Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BBCN BANCORP INC | ||
Entity Central Index Key | 1,128,361 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 79,566,356 | ||
Entity Public Float | $ 1,176,550,460 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 94,934 | $ 86,119 |
Interest bearing deposit at the Federal Reserve Bank (“FRB”) | 203,455 | 376,041 |
Total cash and cash equivalents | 298,389 | 462,160 |
Other investments | 47,895 | 4,384 |
Securities available-for-sale, at fair value | 1,010,556 | 792,523 |
Loans held for sale, at the lower of cost or fair value | 8,273 | 28,311 |
Loans receivable, net of allowance for loan losses (December 31, 2015 - $76,408; December 31, 2014 - $67,758) | 6,171,933 | 5,497,434 |
Other real estate owned (“OREO”), net | 21,035 | 21,938 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 18,964 | 28,324 |
Premises and equipment, net of accumulated depreciation and amortization (December 31, 2015 - $35,792; December 31, 2014 - $29,915) | 34,575 | 30,722 |
Accrued interest receivable | 15,195 | 13,634 |
Deferred tax assets, net | 67,004 | 63,023 |
Customers’ liabilities on acceptances | 1,463 | 1,889 |
Bank owned life insurance (“BOLI”) | 47,018 | 45,927 |
Investments in affordable housing partnerships | 25,014 | 10,401 |
Goodwill | 105,401 | 105,401 |
Other intangible assets, net | 2,820 | 3,887 |
Servicing assets | 12,000 | 10,341 |
Other assets | 25,113 | 20,031 |
Total assets | 7,912,648 | 7,140,330 |
LIABILITIES: | ||
Noninterest bearing | 1,694,427 | 1,543,018 |
Interest bearing: | ||
Money market and NOW accounts | 1,983,250 | 1,663,855 |
Savings deposits | 187,498 | 198,205 |
Time deposits of $100,000 or more | 1,772,975 | 1,667,367 |
Other time deposits | 702,826 | 621,007 |
Total deposits | 6,340,976 | 5,693,452 |
FHLB advances | 530,591 | 480,975 |
Subordinated debentures | 42,327 | 42,158 |
Accrued interest payable | 6,007 | 5,855 |
Acceptances outstanding | 1,463 | 1,889 |
Other liabilities | 53,189 | 33,228 |
Total liabilities | 6,974,553 | 6,257,557 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $0.001 par value; authorized 150,000,000 shares at December 31, 2015 and December 31, 2014; issued and outstanding, 79,566,356 and 79,503,552 shares at December 31, 2015 and December 31, 2014, respectively | 80 | 79 |
Additional paid-in capital | 541,596 | 541,589 |
Retained earnings | 398,251 | 339,400 |
Accumulated other comprehensive (loss) income, net | (1,832) | 1,705 |
Total stockholders’ equity | 938,095 | 882,773 |
Total liabilities and stockholders’ equity | $ 7,912,648 | $ 7,140,330 |
Consolidated Statements Of Fin3
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans receivable, allowance | $ 76,408 | $ 67,758 |
Premises and equipment, accumulated depreciation and amortization | $ (35,792) | $ (29,915) |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 79,566,356 | 79,503,552 |
Common stock, shares outstanding | 79,566,356 | 79,503,552 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 291,344 | $ 283,817 | $ 266,684 |
Interest on securities | 18,611 | 16,084 | 14,663 |
Interest on federal funds sold and other investments | 3,705 | 2,756 | 1,726 |
Total interest income | 313,660 | 302,657 | 283,073 |
INTEREST EXPENSE: | |||
Interest on deposits | 33,412 | 29,178 | 23,321 |
Interest on FHLB advances | 5,645 | 5,245 | 4,899 |
Interest on other borrowings | 1,561 | 1,637 | 1,798 |
Total interest expense | 40,618 | 36,060 | 30,018 |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 273,042 | 266,597 | 253,055 |
PROVISION FOR LOAN LOSSES | 8,000 | 12,638 | 20,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 265,042 | 253,959 | 233,055 |
NONINTEREST INCOME: | |||
Service fees on deposit accounts | 12,206 | 13,686 | 12,838 |
International service fees | 3,448 | 3,929 | 4,916 |
Loan servicing fees, net | 3,135 | 3,228 | 3,955 |
Wire transfer fees | 3,632 | 3,568 | 3,579 |
Other income and fees | 7,911 | 6,602 | 5,800 |
Net gains on sales of SBA loans | 12,665 | 13,174 | 11,515 |
Net gains on sales of other loans | 270 | 0 | 62 |
Net gains on sales and calls of securities available for sale | 424 | 0 | 54 |
Total noninterest income | 43,691 | 44,187 | 42,719 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 84,899 | 75,701 | 66,805 |
Occupancy | 19,391 | 19,130 | 17,676 |
Furniture and equipment | 9,245 | 8,132 | 6,809 |
Advertising and marketing | 5,090 | 5,426 | 5,184 |
Data processing and communication | 9,179 | 8,896 | 7,595 |
Professional fees | 5,585 | 5,882 | 5,194 |
FDIC assessments | 4,088 | 4,353 | 3,309 |
Credit related expenses | 1,924 | 6,876 | 5,868 |
Other Real Estate Expense | 1,523 | 3,270 | 3,033 |
Gains (Losses) on Sales of Other Real Estate | (1,147) | (513) | 102 |
Merger and integration expense | 1,540 | 322 | 5,161 |
Other | 10,920 | 13,636 | 14,986 |
Total noninterest expense | 153,384 | 151,624 | 141,620 |
INCOME BEFORE INCOME TAX PROVISION | 155,349 | 146,522 | 134,154 |
INCOME TAX PROVISION | 63,091 | 57,907 | 52,399 |
NET INCOME | $ 92,258 | $ 88,615 | $ 81,755 |
EARNINGS PER COMMON SHARE | |||
Basic (in dollars per share) | $ 1.16 | $ 1.11 | $ 1.03 |
Diluted (in dollars per share) | $ 1.16 | $ 1.11 | $ 1.03 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ||||||||||||
Net income | $ 22,869 | $ 25,092 | $ 22,940 | $ 21,357 | $ 22,687 | $ 21,420 | $ 22,312 | $ 22,196 | $ 92,258 | $ 88,615 | $ 81,755 | |
Other comprehensive (loss) income: | ||||||||||||
Unrealized gains (losses) on securities available for sale and interest only strips | (5,717) | 20,288 | (33,035) | |||||||||
Reclassification adjustments for gains realized in income | [1] | (424) | 0 | (54) | ||||||||
Tax (benefit) expense | (2,604) | 8,398 | (13,822) | |||||||||
Total other comprehensive (loss) income | (3,537) | 11,890 | (19,267) | |||||||||
Total comprehensive income | $ 88,721 | $ 100,505 | $ 62,488 | |||||||||
[1] | Reclassification adjustments were recognized in net gains on sales of securities available for sale in the consolidated statements of income. |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid-in capital | Retained Earnings | Accumulated Other Comprehensive Income (loss), net | Pacific International Bancorp, Inc.Common Stock | Pacific International Bancorp, Inc.Additional paid-in capital | Foster Bankshares IncCommon Stock | Foster Bankshares IncAdditional paid-in capital |
Balance, shares at Dec. 31, 2012 | 78,041,511 | ||||||||
Balance at beginning of period at Dec. 31, 2012 | $ 78 | $ 525,354 | $ 216,590 | $ 9,082 | |||||
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 dividends declared on common stock | (19,741) | ||||||||
Comprehensive income: | |||||||||
Net income | $ 81,755 | 81,755 | |||||||
Other Comprehensive Income (Loss), Net of Tax | (19,267) | ||||||||
Balance, shares at Dec. 31, 2013 | 79,441,525 | ||||||||
Balance at end of period at Dec. 31, 2013 | $ 79 | 540,876 | 278,604 | (10,185) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of additional shares pursuant to various stock plans, shares | 59,058 | ||||||||
Issuance of additional shares pursuant to various stock plans | (34) | ||||||||
Tax effects of stock plans | 0 | ||||||||
Stock-based compensation | 705 | ||||||||
Issuance of shares in exchange for Foster common stock, shares | 2,969 | ||||||||
Issuance of shares in exchange for Foster common stock | 42 | ||||||||
Cash dividends declared on common stock | (27,819) | ||||||||
Comprehensive income: | |||||||||
Net income | 88,615 | 88,615 | |||||||
Other Comprehensive Income (Loss), Net of Tax | 11,890 | ||||||||
Balance, shares at Dec. 31, 2014 | 79,503,552 | ||||||||
Balance at end of period at Dec. 31, 2014 | 882,773 | $ 79 | 541,589 | 339,400 | 1,705 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Issuance of additional shares pursuant to various stock plans, shares | 56,235 | ||||||||
Issuance of additional shares pursuant to various stock plans | $ 1 | (22) | |||||||
Tax effects of stock plans | 17 | ||||||||
Stock-based compensation | 1,046 | ||||||||
Issuance of shares in exchange for Foster common stock, shares | 6,569 | ||||||||
Issuance of shares in exchange for Foster common stock | 116 | ||||||||
Redemption of stock warrant | (1,150) | ||||||||
Cash dividends declared on common stock | (33,407) | ||||||||
Comprehensive income: | |||||||||
Net income | 92,258 | 92,258 | |||||||
Other Comprehensive Income (Loss), Net of Tax | (3,537) | ||||||||
Balance, shares at Dec. 31, 2015 | 79,566,356 | ||||||||
Balance at end of period at Dec. 31, 2015 | $ 938,095 | $ 80 | $ 541,596 | $ 398,251 | $ (1,832) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 92,258 | $ 88,615 | $ 81,755 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation, amortization, net of discount accretion | 4,530 | 13,134 | 11,420 |
Stock-based compensation expense | 1,046 | 705 | 1,215 |
Provision for loan losses | 8,000 | 12,638 | 20,000 |
Gain on bargain purchase of Pacific International Bancorp, Inc. | 0 | 0 | (118) |
Valuation adjustment of loans held for sale | 0 | 0 | 53 |
Real Estate Owned, Valuation Allowance, Provision | 1,267 | 1,674 | 1,432 |
Change in deferred income taxes, net | (1,376) | 17,876 | 15,767 |
Proceeds from sales of loans held for sale | 171,229 | 165,812 | 142,115 |
Originations of loans held for sale | (140,466) | (140,056) | (116,233) |
Net gains on sales of SBA and other loans | (12,935) | (13,174) | (11,515) |
Additions in servicing assets | (4,900) | (4,457) | (4,669) |
Net change in bank owned life insurance | (1,091) | (1,157) | (1,003) |
Loss on disposal of equipment | 64 | 0 | 0 |
Net gains on sales and calls of securities available for sale | (424) | 0 | (54) |
Net (gains) losses on sales of OREO | (1,147) | (513) | 102 |
Change in accrued interest receivable | (1,561) | (231) | 60 |
Change in prepaid FDIC insurance | 0 | 0 | 7,574 |
Change in investments in affordable housing partnership | 1,442 | 1,059 | 1,704 |
Change in FDIC loss share receivable | 0 | 1,110 | 4,687 |
Change in other assets | (4,237) | 13,083 | 12,856 |
Change in accrued interest payable | 152 | 1,034 | 466 |
Change in other liabilities | 20,095 | 4,645 | (10,571) |
Net cash provided by operating activities | 122,886 | 135,529 | 134,203 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net change in loans receivable | (673,899) | (481,310) | (402,172) |
Proceeds from sales of securities available for sale | 22,510 | 0 | 6,634 |
Proceeds from sales of OREO | 11,309 | 9,277 | 3,808 |
Proceeds from sales of other loans held for sale | 2,893 | 0 | 0 |
Proceeds from sales of equipment | 7 | 0 | 0 |
Purchase of premises and equipment | (10,924) | (6,426) | (9,194) |
Purchase of securities available for sale | (397,885) | (192,693) | (208,352) |
Purchase of other investments | (43,511) | 0 | 0 |
Purchase of FHLB stock | (150) | (536) | (1,969) |
Redemption of FHLB Stock | 9,510 | 153 | 66 |
Proceeds from matured, called or paid-down securities available for sale | 146,407 | 118,566 | 174,316 |
Payments for Repurchase of Preferred Stock and Preference Stock | 0 | 0 | (7,475) |
Investments in affordable housing partnerships | (16,055) | 0 | 0 |
Net cash used in investing activities | (949,788) | (552,969) | (377,410) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net change in deposits | 647,710 | 546,170 | 299,755 |
Redemption of subordinated debenture | 0 | (15,464) | (4,124) |
Payment of cash dividends on preferred and common stock | (33,407) | (27,819) | (19,741) |
Proceeds from FHLB advances | 350,000 | 90,000 | 180,000 |
Repayment of FHLB advances | (300,000) | (30,000) | (211,745) |
Issuance of additional common stock | 0 | 42 | 0 |
Issuance of additional stock pursuant to various stock plans | (22) | (34) | 2,851 |
Redemption of common stock warrant | (1,150) | 0 | 0 |
Net cash provided by financing activities | 663,131 | 562,895 | 246,996 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (163,771) | 145,455 | 3,789 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 462,160 | 316,705 | 312,916 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 298,389 | 462,160 | 316,705 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest paid | 40,466 | 35,026 | 29,552 |
Income taxes paid | 61,568 | 27,420 | 23,650 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||
Transfer from loans receivable to OREO | 11,373 | 8,088 | 9,263 |
Transfer from loan receivables to loans held for sale | 685 | 2,028 | 6,900 |
Loans to facilitate sales of loans held for sale | 0 | 5,250 | 0 |
Pacific International Bancorp, Inc. | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net cash received from acquisition | 0 | 0 | 25,967 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||
Assets acquired | 0 | 0 | 183,618 |
Liabilities assumed | 0 | 0 | 167,587 |
Foster Bankshares Inc | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net cash received from acquisition | 0 | 0 | 40,961 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||
Assets acquired | 0 | 0 | 350,049 |
Liabilities assumed | $ 0 | $ 0 | $ 360,809 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations— BBCN Bancorp, Inc. (“BBCN Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for BBCN Bank (“BBCN Bank” or the “Bank”). The Bank has branches in California, New Jersey, and the New York City, Chicago, Seattle and Washington, D.C. metropolitan areas, as well as loan production offices in Atlanta, Dallas, Denver, Northern California, Seattle, Portland, and Annandale. BBCN Bancorp is a corporation organized under the laws of the state of Delaware and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. The Company specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. Principles of Consolidation— The accounting and reporting policies of 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 the Company and its wholly-owned subsidiaries, principally 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, 2015 . 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, 2015 and 2014 , 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. Other Investments —Other investments are comprised of the Company’s investments in certificates of deposits that have original maturities greater than 90 days. Other investments are also comprised of the Company’s investment in funds to partially satisfy the Company’s requirements under the Community Reinvestment Act. The funds do not have a readily determinable fair value as of the balance sheet date. 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. 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 and the accrual of interest is discontinued 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. 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. 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. 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. The historical loss experience for Legacy Loans 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. The Company uses a loan migration analysis which 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. The Company’s 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. 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. 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. The allowance for loan losses for acquired credit impaired loans 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. 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 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, loans without credit impairment (“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. Loans Held for Sale —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. 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. 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 2015 , 2014 , or 2013 . 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 1 - 5 years Computer software 1 - 5 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. For the year ended December 31, 2015, the Company foreclosed on properties with an aggregate carrying value of $11.4 million The Company recorded $1.3 million in valuation adjustments, and the Company sold OREO properties for total proceeds of $11.3 million. FDIC Loss Share Receivable —In conjunction with the FDIC-assisted acquisition of Innovative Bank, the Company entered into shared-loss agreements with the FDIC for amounts receivable covered by the shared-loss agreements. The Company 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 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% “ownershipchange” 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 h |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized unaudited quarterly financial data follows for the three months ended: March 31 June 30 September 30 December 31 (In thousands, except per share amounts) 2015 Interest income $ 74,553 $ 77,075 $ 79,059 $ 82,973 Interest expense 9,431 9,684 10,298 11,205 Net interest income before provision for loan losses 65,122 67,391 68,761 71,768 Provision for loan losses 1,500 1,000 600 4,900 Net interest income after provision for loan losses 63,622 66,391 68,161 66,868 Noninterest income 11,048 10,483 11,183 10,977 Noninterest expense 39,077 38,614 36,755 38,938 Income before income tax provision 35,593 38,260 42,589 38,907 Income tax provision 14,236 15,320 17,497 16,038 Net income $ 21,357 $ 22,940 $ 25,092 $ 22,869 Basic earnings per common share $ 0.27 $ 0.29 $ 0.32 $ 0.29 Diluted earnings per common share $ 0.27 $ 0.29 $ 0.32 $ 0.29 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) 2014 Interest income $ 73,354 $ 76,453 $ 77,084 $ 75,766 Interest expense 8,388 8,963 9,177 9,532 Net interest income before provision for loan losses 64,966 67,490 67,907 66,234 Provision for loan losses 3,026 2,996 4,256 2,360 Net interest income after provision for loan losses 61,940 64,494 63,651 63,874 Noninterest income 10,574 10,366 11,267 11,980 Noninterest expense 35,754 37,613 39,318 38,939 Income before income tax provision 36,760 37,247 35,600 36,915 Income tax provision 14,564 14,935 14,180 14,228 Net income $ 22,196 $ 22,312 $ 21,420 $ 22,687 Basic earnings per common share $ 0.28 $ 0.28 $ 0.27 $ 0.29 Diluted earnings per common share $ 0.28 $ 0.28 $ 0.27 $ 0.29 |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations $ 454,096 $ 839 $ (4,955 ) $ 449,980 Mortgage-backed securities 497,889 3,003 (2,845 ) 498,047 Trust preferred securities 4,545 — (796 ) 3,749 Municipal bonds 44,105 1,406 45,511 Total debt securities 1,000,635 5,248 (8,596 ) 997,287 Mutual funds 13,425 — (156 ) 13,269 $ 1,014,060 $ 5,248 $ (8,752 ) $ 1,010,556 At December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations $ 304,947 $ 1,376 $ (3,549 ) $ 302,774 Mortgage-backed securities 460,487 6,528 (1,526 ) 465,489 Trust preferred securities 4,531 — (544 ) 3,987 Municipal bonds 6,487 443 — 6,930 Total debt securities 776,452 8,347 (5,619 ) 779,180 Mutual funds 13,425 — (82 ) 13,343 $ 789,877 $ 8,347 $ (5,701 ) $ 792,523 As of December 31, 2015 and December 31, 2014 , 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: 2015 2014 2013 (In thousands) Proceeds $ 22,510 $ — $ 6,634 Gross gains 437 — 54 Gross losses (13 ) — — The amortized cost and estimated fair value of debt securities at December 31, 2015 , 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 Cost Estimated Fair Value (In thousands) Available for sale: Due within one year $ — $ — Due after one year through five years 2,173 2,332 Due after five years through ten years 27,367 28,208 Due after ten years 19,110 18,720 U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations 454,096 449,980 Mortgage-backed securities 497,889 498,047 Mutual funds 13,425 13,269 $ 1,014,060 $ 1,010,556 Securities with carrying values of approximately $ 359.6 million and $ 366.2 million at December 31, 2015 and December 31, 2014 , 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, 2015 Less than 12 months 12 months or longer Total Description of Securities Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Collateralized mortgage obligations* 31 $ 300,202 $ (2,611 ) 8 $ 70,857 $ (2,344 ) 39 $ 371,059 $ (4,955 ) Mortgage-backed securities* 28 247,160 (1,487 ) 3 27,947 (1,358 ) 31 275,107 (2,845 ) Municipal bonds 1 127 — — — — 1 127 — Trust preferred securities — — — 1 3,750 (796 ) 1 3,750 (796 ) Mutual funds 1 13,269 (156 ) — — — 1 13,269 (156 ) 61 $ 560,758 $ (4,254 ) 12 $ 102,554 $ (4,498 ) 73 $ 663,312 $ (8,752 ) * Investments in U.S. Government agency and U.S. Government sponsored enterprises At December 31, 2014 Less than 12 months 12 months or longer Total Description of Securities Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Collateralized mortgage obligations* 7 $ 71,189 $ (507 ) 13 $ 133,563 $ (3,042 ) 20 $ 204,752 $ (3,549 ) Mortgage-backed securities* 7 38,133 (139 ) 6 62,036 (1,387 ) 13 100,169 (1,526 ) Trust preferred securities — — — 1 3,988 (544 ) 1 3,988 (544 ) Mutual funds — — — 1 13,343 (82 ) 1 13,343 (82 ) 14 $ 109,322 $ (646 ) 21 $ 212,930 $ (5,055 ) 35 $ 322,252 $ (5,701 ) * 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, 2015 . The trust preferred securities in a continuous loss position for twelve months or longer had an unrealized loss of $ 796 thousand at December 31, 2015 and are scheduled to mature in May 2047. These securities were rated investment grade and there were no credit quality concerns with the obligator. The collateralized mortgage obligations and mortgage-backed securities in a continuous loss position for twelve months or longer had an unrealized loss of $2.3 million and $1.4 million , respectively, at December 31, 2015. 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 declines are deemed to be due to the current market volatility and are not reflective of management’s expectations of the Company’s ability to fully recover the investments, 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, 2015 . The Company considers the losses on our investments in unrealized loss positions at December 31, 2015 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, 2015 | |
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, 2015 and 2014 : December 31, 2015 December 31, 2014 (In thousands) Loan portfolio composition Real estate loans: Residential $ 33,797 $ 21,415 Commercial & industrial 4,912,655 4,324,349 Construction 123,030 94,086 Total real estate loans 5,069,482 4,439,850 Commercial business 980,153 903,621 Trade finance 99,163 134,762 Consumer and other 102,573 89,849 Total loans outstanding 6,251,371 5,568,082 Less: deferred loan fees (3,030 ) (2,890 ) Gross loans receivable 6,248,341 5,565,192 Less: allowance for loan losses (76,408 ) (67,758 ) Loans receivable, net $ 6,171,933 $ 5,497,434 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, 2015 and 2014 : Year ended December 31, 2015 2014 (In thousands) Balance at beginning of period $ 24,051 $ 47,398 Accretion (12,633 ) (16,222 ) Changes in expected cash flows 12,359 (7,125 ) Balance at end of period $ 23,777 $ 24,051 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, 2015 and 2014 : Legacy Acquired Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (In thousands) December 31, 2015 Balance, beginning of period $ 38,775 $ 15,986 $ 3,456 $ 427 $ 8,573 $ 485 $ — $ 56 $ 67,758 Provision (credit) for loan losses 2,828 (577 ) 1,424 177 4,270 (117 ) — (5 ) 8,000 Loans charged off (558 ) (1,971 ) (1,288 ) (630 ) (183 ) (271 ) — (11 ) (4,912 ) Recoveries of charged offs 1,784 2,894 — 582 163 117 — 22 5,562 Balance, end of period $ 42,829 $ 16,332 $ 3,592 $ 556 $ 12,823 $ 214 $ — $ 62 $ 76,408 December 31, 2014 Balance, beginning of period $ 40,068 $ 16,796 $ 2,653 $ 461 $ 6,482 $ 796 $ — $ 64 $ 67,320 Provision (credit) for loan losses 428 4,656 4,737 (240 ) 2,133 856 — 68 12,638 Loans charged off (2,512 ) (9,500 ) (3,934 ) (21 ) (214 ) (1,499 ) — (79 ) (17,759 ) Recoveries of charged offs 791 4,034 — 227 172 332 — 3 5,559 Balance, end of period $ 38,775 $ 15,986 $ 3,456 $ 427 $ 8,573 $ 485 $ — $ 56 $ 67,758 The following tables disaggregate the allowance for loan losses and the carrying value of loans receivables by impairment methodology at December 31, 2015 and December 31, 2014 : December 31, 2015 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 $ 1,663 $ 4,188 $ 2,603 $ — $ 225 $ 128 $ — $ — $ 8,807 Collectively evaluated for impairment 41,166 12,144 989 556 616 86 — 62 55,619 Loans acquired with credit deterioration — — — — 11,982 — — — 11,982 Total $ 42,829 $ 16,332 $ 3,592 $ 556 $ 12,823 $ 214 $ — $ 62 $ 76,408 Loans outstanding: Individually evaluated for impairment $ 63,376 $ 40,352 $ 12,548 $ 812 $ 19,109 $ 1,235 $ — $ 658 $ 138,090 Collectively evaluated for impairment 4,717,300 896,041 86,615 60,570 200,753 22,660 — 20,533 6,004,472 Loans acquired with credit deterioration — — — — 68,944 19,865 — 20,000 108,809 Total $ 4,780,676 $ 936,393 $ 99,163 $ 61,382 $ 288,806 $ 43,760 $ — $ 41,191 $ 6,251,371 December 31, 2014 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 $ 1,940 $ 6,929 $ 1,312 $ — $ 434 $ 307 $ — $ — $ 10,922 Collectively evaluated for impairment 36,835 9,057 2,144 427 792 178 — 56 49,489 Loans acquired with credit deterioration — — — — 7,347 — — — 7,347 Total $ 38,775 $ 15,986 $ 3,456 $ 427 $ 8,573 $ 485 $ — $ 56 $ 67,758 Loans outstanding: Individually evaluated for impairment $ 57,506 $ 40,829 $ 5,936 $ 465 $ 20,035 $ 1,778 $ — $ 596 $ 127,145 Collectively evaluated for impairment 3,864,289 784,407 128,826 37,312 397,147 43,460 — 25,859 5,281,300 Loans acquired with credit deterioration — — — — 100,873 33,147 — 25,617 159,637 Total $ 3,921,795 $ 825,236 $ 134,762 $ 37,777 $ 518,055 $ 78,385 $ — $ 52,072 $ 5,568,082 As of December 31, 2015 and December 31, 2014 , the liability for unfunded commitments was $ 2.0 million and $ 1.6 million , respectively. For the year ended December 31, 2015 and 2014 , the recognized provision for credit losses related to unfunded commitments was $ 381 thousand and $ 688 thousand . The recorded investment in individually impaired loans was as follows: December 31, 2015 December 31, 2014 (In thousands) With Allocated Allowance Without charge-off $ 77,922 $ 67,352 With charge-off 155 6,582 With No Allocated Allowance Without charge-off 57,585 46,885 With charge-off 2,428 6,326 Allowance on Impaired Loans (8,807 ) (10,922 ) Impaired Loans, net of allowance $ 129,283 $ 116,223 The following tables detail impaired loans (Legacy and Acquired) by portfolio segment. Loans with no related allowance for loan losses are believed by management to have adequate collateral securing their carrying value. As of December 31, 2015 For the year ended December 31, 2015 Total Impaired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 1,871 1,984 230 3,388 — Hotel & Motel 4,697 4,707 158 10,512 230 Gas Station & Car Wash 1,569 1,625 47 1,542 59 Mixed Use 564 1,087 13 498 9 Industrial & Warehouse 563 563 — 3,686 25 Other 24,603 24,851 1,440 12,585 1,110 Real Estate—Construction — — — — — Commercial Business 31,527 31,832 4,316 31,790 998 Trade Finance 12,548 12,548 2,603 6,209 527 Consumer and Other 135 135 — 153 7 $ 78,077 $ 79,332 $ 8,807 $ 70,363 $ 2,965 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 11,305 12,051 — 10,779 464 Hotel & Motel 7,592 10,180 — 6,455 93 Gas Station & Car Wash 3,754 6,435 — 3,685 107 Mixed Use 2,382 2,604 — 2,375 51 Industrial & Warehouse 8,967 10,608 — 10,186 254 Other 13,250 14,234 — 9,355 362 Real Estate—Construction 1,369 1,470 — 1,153 — Commercial Business 10,059 12,063 — 8,722 345 Trade Finance — — — 986 — Consumer and Other 1,335 1,431 — 1,177 26 $ 60,013 $ 71,076 $ — $ 54,873 $ 1,702 Total $ 138,090 $ 150,408 $ 8,807 $ 125,236 $ 4,667 * Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. As of December 31, 2015 For the year ended December 31, 2015 Impaired APLs (1) Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 1,171 1,173 197 1,835 — Hotel & Motel — — — — — Gas Station & Car Wash 1,017 1,062 6 1,246 59 Mixed Use 494 491 5 380 9 Industrial & Warehouse — — — 72 — Other 306 306 17 797 16 Real Estate—Construction — — — — — Commercial Business 566 645 128 671 15 Trade Finance — — — — — Consumer and Other — — — — — $ 3,554 $ 3,677 $ 353 $ 5,001 $ 99 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 2,642 2,756 — 2,301 105 Hotel & Motel 7,014 9,303 — 5,889 73 Gas Station & Car Wash 1,188 1,299 — 651 64 Mixed Use 273 282 — 210 13 Industrial & Warehouse 1,127 1,298 — 1,275 9 Other 3,876 4,615 — 4,162 53 Real Estate—Construction — — — — — Commercial Business 668 1,039 — 892 55 Trade Finance — — — — — Consumer and Other 658 748 — 629 7 $ 17,446 $ 21,340 $ — $ 16,009 $ 379 Total $ 21,000 $ 25,017 $ 353 $ 21,010 $ 478 * 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, 2014 For the year ended December 31, 2014 Total Impaired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 4,902 5,288 390 5,205 127 Hotel & Motel 13,401 14,548 469 12,053 532 Gas Station & Car Wash 1,904 3,507 379 2,440 60 Mixed Use 482 497 13 823 — Industrial & Warehouse 2,111 2,126 13 7,309 119 Other 9,781 10,389 1,110 9,709 355 Real Estate—Construction — — — — — Commercial Business 37,300 38,730 7,236 32,798 1,502 Trade Finance 4,053 11,310 1,312 6,647 — Consumer and Other — — — 114 — $ 73,934 $ 86,395 $ 10,922 $ 77,098 $ 2,695 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 11,708 13,492 — 8,462 358 Hotel & Motel 5,992 8,728 — 6,655 — Gas Station & Car Wash 2,693 4,065 — 4,139 44 Mixed Use 1,589 1,697 — 1,415 39 Industrial & Warehouse 14,374 17,940 — 9,311 494 Other 7,083 9,886 — 5,118 93 Real Estate—Construction 1,521 1,545 — 1,583 — Commercial Business 5,307 6,880 — 8,349 50 Trade Finance 1,883 5,000 — 724 — Consumer and Other 1,061 1,118 — 1,168 28 $ 53,211 $ 70,351 $ — $ 46,924 $ 1,106 Total $ 127,145 $ 156,746 $ 10,922 $ 124,022 $ 3,801 * Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. As of December 31, 2014 For the year ended December 31, 2014 Impaired APLs (1) Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 1,653 1,638 36 838 97 Hotel & Motel — — — — — Gas Station & Car Wash 1,762 1,953 379 1,783 60 Mixed Use 352 348 2 212 — Industrial & Warehouse — — — 1,026 — Other 1,763 2,016 17 1,134 5 Real Estate—Construction — — — — — Commercial Business 769 928 307 1,090 15 Trade Finance — — — — — Consumer and Other — — — — — $ 6,299 $ 6,883 $ 741 $ 6,083 $ 177 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 3,158 3,376 — 1,869 27 Hotel & Motel 5,591 7,493 — 6,067 — Gas Station & Car Wash 9 297 — 621 — Mixed Use — — — 275 — Industrial & Warehouse 1,737 1,954 — 2,673 39 Other 4,009 5,174 — 3,798 41 Real Estate—Construction — — — — — Commercial Business 1,009 1,758 — 1,321 4 Trade Finance — — — — — Consumer and Other 596 652 — 772 8 $ 16,109 $ 20,704 $ — $ 17,396 $ 119 Total $ 22,408 $ 27,587 $ 741 $ 23,479 $ 296 * 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 December 31, 2013 Total Impaired Loans Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — Real Estate—Commercial Retail 7,783 181 Hotel & Motel 11,432 550 Gas Station & Car Wash 2,090 117 Mixed Use 1,108 43 Industrial & Warehouse 9,496 323 Other 9,826 405 Real Estate—Construction — — Commercial Business 27,010 1,572 Trade Finance 5,313 41 Consumer and Other 348 23 $ 74,406 $ 3,255 With No Related Allowance Real Estate—Residential $ — $ — Real Estate—Commercial Retail 3,428 45 Hotel & Motel 6,304 — Gas Station & Car Wash 3,803 139 Mixed Use 697 — Industrial & Warehouse 3,958 10 Other 3,043 — Real Estate—Construction 1,670 89 Commercial Business 2,770 25 Trade Finance 18 — Consumer and Other 1,067 — $ 26,758 $ 308 Total $ 101,164 $ 3,563 * Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. The following tables present the aging of past due loans as of December 31, 2015 and December 31, 2014 by class of loans: As of December 31, 2015 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans (2) Total Delinquent loans (In thousands) Legacy Loans Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 574 — — 574 2,383 2,957 Hotel & Motel 854 — — 854 318 1,172 Gas Station & Car Wash — 640 330 970 2,418 3,388 Mixed Use — — — — 1,407 1,407 Industrial & Warehouse — 110 — 110 2,275 2,385 Other — — — — 2,930 2,930 Real estate—Construction — — — — 1,369 1,369 Commercial business 905 770 — 1,675 13,393 15,068 Trade finance — — — — 1,731 1,731 Consumer and other 770 158 45 973 245 1,218 Subtotal $ 3,103 $ 1,678 $ 375 $ 5,156 $ 28,469 $ 33,625 Acquired Loans (1) Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 2,572 — — 2,572 2,113 4,685 Hotel & Motel — — — — 5,072 5,072 Gas Station & Car Wash — — — — — Mixed Use — — — — 415 415 Industrial & Warehouse — — — — 990 990 Other — — — — 2,684 2,684 Real estate—Construction — — — — — — Commercial business 310 39 — 349 476 825 Trade finance — — — — — — Consumer and other 287 — — 287 582 869 Subtotal $ 3,169 $ 39 $ — $ 3,208 $ 12,332 $ 15,540 TOTAL $ 6,272 $ 1,717 $ 375 $ 8,364 $ 40,801 $ 49,165 (1) The Acquired Loans exclude ACILs. (2) Nonaccrual loans exclude the guaranteed portion of delinquent SBA loans that are in liquidation totaling $18.7 million . As of December 31, 2014 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans (2) Total Delinquent loans (In thousands) Legacy Loans Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 201 351 — 552 4,586 5,138 Hotel & Motel 299 — — 299 2,336 2,635 Gas Station & Car Wash — — — — 2,105 2,105 Mixed Use 437 — — 437 930 1,367 Industrial & Warehouse — 208 — 208 2,335 2,543 Other 455 524 — 979 2,150 3,129 Real estate—Construction — — — — 1,521 1,521 Commercial business 655 729 — 1,384 9,640 11,024 Trade finance — — — — 3,194 3,194 Consumer and other 36 — — 36 18 54 Subtotal 2,083 1,812 — 3,895 28,815 32,710 Acquired Loans (1) Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 1,402 — — 1,402 2,792 4,194 Hotel & Motel — — — — 5,591 5,591 Gas Station & Car Wash — — — — 736 736 Mixed Use 345 — — 345 352 697 Industrial & Warehouse — — 361 361 1,185 1,546 Other — — — — 4,370 4,370 Real estate—Construction — — — — — — Commercial business 36 347 — 383 1,468 1,851 Trade finance — — — — — — Consumer and other 23 90 — 113 1,044 1,157 Subtotal $ 1,806 $ 437 $ 361 $ 2,604 $ 17,538 $ 20,142 TOTAL $ 3,889 $ 2,249 $ 361 $ 6,499 $ 46,353 $ 52,852 (1) The Acquired Loans exclude ACILs. (2) Nonaccrual loans exclude the guaranteed portion of delinquent SBA loans that are in liquidation totaling $28.9 million . 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. The following tables present the risk rating for Legacy Loans and Acquired Loans as of December 31, 2015 and December 31, 2014 by class of loans: As of December 31, 2015 Pass Special Mention Substandard Doubtful/Loss Total (In thousands) Legacy Loans: Real estate—Residential $ 32,543 $ 465 $ — $ — $ 33,008 Real estate—Commercial Retail 1,168,844 25,686 14,838 — 1,209,368 Hotel & Motel 1,009,493 789 5,937 — 1,016,219 Gas Station & Car Wash 610,749 6,192 3,758 — 620,699 Mixed Use 326,902 1,191 2,610 — 330,703 Industrial & Warehouse 461,938 10,099 11,966 — 484,003 Other 913,304 15,805 34,537 — 963,646 Real estate—Construction 121,661 — 1,369 — 123,030 Commercial business 875,988 21,886 38,505 13 936,392 Trade finance 82,797 3,818 12,548 — 99,163 Consumer and other 60,550 14 812 7 61,383 Subtotal $ 5,664,769 $ 85,945 $ 126,880 $ 20 $ 5,877,614 Acquired Loans: Real estate—Residential $ 508 $ 281 $ — $ — $ 789 Real estate—Commercial Retail 91,076 2,364 14,926 — 108,366 Hotel & Motel 21,306 4,339 13,835 — 39,480 Gas Station & Car Wash 22,231 356 6,548 — 29,135 Mixed Use 14,195 6,382 3,762 — 24,339 Industrial & Warehouse 31,606 1,361 4,708 378 38,053 Other 38,311 366 9,967 — 48,644 Real estate—Construction — — — — — Commercial business 27,414 1,149 14,835 363 43,761 Trade finance — — — — — Consumer and other 32,193 1,643 5,901 1,453 41,190 Subtotal $ 278,840 $ 18,241 $ 74,482 $ 2,194 $ 373,757 Total $ 5,943,609 $ 104,186 $ 201,362 $ 2,214 $ 6,251,371 As of December 31, 2014 Pass Special Mention Substandard Doubtful/Loss Total (In thousands) Legacy Loans: Real estate—Residential $ 20,586 $ — $ — $ — $ 20,586 Real estate—Commercial Retail 1,015,195 20,177 14,805 — 1,050,177 Hotel & Motel 784,586 114 7,746 — 792,446 Gas Station & Car Wash 553,901 — 8,857 — 562,758 Mixed Use 288,409 1,147 2,187 — 291,743 Industrial & Warehouse 347,805 9,181 12,313 — 369,299 Other 699,644 28,044 13,013 — 740,701 Real estate—Construction 92,564 — 1,521 — 94,085 Commercial business 765,280 18,792 41,138 26 825,236 Trade finance 103,844 18,599 12,319 — 134,762 Consumer and other 37,256 38 470 13 37,777 Subtotal $ 4,709,070 $ 96,092 $ 114,369 $ 39 $ 4,919,570 Acquired Loans: Real estate—Residential $ 539 $ 290 $ — $ — $ 829 Real estate—Commercial Retail 157,485 3,531 25,469 — 186,485 Hotel & Motel 69,236 3,889 9,241 — 82,366 Gas Station & Car Wash 27,936 369 8,542 268 37,115 Mixed Use 25,843 7,001 3,048 — 35,892 Industrial & Warehouse 66,214 667 14,177 — 81,058 Other 76,956 2,076 15,242 36 94,310 Real estate—Construction — — — — — Commercial business 48,270 6,331 22,721 1,063 78,385 Trade finance — — — — — Consumer and other 40,136 2,089 9,066 781 52,072 Subtotal $ 512,615 $ 26,243 $ 107,506 $ 2,148 $ 648,512 Total $ 5,221,685 $ 122,335 $ 221,875 $ 2,187 $ 5,568,082 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, 2015 and 2014 by portfolio segment: Year ended December 31, 2015 2014 (In thousands) Sales or reclassification to held for sale Real estate - Commercial $ 619 $ 1,606 Real estate - Construction — — Commercial Business 66 388 Consumer 6,330 — Total $ 7,015 $ 1,994 The following table presents loans by portfolio segment and impairment method at December 31, 2015 and December 31, 2014 : As of December 31, 2015 Real estate - Residential Real estate - Commercial Real estate - Construction Commercial business Trade finance Consumer and other Total (Dollars in thousands) Impaired loans (Gross carrying value) $ — $ 81,117 $ 1,369 $ 41,586 $ 12,548 $ 1,470 $ 138,090 Specific allowance $ — $ 1,888 $ — $ 4,316 $ 2,603 $ — $ 8,807 Loss coverage ratio N/A 2.3 % 0.0 % 10.4 % 20.7 % 0.0 % 6.4 % Non-impaired loans $ 33,797 $ 4,831,538 $ 121,661 $ 938,567 $ 86,615 $ 101,103 $ 6,113,281 General allowance $ 230 $ 52,617 $ 917 $ 12,231 $ 989 $ 617 $ 67,601 Loss coverage ratio 0.7 % 1.1 % 0.8 % 1.3 % 1.1 % 0.6 % 1.1 % Total loans $ 33,797 $ 4,912,655 $ 123,030 $ 980,153 $ 99,163 $ 102,573 $ 6,251,371 Total allowance for loan losses $ 230 $ 54,505 $ 917 $ 16,547 $ 3,592 $ 617 $ 76,408 Loss coverage ratio 0.7 % 1.1 % 0.7 % 1.7 % 3.6 % 0.6 % 1.2 % As of December 31, 2014 Real estate - Residential Real estate - Commercial Real estate - Construction Commercial business Trade finance Consumer and other Total (Dollars in thousands) Impaired loans (Gross carrying value) $ — $ 76,020 $ 1,521 $ 42,607 $ 5,936 $ 1,061 $ 127,145 Specific allowance $ — $ 2,374 $ — $ 7,236 $ 1,312 $ — $ 10,922 Loss coverage ratio N/A 3.1 % 0.0 % 17.0 % 22.1 % 0.0 % 8.6 % Non-impaired loans $ 21,416 $ 4,248,329 $ 92,564 $ 861,014 $ 128,826 $ 88,788 $ 5,440,937 General allowance $ 146 $ 44,161 $ 667 $ 9,235 $ 2,144 $ 483 $ 56,836 Loss coverage ratio 0.7 % 1.0 % 0.7 % 1.1 % 1.7 % 0.5 % 1.0 % Total loans $ 21,416 $ 4,324,349 $ 94,085 $ 903,621 $ 134,762 $ 89,849 $ 5,568,082 Total allowance for loan losses $ 146 $ 46,535 $ 667 $ 16,471 $ 3,456 $ 483 $ 67,758 Loss coverage ratio 0.7 % 1.1 % 0.7 % 1.8 % 2.6 % 0.5 % 1.2 % 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, 2015 , total modified loans were $72.2 million , compared to $ 76.1 million at December 31, 2014 . 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, 2015 , December 31, 2014 , and December 31, 2013 is presented below: As of December 31, 2015 TDRs on accrual TDRs on nonaccrual TOTAL Real estate - Commercial Commercial Business Other Total Real estate - Commercial Commercial Business Other Total (In thousands) Payment concession $ 11,604 $ 375 $ — $ 11,979 $ 3,891 $ 2,410 $ — $ 6,301 $ 18,280 Maturity / Amortization concession 4,009 18,192 5,311 27,512 1,583 6,818 2,297 10,698 38,210 Rate concession 7,215 1,278 — 8,493 6,445 641 166 7,252 15,745 Principal forgiveness — — — — — — — — — $ 22,828 $ 19,845 $ 5,311 $ 47,984 $ 11,919 $ 9,869 $ 2,463 $ 24,251 $ 72,235 As of December 31, 2014 TDRs on accrual TDRs on nonaccrual TOTAL Real estate - Commercial Commercial Business Other Total Real estate - Commercial Commercial Business Other Total (In thousands) Payment concession $ 12,235 $ 556 $ — $ 12,791 $ 3,840 $ 517 $ — $ 4,357 $ 17,148 Maturity / Amortization concession 2,189 20,053 3,387 25,629 1,207 3,158 1,550 5,915 31,544 Rate concession 13,684 5,024 — 18,708 8,473 80 176 8,729 27,437 Principal forgiveness — — — — — 15 — 15 15 $ 28,108 $ 25,633 $ 3,387 $ 57,128 $ 13,520 $ 3,770 $ 1,726 $ 19,016 $ 76,144 As of December 31, 2013 TDRs on accrual TDRs on nonaccrual TOTAL Real estate - Commercial Other Total Real estate - Commercial Other Total (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 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, 2015 were comprised of 24 commercial real estate loans totaling $22.8 million , 28 commercial business loans totaling $19.8 million and 4 consumer and other loans totaling $5.3 million . TDRs on accrual status at December 31, 2014 were comprised of 24 commercial real estate loans totaling $ 28.1 million , 30 commercial business loans totaling $ 25.6 million , and 3 consumer and other loans totaling $3.4 million . 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 . Management expects that the TDRs on accrual status as of December 31, 2015 , 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 $5.7 million , $5.7 million , and $6.6 million of specific reserves to TDRs as of December 31, 2015 , 2014 , and 2013 respectively. As of December 31, 2015 , 2014 , and 2013 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 years ended December 31, 2015 , 2014 , and 2013 : For the year ended For the year ended For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Number of Loans Pre-Modifi-cation Post-Modifi-cation Number of Loans Pre-Modifi-cation Post-Modifi-cation Number of Loans Pre-Modifi-cation Post-Modifi-cation (Dollars in thousands) Legacy Loans: Real estate - Residential — $ — $ — — $ — $ — — $ — $ — Real estate - Commercial Retail 2 750 733 2 645 618 6 6,195 6,214 Hotel & Motel — — — — — — — — — Gas Station & Car Wash 2 383 351 — — — 1 1,371 880 Mixed Use 2 437 407 — — — — — — Industrial & Warehouse — — — 2 783 821 1 370 338 Other 2 1,762 1,700 2 327 350 — — — Real estate - Construction — — — — — — — — — Commercial business 18 9,171 13,234 19 18,143 17,219 15 8,687 7,552 Trade Finance 2 7,623 2,208 3 3,156 4,053 — — — Consumer and Other 1 248 237 — — — 2 970 490 Subtotal 29 $ 20,374 $ 18,870 28 $ 23,054 $ 23,061 25 $ 17,593 $ 15,474 Acquired Loans: Real estate - Residential — $ — $ — — $ — $ — — — — Real estate - Commercial Retail — — — 2 1,075 1,035 3 336 321 Hotel & Motel — — — — — — — — — Gas Station & Car Wash — — — 1 794 727 1 165 — Mixed Use 3 425 416 — — — — — — Industrial & Warehouse — — — 1 75 74 2 10,336 5,208 Other — — — 2 1,356 1,300 2 1,137 1,122 Real estate - Construction — — — — — — — — — Commercial business 1 56 13 6 426 142 8 1,182 441 Trade Finance — — — — — — — — — Consumer and Other 1 115 104 1 195 180 — — — Subtotal 5 $ 596 $ 533 13 $ 3,921 $ 3,458 16 $ 13,156 $ 7,092 Total 34 $ 20,970 $ 19,403 41 $ 26,975 $ 26,519 41 $ 30,749 $ 22,566 The specific reserves for the TDRs described above as of December 31, 2015 , 2014 , and 2013 were $ 2.9 million , $2.4 million , and $2.0 million , respectively, and the charge offs for the years ended December 31, 2015 , 2014 , 2013 and were $42 thousand , $3.3 million , and $2.6 million 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, 2015 , 2014 , and 2013 : December 31, 2015 December 31, 2014 December 31, 2013 Number of Loans Balance Number of Loans Balance Number of Balance (Dollars in thousands) Legacy Loans: Real estate - Commercial Retail — $ — — $ — 1 $ 508 Hotel & Motel — — — — — — Gas Station & Car Wash 1 121 — — — — Mixed Use 1 103 — — — — Industrial & Warehouse — — 1 21 — — Other 1 307 — — — — Commercial Business 4 2,091 2 14 5 540 Consumer and Other — — — — — — Subtotal 7 $ 2,622 3 $ 35 6 $ 1,048 Acquired Loans: Real estate - Commercial Retail — $ — 1 $ 121 1 $ 56 Hotel & Motel — — — — — — Mixed Use 1 63 — — — — Gas Station & Car Wash — — — — 1 — Industrial & Warehouse — — — — 1 5,128 Other — — — — — — Commercial Business — — 3 118 3 47 Consumer and Other 1 104 — — — — Subtotal 2 $ 167 4 $ 239 6 $ 5,231 9 $ 2,789 7 $ 274 12 $ 6,279 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, 2015 , 2014 , and 2013 were $ 303 thousand , $0 , and $661 thousand respectively, and the charge offs for the years ended December 31, 2015 , 2014 , and 2013 were $0 , $125 thousand , and $7.0 million respectively. The seven Legacy Loans that subsequently defaulted in 2015 were modified through payment concessions or maturity concessions. The payment concessions were comprised of one Real Estate loan totaling $121 thousand and four Commercial Business loans totaling $2.1 million . The maturity concessions were comprised of two Real Estate loans totaling $410 thousand . The two Acquired Loans that subsequently defaulted in 2015 were modified through payment concession, or maturity concession. The payment concession was comprised of one Real Estate loan totaling $63 thousand . There was one Consumer and other loan totaling $104 thousand modified through a maturity concession. The three Legacy Loans that subsequently defaulted in 2014 were modified through payment concessions and were comprised of one Real Estate loan totaling $21 thousand and two Commercial Business loans totaling $14 thousand . The four Acquired Loans that subsequently defaulted in 2014 were modified through payment concessions, maturity concessions or rate concessions. The payment concessions were comprised of two Commercial Business loans totaling $118 thousand . There was one Real Estate loan totaling $121 thousand modified through a rate concession, and there was one Commercial Business loan modified through a maturity concession that was fully charged off. The six Legacy Loans that subsequently defaulted in 2013 were modified through payment concession, maturity / amortization concession, or rate concession. The payment concessions were comprised of two Commercial Business loan 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 & Car Wash loan that was fully charged off during the year. Covered Assets On April 16, 2010, the Department of Financial Institutions closed Innovative Bank, California a |
Goodwill and Other Intangibles
Goodwill and Other Intangibles Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of the Company’s goodwill as of December 31, 2015 and 2014 was $105.4 million . There was no impairment of goodwill during the years ended December 31, 2015 and 2014. The following table provides information regarding the amortizing intangible assets at December 31, 2015 and 2014 : 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Dollars in thousands) Intangible assets: Amortization period Core deposit—Center Financial Corporation acquisition 7 years $ 4,100 $ (3,258 ) $ 4,100 $ (2,686 ) Core deposit—PIB acquisition 7 years 604 (379 ) 604 (269 ) Core deposit—Foster acquisition 10 years 2,763 (1,010 ) 2,763 (625 ) Total $ 7,467 $ (4,647 ) $ 7,467 $ (3,580 ) Total amortization expense on deposit premiums was $ 1.1 million and $ 1.3 million for the years ended December 31, 2015 and 2014 , respectively . The estimated future amortization expense over the next five years for identifiable intangible assets is as follows: $ 849 thousand in 2016 , $ 639 thousand in 2017 , $ 436 thousand in 2018 , $ 251 thousand in 2019 , and $ 204 thousand in 2020 . |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | The aggregate amount of time deposits in denominations of $100,000 or more at December 31, 2015 and 2014 was $ 1.77 billion and $1.67 billion , respectively. Included in time deposits of $100,000 or more were $ 300.0 million in California State Treasurer’s deposits at December 31, 2015 and 2014 . 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, 2015 and 2014 , securities with carrying values of approximately $ 358.6 million and $ 364.6 million , respectively, were pledged as collateral for the California State Treasurer’s deposits. At December 31, 2015 , the scheduled maturities for time deposits were as follows: Year Ended December 31, 2015 (In thousands) Scheduled maturities in: 2016 $ 2,251,854 2017 209,002 2018 9,826 2019 4,668 2020 and thereafter 451 $ 2,475,801 The following table indicates the maturity schedules of our time deposits in amounts of $100,000 or more and $250,000 or more as of December 31, 2015 . $100,000 or more $250,000 or more (In thousands) Three months or less $ 585,587 $ 407,342 Over three months through six months 319,386 128,818 Over six months through twelve months 714,720 338,569 Over twelve months 153,282 57,945 Total time deposits $ 1,772,975 $ 932,674 Interest expense on deposits is summarized as follows: 2015 2014 2013 (In thousands) Money market and other $ 12,430 $ 10,270 $ 7,818 Savings deposits 1,670 2,095 2,800 Time deposits 19,312 16,813 12,703 $ 33,412 $ 29,178 $ 23,321 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
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 $2.36 billion and $2.17 billion at December 31, 2015 and 2014 , respectively. The terms of this credit facility require the Bank to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances. Real estate secured loans with a carrying amount of approximately $3.13 billion and $2.89 billion were pledged as collateral for borrowings from the FHLB at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014 , other than FHLB stock, no securities were pledged as collateral for borrowings from the FHLB. At December 31, 2015 and December 31, 2014 , FHLB advances were $530.6 million and $481.0 million , had a weighted average interest rate of 1.15% and 1.09% , respectively, and had various maturities through June 2020 . At December 31, 2015 and December 31, 2014 , $20.6 million and $21.0 million , respectively, of the advances were putable advances with various putable dates and strike prices. The cost of FHLB advances as of December 31, 2015 ranged between 0.41% and 2.02% . At December 31, 2015 , the Company had a remaining borrowing capacity of $1.83 billion . At December 31, 2015 , the contractual maturities for FHLB advances were as follows: Contractual Maturities Maturity/ Put Date (In thousands) Due within one year $ 175,000 $ 195,591 Due after one year through five years 355,591 335,000 Due after five years through ten years — — $ 530,591 $ 530,591 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, 2015 , the principal balance of the qualifying loans was $714.7 million and the collateral value of investment securities were $1.0 million , and no borrowings were outstanding against this line. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2015 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | SUBORDINATED DEBENTURES At December 31, 2015 , the Company had five wholly-owned subsidiary grantor trusts that had issued $46 million of pooled 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 the Company. The Debentures are the sole assets of the trusts. The Company’s obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company 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. The Company 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. The Company 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, 2015 : Issuance Trust Issuance Date Trust Preferred Security Amount Subordinated Debentures Amount Rate Type Coupon Rate at Maturity Date (Dollars in thousands) Nara Capital Trust III 6/5/2003 $ 5,000 $ 5,155 Variable 3.66 % 6/15/2033 Nara Statutory Trust IV 12/22/2003 5,000 5,155 Variable 3.17 % 1/7/2034 Nara Statutory Trust V 12/17/2003 10,000 10,310 Variable 3.48 % 12/17/2033 Nara Statutory Trust VI 3/22/2007 8,000 8,248 Variable 2.16 % 6/15/2037 Center Capital Trust I 12/30/2003 18,000 13,459 Variable 3.17 % 1/7/2034 TOTAL ISSUANCE $ 46,000 $ 42,327 The Company’s investment in the common trust securities of the issuer trusts of $1.5 million and $1.6 million at December 31, 2015 and December 31, 2014 , 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES A summary of income tax provision follows for the years ended December 31: Current Deferred Total (In thousands) 2015 Federal $ 47,919 $ (1,393 ) $ 46,526 State 16,548 17 16,565 $ 64,467 $ (1,376 ) $ 63,091 2014 Federal $ 31,179 $ 12,092 $ 43,271 State 8,859 5,777 14,636 $ 40,038 $ 17,869 $ 57,907 2013 Federal $ 29,891 $ 10,341 $ 40,232 State 6,741 5,426 12,167 $ 36,632 $ 15,767 $ 52,399 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: 2015 2014 2013 Statutory tax rate 35.00 % 35.00 % 35.00 % State taxes-net of federal tax effect 7.21 % 6.98 % 6.13 % CRA investment tax credit (1.31 )% (1.72 )% (1.90 )% Bank owned life insurance (0.25 )% (0.28 )% (0.38 )% Municipal bonds (0.15 )% (0.06 )% (0.06 )% Other 0.11 % (0.40 )% 0.30 % Effective income tax rate 40.61 % 39.52 % 39.09 % Deferred tax assets and liabilities at December 31, 2015 and 2014 are comprised of the following: 2015 2014 (In thousands) Deferred tax assets: Purchase accounting fair value adjustment $ 29,234 $ 37,011 Statutory bad debt deduction less than financial statement provision 26,359 19,043 Net operating loss carryforward 3,120 3,568 Investment security provision 1,652 1,651 Lease expense 1,359 1,311 State tax deductions 4,347 2,871 Accrued compensation 113 108 Deferred compensation 463 490 Mark to market on loans held for sale 387 1,529 Depreciation 825 474 Nonaccrual loan interest 3,287 1,516 Other real estate owned 1,384 2,549 FDIC loss share receivable 717 719 Unrealized loss on securities available for sale 591 — Non-qualified stock option and restricted unit expense 2,000 1,880 Goodwill 628 732 Other 5,205 4,648 $ 81,671 $ 80,100 Deferred tax liabilities: FHLB stock dividends $ (747 ) $ (1,080 ) Deferred loan costs (6,378 ) (5,507 ) State taxes deferred and other (5,257 ) (5,172 ) Prepaid expenses (1,376 ) (2,058 ) Amortization of intangibles (909 ) (1,247 ) Unrealized gain on securities available for sale — (1,964 ) Unrealized gain on interest only strips — (49 ) $ (14,667 ) $ (17,077 ) Valuation allowance — — Net deferred tax assets: $ 67,004 $ 63,023 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, 2015 and 2014 . A summary of the Company’s net operating loss carry-forwards is as follows: FEDERAL STATE Remaining Amount Expires Annual Limitation Remaining Amount Expires Annual Limitation (In thousands) 2015 Korea First Bank of New York $ 1,985 2019 $ 497 $ — N/A $ — PIB 6,929 2032 420 — N/A — Total $ 8,914 $ 917 $ — $ — 2014 Korea First Bank of New York $ 2,482 2019 $ 497 $ — N/A $ — Asiana 102 2015 348 — N/A — PIB 7,349 2032 420 — N/A $ — Total $ 9,933 $ 1,265 $ — $ — 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 states. The statute of limitations for the assessment of taxes for the consolidated Federal income tax return is closed for all tax years up to and including 2011. The expiration of the statute of limitations for the assessment of taxes for the various state income and franchise tax returns for the Company and subsidiaries varies by state. The Company is currently under examination by the California Franchise Tax Board for the 2009, 2010, 2012, and 2013 tax years. While the outcomes of the examinations are unknown, the Company does not expect any material adjustments. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015 and 2014 is as follows: 2015 2014 (In thousands) Balance at January 1, $ 1,816 $ 1,289 Additions based on tax positions related to the prior year — 527 Balance at December 31, $ 1,816 $ 1,816 The total amount of unrecognized tax benefits was $1.8 million at December 31, 2015 and $1.8 million at December 31, 2014 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 $ 1.3 million and $ 1.2 million at December 31, 2015 and 2014 , respectively. The Company expects the total amount of unrecognized tax benefits to decrease by $329 thousand within the next twelve months due to the settlement with the state authority. The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company had approximately $ 154 thousand and $ 96 thousand for interest and penalties accrued at December 31, 2015 and 2014 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
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 the Company’s 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 the 2007 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 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 fair market value 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 . The Company has another stock-based incentive plan, the 2006 Stock Incentive Plan, adopted April 12, 2006, as amended and restated June 13, 2007 (the “2006 Plan”). 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 2,533,850 shares were available for future grants as of December 31, 2015 . 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, 2015 , 18,000 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 2015 , 2014 and 2013 , 0 , 210,00 0 , and 0 options were granted, respectively. The following is a summary of stock option activity under the 2007 and 2006 Plans for the year ended 2015 : Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding - January 1, 2015 591,652 $ 19.00 Expired (103,801 ) 18.48 Outstanding - December 31, 2015 487,851 $ 19.07 2.38 $ 298,699 Options exercisable - December 31, 2015 319,851 $ 20.78 2.38 $ 298,699 The following is a summary of restricted and performance unit activity under the 2007 and 2006 Plans for the year ended 2015 : Number of Shares Weighted- Average Grant Date Fair Value Outstanding - January 1, 2015 175,668 $ 13.51 Granted 18,000 14.26 Vested (62,742 ) 12.50 Forfeited (23,877 ) 15.77 Outstanding - December 31, 2015 107,049 $ 13.72 The total fair value of performance units vested for the year ended December 31, 2015 , 2014 , and 2013 was $ 899 thousand , $1.0 million , and $4.0 million respectively. The amount charged against income related to stock based payment arrangements was $ 1.0 million , $ 705 thousand and $ 1.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The income tax benefit recognized was $ 425 thousand , $ 289 thousand , and $533 thousand for the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 , unrecognized compensation expense related to non-vested stock option grants and restricted and performance units aggregated $ 655 thousand , and is expected to be recognized over a remaining weighted average vesting period of 3.29 years. The estimated annual stock-based compensation expense as of December 31, 2015 for each of the succeeding years is indicated in the table below: Stock Based Compensation Expense (In thousands) For the year ended December 31: 2016 $ 561 2017 468 2018 449 2019 145 2020 16 Total $ 1,639 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Deferred Compensation Plan — The Company established a deferred compensation plan that permits eligible officers, key executives and directors to defer a portion 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. 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, 2015 and 2014 amounted to $ 1.2 million and $1.2 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 $ 25 thousand , $ 28 thousand and $ 31 thousand for 2015 , 2014 and 2013 , respectively. 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 two NEOs are currently participating in the LTIP. The Company accrued $ 306 thousand , $ 228 thousand , and $180 thousand in 2015 , 2014 , and 2013 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 $ 2.3 million , $ 1.9 million and $ 1.6 million for 2015 , 2014 and 2013 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lease commitments The Company leases its premises under non-cancelable operating leases, and at December 31, 2015 , the future minimum rental commitments under these leases are as follows: (In thousands) 2016 $ 8,645 2017 8,412 2018 7,033 2019 5,221 2020 3,960 Thereafter 10,872 $ 44,143 Operating lease expense recorded under such leases in 2015 , 2014 and 2013 amounted to approximately $ 11.1 million , $ 11.6 million and $ 10.6 million , respectively. Legal contingencies 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, 2015 , 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. Unfunded Commitments and Letters of Credit 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, 2015 and 2014 are summarized as follows: 2015 2014 (In thousands) Commitments to extend credit $ 802,251 $ 586,714 Standby letters of credit 45,083 41,987 Other commercial letters of credit 36,256 37,439 $ 883,590 $ 666,140 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, 2015 and 2014 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
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 of 8.5%. For commercial and industrial and asset backed loans, independent valuations may include a 20-40% discount for accounts receivable and a 50-70% discount for inventory. These result in a Level 3 classification. Derivatives The fair value of our derivative financial instruments is based on derivative valuation models using market data inputs as of the valuation date that can generally be verified and do not typically involve significant management judgments. (Level 2 inputs). 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 of 8.5% and result in a Level 3 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, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Securities available for sale: U.S. Government agency and U.S. Government sponsored enterprises: GSE collateralized mortgage obligations $ 449,980 $ — $ 449,980 $ — GSE mortgage-backed securities 498,047 — 498,047 — Trust preferred security 3,749 — 3,749 — Municipal bonds 45,511 — 44,345 1,166 Mutual funds 13,269 13,269 — — Interest rate swaps 2,860 — 2,860 — Liabilities: Interest rate swaps 2,860 — 2,860 — Fair Value Measurements at the End of the Reporting Period Using December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Securities available for sale: U.S. Government agency and U.S. Government sponsored enterprises: Collateralized mortgage obligations $ 302,774 $ — $ 302,774 $ — Mortgage-backed securities 465,489 — 465,489 — Trust preferred security 3,987 — 3,987 — Municipal bonds 6,930 — 5,752 1,178 Mutual funds 13,343 13,343 — — There were no transfers between Level 1, 2 and 3 during the period ended December 31, 2015 and 2014. The table below presents a reconciliation and income statement classification of gains and losses for all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2015 and 2014: 2015 2014 (In thousands) Securities available for sale - Municipal bonds Beginning Balance, January 1 $ 1,178 $ 1,112 Total (losses) gains included in other comprehensive income (12 ) 66 Ending Balance, December 31 $ 1,166 $ 1,178 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, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Impaired loans at fair value: Real estate loans $ 18,251 $ — $ — $ 18,251 Commercial business 9,366 — — 9,366 Trade finance 15,540 — — 15,540 Consumer 391 — — 391 Loans held for sale, net 348 — 348 — Other real estate owned 18,308 — — 18,308 Fair Value Measurements at the End of the Reporting Period Using December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Impaired loans at fair value: Real estate loans $ 43,708 $ — $ 43,708 $ — Commercial business 4,114 — 4,114 — Trade finance 1,883 — 1,883 — Consumer 596 — 596 — Loans held for sale, net 2,000 — 2,000 — Other real estate owned 17,985 — 17,985 — 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 2015 and 2014 are summarized below: For the year ended December 31, 2015 2014 (In thousands) Assets: Impaired loans at fair value: Real estate loans $ 1,692 $ 2,533 Commercial business 3,689 (8,191 ) Trade finance (2,579 ) (5,087 ) Consumer (37 ) 162 Loans held for sale, net 270 (56 ) Other real estate owned (538 ) (1,161 ) Fair Value of Financial Instruments Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2015 and December 31, 2014 were as follows: December 31, 2015 Carrying Amount Estimated Fair Value Fair Value Measurement Using (In thousands) Financial Assets: Cash and cash equivalents $ 298,389 $ 298,389 Level 1 Other investments 47,895 47,919 Level 3 Loans held for sale 8,273 8,669 Level 2 Loans receivable—net 6,171,933 6,559,838 Level 3 Customers’ liabilities on acceptances 1,463 1,463 Level 2 Financial Liabilities: Noninterest bearing deposits $ 1,694,427 $ 1,694,427 Level 2 Saving and other interest bearing demand deposits 2,170,748 2,170,748 Level 2 Time deposits 2,475,801 2,478,858 Level 2 FHLB advances 530,591 532,137 Level 2 Subordinated debentures 42,327 44,084 Level 2 Bank’s liabilities on acceptances outstanding 1,463 1,463 Level 2 December 31, 2014 Carrying Amount Estimated Fair Value Fair Value Measurement Using (In thousands) Financial Assets: Cash and cash equivalents $ 462,160 $ 462,160 Level 1 Loans held for sale 28,311 29,626 Level 2 Loans receivable—net 5,497,434 5,826,924 Level 3 Customers’ liabilities on acceptances 1,889 1,889 Level 2 Financial Liabilities: Noninterest bearing deposits $ 1,543,018 $ 1,543,018 Level 2 Saving and other interest bearing demand deposits 1,862,060 1,862,060 Level 2 Time deposits 2,288,374 2,292,831 Level 2 FHLB advances 480,975 481,290 Level 2 Subordinated debentures 42,158 43,987 Level 2 Bank’s liabilities on acceptances outstanding 1,889 1,889 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS The Company offers a loan hedging program to certain loan customers. Through this program, the Company originates a variable rate loan with the customer. The Company and the customer will then enter into a fixed interest rate swap. Lastly, an identical offsetting swap is entered into by the Company with a correspondent bank. These “back-to-back” swap arrangements are intended to offset each other and allow the Company to book a variable rate loan, while providing the customer with a contract for fixed interest payments. In these arrangements, the Company’s net cash flow is equal to the interest income received from the variable rate loan originated with the customer. These customer swaps are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities. The changes in fair value are recognized in the income statement in other income and fees. At December 31, 2015, the following interest rate swaps related to our loan hedging program were outstanding: As of December 31, 2015 Interest rate swaps on loans with loan customers Notional amount (in thousands) $ 112,717 Weighted average remaining term 7.6 years Received fixed rate (weighted average) 4.46 % Pay variable rate (weighted average) 2.64 % Estimated fair value (in thousands) $ 2,680 Back to back interest rate swaps with correspondent banks Notional amount (in thousands) $ 112,717 Weighted average remaining term 7.6 years Received variable rate (weighted average) 2.64 % Pay fixed rate (weighted average) 4.46 % Estimated fair value (in thousands) $ (2,680 ) |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders’ Equity and Regulatory Matters [Abstract] | |
Stockholders' Equity and Regulatory Matters | STOCKHOLDERS’ EQUITY Warrants The Company redeemed all of the Fixed Rate Cumulative Perpetual Preferred Stock issued under the U.S. Treasury Department’s TARP Capital Purchase Program. The Company assumed certain warrants (related to the TARP Capital Purchase Plan) to purchase shares of the Company’s common stock. On May 20, 2015, the U.S. Treasury Department completed an auction to sell certain of its warrant positions, and the Company submitted the winning bid to repurchase an outstanding warrant to purchase 350,767 shares of the Company’s common stock. The Company repurchased this warrant for $1.2 million . As of December 31, 2015, the U.S. Treasury Department held one remaining warrant for the purchase of 19,276 shares of the Company’s common stock. Dividends The Company paid quarterly dividends of $0.11 per common share for the fourth quarter and third quarters of 2015 and $0.10 per common share for the second quarter and first quarters of 2015. The Company paid aggregate dividends of $33.4 million to common shareholders during 2015. The Company paid quarterly dividends of $0.10 per common share for the fourth quarter and third quarters of 2014 and $0.075 per common share for the second quarter and first quarters of 2014. The Company paid aggregate dividends of $27.8 million to common shareholders during 2014. Accumulated Other Comprehensive (Loss) Income The following table presents the changes to accumulated other comprehensive (loss) income at December 31, 2015, 2014, and 2013: December 31, 2015 December 31, 2014 December 31, 2013 (In thousands) Balance at beginning of period $ 1,705 $ (10,185 ) $ 9,082 Unrealized gains (losses) on securities available for sale and interest only strips (5,717 ) 20,288 (33,035 ) Reclassification adjustments for gains realized in income (424 ) — (54 ) Tax (benefit) expense (2,604 ) 8,398 (13,822 ) Total other comprehensive (loss) income (3,537 ) 11,890 (19,267 ) Balance at end of period $ (1,832 ) $ 1,705 $ (10,185 ) The reclassification adjustments were recognized in net gains on sales of securities available for sale in the consolidated statements of income. |
Regulatory Matters (Notes)
Regulatory Matters (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | REGULATORY MATTERS 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 common equity tier I, tier I, and total 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, 2015 and December 31, 2014 , the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2015 and December 31, 2014 , 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, , common equity tier I 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 For Capital Adequacy Purposes Required To Be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015 Common equity tier 1 capital (to risk weighted assets): Company $ 833,868 12.08 % $ 310,732 4.5 % N/A N/A Bank $ 866,652 12.56 % $ 310,627 4.5 % $ 448,684 6.5 % Total capital (to risk-weighted assets): Company $ 953,132 13.80 % $ 552,412 8.0 % N/A N/A Bank $ 945,013 13.69 % $ 552,226 8.0 % $ 690,283 10.0 % Tier I capital (to risk-weighted assets): Company $ 874,771 12.67 % $ 414,309 6.0 % N/A N/A Bank $ 866,652 12.56 % $ 414,170 6.0 % $ 552,226 8.0 % Tier I capital (to average assets): Company $ 874,771 11.53 % $ 303,528 4.0 % N/A N/A Bank $ 866,652 11.43 % $ 303,410 4.0 % $ 379,262 5.0 % Actual Required For Capital Adequacy Purposes Required To Be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2014 Total capital (to risk-weighted assets): Company $ 881,794 14.80 % $ 476,490 8.0 % N/A N/A Bank $ 869,343 14.61 % $ 476,101 8.0 % $ 595,126 10.0 % Tier I capital (to risk-weighted assets): Company $ 812,464 13.64 % $ 238,245 4.0 % N/A N/A Bank $ 800,013 13.44 % $ 235,050 4.0 % $ 357,076 6.0 % Tier I capital (to average assets): Company $ 812,464 11.62 % $ 279,709 4.0 % N/A N/A Bank $ 800,013 11.45 % $ 279,585 4.0 % $ 349,481 5.0 % |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , stock options and restricted shares awards for approximately 553 thousand and 494 thousand shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were antidilutive. Additionally, warrants to purchase 19,276 and 18,745 of common stock (related to the TARP Capital Purchase Plan) were antidilutive and excluded for the year ended December 31, 2015 and 2014 , respectively. The following table shows the computation of basic and diluted EPS for the years ended December 31, 2015 , 2014 and 2013 : Net income available to common stockholders (Numerator) Shares (Denominator) Per Share (Amount) (In thousands, except share and per share data) 2015 Basic EPS - common stock $ 92,258 79,549,651 $ 1.16 Effect of Dilutive Securities: Stock Options and Performance Units 31,905 Common stock warrants 30,244 Diluted EPS - common stock $ 92,258 79,611,800 $ 1.16 2014 Basic EPS - common stock $ 88,615 79,493,742 $ 1.11 Effect of Dilutive Securities: Stock Options and Performance Units 38,896 Common stock warrants 78,399 Diluted EPS - common stock $ 88,615 79,611,037 $ 1.11 2013 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 |
Servicing Assets
Servicing Assets | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Servicing Assets | SERVICING ASSETS 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. Management periodically evaluates servicing assets for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is determined by stratifying rights into groupings based on loan type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. The changes in servicing assets for the year ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 (In thousands) Balance at beginning of period $ 10,341 $ 8,915 Additions through originations of servicing assets 4,900 4,457 Amortization (3,241 ) (3,031 ) Balance at end of period $ 12,000 $ 10,341 The Company utilizes the discounted cash flow method to calculate the initial excess servicing assets. The inputs used in determining the fair value of the servicing assets at December 31, 2015 and December 31, 2014 are presented below. December 31, 2015 December 31, 2014 Range Range Weighted-average discount rate 5.59%~6.01% 5.44%~5.74% Constant prepayment rate 7.30%~11.90% 8.80%~12.40% |
Condensed Financial Statements
Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
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 condensed financial statements of only the parent company, BBCN Bancorp, as of December 31, 2015 and 2014 : STATEMENTS OF FINANCIAL CONDITION December 31, 2015 2014 (In thousands) ASSETS: Cash and cash equivalents $ 4,742 $ 9,507 Other assets 5,178 5,913 Investment in bank subsidiary 970,878 911,055 TOTAL ASSETS 980,798 926,475 LIABILITIES: Other borrowings 42,327 42,158 Accounts payable and other liabilities 376 1,544 Total liabilities 42,703 43,702 STOCKHOLDERS’ EQUITY 938,095 882,773 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 980,798 $ 926,475 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2015 2014 2013 (In thousands) Interest income $ — $ — $ — Interest expense 1,561 1,637 1,798 Other operating expense 4,967 4,356 4,499 Equity in earnings of bank subsidiary 96,318 92,083 85,854 Income before income tax benefit 89,790 86,090 79,557 Income tax benefit 2,468 2,525 2,198 Net income 92,258 88,615 81,755 Other comprehensive (loss) income, net of tax (3,537 ) 11,890 (19,267 ) Comprehensive income $ 88,721 $ 100,505 $ 62,488 STATEMENTS OF CASH FLOWS Years Ended December 31, 2015 2014 2013 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 92,258 $ 88,615 $ 81,755 Adjustments to reconcile net income to net cash from operating activities: Amortization 188 232 259 Stock-based compensation expense — 25 386 Change in other assets 717 678 (1,152 ) Change in accounts payable and other liabilities (1,053 ) (1,624 ) 3,324 Equity in undistributed earnings of bank subsidiary (62,318 ) (45,083 ) (66,113 ) Net cash from operating activities 29,792 42,843 18,459 CASH FLOWS FROM INVESTING ACTIVITIES: Cash and cash equivalents acquired through the merger — — 791 Net cash from investing activities — — 791 CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of additional common stock — 42 — Issuance of additional stock pursuant to various stock plans — — 2,852 Redemption of subordinated debenture — (15,464 ) (4,124 ) Redemption of preferred stock — — (7,474 ) Redemption of common stock warrant (1,150 ) — — Payments of cash dividends (33,407 ) (27,819 ) (19,741 ) Net cash from financing activities (34,557 ) (43,241 ) (28,487 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (4,765 ) (398 ) (9,237 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 9,507 9,905 19,142 CASH AND CASH EQUIVALENTS, END OF YEAR $ 4,742 $ 9,507 $ 9,905 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation— The accounting and reporting policies of 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 the Company and its wholly-owned subsidiaries, principally 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, 2015 . 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, 2015 and 2014 , 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. |
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 and the accrual of interest is discontinued 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. 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. 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. 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. The historical loss experience for Legacy Loans 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. The Company uses a loan migration analysis which 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. The Company’s 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. 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. 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. The allowance for loan losses for acquired credit impaired loans 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. 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 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, loans without credit impairment (“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. Loans Held for Sale —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. 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. 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 2015 , 2014 , or 2013 |
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: |
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, the Company entered into shared-loss agreements with the FDIC for amounts receivable covered by the shared-loss agreements. The Company 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 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% “ownershipchange” 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 |
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 common stock dividends as declared. Common stock dividends of $ 33.4 million and $ 27.8 million were paid in 2015 and 2014 . There were no common stock dividends declared but unpaid at December 31, 2015 and 2014 . 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, 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, 2015 or 2014 . 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 13 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 | Recently Issued Accounting Pronouncements FASB ASU No. 2014-01, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. These amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Disclosures for a change in accounting principle are required upon transition. ASU 2014-01 became effective for for interim and annual periods beginning after December 15, 2014. The Company did not elect to account for investments in qualified affordable housing projects using the proportional amortization method. FASB ASU No. 2014-04, Receivables—Troubled Debt Restructuring by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. The amendment intends to clarify the terms defining when an in substance foreclosure occurs, which determines when the receivable should be derecognized and the real estate property recognized. ASU No. 2014-04 became effective for interim and annual periods beginning after December 31, 2014. ASU No. 2014-04 did not have a material impact on the Company’s consolidated financial statements. FASB ASU No. 2014-14, Receivables—Troubled Debt Restructuring by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure . Under certain government-sponsored loan guarantee programs, such as those offered by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA), qualifying creditors can extend mortgage loans to borrowers with a guarantee that entitles the creditor to recover all or a portion of the unpaid principal balance from the government if the borrower defaults. The ASU requires a mortgage loan to be derecongized and a separate receivable to be recognized upon foreclosure. Additionally, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor upon foreclosure. ASU 2014-14 became effective for annual periods and interim periods within those annual periods beginning after December 15, 2014. ASU 2014-14 did not have a material impact on the Company’s consolidated financial statements. FASB ASU No. 2015-10, Technical Corrections and Improvements. The amendments in ASU 2015-10 represent changes to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have significant effect on current accounting practice or create a significant administrative cost to most entities. The amendments that require transition guidance are effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The adoption of ASU 2015-10 is not expected to have a significant impact on the Company’s consolidated financial statements. FASB ASU No. 2015-16, Business Combinations (Topic 805). The FASB issued guidance that requires an acquirer in a business combination to recognize adjustments to estimated amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments also require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the estimated amounts, calculated as if the accounting had been completed at the acquisition date. The amendments become effective for fiscal years beginning after December 15, 2016. The adoption of ASU 2015-16 is not expected to have a significant impact on the Company’s consolidated financial statements. FASB ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments eliminate the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The adoption of ASU 2015-17 is not expected to have a significant impact on the Company’s consolidated financial statements. FASB ASU No. 2016-01, Financial Instruments─Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments require equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The new guidance becomes effective for fiscal years beginning after December 15, 2017. The adoption of ASU 2016-01 is not expected to have a significant impact on the Company’s consolidated financial statements. FASB ASU No. 2016-02, Leases. The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is evaluating the impact of our pending adoption of the new standard on our 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 of 8.5%. For commercial and industrial and asset backed loans, independent valuations may include a 20-40% discount for accounts receivable and a 50-70% discount for inventory. These result in a Level 3 classification. Derivatives The fair value of our derivative financial instruments is based on derivative valuation models using market data inputs as of the valuation date that can generally be verified and do not typically involve significant management judgments. (Level 2 inputs). 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 of 8.5% and result in a Level 3 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. |
Quarterly Financial Data (Una28
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized unaudited quarterly financial data follows for the three months ended: March 31 June 30 September 30 December 31 (In thousands, except per share amounts) 2015 Interest income $ 74,553 $ 77,075 $ 79,059 $ 82,973 Interest expense 9,431 9,684 10,298 11,205 Net interest income before provision for loan losses 65,122 67,391 68,761 71,768 Provision for loan losses 1,500 1,000 600 4,900 Net interest income after provision for loan losses 63,622 66,391 68,161 66,868 Noninterest income 11,048 10,483 11,183 10,977 Noninterest expense 39,077 38,614 36,755 38,938 Income before income tax provision 35,593 38,260 42,589 38,907 Income tax provision 14,236 15,320 17,497 16,038 Net income $ 21,357 $ 22,940 $ 25,092 $ 22,869 Basic earnings per common share $ 0.27 $ 0.29 $ 0.32 $ 0.29 Diluted earnings per common share $ 0.27 $ 0.29 $ 0.32 $ 0.29 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) 2014 Interest income $ 73,354 $ 76,453 $ 77,084 $ 75,766 Interest expense 8,388 8,963 9,177 9,532 Net interest income before provision for loan losses 64,966 67,490 67,907 66,234 Provision for loan losses 3,026 2,996 4,256 2,360 Net interest income after provision for loan losses 61,940 64,494 63,651 63,874 Noninterest income 10,574 10,366 11,267 11,980 Noninterest expense 35,754 37,613 39,318 38,939 Income before income tax provision 36,760 37,247 35,600 36,915 Income tax provision 14,564 14,935 14,180 14,228 Net income $ 22,196 $ 22,312 $ 21,420 $ 22,687 Basic earnings per common share $ 0.28 $ 0.28 $ 0.27 $ 0.29 Diluted earnings per common share $ 0.28 $ 0.28 $ 0.27 $ 0.29 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Available-for-sale Securities [Abstract] | |
Summary of Securities Available for Sale | The following is a summary of securities available for sale at December 31, 2015 and 2014 : At December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations $ 454,096 $ 839 $ (4,955 ) $ 449,980 Mortgage-backed securities 497,889 3,003 (2,845 ) 498,047 Trust preferred securities 4,545 — (796 ) 3,749 Municipal bonds 44,105 1,406 45,511 Total debt securities 1,000,635 5,248 (8,596 ) 997,287 Mutual funds 13,425 — (156 ) 13,269 $ 1,014,060 $ 5,248 $ (8,752 ) $ 1,010,556 At December 31, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (In thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations $ 304,947 $ 1,376 $ (3,549 ) $ 302,774 Mortgage-backed securities 460,487 6,528 (1,526 ) 465,489 Trust preferred securities 4,531 — (544 ) 3,987 Municipal bonds 6,487 443 — 6,930 Total debt securities 776,452 8,347 (5,619 ) 779,180 Mutual funds 13,425 — (82 ) 13,343 $ 789,877 $ 8,347 $ (5,701 ) $ 792,523 |
Schedule of Realized Gain (Loss) | The proceeds from sales of securities and the associated gains are listed below: 2015 2014 2013 (In thousands) Proceeds $ 22,510 $ — $ 6,634 Gross gains 437 — 54 Gross losses (13 ) — — |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of debt securities at December 31, 2015 , 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 Cost Estimated Fair Value (In thousands) Available for sale: Due within one year $ — $ — Due after one year through five years 2,173 2,332 Due after five years through ten years 27,367 28,208 Due after ten years 19,110 18,720 U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations 454,096 449,980 Mortgage-backed securities 497,889 498,047 Mutual funds 13,425 13,269 $ 1,014,060 $ 1,010,556 |
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, 2015 Less than 12 months 12 months or longer Total Description of Securities Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Collateralized mortgage obligations* 31 $ 300,202 $ (2,611 ) 8 $ 70,857 $ (2,344 ) 39 $ 371,059 $ (4,955 ) Mortgage-backed securities* 28 247,160 (1,487 ) 3 27,947 (1,358 ) 31 275,107 (2,845 ) Municipal bonds 1 127 — — — — 1 127 — Trust preferred securities — — — 1 3,750 (796 ) 1 3,750 (796 ) Mutual funds 1 13,269 (156 ) — — — 1 13,269 (156 ) 61 $ 560,758 $ (4,254 ) 12 $ 102,554 $ (4,498 ) 73 $ 663,312 $ (8,752 ) * Investments in U.S. Government agency and U.S. Government sponsored enterprises At December 31, 2014 Less than 12 months 12 months or longer Total Description of Securities Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses Number of Securities Fair Value Gross Unrealized Losses (Dollars in thousands) Collateralized mortgage obligations* 7 $ 71,189 $ (507 ) 13 $ 133,563 $ (3,042 ) 20 $ 204,752 $ (3,549 ) Mortgage-backed securities* 7 38,133 (139 ) 6 62,036 (1,387 ) 13 100,169 (1,526 ) Trust preferred securities — — — 1 3,988 (544 ) 1 3,988 (544 ) Mutual funds — — — 1 13,343 (82 ) 1 13,343 (82 ) 14 $ 109,322 $ (646 ) 21 $ 212,930 $ (5,055 ) 35 $ 322,252 $ (5,701 ) * Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans Receivable and Allowanc30
Loans Receivable and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Summary of Loans Receivable by Major Category | The following is a summary of loans by major category at December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 (In thousands) Loan portfolio composition Real estate loans: Residential $ 33,797 $ 21,415 Commercial & industrial 4,912,655 4,324,349 Construction 123,030 94,086 Total real estate loans 5,069,482 4,439,850 Commercial business 980,153 903,621 Trade finance 99,163 134,762 Consumer and other 102,573 89,849 Total loans outstanding 6,251,371 5,568,082 Less: deferred loan fees (3,030 ) (2,890 ) Gross loans receivable 6,248,341 5,565,192 Less: allowance for loan losses (76,408 ) (67,758 ) Loans receivable, net $ 6,171,933 $ 5,497,434 |
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, 2015 and 2014 : Year ended December 31, 2015 2014 (In thousands) Balance at beginning of period $ 24,051 $ 47,398 Accretion (12,633 ) (16,222 ) Changes in expected cash flows 12,359 (7,125 ) Balance at end of period $ 23,777 $ 24,051 |
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, 2015 and 2014 : Legacy Acquired Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (In thousands) December 31, 2015 Balance, beginning of period $ 38,775 $ 15,986 $ 3,456 $ 427 $ 8,573 $ 485 $ — $ 56 $ 67,758 Provision (credit) for loan losses 2,828 (577 ) 1,424 177 4,270 (117 ) — (5 ) 8,000 Loans charged off (558 ) (1,971 ) (1,288 ) (630 ) (183 ) (271 ) — (11 ) (4,912 ) Recoveries of charged offs 1,784 2,894 — 582 163 117 — 22 5,562 Balance, end of period $ 42,829 $ 16,332 $ 3,592 $ 556 $ 12,823 $ 214 $ — $ 62 $ 76,408 December 31, 2014 Balance, beginning of period $ 40,068 $ 16,796 $ 2,653 $ 461 $ 6,482 $ 796 $ — $ 64 $ 67,320 Provision (credit) for loan losses 428 4,656 4,737 (240 ) 2,133 856 — 68 12,638 Loans charged off (2,512 ) (9,500 ) (3,934 ) (21 ) (214 ) (1,499 ) — (79 ) (17,759 ) Recoveries of charged offs 791 4,034 — 227 172 332 — 3 5,559 Balance, end of period $ 38,775 $ 15,986 $ 3,456 $ 427 $ 8,573 $ 485 $ — $ 56 $ 67,758 The following tables disaggregate the allowance for loan losses and the carrying value of loans receivables by impairment methodology at December 31, 2015 and December 31, 2014 : December 31, 2015 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 $ 1,663 $ 4,188 $ 2,603 $ — $ 225 $ 128 $ — $ — $ 8,807 Collectively evaluated for impairment 41,166 12,144 989 556 616 86 — 62 55,619 Loans acquired with credit deterioration — — — — 11,982 — — — 11,982 Total $ 42,829 $ 16,332 $ 3,592 $ 556 $ 12,823 $ 214 $ — $ 62 $ 76,408 Loans outstanding: Individually evaluated for impairment $ 63,376 $ 40,352 $ 12,548 $ 812 $ 19,109 $ 1,235 $ — $ 658 $ 138,090 Collectively evaluated for impairment 4,717,300 896,041 86,615 60,570 200,753 22,660 — 20,533 6,004,472 Loans acquired with credit deterioration — — — — 68,944 19,865 — 20,000 108,809 Total $ 4,780,676 $ 936,393 $ 99,163 $ 61,382 $ 288,806 $ 43,760 $ — $ 41,191 $ 6,251,371 December 31, 2014 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 $ 1,940 $ 6,929 $ 1,312 $ — $ 434 $ 307 $ — $ — $ 10,922 Collectively evaluated for impairment 36,835 9,057 2,144 427 792 178 — 56 49,489 Loans acquired with credit deterioration — — — — 7,347 — — — 7,347 Total $ 38,775 $ 15,986 $ 3,456 $ 427 $ 8,573 $ 485 $ — $ 56 $ 67,758 Loans outstanding: Individually evaluated for impairment $ 57,506 $ 40,829 $ 5,936 $ 465 $ 20,035 $ 1,778 $ — $ 596 $ 127,145 Collectively evaluated for impairment 3,864,289 784,407 128,826 37,312 397,147 43,460 — 25,859 5,281,300 Loans acquired with credit deterioration — — — — 100,873 33,147 — 25,617 159,637 Total $ 3,921,795 $ 825,236 $ 134,762 $ 37,777 $ 518,055 $ 78,385 $ — $ 52,072 $ 5,568,082 |
Impaired Financing Receivables | The recorded investment in individually impaired loans was as follows: December 31, 2015 December 31, 2014 (In thousands) With Allocated Allowance Without charge-off $ 77,922 $ 67,352 With charge-off 155 6,582 With No Allocated Allowance Without charge-off 57,585 46,885 With charge-off 2,428 6,326 Allowance on Impaired Loans (8,807 ) (10,922 ) Impaired Loans, net of allowance $ 129,283 $ 116,223 The following tables detail impaired loans (Legacy and Acquired) by portfolio segment. Loans with no related allowance for loan losses are believed by management to have adequate collateral securing their carrying value. As of December 31, 2015 For the year ended December 31, 2015 Total Impaired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 1,871 1,984 230 3,388 — Hotel & Motel 4,697 4,707 158 10,512 230 Gas Station & Car Wash 1,569 1,625 47 1,542 59 Mixed Use 564 1,087 13 498 9 Industrial & Warehouse 563 563 — 3,686 25 Other 24,603 24,851 1,440 12,585 1,110 Real Estate—Construction — — — — — Commercial Business 31,527 31,832 4,316 31,790 998 Trade Finance 12,548 12,548 2,603 6,209 527 Consumer and Other 135 135 — 153 7 $ 78,077 $ 79,332 $ 8,807 $ 70,363 $ 2,965 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 11,305 12,051 — 10,779 464 Hotel & Motel 7,592 10,180 — 6,455 93 Gas Station & Car Wash 3,754 6,435 — 3,685 107 Mixed Use 2,382 2,604 — 2,375 51 Industrial & Warehouse 8,967 10,608 — 10,186 254 Other 13,250 14,234 — 9,355 362 Real Estate—Construction 1,369 1,470 — 1,153 — Commercial Business 10,059 12,063 — 8,722 345 Trade Finance — — — 986 — Consumer and Other 1,335 1,431 — 1,177 26 $ 60,013 $ 71,076 $ — $ 54,873 $ 1,702 Total $ 138,090 $ 150,408 $ 8,807 $ 125,236 $ 4,667 * Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. As of December 31, 2015 For the year ended December 31, 2015 Impaired APLs (1) Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 1,171 1,173 197 1,835 — Hotel & Motel — — — — — Gas Station & Car Wash 1,017 1,062 6 1,246 59 Mixed Use 494 491 5 380 9 Industrial & Warehouse — — — 72 — Other 306 306 17 797 16 Real Estate—Construction — — — — — Commercial Business 566 645 128 671 15 Trade Finance — — — — — Consumer and Other — — — — — $ 3,554 $ 3,677 $ 353 $ 5,001 $ 99 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 2,642 2,756 — 2,301 105 Hotel & Motel 7,014 9,303 — 5,889 73 Gas Station & Car Wash 1,188 1,299 — 651 64 Mixed Use 273 282 — 210 13 Industrial & Warehouse 1,127 1,298 — 1,275 9 Other 3,876 4,615 — 4,162 53 Real Estate—Construction — — — — — Commercial Business 668 1,039 — 892 55 Trade Finance — — — — — Consumer and Other 658 748 — 629 7 $ 17,446 $ 21,340 $ — $ 16,009 $ 379 Total $ 21,000 $ 25,017 $ 353 $ 21,010 $ 478 * 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, 2014 For the year ended December 31, 2014 Total Impaired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 4,902 5,288 390 5,205 127 Hotel & Motel 13,401 14,548 469 12,053 532 Gas Station & Car Wash 1,904 3,507 379 2,440 60 Mixed Use 482 497 13 823 — Industrial & Warehouse 2,111 2,126 13 7,309 119 Other 9,781 10,389 1,110 9,709 355 Real Estate—Construction — — — — — Commercial Business 37,300 38,730 7,236 32,798 1,502 Trade Finance 4,053 11,310 1,312 6,647 — Consumer and Other — — — 114 — $ 73,934 $ 86,395 $ 10,922 $ 77,098 $ 2,695 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 11,708 13,492 — 8,462 358 Hotel & Motel 5,992 8,728 — 6,655 — Gas Station & Car Wash 2,693 4,065 — 4,139 44 Mixed Use 1,589 1,697 — 1,415 39 Industrial & Warehouse 14,374 17,940 — 9,311 494 Other 7,083 9,886 — 5,118 93 Real Estate—Construction 1,521 1,545 — 1,583 — Commercial Business 5,307 6,880 — 8,349 50 Trade Finance 1,883 5,000 — 724 — Consumer and Other 1,061 1,118 — 1,168 28 $ 53,211 $ 70,351 $ — $ 46,924 $ 1,106 Total $ 127,145 $ 156,746 $ 10,922 $ 124,022 $ 3,801 * Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. As of December 31, 2014 For the year ended December 31, 2014 Impaired APLs (1) Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 1,653 1,638 36 838 97 Hotel & Motel — — — — — Gas Station & Car Wash 1,762 1,953 379 1,783 60 Mixed Use 352 348 2 212 — Industrial & Warehouse — — — 1,026 — Other 1,763 2,016 17 1,134 5 Real Estate—Construction — — — — — Commercial Business 769 928 307 1,090 15 Trade Finance — — — — — Consumer and Other — — — — — $ 6,299 $ 6,883 $ 741 $ 6,083 $ 177 With No Related Allowance Real Estate—Residential $ — $ — $ — $ — $ — Real Estate—Commercial Retail 3,158 3,376 — 1,869 27 Hotel & Motel 5,591 7,493 — 6,067 — Gas Station & Car Wash 9 297 — 621 — Mixed Use — — — 275 — Industrial & Warehouse 1,737 1,954 — 2,673 39 Other 4,009 5,174 — 3,798 41 Real Estate—Construction — — — — — Commercial Business 1,009 1,758 — 1,321 4 Trade Finance — — — — — Consumer and Other 596 652 — 772 8 $ 16,109 $ 20,704 $ — $ 17,396 $ 119 Total $ 22,408 $ 27,587 $ 741 $ 23,479 $ 296 * 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 December 31, 2013 Total Impaired Loans Average Recorded Investment* Interest Income Recognized during Impairment (In thousands) With Related Allowance: Real Estate—Residential $ — $ — Real Estate—Commercial Retail 7,783 181 Hotel & Motel 11,432 550 Gas Station & Car Wash 2,090 117 Mixed Use 1,108 43 Industrial & Warehouse 9,496 323 Other 9,826 405 Real Estate—Construction — — Commercial Business 27,010 1,572 Trade Finance 5,313 41 Consumer and Other 348 23 $ 74,406 $ 3,255 With No Related Allowance Real Estate—Residential $ — $ — Real Estate—Commercial Retail 3,428 45 Hotel & Motel 6,304 — Gas Station & Car Wash 3,803 139 Mixed Use 697 — Industrial & Warehouse 3,958 10 Other 3,043 — Real Estate—Construction 1,670 89 Commercial Business 2,770 25 Trade Finance 18 — Consumer and Other 1,067 — $ 26,758 $ 308 Total $ 101,164 $ 3,563 * Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. |
Aging of Past Due Loans | The following tables present the aging of past due loans as of December 31, 2015 and December 31, 2014 by class of loans: As of December 31, 2015 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans (2) Total Delinquent loans (In thousands) Legacy Loans Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 574 — — 574 2,383 2,957 Hotel & Motel 854 — — 854 318 1,172 Gas Station & Car Wash — 640 330 970 2,418 3,388 Mixed Use — — — — 1,407 1,407 Industrial & Warehouse — 110 — 110 2,275 2,385 Other — — — — 2,930 2,930 Real estate—Construction — — — — 1,369 1,369 Commercial business 905 770 — 1,675 13,393 15,068 Trade finance — — — — 1,731 1,731 Consumer and other 770 158 45 973 245 1,218 Subtotal $ 3,103 $ 1,678 $ 375 $ 5,156 $ 28,469 $ 33,625 Acquired Loans (1) Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 2,572 — — 2,572 2,113 4,685 Hotel & Motel — — — — 5,072 5,072 Gas Station & Car Wash — — — — — Mixed Use — — — — 415 415 Industrial & Warehouse — — — — 990 990 Other — — — — 2,684 2,684 Real estate—Construction — — — — — — Commercial business 310 39 — 349 476 825 Trade finance — — — — — — Consumer and other 287 — — 287 582 869 Subtotal $ 3,169 $ 39 $ — $ 3,208 $ 12,332 $ 15,540 TOTAL $ 6,272 $ 1,717 $ 375 $ 8,364 $ 40,801 $ 49,165 (1) The Acquired Loans exclude ACILs. (2) Nonaccrual loans exclude the guaranteed portion of delinquent SBA loans that are in liquidation totaling $18.7 million . As of December 31, 2014 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans (2) Total Delinquent loans (In thousands) Legacy Loans Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 201 351 — 552 4,586 5,138 Hotel & Motel 299 — — 299 2,336 2,635 Gas Station & Car Wash — — — — 2,105 2,105 Mixed Use 437 — — 437 930 1,367 Industrial & Warehouse — 208 — 208 2,335 2,543 Other 455 524 — 979 2,150 3,129 Real estate—Construction — — — — 1,521 1,521 Commercial business 655 729 — 1,384 9,640 11,024 Trade finance — — — — 3,194 3,194 Consumer and other 36 — — 36 18 54 Subtotal 2,083 1,812 — 3,895 28,815 32,710 Acquired Loans (1) Real estate—Residential $ — $ — $ — $ — $ — $ — Real estate—Commercial Retail 1,402 — — 1,402 2,792 4,194 Hotel & Motel — — — — 5,591 5,591 Gas Station & Car Wash — — — — 736 736 Mixed Use 345 — — 345 352 697 Industrial & Warehouse — — 361 361 1,185 1,546 Other — — — — 4,370 4,370 Real estate—Construction — — — — — — Commercial business 36 347 — 383 1,468 1,851 Trade finance — — — — — — Consumer and other 23 90 — 113 1,044 1,157 Subtotal $ 1,806 $ 437 $ 361 $ 2,604 $ 17,538 $ 20,142 TOTAL $ 3,889 $ 2,249 $ 361 $ 6,499 $ 46,353 $ 52,852 (1) The Acquired Loans exclude ACILs. |
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, 2015 and December 31, 2014 by class of loans: As of December 31, 2015 Pass Special Mention Substandard Doubtful/Loss Total (In thousands) Legacy Loans: Real estate—Residential $ 32,543 $ 465 $ — $ — $ 33,008 Real estate—Commercial Retail 1,168,844 25,686 14,838 — 1,209,368 Hotel & Motel 1,009,493 789 5,937 — 1,016,219 Gas Station & Car Wash 610,749 6,192 3,758 — 620,699 Mixed Use 326,902 1,191 2,610 — 330,703 Industrial & Warehouse 461,938 10,099 11,966 — 484,003 Other 913,304 15,805 34,537 — 963,646 Real estate—Construction 121,661 — 1,369 — 123,030 Commercial business 875,988 21,886 38,505 13 936,392 Trade finance 82,797 3,818 12,548 — 99,163 Consumer and other 60,550 14 812 7 61,383 Subtotal $ 5,664,769 $ 85,945 $ 126,880 $ 20 $ 5,877,614 Acquired Loans: Real estate—Residential $ 508 $ 281 $ — $ — $ 789 Real estate—Commercial Retail 91,076 2,364 14,926 — 108,366 Hotel & Motel 21,306 4,339 13,835 — 39,480 Gas Station & Car Wash 22,231 356 6,548 — 29,135 Mixed Use 14,195 6,382 3,762 — 24,339 Industrial & Warehouse 31,606 1,361 4,708 378 38,053 Other 38,311 366 9,967 — 48,644 Real estate—Construction — — — — — Commercial business 27,414 1,149 14,835 363 43,761 Trade finance — — — — — Consumer and other 32,193 1,643 5,901 1,453 41,190 Subtotal $ 278,840 $ 18,241 $ 74,482 $ 2,194 $ 373,757 Total $ 5,943,609 $ 104,186 $ 201,362 $ 2,214 $ 6,251,371 As of December 31, 2014 Pass Special Mention Substandard Doubtful/Loss Total (In thousands) Legacy Loans: Real estate—Residential $ 20,586 $ — $ — $ — $ 20,586 Real estate—Commercial Retail 1,015,195 20,177 14,805 — 1,050,177 Hotel & Motel 784,586 114 7,746 — 792,446 Gas Station & Car Wash 553,901 — 8,857 — 562,758 Mixed Use 288,409 1,147 2,187 — 291,743 Industrial & Warehouse 347,805 9,181 12,313 — 369,299 Other 699,644 28,044 13,013 — 740,701 Real estate—Construction 92,564 — 1,521 — 94,085 Commercial business 765,280 18,792 41,138 26 825,236 Trade finance 103,844 18,599 12,319 — 134,762 Consumer and other 37,256 38 470 13 37,777 Subtotal $ 4,709,070 $ 96,092 $ 114,369 $ 39 $ 4,919,570 Acquired Loans: Real estate—Residential $ 539 $ 290 $ — $ — $ 829 Real estate—Commercial Retail 157,485 3,531 25,469 — 186,485 Hotel & Motel 69,236 3,889 9,241 — 82,366 Gas Station & Car Wash 27,936 369 8,542 268 37,115 Mixed Use 25,843 7,001 3,048 — 35,892 Industrial & Warehouse 66,214 667 14,177 — 81,058 Other 76,956 2,076 15,242 36 94,310 Real estate—Construction — — — — — Commercial business 48,270 6,331 22,721 1,063 78,385 Trade finance — — — — — Consumer and other 40,136 2,089 9,066 781 52,072 Subtotal $ 512,615 $ 26,243 $ 107,506 $ 2,148 $ 648,512 Total $ 5,221,685 $ 122,335 $ 221,875 $ 2,187 $ 5,568,082 |
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, 2015 and 2014 by portfolio segment: Year ended December 31, 2015 2014 (In thousands) Sales or reclassification to held for sale Real estate - Commercial $ 619 $ 1,606 Real estate - Construction — — Commercial Business 66 388 Consumer 6,330 — Total $ 7,015 $ 1,994 |
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, 2015 and December 31, 2014 : As of December 31, 2015 Real estate - Residential Real estate - Commercial Real estate - Construction Commercial business Trade finance Consumer and other Total (Dollars in thousands) Impaired loans (Gross carrying value) $ — $ 81,117 $ 1,369 $ 41,586 $ 12,548 $ 1,470 $ 138,090 Specific allowance $ — $ 1,888 $ — $ 4,316 $ 2,603 $ — $ 8,807 Loss coverage ratio N/A 2.3 % 0.0 % 10.4 % 20.7 % 0.0 % 6.4 % Non-impaired loans $ 33,797 $ 4,831,538 $ 121,661 $ 938,567 $ 86,615 $ 101,103 $ 6,113,281 General allowance $ 230 $ 52,617 $ 917 $ 12,231 $ 989 $ 617 $ 67,601 Loss coverage ratio 0.7 % 1.1 % 0.8 % 1.3 % 1.1 % 0.6 % 1.1 % Total loans $ 33,797 $ 4,912,655 $ 123,030 $ 980,153 $ 99,163 $ 102,573 $ 6,251,371 Total allowance for loan losses $ 230 $ 54,505 $ 917 $ 16,547 $ 3,592 $ 617 $ 76,408 Loss coverage ratio 0.7 % 1.1 % 0.7 % 1.7 % 3.6 % 0.6 % 1.2 % As of December 31, 2014 Real estate - Residential Real estate - Commercial Real estate - Construction Commercial business Trade finance Consumer and other Total (Dollars in thousands) Impaired loans (Gross carrying value) $ — $ 76,020 $ 1,521 $ 42,607 $ 5,936 $ 1,061 $ 127,145 Specific allowance $ — $ 2,374 $ — $ 7,236 $ 1,312 $ — $ 10,922 Loss coverage ratio N/A 3.1 % 0.0 % 17.0 % 22.1 % 0.0 % 8.6 % Non-impaired loans $ 21,416 $ 4,248,329 $ 92,564 $ 861,014 $ 128,826 $ 88,788 $ 5,440,937 General allowance $ 146 $ 44,161 $ 667 $ 9,235 $ 2,144 $ 483 $ 56,836 Loss coverage ratio 0.7 % 1.0 % 0.7 % 1.1 % 1.7 % 0.5 % 1.0 % Total loans $ 21,416 $ 4,324,349 $ 94,085 $ 903,621 $ 134,762 $ 89,849 $ 5,568,082 Total allowance for loan losses $ 146 $ 46,535 $ 667 $ 16,471 $ 3,456 $ 483 $ 67,758 Loss coverage ratio 0.7 % 1.1 % 0.7 % 1.8 % 2.6 % 0.5 % 1.2 % |
Troubled Debt Restructurings | The following table presents loans by class modified as TDRs that occurred during the years ended December 31, 2015 , 2014 , and 2013 : For the year ended For the year ended For the year ended December 31, 2015 December 31, 2014 December 31, 2013 Number of Loans Pre-Modifi-cation Post-Modifi-cation Number of Loans Pre-Modifi-cation Post-Modifi-cation Number of Loans Pre-Modifi-cation Post-Modifi-cation (Dollars in thousands) Legacy Loans: Real estate - Residential — $ — $ — — $ — $ — — $ — $ — Real estate - Commercial Retail 2 750 733 2 645 618 6 6,195 6,214 Hotel & Motel — — — — — — — — — Gas Station & Car Wash 2 383 351 — — — 1 1,371 880 Mixed Use 2 437 407 — — — — — — Industrial & Warehouse — — — 2 783 821 1 370 338 Other 2 1,762 1,700 2 327 350 — — — Real estate - Construction — — — — — — — — — Commercial business 18 9,171 13,234 19 18,143 17,219 15 8,687 7,552 Trade Finance 2 7,623 2,208 3 3,156 4,053 — — — Consumer and Other 1 248 237 — — — 2 970 490 Subtotal 29 $ 20,374 $ 18,870 28 $ 23,054 $ 23,061 25 $ 17,593 $ 15,474 Acquired Loans: Real estate - Residential — $ — $ — — $ — $ — — — — Real estate - Commercial Retail — — — 2 1,075 1,035 3 336 321 Hotel & Motel — — — — — — — — — Gas Station & Car Wash — — — 1 794 727 1 165 — Mixed Use 3 425 416 — — — — — — Industrial & Warehouse — — — 1 75 74 2 10,336 5,208 Other — — — 2 1,356 1,300 2 1,137 1,122 Real estate - Construction — — — — — — — — — Commercial business 1 56 13 6 426 142 8 1,182 441 Trade Finance — — — — — — — — — Consumer and Other 1 115 104 1 195 180 — — — Subtotal 5 $ 596 $ 533 13 $ 3,921 $ 3,458 16 $ 13,156 $ 7,092 Total 34 $ 20,970 $ 19,403 41 $ 26,975 $ 26,519 41 $ 30,749 $ 22,566 A summary of TDRs on accrual and nonaccrual by type of concession as of December 31, 2015 , December 31, 2014 , and December 31, 2013 is presented below: As of December 31, 2015 TDRs on accrual TDRs on nonaccrual TOTAL Real estate - Commercial Commercial Business Other Total Real estate - Commercial Commercial Business Other Total (In thousands) Payment concession $ 11,604 $ 375 $ — $ 11,979 $ 3,891 $ 2,410 $ — $ 6,301 $ 18,280 Maturity / Amortization concession 4,009 18,192 5,311 27,512 1,583 6,818 2,297 10,698 38,210 Rate concession 7,215 1,278 — 8,493 6,445 641 166 7,252 15,745 Principal forgiveness — — — — — — — — — $ 22,828 $ 19,845 $ 5,311 $ 47,984 $ 11,919 $ 9,869 $ 2,463 $ 24,251 $ 72,235 As of December 31, 2014 TDRs on accrual TDRs on nonaccrual TOTAL Real estate - Commercial Commercial Business Other Total Real estate - Commercial Commercial Business Other Total (In thousands) Payment concession $ 12,235 $ 556 $ — $ 12,791 $ 3,840 $ 517 $ — $ 4,357 $ 17,148 Maturity / Amortization concession 2,189 20,053 3,387 25,629 1,207 3,158 1,550 5,915 31,544 Rate concession 13,684 5,024 — 18,708 8,473 80 176 8,729 27,437 Principal forgiveness — — — — — 15 — 15 15 $ 28,108 $ 25,633 $ 3,387 $ 57,128 $ 13,520 $ 3,770 $ 1,726 $ 19,016 $ 76,144 |
Summary of Troubled Debt Restructurings with Subsequent Payment Default | $3.3 million , and $2.6 million 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, 2015 , 2014 , and 2013 : December 31, 2015 December 31, 2014 December 31, 2013 Number of Loans Balance Number of Loans Balance Number of Balance (Dollars in thousands) Legacy Loans: Real estate - Commercial Retail — $ — — $ — 1 $ 508 Hotel & Motel — — — — — — Gas Station & Car Wash 1 121 — — — — Mixed Use 1 103 — — — — Industrial & Warehouse — — 1 21 — — Other 1 307 — — — — Commercial Business 4 2,091 2 14 5 540 Consumer and Other — — — — — — Subtotal 7 $ 2,622 3 $ 35 6 $ 1,048 Acquired Loans: Real estate - Commercial Retail — $ — 1 $ 121 1 $ 56 Hotel & Motel — — — — — — Mixed Use 1 63 — — — — Gas Station & Car Wash — — — — 1 — Industrial & Warehouse — — — — 1 5,128 Other — — — — — — Commercial Business — — 3 118 3 47 Consumer and Other 1 104 — — — — Subtotal 2 $ 167 4 $ 239 6 $ 5,231 9 $ 2,789 7 $ 274 12 $ 6,279 |
Covered Non-performing Assets | The covered nonperforming assets at December 31, 2015 and December 31, 2014 were as follows: December 31, 2015 December 31, 2014 (In thousands) Covered loans on nonaccrual status $ 1,118 $ 1,355 Covered other real estate owned 220 96 Total covered nonperforming assets $ 1,338 $ 1,451 Acquired covered loans $ 22,989 $ 32,560 |
Goodwill and Other Intangible31
Goodwill and Other Intangibles Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in goodwill | |
Information regarding amortizable intangible assets | The following table provides information regarding the amortizing intangible assets at December 31, 2015 and 2014 : 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization (Dollars in thousands) Intangible assets: Amortization period Core deposit—Center Financial Corporation acquisition 7 years $ 4,100 $ (3,258 ) $ 4,100 $ (2,686 ) Core deposit—PIB acquisition 7 years 604 (379 ) 604 (269 ) Core deposit—Foster acquisition 10 years 2,763 (1,010 ) 2,763 (625 ) Total $ 7,467 $ (4,647 ) $ 7,467 $ (3,580 ) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Scheduled maturities for time deposits | The following table indicates the maturity schedules of our time deposits in amounts of $100,000 or more and $250,000 or more as of December 31, 2015 . $100,000 or more $250,000 or more (In thousands) Three months or less $ 585,587 $ 407,342 Over three months through six months 319,386 128,818 Over six months through twelve months 714,720 338,569 Over twelve months 153,282 57,945 Total time deposits $ 1,772,975 $ 932,674 At December 31, 2015 , the scheduled maturities for time deposits were as follows: Year Ended December 31, 2015 (In thousands) Scheduled maturities in: 2016 $ 2,251,854 2017 209,002 2018 9,826 2019 4,668 2020 and thereafter 451 $ 2,475,801 |
Summary of interest expense on deposits | Interest expense on deposits is summarized as follows: 2015 2014 2013 (In thousands) Money market and other $ 12,430 $ 10,270 $ 7,818 Savings deposits 1,670 2,095 2,800 Time deposits 19,312 16,813 12,703 $ 33,412 $ 29,178 $ 23,321 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Contractual Maturities for FHLB-SF Borrowings | At December 31, 2015 , the contractual maturities for FHLB advances were as follows: Contractual Maturities Maturity/ Put Date (In thousands) Due within one year $ 175,000 $ 195,591 Due after one year through five years 355,591 335,000 Due after five years through ten years — — $ 530,591 $ 530,591 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 : Issuance Trust Issuance Date Trust Preferred Security Amount Subordinated Debentures Amount Rate Type Coupon Rate at Maturity Date (Dollars in thousands) Nara Capital Trust III 6/5/2003 $ 5,000 $ 5,155 Variable 3.66 % 6/15/2033 Nara Statutory Trust IV 12/22/2003 5,000 5,155 Variable 3.17 % 1/7/2034 Nara Statutory Trust V 12/17/2003 10,000 10,310 Variable 3.48 % 12/17/2033 Nara Statutory Trust VI 3/22/2007 8,000 8,248 Variable 2.16 % 6/15/2037 Center Capital Trust I 12/30/2003 18,000 13,459 Variable 3.17 % 1/7/2034 TOTAL ISSUANCE $ 46,000 $ 42,327 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of components of income tax provision | A summary of income tax provision follows for the years ended December 31: Current Deferred Total (In thousands) 2015 Federal $ 47,919 $ (1,393 ) $ 46,526 State 16,548 17 16,565 $ 64,467 $ (1,376 ) $ 63,091 2014 Federal $ 31,179 $ 12,092 $ 43,271 State 8,859 5,777 14,636 $ 40,038 $ 17,869 $ 57,907 2013 Federal $ 29,891 $ 10,341 $ 40,232 State 6,741 5,426 12,167 $ 36,632 $ 15,767 $ 52,399 |
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: 2015 2014 2013 Statutory tax rate 35.00 % 35.00 % 35.00 % State taxes-net of federal tax effect 7.21 % 6.98 % 6.13 % CRA investment tax credit (1.31 )% (1.72 )% (1.90 )% Bank owned life insurance (0.25 )% (0.28 )% (0.38 )% Municipal bonds (0.15 )% (0.06 )% (0.06 )% Other 0.11 % (0.40 )% 0.30 % Effective income tax rate 40.61 % 39.52 % 39.09 % |
Components of deferred tax assets and liabilities | Deferred tax assets and liabilities at December 31, 2015 and 2014 are comprised of the following: 2015 2014 (In thousands) Deferred tax assets: Purchase accounting fair value adjustment $ 29,234 $ 37,011 Statutory bad debt deduction less than financial statement provision 26,359 19,043 Net operating loss carryforward 3,120 3,568 Investment security provision 1,652 1,651 Lease expense 1,359 1,311 State tax deductions 4,347 2,871 Accrued compensation 113 108 Deferred compensation 463 490 Mark to market on loans held for sale 387 1,529 Depreciation 825 474 Nonaccrual loan interest 3,287 1,516 Other real estate owned 1,384 2,549 FDIC loss share receivable 717 719 Unrealized loss on securities available for sale 591 — Non-qualified stock option and restricted unit expense 2,000 1,880 Goodwill 628 732 Other 5,205 4,648 $ 81,671 $ 80,100 Deferred tax liabilities: FHLB stock dividends $ (747 ) $ (1,080 ) Deferred loan costs (6,378 ) (5,507 ) State taxes deferred and other (5,257 ) (5,172 ) Prepaid expenses (1,376 ) (2,058 ) Amortization of intangibles (909 ) (1,247 ) Unrealized gain on securities available for sale — (1,964 ) Unrealized gain on interest only strips — (49 ) $ (14,667 ) $ (17,077 ) Valuation allowance — — Net deferred tax assets: $ 67,004 $ 63,023 |
Summary of net operating loss carryforwards | A summary of the Company’s net operating loss carry-forwards is as follows: FEDERAL STATE Remaining Amount Expires Annual Limitation Remaining Amount Expires Annual Limitation (In thousands) 2015 Korea First Bank of New York $ 1,985 2019 $ 497 $ — N/A $ — PIB 6,929 2032 420 — N/A — Total $ 8,914 $ 917 $ — $ — 2014 Korea First Bank of New York $ 2,482 2019 $ 497 $ — N/A $ — Asiana 102 2015 348 — N/A — PIB 7,349 2032 420 — N/A $ — Total $ 9,933 $ 1,265 $ — $ — |
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, 2015 and 2014 is as follows: 2015 2014 (In thousands) Balance at January 1, $ 1,816 $ 1,289 Additions based on tax positions related to the prior year — 527 Balance at December 31, $ 1,816 $ 1,816 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 : Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding - January 1, 2015 591,652 $ 19.00 Expired (103,801 ) 18.48 Outstanding - December 31, 2015 487,851 $ 19.07 2.38 $ 298,699 Options exercisable - December 31, 2015 319,851 $ 20.78 2.38 $ 298,699 |
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 2015 : Number of Shares Weighted- Average Grant Date Fair Value Outstanding - January 1, 2015 175,668 $ 13.51 Granted 18,000 14.26 Vested (62,742 ) 12.50 Forfeited (23,877 ) 15.77 Outstanding - December 31, 2015 107,049 $ 13.72 |
Estimated Annual Stock-Based Compensation Expense | The estimated annual stock-based compensation expense as of December 31, 2015 for each of the succeeding years is indicated in the table below: Stock Based Compensation Expense (In thousands) For the year ended December 31: 2016 $ 561 2017 468 2018 449 2019 145 2020 16 Total $ 1,639 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Commitments | The Company leases its premises under non-cancelable operating leases, and at December 31, 2015 , the future minimum rental commitments under these leases are as follows: (In thousands) 2016 $ 8,645 2017 8,412 2018 7,033 2019 5,221 2020 3,960 Thereafter 10,872 $ 44,143 |
Commitments | Commitments at December 31, 2015 and 2014 are summarized as follows: 2015 2014 (In thousands) Commitments to extend credit $ 802,251 $ 586,714 Standby letters of credit 45,083 41,987 Other commercial letters of credit 36,256 37,439 $ 883,590 $ 666,140 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Securities available for sale: U.S. Government agency and U.S. Government sponsored enterprises: GSE collateralized mortgage obligations $ 449,980 $ — $ 449,980 $ — GSE mortgage-backed securities 498,047 — 498,047 — Trust preferred security 3,749 — 3,749 — Municipal bonds 45,511 — 44,345 1,166 Mutual funds 13,269 13,269 — — Interest rate swaps 2,860 — 2,860 — Liabilities: Interest rate swaps 2,860 — 2,860 — Fair Value Measurements at the End of the Reporting Period Using December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Securities available for sale: U.S. Government agency and U.S. Government sponsored enterprises: Collateralized mortgage obligations $ 302,774 $ — $ 302,774 $ — Mortgage-backed securities 465,489 — 465,489 — Trust preferred security 3,987 — 3,987 — Municipal bonds 6,930 — 5,752 1,178 Mutual funds 13,343 13,343 — — |
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, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Impaired loans at fair value: Real estate loans $ 18,251 $ — $ — $ 18,251 Commercial business 9,366 — — 9,366 Trade finance 15,540 — — 15,540 Consumer 391 — — 391 Loans held for sale, net 348 — 348 — Other real estate owned 18,308 — — 18,308 Fair Value Measurements at the End of the Reporting Period Using December 31, 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Assets: Impaired loans at fair value: Real estate loans $ 43,708 $ — $ 43,708 $ — Commercial business 4,114 — 4,114 — Trade finance 1,883 — 1,883 — Consumer 596 — 596 — Loans held for sale, net 2,000 — 2,000 — Other real estate owned 17,985 — 17,985 — 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 2015 and 2014 are summarized below: For the year ended December 31, 2015 2014 (In thousands) Assets: Impaired loans at fair value: Real estate loans $ 1,692 $ 2,533 Commercial business 3,689 (8,191 ) Trade finance (2,579 ) (5,087 ) Consumer (37 ) 162 Loans held for sale, net 270 (56 ) Other real estate owned (538 ) (1,161 ) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2015 and December 31, 2014 were as follows: December 31, 2015 Carrying Amount Estimated Fair Value Fair Value Measurement Using (In thousands) Financial Assets: Cash and cash equivalents $ 298,389 $ 298,389 Level 1 Other investments 47,895 47,919 Level 3 Loans held for sale 8,273 8,669 Level 2 Loans receivable—net 6,171,933 6,559,838 Level 3 Customers’ liabilities on acceptances 1,463 1,463 Level 2 Financial Liabilities: Noninterest bearing deposits $ 1,694,427 $ 1,694,427 Level 2 Saving and other interest bearing demand deposits 2,170,748 2,170,748 Level 2 Time deposits 2,475,801 2,478,858 Level 2 FHLB advances 530,591 532,137 Level 2 Subordinated debentures 42,327 44,084 Level 2 Bank’s liabilities on acceptances outstanding 1,463 1,463 Level 2 December 31, 2014 Carrying Amount Estimated Fair Value Fair Value Measurement Using (In thousands) Financial Assets: Cash and cash equivalents $ 462,160 $ 462,160 Level 1 Loans held for sale 28,311 29,626 Level 2 Loans receivable—net 5,497,434 5,826,924 Level 3 Customers’ liabilities on acceptances 1,889 1,889 Level 2 Financial Liabilities: Noninterest bearing deposits $ 1,543,018 $ 1,543,018 Level 2 Saving and other interest bearing demand deposits 1,862,060 1,862,060 Level 2 Time deposits 2,288,374 2,292,831 Level 2 FHLB advances 480,975 481,290 Level 2 Subordinated debentures 42,158 43,987 Level 2 Bank’s liabilities on acceptances outstanding 1,889 1,889 Level 2 |
Derivative Financial Instrume39
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At December 31, 2015, the following interest rate swaps related to our loan hedging program were outstanding: As of December 31, 2015 Interest rate swaps on loans with loan customers Notional amount (in thousands) $ 112,717 Weighted average remaining term 7.6 years Received fixed rate (weighted average) 4.46 % Pay variable rate (weighted average) 2.64 % Estimated fair value (in thousands) $ 2,680 Back to back interest rate swaps with correspondent banks Notional amount (in thousands) $ 112,717 Weighted average remaining term 7.6 years Received variable rate (weighted average) 2.64 % Pay fixed rate (weighted average) 4.46 % Estimated fair value (in thousands) $ (2,680 ) |
Stockholders_ Equity(Tables)
Stockholders’ Equity(Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders’ Equity and Regulatory Matters [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the changes to accumulated other comprehensive (loss) income at December 31, 2015, 2014, and 2013: |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Schedule of Actual Amounts and Ratios | The Company’s and the Bank’s actual capital amounts and ratios are presented in the table below: Actual Required For Capital Adequacy Purposes Required To Be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015 Common equity tier 1 capital (to risk weighted assets): Company $ 833,868 12.08 % $ 310,732 4.5 % N/A N/A Bank $ 866,652 12.56 % $ 310,627 4.5 % $ 448,684 6.5 % Total capital (to risk-weighted assets): Company $ 953,132 13.80 % $ 552,412 8.0 % N/A N/A Bank $ 945,013 13.69 % $ 552,226 8.0 % $ 690,283 10.0 % Tier I capital (to risk-weighted assets): Company $ 874,771 12.67 % $ 414,309 6.0 % N/A N/A Bank $ 866,652 12.56 % $ 414,170 6.0 % $ 552,226 8.0 % Tier I capital (to average assets): Company $ 874,771 11.53 % $ 303,528 4.0 % N/A N/A Bank $ 866,652 11.43 % $ 303,410 4.0 % $ 379,262 5.0 % Actual Required For Capital Adequacy Purposes Required To Be Well Capitalized under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2014 Total capital (to risk-weighted assets): Company $ 881,794 14.80 % $ 476,490 8.0 % N/A N/A Bank $ 869,343 14.61 % $ 476,101 8.0 % $ 595,126 10.0 % Tier I capital (to risk-weighted assets): Company $ 812,464 13.64 % $ 238,245 4.0 % N/A N/A Bank $ 800,013 13.44 % $ 235,050 4.0 % $ 357,076 6.0 % Tier I capital (to average assets): Company $ 812,464 11.62 % $ 279,709 4.0 % N/A N/A Bank $ 800,013 11.45 % $ 279,585 4.0 % $ 349,481 5.0 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 2014 and 2013 : Net income available to common stockholders (Numerator) Shares (Denominator) Per Share (Amount) (In thousands, except share and per share data) 2015 Basic EPS - common stock $ 92,258 79,549,651 $ 1.16 Effect of Dilutive Securities: Stock Options and Performance Units 31,905 Common stock warrants 30,244 Diluted EPS - common stock $ 92,258 79,611,800 $ 1.16 2014 Basic EPS - common stock $ 88,615 79,493,742 $ 1.11 Effect of Dilutive Securities: Stock Options and Performance Units 38,896 Common stock warrants 78,399 Diluted EPS - common stock $ 88,615 79,611,037 $ 1.11 2013 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 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | |
Servicing Asset at Amortized Cost | The changes in servicing assets for the year ended December 31, 2015 and 2014 were as follows: Year Ended December 31, 2015 2014 (In thousands) Balance at beginning of period $ 10,341 $ 8,915 Additions through originations of servicing assets 4,900 4,457 Amortization (3,241 ) (3,031 ) Balance at end of period $ 12,000 $ 10,341 |
Schedule of Servicing Assets at Fair Value | The inputs used in determining the fair value of the servicing assets at December 31, 2015 and December 31, 2014 are presented below. December 31, 2015 December 31, 2014 Range Range Weighted-average discount rate 5.59%~6.01% 5.44%~5.74% Constant prepayment rate 7.30%~11.90% 8.80%~12.40% |
Condensed Financial Statement44
Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Statements of Financial Condition | STATEMENTS OF FINANCIAL CONDITION December 31, 2015 2014 (In thousands) ASSETS: Cash and cash equivalents $ 4,742 $ 9,507 Other assets 5,178 5,913 Investment in bank subsidiary 970,878 911,055 TOTAL ASSETS 980,798 926,475 LIABILITIES: Other borrowings 42,327 42,158 Accounts payable and other liabilities 376 1,544 Total liabilities 42,703 43,702 STOCKHOLDERS’ EQUITY 938,095 882,773 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 980,798 $ 926,475 |
Schedule of Condensed Income Statement | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2015 2014 2013 (In thousands) Interest income $ — $ — $ — Interest expense 1,561 1,637 1,798 Other operating expense 4,967 4,356 4,499 Equity in earnings of bank subsidiary 96,318 92,083 85,854 Income before income tax benefit 89,790 86,090 79,557 Income tax benefit 2,468 2,525 2,198 Net income 92,258 88,615 81,755 Other comprehensive (loss) income, net of tax (3,537 ) 11,890 (19,267 ) Comprehensive income $ 88,721 $ 100,505 $ 62,488 |
Schedule of Condensed Cash Flow Statement | STATEMENTS OF CASH FLOWS Years Ended December 31, 2015 2014 2013 (In thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 92,258 $ 88,615 $ 81,755 Adjustments to reconcile net income to net cash from operating activities: Amortization 188 232 259 Stock-based compensation expense — 25 386 Change in other assets 717 678 (1,152 ) Change in accounts payable and other liabilities (1,053 ) (1,624 ) 3,324 Equity in undistributed earnings of bank subsidiary (62,318 ) (45,083 ) (66,113 ) Net cash from operating activities 29,792 42,843 18,459 CASH FLOWS FROM INVESTING ACTIVITIES: Cash and cash equivalents acquired through the merger — — 791 Net cash from investing activities — — 791 CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of additional common stock — 42 — Issuance of additional stock pursuant to various stock plans — — 2,852 Redemption of subordinated debenture — (15,464 ) (4,124 ) Redemption of preferred stock — — (7,474 ) Redemption of common stock warrant (1,150 ) — — Payments of cash dividends (33,407 ) (27,819 ) (19,741 ) Net cash from financing activities (34,557 ) (43,241 ) (28,487 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (4,765 ) (398 ) (9,237 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 9,507 9,905 19,142 CASH AND CASH EQUIVALENTS, END OF YEAR $ 4,742 $ 9,507 $ 9,905 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Additional information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Significant Accounting Policies [Line Items] | |||
Reserve and clearing requirement balance | $ 0 | ||
Servicing assets: | |||
Servicing assets capitalized during the period | 4,900 | $ 4,457 | $ 4,669 |
Amortization of servicing assets during the period | 3,241 | 3,031 | |
Carrying value of servicing asset | 12,000 | 10,341 | $ 8,915 |
Payments of cash dividends on Common Stock | $ 33,400 | $ 27,800 | |
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 | ||
Minimum | Computer equipment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Premises and equipment, estimated useful lives | 1 year | ||
Minimum | Computer software | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Premises and equipment, estimated useful lives | 1 year | ||
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 | ||
Maximum | Computer equipment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Premises and equipment, estimated useful lives | 5 years | ||
Maximum | Computer software | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Premises and equipment, estimated useful lives | 5 years |
Quarterly Financial Data (Una46
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 82,973 | $ 79,059 | $ 77,075 | $ 74,553 | $ 75,766 | $ 77,084 | $ 76,453 | $ 73,354 | $ 313,660 | $ 302,657 | $ 283,073 |
Interest expense | 11,205 | 10,298 | 9,684 | 9,431 | 9,532 | 9,177 | 8,963 | 8,388 | 40,618 | 36,060 | 30,018 |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 71,768 | 68,761 | 67,391 | 65,122 | 66,234 | 67,907 | 67,490 | 64,966 | 273,042 | 266,597 | 253,055 |
Provision for loan losses | 4,900 | 600 | 1,000 | 1,500 | 2,360 | 4,256 | 2,996 | 3,026 | 8,000 | 12,638 | 20,000 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 66,868 | 68,161 | 66,391 | 63,622 | 63,874 | 63,651 | 64,494 | 61,940 | 265,042 | 253,959 | 233,055 |
Noninterest income | 10,977 | 11,183 | 10,483 | 11,048 | 11,980 | 11,267 | 10,366 | 10,574 | 43,691 | 44,187 | 42,719 |
Noninterest expense | 38,938 | 36,755 | 38,614 | 39,077 | 38,939 | 39,318 | 37,613 | 35,754 | 153,384 | 151,624 | 141,620 |
INCOME BEFORE INCOME TAX PROVISION | 38,907 | 42,589 | 38,260 | 35,593 | 36,915 | 35,600 | 37,247 | 36,760 | 155,349 | 146,522 | 134,154 |
Income tax provision | 16,038 | 17,497 | 15,320 | 14,236 | 14,228 | 14,180 | 14,935 | 14,564 | 63,091 | 57,907 | 52,399 |
NET INCOME | $ 22,869 | $ 25,092 | $ 22,940 | $ 21,357 | $ 22,687 | $ 21,420 | $ 22,312 | $ 22,196 | 92,258 | 88,615 | 81,755 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ 92,258 | $ 88,615 | $ 81,755 | ||||||||
Basic EPS - common stock (in dollars per share) | $ 0.29 | $ 0.32 | $ 0.29 | $ 0.27 | $ 0.29 | $ 0.27 | $ 0.28 | $ 0.28 | $ 1.16 | $ 1.11 | $ 1.03 |
Diluted EPS - common stock (in dollars per share) | $ 0.29 | $ 0.32 | $ 0.29 | $ 0.27 | $ 0.29 | $ 0.27 | $ 0.28 | $ 0.28 | $ 1.16 | $ 1.11 | $ 1.03 |
Securities Available for Sale47
Securities Available for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,014,060 | $ 789,877 |
Gross Unrealized Gains | 5,248 | 8,347 |
Gross Unrealized Losses | (8,752) | (5,701) |
Estimated Fair Value | 1,010,556 | 792,523 |
Amount of other than temporary impairment loss recognized | 0 | |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 454,096 | 304,947 |
Gross Unrealized Gains | 839 | 1,376 |
Gross Unrealized Losses | (4,955) | (3,549) |
Estimated Fair Value | 449,980 | 302,774 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 497,889 | 460,487 |
Gross Unrealized Gains | 3,003 | 6,528 |
Gross Unrealized Losses | (2,845) | (1,526) |
Estimated Fair Value | 498,047 | 465,489 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,545 | 4,531 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (796) | (544) |
Estimated Fair Value | 3,749 | 3,987 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,105 | 6,487 |
Gross Unrealized Gains | $ 1,406 | 443 |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 45,511 | 6,930 |
Total debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,000,635 | 776,452 |
Gross Unrealized Gains | 5,248 | 8,347 |
Gross Unrealized Losses | (8,596) | (5,619) |
Estimated Fair Value | 997,287 | 779,180 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,425 | 13,425 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (156) | (82) |
Estimated Fair Value | $ 13,269 | $ 13,343 |
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% |
Securities Available for Sale -
Securities Available for Sale - Proceeds, Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Available-for-sale Securities [Abstract] | |||
Proceeds | $ 22,510 | $ 0 | $ 6,634 |
Gross gains | 437 | 0 | 54 |
Gross losses | $ (13) | $ 0 | $ 0 |
Securities Available for Sale49
Securities Available for Sale - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost - Due within one year | $ 0 | |
Amortized Cost - Due after one year through five years | 2,173 | |
Amortized Cost - Due after five years through ten years | 27,367 | |
Amortized Cost - Due after ten years | 19,110 | |
Amortized Cost | 1,014,060 | $ 789,877 |
Estimated Fair Value - Due within one year | 0 | |
Estimated Fair Value - Due after one year through five years | 2,332 | |
Estimated Fair Value - Due after five years through ten years | 28,208 | |
Estimated Fair Value - Due after ten years | 18,720 | |
Estimated Fair Value | 1,010,556 | 792,523 |
Available-for-sale securities, restricted | 359,600 | 366,200 |
Collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 454,096 | |
Amortized Cost | 454,096 | 304,947 |
Estimated Fair Value | 449,980 | |
Estimated Fair Value | 449,980 | 302,774 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 497,889 | |
Amortized Cost | 497,889 | 460,487 |
Estimated Fair Value | 498,047 | |
Estimated Fair Value | 498,047 | 465,489 |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,425 | |
Amortized Cost | 13,425 | 13,425 |
Estimated Fair Value | 13,269 | |
Estimated Fair Value | $ 13,269 | $ 13,343 |
Securities Available for Sale50
Securities Available for Sale - Aggregate Unrealized Losses and Fair Value (Details) $ in Thousands | Dec. 31, 2015USD ($)security | Dec. 31, 2014USD ($)security | |||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of Securities, Less than 12 months | security | 61 | 14 | |||
Number of Securities, 12 months or longer | security | 12 | 21 | |||
Number of Securities, Total | security | 73 | 35 | |||
Fair Value - Less than 12 months | $ 560,758 | $ 109,322 | |||
Fair Value - 12 months or longer | 102,554 | 212,930 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 8,752 | 5,701 | |||
Fair Value - Total | 663,312 | 322,252 | |||
Gross Unrealized Losses - Less than 12 months | (4,254) | (646) | |||
Gross Unrealized Losses - 12 months or longer | (4,498) | (5,055) | |||
Gross Unrealized Losses - Total | $ (8,752) | $ (5,701) | |||
Collateralized mortgage obligations | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of Securities, Less than 12 months | security | 31 | [1] | 7 | [2] | |
Number of Securities, 12 months or longer | security | 8 | [1] | 13 | [2] | |
Number of Securities, Total | security | 39 | [1] | 20 | [2] | |
Fair Value - Less than 12 months | $ 300,202 | [1] | $ 71,189 | [2] | |
Fair Value - 12 months or longer | 70,857 | [1] | 133,563 | [2] | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 4,955 | 3,549 | |||
Fair Value - Total | $ 371,059 | [1] | 204,752 | [2] | |
Gross Unrealized Losses - Less than 12 months | [2] | (507) | |||
Gross Unrealized Losses - 12 months or longer | [2] | (3,042) | |||
Gross Unrealized Losses - Total | [2] | $ (3,549) | |||
Mortgage-backed securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of Securities, Less than 12 months | security | 28 | [1] | 7 | [2] | |
Number of Securities, 12 months or longer | security | 3 | [1] | 6 | [2] | |
Number of Securities, Total | security | 31 | [1] | 13 | [2] | |
Fair Value - Less than 12 months | $ 247,160 | [1] | $ 38,133 | [2] | |
Fair Value - 12 months or longer | 27,947 | [1] | 62,036 | [2] | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,845 | 1,526 | |||
Fair Value - Total | 275,107 | [1] | 100,169 | [2] | |
Gross Unrealized Losses - Less than 12 months | (1,487) | [1] | (139) | [2] | |
Gross Unrealized Losses - 12 months or longer | (1,358) | [1] | (1,387) | [2] | |
Gross Unrealized Losses - Total | $ (2,845) | [1] | (1,526) | [2] | |
Municipal bonds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of Securities, Less than 12 months | security | 1 | ||||
Number of Securities, 12 months or longer | security | [1] | 0 | |||
Number of Securities, Total | security | [1] | 1 | |||
Fair Value - Less than 12 months | $ 127 | ||||
Fair Value - 12 months or longer | [1] | $ 0 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 0 | ||||
Fair Value - Total | [1] | $ 127 | |||
Gross Unrealized Losses - Less than 12 months | 0 | ||||
Gross Unrealized Losses - 12 months or longer | [1] | 0 | |||
Gross Unrealized Losses - Total | [1] | $ 0 | |||
Trust preferred securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of Securities, Less than 12 months | security | 0 | 0 | |||
Number of Securities, 12 months or longer | security | 1 | 1 | |||
Number of Securities, Total | security | 1 | 1 | |||
Fair Value - Less than 12 months | $ 0 | $ 0 | |||
Fair Value - 12 months or longer | 3,750 | 3,988 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 796 | 544 | |||
Fair Value - Total | 3,750 | 3,988 | |||
Gross Unrealized Losses - Less than 12 months | 0 | 0 | |||
Gross Unrealized Losses - 12 months or longer | (796) | (544) | |||
Gross Unrealized Losses - Total | (796) | $ (544) | |||
Collateralized Mortgage Obligations [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 2,344 | ||||
Gross Unrealized Losses - Less than 12 months | [1] | (2,611) | |||
Gross Unrealized Losses - Total | [1] | $ (4,955) | |||
Mutual funds | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Number of Securities, Less than 12 months | security | 1 | 0 | |||
Number of Securities, 12 months or longer | security | 0 | 1 | |||
Number of Securities, Total | security | 1 | 1 | |||
Fair Value - Less than 12 months | $ 13,269 | $ 0 | |||
Fair Value - 12 months or longer | 0 | 13,343 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 156 | 82 | |||
Fair Value - Total | 13,269 | 13,343 | |||
Gross Unrealized Losses - Less than 12 months | (156) | 0 | |||
Gross Unrealized Losses - 12 months or longer | 0 | (82) | |||
Gross Unrealized Losses - Total | $ (156) | $ (82) | |||
[1] | Investments in U.S. Government agency and U.S. Government sponsored enterprises | ||||
[2] | Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans Receivable and Allowanc51
Loans Receivable and Allowance for Loan Losses - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Real estate loans: | |||
Loans | $ 6,251,371 | $ 5,568,082 | |
Less: deferred loan fees | (3,030) | (2,890) | |
Gross loans receivable | 6,248,341 | 5,565,192 | |
Less: allowance for loan losses | (76,408) | (67,758) | $ (67,320) |
Loans receivable, net | $ 6,171,933 | 5,497,434 | |
Number of portfolio segments | segment | 4 | ||
Real estate loans | |||
Real estate loans: | |||
Loans | $ 5,069,482 | 4,439,850 | |
Real estate loans | Real estate-Residential | |||
Real estate loans: | |||
Loans | 33,797 | 21,415 | |
Real estate loans | Commercial & industrial | |||
Real estate loans: | |||
Loans | 4,912,655 | 4,324,349 | |
Real estate loans | Real estate-Construction | |||
Real estate loans: | |||
Loans | 123,030 | 94,086 | |
Commercial business | |||
Real estate loans: | |||
Loans | 980,153 | 903,621 | |
Less: allowance for loan losses | (16,547) | (16,471) | |
Trade Finance | |||
Real estate loans: | |||
Loans | 99,163 | 134,762 | |
Less: allowance for loan losses | (3,592) | (3,456) | |
Consumer and other | |||
Real estate loans: | |||
Loans | 102,573 | 89,849 | |
Less: allowance for loan losses | $ (617) | $ (483) |
Loans Receivable and Allowanc52
Loans Receivable and Allowance for Loan Losses - Accretable Yield Movement Schedule on Acquired Credit Impaired Loans in Center Merger (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 24,051 | $ 47,398 |
Accretion | (12,633) | (16,222) |
Changes in expected cash flows | 12,359 | (7,125) |
Balance at end of period | $ 23,777 | $ 24,051 |
Loans Receivable and Allowanc53
Loans Receivable and Allowance for Loan Losses - Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | $ 67,758 | $ 67,320 | ||
Provision (credit) for loan losses | 8,000 | 12,638 | ||
Loans charged off | (4,912) | (17,759) | ||
Recoveries of charged offs | 5,562 | 5,559 | ||
Balance, end of period | 76,408 | 67,758 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | $ 8,807 | $ 10,922 | ||
Allowance for loan losses - Collectively evaluated for impairment | 55,619 | 49,489 | ||
Allowance for loan losses - Total | 67,758 | 67,320 | 76,408 | 67,758 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 138,090 | 127,145 | ||
Loans outstanding - Collectively evaluated for impairment | 6,004,472 | 5,281,300 | ||
Loans outstanding - Loans acquired with credit deterioration | 6,171,933 | 5,497,434 | ||
Total loans outstanding | 6,251,371 | 5,568,082 | ||
Loans and Leases Receivable, Other Information | ||||
Commitment to lend | 1,954 | 1,573 | ||
Provision for loan losses | 381 | 688 | ||
Real Estate | ||||
Loans outstsanding: | ||||
Total loans outstanding | 5,069,482 | 4,439,850 | ||
Commercial Business | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 16,471 | |||
Balance, end of period | 16,547 | 16,471 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 16,471 | 16,471 | 16,547 | 16,471 |
Loans outstsanding: | ||||
Total loans outstanding | 980,153 | 903,621 | ||
Trade Finance | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 3,456 | |||
Balance, end of period | 3,592 | 3,456 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 3,456 | 3,456 | 3,592 | 3,456 |
Loans outstsanding: | ||||
Total loans outstanding | 99,163 | 134,762 | ||
Consumer and Other | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 483 | |||
Balance, end of period | 617 | 483 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 483 | 483 | 617 | 483 |
Loans outstsanding: | ||||
Total loans outstanding | 102,573 | 89,849 | ||
Receivables Acquired with Deteriorated Credit Quality | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 7,347 | |||
Balance, end of period | 11,982 | 7,347 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 7,347 | 7,347 | 11,982 | 7,347 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 108,809 | 159,637 | ||
Legacy | ||||
Loans outstsanding: | ||||
Total loans outstanding | 4,919,570 | |||
Legacy | Real Estate | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 38,775 | 40,068 | ||
Provision (credit) for loan losses | 2,828 | 428 | ||
Loans charged off | (558) | (2,512) | ||
Recoveries of charged offs | 1,784 | 791 | ||
Balance, end of period | 42,829 | 38,775 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 1,663 | 1,940 | ||
Allowance for loan losses - Collectively evaluated for impairment | 41,166 | 36,835 | ||
Allowance for loan losses - Total | 38,775 | 40,068 | 42,829 | 38,775 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 63,376 | 57,506 | ||
Loans outstanding - Collectively evaluated for impairment | 4,717,300 | 3,864,289 | ||
Total loans outstanding | 4,780,676 | 3,921,795 | ||
Legacy | Commercial Business | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 15,986 | 16,796 | ||
Provision (credit) for loan losses | (577) | 4,656 | ||
Loans charged off | (1,971) | (9,500) | ||
Recoveries of charged offs | 2,894 | 4,034 | ||
Balance, end of period | 16,332 | 15,986 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 4,188 | 6,929 | ||
Allowance for loan losses - Collectively evaluated for impairment | 12,144 | 9,057 | ||
Allowance for loan losses - Total | 15,986 | 16,796 | 16,332 | 15,986 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 40,352 | 40,829 | ||
Loans outstanding - Collectively evaluated for impairment | 896,041 | 784,407 | ||
Total loans outstanding | 936,393 | 825,236 | ||
Legacy | Trade Finance | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 3,456 | 2,653 | ||
Provision (credit) for loan losses | 1,424 | 4,737 | ||
Loans charged off | (1,288) | (3,934) | ||
Recoveries of charged offs | 0 | 0 | ||
Balance, end of period | 3,592 | 3,456 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 2,603 | 1,312 | ||
Allowance for loan losses - Collectively evaluated for impairment | 989 | 2,144 | ||
Allowance for loan losses - Total | 3,456 | 2,653 | 3,592 | 3,456 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 12,548 | 5,936 | ||
Loans outstanding - Collectively evaluated for impairment | 86,615 | 128,826 | ||
Total loans outstanding | 99,163 | 134,762 | ||
Legacy | Consumer and Other | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 427 | 461 | ||
Provision (credit) for loan losses | 177 | (240) | ||
Loans charged off | (630) | (21) | ||
Recoveries of charged offs | 582 | 227 | ||
Balance, end of period | 556 | 427 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - Collectively evaluated for impairment | 556 | 427 | ||
Allowance for loan losses - Total | 427 | 461 | 556 | 427 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 812 | 465 | ||
Loans outstanding - Collectively evaluated for impairment | 60,570 | 37,312 | ||
Total loans outstanding | 61,382 | 37,777 | ||
Legacy | Receivables Acquired with Deteriorated Credit Quality | Real Estate | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 | ||
Legacy | Receivables Acquired with Deteriorated Credit Quality | Commercial Business | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 | ||
Legacy | Receivables Acquired with Deteriorated Credit Quality | Trade Finance | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 | ||
Legacy | Receivables Acquired with Deteriorated Credit Quality | Consumer and Other | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 | ||
Acquired | ||||
Loans outstsanding: | ||||
Total loans outstanding | 648,512 | |||
Acquired | Real Estate | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 8,573 | 6,482 | ||
Provision (credit) for loan losses | 4,270 | 2,133 | ||
Loans charged off | (183) | (214) | ||
Recoveries of charged offs | 163 | 172 | ||
Balance, end of period | 12,823 | 8,573 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 225 | 434 | ||
Allowance for loan losses - Collectively evaluated for impairment | 616 | 792 | ||
Allowance for loan losses - Total | 8,573 | 6,482 | 12,823 | 8,573 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 19,109 | 20,035 | ||
Loans outstanding - Collectively evaluated for impairment | 200,753 | 397,147 | ||
Total loans outstanding | 288,806 | 518,055 | ||
Acquired | Commercial Business | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 485 | 796 | ||
Provision (credit) for loan losses | (117) | 856 | ||
Loans charged off | (271) | (1,499) | ||
Recoveries of charged offs | 117 | 332 | ||
Balance, end of period | 214 | 485 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 128 | 307 | ||
Allowance for loan losses - Collectively evaluated for impairment | 86 | 178 | ||
Allowance for loan losses - Total | 485 | 796 | 214 | 485 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 1,235 | 1,778 | ||
Loans outstanding - Collectively evaluated for impairment | 22,660 | 43,460 | ||
Total loans outstanding | 43,760 | 78,385 | ||
Acquired | Trade Finance | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | 0 | ||
Provision (credit) for loan losses | 0 | 0 | ||
Loans charged off | 0 | 0 | ||
Recoveries of charged offs | 0 | 0 | ||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - Collectively evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 0 | 0 | ||
Loans outstanding - Collectively evaluated for impairment | 0 | 0 | ||
Total loans outstanding | 0 | 0 | ||
Acquired | Consumer and Other | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 56 | 64 | ||
Provision (credit) for loan losses | (5) | 68 | ||
Loans charged off | (11) | (79) | ||
Recoveries of charged offs | 22 | 3 | ||
Balance, end of period | 62 | 56 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - Collectively evaluated for impairment | 62 | 56 | ||
Allowance for loan losses - Total | 56 | 64 | 62 | 56 |
Loans outstsanding: | ||||
Loans outstanding - Individually evaluated for impairment | 658 | 596 | ||
Loans outstanding - Collectively evaluated for impairment | 20,533 | 25,859 | ||
Total loans outstanding | 41,191 | 52,072 | ||
Acquired | Receivables Acquired with Deteriorated Credit Quality | Real Estate | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 7,347 | |||
Balance, end of period | 11,982 | 7,347 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 7,347 | 7,347 | 11,982 | 7,347 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 68,944 | 100,873 | ||
Acquired | Receivables Acquired with Deteriorated Credit Quality | Commercial Business | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 19,865 | 33,147 | ||
Acquired | Receivables Acquired with Deteriorated Credit Quality | Trade Finance | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | 0 | 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | 0 | 0 | ||
Acquired | Receivables Acquired with Deteriorated Credit Quality | Consumer and Other | ||||
Allowance for Loan Losses by Portfolio Segment | ||||
Balance, beginning of period | 0 | |||
Balance, end of period | 0 | 0 | ||
Allowance for loan losses: | ||||
Allowance for loan losses - Total | $ 0 | $ 0 | 0 | 0 |
Loans outstsanding: | ||||
Loans outstanding - Loans acquired with credit deterioration | $ 20,000 | $ 25,617 |
Loans Receivable and Allowanc54
Loans Receivable and Allowance for Loan Losses - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | $ 78,077 | [1] | $ 73,934 | [2] | ||
Recorded Investment, With No Allocated Allowance | 60,013 | [1] | 53,211 | [2] | ||
Allowance on Impaired Loans | (8,807) | (10,922) | ||||
Impaired Loans, net of allowance | 129,283 | 116,223 | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 79,332 | 86,395 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 71,076 | 70,351 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 150,408 | 156,746 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 70,363 | [1] | 77,098 | [2] | ||
Average Recorded Investment, With No Related Allowance | 54,873 | [1] | 46,924 | [2] | ||
Average Recorded Investment, Total | 125,236 | [1] | 124,022 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 2,965 | 2,695 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 1,702 | 1,106 | ||||
Interest Income Recognized during Impairment, Total | 4,667 | 3,801 | ||||
Impaired Financing Receivable, Recorded Investment | 138,090 | [1] | 127,145 | [2] | ||
WIthout charge-offs | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 77,922 | 67,352 | ||||
Recorded Investment, With No Allocated Allowance | 57,585 | 46,885 | ||||
With charge-offs | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 155 | 6,582 | ||||
Recorded Investment, With No Allocated Allowance | 2,428 | 6,326 | ||||
Real estate-Residential | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [1] | 0 | [2] | ||
Recorded Investment, With No Allocated Allowance | 0 | [1] | 0 | [2] | ||
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 | [2] | ||
Average Recorded Investment, With No Related Allowance | 0 | [1] | 0 | [2] | ||
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-Construction | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [1] | 0 | [2] | ||
Recorded Investment, With No Allocated Allowance | 1,369 | [1] | 1,521 | [2] | ||
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 | 1,470 | 1,545 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 0 | [1] | 0 | [2] | ||
Average Recorded Investment, With No Related Allowance | 1,153 | [1] | 1,583 | [2] | ||
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 | ||||
Commercial Business | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 31,527 | [1] | 37,300 | [2] | ||
Recorded Investment, With No Allocated Allowance | 10,059 | [1] | 5,307 | [2] | ||
Allowance on Impaired Loans | (4,316) | (7,236) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 31,832 | 38,730 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 12,063 | 6,880 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 31,790 | [1] | 32,798 | [2] | ||
Average Recorded Investment, With No Related Allowance | 8,722 | [1] | 8,349 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 998 | 1,502 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 345 | 50 | ||||
Trade Finance | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 12,548 | [1] | 4,053 | [2] | ||
Recorded Investment, With No Allocated Allowance | 0 | [1] | 1,883 | [2] | ||
Allowance on Impaired Loans | (2,603) | (1,312) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 12,548 | 11,310 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | 5,000 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 6,209 | [1] | 6,647 | [2] | ||
Average Recorded Investment, With No Related Allowance | 986 | [1] | 724 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 527 | 0 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 0 | 0 | ||||
Consumer and Other | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 135 | [1] | 0 | [2] | ||
Recorded Investment, With No Allocated Allowance | 1,335 | [1] | 1,061 | [2] | ||
Allowance on Impaired Loans | 0 | 0 | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 135 | 0 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 1,431 | 1,118 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 153 | [1] | 114 | [2] | ||
Average Recorded Investment, With No Related Allowance | 1,177 | [1] | 1,168 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 7 | 0 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 26 | 28 | ||||
Real estate-Commercial | ||||||
Impaired Loans, Recorded Investment | ||||||
Allowance on Impaired Loans | (1,888) | (2,374) | ||||
Real estate-Commercial | Retail | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 1,871 | [1] | 4,902 | [2] | ||
Recorded Investment, With No Allocated Allowance | 11,305 | [1] | 11,708 | [2] | ||
Allowance on Impaired Loans | (230) | (390) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 1,984 | 5,288 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 12,051 | 13,492 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 3,388 | [1] | 5,205 | [2] | ||
Average Recorded Investment, With No Related Allowance | 10,779 | [1] | 8,462 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | 127 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 464 | 358 | ||||
Real estate-Commercial | Hotel & Motel | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 4,697 | [1] | 13,401 | [2] | ||
Recorded Investment, With No Allocated Allowance | 7,592 | [1] | 5,992 | [2] | ||
Allowance on Impaired Loans | (158) | (469) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 4,707 | 14,548 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 10,180 | 8,728 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 10,512 | [1] | 12,053 | [2] | ||
Average Recorded Investment, With No Related Allowance | 6,455 | [1] | 6,655 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 230 | 532 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 93 | 0 | ||||
Real estate-Commercial | Gas Station & Car Wash | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 1,569 | [1] | 1,904 | [2] | ||
Recorded Investment, With No Allocated Allowance | 3,754 | [1] | 2,693 | [2] | ||
Allowance on Impaired Loans | (47) | (379) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 1,625 | 3,507 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 6,435 | 4,065 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 1,542 | [1] | 2,440 | [2] | ||
Average Recorded Investment, With No Related Allowance | 3,685 | [1] | 4,139 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 59 | 60 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 107 | 44 | ||||
Real estate-Commercial | Mixed Use | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 564 | [1] | 482 | [2] | ||
Recorded Investment, With No Allocated Allowance | 2,382 | [1] | 1,589 | [2] | ||
Allowance on Impaired Loans | (13) | (13) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 1,087 | 497 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 2,604 | 1,697 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 498 | [1] | 823 | [2] | ||
Average Recorded Investment, With No Related Allowance | 2,375 | [1] | 1,415 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 9 | 0 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 51 | 39 | ||||
Real estate-Commercial | Industrial & Warehouse | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 563 | [1] | 2,111 | [2] | ||
Recorded Investment, With No Allocated Allowance | 8,967 | [1] | 14,374 | [2] | ||
Allowance on Impaired Loans | 0 | (13) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 563 | 2,126 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 10,608 | 17,940 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 3,686 | [1] | 7,309 | [2] | ||
Average Recorded Investment, With No Related Allowance | 10,186 | [1] | 9,311 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 25 | 119 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 254 | 494 | ||||
Real estate-Commercial | Other | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 24,603 | [1] | 9,781 | [2] | ||
Recorded Investment, With No Allocated Allowance | 13,250 | [1] | 7,083 | [2] | ||
Allowance on Impaired Loans | (1,440) | (1,110) | ||||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 24,851 | 10,389 | ||||
Unpaid Contractual Principal Balance, With No Related Allowance | 14,234 | 9,886 | ||||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 12,585 | [1] | 9,709 | [2] | ||
Average Recorded Investment, With No Related Allowance | 9,355 | [1] | 5,118 | [2] | ||
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 1,110 | 355 | ||||
Interest Income Recognized during Impairment, With No Related Allowance | 362 | 93 | ||||
Acquired | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 3,554 | [3],[4] | 6,299 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 17,446 | [3],[4] | 16,109 | [5],[6] | ||
Allowance on Impaired Loans | (353) | [3] | (741) | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 3,677 | [3] | 6,883 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 21,340 | [3] | 20,704 | [5] | ||
Impaired Financing Receivable, Unpaid Principal Balance | 25,017 | [3] | 27,587 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 5,001 | [3],[4] | 6,083 | [5],[6] | $ 74,406 | [7] |
Average Recorded Investment, With No Related Allowance | 16,009 | [3],[4] | 17,396 | [5],[6] | 26,758 | [7] |
Average Recorded Investment, Total | 21,010 | [3],[4] | 23,479 | [5],[6] | 101,164 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 99 | [3] | 177 | [5] | 3,255 | |
Interest Income Recognized during Impairment, With No Related Allowance | 379 | [3] | 119 | [5] | 308 | |
Interest Income Recognized during Impairment, Total | 478 | [3] | 296 | [5] | 3,563 | |
Impaired Financing Receivable, Recorded Investment | 21,000 | [3],[4] | 22,408 | [5],[6] | ||
Acquired | Real estate-Residential | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Allowance on Impaired Loans | 0 | [3] | 0 | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [3] | 0 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [3] | 0 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 0 | [7] |
Average Recorded Investment, With No Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 0 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 0 | [5] | 0 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [3] | 0 | [5] | 0 | |
Acquired | Real estate-Construction | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Allowance on Impaired Loans | 0 | [3] | 0 | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [3] | 0 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [3] | 0 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 0 | [7] |
Average Recorded Investment, With No Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 1,670 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 0 | [5] | 0 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [3] | 0 | [5] | 89 | |
Acquired | Commercial Business | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 566 | [3],[4] | 769 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 668 | [3],[4] | 1,009 | [5],[6] | ||
Allowance on Impaired Loans | (128) | [3] | (307) | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 645 | [3] | 928 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 1,039 | [3] | 1,758 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 671 | [3],[4] | 1,090 | [5],[6] | 27,010 | [7] |
Average Recorded Investment, With No Related Allowance | 892 | [3],[4] | 1,321 | [5],[6] | 2,770 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 15 | [3] | 15 | [5] | 1,572 | |
Interest Income Recognized during Impairment, With No Related Allowance | 55 | [3] | 4 | [5] | 25 | |
Acquired | Trade Finance | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Allowance on Impaired Loans | 0 | [3] | 0 | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [3] | 0 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 0 | [3] | 0 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 5,313 | [7] |
Average Recorded Investment, With No Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 18 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 0 | [5] | 41 | |
Interest Income Recognized during Impairment, With No Related Allowance | 0 | [3] | 0 | [5] | 0 | |
Acquired | Consumer and Other | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 658 | [3],[4] | 596 | [5],[6] | ||
Allowance on Impaired Loans | 0 | [3] | 0 | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [3] | 0 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 748 | [3] | 652 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 348 | [7] |
Average Recorded Investment, With No Related Allowance | 629 | [3],[4] | 772 | [5],[6] | 1,067 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 0 | [5] | 23 | |
Interest Income Recognized during Impairment, With No Related Allowance | 7 | [3] | 8 | [5] | 0 | |
Acquired | Real estate-Commercial | Retail | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 1,171 | [3],[4] | 1,653 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 2,642 | [3],[4] | 3,158 | [5],[6] | ||
Allowance on Impaired Loans | (197) | [3] | (36) | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 1,173 | [3] | 1,638 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 2,756 | [3] | 3,376 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 1,835 | [3],[4] | 838 | [5],[6] | 7,783 | [7] |
Average Recorded Investment, With No Related Allowance | 2,301 | [3],[4] | 1,869 | [5],[6] | 3,428 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 97 | [5] | 181 | |
Interest Income Recognized during Impairment, With No Related Allowance | 105 | [3] | 27 | [5] | 45 | |
Acquired | Real estate-Commercial | Hotel & Motel | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 7,014 | [3],[4] | 5,591 | [5],[6] | ||
Allowance on Impaired Loans | 0 | [3] | 0 | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [3] | 0 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 9,303 | [3] | 7,493 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 0 | [3],[4] | 0 | [5],[6] | 11,432 | [7] |
Average Recorded Investment, With No Related Allowance | 5,889 | [3],[4] | 6,067 | [5],[6] | 6,304 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 0 | [5] | 550 | |
Interest Income Recognized during Impairment, With No Related Allowance | 73 | [3] | 0 | [5] | 0 | |
Acquired | Real estate-Commercial | Gas Station & Car Wash | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 1,017 | [3],[4] | 1,762 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 1,188 | [3],[4] | 9 | [5],[6] | ||
Allowance on Impaired Loans | (6) | [3] | (379) | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 1,062 | [3] | 1,953 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 1,299 | [3] | 297 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 1,246 | [3],[4] | 1,783 | [5],[6] | 2,090 | [7] |
Average Recorded Investment, With No Related Allowance | 651 | [3],[4] | 621 | [5],[6] | 3,803 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 59 | [3] | 60 | [5] | 117 | |
Interest Income Recognized during Impairment, With No Related Allowance | 64 | [3] | 0 | [5] | 139 | |
Acquired | Real estate-Commercial | Mixed Use | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 494 | [3],[4] | 352 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 273 | [3],[4] | 0 | [5],[6] | ||
Allowance on Impaired Loans | (5) | [3] | (2) | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 491 | [3] | 348 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 282 | [3] | 0 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 380 | [3],[4] | 212 | [5],[6] | 1,108 | [7] |
Average Recorded Investment, With No Related Allowance | 210 | [3],[4] | 275 | [5],[6] | 697 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 9 | [3] | 0 | [5] | 43 | |
Interest Income Recognized during Impairment, With No Related Allowance | 13 | [3] | 0 | [5] | 0 | |
Acquired | Real estate-Commercial | Industrial & Warehouse | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 0 | [3],[4] | 0 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 1,127 | [3],[4] | 1,737 | [5],[6] | ||
Allowance on Impaired Loans | 0 | [3] | 0 | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 0 | [3] | 0 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 1,298 | [3] | 1,954 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 72 | [3],[4] | 1,026 | [5],[6] | 9,496 | [7] |
Average Recorded Investment, With No Related Allowance | 1,275 | [3],[4] | 2,673 | [5],[6] | 3,958 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 0 | [3] | 0 | [5] | 323 | |
Interest Income Recognized during Impairment, With No Related Allowance | 9 | [3] | 39 | [5] | 10 | |
Acquired | Real estate-Commercial | Other | ||||||
Impaired Loans, Recorded Investment | ||||||
Recorded Investment, With Allocated Allowance | 306 | [3],[4] | 1,763 | [5],[6] | ||
Recorded Investment, With No Allocated Allowance | 3,876 | [3],[4] | 4,009 | [5],[6] | ||
Allowance on Impaired Loans | (17) | [3] | (17) | [5] | ||
Impaired Loans, Unpaid Principal Balance | ||||||
Unpaid Contractual Principal Balance, With Related Allowance | 306 | [3] | 2,016 | [5] | ||
Unpaid Contractual Principal Balance, With No Related Allowance | 4,615 | [3] | 5,174 | [5] | ||
Impaired Loans, Average Recorded Investment | ||||||
Average Recorded Investment, With Related Allowance | 797 | [3],[4] | 1,134 | [5],[6] | 9,826 | [7] |
Average Recorded Investment, With No Related Allowance | 4,162 | [3],[4] | 3,798 | [5],[6] | 3,043 | [7] |
Impaired Loans, Interest Income Recognized during Impairment | ||||||
Interest Income Recognized during Impairment, With Related Allowance | 16 | [3] | 5 | [5] | 405 | |
Interest Income Recognized during Impairment, With No Related Allowance | $ 53 | [3] | $ 41 | [5] | $ 0 | |
[1] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||
[2] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||
[3] | APLs that became impaired subsequent to being acquired. | |||||
[4] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts | |||||
[5] | APLs that became impaired subsequent to being acquired. | |||||
[6] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. | |||||
[7] | Unpaid contractual principal balance less charge-offs, interest applied to principal and purchase discounts. |
Loans Receivable and Allowanc55
Loans Receivable and Allowance for Loan Losses - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | $ 8,364 | $ 6,499 | |||
Non-accrual loans | 40,801 | 46,353 | |||
Total Delinquent loans | 49,165 | 52,852 | |||
Small Business Administration Loans in Liquidation Excluded from Nonaccrual Loans | 18,700 | 28,900 | |||
Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 5,156 | 3,895 | |||
Non-accrual loans | 28,469 | 28,815 | |||
Total Delinquent loans | 33,625 | 32,710 | |||
Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 3,208 | [1] | 2,604 | [2] | |
Non-accrual loans | 12,332 | [1] | 17,538 | [2] | |
Total Delinquent loans | 15,540 | [1] | 20,142 | [2] | |
Real estate-Residential | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
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] | |||||
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] | |||||
Total | 574 | 552 | |||
Non-accrual loans | 2,383 | 4,586 | |||
Total Delinquent loans | 2,957 | 5,138 | |||
Real estate-Commercial | Legacy | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 854 | 299 | |||
Non-accrual loans | 318 | 2,336 | |||
Total Delinquent loans | 1,172 | 2,635 | |||
Real estate-Commercial | Legacy | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 970 | 0 | |||
Non-accrual loans | 2,418 | 2,105 | |||
Total Delinquent loans | 3,388 | 2,105 | |||
Real estate-Commercial | Legacy | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 437 | |||
Non-accrual loans | 1,407 | 930 | |||
Total Delinquent loans | 1,407 | 1,367 | |||
Real estate-Commercial | Legacy | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 110 | 208 | |||
Non-accrual loans | 2,275 | 2,335 | |||
Total Delinquent loans | 2,385 | 2,543 | |||
Real estate-Commercial | Legacy | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 979 | |||
Non-accrual loans | 2,930 | 2,150 | |||
Total Delinquent loans | 2,930 | 3,129 | |||
Real estate-Commercial | Acquired | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 2,572 | [1] | 1,402 | [2] | |
Non-accrual loans | 2,113 | [1] | 2,792 | [2] | |
Total Delinquent loans | 4,685 | [1] | 4,194 | [2] | |
Real estate-Commercial | Acquired | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | [1] | 0 | [2] | |
Non-accrual loans | 5,072 | [1] | 5,591 | [2] | |
Total Delinquent loans | 5,072 | [1] | 5,591 | [2] | |
Real estate-Commercial | Acquired | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | $ 0 | [1] | 0 | [2] | |
Non-accrual loans | [1] | 736 | [2] | ||
Total Delinquent loans | $ 0 | [1] | 736 | [2] | |
Real estate-Commercial | Acquired | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | [1] | 345 | [2] | |
Non-accrual loans | 415 | [1] | 352 | [2] | |
Total Delinquent loans | 415 | [1] | 697 | [2] | |
Real estate-Commercial | Acquired | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | [1] | 361 | [2] | |
Non-accrual loans | 990 | [1] | 1,185 | [2] | |
Total Delinquent loans | 990 | [1] | 1,546 | [2] | |
Real estate-Commercial | Acquired | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | [1] | 0 | [2] | |
Non-accrual loans | 2,684 | [1] | 4,370 | [2] | |
Total Delinquent loans | 2,684 | [1] | 4,370 | [2] | |
Real estate-Construction | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
Non-accrual loans | 1,369 | 1,521 | |||
Total Delinquent loans | 1,369 | 1,521 | |||
Real estate-Construction | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
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] | |||||
Total | 1,675 | 1,384 | |||
Non-accrual loans | 13,393 | 9,640 | |||
Total Delinquent loans | 15,068 | 11,024 | |||
Commercial Business | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 349 | [1] | 383 | [2] | |
Non-accrual loans | 476 | [1] | 1,468 | [2] | |
Total Delinquent loans | 825 | [1] | 1,851 | [2] | |
Trade Finance | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
Non-accrual loans | 1,731 | 3,194 | |||
Total Delinquent loans | 1,731 | 3,194 | |||
Trade Finance | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
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] | |||||
Total | 973 | 36 | |||
Non-accrual loans | 245 | 18 | |||
Total Delinquent loans | 1,218 | 54 | |||
Consumer and Other | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 287 | [1] | 113 | [2] | |
Non-accrual loans | 582 | [1] | 1,044 | [2] | |
Total Delinquent loans | 869 | [1] | 1,157 | [2] | |
30-59 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 6,272 | 3,889 | |||
30-59 Days Past Due | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 3,103 | 2,083 | |||
30-59 Days Past Due | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 3,169 | 1,806 | ||
30-59 Days Past Due | Real estate-Residential | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
30-59 Days Past Due | Real estate-Residential | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Real estate-Commercial | Legacy | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 574 | 201 | |||
30-59 Days Past Due | Real estate-Commercial | Legacy | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 854 | 299 | |||
30-59 Days Past Due | Real estate-Commercial | Legacy | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
30-59 Days Past Due | Real estate-Commercial | Legacy | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 437 | |||
30-59 Days Past Due | Real estate-Commercial | Legacy | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
30-59 Days Past Due | Real estate-Commercial | Legacy | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 455 | |||
30-59 Days Past Due | Real estate-Commercial | Acquired | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 2,572 | 1,402 | ||
30-59 Days Past Due | Real estate-Commercial | Acquired | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Real estate-Commercial | Acquired | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Real estate-Commercial | Acquired | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 345 | ||
30-59 Days Past Due | Real estate-Commercial | Acquired | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Real estate-Commercial | Acquired | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Real estate-Construction | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
30-59 Days Past Due | Real estate-Construction | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Commercial Business | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 905 | 655 | |||
30-59 Days Past Due | Commercial Business | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 310 | 36 | ||
30-59 Days Past Due | Trade Finance | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
30-59 Days Past Due | Trade Finance | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
30-59 Days Past Due | Consumer and Other | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 770 | 36 | |||
30-59 Days Past Due | Consumer and Other | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 287 | 23 | ||
60-89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 1,717 | 2,249 | |||
60-89 Days Past Due | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 1,678 | 1,812 | |||
60-89 Days Past Due | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 39 | 437 | ||
60-89 Days Past Due | Real estate-Residential | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
60-89 Days Past Due | Real estate-Residential | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Commercial | Legacy | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 351 | |||
60-89 Days Past Due | Real estate-Commercial | Legacy | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
60-89 Days Past Due | Real estate-Commercial | Legacy | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 640 | 0 | |||
60-89 Days Past Due | Real estate-Commercial | Legacy | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
60-89 Days Past Due | Real estate-Commercial | Legacy | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 110 | 208 | |||
60-89 Days Past Due | Real estate-Commercial | Legacy | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 524 | |||
60-89 Days Past Due | Real estate-Commercial | Acquired | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Commercial | Acquired | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Commercial | Acquired | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Commercial | Acquired | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Commercial | Acquired | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Commercial | Acquired | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Real estate-Construction | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
60-89 Days Past Due | Real estate-Construction | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Commercial Business | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 770 | 729 | |||
60-89 Days Past Due | Commercial Business | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 39 | 347 | ||
60-89 Days Past Due | Trade Finance | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
60-89 Days Past Due | Trade Finance | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
60-89 Days Past Due | Consumer and Other | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 158 | 0 | |||
60-89 Days Past Due | Consumer and Other | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 90 | ||
90 or More Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 375 | 361 | |||
90 or More Days Past Due | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 375 | 0 | |||
90 or More Days Past Due | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 361 | ||
90 or More Days Past Due | Real estate-Residential | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Residential | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Real estate-Commercial | Legacy | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Commercial | Legacy | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Commercial | Legacy | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 330 | 0 | |||
90 or More Days Past Due | Real estate-Commercial | Legacy | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Commercial | Legacy | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Commercial | Legacy | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Commercial | Acquired | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Real estate-Commercial | Acquired | Hotel & Motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Real estate-Commercial | Acquired | Gas Station & Car Wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Real estate-Commercial | Acquired | Mixed Use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Real estate-Commercial | Acquired | Industrial & Warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 361 | ||
90 or More Days Past Due | Real estate-Commercial | Acquired | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Real estate-Construction | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Real estate-Construction | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Commercial Business | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Commercial Business | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Trade Finance | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 0 | 0 | |||
90 or More Days Past Due | Trade Finance | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | 0 | 0 | ||
90 or More Days Past Due | Consumer and Other | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | 45 | 0 | |||
90 or More Days Past Due | Consumer and Other | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total | [1] | $ 0 | $ 0 | ||
[1] | d December 31, 2014 by class of loans: As of December 31, 2015 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans (2) Total Delinquent loans (In thousands)Legacy Loans Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail574 — — 574 2,383 2,957Hotel & Motel854 — — 854 318 1,172Gas Station & Car Wash— 640 330 970 2,418 3,388Mixed Use— — — — 1,407 1,407Industrial & Warehouse— 110 — 110 2,275 2,385Other— — — — 2,930 2,930Real estate—Construction— — — — 1,369 1,369Commercial business905 770 — 1,675 13,393 15,068Trade finance— — — — 1,731 1,731Consumer and other770 158 45 973 245 1,218 Subtotal$3,103 $1,678 $375 $5,156 $28,469 $33,625Acquired Loans (1) Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail2,572 — — 2,572 2,113 4,685Hotel & Motel— — — — 5,072 5,072Gas Station & Car Wash— — — — —Mixed Use— — — — 415 415Industrial & Warehouse— — — — 990 990Other— — — — 2,684 2,684Real estate—Construction— — — — — —Commercial business310 39 — 349 476 825Trade finance— — — — — —Consumer and other287 — — 287 582 869 Subtotal$3,169 $39 $— $3,208 $12,332 $15,540TOTAL$6,272 $1,717 $375 $8,364 $40,801 $49,165(1) The Acquired Loans exclude ACILs. | ||||
[2] | As of December 31, 2014 Past Due and Accruing 30-59 Days Past Due 60-89 Days Past Due 90 or More Days Past Due Total Nonaccrual Loans (2) Total Delinquent loans (In thousands)Legacy Loans Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail201 351 — 552 4,586 5,138Hotel & Motel299 — — 299 2,336 2,635Gas Station & Car Wash— — — — 2,105 2,105Mixed Use437 — — 437 930 1,367Industrial & Warehouse— 208 — 208 2,335 2,543Other455 524 — 979 2,150 3,129Real estate—Construction— — — — 1,521 1,521Commercial business655 729 — 1,384 9,640 11,024Trade finance— — — — 3,194 3,194Consumer and other36 — — 36 18 54 Subtotal2,083 1,812 — 3,895 28,815 32,710Acquired Loans (1) Real estate—Residential$— $— $— $— $— $—Real estate—Commercial Retail1,402 — — 1,402 2,792 4,194Hotel & Motel— — — — 5,591 5,591Gas Station & Car Wash— — — — 736 736Mixed Use345 — — 345 352 697Industrial & Warehouse— — 361 361 1,185 1,546Other— — — — 4,370 4,370Real estate—Construction— — — — — —Commercial business36 347 — 383 1,468 1,851Trade finance— — — — — —Consumer and other23 90 — 113 1,044 1,157 Subtotal$1,806 $437 $361 $2,604 $17,538 $20,142TOTAL$3,889 $2,249 $361 $6,499 $46,353 $52,852(1) The Acquired Loans exclude ACILs. |
Loans Receivable and Allowanc56
Loans Receivable and Allowance for Loan Losses - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 6,251,371 | $ 5,568,082 |
Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,919,570 | |
Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 648,512 | |
Real estate-Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33,797 | 21,416 |
Real estate-Residential | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20,586 | |
Real estate-Residential | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 829 | |
Real estate-Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,912,655 | 4,324,349 |
Real estate-Commercial | Legacy | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,050,177 | |
Real estate-Commercial | Legacy | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 792,446 | |
Real estate-Commercial | Legacy | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 562,758 | |
Real estate-Commercial | Legacy | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 291,743 | |
Real estate-Commercial | Legacy | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 369,299 | |
Real estate-Commercial | Legacy | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 740,701 | |
Real estate-Commercial | Acquired | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 186,485 | |
Real estate-Commercial | Acquired | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 82,366 | |
Real estate-Commercial | Acquired | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 37,115 | |
Real estate-Commercial | Acquired | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,892 | |
Real estate-Commercial | Acquired | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 81,058 | |
Real estate-Commercial | Acquired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 94,310 | |
Real estate-Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 123,030 | 94,085 |
Real estate-Construction | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 94,085 | |
Real estate-Construction | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | |
Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,069,482 | 4,439,850 |
Real Estate | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,780,676 | 3,921,795 |
Real Estate | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 288,806 | 518,055 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 980,153 | 903,621 |
Commercial business | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 936,393 | 825,236 |
Commercial business | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,760 | 78,385 |
Trade Finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 99,163 | 134,762 |
Trade Finance | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 99,163 | 134,762 |
Trade Finance | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Consumer and Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 102,573 | 89,849 |
Consumer and Other | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 61,382 | 37,777 |
Consumer and Other | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 41,191 | 52,072 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,943,609 | 5,221,685 |
Pass | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,664,769 | 4,709,070 |
Pass | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 278,840 | 512,615 |
Pass | Real estate-Residential | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32,543 | 20,586 |
Pass | Real estate-Residential | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 508 | 539 |
Pass | Real estate-Commercial | Legacy | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,168,844 | 1,015,195 |
Pass | Real estate-Commercial | Legacy | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,009,493 | 784,586 |
Pass | Real estate-Commercial | Legacy | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 610,749 | 553,901 |
Pass | Real estate-Commercial | Legacy | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 326,902 | 288,409 |
Pass | Real estate-Commercial | Legacy | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 461,938 | 347,805 |
Pass | Real estate-Commercial | Legacy | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 913,304 | 699,644 |
Pass | Real estate-Commercial | Acquired | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91,076 | 157,485 |
Pass | Real estate-Commercial | Acquired | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,306 | 69,236 |
Pass | Real estate-Commercial | Acquired | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,231 | 27,936 |
Pass | Real estate-Commercial | Acquired | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,195 | 25,843 |
Pass | Real estate-Commercial | Acquired | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 31,606 | 66,214 |
Pass | Real estate-Commercial | Acquired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,311 | 76,956 |
Pass | Real estate-Construction | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 121,661 | 92,564 |
Pass | Real estate-Construction | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Pass | Commercial business | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 875,988 | 765,280 |
Pass | Commercial business | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 27,414 | 48,270 |
Pass | Trade Finance | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 82,797 | 103,844 |
Pass | Trade Finance | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Pass | Consumer and Other | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 60,550 | 37,256 |
Pass | Consumer and Other | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 32,193 | 40,136 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 104,186 | 122,335 |
Special Mention | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 85,945 | 96,092 |
Special Mention | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,241 | 26,243 |
Special Mention | Real estate-Residential | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 465 | 0 |
Special Mention | Real estate-Residential | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 281 | 290 |
Special Mention | Real estate-Commercial | Legacy | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,686 | 20,177 |
Special Mention | Real estate-Commercial | Legacy | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 789 | 114 |
Special Mention | Real estate-Commercial | Legacy | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,192 | 0 |
Special Mention | Real estate-Commercial | Legacy | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,191 | 1,147 |
Special Mention | Real estate-Commercial | Legacy | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,099 | 9,181 |
Special Mention | Real estate-Commercial | Legacy | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,805 | 28,044 |
Special Mention | Real estate-Commercial | Acquired | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,364 | 3,531 |
Special Mention | Real estate-Commercial | Acquired | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,339 | 3,889 |
Special Mention | Real estate-Commercial | Acquired | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 356 | 369 |
Special Mention | Real estate-Commercial | Acquired | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,382 | 7,001 |
Special Mention | Real estate-Commercial | Acquired | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,361 | 667 |
Special Mention | Real estate-Commercial | Acquired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 366 | 2,076 |
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 | 21,886 | 18,792 |
Special Mention | Commercial business | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,149 | 6,331 |
Special Mention | Trade Finance | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,818 | 18,599 |
Special Mention | Trade Finance | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Special Mention | Consumer and Other | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14 | 38 |
Special Mention | Consumer and Other | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,643 | 2,089 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 201,362 | 221,875 |
Substandard | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 126,880 | 114,369 |
Substandard | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 74,482 | 107,506 |
Substandard | Real estate-Residential | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Substandard | Real estate-Residential | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Substandard | Real estate-Commercial | Legacy | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,838 | 14,805 |
Substandard | Real estate-Commercial | Legacy | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,937 | 7,746 |
Substandard | Real estate-Commercial | Legacy | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,758 | 8,857 |
Substandard | Real estate-Commercial | Legacy | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,610 | 2,187 |
Substandard | Real estate-Commercial | Legacy | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,966 | 12,313 |
Substandard | Real estate-Commercial | Legacy | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 34,537 | 13,013 |
Substandard | Real estate-Commercial | Acquired | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,926 | 25,469 |
Substandard | Real estate-Commercial | Acquired | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,835 | 9,241 |
Substandard | Real estate-Commercial | Acquired | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,548 | 8,542 |
Substandard | Real estate-Commercial | Acquired | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,762 | 3,048 |
Substandard | Real estate-Commercial | Acquired | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,708 | 14,177 |
Substandard | Real estate-Commercial | Acquired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,967 | 15,242 |
Substandard | Real estate-Construction | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,369 | 1,521 |
Substandard | Real estate-Construction | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Substandard | Commercial business | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,505 | 41,138 |
Substandard | Commercial business | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,835 | 22,721 |
Substandard | Trade Finance | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 12,548 | 12,319 |
Substandard | Trade Finance | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Substandard | Consumer and Other | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 812 | 470 |
Substandard | Consumer and Other | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,901 | 9,066 |
Doubtful/ Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,214 | 2,187 |
Doubtful/ Loss | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 20 | 39 |
Doubtful/ Loss | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,194 | 2,148 |
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 | 0 |
Doubtful/ Loss | Real estate-Commercial | Legacy | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 268 |
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 | 378 | 0 |
Doubtful/ Loss | Real estate-Commercial | Acquired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 36 |
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 | 13 | 26 |
Doubtful/ Loss | Commercial business | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 363 | 1,063 |
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 | 7 | 13 |
Doubtful/ Loss | Consumer and Other | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,453 | $ 781 |
Non Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,251,371 | |
Non Pass | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,877,614 | |
Non Pass | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 373,757 | |
Non Pass | Real estate-Residential | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 33,008 | |
Non Pass | Real estate-Residential | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 789 | |
Non Pass | Real estate-Commercial | Legacy | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,209,368 | |
Non Pass | Real estate-Commercial | Legacy | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,016,219 | |
Non Pass | Real estate-Commercial | Legacy | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 620,699 | |
Non Pass | Real estate-Commercial | Legacy | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 330,703 | |
Non Pass | Real estate-Commercial | Legacy | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 484,003 | |
Non Pass | Real estate-Commercial | Legacy | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 963,646 | |
Non Pass | Real estate-Commercial | Acquired | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 108,366 | |
Non Pass | Real estate-Commercial | Acquired | Hotel & Motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 39,480 | |
Non Pass | Real estate-Commercial | Acquired | Gas Station & Car Wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 29,135 | |
Non Pass | Real estate-Commercial | Acquired | Mixed Use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 24,339 | |
Non Pass | Real estate-Commercial | Acquired | Industrial & Warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,053 | |
Non Pass | Real estate-Commercial | Acquired | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 48,644 | |
Non Pass | Real estate-Construction | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 123,030 | |
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 | 936,392 | |
Non Pass | Commercial business | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 43,761 | |
Non Pass | Trade Finance | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 99,163 | |
Non Pass | Trade Finance | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | |
Non Pass | Consumer and Other | Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 61,383 | |
Non Pass | Consumer and Other | Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 41,190 |
Loans Receivable and Allowanc57
Loans Receivable and Allowance for Loan Losses - Loans Held For Investment - Sales or Reclassification to Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Sales or reclassification to held for sale | $ 7,015 | $ 1,994 |
Real estate-Commercial | ||
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Sales or reclassification to held for sale | 619 | 1,606 |
Real estate-Construction | ||
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Sales or reclassification to held for sale | 0 | 0 |
Commercial Business | ||
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Sales or reclassification to held for sale | 66 | 388 |
Consumer Portfolio Segment [Member] | ||
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Sales or reclassification to held for sale | $ 6,330 | $ 0 |
Loans Receivable and Allowanc58
Loans Receivable and Allowance for Loan Losses - Allowance for Loans, by Portfolio Segment and Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans, gross carrying value | $ 138,090 | $ 127,145 | |||
Specific allowance | $ 8,807 | $ 10,922 | |||
Loss coverage ratio | 6.40% | 8.60% | |||
Non-impaired loans | $ 6,113,281 | $ 5,440,937 | |||
General allowance | $ 67,601 | $ 56,836 | |||
Loss coverage ratio | 1.10% | 1.00% | |||
Total loans outstanding | $ 6,251,371 | $ 5,568,082 | |||
Allowance for loan losses - Total | $ 76,408 | $ 67,758 | $ 67,320 | ||
Loss coverage ratio | 1.20% | 1.20% | |||
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 | 33,797 | 21,416 | |||
General allowance | $ 230 | $ 146 | |||
Loss coverage ratio | 0.70% | 0.70% | |||
Total loans outstanding | $ 33,797 | $ 21,416 | |||
Allowance for loan losses - Total | $ 230 | $ 146 | |||
Loss coverage ratio | 0.70% | 0.70% | |||
Real estate-Commercial | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans, gross carrying value | $ 81,117 | $ 76,020 | |||
Specific allowance | $ 1,888 | $ 2,374 | |||
Loss coverage ratio | 2.30% | 3.10% | |||
Non-impaired loans | $ 4,831,538 | $ 4,248,329 | |||
General allowance | $ 52,617 | $ 44,161 | |||
Loss coverage ratio | 1.10% | 1.00% | |||
Total loans outstanding | $ 4,912,655 | $ 4,324,349 | |||
Allowance for loan losses - Total | $ 54,505 | $ 46,535 | |||
Loss coverage ratio | 1.10% | 1.10% | |||
Real estate-Construction | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans, gross carrying value | $ 1,369 | $ 1,521 | |||
Specific allowance | $ 0 | $ 0 | |||
Loss coverage ratio | 0.00% | 0.00% | |||
Non-impaired loans | $ 121,661 | $ 92,564 | |||
General allowance | $ 917 | $ 667 | |||
Loss coverage ratio | 0.80% | 0.70% | |||
Total loans outstanding | $ 123,030 | $ 94,085 | |||
Allowance for loan losses - Total | $ 917 | $ 667 | |||
Loss coverage ratio | 0.70% | 0.70% | |||
Commercial business | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans, gross carrying value | $ 41,586 | $ 42,607 | |||
Specific allowance | $ 4,316 | $ 7,236 | |||
Loss coverage ratio | 10.40% | 17.00% | |||
Non-impaired loans | $ 938,567 | $ 861,014 | |||
General allowance | $ 12,231 | $ 9,235 | |||
Loss coverage ratio | 1.30% | 1.10% | |||
Total loans outstanding | $ 980,153 | $ 903,621 | |||
Allowance for loan losses - Total | $ 16,547 | $ 16,471 | |||
Loss coverage ratio | 1.70% | 1.80% | |||
Trade finance | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans, gross carrying value | $ 12,548 | $ 5,936 | |||
Specific allowance | $ 2,603 | $ 1,312 | |||
Loss coverage ratio | 20.70% | 22.10% | |||
Non-impaired loans | $ 86,615 | $ 128,826 | |||
General allowance | $ 989 | $ 2,144 | |||
Loss coverage ratio | 1.10% | 1.70% | |||
Total loans outstanding | $ 99,163 | $ 134,762 | |||
Allowance for loan losses - Total | $ 3,592 | $ 3,456 | |||
Loss coverage ratio | 3.60% | 2.60% | |||
Consumer and Other | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans, gross carrying value | $ 1,470 | $ 1,061 | |||
Specific allowance | $ 0 | $ 0 | |||
Loss coverage ratio | 0.00% | 0.00% | |||
Non-impaired loans | $ 101,103 | $ 88,788 | |||
General allowance | $ 617 | $ 483 | |||
Loss coverage ratio | 0.60% | 0.50% | |||
Total loans outstanding | $ 102,573 | $ 89,849 | |||
Allowance for loan losses - Total | $ 617 | $ 483 | |||
Loss coverage ratio | 0.60% | 0.50% | |||
Real Estate | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | $ 5,069,482 | $ 4,439,850 | |||
Legacy | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 4,919,570 | ||||
Legacy | Real estate-Residential | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 20,586 | ||||
Legacy | Real estate-Construction | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 94,085 | ||||
Legacy | Commercial business | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 936,393 | 825,236 | |||
Allowance for loan losses - Total | 16,332 | 15,986 | 16,796 | ||
Legacy | Trade finance | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 99,163 | 134,762 | |||
Allowance for loan losses - Total | 3,592 | 3,456 | 2,653 | ||
Legacy | Consumer and Other | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 61,382 | 37,777 | |||
Allowance for loan losses - Total | 556 | 427 | 461 | ||
Legacy | Real Estate | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 4,780,676 | 3,921,795 | |||
Allowance for loan losses - Total | 42,829 | 38,775 | 40,068 | ||
Acquired | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 353 | [1] | 741 | [2] | |
Total loans outstanding | 648,512 | ||||
Acquired | Real estate-Residential | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | [1] | 0 | [2] | |
Total loans outstanding | 829 | ||||
Acquired | Real estate-Construction | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | [1] | 0 | [2] | |
Total loans outstanding | 0 | ||||
Acquired | Commercial business | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 128 | [1] | 307 | [2] | |
Total loans outstanding | 43,760 | 78,385 | |||
Allowance for loan losses - Total | 214 | 485 | 796 | ||
Acquired | Trade finance | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | [1] | 0 | [2] | |
Total loans outstanding | 0 | 0 | |||
Allowance for loan losses - Total | 0 | 0 | 0 | ||
Acquired | Consumer and Other | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | [1] | 0 | [2] | |
Total loans outstanding | 41,191 | 52,072 | |||
Allowance for loan losses - Total | 62 | 56 | 64 | ||
Acquired | Real Estate | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 288,806 | 518,055 | |||
Allowance for loan losses - Total | $ 12,823 | $ 8,573 | $ 6,482 | ||
[1] | APLs that became impaired subsequent to being acquired. | ||||
[2] | APLs that became impaired subsequent to being acquired. |
Loans Receivable and Allowanc59
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($)loan | Dec. 31, 2013USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 72,235 | $ 76,144 | $ 58,904 |
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 34 | 41 | 41 |
Pre-Modification | $ 20,970 | $ 26,975 | $ 30,749 |
Post-Modification | $ 19,403 | $ 26,519 | $ 22,566 |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 9 | 7 | 12 |
Balance | $ 2,789 | $ 274 | $ 6,279 |
Specific reserves | 2,900 | 2,400 | 2,000 |
Specific reserves for the TDRs | 303 | 0 | 661 |
Specific reserves allocated to TDRs | 5,700 | 5,700 | 6,600 |
Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 18,280 | 17,148 | 20,029 |
Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 38,210 | 31,544 | 13,174 |
Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 15,745 | 27,437 | 25,652 |
Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 15 | 49 |
TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 47,984 | 57,128 | 33,904 |
TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 11,979 | 12,791 | 8,494 |
TDR on accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 27,512 | 25,629 | 7,865 |
TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 8,493 | 18,708 | 17,545 |
TDR on accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 24,251 | 19,016 | 25,000 |
TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 6,301 | 4,357 | 11,535 |
TDR on non-accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 10,698 | 5,915 | 5,309 |
TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 7,252 | 8,729 | 8,107 |
TDR on non-accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 0 | $ 15 | $ 49 |
Real estate-Commercial | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs on accrual status | loan | 24 | 24 | 15 |
Commercial Business | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs on accrual status | loan | 28 | 30 | 28 |
Consumer Portfolio Segment [Member] | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs on accrual status | loan | 4 | 3 | 2 |
Real Estate | Real estate-Commercial | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 22,828 | $ 28,108 | $ 21,257 |
Real Estate | Real estate-Commercial | TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 11,604 | 12,235 | 7,437 |
Real Estate | Real estate-Commercial | TDR on accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 4,009 | 2,189 | 765 |
Real Estate | Real estate-Commercial | TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 7,215 | 13,684 | 13,055 |
Real Estate | Real estate-Commercial | TDR on accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Real Estate | Real estate-Commercial | TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 11,919 | 13,520 | 19,249 |
Real Estate | Real estate-Commercial | TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 3,891 | 3,840 | 9,489 |
Real Estate | Real estate-Commercial | TDR on non-accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 1,583 | 1,207 | 1,653 |
Real Estate | Real estate-Commercial | TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 6,445 | 8,473 | 8,107 |
Real Estate | Real estate-Commercial | TDR on non-accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Commercial Business | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 19,845 | 25,633 | 12,112 |
Commercial Business | TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 375 | 556 | 1,057 |
Commercial Business | TDR on accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 18,192 | 20,053 | 6,565 |
Commercial Business | TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 1,278 | 5,024 | 4,490 |
Commercial Business | TDR on accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Commercial Business | TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 9,869 | 3,770 | 4,984 |
Commercial Business | TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 2,410 | 517 | 1,279 |
Commercial Business | TDR on non-accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 6,818 | 3,158 | 3,656 |
Commercial Business | TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 641 | 80 | 0 |
Commercial Business | TDR on non-accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 15 | 49 |
Commercial Business | Commercial Business | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 19,800 | ||
Trade Finance and Other | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 5,311 | 3,387 | 535 |
Trade Finance and Other | TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Trade Finance and Other | TDR on accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 5,311 | 3,387 | 535 |
Trade Finance and Other | TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Trade Finance and Other | TDR on accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Trade Finance and Other | TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 2,463 | 1,726 | 767 |
Trade Finance and Other | TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 767 |
Trade Finance and Other | TDR on non-accrual | Maturity/ Amortization concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 2,297 | 1,550 | 0 |
Trade Finance and Other | TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 166 | 176 | 0 |
Trade Finance and Other | TDR on non-accrual | Principal forgiveness | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | 0 |
Consumer and Other | Consumer Portfolio Segment [Member] | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 5,311 | $ 3,387 | $ 535 |
Legacy | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 29 | 28 | 25 |
Pre-Modification | $ 20,374 | $ 23,054 | $ 17,593 |
Post-Modification | $ 18,870 | $ 23,061 | $ 15,474 |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 7 | 3 | 6 |
Balance | $ 2,622 | $ 35 | $ 1,048 |
Charge offs | $ 0 | $ 100 | $ 7,018 |
Subsequent default, number of loans | loan | 7 | 3 | 6 |
Legacy | Real Estate | Retail | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 1 |
Legacy | Real Estate | Hotel & Motel | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 0 |
Balance | $ 0 | $ 0 | |
Legacy | Real Estate | Gas Station & Car Wash | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 0 | 0 |
Balance | $ 0 | $ 0 | |
Legacy | Real Estate | Mixed Use | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs on accrual status | loan | 1 | 0 | 0 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 103 | $ 0 | $ 0 |
Legacy | Real Estate | Industrial & Warehouse | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 1 | 0 |
Balance | $ 0 | ||
Legacy | Real Estate | Other | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 0 | 0 |
Legacy | Real Estate | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | 1 | |
Subsequent default, recorded investment | $ 121 | $ 21 | |
Legacy | Real Estate | Payment concession | Hotel & Motel | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | 0 | ||
Legacy | Real Estate | Payment concession | Gas Station & Car Wash | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 121 | ||
Legacy | Real Estate | Payment concession | Industrial & Warehouse | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | 21 | $ 0 | |
Legacy | Real Estate | Payment concession | Other | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | 0 | 0 | |
Legacy | Real Estate | Maturity/ Amortization concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 2 | ||
Subsequent default, recorded investment | $ 410 | ||
Legacy | Real Estate | Maturity/ Amortization concession | Retail | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | 0 | $ 0 | $ 508 |
Legacy | Real Estate | Rate concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | ||
Subsequent default, recorded investment | $ 508 | ||
Legacy | Real Estate | Rate concession | Other | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 307 | ||
Legacy | Real Estate | Real estate-Residential | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | $ 0 |
Legacy | Real Estate | Real estate-Commercial | Retail | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 2 | 2 | 6 |
Pre-Modification | $ 750 | $ 645 | $ 6,195 |
Post-Modification | $ 733 | $ 618 | $ 6,214 |
Legacy | Real Estate | Real estate-Commercial | Hotel & Motel | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | $ 0 |
Legacy | Real Estate | Real estate-Commercial | Gas Station & Car Wash | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 2 | 0 | 1 |
Pre-Modification | $ 383 | $ 0 | $ 1,371 |
Post-Modification | $ 351 | $ 0 | $ 880 |
Legacy | Real Estate | Real estate-Commercial | Mixed Use | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 2 | 0 | 0 |
Pre-Modification | $ 437 | $ 0 | $ 0 |
Post-Modification | $ 407 | $ 0 | $ 0 |
Legacy | Real Estate | Real estate-Commercial | Industrial & Warehouse | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 2 | 1 |
Pre-Modification | $ 0 | $ 783 | $ 370 |
Post-Modification | $ 0 | $ 821 | $ 338 |
Legacy | Real Estate | Real estate-Commercial | Other | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 2 | 2 | 0 |
Pre-Modification | $ 1,762 | $ 327 | $ 0 |
Post-Modification | $ 1,700 | $ 350 | $ 0 |
Legacy | Real Estate | Real estate-Construction | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | $ 0 |
Legacy | Commercial Business | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 4 | 2 | 5 |
Balance | $ 14 | $ 540 | |
Legacy | Commercial Business | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 4 | 2 | 2 |
Subsequent default, recorded investment | $ 2,091 | $ 14 | $ 540 |
Legacy | Commercial Business | Maturity/ Amortization concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 2,091 | ||
Subsequent default, number of loans | loan | 2 | ||
Legacy | Commercial Business | Rate concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | ||
Legacy | Commercial Business | Commercial Business | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 18 | 19 | 15 |
Pre-Modification | $ 9,171 | $ 18,143 | $ 8,687 |
Post-Modification | $ 13,234 | $ 17,219 | $ 7,552 |
Legacy | Trade Finance and Other | Trade Finance | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 2 | 3 | 0 |
Pre-Modification | $ 7,623 | $ 3,156 | $ 0 |
Post-Modification | $ 2,208 | $ 4,053 | $ 0 |
Legacy | Consumer and Other | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 1 | 0 | 2 |
Pre-Modification | $ 248 | $ 0 | $ 970 |
Post-Modification | $ 237 | $ 0 | $ 490 |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 0 |
Legacy | Consumer and Other | Maturity/ Amortization concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 0 | $ 0 | |
Acquired | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 5 | 13 | 16 |
Pre-Modification | $ 596 | $ 3,921 | $ 13,156 |
Post-Modification | $ 533 | $ 3,458 | $ 7,092 |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 2 | 4 | 6 |
Balance | $ 167 | $ 239 | $ 5,231 |
Charge offs | $ 0 | $ 3,300 | $ 2,600 |
Subsequent default, number of loans | loan | 2 | 4 | 6 |
Acquired | Real estate-Construction | |||
Troubled Debt Restructuring, By Loan Class | |||
Post-Modification | $ 0 | ||
Acquired | Real Estate | Retail | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 1 | 1 |
Balance | $ 0 | $ 121 | $ 56 |
Acquired | Real Estate | Hotel & Motel | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 0 |
Acquired | Real Estate | Gas Station & Car Wash | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 1 |
Acquired | Real Estate | Mixed Use | |||
Financing Receivable, Modifications [Line Items] | |||
Number of TDRs on accrual status | loan | 1 | 0 | 0 |
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 63 | $ 0 | $ 0 |
Acquired | Real Estate | Industrial & Warehouse | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 1 |
Balance | $ 0 | $ 0 | $ 5,128 |
Acquired | Real Estate | Other | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | 0 |
Balance | $ 0 | $ 0 | $ 0 |
Acquired | Real Estate | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | 1 | |
Subsequent default, recorded investment | $ 63 | ||
Acquired | Real Estate | Payment concession | Retail | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, recorded investment | $ 56 | ||
Acquired | Real Estate | Payment concession | Gas Station & Car Wash | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | ||
Acquired | Real Estate | Payment concession | Industrial & Warehouse | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, recorded investment | $ 5,100 | ||
Acquired | Real Estate | Rate concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | ||
Subsequent default, recorded investment | $ 121 | ||
Acquired | Real Estate | Rate concession | Hotel & Motel | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | 0 | 0 | 0 |
Acquired | Real Estate | 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-Residential | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | $ 0 |
Acquired | Real Estate | Real estate-Commercial | Retail | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 2 | 3 |
Pre-Modification | $ 0 | $ 1,075 | $ 336 |
Post-Modification | $ 0 | $ 1,035 | $ 321 |
Acquired | Real Estate | Real estate-Commercial | Hotel & Motel | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | $ 0 |
Acquired | Real Estate | Real estate-Commercial | Gas Station & Car Wash | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 1 | 1 |
Pre-Modification | $ 0 | $ 794 | $ 165 |
Post-Modification | $ 0 | $ 727 | $ 0 |
Acquired | Real Estate | Real estate-Commercial | Mixed Use | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 3 | 0 | 0 |
Pre-Modification | $ 425 | $ 0 | $ 0 |
Post-Modification | $ 416 | $ 0 | $ 0 |
Acquired | Real Estate | Real estate-Commercial | Industrial & Warehouse | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 1 | 2 |
Pre-Modification | $ 0 | $ 75 | $ 10,336 |
Post-Modification | $ 0 | $ 74 | $ 5,208 |
Acquired | Real Estate | Real estate-Commercial | Other | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 2 | 2 |
Pre-Modification | $ 0 | $ 1,356 | $ 1,137 |
Post-Modification | $ 0 | $ 1,300 | $ 1,122 |
Acquired | Real Estate | Real estate-Construction | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | |
Acquired | Consumer Portfolio Segment [Member] | Maturity/ Amortization concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | ||
Subsequent default, recorded investment | $ 104 | ||
Acquired | Commercial Business | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 3 | 3 |
Acquired | Commercial Business | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 2 | 3 | |
Subsequent default, recorded investment | $ 118 | $ 47 | |
Acquired | Commercial Business | Maturity/ Amortization concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Subsequent default, number of loans | loan | 1 | ||
Acquired | Commercial Business | Payment Concession And Rate Concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 0 | $ 118 | $ 47 |
Acquired | Commercial Business | Commercial Business | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 1 | 6 | 8 |
Pre-Modification | $ 56 | $ 426 | $ 1,182 |
Post-Modification | $ 13 | $ 142 | $ 441 |
Acquired | Trade Finance and Other | Trade Finance | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 0 | 0 | 0 |
Pre-Modification | $ 0 | $ 0 | $ 0 |
Post-Modification | $ 0 | $ 0 | $ 0 |
Acquired | Consumer and Other | |||
Troubled Debt Restructuring, By Loan Class | |||
Number of Loans | loan | 1 | 1 | 0 |
Pre-Modification | $ 115 | $ 195 | $ 0 |
Post-Modification | $ 104 | $ 180 | $ 0 |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 0 | 0 |
Acquired | Consumer and Other | Maturity/ Amortization concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 104 | $ 0 | $ 0 |
Loans Receivable and Allowanc60
Loans Receivable and Allowance for Loan Losses - Covered Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
FDIC Clawback Liability | $ 2,100 | |
Covered Nonperforming Assets | ||
Covered loans on non-accrual status | 1,118 | $ 1,355 |
Covered other real estate owned | 220 | 96 |
Total covered nonperforming assets | 1,338 | 1,451 |
Acquired covered loans | $ 22,989 | $ 32,560 |
Loans Receivable and Allowanc61
Loans Receivable and Allowance for Loan Losses - Related Parties (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Related party loans outstanding | $ 3.8 | $ 3.7 |
Goodwill and Other Intangible62
Goodwill and Other Intangibles Assets - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 105,401 | $ 105,401 |
Goodwill and Other Intangible63
Goodwill and Other Intangibles Assets - Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,467 | $ 7,467 |
Accumulated Amortization | (4,647) | (3,580) |
Estimated future amortization expense for identifiable intangible assets: | ||
2,016 | 849 | |
2,017 | 639 | |
2,018 | 436 | |
2,019 | 251 | |
2,020 | 204 | |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 1,100 | 1,300 |
Center Financial Corporation acquisition | Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 7 years | |
Gross Carrying Amount | $ 4,100 | 4,100 |
Accumulated Amortization | $ (3,258) | (2,686) |
Pacific International Bancorp, Inc. acquisition | Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 7 years | |
Gross Carrying Amount | $ 604 | 604 |
Accumulated Amortization | $ (379) | (269) |
Foster Bankshares Inc acquisition | Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization period | 10 years | |
Gross Carrying Amount | $ 2,763 | 2,763 |
Accumulated Amortization | $ (1,010) | $ (625) |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 7,000 | $ 6,600 | $ 5,400 |
Land | 8,558 | 6,516 | |
Building and improvements | 11,229 | 6,659 | |
Furniture, Fixtures, and equipment | 21,093 | 19,506 | |
Leasehold improvements | 24,116 | 23,765 | |
Software/License | 5,371 | 4,191 | |
Property, Plant and Equipment, Gross | 70,367 | 60,637 | |
Premises and equipment, accumulated depreciation and amortization | (35,792) | (29,915) | |
Total premises and equipment, net | $ 34,575 | $ 30,722 |
Deposits - Time deposit maturi
Deposits - Time deposit maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits Disclosure [Line Items] | ||
Time deposits of $100,000 or more | $ 1,772,975 | $ 1,667,367 |
Scheduled maturities for time deposits: | ||
2,016 | 2,251,854 | |
2,017 | 209,002 | |
2,018 | 9,826 | |
2,019 | 4,668 | |
2020 and thereafter | 451 | |
Time deposits | 2,475,801 | |
California State Treasurer | ||
Deposits Disclosure [Line Items] | ||
Time deposits of $100,000 or more | $ 300,000 | |
Required eligible collateral pledge on outstanding deposits, minimum percentage | 110.00% | |
Carrying values of securities pledged as collateral | $ 358,600 | $ 364,600 |
Deposits - Time deposit maturit
Deposits - Time deposit maturities of $100,000 and $250,000 or more (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Amount $100,000 or more | ||
Three months or less | $ 585,587 | |
Over three months through six months | 319,386 | |
Over six months through twelve months | 714,720 | |
Over twelve months | 153,282 | |
Total time deposits | 1,772,975 | $ 1,667,367 |
Amount $250,000 or more | ||
Three months or less | 407,342 | |
Over three months through six months | 128,818 | |
Over six months through twelve months | 338,569 | |
Over twelve months | 57,945 | |
Time Deposits, $250,000 or More | $ 932,674 |
Deposits - Components of inter
Deposits - Components of interest expense and other information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | |||
Money market and other | $ 12,430 | $ 10,270 | $ 7,818 |
Savings deposits | 1,670 | 2,095 | 2,800 |
Time deposits | 19,312 | 16,813 | 12,703 |
Interest on deposits | $ 33,412 | $ 29,178 | $ 23,321 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Percent of assets | 30.00% | |
Maximum amount available | $ 2,400,000,000 | $ 2,200,000,000 |
Percent outstanding advances | 100.00% | |
Borrowings | $ 530,591,000 | $ 480,975,000 |
Weighted average interest rate | 1.15% | 1.09% |
Interest rate, range minimum | 0.41% | |
Interest rate, range maximum | 2.02% | |
Unused funds | $ 1,830,000,000 | |
Percent of qualifying assets | 95.00% | |
Mortgage loans on real estate | ||
Debt Instrument [Line Items] | ||
Collateral pledged | $ 3,100,000,000 | $ 2,900,000,000 |
Securities investment | ||
Debt Instrument [Line Items] | ||
Asset balance used to determine maximum borrowing capacity from federal reserve bank | 1,000,000 | |
Amount outstanding | 0 | |
Qualifying loans | ||
Debt Instrument [Line Items] | ||
Asset balance used to determine maximum borrowing capacity from federal reserve bank | 714,700,000 | |
Putable | ||
Debt Instrument [Line Items] | ||
Borrowings | $ 20,600,000 | $ 21,000,000 |
Borrowings - Maturities of FHLB
Borrowings - Maturities of FHLB Borrowings (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Contractual Maturities | |
Extinguishment of Debt [Line Items] | |
Due within one year | $ 175,000 |
Due after one year through five years | 355,591 |
Due after five years through ten years | 0 |
Total | 530,591 |
Maturity/ Put Date | |
Extinguishment of Debt [Line Items] | |
Due within one year | 195,591 |
Due after one year through five years | 335,000 |
Due after five years through ten years | 0 |
Total | $ 530,591 |
Subordinated Debentures - Summa
Subordinated Debentures - Summary of Trust Preferred Securities and Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Subordinated Borrowing [Line Items] | ||
Subordinated Debentures Amount | $ 42,327 | $ 42,158 |
Nara Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 3.66% | |
Nara Statutory Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 3.17% | |
Nara Statutory Trust V | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 3.48% | |
Nara Statutory Trust VI | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 2.16% | |
Center Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 3.17% | |
Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 46,000 | |
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 | |
Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Debentures Amount | 42,327 | |
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 | $ 13,459 |
Subordinated Debentures - Sum71
Subordinated Debentures - Summary of Subordinated Debentures (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)grantor_trust | Dec. 31, 2014USD ($) | |
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 | $ 1,500 | $ 1,600 |
Nara Bancorp Grantor Trust | ||
Subordinated Borrowing [Line Items] | ||
Number of grantor trusts issuing securities | grantor_trust | 5 | |
Trust Preferred Securities Subject to Mandatory Redemption | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 46,000 | |
Percent included in tier one capital, maximum | 25.00% | |
Excess of percent threshold included in tier two capital | 25.00% | |
Trust Preferred Securities Subject to Mandatory Redemption | Nara Bancorp Grantor Trust | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 46,000 |
Income Taxes - Components of i
Income Taxes - Components of income tax expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||||||||||
Current federal income tax expense (benefit) | $ 47,919 | $ 31,179 | $ 29,891 | ||||||||
Current state income tax expense (benefit) | 16,548 | 8,859 | 6,741 | ||||||||
Current income tax expense (benefit) | 64,467 | 40,038 | 36,632 | ||||||||
Deferred | |||||||||||
Deferred federal income tax expense (benefit) | (1,393) | 12,092 | 10,341 | ||||||||
Deferred state income tax expense (benefit) | 17 | 5,777 | 5,426 | ||||||||
Deferred income tax expense (benefit) | (1,376) | 17,869 | 15,767 | ||||||||
Total | |||||||||||
Federal income tax expense (benefit) | 46,526 | 43,271 | 40,232 | ||||||||
State income tax expense (benefit) | 16,565 | 14,636 | 12,167 | ||||||||
Income tax expense (benefit) | $ 16,038 | $ 17,497 | $ 15,320 | $ 14,236 | $ 14,228 | $ 14,180 | $ 14,935 | $ 14,564 | $ 63,091 | $ 57,907 | $ 52,399 |
Income Taxes - Reconciliation
Income Taxes - Reconciliation of effective tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of effective tax rate | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
State taxes-net of federal tax effect | 7.00% | 7.00% | 6.00% |
CRA investment tax credit | (1.00%) | (2.00%) | (2.00%) |
Bank owned life insurance | (0.25%) | (0.28%) | (0.38%) |
Municipal bonds | (0.15%) | (0.06%) | (0.06%) |
Other | 0.00% | 0.00% | 0.00% |
Effective income tax rate, percent | 41.00% | 40.00% | 39.00% |
Income Taxes - Components of d
Income Taxes - Components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Purchase accounting fair value adjustment | $ 29,234 | $ 37,011 |
Statutory bad debt deduction less than financial statement provision | 26,359 | 19,043 |
Net operating loss carryforward | 3,120 | 3,568 |
Investment security provision | 1,652 | 1,651 |
Lease expense | 1,359 | 1,311 |
State tax deductions | 4,347 | 2,871 |
Accrued compensation | 113 | 108 |
Deferred compensation | 463 | 490 |
Mark to market on loans held for sale | 387 | 1,529 |
Depreciation | 825 | 474 |
Nonaccrual loan interest | 3,287 | 1,516 |
Other real estate owned | 1,384 | 2,549 |
FDIC loss share receivable | 717 | 719 |
Unrealized loss on securities available for sale | 591 | 0 |
Non-qualified stock option and restricted unit expense | 2,000 | 1,880 |
Goodwill | 628 | 732 |
Other | 5,205 | 4,648 |
Total deferred tax assets, gross | 81,671 | 80,100 |
Deferred tax liabilities: | ||
FHLB stock dividends | (747) | (1,080) |
Deferred loan costs | (6,378) | (5,507) |
State taxes deferred and other | (5,257) | (5,172) |
Prepaid expenses | (1,376) | (2,058) |
Amortization of intangibles | (909) | (1,247) |
Unrealized gain on securities available for sale | 0 | (1,964) |
Unrealized gain on interest only strips | 0 | (49) |
Total deferred tax liabilities, gross | (14,667) | (17,077) |
Valuation allowance | 0 | 0 |
Net deferred tax assets: | $ 67,004 | $ 63,023 |
Income Taxes - Summary of loss
Income Taxes - Summary of loss carryforwards by jurisdiction (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards, remaining amount | $ 8,914 | $ 9,933 |
Net operating loss carry-forwards, annual limitation | 917 | 1,265 |
Federal | IBKNY | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards, remaining amount | 1,985 | 2,482 |
Net operating loss carry-forwards, annual limitation | 497 | 497 |
Federal | Asiana Bank | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards, remaining amount | 102 | |
Net operating loss carry-forwards, annual limitation | 348 | |
Federal | Pacific International Bancorp, Inc. | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards, remaining amount | 6,929 | 7,349 |
Net operating loss carry-forwards, annual limitation | 420 | 420 |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards, remaining amount | 0 | 0 |
Net operating loss carry-forwards, annual limitation | 0 | 0 |
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 | 0 | |
Net operating loss carry-forwards, annual limitation | 0 | |
State | Pacific International Bancorp, Inc. | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carry-forwards, remaining amount | 0 | 0 |
Net operating loss carry-forwards, annual limitation | $ 0 | $ 0 |
Income Taxes - Unrecognized ta
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of the beginning and ending amount of unrecognized tax benefits: | ||
Balance, beginning of year | $ 1,816 | $ 1,289 |
Additions based on tax positions related to the prior year | 0 | 527 |
Settlements with taxing authorities | (329) | |
Balance, end of year | 1,816 | 1,816 |
Total amount of tax benefits that if recognized would favorable impact the effective tax rate | 1,300 | 1,200 |
Interest and penalties accrued | $ 154 | $ 96 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Description (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares available for grant (in shares) | 2,533,850 |
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] | |
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 | 33.33333% |
Option expiration duration | 10 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Granted (in shares) | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Expired, weighted-average exercise price per share | $ 18.48 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding - beginning of period (in shares) | 591,652 | ||
Expired (in shares) | (103,801) | ||
Outstanding - end of period (in shares) | 487,851 | 591,652 | |
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 | $ 19 | ||
Outstanding - end of period, weighted-average exercise price per share | $ 19.07 | $ 19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options exercisable - end of period (in shares) | 319,851 | ||
Options exercisable, weighted-average exercise price per share | $ 20.78 | ||
Outstanding, weighted-average remaining contractual life (years) | 2 years 4 months 18 days | ||
Options exercisable, weighted-average remaining contractual life (years) | 2 years 4 months 18 days | ||
Outstanding, aggregate intrinsic value | $ 298,699 | ||
Options exercisable, aggregate intrinsic value | $ 298,699 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted and Performance Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Tax benefit from compensation expense | $ 425 | $ 289 | $ 533 |
Allocated share-based compensation expense | 1,047 | $ 705 | 1,268 |
Total compensation cost not yet recognized | $ 700 | ||
Total compensation cost not yet recognized, period for recognition | 3 years 3 months 15 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) | 175,668 | ||
Granted (in shares) | 18,000 | ||
Vested (in shares) | (62,742) | ||
Forfeited (in shares) | (23,877) | ||
Outstanding - end of the period (in shares) | 107,049 | 175,668 | |
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) | $ 13.51 | ||
Granted, weighted-average grant date fair value (in dollars per share) | 14.26 | ||
Vested, weighted-average grant date fair value (in dollars per share) | 12.50 | ||
Forfeited, weighted-average grant date fair value (in dollars per share) | 15.77 | ||
Outstanding - end of the period, weighted-average grant date fair value (in dollars per share) | $ 13.72 | $ 13.51 | |
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 | $ 899 | $ 990 | $ 4,000 |
Stock-Based Compensation - Esti
Stock-Based Compensation - Estimated Annual Expense (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Estimated Annual Stock-Based Compensation Expense | |
2,014 | $ 561 |
2,015 | 468 |
2,016 | 449 |
2,017 | 145 |
2,018 | 16 |
Total | $ 1,639 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)officers | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Deferred compensation plan | Directors and officers | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation liability | $ 1,200 | $ 1,200 | |
Deferred compensation plan, period expense | 25 | 28 | $ 31 |
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 | $ 306 | 228 | 180 |
Number of officers currently participating in the LTIP | officers | 2 | ||
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 | 5 years | ||
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 | 10 years | ||
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 | $ 2,300 | $ 1,900 | $ 1,600 |
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 -
Commitments and Contingencies - Operating leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease expense | $ 11,100 | $ 11,600 | $ 10,600 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,014 | 8,645 | ||
2,015 | 8,412 | ||
2,016 | 7,033 | ||
2,017 | 5,221 | ||
2,018 | 3,960 | ||
Thereafter | 10,872 | ||
Total future minimum payments | $ 44,143 |
Commitments and Contingencies83
Commitments and Contingencies - Commitments and letters of credit (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Supply Commitment [Line Items] | ||
Commitments and letters of credit | $ 883,590 | $ 666,140 |
Commitments to extend credit | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | 802,251 | 586,714 |
Standby letters of credit | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | 45,083 | 41,987 |
Other commercial letters of credit | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | $ 36,256 | $ 37,439 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value, Recurring (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||
Securities available-for-sale, at fair value | $ 1,010,556,000 | $ 792,523,000 |
Transfers between levels 1, 2 and 3 | 0 | |
GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available-for-sale, at fair value | 449,980,000 | 302,774,000 |
Mortgage-backed securities | ||
Assets: | ||
Securities available-for-sale, at fair value | 498,047,000 | 465,489,000 |
Trust preferred securities | ||
Assets: | ||
Securities available-for-sale, at fair value | 3,749,000 | 3,987,000 |
Municipal bonds | ||
Assets: | ||
Securities available-for-sale, at fair value | 45,511,000 | 6,930,000 |
Mutual funds | ||
Assets: | ||
Securities available-for-sale, at fair value | 13,269,000 | 13,343,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Interest rate swaps | 0 | |
Liabilities: | ||
Interest rate swaps | 0 | |
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 | 13,269,000 | 13,343,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Interest rate swaps | 2,860,000 | |
Liabilities: | ||
Interest rate swaps | 2,860,000 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available-for-sale, at fair value | 449,980,000 | 302,774,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | ||
Assets: | ||
Securities available-for-sale, at fair value | 498,047,000 | 465,489,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Trust preferred securities | ||
Assets: | ||
Securities available-for-sale, at fair value | 3,749,000 | 3,987,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Assets: | ||
Securities available-for-sale, at fair value | 44,345,000 | 5,752,000 |
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) | ||
Assets: | ||
Interest rate swaps | 0 | |
Liabilities: | ||
Interest rate swaps | 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 | 1,166,000 | 1,178,000 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mutual funds | ||
Assets: | ||
Securities available-for-sale, at fair value | 0 | 0 |
Estimate of Fair Value | Recurring basis | ||
Assets: | ||
Interest rate swaps | 2,860 | |
Liabilities: | ||
Interest rate swaps | 2,860,000 | |
Estimate of Fair Value | Recurring basis | GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available-for-sale, at fair value | 449,980,000 | 302,774,000 |
Estimate of Fair Value | Recurring basis | Mortgage-backed securities | ||
Assets: | ||
Securities available-for-sale, at fair value | 498,047,000 | 465,489,000 |
Estimate of Fair Value | Recurring basis | Trust preferred securities | ||
Assets: | ||
Securities available-for-sale, at fair value | 3,749,000 | 3,987,000 |
Estimate of Fair Value | Recurring basis | Municipal bonds | ||
Assets: | ||
Securities available-for-sale, at fair value | 45,511,000 | 6,930,000 |
Estimate of Fair Value | Recurring basis | Mutual funds | ||
Assets: | ||
Securities available-for-sale, at fair value | $ 13,269,000 | $ 13,343,000 |
Fair Value Measurements - Unobs
Fair Value Measurements - Unobservable Inputs Reconciliation (Details) - Municipal bonds - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance, January 1 | $ 1,178 | $ 1,112 |
Total (losses) gains included in other comprehensive income | (12) | 66 |
Ending Balance, December 31 | $ 1,166 | $ 1,178 |
Fair Value Measurements - Ass86
Fair Value Measurements - Assets Measured at Fair Value, Non-Recurring (Details) - Non-recurring basis - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes Measurement [Member] | Impaired loans at fair value - Real estate loans | ||
Assets: | ||
Total gains (losses) | $ 1,692 | $ 2,533 |
Changes Measurement [Member] | Impaired loans at fair value - Commercial business | ||
Assets: | ||
Total gains (losses) | 3,689 | (8,191) |
Changes Measurement [Member] | Trade Finance | ||
Assets: | ||
Total gains (losses) | (2,579) | (5,087) |
Changes Measurement [Member] | Consumer Portfolio Segment [Member] | ||
Assets: | ||
Total gains (losses) | (37) | 162 |
Changes Measurement [Member] | Loans held for sale, net | ||
Assets: | ||
Total gains (losses) | 270 | (56) |
Changes Measurement [Member] | Other real estate owned | ||
Assets: | ||
Total gains (losses) | (538) | (1,161) |
Estimate of Fair Value | Impaired loans at fair value - Real estate loans | ||
Assets: | ||
Assets | 18,251 | 43,708 |
Estimate of Fair Value | Impaired loans at fair value - Commercial business | ||
Assets: | ||
Assets | 9,366 | 4,114 |
Estimate of Fair Value | Trade Finance | ||
Assets: | ||
Assets | 15,540 | 1,883 |
Estimate of Fair Value | Consumer Portfolio Segment [Member] | ||
Assets: | ||
Assets | 391 | 596 |
Estimate of Fair Value | Loans held for sale, net | ||
Assets: | ||
Assets | 348 | 2,000 |
Estimate of Fair Value | Other real estate owned | ||
Assets: | ||
Assets | 18,308 | 17,985 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Real estate loans | ||
Assets: | ||
Assets | 18,251 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Commercial business | ||
Assets: | ||
Assets | 9,366 | 0 |
Significant Unobservable Inputs (Level 3) | Trade Finance | ||
Assets: | ||
Assets | 15,540 | 0 |
Significant Unobservable Inputs (Level 3) | Consumer Portfolio Segment [Member] | ||
Assets: | ||
Assets | 391 | 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 | 18,308 | 0 |
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) | Trade Finance | ||
Assets: | ||
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Portfolio Segment [Member] | ||
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 | 0 | 43,708 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Commercial business | ||
Assets: | ||
Assets | 0 | 4,114 |
Significant Other Observable Inputs (Level 2) | Trade Finance | ||
Assets: | ||
Assets | 0 | 1,883 |
Significant Other Observable Inputs (Level 2) | Consumer Portfolio Segment [Member] | ||
Assets: | ||
Assets | 0 | 596 |
Significant Other Observable Inputs (Level 2) | Loans held for sale, net | ||
Assets: | ||
Assets | 348 | 2,000 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | ||
Assets: | ||
Assets | $ 0 | $ 17,985 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | $ 298,389 | $ 462,160 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 298,389 | 462,160 |
Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Assets: | ||
Loans held for sale | 8,669 | 29,626 |
Customers' liabilities on acceptances | 1,463 | 1,889 |
Financial Liabilities: | ||
Noninterest-bearing deposits | 1,694,427 | 1,543,018 |
Saving and other interest bearing demand deposits | 2,170,748 | 1,862,060 |
Time deposits | 2,478,858 | 2,292,831 |
FHLB advances | 532,137 | 481,290 |
Subordinated debentures | 44,084 | 43,987 |
Bank's liabilities on acceptances outstanding | 1,463 | 1,889 |
Significant Other Observable Inputs (Level 2) | Reported Value Measurement [Member] | ||
Financial Assets: | ||
Loans held for sale | 8,273 | 28,311 |
Customers' liabilities on acceptances | 1,463 | 1,889 |
Financial Liabilities: | ||
Noninterest-bearing deposits | 1,694,427 | 1,543,018 |
Saving and other interest bearing demand deposits | 2,170,748 | 1,862,060 |
Time deposits | 2,475,801 | 2,288,374 |
FHLB advances | 530,591 | 480,975 |
Subordinated debentures | 42,327 | 42,158 |
Bank's liabilities on acceptances outstanding | 1,463 | 1,889 |
Significant Unobservable Inputs (Level 3) | Estimate of Fair Value | ||
Estimated fair values of financial instruments | ||
Investments, Fair Value Disclosure | 47,919 | |
Financial Assets: | ||
Loans receivable - net | 6,559,838 | 5,826,924 |
Significant Unobservable Inputs (Level 3) | Reported Value Measurement [Member] | ||
Estimated fair values of financial instruments | ||
Investments | 47,895 | |
Financial Assets: | ||
Loans receivable - net | $ 6,171,933 | $ 5,497,434 |
Cash and Cash Equivalents [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 1 | |
Cash and Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 1 | |
Other Investments [Member] | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 3 | |
Loans held for sale, net | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Loans held for sale, net | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Loans Receivable [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 3 | |
Loans Receivable [Member] | Significant Unobservable Inputs (Level 3) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 3 | |
Customers' liabilities on acceptances [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Customers' liabilities on acceptances [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Noninterest Bearing Deposits [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Noninterest Bearing Deposits [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Saving and other interest bearing demand deposits [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Saving and other interest bearing demand deposits [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Bank Time Deposits [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Bank Time Deposits [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Federal Home Loan Bank Borrowings [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Federal Home Loan Bank Borrowings [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Subordinated Debt Obligations [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Subordinated Debt Obligations [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Bank's liabilities on acceptances outstanding [Member] | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 | |
Bank's liabilities on acceptances outstanding [Member] | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value | ||
Financial Liabilities: | ||
Fair Value Measurements, Valuation Techniques | Level 2 |
Derivative Financial Instrume88
Derivative Financial Instruments (Details) - Interest Rate Swap - Not Designated as Hedging Instrument $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Customers | |
Derivative [Line Items] | |
Notional amount (in thousands) | $ 112,717 |
Weighted average remaining term | 7 years 7 months 3 days |
Fixed rate (weighted average) | 4.46% |
Variable rate (weighted average) | 2.64% |
Estimated fair value (in thousands) | $ 2,680 |
Correspondent Banks | |
Derivative [Line Items] | |
Notional amount (in thousands) | $ 112,717 |
Weighted average remaining term | 7 years 7 months 3 days |
Fixed rate (weighted average) | 2.64% |
Variable rate (weighted average) | 4.46% |
Estimated fair value (in thousands) | $ (2,680) |
Stockholders' Equity - Discussi
Stockholders' Equity - Discussion of Warrants (Details) $ in Thousands | May. 20, 2015USD ($)shares | Dec. 31, 2015USD ($)warrantshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Class of Warrant or Right [Line Items] | ||||
Payments for purchase of warrants | $ | $ 1,150 | $ 0 | $ 0 | |
Number of warrant remaining | warrant | 1 | |||
Common Stock | ||||
Class of Warrant or Right [Line Items] | ||||
Number of shares repurchased under warrant to purchase | shares | 350,767 | |||
Payments for purchase of warrants | $ | $ 1,200 | |||
Potential repurchase | shares | 19,276 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividends (Details) - $ / shares | 3 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Equity [Abstract] | ||||||||
Quarterly dividends paid (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.08 | $ 0.08 |
Stockholders' Equity - Accumula
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,832) | $ 1,705 | $ (10,185) | $ 9,082 |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Unrealized gains (losses) on securities available for sale and interest only strips | (5,717) | 20,288 | (33,035) | |
Reclassification adjustments for gains realized in income | (424) | 0 | (54) | |
Tax (benefit) expense | (2,604) | 8,398 | (13,822) | |
Total other comprehensive (loss) income | (3,537) | 11,890 | $ (19,267) | |
Balance at end of period | $ 938,095 | $ 882,773 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Company | ||
Total capital (to risk-weighted assets), Amount | ||
Total Capital, Actual | $ 953,132 | $ 881,794 |
Total Capital, Required For Capital Adequacy Purposes | 552,412 | 476,490 |
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | 874,771 | 812,464 |
Tier One Risk Based Capital Required for Capital Adequacy | 414,309 | 238,245 |
Tier I capital (to average assets), Amount | ||
Tier I Capital, Actual (Leverage) | 874,771 | 812,464 |
Tier I Capital, Required For Capital Adequacy Purposes | $ 303,528 | $ 279,709 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total Capital (to Risk Weighted Assets), Actual | 13.80% | 14.80% |
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) | 12.67% | 13.64% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier I capital (to average assets), Ratio | ||
Tier I Capital (to Average Assets), Actual (Leverage) | 11.53% | 11.62% |
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 | $ 945,013 | $ 869,343 |
Total Capital, Required For Capital Adequacy Purposes | 552,226 | 476,101 |
Required To Be Well Capitalized under Prompt Corrective Action Provisions | $ 690,283 | $ 595,126 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | $ 866,652 | $ 800,013 |
Tier One Risk Based Capital Required for Capital Adequacy | 414,170 | 235,050 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 552,226 | 357,076 |
Tier I capital (to average assets), Amount | ||
Tier I Capital, Actual (Leverage) | 866,652 | 800,013 |
Tier I Capital, Required For Capital Adequacy Purposes | 303,410 | 279,585 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Leverage) | $ 379,262 | $ 349,481 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total Capital (to Risk Weighted Assets), Actual | 13.69% | 14.61% |
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) | 12.56% | 13.44% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 8.00% | 6.00% |
Tier I capital (to average assets), Ratio | ||
Tier I Capital (to Average Assets), Actual (Leverage) | 11.43% | 11.45% |
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% |
Common equity tier 1 capital [Member] | Company | ||
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | $ 833,868 | |
Tier One Risk Based Capital Required for Capital Adequacy | $ 310,732 | |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 12.08% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common equity tier 1 capital [Member] | Bank | ||
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | $ 866,652 | |
Tier One Risk Based Capital Required for Capital Adequacy | 310,627 | |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | $ 448,684 | |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 12.56% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 6.50% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income available to common stockholders (Numerator) | |||||||||||
Net income as reported | $ 22,869 | $ 25,092 | $ 22,940 | $ 21,357 | $ 22,687 | $ 21,420 | $ 22,312 | $ 22,196 | $ 92,258 | $ 88,615 | $ 81,755 |
Basic EPS - common stock | 92,258 | 88,615 | 81,755 | ||||||||
Diluted EPS - common stock | $ 92,258 | $ 88,615 | $ 81,755 | ||||||||
Shares (Denominator) | |||||||||||
Basic EPS - common stock (in shares) | 79,549,651 | 79,493,742 | 79,036,729 | ||||||||
Effect of Dilutive Securities: | |||||||||||
Stock Options and Performance Units (in shares) | 31,905 | 38,896 | 179,542 | ||||||||
Common stock warrants (in shares) | 30,244 | 78,399 | 44,432 | ||||||||
Diluted EPS - common stock (in shares) | 79,611,800 | 79,611,037 | 79,260,703 | ||||||||
Per Share (Amount) | |||||||||||
Basic EPS - common stock (in dollars per share) | $ 0.29 | $ 0.32 | $ 0.29 | $ 0.27 | $ 0.29 | $ 0.27 | $ 0.28 | $ 0.28 | $ 1.16 | $ 1.11 | $ 1.03 |
Diluted EPS - common stock (in dollars per share) | $ 0.29 | $ 0.32 | $ 0.29 | $ 0.27 | $ 0.29 | $ 0.27 | $ 0.28 | $ 0.28 | $ 1.16 | $ 1.11 | $ 1.03 |
Stock options and restricted shares | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive shares of common stock | 553,000 | 494,000 | |||||||||
Warrants | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive shares of common stock | 19,276 | 18,745 |
Servicing Assets (Servicing Ass
Servicing Assets (Servicing Asset at Amortized Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | |||
Balance at beginning of period | $ 10,341 | $ 8,915 | |
Servicing Asset at Amortized Cost, Additions | 4,900 | 4,457 | $ 4,669 |
Amortization | (3,241) | (3,031) | |
Balance at end of period | $ 12,000 | $ 10,341 | $ 8,915 |
Servicing Assets (Fair Value As
Servicing Assets (Fair Value Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum | ||
Servicing Assets at Fair Value [Line Items] | ||
Weighted-average discount rate | 5.59% | 5.44% |
Constant prepayment rate | 7.30% | 8.80% |
Maximum | ||
Servicing Assets at Fair Value [Line Items] | ||
Weighted-average discount rate | 6.01% | 5.74% |
Constant prepayment rate | 11.90% | 12.40% |
Condensed Financial Statement96
Condensed Financial Statements of Parent Company (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 298,389 | $ 462,160 | $ 316,705 | $ 312,916 |
Other assets | 25,113 | 20,031 | ||
Total assets | 7,912,648 | 7,140,330 | ||
LIABILITIES: | ||||
Total liabilities | 6,974,553 | 6,257,557 | ||
STOCKHOLDERS’ EQUITY | 938,095 | 882,773 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 7,912,648 | 7,140,330 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 4,742 | 9,507 | $ 9,905 | $ 19,142 |
Other assets | 5,178 | 5,913 | ||
Investment in bank subsidiary | 970,878 | 911,055 | ||
Total assets | 980,798 | 926,475 | ||
LIABILITIES: | ||||
Other borrowings | 42,327 | 42,158 | ||
Accounts payable and other liabilities | 376 | 1,544 | ||
Total liabilities | 42,703 | 43,702 | ||
STOCKHOLDERS’ EQUITY | 938,095 | 882,773 | ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 980,798 | $ 926,475 |
Condensed Financial Statement97
Condensed Financial Statements of Parent Company (Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | $ 82,973 | $ 79,059 | $ 77,075 | $ 74,553 | $ 75,766 | $ 77,084 | $ 76,453 | $ 73,354 | $ 313,660 | $ 302,657 | $ 283,073 |
Interest expense | 11,205 | 10,298 | 9,684 | 9,431 | 9,532 | 9,177 | 8,963 | 8,388 | 40,618 | 36,060 | 30,018 |
Income tax provision | (16,038) | (17,497) | (15,320) | (14,236) | (14,228) | (14,180) | (14,935) | (14,564) | (63,091) | (57,907) | (52,399) |
NET INCOME | $ 22,869 | $ 25,092 | $ 22,940 | $ 21,357 | $ 22,687 | $ 21,420 | $ 22,312 | $ 22,196 | 92,258 | 88,615 | 81,755 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 88,721 | 100,505 | 62,488 | ||||||||
Parent Company | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest income | 0 | 0 | 0 | ||||||||
Interest expense | 1,561 | 1,637 | 1,798 | ||||||||
Other operating expense | 4,967 | 4,356 | 4,499 | ||||||||
Equity in earnings of bank subsidiary | 96,318 | 92,083 | 85,854 | ||||||||
Income before income tax benefit | 89,790 | 86,090 | 79,557 | ||||||||
Income tax provision | 2,468 | 2,525 | 2,198 | ||||||||
NET INCOME | 92,258 | 88,615 | 81,755 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (3,537) | 11,890 | (19,267) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 88,721 | $ 100,505 | $ 62,488 |
Condensed Financial Statement98
Condensed Financial Statements of Parent Company (Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income as reported | $ 22,869 | $ 25,092 | $ 22,940 | $ 21,357 | $ 22,687 | $ 21,420 | $ 22,312 | $ 22,196 | $ 92,258 | $ 88,615 | $ 81,755 | |
Unrealized gains (losses) on securities available for sale and interest only strips | (5,717) | 20,288 | (33,035) | |||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | [1] | (424) | 0 | (54) | ||||||||
Tax (benefit) expense | (2,604) | 8,398 | (13,822) | |||||||||
Total other comprehensive (loss) income | (3,537) | 11,890 | (19,267) | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 88,721 | 100,505 | 62,488 | |||||||||
Parent Company | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net income as reported | 92,258 | 88,615 | 81,755 | |||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 88,721 | $ 100,505 | $ 62,488 | |||||||||
[1] | Reclassification adjustments were recognized in net gains on sales of securities available for sale in the consolidated statements of income. |
Condensed Financial Statement99
Condensed Financial Statements of Parent Company (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ 22,869 | $ 25,092 | $ 22,940 | $ 21,357 | $ 22,687 | $ 21,420 | $ 22,312 | $ 22,196 | $ 92,258 | $ 88,615 | $ 81,755 |
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Stock-based compensation expense | 1,046 | 705 | 1,215 | ||||||||
Change in other assets | (4,237) | 13,083 | 12,856 | ||||||||
Net cash provided by operating activities | 122,886 | 135,529 | 134,203 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Net cash (used in) provided by investing activities | (949,788) | (552,969) | (377,410) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of additional common stock | (22) | (34) | 2,851 | ||||||||
Redemption of subordinated debenture | 0 | (15,464) | (4,124) | ||||||||
Redemption of common stock warrant | (1,150) | 0 | 0 | ||||||||
Net cash provided by financing activities | 663,131 | 562,895 | 246,996 | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (163,771) | 145,455 | 3,789 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 462,160 | 316,705 | 462,160 | 316,705 | 312,916 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 298,389 | 462,160 | 298,389 | 462,160 | 316,705 | ||||||
Parent Company | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | 92,258 | 88,615 | 81,755 | ||||||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Amortization | 188 | 232 | 259 | ||||||||
Stock-based compensation expense | 0 | 25 | 386 | ||||||||
Change in other assets | 717 | 678 | (1,152) | ||||||||
Change in accounts payable and other liabilities | (1,053) | (1,624) | 3,324 | ||||||||
Equity in undistributed earnings of bank subsidiary | (62,318) | (45,083) | (66,113) | ||||||||
Net cash provided by operating activities | 29,792 | 42,843 | 18,459 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Cash and cash equivalents acquired through the merger | 0 | 0 | 791 | ||||||||
Net cash (used in) provided by investing activities | 0 | 0 | 791 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Issuance of additional common stock | 0 | 42 | 0 | ||||||||
Issuance of additional stock pursuant to various stock plans | 0 | 0 | 2,852 | ||||||||
Redemption of subordinated debenture | 0 | (15,464) | (4,124) | ||||||||
Redemption of preferred stock | 0 | 0 | (7,474) | ||||||||
Redemption of common stock warrant | (1,150) | 0 | 0 | ||||||||
Payments of cash dividends | (33,407) | (27,819) | (19,741) | ||||||||
Net cash provided by financing activities | (34,557) | (43,241) | (28,487) | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (4,765) | (398) | (9,237) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | $ 9,507 | $ 9,905 | 9,507 | 9,905 | 19,142 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 4,742 | $ 9,507 | $ 4,742 | $ 9,507 | $ 9,905 |