Federal Home Loan Bank Advances General Debt Obligations Disclosures [Abstract] | ' | ' | ' |
Pledged investment securities available for sale, carrying value | $11,200,000 | ' | ' |
Pledged investment loans receivable, carrying value | 414,700,000 | ' | ' |
Total borrowing capacity available from the collateral | 343,300,000 | ' | ' |
Available borrowing capacity | 215,800,000 | ' | ' |
Available for use through the Fed Discount Window | 87,100,000 | ' | ' |
Pledged loans, carrying value | 118,400,000 | ' | ' |
Borrowings | 0 | ' | ' |
Advances from the FHLB | 127,546,000 | 2,935,000 | ' |
Increase in the advances from the FHLB | 389,000 | 368,000 | 347,000 |
Remaining maturities for FHLB advance | '1 year | ' | ' |
Interest expense on FHLB advances and other borrowings | $151,000 | $165,000 | $662,000 |
Weighted-average interest rates | 2.28% | 5.27% | 1.00% |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits at beginning of year | $1,254 | $1,281 | $940 |
Gross increases for tax positions of prior years | ' | 14 | 515 |
Lapse of statute of limitations | ' | -41 | -174 |
Unrecognized tax benefits at end of year | $1,254 | $1,254 | $1,281 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Line Items] | ' | ' | ' |
Unrecognized tax benefits that would affect our effective tax rate if recognized | $1,000,000 | $1,000,000 | $1,000,000 |
Unrecognized tax benefits decreased relating to acquisitions | ' | 27,000 | ' |
Unrecognized tax benefits increased relating to acquisitions | ' | ' | 341,000 |
Addition in Unrecognized tax benefits except increase in accrued interest | 0 | ' | ' |
Accrued interest on uncertain tax benefits | 45,000 | 41,000 | 181,000 |
Accrued interest related to uncertain tax positions, net of federal tax benefit | 403,000 | 360,000 | 319,000 |
Valuation allowance | ' | ' | 82,269,000 |
Net valuation allowance release | ' | 62,600,000 | ' |
Operating loss carryforwards, maturity date | '2031 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Year open to examination | '2004 | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Year open to examination | '2012 | ' | ' |
Federal [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Year open to examination | '2009 | ' | ' |
Net operating loss carryforwards | 31,200,000 | ' | ' |
State income tax [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $186,300,000 | ' | ' |
State income tax [Member] | Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Year open to examination | '2008 | ' | ' |
State income tax [Member] | Maximum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Year open to examination | '2009 | ' | ' |
Income_Taxes_Summary_of_Provis
Income Taxes - Summary of Provision (Benefit) for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $12,028 | $4,993 | $704 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 407 | -19 | 29 |
Total current expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,435 | 4,974 | 733 |
Deferred expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 8,235 | -25,836 | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | 1,415 | -26,506 | ' |
Total deferred expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,650 | -52,342 | ' |
Provision (benefit) for income taxes | $4,996 | $6,584 | $5,821 | $4,684 | $374 | ($644) | ($47,177) | $79 | $22,085 | ($47,368) | $733 |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | ' | ' | ' |
Credit loss provision | $27,607 | $29,995 | $42,712 |
Depreciation | 1,180 | 1,253 | 1,240 |
Net operating loss carryforward | 31,140 | 33,875 | 50,255 |
Unrealized loss on securities available for sale, interest-only strips | 7,641 | ' | ' |
Tax credit | 5,661 | 5,426 | 5,803 |
State taxes | ' | ' | 91 |
Other | 2,831 | 3,766 | 3,517 |
Total deferred tax assets | 76,060 | 74,315 | 103,618 |
Deferred tax liabilities: | ' | ' | ' |
Mark to market | -10,112 | -5,562 | -14,820 |
Purchase accounting | -3,083 | -3,217 | -3,119 |
Unrealized gain on securities available for sale, interest-only strips | ' | -3,096 | -1,752 |
State taxes | -8,848 | -9,429 | ' |
Other | -2,250 | -2,013 | -1,658 |
Total deferred tax liabilities | -24,293 | -23,317 | -21,349 |
Valuation allowance | ' | ' | -82,269 |
Net deferred tax assets | $51,767 | $50,998 | ' |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Federal Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal tax benefits | 4.37% | 0.03% | 0.00% |
Tax-exempt municipal securities | -0.16% | -0.32% | -0.26% |
Tax credit-federal | -1.41% | -2.10% | -2.97% |
Other | -2.17% | -2.16% | -0.80% |
Valuation allowance | 0.00% | 140.59% | 28.50% |
Effective tax rate | 35.63% | 110.14% | 2.47% |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jul. 27, 2010 | Jul. 27, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock warrants [Member] | Stock warrants [Member] | Stock warrants [Member] | Stock warrants [Member] | |||
Re-measuring [Member] | Re-measuring [Member] | |||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Number of shares of common stock to be purchased by issuing warrants | ' | 250,000 | ' | ' | ' | ' |
Exercise price of stock warrants | 9.6 | 9.6 | ' | ' | ' | ' |
Date from which warrants or rights exercisable | 14-Oct-10 | ' | ' | ' | ' | ' |
Warrants expiration date | 14-Oct-15 | ' | ' | ' | ' | ' |
Fair value of stock warrants outstanding | ' | $2 | ' | ' | $2 | $906 |
Percentage of weighted average expected stock volatility for warrant | ' | ' | 111.46% | ' | 25.97% | ' |
Contract term of expected life assumption | ' | ' | ' | '5 years | '1 year 7 months 6 days | ' |
Percentage of risk free rate for warrants | ' | ' | 2.07% | ' | 0.43% | ' |
Dividend yield | 1.61% | ' | 0.00% | ' | 1.29% | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net realized gain (loss) on redemption or sale of investment securities | $1,039,000 | $1,104,000 | $1,635,000 |
Net gain on sales of investment securities | 1,039,000 | 1,396,000 | 1,635,000 |
Recognized in earnings resulting from the redemption of investment securities | 3,300,000 | 1,700,000 | ' |
Net realized gain (loss) on redemption or sale of investment securities | 1,039,000 | 1,397,000 | 1,635,000 |
Gain (loss) on Reclassification from other comprehensive loss to OTTI charge in earnings | ' | 292,000 | ' |
Other-than-temporary impairment loss on investment securities | 0 | 292,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net gain on sales of investment securities | 1,000,000 | 1,400,000 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other-than-temporary impairment loss on investment securities | ' | $292,000 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | $5,418 | $3,524 | ' |
Other comprehensive (loss) income before reclassification | -13,759 | 2,998 | ' |
Reclassification from accumulated other comprehensive income | -1,039 | -1,104 | ' |
Other comprehensive (loss ) income | -14,798 | 1,894 | 6,488 |
Balance at end of period | -9,380 | 5,418 | 3,524 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | 7,348 | 4,115 | ' |
Other comprehensive (loss) income before reclassification | -24,496 | 4,337 | ' |
Reclassification from accumulated other comprehensive income | -1,039 | -1,104 | ' |
Other comprehensive (loss ) income | -25,535 | 3,233 | ' |
Balance at end of period | -18,187 | 7,348 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Interest-Only Strip [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | ' | 20 | ' |
Other comprehensive (loss) income before reclassification | ' | -4 | ' |
Other comprehensive (loss ) income | ' | -4 | ' |
Balance at end of period | 16 | 16 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Interest Rate Swap [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | ' | -9 | ' |
Other comprehensive (loss) income before reclassification | ' | 9 | ' |
Reclassification from accumulated other comprehensive income | ' | ' | ' |
Other comprehensive (loss ) income | ' | 9 | ' |
Balance at end of period | ' | ' | ' |
Tax (Expense) Benefit [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Balance at beginning of period | -1,946 | -602 | ' |
Other comprehensive (loss) income before reclassification | 10,737 | -1,344 | ' |
Other comprehensive (loss ) income | 10,737 | -1,344 | ' |
Balance at end of period | $8,791 | ($1,946) | ' |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) | Dec. 31, 2013 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Minimum ratio of qualifying total capital to risk-weighted assets | 8.00% |
Minimum ratio of Tier 1 capital to risk-weighted assets | 4.00% |
Leverage ratio | 4.00% |
Minimum ratio of qualifying total capital to risk-weighted assets for well capitalized | 10.00% |
Minimum ratio of Tier 1 capital to average assets for well capitalized | 6.00% |
Depository Institutions [Member] | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' |
Leverage ratio | 5.00% |
Regulatory_Matters_Capital_Rat
Regulatory Matters - Capital Ratios of Hanmi Financial and Bank (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Minimum Regulatory Requirement Ratio for Total capital to risk-weighted assets | 8.00% | ' |
Minimum Regulatory Requirement Ratio for Tier 1 capital to risk-weighted assets | 4.00% | ' |
Minimum Regulatory Requirement Ratio for Tier 1 capital to average assets | 4.00% | ' |
Minimum to Be Categorized as Well Capitalized Percentage, Total capital to risk-weighted assets | 10.00% | ' |
Minimum to Be Categorized as Well Capitalized Percentage, Tier 1 capital to risk-weighted assets | 6.00% | ' |
Hanmi Financial [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Actual Capital, Total capital to risk-weighted assets | $427,910 | $451,784 |
Actual Capital, Tier 1 capital to risk-weighted assets | 397,044 | 423,937 |
Actual Capital, Tier 1 capital to average assets | 397,044 | 423,937 |
Actual Capital Percentage, Total capital to risk-weighted assets | 17.53% | 20.65% |
Actual Capital Percentage, Tier 1 capital to risk-weighted assets | 16.26% | 19.37% |
Actual Capital Percentage, Tier 1 capital to average assets | 13.66% | 14.95% |
Minimum Regulatory Requirement Capital, Total capital to risk-weighted assets | 195,304 | 175,050 |
Minimum Regulatory Requirement Capital, Tier 1 capital to risk-weighted assets | 97,652 | 87,525 |
Minimum Regulatory Requirement Capital, Tier 1 capital to average assets | 116,303 | 113,464 |
Minimum Regulatory Requirement Ratio for Total capital to risk-weighted assets | 8.00% | 8.00% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to risk-weighted assets | 4.00% | 4.00% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to average assets | 4.00% | 4.00% |
Hanmi Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Actual Capital, Total capital to risk-weighted assets | 410,505 | 433,570 |
Actual Capital, Tier 1 capital to risk-weighted assets | 379,691 | 405,801 |
Actual Capital, Tier 1 capital to average assets | 379,691 | 405,801 |
Actual Capital Percentage, Total capital to risk-weighted assets | 16.84% | 19.85% |
Actual Capital Percentage, Tier 1 capital to risk-weighted assets | 15.58% | 18.58% |
Actual Capital Percentage, Tier 1 capital to average assets | 13.09% | 14.33% |
Minimum Regulatory Requirement Capital, Total capital to risk-weighted assets | 194,974 | 174,734 |
Minimum Regulatory Requirement Capital, Tier 1 capital to risk-weighted assets | 97,487 | 87,367 |
Minimum Regulatory Requirement Capital, Tier 1 capital to average assets | 116,043 | 113,278 |
Minimum Regulatory Requirement Ratio for Total capital to risk-weighted assets | 8.00% | 8.00% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to risk-weighted assets | 4.00% | 4.00% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to average assets | 4.00% | 4.00% |
Minimum to Be Categorized as Well Capitalized Capital, Total capital to risk-weighted assets | 243,717 | 218,418 |
Minimum to Be Categorized as Well Capitalized Capital, Tier 1 capital to risk-weighted assets | 146,230 | 131,051 |
Minimum to Be Categorized as Well Capitalized Capital, Tier 1 capital to average assets | $145,054 | $141,597 |
Minimum to Be Categorized as Well Capitalized Percentage, Total capital to risk-weighted assets | 10.00% | 10.00% |
Minimum to Be Categorized as Well Capitalized Percentage, Tier 1 capital to risk-weighted assets | 6.00% | 6.00% |
Minimum to Be Categorized as Well Capitalized Percentage, Tier 1 capital to average assets | 5.00% | 5.00% |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Tax credits to be received | '1 year 2 months 12 days | ' | ' |
Percentage of decline in bond value | 0.61% | ' | ' |
Loans held for sale | ' | $8,306,000 | $22,587,000 |
Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Non-recurring Basis [Member] | Non-Performing Loans Held for Sale [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loans held for sale | 0 | 484,000 | ' |
Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Non-recurring Basis [Member] | Small Business Administration Loans Held for Sale [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Loans held for sale | 0 | 7,800,000 | ' |
Zero Coupon Municipal Bond [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Zero coupon tax credit municipal bond, recorded at estimated fair value | $748,000 | $779,000 | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | $530,926 | $451,060 |
Stock warrants | 2 | 906 |
Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 217,059 | 160,326 |
U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 83,536 | 93,118 |
Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 20,835 | 20,400 |
Other securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 2,886 | 3,357 |
Total debt securities available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 530,926 | 450,668 |
Financial services industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | 392 |
Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | 392 |
Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 127,693 | 100,487 |
Municipal bonds-tax exempt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 13,937 | 12,812 |
Municipal bonds-taxable [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 32,354 | 46,142 |
SBA loan pools securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 12,629 | 14,026 |
U.S. treasury bills [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 19,997 | ' |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 103,533 | 93,510 |
Stock warrants | ' | ' |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 83,536 | 93,118 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Other securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Total debt securities available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 103,533 | 93,118 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Financial services industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | 392 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | 392 |
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 426,645 | 356,771 |
Stock warrants | ' | ' |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 217,059 | 160,326 |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 20,835 | 20,400 |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Other securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 2,886 | 3,357 |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Total debt securities available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 426,645 | 356,771 |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Financial services industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 127,693 | 100,487 |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 748 | 779 |
Stock warrants | 2 | 906 |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | U.S. government agency securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Other securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Total debt securities available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 748 | 779 |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Financial services industry [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Significant Unobservable Inputs [Member] | Collateralized mortgage obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Municipal bonds-tax exempt [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Municipal bonds-tax exempt [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 13,189 | 12,033 |
Recurring Basis [Member] | Municipal bonds-tax exempt [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 748 | 779 |
Recurring Basis [Member] | Municipal bonds-taxable [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | Municipal bonds-taxable [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 32,354 | 46,142 |
Recurring Basis [Member] | Municipal bonds-taxable [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | SBA loan pools securities [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | SBA loan pools securities [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 12,629 | 14,026 |
Recurring Basis [Member] | SBA loan pools securities [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | U.S. treasury bills [Member] | Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | 19,997 | ' |
Recurring Basis [Member] | U.S. treasury bills [Member] | Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Recurring Basis [Member] | U.S. treasury bills [Member] | Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total debt securities available for sale | ' | ' |
Fair_Value_Measurements_Reconc
Fair Value Measurements - Reconciliation and Income Statement Classification of Gains and Losses for All Assets and Liabilities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Municipal bonds-tax exempt [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Beginning Balance | $779 |
Purchase, Issuances, and Settlement | ' |
Realized Gains or Losses In Earnings | ' |
Unrealized Gains or Losses in Other Comprehensive Income | -31 |
Ending Balance | 748 |
Stock warrants [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Beginning Balance | 906 |
Purchase, Issuances, and Settlement | -843 |
Realized Gains or Losses In Earnings | -61 |
Unrealized Gains or Losses in Other Comprehensive Income | ' |
Ending Balance | $2 |
Fair_Value_Measurements_Reconc1
Fair Value Measurements - Reconciliation and Income Statement Classification of Gains and Losses for All Assets and Liabilities (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jul. 27, 2010 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Exercise price of stock warrants | 9.6 | 9.6 |
Class of warrant or rights date from which warrants or rights expiration date | 14-Oct-15 | ' |
Municipal bonds-tax exempt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Par value of bond | $700,000 | ' |
Amortized value | $699,000 | ' |
Useful remaining life intangible assets | '1 year 2 months 12 days | ' |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (Non-recurring Basis [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Unrealized losses on non-performing loans held for sale | ' | $3,747,000 |
Unrealized losses impaired loans | 2,431,000 | 580,000 |
Unrealized losses other real estate owned | 10,000 | 301,000 |
Quoted Prices in Active Markets for Identical Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-performing loans held for sale | ' | ' |
Impaired loans | ' | ' |
Other real estate owned | ' | ' |
Significant Observable Inputs with No Active Market with Identical Characteristics [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-performing loans held for sale | ' | 484,000 |
Impaired loans | 36,254,000 | 27,844,000 |
Other real estate owned | 756,000 | 774,000 |
Significant Unobservable Inputs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-performing loans held for sale | ' | ' |
Impaired loans | 1,738,000 | 8,888,000 |
Other real estate owned | ' | ' |
Fair_Value_Measurements_Assets2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Parenthetical) (Detail) (Non-recurring Basis [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Real estate loans [Member] | Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $8,600,000 | $8,700,000 |
Real estate loans [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-performing loans held for sale | ' | 774,000 |
Commercial and Industrial loans [Member] | Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 28,100,000 | 27,000,000 |
Consumer loans [Member] | Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 1,300,000 | 1,000,000 |
Commercial Property Loan [Member] | Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-performing loans held for sale | 756,000 | ' |
Small Business Administration Loans Held for Sale [Member] | Non-Performing Loans Held for Sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Non-performing loans held for sale | ' | $484,000 |
Fair_Value_Measurements_Estima
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Restricted cash | ' | $5,350 |
Investment securities available for sale | 530,926 | 451,060 |
Accrued interest receivable | 7,055 | 7,581 |
Investment in federal reserve bank stock | 11,196 | 12,222 |
Financial liabilities: | ' | ' |
Noninterest-bearing deposits | 819,015 | 720,931 |
Interest-bearing deposits | 1,693,310 | 1,675,032 |
Accrued interest payable | 3,366 | 11,775 |
Carrying or Contract Amount [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 179,357 | 268,047 |
Restricted cash | ' | 5,350 |
Investment securities available for sale | 530,926 | 451,060 |
Loans receivable, net of allowance for loan losses | 2,177,498 | 1,986,051 |
Loans held for sale | ' | 8,306 |
Accrued interest receivable | 7,055 | 7,581 |
Investment in federal home loan bank stock | 14,060 | 17,800 |
Investment in federal reserve bank stock | 11,196 | 12,222 |
Financial liabilities: | ' | ' |
Noninterest-bearing deposits | 819,015 | 720,931 |
Interest-bearing deposits | 1,693,310 | 1,675,032 |
Borrowings | 127,546 | 85,341 |
Accrued interest payable | 3,366 | 11,775 |
Off-balance sheet items: | ' | ' |
Commitments to extend credit | 246,161 | 182,746 |
Standby letters of credit | 8,926 | 10,588 |
Estimated Fair Value [Member] | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 179,357 | 268,047 |
Restricted cash | ' | 5,350 |
Investment securities available for sale | 530,926 | 451,060 |
Loans receivable, net of allowance for loan losses | 2,204,069 | 1,981,669 |
Loans held for sale | ' | 8,306 |
Accrued interest receivable | 7,055 | 7,581 |
Investment in federal home loan bank stock | 14,060 | 17,800 |
Investment in federal reserve bank stock | 11,196 | 12,222 |
Financial liabilities: | ' | ' |
Noninterest-bearing deposits | 819,015 | 720,931 |
Interest-bearing deposits | 1,693,739 | 1,680,211 |
Borrowings | 127,249 | 85,414 |
Accrued interest payable | 3,366 | 11,775 |
Off-balance sheet items: | ' | ' |
Commitments to extend credit | 190 | 146 |
Standby letters of credit | $25 | $24 |
ShareBased_Compensations_Addit
Share-Based Compensations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of shares of common stock to be granted under equity incentive awards | 1,500,000 |
Shares available for issuance under the Plan | 1,078,668 |
Stock options, expiration term from date of grant | '10 years |
Restricted stock awards, continuous employment period for vesting of grant | 'Three to five years |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Period of continuous service | '3 years |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Period of continuous service | '5 years |
ShareBased_Compensations_Share
Share-Based Compensations - Share-Based Compensation Expense and Related Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Share-based compensation expense | $705 | $478 | $608 |
Related tax benefits | $32 | $201 | $256 |
ShareBased_Compensations_Unrec
Share-Based Compensations - Unrecognized Share-Based Compensation Expense (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | $3,204 |
Average Expected Recognition Period | '2 years 6 months |
Stock Option Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | 1,538 |
Average Expected Recognition Period | '2 years 4 months 24 days |
Restricted stock awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Expense | $1,666 |
Average Expected Recognition Period | '2 years 8 months 12 days |
ShareBased_Compensations_Weigh
Share-Based Compensations - Weighted-Average Estimated Fair Value Per Share of Options Granted under Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Weighted-average estimated fair value per share of options granted | $4.48 | $5.40 | $6.23 |
ShareBased_Compensations_Weigh1
Share-Based Compensations - Weighted-Average Assumptions Used to Estimate Fair Value Per Share of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Weighted-average assumption | ' | ' | ' |
Dividend yield | 1.61% | ' | ' |
Expected volatility | 43.67% | 65.23% | 103.76% |
Expected term | '3 years | '3 years | '3 years 2 months 12 days |
Risk-free interest rate | 0.79% | 0.32% | 1.04% |
ShareBased_Compensations_Summa
Share-Based Compensations - Summary of Information under Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Grant date fair value of options granted | $1,053 | $1,197 | $156 |
Fair value of options vested | 728 | 911 | 1,272 |
Total intrinsic value of options exercised | 485 | 6 | ' |
Cash received from options exercised | $525 | $10 | ' |
Weighted-average estimated fair value per share of options granted | $4,480 | $5,400 | $6,230 |
ShareBased_Compensations_Summa1
Share-Based Compensations - Summary of Stock Option Transactions under Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Options outstanding at end of period | 546,595 | ' | ' |
Number of Shares, Options exercisable at end of period | 154,970 | ' | ' |
Weighted-Average Exercise Price Per Share, Options outstanding at beginning of period | $37.44 | $81.27 | $95.45 |
Weighted-Average Exercise Price Per Share, Options granted | $16.43 | $12.54 | $9.88 |
Weighted-Average Exercise Price Per Share, Options exercised | $11.37 | $8.32 | ' |
Weighted-Average Exercise Price Per Share, Options forfeited | $12.50 | $8.61 | $64.89 |
Weighted-Average Exercise Price Per Share, Options expired | $81.20 | $98.76 | $39.09 |
Weighted-Average Exercise Price Per Share, Options outstanding at end of period | $28.09 | $37.44 | $81.27 |
Weighted-Average Exercise Price Per Share, Options exercisable at end of period | $59.77 | $66.19 | $104.25 |
Stock Option Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, options outstanding at beginning of period | 342,950 | 143,325 | 133,361 |
Number of Shares, Options granted | 305,000 | 221,750 | 25,000 |
Number of Shares, Options exercised | -46,113 | -1,250 | ' |
Number of Shares, Options forfeited | -36,566 | -5,375 | -425 |
Number of Shares, Options expired | -18,676 | -15,500 | -14,611 |
Number of Shares, Options outstanding at end of period | 546,595 | 342,950 | 143,325 |
Number of Shares, Options exercisable at end of period | 154,970 | 159,762 | 107,475 |
ShareBased_Compensations_Summa2
Share-Based Compensations - Summary of Transactions for Non-Vested Stock Options (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Options outstanding at end of period | 546,595 | ' | ' |
Weighted-Average Exercise Price Per Share, Options outstanding at beginning of period | $37.44 | $81.27 | $95.45 |
Weighted-Average Exercise Price Per Share, Options granted | $16.43 | $12.54 | $9.88 |
Weighted-Average Exercise Price Per Share, Options vested | $11.37 | $8.32 | ' |
Weighted-Average Exercise Price Per Share, Options forfeited | $12.50 | $8.61 | $64.89 |
Weighted-Average Exercise Price Per Share, Options outstanding at end of period | $28.09 | $37.44 | $81.27 |
Non-vested stock options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, options outstanding at beginning of period | 183,188 | 35,850 | 33,775 |
Number of Shares, Options granted | 305,000 | 221,750 | 25,000 |
Number of Shares, Options vested | -59,997 | -69,037 | -22,500 |
Number of Shares, Options forfeited | -36,566 | -5,375 | -425 |
Number of Shares, Options outstanding at end of period | 391,625 | 183,188 | 35,850 |
Weighted-Average Exercise Price Per Share, Options outstanding at beginning of period | $12.37 | $25.20 | $17.68 |
Weighted-Average Exercise Price Per Share, Options granted | $16.43 | $12.54 | $9.88 |
Weighted-Average Exercise Price Per Share, Options vested | $12.14 | $13.20 | $56.54 |
Weighted-Average Exercise Price Per Share, Options forfeited | $12.50 | $8.61 | $64.89 |
Weighted-Average Exercise Price Per Share, Options outstanding at end of period | $15.56 | $12.37 | $25.20 |
ShareBased_Compensations_Summa3
Share-Based Compensations - Summary of Stock Options Outstanding under Plans (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding, Number of Shares | 546,595 | ' | ' | ' |
Options Outstanding, Intrinsic Value | $3,384 | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price Per Share | $28.09 | $37.44 | $81.27 | $95.45 |
Options Outstanding, Weighted-Average Remaining Contractual Life | '8 years 4 months 28 days | ' | ' | ' |
Options Exercisable, Number of Shares | 154,970 | ' | ' | ' |
Options Exercisable, Intrinsic Value | 904 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price Per Share | $59.77 | $66.19 | $104.25 | ' |
Options Exercisable, Weighted-Average Remaining Contractual Life | '5 years 9 months 4 days | ' | ' | ' |
$10.80 to $49.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Limit | $10.80 | ' | ' | ' |
Exercise Price Range, Upper Limit | $49.99 | ' | ' | ' |
Options Outstanding, Number of Shares | 486,195 | ' | ' | ' |
Options Outstanding, Intrinsic Value | 3,384 | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price Per Share | $14.93 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '9 years 3 months 7 days | ' | ' | ' |
Options Exercisable, Number of Shares | 94,570 | ' | ' | ' |
Options Exercisable, Intrinsic Value | 904 | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price Per Share | $12.33 | ' | ' | ' |
Options Exercisable, Weighted-Average Remaining Contractual Life | '8 years 5 months 5 days | ' | ' | ' |
$50.00 to $99.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Limit | $50 | ' | ' | ' |
Exercise Price Range, Upper Limit | $99.99 | ' | ' | ' |
Options Outstanding, Number of Shares | ' | ' | ' | ' |
Options Outstanding, Intrinsic Value | ' | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price Per Share | ' | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '0 years | ' | ' | ' |
Options Exercisable, Number of Shares | ' | ' | ' | ' |
Options Exercisable, Intrinsic Value | ' | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price Per Share | ' | ' | ' | ' |
Options Exercisable, Weighted-Average Remaining Contractual Life | '0 years | ' | ' | ' |
$100.00 to $149.99 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Limit | $100 | ' | ' | ' |
Exercise Price Range, Upper Limit | $149.99 | ' | ' | ' |
Options Outstanding, Number of Shares | 49,150 | ' | ' | ' |
Options Outstanding, Intrinsic Value | ' | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price Per Share | $126.07 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '1 year 3 months 11 days | ' | ' | ' |
Options Exercisable, Number of Shares | 49,150 | ' | ' | ' |
Options Exercisable, Intrinsic Value | ' | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price Per Share | $126.07 | ' | ' | ' |
Options Exercisable, Weighted-Average Remaining Contractual Life | '1 year 3 months 11 days | ' | ' | ' |
$150.00 to $173.04 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Exercise Price Range, Lower Limit | $150 | ' | ' | ' |
Exercise Price Range, Upper Limit | $173.04 | ' | ' | ' |
Options Outstanding, Number of Shares | 11,250 | ' | ' | ' |
Options Outstanding, Intrinsic Value | ' | ' | ' | ' |
Options Outstanding, Weighted-Average Exercise Price Per Share | $168.86 | ' | ' | ' |
Options Outstanding, Weighted-Average Remaining Contractual Life | '2 years 9 months 22 days | ' | ' | ' |
Options Exercisable, Number of Shares | 11,250 | ' | ' | ' |
Options Exercisable, Intrinsic Value | ' | ' | ' | ' |
Options Exercisable, Weighted-Average Exercise Price Per Share | $168.86 | ' | ' | ' |
Options Exercisable, Weighted-Average Remaining Contractual Life | '2 years 9 months 22 days | ' | ' | ' |
ShareBased_Compensations_Summa4
Share-Based Compensations - Summary of Stock Options Outstanding under Plans (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Intrinsic value of stock options outstanding | $21.89 |
ShareBased_Compensations_Sched
Share-Based Compensations - Schedule of Restricted Stock Awards under 2013 Plan (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Shares, Restricted stock at beginning of period | 10,500 | 19,725 | 18,200 |
Number of Shares, Restricted stock granted | 116,332 | ' | 10,000 |
Number of Shares, Restricted stock vested | -7,000 | -7,225 | -8,475 |
Number of Shares, Restricted stock forfeited | -3,750 | -2,000 | ' |
Number of Shares, Restricted stock at end of period | 116,082 | 10,500 | 19,725 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock at beginning of period | $10.83 | $11.66 | $14.38 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock granted | $16.55 | ' | $9.88 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock vested | $10.75 | $13.78 | $15.41 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock forfeited | $15.30 | $8.32 | ' |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock at end of period | $16.43 | $10.83 | $11.66 |
Earnings_per_Share_Reconciliat
Earnings per Share - Reconciliation of Components Used to Derive Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income (Numerator) | $10,027 | $10,250 | $9,519 | $10,110 | $13,979 | $13,279 | $55,775 | $7,341 | $39,906 | $90,374 | $28,147 |
Weighted-Average Shares, Basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | 31,598,913 | 31,475,510 | 20,403,549 |
Weighted-Average Shares, Effect of dilutive securities - options, warrants and unvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | 97,607 | 40,072 | 19,435 |
Weighted-Average Shares, Diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 31,696,520 | 31,515,582 | 20,422,984 |
Per Share Amount, Basic EPS | $0.32 | $0.32 | $0.30 | $0.32 | $0.44 | $0.42 | $1.77 | $0.23 | $1.26 | $2.87 | $1.38 |
Per Share Amount, Effect of dilutive securities - options, warrants and unvested restricted Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Per Share Amount, Diluted EPS | $0.31 | $0.32 | $0.30 | $0.32 | $0.44 | $0.42 | $1.77 | $0.23 | $1.26 | $2.87 | $1.38 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) (Stock Option Awards [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Option Awards [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive shares | 60,400 | 301,200 | 409,875 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
401(k) Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percent of participant contributions | 75.00% | ' | ' |
Percent of employer contribution | 8.00% | ' | ' |
Contributions | $1,000,000 | $1,000,000 | $1,000,000 |
Deferred compensation plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Liabilities for the deferred compensation plan and interest | $0 | $0 | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Non-cancelable operating leases, initial terms | 1 | ' | ' |
Rental expenses | $5.60 | $5.50 | $5.40 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Future Minimum Annual Rental Commitments under Non-Cancelable Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $5,347 |
2015 | 4,948 |
2016 | 4,152 |
2017 | 2,234 |
2018 | 1,211 |
Thereafter | 2,034 |
Total | $19,926 |
OffBalance_Sheet_Commitments_D
Off-Balance Sheet Commitments - Distribution of Undisbursed Loan Commitments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Total undisbursed loan commitments | $271,488 | $212,885 |
Commitments to extend credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Total undisbursed loan commitments | 246,161 | 182,746 |
Standby letters of credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Total undisbursed loan commitments | 8,926 | 10,588 |
Commercial letters of credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Total undisbursed loan commitments | 4,179 | 6,092 |
Unused credit card lines [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Total undisbursed loan commitments | $12,223 | $13,459 |
Liquidity_Additional_Informati
Liquidity - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Apr. 30, 2013 | Mar. 31, 2013 |
Hanmi Bank [Member] | Hanmi Bank [Member] | Hanmi Bank [Member] | Trust preferred securities [Member] | Trust preferred securities [Member] | |||
Maximum [Member] | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Redemption of preferred securities | ' | ' | ' | ' | ' | $51,500,000 | $30,900,000 |
Broker deposits | ' | ' | 0 | ' | ' | ' | ' |
Amount of advances from the Federal Home Loan Bank (FHLB) | 127,546,000 | 2,935,000 | 127,500,000 | 2,900,000 | ' | ' | ' |
Percentage of borrowings from FHLB | 0.16% | ' | ' | ' | 30.00% | ' | ' |
Total borrowing capacity based on pledged collateral | 343,300,000 | ' | 343,300,000 | 275,100,000 | ' | ' | ' |
Borrowing capacity available based on pledged collateral | 215,800,000 | ' | 215,800,000 | 272,200,000 | ' | ' | ' |
Borrowing percentage of total assets | ' | ' | 4.17% | 0.10% | ' | ' | ' |
Amount available from borrowing source | ' | ' | 87,100,000 | ' | ' | ' | ' |
Carrying value for loans pledged by bank | ' | ' | 118,400,000 | ' | ' | ' | ' |
Borrowings | 0 | ' | 0 | ' | ' | ' | ' |
Maximum borrowing capacity of line of credit | ' | ' | ' | $100,000,000 | ' | ' | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 1 |
Condensed_Financial_Informatio2
Condensed Financial Information of Parent Company - Balance Sheets of Parent Company (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Available-for-Sale, Estimated Fair Value | $530,926 | $451,060 | ' | ' |
Other assets | 15,798 | 10,800 | ' | ' |
Total assets | 3,055,539 | 2,882,520 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Junior subordinated debentures | ' | 82,406 | ' | ' |
Other liabilities | 9,047 | 9,741 | ' | ' |
Stockholders' equity | 401,237 | 378,364 | 285,608 | 173,256 |
Total liabilities and stockholders' equity | 3,055,539 | 2,882,520 | ' | ' |
Hanmi Financial [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash | 13,657 | 24,722 | ' | ' |
Available-for-Sale, Estimated Fair Value | ' | 296 | ' | ' |
Investment in consolidated subsidiaries | 386,270 | 442,380 | ' | ' |
Investment in trust preferred securities | ' | 2,475 | ' | ' |
Other assets | 1,928 | 330 | ' | ' |
Total assets | 401,855 | 470,203 | ' | ' |
Liabilities: | ' | ' | ' | ' |
Junior subordinated debentures | ' | 82,406 | ' | ' |
Other liabilities | 618 | 9,433 | ' | ' |
Stockholders' equity | 401,237 | 378,364 | ' | ' |
Total liabilities and stockholders' equity | $401,855 | $470,203 | ' | ' |
Condensed_Financial_Informatio3
Condensed Financial Information of Parent Company - Statement of Income of Parent Company (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $10,027 | $10,250 | $9,519 | $10,110 | $13,979 | $13,279 | $55,775 | $7,341 | $39,906 | $90,374 | $28,147 |
Hanmi Financial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 42,986 | 96,350 | 35,654 |
Other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | -3,080 | -5,976 | -7,507 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $39,906 | $90,374 | $28,147 |
Condensed_Financial_Informatio4
Condensed Financial Information of Parent Company - Statement of Cash Flows of Parent Company (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $39,906,000 | $90,374,000 | $28,147,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
Share-based compensation expense | 705,000 | 478,000 | 608,000 |
Changes in fair value of stock warrants | 83,000 | 23,000 | -717,000 |
Gain on sale of investment securities | -1,039,000 | -1,396,000 | -1,635,000 |
Other-than-temporary loss on investment securities | 0 | 292,000 | ' |
Change in decrease in other assets | -6,319,000 | 183,000 | 2,118,000 |
Change in other liabilities | 2,375,000 | 1,029,000 | -1,301,000 |
Net cash provided by operating activities | 60,718,000 | 49,938,000 | 49,245,000 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of security available for sale | 78,473,000 | 102,538,000 | 155,468,000 |
Net cash (used in) provided by investing activities | -304,366,000 | -34,269,000 | 99,337,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options and stock warrants | 525,000 | 10,000 | ' |
Net proceeds from issuance of common stock in offering | ' | ' | 77,109,000 |
Cash dividend paid | -4,439,000 | ' | ' |
Net cash provided by (used in) financing activities | 154,958,000 | 50,695,000 | -196,619,000 |
Net (decrease) increase in cash | -88,690,000 | 66,364,000 | -48,037,000 |
Cash and cash equivalents at beginning of year | 268,047,000 | 201,683,000 | 249,720,000 |
Cash and cash equivalents at end of period | 179,357,000 | 268,047,000 | 201,683,000 |
Hanmi Financial [Member] | ' | ' | ' |
Cash flows from operating activities: | ' | ' | ' |
Net income | 39,906,000 | 90,374,000 | 28,147,000 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' | ' |
(Income) losses from subsidiaries | -42,986,000 | -96,350,000 | -35,654,000 |
Share-based compensation expense | 705,000 | 478,000 | 608,000 |
Changes in fair value of stock warrants | 82,000 | 23,000 | -717,000 |
Gain on sale of investment securities | -218,000 | ' | ' |
Other-than-temporary loss on investment securities | ' | 292,000 | ' |
Change in decrease in other assets | -923,000 | -330,000 | 1,833,000 |
Change in other liabilities | -8,897,000 | -1,481,000 | 2,664,000 |
Net cash provided by operating activities | -12,331,000 | -6,994,000 | -3,119,000 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sale of security available for sale | 436,000 | ' | ' |
Proceeds from Hanmi Bank | 86,845,000 | ' | ' |
Payments to Hanmi Bank | ' | ' | -50,000,000 |
Net cash (used in) provided by investing activities | 87,281,000 | ' | -50,000,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from exercise of stock options and stock warrants | 830,000 | 10,000 | ' |
Net proceeds from issuance of common stock in offering | ' | ' | 77,109,000 |
Redemption of junior subordinated debentures | -82,406,000 | ' | ' |
Cash dividend paid | -4,439,000 | ' | ' |
Net cash provided by (used in) financing activities | -86,015,000 | 10,000 | 77,109,000 |
Net (decrease) increase in cash | -11,065,000 | -6,984,000 | 23,990,000 |
Cash and cash equivalents at beginning of year | 24,722,000 | 31,706,000 | 7,716,000 |
Cash and cash equivalents at end of period | $13,657,000 | $24,722,000 | $31,706,000 |
Quarterly_Financial_Data_Summa
Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | $30,927 | $31,627 | $30,379 | $29,395 | $30,139 | $29,402 | $29,965 | $30,294 | $122,328 | $119,800 | $128,807 |
Interest expense | 3,338 | 3,153 | 3,225 | 3,791 | 3,708 | 4,483 | 4,793 | 5,761 | 13,507 | 18,745 | 27,630 |
Net interest income before provision for credit losses | 27,589 | 28,474 | 27,154 | 25,604 | 26,431 | 24,919 | 25,172 | 24,533 | 108,821 | 101,055 | 101,177 |
Provision for credit losses | ' | ' | ' | ' | ' | ' | 4,000 | 2,000 | ' | 6,000 | 12,100 |
Non-interest income | 7,584 | 7,326 | 8,150 | 8,357 | 7,470 | 6,520 | 7,189 | 3,633 | 31,417 | 24,812 | 23,851 |
Non-interest expense | 20,150 | 18,966 | 19,964 | 19,167 | 19,548 | 18,804 | 19,763 | 18,746 | 78,247 | 76,861 | 84,048 |
Income before provision (benefit) for income taxes | 15,023 | 16,834 | 15,340 | 14,794 | 14,353 | 12,635 | 8,598 | 7,420 | 61,991 | 43,006 | 28,880 |
Provision (benefit) for income taxes | 4,996 | 6,584 | 5,821 | 4,684 | 374 | -644 | -47,177 | 79 | 22,085 | -47,368 | 733 |
Net income | $10,027 | $10,250 | $9,519 | $10,110 | $13,979 | $13,279 | $55,775 | $7,341 | $39,906 | $90,374 | $28,147 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.32 | $0.32 | $0.30 | $0.32 | $0.44 | $0.42 | $1.77 | $0.23 | $1.26 | $2.87 | $1.38 |
Diluted | $0.31 | $0.32 | $0.30 | $0.32 | $0.44 | $0.42 | $1.77 | $0.23 | $1.26 | $2.87 | $1.38 |