Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 24, 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 | ' | ' |
Entity Registrant Name | 'BBCN BANCORP INC | ' | ' |
Entity Central Index Key | '0001128361 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 79,441,525 | ' |
Entity Public Float | ' | ' | $1,109,750,286 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents: | ' | ' |
Cash and due from banks | $96,061 | $88,506 |
Interest bearing deposit at the Federal Reserve Bank (FRB) | 220,644 | 224,410 |
Total cash and cash equivalents | 316,705 | 312,916 |
Securities available for sale, at fair value | 705,751 | 704,403 |
Loans held for sale, at the lower of cost or fair value | 44,115 | 51,635 |
Loans receivable, net of allowance for loan losses (December 31, 2013 - $67,320; December 31, 2012 - $66,941) | 5,006,856 | 4,229,311 |
Other real estate owned (OREO), net | 24,288 | 2,698 |
Federal Home Loan Bank (FHLB) stock, at cost | 27,941 | 22,495 |
Premises and equipment, net of accumulated depreciation and amortization (December 31, 2013 - $25,852; December 31, 2012 - $22,201) | 30,894 | 22,609 |
Accrued interest receivable | 13,403 | 12,117 |
Deferred tax assets, net | 89,297 | 60,240 |
Customers’ liabilities on acceptances | 5,602 | 10,493 |
Bank owned life insurance (BOLI) | 44,770 | 43,767 |
Investments in affordable housing partnerships | 11,460 | 13,164 |
Goodwill | 105,401 | 89,878 |
Other intangible assets, net | 5,184 | 3,033 |
Prepaid FDIC insurance | 0 | 7,574 |
FDIC loss share receivable | 1,110 | 5,797 |
Other assets | 42,422 | 48,531 |
Total assets | 6,475,199 | 5,640,661 |
LIABILITIES: | ' | ' |
Noninterest bearing | 1,399,454 | 1,184,285 |
Interest bearing: | ' | ' |
Money market and NOW accounts | 1,376,068 | 1,248,304 |
Savings deposits | 222,446 | 180,686 |
Time deposits of $100,000 or more | 1,498,784 | 1,088,611 |
Other time deposits | 651,305 | 682,149 |
Total deposits | 5,148,057 | 4,384,035 |
FHLB advances | 421,352 | 420,722 |
Subordinated debentures | 57,410 | 41,846 |
Accrued interest payable | 4,821 | 4,355 |
Acceptances outstanding | 5,602 | 10,493 |
Other liabilities | 28,583 | 28,106 |
Total liabilities | 5,665,825 | 4,889,557 |
STOCKHOLDERS’ EQUITY: | ' | ' |
Common stock, $0.001 par value; authorized 150,000,000 shares at December 31, 2013 and December 31, 2012; issued and outstanding, 79,441,525 and 78,041,511 shares at December 31, 2013 and December 31, 2012, respectively | 79 | 78 |
Additional paid-in capital | 540,876 | 525,354 |
Retained earnings | 278,604 | 216,590 |
Accumulated other comprehensive (loss) income, net | -10,185 | 9,082 |
Total stockholders’ equity | 809,374 | 751,104 |
Total liabilities and stockholders' equity | $6,475,199 | $5,640,661 |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Loans receivable, allowance | $67,320 | $66,941 |
Premises and equipment, accumulated depreciation and amortization | $25,852 | $22,201 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 79,441,525 | 78,041,551 |
Common stock, shares outstanding | 79,441,525 | 78,041,551 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
INTEREST INCOME: | ' | ' | ' |
Interest and fees on loans | $266,684 | $250,583 | $145,554 |
Interest on securities | 14,726 | 16,480 | 15,501 |
Interest on federal funds sold and other investments | 1,663 | 822 | 840 |
Total interest income | 283,073 | 267,885 | 161,895 |
INTEREST EXPENSE: | ' | ' | ' |
Interest on deposits | 23,321 | 21,354 | 20,245 |
Interest on FHLB advances | 4,899 | 6,229 | 9,774 |
Interest on other borrowings | 1,798 | 2,064 | 2,058 |
Total interest expense | 30,018 | 29,647 | 32,077 |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 253,055 | 238,238 | 129,818 |
PROVISION FOR LOAN LOSSES | 20,000 | 19,104 | 27,939 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 233,055 | 219,134 | 101,879 |
NONINTEREST INCOME: | ' | ' | ' |
Service fees on deposit accounts | 12,838 | 12,466 | 6,370 |
International service fees | 4,916 | 5,038 | 2,625 |
Loan servicing fees, net | 3,955 | 4,112 | 1,533 |
Wire transfer fees | 3,579 | 3,250 | 1,555 |
Other income and fees | 5,896 | 5,459 | 2,292 |
Net gains on sales of SBA loans | 11,515 | 8,180 | 7,354 |
Net gains on sales of other loans | 62 | 152 | 33 |
Net gains on sales and calls of securities available for sale | 54 | 949 | 1,289 |
Net valuation gains (losses) on interest rate swaps and caps | 0 | 35 | -114 |
Net (losses) gains on sales of OREO | -102 | -251 | 193 |
Total noninterest income | 42,713 | 39,390 | 23,130 |
NONINTEREST EXPENSE: | ' | ' | ' |
Salaries and employee benefits | 66,805 | 56,491 | 31,629 |
Occupancy | 17,676 | 15,631 | 11,833 |
Furniture and equipment | 6,809 | 5,663 | 4,033 |
Advertising and marketing | 5,184 | 5,076 | 2,486 |
Data processing and communications | 7,595 | 6,364 | 3,913 |
Professional fees | 5,194 | 3,882 | 2,971 |
FDIC assessments | 3,309 | 2,442 | 4,347 |
Credit related expenses | 8,895 | 9,010 | 3,789 |
Merger and integration expense | 5,161 | 3,809 | 4,713 |
Prepayment charge on retirement of debt | 2 | 461 | 6,385 |
Other | 14,984 | 12,062 | 6,135 |
Total noninterest expense | 141,614 | 120,891 | 82,234 |
INCOME BEFORE INCOME TAX PROVISION | 134,154 | 137,633 | 42,775 |
INCOME TAX PROVISION | 52,399 | 54,410 | 15,660 |
NET INCOME | 81,755 | 83,223 | 27,115 |
DIVIDENDS AND DISCOUNT ACCRETION ON PREFERRED STOCK | 0 | -5,640 | -4,568 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $81,755 | $77,583 | $22,547 |
EARNINGS PER COMMON SHARE | ' | ' | ' |
Basic (in dollars per share) | $1.03 | $0.99 | $0.53 |
Diluted (in dollars per share) | $1.03 | $0.99 | $0.53 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $81,755 | $83,223 | $27,115 | |||
Other comprehensive (loss) income: | ' | ' | ' | |||
Unrealized (losses) gains on securities available for sale and interest only strips | -33,035 | 1,212 | 12,337 | |||
Reclassification adjustments for gains realized in income | -54 | [1] | -949 | [1] | -1,289 | [1] |
Tax (benefit) expense | -13,822 | 113 | 4,661 | |||
Change in unrealized gain on securities available for sale and interest only strips | -19,267 | 150 | 6,387 | |||
Reclassification adjustment for the deferred gain on early settlement of interest-rate caps | 0 | -44 | -44 | |||
Tax benefit | 0 | -18 | -18 | |||
Change in unrealized gain on interest-rate caps | 0 | -26 | -26 | |||
Total other comprehensive (loss) income | -19,267 | 124 | 6,361 | |||
Total comprehensive income | $62,488 | $83,347 | $33,476 | |||
[1] | Reclassification adjustments were recognized in net gains on sales of securities available for sale in the consolidated statements of income. |
Consolidated_Statements_Of_Cha
Consolidated Statements Of Changes In Stockholders' Equity (USD $) | Total | Preferred Stock | Common Stock | Additional paid-in capital | Retained Earnings | Accumulated Other Comprehensive Income (loss), net | Center Financial Corporation | Center Financial Corporation | Center Financial Corporation | Pacific International Bancorp, Inc. | Pacific International Bancorp, Inc. | Foster Bankshares Inc | Foster Bankshares Inc |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Preferred Stock | Common Stock | Additional paid-in capital | Common Stock | Additional paid-in capital | Common Stock | Additional paid-in capital |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Balance at Dec. 31, 2010 | ' | $64,203 | $38 | $171,364 | $120,361 | $2,597 | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2010 | ' | ' | 37,983,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of business, shares | ' | ' | ' | ' | ' | ' | ' | 31,160,884 | ' | ' | ' | ' | ' |
Acquisition of business | ' | ' | ' | ' | ' | ' | 54,158 | 31 | 292,646 | ' | ' | ' | ' |
Issuance of additional stock under public offering, net of offering costs, shares | ' | ' | 8,724,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional stock under public offering, net of offering costs | ' | ' | 9 | 59,869 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional shares pursuant to various stock plans, shares | ' | ' | 115,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional shares pursuant to various stock plans | ' | ' | ' | 524 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effects of stock plans | ' | ' | ' | 138 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 103 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock cash dividends accrued (5%) | ' | ' | ' | ' | -3,578 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of preferred stock discount | ' | -989 | ' | ' | -989 | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 27,115 | ' | ' | ' | 27,115 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 6,361 | ' | ' | ' | ' | 6,361 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | ' | 119,350 | 78 | 524,644 | 142,909 | 8,958 | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2011 | ' | ' | 77,984,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of 122,000 shares of TARP preferred stock | ' | -122,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional shares pursuant to various stock plans, shares | ' | ' | 57,259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional shares pursuant to various stock plans | ' | ' | ' | 318 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effects of stock plans | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 2,561 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | ' | ' | ' | -2,189 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock cash dividends accrued (5%) | ' | ' | ' | ' | -2,991 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion of preferred stock discount | ' | -2,650 | ' | ' | -2,650 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared on common stock ($0.05 per share in FY 2012) | ' | ' | ' | ' | -3,901 | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 83,223 | ' | ' | ' | 83,223 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 124 | ' | ' | ' | ' | 124 | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 751,104 | 0 | 78 | 525,354 | 216,590 | 9,082 | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2012 | ' | ' | 78,041,511 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of business, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 632,050 | ' | 180,300 | ' |
Acquisition of business | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 8,640 | ' | 2,567 |
Issuance of additional shares pursuant to various stock plans, shares | ' | ' | 587,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of additional shares pursuant to various stock plans | ' | ' | ' | 2,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax effects of stock plans | ' | ' | ' | 249 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | ' | ' | ' | 1,215 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared on common stock ($0.05 per share in FY 2012) | ' | ' | ' | ' | -19,741 | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 81,755 | ' | ' | ' | 81,755 | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | -19,267 | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | -19,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $809,374 | $0 | $79 | $540,876 | $278,604 | ($10,185) | ' | ' | ' | ' | ' | ' | ' |
Balance, shares at Dec. 31, 2013 | ' | ' | 79,441,525 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Cha1
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividend declared on common stock (per share) | ' | 50 | ' |
Preferred Stock | ' | ' | ' |
Number of TARP preferred shares redeemed | ' | 122,000 | ' |
Retained Earnings | ' | ' | ' |
Cash dividends accrued | 5.00% | 5.00% | 5.00% |
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 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pacific International Bancorp, Inc. | Foster Bankshares Inc | Center Financial Corporation | Center Financial Corporation | Center Financial Corporation | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $81,755 | $83,223 | $27,115 | ' | ' | ' | ' | ' |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation, amortization, net of discount accretion | -13,434 | -21,363 | 8,687 | ' | ' | ' | ' | ' |
Stock-based compensation expense | 1,215 | 2,561 | 103 | ' | ' | ' | ' | ' |
Provision for loan losses | 20,000 | 19,104 | 27,939 | ' | ' | ' | ' | ' |
Gain on bargain purchase of Pacific International Bancorp, Inc. | ' | ' | ' | -118 | ' | ' | ' | ' |
Valuation adjustment of loans held for sale | 53 | 703 | 35 | ' | ' | ' | ' | ' |
Valuation adjustment of OREO | 1,432 | 2,970 | 1,022 | ' | ' | ' | ' | ' |
Proceeds from sales of loans | 142,115 | 127,434 | 105,602 | ' | ' | ' | ' | ' |
Originations of loans held for sale | -116,233 | -125,972 | -64,752 | ' | ' | ' | ' | ' |
Net gains on sales of SBA and other loans | -11,515 | -8,332 | -7,387 | ' | ' | ' | ' | ' |
Net change in bank owned life insurance | -1,003 | -1,253 | -788 | ' | ' | ' | ' | ' |
Net gains on sales and calls of securities available for sale | -54 | -949 | -1,289 | ' | ' | ' | ' | ' |
Net losses (gains) on sales of OREO | 102 | 251 | -193 | ' | ' | ' | ' | ' |
Net valuation (gains) losses on interest rate swaps and caps | 0 | -35 | 114 | ' | ' | ' | ' | ' |
Change in accrued interest receivable | 60 | 1,322 | 457 | ' | ' | ' | ' | ' |
Change in deferred income taxes | 15,767 | 11,834 | 8,696 | ' | ' | ' | ' | ' |
Change in prepaid FDIC insurance | 7,574 | 2,146 | 4,219 | ' | ' | ' | ' | ' |
Change in investments in affordable housing partnership | 1,704 | 2,203 | 1,068 | ' | ' | ' | ' | ' |
Change in FDIC loss share receivable | 4,687 | 5,271 | 33 | ' | ' | ' | ' | ' |
Change in other assets | 10,201 | -7,792 | -6,664 | ' | ' | ' | ' | ' |
Change in accrued interest payable | 466 | -2,164 | -2,122 | ' | ' | ' | ' | ' |
Change in other liabilities | -10,571 | 13,308 | -5,313 | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 134,203 | 104,470 | 96,582 | ' | ' | ' | ' | ' |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in loans receivable | -402,172 | -549,510 | -245,979 | ' | ' | ' | ' | ' |
Proceeds from sales of securities available for sale | 174,314 | 28,446 | 139,458 | ' | ' | ' | ' | ' |
Proceeds from sales of OREO | 3,808 | 5,929 | 4,847 | ' | ' | ' | ' | ' |
Proceeds from matured term federal funds | 0 | 100,000 | 10,000 | ' | ' | ' | ' | ' |
Proceeds from sales of equipment | 0 | 3 | 0 | ' | ' | ' | ' | ' |
Purchase of premises and equipment | -9,194 | -6,835 | -1,168 | ' | ' | ' | ' | ' |
Purchase of securities available for sale | -208,352 | -184,279 | -236,033 | ' | ' | ' | ' | ' |
Purchase of FHLB stock | -1,969 | 0 | 0 | ' | ' | ' | ' | ' |
Redemption of FHLB Stock | 66 | 4,878 | 2,875 | ' | ' | ' | ' | ' |
Proceeds from matured, called or paid-down securities available for sale | 6,636 | 186,419 | 183,945 | ' | ' | ' | ' | ' |
Redemption of FRB stocks | 0 | 0 | 6,367 | ' | ' | ' | ' | ' |
Purchase of term federal funds | 0 | -60,000 | 0 | ' | ' | ' | ' | ' |
Net cash received from merger - Center | ' | ' | ' | 25,967 | 33,486 | 0 | 0 | 325,993 |
Net cash (used in) provided by investing activities | -377,410 | -474,949 | 190,305 | ' | ' | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in deposits | 299,755 | 446,230 | -62,628 | ' | ' | ' | ' | ' |
Net change in secured borrowings | 0 | 0 | -12,541 | ' | ' | ' | ' | ' |
Redemption of subordinated debenture | -4,124 | -10,400 | 0 | ' | ' | ' | ' | ' |
Redemption of preferred stock | 0 | -122,000 | 0 | ' | ' | ' | ' | ' |
Payment of cash dividends on preferred and common Stock | -19,741 | -7,549 | -3,350 | ' | ' | ' | ' | ' |
Proceeds from FHLB advances | 180,000 | 825,000 | 0 | ' | ' | ' | ' | ' |
Repayment of FHLB advances | -211,745 | -746,145 | -140,982 | ' | ' | ' | ' | ' |
Issuance of additional common stock | 0 | 0 | 59,869 | ' | ' | ' | ' | ' |
Issuance of additional stock pursuant to various stock plans | 2,851 | 338 | 524 | ' | ' | ' | ' | ' |
Redemption of common stock warrant | 0 | -2,189 | 0 | ' | ' | ' | ' | ' |
Net cash provided by (used in) financing activities | 246,996 | 383,285 | -159,108 | ' | ' | ' | ' | ' |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 3,789 | 12,806 | 127,779 | ' | ' | ' | ' | ' |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 312,916 | 300,110 | 172,331 | ' | ' | ' | ' | ' |
CASH AND CASH EQUIVALENTS, END OF YEAR | 316,705 | 312,916 | 300,110 | ' | ' | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid | 29,552 | 31,811 | 30,388 | ' | ' | ' | ' | ' |
Income taxes paid | 23,650 | 31,289 | 17,876 | ' | ' | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | ' | ' | ' | ' | ' | ' | ' | ' |
Transfer from loans receivable to OREO | 9,263 | 4,224 | 8,078 | ' | ' | ' | ' | ' |
Transfer from loan receivables to loans held for sale | 6,900 | 3,061 | 31,471 | ' | ' | ' | ' | ' |
Non-cash goodwill adjustment, net | 0 | 595 | 0 | ' | ' | ' | ' | ' |
Center merger | ' | ' | ' | ' | ' | ' | ' | ' |
Assets acquired | ' | ' | ' | 183,618 | 350,049 | 0 | 0 | 2,251,884 |
Liabilities assumed | ' | ' | ' | 167,587 | 360,809 | 0 | 0 | 1,993,014 |
Assumption of 55,000 shares of new series of preferred stock to the Treasury Department's TARP Capital Purchase Program | ' | ' | ' | ' | ' | $0 | $0 | $54,158 |
Recovered_Sheet1
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2011 | |
Statement of Cash Flows [Abstract] | ' |
Issuance of new series of preferred stock to the Treasury Department's TARP Capital Purchase Program, shares | 55,000 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
BBCN Bancorp, Inc., formerly named Nara Bancorp, Inc., is a bank holding company headquartered in Los Angeles, California. BBCN Bank, formerly named Nara Bank, opened for business in June 1989 under the name United Citizens National Bank as a national banking association, was renamed “Nara Bank, National Association” in January 1994 and, in January 2005, became Nara Bank upon converting to a California state-chartered bank in connection with its holding company reorganization transaction. On November 30, 2011, Nara Bancorp, Inc. merged with Center Financial Corporation ("Center Financial" or "Center") in a merger of equals transaction. Concurrently with the merger, Nara Bancorp, Inc. changed its name to BBCN Bancorp, Inc. At the bank level, Nara Bank merged into Center Bank, and concurrently with the merger, Center Bank changed its name to BBCN Bank. | ||
Principles of Consolidation—The accounting and reporting policies of BBCN Bancorp, Inc. and Subsidiaries (the “Company”) are in accordance with accounting principles generally accepted in the United States of America and conform to practices within the banking industry. The consolidated financial statements include the accounts of BBCN Bancorp, Inc. (“BBCN Bancorp”) and its wholly-owned subsidiaries, principally BBCN Bank (the “Bank”). | ||
Cash Flows—Cash and cash equivalents include cash and due from banks, interest earning deposits, federal funds sold and term federal funds sold, which have original maturities less than 90 days. The Company may be required to maintain reserve and clearing balances with the Federal Reserve Bank under the Federal Reserve Act. The reserve and clearing requirement balance was $0 at December 31, 2013. Net cash flows are reported for customer loan and deposit transactions, deferred income taxes and other assets and liabilities. | ||
Securities—Securities are classified and accounted for as follows: | ||
(i) | Securities that the Company has the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost. At December 31, 2013 and 2012, we did not own securities in this category; | |
(ii) | Securities are classified as “available for sale” when they might be sold before maturity and are reported at fair value. Unrealized holding gains and losses are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss), net of taxes. | |
Accreted discounts and amortized premiums on securities are included in interest income using the interest method, and realized gains or losses related to sales of securities are calculated using the specific identification method, without anticipating prepayments, except for mortgage-backed securities where prepayments are expected. | ||
Management evaluates securities for other than temporary impairment (“OTTI”) at least on a quarterly basis and more frequently when economic conditions warrant such evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | ||
Derivative Financial Instruments and Hedging Transactions—As part of our asset and liability management strategy, we may enter into derivative financial instruments, such as interest rate swaps, caps and floors with the overall goal of minimizing the impact of interest rate fluctuations on our net interest margin. The Company’s interest rate swaps and caps involve the exchange of fixed rate and variable rate interest payment obligations without the exchange of the underlying notional amounts and are therefore accounted for as stand alone derivatives. Changes in the fair value of the stand alone derivatives are reported in earnings as noninterest income. As part of the Company’s overall risk management, the Company’s Asset Liability Committee, which meets monthly, monitors and measures interest rate risk and the sensitivity of assets and liabilities to interest rate changes, including the impact of derivative transactions. | ||
During the first quarter of 2010, the Company entered into a three-year interest rate cap agreement which expired in February 2013. Under this cap agreement, the Company received quarterly payments from the counterparty when the quarterly resetting 3 Month London-Interbank Offered Rate exceeded the strike level of 2.00%. | ||
The interest rate cap agreement was considered “free-standing” due to the non-designation of a hedge relationship to any of the Company's financial assets or liabilities. Under FASB ASC 815, valuation gains or losses on interest rate caps not designated as hedging instruments are recognized in earnings. The effect of derivative instruments on the Consolidated Statements of Income during the year ended December 31, 2013 and 2013 was $0 and $9 thousand, respectively. | ||
Loans—Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of any unearned interest, deferred loan fees and costs and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Nonrefundable loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method over the life of the loan. Interest on loans is credited to income as earned and is accrued only if deemed collectible. Generally, loans are placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectibility of the principal and/or interest to be in question. Loans to a customer whose financial condition has deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||
Other loan fees and charges, representing service costs for the prepayment of loans, for delinquent payments or for miscellaneous loan services, are recorded as income when collected. | ||
SBA Loans—Small Business Administration (“SBA”) loans that the Company has the intent to sell prior to maturity have been designated as held for sale at origination and are recorded at the lower of cost or fair value, on an aggregate basis. A valuation allowance is established if the aggregate fair value of such loans is lower than their cost and charged to earnings. Gains or losses recognized upon the sale of loans are determined on a specific identification basis. SBA loan transfers are accounted for as sales when control over the loan has been surrendered. Control over such loans is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Acquired Loans—Loans that the Company acquires are recorded at fair value with no carryover of the related allowance for loan losses. On the date of acquisition, the Company considers all acquired classified loans credit impaired loans ("Acquired Credit Impaired Loans" or "ACILs") under the provisions of Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. On the date of acquisition, acquired Pass graded loans ("Acquired Performing Loans" or "APLs") are not accounted for under ASC 310-30. Acquired loans are placed in pools with similar risk characteristics and recorded at fair value as of the acquisition date. | ||
For ACILs, the cash flows expected to be received over the life of the pools were estimated by management with the assistance of a third party valuation specialist. These cash flows were utilized in calculating the carrying values of the pools and underlying loans, book yields, effective interest income and impairment, if any, based on actual and projected events. Default rates, loss severity and prepayment speed assumptions are periodically reassessed and updated within the accounting model to update the expectation of future cash flows. The excess of the cash expected to be collected over the pools' carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective interest yield method. The accretable yield will change due to changes in the timing and amounts of expected cash flows. Changes in the accretable yield is disclosed quarterly. | ||
For ACILs, the excess of the contractual balances due over the cash flows expected to be collected is considered to be nonaccretable difference. The nonaccretable difference represents our estimate of the credit losses expected to occur and was considered in determining the fair value of the loans as of the date of acquisition. Subsequent to the date of acquisition, any increases in expected cash flows over those expected at purchase date in excess of fair value are adjusted through the accretable difference on a prospective basis. Any subsequent decreases in expected cash flows over those expected at the acquisition date are recognized by recording a provision for loan losses. | ||
ACILs that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if management can reasonably estimate the timing and amount of the expected cash flows on such loans and if management expects to fully collect the new carrying value of the loans. As such, management may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. Management has determined that future cash flows are reasonably estimable on any such acquired loans that are past due 90 days or more and accruing interest. Management expects to fully collect the carrying value of the loans. | ||
Loan Servicing Assets—The Company typically sells the guaranteed portion of SBA loans and retains the unguaranteed portion (“retained interest”). A portion of the premium on sale of SBA loans is recognized as gain on sale of loans at the time of the sale by allocating the carrying amount between the asset sold and the retained interest, based on their relative fair values. The remaining portion of the premium is recorded as a discount on the retained interest and is amortized over the remaining life of the loan as an adjustment to yield. The retained interest, net of any discount, are included in loans receivable—net of allowance for loan losses in the accompanying consolidated statements of financial condition. | ||
Servicing assets are recognized when SBA loans are sold with servicing retained with the income statement effect recorded in gains on sales of SBA loans. Servicing assets are initially recorded at fair value based on the present value of the contractually specified servicing fee, net of servicing costs, over the estimated life of the loan, using a discount rate based on the related note rate. The Company’s servicing costs approximates the industry average servicing costs of 40 basis points. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. The Company has capitalized $4.7 million, $2.0 million and $1.3 million of servicing assets during 2013, 2012 and 2011, respectively, and amortized $2.0 million, $1.3 million and $706 thousand during the years ended December 31, 2013, 2012 and 2011, respectively. The carrying amount of servicing assets was $8.9 million and $6.3 million at December 31, 2013 and 2012, respectively, and is included in other assets in the accompanying consolidated statements of financial condition. No impairment charges were required in 2013, 2012, or 2011. | ||
Management periodically evaluates servicing assets for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. No impairment charges were required in 2013, 2012, or 2011. | ||
Allowance for Loan Losses—The allowance for loan losses is a valuation allowance for probable incurred credit losses that are inherent in the loan portfolio. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. | ||
The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. | ||
For all loan classes, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, may be considered troubled debt restructurings and classified as impaired. Factors considered by management in determining whether a loan is impaired include payment status, collateral values, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not deemed to be impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment disclosures. | ||
The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment. The Company further segregates these segments between loans accounted for under the amortized cost method (referred to as "Legacy Loans") and acquired loans (referred to as "Acquired Loans"), as Acquired Loans were originally recorded at fair value with no carryover of the related allowance for loan losses. For the Legacy Loans, the historical loss experience is based on the actual loss history experienced by the Company. The loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following major portfolio segments have been identified: real estate loans (residential, commercial, and construction), commercial business loans, trade finance loans, and consumer/other loans. Due to the overall high level of real estate loans within the loan portfolio as a whole, as compared to other portfolio segments, for risk assessment and allowance purposes this segment was segregated into more granular pools by collateral property type. Construction and land loans have the highest qualitative adjustments for economic and other credit risk factors, such as the incomplete status of the collateral and deleterious effect of the recent economic downturn on these types of properties during, but total balances in these portfolio segments are not a concentration in the overall portfolio. The commercial real estate loan portfolio segment as a whole had the next highest level of qualitative adjustments due to the effects of local markets and economies on the underlying collateral property values, as well as for industry concentrations and risks related to the commercial business tenants. Commercial real estate loans secured by hotels, golf courses, and gas station/car washes pose an industry concentration risk within this portfolio segment, have historically shown higher credit risk than in other collateral property types, and were negatively impacted by the effect of the recent poor economy on the hospitality and recreation industries as well as increasing fuel and travel costs. These factors resulted in higher qualitative adjustments made to these sub-portfolio segments. Within the commercial business and trade finance portfolio segments, risk analysis is performed based on concentrations within industries, as well as by individual loan type. Commercial business loans granted under various SBA-guaranteed programs show higher historical risks as these loans are made to small businesses which were more negatively impacted by the economic issues of the past few years. This impact resulted in increased qualitative adjustments for this sub-portfolio segment during the year. Trade finance loans show minimal historical losses and have the lowest level of inherent risk as they are generally structured for transaction based funding and businesses within this portfolio segment were less impacted by local market downturns. Qualitative adjustments made to this portfolio segment are generally minor as a result. | ||
Impairment losses are included in the allowance for loan losses through a charge to the provision for loan losses. Upon disposition of an impaired loan, any unpaid balance is charged off to the allowance for loan losses. | ||
FHLB Stock—The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | ||
Premises and Equipment—Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of premises and equipment are computed on the straight-line method over the following estimated useful lives: | ||
Buildings 15-30 years | ||
Furniture, fixture, and equipment 3-7 years | ||
Computer equipment 5 years | ||
Computer software 3 years | ||
Leasehold improvement life of lease or improvements, whichever is shorter | ||
OREO—OREO, which represents real estate acquired through foreclosure in satisfaction of commercial and real estate loans, is stated at fair value less estimated selling costs of the real estate. Loan balances in excess of the fair value of the real estate acquired at the date of acquisition are charged to the allowance for loan losses. Any subsequent operating expenses or income, reduction in estimated fair values, and gains or losses on disposition of such properties are charged or credited to current operations. | ||
FDIC Loss Share Receivable—In conjunction with the FDIC-assisted acquisition of Innovative Bank by Center Financial in 2011, Center Bank entered into shared-loss agreements with the FDIC for amounts receivable covered by the shared-loss agreements. At the date of merger with Center Financial, consistent with Center Financial's accounting treatment, we elected to account for amounts receivable under the loss sharing agreement with the FDIC as FDIC loss share receivable in accordance with ASC 805. The FDIC loss share receivable was recorded at fair value, based on the discounted value of expected future cash flows under the loss sharing agreement. The cash flows expected to be received under the loss agreement were estimated by management with the assistance of a third party valuation specialist. The difference between the present value and the undiscounted cash flows we expect to collect from the FDIC will be accreted into noninterest income over the life of the FDIC loss share receivable. | ||
The FDIC loss share receivable is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered portfolio. These adjustments are measured on the same basis as the related covered loans and covered other real estate owned. Any increases in the cash flows of the covered assets over those expected will reduce the FDIC loss share receivable and any decreases in cash flows of the covered assets under those expected will increase the FDIC loss share receivable. Increase and decrease to the FDIC loss share receivable are recorded as adjustments to noninterest income. | ||
Goodwill and Intangible Assets—Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. | ||
In accordance with Accounting Standards Update ("ASU") 2011-08, Intangibles - Goodwill and Other (Topic 350): Testing Goodwill for Impairment, the Company makes a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying the two-step goodwill impairment test. If management concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the two-step impairment test is bypassed. Goodwill is also tested for impairment on an interim basis if circumstances change or an event occurs between annual tests that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weighting that is most representative of fair value. | ||
Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangibles are amortized over a seven to 10 year period. | ||
Stock-Based Compensation—Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | ||
Income Taxes—Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities represent the tax effects, based on current tax law, of future deductible or taxable amounts attributable to events that have been recognized in the financial statements. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income and tax planning strategies in making this assessment. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | ||
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and / or penalties related to income tax matters in income tax expense. | ||
Section 382 of the Internal Revenue Code imposes limitations on a corporation's ability to use any net unrealized built in losses and other tax attributes, such as net operating loss and tax credit carryforwards, when it undergoes a 50% “ownership change” over a designated testing period (not to exceed three years). As a result of the acquisition on February 14, 2013 of Pacific International Bancorp Inc. ("PIB") and on August 12, 2013 of Foster Bankshares Inc. ("Foster"), both PIB and Foster underwent a greater than 50% ownership change. Except for the limitation on PIB's net operating loss carryforward, there is expected to be no limitation on the use of either PIB’s or Foster’s tax attributes because neither company has a net unrealized built in loss. PIB is expected to fully utilized the net operating loss carryforward before it expires with the application of the annual limitation. However, future transactions, such as issuances of common stock or sales of shares of our stock by certain holders of our shares, including persons who have held, currently hold or may accumulate in the future 5% or more of our outstanding common stock for their own account, could trigger future Section 382 limitations on the Company's use of tax attributes. | ||
Employee Stock Ownership Plan (ESOP)—Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings. | ||
Earnings per Common Share—Basic Earnings per Common Share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Allocated ESOP shares are considered outstanding for this calculation. Diluted Earnings per Common Share reflects the potential dilution of securities that could share in the earnings of the Company. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. | ||
Equity—The Company accrues for preferred stock dividends as earned and for common stock dividends as declared. Preferred stock dividends of $0 and $3.6 million were paid in 2013 and 2012 and there were no preferred stock dividends accrued but unpaid at December 31, 2013 and 2012. Common stock dividends of $19.7 million and $3.9 million were paid in 2013 and 2012. There were no common stock dividends declared but unpaid at December 31, 2013 and 2012. Accrued preferred and common stock dividends are included in other liabilities. | ||
BOLI—The Company has purchased life insurance policies on certain key executives and directors. BOLI 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 that are probable at settlement. | ||
Investments in Affordable Housing Partnerships—The Company owns limited partnerships interest in projects of affordable housing for lower income tenants. The investments in which the Company has significant influence are recorded using the equity method of accounting. For those investments in limited partnerships for which the Company does not have a significant influence, such investments are accounted for using the cost method of accounting and the annual amortization is based on the proportion of tax credits received in the current year to the total estimated tax credits to be allocated to the Company. | ||
Comprehensive Income—Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, cash flow hedges, and interest-only strips which are also recognized as separate components of stockholders’ equity, net of tax. | ||
Loss Contingencies—Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management believes there are no such matters that would have a material effect on the consolidated financial statements as of December 31, 2013 or 2012. | ||
Loan Commitments and Related Financial Instruments—Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. See Note 12 Commitments and Contingencies of the Notes to Consolidated Financial Statements for further discussion. | ||
Fair Values of Financial Instruments—Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | ||
Impairment of Long-Lived Assets—The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated future cash flows (undiscounted) over the remaining useful life of the asset are less than the carrying value, an impairment loss would be recorded to reduce the related asset to its estimated fair value. | ||
Transfer of Financial Assets—Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Use of Estimates in the Preparation of Consolidated Financial Statements—The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("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. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near term relate to the determination of the allowance and provision for loan losses, the evaluation of other than temporary impairment of investment securities, accounting for derivatives and hedging activities, determining the carrying value for cash surrender value of life insurance, carrying value of goodwill and other intangible assets, accounting for deferred tax assets and related valuation allowances, the determination of the fair values of investment securities and other financial instruments, determination of the fair values of other real estate owned, accounting for ACILs, accounting for FDIC receivable, accounting for lease arrangements, accounting for incentive compensation, profit sharing and bonus payments and the valuation of servicing assets. | ||
Reclassifications—Some items in the prior year financial statements were reclassified to conform to the current presentation. | ||
Recent Accounting Pronouncements | ||
ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income - ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and to present either on the face of the statement where net income is presented, or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company's consolidated financial statements. | ||
ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. The unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | ||
Newly Issued But Not Yet Effective Accounting Pronouncements | ||
ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. ASU 2014-04 permits an entity to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and should be applied prospectively. The Company will review the requirements of ASU No. 2014-01, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | ||
ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans uponforeclosure. ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. |
Business_Combinations
Business Combinations | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Business Combinations | ' | |||||||
. | BUSINESS COMBINATIONS | |||||||
Acquisition of Foster | ||||||||
On August 13, 2013, the Company completed the acquisition of Foster, the holding company of Foster Bank. The Company acquired Foster in order to expand its market in Illinois and into Virginia. Foster's primary subsidiary, Foster Bank, operated eight branches in Illinois and one branch in Virginia. | ||||||||
Under the terms of the acquisition agreement, Foster shareholders were able to elect to receive a cash price of $34.6703 per share or, for shareholders who qualified as accredited investors, 2.62771 shares of Company common stock for each share of Foster common stock. As of December 31, 2013, the Company issued 180,300 shares of Company common stock in exchange for 68,619 shares of Foster common stock, paid $1.9 million for 58,906 shares of Foster common stock and there were 4,475 shares of Foster common stock that had not been redeemed. At December 31, 2013, the accrued liability for the unredeemed Foster common shares was $276 thousand. | ||||||||
The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table: | ||||||||
(In thousands) | ||||||||
Consideration paid: | ||||||||
BBCN common stock issued in exchange for Foster common stock | $ | 2,567 | ||||||
Cash paid for the redemption of Foster common stock | 1,922 | |||||||
Liability for unredeemed Foster common stock | 276 | |||||||
Total consideration paid | $ | 4,765 | ||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 42,883 | ||||||
Investment securities available for sale | 4,844 | |||||||
Loans, net | 255,297 | |||||||
FRB and FHLB stock | 1,714 | |||||||
OREO | 14,251 | |||||||
Premises and equipment | 4,733 | |||||||
Core deposit intangibles | 2,763 | |||||||
Deferred tax assets, net | 21,211 | |||||||
Other assets | 2,353 | |||||||
Liabilities Assumed: | ||||||||
Deposits | (321,596 | ) | ||||||
Borrowings | (18,045 | ) | ||||||
Subordinated debentures | (15,309 | ) | ||||||
Other liabilities | (5,859 | ) | ||||||
Total identifiable net assets | $ | (10,760 | ) | |||||
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ | 15,525 | ||||||
The assets and liabilities of Foster were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. The purchase price may change as additional information becomes available and when unredeemed Foster shares are redeemed. The fair values of the net deferred tax assets, loans, and certain liabilities assumed from Foster were provisional and adjustments to the provisional amounts may occur during the measurement period as the Company obtains additional information about the facts and circumstances that existed as of the acquisition date. | ||||||||
The $15.5 million of goodwill recognized in the Foster acquisition represent the future economic benefit arising from the acquisition including the creation of a platform that can support future operations and strengthening the Company's existing presence in the Chicago metropolitan market and expansion into the Virginia market. Goodwill is not amortized for book purposes and is not deductible for tax purposes. | ||||||||
Acquisition of PIB | ||||||||
On February 15, 2013, the Company completed the acquisition of PIB, a Seattle based company, pursuant to an Agreement and Plan of Merger, dated October 22, 2012. The Company acquired PIB in order to increase the Company's presence in terms of branch offices and deposit market share in the Seattle market. PIB's primary subsidiary, Pacific International Bank, a Washington state-chartered bank, operated four bank branches in the Seattle metropolitan area. | ||||||||
In connection with the acquisition, the consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table: | ||||||||
(In thousands) | ||||||||
Consideration paid: | ||||||||
BBCN common stock issued | $ | 8,437 | ||||||
Cash in lieu of fractional shares paid to PIB stockholders | 1 | |||||||
Redemption of Preferred Stock | 7,475 | |||||||
Total consideration paid | $ | 15,913 | ||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 25,968 | ||||||
Investment securities available for sale | 7,810 | |||||||
Loans, net | 131,589 | |||||||
FRB and FHLB stock | 1,829 | |||||||
OREO | 3,418 | |||||||
Deferred tax assets, net | 9,886 | |||||||
Core deposit intangibles | 604 | |||||||
Other assets | 2,514 | |||||||
Liabilities Assumed: | ||||||||
Deposits | (143,665 | ) | ||||||
Borrowings | (14,698 | ) | ||||||
Subordinated debentures | (4,108 | ) | ||||||
Other liabilities | (5,116 | ) | ||||||
Total identifiable net assets | $ | 16,031 | ||||||
Bargain purchase gain | $ | 118 | ||||||
The bargain purchase gain from the PIB acquisition was recorded in other income in the Consolidated Statements of Income. | ||||||||
Acquired Loans | ||||||||
The Company estimated the fair value for most loans acquired by utilizing a methodology wherein loans with comparable characteristics were aggregated by type of collateral, remaining maturity and repricing terms. Cash flows for each pool were determined by estimating future credit losses and prepayment rates. Projected monthly cash flows were then discounted using a risk-adjusted market rate for similar loans to determine the fair value of each pool. To estimate the fair value of the remaining loans, management analyzed the value of the underlying collateral of the loans, assuming the fair values of the loans were derived from the eventual sale of the collateral. The value of the collateral was based on recently completed appraisals adjusted to the valuation date based on recognized industry indices. The Company discounted those values using market derived rates of return, with consideration given to the period of time and costs associated with the foreclosure and disposition of the collateral. There was no carryover of the allowance for loan losses associated with the loans the Company acquired as the loans were initially recorded at fair value. The following table presents loans acquired with deteriorated credit quality as of the date of acquisition: | ||||||||
Foster | PIB | |||||||
(In thousands) | ||||||||
Contractually required principal and interest at acquisition | $ | 150,430 | $ | 54,462 | ||||
Contractual cash flows not expected to be collected (nonaccretable discount) | 37,447 | 9,687 | ||||||
Expected cash flows at acquisition | 112,983 | 44,775 | ||||||
Interest component of expected cash flows (accretable discount) | 14,928 | 4,945 | ||||||
Fair value of acquired impaired loans | $ | 98,055 | $ | 39,830 | ||||
The outstanding principal balances and the related carrying amounts of the acquired loans included in the statement of financial condition are $279.7 million and $235.1 million, respectively for Foster and $126.0 million and $107.6 million, respectively for PIB, as of December 31, 2013. | ||||||||
Pro Forma Information | ||||||||
The operating results of Foster and PIB from the dates of acquisitions through December 31, 2013 are included in the Condensed Consolidated Statement of Income for 2013 and are not material to the total consolidated operating results for the year ended December 31, 2013. | ||||||||
The following unaudited combined pro forma information presents the operating results for the year ended December 31, 2013 and 2012, as if the Foster and PIB acquisitions had occurred on January 1, 2012: | ||||||||
2013 | 2012 | |||||||
(In thousands, except share data) | ||||||||
Net Interest income | $ | 264,040 | $ | 264,669 | ||||
Net income | $ | 84,304 | $ | 74,949 | ||||
Pro forma earnings per share: | ||||||||
Basic | $ | 1.07 | $ | 0.88 | ||||
Diluted | $ | 1.06 | $ | 0.88 | ||||
The above pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the merged companies that would have been achieved had the acquisition occurred at January 1, 2012, nor are they intended to represent or be indicative of future results of operations. The pro forma results do not include expected operating cost savings as a result of the acquisitions. These pro forma results require significant estimates and judgments particularly as it relates to valuation and accretion of income associated with acquired loans. | ||||||||
Acquisition-Related Expenses | ||||||||
The Company incurred acquisition-related expenses associated with the Foster and PIB acquisitions which were reflected on the Company's income statement. During the year ended December 31, 2013, the Company incurred $4.0 million and $1.1 million in expenses related to the Foster and PIB acquisitions, respectively. These expenses are comprised primarily of salaries and benefits, occupancy expenses, professional services, and other noninterest expense |
Securities_Available_for_Sale
Securities Available for Sale | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Securities Available for Sale | ' | ||||||||||||||||||||||||||||||||
SECURITIES AVAILABLE FOR SALE | |||||||||||||||||||||||||||||||||
The following is a summary of securities available for sale at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 286,608 | $ | 1,104 | $ | (13,611 | ) | $ | 274,101 | ||||||||||||||||||||||||
Mortgage-backed securities | 409,165 | 3,620 | (7,789 | ) | 404,996 | ||||||||||||||||||||||||||||
Trust preferred securities | 4,516 | — | (819 | ) | 3,697 | ||||||||||||||||||||||||||||
Municipal bonds | 5,687 | 319 | (70 | ) | 5,936 | ||||||||||||||||||||||||||||
Total debt securities | 705,976 | 5,043 | (22,289 | ) | 688,730 | ||||||||||||||||||||||||||||
Mutual funds | 17,425 | — | (404 | ) | 17,021 | ||||||||||||||||||||||||||||
$ | 723,401 | $ | 5,043 | $ | (22,693 | ) | $ | 705,751 | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 249,373 | $ | 5,649 | $ | (110 | ) | $ | 254,912 | ||||||||||||||||||||||||
Mortgage-backed securities | 415,925 | 10,277 | (662 | ) | 425,540 | ||||||||||||||||||||||||||||
Trust preferred securities | 4,502 | — | (665 | ) | 3,837 | ||||||||||||||||||||||||||||
Municipal bonds | 4,506 | 612 | — | 5,118 | |||||||||||||||||||||||||||||
Total debt securities | 674,306 | 16,538 | (1,437 | ) | 689,407 | ||||||||||||||||||||||||||||
Mutual funds | 14,710 | 286 | — | 14,996 | |||||||||||||||||||||||||||||
$ | 689,016 | $ | 16,824 | $ | (1,437 | ) | $ | 704,403 | |||||||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders' equity. | |||||||||||||||||||||||||||||||||
The proceeds from sales of securities and the associated gains are listed below: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Proceeds | $ | 6,634 | $ | 28,446 | $ | 139,458 | |||||||||||||||||||||||||||
Gross gains | 54 | 949 | 1,219 | ||||||||||||||||||||||||||||||
Gross losses | — | — | — | ||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities at December 31, 2013, by contractual maturity, are shown below. 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. Securities not due at a single maturity date are shown separately. | |||||||||||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||
Due within one year | $ | — | $ | — | |||||||||||||||||||||||||||||
Due after one year through five years | 340 | 350 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 3,883 | 4,170 | |||||||||||||||||||||||||||||||
Due after ten years | 5,980 | 5,113 | |||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 286,608 | 274,101 | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 409,165 | 404,996 | |||||||||||||||||||||||||||||||
Mutual funds | 17,425 | 17,021 | |||||||||||||||||||||||||||||||
$ | 723,401 | $ | 705,751 | ||||||||||||||||||||||||||||||
Securities with carrying values of approximately $360.6 million and $338.6 million at December 31, 2013 and December 31, 2012, respectively, were pledged to secure public deposits, various borrowings and for other purposes as required or permitted by law. | |||||||||||||||||||||||||||||||||
Securities with gross unrealized losses, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated, are as follows: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Description of | Number of | Fair Value | Gross | Number of | Fair Value | Gross | Number of | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Securities | Unrealized | Securities | Unrealized | Securities | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations* | 21 | $ | 198,713 | $ | (12,460 | ) | 3 | $ | 13,381 | $ | (1,151 | ) | 24 | $ | 212,094 | $ | (13,611 | ) | |||||||||||||||
Mortgage-backed securities* | 29 | 203,276 | (7,293 | ) | 7 | 14,793 | (496 | ) | 36 | 218,069 | (7,789 | ) | |||||||||||||||||||||
Municipal bonds | 1 | 1,112 | (70 | ) | — | — | — | 1 | 1,112 | (70 | ) | ||||||||||||||||||||||
Trust preferred securities | — | — | — | 1 | 3,697 | (819 | ) | 1 | 3,697 | (819 | ) | ||||||||||||||||||||||
Mutual funds | 1 | 13,021 | (404 | ) | — | — | — | 1 | 13,021 | (404 | ) | ||||||||||||||||||||||
52 | $ | 416,122 | $ | (20,227 | ) | 11 | $ | 31,871 | $ | (2,466 | ) | 63 | $ | 447,993 | $ | (22,693 | ) | ||||||||||||||||
* Investments in U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Description of | Number of | Fair Value | Gross | Number of | Fair Value | Gross | Number of | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Securities | Unrealized | Securities | Unrealized | Securities | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations* | 3 | $ | 18,009 | $ | (110 | ) | — | $ | — | $ | — | 3 | $ | 18,009 | $ | (110 | ) | ||||||||||||||||
Mortgage-backed securities* | 7 | 32,406 | (597 | ) | 3 | 8,251 | (64 | ) | 10 | 40,657 | (661 | ) | |||||||||||||||||||||
Trust preferred securities | — | — | — | 1 | 3,837 | (665 | ) | 1 | 3,837 | (665 | ) | ||||||||||||||||||||||
Mutual funds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
10 | $ | 50,415 | $ | (707 | ) | 4 | $ | 12,088 | $ | (729 | ) | 14 | $ | 62,503 | $ | (1,436 | ) | ||||||||||||||||
* Investments in U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
The Company evaluates securities for OTTI on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the financial condition and near-term prospects of the issuer, the length of time and the extent to which the fair value of the securities has been less than our cost for the securities, and management's intention to sell, or whether it is more likely than not that management will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. In analyzing an issuer’s financial condition, the Company considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and the results of reviews of the issuer’s financial condition. | |||||||||||||||||||||||||||||||||
The Company has certain trust preferred securities, collateralized mortgage obligations, and mortgage-backed securities that were in a continuous loss position for twelve months or longer as of December 31, 2013. The trust preferred securities had an amortized cost of $4.5 million and an unrealized loss of $819 thousand at December 31, 2013 and are scheduled to mature in May 2047. These securities were rated investment grade and there were no credit quality concerns with the obligor. The collateralized mortgage obligations and mortgage-backed securities were in an unrealized loss position at December 31, 2013. These securities were investments in U.S. Government agency and U.S. Government sponsored enterprises and have high credit ratings ("AA" grade or better). The interest on the securities that were in an unrealized loss position have been paid as agreed, and management believes this will continue in the future and that the securities will be paid in full as scheduled. The market value decline is deemed to be due to the current market volatility and is not reflective of management’s expectations of the Company's ability to fully recover this investment, which may be at maturity. For these reasons, no OTTI was recognized on the securities that were in a continuous loss position for twelve months or longer at December 31, 2013. | |||||||||||||||||||||||||||||||||
The Company considers the losses on our investments in unrealized loss positions at December 31, 2013 to be temporary based on: 1) the likelihood of recovery; 2) the information relative to the extent and duration of the decline in market value; and 3) the Company’s intention not to sell, and management's determination that it is more likely than not that the Company will not be required to sell a security in an unrealized loss position before recovery of its amortized cost basis. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | |||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||||||
The following is a summary of loans by major category at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Loan portfolio composition | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
Residential | $ | 10,039 | $ | 9,247 | ||||||||||||||||||||||||||||||||
Commercial & industrial | 3,821,163 | 3,100,466 | ||||||||||||||||||||||||||||||||||
Construction | 72,856 | 65,045 | ||||||||||||||||||||||||||||||||||
Total real estate loans | 3,904,058 | 3,174,758 | ||||||||||||||||||||||||||||||||||
Commercial business | 949,093 | 921,556 | ||||||||||||||||||||||||||||||||||
Trade finance | 124,685 | 152,070 | ||||||||||||||||||||||||||||||||||
Consumer and other | 98,507 | 49,954 | ||||||||||||||||||||||||||||||||||
Total loans outstanding | 5,076,343 | 4,298,338 | ||||||||||||||||||||||||||||||||||
Less: deferred loan fees | (2,168 | ) | (2,086 | ) | ||||||||||||||||||||||||||||||||
Gross loans receivable | 5,074,175 | 4,296,252 | ||||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (67,320 | ) | (66,941 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 5,006,855 | $ | 4,229,311 | ||||||||||||||||||||||||||||||||
Our loan portfolio is made up of four segments: real estate loans, commercial business, trade finance and consumer and other. These segments are further segregated between loans accounted for under the amortized cost method Legacy Loans and acquired loans that were originally recorded at fair value with no carryover of the related pre-acquisition allowance for loan losses Acquired Loans. The Acquired Loans are further segregated between ACILs and APLs. | ||||||||||||||||||||||||||||||||||||
The following table presents changes in the accretable discount on the ACILs for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 18,652 | $ | 31,999 | ||||||||||||||||||||||||||||||||
Additions due to mergers and acquisitions | 19,873 | — | ||||||||||||||||||||||||||||||||||
Accretion | (15,590 | ) | (14,135 | ) | ||||||||||||||||||||||||||||||||
Changes in expected cash flows | 24,463 | 788 | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 47,398 | $ | 18,652 | ||||||||||||||||||||||||||||||||
On the acquisition date, the amount by which the undiscounted expected cash flows exceed the estimated fair value of the ACILs is the “accretable yield”. The accretable yield is then measured at each financial reporting date and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. The accretable yield will change from period to period due to the following: 1) estimates of the remaining life of acquired loans will affect the amount of future interest income, 2) indicies for variable rates of interest on ACILs may change; and 3) estimates of the amount of the contractual principal and interest that will not be collected (nonaccretable difference) may change. | ||||||||||||||||||||||||||||||||||||
The following tables detail the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 39,040 | $ | 20,681 | $ | 1,786 | $ | 445 | $ | — | $ | — | $ | — | $ | — | $ | 61,952 | ||||||||||||||||||
Provision for loan losses | 7,098 | 3,700 | 403 | 673 | 4,824 | 1,903 | 303 | 200 | 19,104 | |||||||||||||||||||||||||||
Loans charged off | (6,770 | ) | (9,406 | ) | — | (568 | ) | (411 | ) | (945 | ) | (300 | ) | (380 | ) | (18,780 | ) | |||||||||||||||||||
Recoveries of charged offs | 2,137 | 1,515 | 160 | 108 | 305 | 157 | — | 283 | 4,665 | |||||||||||||||||||||||||||
Balance, end of period | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 41,505 | 16,490 | 2,349 | 658 | 4,718 | 1,115 | 3 | 103 | 66,941 | |||||||||||||||||||||||||||
Provision (credit) for loan losses | 665 | 2,491 | 7,517 | 169 | 7,880 | 1,319 | (3 | ) | (38 | ) | 20,000 | |||||||||||||||||||||||||
Loans charged off | (2,406 | ) | (4,022 | ) | (7,213 | ) | (524 | ) | (6,123 | ) | (1,738 | ) | — | (43 | ) | (22,069 | ) | |||||||||||||||||||
Recoveries of charged offs | 304 | 1,837 | — | 158 | 7 | 100 | — | 42 | 2,448 | |||||||||||||||||||||||||||
Balance, end of period | $ | 40,068 | $ | 16,796 | $ | 2,653 | $ | 461 | $ | 6,482 | $ | 796 | $ | — | $ | 64 | $ | 67,320 | ||||||||||||||||||
The following tables disaggregate the allowance for loan losses and the carrying value of loans receivables by impairment methodology at December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,578 | $ | 5,183 | $ | 159 | $ | 32 | $ | 1,092 | $ | 622 | $ | — | $ | — | $ | 12,666 | ||||||||||||||||||
Collectively evaluated for impairment | 34,490 | 11,613 | 2,494 | 429 | 612 | 174 | — | 64 | 49,876 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 4,778 | — | — | — | 4,778 | |||||||||||||||||||||||||||
Total | $ | 40,068 | $ | 16,796 | $ | 2,653 | $ | 461 | $ | 6,482 | $ | 796 | $ | — | $ | 64 | $ | 67,320 | ||||||||||||||||||
Loans outstanding: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 49,177 | $ | 37,314 | $ | 5,692 | $ | 535 | $ | 19,992 | $ | 2,792 | $ | — | $ | 767 | $ | 116,269 | ||||||||||||||||||
Collectively evaluated for impairment | 3,076,924 | 778,350 | 117,249 | 32,421 | 613,696 | 84,325 | — | 31,802 | 4,734,767 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 144,269 | 46,312 | 1,744 | 32,982 | 225,307 | |||||||||||||||||||||||||||
Total | $ | 3,126,101 | $ | 815,664 | $ | 122,941 | $ | 32,956 | $ | 777,957 | $ | 133,429 | $ | 1,744 | $ | 65,551 | $ | 5,076,343 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,723 | $ | 3,084 | $ | 96 | $ | — | $ | 183 | $ | 1,074 | $ | — | $ | — | $ | 9,160 | ||||||||||||||||||
Collectively evaluated for impairment | 36,782 | 13,406 | 2,253 | 658 | — | 41 | 3 | 103 | 53,246 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 4,535 | — | — | — | 4,535 | |||||||||||||||||||||||||||
Total | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | ||||||||||||||||||
Loans outstanding: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 37,394 | $ | 23,951 | $ | 6,199 | $ | 536 | $ | 17,951 | $ | 3,323 | $ | — | $ | 802 | $ | 90,156 | ||||||||||||||||||
Collectively evaluated for impairment | 2,387,080 | 729,904 | 144,173 | 27,284 | 628,449 | 114,621 | 242 | 18,257 | 4,050,010 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 103,884 | 49,757 | 1,456 | 3,075 | 158,172 | |||||||||||||||||||||||||||
Total | $ | 2,424,474 | $ | 753,855 | $ | 150,372 | $ | 27,820 | $ | 750,284 | $ | 167,701 | $ | 1,698 | $ | 22,134 | $ | 4,298,338 | ||||||||||||||||||
As of December 31, 2013 and December 31, 2012, the liability for unfunded commitments was $885 thousand and $802 thousand, respectively. For the year ended December 31, 2013 and 2012, the recognized provision for credit losses related to unfunded commitments was $83 thousand and $116 thousand. | ||||||||||||||||||||||||||||||||||||
The recorded investment in individually impaired loans was as follows: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Allocated Allowance | ||||||||||||||||||||||||||||||||||||
Without charge-off | $ | 85,920 | $ | 65,526 | ||||||||||||||||||||||||||||||||
With charge-off | 851 | 2,599 | ||||||||||||||||||||||||||||||||||
With No Allocated Allowance | ||||||||||||||||||||||||||||||||||||
Without charge-off | 23,160 | 17,536 | ||||||||||||||||||||||||||||||||||
With charge-off | 6,338 | 4,495 | ||||||||||||||||||||||||||||||||||
Allowance on Impaired Loans | (12,666 | ) | (9,160 | ) | ||||||||||||||||||||||||||||||||
Impaired Loans, net of allowance | $ | 103,603 | $ | 80,996 | ||||||||||||||||||||||||||||||||
The following tables detail impaired loans (Legacy and Acquired) by portfolio segment as of December 31, 2013 and December 31, 2012 and for the years ended December 31, 2013 and 2012. Loans with no related allowance for loan losses are believed by management to have adequate collateral securing their carrying value. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid Contractual Principal Balance | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Allowance | Recorded Investment* | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 7,318 | 7,451 | 827 | 7,783 | 181 | |||||||||||||||||||||||||||||||
Hotel & Motel | 11,920 | 12,744 | 2,841 | 11,432 | 550 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 3,145 | 3,236 | 519 | 2,090 | 117 | |||||||||||||||||||||||||||||||
Mixed Use | 930 | 953 | 212 | 1,108 | 43 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 12,398 | 12,470 | 810 | 9,496 | 323 | |||||||||||||||||||||||||||||||
Other | 10,262 | 10,351 | 1,461 | 9,826 | 405 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 34,663 | 36,472 | 5,805 | 27,010 | 1,572 | |||||||||||||||||||||||||||||||
Trade Finance | 5,600 | 5,628 | 159 | 5,313 | 41 | |||||||||||||||||||||||||||||||
Consumer and Other | 535 | 535 | 32 | 348 | 23 | |||||||||||||||||||||||||||||||
$ | 86,771 | $ | 89,840 | $ | 12,666 | $ | 74,406 | $ | 3,255 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 4,025 | 6,591 | — | 3,428 | 45 | |||||||||||||||||||||||||||||||
Hotel & Motel | 6,502 | 10,498 | — | 6,304 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 4,845 | 8,273 | — | 3,803 | 139 | |||||||||||||||||||||||||||||||
Mixed Use | 845 | 912 | — | 697 | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 3,806 | 7,204 | — | 3,958 | 10 | |||||||||||||||||||||||||||||||
Other | 1,548 | 3,647 | — | 3,043 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | 1,625 | 1,625 | — | 1,670 | 89 | |||||||||||||||||||||||||||||||
Commercial Business | 5,443 | 8,437 | — | 2,770 | 25 | |||||||||||||||||||||||||||||||
Trade Finance | 92 | 7,279 | — | 18 | — | |||||||||||||||||||||||||||||||
Consumer and Other | 767 | 831 | — | 1,067 | — | |||||||||||||||||||||||||||||||
$ | 29,498 | $ | 55,297 | $ | — | $ | 26,758 | $ | 308 | |||||||||||||||||||||||||||
Total | $ | 116,269 | $ | 145,137 | $ | 12,666 | $ | 101,164 | $ | 3,563 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Impaired APLs(1) | Recorded Investment* | Unpaid | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Contractual Principal | Allowance | Recorded Investment* | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 391 | 397 | 15 | 1,084 | 14 | |||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 794 | 885 | 341 | 485 | — | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 5,128 | 5,200 | 612 | 6,323 | — | |||||||||||||||||||||||||||||||
Other | 1,362 | 1,412 | 124 | 1,819 | 43 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 1,984 | 3,354 | 622 | 2,827 | 5 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 9,659 | $ | 11,248 | $ | 1,714 | $ | 12,538 | $ | 62 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1,244 | 2,216 | — | 953 | 14 | |||||||||||||||||||||||||||||||
Hotel & Motel | 6,441 | 8,676 | — | 6,169 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,614 | 2,109 | — | 1,366 | 62 | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 1,883 | 3,446 | — | 2,482 | 10 | |||||||||||||||||||||||||||||||
Other | 1,135 | 1,547 | — | 1,600 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 808 | 948 | — | 291 | — | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | 767 | 831 | — | 779 | — | |||||||||||||||||||||||||||||||
$ | 13,892 | $ | 19,773 | $ | — | $ | 13,640 | $ | 86 | |||||||||||||||||||||||||||
Total | $ | 23,551 | $ | 31,021 | $ | 1,714 | $ | 26,178 | $ | 148 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
(1) | APLs that became impaired subsequent to being acquired. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | For the year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Contractual Principal | Allowance | Recorded Investment* | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 5,477 | 5,610 | 1,167 | 3,512 | 255 | |||||||||||||||||||||||||||||||
Hotel & Motel | 8,990 | 8,995 | 1,860 | 17,536 | 426 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,892 | 2,440 | 73 | 2,908 | — | |||||||||||||||||||||||||||||||
Mixed Use | 900 | 976 | 250 | 3,182 | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 2,074 | 2,153 | 567 | 3,052 | 66 | |||||||||||||||||||||||||||||||
Other | 16,184 | 16,389 | 989 | 14,322 | 805 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | 26 | — | |||||||||||||||||||||||||||||||
Commercial Business | 26,354 | 29,073 | 4,158 | 25,227 | 1,252 | |||||||||||||||||||||||||||||||
Trade Finance | 6,199 | 7,173 | 96 | 3,510 | 248 | |||||||||||||||||||||||||||||||
Consumer and Other | 55 | 56 | — | 119 | 4 | |||||||||||||||||||||||||||||||
$ | 68,125 | $ | 72,865 | $ | 9,160 | $ | 73,394 | $ | 3,056 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 2,516 | 5,404 | — | 1,602 | 48 | |||||||||||||||||||||||||||||||
Hotel & Motel | 6,212 | 8,202 | — | 1,365 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,731 | 4,359 | — | 1,775 | — | |||||||||||||||||||||||||||||||
Mixed Use | 899 | 923 | — | 180 | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 4,392 | 6,450 | — | 4,408 | 160 | |||||||||||||||||||||||||||||||
Other | 2,371 | 6,283 | — | 2,598 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | 1,710 | 1,710 | — | 1,710 | 111 | |||||||||||||||||||||||||||||||
Commercial Business | 920 | 1,368 | — | 8,028 | 18 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | 946 | — | |||||||||||||||||||||||||||||||
Consumer and Other | 1,280 | 1,316 | — | 357 | 20 | |||||||||||||||||||||||||||||||
$ | 22,031 | $ | 36,015 | $ | — | $ | 22,969 | $ | 357 | |||||||||||||||||||||||||||
Total | $ | 90,156 | $ | 108,880 | $ | 9,160 | $ | 96,363 | $ | 3,413 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | For the year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Impaired APLs(1) | Recorded Investment* | Unpaid | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Contractual Principal | Allowance | Recorded Investment* | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1,286 | 1,286 | 9 | 920 | 64 | |||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | 3,676 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | — | — | — | 57 | — | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 832 | 887 | 2 | 331 | 36 | |||||||||||||||||||||||||||||||
Other | 4,272 | 4,461 | 172 | 1,711 | 288 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 2,974 | 3,072 | 1,074 | 1,625 | 26 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 9,364 | $ | 9,706 | $ | 1,257 | $ | 8,320 | $ | 414 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 800 | 840 | — | 161 | 48 | |||||||||||||||||||||||||||||||
Hotel & Motel | 5,990 | 7,375 | — | 1,198 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 774 | 1,865 | — | 608 | — | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 3,190 | 3,302 | — | 2,005 | 160 | |||||||||||||||||||||||||||||||
Other | 807 | 3,156 | — | 993 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 349 | 681 | — | 680 | 15 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | 802 | 836 | — | 160 | — | |||||||||||||||||||||||||||||||
$ | 12,712 | $ | 18,055 | $ | — | $ | 5,805 | $ | 223 | |||||||||||||||||||||||||||
Total | $ | 22,076 | $ | 27,761 | $ | 1,257 | $ | 14,125 | $ | 637 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
(1) | APLs that became impaired subsequent to being acquired. | |||||||||||||||||||||||||||||||||||
For the year ended | ||||||||||||||||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans | Average | Interest Income Recognized during Impairment | ||||||||||||||||||||||||||||||||||
Recorded Investment* | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 3,476 | 34 | ||||||||||||||||||||||||||||||||||
Hotel & Motel | 14,581 | 1,013 | ||||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 2,825 | 95 | ||||||||||||||||||||||||||||||||||
Mixed Use | 1,561 | 158 | ||||||||||||||||||||||||||||||||||
Industrial & Warehouse | 4,819 | 310 | ||||||||||||||||||||||||||||||||||
Other | 6,195 | 298 | ||||||||||||||||||||||||||||||||||
Real Estate—Construction | 2,504 | — | ||||||||||||||||||||||||||||||||||
Commercial Business | 23,133 | 538 | ||||||||||||||||||||||||||||||||||
Trade Finance | 899 | 71 | ||||||||||||||||||||||||||||||||||
Consumer and Other | — | — | ||||||||||||||||||||||||||||||||||
$ | 59,993 | $ | 2,517 | |||||||||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 6,199 | — | ||||||||||||||||||||||||||||||||||
Hotel & Motel | 4,722 | — | ||||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 2,584 | — | ||||||||||||||||||||||||||||||||||
Mixed Use | 2,157 | — | ||||||||||||||||||||||||||||||||||
Industrial & Warehouse | 3,150 | — | ||||||||||||||||||||||||||||||||||
Other | 10,596 | — | ||||||||||||||||||||||||||||||||||
Real Estate—Construction | 3,280 | 113 | ||||||||||||||||||||||||||||||||||
Commercial Business | 12,432 | 203 | ||||||||||||||||||||||||||||||||||
Trade Finance | 758 | 30 | ||||||||||||||||||||||||||||||||||
Consumer and Other | 145 | — | ||||||||||||||||||||||||||||||||||
$ | 46,023 | $ | 346 | |||||||||||||||||||||||||||||||||
Total | $ | 106,016 | $ | 2,863 | ||||||||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
Generally, loans are placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectibility of the principal and/or interest to be in question, as well as when required by regulatory requirements. Loans to a customer whose financial condition has deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||||||||||||||||||||||||||||||||||||
The following tables present the aging of past due loans as of December 31, 2013 and December 31, 2012 by class of loans: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Past Due and Accruing | ||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans | Total Delinquent loans | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 122 | — | — | 122 | 4,363 | 4,485 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 121 | 121 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,038 | — | — | 1,038 | 2,228 | 3,266 | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | 974 | 974 | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 215 | — | — | 215 | 1,923 | 2,138 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 1,398 | 1,398 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 780 | 244 | — | 1,024 | 6,402 | 7,426 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | 1,031 | 1,031 | ||||||||||||||||||||||||||||||
Consumer and other | 54 | 22 | — | 76 | — | 76 | ||||||||||||||||||||||||||||||
Subtotal | $ | 2,209 | $ | 266 | $ | — | $ | 2,475 | $ | 18,440 | $ | 20,915 | ||||||||||||||||||||||||
Acquired Loans (1) | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 2,024 | — | — | 2,024 | 1,030 | 3,054 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 6,441 | 6,441 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,068 | — | — | 1,068 | 1,339 | 2,407 | ||||||||||||||||||||||||||||||
Mixed Use | 576 | — | — | 576 | — | 576 | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 121 | — | — | 121 | 6,890 | 7,011 | ||||||||||||||||||||||||||||||
Other | 516 | 1,729 | — | 2,245 | 1,376 | 3,621 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 524 | 703 | 5 | 1,232 | 2,708 | 3,940 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer and other | 284 | 74 | — | 358 | 930 | 1,288 | ||||||||||||||||||||||||||||||
Subtotal | $ | 5,113 | $ | 2,506 | $ | 5 | $ | 7,624 | $ | 20,714 | $ | 28,338 | ||||||||||||||||||||||||
TOTAL | $ | 7,322 | $ | 2,772 | $ | 5 | $ | 10,099 | $ | 39,154 | $ | 49,253 | ||||||||||||||||||||||||
(1) | The Acquired Loan balances exclude ACILs of $9.7 million, $2.5 million and $43.8 million that were 30-59 days, 60-89 days and 90 or more days past due, respectively. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Past Due and Accruing | ||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans | Total Delinquent loans | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 87 | — | — | 87 | 3,316 | 3,403 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 437 | 437 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 359 | — | — | 359 | 2,848 | 3,207 | ||||||||||||||||||||||||||||||
Mixed Use | 34 | — | — | 34 | 1,799 | 1,833 | ||||||||||||||||||||||||||||||
Industrial & Warehouse | — | — | — | — | 1,950 | 1,950 | ||||||||||||||||||||||||||||||
Other | — | 115 | — | 115 | 2,379 | 2,494 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 298 | 234 | — | 532 | 4,942 | 5,474 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | 869 | 869 | ||||||||||||||||||||||||||||||
Consumer and other | 190 | — | — | 190 | — | 190 | ||||||||||||||||||||||||||||||
Subtotal | 968 | 349 | — | 1,317 | 18,540 | 19,857 | ||||||||||||||||||||||||||||||
Acquired Loans (1) | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 75 | — | — | 75 | — | 75 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 5,990 | 5,990 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | — | 1,109 | — | 1,109 | 774 | 1,883 | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | — | 3,278 | — | 3,278 | — | 3,278 | ||||||||||||||||||||||||||||||
Other | 15 | — | — | 15 | 937 | 952 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 220 | 285 | — | 505 | 2,442 | 2,947 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer and other | 98 | 17 | — | 115 | 970 | 1,085 | ||||||||||||||||||||||||||||||
Subtotal | $ | 408 | $ | 4,689 | $ | — | $ | 5,097 | $ | 11,113 | $ | 16,210 | ||||||||||||||||||||||||
TOTAL | $ | 1,376 | $ | 5,038 | $ | — | $ | 6,414 | $ | 29,653 | $ | 36,067 | ||||||||||||||||||||||||
(1) | The Acquired Loan balances exclude ACILs of $7.0 million, $12.1 million and $17.7 million that were 30-59 days, 60-89 days and 90 or more days past due, respectively. | |||||||||||||||||||||||||||||||||||
Loans accounted for under ASC 310-30 are generally considered accruing and performing loans and the accretable discount is accreted to interest income over the estimate life of the loan when cash flows are reasonably estimable. Accordingly, ACILs that are contractually past due are still considered to be accruing and performing loans. The loans may be classified as nonaccrual if the timing and amount of future cash flows is not reasonably estimable. | ||||||||||||||||||||||||||||||||||||
Loans are categorized into risk categories based on relevant information about the ability of borrowers to service their debt, including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes all non-homogeneous loans. This analysis is performed at least on a quarterly basis. The Company uses the following definitions for risk ratings: | ||||||||||||||||||||||||||||||||||||
• | Pass: Loans that meet a preponderance or more of the Company's underwriting criteria and evidence an acceptable level of risk. | |||||||||||||||||||||||||||||||||||
• | Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. | |||||||||||||||||||||||||||||||||||
• | Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||||||||||||||
• | Doubtful/Loss: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. | |||||||||||||||||||||||||||||||||||
The following tables present the risk rating for Legacy Loans and Acquired Loans as of December 31, 2013 and December 31, 2012 by class of loans: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful/Loss | Total | ||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 8,070 | $ | — | $ | — | $ | — | $ | 8,070 | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 842,815 | 858 | 14,365 | — | 858,038 | |||||||||||||||||||||||||||||||
Hotel & Motel | 568,263 | 1,841 | 13,661 | — | 583,765 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 455,205 | — | 10,854 | — | 466,059 | |||||||||||||||||||||||||||||||
Mixed Use | 259,788 | 360 | 3,324 | — | 263,472 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 251,993 | 4,116 | 12,056 | — | 268,165 | |||||||||||||||||||||||||||||||
Other | 589,895 | 3,928 | 11,493 | 359 | 605,675 | |||||||||||||||||||||||||||||||
Real estate—Construction | 71,231 | — | 1,626 | — | 72,857 | |||||||||||||||||||||||||||||||
Commercial business | 759,956 | 12,756 | 42,952 | — | 815,664 | |||||||||||||||||||||||||||||||
Trade finance | 91,055 | 22,589 | 9,297 | — | 122,941 | |||||||||||||||||||||||||||||||
Consumer and other | 32,389 | 32 | 535 | — | 32,956 | |||||||||||||||||||||||||||||||
Subtotal | $ | 3,930,660 | $ | 46,480 | $ | 120,163 | $ | 359 | $ | 4,097,662 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 1,066 | $ | 284 | $ | 619 | $ | — | $ | 1,969 | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 237,325 | 9,319 | 28,128 | 94 | 274,866 | |||||||||||||||||||||||||||||||
Hotel & Motel | 109,138 | 7,134 | 14,836 | 179 | 131,287 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 35,356 | 1,621 | 14,440 | 245 | 51,662 | |||||||||||||||||||||||||||||||
Mixed Use | 32,992 | 1,467 | 5,316 | — | 39,775 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 92,570 | 3,525 | 19,720 | — | 115,815 | |||||||||||||||||||||||||||||||
Other | 133,752 | 6,698 | 21,573 | 560 | 162,583 | |||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial business | 94,854 | 10,266 | 26,245 | 2,064 | 133,429 | |||||||||||||||||||||||||||||||
Trade finance | 1,744 | — | — | — | 1,744 | |||||||||||||||||||||||||||||||
Consumer and other | 51,036 | 2,695 | 7,460 | 4,360 | 65,551 | |||||||||||||||||||||||||||||||
Subtotal | $ | 789,833 | $ | 43,009 | $ | 138,337 | $ | 7,502 | $ | 978,681 | ||||||||||||||||||||||||||
Total | $ | 4,720,493 | $ | 89,489 | $ | 258,500 | $ | 7,861 | $ | 5,076,343 | ||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful/Loss | Total | ||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 9,223 | $ | — | $ | 24 | $ | — | $ | 9,247 | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 589,720 | 3,584 | 12,303 | — | 605,607 | |||||||||||||||||||||||||||||||
Hotel & Motel | 453,908 | 1,894 | 16,795 | — | 472,597 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 370,803 | 1,288 | 9,982 | — | 382,073 | |||||||||||||||||||||||||||||||
Mixed Use | 233,687 | 2,131 | 3,423 | — | 239,241 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 202,066 | 1,010 | 4,295 | 370 | 207,741 | |||||||||||||||||||||||||||||||
Other | 431,686 | 1,219 | 17,084 | — | 449,989 | |||||||||||||||||||||||||||||||
Real estate—Construction | 56,270 | — | 1,710 | — | 57,980 | |||||||||||||||||||||||||||||||
Commercial business | 726,073 | 6,164 | 21,514 | 104 | 753,855 | |||||||||||||||||||||||||||||||
Trade finance | 136,197 | 7,976 | 6,199 | — | 150,372 | |||||||||||||||||||||||||||||||
Consumer and other | 26,801 | 13 | 1,006 | — | 27,820 | |||||||||||||||||||||||||||||||
Subtotal | $ | 3,236,434 | $ | 25,279 | $ | 94,335 | $ | 474 | $ | 3,356,522 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 225,982 | 6,469 | 17,331 | — | 249,782 | |||||||||||||||||||||||||||||||
Hotel & Motel | 105,032 | 16,150 | 13,215 | — | 134,397 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 33,360 | 7,192 | 4,119 | — | 44,671 | |||||||||||||||||||||||||||||||
Mixed Use | 34,927 | 3,826 | 6,526 | — | 45,279 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 114,616 | 1,385 | 9,470 | — | 125,471 | |||||||||||||||||||||||||||||||
Other | 121,666 | 4,473 | 17,479 | — | 143,618 | |||||||||||||||||||||||||||||||
Real estate—Construction | 1,093 | — | 5,972 | — | 7,065 | |||||||||||||||||||||||||||||||
Commercial business | 119,026 | 14,057 | 34,047 | 571 | 167,701 | |||||||||||||||||||||||||||||||
Trade finance | 242 | 334 | 1,122 | — | 1,698 | |||||||||||||||||||||||||||||||
Consumer and other | 17,292 | 424 | 4,329 | 89 | 22,134 | |||||||||||||||||||||||||||||||
Subtotal | $ | 773,236 | $ | 54,310 | $ | 113,610 | $ | 660 | $ | 941,816 | ||||||||||||||||||||||||||
Total | $ | 4,009,670 | $ | 79,589 | $ | 207,945 | $ | 1,134 | $ | 4,298,338 | ||||||||||||||||||||||||||
The following table presents loans sold from loans held for investment or transferred from held for investment to held for sale during the year ended December 31, 2013 and 2012 by portfolio segment: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Sales or reclassification to held for sale | ||||||||||||||||||||||||||||||||||||
Real estate - Commercial | $ | 6,900 | $ | 3,061 | ||||||||||||||||||||||||||||||||
Total | $ | 6,900 | $ | 3,061 | ||||||||||||||||||||||||||||||||
The adequacy of the allowance for loan losses is determined by management based upon an evaluation and review of the credit quality of the loan portfolio, consideration of historical loan loss experience, relevant internal and external factors that affect the collection of a loan, and other pertinent factors. | ||||||||||||||||||||||||||||||||||||
The Migration Analysis is a formula methodology based on the Bank's actual historical net charge off experience for each loan class (type) pool and risk grade. The migration analysis is centered on the Bank's internal credit risk rating system. Our internal loan review and external contracted credit review examinations are used to determine and validate loan risk grades. This credit review system takes into consideration factors such as: borrower's background and experience; historical and current financial condition; credit history and payment performance; economic conditions and their impact on various industries; type, fair value and volatility of the fair value of collateral; lien position; and the financial strength of any guarantors. | ||||||||||||||||||||||||||||||||||||
A general loan loss allowance is provided on loans not specifically identified as impaired (“non-impaired loans”). The Bank's general loan loss allowance has two components: quantitative and qualitative risk factors. The quantitative risk factors are based on a historical loss migration methodology. The loans are classified by class and risk grade and the historical loss migration is tracked for the various classes. Loss experience is quantified for a specified period and then weighted to place more significance to the most recent loss history. That loss experience is then applied to the stratified portfolio at each quarter end. For the APLs, a general loan loss allowance is provided to the extent that there has been credit deterioration since the acquisition date. | ||||||||||||||||||||||||||||||||||||
Additionally, in order to systematically quantify the credit risk impact of other trends and changes within the loan portfolio, the Bank utilizes qualitative adjustments to the Migration Analysis within established parameters. The parameters for making adjustments are established under a Credit Risk Matrix that provides seven possible scenarios for each of the factors below. The matrix allows for up to three positive (major, moderate, and minor), three negative (major, moderate, and minor), and one neutral credit risk scenarios within each factor for each loan type pool. Generally, the factors are considered to have no significant impact (neutral) to our historical migration ratios. However, if information exists to warrant adjustment to the Migration Analysis, changes are made in accordance with the established parameters supported by narrative and/or statistical analysis. The Credit Risk Matrix and the nine possible scenarios enable the Bank to qualitatively adjust the Loss Migration Ratio by as much as 50 basis points in either direction (positive or negative) for each loan type pool. This matrix considers the following nine factors, which are patterned after the guidelines provided under the FFIEC Interagency Policy Statement on the Allowance for Loan and Lease Losses: | ||||||||||||||||||||||||||||||||||||
• | Changes in lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices. | |||||||||||||||||||||||||||||||||||
• | Changes in national and local economic and business conditions and developments, including the condition of various market segments. | |||||||||||||||||||||||||||||||||||
• | Changes in the nature and volume of the loan portfolio. | |||||||||||||||||||||||||||||||||||
• | Changes in the experience, ability and depth of lending management and staff. | |||||||||||||||||||||||||||||||||||
• | Changes in the trends of the volume and severity of past due loans, Classified Loans, nonaccrual loans, troubled debt restructurings and other loan modifications. | |||||||||||||||||||||||||||||||||||
• | Changes in the quality of our loan review system and the degree of oversight by the Directors. | |||||||||||||||||||||||||||||||||||
• | Changes in the value of underlying collateral for collateral-dependent loans. | |||||||||||||||||||||||||||||||||||
• | The existence and effect of any concentrations of credit and changes in the level of such concentrations. | |||||||||||||||||||||||||||||||||||
• | The effect of external factors, such as competition and legal and regulatory requirements, on the level of estimated losses in our loan portfolio. | |||||||||||||||||||||||||||||||||||
The Company also establishes specific loss allowances for loans where we have identified potential credit risk conditions or circumstances related to a specific individual credit. The specific allowance amounts are determined by a method prescribed by FASB ASC 310-10-35-22, Measurement of Impairment. The loans identified as impaired will be accounted for in accordance with one of the three acceptable valuation methods: 1) the present value of 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. For the collateral dependent impaired loans, we obtain a new appraisal to determine the amount of impairment as of the date that the loan became impaired. The appraisals are based on an “as is” valuation. To ensure that appraised values remain current, the Company either obtains updated appraisals every twelve months from a qualified independent appraiser or an internal re-valuation of the collateral is performed by qualified personnel. If the fair value of the collateral, less cost to sell, is less than the recorded amount of the loan, we then recognize impairment by creating or adjusting an existing valuation allowance with a corresponding charge to the provision for loan losses. If an impaired loan is expected to be collected through liquidation of the underlying collateral, the loan is deemed to be collateral dependent and the amount of impairment is charged off against the allowance for loan losses. | ||||||||||||||||||||||||||||||||||||
The Bank considers a loan to be impaired when it is probable that not all amounts due (principal and interest) will be collectible in accordance with the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. The significance of payment delays and payment shortfalls is determined on a case-by-case basis by taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower's prior payment record and the amount of the shortfall in relation to the principal and interest owed. | ||||||||||||||||||||||||||||||||||||
For commercial business loans, real estate loans and certain consumer loans, the Company bases the measurement of loan impairment on the present value of the expected future cash flows, discounted at the loan's effective interest rate or on the fair value of the loan's collateral, less estimated costs to sell, if the loan is collateral dependent. Management evaluates most consumer loans for impairment on a collective basis because these loans generally have smaller balances and are homogeneous in the underwriting of terms and conditions and in the type of collateral. | ||||||||||||||||||||||||||||||||||||
The allowance for loan losses for ACILs is based upon expected cash flows for these loans. To the extent that a deterioration in borrower credit quality results in a decrease in expected cash flows subsequent to the acquisition of the loans, an allowance for loan losses would be established based on management's estimate of future credit losses over the remaining life of the loans. | ||||||||||||||||||||||||||||||||||||
The following table presents loans by portfolio segment and impairment method at December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Real estate - | Real estate - | Real estate - | Commercial | Trade | Consumer | Total | ||||||||||||||||||||||||||||||
Residential | Commercial | Construction | business | finance | and other | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans (Gross carrying value) | $ | — | $ | 67,544 | $ | 1,625 | $ | 40,106 | $ | 5,692 | $ | 1,302 | $ | 116,269 | ||||||||||||||||||||||
Specific allowance | $ | — | $ | 6,670 | $ | — | $ | 5,805 | $ | 159 | $ | 32 | $ | 12,666 | ||||||||||||||||||||||
Loss coverage ratio | N/A | 9.9 | % | 0 | % | 14.5 | % | 2.8 | % | 2.5 | % | 10.9 | % | |||||||||||||||||||||||
Non-impaired loans | $ | 10,039 | $ | 3,753,619 | $ | 71,231 | $ | 908,987 | $ | 118,993 | $ | 97,205 | $ | 4,960,074 | ||||||||||||||||||||||
General allowance | $ | 25 | $ | 39,227 | $ | 628 | $ | 11,787 | $ | 2,494 | $ | 493 | $ | 54,654 | ||||||||||||||||||||||
Loss coverage ratio | 0.2 | % | 1 | % | 0.9 | % | 1.3 | % | 2.1 | % | 0.5 | % | 1.1 | % | ||||||||||||||||||||||
Total loans | $ | 10,039 | $ | 3,821,163 | $ | 72,856 | $ | 949,093 | $ | 124,685 | $ | 98,507 | $ | 5,076,343 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 25 | $ | 45,897 | $ | 628 | $ | 17,592 | $ | 2,653 | $ | 525 | $ | 67,320 | ||||||||||||||||||||||
Loss coverage ratio | 0.2 | % | 1.2 | % | 0.9 | % | 1.9 | % | 2.1 | % | 0.5 | % | 1.3 | % | ||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Real estate - | Real estate - | Real estate - | Commercial | Trade | Consumer | Total | ||||||||||||||||||||||||||||||
Residential | Commercial | Construction | business | finance | and other | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans (Gross carrying value) | $ | — | $ | 53,634 | $ | 1,710 | $ | 27,274 | $ | 6,199 | $ | 1,338 | $ | 90,155 | ||||||||||||||||||||||
Specific allowance | $ | — | $ | 4,906 | $ | — | $ | 4,158 | $ | 96 | $ | — | $ | 9,160 | ||||||||||||||||||||||
Loss coverage ratio | N/A | 9.1 | % | 0 | % | 15.2 | % | 1.5 | % | 0 | % | 10.2 | % | |||||||||||||||||||||||
Non-impaired loans | $ | 9,247 | $ | 3,046,832 | $ | 63,335 | $ | 894,282 | $ | 145,871 | $ | 48,616 | $ | 4,208,183 | ||||||||||||||||||||||
General allowance | $ | 74 | $ | 40,256 | $ | 986 | $ | 13,448 | $ | 2,256 | $ | 761 | $ | 57,781 | ||||||||||||||||||||||
Loss coverage ratio | 0.8 | % | 1.3 | % | 1.6 | % | 1.5 | % | 1.5 | % | 1.6 | % | 1.4 | % | ||||||||||||||||||||||
Total loans | $ | 9,247 | $ | 3,100,466 | $ | 65,045 | $ | 921,556 | $ | 152,070 | $ | 49,954 | $ | 4,298,338 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 74 | $ | 45,162 | $ | 986 | $ | 17,606 | $ | 2,352 | $ | 761 | $ | 66,941 | ||||||||||||||||||||||
Loss coverage ratio | 0.8 | % | 1.5 | % | 1.5 | % | 1.9 | % | 1.5 | % | 1.5 | % | 1.6 | % | ||||||||||||||||||||||
Under certain circumstances, the Company provides borrowers relief through loan modifications. These modifications are either temporary in nature (“temporary modifications”) or are more substantive. At December 31, 2013, total modified loans were $58.9 million, compared to $51.5 million at December 31, 2012. The temporary modifications generally consist of interest only payments for a three to six month period, whereby principal payments are deferred. At the end of the modification period, the remaining principal balance is re-amortized based on the original maturity date. Loans subject to temporary modifications are generally downgraded to Substandard or Special Mention. At the end of the modification period, the loan either 1) returns to the original contractual terms; 2) is further modified and accounted for as a troubled debt restructuring in accordance with ASC 310-10-35; or 3) is disposed of through foreclosure or liquidation. | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings (“TDRs”) of loans are defined by ASC 310-40, Troubled Debt Restructurings by Creditors, and ASC 470-60, Troubled Debt Restructurings by Debtors, and evaluated for impairment in accordance with ASC 310-10-35. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the amount of principal amortization, forgiveness of a portion of a loan balance or accrued interest, or extension of the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under our internal underwriting policy. | ||||||||||||||||||||||||||||||||||||
A summary of TDRs on accrual and nonaccrual by type of concession as of December 31, 2013 and December 31, 2012 is presented below: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
TDRs on accrual | TDRs on nonaccrual | TOTAL | ||||||||||||||||||||||||||||||||||
Real estate - | Commercial | Other | Total | Real estate - | Commercial | Other | Total | |||||||||||||||||||||||||||||
Commercial | Business | Commercial | Business | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Payment concession | $ | 7,437 | $ | 1,057 | $ | — | $ | 8,494 | $ | 9,489 | $ | 1,279 | $ | 767 | $ | 11,535 | $ | 20,029 | ||||||||||||||||||
Maturity / Amortization concession | 765 | 6,565 | 535 | 7,865 | 1,653 | 3,656 | — | 5,309 | 13,174 | |||||||||||||||||||||||||||
Rate concession | 13,055 | 4,490 | — | 17,545 | 8,107 | — | — | 8,107 | 25,652 | |||||||||||||||||||||||||||
Principal forgiveness | — | — | — | — | — | 49 | — | 49 | 49 | |||||||||||||||||||||||||||
$ | 21,257 | $ | 12,112 | $ | 535 | $ | 33,904 | $ | 19,249 | $ | 4,984 | $ | 767 | $ | 25,000 | $ | 58,904 | |||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
TDRs on accrual | TDRs on nonaccrual | TOTAL | ||||||||||||||||||||||||||||||||||
Real estate - | Commercial | Other | Total | Real estate - | Commercial | Other | Total | |||||||||||||||||||||||||||||
Commercial | Business | Commercial | Business | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Payment concession | $ | 9,608 | $ | 687 | $ | — | $ | 10,295 | $ | 4,735 | $ | 4,618 | $ | 802 | $ | 10,155 | $ | 20,450 | ||||||||||||||||||
Maturity / Amortization concession | 348 | 3,847 | 536 | 4,731 | 652 | 1,941 | 869 | 3,462 | 8,193 | |||||||||||||||||||||||||||
Rate concession | 13,594 | 1,229 | — | 14,823 | 7,923 | — | — | 7,923 | 22,746 | |||||||||||||||||||||||||||
Principal forgiveness | — | — | — | — | — | 62 | — | 62 | 62 | |||||||||||||||||||||||||||
$ | 23,550 | $ | 5,763 | $ | 536 | $ | 29,849 | $ | 13,310 | $ | 6,621 | $ | 1,671 | $ | 21,602 | $ | 51,451 | |||||||||||||||||||
TDRs on accrual status are comprised of loans that were accruing at the time of restructuring and for which the Bank anticipates full repayment of both principal and interest under the restructured terms. TDRs that are on nonaccrual can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments as modified. Sustained performance includes the periods prior to the modification if the prior performance met or exceeded the modified terms. TDRs on accrual status at December 31, 2013 were comprised of 15 commercial real estate loans totaling $21.3 million, 28 commercial business loans totaling $12.1 million and 2 consumer loans totaling $535 thousand. TDRs on accrual status at December 31, 2012 were comprised of 12 commercial real estate loans totaling $23.6 million and 20 commercial business loans totaling $5.8 million. Management expects that the TDRs on accrual status as of December 31, 2013, which were all performing in accordance with their restructured terms, will continue to comply with the restructured terms because of the reduced principal or interest payments on these loans. TDRs that were restructured at market interest rates and had sustained performance as agreed under the modified loan terms may be reclassified as non-TDRs after each year end but are still monitored for potential impairment. | ||||||||||||||||||||||||||||||||||||
The Company has allocated $6.6 million and $6.3 million of specific reserves to TDRs as of December 31, 2013 and 2012, respectively. As of December 31, 2013 and 2012, the Company did not have any outstanding commitments to extend additional funds to these borrowers. | ||||||||||||||||||||||||||||||||||||
The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
For the year ended | For the year ended | |||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Residential | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 6 | 6,195 | 6,214 | 5 | 2,456 | 2,321 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | 1 | 1,479 | 1,444 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1 | 1,371 | 880 | 1 | 216 | 50 | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 1 | 370 | 338 | 1 | 502 | 494 | ||||||||||||||||||||||||||||||
Other | — | — | — | 4 | 12,391 | 9,234 | ||||||||||||||||||||||||||||||
Real estate - Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 15 | 8,687 | 7,552 | 14 | 4,075 | 4,838 | ||||||||||||||||||||||||||||||
Trade Finance | — | — | — | 1 | 1,493 | 401 | ||||||||||||||||||||||||||||||
Consumer and Other | 2 | 970 | 490 | 1 | 480 | 480 | ||||||||||||||||||||||||||||||
Subtotal | 25 | $ | 17,593 | $ | 15,474 | 28 | $ | 23,092 | $ | 19,262 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Residential | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 3 | 336 | 321 | 2 | 1,458 | 1,286 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | 1 | 6,165 | 5,990 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1 | 165 | — | — | — | — | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 2 | 10,336 | 5,208 | — | — | — | ||||||||||||||||||||||||||||||
Other | 2 | 1,137 | 1,122 | 1 | 670 | 631 | ||||||||||||||||||||||||||||||
Real estate - Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 8 | 1,182 | 441 | 6 | 2,476 | 2,384 | ||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer and Other | — | — | — | 4 | 808 | 802 | ||||||||||||||||||||||||||||||
Subtotal | 16 | $ | 13,156 | $ | 7,092 | 14 | $ | 11,577 | $ | 11,093 | ||||||||||||||||||||||||||
Total | 41 | $ | 30,749 | $ | 22,566 | 42 | $ | 34,669 | $ | 30,355 | ||||||||||||||||||||||||||
The specific reserves for the TDRs described above as of December 31, 2013 and 2012 were $2.0 million and $2.5 million, respectively, and the charge offs for the years ended December 31, 2013 and 2012 were $2.6 million and $158 thousand, respectively. | ||||||||||||||||||||||||||||||||||||
The following table presents loans by class for TDRs that have been modified within the previous twelve months and have subsequently had a payment default during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||
Number of | Balance | Number of | Balance | Number of | Balance | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
(Dollars In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1 | $ | 508 | 1 | $ | 268 | 1 | $ | 771 | |||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | — | — | 1 | 50 | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | — | — | — | — | 3 | 961 | ||||||||||||||||||||||||||||||
Other | — | — | 1 | 562 | 1 | 294 | ||||||||||||||||||||||||||||||
Commercial Business | 5 | 540 | 3 | 76 | 8 | 422 | ||||||||||||||||||||||||||||||
Subtotal | 6 | $ | 1,048 | 6 | $ | 956 | 15 | $ | 2,448 | |||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1 | $ | 56 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||
Hotel & Motel | — | — | 1 | 5,990 | — | — | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 1 | 5,128 | — | — | — | — | ||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial Business | 3 | 47 | 2 | 143 | — | — | ||||||||||||||||||||||||||||||
Subtotal | 6 | $ | 5,231 | 3 | $ | 6,133 | — | $ | — | |||||||||||||||||||||||||||
12 | $ | 6,279 | 9 | $ | 7,089 | 15 | $ | 2,448 | ||||||||||||||||||||||||||||
A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. The specific reserves for the TDRs described above as of December 31, 2013 and 2012 were $661 thousand and $89 thousand, respectively, and the charge offs for the years ended December 31, 2013 and 2012 were $7.0 million and $158 thousand, respectively. | ||||||||||||||||||||||||||||||||||||
The six Legacy Loans that subsequently defaulted in 2013 were modified through payment concessions, maturity/amortization concessions, or rate concessions. The payment concessions were comprised of two Commercial Business loans totaling $540 thousand. The maturity / amortization concessions were comprised of two Commercial Business loans that were fully charged off during the year. The rate concessions were comprised of one Real Estate Commercial - Retail loan totaling $508 thousand, and one Commercial Business loan that was fully charged off during the year. | ||||||||||||||||||||||||||||||||||||
The six Acquired Loans that subsequently defaulted in 2013 were modified through payment concessions and are comprised of: three Commercial Business loans totaling $47 thousand, one Real Estate Commercial - Industrial loan totaling $5.1 million, one Real Estate Commercial - Retail loan totaling $56 thousand, and one Real Estate Commercial - Gas Station loan that was fully charged off during the year. | ||||||||||||||||||||||||||||||||||||
The six Legacy Loans that subsequently defaulted in 2012 were modified through payment concession, maturity / amortization concession, or rate concession. The payment concessions were comprised of one Real Estate Commercial - Gas Station & Car Wash loan totaling $50 thousand and one Commercial Business loan. The maturity / amortization concessions were comprised of one Real Estate Commercial - Retail loan totaling $268 thousand and two Commercial Business loans totaling $76 thousand. The rate concession was comprised of one Real Estate Commercial - Other loan totaling $562 thousand. | ||||||||||||||||||||||||||||||||||||
The three Acquired Loans that subsequently defaulted in 2012 were modified as follows: one Real Estate Commercial - Hotel & Motel loan totaling $6.0 million was modified through a rate concession and two Commercial Business loans totaling $143 thousand were modified through a payment concession and rate concession, respectively. | ||||||||||||||||||||||||||||||||||||
The fifteen Legacy Loans that subsequently defaulted during 2011 were modified through payment concessions and maturity date / amortization concessions. The payment concessions were comprised of: three Real Estate Commercial - Industrial & Warehouse loans totaling $961 thousand, five Commercial Business loans totaling $397 thousand, one Real Estate Commercial - Other loan totaling $294 thousand, and two Real Estate Commercial - Hotel & Motel loans. The maturity date / amortization concessions were comprised of one Real Estate Commercial - Retail loan totaling $771 thousand and three Commercial Business loan totaling $25 thousand. | ||||||||||||||||||||||||||||||||||||
Covered Assets | ||||||||||||||||||||||||||||||||||||
On April 16, 2010, the Department of Financial Institutions closed Innovative Bank, California, and appointed the FDIC as its receiver. On the same date, Center Bank assumed the banking operations of Innovative Bank from the FDIC under a purchase and assumption agreement and two related loss sharing agreements with the FDIC. | ||||||||||||||||||||||||||||||||||||
Covered nonperforming assets totaled $826 thousand and $882 thousand at December 31, 2013 and December 31, 2012, respectively. These covered nonperforming assets are subject to the loss sharing agreements with the FDIC. The covered nonperforming assets at December 31, 2013 and December 31, 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Covered loans on nonaccrual status | $ | 236 | $ | 489 | ||||||||||||||||||||||||||||||||
Covered other real estate owned | 590 | 393 | ||||||||||||||||||||||||||||||||||
Total covered nonperforming assets | $ | 826 | $ | 882 | ||||||||||||||||||||||||||||||||
Acquired covered loans | $ | 55,088 | $ | 72,528 | ||||||||||||||||||||||||||||||||
Related Party Loans | ||||||||||||||||||||||||||||||||||||
In the ordinary course of business, the Company entered into loan transactions with certain of its directors or associates of such directors (“Related Parties”). The loans to Related Parties are on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated parties. In management’s opinion, these transactions did not involve more than normal credit risk or present other unfavorable features. All loans to Related Parties were current as of December 31, 2013 and December 31, 2012, and the outstanding principal balance as of December 31, 2013 and December 31, 2012 was $3.9 million and $11.1 million, respectively. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles Assets | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Goodwill and Other Intangibles Assets | ' | |||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||
The change in goodwill during the year is as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Beginning of year | $ | 89,878 | $ | 90,473 | ||||||||||||||
Acquired Goodwill - PIB | 3,526 | — | ||||||||||||||||
Acquired Goodwill - Foster | 29,665 | — | ||||||||||||||||
Measurement period adjustments - Center | — | (595 | ) | |||||||||||||||
Measurement period adjustments - PIB | (3,526 | ) | — | |||||||||||||||
Measurement period adjustments - Foster | (14,142 | ) | — | |||||||||||||||
Impairment | — | — | ||||||||||||||||
End of year | $ | 105,401 | $ | 89,878 | ||||||||||||||
The goodwill arising from the PIB and Foster acquisitions was reduced by a net $3.5 million and $14.1 million, respectively, due to adjustments of certain acquisition date fair value asset and liability estimates during 2013. There are a number of estimates made in the acquisition accounting as of the acquisition date that may be subject to revisions during the subsequent one-year measurement period. Goodwill is not amortized for book purposes and is not deductible for tax purposes. | ||||||||||||||||||
The following table provides information regarding the amortizing intangible assets at December 31, 2013 and 2012: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||
Amount | Amount | |||||||||||||||||
Intangible assets: | Amortization | |||||||||||||||||
period | ||||||||||||||||||
Core deposit—IBKNY acquisition | 10 years | $ | 1,187 | $ | (1,187 | ) | $ | 1,187 | $ | (1,186 | ) | |||||||
Core deposit—Asiana Bank acquistion | 10 years | 1,018 | (1,018 | ) | 1,018 | (1,011 | ) | |||||||||||
Core deposit—KEB, Broadway acquisition | 10 years | 2,726 | (2,726 | ) | 2,726 | (2,703 | ) | |||||||||||
Core deposit—Center Financial Corporation acquisition | 7 years | 4,100 | (1,965 | ) | 4,100 | (1,098 | ) | |||||||||||
Core deposit—PIB acquisition | 7 years | 604 | (138 | ) | — | — | ||||||||||||
Core deposit—Foster acquisition | 10 years | 2,763 | (180 | ) | — | — | ||||||||||||
Total | $ | 12,398 | $ | (7,214 | ) | $ | 9,031 | $ | (5,998 | ) | ||||||||
Total amortization expense on deposit premiums was $1.4 million and $1.2 million for the years ended December 31, 2013 and 2012, respectively. The estimated future amortization expense over the next five years for identifiable intangible assets is as follows: $1.3 million in 2014, $1.1 million in 2015, $849 thousand in 2016, $639 thousand in 2017, and $436 thousand in 2018. |
Deposits
Deposits | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Deposits | ' | |||||||||||
DEPOSITS | ||||||||||||
The aggregate amount of time deposits in denominations of $100,000 or more at December 31, 2013 and 2012 was $1.50 billion and $1.09 billion, respectively. Included in time deposits of $100,000 or more were $300.0 million in California State Treasurer’s deposits at December 31, 2013 and 2012. The California State Treasurer’s deposits are subject to withdrawal based on the State’s periodic evaluations. The Company is required to pledge eligible collateral of at least 110% of outstanding deposits. At December 31, 2013 and 2012, securities with carrying values of approximately $341.4 million and $338.1 million, respectively, were pledged as collateral for the California State Treasurer’s deposits. | ||||||||||||
At December 31, 2013, the scheduled maturities for time deposits were as follows: | ||||||||||||
Year Ended | ||||||||||||
December 31 | ||||||||||||
(In thousands) | ||||||||||||
2014 | $ | 1,894,490 | ||||||||||
2015 | 234,160 | |||||||||||
2016 | 10,669 | |||||||||||
2017 | 5,451 | |||||||||||
2018 and thereafter | 5,319 | |||||||||||
$ | 2,150,089 | |||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Money market and other | $ | 7,818 | $ | 7,566 | $ | 6,322 | ||||||
Savings deposits | 2,800 | 3,364 | 2,945 | |||||||||
Time deposits | 12,703 | 10,424 | 10,978 | |||||||||
$ | 23,321 | $ | 21,354 | $ | 20,245 | |||||||
Borrowings
Borrowings | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Borrowings | ' | |||||||
BORROWINGS | ||||||||
The Company maintains a secured credit facility with the FHLB against which the Bank may take advances. The borrowing capacity is limited to the lower of 30% of the Bank’s total assets or the Bank’s collateral capacity, which was $1.8 billion at December 31, 2013 and December 31, 2012. The terms of this credit facility require the Bank to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances. | ||||||||
At December 31, 2013 and December 31, 2012, real estate secured loans with a carrying amount of approximately $2.3 billion were pledged as collateral for borrowings from the FHLB. At December 31, 2013 and December 31, 2012, other than FHLB stock, securities totaling $13.2 million and $0, respectively, were pledged as collateral for borrowings from the FHLB. | ||||||||
At December 31, 2013 and December 31, 2012, FHLB advances were $421.4 million and $420.7 million, had a weighted average interest rate of 1.16% and 1.24%, respectively, and had various maturities through November 2018. At December 31, 2013 and December 31, 2012, $51.4 million and $66.7 million, respectively, of the advances were putable advances with various putable dates and strike prices. The cost of FHLB advances as of December 31, 2013 ranged between 0.47% and 3.81%. At December 31, 2013, the Company had a remaining borrowing capacity of $1.36 billion. | ||||||||
At December 31, 2013, the contractual maturities for FHLB advances were as follows: | ||||||||
Contractual | Maturity/ | |||||||
Maturities | Put Date | |||||||
(In thousands) | ||||||||
Due within one year | $ | 30,000 | $ | 51,352 | ||||
Due after one year through five years | 391,352 | 370,000 | ||||||
Due after five years through ten years | — | — | ||||||
$ | 421,352 | $ | 421,352 | |||||
In addition, as a member of the Federal Reserve Bank system, we may also borrow from the Federal Reserve Bank of San Francisco. The maximum amount that we may borrow from the Federal Reserve Bank’s discount window is up to 95% of the outstanding principal balance of the qualifying loans and the fair value of the securities that we pledge. At December 31, 2013, the principal balance of the qualifying loans was $635.4 million and the collateral value of investment securities were $2.0 million, and no borrowings were outstanding against this line. |
Subordinated_Debentures
Subordinated Debentures | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Subordinated Borrowings [Abstract] | ' | ||||||||||||||||||||
Subordinated Debentures | ' | ||||||||||||||||||||
SUBORDINATED DEBENTURES | |||||||||||||||||||||
At December 31, 2013, four wholly-owned subsidiary grantor trusts established by former Nara Bancorp had issued $28 million of pooled Trust Preferred Securities (“trust preferred securities”) and one wholly-owned subsidiary grantor trust established by former Center Financial had issued $18 million of trust preferred securities. Upon the acquisition of PIB, the Company assumed one grantor trust established by former PIB which issued $15 million of trust preferred securities, which the Company redeemed on June 17, 2013. Upon the acquisition of Foster, the Company assumed one grantor trust established by former Foster which issued $15 million of trust preferred securities. Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The trusts used the net proceeds from the offering to purchase a like amount of subordinated debentures (the “Debentures”) of BBCN Bancorp. The Debentures are the sole assets of the trusts. BBCN Bancorp’s obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by BBCN Bancorp of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon the maturity of the Debentures, or upon earlier redemption as provided in the indentures. BBCN Bancorp has the right to redeem the Debentures in whole (but not in part) on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. BBCN Bancorp also has a right to defer consecutive payments of interest on the debentures for up to five years. | |||||||||||||||||||||
The following table is a summary of trust preferred securities and debentures at December 31, 2013: | |||||||||||||||||||||
Issuance Trust | Issuance | Trust | Subordinated | Rate | Initial | Coupon Rate at | Maturity | ||||||||||||||
Date | Preferred | Debentures | Type | Rate | 31-Dec-13 | Date | |||||||||||||||
Security | Amount | ||||||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Nara Capital Trust III | 6/5/03 | $ | 5,000 | $ | 5,155 | Variable | 4.44 | % | 3.39 | % | 6/15/33 | ||||||||||
Nara Statutory Trust IV | 12/22/03 | 5,000 | 5,155 | Variable | 4.02 | % | 3.09 | % | 1/7/34 | ||||||||||||
Nara Statutory Trust V | 12/17/03 | 10,000 | 10,310 | Variable | 4.12 | % | 3.19 | % | 12/17/33 | ||||||||||||
Nara Statutory Trust VI | 3/22/07 | 8,000 | 8,248 | Variable | 7 | % | 1.89 | % | 6/15/37 | ||||||||||||
Center Capital Trust I | 12/30/03 | 18,000 | 13,130 | Variable | 4.01 | % | 3.09 | % | (1) | 1/7/34 | |||||||||||
Foster Capital Trust I | 7/8/05 | 15,000 | 15,412 | Variable | 1.7 | % | 1.94 | % | (2) | 7/8/35 | |||||||||||
TOTAL ISSUANCE | $ | 61,000 | $ | 57,410 | |||||||||||||||||
(1) | The Center Capital Trust I trust preferred security was assumed in the merger. The remaining discount was $5.4 million at December 31, 2013 and the effective rate of the security, including the effect of the discount accretion, was 5.31% at December 31, 2013. | ||||||||||||||||||||
(2) | The Foster Capital Trust I trust preferred security was assumed in the merger with Foster. The remaining discount was $52 thousand at December 31, 2013 and the effective rate of the security, including the effect of the discount accretion, was 3.49% at December 31, 2013. | ||||||||||||||||||||
The Company’s investment in the common trust securities of the issuer trusts of $1.9 million and $1.4 million at December 31, 2013 and December 31, 2012, respectively, is included in other assets. Although the subordinated debt issued by the trusts are not included as a component of stockholders' equity in the consolidated balance sheets, the debt is treated as capital for regulatory purposes. The trust preferred security debt issuances are includable in Tier I capital up to a maximum of 25% of capital on an aggregate basis. Any amount that exceeds 25% qualifies as Tier 2 capital. At December 31, 2013, $55.5 million of the trusts’ securities qualified as Tier 1 capital. In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was signed into law which, among other things, limits the ability of bank holding companies with total assets of more than $15 billion to treat trust preferred security debt issuances as Tier 1 capital. Since the Company had less than $15 billion in assets at December 31, 2013, we will be able to continue to include its existing trust preferred securities in Tier 1 capital under the Dodd-Frank Act. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||
INCOME TAXES | |||||||||||||||||||||
A summary of income tax provision (benefit) follows for the years ended December 31: | |||||||||||||||||||||
Current | Deferred | Total | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Federal | $ | 29,891 | $ | 10,341 | $ | 40,232 | |||||||||||||||
State | 6,741 | 5,426 | 12,167 | ||||||||||||||||||
$ | 36,632 | $ | 15,767 | $ | 52,399 | ||||||||||||||||
2012 | |||||||||||||||||||||
Federal | $ | 35,286 | $ | 5,579 | $ | 40,865 | |||||||||||||||
State | 7,256 | 6,289 | 13,545 | ||||||||||||||||||
$ | 42,542 | $ | 11,868 | $ | 54,410 | ||||||||||||||||
2011 | |||||||||||||||||||||
Federal | $ | 4,154 | $ | 7,614 | $ | 11,768 | |||||||||||||||
State | 2,810 | 1,082 | 3,892 | ||||||||||||||||||
$ | 6,964 | $ | 8,696 | $ | 15,660 | ||||||||||||||||
A reconciliation of the difference between the federal statutory income tax rate and the effective tax rate is shown in the following table for the years ended December 31: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Statutory tax rate (benefit) | 35 | % | 35 | % | 35 | % | |||||||||||||||
State taxes (benefit)-net of federal tax effect | 6 | % | 6 | 6 | % | ||||||||||||||||
CRA investment tax credit | (2 | ) | (2 | ) | (3 | ) | |||||||||||||||
Other | — | 1 | (1 | ) | |||||||||||||||||
39 | % | 40 | % | 37 | % | ||||||||||||||||
Deferred tax assets and liabilities at December 31, 2013 and 2012 are comprised of the following: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Purchase accounting fair value adjustment | $ | 47,588 | $ | 34,977 | |||||||||||||||||
Statutory bad debt deduction less than financial statement provision | 22,773 | 26,579 | |||||||||||||||||||
Net operating loss carryforward | 5,207 | 3,901 | |||||||||||||||||||
Capital loss carryforward | — | — | |||||||||||||||||||
Investment security provision | 1,657 | 1,657 | |||||||||||||||||||
Lease expense | 1,393 | 1,321 | |||||||||||||||||||
State tax deductions | 1,505 | 1,771 | |||||||||||||||||||
Accrued compensation | 122 | 116 | |||||||||||||||||||
Deferred compensation | 513 | 600 | |||||||||||||||||||
Mark to market on loans held for sale | 1,876 | 2,891 | |||||||||||||||||||
Depreciation | 3,891 | 1,362 | |||||||||||||||||||
Nonaccrual loan interest | 1,119 | 782 | |||||||||||||||||||
Other real estate owned | 2,162 | 463 | |||||||||||||||||||
FDIC loss share receivable | 576 | — | |||||||||||||||||||
Unrealized loss on securities available for sale | 6,445 | — | |||||||||||||||||||
Tax credits | — | — | |||||||||||||||||||
Non-qualified stock option and restricted unit expense | 1,894 | 2,691 | |||||||||||||||||||
Goodwill | 863 | 1,053 | |||||||||||||||||||
Other | 4,441 | 1,562 | |||||||||||||||||||
104,025 | 81,726 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
FHLB stock dividends | (854 | ) | (1,095 | ) | |||||||||||||||||
Deferred loan costs | (4,304 | ) | (2,724 | ) | |||||||||||||||||
State taxes deferred and other | (7,049 | ) | (7,012 | ) | |||||||||||||||||
Prepaid expenses | (775 | ) | (1,123 | ) | |||||||||||||||||
FDIC loss share receivable | — | (1,684 | ) | ||||||||||||||||||
Amortization of intangibles | (1,693 | ) | (529 | ) | |||||||||||||||||
Unrealized gain on securities available for sale | — | (7,269 | ) | ||||||||||||||||||
Unrealized gain on interest rate swaps | — | 0 | |||||||||||||||||||
Unrealized gain on interest only strips | (53 | ) | (50 | ) | |||||||||||||||||
(14,728 | ) | (21,486 | ) | ||||||||||||||||||
Valuation allowance on capital loss carryforward | — | — | |||||||||||||||||||
Net deferred tax assets: | $ | 89,297 | $ | 60,240 | |||||||||||||||||
Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. 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. | |||||||||||||||||||||
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management evaluates both positive and negative evidence, including the existence of any cumulative losses in the current year and the prior two years, the amount of taxes paid in available carry-back years, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. This analysis is updated quarterly and adjusted as necessary. | |||||||||||||||||||||
Based on the analysis, the Company has determined that a valuation allowance for deferred tax assets was not required as of December 31, 2013 and 2012. | |||||||||||||||||||||
A summary of the Company’s net operating loss carry-forwards is as follows: | |||||||||||||||||||||
FEDERAL | STATE | ||||||||||||||||||||
Remaining | Expires | Annual | Remaining | Expires | Annual | ||||||||||||||||
Amount | Limitation | Amount | Limitation | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
BBCN Bank | $ | — | N/A | $ | — | $ | 124 | 2016 | $ | 83 | |||||||||||
Korea First Bank of New York | 2,979 | 2019 | 497 | — | N/A | — | |||||||||||||||
Asiana | 450 | 2015 | 348 | 723 | 2014 | 348 | |||||||||||||||
Center Bank | — | N/A | N/A | 13,461 | 2031 | 13,356 | |||||||||||||||
PIB | 7,769 | 367 | — | — | |||||||||||||||||
Total | $ | 11,198 | $ | 1,212 | $ | 14,308 | $ | 13,787 | |||||||||||||
2012 | |||||||||||||||||||||
BBCN Bank | $ | — | N/A | $ | — | $ | 124 | 2016 | $ | 83 | |||||||||||
Korea First Bank of New York | 3,476 | 2019 | 497 | — | N/A | — | |||||||||||||||
Asiana | 798 | 2015 | 348 | 723 | 2014 | 348 | |||||||||||||||
Center Bank | — | N/A | N/A | 26,817 | 2031 | $ | 13,356 | ||||||||||||||
Total | $ | 4,274 | $ | 845 | $ | 27,664 | $ | 13,787 | |||||||||||||
The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of California and various other state income taxes. The statute of limitations related to the consolidated Federal income tax return is closed for all tax years up to and including 2009. The expiration of the statute of limitations related to the various state income tax returns that the Company and subsidiaries file, varies by state. The Company is currently under examination by the Internal Revenue Service (“IRS”) for the 2011 tax year and by the California Franchise Tax Board for the 2009 and 2010 tax years. While the outcomes of the examinations are unknown, the Company expects no material adjustments. Examinations by New York City for the 2007, 2008, and 2009 tax years, examinations by California for the 2007 and 2008 tax years, and examinations by IRS for the 2008, 2009, and 2010 tax years were concluded with no material adjustments. | |||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at January 1, | $ | 748 | $ | 569 | |||||||||||||||||
Additions based on tax positions related to the current year | 428 | 219 | |||||||||||||||||||
Additions based on tax positions related to the prior year | 113 | (40 | ) | ||||||||||||||||||
Additions based on taxing authority examination | 997 | — | |||||||||||||||||||
Settlements with taxing authorities | (997 | ) | — | ||||||||||||||||||
Balance at December 31, | $ | 1,289 | $ | 748 | |||||||||||||||||
The total amount of unrecognized tax benefits was $1,289 thousand at December 31, 2013 and $748 thousand at December 31, 2012 and is primarily for uncertainties related to California enterprise zone loan interest deductions taken in prior years. The total amount of tax benefits that, if recognized, would favorably impact the effective tax rate was $872 thousand and $520 thousand at December 31, 2013 and 2012, respectively. The amount of unrecognized tax benefits increased due to the current year accrual of $428 thousand and additional accrual of $113 thousand for prior years. The Company does not expect the total amount of unrecognized tax benefits to significantly change in the next twelve months. | |||||||||||||||||||||
The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company had approximately $58 thousand and $52 thousand for interest and penalties accrued at December 31, 2013 and 2012, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
. | STOCK-BASED COMPENSATION | ||||||||||||
The Company has a stock-based incentive plan, the 2007 BBCN Bancorp Equity Incentive Plan (“2007 Plan”). The 2007 Plan, approved by our stockholders on May 31, 2007, was amended and restated on July 25, 2007 and again on December 1, 2011. The 2007 Plan provides for grants of stock options, stock appreciation rights (“SARs”), restricted stock, performance shares and performance units (sometimes referred to individually or collectively as “awards”) to non-employee directors, officers, employees and consultants of the Company. Stock options may be either “incentive stock options” (“ISOs”), as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or nonqualified stock options (“NQSOs”). | |||||||||||||
The 2007 Plan gives the Company flexibility to (i) attract and retain qualified non-employee directors, executives and other key employees and consultants with appropriate equity-based awards, (ii) motivate high levels of performance, (iii) recognize employee contributions to the Company’s success, and (iv) align the interests of Plan participants with those of the Company’s stockholders. The exercise price for shares under an ISO may not be less than 100% of fair market value (“FMV”) on the date the award is granted under Code Section 422. Similarly, under the terms of the 2007 Plan the exercise price for SARs and NQSOs may not be less than 100% of FMV on the date of grant. Performance units are awarded to a participant at the market price of the Company’s common stock on the date of award (after the lapse of the restriction period and the attainment of the performance criteria). No minimum exercise price is prescribed for performance shares and restricted stock awarded under the 2007 Plan. | |||||||||||||
ISOs, SARs and NQSOs have vesting periods of three to five years and have 10-year contractual terms. Restricted stock, performance shares, and performance units will be granted with a restriction period of not less than one year from the grant date for performance-based awards and not more than three years from the grant date for time-based vesting of grants. Compensation expense for awards is recorded over the vesting period. | |||||||||||||
Center's stock-based incentive plan, the Center Financial Corporation 2006 Stock Incentive Plan, adopted April 12, 2006, as amended and restated June 13, 2007 ("2006 Plan"), was assumed by BBCN, with the outstanding share awards of 585,860 shares and the 2,443,513 shares available for future grants at November 30, 2011 being converted at an exchange ratio of 0.7805. | |||||||||||||
The 2006 Plan provides for the granting of incentive stock options to officers and employees, and non-qualified stock options and restricted stock awards to employees (including officers) and non-employee directors. The option prices of all options granted under the 2006 Plan must be not less than 100% of the fair market value at the date of grant. All options granted generally vest at the rate of 20% per year except that the options granted to the non-employee directors vest at the rate of 33% per year. All options not exercised generally expire ten years after the date of grant. | |||||||||||||
Under the 2007 and 2006 plans 2,716,054 shares were available for future grants as of December 31, 2013. | |||||||||||||
The total shares reserved for issuance will serve as the underlying value for all equity awards under the 2007 Plan and the 2006 Plan. With the exception of the shares underlying stock options and restricted stock awards, the board of directors may choose to settle the awards by paying the equivalent cash value or by delivering the appropriate number of shares. For the year ended December 31, 2013, 86,000 shares of restricted and performance unit awards were granted under the 2007 and 2006 Plans. The fair value of performance unit awards granted is the fair market value of the Company’s common stock on the date of grant. In 2013, 2012 and 2011, no options were granted. | |||||||||||||
The following is a summary of stock option activity under the 2007 and 2006 Plans for the year ended 2013: | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price Per | Contractual | ||||||||||||
Share | Life (Years) | ||||||||||||
Outstanding - January 1, 2013 | 797,805 | $ | 16.7 | ||||||||||
Exercised | (286,242 | ) | 9.96 | ||||||||||
Expired | -39,267 | 15.81 | |||||||||||
Forfeited | -51,702 | 8.64 | |||||||||||
Outstanding - December 31, 2013 | 420,594 | $ | 19.14 | 2.57 | $ | 552,242 | |||||||
Options exercisable - December 31, 2013 | 420,594 | $ | 19.14 | 2.57 | $ | 552,242 | |||||||
The following is a summary of restricted and performance unit activity under the 2007 and 2006 Plans for the year ended 2013: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Outstanding - January 1, 2013 | 512,183 | $ | 9.78 | ||||||||||
Granted | 86,000 | 13.97 | |||||||||||
Vested | (310,658 | ) | 10.16 | ||||||||||
Forfeited | (87,360 | ) | 10.77 | ||||||||||
Outstanding - December 31, 2013 | 200,165 | $ | 11.57 | ||||||||||
The total fair value of performance units vested for the year ended December 31, 2013, 2012, and 2011 was $4.0 million and $160 thousand, and $96 thousand respectively. | |||||||||||||
The amount charged against income related to stock based payment arrangements was $1.3 million, $2.6 million and $103 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The income tax benefit recognized was $533 thousand, $1.1 million, and $16 thousand for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
At December 31, 2013, unrecognized compensation expense related to non-vested stock option grants and restricted and performance units aggregated $1.7 million, and is expected to be recognized over a remaining weighted average vesting period of 2.93 years. | |||||||||||||
The estimated annual stock-based compensation expense as of December 31, 2013 for each of the succeeding years is indicated in the table below: | |||||||||||||
Stock Based | |||||||||||||
Compensation Expense | |||||||||||||
(In thousands) | |||||||||||||
For the year ended December 31: | |||||||||||||
2014 | $ | 1,006 | |||||||||||
2015 | 415 | ||||||||||||
2016 | 185 | ||||||||||||
2017 | 77 | ||||||||||||
2018 | — | ||||||||||||
Total | $ | 1,683 | |||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
EMPLOYEE BENEFIT PLANS | |
Deferred Compensation Plan— In 1996, the Company established a deferred compensation plan that permits eligible officers and directors to defer a portion of their compensation. In 2001, the Board of Directors approved and the Company established a deferred compensation plan that allows key executives of the Company additional deferment of their compensation. The deferred compensation plan is still in effect and was amended in 2007 to be in compliance with the new IRC §409(A) regulations. In May 2004, Center Bank approved Center Bank Executive Deferred Compensation Plan and BBCN has assumed and renamed the plan as the BBCN Bank Executive Deferred Compensation Plan. The deferred compensation, together with accrued accumulated interest, is distributable in cash after retirement or termination of service. The deferred compensation liabilities at December 31, 2013 and 2012 amounted to $1.3 million and $1.5 million, respectively, which are included in other liabilities in the accompanying consolidated statement of financial condition. Interest expense recognized under the deferred compensation plan totaled $31 thousand, $37 thousand and $54 thousand for 2013, 2012 and 2011, respectively. | |
In 2008, the Company established and the Board approved a Long Term Incentive Plan (“LTIP”) that rewards the named executive officers (“NEO”) with deferred compensation if the Company meets certain performance goals, the NEOs meet individual performance goals, and the NEOs remain employed for a pre-determined period (between five and ten years, depending on the officer). Only one NEO is currently participating in the LTIP. The Company accrued $180 thousand, $90 thousand, and $70 thousand in 2013, 2012, and 2011 respectively. | |
The Company has insured the lives of certain officers and directors who participate in the deferred compensation plan. The Company has also purchased life insurance policies and entered into split dollar life insurance agreements with certain directors and officers. Under the terms of the split dollar life insurance agreements, a portion of the death benefits received by the Company will be paid to beneficiaries named by the directors and officers. | |
401(k) Savings Plan— The Company established a 401(k) savings plan, which is open to all eligible employees who are 21 years old or over and have completed three months of service. The Company matches 100% of the first 3% of the employee's compensation contributed. The Company then matches 75% of the next 2% of the employee's compensation contributed. Employer matching is immediately vested in full regardless of the service term. Total employer contributions to the plan amounted to approximately $1.6 million, $1.3 million and $591,000 for 2013, 2012 and 2011, respectively. | |
Employees Stock Ownership Plan (“ESOP”)—In 1996, the Company established an ESOP, which is open to all eligible employees who have completed one year of service working at least 1,000 hours. The Company’s contributions to the ESOP represent an annual profit-sharing bonus paid to employees. Such contributions and available forfeitures are allocated to active employees based on the percentage that their compensation represents of the total compensation of eligible employees. The Company purchased 20,081, 0 and 11,638 shares of its common stock for the ESOP in 2013, 2012 and 2011, respectively. The Company’s contribution and expense to the ESOP was approximately $57 thousand, $250 thousand and $100 thousand for 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, the ESOP held 160,938 and 150,455 shares, and there were no unallocated shares. On an annual basis, the Board determines the amount to contribute to the ESOP as a profit sharing bonus. | |
Upon termination, plan participants are paid in cash or retain their vested balance in the ESOP. During 2013, 2012 and 2011, shares withdrawn from the ESOP by participants who terminated their employment with the Company amounted to 9,354, 1,903 and 22,053 shares, respectively. During 2013, 2012 and 2011, no shares were added to the ESOP plan from dividend reinvestments. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Commitments and Contingencies | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
The Company leases its premises under non-cancelable operating leases, and at December 31, 2013, the future minimum rental commitments under these leases are as follows: | ||||||||
(In thousands) | ||||||||
2014 | $ | 10,483 | ||||||
2015 | 9,407 | |||||||
2016 | 7,953 | |||||||
2017 | 6,302 | |||||||
2018 | 4,569 | |||||||
Thereafter | 15,688 | |||||||
$ | 54,402 | |||||||
Operating lease expense recorded under such leases in 2013, 2012 and 2011 amounted to approximately $10.6 million, $9.0 million and $8.6 million, respectively. | ||||||||
In the normal course of business, the Company is involved in various legal claims. Management has reviewed all legal claims against the Company with counsel for the fiscal year ended December 31, 2013, 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 the consolidated financial condition, results of operations or cash flows of the Company. As of December 31, 2013 and 2012, the Company recorded an accrued liability of $0 and $220 thousand, for litigation settlements. | ||||||||
The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and other commercial letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated statements of financial condition. The Company’s exposure to credit loss in the event of nonperformance by the other party to commitments to extend credit and standby letters of credit and other commercial letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for extending loan facilities to customers. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable; inventory; property, plant and equipment; and income-producing properties. | ||||||||
Commitments at December 31, 2013 and 2012 are summarized as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Commitments to extend credit | $ | 668,306 | $ | 690,917 | ||||
Standby letters of credit | 44,190 | 39,176 | ||||||
Other commercial letters of credit | 56,380 | 51,257 | ||||||
$ | 768,876 | $ | 781,350 | |||||
Commitments and letters of credit generally have variable rates that are tied to the prime rate. The amount of fixed rate commitments is not considered material to this presentation. From time to time, the Company enters into certain types of contracts that contingently require the Company to indemnify parties against third party claims and other obligations customarily indemnified in the ordinary course of the Company’s business. The terms of such obligations vary, and, generally, a maximum obligation is not explicitly stated. Therefore, the overall maximum amount of the obligations cannot be reasonably estimated. The most significant of these contracts relate to certain agreements with the Company’s officers and directors under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship. Historically, the Company has not been obligated to make significant payments for these obligations, and no liabilities have been recorded for these obligations on its consolidated statements of financial condition as of December 31, 2013 and 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||
FASB ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: | ||||||||||||||||
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; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
Level 3: Significant unobservable inputs that reflect estimates of assumptions that market participants would use in pricing the asset or liability. | ||||||||||||||||
Securities Available for Sale | ||||||||||||||||
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a technique widely used 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 (Level 2 inputs). | ||||||||||||||||
The fair values of the Company's Level 3 securities available for sale were measured using an income approach valuation technique. The primary inputs and assumptions used in the fair value measurement were derived from the securities' underlying collateral which included discount rates, prepayment speeds, payment delays, and an assessment of the risk of default of the underlying collateral, among other factors. Significant increases or decreases in any of the inputs or assumptions would result in a significant increase or decrease in the fair value measurement. | ||||||||||||||||
Impaired Loans | ||||||||||||||||
The fair values of impaired loans are generally measured for impairment using the practical expedients permitted by FASB ASC 310-10-35 including impaired loans measured at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation, less costs to sell and result in a Level 2. | ||||||||||||||||
OREO | ||||||||||||||||
OREO is fair valued at the time the loan is foreclosed upon and the asset is transferred to OREO. The value is based primarily on third party appraisals, less costs to sell and result in a Level 2 classification of the inputs for determining fair value. OREO is reviewed and evaluated on at least an annual basis for additional impairment and adjusted to lower of cost or market accordingly, based on the same factors identified above. | ||||||||||||||||
Loans held for sale | ||||||||||||||||
Loans held for sale are carried at the lower of cost or fair value, as determined by outstanding commitments from investors, or based on recent comparable sales (Level 2 inputs), if available, and if not available, are based on discounted cash flows using current market rates applied to the estimated life and credit risk (Level 3 inputs) or may be assessed based upon the fair value of the collateral which is obtained from recent real estate appraisals (Level 3 inputs). These appraisals may utilize a single valuation approach or a combination of approaches including the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in Level 3 classification of the inputs for determining fair value. | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises: | ||||||||||||||||
GSE collateralized mortgage obligations | $ | 274,101 | $ | — | $ | 274,101 | $ | — | ||||||||
GSE mortgage-backed securities | 404,996 | — | 404,996 | — | ||||||||||||
Trust preferred security | 3,697 | — | 3,697 | — | ||||||||||||
Municipal bonds | 5,936 | — | 4,824 | 1,112 | ||||||||||||
Mutual funds | 17,021 | 17,021 | — | — | ||||||||||||
There were no transfers between Level 1, 2 and 3 during the period ended December 31, 2013. | ||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises: | ||||||||||||||||
Collateralized mortgage obligations | 254,912 | — | 254,912 | — | ||||||||||||
Mortgage-backed securities | 425,540 | — | 425,540 | — | ||||||||||||
Trust preferred security | 3,837 | — | 3,837 | — | ||||||||||||
Municipal bonds | 5,118 | — | 5,118 | — | ||||||||||||
Mutual funds | 14,996 | 14,996 | — | — | ||||||||||||
Fair value adjustments for interest rate caps resulted in a net expense of $0 thousand for the year ended December 31, 2013 and $9 thousand for the year ended December 31, 2012. | ||||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||
Real estate loans | $ | 18,746 | $ | — | $ | 18,746 | $ | — | ||||||||
Commercial business | 2,383 | — | 2,383 | — | ||||||||||||
Loans held for sale, net | 6,900 | — | 6,900 | — | ||||||||||||
Other real estate owned | 4,003 | — | 4,003 | — | ||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||
Real estate loans | $ | 4,443 | $ | — | $ | 4,443 | $ | — | ||||||||
Commercial business | 1,164 | — | 1,164 | — | ||||||||||||
Loans held for sale, net | 803 | — | 803 | — | ||||||||||||
Other real estate owned | 2,636 | — | 2,636 | — | ||||||||||||
For assets measured at fair value on a non-recurring basis, the total net (losses) gains, which include charge offs, recoveries, specific reserves, and gains and losses on sales recognized in 2013 and 2012 are summarized below: | ||||||||||||||||
For the year ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||
Real estate loans | $ | (9,892 | ) | $ | 1,169 | |||||||||||
Commercial business | (6,100 | ) | (3,809 | ) | ||||||||||||
Loans held for sale, net | (530 | ) | (2,004 | ) | ||||||||||||
Other real estate owned | (2,360 | ) | (2,786 | ) | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2013 and December 31, 2012 were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Fair Value Measurement Using | ||||||||||||||
Amount | Fair Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 316,705 | $ | 316,705 | Level 1 | |||||||||||
Loans held for sale | 44,115 | 45,975 | Level 2 | |||||||||||||
Loans receivable—net | 5,006,856 | 5,450,008 | Level 3 | |||||||||||||
FDIC loss share receivable | 1,110 | 1,110 | Level 3 | |||||||||||||
Customers’ liabilities on acceptances | 5,602 | 5,602 | Level 2 | |||||||||||||
Financial Liabilities: | ||||||||||||||||
Noninterest bearing deposits | $ | 1,399,454 | $ | 1,399,454 | Level 2 | |||||||||||
Saving and other interest bearing demand deposits | 1,598,514 | 1,598,514 | Level 2 | |||||||||||||
Time deposits | 2,150,089 | 2,156,514 | Level 2 | |||||||||||||
FHLB advances | 421,352 | 421,258 | Level 2 | |||||||||||||
Subordinated debentures | 57,410 | 56,544 | Level 2 | |||||||||||||
Bank’s liabilities on acceptances outstanding | 5,602 | 5,602 | Level 2 | |||||||||||||
December 31, 2012 | ||||||||||||||||
Carrying | Estimated | Fair Value Measurement Using | ||||||||||||||
Amount | Fair Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 312,916 | $ | 312,916 | Level 1 | |||||||||||
Loans held for sale | 51,635 | 57,856 | Level 2 | |||||||||||||
Loans receivable—net | 4,229,311 | 4,591,685 | Level 3 | |||||||||||||
FDIC loss share receivable | 5,797 | 5,797 | Level 3 | |||||||||||||
Customers’ liabilities on acceptances | 10,493 | 10,493 | Level 2 | |||||||||||||
Financial Liabilities: | ||||||||||||||||
Noninterest bearing deposits | 1,184,285 | 1,184,285 | Level 2 | |||||||||||||
Saving and other interest bearing demand deposits | 1,428,990 | 1,428,990 | Level 2 | |||||||||||||
Time deposits | 1,770,760 | 1,772,778 | Level 2 | |||||||||||||
FHLB advances | 420,722 | 425,107 | Level 2 | |||||||||||||
Subordinated debentures | 41,846 | 32,218 | Level 2 | |||||||||||||
Bank’s liabilities on acceptances outstanding | 10,493 | 10,493 | Level 2 | |||||||||||||
The methods and assumptions used to estimate fair value are described as follows. | ||||||||||||||||
The carrying amount is the estimated fair value for cash and cash equivalents, savings and other interest bearing demand deposits, customer’s and Bank’s liabilities on acceptances, noninterest bearing deposits, short-term debt, secured borrowings, and variable rate loans or deposits that reprice frequently and fully. For fixed rate loans or deposits and for variable rate loans or deposits with infrequent repricing or repricing limits, fair value is based on discounted cash flows using current market rates applied to the estimated life and credit risk. The allowance for loan losses is considered to be a reasonable estimate of discount for credit quality concerns. Fair value of SBA loans held for sale is based on market quotes. For fair value of non-SBA loans held for sale, see the measurement method discussed previously. Fair value of time deposits and debt is based on current rates for similar financing. It was not practicable to determine the fair value of Federal Reserve Bank stock or Federal Home Loan Bank stock due to restrictions placed on their transferability. The fair value of commitments to fund loans represents fees currently charged to enter into similar agreements with similar remaining maturities and is not presented herein. The fair value of these financial instruments is not material to the consolidated financial statements. |
Stockholders_Equity_and_Regula
Stockholders' Equity and Regulatory Matters | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders’ Equity and Regulatory Matters [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity and Regulatory Matters | ' | ||||||||||||||||||||
STOCKHOLDERS’ EQUITY AND REGULATORY MATTERS | |||||||||||||||||||||
In June 2012, the Company redeemed $67 million and $55 million of Series A and Series B Preferred Stock having a liquidation preference and warrants to purchase the Company's common stock that was issued under the U.S. Treasury's TARP Capital Purchase Program. On August 8, 2012, the Company purchased from the Treasury Department, the outstanding warrant dated November 21, 2008 relating to 521,266 shares of the Company's common stock, at a purchase price of $2.2 million. As of December 31, 2013, the Company has not reached agreement with the Treasury Department regarding repurchase of the warrant for the purchase of 337,480 shares of the Company's common stock. | |||||||||||||||||||||
The Company and the Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements, such as restrictions on the growth, expansion or the payment of dividends or other capital distributions or management fees. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum ratios (set forth in the table below) of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined) and of Tier I capital (as defined) to average assets (as defined). Management believes that, as of December 31, 2013 and December 31, 2012, the Company and the Bank met all capital adequacy requirements to which they are subject. | |||||||||||||||||||||
As of December 31, 2013 and December 31, 2012, the most recent regulatory notification categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the Bank must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since the notification that management believes have changed the Bank’s category. | |||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios are presented in the table below: | |||||||||||||||||||||
Actual | Required | Required | |||||||||||||||||||
For Capital | To Be Well | ||||||||||||||||||||
Adequacy Purposes | Capitalized under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 819,408 | 14.9 | % | $ | 439,687 | 8 | % | N/A | N/A | |||||||||||
Bank | $ | 807,620 | 14.7 | % | $ | 439,437 | 8 | % | $ | 549,471 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 751,204 | 13.66 | % | $ | 219,844 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 739,416 | 13.46 | % | $ | 219,798 | 4 | % | $ | 329,683 | 6 | % | |||||||||
Tier I capital (to average assets): | |||||||||||||||||||||
Company | $ | 751,204 | 11.97 | % | $ | 251,049 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 739,416 | 11.79 | % | $ | 250,954 | 4 | % | $ | 313,687 | 5 | % | |||||||||
Actual | Required | Required | |||||||||||||||||||
For Capital | To Be Well | ||||||||||||||||||||
Adequacy Purposes | Capitalized under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 746,396 | 16.2 | % | $ | 369,417 | 8 | % | N/A | N/A | |||||||||||
Bank | $ | 725,655 | 15.7 | % | $ | 369,134 | 8 | % | $ | 461,417 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 688,422 | 14.9 | % | $ | 184,708 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 667,725 | 14.5 | % | $ | 184,567 | 4 | % | $ | 276,850 | 6 | % | |||||||||
Tier I capital (to average assets): | |||||||||||||||||||||
Company | $ | 688,422 | 12.8 | % | $ | 215,861 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 667,725 | 12.4 | % | $ | 215,813 | 4 | % | $ | 269,767 | 5 | % | |||||||||
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
EARNINGS PER SHARE ("EPS") | |||||||||||
Basic EPS does not reflect the possibility of dilution that could result from the issuance of additional shares of common stock upon exercise or conversion of outstanding securities, and is computed by dividing net 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 stock options or other contracts to issue common stock were exercised or converted to common stock that would then share in our earnings. For the years ended December 31, 2013, 2012 and 2011, stock options and restricted shares awards for approximately 147 thousand, 559 thousand and 414 thousand shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were antidilutive. Additionally, warrants to purchase 18 thousand, 338 thousand and 859 thousand shares of common stock (related to the TARP Capital Purchase Plan) were antidilutive and excluded for the year ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||
The following table shows the computation of basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011: | |||||||||||
Net income | Shares | Per | |||||||||
available to | (Denominator) | Share | |||||||||
common | (Amount) | ||||||||||
stockholders | |||||||||||
(Numerator) | |||||||||||
(In thousands, except share and per share data) | |||||||||||
2013 | |||||||||||
Net income as reported | $ | 81,755 | |||||||||
Less: preferred stock dividends and accretion of preferred stock discount | — | ||||||||||
Basic EPS - common stock | $ | 81,755 | 79,036,729 | $ | 1.03 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units | 179,542 | ||||||||||
Common stock warrants | 44,432 | ||||||||||
Diluted EPS - common stock | $ | 81,755 | 79,260,703 | $ | 1.03 | ||||||
2012 | |||||||||||
Net income as reported | $ | 83,223 | |||||||||
Less: preferred stock dividends and accretion of preferred stock discount | (5,640 | ) | |||||||||
Basic EPS - common stock | $ | 77,583 | 78,012,253 | $ | 0.99 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units | 78,863 | ||||||||||
Common stock warrants | — | ||||||||||
Diluted EPS - common stock | $ | 77,583 | 78,091,116 | $ | 0.99 | ||||||
2011 | |||||||||||
Net income as reported | $ | 27,115 | |||||||||
Less: preferred stock dividends and accretion of preferred stock discount | (4,568 | ) | |||||||||
Basic EPS - common stock | $ | 22,547 | 42,187,110 | $ | 0.53 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units | 23,490 | ||||||||||
Common stock warrants | — | ||||||||||
Diluted EPS - common stock | $ | 22,547 | 42,210,600 | $ | 0.53 | ||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (unaudited) | ' | |||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
Summarized unaudited quarterly financial data follows for the three months ended: | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Interest income | $ | 66,743 | $ | 69,379 | $ | 72,035 | $ | 74,916 | ||||||||
Interest expense | 7,027 | 7,276 | 7,675 | 8,040 | ||||||||||||
Net interest income before provision for loan losses | 59,716 | 62,103 | 64,360 | 66,876 | ||||||||||||
Provision for loan losses | 7,506 | 800 | 744 | 10,950 | ||||||||||||
Net interest income after provision for loan losses | 52,210 | 61,303 | 63,616 | 55,926 | ||||||||||||
Noninterest income | 9,940 | 10,618 | 10,799 | 11,356 | ||||||||||||
Noninterest expense | 33,275 | 34,429 | 35,746 | 38,164 | ||||||||||||
Income before income tax provision | 28,875 | 37,492 | 38,669 | 29,118 | ||||||||||||
Income tax provision | 11,414 | 14,821 | 15,117 | 11,047 | ||||||||||||
Net income | $ | 17,461 | $ | 22,671 | $ | 23,552 | $ | 18,071 | ||||||||
Dividends and discount accretion on preferred stock | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income available to common stockholders | $ | 17,461 | $ | 22,671 | $ | 23,552 | $ | 18,071 | ||||||||
Basic earnings per common share | $ | 0.22 | $ | 0.29 | $ | 0.3 | $ | 0.23 | ||||||||
Diluted earnings per common share | $ | 0.22 | $ | 0.29 | $ | 0.3 | $ | 0.23 | ||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2012 | ||||||||||||||||
Interest income | $ | 68,555 | $ | 66,943 | $ | 65,455 | $ | 66,932 | ||||||||
Interest expense | 7,696 | 7,441 | 7,224 | 7,286 | ||||||||||||
Net interest income before provision for loan losses | 60,859 | 59,502 | 58,231 | 59,646 | ||||||||||||
Provision for loan losses | 2,600 | 7,182 | 6,900 | 2,422 | ||||||||||||
Net interest income after provision for loan losses | 58,259 | 52,320 | 51,331 | 57,224 | ||||||||||||
Noninterest income | 11,645 | 10,222 | 7,664 | 9,859 | ||||||||||||
Noninterest expense | 30,435 | 31,077 | 28,770 | 30,609 | ||||||||||||
Income before income tax provision | 39,469 | 31,465 | 30,225 | 36,474 | ||||||||||||
Income tax provision | 15,535 | 12,101 | 11,827 | 14,947 | ||||||||||||
Net income | $ | 23,934 | $ | 19,364 | $ | 18,398 | $ | 21,527 | ||||||||
Dividends and discount accretion on preferred stock | $ | (1,869 | ) | $ | (3,771 | ) | $ | — | $ | — | ||||||
Net income available to common stockholders | $ | 22,065 | $ | 15,593 | $ | 18,398 | $ | 21,527 | ||||||||
Basic earnings per common share | $ | 0.28 | $ | 0.2 | $ | 0.24 | $ | 0.28 | ||||||||
Diluted earnings per common share | $ | 0.28 | $ | 0.2 | $ | 0.24 | $ | 0.28 | ||||||||
Condensed_Financial_Statements
Condensed Financial Statements of Parent Company | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Condensed Financial Statement of Parent | ' | |||||||||||
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY | ||||||||||||
The following presents the unconsolidated financial statements of only the parent company, BBCN Bancorp, Inc., as of December 31, 2013 and 2012: | ||||||||||||
STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 9,905 | $ | 19,142 | ||||||||
Other assets | 27,413 | 5,477 | ||||||||||
Investment in bank subsidiary | 833,098 | 769,718 | ||||||||||
TOTAL ASSETS | $ | 870,416 | $ | 794,337 | ||||||||
LIABILITIES: | — | |||||||||||
Other borrowings | $ | 57,410 | $ | 41,846 | ||||||||
Accounts payable and other liabilities | 3,631 | 1,387 | ||||||||||
Total liabilities | 61,041 | 43,233 | ||||||||||
STOCKHOLDERS’ EQUITY | 809,375 | 751,104 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 870,416 | $ | 794,337 | ||||||||
STATEMENTS OF INCOME | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Interest income | $ | — | $ | — | $ | — | ||||||
Interest expense | 1,798 | 2,064 | 1,906 | |||||||||
Dividends from bank subsidiary | — | — | — | |||||||||
Other operating expense | 4,499 | 7,147 | 5,024 | |||||||||
Equity in earnings of bank subsidiary | 85,854 | 88,793 | 31,508 | |||||||||
Income before income tax benefit | 79,557 | 79,582 | 24,578 | |||||||||
Income tax benefit | 2,198 | 3,641 | 2,537 | |||||||||
Net income | $ | 81,755 | 83,223 | $ | 27,115 | |||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 81,755 | $ | 83,223 | $ | 27,115 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Amortization | 259 | 163 | 20 | |||||||||
Stock-based compensation expense | 386 | 1,009 | 8 | |||||||||
Change in other assets | (1,152 | ) | (342 | ) | (1,276 | ) | ||||||
Change in accounts payable and other liabilities | 3,324 | 207 | (238 | ) | ||||||||
Equity in undistributed loss (earnings) of bank subsidiary | (66,113 | ) | 10,207 | (31,508 | ) | |||||||
Net cash from operating activities | 18,459 | 94,467 | (5,879 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Cash and cash equivalents acquired through the merger | 791 | — | 3,438 | |||||||||
Investment in bank subsidiary | — | — | — | |||||||||
Net cash from investing activities | 791 | — | 3,438 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Issuance of additional common stock | — | — | 59,869 | |||||||||
Issuance of additional stock pursuant to various stock plans | 2,852 | 322 | 524 | |||||||||
Tax effect on issuance of shares from stock plan | — | — | 139 | |||||||||
Redemption of subordinated debenture | (4,124 | ) | (10,400 | ) | — | |||||||
Redemption of preferred stock | (7,474 | ) | (122,000 | ) | — | |||||||
Redemption of common stock warrant | — | (2,189 | ) | — | ||||||||
Payments of cash dividends | (19,741 | ) | (7,549 | ) | (3,350 | ) | ||||||
Net cash from financing activities | (28,487 | ) | (141,816 | ) | 57,182 | |||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (9,237 | ) | (47,349 | ) | 54,741 | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 19,142 | 66,491 | 11,750 | |||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 9,905 | $ | 19,142 | $ | 66,491 | ||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Principles of Consolidation | ' | |
Principles of Consolidation—The accounting and reporting policies of BBCN Bancorp, Inc. and Subsidiaries (the “Company”) are in accordance with accounting principles generally accepted in the United States of America and conform to practices within the banking industry. The consolidated financial statements include the accounts of BBCN Bancorp, Inc. (“BBCN Bancorp”) and its wholly-owned subsidiaries, principally BBCN Bank (the “Bank”). | ||
Cash Flows | ' | |
Cash Flows—Cash and cash equivalents include cash and due from banks, interest earning deposits, federal funds sold and term federal funds sold, which have original maturities less than 90 days. The Company may be required to maintain reserve and clearing balances with the Federal Reserve Bank under the Federal Reserve Act. The reserve and clearing requirement balance was $0 at December 31, 2013. Net cash flows are reported for customer loan and deposit transactions, deferred income taxes and other assets and liabilities. | ||
Securities | ' | |
Securities—Securities are classified and accounted for as follows: | ||
(i) | Securities that the Company has the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost. At December 31, 2013 and 2012, we did not own securities in this category; | |
(ii) | Securities are classified as “available for sale” when they might be sold before maturity and are reported at fair value. Unrealized holding gains and losses are reported as a separate component of stockholders’ equity in accumulated other comprehensive income (loss), net of taxes. | |
Accreted discounts and amortized premiums on securities are included in interest income using the interest method, and realized gains or losses related to sales of securities are calculated using the specific identification method, without anticipating prepayments, except for mortgage-backed securities where prepayments are expected. | ||
Management evaluates securities for other than temporary impairment (“OTTI”) at least on a quarterly basis and more frequently when economic conditions warrant such evaluation. For securities in an unrealized loss position, management considers the extent and duration of the unrealized loss, and the financial condition and near-term prospects of the issuer. Management also assesses whether it intends to sell, or it is more likely than not that it will be required to sell, a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. For debt securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) OTTI related to credit loss, which must be recognized in the income statement and 2) OTTI related to other factors, which is recognized in other comprehensive income. The credit loss is defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. For equity securities, the entire amount of impairment is recognized through earnings. | ||
Derivative Financial Instruments and Hedging Transactions | ' | |
Derivative Financial Instruments and Hedging Transactions—As part of our asset and liability management strategy, we may enter into derivative financial instruments, such as interest rate swaps, caps and floors with the overall goal of minimizing the impact of interest rate fluctuations on our net interest margin. The Company’s interest rate swaps and caps involve the exchange of fixed rate and variable rate interest payment obligations without the exchange of the underlying notional amounts and are therefore accounted for as stand alone derivatives. Changes in the fair value of the stand alone derivatives are reported in earnings as noninterest income. As part of the Company’s overall risk management, the Company’s Asset Liability Committee, which meets monthly, monitors and measures interest rate risk and the sensitivity of assets and liabilities to interest rate changes, including the impact of derivative transactions. | ||
During the first quarter of 2010, the Company entered into a three-year interest rate cap agreement which expired in February 2013. Under this cap agreement, the Company received quarterly payments from the counterparty when the quarterly resetting 3 Month London-Interbank Offered Rate exceeded the strike level of 2.00%. | ||
The interest rate cap agreement was considered “free-standing” due to the non-designation of a hedge relationship to any of the Company's financial assets or liabilities. Under FASB ASC 815, valuation gains or losses on interest rate caps not designated as hedging instruments are recognized in earnings. The effect of derivative instruments on the Consolidated Statements of Income during the year ended December 31, 2013 and 2013 was $0 and $9 thousand, respectively. | ||
Loans | ' | |
Loans—Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the principal balance outstanding, net of any unearned interest, deferred loan fees and costs and an allowance for loan losses. Interest income is accrued on the unpaid principal balance. Nonrefundable loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method over the life of the loan. Interest on loans is credited to income as earned and is accrued only if deemed collectible. Generally, loans are placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectibility of the principal and/or interest to be in question. Loans to a customer whose financial condition has deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. | ||
Other loan fees and charges, representing service costs for the prepayment of loans, for delinquent payments or for miscellaneous loan services, are recorded as income when collected. | ||
SBA Loans—Small Business Administration (“SBA”) loans that the Company has the intent to sell prior to maturity have been designated as held for sale at origination and are recorded at the lower of cost or fair value, on an aggregate basis. A valuation allowance is established if the aggregate fair value of such loans is lower than their cost and charged to earnings. Gains or losses recognized upon the sale of loans are determined on a specific identification basis. SBA loan transfers are accounted for as sales when control over the loan has been surrendered. Control over such loans is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Acquired Loans—Loans that the Company acquires are recorded at fair value with no carryover of the related allowance for loan losses. On the date of acquisition, the Company considers all acquired classified loans credit impaired loans ("Acquired Credit Impaired Loans" or "ACILs") under the provisions of Accounting Standards Codification ("ASC") 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. On the date of acquisition, acquired Pass graded loans ("Acquired Performing Loans" or "APLs") are not accounted for under ASC 310-30. Acquired loans are placed in pools with similar risk characteristics and recorded at fair value as of the acquisition date. | ||
For ACILs, the cash flows expected to be received over the life of the pools were estimated by management with the assistance of a third party valuation specialist. These cash flows were utilized in calculating the carrying values of the pools and underlying loans, book yields, effective interest income and impairment, if any, based on actual and projected events. Default rates, loss severity and prepayment speed assumptions are periodically reassessed and updated within the accounting model to update the expectation of future cash flows. The excess of the cash expected to be collected over the pools' carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the loan or pool using the effective interest yield method. The accretable yield will change due to changes in the timing and amounts of expected cash flows. Changes in the accretable yield is disclosed quarterly. | ||
For ACILs, the excess of the contractual balances due over the cash flows expected to be collected is considered to be nonaccretable difference. The nonaccretable difference represents our estimate of the credit losses expected to occur and was considered in determining the fair value of the loans as of the date of acquisition. Subsequent to the date of acquisition, any increases in expected cash flows over those expected at purchase date in excess of fair value are adjusted through the accretable difference on a prospective basis. Any subsequent decreases in expected cash flows over those expected at the acquisition date are recognized by recording a provision for loan losses. | ||
ACILs that met the criteria for nonaccrual of interest prior to the acquisition may be considered performing upon acquisition, regardless of whether the customer is contractually delinquent, if management can reasonably estimate the timing and amount of the expected cash flows on such loans and if management expects to fully collect the new carrying value of the loans. As such, management may no longer consider the loan to be nonaccrual or nonperforming and may accrue interest on these loans, including the impact of any accretable discount. Management has determined that future cash flows are reasonably estimable on any such acquired loans that are past due 90 days or more and accruing interest. Management expects to fully collect the carrying value of the loans. | ||
Loan Servicing Assets—The Company typically sells the guaranteed portion of SBA loans and retains the unguaranteed portion (“retained interest”). A portion of the premium on sale of SBA loans is recognized as gain on sale of loans at the time of the sale by allocating the carrying amount between the asset sold and the retained interest, based on their relative fair values. The remaining portion of the premium is recorded as a discount on the retained interest and is amortized over the remaining life of the loan as an adjustment to yield. The retained interest, net of any discount, are included in loans receivable—net of allowance for loan losses in the accompanying consolidated statements of financial condition. | ||
Servicing assets are recognized when SBA loans are sold with servicing retained with the income statement effect recorded in gains on sales of SBA loans. Servicing assets are initially recorded at fair value based on the present value of the contractually specified servicing fee, net of servicing costs, over the estimated life of the loan, using a discount rate based on the related note rate. The Company’s servicing costs approximates the industry average servicing costs of 40 basis points. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. The Company has capitalized $4.7 million, $2.0 million and $1.3 million of servicing assets during 2013, 2012 and 2011, respectively, and amortized $2.0 million, $1.3 million and $706 thousand during the years ended December 31, 2013, 2012 and 2011, respectively. The carrying amount of servicing assets was $8.9 million and $6.3 million at December 31, 2013 and 2012, respectively, and is included in other assets in the accompanying consolidated statements of financial condition. No impairment charges were required in 2013, 2012, or 2011. | ||
Management periodically evaluates servicing assets for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. No impairment charges were required in 2013, 2012, or 2011 | ||
Allowance for Loan Losses | ' | |
Allowance for Loan Losses—The allowance for loan losses is a valuation allowance for probable incurred credit losses that are inherent in the loan portfolio. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. | ||
The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. | ||
For all loan classes, a loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans, for which the terms have been modified, and for which the borrower is experiencing financial difficulties, may be considered troubled debt restructurings and classified as impaired. Factors considered by management in determining whether a loan is impaired include payment status, collateral values, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not deemed to be impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment is measured on a loan by loan basis by either the present value of expected future cash flows discounted at the loan’s effective interest rate, or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment disclosures. | ||
The general component covers non-impaired loans and is based on historical loss experience adjusted for current factors. The historical loss experience is determined by portfolio segment. The Company further segregates these segments between loans accounted for under the amortized cost method (referred to as "Legacy Loans") and acquired loans (referred to as "Acquired Loans"), as Acquired Loans were originally recorded at fair value with no carryover of the related allowance for loan losses. For the Legacy Loans, the historical loss experience is based on the actual loss history experienced by the Company. The loss experience is supplemented with other economic factors based on the risks present for each portfolio segment. These economic factors include consideration of the following: levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff; national and local economic trends and conditions; industry conditions; and effects of changes in credit concentrations. The following major portfolio segments have been identified: real estate loans (residential, commercial, and construction), commercial business loans, trade finance loans, and consumer/other loans. Due to the overall high level of real estate loans within the loan portfolio as a whole, as compared to other portfolio segments, for risk assessment and allowance purposes this segment was segregated into more granular pools by collateral property type. Construction and land loans have the highest qualitative adjustments for economic and other credit risk factors, such as the incomplete status of the collateral and deleterious effect of the recent economic downturn on these types of properties during, but total balances in these portfolio segments are not a concentration in the overall portfolio. The commercial real estate loan portfolio segment as a whole had the next highest level of qualitative adjustments due to the effects of local markets and economies on the underlying collateral property values, as well as for industry concentrations and risks related to the commercial business tenants. Commercial real estate loans secured by hotels, golf courses, and gas station/car washes pose an industry concentration risk within this portfolio segment, have historically shown higher credit risk than in other collateral property types, and were negatively impacted by the effect of the recent poor economy on the hospitality and recreation industries as well as increasing fuel and travel costs. These factors resulted in higher qualitative adjustments made to these sub-portfolio segments. Within the commercial business and trade finance portfolio segments, risk analysis is performed based on concentrations within industries, as well as by individual loan type. Commercial business loans granted under various SBA-guaranteed programs show higher historical risks as these loans are made to small businesses which were more negatively impacted by the economic issues of the past few years. This impact resulted in increased qualitative adjustments for this sub-portfolio segment during the year. Trade finance loans show minimal historical losses and have the lowest level of inherent risk as they are generally structured for transaction based funding and businesses within this portfolio segment were less impacted by local market downturns. Qualitative adjustments made to this portfolio segment are generally minor as a result. | ||
Impairment losses are included in the allowance for loan losses through a charge to the provision for loan losses. Upon disposition of an impaired loan, any unpaid balance is charged off to the allowance for loan losses. | ||
FHLB Stock | ' | |
FHLB Stock—The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. | ||
Premises and Equipment | ' | |
Premises and Equipment—Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of premises and equipment are computed on the straight-line method over the following estimated useful lives: | ||
Buildings 15-30 years | ||
Furniture, fixture, and equipment 3-7 years | ||
Computer equipment 5 years | ||
Computer software 3 years | ||
Leasehold improvement life of lease or improvements, whichever is shorter | ||
OREO | ' | |
OREO—OREO, which represents real estate acquired through foreclosure in satisfaction of commercial and real estate loans, is stated at fair value less estimated selling costs of the real estate. Loan balances in excess of the fair value of the real estate acquired at the date of acquisition are charged to the allowance for loan losses. Any subsequent operating expenses or income, reduction in estimated fair values, and gains or losses on disposition of such properties are charged or credited to current operations. | ||
FDIC Loss Share Receivable | ' | |
FDIC Loss Share Receivable—In conjunction with the FDIC-assisted acquisition of Innovative Bank by Center Financial in 2011, Center Bank entered into shared-loss agreements with the FDIC for amounts receivable covered by the shared-loss agreements. At the date of merger with Center Financial, consistent with Center Financial's accounting treatment, we elected to account for amounts receivable under the loss sharing agreement with the FDIC as FDIC loss share receivable in accordance with ASC 805. The FDIC loss share receivable was recorded at fair value, based on the discounted value of expected future cash flows under the loss sharing agreement. The cash flows expected to be received under the loss agreement were estimated by management with the assistance of a third party valuation specialist. The difference between the present value and the undiscounted cash flows we expect to collect from the FDIC will be accreted into noninterest income over the life of the FDIC loss share receivable. | ||
The FDIC loss share receivable is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered portfolio. These adjustments are measured on the same basis as the related covered loans and covered other real estate owned. Any increases in the cash flows of the covered assets over those expected will reduce the FDIC loss share receivable and any decreases in cash flows of the covered assets under those expected will increase the FDIC loss share receivable. Increase and decrease to the FDIC loss share receivable are recorded as adjustments to noninterest income | ||
Goodwill and Intangible Assets | ' | |
Goodwill and Intangible Assets—Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but tested for impairment at least annually. | ||
In accordance with Accounting Standards Update ("ASU") 2011-08, Intangibles - Goodwill and Other (Topic 350): Testing Goodwill for Impairment, the Company makes a qualitative assessment of whether it is more likely than not that a reporting unit's fair value is less than its carrying amount before applying the two-step goodwill impairment test. If management concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the two-step impairment test is bypassed. Goodwill is also tested for impairment on an interim basis if circumstances change or an event occurs between annual tests that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Significant judgment is applied when goodwill is assessed for impairment. This judgment includes developing cash flow projections, selecting appropriate discount rates, identifying relevant market comparables, incorporating general economic and market conditions and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weighting that is most representative of fair value. | ||
Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangibles are amortized over a seven to 10 year period. | ||
Stock-Based Compensation | ' | |
Stock-Based Compensation—Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. | ||
Income Taxes | ' | |
Income Taxes—Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities represent the tax effects, based on current tax law, of future deductible or taxable amounts attributable to events that have been recognized in the financial statements. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income and tax planning strategies in making this assessment. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. | ||
A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and / or penalties related to income tax matters in income tax expense. | ||
Section 382 of the Internal Revenue Code imposes limitations on a corporation's ability to use any net unrealized built in losses and other tax attributes, such as net operating loss and tax credit carryforwards, when it undergoes a 50% “ownership change” over a designated testing period (not to exceed three years). As a result of the acquisition on February 14, 2013 of Pacific International Bancorp Inc. ("PIB") and on August 12, 2013 of Foster Bankshares Inc. ("Foster"), both PIB and Foster underwent a greater than 50% ownership change. Except for the limitation on PIB's net operating loss carryforward, there is expected to be no limitation on the use of either PIB’s or Foster’s tax attributes because neither company has a net unrealized built in loss. PIB is expected to fully utilized the net operating loss carryforward before it expires with the application of the annual limitation. However, future transactions, such as issuances of common stock or sales of shares of our stock by certain holders of our shares, including persons who have held, currently hold or may accumulate in the future 5% or more of our outstanding common stock for their own account, could trigger future Section 382 limitations on the Company's use of tax attributes | ||
Employee Stock Ownership Plan (ESOP) | ' | |
Employee Stock Ownership Plan (ESOP)—Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings. | ||
Earnings per Common Share | ' | |
Earnings per Common Share—Basic Earnings per Common Share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Allocated ESOP shares are considered outstanding for this calculation. Diluted Earnings per Common Share reflects the potential dilution of securities that could share in the earnings of the Company. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. | ||
Equity | ' | |
Equity—The Company accrues for preferred stock dividends as earned and for common stock dividends as declared. Preferred stock dividends of $0 and $3.6 million were paid in 2013 and 2012 and there were no preferred stock dividends accrued but unpaid at December 31, 2013 and 2012. Common stock dividends of $19.7 million and $3.9 million were paid in 2013 and 2012. There were no common stock dividends declared but unpaid at December 31, 2013 and 2012. Accrued preferred and common stock dividends are included in other liabilities. | ||
BOLI | ' | |
BOLI—The Company has purchased life insurance policies on certain key executives and directors. BOLI 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 that are probable at settlement. | ||
Investments in Affordable Housing Partnerships | ' | |
Investments in Affordable Housing Partnerships—The Company owns limited partnerships interest in projects of affordable housing for lower income tenants. The investments in which the Company has significant influence are recorded using the equity method of accounting. For those investments in limited partnerships for which the Company does not have a significant influence, such investments are accounted for using the cost method of accounting and the annual amortization is based on the proportion of tax credits received in the current year to the total estimated tax credits to be allocated to the Company | ||
Comprehensive Income | ' | |
Comprehensive Income—Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale, cash flow hedges, and interest-only strips which are also recognized as separate components of stockholders’ equity, net of tax. | ||
Loss Contingencies and Loan Commitments and Related Financial Instruments | ' | |
Loss Contingencies—Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management believes there are no such matters that would have a material effect on the consolidated financial statements as of December 31, 2013 or 2012. | ||
Loan Commitments and Related Financial Instruments—Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. See Note 12 Commitments and Contingencies of the Notes to Consolidated Financial Statements for further discussion | ||
Fair Values of Financial Instruments | ' | |
Fair Values of Financial Instruments—Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. | ||
Impairment of Long-Lived Assets | ' | |
Impairment of Long-Lived Assets—The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated future cash flows (undiscounted) over the remaining useful life of the asset are less than the carrying value, an impairment loss would be recorded to reduce the related asset to its estimated fair value. | ||
Transfers of Financial Assets | ' | |
Transfer of Financial Assets—Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. | ||
Use of Estimates in the Preparation of Consolidated Financial Statements | ' | |
Use of Estimates in the Preparation of Consolidated Financial Statements—The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("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. Actual results could differ from those estimates. Material estimates that are susceptible to change in the near term relate to the determination of the allowance and provision for loan losses, the evaluation of other than temporary impairment of investment securities, accounting for derivatives and hedging activities, determining the carrying value for cash surrender value of life insurance, carrying value of goodwill and other intangible assets, accounting for deferred tax assets and related valuation allowances, the determination of the fair values of investment securities and other financial instruments, determination of the fair values of other real estate owned, accounting for ACILs, accounting for FDIC receivable, accounting for lease arrangements, accounting for incentive compensation, profit sharing and bonus payments and the valuation of servicing assets. | ||
Reclassifications | ' | |
Reclassifications—Some items in the prior year financial statements were reclassified to conform to the current presentation. | ||
Recent Accounting Pronouncements and Newly Issued But Not Yet Effective Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income - ASU No. 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and to present either on the face of the statement where net income is presented, or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income, but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2012. The adoption of ASU No. 2013-02 did not have a material impact on the Company's consolidated financial statements. | ||
ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU No. 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose. The unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. No new recurring disclosures are required. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2013 and are to be applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application is permitted. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's consolidated financial statements. | ||
Newly Issued But Not Yet Effective Accounting Pronouncements | ||
ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. ASU 2014-04 permits an entity to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and should be applied prospectively. The Company will review the requirements of ASU No. 2014-01, but does not expect the ASU to have a material impact on the Company's consolidated financial statements. | ||
ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans uponforeclosure. ASU 2014-04 clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | ||
Fair Value Measurements | ' | |
Securities Available for Sale | ||
The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a technique widely used 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 (Level 2 inputs). | ||
The fair values of the Company's Level 3 securities available for sale were measured using an income approach valuation technique. The primary inputs and assumptions used in the fair value measurement were derived from the securities' underlying collateral which included discount rates, prepayment speeds, payment delays, and an assessment of the risk of default of the underlying collateral, among other factors. Significant increases or decreases in any of the inputs or assumptions would result in a significant increase or decrease in the fair value measurement. | ||
Impaired Loans | ||
The fair values of impaired loans are generally measured for impairment using the practical expedients permitted by FASB ASC 310-10-35 including impaired loans measured at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation, less costs to sell and result in a Level 2. | ||
OREO | ||
OREO is fair valued at the time the loan is foreclosed upon and the asset is transferred to OREO. The value is based primarily on third party appraisals, less costs to sell and result in a Level 2 classification of the inputs for determining fair value. OREO is reviewed and evaluated on at least an annual basis for additional impairment and adjusted to lower of cost or market accordingly, based on the same factors identified above. | ||
Loans held for sale | ||
Loans held for sale are carried at the lower of cost or fair value, as determined by outstanding commitments from investors, or based on recent comparable sales (Level 2 inputs), if available, and if not available, are based on discounted cash flows using current market rates applied to the estimated life and credit risk (Level 3 inputs) or may be assessed based upon the fair value of the collateral which is obtained from recent real estate appraisals (Level 3 inputs). These appraisals may utilize a single valuation approach or a combination of approaches including the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in Level 3 classification of the inputs for determining fair value. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Purchase price allocation | ' | |||||||
The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table: | ||||||||
(In thousands) | ||||||||
Consideration paid: | ||||||||
BBCN common stock issued in exchange for Foster common stock | $ | 2,567 | ||||||
Cash paid for the redemption of Foster common stock | 1,922 | |||||||
Liability for unredeemed Foster common stock | 276 | |||||||
Total consideration paid | $ | 4,765 | ||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 42,883 | ||||||
Investment securities available for sale | 4,844 | |||||||
Loans, net | 255,297 | |||||||
FRB and FHLB stock | 1,714 | |||||||
OREO | 14,251 | |||||||
Premises and equipment | 4,733 | |||||||
Core deposit intangibles | 2,763 | |||||||
Deferred tax assets, net | 21,211 | |||||||
Other assets | 2,353 | |||||||
Liabilities Assumed: | ||||||||
Deposits | (321,596 | ) | ||||||
Borrowings | (18,045 | ) | ||||||
Subordinated debentures | (15,309 | ) | ||||||
Other liabilities | (5,859 | ) | ||||||
Total identifiable net assets | $ | (10,760 | ) | |||||
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ | 15,525 | ||||||
The assets and liabilities of Foster were recorded on the consolidated balance sheet at estimated fair value on the acquisition date. The purchase price may change as additional information becomes available and when unredeemed Foster shares are redeemed. The fair values of the net deferred tax assets, loans, and certain liabilities assumed from Foster were provisional and adjustments to the provisional amounts may occur during the measurement period as the Company obtains additional information about the facts and circumstances that existed as of the acquisition date. | ||||||||
The $15.5 million of goodwill recognized in the Foster acquisition represent the future economic benefit arising from the acquisition including the creation of a platform that can support future operations and strengthening the Company's existing presence in the Chicago metropolitan market and expansion into the Virginia market. Goodwill is not amortized for book purposes and is not deductible for tax purposes. | ||||||||
Acquisition of PIB | ||||||||
On February 15, 2013, the Company completed the acquisition of PIB, a Seattle based company, pursuant to an Agreement and Plan of Merger, dated October 22, 2012. The Company acquired PIB in order to increase the Company's presence in terms of branch offices and deposit market share in the Seattle market. PIB's primary subsidiary, Pacific International Bank, a Washington state-chartered bank, operated four bank branches in the Seattle metropolitan area. | ||||||||
In connection with the acquisition, the consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table: | ||||||||
(In thousands) | ||||||||
Consideration paid: | ||||||||
BBCN common stock issued | $ | 8,437 | ||||||
Cash in lieu of fractional shares paid to PIB stockholders | 1 | |||||||
Redemption of Preferred Stock | 7,475 | |||||||
Total consideration paid | $ | 15,913 | ||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | 25,968 | ||||||
Investment securities available for sale | 7,810 | |||||||
Loans, net | 131,589 | |||||||
FRB and FHLB stock | 1,829 | |||||||
OREO | 3,418 | |||||||
Deferred tax assets, net | 9,886 | |||||||
Core deposit intangibles | 604 | |||||||
Other assets | 2,514 | |||||||
Liabilities Assumed: | ||||||||
Deposits | (143,665 | ) | ||||||
Borrowings | (14,698 | ) | ||||||
Subordinated debentures | (4,108 | ) | ||||||
Other liabilities | (5,116 | ) | ||||||
Total identifiable net assets | $ | 16,031 | ||||||
Bargain purchase gain | $ | 118 | ||||||
Fair value of acquired loans | ' | |||||||
The following table presents loans acquired with deteriorated credit quality as of the date of acquisition: | ||||||||
Foster | PIB | |||||||
(In thousands) | ||||||||
Contractually required principal and interest at acquisition | $ | 150,430 | $ | 54,462 | ||||
Contractual cash flows not expected to be collected (nonaccretable discount) | 37,447 | 9,687 | ||||||
Expected cash flows at acquisition | 112,983 | 44,775 | ||||||
Interest component of expected cash flows (accretable discount) | 14,928 | 4,945 | ||||||
Fair value of acquired impaired loans | $ | 98,055 | $ | 39,830 | ||||
Pro forma information | ' | |||||||
The following unaudited combined pro forma information presents the operating results for the year ended December 31, 2013 and 2012, as if the Foster and PIB acquisitions had occurred on January 1, 2012: | ||||||||
2013 | 2012 | |||||||
(In thousands, except share data) | ||||||||
Net Interest income | $ | 264,040 | $ | 264,669 | ||||
Net income | $ | 84,304 | $ | 74,949 | ||||
Pro forma earnings per share: | ||||||||
Basic | $ | 1.07 | $ | 0.88 | ||||
Diluted | $ | 1.06 | $ | 0.88 | ||||
Securities_Available_for_Sale_
Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Available-for-sale Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Securities Available for Sale | ' | ||||||||||||||||||||||||||||||||
The following is a summary of securities available for sale at December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 286,608 | $ | 1,104 | $ | (13,611 | ) | $ | 274,101 | ||||||||||||||||||||||||
Mortgage-backed securities | 409,165 | 3,620 | (7,789 | ) | 404,996 | ||||||||||||||||||||||||||||
Trust preferred securities | 4,516 | — | (819 | ) | 3,697 | ||||||||||||||||||||||||||||
Municipal bonds | 5,687 | 319 | (70 | ) | 5,936 | ||||||||||||||||||||||||||||
Total debt securities | 705,976 | 5,043 | (22,289 | ) | 688,730 | ||||||||||||||||||||||||||||
Mutual funds | 17,425 | — | (404 | ) | 17,021 | ||||||||||||||||||||||||||||
$ | 723,401 | $ | 5,043 | $ | (22,693 | ) | $ | 705,751 | |||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | $ | 249,373 | $ | 5,649 | $ | (110 | ) | $ | 254,912 | ||||||||||||||||||||||||
Mortgage-backed securities | 415,925 | 10,277 | (662 | ) | 425,540 | ||||||||||||||||||||||||||||
Trust preferred securities | 4,502 | — | (665 | ) | 3,837 | ||||||||||||||||||||||||||||
Municipal bonds | 4,506 | 612 | — | 5,118 | |||||||||||||||||||||||||||||
Total debt securities | 674,306 | 16,538 | (1,437 | ) | 689,407 | ||||||||||||||||||||||||||||
Mutual funds | 14,710 | 286 | — | 14,996 | |||||||||||||||||||||||||||||
$ | 689,016 | $ | 16,824 | $ | (1,437 | ) | $ | 704,403 | |||||||||||||||||||||||||
Schedule of Realized Gain (Loss) | ' | ||||||||||||||||||||||||||||||||
The proceeds from sales of securities and the associated gains are listed below: | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Proceeds | $ | 6,634 | $ | 28,446 | $ | 139,458 | |||||||||||||||||||||||||||
Gross gains | 54 | 949 | 1,219 | ||||||||||||||||||||||||||||||
Gross losses | — | — | — | ||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date | ' | ||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities at December 31, 2013, by contractual maturity, are shown below. 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. Securities not due at a single maturity date are shown separately. | |||||||||||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||
Due within one year | $ | — | $ | — | |||||||||||||||||||||||||||||
Due after one year through five years | 340 | 350 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 3,883 | 4,170 | |||||||||||||||||||||||||||||||
Due after ten years | 5,980 | 5,113 | |||||||||||||||||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 286,608 | 274,101 | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 409,165 | 404,996 | |||||||||||||||||||||||||||||||
Mutual funds | 17,425 | 17,021 | |||||||||||||||||||||||||||||||
$ | 723,401 | $ | 705,751 | ||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | ' | ||||||||||||||||||||||||||||||||
Securities with gross unrealized losses, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated, are as follows: | |||||||||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Description of | Number of | Fair Value | Gross | Number of | Fair Value | Gross | Number of | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Securities | Unrealized | Securities | Unrealized | Securities | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations* | 21 | $ | 198,713 | $ | (12,460 | ) | 3 | $ | 13,381 | $ | (1,151 | ) | 24 | $ | 212,094 | $ | (13,611 | ) | |||||||||||||||
Mortgage-backed securities* | 29 | 203,276 | (7,293 | ) | 7 | 14,793 | (496 | ) | 36 | 218,069 | (7,789 | ) | |||||||||||||||||||||
Municipal bonds | 1 | 1,112 | (70 | ) | — | — | — | 1 | 1,112 | (70 | ) | ||||||||||||||||||||||
Trust preferred securities | — | — | — | 1 | 3,697 | (819 | ) | 1 | 3,697 | (819 | ) | ||||||||||||||||||||||
Mutual funds | 1 | 13,021 | (404 | ) | — | — | — | 1 | 13,021 | (404 | ) | ||||||||||||||||||||||
52 | $ | 416,122 | $ | (20,227 | ) | 11 | $ | 31,871 | $ | (2,466 | ) | 63 | $ | 447,993 | $ | (22,693 | ) | ||||||||||||||||
* Investments in U.S. Government agency and U.S. Government sponsored enterprises | |||||||||||||||||||||||||||||||||
At December 31, 2012 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||
Description of | Number of | Fair Value | Gross | Number of | Fair Value | Gross | Number of | Fair Value | Gross | ||||||||||||||||||||||||
Securities | Securities | Unrealized | Securities | Unrealized | Securities | Unrealized | |||||||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations* | 3 | $ | 18,009 | $ | (110 | ) | — | $ | — | $ | — | 3 | $ | 18,009 | $ | (110 | ) | ||||||||||||||||
Mortgage-backed securities* | 7 | 32,406 | (597 | ) | 3 | 8,251 | (64 | ) | 10 | 40,657 | (661 | ) | |||||||||||||||||||||
Trust preferred securities | — | — | — | 1 | 3,837 | (665 | ) | 1 | 3,837 | (665 | ) | ||||||||||||||||||||||
Mutual funds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
10 | $ | 50,415 | $ | (707 | ) | 4 | $ | 12,088 | $ | (729 | ) | 14 | $ | 62,503 | $ | (1,436 | ) | ||||||||||||||||
* Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Summary of Loans Receivable by Major Category | ' | |||||||||||||||||||||||||||||||||||
The following is a summary of loans by major category at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Loan portfolio composition | ||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||
Residential | $ | 10,039 | $ | 9,247 | ||||||||||||||||||||||||||||||||
Commercial & industrial | 3,821,163 | 3,100,466 | ||||||||||||||||||||||||||||||||||
Construction | 72,856 | 65,045 | ||||||||||||||||||||||||||||||||||
Total real estate loans | 3,904,058 | 3,174,758 | ||||||||||||||||||||||||||||||||||
Commercial business | 949,093 | 921,556 | ||||||||||||||||||||||||||||||||||
Trade finance | 124,685 | 152,070 | ||||||||||||||||||||||||||||||||||
Consumer and other | 98,507 | 49,954 | ||||||||||||||||||||||||||||||||||
Total loans outstanding | 5,076,343 | 4,298,338 | ||||||||||||||||||||||||||||||||||
Less: deferred loan fees | (2,168 | ) | (2,086 | ) | ||||||||||||||||||||||||||||||||
Gross loans receivable | 5,074,175 | 4,296,252 | ||||||||||||||||||||||||||||||||||
Less: allowance for loan losses | (67,320 | ) | (66,941 | ) | ||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 5,006,855 | $ | 4,229,311 | ||||||||||||||||||||||||||||||||
Loans and Leases Acquired, Accretable Yield Movement Schedule | ' | |||||||||||||||||||||||||||||||||||
The following table presents changes in the accretable discount on the ACILs for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 18,652 | $ | 31,999 | ||||||||||||||||||||||||||||||||
Additions due to mergers and acquisitions | 19,873 | — | ||||||||||||||||||||||||||||||||||
Accretion | (15,590 | ) | (14,135 | ) | ||||||||||||||||||||||||||||||||
Changes in expected cash flows | 24,463 | 788 | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 47,398 | $ | 18,652 | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses by Portfolio Segment | ' | |||||||||||||||||||||||||||||||||||
The following tables detail the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 39,040 | $ | 20,681 | $ | 1,786 | $ | 445 | $ | — | $ | — | $ | — | $ | — | $ | 61,952 | ||||||||||||||||||
Provision for loan losses | 7,098 | 3,700 | 403 | 673 | 4,824 | 1,903 | 303 | 200 | 19,104 | |||||||||||||||||||||||||||
Loans charged off | (6,770 | ) | (9,406 | ) | — | (568 | ) | (411 | ) | (945 | ) | (300 | ) | (380 | ) | (18,780 | ) | |||||||||||||||||||
Recoveries of charged offs | 2,137 | 1,515 | 160 | 108 | 305 | 157 | — | 283 | 4,665 | |||||||||||||||||||||||||||
Balance, end of period | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | ||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of period | 41,505 | 16,490 | 2,349 | 658 | 4,718 | 1,115 | 3 | 103 | 66,941 | |||||||||||||||||||||||||||
Provision (credit) for loan losses | 665 | 2,491 | 7,517 | 169 | 7,880 | 1,319 | (3 | ) | (38 | ) | 20,000 | |||||||||||||||||||||||||
Loans charged off | (2,406 | ) | (4,022 | ) | (7,213 | ) | (524 | ) | (6,123 | ) | (1,738 | ) | — | (43 | ) | (22,069 | ) | |||||||||||||||||||
Recoveries of charged offs | 304 | 1,837 | — | 158 | 7 | 100 | — | 42 | 2,448 | |||||||||||||||||||||||||||
Balance, end of period | $ | 40,068 | $ | 16,796 | $ | 2,653 | $ | 461 | $ | 6,482 | $ | 796 | $ | — | $ | 64 | $ | 67,320 | ||||||||||||||||||
The following tables disaggregate the allowance for loan losses and the carrying value of loans receivables by impairment methodology at December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,578 | $ | 5,183 | $ | 159 | $ | 32 | $ | 1,092 | $ | 622 | $ | — | $ | — | $ | 12,666 | ||||||||||||||||||
Collectively evaluated for impairment | 34,490 | 11,613 | 2,494 | 429 | 612 | 174 | — | 64 | 49,876 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 4,778 | — | — | — | 4,778 | |||||||||||||||||||||||||||
Total | $ | 40,068 | $ | 16,796 | $ | 2,653 | $ | 461 | $ | 6,482 | $ | 796 | $ | — | $ | 64 | $ | 67,320 | ||||||||||||||||||
Loans outstanding: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 49,177 | $ | 37,314 | $ | 5,692 | $ | 535 | $ | 19,992 | $ | 2,792 | $ | — | $ | 767 | $ | 116,269 | ||||||||||||||||||
Collectively evaluated for impairment | 3,076,924 | 778,350 | 117,249 | 32,421 | 613,696 | 84,325 | — | 31,802 | 4,734,767 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 144,269 | 46,312 | 1,744 | 32,982 | 225,307 | |||||||||||||||||||||||||||
Total | $ | 3,126,101 | $ | 815,664 | $ | 122,941 | $ | 32,956 | $ | 777,957 | $ | 133,429 | $ | 1,744 | $ | 65,551 | $ | 5,076,343 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Legacy | Acquired | Total | ||||||||||||||||||||||||||||||||||
Real Estate | Commercial Business | Trade Finance | Consumer and Other | Real Estate | Commercial Business | Trade Finance | Consumer and Other | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,723 | $ | 3,084 | $ | 96 | $ | — | $ | 183 | $ | 1,074 | $ | — | $ | — | $ | 9,160 | ||||||||||||||||||
Collectively evaluated for impairment | 36,782 | 13,406 | 2,253 | 658 | — | 41 | 3 | 103 | 53,246 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 4,535 | — | — | — | 4,535 | |||||||||||||||||||||||||||
Total | $ | 41,505 | $ | 16,490 | $ | 2,349 | $ | 658 | $ | 4,718 | $ | 1,115 | $ | 3 | $ | 103 | $ | 66,941 | ||||||||||||||||||
Loans outstanding: | ||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 37,394 | $ | 23,951 | $ | 6,199 | $ | 536 | $ | 17,951 | $ | 3,323 | $ | — | $ | 802 | $ | 90,156 | ||||||||||||||||||
Collectively evaluated for impairment | 2,387,080 | 729,904 | 144,173 | 27,284 | 628,449 | 114,621 | 242 | 18,257 | 4,050,010 | |||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | — | — | — | 103,884 | 49,757 | 1,456 | 3,075 | 158,172 | |||||||||||||||||||||||||||
Total | $ | 2,424,474 | $ | 753,855 | $ | 150,372 | $ | 27,820 | $ | 750,284 | $ | 167,701 | $ | 1,698 | $ | 22,134 | $ | 4,298,338 | ||||||||||||||||||
Impaired Financing Receivables | ' | |||||||||||||||||||||||||||||||||||
The following tables detail impaired loans (Legacy and Acquired) by portfolio segment as of December 31, 2013 and December 31, 2012 and for the years ended December 31, 2013 and 2012. Loans with no related allowance for loan losses are believed by management to have adequate collateral securing their carrying value. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid Contractual Principal Balance | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Allowance | Recorded Investment* | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 7,318 | 7,451 | 827 | 7,783 | 181 | |||||||||||||||||||||||||||||||
Hotel & Motel | 11,920 | 12,744 | 2,841 | 11,432 | 550 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 3,145 | 3,236 | 519 | 2,090 | 117 | |||||||||||||||||||||||||||||||
Mixed Use | 930 | 953 | 212 | 1,108 | 43 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 12,398 | 12,470 | 810 | 9,496 | 323 | |||||||||||||||||||||||||||||||
Other | 10,262 | 10,351 | 1,461 | 9,826 | 405 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 34,663 | 36,472 | 5,805 | 27,010 | 1,572 | |||||||||||||||||||||||||||||||
Trade Finance | 5,600 | 5,628 | 159 | 5,313 | 41 | |||||||||||||||||||||||||||||||
Consumer and Other | 535 | 535 | 32 | 348 | 23 | |||||||||||||||||||||||||||||||
$ | 86,771 | $ | 89,840 | $ | 12,666 | $ | 74,406 | $ | 3,255 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 4,025 | 6,591 | — | 3,428 | 45 | |||||||||||||||||||||||||||||||
Hotel & Motel | 6,502 | 10,498 | — | 6,304 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 4,845 | 8,273 | — | 3,803 | 139 | |||||||||||||||||||||||||||||||
Mixed Use | 845 | 912 | — | 697 | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 3,806 | 7,204 | — | 3,958 | 10 | |||||||||||||||||||||||||||||||
Other | 1,548 | 3,647 | — | 3,043 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | 1,625 | 1,625 | — | 1,670 | 89 | |||||||||||||||||||||||||||||||
Commercial Business | 5,443 | 8,437 | — | 2,770 | 25 | |||||||||||||||||||||||||||||||
Trade Finance | 92 | 7,279 | — | 18 | — | |||||||||||||||||||||||||||||||
Consumer and Other | 767 | 831 | — | 1,067 | — | |||||||||||||||||||||||||||||||
$ | 29,498 | $ | 55,297 | $ | — | $ | 26,758 | $ | 308 | |||||||||||||||||||||||||||
Total | $ | 116,269 | $ | 145,137 | $ | 12,666 | $ | 101,164 | $ | 3,563 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
As of December 31, 2013 | For the year ended December 31, 2013 | |||||||||||||||||||||||||||||||||||
Impaired APLs(1) | Recorded Investment* | Unpaid | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Contractual Principal | Allowance | Recorded Investment* | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 391 | 397 | 15 | 1,084 | 14 | |||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 794 | 885 | 341 | 485 | — | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 5,128 | 5,200 | 612 | 6,323 | — | |||||||||||||||||||||||||||||||
Other | 1,362 | 1,412 | 124 | 1,819 | 43 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 1,984 | 3,354 | 622 | 2,827 | 5 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 9,659 | $ | 11,248 | $ | 1,714 | $ | 12,538 | $ | 62 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1,244 | 2,216 | — | 953 | 14 | |||||||||||||||||||||||||||||||
Hotel & Motel | 6,441 | 8,676 | — | 6,169 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,614 | 2,109 | — | 1,366 | 62 | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 1,883 | 3,446 | — | 2,482 | 10 | |||||||||||||||||||||||||||||||
Other | 1,135 | 1,547 | — | 1,600 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 808 | 948 | — | 291 | — | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | 767 | 831 | — | 779 | — | |||||||||||||||||||||||||||||||
$ | 13,892 | $ | 19,773 | $ | — | $ | 13,640 | $ | 86 | |||||||||||||||||||||||||||
Total | $ | 23,551 | $ | 31,021 | $ | 1,714 | $ | 26,178 | $ | 148 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
(1) | APLs that became impaired subsequent to being acquired. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | For the year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Total Impaired Loans | Recorded Investment* | Unpaid | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Contractual Principal | Allowance | Recorded Investment* | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 5,477 | 5,610 | 1,167 | 3,512 | 255 | |||||||||||||||||||||||||||||||
Hotel & Motel | 8,990 | 8,995 | 1,860 | 17,536 | 426 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,892 | 2,440 | 73 | 2,908 | — | |||||||||||||||||||||||||||||||
Mixed Use | 900 | 976 | 250 | 3,182 | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 2,074 | 2,153 | 567 | 3,052 | 66 | |||||||||||||||||||||||||||||||
Other | 16,184 | 16,389 | 989 | 14,322 | 805 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | 26 | — | |||||||||||||||||||||||||||||||
Commercial Business | 26,354 | 29,073 | 4,158 | 25,227 | 1,252 | |||||||||||||||||||||||||||||||
Trade Finance | 6,199 | 7,173 | 96 | 3,510 | 248 | |||||||||||||||||||||||||||||||
Consumer and Other | 55 | 56 | — | 119 | 4 | |||||||||||||||||||||||||||||||
$ | 68,125 | $ | 72,865 | $ | 9,160 | $ | 73,394 | $ | 3,056 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 2,516 | 5,404 | — | 1,602 | 48 | |||||||||||||||||||||||||||||||
Hotel & Motel | 6,212 | 8,202 | — | 1,365 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,731 | 4,359 | — | 1,775 | — | |||||||||||||||||||||||||||||||
Mixed Use | 899 | 923 | — | 180 | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 4,392 | 6,450 | — | 4,408 | 160 | |||||||||||||||||||||||||||||||
Other | 2,371 | 6,283 | — | 2,598 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | 1,710 | 1,710 | — | 1,710 | 111 | |||||||||||||||||||||||||||||||
Commercial Business | 920 | 1,368 | — | 8,028 | 18 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | 946 | — | |||||||||||||||||||||||||||||||
Consumer and Other | 1,280 | 1,316 | — | 357 | 20 | |||||||||||||||||||||||||||||||
$ | 22,031 | $ | 36,015 | $ | — | $ | 22,969 | $ | 357 | |||||||||||||||||||||||||||
Total | $ | 90,156 | $ | 108,880 | $ | 9,160 | $ | 96,363 | $ | 3,413 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | For the year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Impaired APLs(1) | Recorded Investment* | Unpaid | Related | Average | Interest Income Recognized during Impairment | |||||||||||||||||||||||||||||||
Contractual Principal | Allowance | Recorded Investment* | ||||||||||||||||||||||||||||||||||
Balance | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1,286 | 1,286 | 9 | 920 | 64 | |||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | 3,676 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | — | — | — | 57 | — | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 832 | 887 | 2 | 331 | 36 | |||||||||||||||||||||||||||||||
Other | 4,272 | 4,461 | 172 | 1,711 | 288 | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 2,974 | 3,072 | 1,074 | 1,625 | 26 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | — | — | — | — | — | |||||||||||||||||||||||||||||||
$ | 9,364 | $ | 9,706 | $ | 1,257 | $ | 8,320 | $ | 414 | |||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 800 | 840 | — | 161 | 48 | |||||||||||||||||||||||||||||||
Hotel & Motel | 5,990 | 7,375 | — | 1,198 | — | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 774 | 1,865 | — | 608 | — | |||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 3,190 | 3,302 | — | 2,005 | 160 | |||||||||||||||||||||||||||||||
Other | 807 | 3,156 | — | 993 | — | |||||||||||||||||||||||||||||||
Real Estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial Business | 349 | 681 | — | 680 | 15 | |||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | |||||||||||||||||||||||||||||||
Consumer and Other | 802 | 836 | — | 160 | — | |||||||||||||||||||||||||||||||
$ | 12,712 | $ | 18,055 | $ | — | $ | 5,805 | $ | 223 | |||||||||||||||||||||||||||
Total | $ | 22,076 | $ | 27,761 | $ | 1,257 | $ | 14,125 | $ | 637 | ||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
(1) | APLs that became impaired subsequent to being acquired. | |||||||||||||||||||||||||||||||||||
For the year ended | ||||||||||||||||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||||||||||||||
Total Impaired Loans | Average | Interest Income Recognized during Impairment | ||||||||||||||||||||||||||||||||||
Recorded Investment* | ||||||||||||||||||||||||||||||||||||
With Related Allowance: | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 3,476 | 34 | ||||||||||||||||||||||||||||||||||
Hotel & Motel | 14,581 | 1,013 | ||||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 2,825 | 95 | ||||||||||||||||||||||||||||||||||
Mixed Use | 1,561 | 158 | ||||||||||||||||||||||||||||||||||
Industrial & Warehouse | 4,819 | 310 | ||||||||||||||||||||||||||||||||||
Other | 6,195 | 298 | ||||||||||||||||||||||||||||||||||
Real Estate—Construction | 2,504 | — | ||||||||||||||||||||||||||||||||||
Commercial Business | 23,133 | 538 | ||||||||||||||||||||||||||||||||||
Trade Finance | 899 | 71 | ||||||||||||||||||||||||||||||||||
Consumer and Other | — | — | ||||||||||||||||||||||||||||||||||
$ | 59,993 | $ | 2,517 | |||||||||||||||||||||||||||||||||
With No Related Allowance | ||||||||||||||||||||||||||||||||||||
Real Estate—Residential | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Real Estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 6,199 | — | ||||||||||||||||||||||||||||||||||
Hotel & Motel | 4,722 | — | ||||||||||||||||||||||||||||||||||
Gas Station & Car Wash | 2,584 | — | ||||||||||||||||||||||||||||||||||
Mixed Use | 2,157 | — | ||||||||||||||||||||||||||||||||||
Industrial & Warehouse | 3,150 | — | ||||||||||||||||||||||||||||||||||
Other | 10,596 | — | ||||||||||||||||||||||||||||||||||
Real Estate—Construction | 3,280 | 113 | ||||||||||||||||||||||||||||||||||
Commercial Business | 12,432 | 203 | ||||||||||||||||||||||||||||||||||
Trade Finance | 758 | 30 | ||||||||||||||||||||||||||||||||||
Consumer and Other | 145 | — | ||||||||||||||||||||||||||||||||||
$ | 46,023 | $ | 346 | |||||||||||||||||||||||||||||||||
Total | $ | 106,016 | $ | 2,863 | ||||||||||||||||||||||||||||||||
* | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||||||||||||||||||||||||||||||||
The recorded investment in individually impaired loans was as follows: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
With Allocated Allowance | ||||||||||||||||||||||||||||||||||||
Without charge-off | $ | 85,920 | $ | 65,526 | ||||||||||||||||||||||||||||||||
With charge-off | 851 | 2,599 | ||||||||||||||||||||||||||||||||||
With No Allocated Allowance | ||||||||||||||||||||||||||||||||||||
Without charge-off | 23,160 | 17,536 | ||||||||||||||||||||||||||||||||||
With charge-off | 6,338 | 4,495 | ||||||||||||||||||||||||||||||||||
Allowance on Impaired Loans | (12,666 | ) | (9,160 | ) | ||||||||||||||||||||||||||||||||
Impaired Loans, net of allowance | $ | 103,603 | $ | 80,996 | ||||||||||||||||||||||||||||||||
Aging of Past Due Loans | ' | |||||||||||||||||||||||||||||||||||
ments are reasonably assured. | ||||||||||||||||||||||||||||||||||||
The following tables present the aging of past due loans as of December 31, 2013 and December 31, 2012 by class of loans: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Past Due and Accruing | ||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans | Total Delinquent loans | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 122 | — | — | 122 | 4,363 | 4,485 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 121 | 121 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,038 | — | — | 1,038 | 2,228 | 3,266 | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | 974 | 974 | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 215 | — | — | 215 | 1,923 | 2,138 | ||||||||||||||||||||||||||||||
Other | — | — | — | — | 1,398 | 1,398 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 780 | 244 | — | 1,024 | 6,402 | 7,426 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | 1,031 | 1,031 | ||||||||||||||||||||||||||||||
Consumer and other | 54 | 22 | — | 76 | — | 76 | ||||||||||||||||||||||||||||||
Subtotal | $ | 2,209 | $ | 266 | $ | — | $ | 2,475 | $ | 18,440 | $ | 20,915 | ||||||||||||||||||||||||
Acquired Loans (1) | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 2,024 | — | — | 2,024 | 1,030 | 3,054 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 6,441 | 6,441 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1,068 | — | — | 1,068 | 1,339 | 2,407 | ||||||||||||||||||||||||||||||
Mixed Use | 576 | — | — | 576 | — | 576 | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 121 | — | — | 121 | 6,890 | 7,011 | ||||||||||||||||||||||||||||||
Other | 516 | 1,729 | — | 2,245 | 1,376 | 3,621 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 524 | 703 | 5 | 1,232 | 2,708 | 3,940 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer and other | 284 | 74 | — | 358 | 930 | 1,288 | ||||||||||||||||||||||||||||||
Subtotal | $ | 5,113 | $ | 2,506 | $ | 5 | $ | 7,624 | $ | 20,714 | $ | 28,338 | ||||||||||||||||||||||||
TOTAL | $ | 7,322 | $ | 2,772 | $ | 5 | $ | 10,099 | $ | 39,154 | $ | 49,253 | ||||||||||||||||||||||||
(1) | The Acquired Loan balances exclude ACILs of $9.7 million, $2.5 million and $43.8 million that were 30-59 days, 60-89 days and 90 or more days past due, respectively. | |||||||||||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Past Due and Accruing | ||||||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90 or More Days Past Due | Total | Nonaccrual Loans | Total Delinquent loans | |||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 87 | — | — | 87 | 3,316 | 3,403 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 437 | 437 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 359 | — | — | 359 | 2,848 | 3,207 | ||||||||||||||||||||||||||||||
Mixed Use | 34 | — | — | 34 | 1,799 | 1,833 | ||||||||||||||||||||||||||||||
Industrial & Warehouse | — | — | — | — | 1,950 | 1,950 | ||||||||||||||||||||||||||||||
Other | — | 115 | — | 115 | 2,379 | 2,494 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 298 | 234 | — | 532 | 4,942 | 5,474 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | 869 | 869 | ||||||||||||||||||||||||||||||
Consumer and other | 190 | — | — | 190 | — | 190 | ||||||||||||||||||||||||||||||
Subtotal | 968 | 349 | — | 1,317 | 18,540 | 19,857 | ||||||||||||||||||||||||||||||
Acquired Loans (1) | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 75 | — | — | 75 | — | 75 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 5,990 | 5,990 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | — | 1,109 | — | 1,109 | 774 | 1,883 | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | — | 3,278 | — | 3,278 | — | 3,278 | ||||||||||||||||||||||||||||||
Other | 15 | — | — | 15 | 937 | 952 | ||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 220 | 285 | — | 505 | 2,442 | 2,947 | ||||||||||||||||||||||||||||||
Trade finance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer and other | 98 | 17 | — | 115 | 970 | 1,085 | ||||||||||||||||||||||||||||||
Subtotal | $ | 408 | $ | 4,689 | $ | — | $ | 5,097 | $ | 11,113 | $ | 16,210 | ||||||||||||||||||||||||
TOTAL | $ | 1,376 | $ | 5,038 | $ | — | $ | 6,414 | $ | 29,653 | $ | 36,067 | ||||||||||||||||||||||||
(1) | The Acquired Loan balances exclude ACILs of $7.0 million, $12.1 million and $17.7 million that were 30-59 days, 60-89 days and 90 or more days past due, respectively. | |||||||||||||||||||||||||||||||||||
Risk Category of Loans by Class of Loans | ' | |||||||||||||||||||||||||||||||||||
The following tables present the risk rating for Legacy Loans and Acquired Loans as of December 31, 2013 and December 31, 2012 by class of loans: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful/Loss | Total | ||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 8,070 | $ | — | $ | — | $ | — | $ | 8,070 | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 842,815 | 858 | 14,365 | — | 858,038 | |||||||||||||||||||||||||||||||
Hotel & Motel | 568,263 | 1,841 | 13,661 | — | 583,765 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 455,205 | — | 10,854 | — | 466,059 | |||||||||||||||||||||||||||||||
Mixed Use | 259,788 | 360 | 3,324 | — | 263,472 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 251,993 | 4,116 | 12,056 | — | 268,165 | |||||||||||||||||||||||||||||||
Other | 589,895 | 3,928 | 11,493 | 359 | 605,675 | |||||||||||||||||||||||||||||||
Real estate—Construction | 71,231 | — | 1,626 | — | 72,857 | |||||||||||||||||||||||||||||||
Commercial business | 759,956 | 12,756 | 42,952 | — | 815,664 | |||||||||||||||||||||||||||||||
Trade finance | 91,055 | 22,589 | 9,297 | — | 122,941 | |||||||||||||||||||||||||||||||
Consumer and other | 32,389 | 32 | 535 | — | 32,956 | |||||||||||||||||||||||||||||||
Subtotal | $ | 3,930,660 | $ | 46,480 | $ | 120,163 | $ | 359 | $ | 4,097,662 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 1,066 | $ | 284 | $ | 619 | $ | — | $ | 1,969 | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 237,325 | 9,319 | 28,128 | 94 | 274,866 | |||||||||||||||||||||||||||||||
Hotel & Motel | 109,138 | 7,134 | 14,836 | 179 | 131,287 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 35,356 | 1,621 | 14,440 | 245 | 51,662 | |||||||||||||||||||||||||||||||
Mixed Use | 32,992 | 1,467 | 5,316 | — | 39,775 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 92,570 | 3,525 | 19,720 | — | 115,815 | |||||||||||||||||||||||||||||||
Other | 133,752 | 6,698 | 21,573 | 560 | 162,583 | |||||||||||||||||||||||||||||||
Real estate—Construction | — | — | — | — | — | |||||||||||||||||||||||||||||||
Commercial business | 94,854 | 10,266 | 26,245 | 2,064 | 133,429 | |||||||||||||||||||||||||||||||
Trade finance | 1,744 | — | — | — | 1,744 | |||||||||||||||||||||||||||||||
Consumer and other | 51,036 | 2,695 | 7,460 | 4,360 | 65,551 | |||||||||||||||||||||||||||||||
Subtotal | $ | 789,833 | $ | 43,009 | $ | 138,337 | $ | 7,502 | $ | 978,681 | ||||||||||||||||||||||||||
Total | $ | 4,720,493 | $ | 89,489 | $ | 258,500 | $ | 7,861 | $ | 5,076,343 | ||||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Pass | Special | Substandard | Doubtful/Loss | Total | ||||||||||||||||||||||||||||||||
Mention | ||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | 9,223 | $ | — | $ | 24 | $ | — | $ | 9,247 | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 589,720 | 3,584 | 12,303 | — | 605,607 | |||||||||||||||||||||||||||||||
Hotel & Motel | 453,908 | 1,894 | 16,795 | — | 472,597 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 370,803 | 1,288 | 9,982 | — | 382,073 | |||||||||||||||||||||||||||||||
Mixed Use | 233,687 | 2,131 | 3,423 | — | 239,241 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 202,066 | 1,010 | 4,295 | 370 | 207,741 | |||||||||||||||||||||||||||||||
Other | 431,686 | 1,219 | 17,084 | — | 449,989 | |||||||||||||||||||||||||||||||
Real estate—Construction | 56,270 | — | 1,710 | — | 57,980 | |||||||||||||||||||||||||||||||
Commercial business | 726,073 | 6,164 | 21,514 | 104 | 753,855 | |||||||||||||||||||||||||||||||
Trade finance | 136,197 | 7,976 | 6,199 | — | 150,372 | |||||||||||||||||||||||||||||||
Consumer and other | 26,801 | 13 | 1,006 | — | 27,820 | |||||||||||||||||||||||||||||||
Subtotal | $ | 3,236,434 | $ | 25,279 | $ | 94,335 | $ | 474 | $ | 3,356,522 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate—Residential | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real estate—Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 225,982 | 6,469 | 17,331 | — | 249,782 | |||||||||||||||||||||||||||||||
Hotel & Motel | 105,032 | 16,150 | 13,215 | — | 134,397 | |||||||||||||||||||||||||||||||
Gas Station & Car Wash | 33,360 | 7,192 | 4,119 | — | 44,671 | |||||||||||||||||||||||||||||||
Mixed Use | 34,927 | 3,826 | 6,526 | — | 45,279 | |||||||||||||||||||||||||||||||
Industrial & Warehouse | 114,616 | 1,385 | 9,470 | — | 125,471 | |||||||||||||||||||||||||||||||
Other | 121,666 | 4,473 | 17,479 | — | 143,618 | |||||||||||||||||||||||||||||||
Real estate—Construction | 1,093 | — | 5,972 | — | 7,065 | |||||||||||||||||||||||||||||||
Commercial business | 119,026 | 14,057 | 34,047 | 571 | 167,701 | |||||||||||||||||||||||||||||||
Trade finance | 242 | 334 | 1,122 | — | 1,698 | |||||||||||||||||||||||||||||||
Consumer and other | 17,292 | 424 | 4,329 | 89 | 22,134 | |||||||||||||||||||||||||||||||
Subtotal | $ | 773,236 | $ | 54,310 | $ | 113,610 | $ | 660 | $ | 941,816 | ||||||||||||||||||||||||||
Total | $ | 4,009,670 | $ | 79,589 | $ | 207,945 | $ | 1,134 | $ | 4,298,338 | ||||||||||||||||||||||||||
Loans Sold From Loans Held For Investment | ' | |||||||||||||||||||||||||||||||||||
The following table presents loans sold from loans held for investment or transferred from held for investment to held for sale during the year ended December 31, 2013 and 2012 by portfolio segment: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||
Sales or reclassification to held for sale | ||||||||||||||||||||||||||||||||||||
Real estate - Commercial | $ | 6,900 | $ | 3,061 | ||||||||||||||||||||||||||||||||
Total | $ | 6,900 | $ | 3,061 | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Impaired Loans, Qualitative and Quantitative Analysis | ' | |||||||||||||||||||||||||||||||||||
The following table presents loans by portfolio segment and impairment method at December 31, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Real estate - | Real estate - | Real estate - | Commercial | Trade | Consumer | Total | ||||||||||||||||||||||||||||||
Residential | Commercial | Construction | business | finance | and other | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans (Gross carrying value) | $ | — | $ | 67,544 | $ | 1,625 | $ | 40,106 | $ | 5,692 | $ | 1,302 | $ | 116,269 | ||||||||||||||||||||||
Specific allowance | $ | — | $ | 6,670 | $ | — | $ | 5,805 | $ | 159 | $ | 32 | $ | 12,666 | ||||||||||||||||||||||
Loss coverage ratio | N/A | 9.9 | % | 0 | % | 14.5 | % | 2.8 | % | 2.5 | % | 10.9 | % | |||||||||||||||||||||||
Non-impaired loans | $ | 10,039 | $ | 3,753,619 | $ | 71,231 | $ | 908,987 | $ | 118,993 | $ | 97,205 | $ | 4,960,074 | ||||||||||||||||||||||
General allowance | $ | 25 | $ | 39,227 | $ | 628 | $ | 11,787 | $ | 2,494 | $ | 493 | $ | 54,654 | ||||||||||||||||||||||
Loss coverage ratio | 0.2 | % | 1 | % | 0.9 | % | 1.3 | % | 2.1 | % | 0.5 | % | 1.1 | % | ||||||||||||||||||||||
Total loans | $ | 10,039 | $ | 3,821,163 | $ | 72,856 | $ | 949,093 | $ | 124,685 | $ | 98,507 | $ | 5,076,343 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 25 | $ | 45,897 | $ | 628 | $ | 17,592 | $ | 2,653 | $ | 525 | $ | 67,320 | ||||||||||||||||||||||
Loss coverage ratio | 0.2 | % | 1.2 | % | 0.9 | % | 1.9 | % | 2.1 | % | 0.5 | % | 1.3 | % | ||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Real estate - | Real estate - | Real estate - | Commercial | Trade | Consumer | Total | ||||||||||||||||||||||||||||||
Residential | Commercial | Construction | business | finance | and other | |||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||
Impaired loans (Gross carrying value) | $ | — | $ | 53,634 | $ | 1,710 | $ | 27,274 | $ | 6,199 | $ | 1,338 | $ | 90,155 | ||||||||||||||||||||||
Specific allowance | $ | — | $ | 4,906 | $ | — | $ | 4,158 | $ | 96 | $ | — | $ | 9,160 | ||||||||||||||||||||||
Loss coverage ratio | N/A | 9.1 | % | 0 | % | 15.2 | % | 1.5 | % | 0 | % | 10.2 | % | |||||||||||||||||||||||
Non-impaired loans | $ | 9,247 | $ | 3,046,832 | $ | 63,335 | $ | 894,282 | $ | 145,871 | $ | 48,616 | $ | 4,208,183 | ||||||||||||||||||||||
General allowance | $ | 74 | $ | 40,256 | $ | 986 | $ | 13,448 | $ | 2,256 | $ | 761 | $ | 57,781 | ||||||||||||||||||||||
Loss coverage ratio | 0.8 | % | 1.3 | % | 1.6 | % | 1.5 | % | 1.5 | % | 1.6 | % | 1.4 | % | ||||||||||||||||||||||
Total loans | $ | 9,247 | $ | 3,100,466 | $ | 65,045 | $ | 921,556 | $ | 152,070 | $ | 49,954 | $ | 4,298,338 | ||||||||||||||||||||||
Total allowance for loan losses | $ | 74 | $ | 45,162 | $ | 986 | $ | 17,606 | $ | 2,352 | $ | 761 | $ | 66,941 | ||||||||||||||||||||||
Loss coverage ratio | 0.8 | % | 1.5 | % | 1.5 | % | 1.9 | % | 1.5 | % | 1.5 | % | 1.6 | % | ||||||||||||||||||||||
Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||||||||||
The following table presents loans by class modified as TDRs that occurred during the year ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
For the year ended | For the year ended | |||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification | Post-Modification | Number of Loans | Pre-Modification | Post-Modification | |||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Residential | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 6 | 6,195 | 6,214 | 5 | 2,456 | 2,321 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | 1 | 1,479 | 1,444 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1 | 1,371 | 880 | 1 | 216 | 50 | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 1 | 370 | 338 | 1 | 502 | 494 | ||||||||||||||||||||||||||||||
Other | — | — | — | 4 | 12,391 | 9,234 | ||||||||||||||||||||||||||||||
Real estate - Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 15 | 8,687 | 7,552 | 14 | 4,075 | 4,838 | ||||||||||||||||||||||||||||||
Trade Finance | — | — | — | 1 | 1,493 | 401 | ||||||||||||||||||||||||||||||
Consumer and Other | 2 | 970 | 490 | 1 | 480 | 480 | ||||||||||||||||||||||||||||||
Subtotal | 25 | $ | 17,593 | $ | 15,474 | 28 | $ | 23,092 | $ | 19,262 | ||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Residential | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 3 | 336 | 321 | 2 | 1,458 | 1,286 | ||||||||||||||||||||||||||||||
Hotel & Motel | — | — | — | 1 | 6,165 | 5,990 | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1 | 165 | — | — | — | — | ||||||||||||||||||||||||||||||
Mixed Use | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 2 | 10,336 | 5,208 | — | — | — | ||||||||||||||||||||||||||||||
Other | 2 | 1,137 | 1,122 | 1 | 670 | 631 | ||||||||||||||||||||||||||||||
Real estate - Construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial business | 8 | 1,182 | 441 | 6 | 2,476 | 2,384 | ||||||||||||||||||||||||||||||
Trade Finance | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Consumer and Other | — | — | — | 4 | 808 | 802 | ||||||||||||||||||||||||||||||
Subtotal | 16 | $ | 13,156 | $ | 7,092 | 14 | $ | 11,577 | $ | 11,093 | ||||||||||||||||||||||||||
Total | 41 | $ | 30,749 | $ | 22,566 | 42 | $ | 34,669 | $ | 30,355 | ||||||||||||||||||||||||||
A summary of TDRs on accrual and nonaccrual by type of concession as of December 31, 2013 and December 31, 2012 is presented below: | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||||||
TDRs on accrual | TDRs on nonaccrual | TOTAL | ||||||||||||||||||||||||||||||||||
Real estate - | Commercial | Other | Total | Real estate - | Commercial | Other | Total | |||||||||||||||||||||||||||||
Commercial | Business | Commercial | Business | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Payment concession | $ | 7,437 | $ | 1,057 | $ | — | $ | 8,494 | $ | 9,489 | $ | 1,279 | $ | 767 | $ | 11,535 | $ | 20,029 | ||||||||||||||||||
Maturity / Amortization concession | 765 | 6,565 | 535 | 7,865 | 1,653 | 3,656 | — | 5,309 | 13,174 | |||||||||||||||||||||||||||
Rate concession | 13,055 | 4,490 | — | 17,545 | 8,107 | — | — | 8,107 | 25,652 | |||||||||||||||||||||||||||
Principal forgiveness | — | — | — | — | — | 49 | — | 49 | 49 | |||||||||||||||||||||||||||
$ | 21,257 | $ | 12,112 | $ | 535 | $ | 33,904 | $ | 19,249 | $ | 4,984 | $ | 767 | $ | 25,000 | $ | 58,904 | |||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||||||||||||||
TDRs on accrual | TDRs on nonaccrual | TOTAL | ||||||||||||||||||||||||||||||||||
Real estate - | Commercial | Other | Total | Real estate - | Commercial | Other | Total | |||||||||||||||||||||||||||||
Commercial | Business | Commercial | Business | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Payment concession | $ | 9,608 | $ | 687 | $ | — | $ | 10,295 | $ | 4,735 | $ | 4,618 | $ | 802 | $ | 10,155 | $ | 20,450 | ||||||||||||||||||
Maturity / Amortization concession | 348 | 3,847 | 536 | 4,731 | 652 | 1,941 | 869 | 3,462 | 8,193 | |||||||||||||||||||||||||||
Rate concession | 13,594 | 1,229 | — | 14,823 | 7,923 | — | — | 7,923 | 22,746 | |||||||||||||||||||||||||||
Principal forgiveness | — | — | — | — | — | 62 | — | 62 | 62 | |||||||||||||||||||||||||||
$ | 23,550 | $ | 5,763 | $ | 536 | $ | 29,849 | $ | 13,310 | $ | 6,621 | $ | 1,671 | $ | 21,602 | $ | 51,451 | |||||||||||||||||||
Summary of Troubled Debt Restructurings with Subsequent Payment Default | ' | |||||||||||||||||||||||||||||||||||
$158 thousand, respectively. | ||||||||||||||||||||||||||||||||||||
The following table presents loans by class for TDRs that have been modified within the previous twelve months and have subsequently had a payment default during the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | 31-Dec-11 | ||||||||||||||||||||||||||||||||||
Number of | Balance | Number of | Balance | Number of | Balance | |||||||||||||||||||||||||||||||
Loans | Loans | Loans | ||||||||||||||||||||||||||||||||||
(Dollars In thousands) | ||||||||||||||||||||||||||||||||||||
Legacy Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1 | $ | 508 | 1 | $ | 268 | 1 | $ | 771 | |||||||||||||||||||||||||||
Hotel & Motel | — | — | — | — | 2 | — | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | — | — | 1 | 50 | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | — | — | — | — | 3 | 961 | ||||||||||||||||||||||||||||||
Other | — | — | 1 | 562 | 1 | 294 | ||||||||||||||||||||||||||||||
Commercial Business | 5 | 540 | 3 | 76 | 8 | 422 | ||||||||||||||||||||||||||||||
Subtotal | 6 | $ | 1,048 | 6 | $ | 956 | 15 | $ | 2,448 | |||||||||||||||||||||||||||
Acquired Loans: | ||||||||||||||||||||||||||||||||||||
Real estate - Commercial | ||||||||||||||||||||||||||||||||||||
Retail | 1 | $ | 56 | — | $ | — | — | $ | — | |||||||||||||||||||||||||||
Hotel & Motel | — | — | 1 | 5,990 | — | — | ||||||||||||||||||||||||||||||
Gas Station & Car Wash | 1 | — | — | — | — | — | ||||||||||||||||||||||||||||||
Industrial & Warehouse | 1 | 5,128 | — | — | — | — | ||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial Business | 3 | 47 | 2 | 143 | — | — | ||||||||||||||||||||||||||||||
Subtotal | 6 | $ | 5,231 | 3 | $ | 6,133 | — | $ | — | |||||||||||||||||||||||||||
12 | $ | 6,279 | 9 | $ | 7,089 | 15 | $ | 2,448 | ||||||||||||||||||||||||||||
Covered Non-performing Assets | ' | |||||||||||||||||||||||||||||||||||
The covered nonperforming assets at December 31, 2013 and December 31, 2012 were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
Covered loans on nonaccrual status | $ | 236 | $ | 489 | ||||||||||||||||||||||||||||||||
Covered other real estate owned | 590 | 393 | ||||||||||||||||||||||||||||||||||
Total covered nonperforming assets | $ | 826 | $ | 882 | ||||||||||||||||||||||||||||||||
Acquired covered loans | $ | 55,088 | $ | 72,528 | ||||||||||||||||||||||||||||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles Assets (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||
Change in goodwill | ' | |||||||||||||||||
The change in goodwill during the year is as follows: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Beginning of year | $ | 89,878 | $ | 90,473 | ||||||||||||||
Acquired Goodwill - PIB | 3,526 | — | ||||||||||||||||
Acquired Goodwill - Foster | 29,665 | — | ||||||||||||||||
Measurement period adjustments - Center | — | (595 | ) | |||||||||||||||
Measurement period adjustments - PIB | (3,526 | ) | — | |||||||||||||||
Measurement period adjustments - Foster | (14,142 | ) | — | |||||||||||||||
Impairment | — | — | ||||||||||||||||
End of year | $ | 105,401 | $ | 89,878 | ||||||||||||||
Information regarding amortizable intangible assets | ' | |||||||||||||||||
The following table provides information regarding the amortizing intangible assets at December 31, 2013 and 2012: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||
Amount | Amount | |||||||||||||||||
Intangible assets: | Amortization | |||||||||||||||||
period | ||||||||||||||||||
Core deposit—IBKNY acquisition | 10 years | $ | 1,187 | $ | (1,187 | ) | $ | 1,187 | $ | (1,186 | ) | |||||||
Core deposit—Asiana Bank acquistion | 10 years | 1,018 | (1,018 | ) | 1,018 | (1,011 | ) | |||||||||||
Core deposit—KEB, Broadway acquisition | 10 years | 2,726 | (2,726 | ) | 2,726 | (2,703 | ) | |||||||||||
Core deposit—Center Financial Corporation acquisition | 7 years | 4,100 | (1,965 | ) | 4,100 | (1,098 | ) | |||||||||||
Core deposit—PIB acquisition | 7 years | 604 | (138 | ) | — | — | ||||||||||||
Core deposit—Foster acquisition | 10 years | 2,763 | (180 | ) | — | — | ||||||||||||
Total | $ | 12,398 | $ | (7,214 | ) | $ | 9,031 | $ | (5,998 | ) | ||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||
Scheduled maturities for time deposits | ' | |||||||||||
At December 31, 2013, the scheduled maturities for time deposits were as follows: | ||||||||||||
Year Ended | ||||||||||||
December 31 | ||||||||||||
(In thousands) | ||||||||||||
2014 | $ | 1,894,490 | ||||||||||
2015 | 234,160 | |||||||||||
2016 | 10,669 | |||||||||||
2017 | 5,451 | |||||||||||
2018 and thereafter | 5,319 | |||||||||||
$ | 2,150,089 | |||||||||||
Summary of interest expense on deposits | ' | |||||||||||
Interest expense on deposits is summarized as follows: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Money market and other | $ | 7,818 | $ | 7,566 | $ | 6,322 | ||||||
Savings deposits | 2,800 | 3,364 | 2,945 | |||||||||
Time deposits | 12,703 | 10,424 | 10,978 | |||||||||
$ | 23,321 | $ | 21,354 | $ | 20,245 | |||||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Contractual Maturities for FHLB-SF Borrowings | ' | |||||||
At December 31, 2013, the contractual maturities for FHLB advances were as follows: | ||||||||
Contractual | Maturity/ | |||||||
Maturities | Put Date | |||||||
(In thousands) | ||||||||
Due within one year | $ | 30,000 | $ | 51,352 | ||||
Due after one year through five years | 391,352 | 370,000 | ||||||
Due after five years through ten years | — | — | ||||||
$ | 421,352 | $ | 421,352 | |||||
Subordinated_Debentures_Tables
Subordinated Debentures (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Subordinated Borrowings [Abstract] | ' | ||||||||||||||||||||
Summary of Trust Preferred Securities and Debentures | ' | ||||||||||||||||||||
The following table is a summary of trust preferred securities and debentures at December 31, 2013: | |||||||||||||||||||||
Issuance Trust | Issuance | Trust | Subordinated | Rate | Initial | Coupon Rate at | Maturity | ||||||||||||||
Date | Preferred | Debentures | Type | Rate | 31-Dec-13 | Date | |||||||||||||||
Security | Amount | ||||||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Nara Capital Trust III | 6/5/03 | $ | 5,000 | $ | 5,155 | Variable | 4.44 | % | 3.39 | % | 6/15/33 | ||||||||||
Nara Statutory Trust IV | 12/22/03 | 5,000 | 5,155 | Variable | 4.02 | % | 3.09 | % | 1/7/34 | ||||||||||||
Nara Statutory Trust V | 12/17/03 | 10,000 | 10,310 | Variable | 4.12 | % | 3.19 | % | 12/17/33 | ||||||||||||
Nara Statutory Trust VI | 3/22/07 | 8,000 | 8,248 | Variable | 7 | % | 1.89 | % | 6/15/37 | ||||||||||||
Center Capital Trust I | 12/30/03 | 18,000 | 13,130 | Variable | 4.01 | % | 3.09 | % | (1) | 1/7/34 | |||||||||||
Foster Capital Trust I | 7/8/05 | 15,000 | 15,412 | Variable | 1.7 | % | 1.94 | % | (2) | 7/8/35 | |||||||||||
TOTAL ISSUANCE | $ | 61,000 | $ | 57,410 | |||||||||||||||||
(1) | The Center Capital Trust I trust preferred security was assumed in the merger. The remaining discount was $5.4 million at December 31, 2013 and the effective rate of the security, including the effect of the discount accretion, was 5.31% at December 31, 2013. | ||||||||||||||||||||
(2) | The Foster Capital Trust I trust preferred security was assumed in the merger with Foster. The remaining discount was $52 thousand at December 31, 2013 and the effective rate of the security, including the effect of the discount accretion, was 3.49% at December 31, 2013. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of components of income tax provision | ' | ||||||||||||||||||||
A summary of income tax provision (benefit) follows for the years ended December 31: | |||||||||||||||||||||
Current | Deferred | Total | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
Federal | $ | 29,891 | $ | 10,341 | $ | 40,232 | |||||||||||||||
State | 6,741 | 5,426 | 12,167 | ||||||||||||||||||
$ | 36,632 | $ | 15,767 | $ | 52,399 | ||||||||||||||||
2012 | |||||||||||||||||||||
Federal | $ | 35,286 | $ | 5,579 | $ | 40,865 | |||||||||||||||
State | 7,256 | 6,289 | 13,545 | ||||||||||||||||||
$ | 42,542 | $ | 11,868 | $ | 54,410 | ||||||||||||||||
2011 | |||||||||||||||||||||
Federal | $ | 4,154 | $ | 7,614 | $ | 11,768 | |||||||||||||||
State | 2,810 | 1,082 | 3,892 | ||||||||||||||||||
$ | 6,964 | $ | 8,696 | $ | 15,660 | ||||||||||||||||
Reconciliation of effective tax rate | ' | ||||||||||||||||||||
A reconciliation of the difference between the federal statutory income tax rate and the effective tax rate is shown in the following table for the years ended December 31: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Statutory tax rate (benefit) | 35 | % | 35 | % | 35 | % | |||||||||||||||
State taxes (benefit)-net of federal tax effect | 6 | % | 6 | 6 | % | ||||||||||||||||
CRA investment tax credit | (2 | ) | (2 | ) | (3 | ) | |||||||||||||||
Other | — | 1 | (1 | ) | |||||||||||||||||
39 | % | 40 | % | 37 | % | ||||||||||||||||
Components of deferred tax assets and liabilities | ' | ||||||||||||||||||||
Deferred tax assets and liabilities at December 31, 2013 and 2012 are comprised of the following: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Purchase accounting fair value adjustment | $ | 47,588 | $ | 34,977 | |||||||||||||||||
Statutory bad debt deduction less than financial statement provision | 22,773 | 26,579 | |||||||||||||||||||
Net operating loss carryforward | 5,207 | 3,901 | |||||||||||||||||||
Capital loss carryforward | — | — | |||||||||||||||||||
Investment security provision | 1,657 | 1,657 | |||||||||||||||||||
Lease expense | 1,393 | 1,321 | |||||||||||||||||||
State tax deductions | 1,505 | 1,771 | |||||||||||||||||||
Accrued compensation | 122 | 116 | |||||||||||||||||||
Deferred compensation | 513 | 600 | |||||||||||||||||||
Mark to market on loans held for sale | 1,876 | 2,891 | |||||||||||||||||||
Depreciation | 3,891 | 1,362 | |||||||||||||||||||
Nonaccrual loan interest | 1,119 | 782 | |||||||||||||||||||
Other real estate owned | 2,162 | 463 | |||||||||||||||||||
FDIC loss share receivable | 576 | — | |||||||||||||||||||
Unrealized loss on securities available for sale | 6,445 | — | |||||||||||||||||||
Tax credits | — | — | |||||||||||||||||||
Non-qualified stock option and restricted unit expense | 1,894 | 2,691 | |||||||||||||||||||
Goodwill | 863 | 1,053 | |||||||||||||||||||
Other | 4,441 | 1,562 | |||||||||||||||||||
104,025 | 81,726 | ||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
FHLB stock dividends | (854 | ) | (1,095 | ) | |||||||||||||||||
Deferred loan costs | (4,304 | ) | (2,724 | ) | |||||||||||||||||
State taxes deferred and other | (7,049 | ) | (7,012 | ) | |||||||||||||||||
Prepaid expenses | (775 | ) | (1,123 | ) | |||||||||||||||||
FDIC loss share receivable | — | (1,684 | ) | ||||||||||||||||||
Amortization of intangibles | (1,693 | ) | (529 | ) | |||||||||||||||||
Unrealized gain on securities available for sale | — | (7,269 | ) | ||||||||||||||||||
Unrealized gain on interest rate swaps | — | 0 | |||||||||||||||||||
Unrealized gain on interest only strips | (53 | ) | (50 | ) | |||||||||||||||||
(14,728 | ) | (21,486 | ) | ||||||||||||||||||
Valuation allowance on capital loss carryforward | — | — | |||||||||||||||||||
Net deferred tax assets: | $ | 89,297 | $ | 60,240 | |||||||||||||||||
Summary of net operating loss carryforwards | ' | ||||||||||||||||||||
A summary of the Company’s net operating loss carry-forwards is as follows: | |||||||||||||||||||||
FEDERAL | STATE | ||||||||||||||||||||
Remaining | Expires | Annual | Remaining | Expires | Annual | ||||||||||||||||
Amount | Limitation | Amount | Limitation | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
2013 | |||||||||||||||||||||
BBCN Bank | $ | — | N/A | $ | — | $ | 124 | 2016 | $ | 83 | |||||||||||
Korea First Bank of New York | 2,979 | 2019 | 497 | — | N/A | — | |||||||||||||||
Asiana | 450 | 2015 | 348 | 723 | 2014 | 348 | |||||||||||||||
Center Bank | — | N/A | N/A | 13,461 | 2031 | 13,356 | |||||||||||||||
PIB | 7,769 | 367 | — | — | |||||||||||||||||
Total | $ | 11,198 | $ | 1,212 | $ | 14,308 | $ | 13,787 | |||||||||||||
2012 | |||||||||||||||||||||
BBCN Bank | $ | — | N/A | $ | — | $ | 124 | 2016 | $ | 83 | |||||||||||
Korea First Bank of New York | 3,476 | 2019 | 497 | — | N/A | — | |||||||||||||||
Asiana | 798 | 2015 | 348 | 723 | 2014 | 348 | |||||||||||||||
Center Bank | — | N/A | N/A | 26,817 | 2031 | $ | 13,356 | ||||||||||||||
Total | $ | 4,274 | $ | 845 | $ | 27,664 | $ | 13,787 | |||||||||||||
Reconciliation of beginning and ending amount of unrecognized tax benefits | ' | ||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at January 1, | $ | 748 | $ | 569 | |||||||||||||||||
Additions based on tax positions related to the current year | 428 | 219 | |||||||||||||||||||
Additions based on tax positions related to the prior year | 113 | (40 | ) | ||||||||||||||||||
Additions based on taxing authority examination | 997 | — | |||||||||||||||||||
Settlements with taxing authorities | (997 | ) | — | ||||||||||||||||||
Balance at December 31, | $ | 1,289 | $ | 748 | |||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Stock Option Activity Under the Plan | ' | ||||||||||||
The following is a summary of stock option activity under the 2007 and 2006 Plans for the year ended 2013: | |||||||||||||
Number of | Weighted- | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price Per | Contractual | ||||||||||||
Share | Life (Years) | ||||||||||||
Outstanding - January 1, 2013 | 797,805 | $ | 16.7 | ||||||||||
Exercised | (286,242 | ) | 9.96 | ||||||||||
Expired | -39,267 | 15.81 | |||||||||||
Forfeited | -51,702 | 8.64 | |||||||||||
Outstanding - December 31, 2013 | 420,594 | $ | 19.14 | 2.57 | $ | 552,242 | |||||||
Options exercisable - December 31, 2013 | 420,594 | $ | 19.14 | 2.57 | $ | 552,242 | |||||||
Summary of Restricted and Performance Unit Activity Under the Plan | ' | ||||||||||||
The following is a summary of restricted and performance unit activity under the 2007 and 2006 Plans for the year ended 2013: | |||||||||||||
Number of | Weighted- | ||||||||||||
Shares | Average | ||||||||||||
Grant | |||||||||||||
Date Fair | |||||||||||||
Value | |||||||||||||
Outstanding - January 1, 2013 | 512,183 | $ | 9.78 | ||||||||||
Granted | 86,000 | 13.97 | |||||||||||
Vested | (310,658 | ) | 10.16 | ||||||||||
Forfeited | (87,360 | ) | 10.77 | ||||||||||
Outstanding - December 31, 2013 | 200,165 | $ | 11.57 | ||||||||||
Estimated Annual Stock-Based Compensation Expense | ' | ||||||||||||
The estimated annual stock-based compensation expense as of December 31, 2013 for each of the succeeding years is indicated in the table below: | |||||||||||||
Stock Based | |||||||||||||
Compensation Expense | |||||||||||||
(In thousands) | |||||||||||||
For the year ended December 31: | |||||||||||||
2014 | $ | 1,006 | |||||||||||
2015 | 415 | ||||||||||||
2016 | 185 | ||||||||||||
2017 | 77 | ||||||||||||
2018 | — | ||||||||||||
Total | $ | 1,683 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Future Minimum Lease Commitments | ' | |||||||
The Company leases its premises under non-cancelable operating leases, and at December 31, 2013, the future minimum rental commitments under these leases are as follows: | ||||||||
(In thousands) | ||||||||
2014 | $ | 10,483 | ||||||
2015 | 9,407 | |||||||
2016 | 7,953 | |||||||
2017 | 6,302 | |||||||
2018 | 4,569 | |||||||
Thereafter | 15,688 | |||||||
$ | 54,402 | |||||||
Commitments | ' | |||||||
Commitments at December 31, 2013 and 2012 are summarized as follows: | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Commitments to extend credit | $ | 668,306 | $ | 690,917 | ||||
Standby letters of credit | 44,190 | 39,176 | ||||||
Other commercial letters of credit | 56,380 | 51,257 | ||||||
$ | 768,876 | $ | 781,350 | |||||
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 a Recurring Basis | ' | |||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises: | ||||||||||||||||
GSE collateralized mortgage obligations | $ | 274,101 | $ | — | $ | 274,101 | $ | — | ||||||||
GSE mortgage-backed securities | 404,996 | — | 404,996 | — | ||||||||||||
Trust preferred security | 3,697 | — | 3,697 | — | ||||||||||||
Municipal bonds | 5,936 | — | 4,824 | 1,112 | ||||||||||||
Mutual funds | 17,021 | 17,021 | — | — | ||||||||||||
There were no transfers between Level 1, 2 and 3 during the period ended December 31, 2013. | ||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Securities available for sale: | ||||||||||||||||
U.S. Government agency and U.S. Government sponsored enterprises: | ||||||||||||||||
Collateralized mortgage obligations | 254,912 | — | 254,912 | — | ||||||||||||
Mortgage-backed securities | 425,540 | — | 425,540 | — | ||||||||||||
Trust preferred security | 3,837 | — | 3,837 | — | ||||||||||||
Municipal bonds | 5,118 | — | 5,118 | — | ||||||||||||
Mutual funds | 14,996 | 14,996 | — | — | ||||||||||||
Assets Measured at Fair Value on a Non-recurring Basis | ' | |||||||||||||||
Assets measured at fair value on a non-recurring basis are summarized below: | ||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2013 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||
Real estate loans | $ | 18,746 | $ | — | $ | 18,746 | $ | — | ||||||||
Commercial business | 2,383 | — | 2,383 | — | ||||||||||||
Loans held for sale, net | 6,900 | — | 6,900 | — | ||||||||||||
Other real estate owned | 4,003 | — | 4,003 | — | ||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | ||||||||||||||
Markets for | Observable | Inputs | ||||||||||||||
Identical Assets | Inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||
Real estate loans | $ | 4,443 | $ | — | $ | 4,443 | $ | — | ||||||||
Commercial business | 1,164 | — | 1,164 | — | ||||||||||||
Loans held for sale, net | 803 | — | 803 | — | ||||||||||||
Other real estate owned | 2,636 | — | 2,636 | — | ||||||||||||
For assets measured at fair value on a non-recurring basis, the total net (losses) gains, which include charge offs, recoveries, specific reserves, and gains and losses on sales recognized in 2013 and 2012 are summarized below: | ||||||||||||||||
For the year ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Impaired loans at fair value: | ||||||||||||||||
Real estate loans | $ | (9,892 | ) | $ | 1,169 | |||||||||||
Commercial business | (6,100 | ) | (3,809 | ) | ||||||||||||
Loans held for sale, net | (530 | ) | (2,004 | ) | ||||||||||||
Other real estate owned | (2,360 | ) | (2,786 | ) | ||||||||||||
Carrying Amounts and Estimated Fair Values of Financial Instruments | ' | |||||||||||||||
Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2013 and December 31, 2012 were as follows: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Carrying | Estimated | Fair Value Measurement Using | ||||||||||||||
Amount | Fair Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 316,705 | $ | 316,705 | Level 1 | |||||||||||
Loans held for sale | 44,115 | 45,975 | Level 2 | |||||||||||||
Loans receivable—net | 5,006,856 | 5,450,008 | Level 3 | |||||||||||||
FDIC loss share receivable | 1,110 | 1,110 | Level 3 | |||||||||||||
Customers’ liabilities on acceptances | 5,602 | 5,602 | Level 2 | |||||||||||||
Financial Liabilities: | ||||||||||||||||
Noninterest bearing deposits | $ | 1,399,454 | $ | 1,399,454 | Level 2 | |||||||||||
Saving and other interest bearing demand deposits | 1,598,514 | 1,598,514 | Level 2 | |||||||||||||
Time deposits | 2,150,089 | 2,156,514 | Level 2 | |||||||||||||
FHLB advances | 421,352 | 421,258 | Level 2 | |||||||||||||
Subordinated debentures | 57,410 | 56,544 | Level 2 | |||||||||||||
Bank’s liabilities on acceptances outstanding | 5,602 | 5,602 | Level 2 | |||||||||||||
December 31, 2012 | ||||||||||||||||
Carrying | Estimated | Fair Value Measurement Using | ||||||||||||||
Amount | Fair Value | |||||||||||||||
(In thousands) | ||||||||||||||||
Financial Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 312,916 | $ | 312,916 | Level 1 | |||||||||||
Loans held for sale | 51,635 | 57,856 | Level 2 | |||||||||||||
Loans receivable—net | 4,229,311 | 4,591,685 | Level 3 | |||||||||||||
FDIC loss share receivable | 5,797 | 5,797 | Level 3 | |||||||||||||
Customers’ liabilities on acceptances | 10,493 | 10,493 | Level 2 | |||||||||||||
Financial Liabilities: | ||||||||||||||||
Noninterest bearing deposits | 1,184,285 | 1,184,285 | Level 2 | |||||||||||||
Saving and other interest bearing demand deposits | 1,428,990 | 1,428,990 | Level 2 | |||||||||||||
Time deposits | 1,770,760 | 1,772,778 | Level 2 | |||||||||||||
FHLB advances | 420,722 | 425,107 | Level 2 | |||||||||||||
Subordinated debentures | 41,846 | 32,218 | Level 2 | |||||||||||||
Bank’s liabilities on acceptances outstanding | 10,493 | 10,493 | Level 2 | |||||||||||||
Stockholders_Equity_and_Regula1
Stockholders’ Equity and Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders’ Equity and Regulatory Matters [Abstract] | ' | ||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | ' | ||||||||||||||||||||
The Company’s and the Bank’s actual capital amounts and ratios are presented in the table below: | |||||||||||||||||||||
Actual | Required | Required | |||||||||||||||||||
For Capital | To Be Well | ||||||||||||||||||||
Adequacy Purposes | Capitalized under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 819,408 | 14.9 | % | $ | 439,687 | 8 | % | N/A | N/A | |||||||||||
Bank | $ | 807,620 | 14.7 | % | $ | 439,437 | 8 | % | $ | 549,471 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 751,204 | 13.66 | % | $ | 219,844 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 739,416 | 13.46 | % | $ | 219,798 | 4 | % | $ | 329,683 | 6 | % | |||||||||
Tier I capital (to average assets): | |||||||||||||||||||||
Company | $ | 751,204 | 11.97 | % | $ | 251,049 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 739,416 | 11.79 | % | $ | 250,954 | 4 | % | $ | 313,687 | 5 | % | |||||||||
Actual | Required | Required | |||||||||||||||||||
For Capital | To Be Well | ||||||||||||||||||||
Adequacy Purposes | Capitalized under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||
Total capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 746,396 | 16.2 | % | $ | 369,417 | 8 | % | N/A | N/A | |||||||||||
Bank | $ | 725,655 | 15.7 | % | $ | 369,134 | 8 | % | $ | 461,417 | 10 | % | |||||||||
Tier I capital (to risk-weighted assets): | |||||||||||||||||||||
Company | $ | 688,422 | 14.9 | % | $ | 184,708 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 667,725 | 14.5 | % | $ | 184,567 | 4 | % | $ | 276,850 | 6 | % | |||||||||
Tier I capital (to average assets): | |||||||||||||||||||||
Company | $ | 688,422 | 12.8 | % | $ | 215,861 | 4 | % | N/A | N/A | |||||||||||
Bank | $ | 667,725 | 12.4 | % | $ | 215,813 | 4 | % | $ | 269,767 | 5 | % | |||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Computation of basic and diluted EPS | ' | ||||||||||
The following table shows the computation of basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011: | |||||||||||
Net income | Shares | Per | |||||||||
available to | (Denominator) | Share | |||||||||
common | (Amount) | ||||||||||
stockholders | |||||||||||
(Numerator) | |||||||||||
(In thousands, except share and per share data) | |||||||||||
2013 | |||||||||||
Net income as reported | $ | 81,755 | |||||||||
Less: preferred stock dividends and accretion of preferred stock discount | — | ||||||||||
Basic EPS - common stock | $ | 81,755 | 79,036,729 | $ | 1.03 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units | 179,542 | ||||||||||
Common stock warrants | 44,432 | ||||||||||
Diluted EPS - common stock | $ | 81,755 | 79,260,703 | $ | 1.03 | ||||||
2012 | |||||||||||
Net income as reported | $ | 83,223 | |||||||||
Less: preferred stock dividends and accretion of preferred stock discount | (5,640 | ) | |||||||||
Basic EPS - common stock | $ | 77,583 | 78,012,253 | $ | 0.99 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units | 78,863 | ||||||||||
Common stock warrants | — | ||||||||||
Diluted EPS - common stock | $ | 77,583 | 78,091,116 | $ | 0.99 | ||||||
2011 | |||||||||||
Net income as reported | $ | 27,115 | |||||||||
Less: preferred stock dividends and accretion of preferred stock discount | (4,568 | ) | |||||||||
Basic EPS - common stock | $ | 22,547 | 42,187,110 | $ | 0.53 | ||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units | 23,490 | ||||||||||
Common stock warrants | — | ||||||||||
Diluted EPS - common stock | $ | 22,547 | 42,210,600 | $ | 0.53 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Summarized unaudited quarterly financial data follows for the three months ended: | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2013 | ||||||||||||||||
Interest income | $ | 66,743 | $ | 69,379 | $ | 72,035 | $ | 74,916 | ||||||||
Interest expense | 7,027 | 7,276 | 7,675 | 8,040 | ||||||||||||
Net interest income before provision for loan losses | 59,716 | 62,103 | 64,360 | 66,876 | ||||||||||||
Provision for loan losses | 7,506 | 800 | 744 | 10,950 | ||||||||||||
Net interest income after provision for loan losses | 52,210 | 61,303 | 63,616 | 55,926 | ||||||||||||
Noninterest income | 9,940 | 10,618 | 10,799 | 11,356 | ||||||||||||
Noninterest expense | 33,275 | 34,429 | 35,746 | 38,164 | ||||||||||||
Income before income tax provision | 28,875 | 37,492 | 38,669 | 29,118 | ||||||||||||
Income tax provision | 11,414 | 14,821 | 15,117 | 11,047 | ||||||||||||
Net income | $ | 17,461 | $ | 22,671 | $ | 23,552 | $ | 18,071 | ||||||||
Dividends and discount accretion on preferred stock | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income available to common stockholders | $ | 17,461 | $ | 22,671 | $ | 23,552 | $ | 18,071 | ||||||||
Basic earnings per common share | $ | 0.22 | $ | 0.29 | $ | 0.3 | $ | 0.23 | ||||||||
Diluted earnings per common share | $ | 0.22 | $ | 0.29 | $ | 0.3 | $ | 0.23 | ||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
2012 | ||||||||||||||||
Interest income | $ | 68,555 | $ | 66,943 | $ | 65,455 | $ | 66,932 | ||||||||
Interest expense | 7,696 | 7,441 | 7,224 | 7,286 | ||||||||||||
Net interest income before provision for loan losses | 60,859 | 59,502 | 58,231 | 59,646 | ||||||||||||
Provision for loan losses | 2,600 | 7,182 | 6,900 | 2,422 | ||||||||||||
Net interest income after provision for loan losses | 58,259 | 52,320 | 51,331 | 57,224 | ||||||||||||
Noninterest income | 11,645 | 10,222 | 7,664 | 9,859 | ||||||||||||
Noninterest expense | 30,435 | 31,077 | 28,770 | 30,609 | ||||||||||||
Income before income tax provision | 39,469 | 31,465 | 30,225 | 36,474 | ||||||||||||
Income tax provision | 15,535 | 12,101 | 11,827 | 14,947 | ||||||||||||
Net income | $ | 23,934 | $ | 19,364 | $ | 18,398 | $ | 21,527 | ||||||||
Dividends and discount accretion on preferred stock | $ | (1,869 | ) | $ | (3,771 | ) | $ | — | $ | — | ||||||
Net income available to common stockholders | $ | 22,065 | $ | 15,593 | $ | 18,398 | $ | 21,527 | ||||||||
Basic earnings per common share | $ | 0.28 | $ | 0.2 | $ | 0.24 | $ | 0.28 | ||||||||
Diluted earnings per common share | $ | 0.28 | $ | 0.2 | $ | 0.24 | $ | 0.28 | ||||||||
Condensed_Financial_Statements1
Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
Schedule of Condensed Statements of Financial Condition | ' | |||||||||||
STATEMENTS OF FINANCIAL CONDITION | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
ASSETS: | ||||||||||||
Cash and cash equivalents | $ | 9,905 | $ | 19,142 | ||||||||
Other assets | 27,413 | 5,477 | ||||||||||
Investment in bank subsidiary | 833,098 | 769,718 | ||||||||||
TOTAL ASSETS | $ | 870,416 | $ | 794,337 | ||||||||
LIABILITIES: | — | |||||||||||
Other borrowings | $ | 57,410 | $ | 41,846 | ||||||||
Accounts payable and other liabilities | 3,631 | 1,387 | ||||||||||
Total liabilities | 61,041 | 43,233 | ||||||||||
STOCKHOLDERS’ EQUITY | 809,375 | 751,104 | ||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 870,416 | $ | 794,337 | ||||||||
Schedule of Condensed Income Statement | ' | |||||||||||
STATEMENTS OF INCOME | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Interest income | $ | — | $ | — | $ | — | ||||||
Interest expense | 1,798 | 2,064 | 1,906 | |||||||||
Dividends from bank subsidiary | — | — | — | |||||||||
Other operating expense | 4,499 | 7,147 | 5,024 | |||||||||
Equity in earnings of bank subsidiary | 85,854 | 88,793 | 31,508 | |||||||||
Income before income tax benefit | 79,557 | 79,582 | 24,578 | |||||||||
Income tax benefit | 2,198 | 3,641 | 2,537 | |||||||||
Net income | $ | 81,755 | 83,223 | $ | 27,115 | |||||||
Schedule of Condensed Cash Flow Statement | ' | |||||||||||
STATEMENTS OF CASH FLOWS | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ | 81,755 | $ | 83,223 | $ | 27,115 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Amortization | 259 | 163 | 20 | |||||||||
Stock-based compensation expense | 386 | 1,009 | 8 | |||||||||
Change in other assets | (1,152 | ) | (342 | ) | (1,276 | ) | ||||||
Change in accounts payable and other liabilities | 3,324 | 207 | (238 | ) | ||||||||
Equity in undistributed loss (earnings) of bank subsidiary | (66,113 | ) | 10,207 | (31,508 | ) | |||||||
Net cash from operating activities | 18,459 | 94,467 | (5,879 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Cash and cash equivalents acquired through the merger | 791 | — | 3,438 | |||||||||
Investment in bank subsidiary | — | — | — | |||||||||
Net cash from investing activities | 791 | — | 3,438 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Issuance of additional common stock | — | — | 59,869 | |||||||||
Issuance of additional stock pursuant to various stock plans | 2,852 | 322 | 524 | |||||||||
Tax effect on issuance of shares from stock plan | — | — | 139 | |||||||||
Redemption of subordinated debenture | (4,124 | ) | (10,400 | ) | — | |||||||
Redemption of preferred stock | (7,474 | ) | (122,000 | ) | — | |||||||
Redemption of common stock warrant | — | (2,189 | ) | — | ||||||||
Payments of cash dividends | (19,741 | ) | (7,549 | ) | (3,350 | ) | ||||||
Net cash from financing activities | (28,487 | ) | (141,816 | ) | 57,182 | |||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (9,237 | ) | (47,349 | ) | 54,741 | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 19,142 | 66,491 | 11,750 | |||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 9,905 | $ | 19,142 | $ | 66,491 | ||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Reserve and clearing requirement balance | $0 | ' | ' |
Effect of derivative instrument | 0 | 9,000 | ' |
Servicing assets: | ' | ' | ' |
Payment of cash dividends on Preferred Stock | 0 | 3,600,000 | ' |
Payments of cash dividends on Common Stock | 19,700,000 | 3,900,000 | ' |
Common stock dividends declared, but unpaid | 0 | 0 | ' |
Computer equipment | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful lives | '5 years | ' | ' |
Computer software | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful lives | '3 years | ' | ' |
SBA loans | ' | ' | ' |
Servicing assets: | ' | ' | ' |
Servicing assets capitalized during the period | 4,700,000 | 2,000,000 | 1,300,000 |
Amortization of servicing assets during the period | 2,014,000 | 1,347,000 | 706,000 |
Carrying value of servicing asset | $8,900,000 | $6,300,000 | ' |
Minimum | Buildings | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful lives | '15 years | ' | ' |
Minimum | Furniture , fixture and equipment | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful lives | '3 years | ' | ' |
Maximum | Buildings | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful lives | '30 years | ' | ' |
Maximum | Furniture , fixture and equipment | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Premises and equipment, estimated useful lives | '7 years | ' | ' |
3- Month London Interbank Offered Rate (LIBOR) | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Strike level of interest rate cap agreement | 2.00% | ' | ' |
Interest rate cap | ' | ' | ' |
Schedule of Significant Accounting Policies [Line Items] | ' | ' | ' |
Interest rate cap agreement terms | '3 years | ' | ' |
Business_Combinations_Purchase
Business Combinations - Purchase price allocation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 14, 2013 | Dec. 31, 2013 | Aug. 12, 2013 | Feb. 15, 2013 | Feb. 13, 2013 | Aug. 14, 2013 | Feb. 15, 2013 | Dec. 31, 2013 | Aug. 12, 2013 | Aug. 12, 2013 |
In Thousands, except Share data, unless otherwise specified | Foster Bankshares Inc | Foster Bankshares Inc | Foster Bankshares Inc | Pacific International Bancorp, Inc. | Pacific International Bancorp, Inc. | Common Stock | Preferred Stock | Common Stock | Illinois | Virginia | |||
Foster Bankshares Inc | Pacific International Bancorp, Inc. | Foster Bankshares Inc | Foster Bankshares Inc | Foster Bankshares Inc | |||||||||
branch | branch | ||||||||||||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of acquired bank branches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 1 |
Conversion factor per one share of acquiree (in dollars per share) | ' | ' | ' | ' | ' | 34.6703 | ' | ' | ' | ' | ' | ' | ' |
Conversion factor per one share of acquiror | ' | ' | ' | ' | ' | 2.62771 | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued in exchange for acquired company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,300 | ' | ' |
Number of acquiree shares exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,619 | ' | ' |
Number of acquiree shares | ' | ' | ' | ' | 58,906 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unredeemed acquiree shares | ' | ' | ' | ' | 4,475 | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
BBCN common stock issued | ' | ' | ' | $2,567 | ' | ' | $8,437 | ' | ' | ' | ' | ' | ' |
Cash paid for the redemption common stock | ' | ' | ' | ' | ' | ' | 1 | ' | 1,922 | ' | ' | ' | ' |
Liability for unredeemed common stock | ' | ' | ' | ' | ' | ' | ' | ' | 276 | ' | ' | ' | ' |
Redemption of Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,475 | ' | ' | ' |
Total consideration paid | ' | ' | ' | 4,765 | ' | ' | 15,913 | ' | ' | ' | ' | ' | ' |
Assets Acquired: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | ' | 42,883 | ' | 25,968 | ' | ' | ' | ' | ' |
Investment securities available for sale | ' | ' | ' | ' | ' | 4,844 | ' | 7,810 | ' | ' | ' | ' | ' |
Loans, net | ' | ' | ' | ' | ' | 255,297 | ' | 131,589 | ' | ' | ' | ' | ' |
FRB and FHLB stock | ' | ' | ' | ' | ' | 1,714 | ' | 1,829 | ' | ' | ' | ' | ' |
OREO | ' | ' | ' | ' | ' | 14,251 | ' | 3,418 | ' | ' | ' | ' | ' |
Premises and equipment | ' | ' | ' | ' | ' | 4,733 | ' | ' | ' | ' | ' | ' | ' |
Core deposit intangibles | ' | ' | ' | ' | ' | 21,211 | ' | 604 | ' | ' | ' | ' | ' |
Deferred tax assets, net | ' | ' | ' | ' | ' | 2,763 | ' | 9,886 | ' | ' | ' | ' | ' |
Other assets | ' | ' | ' | ' | ' | 2,353 | ' | 2,514 | ' | ' | ' | ' | ' |
Liabilities Assumed: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | ' | ' | ' | -321,596 | ' | -143,665 | ' | ' | ' | ' | ' |
Borrowings | ' | ' | ' | ' | ' | -18,045 | ' | -14,698 | ' | ' | ' | ' | ' |
Subordinated debentures | ' | ' | ' | ' | ' | -15,309 | ' | -4,108 | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | -5,859 | ' | -5,116 | ' | ' | ' | ' | ' |
Total identifiable net assets | ' | ' | ' | ' | ' | -10,760 | ' | 16,031 | ' | ' | ' | ' | ' |
Goodwill | $105,401 | $89,878 | $90,473 | ' | ' | $15,525 | ' | ' | ' | ' | ' | ' | ' |
Business_Combinations_Fair_val
Business Combinations - Fair value of loans acquired and pro forma information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Feb. 13, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Foster Bankshares Inc | Foster Bankshares Inc | Foster Bankshares Inc | Pacific International Bancorp, Inc. | Pacific International Bancorp, Inc. | Pacific International Bancorp, Inc. | Foster Bankshares, Inc and Pacific International Bancorp, Inc. | Foster Bankshares, Inc and Pacific International Bancorp, Inc. | ||||
Merger and integration expense | Merger and integration expense | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal balances on loans acquired | ' | ' | ' | $279,700,000 | ' | ' | $126,000,000 | ' | ' | ' | ' |
Carrying amount related to outstanding principal balances acquired | ' | ' | ' | 235,100,000 | ' | ' | 107,600,000 | ' | ' | ' | ' |
Acquisition-related expenses | 5,161,000 | 3,809,000 | 4,713,000 | ' | ' | 4,000,000 | ' | ' | 1,100,000 | ' | ' |
Fair value of loans acquired: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractually required principal and interest at acquisition | ' | ' | ' | ' | 150,430,000 | ' | ' | 54,462,000 | ' | ' | ' |
Contractual cash flows not expected to be collected (nonaccretable discount) | ' | ' | ' | ' | 37,447,000 | ' | ' | 9,687,000 | ' | ' | ' |
Expected cash flows at acquisition | ' | ' | ' | ' | 112,983,000 | ' | ' | 44,775,000 | ' | ' | ' |
Interest component of expected cash flows (accretable discount) | ' | ' | ' | ' | 14,928,000 | ' | ' | 4,945,000 | ' | ' | ' |
Fair value of acquired impaired loans | ' | ' | ' | ' | 98,055,000 | ' | ' | 39,830,000 | ' | ' | ' |
Pro forma: from the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Interest Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | 264,040,000 | 264,669,000 |
Net income, pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,304,000 | $74,949,000 |
Earnings per share - basic, pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.07 | $0.88 |
Earnings per share - diluted, pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.06 | $0.88 |
Securities_Available_for_Sale_1
Securities Available for Sale (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 723,401 | 689,016 |
Gross Unrealized Gains | 5,043 | 16,824 |
Gross Unrealized Losses | -22,693 | -1,437 |
Estimated Fair Value | 705,751 | 704,403 |
Amount of other than temporary impairment loss recognized | 0 | ' |
Collateralized mortgage obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 286,608 | 249,373 |
Gross Unrealized Gains | 1,104 | 5,649 |
Gross Unrealized Losses | -13,611 | -110 |
Estimated Fair Value | 274,101 | 254,912 |
Mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 409,165 | 415,925 |
Gross Unrealized Gains | 3,620 | 10,277 |
Gross Unrealized Losses | -7,789 | -662 |
Estimated Fair Value | 404,996 | 425,540 |
Trust preferred securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 4,516 | 4,502 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -819 | -665 |
Estimated Fair Value | 3,697 | 3,837 |
Municipal bonds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,687 | 4,506 |
Gross Unrealized Gains | 319 | 612 |
Gross Unrealized Losses | -70 | 0 |
Estimated Fair Value | 5,936 | 5,118 |
Total debt securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 705,976 | 674,306 |
Gross Unrealized Gains | 5,043 | 16,538 |
Gross Unrealized Losses | -22,289 | -1,437 |
Estimated Fair Value | 688,730 | 689,407 |
Mutual funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,425 | 14,710 |
Gross Unrealized Gains | 0 | 286 |
Gross Unrealized Losses | -404 | 0 |
Estimated Fair Value | 17,021 | 14,996 |
Credit concentration risk | Stockholders' equity | Non-US government and agency securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Maximum exposure to any single issuer | 10.00% | 10.00% |
Securities_Available_for_Sale_2
Securities Available for Sale - Proceeds, Gains and Losses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available-for-sale Securities [Abstract] | ' | ' | ' |
Proceeds | $6,634 | $28,446 | $139,458 |
Gross gains | 54 | 949 | 1,219 |
Gross losses | $0 | $0 | $0 |
Securities_Available_for_Sale_3
Securities Available for Sale - Amortized Cost and Estimated Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost - Due within one year | $0 | ' |
Amortized Cost - Due after one year through five years | 340,000 | ' |
Amortized Cost - Due after five years through ten years | 3,883,000 | ' |
Amortized Cost - Due after ten years | 5,980,000 | ' |
Amortized Cost | 723,401,000 | 689,016,000 |
Estimated Fair Value - Due within one year | 0 | ' |
Estimated Fair Value - Due after one year through five years | 350,000 | ' |
Estimated Fair Value - Due after five years through ten years | 4,170,000 | ' |
Estimated Fair Value - Due after ten years | 5,113,000 | ' |
Estimated Fair Value | 705,751,000 | 704,403,000 |
Available-for-sale securities, restricted | 360,600,000 | 338,600,000 |
Collateralized mortgage obligations | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 286,608,000 | ' |
Amortized Cost | 286,608,000 | 249,373,000 |
Estimated Fair Value | 274,101,000 | ' |
Estimated Fair Value | 274,101,000 | 254,912,000 |
Mortgage-backed securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 409,165,000 | ' |
Amortized Cost | 409,165,000 | 415,925,000 |
Estimated Fair Value | 404,996,000 | ' |
Estimated Fair Value | 404,996,000 | 425,540,000 |
Mutual funds | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 17,425,000 | ' |
Amortized Cost | 17,425,000 | 14,710,000 |
Estimated Fair Value | 17,021,000 | ' |
Estimated Fair Value | $17,021,000 | $14,996,000 |
Securities_Available_for_Sale_4
Securities Available for Sale - Aggregate Unrealized Losses and Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | security | security | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Number of Securities, Less than 12 months | 52 | 10 | ||
Number of Securities, 12 months or longer | 11 | 4 | ||
Number of Securities, Total | 63 | 14 | ||
Fair Value - Less than 12 months | $416,122 | $50,415 | ||
Fair Value - 12 months or longer | 31,871 | 12,088 | ||
Fair Value - Total | 447,993 | 62,503 | ||
Gross Unrealized Losses - Less than 12 months | -20,227 | -707 | ||
Gross Unrealized Losses - 12 months or longer | -2,466 | -729 | ||
Gross Unrealized Losses - Total | -22,693 | -1,436 | ||
Collateralized mortgage obligations | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Number of Securities, Less than 12 months | 21 | [1] | 3 | [1] |
Number of Securities, 12 months or longer | 3 | [1] | 0 | [1] |
Number of Securities, Total | 24 | [1] | 3 | [1] |
Fair Value - Less than 12 months | 198,713 | [1] | 18,009 | [1] |
Fair Value - 12 months or longer | 13,381 | [1] | 0 | [1] |
Fair Value - Total | 212,094 | [1] | 18,009 | [1] |
Gross Unrealized Losses - Less than 12 months | -12,460 | [1] | -110 | [1] |
Gross Unrealized Losses - 12 months or longer | -1,151 | [1] | 0 | [1] |
Gross Unrealized Losses - Total | -13,611 | [1] | -110 | [1] |
Mortgage-backed securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Number of Securities, Less than 12 months | 29 | [1] | 7 | [1] |
Number of Securities, 12 months or longer | 7 | [1] | 3 | [1] |
Number of Securities, Total | 36 | [1] | 10 | [1] |
Fair Value - Less than 12 months | 203,276 | [1] | 32,406 | [1] |
Fair Value - 12 months or longer | 14,793 | [1] | 8,251 | [1] |
Fair Value - Total | 218,069 | [1] | 40,657 | [1] |
Gross Unrealized Losses - Less than 12 months | -7,293 | [1] | -597 | [1] |
Gross Unrealized Losses - 12 months or longer | -496 | [1] | -64 | [1] |
Gross Unrealized Losses - Total | -7,789 | [1] | -661 | [1] |
Municipal bonds | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Number of Securities, Less than 12 months | 1 | ' | ||
Number of Securities, 12 months or longer | 0 | [1] | ' | |
Number of Securities, Total | 1 | [1] | ' | |
Fair Value - Less than 12 months | 1,112 | ' | ||
Fair Value - 12 months or longer | 0 | [1] | ' | |
Fair Value - Total | 1,112 | [1] | ' | |
Gross Unrealized Losses - Less than 12 months | -70 | ' | ||
Gross Unrealized Losses - 12 months or longer | 0 | [1] | ' | |
Gross Unrealized Losses - Total | -70 | [1] | ' | |
Trust preferred securities | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Number of Securities, Less than 12 months | 0 | 0 | ||
Number of Securities, 12 months or longer | 1 | 1 | ||
Number of Securities, Total | 1 | 1 | ||
Fair Value - Less than 12 months | 0 | 0 | ||
Fair Value - 12 months or longer | 3,697 | 3,837 | ||
Fair Value - Total | 3,697 | 3,837 | ||
Gross Unrealized Losses - Less than 12 months | 0 | 0 | ||
Gross Unrealized Losses - 12 months or longer | -819 | -665 | ||
Gross Unrealized Losses - Total | -819 | -665 | ||
Mutual funds | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Number of Securities, Less than 12 months | 1 | 0 | ||
Number of Securities, 12 months or longer | 0 | 0 | ||
Number of Securities, Total | 1 | 0 | ||
Fair Value - Less than 12 months | 13,021 | 0 | ||
Fair Value - 12 months or longer | 0 | 0 | ||
Fair Value - Total | 13,021 | 0 | ||
Gross Unrealized Losses - Less than 12 months | -404 | 0 | ||
Gross Unrealized Losses - 12 months or longer | 0 | 0 | ||
Gross Unrealized Losses - Total | ($404) | $0 | ||
[1] | Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||
Real estate loans: | ' | ' | ' |
Loans | $5,076,343 | $4,298,338 | ' |
Less: deferred loan fees | -2,168 | -2,086 | ' |
Gross loans receivable | 5,074,175 | 4,296,252 | ' |
Less: allowance for loan losses | -67,320 | -66,941 | -61,952 |
Loans receivable, net | 5,006,855 | 4,229,311 | ' |
Number of portfolio segments | 4 | ' | ' |
Real estate loans | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 3,904,058 | 3,174,758 | ' |
Real estate loans | Real estate-Residential | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 10,039 | 9,247 | ' |
Real estate loans | Commercial & industrial | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 3,821,163 | 3,100,466 | ' |
Real estate loans | Real estate-Construction | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 72,856 | 65,045 | ' |
Commercial business | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 949,093 | 921,556 | ' |
Less: allowance for loan losses | -17,592 | -17,606 | ' |
Trade Finance | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 124,685 | 152,070 | ' |
Less: allowance for loan losses | -2,653 | -2,352 | ' |
Consumer and other | ' | ' | ' |
Real estate loans: | ' | ' | ' |
Loans | 98,507 | 49,954 | ' |
Less: allowance for loan losses | ($525) | ($761) | ' |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Accretable Yield Movement Schedule on Acquired Credit Impaired Loans in Center Merger (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Center Financial Corporation | Center Financial Corporation, Foster Bankshares, Inc, and Pacific International Bancorp, Inc | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Balance at beginning of period | $31,999 | $18,652 |
Additions due to mergers and acquisitions | 0 | 19,873 |
Accretion | -14,135 | -15,590 |
Changes in expected cash flows | 788 | 24,463 |
Balance at end of period | $18,652 | $47,398 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Allowance for Credit Losses on Financing Receivables (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | $66,941 | $61,952 |
Provision (credit) for loan losses | 20,000 | 19,104 |
Loans charged off | -22,069 | -18,780 |
Recoveries of charged offs | 2,448 | 4,665 |
Balance, end of period | 67,320 | 66,941 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 12,666 | 9,160 |
Allowance for loan losses - Collectively evaluated for impairment | 49,876 | 53,246 |
Allowance for loan losses - Loans acquired with credit deterioration | 4,778 | 4,535 |
Allowance for loan losses - Total | 67,320 | 66,941 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 116,269 | 90,156 |
Loans outstanding - Collectively evaluated for impairment | 4,734,767 | 4,050,010 |
Loans outstanding - Loans acquired with credit deterioration | 225,307 | 158,172 |
Total loans outstanding | 5,076,343 | 4,298,338 |
Loans and Leases Receivable, Other Information | ' | ' |
Commitment to lend | 885 | 802 |
Provision for loan losses | 83 | 116 |
Legacy | ' | ' |
Loans outstsanding: | ' | ' |
Total loans outstanding | ' | 3,356,522 |
Acquired | ' | ' |
Loans outstsanding: | ' | ' |
Total loans outstanding | ' | 941,816 |
Real Estate | ' | ' |
Loans outstsanding: | ' | ' |
Total loans outstanding | 3,904,058 | 3,174,758 |
Real Estate | Legacy | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 41,505 | 39,040 |
Provision (credit) for loan losses | 665 | 7,098 |
Loans charged off | -2,406 | -6,770 |
Recoveries of charged offs | 304 | 2,137 |
Balance, end of period | 40,068 | 41,505 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 5,578 | 4,723 |
Allowance for loan losses - Collectively evaluated for impairment | 34,490 | 36,782 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 40,068 | 41,505 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 49,177 | 37,394 |
Loans outstanding - Collectively evaluated for impairment | 3,076,924 | 2,387,080 |
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 |
Total loans outstanding | 3,126,101 | 2,424,474 |
Real Estate | Acquired | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 4,718 | 0 |
Provision (credit) for loan losses | 7,880 | 4,824 |
Loans charged off | -6,123 | -411 |
Recoveries of charged offs | 7 | 305 |
Balance, end of period | 6,482 | 4,718 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 1,092 | 183 |
Allowance for loan losses - Collectively evaluated for impairment | 612 | 0 |
Allowance for loan losses - Loans acquired with credit deterioration | 4,778 | 4,535 |
Allowance for loan losses - Total | 6,482 | 4,718 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 19,992 | 17,951 |
Loans outstanding - Collectively evaluated for impairment | 613,696 | 628,449 |
Loans outstanding - Loans acquired with credit deterioration | 144,269 | 103,884 |
Total loans outstanding | 777,957 | 750,284 |
Commercial Business | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, end of period | 17,592 | 17,606 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Total | 17,592 | 17,606 |
Loans outstsanding: | ' | ' |
Total loans outstanding | 949,093 | 921,556 |
Commercial Business | Legacy | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 16,490 | 20,681 |
Provision (credit) for loan losses | 2,491 | 3,700 |
Loans charged off | -4,022 | -9,406 |
Recoveries of charged offs | 1,837 | 1,515 |
Balance, end of period | 16,796 | 16,490 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 5,183 | 3,084 |
Allowance for loan losses - Collectively evaluated for impairment | 11,613 | 13,406 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 16,796 | 16,490 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 37,314 | 23,951 |
Loans outstanding - Collectively evaluated for impairment | 778,350 | 729,904 |
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 |
Total loans outstanding | 815,664 | 753,855 |
Commercial Business | Acquired | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 1,115 | 0 |
Provision (credit) for loan losses | 1,319 | 1,903 |
Loans charged off | -1,738 | -945 |
Recoveries of charged offs | 100 | 157 |
Balance, end of period | 796 | 1,115 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 622 | 1,074 |
Allowance for loan losses - Collectively evaluated for impairment | 174 | 41 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 796 | 1,115 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 2,792 | 3,323 |
Loans outstanding - Collectively evaluated for impairment | 84,325 | 114,621 |
Loans outstanding - Loans acquired with credit deterioration | 46,312 | 49,757 |
Total loans outstanding | 133,429 | 167,701 |
Trade Finance | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, end of period | 2,653 | 2,352 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Total | 2,653 | 2,352 |
Loans outstsanding: | ' | ' |
Total loans outstanding | 124,685 | 152,070 |
Trade Finance | Legacy | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 2,349 | 1,786 |
Provision (credit) for loan losses | 7,517 | 403 |
Loans charged off | -7,213 | 0 |
Recoveries of charged offs | 0 | 160 |
Balance, end of period | 2,653 | 2,349 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 159 | 96 |
Allowance for loan losses - Collectively evaluated for impairment | 2,494 | 2,253 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 2,653 | 2,349 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 5,692 | 6,199 |
Loans outstanding - Collectively evaluated for impairment | 117,249 | 144,173 |
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 |
Total loans outstanding | 122,941 | 150,372 |
Trade Finance | Acquired | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 3 | 0 |
Provision (credit) for loan losses | -3 | 303 |
Loans charged off | 0 | -300 |
Recoveries of charged offs | 0 | 0 |
Balance, end of period | 0 | 3 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses - Collectively evaluated for impairment | 0 | 3 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 0 | 3 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 0 | 0 |
Loans outstanding - Collectively evaluated for impairment | 0 | 242 |
Loans outstanding - Loans acquired with credit deterioration | 1,744 | 1,456 |
Total loans outstanding | 1,744 | 1,698 |
Consumer and Other | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, end of period | 525 | 761 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Total | 525 | 761 |
Loans outstsanding: | ' | ' |
Total loans outstanding | 98,507 | 49,954 |
Consumer and Other | Legacy | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 658 | 445 |
Provision (credit) for loan losses | 169 | 673 |
Loans charged off | -524 | -568 |
Recoveries of charged offs | 158 | 108 |
Balance, end of period | 461 | 658 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 32 | 0 |
Allowance for loan losses - Collectively evaluated for impairment | 429 | 658 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 461 | 658 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 535 | 536 |
Loans outstanding - Collectively evaluated for impairment | 32,421 | 27,284 |
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 |
Total loans outstanding | 32,956 | 27,820 |
Consumer and Other | Acquired | ' | ' |
Allowance for Loan Losses by Portfolio Segment | ' | ' |
Balance, beginning of period | 103 | 0 |
Provision (credit) for loan losses | -38 | 200 |
Loans charged off | -43 | -380 |
Recoveries of charged offs | 42 | 283 |
Balance, end of period | 64 | 103 |
Allowance for loan losses: | ' | ' |
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 |
Allowance for loan losses - Collectively evaluated for impairment | 64 | 103 |
Allowance for loan losses - Loans acquired with credit deterioration | 0 | 0 |
Allowance for loan losses - Total | 64 | 103 |
Loans outstsanding: | ' | ' |
Loans outstanding - Individually evaluated for impairment | 767 | 802 |
Loans outstanding - Collectively evaluated for impairment | 31,802 | 18,257 |
Loans outstanding - Loans acquired with credit deterioration | 32,982 | 3,075 |
Total loans outstanding | $65,551 | $22,134 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Impaired Financing Receivables (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | $86,771 | [1] | $68,125 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 29,498 | [1] | 22,031 | [1] | ' | |
Allowance on Impaired Loans | -12,666 | -9,160 | ' | |||
Impaired Loans, net of allowance | 103,603 | 80,996 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 89,840 | 72,865 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 55,297 | 36,015 | ' | |||
Impaired Financing Receivable, Unpaid Principal Balance | 145,137 | 108,880 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 74,406 | [1] | 73,394 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 26,758 | [1] | 22,969 | [1] | ' | |
Average Recorded Investment, Total | 101,164 | [1] | 96,363 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 3,255 | 3,056 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 308 | 357 | ' | |||
Interest Income Recognized during Impairment, Total | 3,563 | 3,413 | ' | |||
Impaired Financing Receivable, Recorded Investment | 116,269 | [1] | 90,156 | [1] | ' | |
WIthout charge-offs | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 85,920 | 65,526 | ' | |||
Recorded Investment, With No Allocated Allowance | 23,160 | 17,536 | ' | |||
With charge-offs | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 851 | 2,599 | ' | |||
Recorded Investment, With No Allocated Allowance | 6,338 | 4,495 | ' | |||
Real estate-Residential | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [1] | 0 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 0 | [1] | 0 | [1] | ' | |
Allowance on Impaired Loans | 0 | 0 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | 0 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | 0 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [1] | 0 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 0 | [1] | 0 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | 0 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 0 | ' | |||
Real estate-Commercial | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Allowance on Impaired Loans | -6,670 | -4,906 | ' | |||
Real estate-Commercial | Retail | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 7,318 | [1] | 5,477 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 4,025 | [1] | 2,516 | [1] | ' | |
Allowance on Impaired Loans | -827 | -1,167 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 7,451 | 5,610 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 6,591 | 5,404 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 7,783 | [1] | 3,512 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 3,428 | [1] | 1,602 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 181 | 255 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 45 | 48 | ' | |||
Real estate-Commercial | Hotel & Motel | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 11,920 | [1] | 8,990 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 6,502 | [1] | 6,212 | [1] | ' | |
Allowance on Impaired Loans | -2,841 | -1,860 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 12,744 | 8,995 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 10,498 | 8,202 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 11,432 | [1] | 17,536 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 6,304 | [1] | 1,365 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 550 | 426 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 0 | ' | |||
Real estate-Commercial | Gas Station & Car Wash | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 3,145 | [1] | 1,892 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 4,845 | [1] | 1,731 | [1] | ' | |
Allowance on Impaired Loans | -519 | -73 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 3,236 | 2,440 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 8,273 | 4,359 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 2,090 | [1] | 2,908 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 3,803 | [1] | 1,775 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 117 | 0 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 139 | 0 | ' | |||
Real estate-Commercial | Mixed Use | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 930 | [1] | 900 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 845 | [1] | 899 | [1] | ' | |
Allowance on Impaired Loans | -212 | -250 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 953 | 976 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 912 | 923 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 1,108 | [1] | 3,182 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 697 | [1] | 180 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 43 | 0 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 0 | ' | |||
Real estate-Commercial | Industrial & Warehouse | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 12,398 | [1] | 2,074 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 3,806 | [1] | 4,392 | [1] | ' | |
Allowance on Impaired Loans | -810 | -567 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 12,470 | 2,153 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 7,204 | 6,450 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 9,496 | [1] | 3,052 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 3,958 | [1] | 4,408 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 323 | 66 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 10 | 160 | ' | |||
Real estate-Commercial | Other | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 10,262 | [1] | 16,184 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 1,548 | [1] | 2,371 | [1] | ' | |
Allowance on Impaired Loans | -1,461 | -989 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 10,351 | 16,389 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 3,647 | 6,283 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 9,826 | [1] | 14,322 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 3,043 | [1] | 2,598 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 405 | 805 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 0 | ' | |||
Real estate-Construction | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [1] | 0 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 1,625 | [1] | 1,710 | [1] | ' | |
Allowance on Impaired Loans | 0 | 0 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | 0 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 1,625 | 1,710 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [1] | 26 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 1,670 | [1] | 1,710 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | 0 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 89 | 111 | ' | |||
Commercial Business | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 34,663 | [1] | 26,354 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 5,443 | [1] | 920 | [1] | ' | |
Allowance on Impaired Loans | -5,805 | -4,158 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 36,472 | 29,073 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 8,437 | 1,368 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 27,010 | [1] | 25,227 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 2,770 | [1] | 8,028 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 1,572 | 1,252 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 25 | 18 | ' | |||
Trade Finance | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 5,600 | [1] | 6,199 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 92 | [1] | 0 | [1] | ' | |
Allowance on Impaired Loans | -159 | -96 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 5,628 | 7,173 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 7,279 | 0 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 5,313 | [1] | 3,510 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 18 | [1] | 946 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 41 | 248 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 0 | ' | |||
Consumer and Other | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 535 | [1] | 55 | [1] | ' | |
Recorded Investment, With No Allocated Allowance | 767 | [1] | 1,280 | [1] | ' | |
Allowance on Impaired Loans | -32 | 0 | ' | |||
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 535 | 56 | ' | |||
Unpaid Contractual Principal Balance, With No Related Allowance | 831 | 1,316 | ' | |||
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 348 | [1] | 119 | [1] | ' | |
Average Recorded Investment, With No Related Allowance | 1,067 | [1] | 357 | [1] | ' | |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 23 | 4 | ' | |||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 20 | ' | |||
Acquired | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 9,659 | [2],[3] | 9,364 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 13,892 | [2],[3] | 12,712 | [1],[2] | ' | |
Allowance on Impaired Loans | -1,714 | [2] | -1,257 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 11,248 | [2] | 9,706 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 19,773 | [2] | 18,055 | [2] | ' | |
Impaired Financing Receivable, Unpaid Principal Balance | 31,021 | [2] | 27,761 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 12,538 | [2],[3] | 8,320 | [1],[2] | 59,993 | [1] |
Average Recorded Investment, With No Related Allowance | 13,640 | [2],[3] | 5,805 | [1],[2] | 46,023 | [1] |
Average Recorded Investment, Total | 26,178 | [2],[3] | 14,125 | [1],[2] | 106,016 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 62 | [2] | 414 | [2] | 2,517 | |
Interest Income Recognized during Impairment, With No Related Allowance | 86 | [2] | 223 | [2] | 346 | |
Interest Income Recognized during Impairment, Total | 148 | [2] | 637 | [2] | 2,863 | |
Impaired Financing Receivable, Recorded Investment | 23,551 | [2],[3] | 22,076 | [1],[2] | ' | |
Acquired | Real estate-Residential | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Allowance on Impaired Loans | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 0 | [1] |
Average Recorded Investment, With No Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 0 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Acquired | Real estate-Commercial | Retail | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 391 | [2],[3] | 1,286 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 1,244 | [2],[3] | 800 | [1],[2] | ' | |
Allowance on Impaired Loans | -15 | [2] | -9 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 397 | [2] | 1,286 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 2,216 | [2] | 840 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 1,084 | [2],[3] | 920 | [1],[2] | 3,476 | [1] |
Average Recorded Investment, With No Related Allowance | 953 | [2],[3] | 161 | [1],[2] | 6,199 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 14 | [2] | 64 | [2] | 34 | |
Interest Income Recognized during Impairment, With No Related Allowance | 14 | [2] | 48 | [2] | 0 | |
Acquired | Real estate-Commercial | Hotel & Motel | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 6,441 | [2],[3] | 5,990 | [1],[2] | ' | |
Allowance on Impaired Loans | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 8,676 | [2] | 7,375 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [2],[3] | 3,676 | [1],[2] | 14,581 | [1] |
Average Recorded Investment, With No Related Allowance | 6,169 | [2],[3] | 1,198 | [1],[2] | 4,722 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 1,013 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Acquired | Real estate-Commercial | Gas Station & Car Wash | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 794 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 1,614 | [2],[3] | 774 | [1],[2] | ' | |
Allowance on Impaired Loans | -341 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 885 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 2,109 | [2] | 1,865 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 485 | [2],[3] | 57 | [1],[2] | 2,825 | [1] |
Average Recorded Investment, With No Related Allowance | 1,366 | [2],[3] | 608 | [1],[2] | 2,584 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 95 | |
Interest Income Recognized during Impairment, With No Related Allowance | 62 | [2] | 0 | [2] | 0 | |
Acquired | Real estate-Commercial | Mixed Use | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Allowance on Impaired Loans | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 1,561 | [1] |
Average Recorded Investment, With No Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 2,157 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 158 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Acquired | Real estate-Commercial | Industrial & Warehouse | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 5,128 | [2],[3] | 832 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 1,883 | [2],[3] | 3,190 | [1],[2] | ' | |
Allowance on Impaired Loans | -612 | [2] | -2 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 5,200 | [2] | 887 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 3,446 | [2] | 3,302 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 6,323 | [2],[3] | 331 | [1],[2] | 4,819 | [1] |
Average Recorded Investment, With No Related Allowance | 2,482 | [2],[3] | 2,005 | [1],[2] | 3,150 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 36 | [2] | 310 | |
Interest Income Recognized during Impairment, With No Related Allowance | 10 | [2] | 160 | [2] | 0 | |
Acquired | Real estate-Commercial | Other | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 1,362 | [2],[3] | 4,272 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 1,135 | [2],[3] | 807 | [1],[2] | ' | |
Allowance on Impaired Loans | -124 | [2] | -172 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 1,412 | [2] | 4,461 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 1,547 | [2] | 3,156 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 1,819 | [2],[3] | 1,711 | [1],[2] | 6,195 | [1] |
Average Recorded Investment, With No Related Allowance | 1,600 | [2],[3] | 993 | [1],[2] | 10,596 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 43 | [2] | 288 | [2] | 298 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Acquired | Real estate-Construction | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Allowance on Impaired Loans | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 2,504 | [1] |
Average Recorded Investment, With No Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 3,280 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 0 | [2] | 113 | |
Acquired | Commercial Business | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 1,984 | [2],[3] | 2,974 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 808 | [2],[3] | 349 | [1],[2] | ' | |
Allowance on Impaired Loans | -622 | [2] | -1,074 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 3,354 | [2] | 3,072 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 948 | [2] | 681 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 2,827 | [2],[3] | 1,625 | [1],[2] | 23,133 | [1] |
Average Recorded Investment, With No Related Allowance | 291 | [2],[3] | 680 | [1],[2] | 12,432 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 5 | [2] | 26 | [2] | 538 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 15 | [2] | 203 | |
Acquired | Trade Finance | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Allowance on Impaired Loans | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 899 | [1] |
Average Recorded Investment, With No Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 758 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 71 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [2] | 0 | [2] | 30 | |
Acquired | Consumer and Other | ' | ' | ' | |||
Impaired Loans, Recorded Investment | ' | ' | ' | |||
Recorded Investment, With Allocated Allowance | 0 | [2],[3] | 0 | [1],[2] | ' | |
Recorded Investment, With No Allocated Allowance | 767 | [2],[3] | 802 | [1],[2] | ' | |
Allowance on Impaired Loans | 0 | [2] | 0 | [2] | ' | |
Impaired Loans, Unpaid Principal Balance | ' | ' | ' | |||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [2] | 0 | [2] | ' | |
Unpaid Contractual Principal Balance, With No Related Allowance | 831 | [2] | 836 | [2] | ' | |
Impaired Loans, Average Recorded Investment | ' | ' | ' | |||
Average Recorded Investment, With Related Allowance | 0 | [2],[3] | 0 | [1],[2] | 0 | [1] |
Average Recorded Investment, With No Related Allowance | 779 | [2],[3] | 160 | [1],[2] | 145 | [1] |
Impaired Loans, Interest Income Recognized during Impairment | ' | ' | ' | |||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [2] | 0 | [2] | 0 | |
Interest Income Recognized during Impairment, With No Related Allowance | $0 | [2] | $0 | [2] | $0 | |
[1] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||
[2] | APLs that became impaired subsequent to being acquired. | |||||
[3] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses - Past Due Financing Receivables (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | $7,322,000 | $1,376,000 | ||
60 - 89 Days Past Due | 2,772,000 | 5,038,000 | ||
Greater than 90 Days Past Due | 5,000 | 0 | ||
Total | 10,099,000 | 6,414,000 | ||
Non-accrual loans | 39,154,000 | 29,653,000 | ||
Total Delinquent loans | 49,253,000 | 36,067,000 | ||
Acquired credit impaired Loans, 30 to 59 days past due | 9,700,000 | 7,000,000 | ||
Acquired credit impaired loans, 60 to 89 days past due | 2,500,000 | 12,100,000 | ||
Acquired credit impaired loans, greater than 90 days past due | 43,800,000 | 17,700,000 | ||
Legacy | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 2,209,000 | 968,000 | ||
60 - 89 Days Past Due | 266,000 | 349,000 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 2,475,000 | 1,317,000 | ||
Non-accrual loans | 18,440,000 | 18,540,000 | ||
Total Delinquent loans | 20,915,000 | 19,857,000 | ||
Acquired | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 5,113,000 | [1] | 408,000 | [2] |
60 - 89 Days Past Due | 2,506,000 | [1] | 4,689,000 | [2] |
Greater than 90 Days Past Due | 5,000 | [1] | 0 | [2] |
Total | 7,624,000 | [1] | 5,097,000 | [2] |
Non-accrual loans | 20,714,000 | [1] | 11,113,000 | [2] |
Total Delinquent loans | 28,338,000 | [1] | 16,210,000 | [2] |
Real estate-Residential | Legacy | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | 0 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 0 | 0 | ||
Non-accrual loans | 0 | 0 | ||
Total Delinquent loans | 0 | 0 | ||
Real estate-Residential | Acquired | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 0 | [1] | 0 | [2] |
Non-accrual loans | 0 | [1] | 0 | [2] |
Total Delinquent loans | 0 | [1] | 0 | [2] |
Real estate-Commercial | Legacy | Retail | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 122,000 | 87,000 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 122,000 | 87,000 | ||
Non-accrual loans | 4,363,000 | 3,316,000 | ||
Total Delinquent loans | 4,485,000 | 3,403,000 | ||
Real estate-Commercial | Legacy | Hotel & Motel | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | 0 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 0 | 0 | ||
Non-accrual loans | 121,000 | 437,000 | ||
Total Delinquent loans | 121,000 | 437,000 | ||
Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 1,038,000 | 359,000 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 1,038,000 | 359,000 | ||
Non-accrual loans | 2,228,000 | 2,848,000 | ||
Total Delinquent loans | 3,266,000 | 3,207,000 | ||
Real estate-Commercial | Legacy | Mixed Use | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | 34,000 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 0 | 34,000 | ||
Non-accrual loans | 974,000 | 1,799,000 | ||
Total Delinquent loans | 974,000 | 1,833,000 | ||
Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 215,000 | 0 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 215,000 | 0 | ||
Non-accrual loans | 1,923,000 | 1,950,000 | ||
Total Delinquent loans | 2,138,000 | 1,950,000 | ||
Real estate-Commercial | Legacy | Other | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | 0 | ||
60 - 89 Days Past Due | 0 | 115,000 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 0 | 115,000 | ||
Non-accrual loans | 1,398,000 | 2,379,000 | ||
Total Delinquent loans | 1,398,000 | 2,494,000 | ||
Real estate-Commercial | Acquired | Retail | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 2,024,000 | [1] | 75,000 | [2] |
60 - 89 Days Past Due | 0 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 2,024,000 | [1] | 75,000 | [2] |
Non-accrual loans | 1,030,000 | [1] | 0 | [2] |
Total Delinquent loans | 3,054,000 | [1] | 75,000 | [2] |
Real estate-Commercial | Acquired | Hotel & Motel | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 0 | [1] | 0 | [2] |
Non-accrual loans | 6,441,000 | [1] | 5,990,000 | [2] |
Total Delinquent loans | 6,441,000 | [1] | 5,990,000 | [2] |
Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 1,068,000 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 1,109,000 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 1,068,000 | [1] | 1,109,000 | [2] |
Non-accrual loans | 1,339,000 | [1] | 774,000 | [2] |
Total Delinquent loans | 2,407,000 | [1] | 1,883,000 | [2] |
Real estate-Commercial | Acquired | Mixed Use | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 576,000 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 576,000 | [1] | 0 | [2] |
Non-accrual loans | 0 | [1] | 0 | [2] |
Total Delinquent loans | 576,000 | [1] | 0 | [2] |
Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 121,000 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 3,278,000 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 121,000 | [1] | 3,278,000 | [2] |
Non-accrual loans | 6,890,000 | [1] | 0 | [2] |
Total Delinquent loans | 7,011,000 | [1] | 3,278,000 | [2] |
Real estate-Commercial | Acquired | Other | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 516,000 | [1] | 15,000 | [2] |
60 - 89 Days Past Due | 1,729,000 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 2,245,000 | [1] | 15,000 | [2] |
Non-accrual loans | 1,376,000 | [1] | 937,000 | [2] |
Total Delinquent loans | 3,621,000 | [1] | 952,000 | [2] |
Real estate-Construction | Legacy | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | 0 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 0 | 0 | ||
Non-accrual loans | 0 | 0 | ||
Total Delinquent loans | 0 | 0 | ||
Real estate-Construction | Acquired | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 0 | [1] | 0 | [2] |
Non-accrual loans | 0 | [1] | 0 | [2] |
Total Delinquent loans | 0 | [1] | 0 | [2] |
Commercial Business | Legacy | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 780,000 | 298,000 | ||
60 - 89 Days Past Due | 244,000 | 234,000 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 1,024,000 | 532,000 | ||
Non-accrual loans | 6,402,000 | 4,942,000 | ||
Total Delinquent loans | 7,426,000 | 5,474,000 | ||
Commercial Business | Acquired | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 524,000 | [1] | 220,000 | [2] |
60 - 89 Days Past Due | 703,000 | [1] | 285,000 | [2] |
Greater than 90 Days Past Due | 5,000 | [1] | 0 | [2] |
Total | 1,232,000 | [1] | 505,000 | [2] |
Non-accrual loans | 2,708,000 | [1] | 2,442,000 | [2] |
Total Delinquent loans | 3,940,000 | [1] | 2,947,000 | [2] |
Trade Finance | Legacy | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | 0 | ||
60 - 89 Days Past Due | 0 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 0 | 0 | ||
Non-accrual loans | 1,031,000 | 869,000 | ||
Total Delinquent loans | 1,031,000 | 869,000 | ||
Trade Finance | Acquired | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 0 | [1] | 0 | [2] |
60 - 89 Days Past Due | 0 | [1] | 0 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 0 | [1] | 0 | [2] |
Non-accrual loans | 0 | [1] | 0 | [2] |
Total Delinquent loans | 0 | [1] | 0 | [2] |
Consumer and Other | Legacy | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 54,000 | 190,000 | ||
60 - 89 Days Past Due | 22,000 | 0 | ||
Greater than 90 Days Past Due | 0 | 0 | ||
Total | 76,000 | 190,000 | ||
Non-accrual loans | 0 | 0 | ||
Total Delinquent loans | 76,000 | 190,000 | ||
Consumer and Other | Acquired | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
30 - 59 Days Past Due | 284,000 | [1] | 98,000 | [2] |
60 - 89 Days Past Due | 74,000 | [1] | 17,000 | [2] |
Greater than 90 Days Past Due | 0 | [1] | 0 | [2] |
Total | 358,000 | [1] | 115,000 | [2] |
Non-accrual loans | 930,000 | [1] | 970,000 | [2] |
Total Delinquent loans | $1,288,000 | [1] | $1,085,000 | [2] |
[1] | d December 31, 2012 by class of loans: As of December 31, 2013 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans Total Delinquent loans (In thousands)Legacy Loans Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail122 — — 122 4,363 4,485Hotel & Motel— — — — 121 121Gas Station & Car Wash1,038 — — 1,038 2,228 3,266Mixed Use— — — — 974 974Industrial & Warehouse215 — — 215 1,923 2,138Other— — — — 1,398 1,398Real estate—Construction— — — — — —Commercial business780 244 — 1,024 6,402 7,426Trade finance— — — — 1,031 1,031Consumer and other54 22 — 76 — 76 Subtotal$2,209 $266 $— $2,475 $18,440 $20,915Acquired Loans (1) Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail2,024 — — 2,024 1,030 3,054Hotel & Motel— — — — 6,441 6,441Gas Station & Car Wash1,068 — — 1,068 1,339 2,407Mixed Use576 — — 576 — 576Industrial & Warehouse121 — — 121 6,890 7,011Other516 1,729 — 2,245 1,376 3,621Real estate—Construction— — — — — —Commercial business524 703 5 1,232 2,708 3,940Trade finance— — — — — —Consumer and other284 74 — 358 930 1,288 Subtotal$5,113 $2,506 $5 $7,624 $20,714 $28,338TOTAL$7,322 $2,772 $5 $10,099 $39,154 $49,253(1) The Acquired Loan balances exclude ACILs of $9.7 million, $2.5 million and $43.8 million that were 30-59 days, 60-89 days and 90 or more | |||
[2] | As of December 31, 2012 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans Total Delinquent loans (In Thousands)Legacy Loans Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail87 — — 87 3,316 3,403Hotel & Motel— — — — 437 437Gas Station & Car Wash359 — — 359 2,848 3,207Mixed Use34 — — 34 1,799 1,833Industrial & Warehouse— — — — 1,950 1,950Other— 115 — 115 2,379 2,494Real estate—Construction— — — — — —Commercial business298 234 — 532 4,942 5,474Trade finance— — — — 869 869Consumer and other190 — — 190 — 190 Subtotal968 349 — 1,317 18,540 19,857Acquired Loans (1) Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail75 — — 75 — 75Hotel & Motel— — — — 5,990 5,990Gas Station & Car Wash— 1,109 — 1,109 774 1,883Mixed Use— — — — — —Industrial & Warehouse— 3,278 — 3,278 — 3,278Other15 — — 15 937 952Real estate—Construction— — — — — —Commercial business220 285 — 505 2,442 2,947Trade finance— — — — — —Consumer and other98 17 — 115 970 1,085 Subtotal$408 $4,689 $— $5,097 $11,113 $16,210TOTAL$1,376 $5,038 $— $6,414 $29,653 $36,067(1) The Acquired Loan balances exclude ACILs of $7.0 million, $12.1 million and $17.7 million that were 30-59 days, 60-89 days and 90 or more |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Financing Receivable Credit Quality Indicators (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $5,076,343 | $4,298,338 |
Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 3,356,522 |
Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 941,816 |
Real estate-Residential | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,039 | 9,247 |
Real estate-Residential | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 9,247 |
Real estate-Residential | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 0 |
Real estate-Commercial | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,821,163 | 3,100,466 |
Real estate-Commercial | Legacy | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 605,607 |
Real estate-Commercial | Legacy | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 472,597 |
Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 382,073 |
Real estate-Commercial | Legacy | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 239,241 |
Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 207,741 |
Real estate-Commercial | Legacy | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 449,989 |
Real estate-Commercial | Acquired | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 249,782 |
Real estate-Commercial | Acquired | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 134,397 |
Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 44,671 |
Real estate-Commercial | Acquired | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 45,279 |
Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 125,471 |
Real estate-Commercial | Acquired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 143,618 |
Real estate-Construction | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 72,856 | 65,045 |
Real estate-Construction | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 57,980 |
Real estate-Construction | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | ' | 7,065 |
Real Estate | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,904,058 | 3,174,758 |
Real Estate | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,126,101 | 2,424,474 |
Real Estate | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 777,957 | 750,284 |
Commercial business | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 949,093 | 921,556 |
Commercial business | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 815,664 | 753,855 |
Commercial business | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 133,429 | 167,701 |
Trade Finance | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 124,685 | 152,070 |
Trade Finance | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 122,941 | 150,372 |
Trade Finance | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,744 | 1,698 |
Consumer and Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 98,507 | 49,954 |
Consumer and Other | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32,956 | 27,820 |
Consumer and Other | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 65,551 | 22,134 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,720,493 | 4,009,670 |
Pass | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,930,660 | 3,236,434 |
Pass | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 789,833 | 773,236 |
Pass | Real estate-Residential | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,070 | 9,223 |
Pass | Real estate-Residential | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,066 | 0 |
Pass | Real estate-Commercial | Legacy | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 842,815 | 589,720 |
Pass | Real estate-Commercial | Legacy | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 568,263 | 453,908 |
Pass | Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 455,205 | 370,803 |
Pass | Real estate-Commercial | Legacy | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 259,788 | 233,687 |
Pass | Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 251,993 | 202,066 |
Pass | Real estate-Commercial | Legacy | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 589,895 | 431,686 |
Pass | Real estate-Commercial | Acquired | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 237,325 | 225,982 |
Pass | Real estate-Commercial | Acquired | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 109,138 | 105,032 |
Pass | Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 35,356 | 33,360 |
Pass | Real estate-Commercial | Acquired | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32,992 | 34,927 |
Pass | Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 92,570 | 114,616 |
Pass | Real estate-Commercial | Acquired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 133,752 | 121,666 |
Pass | Real estate-Construction | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 71,231 | 56,270 |
Pass | Real estate-Construction | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 1,093 |
Pass | Commercial business | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 759,956 | 726,073 |
Pass | Commercial business | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 94,854 | 119,026 |
Pass | Trade Finance | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 91,055 | 136,197 |
Pass | Trade Finance | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,744 | 242 |
Pass | Consumer and Other | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32,389 | 26,801 |
Pass | Consumer and Other | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 51,036 | 17,292 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 89,489 | 79,589 |
Special Mention | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 46,480 | 25,279 |
Special Mention | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 43,009 | 54,310 |
Special Mention | Real estate-Residential | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Special Mention | Real estate-Residential | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 284 | 0 |
Special Mention | Real estate-Commercial | Legacy | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 858 | 3,584 |
Special Mention | Real estate-Commercial | Legacy | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,841 | 1,894 |
Special Mention | Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 1,288 |
Special Mention | Real estate-Commercial | Legacy | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 360 | 2,131 |
Special Mention | Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,116 | 1,010 |
Special Mention | Real estate-Commercial | Legacy | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,928 | 1,219 |
Special Mention | Real estate-Commercial | Acquired | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 9,319 | 6,469 |
Special Mention | Real estate-Commercial | Acquired | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 7,134 | 16,150 |
Special Mention | Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,621 | 7,192 |
Special Mention | Real estate-Commercial | Acquired | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,467 | 3,826 |
Special Mention | Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,525 | 1,385 |
Special Mention | Real estate-Commercial | Acquired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 6,698 | 4,473 |
Special Mention | Real estate-Construction | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Special Mention | Real estate-Construction | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Special Mention | Commercial business | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 12,756 | 6,164 |
Special Mention | Commercial business | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,266 | 14,057 |
Special Mention | Trade Finance | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 22,589 | 7,976 |
Special Mention | Trade Finance | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 334 |
Special Mention | Consumer and Other | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32 | 13 |
Special Mention | Consumer and Other | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,695 | 424 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 258,500 | 207,945 |
Substandard | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 120,163 | 94,335 |
Substandard | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 138,337 | 113,610 |
Substandard | Real estate-Residential | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 24 |
Substandard | Real estate-Residential | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 619 | 0 |
Substandard | Real estate-Commercial | Legacy | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 14,365 | 12,303 |
Substandard | Real estate-Commercial | Legacy | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 13,661 | 16,795 |
Substandard | Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 10,854 | 9,982 |
Substandard | Real estate-Commercial | Legacy | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 3,324 | 3,423 |
Substandard | Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 12,056 | 4,295 |
Substandard | Real estate-Commercial | Legacy | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 11,493 | 17,084 |
Substandard | Real estate-Commercial | Acquired | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 28,128 | 17,331 |
Substandard | Real estate-Commercial | Acquired | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 14,836 | 13,215 |
Substandard | Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 14,440 | 4,119 |
Substandard | Real estate-Commercial | Acquired | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,316 | 6,526 |
Substandard | Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 19,720 | 9,470 |
Substandard | Real estate-Commercial | Acquired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 21,573 | 17,479 |
Substandard | Real estate-Construction | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,626 | 1,710 |
Substandard | Real estate-Construction | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 5,972 |
Substandard | Commercial business | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 42,952 | 21,514 |
Substandard | Commercial business | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 26,245 | 34,047 |
Substandard | Trade Finance | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 9,297 | 6,199 |
Substandard | Trade Finance | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 1,122 |
Substandard | Consumer and Other | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 535 | 1,006 |
Substandard | Consumer and Other | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 7,460 | 4,329 |
Doubtful/ Loss | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 7,861 | 1,134 |
Doubtful/ Loss | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 359 | 474 |
Doubtful/ Loss | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 7,502 | 660 |
Doubtful/ Loss | Real estate-Residential | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Residential | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 370 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 359 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 94 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 179 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 245 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 560 | 0 |
Doubtful/ Loss | Real estate-Construction | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Construction | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Commercial business | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 104 |
Doubtful/ Loss | Commercial business | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 2,064 | 571 |
Doubtful/ Loss | Trade Finance | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Trade Finance | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Consumer and Other | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | 0 |
Doubtful/ Loss | Consumer and Other | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,360 | 89 |
Non Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 5,076,343 | ' |
Non Pass | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 4,097,662 | ' |
Non Pass | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 978,681 | ' |
Non Pass | Real estate-Residential | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 8,070 | ' |
Non Pass | Real estate-Residential | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,969 | ' |
Non Pass | Real estate-Commercial | Legacy | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 858,038 | ' |
Non Pass | Real estate-Commercial | Legacy | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 583,765 | ' |
Non Pass | Real estate-Commercial | Legacy | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 466,059 | ' |
Non Pass | Real estate-Commercial | Legacy | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 263,472 | ' |
Non Pass | Real estate-Commercial | Legacy | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 268,165 | ' |
Non Pass | Real estate-Commercial | Legacy | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 605,675 | ' |
Non Pass | Real estate-Commercial | Acquired | Retail | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 274,866 | ' |
Non Pass | Real estate-Commercial | Acquired | Hotel & Motel | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 131,287 | ' |
Non Pass | Real estate-Commercial | Acquired | Gas Station & Car Wash | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 51,662 | ' |
Non Pass | Real estate-Commercial | Acquired | Mixed Use | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 39,775 | ' |
Non Pass | Real estate-Commercial | Acquired | Industrial & Warehouse | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 115,815 | ' |
Non Pass | Real estate-Commercial | Acquired | Other | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 162,583 | ' |
Non Pass | Real estate-Construction | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 72,857 | ' |
Non Pass | Real estate-Construction | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 0 | ' |
Non Pass | Commercial business | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 815,664 | ' |
Non Pass | Commercial business | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 133,429 | ' |
Non Pass | Trade Finance | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 122,941 | ' |
Non Pass | Trade Finance | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 1,744 | ' |
Non Pass | Consumer and Other | Legacy | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | 32,956 | ' |
Non Pass | Consumer and Other | Acquired | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loans | $65,551 | ' |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses - Loans Held For Investment - Sales or Reclassification to Held for Sale (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ' | ' |
Sales or reclassification to held for sale | $6,900 | $3,061 |
Real estate-Commercial | ' | ' |
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ' | ' |
Sales or reclassification to held for sale | $6,900 | $3,061 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - Allowance for Loans, by Portfolio Segment and Impairment Method (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ||
Positive or Negative Qualitative Adjustment of the Loss Migration Ratio or Individual Specific Reserve Allocations, In Basis Points | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | $116,269 | $90,155 | ' | ||
Specific allowance | 12,666 | 9,160 | ' | ||
Loss coverage ratio | 10.90% | 10.20% | ' | ||
Non-impaired loans | 4,960,074 | 4,208,183 | ' | ||
General allowance | 54,654 | 57,781 | ' | ||
Loss coverage ratio | 1.10% | 1.40% | ' | ||
Total loans outstanding | 5,076,343 | 4,298,338 | ' | ||
Allowance for loan losses - Total | 67,320 | 66,941 | 61,952 | ||
Loss coverage ratio | 1.30% | 1.60% | ' | ||
Real estate-Residential | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | 0 | 0 | ' | ||
Specific allowance | 0 | 0 | ' | ||
Non-impaired loans | 10,039 | 9,247 | ' | ||
General allowance | 25 | 74 | ' | ||
Loss coverage ratio | 0.20% | 0.80% | ' | ||
Total loans outstanding | 10,039 | 9,247 | ' | ||
Allowance for loan losses - Total | 25 | 74 | ' | ||
Loss coverage ratio | 0.20% | 0.80% | ' | ||
Real estate-Commercial | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | 67,544 | 53,634 | ' | ||
Specific allowance | 6,670 | 4,906 | ' | ||
Loss coverage ratio | 9.90% | 9.10% | ' | ||
Non-impaired loans | 3,753,619 | 3,046,832 | ' | ||
General allowance | 39,227 | 40,256 | ' | ||
Loss coverage ratio | 1.00% | 1.30% | ' | ||
Total loans outstanding | 3,821,163 | 3,100,466 | ' | ||
Allowance for loan losses - Total | 45,897 | 45,162 | ' | ||
Loss coverage ratio | 1.20% | 1.50% | ' | ||
Real estate-Construction | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | 1,625 | 1,710 | ' | ||
Specific allowance | 0 | 0 | ' | ||
Loss coverage ratio | 0.00% | 0.00% | ' | ||
Non-impaired loans | 71,231 | 63,335 | ' | ||
General allowance | 628 | 986 | ' | ||
Loss coverage ratio | 0.90% | 1.60% | ' | ||
Total loans outstanding | 72,856 | 65,045 | ' | ||
Allowance for loan losses - Total | 628 | 986 | ' | ||
Loss coverage ratio | 0.90% | 1.50% | ' | ||
Commercial business | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | 40,106 | 27,274 | ' | ||
Specific allowance | 5,805 | 4,158 | ' | ||
Loss coverage ratio | 14.50% | 15.20% | ' | ||
Non-impaired loans | 908,987 | 894,282 | ' | ||
General allowance | 11,787 | 13,448 | ' | ||
Loss coverage ratio | 1.30% | 1.50% | ' | ||
Total loans outstanding | 949,093 | 921,556 | ' | ||
Allowance for loan losses - Total | 17,592 | 17,606 | ' | ||
Loss coverage ratio | 1.90% | 1.90% | ' | ||
Trade finance | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | 5,692 | 6,199 | ' | ||
Specific allowance | 159 | 96 | ' | ||
Loss coverage ratio | 2.80% | 1.50% | ' | ||
Non-impaired loans | 118,993 | 145,871 | ' | ||
General allowance | 2,494 | 2,256 | ' | ||
Loss coverage ratio | 2.10% | 1.50% | ' | ||
Total loans outstanding | 124,685 | 152,070 | ' | ||
Allowance for loan losses - Total | 2,653 | 2,352 | ' | ||
Loss coverage ratio | 2.10% | 1.50% | ' | ||
Consumer and Other | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Impaired loans, gross carrying value | 1,302 | 1,338 | ' | ||
Specific allowance | 32 | 0 | ' | ||
Loss coverage ratio | 2.50% | 0.00% | ' | ||
Non-impaired loans | 97,205 | 48,616 | ' | ||
General allowance | 493 | 761 | ' | ||
Loss coverage ratio | 0.50% | 1.60% | ' | ||
Total loans outstanding | 98,507 | 49,954 | ' | ||
Allowance for loan losses - Total | 525 | 761 | ' | ||
Loss coverage ratio | 0.50% | 1.50% | ' | ||
Real Estate | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | 3,904,058 | 3,174,758 | ' | ||
Legacy | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | ' | 3,356,522 | ' | ||
Legacy | Real estate-Residential | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | ' | 9,247 | ' | ||
Legacy | Real estate-Construction | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | ' | 57,980 | ' | ||
Legacy | Commercial business | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | 815,664 | 753,855 | ' | ||
Allowance for loan losses - Total | 16,796 | 16,490 | 20,681 | ||
Legacy | Trade finance | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | 122,941 | 150,372 | ' | ||
Allowance for loan losses - Total | 2,653 | 2,349 | 1,786 | ||
Legacy | Consumer and Other | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | 32,956 | 27,820 | ' | ||
Allowance for loan losses - Total | 461 | 658 | 445 | ||
Legacy | Real Estate | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | 3,126,101 | 2,424,474 | ' | ||
Allowance for loan losses - Total | 40,068 | 41,505 | 39,040 | ||
Acquired | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Specific allowance | 1,714 | [1] | 1,257 | [1] | ' |
Total loans outstanding | ' | 941,816 | ' | ||
Acquired | Real estate-Residential | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Specific allowance | 0 | [1] | 0 | [1] | ' |
Total loans outstanding | ' | 0 | ' | ||
Acquired | Real estate-Construction | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Specific allowance | 0 | [1] | 0 | [1] | ' |
Total loans outstanding | ' | 7,065 | ' | ||
Acquired | Commercial business | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Specific allowance | 622 | [1] | 1,074 | [1] | ' |
Total loans outstanding | 133,429 | 167,701 | ' | ||
Allowance for loan losses - Total | 796 | 1,115 | 0 | ||
Acquired | Trade finance | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Specific allowance | 0 | [1] | 0 | [1] | ' |
Total loans outstanding | 1,744 | 1,698 | ' | ||
Allowance for loan losses - Total | 0 | 3 | 0 | ||
Acquired | Consumer and Other | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Specific allowance | 0 | [1] | 0 | [1] | ' |
Total loans outstanding | 65,551 | 22,134 | ' | ||
Allowance for loan losses - Total | 64 | 103 | 0 | ||
Acquired | Real Estate | ' | ' | ' | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | ' | ' | ' | ||
Total loans outstanding | 777,957 | 750,284 | ' | ||
Allowance for loan losses - Total | $6,482 | $4,718 | $0 | ||
[1] | APLs that became impaired subsequent to being acquired. |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings on Financing Receivables (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
loan | loan | loan | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | $58,904,000 | $51,451,000 | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 41 | 42 | ' |
Pre-Modification | 30,749,000 | 34,669,000 | ' |
Post-Modification | 22,566,000 | 30,355,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 12 | 9 | 15 |
Balance | 6,279,000 | 7,089,000 | 2,448,000 |
Specific reserves | 2,000,000 | 2,500,000 | ' |
Specific reserves for the TDRs | 661,000 | 89,000 | ' |
Specific reserves allocated to TDRs | 6,600,000 | 6,300,000 | ' |
Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 20,029,000 | 20,450,000 | ' |
Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 13,174,000 | 8,193,000 | ' |
Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 25,652,000 | 22,746,000 | ' |
Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 49,000 | 62,000 | ' |
TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 33,904,000 | 29,849,000 | ' |
TDR on accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 8,494,000 | 10,295,000 | ' |
TDR on accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 7,865,000 | 4,731,000 | ' |
TDR on accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 17,545,000 | 14,823,000 | ' |
TDR on accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
TDR on non-accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 25,000,000 | 21,602,000 | ' |
TDR on non-accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 11,535,000 | 10,155,000 | ' |
TDR on non-accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 5,309,000 | 3,462,000 | ' |
TDR on non-accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 8,107,000 | 7,923,000 | ' |
TDR on non-accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 49,000 | 62,000 | ' |
Real estate-Commercial | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of TDRs on accrual status | 15 | 12 | ' |
Commercial business | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of TDRs on accrual status | 28 | 20 | ' |
Consumer | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Number of TDRs on accrual status | 2 | ' | ' |
Real Estate | Real estate-Commercial | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 21,257,000 | 23,550,000 | ' |
Real Estate | Real estate-Commercial | TDR on accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 7,437,000 | 9,608,000 | ' |
Real Estate | Real estate-Commercial | TDR on accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 765,000 | 348,000 | ' |
Real Estate | Real estate-Commercial | TDR on accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 13,055,000 | 13,594,000 | ' |
Real Estate | Real estate-Commercial | TDR on accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Real Estate | Real estate-Commercial | TDR on non-accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 19,249,000 | 13,310,000 | ' |
Real Estate | Real estate-Commercial | TDR on non-accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 9,489,000 | 4,735,000 | ' |
Real Estate | Real estate-Commercial | TDR on non-accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 1,653,000 | 652,000 | ' |
Real Estate | Real estate-Commercial | TDR on non-accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 8,107,000 | 7,923,000 | ' |
Real Estate | Real estate-Commercial | TDR on non-accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Commercial Business | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 12,112,000 | 5,763,000 | ' |
Commercial Business | TDR on accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 1,057,000 | 687,000 | ' |
Commercial Business | TDR on accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 6,565,000 | 3,847,000 | ' |
Commercial Business | TDR on accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 4,490,000 | 1,229,000 | ' |
Commercial Business | TDR on accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Commercial Business | TDR on non-accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 4,984,000 | 6,621,000 | ' |
Commercial Business | TDR on non-accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 1,279,000 | 4,618,000 | ' |
Commercial Business | TDR on non-accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 3,656,000 | 1,941,000 | ' |
Commercial Business | TDR on non-accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Commercial Business | TDR on non-accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 49,000 | 62,000 | ' |
Commercial Business | Commercial business | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 12,100,000 | ' | ' |
Trade Finance and Other | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 535,000 | 536,000 | ' |
Trade Finance and Other | TDR on accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Trade Finance and Other | TDR on accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 535,000 | 536,000 | ' |
Trade Finance and Other | TDR on accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Trade Finance and Other | TDR on accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Trade Finance and Other | TDR on non-accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 767,000 | 1,671,000 | ' |
Trade Finance and Other | TDR on non-accrual | Payment concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 767,000 | 802,000 | ' |
Trade Finance and Other | TDR on non-accrual | Maturity/ Amortization concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 869,000 | ' |
Trade Finance and Other | TDR on non-accrual | Rate concession | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Trade Finance and Other | TDR on non-accrual | Principal forgiveness | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 0 | 0 | ' |
Consumer and Other | Consumer | TDR on accrual | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' |
Troubled debt restructured | 535,000 | ' | ' |
Legacy | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 25 | 28 | ' |
Pre-Modification | 17,593,000 | 23,092,000 | ' |
Post-Modification | 15,474,000 | 19,262,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 6 | 6 | 15 |
Balance | 1,048,000 | 956,000 | 2,448,000 |
Charge offs | 7,018,000 | 158,000 | ' |
Legacy | Real Estate | Real estate-Residential | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Legacy | Real Estate | Real estate-Commercial | Retail | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 6 | 5 | ' |
Pre-Modification | 6,195,000 | 2,456,000 | ' |
Post-Modification | 6,214,000 | 2,321,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 1 | 1 | 1 |
Legacy | Real Estate | Real estate-Commercial | Hotel & Motel | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 1 | ' |
Pre-Modification | 0 | 1,479,000 | ' |
Post-Modification | 0 | 1,444,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 0 | 0 | 2 |
Balance | ' | 0 | 0 |
Legacy | Real Estate | Real estate-Commercial | Gas Station & Car Wash | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 1 | 1 | ' |
Pre-Modification | 1,371,000 | 216,000 | ' |
Post-Modification | 880,000 | 50,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 0 | 1 | 0 |
Balance | ' | 50,000 | 0 |
Legacy | Real Estate | Real estate-Commercial | Mixed Use | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Legacy | Real Estate | Real estate-Commercial | Industrial & Warehouse | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 1 | 1 | ' |
Pre-Modification | 370,000 | 502,000 | ' |
Post-Modification | 338,000 | 494,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 0 | 0 | 3 |
Balance | 0 | ' | ' |
Legacy | Real Estate | Real estate-Commercial | Other | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 4 | ' |
Pre-Modification | 0 | 12,391,000 | ' |
Post-Modification | 0 | 9,234,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 0 | 1 | 1 |
Legacy | Real Estate | Real estate-Commercial | Payment concession | Hotel & Motel | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 0 | ' | ' |
Legacy | Real Estate | Real estate-Commercial | Payment concession | Gas Station & Car Wash | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 0 | ' | ' |
Legacy | Real Estate | Real estate-Commercial | Payment concession | Industrial & Warehouse | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | ' | 0 | 961,000 |
Legacy | Real Estate | Real estate-Commercial | Payment concession | Other | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | ' | 562,000 | 294,000 |
Legacy | Real Estate | Real estate-Commercial | Maturity/ Amortization concession | Retail | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 508,000 | 268,000 | 771,000 |
Legacy | Real Estate | Real estate-Commercial | Rate concession | Other | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 1 | ' | ' |
Balance | 0 | ' | ' |
Legacy | Real Estate | Real estate-Construction | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Legacy | Commercial Business | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 5 | 3 | 8 |
Balance | ' | 76,000 | 422,000 |
Legacy | Commercial Business | Payment concession | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | ' | 1 | 5 |
Balance | ' | ' | 397,000 |
Legacy | Commercial Business | Maturity/ Amortization concession | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | ' | 2 | 3 |
Balance | 540,000 | ' | 25,000 |
Legacy | Commercial Business | Payment Concession And Rate Concession | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 540,000 | ' | ' |
Legacy | Commercial Business | Commercial business | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 15 | 14 | ' |
Pre-Modification | 8,687,000 | 4,075,000 | ' |
Post-Modification | 7,552,000 | 4,838,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 1 | ' | ' |
Legacy | Commercial Business | Commercial business | Payment concession | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 2 | ' | ' |
Legacy | Trade Finance and Other | Trade Finance | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 1 | ' |
Pre-Modification | 0 | 1,493,000 | ' |
Post-Modification | 0 | 401,000 | ' |
Legacy | Consumer and Other | Trade Finance | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 2 | 1 | ' |
Pre-Modification | 970,000 | 480,000 | ' |
Post-Modification | 490,000 | 480,000 | ' |
Acquired | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 16 | 14 | ' |
Pre-Modification | 13,156,000 | 11,577,000 | ' |
Post-Modification | 7,092,000 | 11,093,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 6 | 3 | 0 |
Balance | 5,231,000 | 6,133,000 | 0 |
Charge offs | 2,600,000 | 158,000 | ' |
Acquired | Real Estate | Real estate-Residential | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Acquired | Real Estate | Real estate-Commercial | Retail | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 3 | 2 | ' |
Pre-Modification | 336,000 | 1,458,000 | ' |
Post-Modification | 321,000 | 1,286,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 1 | 0 | 0 |
Balance | 56,000 | 0 | 0 |
Acquired | Real Estate | Real estate-Commercial | Hotel & Motel | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 1 | ' |
Pre-Modification | 0 | 6,165,000 | ' |
Post-Modification | 0 | 5,990,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 0 | 1 | 0 |
Acquired | Real Estate | Real estate-Commercial | Gas Station & Car Wash | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 1 | 0 | ' |
Pre-Modification | 165,000 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 1 | 0 | 0 |
Acquired | Real Estate | Real estate-Commercial | Mixed Use | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Acquired | Real Estate | Real estate-Commercial | Industrial & Warehouse | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 2 | 0 | ' |
Pre-Modification | 10,336,000 | 0 | ' |
Post-Modification | 5,208,000 | 0 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 1 | 0 | 0 |
Balance | 5,128,000 | 0 | 0 |
Acquired | Real Estate | Real estate-Commercial | Other | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 2 | 1 | ' |
Pre-Modification | 1,137,000 | 670,000 | ' |
Post-Modification | 1,122,000 | 631,000 | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 0 | 0 | 0 |
Balance | 0 | 0 | 0 |
Acquired | Real Estate | Real estate-Commercial | Rate concession | Hotel & Motel | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 0 | 5,990,000 | 0 |
Acquired | Real Estate | Real estate-Commercial | Rate concession | Gas Station & Car Wash | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 0 | 0 | 0 |
Acquired | Real Estate | Real estate-Construction | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Acquired | Commercial Business | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 3 | 2 | 0 |
Acquired | Commercial Business | Payment Concession And Rate Concession | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Balance | 47,000 | 143,000 | 0 |
Acquired | Commercial Business | Commercial business | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 8 | 6 | ' |
Pre-Modification | 1,182,000 | 2,476,000 | ' |
Post-Modification | 441,000 | 2,384,000 | ' |
Acquired | Commercial Business | Commercial business | Maturity/ Amortization concession | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | ' | ' | ' |
Number of Loans | 2 | ' | ' |
Acquired | Trade Finance and Other | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 0 | ' |
Pre-Modification | 0 | 0 | ' |
Post-Modification | 0 | 0 | ' |
Acquired | Consumer and Other | Trade Finance | ' | ' | ' |
Troubled Debt Restructuring, By Loan Class | ' | ' | ' |
Number of Loans | 0 | 4 | ' |
Pre-Modification | 0 | 808,000 | ' |
Post-Modification | $0 | $802,000 | ' |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses - Covered Loans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Covered Nonperforming Assets | ' | ' |
Covered loans on non-accrual status | $236 | $489 |
Covered other real estate owned | 590 | 393 |
Total covered nonperforming assets | 826 | 882 |
Acquired covered loans | $55,088 | $72,528 |
Recovered_Sheet4
Loans Receivable and Allowance for Loan Losses -Related Parties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Related party loans outstanding | $3.90 | $11.10 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles Assets - Goodwill (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 12, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Pacific International Bancorp, Inc. | Foster Bankshares Inc | Foster Bankshares Inc | Center Financial Corporation | Center Financial Corporation | |||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Beginning of year | $89,878 | $90,473 | ' | ' | $15,525 | ' | ' |
Acquired Goodwill | ' | ' | 3,526 | 29,665 | ' | ' | ' |
Measurement period adjustments - PIB | ' | ' | -3,526 | -14,142 | ' | 0 | -595 |
Impairment | 0 | 0 | ' | ' | ' | ' | ' |
End of year | $105,401 | $89,878 | ' | ' | $15,525 | ' | ' |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles Assets - Intangible assets (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $12,398,000 | $9,031,000 |
Accumulated Amortization | -7,214,000 | -5,998,000 |
Estimated future amortization expense for identifiable intangible assets: | ' | ' |
2014 | 1,296,000 | ' |
2015 | 1,068,000 | ' |
2016 | 849,000 | ' |
2017 | 639,000 | ' |
2018 | 436,000 | ' |
Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization expense | 1,400,000 | 1,200,000 |
IBKNY acquisition | Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization period | '10 years | ' |
Gross Carrying Amount | 1,187,000 | 1,187,000 |
Accumulated Amortization | -1,187,000 | -1,186,000 |
Asiana Bank acquisition | Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization period | '10 years | ' |
Gross Carrying Amount | 1,018,000 | 1,018,000 |
Accumulated Amortization | -1,018,000 | -1,011,000 |
KEB Broadway acquisition | Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization period | '10 years | ' |
Gross Carrying Amount | 2,726,000 | 2,726,000 |
Accumulated Amortization | -2,726,000 | -2,703,000 |
Center Financial Corporation acquisition | Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization period | '7 years | ' |
Gross Carrying Amount | 4,100,000 | 4,100,000 |
Accumulated Amortization | -1,965,000 | -1,098,000 |
Pacific International Bancorp, Inc. acquisition | Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization period | '7 years | ' |
Gross Carrying Amount | 604,000 | 0 |
Accumulated Amortization | -138,000 | 0 |
Foster Bankshares Inc acquisition | Core deposits | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization period | '10 years | ' |
Gross Carrying Amount | 2,763,000 | 0 |
Accumulated Amortization | ($180,000) | $0 |
Deposits_Time_deposit_maturiti
Deposits - Time deposit maturities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deposits Disclosure [Line Items] | ' | ' |
Time deposits of $100,000 or more | $1,498,784,000 | $1,088,611,000 |
Scheduled maturities for time deposits: | ' | ' |
2014 | 1,894,490,000 | ' |
2015 | 234,160,000 | ' |
2016 | 10,669,000 | ' |
2017 | 5,451,000 | ' |
2018 and thereafter | 5,319,000 | ' |
Time deposits | 2,150,089,000 | ' |
California State Treasurer | ' | ' |
Deposits Disclosure [Line Items] | ' | ' |
Time deposits of $100,000 or more | 300,000,000 | ' |
Required eligible collateral pledge on outstanding deposits, minimum percentage | 110.00% | ' |
Carrying values of securities pledged as collateral | $341,400,000 | $338,100,000 |
Deposits_Components_of_interes
Deposits - Components of interest expense and other information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Banking and Thrift [Abstract] | ' | ' | ' |
Money market and other | $7,818 | $7,566 | $6,322 |
Savings deposits | 2,800 | 3,364 | 2,945 |
Time deposits | 12,703 | 10,424 | 10,978 |
Interest on deposits | $23,321 | $21,354 | $20,245 |
Borrowings_Narrative_Details
Borrowings - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Percent of assets | 30.00% | ' |
Maximum amount available | $1,800,000,000 | $1,800,000,000 |
Percent outstanding advances | 100.00% | ' |
Borrowings | 421,352,000 | 420,722,000 |
Weighted average interest rate | 1.16% | 1.24% |
Interest rate, range minimum | 0.47% | ' |
Interest rate, range maximum | 3.81% | ' |
Unused funds | 1,360,000,000 | ' |
Percent of qualifying assets | 95.00% | ' |
Mortgage loans on real estate | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral pledged | 2,300,000,000 | 2,300,000,000 |
Securities investment | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Collateral pledged | 13,200,000 | 0 |
Asset balance used to determine maximum borrowing capacity from federal reserve bank | 2,000,000 | ' |
Amount outstanding | 0 | ' |
Qualifying loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Asset balance used to determine maximum borrowing capacity from federal reserve bank | 635,400,000 | ' |
Putable | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Borrowings | $51,400,000 | $66,700,000 |
Borrowings_Maturities_of_FHLB_
Borrowings - Maturities of FHLB Borrowings (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Contractual Maturities | ' |
Extinguishment of Debt [Line Items] | ' |
Due within one year | $30,000 |
Due after one year through five years | 391,352 |
Due after five years through ten years | 0 |
Total | 421,352 |
Maturity/ Put Date | ' |
Extinguishment of Debt [Line Items] | ' |
Due within one year | 51,352 |
Due after one year through five years | 370,000 |
Due after five years through ten years | 0 |
Total | $421,352 |
Subordinated_Debentures_Summar
Subordinated Debentures - Summary of Trust Preferred Securities and Debentures (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | $57,410 | $41,846 | |
Nara Capital Trust III | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Initial Rate | 4.44% | ' | |
Coupon Rate at December 31, 2013 | 3.39% | ' | |
Nara Statutory Trust IV | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Initial Rate | 4.02% | ' | |
Coupon Rate at December 31, 2013 | 3.09% | ' | |
Nara Statutory Trust V | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Initial Rate | 4.12% | ' | |
Coupon Rate at December 31, 2013 | 3.19% | ' | |
Nara Statutory Trust VI | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Initial Rate | 7.00% | ' | |
Coupon Rate at December 31, 2013 | 1.89% | ' | |
Center Capital Trust I | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Unamortized discount | 5,400 | ' | |
Initial Rate | 4.01% | [1] | ' |
Coupon Rate at December 31, 2013 | 3.09% | [1] | ' |
Effective percentage | 5.31% | ' | |
Foster Capital Trust I | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Unamortized discount | 52 | ' | |
Initial Rate | 1.70% | [2] | ' |
Coupon Rate at December 31, 2013 | 1.94% | [2] | ' |
Effective percentage | 3.49% | ' | |
Trust Preferred Security Amount | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 61,000 | ' | |
Trust Preferred Security Amount | Nara Capital Trust III | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 5,000 | ' | |
Trust Preferred Security Amount | Nara Statutory Trust IV | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 5,000 | ' | |
Trust Preferred Security Amount | Nara Statutory Trust V | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 10,000 | ' | |
Trust Preferred Security Amount | Nara Statutory Trust VI | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 8,000 | ' | |
Trust Preferred Security Amount | Center Capital Trust I | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 18,000 | [1] | ' |
Trust Preferred Security Amount | Foster Capital Trust I | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Trust Preferred Security Amount | 15,000 | [2] | ' |
Subordinated Debentures Amount | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | 57,410 | ' | |
Subordinated Debentures Amount | Nara Capital Trust III | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | 5,155 | ' | |
Subordinated Debentures Amount | Nara Statutory Trust IV | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | 5,155 | ' | |
Subordinated Debentures Amount | Nara Statutory Trust V | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | 10,310 | ' | |
Subordinated Debentures Amount | Nara Statutory Trust VI | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | 8,248 | ' | |
Subordinated Debentures Amount | Center Capital Trust I | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | 13,130 | [1] | ' |
Subordinated Debentures Amount | Foster Capital Trust I | ' | ' | |
Subordinated Borrowing [Line Items] | ' | ' | |
Subordinated Debentures Amount | $15,412 | [2] | ' |
[1] | The Center Capital Trust I trust preferred security was assumed in the merger. The remaining discount was $5.4 million at December 31, 2013 and the effective rate of the security, including the effect of the discount accretion, was 5.31% at December 31, 2013. | ||
[2] | The Foster Capital Trust I trust preferred security was assumed in the merger with Foster. The remaining discount was $52 thousand at December 31, 2013 and the effective rate of the security, including the effect of the discount accretion, was 3.49% at December 31, 2013. |
Subordinated_Debentures_Summar1
Subordinated Debentures - Summary of Subordinated Debentures (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Subordinated Borrowing [Line Items] | ' | ' |
Right to defer consecutive payments of interest, maximum term | '5 years | ' |
Other assets | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Investment in common trust securities | $1,900,000 | $1,400,000 |
Nara Bancorp Grantor Trust | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Number of grantor trusts issuing securities | 4 | ' |
Center Financial Corporation Grantor Trust | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Number of grantor trusts issuing securities | 1 | ' |
Pacific International Bancorp, Inc. | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Number of grantor trusts issuing securities | 1 | ' |
Foster Bankshares Inc | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Number of grantor trusts issuing securities | 1 | ' |
Trust Preferred Securities Subject to Mandatory Redemption | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Trust Preferred Security Amount | 61,000,000 | ' |
Percent included in tier one capital, maximum | 25.00% | ' |
Excess of percent threshold included in tier two capital | 25.00% | ' |
Tier one risk based capital (less than $15 billion) | 55,500,000 | ' |
Tier One Risk Based Capital, Maximum Holding Amount | 15,000,000,000 | ' |
Trust Preferred Securities Subject to Mandatory Redemption | Nara Bancorp Grantor Trust | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Trust Preferred Security Amount | 28,000,000 | ' |
Trust Preferred Securities Subject to Mandatory Redemption | Center Financial Corporation Grantor Trust | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Trust Preferred Security Amount | 18,000,000 | ' |
Trust Preferred Securities Subject to Mandatory Redemption | Pacific International Bancorp, Inc. | ' | ' |
Subordinated Borrowing [Line Items] | ' | ' |
Trust Preferred Security Amount | $15,000,000 | ' |
Income_Taxes_Components_of_inc
Income Taxes - Components of income tax expense (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | $29,891 | $35,286 | $4,154 |
Current state income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 6,741 | 7,256 | 2,810 |
Current income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 36,632 | 42,542 | 6,964 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 10,341 | 5,579 | 7,614 |
Deferred state income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 5,426 | 6,289 | 1,082 |
Deferred income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 15,767 | 11,868 | 8,696 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 40,232 | 40,865 | 11,768 |
State income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 12,167 | 13,545 | 3,892 |
Income tax expense (benefit) | $11,047 | $15,117 | $14,821 | $11,414 | $14,947 | $11,827 | $12,101 | $15,535 | $52,399 | $54,410 | $15,660 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of effective tax rate | ' | ' | ' |
Statutory tax rate (benefit) | 35.00% | 35.00% | 35.00% |
State taxes (benefit)-net of federal tax effect | 6.00% | 6.00% | 6.00% |
CRA investment tax credit | -2.00% | -2.00% | -3.00% |
Other | 0.00% | 1.00% | -1.00% |
Effective income tax rate, percent | 39.00% | 40.00% | 37.00% |
Income_Taxes_Components_of_def
Income Taxes - Components of deferred tax assets and liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Purchase accounting fair value adjustment | $47,588 | $34,977 |
Statutory bad debt deduction less than financial statement provision | 22,773 | 26,579 |
Net operating loss carryforward | 5,207 | 3,901 |
Capital loss carryforward | 0 | 0 |
Investment security provision | 1,657 | 1,657 |
Lease expense | 1,393 | 1,321 |
State tax deductions | 1,505 | 1,771 |
Accrued compensation | 122 | 116 |
Deferred compensation | 513 | 600 |
Mark to market on loans held for sale | 1,876 | 2,891 |
Depreciation | 3,891 | 1,362 |
Nonaccrual loan interest | 1,119 | 782 |
Other real estate owned | 2,162 | 463 |
FDIC loss share receivable | 576 | 0 |
Unrealized loss on securities available for sale | 6,445 | 0 |
Tax credits | 0 | 0 |
Non-qualified stock option and restricted unit expense | 1,894 | 2,691 |
Goodwill | 863 | 1,053 |
Other | 4,441 | 1,562 |
Total deferred tax assets, gross | 104,025 | 81,726 |
Deferred tax liabilities: | ' | ' |
FHLB stock dividends | -854 | -1,095 |
Deferred loan costs | -4,304 | -2,724 |
State taxes deferred and other | -7,049 | -7,012 |
Prepaid expenses | -775 | -1,123 |
FDIC loss share receivable | 0 | -1,684 |
Amortization of intangibles | -1,693 | -529 |
Unrealized gain on securities available for sale | 0 | -7,269 |
Unrealized gain on interest rate swaps | 0 | 0 |
Unrealized gain on interest only strips | -53 | -50 |
Total deferred tax liabilities, gross | -14,728 | -21,486 |
Valuation allowance on capital loss carryforward | 0 | 0 |
Net deferred tax assets: | $89,297 | $60,240 |
Income_Taxes_Summary_of_loss_c
Income Taxes - Summary of loss carryforwards by jurisdiction (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Operating Loss Carryforwards [Line Items] | ' | ' |
Capital loss carryforward | $0 | $0 |
Federal | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 11,198 | 4,274 |
Net operating loss carry-forwards, annual limitation | 1,212 | 845 |
Federal | Nara Bank | Ownership Change | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 0 | 0 |
Net operating loss carry-forwards, annual limitation | 0 | 0 |
Federal | IBKNY | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 2,979 | 3,476 |
Net operating loss carry-forwards, annual limitation | 497 | 497 |
Federal | Asiana Bank | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 450 | 798 |
Net operating loss carry-forwards, annual limitation | 348 | 348 |
Federal | Center Financial Corporation | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 0 | 0 |
Federal | Pacific International Bancorp, Inc. | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 7,769 | ' |
Net operating loss carry-forwards, annual limitation | 367 | ' |
State | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 14,308 | 27,664 |
Net operating loss carry-forwards, annual limitation | 13,787 | 13,787 |
State | Nara Bank | Ownership Change | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 124 | 124 |
Net operating loss carry-forwards, annual limitation | 83 | 83 |
State | IBKNY | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 0 | 0 |
Net operating loss carry-forwards, annual limitation | 0 | 0 |
State | Asiana Bank | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 723 | 723 |
Net operating loss carry-forwards, annual limitation | 348 | 348 |
State | Center Financial Corporation | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 13,461 | 26,817 |
Net operating loss carry-forwards, annual limitation | 13,356 | 13,356 |
State | Pacific International Bancorp, Inc. | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Net operating loss carry-forwards, remaining amount | 0 | ' |
Net operating loss carry-forwards, annual limitation | $0 | ' |
Income_Taxes_Unrecognized_tax_
Income Taxes - Unrecognized tax benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits: | ' | ' |
Balance, beginning of year | $748 | $569 |
Additions based on tax positions related to the current year | 428 | 219 |
Additions based on tax positions related to the prior year | 113 | -40 |
Additions based on taxing authority examination | 997 | 0 |
Settlements with taxing authorities | -997 | 0 |
Balance, end of year | 1,289 | 748 |
Total amount of tax benefits that if recognized would favorable impact the effective tax rate | 872 | 520 |
Interest and penalties accrued | $58 | $52 |
StockBased_Compensation_Plan_D
Stock-Based Compensation - Plan Description (Details) | 12 Months Ended | |
Dec. 31, 2013 | Nov. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares available for grant (in shares) | 2,716,054 | ' |
Restricted stock, performance shares and performance units | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock, restriction period | '1 year | ' |
Time based vesting of grants | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock, restriction period | '3 years | ' |
BBCN 2007 Plan | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Purchase price of common stock, percent (in hundredths) | 100.00% | ' |
BBCN 2007 Plan | Stock options and stock appreciation rights | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Contractual term | '10 years | ' |
BBCN 2007 Plan | Stock options and stock appreciation rights | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting period minimum | '3 years | ' |
BBCN 2007 Plan | Stock options and stock appreciation rights | Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Award vesting period minimum | '5 years | ' |
2006 Plan | Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Purchase price of common stock, percent (in hundredths) | 100.00% | ' |
Center Financial Corporation | 2006 Plan | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding options (in shares) | ' | 585,860 |
Number of shares available for grant (in shares) | ' | 2,443,513 |
Conversion factor of outstanding share awards and shares available for future grants | ' | 0.7805 |
Annual vesting percent | 20.00% | ' |
Center Financial Corporation | 2006 Plan | Nonemployee director | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Annual vesting percent | 33.33% | ' |
Option expiration duration | '10 years | ' |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Expired, weighted-average exercise price per share | $15.81 |
Stock options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Outstanding - beginning of period (in shares) | 797,805 |
Exercised (in shares) | -286,242 |
Expired (in shares) | -39,267 |
Forfeited (in shares) | -51,702 |
Outstanding - end of period (in shares) | 420,594 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Outstanding - beginning of period, weighted-average exercise price per share | $16.70 |
Exercised, weighted-average exercise price per share | $9.96 |
Forfeited, weighted-average exercise price per share | $8.64 |
Outstanding - end of period, weighted-average exercise price per share | $19.14 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Options exercisable - end of period (in shares) | 420,594 |
Options exercisable, weighted-average exercise price per share | $19.14 |
Outstanding, weighted-average remaining contractual life (years) | '2 years 6 months 25 days |
Options exercisable, weighted-average remaining contractual life (years) | '2 years 6 months 25 days |
Outstanding, aggregate intrinsic value | $552,242 |
Options exercisable, aggregate intrinsic value | $552,242 |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted and Performance Unit Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Tax benefit from compensation expense | $533,000 | $1,061,000 | $16,000 |
Allocated share-based compensation expense | 1,268,000 | 2,561,000 | 103,000 |
Total compensation cost not yet recognized | 1,700,000 | ' | ' |
Total compensation cost not yet recognized, period for recognition | '2 years 11 months 4 days | ' | ' |
Retricted and performance unit activity | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Outstanding - beginning of the period (in shares) | 512,183 | ' | ' |
Granted (in shares) | 86,000 | ' | ' |
Vested (in shares) | -310,658 | ' | ' |
Forfeited (in shares) | -87,360 | ' | ' |
Outstanding - end of the period (in shares) | 200,165 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Outstanding - beginning of the period, weighted-average grant date fair value (in dollars per share) | $9.78 | ' | ' |
Granted, weighted-average grant date fair value (in dollars per share) | $13.97 | ' | ' |
Vested, weighted-average grant date fair value (in dollars per share) | $10.16 | ' | ' |
Forfeited, weighted-average grant date fair value (in dollars per share) | $10.77 | ' | ' |
Outstanding - end of the period, weighted-average grant date fair value (in dollars per share) | $11.57 | ' | ' |
Performance shares | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' | ' |
Equity instruments other than options, vested in period | $3,979,000 | $160,000 | $96,000 |
StockBased_Compensation_Estima
Stock-Based Compensation - Estimated Annual Expense (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Estimated Annual Stock-Based Compensation Expense | ' |
2014 | $1,006 |
2015 | 415 |
2016 | 185 |
2017 | 77 |
2018 | 0 |
Total | $1,683 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Shares purchased and contributed to ESOP | 20,081 | 0 | 11,638 |
Total cost recognized for the period, ESOP | $57,000 | $250,000 | $100,000 |
Number of allocated shares in ESOP | 160,938 | 150,455 | ' |
Number of shares withdrawn from ESOP on employee termination | 9,354 | 1,903 | 22,053 |
Deferred compensation plan | Directors and officers | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Deferred compensation liability | 1,300,000 | 1,500,000 | ' |
Deferred compensation plan, period expense | 31,000 | 37,000 | 54,000 |
Long term incentive plan | Named executive officers ('NEO') | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Deferred compensation plan, period expense | 180,000 | 90,000 | 70,000 |
Number of officers currently participating in the LTIP | 1 | ' | ' |
Long term incentive plan | Named executive officers ('NEO') | Minimum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Deferred compensation plan, requisite service period | 'P5Y | ' | ' |
Long term incentive plan | Named executive officers ('NEO') | Maximum | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Deferred compensation plan, requisite service period | 'P10Y | ' | ' |
401(k) Savings Plan | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Minimum age requirement | '21 years | ' | ' |
Minimum service period required | '3 months | ' | ' |
Total cost recognized for the period | $1,600,000 | $1,300,000 | $591,000 |
401(k) Savings Plan | First 3% of employee deferrals | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching contribution, percent of match | 100.00% | ' | ' |
Maximum annual contribution per employee, percent | 3.00% | ' | ' |
401(k) Savings Plan | Next 2% of employee deferrals | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Employer matching contribution, percent of match | 75.00% | ' | ' |
Maximum annual contribution per employee, percent | 2.00% | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Operating leases (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Operating lease expense | $10,600,000 | $9,000,000 | $8,600,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 10,483,000 | ' | ' |
2015 | 9,407,000 | ' | ' |
2016 | 7,953,000 | ' | ' |
2017 | 6,302,000 | ' | ' |
2018 | 4,569,000 | ' | ' |
Thereafter | 15,688,000 | ' | ' |
Total future minimum payments | $54,402,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Commitments and letters of credit (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Supply Commitment [Line Items] | ' | ' |
Accrued litigation liability | $0 | $220 |
Commitments and letters of credit | 768,876 | 781,350 |
Commitments to extend credit | ' | ' |
Supply Commitment [Line Items] | ' | ' |
Commitments and letters of credit | 668,306 | 690,917 |
Standby letters of credit | ' | ' |
Supply Commitment [Line Items] | ' | ' |
Commitments and letters of credit | 44,190 | 39,176 |
Other commercial letters of credit | ' | ' |
Supply Commitment [Line Items] | ' | ' |
Commitments and letters of credit | $56,380 | $51,257 |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Measured at Fair Value, Recurring (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Net fair value adjustments for interest rate caps | $0 | $9,000 |
Assets: | ' | ' |
Securities available for sale, at fair value | 705,751,000 | 704,403,000 |
Transfers between levels 1, 2 and 3 | 0 | ' |
GSE collateralized mortgage obligations | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 274,101,000 | 254,912,000 |
Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 404,996,000 | 425,540,000 |
Trust preferred securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 3,697,000 | 3,837,000 |
Municipal bonds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 5,936,000 | 5,118,000 |
Mutual funds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 17,021,000 | 14,996,000 |
Recurring basis | Estimate of Fair Value | GSE collateralized mortgage obligations | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 274,101,000 | 254,912,000 |
Recurring basis | Estimate of Fair Value | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 404,996,000 | 425,540,000 |
Recurring basis | Estimate of Fair Value | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 3,697,000 | 3,837,000 |
Recurring basis | Estimate of Fair Value | Municipal bonds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 5,936,000 | 5,118,000 |
Recurring basis | Estimate of Fair Value | Mutual funds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 17,021,000 | 14,996,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | GSE collateralized mortgage obligations | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 17,021,000 | 14,996,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | GSE collateralized mortgage obligations | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 274,101,000 | 254,912,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 404,996,000 | 425,540,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 3,697,000 | 3,837,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Municipal bonds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 4,824,000 | 5,118,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mutual funds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | GSE collateralized mortgage obligations | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Trust preferred securities | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Municipal bonds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | 1,112,000 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mutual funds | ' | ' |
Assets: | ' | ' |
Securities available for sale, at fair value | $0 | $0 |
Fair_Value_Measurements_Assets1
Fair Value Measurements - Assets Measured at Fair Value, Non-Recurring (Details) (Non-recurring basis, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Estimate of Fair Value | Impaired loans at fair value - Real estate loans | ' | ' |
Assets: | ' | ' |
Assets | $18,746 | $4,443 |
Estimate of Fair Value | Impaired loans at fair value - Commercial business | ' | ' |
Assets: | ' | ' |
Assets | 2,383 | 1,164 |
Estimate of Fair Value | Loans held for sale, net | ' | ' |
Assets: | ' | ' |
Assets | 6,900 | 803 |
Estimate of Fair Value | Other real estate owned | ' | ' |
Assets: | ' | ' |
Assets | 4,003 | 2,636 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans at fair value - Real estate loans | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans at fair value - Commercial business | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale, net | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Real estate loans | ' | ' |
Assets: | ' | ' |
Assets | 18,746 | 4,443 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Commercial business | ' | ' |
Assets: | ' | ' |
Assets | 2,383 | 1,164 |
Significant Other Observable Inputs (Level 2) | Loans held for sale, net | ' | ' |
Assets: | ' | ' |
Assets | 6,900 | 803 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | ' | ' |
Assets: | ' | ' |
Assets | 4,003 | 2,636 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Real estate loans | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Commercial business | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Loans held for sale, net | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | ' | ' |
Assets: | ' | ' |
Assets | 0 | 0 |
Total Gains (Losses) | Impaired loans at fair value - Real estate loans | ' | ' |
Assets: | ' | ' |
Total gains (losses) | -9,892 | 1,169 |
Total Gains (Losses) | Impaired loans at fair value - Commercial business | ' | ' |
Assets: | ' | ' |
Total gains (losses) | -6,100 | -3,809 |
Total Gains (Losses) | Loans held for sale, net | ' | ' |
Assets: | ' | ' |
Total gains (losses) | -530 | -2,004 |
Total Gains (Losses) | Other real estate owned | ' | ' |
Assets: | ' | ' |
Total gains (losses) | ($2,360) | ($2,786) |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Carrying Amount | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | $316,705 | $312,916 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ' | ' |
Financial Assets: | ' | ' |
Cash and cash equivalents | 316,705 | 312,916 |
Significant Other Observable Inputs (Level 2) | Carrying Amount | ' | ' |
Financial Assets: | ' | ' |
Loans held for sale | 44,115 | 51,635 |
Customers' liabilities on acceptances | 5,602 | 10,493 |
Financial Liabilities: | ' | ' |
Noninterest-bearing deposits | 1,399,454 | 1,184,285 |
Saving and other interest bearing demand deposits | 1,598,514 | 1,428,990 |
Time deposits | 2,150,089 | 1,770,760 |
FHLB advances | 421,352 | 420,722 |
Subordinated debentures | 57,410 | 41,846 |
Bank's liabilities on acceptances outstanding | 5,602 | 10,493 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ' | ' |
Financial Assets: | ' | ' |
Loans held for sale | 45,975 | 57,856 |
Customers' liabilities on acceptances | 5,602 | 10,493 |
Financial Liabilities: | ' | ' |
Noninterest-bearing deposits | 1,399,454 | 1,184,285 |
Saving and other interest bearing demand deposits | 1,598,514 | 1,428,990 |
Time deposits | 2,156,514 | 1,772,778 |
FHLB advances | 421,258 | 425,107 |
Subordinated debentures | 56,544 | 32,218 |
Bank's liabilities on acceptances outstanding | 5,602 | 10,493 |
Significant Unobservable Inputs (Level 3) | Carrying Amount | ' | ' |
Financial Assets: | ' | ' |
Loans receivable - net | 5,006,856 | 4,229,311 |
FDIC loss share receivable | 1,110 | 5,797 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ' | ' |
Financial Assets: | ' | ' |
Loans receivable - net | 5,450,008 | 4,591,685 |
FDIC loss share receivable | $1,110 | $5,797 |
Stockholders_Equity_and_Regula2
Stockholders' Equity and Regulatory Matters - Discussion of Warrants (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2012 | Aug. 08, 2012 |
Series A Preferred Stock | Series B Preferred Stock | Common Stock | ||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' |
Number of securities called by warrants or rights | ' | ' | ' | ' | ' | 521,266 |
Stock redeemed | ' | ' | ' | $67,000 | $55,000 | ' |
Payments for purchase of warrants | $0 | $2,189 | $0 | ' | ' | $2,200 |
Potential repurchase | ' | ' | ' | ' | ' | 337,480 |
Stockholders_Equity_and_Regula3
Stockholders' Equity and Regulatory Matters - Stockholders’ Equity and Regulatory Matters (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Company | ' | ' |
Total capital (to risk-weighted assets), Amount | ' | ' |
Total Capital, Actual | $819,408 | $746,396 |
Total Capital, Required For Capital Adequacy Purposes | 439,687 | 369,417 |
Tier I capital (to risk-weighted assets), Amount | ' | ' |
Tier I Capital, Actual (Risk Based) | 751,204 | 688,422 |
Tier I Capital, Required For Capital Adequacy Purposes | 219,844 | 184,708 |
Tier I capital (to average assets), Amount | ' | ' |
Tier I Capital, Actual (Leverage) | 751,204 | 688,422 |
Tier I Capital, Required For Capital Adequacy Purposes | 251,049 | 215,861 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ' | ' |
Total Capital (to Risk Weighted Assets), Actual | 14.90% | 16.20% |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes | 8.00% | 8.00% |
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 13.66% | 14.90% |
Tier I Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes (Risk Based) | 4.00% | 4.00% |
Tier I capital (to average assets), Ratio | ' | ' |
Tier I Capital (to Average Assets), Actual (Leverage) | 11.97% | 12.80% |
Tier I Capital (to Average Assets), Minimum For Capital Adequacy Purposes (Leverage) | 4.00% | 4.00% |
Bank | ' | ' |
Total capital (to risk-weighted assets), Amount | ' | ' |
Total Capital, Actual | 807,620 | 725,655 |
Total Capital, Required For Capital Adequacy Purposes | 439,437 | 369,134 |
Required To Be Well Capitalized under Prompt Corrective Action Provisions | 549,471 | 461,417 |
Tier I capital (to risk-weighted assets), Amount | ' | ' |
Tier I Capital, Actual (Risk Based) | 739,416 | 667,725 |
Tier I Capital, Required For Capital Adequacy Purposes | 219,798 | 184,567 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 329,683 | 276,850 |
Tier I capital (to average assets), Amount | ' | ' |
Tier I Capital, Actual (Leverage) | 739,416 | 667,725 |
Tier I Capital, Required For Capital Adequacy Purposes | 250,954 | 215,813 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Leverage) | $313,687 | $269,767 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ' | ' |
Total Capital (to Risk Weighted Assets), Actual | 14.70% | 15.70% |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes | 8.00% | 8.00% |
Total Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 13.46% | 14.50% |
Tier I Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes (Risk Based) | 4.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 6.00% | 6.00% |
Tier I capital (to average assets), Ratio | ' | ' |
Tier I Capital (to Average Assets), Actual (Leverage) | 11.79% | 12.40% |
Tier I Capital (to Average Assets), Minimum For Capital Adequacy Purposes (Leverage) | 4.00% | 4.00% |
Tier I Capital (to Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Leverage) | 5.00% | 5.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (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 |
Net income available to common stockholders (Numerator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income as reported | $18,071 | $23,552 | $22,671 | $17,461 | $21,527 | $18,398 | $19,364 | $23,934 | $81,755 | $83,223 | $27,115 |
Less: preferred stock dividends and accretion of preferred stock discount | 0 | 0 | 0 | 0 | 0 | 0 | -3,771 | -1,869 | 0 | -5,640 | -4,568 |
Basic EPS - common stock | 18,071 | 23,552 | 22,671 | 17,461 | 21,527 | 18,398 | 15,593 | 22,065 | 81,755 | 77,583 | 22,547 |
Diluted EPS - common stock | ' | ' | ' | ' | ' | ' | ' | ' | $81,755 | $77,583 | $22,547 |
Shares (Denominator) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic EPS - common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 79,036,729 | 78,012,253 | 42,187,110 |
Effect of Dilutive Securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Options and Performance Units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 179,542 | 78,863 | 23,490 |
Common stock warrants (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 44,432 | 0 | ' |
Diluted EPS - common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 79,260,703 | 78,091,116 | 42,210,600 |
Per Share (Amount) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic EPS - common stock (in dollars per share) | $0.23 | $0.30 | $0.29 | $0.22 | $0.28 | $0.24 | $0.20 | $0.28 | $1.03 | $0.99 | $0.53 |
Diluted EPS - common stock (in dollars per share) | $0.23 | $0.30 | $0.29 | $0.22 | $0.28 | $0.24 | $0.20 | $0.28 | $1.03 | $0.99 | $0.53 |
Stock options and restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 147,000 | 559,000 | 414,000 |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive shares of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 18,298 | 338,000 | 859,000 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $74,916 | $72,035 | $69,379 | $66,743 | $66,932 | $65,455 | $66,943 | $68,555 | $283,073 | $267,885 | $161,895 |
Interest expense | 8,040 | 7,675 | 7,276 | 7,027 | 7,286 | 7,224 | 7,441 | 7,696 | 30,018 | 29,647 | 32,077 |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 66,876 | 64,360 | 62,103 | 59,716 | 59,646 | 58,231 | 59,502 | 60,859 | 253,055 | 238,238 | 129,818 |
Provision for loan losses | 10,950 | 744 | 800 | 7,506 | 2,422 | 6,900 | 7,182 | 2,600 | 20,000 | 19,104 | 27,939 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 55,926 | 63,616 | 61,303 | 52,210 | 57,224 | 51,331 | 52,320 | 58,259 | 233,055 | 219,134 | 101,879 |
Noninterest income | 11,356 | 10,799 | 10,618 | 9,940 | 9,859 | 7,664 | 10,222 | 11,645 | 42,713 | 39,390 | 23,130 |
Noninterest expense | 38,164 | 35,746 | 34,429 | 33,275 | 30,609 | 28,770 | 31,077 | 30,435 | 141,614 | 120,891 | 82,234 |
INCOME BEFORE INCOME TAX PROVISION | 29,118 | 38,669 | 37,492 | 28,875 | 36,474 | 30,225 | 31,465 | 39,469 | 134,154 | 137,633 | 42,775 |
Income tax provision | 11,047 | 15,117 | 14,821 | 11,414 | 14,947 | 11,827 | 12,101 | 15,535 | 52,399 | 54,410 | 15,660 |
NET INCOME | 18,071 | 23,552 | 22,671 | 17,461 | 21,527 | 18,398 | 19,364 | 23,934 | 81,755 | 83,223 | 27,115 |
Less: preferred stock dividends and accretion of preferred stock discount | 0 | 0 | 0 | 0 | 0 | 0 | -3,771 | -1,869 | 0 | -5,640 | -4,568 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $18,071 | $23,552 | $22,671 | $17,461 | $21,527 | $18,398 | $15,593 | $22,065 | $81,755 | $77,583 | $22,547 |
Basic EPS - common stock (in dollars per share) | $0.23 | $0.30 | $0.29 | $0.22 | $0.28 | $0.24 | $0.20 | $0.28 | $1.03 | $0.99 | $0.53 |
Diluted EPS - common stock (in dollars per share) | $0.23 | $0.30 | $0.29 | $0.22 | $0.28 | $0.24 | $0.20 | $0.28 | $1.03 | $0.99 | $0.53 |
Condensed_Financial_Statements2
Condensed Financial Statements of Parent Company (Statements of Financial Condition) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $316,705 | $312,916 | $300,110 | $172,331 |
Other assets | 42,422 | 48,531 | ' | ' |
Total assets | 6,475,199 | 5,640,661 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Total liabilities | 5,665,825 | 4,889,557 | ' | ' |
STOCKHOLDERS’ EQUITY | 809,374 | 751,104 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 6,475,199 | 5,640,661 | ' | ' |
Parent Company | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 9,905 | 19,142 | 66,491 | 11,750 |
Other assets | 27,413 | 5,477 | ' | ' |
Investment in bank subsidiary | 833,098 | 769,718 | ' | ' |
Total assets | 870,416 | 794,337 | ' | ' |
LIABILITIES: | ' | ' | ' | ' |
Other borrowings | 57,410 | 41,846 | ' | ' |
Accounts payable and other liabilities | 3,631 | 1,387 | ' | ' |
Total liabilities | 61,041 | 43,233 | ' | ' |
STOCKHOLDERS’ EQUITY | 809,375 | 751,104 | ' | ' |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $870,416 | $794,337 | ' | ' |
Condensed_Financial_Statements3
Condensed Financial Statements of Parent Company (Statements of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $74,916 | $72,035 | $69,379 | $66,743 | $66,932 | $65,455 | $66,943 | $68,555 | $283,073 | $267,885 | $161,895 |
Interest expense | 8,040 | 7,675 | 7,276 | 7,027 | 7,286 | 7,224 | 7,441 | 7,696 | 30,018 | 29,647 | 32,077 |
Income tax provision | -11,047 | -15,117 | -14,821 | -11,414 | -14,947 | -11,827 | -12,101 | -15,535 | -52,399 | -54,410 | -15,660 |
NET INCOME | 18,071 | 23,552 | 22,671 | 17,461 | 21,527 | 18,398 | 19,364 | 23,934 | 81,755 | 83,223 | 27,115 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,798 | 2,064 | 1,906 |
Dividends from bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other operating expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,499 | 7,147 | 5,024 |
Equity in earnings of bank subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 85,854 | 88,793 | 31,508 |
Income before income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 79,557 | 79,582 | 24,578 |
Income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | 2,198 | 3,641 | 2,537 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | $81,755 | $83,223 | $27,115 |
Condensed_Financial_Statements4
Condensed Financial Statements of Parent Company (Statements of Cash Flows) (Details) (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 | $81,755 | $83,223 | $27,115 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Stock-based compensation expense | 1,215 | 2,561 | 103 |
Change in other assets | 10,201 | -7,792 | -6,664 |
Net cash provided by operating activities | 134,203 | 104,470 | 96,582 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Net cash (used in) provided by investing activities | -377,410 | -474,949 | 190,305 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of additional common stock | 2,851 | 338 | 524 |
Redemption of subordinated debenture | -4,124 | -10,400 | 0 |
Redemption of preferred stock | 0 | -122,000 | 0 |
Redemption of common stock warrant | 0 | -2,189 | 0 |
Net cash provided by (used in) financing activities | 246,996 | 383,285 | -159,108 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 3,789 | 12,806 | 127,779 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 312,916 | 300,110 | 172,331 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 316,705 | 312,916 | 300,110 |
Parent Company | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | 81,755 | 83,223 | 27,115 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Amortization | 259 | 163 | 20 |
Stock-based compensation expense | 386 | 1,009 | 8 |
Change in other assets | -1,152 | -342 | -1,276 |
Change in accounts payable and other liabilities | 3,324 | 207 | -238 |
Equity in undistributed loss (earnings) of bank subsidiary | -66,113 | 10,207 | -31,508 |
Net cash provided by operating activities | 18,459 | 94,467 | -5,879 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Cash and cash equivalents acquired through the merger | 791 | 0 | 3,438 |
Investment in bank subsidiary | 0 | 0 | 0 |
Net cash (used in) provided by investing activities | 791 | 0 | 3,438 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of additional common stock | 0 | 0 | 59,869 |
Issuance of additional stock pursuant to various stock plans | 2,852 | 322 | 524 |
Tax effect on issuance of shares from stock plan | 0 | 0 | 139 |
Redemption of subordinated debenture | -4,124 | -10,400 | 0 |
Redemption of preferred stock | -7,474 | -122,000 | 0 |
Redemption of common stock warrant | 0 | -2,189 | 0 |
Payments of cash dividends | -19,741 | -7,549 | -3,350 |
Net cash provided by (used in) financing activities | -28,487 | -141,816 | 57,182 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -9,237 | -47,349 | 54,741 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 19,142 | 66,491 | 11,750 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $9,905 | $19,142 | $66,491 |