Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Jul. 12, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Hope 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 | 135,303,015 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Other Investments | $ 43,958 | $ 44,202 |
Cash and cash equivalents: | ||
Cash and due from banks | 160,918 | 168,827 |
Interest bearing deposits in other banks | 300,150 | 268,507 |
Total cash and cash equivalents | 461,068 | 437,334 |
Securities available for sale, at fair value | 1,583,946 | 1,556,740 |
Loans held for sale, at the lower of cost or fair value | 19,141 | 22,785 |
Loans receivable (net of allowance for loan losses of $78,659 and $79,343 at March 31, 2017 and December 31, 2016, respectively) | 10,471,008 | 10,463,989 |
Other real estate owned (“OREO”), net | 19,096 | 21,990 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 21,203 | 21,964 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 3,300 | 0 |
Premises and equipment, net | 51,125 | 55,316 |
Accrued interest receivable | 25,683 | 26,880 |
Deferred tax assets, net | 80,321 | 88,110 |
Customers’ liabilities on acceptances | 2,771 | 2,899 |
Bank owned life insurance (“BOLI”) | 74,090 | 73,696 |
Investments in affordable housing partnerships | 76,398 | 70,059 |
Goodwill | 463,975 | 462,997 |
Core deposit intangible assets, net | 18,550 | 19,226 |
Servicing assets | 25,941 | 26,457 |
Other assets | 39,855 | 46,778 |
Total assets | 13,481,429 | 13,441,422 |
LIABILITIES: | ||
Noninterest bearing | 2,963,947 | 2,900,241 |
Interest bearing: | ||
Money market and NOW accounts | 3,481,231 | 3,401,446 |
Savings deposits | 289,924 | 301,906 |
Time deposits | 3,968,675 | 4,038,442 |
Total deposits | 10,703,777 | 10,642,035 |
FHLB advances | 703,850 | 754,290 |
Subordinated debentures | 100,067 | 99,808 |
Accrued interest payable | 10,592 | 10,863 |
Acceptances outstanding | 2,771 | 2,899 |
Commitments and Contingencies | 31,530 | 24,409 |
Other liabilities | 50,795 | 51,645 |
Total liabilities | 11,603,382 | 11,585,949 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $0.001 par value; authorized 150,000,000 shares at March 31, 2017 and December 31, 2016; issued and outstanding, 135,248,185 and 135,240,079 shares at March 31, 2017 and December 31, 2016, respectively | 135 | 135 |
Additional paid-in capital | 1,401,275 | 1,400,490 |
Retained earnings | 489,486 | 469,505 |
Accumulated other comprehensive loss, net | (12,849) | (14,657) |
Total stockholders’ equity | 1,878,047 | 1,855,473 |
Total liabilities and stockholders’ equity | $ 13,481,429 | $ 13,441,422 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Loans receivable, allowance | $ 79,976 | $ 79,343 |
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 | 135,109,641 | 135,240,079 |
Common stock, shares outstanding | 135,109,641 | 135,240,079 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST INCOME: | ||
Loans, including fees | $ 123,294 | $ 77,118 |
Securities | 8,113 | 5,677 |
Interest bearing deposits in other bank and other investments | 1,336 | 666 |
Total interest income | 132,743 | 83,461 |
INTEREST EXPENSE: | ||
Deposits | 14,511 | 9,907 |
FHLB advances | 2,139 | 1,523 |
Other borrowings | 1,188 | 424 |
Total interest expense | 17,838 | 11,854 |
NET INTEREST INCOME BEFORE PROVISION FOR LOAN LOSSES | 114,905 | 71,607 |
PROVISION FOR LOAN LOSSES | 5,600 | 500 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 109,305 | 71,107 |
NONINTEREST INCOME: | ||
Service fees on deposit accounts | 5,338 | 2,683 |
International service fees | 1,108 | 776 |
Loan servicing fees, net | 1,438 | 690 |
Wire transfer fees | 1,186 | 914 |
Other income and fees | 4,863 | 1,887 |
Net gains on sales of SBA loans | 3,250 | 1,825 |
Net gains on sales of other loans | 420 | 0 |
Total noninterest income | 17,603 | 8,775 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 34,166 | 21,569 |
Occupancy | 7,194 | 4,817 |
Furniture and equipment | 3,413 | 2,287 |
Advertising and marketing | 3,424 | 1,136 |
Data processing and communications | 3,606 | 2,171 |
Professional fees | 3,902 | 1,083 |
FDIC assessments | 1,010 | 1,038 |
Credit related expenses | 1,883 | 421 |
OREO expense, net | 997 | 1,428 |
Merger and integration expenses | 947 | 1,207 |
Other | 7,157 | 2,892 |
Total noninterest expense | 67,699 | 40,049 |
INCOME BEFORE INCOME TAX PROVISION | 59,209 | 39,833 |
INCOME TAX PROVISION | 22,999 | 16,210 |
NET INCOME | $ 36,210 | $ 23,623 |
EARNINGS PER COMMON SHARE | ||
Basic (in dollars per share) | $ 0.27 | $ 0.30 |
Diluted (in dollars per share) | $ 0.27 | $ 0.30 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 36,210 | $ 23,623 |
Other comprehensive income: | ||
Change in unrealized net holding gains on securities available for sale | 3,181 | 15,633 |
Change in unrealized net holding gains on interest only strips | (49) | (41) |
Less tax effect | 1,324 | 6,605 |
Other comprehensive income, net of tax | 1,808 | 8,987 |
Total comprehensive income | $ 38,018 | $ 32,610 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital [Member] | Retained earnings | Accumulated other comprehensive income (loss), net |
Balance at Dec. 31, 2015 | $ 938,095 | $ 80 | $ 541,596 | $ 398,251 | $ (1,832) |
Balance, shares at Dec. 31, 2015 | 79,566,356 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of additional shares pursuant to various stock plans | 7 | 7 | |||
Issuance of additional shares pursuant to various stock plans, shares | 30,750 | ||||
Stock-based compensation | 22 | 22 | |||
Cash dividends declared on common stock | (8,752) | (8,752) | |||
Comprehensive income: | |||||
Net income | 23,623 | 23,623 | |||
Other comprehensive income (loss) | 8,987 | 8,987 | |||
Balance at Mar. 31, 2016 | 961,982 | $ 80 | 541,625 | 413,122 | 7,155 |
Balance, shares at Mar. 31, 2016 | 79,597,106 | ||||
Balance at Dec. 31, 2016 | 1,855,473 | $ 135 | 1,400,490 | 469,505 | (14,657) |
Balance, shares at Dec. 31, 2016 | 135,240,079 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of additional shares pursuant to various stock plans | 252 | 252 | |||
Issuance of additional shares pursuant to various stock plans, shares | 8,106 | ||||
Stock-based compensation | 533 | 533 | |||
Cash dividends declared on common stock | (16,229) | (16,229) | |||
Comprehensive income: | |||||
Net income | 36,210 | 36,210 | |||
Other comprehensive income (loss) | 1,808 | 1,808 | |||
Balance at Mar. 31, 2017 | $ 1,878,047 | $ 135 | $ 1,401,275 | $ 489,486 | $ (12,849) |
Balance, shares at Mar. 31, 2017 | 135,248,185 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 36,210 | $ 23,623 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation, amortization, net of discount accretion | (504) | (798) |
Stock-based compensation expense | 746 | 22 |
Provision for loan losses | 5,600 | 500 |
Valuation adjustment of OREO | 592 | 695 |
Change in deferred income taxes, net | 7,182 | 6,794 |
Proceeds from sales of loans held for sale | 70,254 | 25,900 |
Originations of loans held for sale | (53,903) | (29,593) |
Net gains on sales of SBA and other loans | (3,670) | (1,825) |
Originations of servicing assets | (1,296) | (777) |
Earnings on BOLI | (394) | (274) |
Derivative, Gain (Loss) on Derivative, Net | 33 | 0 |
Loss on disposal of equipment | 147 | 0 |
Net loss (gain) on sales of OREO | 3 | (132) |
Net change in accrued interest receivable | 1,197 | (465) |
Loss on investments in affordable housing partnership | 2,077 | 405 |
Net change in other assets | 6,981 | (18,978) |
Net change in accrued interest payable | (271) | 739 |
Net change in other liabilities | (850) | (981) |
Net cash provided by operating activities | 71,218 | 4,855 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net change in loans receivable | (17,288) | (120,570) |
Proceeds from sales of OREO | 194 | 2,617 |
Purchase of premises and equipment | (2,491) | (2,303) |
Purchase of securities available for sale | (94,890) | (99,566) |
Purchases of other investments | 0 | (1,470) |
Redemption of FHLB stock | 761 | 0 |
Proceeds from matured, called, or paid-down of securities available for sale | 68,124 | 36,435 |
Investments in affordable housing partnerships | 1,379 | 0 |
Net cash used in investing activities | (46,725) | (184,857) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 65,218 | 126,459 |
Cash dividends paid on Common Stock | (16,229) | (8,752) |
Proceeds from FHLB advances | 50,000 | 150,000 |
Repayment of FHLB advances | 100,000 | 150,000 |
Issuance of additional stock pursuant to various stock plans | 252 | 7 |
Tax effects of issuance of shares from various stock plans | 73 | |
Net cash (used in) provided by financing activities | (759) | 117,714 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 23,734 | (62,288) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 437,334 | 298,389 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 461,068 | 236,101 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 21,767 | 11,115 |
Income taxes paid | 1,161 | 20,862 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | ||
Transfer from loans receivable to OREO | 137 | 1,895 |
Transfer from loans receivable to loans held for sale | 9,451 | 450 |
Loans transferred to loans receivable from held for sale | 159 | 0 |
Transfer of premises and equipment to premises held for sale | 3,300 | 0 |
New commitments to fund affordable housing partnership investments | 8,500 | 0 |
Payments for (Proceeds from) Other Investing Activities | 244 | 0 |
Impairment of property, plant, and equipment held for sale | $ 1,084 | $ 0 |
Hope Bancorp, Inc.
Hope Bancorp, Inc. | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Hope Bancorp, Inc. | Hope Bancorp, Inc. Hope Bancorp, Inc. (“Hope Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for Bank of Hope (the “Bank”). As of March 31, 2017 , the Bank operated branches in California, Washington, Texas, Illinois, Alabama, Georgia, Virginia, New Jersey, and New York, as well as loan production offices in Georgia, Virginia, Texas, Colorado, Oregon, Washington, Southern California, and Northern California. The Company 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. Effective at the close of business on July 29, 2016, the Company (previously known as BBCN Bancorp, Inc.) completed its previously-announced merger with Wilshire Bancorp, Inc. (“Wilshire”) pursuant to the Agreement and Plan of Merger, dated as of December 7, 2015, by and between the Company and Wilshire (the “Merger Agreement”). On the date of the acquisition, Wilshire merged with and into the Company, with Company being the surviving corporation. On the date of the merger with Wilshire, the Company changed its name to “Hope Bancorp, Inc.” and changed its ticker symbol to “HOPE”. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements included herein have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), except for the Consolidated Statement of Financial Condition as of December 31, 2016 which was from the audited financial statements included in the Company’s 2016 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such SEC rules and regulations. The consolidated financial statements include the accounts of Hope Bancorp and its wholly owned subsidiaries, principally Bank of Hope. All intercompany transactions and balances have been eliminated in consolidation. The Company has made all adjustments, that in the opinion of management, are necessary to fairly present the Company’s financial position at March 31, 2017 and December 31, 2016 and the results of operations for the three months ended March 31, 2017 and 2016 . Certain reclassifications have been made to prior period amounts to conform to the current year presentation. The results of operations for the interim periods are not necessarily indicative of results to be anticipated for the full year. 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 significantly from those estimates. These unaudited consolidated financial statements should be read along with the audited consolidated financial statements and accompanying notes included in the Company’s 2016 Annual Report on Form 10-K. Accounting Pronouncements Adopted: ASU 2016-05 “Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships” clarifies that a change in the counterparty to a derivative instrument (a novation) that has been designated as the hedging instrument does not, in and of itself, require designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. The Company adopted ASU 2016-05 in the first quarter of 2017. The adoption of ASU 2016-05 did not have an impact to the Company’s consolidated financial statements. ASU 2016-06 “Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments” clarifies the steps required to determine if an embedded derivative should be bifurcated from a host contract in order to resolve diversity in practice. The Company adopted of ASU 2016-06 in the first quarter of 2017. The adoption of ASU 2016-06 did not have an impact to the Company’s consolidated financial statements. ASU 2016-07 “Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting” removes the requirement to retroactively adopt the equity method upon an increase in the level of ownership interest or the degree of influence of an investment. Under ASU 2016-07 the equity method is only applied to the investment from the date that it qualifies. When an investment qualifies for equity method accounting, the investor should add the cost of acquiring the additional interest in the investee to the current basis of the investor’s existing interest and recognize in earnings the unrealized holding gain or loss in accumulated other comprehensive income, if the existing investment was accounted for as an available-for-sale equity security. The Company adopted ASU 2016-07 in the first quarter of 2017. The adoption of ASU 2016-07 did not have an impact to the Company’s consolidated financial statements. ASU 2016-09 “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” was issued as a part of the FASB’s simplification initiative, and intends to improve the accounting for share-based payment transactions. The ASU changes several aspects of the accounting for share-based payment award transactions, including accounting for excess tax benefits and deficiencies, income statement recognition, cash flow classification, forfeitures, and tax withholding requirements. The Company adopted ASU 2016-09 in the first quarter of 2017. As of result of the adoption of ASU 2016-09, the Company now recognizes excess tax benefits on share-based payment awards in income tax provision on the Consolidated Statement of Income rather than in additional paid-in capital on the Consolidated Statement of Changes in Stockholders’ Equity. The Company recorded $73 thousand of income tax benefits for the three months ended March 31, 2017 related to excess tax benefits from share-based payment awards compared to $9 thousand in excess tax benefits on share-based payment awards that were recorded in additional paid-in capital for the three months ended March 31, 2016. Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 as amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, is effective for interim and annual periods beginning after December 15, 2017 and is applied on either a modified retrospective or full retrospective basis. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company’s revenue primarily consists of net interest income and noninterest income. The scope of the guidance explicitly excludes net interest income, as well as other revenues from financial instruments such as loans, leases, securities and derivatives. Certain noninterest income revenue items such as service charges on deposits accounts, gain/loss on other real estate owned sales, and other income items may be in the scope of ASU 2014-09 and how these revenue streams are recognized may change. The Company is currently in the process of evaluating the impact of ASU 2014-09 on its consolidated financial statements, but does not expect the adoption of ASU 2014-09 to have material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. 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 currently in the process of evaluating the impact of the pending adoption of the new standard on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. ASU 2016-13 becomes effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company is currently in the process of evaluating the impact of the pending adoption of the new standard on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost & Net Periodic Post-retirement Benefit Cost”. ASU 2017-07 was issued to to improve the presentation of net periodic pension costs and net periodic post-retirement benefit cost and requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. ASU 2017-07 also allow only the service cost component to be eligible for capitalization when applicable (e.g., as a cost of internally manufactured inventory or a self-constructed asset). ASU 2017-07 is effective for annual period beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is currently in the process of evaluating the impact of ASU 2017-07 on its consolidated financial statements, but does not expect the adoption of ASU 2017-07 to have material impact on it consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 was issued to amend the amortization period for certain callable debt securities held at a premium. ASU 2017-08 shortens the amortization period of premiums on certain purchased callable debt securities to the earliest call date. ASU 2017-08 affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium). ASU 2017-08 does not impact securities purchased at a discount, which continue to be amortized to maturity. ASU 2017-08 is effective for annual period beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted in an interim period. If an entity chooses to adopt early, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The adoption of ASU 2017-08 is not expected to have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification”. ASU 2017-09 was issued to provide clarity and reduce both 1) diversity in practice and 2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation, to a change to the terms or conditions of a share-based payment award. Diversity in practice has arisen in part because some entities apply modification accounting under Topic 718 for modifications to terms and conditions that they consider substantive, but do not when they conclude that particular modifications are not substantive. Others apply modification accounting for any change to an award, except for changes that they consider purely administrative in nature. Still others apply modification accounting when a change to an award changes the fair value, the vesting, or the classification of the award. In practice, it appears that the evaluation of a change in fair value, vesting, or classification may be used to evaluate whether a change is substantive. ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. ASU 2017-09 is effective for the annual period, and interim periods within the annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period for: (a) public business entities for reporting periods for which financial statements have not yet been issued, and (b) all other entities for reporting periods for which financial statements have not yet been made available for issuance. ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Company is currently in the process of evaluating the impact of ASU 2017-09 on its consolidated financial statements, but does not expect the adoption of ASU 2017-09 to have material impact on it consolidated financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions The Company applies the acquisition method of accounting for business combinations, including the merger with Wilshire under ASC 805 “Business Combinations”. Under the acquisition method of accounting, the acquiring entity in a business combination recognizes 100 percent of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilizes valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed is recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed is greater than the purchase price, a bargain purchase gain is recognized. Acquisition-related costs are expensed as incurred as merger and integration expense. Pending Acquisition of U & I Financial Corp On January 23, 2017, the Company announced the signing of a definitive agreement and plan of merger (the “U & I Merger Agreement”) with U & I Financial Corporation (“U & I”) pursuant to which U & I will merge with and into Hope Bancorp with Hope Bancorp as the surviving corporation. As part of the merger, UniBank, a wholly-owned subsidiary of U & I, will merge with and into the Bank. Under the U & I Merger Agreement, at the effective time of the merger (the “Effective Time”), each outstanding share of U & I common stock will be converted into shares of the Company’s common stock based on a value of $9.50 for the U & I common stock, which value will be subject to adjustment if U & I’s financial advisory and legal fees exceed certain amounts as provided in the U & I Merger Agreement (the “Merger Consideration”). The number of shares of Company common stock to be issued for the Merger Consideration will be based on the 10-trading day, volume weighted average price of the Company’s common stock as of the closing as determined in accordance with the Merger Agreement (as so determined, the “Closing Stock Price”); provided that: (i) if the Closing Stock Price is less than $17.28832, the Company may terminate the U & I Merger Agreement unless U & I elects to accept an adjustment to the Merger Consideration through the issuance of fewer shares based on the $17.28832 instead of the lower Closing Stock Price; and (ii) if the Closing Stock Price is greater than $25.93248, U & I may terminate the U & I Merger Agreement unless the Company elects to accept an adjustment to the Merger Consideration through the issuance of additional shares based on the $25.93248 price instead of the higher Closing Stock Price. Each outstanding U & I stock option held by an U & I employee who will be retained by the Company after the Effective Time (each, a “Covered Employee”) shall cease to represent the right to acquire shares of U & I common stock and shall instead be converted automatically into an option to acquire shares of the Company’s common stock, and such assumed options will be assumed by the Company on substantially the same terms and conditions as were applicable under the corresponding U & I stock options. Each U & I stock option held by a U & I employee who will not be a Covered Employee shall become fully vested and be converted into the right to receive an amount in cash equal to the product obtained by multiplying (i) the excess, if any, of the per share Merger Consideration over the exercise price per share of such stock option by (ii) the total number of shares of U & I common stock subject to such stock option. The U & I Merger Agreement contains representations and warranties customary for transactions of this type from the Company and U & I, and each party has agreed to customary covenants, including, among others, covenants relating to the conduct of its business during the interim period between the execution of the U & I Merger Agreement and the Effective Time and, in the case of U & I, its obligation, subject to certain exceptions, to recommend that its shareholders adopt the U & I Merger Agreement and its non-solicitation obligations relating to alternative acquisition proposals. The consummation of the merger with U & I is subject to customary conditions, including receipt of regulatory approvals, receipt of the requisite approval of the shareholders of U & I, the absence of any law or order prohibiting the closing, and effectiveness of the registration statement to be filed by the Company with respect to the Company’s common stock to be issued in the merger with U & I, and the absence of the occurrence of a material adverse effect upon the Company or U & I. In addition, each party’s obligation to consummate the merger is subject to certain other conditions, including the accuracy of the representations and warranties of the other party and compliance of the other party with its covenants, in each case subject to certain materiality standards. The Company expects to close the acquisition by the end of 2017, subject to satisfaction of the conditions set forth in the U & I Merger Agreement. The U & I Merger Agreement provides certain termination rights for both the Company and U & I and further provides that a termination fee of $2 million will be payable by U & I to the Company upon termination of the U & I Merger Agreement under certain circumstances. Merger with Wilshire Bancorp, Inc. On July 29, 2016, the Company completed the merger with Wilshire Bancorp, Inc. (“Wilshire”), the holding company of Wilshire Bank. The Company merged with Wilshire in order to expand its network of branch locations and to provide enhanced products and services to our customers. Wilshire’s primary subsidiary, Wilshire Bank, previously operated thirty-five branches located in California, New York, New Jersey, Texas, Georgia, and Alabama. Approximately $4.63 billion in assets were acquired through the transaction including $3.80 billion in loans receivable and $3.81 billion in deposits. Subsequent to the merger, the Bank now operates 64 branches in nine different states throughout the United States and also has loan production offices throughout the Unites States and a representative office in Seoul, Korea. Under the terms of the Merger Agreement, Wilshire shareholders received 0.7034 shares of Hope Bancorp common stock for each share of Wilshire common stock owned. As a result, 55.5 million shares of Hope Bancorp common stock were issued to Wilshire shareholders in addition to $3 thousand that was paid for fractional shares. In addition, the Company issued Hope stock options and restricted stock in exchange for Wilshire stock options and restricted stock outstanding at July 29, 2016 under substantially the same terms that were applicable immediately prior to the merger, subject to adjustment for the exchange ratio. Total consideration for the merger was $856.3 million . The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table: (Dollars in thousands) Consideration Paid: Hope common stock issued in exchange for Wilshire common stock $ 852,939 Cash paid for fractional shares 3 Hope stock options issued in exchange Wilshire stock options 3,370 Total consideration paid $ 856,312 Assets Acquired: Cash and cash equivalents $ 100,127 Investment securities available for sale 478,938 Loans receivable 3,800,807 FRB and FHLB stock 16,539 OREO 13,173 Premises and equipment 16,812 Bank owned life insurance 25,240 Servicing assets 16,203 Low income housing tax credit investments 47,111 Core deposit intangibles 18,138 Deferred tax assets, net 18,174 Other assets 76,818 Liabilities Assumed: Deposits (3,812,367 ) Borrowings (206,282 ) Subordinated debentures (56,942 ) Other liabilities (54,751 ) Total identifiable net assets $ 497,738 Excess of consideration paid over fair value of net assets acquired (goodwill) $ 358,574 Fair values are primarily determined through the use of inputs that are not observable from market-based information. Under ASC 805-10-25-13, management may adjust the fair values of acquired assets or assumed liabilities for a period of up to one year from the date of the acquisition to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have an effect on the measurement of the amounts recognized as of that date. During the fourth quarter of 2016, the Company made a net adjustment of $1.4 million to the deferred tax assets and taxes receivable acquired from Wilshire which reduced the previous goodwill recorded from the transaction by $1.4 million . Subsequently in the first quarter of 2017, the Company made an adjustment which increased goodwill by $978 thousand consisting of a $1.7 million adjustment to OREO partially offset by a $716 thousand adjustment to deferred tax assets. Acquired Loans The fair value of loans were estimated on an individual basis based on the characteristics for each loan. A discounted cash flow analysis was used to project cash flows for each loan using assumptions for rate, remaining maturity, prepayment speeds, projected default probabilities, loss given defaults, and estimates of prevailing discount rates. At July 29, 2016, the fair value of loan acquired with deteriorated credit quality totaled $243.1 million . The outstanding principal balances and the related carrying amounts of the acquired loans included in the statement of financial condition at March 31, 2017 were $4.72 billion and $3.42 billion , respectively, for loans acquired from Wilshire. The outstanding principal balances and the related carrying amounts of the acquired loans included in the statement of financial condition at December 31, 2016 were $5.67 billion and $3.59 billion , respectively, for loans acquired from Wilshire. Acquisition-Related Expenses The following table presents acquisition-related expenses associated with the merger with Wilshire, the pending acquisition of U & I, and other previous acquisitions which were reflected in the Consolidated Statements of Income in merger and integration expense. These expenses are comprised primarily of salaries and employee benefits, professional fees, and other noninterest expense related to acquisitions. Three Months Ended March 31, 2017 2016 (Dollars in thousands) Wilshire $ 401 $ 1,183 U & I 522 — Other 24 24 Total merger and integration expenses $ 947 $ 1,207 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
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 Plan”) to award equity as form of compensation. 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, 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 are 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 recognized over the vesting period. The Company has another stock-based incentive plan, the 2016 Stock Incentive Plan, adopted September 1, 2016. Stock options and restricted stock were assumed from the merger with Wilshire at substantially the same terms as those prior to the merger after applying the exchange ratio of 0.7034 . These stock awards were issued to former Wilshire employees and directors through the 2016 Plan. The 2016 Plan provides for the granting of incentive stock option, stock appreciation right, and restricted stock awards to officers, employees, and consultants. The plan has 2,400,000 shares available for grant to participants. The option prices of all options granted under the 2016 Plan may not be less than 100% of the fair market value at the date of grant. All options not exercised generally expire ten years after the date of grant. Under the 2007 Plan and 2016 Plan, 1,890,563 shares were available for future grants as of March 31, 2017 . The total shares reserved for issuance will serve as the underlying value for all equity awards under the 2007 Plan and 2016 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. The following is a summary of stock option activity under the 2007 Plan and 2016 Plan for the three months ended March 31, 2017 : Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Dollars in thousands) Outstanding - January 1, 2017 1,624,227 $ 15.30 Granted — — Exercised (21,307 ) 11.07 Expired (1,530 ) 15.34 Forfeited — — Outstanding - March 31, 2017 1,601,390 $ 15.36 6.40 $ 6,861 Options exercisable - March 31, 2017 866,548 $ 14.02 4.13 $ 5,218 The following is a summary of restricted stock and performance unit activity under the 2007 Plan and 2016 Plan for the three months ended March 31, 2017 : Number of Shares Weighted- Average Grant Date Fair Value Outstanding - January 1, 2017 403,658 $ 16.17 Granted — — Vested (36,407 ) 15.31 Forfeited (3,372 ) 14.75 Outstanding - March 31, 2017 363,879 $ 16.27 The total fair value of restricted performance units vested for the three months ended March 31, 2017 and 2016 was $735 thousand and $492 thousand , respectively. The amount charged against income related to stock-based payment arrangements was $746 thousand and $22 thousand for the three months ended March 31, 2017 and 2016 , respectively. The income tax benefit recognized was approximately $290 thousand and $9 thousand for the three months ended March 31, 2017 and 2016 , respectively. At March 31, 2017 , the unrecognized compensation expense related to non-vested stock option grants was $1.8 million which is expected to be recognized over a weighted average vesting period of 3.19 years. Unrecognized compensation expense related to non-vested restricted stock and performance units was $4.6 million which is expected to be recognized over a weighted average vesting period of 2.69 . During the first quarter of 2017 the Company adopted ASU 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. With the adoption of ASU 2016-09 all of the Company’s excess tax benefits on share-based payment awards were recorded in income tax provision on the Consolidated Statements of Income for the three months ended March 31, 2017 . |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | 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 equity awards, and is computed by dividing net income 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 three months ended March 31, 2017 , stock options and restricted shares awards for 236,878 shares of common stock were excluded in computing diluted earnings per common share because they were anti-dilutive. Stock options and restricted shares awards for 443,956 shares of common stock were excluded in computing diluted earnings per common share because they were anti-dilutive for the three months ended March 31, 2016 . Additionally, warrants issued pursuant to the Company’s participation in the U.S. Treasury’s TARP Capital Purchase Plan, to purchase 19,963 shares and 19,420 shares of common stock were anti-dilutive and excluded for the three months ended March 31, 2017 and 2016 , respectively. The following tables show the computation of basic and diluted EPS for the three months ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 2016 Net Income (Numerator) Weighted-Average Shares (Denominator) Per Share (Amount) Net Income (Numerator) Weighted-Average Shares Per Share (Amount) (Dollars in thousands, except share and per share data) Basic EPS - common stock $ 36,210 135,248,018 $ 0.27 $ 23,623 79,583,188 $ 0.30 Effect of dilutive securities: Stock options and restricted stock 520,627 30,057 Diluted EPS - common stock $ 36,210 135,768,645 $ 0.27 $ 23,623 79,613,245 $ 0.30 |
Securities Available for Sale
Securities Available for Sale | 3 Months Ended |
Mar. 31, 2017 | |
Available-for-sale Securities [Abstract] | |
Securities Available for Sale | Securities Available for Sale The following is a summary of securities available for sale as of the dates indicated: At March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Debt securities $ 10,002 $ — $ (4 ) $ 9,998 Collateralized mortgage obligations (residential) 736,000 406 (9,787 ) 726,619 Mortgage-backed securities (residential) 744,654 1,252 (13,214 ) 732,692 Corporate securities 4,564 — (251 ) 4,313 Municipal securities 97,689 609 (1,044 ) 97,254 Total debt securities 1,592,909 2,267 (24,300 ) 1,570,876 Mutual funds 13,425 18 (373 ) 13,070 Total investment securities available for sale $ 1,606,334 $ 2,285 $ (24,673 ) $ 1,583,946 At December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Debt securities $ 12,005 $ 3 $ — $ 12,008 Collateralized mortgage obligations (residential) 715,981 349 (10,663 ) 705,667 Mortgage-backed securities (residential) 741,304 1,132 (14,395 ) 728,041 Corporate securities 11,576 — (449 ) 11,127 Municipal securities 88,018 358 (1,537 ) 86,839 Total debt securities 1,568,884 1,842 (27,044 ) 1,543,682 Mutual funds 13,425 — (367 ) 13,058 Total investment securities available for sale $ 1,582,309 $ 1,842 $ (27,411 ) $ 1,556,740 As of March 31, 2017 and December 31, 2016 , 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. For the three months ended March 31, 2017 and 2016 , $3.2 million and $15.6 million , respectively, of unrealized gains were included in accumulated other comprehensive income (loss). No investments were sold during the three months ended March 31, 2017 and 2016 . The amortized cost and estimated fair value of investment securities at March 31, 2017 , 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 (Dollars in thousands) Available for sale: Due within one year $ 10,724 $ 10,725 Due after one year through five years 7,472 7,630 Due after five years through ten years 40,905 40,891 Due after ten years 53,154 52,319 U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations (residential) 736,000 726,619 Mortgage-backed securities (residential) 744,654 732,692 Mutual funds 13,425 13,070 Total $ 1,606,334 $ 1,583,946 Securities with carrying values of approximately $366.1 million and $382.1 million at March 31, 2017 and December 31, 2016 , respectively, were pledged to secure public deposits, various borrowings and for other purposes as required or permitted by law. The following tables show our investments’ gross unrealized losses and estimated fair value, 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. As of March 31, 2017 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) Debt securities* 3 $ 9,998 $ (4 ) — $ — $ — 3 $ 9,998 $ (4 ) Collateralized mortgage obligations (residential)* 67 624,327 (8,668 ) 4 34,843 (1,119 ) 71 659,170 (9,787 ) Mortgage-backed securities (residential)* 59 606,378 (13,214 ) — — — 59 606,378 (13,214 ) Corporate securities — — — 1 4,313 (251 ) 1 4,313 (251 ) Municipal securities 54 50,447 (1,018 ) 1 509 (26 ) 55 50,956 (1,044 ) Mutual funds 3 11,590 (373 ) — — — 3 11,590 (373 ) Total 186 $ 1,302,740 $ (23,277 ) 6 $ 39,665 $ (1,396 ) 192 $ 1,342,405 $ (24,673 ) __________________________________ * Investments in U.S. Government agency and U.S. Government sponsored enterprises As of December 31, 2016 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 (residential)* 66 $ 615,803 $ (9,459 ) 4 $ 36,333 $ (1,204 ) 70 $ 652,136 $ (10,663 ) Mortgage-backed securities (residential)* 57 622,797 (14,395 ) — — — 57 622,797 (14,395 ) Corporate securities 1 7,014 (2 ) 1 4,113 (447 ) 2 11,127 (449 ) Municipal securities 95 69,331 (1,537 ) — — — 95 69,331 (1,537 ) Mutual funds 3 13,058 (367 ) — — — 3 13,058 (367 ) Total 222 $ 1,328,003 $ (25,760 ) 5 $ 40,446 $ (1,651 ) 227 $ 1,368,449 $ (27,411 ) __________________________________ * Investments in U.S. Government agency and U.S. Government sponsored enterprises The Company evaluates securities for other-than-temporary-impairment (“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 values of the securities have been less than the cost of 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, among other considerations, 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 corporate securities, collateralized mortgage obligations, and municipal securities that were in a continuous unrealized loss position for twelve months or longer as of March 31, 2017 . The corporate securities at March 31, 2017 had a total amortized cost of $4.6 million and an unrealized loss of $251 thousand at March 31, 2017 . These corporate securities are scheduled to mature in May 2047. These securities were rated investment grade and there were no credit quality concerns with the issuer. The collateralized mortgage obligations in a continuous loss position for twelve months or longer had an unrealized loss of $1.1 million at March 31, 2017 . These securities were issued by U.S. Government agency and U.S. Government sponsored enterprises and have high credit ratings of “AA” grade or better. Interest on the corporate securities and the U.S. Government agency and U.S. Government sponsored enterprise investments have been paid as agreed, and management believes this will continue in the future and that the securities will be repaid in full as scheduled. Municipal securities that were in a continuous loss position for twelve months or longer had an unrealized loss of $26 thousand at March 31, 2017 . The market value declines for these securities were primarily due to movements in interest rates and are not reflective of management’s expectations of the Company’s ability to fully recover these investments, which may be at maturity. For these reasons, no OTTI was recognized on the corporate and municipal securities and the U.S. Government agency and U.S. Government sponsored collateralized mortgage obligations that were in an unrealized loss position at March 31, 2017 . The Company considers the losses on the investments in unrealized loss positions at March 31, 2017 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 | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | 7. Loans Receivable and Allowance for Loan Losses The following is a summary of loans receivable by major category: March 31, 2017 December 31, 2016 (Dollars in thousands) Loan portfolio composition Real estate loans: Residential $ 58,166 $ 57,884 Commercial 7,948,844 7,842,573 Construction 284,178 254,113 Total real estate loans 8,291,188 8,154,570 Commercial business 1,696,895 1,832,021 Trade finance 143,298 154,928 Consumer and other 420,169 403,470 Total loans outstanding 10,551,550 10,544,989 Deferred loan fees, net (1,883 ) (1,657 ) Loans receivable 10,549,667 10,543,332 Allowance for loan losses (78,659 ) (79,343 ) Loans receivable, net of allowance for loan losses $ 10,471,008 $ 10,463,989 The 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 previously acquired loans that were originally recorded at fair value with no carryover of the related pre-acquisition allowance for loan losses (“Acquired Loans”). Acquired Loans are further segregated between purchased credit impaired loans (loans with credit deterioration on the acquisition date and accounted for under ASC 310-30, or “PCIs”) and Acquired Performing Loans (loans that were pass graded on the acquisition date and the fair value adjustment is amortized over the contractual life under ASC 310-20, or “non-PCI loans”). The following table presents changes in the accretable discount on the PCI loans for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 38,591 $ 23,777 Accretion (5,348 ) (3,029 ) Reclassification from nonaccretable difference 18,408 1,349 Balance at end of period $ 51,651 $ 22,097 On the acquisition date, the amount by which the undiscounted expected cash flows exceed the estimated fair value of the PCI loans 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) indices for variable rates of interest on PCI loans 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 three months ended March 31, 2017 and 2016 : Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Three Months Ended March 31, 2017 Balance, beginning of period $ 38,956 $ 23,430 $ 1,897 $ 2,116 $ 12,791 $ 117 $ — $ 36 $ 79,343 Provision (credit) for loan losses 6,106 (2,884 ) 303 184 975 748 187 (19 ) 5,600 Loans charged off (1,154 ) (3,190 ) (1,576 ) (279 ) (336 ) (70 ) — — (6,605 ) Recoveries 21 123 — 1 25 149 — 2 321 Balance, end of period $ 43,929 $ 17,479 $ 624 $ 2,022 $ 13,455 $ 944 $ 187 $ 19 $ 78,659 Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Three Months Ended March 31, 2016 Balance, beginning of period $ 42,829 $ 16,332 $ 3,592 $ 556 $ 12,823 $ 214 $ — $ 62 $ 76,408 Provision (credit) for loan losses (1,218 ) 3,147 (1,507 ) 276 (82 ) (112 ) — (4 ) 500 Loans charged off (19 ) (621 ) — (65 ) (116 ) — — — (821 ) Recoveries 523 190 — 1 1 52 — 2 769 Balance, end of period $ 42,115 $ 19,048 $ 2,085 $ 768 $ 12,626 $ 154 $ — $ 60 $ 76,856 The following tables break out the allowance for loan losses and the recorded investment of loans outstanding by individually impaired, general valuation, and PCI impairment, by portfolio segment, at March 31, 2017 and December 31, 2016 : March 31, 2017 Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Allowance for loan losses: Individually evaluated for impairment $ 2,530 $ 2,357 $ — $ 40 $ 30 $ 122 $ — $ — $ 5,079 Collectively evaluated for impairment 41,399 15,122 624 1,982 1,289 822 187 19 61,444 PCI loans — — — — 12,136 — — — 12,136 Total $ 43,929 $ 17,479 $ 624 $ 2,022 $ 13,455 $ 944 $ 187 $ 19 $ 78,659 Loans outstanding: Individually evaluated for impairment $ 75,377 $ 28,421 $ 4,450 $ 715 $ 19,325 $ 1,019 $ — $ 272 $ 129,579 Collectively evaluated for impairment 5,474,703 1,065,952 59,131 206,933 2,538,765 541,586 76,541 198,095 10,161,706 PCI loans — — — — 183,018 59,917 3,176 14,154 260,265 Total $ 5,550,080 $ 1,094,373 $ 63,581 $ 207,648 $ 2,741,108 $ 602,522 $ 79,717 $ 212,521 $ 10,551,550 December 31, 2016 Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Allowance for loan losses: Individually evaluated for impairment $ 1,889 $ 4,420 $ 864 $ 50 $ 113 $ 73 $ — $ — $ 7,409 Collectively evaluated for impairment 37,067 19,010 1,033 2,066 548 44 — 36 59,804 PCI loans — — — — 12,130 — — — 12,130 Total $ 38,956 $ 23,430 $ 1,897 $ 2,116 $ 12,791 $ 117 $ — $ 36 $ 79,343 Loans outstanding: Individually evaluated for impairment $ 74,085 $ 34,783 $ 6,029 $ 733 $ 23,865 $ 435 $ — $ 431 $ 140,361 Collectively evaluated for impairment 5,271,262 1,079,348 75,365 179,961 2,597,200 650,710 70,535 206,802 10,131,183 PCI loans — — — — 188,158 66,745 2,999 15,543 273,445 Total $ 5,345,347 $ 1,114,131 $ 81,394 $ 180,694 $ 2,809,223 $ 717,890 $ 73,534 $ 222,776 $ 10,544,989 As of March 31, 2017 and December 31, 2016 , the reserve for unfunded commitments recorded in other liabilities was $ 3.4 million and $3.2 million , respectively. For the three months ended March 31, 2017 and 2016 , the recognized provision (credit) for unfunded commitments recorded in credit related expense was $241 thousand and $(570) thousand , respectively. The recorded investment of individually impaired loans was as follows: March 31, 2017 December 31, 2016 (Dollars in thousands) With allocated specific allowance Without charge off $ 51,944 $ 59,638 With charge off 196 1,120 With no allocated specific allowance Without charge off 70,466 76,775 With charge off 6,973 2,828 Specific allowance on impaired loans (5,079 ) (7,409 ) Impaired loans, net of specific allowance $ 124,500 $ 132,952 The following tables detail the recorded investment of impaired loans (Legacy Loans and Acquired Loans that became impaired subsequent to being originated and acquired, respectfully) as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 . Loans with no related allowance are believed by management to be adequately collateralized. As of March 31, 2017 As of December 31, 2016 Total Impaired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Recorded Investment* Unpaid Contractual Principal Balance Related Allowance (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 581 581 9 2,095 2,384 90 Hotel & motel 6,395 6,433 403 6,387 6,387 337 Gas station & car wash — — — 215 228 41 Mixed use 250 2,101 3 206 732 27 Industrial & warehouse 2,882 2,882 2 530 530 — Other 22,412 22,657 2,143 22,580 22,825 1,507 Real estate—construction — — — — — — Commercial business 19,538 19,698 2,479 26,543 27,161 4,493 Trade finance — — — 2,111 2,156 864 Consumer and other 82 82 40 91 91 50 Subtotal $ 52,140 $ 54,434 $ 5,079 $ 60,758 $ 62,494 $ 7,409 With no related allowance: Real estate—residential $ 1,465 $ 1,465 $ — $ 3,562 $ 3,562 $ — Real estate—commercial Retail 16,752 17,724 — 12,753 13,290 — Hotel & motel 6,273 12,221 — 6,122 11,735 — Gas station & car wash 4,160 6,634 — 5,043 7,449 — Mixed use 6,530 7,614 — 7,303 7,822 — Industrial & warehouse 8,498 8,574 — 9,673 9,748 — Other 15,648 16,911 — 20,181 21,492 — Real estate—construction 2,856 2,996 — 1,300 1,441 — Commercial business 9,902 13,509 — 8,675 9,472 — Trade finance 4,450 4,450 — 3,918 3,918 — Consumer and other 905 923 — 1,073 1,136 — Subtotal $ 77,439 $ 93,021 $ — $ 79,603 $ 91,065 $ — Total $ 129,579 $ 147,455 $ 5,079 $ 140,361 $ 153,559 $ 7,409 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Total Impaired Loans Average Recorded Investment* Interest Income Recognized during Impairment Average Recorded Investment* Interest Income Recognized during Impairment (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — Real estate—commercial Retail 1,338 4 1,712 — Hotel & motel 6,391 43 4,611 57 Gas station & car wash 108 — 1,050 — Mixed use 228 2 563 2 Industrial & warehouse 1,706 32 560 6 Other 22,496 253 24,462 275 Real estate—construction — — — — Commercial business 23,041 195 35,742 265 Trade finance 1,055 — 10,314 94 Consumer and other 87 1 128 1 Subtotal $ 56,450 $ 530 $ 79,142 $ 700 With no related allowance: Real estate—residential $ 2,513 $ 28 $ — $ — Real estate—commercial Retail 14,752 159 11,105 100 Hotel & motel 6,198 7 7,849 22 Gas station & car wash 4,602 10 4,665 34 Mixed use 6,916 63 2,364 12 Industrial & warehouse 9,086 75 9,888 85 Other 17,915 130 12,712 90 Real estate—construction 2,078 20 1,355 — Commercial business 9,289 30 8,950 41 Trade finance 4,184 51 — — Consumer and other 989 7 1,228 7 Subtotal $ 78,522 $ 580 $ 60,116 $ 391 Total $ 134,972 $ 1,110 $ 139,258 $ 1,091 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. As of March 31, 2017 As of December 31, 2016 Impaired Acquired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Recorded Investment* Unpaid Contractual Principal Balance Related Allowance (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 311 311 — 1,826 2,114 85 Hotel & motel 92 89 2 — — — Gas station & car wash — — — — — — Mixed use 250 2,101 3 136 136 2 Industrial & warehouse — — — — — — Other 333 337 25 337 341 26 Real estate—construction — — — — — — Commercial business 774 828 122 294 339 73 Trade finance — — — — — — Consumer and other — — — — — — Subtotal $ 1,760 $ 3,666 $ 152 $ 2,593 $ 2,930 $ 186 With no related allowance: Real estate—residential $ — $ — $ — $ 679 $ 679 $ — Real estate—commercial Retail 4,351 4,831 — 3,148 3,214 — Hotel & motel 4,840 7,352 — 4,767 7,171 — Gas station & car wash 618 804 — 1,568 1,815 — Mixed use 5,283 5,510 — 5,315 5,551 — Industrial & warehouse 65 65 — 66 66 — Other 3,182 3,853 — 6,023 6,752 — Real estate—construction — — — — — — Commercial business 245 313 — 141 386 — Trade finance — — — — — — Consumer and other 272 281 — 431 484 — Subtotal $ 18,856 $ 23,009 $ — $ 22,138 $ 26,118 $ — Total $ 20,616 $ 26,675 $ 152 $ 24,731 $ 29,048 $ 186 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Impaired Acquired Loans Average Recorded Investment* Interest Income Recognized during Impairment Average Recorded Investment* Interest Income Recognized during Impairment (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — Real estate—commercial Retail 1,068 4 1,169 — Hotel & motel 46 — — — Gas station & car wash — — 509 — Mixed use 193 2 493 2 Industrial & warehouse — — — — Other 335 4 305 4 Real estate—construction — — — — Commercial business 534 5 576 3 Trade finance — — — — Consumer and other — — — — Subtotal $ 2,176 $ 15 $ 3,052 $ 9 With no related allowance: Real estate—residential $ 339 $ — $ — $ — Real estate—commercial Retail 3,750 31 2,571 26 Hotel & motel 4,803 4 6,882 17 Gas station & car wash 1,093 10 1,392 25 Mixed use 5,299 63 273 3 Industrial & warehouse 66 1 1,111 2 Other 4,603 13 3,826 14 Real estate—construction — — — — Commercial business 193 1 672 8 Trade finance — — — — Consumer and other 351 2 557 2 Subtotal $ 20,497 $ 125 $ 17,284 $ 97 Total $ 22,673 $ 140 $ 20,336 $ 106 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. Generally, loans are placed on nonaccrual status if the principal and/or interest payments become 90 days past due and/or management deems the collectibility of the principal and/or interest to be in question, as well as when required by regulatory requirements. Loans to customers 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 only when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company did not recognize any cash basis interest income for the three months ended March 31, 2017 or 2016 . The following tables present the recorded investment of past due loans by the number of days past due as of March 31, 2017 and December 31, 2016 by class of loans: As of March 31, 2017 Past Due and Accruing 30-59 Days 60-89 Days 90 or More Days Total Nonaccrual Loans (2) Total Delinquent and Nonaccrual Loans (Dollars in thousands) Legacy Loans: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 938 — — 938 2,657 3,595 Hotel & motel 3,341 1,187 — 4,528 4,216 8,744 Gas station & car wash 947 — — 947 3,542 4,489 Mixed use — — — — 1,247 1,247 Industrial & warehouse 57 1,028 — 1,085 1,922 3,007 Other 4,046 1,031 — 5,077 3,114 8,191 Real estate—construction — — — — 1,300 1,300 Commercial business 640 666 — 1,306 9,155 10,461 Trade finance — — — — 528 528 Consumer and other 229 66 275 570 228 798 Subtotal $ 10,198 $ 3,978 $ 275 $ 14,451 $ 27,909 $ 42,360 Acquired Loans: (1) Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 1,156 653 — 1,809 1,578 3,387 Hotel & motel 1,546 — — 1,546 4,668 6,214 Gas station & car wash — — — — 47 47 Mixed use — 354 — 354 162 516 Industrial & warehouse 1,406 — — 1,406 — 1,406 Other 97 — — 97 2,096 2,193 Real estate—construction — — — — — — Commercial business 360 — — 360 435 795 Trade finance — — — — — — Consumer and other 684 — — 684 114 798 Subtotal $ 5,249 $ 1,007 $ — $ 6,256 $ 9,100 $ 15,356 TOTAL $ 15,447 $ 4,985 $ 275 $ 20,707 $ 37,009 $ 57,716 __________________________________ (1) Acquired Loans exclude PCI loans. (2) Nonaccrual loans exclude guaranteed portion of delinquent SBA loans that are in liquidation totaling $15.2 million . Includes nonaccrual loans less than 30 days past due totaling $15.6 million . As of December 31, 2016 Past Due and Accruing 30-59 Days 60-89 Days 90 or More Days Total Nonaccrual Loans (2) Total Delinquent and Nonaccrual Loans (Dollars in thousands) Legacy Loans: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 480 — — 480 3,672 4,152 Hotel & motel 1,836 3,137 — 4,973 1,392 6,365 Gas station & car wash 362 — — 362 3,690 4,052 Mixed use — — — — 1,305 1,305 Industrial & warehouse — 697 — 697 1,922 2,619 Other 2,871 — — 2,871 4,007 6,878 Real estate—construction — 1,513 — 1,513 1,300 2,813 Commercial business 558 815 — 1,373 9,371 10,744 Trade finance — 500 — 500 2,056 2,556 Consumer and other 146 58 305 509 229 738 Subtotal $ 6,253 $ 6,720 $ 305 $ 13,278 $ 28,944 $ 42,222 Acquired Loans: (1) Real estate—residential $ — $ — $ — $ — $ 679 $ 679 Real estate—commercial Retail 1,611 — — 1,611 1,871 3,482 Hotel & motel 95 — — 95 4,501 4,596 Gas station & car wash 68 340 — 408 993 1,401 Mixed use — — — — 48 48 Industrial & warehouse 257 — — 257 — 257 Other 350 — — 350 2,144 2,494 Real estate—construction — — — — — — Commercial business 1,303 684 — 1,987 345 2,332 Trade finance — — — — — — Consumer and other 331 25 — 356 549 905 Subtotal $ 4,015 $ 1,049 $ — $ 5,064 $ 11,130 $ 16,194 TOTAL $ 10,268 $ 7,769 $ 305 $ 18,342 $ 40,074 $ 58,416 __________________________________ (1) Acquired Loans exclude PCI loans. (2) Nonaccrual loans exclude guaranteed portion of delinquent SBA loans that are in liquidation totaling $15.9 million . Includes nonaccrual loans less than 30 days past due totaling $18.3 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 estimated life of the loan when cash flows are reasonably estimable. Accordingly, PCI loans 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 Company categorizes loans 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 definitions for risk ratings are as follows: • Pass: Loans that meet a preponderance or more of the Company’s underwriting criteria and evidence an acceptable level of risk. • Special Mention: Loans that have potential weaknesses 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 that are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. Loans in this classification 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: Loans that have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following tables present the recorded investment of risk ratings for Legacy and Acquired Loans as of March 31, 2017 and December 31, 2016 by class of loans: As of March 31, 2017 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Legacy Loans: Real estate—residential $ 36,883 $ 219 $ 1,465 $ — $ 38,567 Real estate—commercial Retail 1,373,943 19,057 17,634 — 1,410,634 Hotel & motel 1,171,476 15,238 9,010 — 1,195,724 Gas station & car wash 637,755 10,280 3,542 — 651,577 Mixed use 396,870 957 1,408 — 399,235 Industrial & warehouse 515,640 21,839 14,970 — 552,449 Other 1,050,557 22,967 35,864 — 1,109,388 Real estate—construction 175,895 13,755 2,856 — 192,506 Commercial business 1,000,577 18,973 74,590 233 1,094,373 Trade finance 53,839 4,142 5,600 — 63,581 Consumer and other 206,835 4 809 — 207,648 Subtotal $ 6,620,270 $ 127,431 $ 167,748 $ 233 $ 6,915,682 Acquired Loans: Real estate—residential $ 19,330 $ 269 $ — $ — $ 19,599 Real estate—commercial Retail 750,436 11,996 17,642 — 780,074 Hotel & motel 316,099 11,955 17,562 — 345,616 Gas station & car wash 243,494 8,918 9,190 — 261,602 Mixed use 117,453 3,578 11,599 8 132,638 Industrial & warehouse 314,060 14,694 16,453 298 345,505 Other 712,484 28,529 23,389 — 764,402 Real estate—construction 91,672 — — — 91,672 Commercial business 549,059 17,666 35,700 97 602,522 Trade finance 76,541 17 3,159 — 79,717 Consumer and other 204,689 914 5,270 1,648 212,521 Subtotal $ 3,395,317 $ 98,536 $ 139,964 $ 2,051 $ 3,635,868 Total $ 10,015,587 $ 225,967 $ 307,712 $ 2,284 $ 10,551,550 As of December 31, 2016 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Legacy Loans: Real estate—residential $ 34,283 $ 223 $ 2,883 $ — $ 37,389 Real estate—commercial Retail 1,303,452 18,929 15,430 — 1,337,811 Hotel & motel 1,187,709 12,763 9,026 — 1,209,498 Gas station & car wash 643,282 7,259 3,690 — 654,231 Mixed use 375,312 — 1,467 — 376,779 Industrial & warehouse 478,528 29,830 13,745 — 522,103 Other 969,024 22,220 41,017 — 1,032,261 Real estate—construction 159,230 14,745 1,300 — 175,275 Commercial business 1,032,232 15,919 65,885 95 1,114,131 Trade finance 68,051 5,673 7,670 — 81,394 Consumer and other 179,864 1 829 — 180,694 Subtotal $ 6,430,967 $ 127,562 $ 162,942 $ 95 $ 6,721,566 Acquired Loans: Real estate—residential $ 18,007 $ 1,809 $ 679 $ — $ 20,495 Real estate—commercial Retail 772,465 9,860 21,110 — 803,435 Hotel & motel 328,396 5,419 18,233 — 352,048 Gas station & car wash 249,379 8,437 11,338 — 269,154 Mixed use 118,643 3,105 12,505 8 134,261 Industrial & warehouse 321,040 31,819 9,048 315 362,222 Other 736,385 23,286 29,099 — 788,770 Real estate—construction 78,838 — — — 78,838 Commercial business 649,186 31,340 37,265 99 717,890 Trade finance 70,535 61 2,938 — 73,534 Consumer and other 214,437 958 5,949 1,432 222,776 Subtotal $ 3,557,311 $ 116,094 $ 148,164 $ 1,854 $ 3,823,423 Total $ 9,988,278 $ 243,656 $ 311,106 $ 1,949 $ 10,544,989 The Company reclassifies loans held for investment to loans held for sale in the event that the Company plans to sell loans that were originated with the intent to hold to maturity. Loans transferred from held to investment to held for sale are carried at the lower of cost or fair value. The breakdown of loans by type that were reclassified from held to investment to held for sale for the three months ended March 31, 2017 and 2016 is presented in the following table: Three Months Ended March 31, 2017 2016 Transfer of loans receivable to held for sale (Dollars in thousands) Real estate - commercial $ 8,699 $ — Commercial business 752 — Consumer — 450 Total $ 9,451 $ 450 The adequacy of the allowance for loan losses is determined by management based upon an evaluation and review of the credit quality of the loan portfolio, consideration of historical loan loss experience, relevant internal and external factors that affect the collection of a loan, and other pertinent factors. Migration analysis is a formula methodology derived from the Bank’s actual historical net charge off experience for each loan class (type) or pool and risk grade. The migration analysis is centered on the Bank’s internal credit risk rating system. Management’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 the migration analysis methodology described above. 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 on the most recent losses. That loss experience is then applied to the stratified portfolio at the end of each quarter. For PCI loans, a general loan loss allowance is provided to the extent that there has been credit deterioration since the date of acquisition. 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 or pool. 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; and • 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 that have identified potential credit risk conditions or circumstances related to a specific individual credit. The specific allowance amounts are determined in accordance with 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, management obtains 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, management either obtains updated appraisals every twelve months from a qualified independent appraiser or an internal evaluation of the collateral is performed by qualified personnel. If the third party market data indicates that the value of the collateral property has declined since the most recent valuation date, management adjusts the value of the property downward to reflect current market conditions. If the fair value of the collateral is less than the recorded amount of the loan, management recognizes 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 Company 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, management 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 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 types of collateral. For PCI loans, the allowance for loan losses is based upon expected cash flows for these loans. To the extent that a deterioration in borrower’s 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 an estimate of future credit losses over the remaining life of the loans. Provision for loan losses on acquired loans for the three months ended March 31, 2017 was $1.9 million of which $734 thousand was related to PCI loans. The following table presents breakdown of loans by impairment method at March 31, 2017 and December 31, 2016 : As of March 31, 2017 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) $ 1,465 $ 90,381 $ 2,856 $ 29,440 $ 4,450 $ 987 $ 129,579 Specific allowance $ — $ 2,560 $ — $ 2,479 $ — $ 40 $ 5,079 Allowance coverage ratio N/A 2.83 % N/A 8.42 % N/A 4.05 % 3.92 % Other loans $ 56,701 $ 7,858,463 $ 281,322 $ 1,667,455 $ 138,848 $ 419,182 $ 10,421,971 General allowance $ 287 $ 52,827 $ 1,710 $ 15,944 $ 811 $ 2,001 $ 73,580 Allowance coverage ratio 0.51 % 0.67 % 0.61 % 0.96 % 0.58 % 0.48 % 0.71 % Total loans $ 58,166 $ 7,948,844 $ 284,178 $ 1,696,895 $ 143,298 $ 420,169 $ 10,551,550 Total allowance for loan losses $ 287 $ 55,387 $ 1,710 $ 18,423 $ 811 $ 2,041 $ 78,659 Allowance coverage ratio 0.49 % 0.70 % 0.60 % 1.09 % 0.57 % 0.49 % 0.75 % As of December 31, 2016 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) $ 3,562 $ 93,088 $ 1,300 $ 35,218 $ 6,029 $ 1,164 $ 140,361 Specific allowance $ — $ 2,002 $ — $ 4,493 $ 864 $ 50 $ 7,409 Allowance coverage ratio N/A 2.15 % N/A 12.76 % 14.33 % 4.30 % 5.28 % Other loans $ 54,322 $ 7,749,485 $ 252,813 $ 1,796,803 $ 148,899 $ 402,306 $ 10,404,628 General allowance $ 209 $ 47,915 $ 1,621 $ 19,054 $ 1,033 $ 2,102 $ 71,934 Allowance coverage ratio 0.38 % 0.62 % 0.64 % 1.06 % 0.69 % 0.52 % 0.69 % Total loans $ 57,884 $ 7,842,573 $ 254,113 $ 1,832,021 $ 154,928 $ 403,470 $ 10,544,989 Total allowance for loan losses $ 209 $ 49,917 $ 1,621 $ 23,547 $ 1,897 $ 2,152 $ 79,343 Allowance coverage ratio 0.36 % 0.64 % 0.64 % 1.29 % 1.22 % 0.53 % 0.75 % 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 March 31, 2017 , total modified loans were $66.1 mill |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits The aggregate amount of time deposits in denominations of $250,000 or more at March 31, 2017 and December 31, 2016 , was $1.56 billion and $1.55 billion , respectively. Included in time deposits of $250,000 or more were $300.0 million in California State Treasurer’s deposits at March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016 , securities with carrying values of approximately $355.7 million and $371.6 million , respectively, were pledged as collateral for the California State Treasurer’s deposit. The Company also utilizes brokered deposits as a secondary source of funds. Total brokered deposits at March 31, 2017 and December 31, 2016 , totaled $714.4 million and $724.7 million , respectively. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The Company maintains a line of credit with the FHLB of San Francisco for use as a secondary source of funds. The borrowing capacity with the FHLB is limited to the lower of 25% of the Bank’s total assets or the Bank’s collateral capacity, which was $3.36 billion at March 31, 2017 , and $3.38 billion at December 31, 2016 . The terms of this credit facility require the Company to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances. At March 31, 2017 and December 31, 2016 , real estate secured loans with a carrying amount of approximately $5.50 billion and $5.53 billion , respectively, were pledged at the FHLB. At March 31, 2017 and December 31, 2016 , other than FHLB stock, no securities were pledged as collateral at FHLB. At March 31, 2017 and December 31, 2016 , FHLB advances totaled $703.9 million and $754.3 million , respectively, had weighted average effective interest rates of 1.29% and 1.22% , respectively, and had various maturities through July 2021 . The Company had a putable advance at March 31, 2017 and December 31, 2016 , totaling $20.1 million and $20.2 million , respectively, with a quarterly put date. The stated rate of FHLB advances as of March 31, 2017 ranged between 0.84% and 2.02% . At March 31, 2017 , the Company’s remaining borrowing capacity with the FHLB was $2.64 billion . At March 31, 2017 , the contractual maturities for FHLB advances were as follows: Contractual Maturity/ (Dollars in thousands) Due within one year $ 220,103 $ 220,103 Due after one year through five years 483,747 483,747 Total $ 703,850 $ 703,850 As a member of the FRB system, the Bank may also borrow from the FRB of San Francisco. The maximum amount that the Bank may borrow from the FRB’s discount window is up to 95% of the outstanding principal balance of the qualifying loans and the fair value of the securities that are pledged. At March 31, 2017 , the outstanding principal balance of the qualifying loans was $651.7 million , and the fair value of investment securities was $5.7 million . There were no borrowings outstanding against this line as of March 31, 2017 and December 31, 2016 . |
Subordinated Debentures
Subordinated Debentures | 3 Months Ended |
Mar. 31, 2017 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures | Subordinated Debentures At March 31, 2017 , the Company had nine wholly owned subsidiary grantor trusts that had issued $126.0 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”). 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 now has the right to redeem the Debentures in whole (but not in part) on a quarterly basis 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 March 31, 2017 : Issuance Trust Issuance Date Trust Preferred Security Amount Carrying Value of Subordinated Debentures Rate Type Current Rate Maturity Date (Dollars in thousands) Nara Capital Trust III 06/05/2003 $ 5,000 $ 5,155 Variable 4.28% 06/15/2033 Nara Statutory Trust IV 12/22/2003 5,000 5,155 Variable 3.87% 01/07/2034 Nara Statutory Trust V 12/17/2003 10,000 10,310 Variable 4.10% 12/17/2033 Nara Statutory Trust VI 03/22/2007 8,000 8,248 Variable 2.78% 06/15/2037 Center Capital Trust I 12/30/2003 18,000 13,684 Variable 3.87% 01/07/2034 Wilshire Statutory Trust II 03/17/2005 20,000 15,158 Variable 2.94% 03/17/2035 Wilshire Statutory Trust III 09/15/2005 15,000 10,635 Variable 2.53% 09/15/2035 Wilshire Statutory Trust IV 07/10/2007 25,000 17,275 Variable 2.51% 09/15/2037 Saehan Capital Trust I 03/30/2007 20,000 14,447 Variable 2.77% 06/30/2037 Total $ 126,000 $ 100,067 The Company’s investment in the common trust securities of the issuer trusts was $3.9 million at March 31, 2017 and 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. |
Derivative Financial Instrument
Derivative Financial Instruments (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | he following table reflects the notional amount and fair value of mortgage banking derivatives for the dates indicated: As of March 31, 2017 As of December 31, 2016 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Assets: Interest rate lock commitments $ 6,801 $ 113 $ 11,168 $ 130 Forward sale contracts related to mortgage banking $ 626 $ — $ 3,223 $ 17 Liabilities: Interest rate lock commitments $ — $ — $ 1,810 $ (3 ) Forward sale contracts related to mortgage banking $ 6,175 $ (40 ) $ 9,755 $ (38 ) |
Goodwill, Intangible Assets, an
Goodwill, Intangible Assets, and Servicing Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible Assets, and Servicing Assets | Goodwill, Intangible Assets, and Servicing Assets Goodwill represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the estimated fair value of the liabilities assumed. Goodwill has an indefinite useful life and is evaluated for impairment annually or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. At December 31, 2016, management assessed the qualitative factors related to goodwill for the year to determine whether it was more-likely-than-not that the fair value was less than its carrying amount. Based on the analysis of these factors, management determined that it was more-likely-than-not that the fair value of goodwill exceeded the carrying value and that the two-step impairment test was not needed. Goodwill is not amortized for book purposes and is not tax deductible. The carrying amount of the Company’s goodwill as of March 31, 2017 and December 31, 2016 was $464.0 million , and $463.0 million , respectively. There was no impairment of goodwill during the three months ended March 31, 2017 . Goodwill recorded in the third quarter of 2016 from the acquisition of Wilshire totaled $359.0 million . During the fourth quarter of 2016, the Company made a net adjustment of $1.4 million to the deferred tax assets and taxes receivable acquired from Wilshire which reduced the previous goodwill recorded from the transaction by $1.4 million . Subsequently in the first quarter of 2017, the Company made a net adjustment of $978 thousand to OREO and deferred tax assets acquired from Wilshire which increased goodwill recorded from the Wilshire transaction by $978 thousand . These adjustments were made to reflect new information obtained about facts and circumstances that existed as of the acquisition date in accordance with ASC 805-10-25-13. At March 31, 2017 , goodwill related to the acquisition of Wilshire totaled $358.6 million . Core deposit intangible assets are amortized over their estimated lives, which range from seven to ten years. Amortization expense related to core deposit intangible assets totaled $676 thousand and $212 thousand for the three months ended March 31, 2017 and 2016 , respectively. The following table provides information regarding the core deposit intangibles at March 31, 2017 : As of March 31, 2017 Amortization period Gross Carrying Amount Accumulated Amortization (Dollars in thousands) Core deposit—Center Financial acquisition 7 years $ 4,100 $ (3,755 ) Core deposit—PIB acquisition 7 years 604 (484 ) Core deposit—Foster acquisition 10 years 2,763 (1,417 ) Core deposit—Wilshire acquisition 10 years 18,138 (1,399 ) Total $ 25,605 $ (7,055 ) Servicing assets are recognized when SBA or residential mortgage loans are sold with servicing retained with the income statement effect recorded in net gains on sales of SBA and other 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. 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. As of March 31, 2017 and December 31, 2016, the Company did not have a valuation allowance for servicing assets. The changes in servicing assets for the three months ended March 31, 2017 and 2016 were as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 26,457 $ 12,000 Additions through originations of servicing assets 1,296 777 Amortization (1,812 ) (921 ) Balance at end of period $ 25,941 $ 11,856 Loans serviced for others are not reported as assets. The principal balances of loans serviced for other institutions were $1.5 billion as of March 31, 2017 and $1.5 billion as of December 31, 2016 . The Company utilizes the discounted cash flow method to calculate the initial excess servicing assets. The inputs used in determining the impairment of the servicing assets at March 31, 2017 and December 31, 2016 are presented below. March 31, 2017 December 31, 2016 SBA Servicing Assets: Weighted-average discount rate 10.29% 9.85% Constant prepayment rate 8.18% 8.05% Mortgage Servicing Assets: Weighted-average discount rate 9.66% 7.25% Constant prepayment rate 7.71% 13.77% |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the first quarter of 2017, the Company had an income tax provision totaling $23.0 million on pretax income of $59.2 million , representing an effective tax rate of 38.84% , compared with an income tax provision of $16.2 million on pretax income of $39.8 million , representing an effective tax rate of 40.69% for the first quarter of 2016. 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 three months ended March 31, 2017 and March 31, 2016 : March 31, 2017 March 31, 2016 Statutory tax rate 35.00 % 35.00 % State taxes-net of federal tax effect 7.18 % 7.32 % Affordable housing partnership investment tax credit (2.93 )% (1.29 )% Bank owned life insurance (0.16 )% (0.24 )% Municipal securities (0.25 )% (0.21 )% Nondeductible transaction costs 0.08 % 0.48 % Other (0.08 )% (0.37 )% Effective income tax rate 38.84 % 40.69 % The Company and its subsidiaries are subject to U.S. federal income tax, as well as state income taxes. The Company had total unrecognized tax benefits of $2.2 million at March 31, 2017 and December 31, 2016 that relate to uncertainties associated with federal and state income tax matters. Other than the accrued interest of $100 thousand related to uncertain tax positions from an acquired entity, the Company recognizes interest and penalties on income tax matters in income tax expense. The Company recorded approximately $331 thousand and $306 thousand for accrued interest and penalties ( no portion was related to penalties) at March 31, 2017 and December 31, 2016 , respectively. Management believes it is reasonably possible that the unrecognized tax benefits may decrease by approximately $1.0 million in the next twelve months. The statute of limitations for the assessment of income taxes related to the consolidated Federal income tax returns is closed for all tax years up to and including 2012. The expiration of the statute of limitations for the assessment of income and franchise taxes related to the various state income and franchise tax returns varies by state. The Company is currently under examination by the California Franchise Tax Board (FTB) for the 2011, 2012 and 2013 tax years and by the New York State Department of Taxation and Finance for the 2013, 2014, and 2015 tax years. Wilshire Bancorp, Inc., an acquired entity, is currently under examination by the California Franchise Tax Board (FTB) for the 2011, 2012, and 2013 tax years and by the New York State Department of Taxation and Finance for the 2011, 2012, 2013, and 2014 tax years. While the outcome of the examinations is unknown, the Company expects no material adjustments. 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 March 31, 2017 . The Company adopted ASU 2016-09 , “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting” during the first quarter of 2017. As a result of the adoption, the Company recorded $73 thousand of income tax benefits for the three months ended March 31, 2017 related to excess tax benefits from stock compensation. Prior to 2017, such excess tax benefits were generally recorded in additional paid-in capital as part of stockholders’ equity. This new accounting standard may potentially increase the volatility in the Company’s effective tax rates in future quarters. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | ous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair value. The fair value inputs of the instruments are classified and disclosed in one of the following categories pursuant to ASC 820: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The quoted price shall not be adjusted for any blockage factor (i.e., size of the position relative to trading volume). Level 2 - Pricing inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Fair value is determined through the use of models or other valuation methodologies, including the use of pricing matrices. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 - Pricing inputs are unobservable for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company uses the following methods and assumptions in estimating fair value disclosures for financial instruments. Financial assets and liabilities recorded at fair value on a recurring and non-recurring basis are listed as follows: 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. Interest Rate Swaps The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. 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 be comprised of a 20-60% discount for eligible accounts receivable and a 50-70% discount for inventory. These result in a Level 3 classification. 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 a quarterly 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. Mortgage banking derivatives Mortgage banking derivative instruments consist of interest rate lock commitments and forward sale contracts that trade in liquid markets. The fair value is based on the prices available from third party investors. Due to the observable nature of the inputs used in deriving the fair value, the valuation of mortgage banking derivatives are classified as Level 2. 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 March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets: Securities available for sale: GSE debt securities $ 9,998 $ — $ 9,998 $ — GSE collateralized mortgage obligations (residential) 726,619 — 726,619 — GSE mortgage-backed securities (residential) 732,692 — 732,692 — Corporate securities 4,313 — 4,313 — Municipal securities 97,254 — 96,126 1,128 Mutual funds 13,070 13,070 — — Interest rate swaps (1,623 ) — (1,623 ) — Mortgage banking derivatives 113 — 113 — Liabilities: Interest rate swaps (1,623 ) — (1,623 ) — Mortgage banking derivatives 40 — 40 — Fair Value Measurements at the End of the Reporting Period Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets: Securities available for sale: GSE debt securities $ 12,008 $ — $ 12,008 $ — GSE collateralized mortgage obligations (residential) 705,667 — 705,667 — GSE mortgage-backed securities (residential) 728,041 — 728,041 — Corporate securities 11,127 — 11,127 — Municipal securities 86,839 — 85,700 1,139 Mutual funds 13,058 13,058 — — Interest rate swaps (1,565 ) — (1,565 ) — Mortgage banking derivatives 147 — 147 — Liabilities: Interest rate swaps (1,565 ) — (1,565 ) — Mortgage banking derivatives 41 — 41 — There were no transfers between Level 1, 2 and 3 during the three months ended March 31, 2017 and 2016 . There were no gains or losses recognized in earnings during the three months ended March 31, 2017 and 2016 . The following table reflects the notional amount and fair value of mortgage banking derivatives for the date indicated: As of March 31, 2017 As of December 31, 2016 Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Assets: Interest rate lock commitments $ 6,801 $ 113 $ 11,168 $ 130 Forward sale contracts related to mortgage banking $ 626 $ — $ 3,223 $ 17 Liabilities: Interest rate lock commitments $ — $ — $ 1,810 $ (3 ) Forward sale contracts related to mortgage banking $ 6,175 $ (40 ) $ 9,755 $ (38 ) 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 three months ended March 31, 2017 : Three Months Ended March 31, 2017 2016 (Dollars in thousands) Beginning Balance, January 1 $ 1,139 $ 1,166 Total (losses) or gains included in other comprehensive income (11 ) 43 Ending Balance, March 31 $ 1,128 $ 1,209 The Company measures certain assets at fair value on a non-recurring basis including impaired loans (excluding PCI loans), loans held for sale, and OREO. These fair value adjustments result from impairments recognized during the period, application of the lower of cost or fair value on loans held for sale, the application of fair value less cost to sell on OREO. Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at the End of the Reporting Period Using March 31, 2017 Quoted Prices Significant Significant (Dollars in thousands) Assets: Impaired loans at fair value: Real estate loans $ 65,125 $ — $ — $ 65,125 Commercial business 9,407 — — 9,407 Trade finance 4,365 — — 4,365 Consumer 97 — — 97 Loans held for sale, net 6,571 — 6,571 — OREO 19,096 — — 19,096 Fair Value Measurements at the End of the Reporting Period Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets: Impaired loans at fair value: Real estate loans $ 58,882 $ — $ — $ 58,882 Commercial business 6,563 — — 6,563 Trade Finance — — — — Consumer 253 — — 253 Impaired loans held for sale, net 3,788 — 3,788 — OREO 21,990 — — 21,990 For assets measured at fair value on a non-recurring basis, the total net gains (losses), which include charge offs, recoveries, specific reserves, and recognized gains and losses on sales are summarized below: For the Three Months Ended March 31, 2017 2016 (Dollars in thousands) Assets: Impaired loans at fair value: Real estate loans $ (2,002 ) $ 309 Commercial business (974 ) (2,672 ) Trade Finance (712 ) 1,296 Consumer (266 ) (62 ) Impaired loans held for sale, net 420 15 OREO (595 ) (577 ) Fair Value of Financial Instruments Carrying amounts and estimated fair values of financial instruments, not previously presented, at March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Carrying Estimated Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 461,068 $ 461,068 Level 1 Interest bearing deposits in other financial institutions and other investments 43,958 43,630 Level 2/3 Loans held for sale 19,141 20,291 Level 2 Loans receivable—net 10,471,008 10,633,834 Level 3 FHLB stock 21,203 N/A N/A Accrued interest receivable 25,683 25,683 Level 2/3 Customers’ liabilities on acceptances 2,771 2,771 Level 2 Financial Liabilities: Noninterest bearing deposits $ 2,963,947 $ 2,963,947 Level 2 Saving and other interest bearing demand deposits 3,771,155 3,771,155 Level 2 Time deposits 3,968,675 3,963,545 Level 2 FHLB advances 703,850 698,287 Level 2 Subordinated debentures 100,067 100,067 Level 2 Accrued interest payable 10,592 10,592 Level 2 Servicing Assets 25,941 25,941 Level 3 Acceptances outstanding 2,771 2,771 Level 2 December 31, 2016 Carrying Estimated Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 437,334 $ 437,334 Level 1 Interest bearing deposits in other financial institutions and other investments 44,202 43,773 Level 2/3 Loans held for sale 22,785 24,492 Level 2 Loans receivable—net 10,463,989 10,666,642 Level 3 FHLB stock 21,964 N/A N/A Accrued interest receivable 26,880 26,880 Level 2/3 Customers’ liabilities on acceptances 2,899 2,899 Level 2 Financial Liabilities: Noninterest bearing deposits $ 2,900,241 $ 2,900,241 Level 2 Saving and other interest bearing demand deposits 3,703,352 3,703,352 Level 2 Time deposits 4,038,442 4,036,664 Level 2 FHLB advances 754,290 749,486 Level 2 Subordinated debentures 99,808 99,808 Level 2 Accrued interest payable 10,863 10,863 Level 2 Servicing Assets 26,457 26,457 Level 3 Acceptances outstanding 2,899 2,899 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. The fair value for servicing assets is determined through discounted cash flow analysis and utilizes discount rates, prepayment speeds, and delinquency rate assumptions as inputs. 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 FRB stock or FHLB stock due to restrictions placed on their transferability. The fair value of commitments to fund loans represents fees currently charged to enter into similar agreements with similar remaining maturities and is not presented herein. The fair value of these financial instruments is not material to the consolidated financial statements. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders’ Equity and Regulatory Matters [Abstract] | |
Stockholders’ Equity | The following table presents the quarterly changes to accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and March 31, 2016 : Three months ended, March 31, 2017 March 31, 2016 (Dollars in thousands) Balance at beginning of period $ (14,657 ) $ (1,832 ) Unrealized gains on securities available for sale and interest only strips 3,132 15,592 Tax effect 1,324 6,605 Total other comprehensive income 1,808 8,987 Balance at end of period $ (12,849 ) $ 7,155 For the three months ended March 31, 2017 and March 31, 2016 there were no reclassifications out of accumulated other comprehensive (loss) income. eholders received 0.7034 shares of the Company’s common stock for each share of Wilshire stock owned. Based on this exchange ratio, 55.5 million shares of the Company’s common stock were issued to Wilshire shareholders at $15.37 per share, the closing price of the Company’s stock on July 29, 2016. As a result, $852.9 million in common stock was issued as consideration in the transaction and $3.4 million in additional paid-in capital was recorded to account for the fair value of stock options assumed. Total stockholders’ equity at March 31, 2017 was $1.88 billion , compared to $1.86 billion at December 31, 2016. 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 March 31, 2017 , the U.S. Treasury Department held one remaining warrant for the purchase of 19,963 shares of the Company’s common stock. The Company paid a quarterly dividend of $0.12 per common share for the first quarter of 2017 compared to $0.11 per common share for the first quarter of 2016. The following table presents the quarterly changes to accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and March 31, 2016 : Three months ended, March 31, 2017 March 31, 2016 (Dollars in thousands) Balance at beginning of period $ (14,657 ) $ (1,832 ) Unrealized gains on securities available for sale and interest only strips 3,132 15,592 Tax effect 1,324 6,605 Total other comprehensive income 1,808 8,987 Balance at end of period $ (12,849 ) $ 7,155 For the three months ended March 31, 2017 and March 31, 2016 there were no reclassifications out of accumulated other comprehensive (loss) income. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2017 | |
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 material and adverse effect on the Company’s and the Bank’s business, financial condition and results of operation, such as restrictions on growth 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. In July, 2013, the federal bank regulatory agencies adopted final regulations, which revised their risk-based and leverage capital requirements for banking organizations to meet requirements of Dodd-Frank and to implement Basel III international agreements reached by the Basel Committee. The final rules began for the Company and the Bank on January 1, 2015 and are subject to a phase-in period through January 1, 2019. The final rules that had an impact on the Company and the Bank include: • An increase in the minimum Tier 1 capital ratio from 4.00% to 6.00% of risk-weighted assets; • A new category and a required 4.50% of risk-weighted assets ratio is established for “Common Equity Tier 1” as a subset of Tier 1 capital limited to common equity; • A minimum non-risk-based leverage ratio is set at 4.00%, eliminating a 3.00% exception for higher rated banks; • Changes in the permitted composition of Tier 1 capital to exclude trust preferred securities, mortgage servicing rights and certain deferred tax assets and include unrealized gains and losses on available for sale debt and equity securities; • The risk-weights of certain assets for purposes of calculating the risk-based capital ratios are changed for high volatility commercial real estate acquisition, development and construction loans, certain past due non-residential mortgage loans and certain mortgage-backed and other securities exposures; and • A new additional capital conservation buffer of 2.5% of risk weighted assets over each of the required capital ratios is being phased in from 2016 to 2019 and must be met to avoid limitations on the ability of the B ank to pay dividends, repurchase shares, or pay discretionary bonuses. The capital conservation buffer for the Company was initially 0.625% in 2016, and increases 0.625% annually until 2019. As of March 31, 2017 , the capital conservation buffer for the Company stood at 1.25%. As of March 31, 2017 , the ratios for the Company and the Bank are sufficient to meet the fully phased-in conservation buffer. As of March 31, 2017 and December 31, 2016 , the most recent regulatory notification categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well-capitalized”, the Bank must maintain minimum total risk-based, Tier I risk-based, common equity Tier 1, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since the notification from regulators that management believes has changed the institution’s category. As of March 31, 2017 and December 31, 2016 , the Company and Bank met all capital adequacy requirements to which they are subject to. The Company’s and the Bank’s capital amounts and ratios are presented in the table below: Actual Required Minimum Capital Adequacy With Capital Buffer Required Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of March 31, 2017 Common equity tier 1 capital (to risk weighted assets): Company $ 1,413,592 12.22 % $ 520,711 4.50 % $ 665,353 5.75 % N/A N/A Bank $ 1,489,239 12.88 % $ 520,425 4.50 % $ 664,987 5.75 % $ 751,724 6.50 % Total capital (to risk-weighted assets): Company $ 1,591,852 13.76 % $ 925,708 8.00 % $ 1,070,350 9.25 % N/A N/A Bank $ 1,571,333 13.59 % $ 925,199 8.00 % $ 1,069,762 9.25 % $ 1,156,499 10.00 % Tier I capital (to risk-weighted assets): Company $ 1,509,758 13.05 % $ 694,281 6.00 % $ 838,923 7.25 % N/A N/A Bank $ 1,489,239 12.88 % $ 693,899 6.00 % $ 838,462 7.25 % $ 925,199 8.00 % Tier I capital (to average assets): Company $ 1,509,758 11.72 % $ 515,352 4.00 % N/A N/A N/A N/A Bank $ 1,489,239 11.56 % $ 515,212 4.00 % N/A N/A $ 644,014 5.00 % Actual Required Minimum Capital Adequacy With Capital Buffer Required Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2016 Common equity tier 1 capital (to risk weighted assets): Company $ 1,400,246 12.10 % $ 520,917 4.50 % $ 593,267 5.13 % N/A N/A Bank $ 1,475,228 12.75 % $ 520,631 4.50 % $ 592,941 5.13 % $ 752,022 6.50 % Total capital (to risk-weighted assets): Company $ 1,578,690 13.64 % $ 926,076 8.00 % $ 998,425 8.63 % N/A N/A Bank $ 1,557,765 13.46 % $ 925,566 8.00 % $ 997,876 8.63 % $ 1,156,957 10.00 % Tier I capital (to risk-weighted assets): Company $ 1,496,153 12.92 % $ 694,557 6.00 % $ 766,906 6.63 % N/A N/A Bank $ 1,475,228 12.75 % $ 694,174 6.00 % $ 766,484 6.63 % $ 925,566 8.00 % Tier I capital (to average assets): Company $ 1,496,153 11.49 % $ 520,947 4.00 % N/A N/A N/A N/A Bank $ 1,475,228 11.33 % $ 520,903 4.00 % N/A N/A $ 651,129 5.00 % |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Basis Of Presentation [Abstract] | |
Consolidation | The consolidated financial statements include the accounts of Hope Bancorp and its wholly owned subsidiaries, principally Bank of Hope. All intercompany transactions and balances have been eliminated in consolidation. The Company has made all adjustments, that in the opinion of management, are necessary to fairly present the Company’s financial position at March 31, 2017 and December 31, 2016 and the results of operations for the three months ended March 31, 2017 and 2016 . Certain reclassifications have been made to prior period amounts to conform to the current year presentation. The results of operations for the interim periods are not necessarily indicative of results to be anticipated for the full year. |
Use of estimates | 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 significantly from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” which supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. ASU 2014-09 is based on the principle that revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 as amended by ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, is effective for interim and annual periods beginning after December 15, 2017 and is applied on either a modified retrospective or full retrospective basis. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. The Company’s revenue primarily consists of net interest income and noninterest income. The scope of the guidance explicitly excludes net interest income, as well as other revenues from financial instruments such as loans, leases, securities and derivatives. Certain noninterest income revenue items such as service charges on deposits accounts, gain/loss on other real estate owned sales, and other income items may be in the scope of ASU 2014-09 and how these revenue streams are recognized may change. The Company is currently in the process of evaluating the impact of ASU 2014-09 on its consolidated financial statements, but does not expect the adoption of ASU 2014-09 to have material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. 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 currently in the process of evaluating the impact of the pending adoption of the new standard on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. ASU 2016-13 becomes effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company is currently in the process of evaluating the impact of the pending adoption of the new standard on its consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost & Net Periodic Post-retirement Benefit Cost”. ASU 2017-07 was issued to to improve the presentation of net periodic pension costs and net periodic post-retirement benefit cost and requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. ASU 2017-07 also allow only the service cost component to be eligible for capitalization when applicable (e.g., as a cost of internally manufactured inventory or a self-constructed asset). ASU 2017-07 is effective for annual period beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is currently in the process of evaluating the impact of ASU 2017-07 on its consolidated financial statements, but does not expect the adoption of ASU 2017-07 to have material impact on it consolidated financial statements. In March 2017, the FASB issued ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities”. ASU 2017-08 was issued to amend the amortization period for certain callable debt securities held at a premium. ASU 2017-08 shortens the amortization period of premiums on certain purchased callable debt securities to the earliest call date. ASU 2017-08 affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium). ASU 2017-08 does not impact securities purchased at a discount, which continue to be amortized to maturity. ASU 2017-08 is effective for annual period beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted in an interim period. If an entity chooses to adopt early, any adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. The adoption of ASU 2017-08 is not expected to have a material impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification”. ASU 2017-09 was issued to provide clarity and reduce both 1) diversity in practice and 2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation, to a change to the terms or conditions of a share-based payment award. Diversity in practice has arisen in part because some entities apply modification accounting under Topic 718 for modifications to terms and conditions that they consider substantive, but do not when they conclude that particular modifications are not substantive. Others apply modification accounting for any change to an award, except for changes that they consider purely administrative in nature. Still others apply modification accounting when a change to an award changes the fair value, the vesting, or the classification of the award. In practice, it appears that the evaluation of a change in fair value, vesting, or classification may be used to evaluate whether a change is substantive. ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. ASU 2017-09 is effective for the annual period, and interim periods within the annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period for: (a) public business entities for reporting periods for which financial statements have not yet been issued, and (b) all other entities for reporting periods for which financial statements have not yet been made available for issuance. ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. The Company is currently in the process of evaluating the impact of ASU 2017-09 on its consolidated financial statements, but does not expect the adoption of ASU 2017-09 to have material impact on it consolidated financial statements. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Consideration Paid, Assets Acquired and Liabilities Assumed | The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table: (Dollars in thousands) Consideration Paid: Hope common stock issued in exchange for Wilshire common stock $ 852,939 Cash paid for fractional shares 3 Hope stock options issued in exchange Wilshire stock options 3,370 Total consideration paid $ 856,312 Assets Acquired: Cash and cash equivalents $ 100,127 Investment securities available for sale 478,938 Loans receivable 3,800,807 FRB and FHLB stock 16,539 OREO 13,173 Premises and equipment 16,812 Bank owned life insurance 25,240 Servicing assets 16,203 Low income housing tax credit investments 47,111 Core deposit intangibles 18,138 Deferred tax assets, net 18,174 Other assets 76,818 Liabilities Assumed: Deposits (3,812,367 ) Borrowings (206,282 ) Subordinated debentures (56,942 ) Other liabilities (54,751 ) Total identifiable net assets $ 497,738 Excess of consideration paid over fair value of net assets acquired (goodwill) $ 358,574 |
Acquisition Related Expenses | The following table presents acquisition-related expenses associated with the merger with Wilshire, the pending acquisition of U & I, and other previous acquisitions which were reflected in the Consolidated Statements of Income in merger and integration expense. These expenses are comprised primarily of salaries and employee benefits, professional fees, and other noninterest expense related to acquisitions. Three Months Ended March 31, 2017 2016 (Dollars in thousands) Wilshire $ 401 $ 1,183 U & I 522 — Other 24 24 Total merger and integration expenses $ 947 $ 1,207 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 Plan and 2016 Plan for the three months ended March 31, 2017 : Number of Shares Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (Dollars in thousands) Outstanding - January 1, 2017 1,624,227 $ 15.30 Granted — — Exercised (21,307 ) 11.07 Expired (1,530 ) 15.34 Forfeited — — Outstanding - March 31, 2017 1,601,390 $ 15.36 6.40 $ 6,861 Options exercisable - March 31, 2017 866,548 $ 14.02 4.13 $ 5,218 |
Summary of Restricted and Performance Unit Activity Under the Plan | The following is a summary of restricted stock and performance unit activity under the 2007 Plan and 2016 Plan for the three months ended March 31, 2017 : Number of Shares Weighted- Average Grant Date Fair Value Outstanding - January 1, 2017 403,658 $ 16.17 Granted — — Vested (36,407 ) 15.31 Forfeited (3,372 ) 14.75 Outstanding - March 31, 2017 363,879 $ 16.27 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted EPS | The following tables show the computation of basic and diluted EPS for the three months ended March 31, 2017 and 2016 . Three Months Ended March 31, 2017 2016 Net Income (Numerator) Weighted-Average Shares (Denominator) Per Share (Amount) Net Income (Numerator) Weighted-Average Shares Per Share (Amount) (Dollars in thousands, except share and per share data) Basic EPS - common stock $ 36,210 135,248,018 $ 0.27 $ 23,623 79,583,188 $ 0.30 Effect of dilutive securities: Stock options and restricted stock 520,627 30,057 Diluted EPS - common stock $ 36,210 135,768,645 $ 0.27 $ 23,623 79,613,245 $ 0.30 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Available-for-sale Securities [Abstract] | |
Summary of Securities Available for Sale | The following is a summary of securities available for sale as of the dates indicated: At March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Debt securities $ 10,002 $ — $ (4 ) $ 9,998 Collateralized mortgage obligations (residential) 736,000 406 (9,787 ) 726,619 Mortgage-backed securities (residential) 744,654 1,252 (13,214 ) 732,692 Corporate securities 4,564 — (251 ) 4,313 Municipal securities 97,689 609 (1,044 ) 97,254 Total debt securities 1,592,909 2,267 (24,300 ) 1,570,876 Mutual funds 13,425 18 (373 ) 13,070 Total investment securities available for sale $ 1,606,334 $ 2,285 $ (24,673 ) $ 1,583,946 At December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value (Dollars in thousands) Debt securities: U.S. Government agency and U.S. Government sponsored enterprises Debt securities $ 12,005 $ 3 $ — $ 12,008 Collateralized mortgage obligations (residential) 715,981 349 (10,663 ) 705,667 Mortgage-backed securities (residential) 741,304 1,132 (14,395 ) 728,041 Corporate securities 11,576 — (449 ) 11,127 Municipal securities 88,018 358 (1,537 ) 86,839 Total debt securities 1,568,884 1,842 (27,044 ) 1,543,682 Mutual funds 13,425 — (367 ) 13,058 Total investment securities available for sale $ 1,582,309 $ 1,842 $ (27,411 ) $ 1,556,740 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of investment securities at March 31, 2017 , 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 (Dollars in thousands) Available for sale: Due within one year $ 10,724 $ 10,725 Due after one year through five years 7,472 7,630 Due after five years through ten years 40,905 40,891 Due after ten years 53,154 52,319 U.S. Government agency and U.S. Government sponsored enterprises Collateralized mortgage obligations (residential) 736,000 726,619 Mortgage-backed securities (residential) 744,654 732,692 Mutual funds 13,425 13,070 Total $ 1,606,334 $ 1,583,946 |
Schedule of Unrealized Loss on Investments | The following tables show our investments’ gross unrealized losses and estimated fair value, 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. As of March 31, 2017 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) Debt securities* 3 $ 9,998 $ (4 ) — $ — $ — 3 $ 9,998 $ (4 ) Collateralized mortgage obligations (residential)* 67 624,327 (8,668 ) 4 34,843 (1,119 ) 71 659,170 (9,787 ) Mortgage-backed securities (residential)* 59 606,378 (13,214 ) — — — 59 606,378 (13,214 ) Corporate securities — — — 1 4,313 (251 ) 1 4,313 (251 ) Municipal securities 54 50,447 (1,018 ) 1 509 (26 ) 55 50,956 (1,044 ) Mutual funds 3 11,590 (373 ) — — — 3 11,590 (373 ) Total 186 $ 1,302,740 $ (23,277 ) 6 $ 39,665 $ (1,396 ) 192 $ 1,342,405 $ (24,673 ) __________________________________ * Investments in U.S. Government agency and U.S. Government sponsored enterprises As of December 31, 2016 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 (residential)* 66 $ 615,803 $ (9,459 ) 4 $ 36,333 $ (1,204 ) 70 $ 652,136 $ (10,663 ) Mortgage-backed securities (residential)* 57 622,797 (14,395 ) — — — 57 622,797 (14,395 ) Corporate securities 1 7,014 (2 ) 1 4,113 (447 ) 2 11,127 (449 ) Municipal securities 95 69,331 (1,537 ) — — — 95 69,331 (1,537 ) Mutual funds 3 13,058 (367 ) — — — 3 13,058 (367 ) Total 222 $ 1,328,003 $ (25,760 ) 5 $ 40,446 $ (1,651 ) 227 $ 1,368,449 $ (27,411 ) __________________________________ * Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans Receivable and Allowanc29
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Summary of Loans Receivable by Major Category | The following is a summary of loans receivable by major category: March 31, 2017 December 31, 2016 (Dollars in thousands) Loan portfolio composition Real estate loans: Residential $ 58,166 $ 57,884 Commercial 7,948,844 7,842,573 Construction 284,178 254,113 Total real estate loans 8,291,188 8,154,570 Commercial business 1,696,895 1,832,021 Trade finance 143,298 154,928 Consumer and other 420,169 403,470 Total loans outstanding 10,551,550 10,544,989 Deferred loan fees, net (1,883 ) (1,657 ) Loans receivable 10,549,667 10,543,332 Allowance for loan losses (78,659 ) (79,343 ) Loans receivable, net of allowance for loan losses $ 10,471,008 $ 10,463,989 |
Loans and Leases Acquired, Accretable Yield Movement Schedule | The following table presents changes in the accretable discount on the PCI loans for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 38,591 $ 23,777 Accretion (5,348 ) (3,029 ) Reclassification from nonaccretable difference 18,408 1,349 Balance at end of period $ 51,651 $ 22,097 |
Allowance for Loan Losses by Portfolio Segment | The following tables detail the activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2017 and 2016 : Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Three Months Ended March 31, 2017 Balance, beginning of period $ 38,956 $ 23,430 $ 1,897 $ 2,116 $ 12,791 $ 117 $ — $ 36 $ 79,343 Provision (credit) for loan losses 6,106 (2,884 ) 303 184 975 748 187 (19 ) 5,600 Loans charged off (1,154 ) (3,190 ) (1,576 ) (279 ) (336 ) (70 ) — — (6,605 ) Recoveries 21 123 — 1 25 149 — 2 321 Balance, end of period $ 43,929 $ 17,479 $ 624 $ 2,022 $ 13,455 $ 944 $ 187 $ 19 $ 78,659 Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Three Months Ended March 31, 2016 Balance, beginning of period $ 42,829 $ 16,332 $ 3,592 $ 556 $ 12,823 $ 214 $ — $ 62 $ 76,408 Provision (credit) for loan losses (1,218 ) 3,147 (1,507 ) 276 (82 ) (112 ) — (4 ) 500 Loans charged off (19 ) (621 ) — (65 ) (116 ) — — — (821 ) Recoveries 523 190 — 1 1 52 — 2 769 Balance, end of period $ 42,115 $ 19,048 $ 2,085 $ 768 $ 12,626 $ 154 $ — $ 60 $ 76,856 The following tables break out the allowance for loan losses and the recorded investment of loans outstanding by individually impaired, general valuation, and PCI impairment, by portfolio segment, at March 31, 2017 and December 31, 2016 : March 31, 2017 Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Allowance for loan losses: Individually evaluated for impairment $ 2,530 $ 2,357 $ — $ 40 $ 30 $ 122 $ — $ — $ 5,079 Collectively evaluated for impairment 41,399 15,122 624 1,982 1,289 822 187 19 61,444 PCI loans — — — — 12,136 — — — 12,136 Total $ 43,929 $ 17,479 $ 624 $ 2,022 $ 13,455 $ 944 $ 187 $ 19 $ 78,659 Loans outstanding: Individually evaluated for impairment $ 75,377 $ 28,421 $ 4,450 $ 715 $ 19,325 $ 1,019 $ — $ 272 $ 129,579 Collectively evaluated for impairment 5,474,703 1,065,952 59,131 206,933 2,538,765 541,586 76,541 198,095 10,161,706 PCI loans — — — — 183,018 59,917 3,176 14,154 260,265 Total $ 5,550,080 $ 1,094,373 $ 63,581 $ 207,648 $ 2,741,108 $ 602,522 $ 79,717 $ 212,521 $ 10,551,550 December 31, 2016 Legacy Loans Acquired Loans Total Real Estate Commercial Business Trade Finance Consumer and Other Real Estate Commercial Business Trade Finance Consumer and Other (Dollars in thousands) Allowance for loan losses: Individually evaluated for impairment $ 1,889 $ 4,420 $ 864 $ 50 $ 113 $ 73 $ — $ — $ 7,409 Collectively evaluated for impairment 37,067 19,010 1,033 2,066 548 44 — 36 59,804 PCI loans — — — — 12,130 — — — 12,130 Total $ 38,956 $ 23,430 $ 1,897 $ 2,116 $ 12,791 $ 117 $ — $ 36 $ 79,343 Loans outstanding: Individually evaluated for impairment $ 74,085 $ 34,783 $ 6,029 $ 733 $ 23,865 $ 435 $ — $ 431 $ 140,361 Collectively evaluated for impairment 5,271,262 1,079,348 75,365 179,961 2,597,200 650,710 70,535 206,802 10,131,183 PCI loans — — — — 188,158 66,745 2,999 15,543 273,445 Total $ 5,345,347 $ 1,114,131 $ 81,394 $ 180,694 $ 2,809,223 $ 717,890 $ 73,534 $ 222,776 $ 10,544,989 |
Impaired Financing Receivables | The recorded investment of individually impaired loans was as follows: March 31, 2017 December 31, 2016 (Dollars in thousands) With allocated specific allowance Without charge off $ 51,944 $ 59,638 With charge off 196 1,120 With no allocated specific allowance Without charge off 70,466 76,775 With charge off 6,973 2,828 Specific allowance on impaired loans (5,079 ) (7,409 ) Impaired loans, net of specific allowance $ 124,500 $ 132,952 The following tables detail the recorded investment of impaired loans (Legacy Loans and Acquired Loans that became impaired subsequent to being originated and acquired, respectfully) as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 . Loans with no related allowance are believed by management to be adequately collateralized. As of March 31, 2017 As of December 31, 2016 Total Impaired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Recorded Investment* Unpaid Contractual Principal Balance Related Allowance (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 581 581 9 2,095 2,384 90 Hotel & motel 6,395 6,433 403 6,387 6,387 337 Gas station & car wash — — — 215 228 41 Mixed use 250 2,101 3 206 732 27 Industrial & warehouse 2,882 2,882 2 530 530 — Other 22,412 22,657 2,143 22,580 22,825 1,507 Real estate—construction — — — — — — Commercial business 19,538 19,698 2,479 26,543 27,161 4,493 Trade finance — — — 2,111 2,156 864 Consumer and other 82 82 40 91 91 50 Subtotal $ 52,140 $ 54,434 $ 5,079 $ 60,758 $ 62,494 $ 7,409 With no related allowance: Real estate—residential $ 1,465 $ 1,465 $ — $ 3,562 $ 3,562 $ — Real estate—commercial Retail 16,752 17,724 — 12,753 13,290 — Hotel & motel 6,273 12,221 — 6,122 11,735 — Gas station & car wash 4,160 6,634 — 5,043 7,449 — Mixed use 6,530 7,614 — 7,303 7,822 — Industrial & warehouse 8,498 8,574 — 9,673 9,748 — Other 15,648 16,911 — 20,181 21,492 — Real estate—construction 2,856 2,996 — 1,300 1,441 — Commercial business 9,902 13,509 — 8,675 9,472 — Trade finance 4,450 4,450 — 3,918 3,918 — Consumer and other 905 923 — 1,073 1,136 — Subtotal $ 77,439 $ 93,021 $ — $ 79,603 $ 91,065 $ — Total $ 129,579 $ 147,455 $ 5,079 $ 140,361 $ 153,559 $ 7,409 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Total Impaired Loans Average Recorded Investment* Interest Income Recognized during Impairment Average Recorded Investment* Interest Income Recognized during Impairment (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — Real estate—commercial Retail 1,338 4 1,712 — Hotel & motel 6,391 43 4,611 57 Gas station & car wash 108 — 1,050 — Mixed use 228 2 563 2 Industrial & warehouse 1,706 32 560 6 Other 22,496 253 24,462 275 Real estate—construction — — — — Commercial business 23,041 195 35,742 265 Trade finance 1,055 — 10,314 94 Consumer and other 87 1 128 1 Subtotal $ 56,450 $ 530 $ 79,142 $ 700 With no related allowance: Real estate—residential $ 2,513 $ 28 $ — $ — Real estate—commercial Retail 14,752 159 11,105 100 Hotel & motel 6,198 7 7,849 22 Gas station & car wash 4,602 10 4,665 34 Mixed use 6,916 63 2,364 12 Industrial & warehouse 9,086 75 9,888 85 Other 17,915 130 12,712 90 Real estate—construction 2,078 20 1,355 — Commercial business 9,289 30 8,950 41 Trade finance 4,184 51 — — Consumer and other 989 7 1,228 7 Subtotal $ 78,522 $ 580 $ 60,116 $ 391 Total $ 134,972 $ 1,110 $ 139,258 $ 1,091 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. As of March 31, 2017 As of December 31, 2016 Impaired Acquired Loans Recorded Investment* Unpaid Contractual Principal Balance Related Allowance Recorded Investment* Unpaid Contractual Principal Balance Related Allowance (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 311 311 — 1,826 2,114 85 Hotel & motel 92 89 2 — — — Gas station & car wash — — — — — — Mixed use 250 2,101 3 136 136 2 Industrial & warehouse — — — — — — Other 333 337 25 337 341 26 Real estate—construction — — — — — — Commercial business 774 828 122 294 339 73 Trade finance — — — — — — Consumer and other — — — — — — Subtotal $ 1,760 $ 3,666 $ 152 $ 2,593 $ 2,930 $ 186 With no related allowance: Real estate—residential $ — $ — $ — $ 679 $ 679 $ — Real estate—commercial Retail 4,351 4,831 — 3,148 3,214 — Hotel & motel 4,840 7,352 — 4,767 7,171 — Gas station & car wash 618 804 — 1,568 1,815 — Mixed use 5,283 5,510 — 5,315 5,551 — Industrial & warehouse 65 65 — 66 66 — Other 3,182 3,853 — 6,023 6,752 — Real estate—construction — — — — — — Commercial business 245 313 — 141 386 — Trade finance — — — — — — Consumer and other 272 281 — 431 484 — Subtotal $ 18,856 $ 23,009 $ — $ 22,138 $ 26,118 $ — Total $ 20,616 $ 26,675 $ 152 $ 24,731 $ 29,048 $ 186 __________________________________ * Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. For the Three Months Ended March 31, 2017 For the Three Months Ended March 31, 2016 Impaired Acquired Loans Average Recorded Investment* Interest Income Recognized during Impairment Average Recorded Investment* Interest Income Recognized during Impairment (Dollars in thousands) With related allowance: Real estate—residential $ — $ — $ — $ — Real estate—commercial Retail 1,068 4 1,169 — Hotel & motel 46 — — — Gas station & car wash — — 509 — Mixed use 193 2 493 2 Industrial & warehouse — — — — Other 335 4 305 4 Real estate—construction — — — — Commercial business 534 5 576 3 Trade finance — — — — Consumer and other — — — — Subtotal $ 2,176 $ 15 $ 3,052 $ 9 With no related allowance: Real estate—residential $ 339 $ — $ — $ — Real estate—commercial Retail 3,750 31 2,571 26 Hotel & motel 4,803 4 6,882 17 Gas station & car wash 1,093 10 1,392 25 Mixed use 5,299 63 273 3 Industrial & warehouse 66 1 1,111 2 Other 4,603 13 3,826 14 Real estate—construction — — — — Commercial business 193 1 672 8 Trade finance — — — — Consumer and other 351 2 557 2 Subtotal $ 20,497 $ 125 $ 17,284 $ 97 Total $ 22,673 $ 140 $ 20,336 $ 106 |
Aging of Past Due Loans | The following tables present the recorded investment of past due loans by the number of days past due as of March 31, 2017 and December 31, 2016 by class of loans: As of March 31, 2017 Past Due and Accruing 30-59 Days 60-89 Days 90 or More Days Total Nonaccrual Loans (2) Total Delinquent and Nonaccrual Loans (Dollars in thousands) Legacy Loans: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 938 — — 938 2,657 3,595 Hotel & motel 3,341 1,187 — 4,528 4,216 8,744 Gas station & car wash 947 — — 947 3,542 4,489 Mixed use — — — — 1,247 1,247 Industrial & warehouse 57 1,028 — 1,085 1,922 3,007 Other 4,046 1,031 — 5,077 3,114 8,191 Real estate—construction — — — — 1,300 1,300 Commercial business 640 666 — 1,306 9,155 10,461 Trade finance — — — — 528 528 Consumer and other 229 66 275 570 228 798 Subtotal $ 10,198 $ 3,978 $ 275 $ 14,451 $ 27,909 $ 42,360 Acquired Loans: (1) Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 1,156 653 — 1,809 1,578 3,387 Hotel & motel 1,546 — — 1,546 4,668 6,214 Gas station & car wash — — — — 47 47 Mixed use — 354 — 354 162 516 Industrial & warehouse 1,406 — — 1,406 — 1,406 Other 97 — — 97 2,096 2,193 Real estate—construction — — — — — — Commercial business 360 — — 360 435 795 Trade finance — — — — — — Consumer and other 684 — — 684 114 798 Subtotal $ 5,249 $ 1,007 $ — $ 6,256 $ 9,100 $ 15,356 TOTAL $ 15,447 $ 4,985 $ 275 $ 20,707 $ 37,009 $ 57,716 __________________________________ (1) Acquired Loans exclude PCI loans. (2) Nonaccrual loans exclude guaranteed portion of delinquent SBA loans that are in liquidation totaling $15.2 million . Includes nonaccrual loans less than 30 days past due totaling $15.6 million . As of December 31, 2016 Past Due and Accruing 30-59 Days 60-89 Days 90 or More Days Total Nonaccrual Loans (2) Total Delinquent and Nonaccrual Loans (Dollars in thousands) Legacy Loans: Real estate—residential $ — $ — $ — $ — $ — $ — Real estate—commercial Retail 480 — — 480 3,672 4,152 Hotel & motel 1,836 3,137 — 4,973 1,392 6,365 Gas station & car wash 362 — — 362 3,690 4,052 Mixed use — — — — 1,305 1,305 Industrial & warehouse — 697 — 697 1,922 2,619 Other 2,871 — — 2,871 4,007 6,878 Real estate—construction — 1,513 — 1,513 1,300 2,813 Commercial business 558 815 — 1,373 9,371 10,744 Trade finance — 500 — 500 2,056 2,556 Consumer and other 146 58 305 509 229 738 Subtotal $ 6,253 $ 6,720 $ 305 $ 13,278 $ 28,944 $ 42,222 Acquired Loans: (1) Real estate—residential $ — $ — $ — $ — $ 679 $ 679 Real estate—commercial Retail 1,611 — — 1,611 1,871 3,482 Hotel & motel 95 — — 95 4,501 4,596 Gas station & car wash 68 340 — 408 993 1,401 Mixed use — — — — 48 48 Industrial & warehouse 257 — — 257 — 257 Other 350 — — 350 2,144 2,494 Real estate—construction — — — — — — Commercial business 1,303 684 — 1,987 345 2,332 Trade finance — — — — — — Consumer and other 331 25 — 356 549 905 Subtotal $ 4,015 $ 1,049 $ — $ 5,064 $ 11,130 $ 16,194 TOTAL $ 10,268 $ 7,769 $ 305 $ 18,342 $ 40,074 $ 58,416 __________________________________ (1) Acquired Loans exclude PCI loans. (2) Nonaccrual loans exclude guaranteed portion of delinquent SBA loans that are in liquidation totaling $15.9 million . |
Risk Category of Loans by Class of Loans | The following tables present the recorded investment of risk ratings for Legacy and Acquired Loans as of March 31, 2017 and December 31, 2016 by class of loans: As of March 31, 2017 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Legacy Loans: Real estate—residential $ 36,883 $ 219 $ 1,465 $ — $ 38,567 Real estate—commercial Retail 1,373,943 19,057 17,634 — 1,410,634 Hotel & motel 1,171,476 15,238 9,010 — 1,195,724 Gas station & car wash 637,755 10,280 3,542 — 651,577 Mixed use 396,870 957 1,408 — 399,235 Industrial & warehouse 515,640 21,839 14,970 — 552,449 Other 1,050,557 22,967 35,864 — 1,109,388 Real estate—construction 175,895 13,755 2,856 — 192,506 Commercial business 1,000,577 18,973 74,590 233 1,094,373 Trade finance 53,839 4,142 5,600 — 63,581 Consumer and other 206,835 4 809 — 207,648 Subtotal $ 6,620,270 $ 127,431 $ 167,748 $ 233 $ 6,915,682 Acquired Loans: Real estate—residential $ 19,330 $ 269 $ — $ — $ 19,599 Real estate—commercial Retail 750,436 11,996 17,642 — 780,074 Hotel & motel 316,099 11,955 17,562 — 345,616 Gas station & car wash 243,494 8,918 9,190 — 261,602 Mixed use 117,453 3,578 11,599 8 132,638 Industrial & warehouse 314,060 14,694 16,453 298 345,505 Other 712,484 28,529 23,389 — 764,402 Real estate—construction 91,672 — — — 91,672 Commercial business 549,059 17,666 35,700 97 602,522 Trade finance 76,541 17 3,159 — 79,717 Consumer and other 204,689 914 5,270 1,648 212,521 Subtotal $ 3,395,317 $ 98,536 $ 139,964 $ 2,051 $ 3,635,868 Total $ 10,015,587 $ 225,967 $ 307,712 $ 2,284 $ 10,551,550 As of December 31, 2016 Pass Special Mention Substandard Doubtful Total (Dollars in thousands) Legacy Loans: Real estate—residential $ 34,283 $ 223 $ 2,883 $ — $ 37,389 Real estate—commercial Retail 1,303,452 18,929 15,430 — 1,337,811 Hotel & motel 1,187,709 12,763 9,026 — 1,209,498 Gas station & car wash 643,282 7,259 3,690 — 654,231 Mixed use 375,312 — 1,467 — 376,779 Industrial & warehouse 478,528 29,830 13,745 — 522,103 Other 969,024 22,220 41,017 — 1,032,261 Real estate—construction 159,230 14,745 1,300 — 175,275 Commercial business 1,032,232 15,919 65,885 95 1,114,131 Trade finance 68,051 5,673 7,670 — 81,394 Consumer and other 179,864 1 829 — 180,694 Subtotal $ 6,430,967 $ 127,562 $ 162,942 $ 95 $ 6,721,566 Acquired Loans: Real estate—residential $ 18,007 $ 1,809 $ 679 $ — $ 20,495 Real estate—commercial Retail 772,465 9,860 21,110 — 803,435 Hotel & motel 328,396 5,419 18,233 — 352,048 Gas station & car wash 249,379 8,437 11,338 — 269,154 Mixed use 118,643 3,105 12,505 8 134,261 Industrial & warehouse 321,040 31,819 9,048 315 362,222 Other 736,385 23,286 29,099 — 788,770 Real estate—construction 78,838 — — — 78,838 Commercial business 649,186 31,340 37,265 99 717,890 Trade finance 70,535 61 2,938 — 73,534 Consumer and other 214,437 958 5,949 1,432 222,776 Subtotal $ 3,557,311 $ 116,094 $ 148,164 $ 1,854 $ 3,823,423 Total $ 9,988,278 $ 243,656 $ 311,106 $ 1,949 $ 10,544,989 |
Loans Sold From Loans Held For Investment | Three Months Ended March 31, 2017 2016 Transfer of loans receivable to held for sale (Dollars in thousands) Real estate - commercial $ 8,699 $ — Commercial business 752 — Consumer — 450 Total $ 9,451 $ 450 |
Allowance for Loan Losses and Impaired Loans, Qualitative and Quantitative Analysis | The following table presents breakdown of loans by impairment method at March 31, 2017 and December 31, 2016 : As of March 31, 2017 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) $ 1,465 $ 90,381 $ 2,856 $ 29,440 $ 4,450 $ 987 $ 129,579 Specific allowance $ — $ 2,560 $ — $ 2,479 $ — $ 40 $ 5,079 Allowance coverage ratio N/A 2.83 % N/A 8.42 % N/A 4.05 % 3.92 % Other loans $ 56,701 $ 7,858,463 $ 281,322 $ 1,667,455 $ 138,848 $ 419,182 $ 10,421,971 General allowance $ 287 $ 52,827 $ 1,710 $ 15,944 $ 811 $ 2,001 $ 73,580 Allowance coverage ratio 0.51 % 0.67 % 0.61 % 0.96 % 0.58 % 0.48 % 0.71 % Total loans $ 58,166 $ 7,948,844 $ 284,178 $ 1,696,895 $ 143,298 $ 420,169 $ 10,551,550 Total allowance for loan losses $ 287 $ 55,387 $ 1,710 $ 18,423 $ 811 $ 2,041 $ 78,659 Allowance coverage ratio 0.49 % 0.70 % 0.60 % 1.09 % 0.57 % 0.49 % 0.75 % As of December 31, 2016 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) $ 3,562 $ 93,088 $ 1,300 $ 35,218 $ 6,029 $ 1,164 $ 140,361 Specific allowance $ — $ 2,002 $ — $ 4,493 $ 864 $ 50 $ 7,409 Allowance coverage ratio N/A 2.15 % N/A 12.76 % 14.33 % 4.30 % 5.28 % Other loans $ 54,322 $ 7,749,485 $ 252,813 $ 1,796,803 $ 148,899 $ 402,306 $ 10,404,628 General allowance $ 209 $ 47,915 $ 1,621 $ 19,054 $ 1,033 $ 2,102 $ 71,934 Allowance coverage ratio 0.38 % 0.62 % 0.64 % 1.06 % 0.69 % 0.52 % 0.69 % Total loans $ 57,884 $ 7,842,573 $ 254,113 $ 1,832,021 $ 154,928 $ 403,470 $ 10,544,989 Total allowance for loan losses $ 209 $ 49,917 $ 1,621 $ 23,547 $ 1,897 $ 2,152 $ 79,343 Allowance coverage ratio 0.36 % 0.64 % 0.64 % 1.29 % 1.22 % 0.53 % 0.75 % |
Troubled Debt Restructurings | The following table presents the recorded investment of loans modified as TDRs during the three months ended March 31, 2017 and March 31, 2016 by class of loans: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Number of Loans Pre- Modification Post- Modification Number of Loans Pre- Modification Post- Modification (Dollars in thousands) Legacy Loans: Real estate—commercial Retail — $ — $ — — $ — $ — Hotel & motel — — — — — — Gas station & car wash — — — — — — Mixed use — — — — — — Industrial & warehouse — — — — — — Other 1 482 482 — — — Real estate - construction — — — — — — Commercial business 2 1,681 1,218 6 11,088 7,039 Trade finance — — — 1 2,199 1,586 Consumer and other — — — — — — Subtotal 3 $ 2,163 $ 1,700 7 $ 13,287 $ 8,625 Acquired Loans: Real estate—commercial Retail — $ — $ — — $ — $ — Hotel & motel — — — — — — Gas station & car wash — — — — — — Mixed use — — — — — — Industrial & warehouse — — — — — — Other 1 93 97 — — — Real estate—construction — — — — — — Commercial business 2 649 561 — — — Trade finance — — — — — — Consumer and other — — — 1 30 29 Subtotal 3 $ 742 $ 658 1 $ 30 $ 29 Total 6 $ 2,905 $ 2,358 8 $ 13,317 $ 8,654 A summary of the recorded investment of TDRs on accrual and nonaccrual status by type of concession as of March 31, 2017 and December 31, 2016 is presented below: As of March 31, 2017 TDRs on Accrual Status TDRs on Nonaccrual Status Total Real Estate Commercial Business Other Total Real Estate Commercial Business Other Total (Dollars in thousands) Payment concession $ 16,249 $ 233 $ — $ 16,482 $ 2,503 $ 1,270 $ — $ 3,773 $ 20,255 Maturity / amortization concession 2,302 17,969 4,499 24,770 1,774 4,789 853 7,416 32,186 Rate concession 6,068 1,579 85 7,732 5,567 365 — 5,932 13,664 Total $ 24,619 $ 19,781 $ 4,584 $ 48,984 $ 9,844 $ 6,424 $ 853 $ 17,121 $ 66,105 As of December 31, 2016 TDRs on Accrual Status TDRs on Nonaccrual Status Total Real Estate Commercial Business Other Total Real Estate Commercial Business Other Total (Dollars in thousands) Payment concession $ 16,358 $ 29 $ — $ 16,387 $ 4,417 $ 1,717 $ — $ 6,134 $ 22,521 Maturity / amortization concession 1,840 17,471 4,600 23,911 1,313 6,130 2,287 9,730 33,641 Rate concession 6,856 1,665 55 8,576 5,590 387 155 6,132 14,708 Total $ 25,054 $ 19,165 $ 4,655 $ 48,874 $ 11,320 $ 8,234 $ 2,442 $ 21,996 $ 70,870 |
Summary of Troubled Debt Restructurings with Subsequent Payment Default | The following table presents loans modified as TDRs within the previous twelve months and have subsequently had a payment default during the three months ended March 31, 2017 : Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Number of Loans Balance Number of Loans Balance (Dollars In thousands) Legacy Loans: Real estate—commercial Retail — $ — — $ — Hotel & motel — — — — Gas station & car wash — — 2 729 Mixed Use — — — — Industrial & warehouse — — — — Other — — — — Real estate—construction — — — — Commercial business 1 102 6 2,272 Trade finance — — — — Consumer and other — — — — Subtotal 1 $ 102 8 $ 3,001 Acquired Loans: Real estate—commercial Retail — $ — — $ — Hotel & motel — — — — Gas station & car wash — — — — Mixed Use — — 1 62 Industrial & warehouse — — — — Other — — — — Real estate—construction — — — — Commercial business 1 11 — — Trade finance — — — — Consumer and other — — — — Subtotal 1 $ 11 1 $ 62 Total 2 $ 113 9 $ 3,063 |
Covered Non-performing Assets | The covered nonperforming assets at March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 December 31, 2016 (Dollars in thousands) Covered loans on nonaccrual status $ 181 $ 189 Covered OREO 1,400 2,306 Total covered nonperforming assets $ 1,581 $ 2,495 Acquired covered loans $ 32,010 $ 32,367 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Contractual Maturities for FHLB-SF Borrowings | At March 31, 2017 , the contractual maturities for FHLB advances were as follows: Contractual Maturity/ (Dollars in thousands) Due within one year $ 220,103 $ 220,103 Due after one year through five years 483,747 483,747 Total $ 703,850 $ 703,850 |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Subordinated Borrowings [Abstract] | |
Summary of Trust Preferred Securities and Debentures | The following table is a summary of trust preferred securities and Debentures at March 31, 2017 : Issuance Trust Issuance Date Trust Preferred Security Amount Carrying Value of Subordinated Debentures Rate Type Current Rate Maturity Date (Dollars in thousands) Nara Capital Trust III 06/05/2003 $ 5,000 $ 5,155 Variable 4.28% 06/15/2033 Nara Statutory Trust IV 12/22/2003 5,000 5,155 Variable 3.87% 01/07/2034 Nara Statutory Trust V 12/17/2003 10,000 10,310 Variable 4.10% 12/17/2033 Nara Statutory Trust VI 03/22/2007 8,000 8,248 Variable 2.78% 06/15/2037 Center Capital Trust I 12/30/2003 18,000 13,684 Variable 3.87% 01/07/2034 Wilshire Statutory Trust II 03/17/2005 20,000 15,158 Variable 2.94% 03/17/2035 Wilshire Statutory Trust III 09/15/2005 15,000 10,635 Variable 2.53% 09/15/2035 Wilshire Statutory Trust IV 07/10/2007 25,000 17,275 Variable 2.51% 09/15/2037 Saehan Capital Trust I 03/30/2007 20,000 14,447 Variable 2.77% 06/30/2037 Total $ 126,000 $ 100,067 |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | At March 31, 2017 and December 31, 2016 , the following interest rate swaps related to our loan hedging program were outstanding: As of March 31, 2017 As of December 31, 2016 (Dollars in thousands) Interest rate swaps on loans with loan customers Notional amount $ 263,153 $ 223,098 Weighted average remaining term 7.6 years 7.4 years Received fixed rate (weighted average) 4.34 % 4.29 % Pay variable rate (weighted average) 3.21 % 3.06 % Estimated fair value $ (1,623 ) $ (1,565 ) Back to back interest rate swaps with correspondent banks Notional amount $ 263,153 $ 223,098 Weighted average remaining term 7.6 years 7.4 years Received variable rate (weighted average) 3.21 % 3.06 % Pay fixed rate (weighted average) 4.34 % 4.29 % Estimated fair value $ 1,623 $ 1,565 |
Schedule of Derivative Instruments | The following table reflects the notional amount and fair value of mortgage banking derivatives for the dates indicated: As of March 31, 2017 As of December 31, 2016 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Assets: Interest rate lock commitments $ 6,801 $ 113 $ 11,168 $ 130 Forward sale contracts related to mortgage banking $ 626 $ — $ 3,223 $ 17 Liabilities: Interest rate lock commitments $ — $ — $ 1,810 $ (3 ) Forward sale contracts related to mortgage banking $ 6,175 $ (40 ) $ 9,755 $ (38 ) The following table reflects the notional amount and fair value of mortgage banking derivatives for the date indicated: As of March 31, 2017 As of December 31, 2016 Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Assets: Interest rate lock commitments $ 6,801 $ 113 $ 11,168 $ 130 Forward sale contracts related to mortgage banking $ 626 $ — $ 3,223 $ 17 Liabilities: Interest rate lock commitments $ — $ — $ 1,810 $ (3 ) Forward sale contracts related to mortgage banking $ 6,175 $ (40 ) $ 9,755 $ (38 ) |
Goodwill, Intangible Assets, 33
Goodwill, Intangible Assets, and Servicing Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table provides information regarding the core deposit intangibles at March 31, 2017 : As of March 31, 2017 Amortization period Gross Carrying Amount Accumulated Amortization (Dollars in thousands) Core deposit—Center Financial acquisition 7 years $ 4,100 $ (3,755 ) Core deposit—PIB acquisition 7 years 604 (484 ) Core deposit—Foster acquisition 10 years 2,763 (1,417 ) Core deposit—Wilshire acquisition 10 years 18,138 (1,399 ) Total $ 25,605 $ (7,055 ) |
Schedule of Servicing Assets | The changes in servicing assets for the three months ended March 31, 2017 and 2016 were as follows: Three Months Ended March 31, 2017 2016 (Dollars in thousands) Balance at beginning of period $ 26,457 $ 12,000 Additions through originations of servicing assets 1,296 777 Amortization (1,812 ) (921 ) Balance at end of period $ 25,941 $ 11,856 |
Summary of Fair Value Inputs | The inputs used in determining the impairment of the servicing assets at March 31, 2017 and December 31, 2016 are presented below. March 31, 2017 December 31, 2016 SBA Servicing Assets: Weighted-average discount rate 10.29% 9.85% Constant prepayment rate 8.18% 8.05% Mortgage Servicing Assets: Weighted-average discount rate 9.66% 7.25% Constant prepayment rate 7.71% 13.77% |
Income Taxes Reconciliation of
Income Taxes Reconciliation of effective tax rate (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | 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 three months ended March 31, 2017 and March 31, 2016 : March 31, 2017 March 31, 2016 Statutory tax rate 35.00 % 35.00 % State taxes-net of federal tax effect 7.18 % 7.32 % Affordable housing partnership investment tax credit (2.93 )% (1.29 )% Bank owned life insurance (0.16 )% (0.24 )% Municipal securities (0.25 )% (0.21 )% Nondeductible transaction costs 0.08 % 0.48 % Other (0.08 )% (0.37 )% Effective income tax rate 38.84 % 40.69 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets: Securities available for sale: GSE debt securities $ 9,998 $ — $ 9,998 $ — GSE collateralized mortgage obligations (residential) 726,619 — 726,619 — GSE mortgage-backed securities (residential) 732,692 — 732,692 — Corporate securities 4,313 — 4,313 — Municipal securities 97,254 — 96,126 1,128 Mutual funds 13,070 13,070 — — Interest rate swaps (1,623 ) — (1,623 ) — Mortgage banking derivatives 113 — 113 — Liabilities: Interest rate swaps (1,623 ) — (1,623 ) — Mortgage banking derivatives 40 — 40 — Fair Value Measurements at the End of the Reporting Period Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets: Securities available for sale: GSE debt securities $ 12,008 $ — $ 12,008 $ — GSE collateralized mortgage obligations (residential) 705,667 — 705,667 — GSE mortgage-backed securities (residential) 728,041 — 728,041 — Corporate securities 11,127 — 11,127 — Municipal securities 86,839 — 85,700 1,139 Mutual funds 13,058 13,058 — — Interest rate swaps (1,565 ) — (1,565 ) — Mortgage banking derivatives 147 — 147 — Liabilities: Interest rate swaps (1,565 ) — (1,565 ) — Mortgage banking derivatives 41 — 41 — |
Schedule of Derivative Instruments | The following table reflects the notional amount and fair value of mortgage banking derivatives for the dates indicated: As of March 31, 2017 As of December 31, 2016 (Dollars in thousands) Notional Amount Fair Value Notional Amount Fair Value Assets: Interest rate lock commitments $ 6,801 $ 113 $ 11,168 $ 130 Forward sale contracts related to mortgage banking $ 626 $ — $ 3,223 $ 17 Liabilities: Interest rate lock commitments $ — $ — $ 1,810 $ (3 ) Forward sale contracts related to mortgage banking $ 6,175 $ (40 ) $ 9,755 $ (38 ) The following table reflects the notional amount and fair value of mortgage banking derivatives for the date indicated: As of March 31, 2017 As of December 31, 2016 Notional Amount Fair Value Notional Amount Fair Value (Dollars in thousands) Assets: Interest rate lock commitments $ 6,801 $ 113 $ 11,168 $ 130 Forward sale contracts related to mortgage banking $ 626 $ — $ 3,223 $ 17 Liabilities: Interest rate lock commitments $ — $ — $ 1,810 $ (3 ) Forward sale contracts related to mortgage banking $ 6,175 $ (40 ) $ 9,755 $ (38 ) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | 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 three months ended March 31, 2017 : Three Months Ended March 31, 2017 2016 (Dollars in thousands) Beginning Balance, January 1 $ 1,139 $ 1,166 Total (losses) or gains included in other comprehensive income (11 ) 43 Ending Balance, March 31 $ 1,128 $ 1,209 |
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 March 31, 2017 Quoted Prices Significant Significant (Dollars in thousands) Assets: Impaired loans at fair value: Real estate loans $ 65,125 $ — $ — $ 65,125 Commercial business 9,407 — — 9,407 Trade finance 4,365 — — 4,365 Consumer 97 — — 97 Loans held for sale, net 6,571 — 6,571 — OREO 19,096 — — 19,096 Fair Value Measurements at the End of the Reporting Period Using December 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Assets: Impaired loans at fair value: Real estate loans $ 58,882 $ — $ — $ 58,882 Commercial business 6,563 — — 6,563 Trade Finance — — — — Consumer 253 — — 253 Impaired loans held for sale, net 3,788 — 3,788 — OREO 21,990 — — 21,990 For assets measured at fair value on a non-recurring basis, the total net gains (losses), which include charge offs, recoveries, specific reserves, and recognized gains and losses on sales are summarized below: For the Three Months Ended March 31, 2017 2016 (Dollars in thousands) Assets: Impaired loans at fair value: Real estate loans $ (2,002 ) $ 309 Commercial business (974 ) (2,672 ) Trade Finance (712 ) 1,296 Consumer (266 ) (62 ) Impaired loans held for sale, net 420 15 OREO (595 ) (577 ) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values of financial instruments, not previously presented, at March 31, 2017 and December 31, 2016 were as follows: March 31, 2017 Carrying Estimated Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 461,068 $ 461,068 Level 1 Interest bearing deposits in other financial institutions and other investments 43,958 43,630 Level 2/3 Loans held for sale 19,141 20,291 Level 2 Loans receivable—net 10,471,008 10,633,834 Level 3 FHLB stock 21,203 N/A N/A Accrued interest receivable 25,683 25,683 Level 2/3 Customers’ liabilities on acceptances 2,771 2,771 Level 2 Financial Liabilities: Noninterest bearing deposits $ 2,963,947 $ 2,963,947 Level 2 Saving and other interest bearing demand deposits 3,771,155 3,771,155 Level 2 Time deposits 3,968,675 3,963,545 Level 2 FHLB advances 703,850 698,287 Level 2 Subordinated debentures 100,067 100,067 Level 2 Accrued interest payable 10,592 10,592 Level 2 Servicing Assets 25,941 25,941 Level 3 Acceptances outstanding 2,771 2,771 Level 2 December 31, 2016 Carrying Estimated Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 437,334 $ 437,334 Level 1 Interest bearing deposits in other financial institutions and other investments 44,202 43,773 Level 2/3 Loans held for sale 22,785 24,492 Level 2 Loans receivable—net 10,463,989 10,666,642 Level 3 FHLB stock 21,964 N/A N/A Accrued interest receivable 26,880 26,880 Level 2/3 Customers’ liabilities on acceptances 2,899 2,899 Level 2 Financial Liabilities: Noninterest bearing deposits $ 2,900,241 $ 2,900,241 Level 2 Saving and other interest bearing demand deposits 3,703,352 3,703,352 Level 2 Time deposits 4,038,442 4,036,664 Level 2 FHLB advances 754,290 749,486 Level 2 Subordinated debentures 99,808 99,808 Level 2 Accrued interest payable 10,863 10,863 Level 2 Servicing Assets 26,457 26,457 Level 3 Acceptances outstanding 2,899 2,899 Level 2 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders’ Equity and Regulatory Matters [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the quarterly changes to accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and March 31, 2016 : Three months ended, March 31, 2017 March 31, 2016 (Dollars in thousands) Balance at beginning of period $ (14,657 ) $ (1,832 ) Unrealized gains on securities available for sale and interest only strips 3,132 15,592 Tax effect 1,324 6,605 Total other comprehensive income 1,808 8,987 Balance at end of period $ (12,849 ) $ 7,155 For the three months ended March 31, 2017 and March 31, 2016 there were no reclassifications out of accumulated other comprehensive (loss) income. eholders received 0.7034 shares of the Company’s common stock for each share of Wilshire stock owned. Based on this exchange ratio, 55.5 million shares of the Company’s common stock were issued to Wilshire shareholders at $15.37 per share, the closing price of the Company’s stock on July 29, 2016. As a result, $852.9 million in common stock was issued as consideration in the transaction and $3.4 million in additional paid-in capital was recorded to account for the fair value of stock options assumed. Total stockholders’ equity at March 31, 2017 was $1.88 billion , compared to $1.86 billion at December 31, 2016. 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 March 31, 2017 , the U.S. Treasury Department held one remaining warrant for the purchase of 19,963 shares of the Company’s common stock. The Company paid a quarterly dividend of $0.12 per common share for the first quarter of 2017 compared to $0.11 per common share for the first quarter of 2016. The following table presents the quarterly changes to accumulated other comprehensive (loss) income for the three months ended March 31, 2017 and March 31, 2016 : Three months ended, March 31, 2017 March 31, 2016 (Dollars in thousands) Balance at beginning of period $ (14,657 ) $ (1,832 ) Unrealized gains on securities available for sale and interest only strips 3,132 15,592 Tax effect 1,324 6,605 Total other comprehensive income 1,808 8,987 Balance at end of period $ (12,849 ) $ 7,155 For the three months ended March 31, 2017 and March 31, 2016 there were no reclassifications out of accumulated other comprehensive (loss) income. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Banking and Thrift [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Actual Required Minimum Capital Adequacy With Capital Buffer Required Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of March 31, 2017 Common equity tier 1 capital (to risk weighted assets): Company $ 1,413,592 12.22 % $ 520,711 4.50 % $ 665,353 5.75 % N/A N/A Bank $ 1,489,239 12.88 % $ 520,425 4.50 % $ 664,987 5.75 % $ 751,724 6.50 % Total capital (to risk-weighted assets): Company $ 1,591,852 13.76 % $ 925,708 8.00 % $ 1,070,350 9.25 % N/A N/A Bank $ 1,571,333 13.59 % $ 925,199 8.00 % $ 1,069,762 9.25 % $ 1,156,499 10.00 % Tier I capital (to risk-weighted assets): Company $ 1,509,758 13.05 % $ 694,281 6.00 % $ 838,923 7.25 % N/A N/A Bank $ 1,489,239 12.88 % $ 693,899 6.00 % $ 838,462 7.25 % $ 925,199 8.00 % Tier I capital (to average assets): Company $ 1,509,758 11.72 % $ 515,352 4.00 % N/A N/A N/A N/A Bank $ 1,489,239 11.56 % $ 515,212 4.00 % N/A N/A $ 644,014 5.00 % |
Basis of Presentation Basis o38
Basis of Presentation Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Entity Information [Line Items] | ||
Income Tax Expense (Benefit) | $ 22,999 | $ 16,210 |
Company | ||
Entity Information [Line Items] | ||
Income Tax Expense (Benefit) | $ 73 | $ 9 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Details) | Jul. 29, 2016USD ($)branchshares | Mar. 31, 2017USD ($)statebranch | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Branches operated | branch | 85 | |||
States in which entity operates | state | 9 | |||
Loans receivable, Net | $ 10,471,008,000 | $ 10,463,989,000 | ||
Merger and integration expenses | 947,000 | $ 1,207,000 | ||
Wilshire Bancorp, Inc | ||||
Business Acquisition [Line Items] | ||||
Fair value of acquired impaired loans | $ 243,100,000 | |||
Branches operated | branch | 35 | |||
Assets acquired | $ 4,630,000,000 | |||
Goodwill, Purchase Accounting Adjustments | (1,400,000) | |||
Goodwill, Period Increase (Decrease) | 978,000 | (1,400,000) | ||
Loans acquired | 3,800,807,000 | |||
Deposits acquired | $ 3,812,367,000 | |||
Entity shares Issued per acquiree share | shares | 0.7034 | |||
Stock issued for acquisitions | shares | 55,500,000 | |||
Cash paid for fractional shares | $ 3,000 | |||
Consideration paid | 856,312,000 | |||
Loans receivable, gross | 4,720,000,000 | 5,670,000,000 | ||
Loans receivable, Net | $ 3,420,000,000 | $ 3,590,000,000 | ||
Wilshire Bancorp, Inc | Other real estate owned [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | (1,700,000) | |||
Wilshire Bancorp, Inc | Deferred Tax Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill, Purchase Accounting Adjustments | $ (716,000) |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Jul. 29, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Liabilities Assumed: | |||
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ 463,975,000 | $ 462,997,000 | |
Wilshire Bancorp, Inc | |||
Business Acquisition, Equity Interests Issued or Issuable [Line Items] | |||
Hope common stock issued in exchange for Wilshire common stock | $ 852,939,000 | ||
Cash paid for fractional shares | 3,000 | ||
Hope stock options issued in exchange Wilshire stock options | 3,370,000 | ||
Total consideration paid | 856,312,000 | ||
Assets Acquired: | |||
Cash and cash equivalents | 100,127,000 | ||
Investment securities available for sale | 478,938,000 | ||
Loans receivable | 3,800,807,000 | ||
FRB and FHLB stock | 16,539,000 | ||
OREO | 13,173,000 | ||
Premises and equipment | 16,812,000 | ||
Bank owned life insurance | 25,240,000 | ||
Servicing assets | 16,203,000 | ||
Low income housing tax credit investments | 47,111,000 | ||
Core deposit intangibles | 18,138,000 | ||
Deferred tax assets, net | 18,174,000 | ||
Other assets | 76,818,000 | ||
Liabilities Assumed: | |||
Deposits | (3,812,367,000) | ||
Borrowings | (206,282,000) | ||
Subordinated debentures | (56,942,000) | ||
Other liabilities | (54,751,000) | ||
Total identifiable net assets | 497,738,000 | ||
Excess of consideration paid over fair value of net assets acquired (goodwill) | $ 358,574,000 | $ 358,600,000 |
Mergers and Acquisitions - Acqu
Mergers and Acquisitions - Acquisition Related Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | ||
Total merger and integration expenses | $ 947 | $ 1,207 |
Merger and Integration Expense | ||
Business Acquisition [Line Items] | ||
Total merger and integration expenses | 947 | 1,207 |
Merger and Integration Expense | Wilshire | ||
Business Acquisition [Line Items] | ||
Total merger and integration expenses | 401 | 1,183 |
Merger and Integration Expense | U & I Financial Corp [Member] | ||
Business Acquisition [Line Items] | ||
Total merger and integration expenses | 522 | 0 |
Merger and Integration Expense | Other | ||
Business Acquisition [Line Items] | ||
Total merger and integration expenses | $ 24 | $ 24 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Description (Details) - shares | Jul. 29, 2016 | Mar. 31, 2017 | Sep. 01, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for grant (in shares) | 1,890,563 | ||
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 | 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 | 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 | 5 years | ||
2016 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,400,000 | ||
2016 Stock Incentive Plan | Nonemployee director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term | 10 years | ||
2016 Stock Incentive Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Purchase price of common stock, percent | 100.00% | ||
Wilshire Bancorp, Inc | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Entity shares Issued per acquiree share | 0.7034 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) - Stock options | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding - beginning of period (in shares) | shares | 1,624,227 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 21,307 |
Expired (in shares) | shares | (1,530) |
Forfeited (in shares) | shares | 0 |
Outstanding - end of period (in shares) | shares | 1,601,390 |
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 (in dollars per share) | $ / shares | $ 15.30 |
Granted, Weighted-Average Exercise Price Per Share (in dollars per share) | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price Per Share (in dollars per share) | $ / shares | 11.07 |
Expired, Weighted-Average Exercise Price Per Share (in dollars per share) | $ / shares | 15.34 |
Forfeited, Weighted-Average Exercise Price Per Share (in dollars per share) | $ / shares | 0 |
Outstanding - end of period, Weighted-Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 15.36 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options exercisable - end of period (in shares) | shares | 866,548 |
Options exercisable, Weighted-Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 14.02 |
Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 4 months 25 days |
Options exercisable, Weighted-Average Remaining Contractual Life (Years) | 4 years 1 month 18 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 6,861,205 |
Options exercisable, Aggregate Intrinsic Value | $ | $ 5,217,790 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted and Performance Unit Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Allocated share-based compensation expense | $ 746 | $ 22 |
Tax benefit from compensation expense | $ 290 | 0 |
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 period (in shares) | 403,658 | |
Granted (in shares) | 0 | |
Vested (in shares) | (36,407) | |
Forfeited (in shares) | (3,372) | |
Outstanding - end of period (in shares) | 363,879 | |
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 period, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 16.17 | |
Granted, Weighted-Average Grant Date Fair Value (in dollars per share) | 0 | |
Vested, Weighted-Average Grant Date Fair Value (in dollars per share) | 15.31 | |
Forfeited, Weighted-Average Grant Date Fair Value (in dollars per share) | 14.75 | |
Outstanding - end of period, Weighted-Average Grant Date Fair Value (in dollars per share) | $ 16.27 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total compensation cost not yet recognized | $ 4,600 | |
Total compensation cost not yet recognized, period for recognition | 2 years 8 months 10 days | |
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 | $ 735 | $ 500 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Total compensation cost not yet recognized | $ 1,800 | |
Total compensation cost not yet recognized, period for recognition | 3 years 2 months 10 days |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net income (Numerator) | ||
Net income available to common stockholders - basic | $ 36,210 | $ 23,623 |
Net income available to common stockholders - diluted | $ 36,210 | $ 23,623 |
Shares (Denominator) | ||
Weighted-Average Shares (Denominator) (shares) | 135,248,018 | 79,583,188 |
Effect of Dilutive Securities: | ||
Stock options and performance units (shares) | 520,627 | 30,057 |
Diluted EPS - common stock (shares) | 135,768,645 | 79,613,245 |
Per Share (Amount) | ||
Basic EPS - common stock (in dollars per share) | $ 0.27 | $ 0.30 |
Diluted EPS - common stock (in dollars per share) | $ 0.27 | $ 0.30 |
Stock options and restricted shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive shares of common stock | 236,878 | 443,956 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||
Antidilutive shares of common stock | 19,963 | 19,420 |
Securities Available for Sale46
Securities Available for Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,606,334 | $ 1,582,309 |
Gross Unrealized Gains | 2,285 | 1,842 |
Gross Unrealized Losses | (24,673) | (27,411) |
Estimated Fair Value | 1,583,946 | 1,556,740 |
Collateralized Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,002 | 12,005 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (4) | 0 |
Estimated Fair Value | 9,998 | 12,008 |
GSE collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 736,000 | 715,981 |
Gross Unrealized Gains | 406 | 349 |
Gross Unrealized Losses | (9,787) | (10,663) |
Estimated Fair Value | 726,619 | 705,667 |
GSE mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 744,654 | 741,304 |
Gross Unrealized Gains | 1,252 | 1,132 |
Gross Unrealized Losses | (13,214) | (14,395) |
Estimated Fair Value | 732,692 | 728,041 |
Trust preferred securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,564 | 11,576 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (251) | (449) |
Estimated Fair Value | 4,313 | 11,127 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 97,689 | 88,018 |
Gross Unrealized Gains | 609 | 358 |
Gross Unrealized Losses | (1,044) | (1,537) |
Estimated Fair Value | 97,254 | 86,839 |
Total Debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,592,909 | 1,568,884 |
Gross Unrealized Gains | 2,267 | 1,842 |
Gross Unrealized Losses | (24,300) | (27,044) |
Estimated Fair Value | 1,570,876 | 1,543,682 |
Mutual funds - GSE mortgage related securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 13,425 | 13,425 |
Gross Unrealized Gains | 18 | 0 |
Gross Unrealized Losses | (373) | (367) |
Estimated Fair Value | $ 13,070 | $ 13,058 |
Securities Available for Sale -
Securities Available for Sale - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Amortized Cost - Due within one year | $ 10,724 | |
Amortized Cost - Due after one year through five years | 7,472 | |
Amortized Cost - Due after five years through ten years | 40,905 | |
Amortized Cost - Due after ten years | 53,154 | |
Amortized Cost | 1,606,334 | $ 1,582,309 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value - Due within one year | 10,725 | |
Estimated Fair Value - Due after one year through five years | 7,630 | |
Estimated Fair Value - Due after five years through ten years | 40,891 | |
Estimated Fair Value - Due after ten years | 52,319 | |
Estimated Fair Value | 1,583,946 | 1,556,740 |
Available-for-sale Securities, Restricted | 366,100 | 382,100 |
Trust Preferred Security [Member] | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Amortized Cost | 4,564 | 11,576 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value | 4,313 | 11,127 |
GSE collateralized mortgage obligations | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Amortized Cost - no single maturity date | 736,000 | |
Amortized Cost | 736,000 | 715,981 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value - no single maturity date | 726,619 | |
Estimated Fair Value | 726,619 | 705,667 |
GSE mortgage-backed securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Amortized Cost - no single maturity date | 744,654 | |
Amortized Cost | 744,654 | 741,304 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value - no single maturity date | 732,692 | |
Estimated Fair Value | 732,692 | 728,041 |
Mutual funds - GSE mortgage related securities | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ||
Amortized Cost - no single maturity date | 13,425 | |
Amortized Cost | 13,425 | 13,425 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Estimated Fair Value - no single maturity date | 13,070 | |
Estimated Fair Value | $ 13,070 | $ 13,058 |
Securities Available for Sale48
Securities Available for Sale - Aggregate Unrealized Losses and Fair Value (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($)security | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)security | ||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | 186 | 222 | ||
Number of Securities, 12 months or longer | security | 6 | 5 | ||
Number of Securities, Total | security | 192 | 227 | ||
Fair Value | ||||
Fair Value - Less than 12 months | $ 1,302,740,000 | $ 1,328,003,000 | ||
Fair Value - 12 months or longer | 39,665,000 | 40,446,000 | ||
Fair Value - Total | 1,342,405,000 | 1,368,449,000 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | (23,277,000) | (25,760,000) | ||
Gross Unrealized Losses - 12 months or longer | (1,396,000) | (1,651,000) | ||
Gross Unrealized Losses - Total | (24,673,000) | $ (27,411,000) | ||
Change in unrealized net holding gains on securities available for sale | $ 3,181,000 | $ 15,633,000 | ||
US Government Agencies Debt Securities [Member] | ||||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | [1] | 3 | ||
Number of Securities, 12 months or longer | security | [1] | 0 | ||
Number of Securities, Total | security | [1] | 3 | ||
Fair Value | ||||
Fair Value - Less than 12 months | [1] | $ 9,998,000 | ||
Fair Value - 12 months or longer | [1] | 0 | ||
Fair Value - Total | [1] | 9,998,000 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | [1] | (4,000) | ||
Gross Unrealized Losses - 12 months or longer | [1] | 0 | ||
Gross Unrealized Losses - Total | [1] | $ (4,000) | ||
GSE collateralized mortgage obligations | ||||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | [1] | 67 | 66 | |
Number of Securities, 12 months or longer | security | [1] | 4 | 4 | |
Number of Securities, Total | security | [1] | 71 | 70 | |
Fair Value | ||||
Fair Value - Less than 12 months | [1] | $ 624,327,000 | $ 615,803,000 | |
Fair Value - 12 months or longer | [1] | 34,843,000 | 36,333,000 | |
Fair Value - Total | [1] | 659,170,000 | 652,136,000 | |
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | [1] | (8,668,000) | (9,459,000) | |
Gross Unrealized Losses - 12 months or longer | [1] | (1,119,000) | (1,204,000) | |
Gross Unrealized Losses - Total | [1] | (9,787,000) | $ (10,663,000) | |
OTTI recognized | $ 0 | |||
GSE mortgage-backed securities | ||||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | [1] | 59 | 57 | |
Number of Securities, 12 months or longer | security | [1] | 0 | 0 | |
Number of Securities, Total | security | [1] | 59 | 57 | |
Fair Value | ||||
Fair Value - Less than 12 months | [1] | $ 606,378,000 | $ 622,797,000 | |
Fair Value - 12 months or longer | [1] | 0 | 0 | |
Fair Value - Total | [1] | 606,378,000 | 622,797,000 | |
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | [1] | (13,214,000) | (14,395,000) | |
Gross Unrealized Losses - 12 months or longer | [1] | 0 | 0 | |
Gross Unrealized Losses - Total | [1] | (13,214,000) | $ (14,395,000) | |
OTTI recognized | $ 0 | |||
Trust preferred securities | ||||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | 0 | 1 | ||
Number of Securities, 12 months or longer | security | 1 | 1 | ||
Number of Securities, Total | security | 1 | 2 | ||
Fair Value | ||||
Fair Value - Less than 12 months | $ 0 | $ 7,014,000 | ||
Fair Value - 12 months or longer | 4,313,000 | 4,113,000 | ||
Fair Value - Total | 4,313,000 | 11,127,000 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | 0 | (2,000) | ||
Gross Unrealized Losses - 12 months or longer | (251,000) | (447,000) | ||
Gross Unrealized Losses - Total | (251,000) | $ (449,000) | ||
OTTI recognized | $ 0 | |||
Municipal bonds | ||||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | 54 | 95 | ||
Number of Securities, 12 months or longer | security | 1 | 0 | ||
Number of Securities, Total | security | 55 | 95 | ||
Fair Value | ||||
Fair Value - Less than 12 months | $ 50,447,000 | $ 69,331,000 | ||
Fair Value - 12 months or longer | 509,000 | 0 | ||
Fair Value - Total | 50,956,000 | 69,331,000 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | (1,018,000) | (1,537,000) | ||
Gross Unrealized Losses - 12 months or longer | (26,000) | 0 | ||
Gross Unrealized Losses - Total | $ (1,044,000) | $ (1,537,000) | ||
Mutual funds - GSE mortgage related securities | ||||
Number of Securities | ||||
Number of Securities, Less than 12 months | security | 3 | 3 | ||
Number of Securities, 12 months or longer | security | 0 | 0 | ||
Number of Securities, Total | security | 3 | 3 | ||
Fair Value | ||||
Fair Value - Less than 12 months | $ 11,590,000 | $ 13,058,000 | ||
Fair Value - 12 months or longer | 0 | 0 | ||
Fair Value - Total | 11,590,000 | 13,058,000 | ||
Gross Unrealized Losses | ||||
Gross Unrealized Losses - Less than 12 months | (373,000) | (367,000) | ||
Gross Unrealized Losses - 12 months or longer | 0 | 0 | ||
Gross Unrealized Losses - Total | $ (373,000) | $ (367,000) | ||
Credit concentration risk | Stockholders' equity | Non-US Government and agency securities | ||||
Gross Unrealized Losses | ||||
Maximum exposure to any single issuer | 10.00% | 10.00% | ||
[1] | Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans Receivable and Allowanc49
Loans Receivable and Allowance for Loan Losses - Schedule of Accounts, Notes, Loans and Financing Receivable (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | |
Real estate loans: | |||||
Loans | $ 10,551,550 | $ 10,544,989 | |||
Less: deferred loan fees | (1,883) | (1,657) | |||
Loans receivable | 10,549,667 | 10,543,332 | |||
Less: allowance for loan losses | (78,659) | (79,343) | $ (79,343) | $ (76,856) | $ (76,408) |
Loans receivable, net of allowance for loan losses | $ 10,471,008 | 10,463,989 | |||
Number of portfolio segments | segment | 4 | ||||
Real estate loans | |||||
Real estate loans: | |||||
Loans | $ 8,291,188 | 8,154,570 | |||
Real estate loans | Residential | |||||
Real estate loans: | |||||
Loans | 58,166 | 57,884 | |||
Less: allowance for loan losses | (287) | (209) | |||
Real estate loans | Commercial & industrial | |||||
Real estate loans: | |||||
Loans | 7,948,844 | 7,842,573 | |||
Less: allowance for loan losses | (55,387) | (49,917) | |||
Real estate loans | Construction | |||||
Real estate loans: | |||||
Loans | 284,178 | 254,113 | |||
Less: allowance for loan losses | (1,710) | (1,621) | |||
Commercial business | |||||
Real estate loans: | |||||
Loans | 1,696,895 | 1,832,021 | |||
Less: allowance for loan losses | (18,423) | (23,547) | |||
Trade finance | |||||
Real estate loans: | |||||
Loans | 143,298 | 154,928 | |||
Less: allowance for loan losses | (811) | (1,897) | |||
Consumer and other | |||||
Real estate loans: | |||||
Loans | 420,169 | 403,470 | |||
Less: allowance for loan losses | $ (2,041) | $ (2,152) |
Loans Receivable and Allowanc50
Loans Receivable and Allowance for Loan Losses - Accretable Yield Movement Schedule on Acquired Credit Impaired Loans in Center Merger (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 38,591 | $ 23,777 |
Accretion | (5,348) | (3,029) |
Changes in expected cash flows | 18,408 | 1,349 |
Balance at end of period | $ 51,651 | $ 22,097 |
Loans Receivable and Allowanc51
Loans Receivable and Allowance for Loan Losses - Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2015 | |
Allowance for Loan Losses and the Loans Receivables by Impairment Methodology | ||||||
Recognized provision for credit losses related to unfunded commitments | $ 241 | $ (570) | ||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 79,343 | |||||
Provision (credit) for loan losses | 5,600 | 500 | ||||
Loans charged off | (6,605) | (821) | ||||
Recoveries of charged offs | 321 | 769 | ||||
Balance, end of period | 78,659 | 76,856 | ||||
Allowance for loan losses - Individually evaluated for impairment | $ 5,079 | $ 7,409 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 61,444 | 59,804 | ||||
Allowance for loan losses - Total | 79,343 | 76,856 | 78,659 | 79,343 | $ 79,343 | $ 76,408 |
Loans outstanding - Individually evaluated for impairment | 129,579 | 140,361 | ||||
Loans outstanding - Collectively evaluated for impairment | 10,161,706 | 10,131,183 | ||||
Loans outstanding - ACILs | 10,471,008 | 10,463,989 | ||||
Total loans outstanding | 10,551,550 | 10,544,989 | ||||
Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Total loans outstanding | 6,915,682 | 6,721,566 | ||||
Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Provision (credit) for loan losses | 1,891 | |||||
Total loans outstanding | 3,635,868 | 3,823,423 | ||||
Real estate | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Total loans outstanding | 8,291,188 | 8,154,570 | ||||
Real estate | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 38,956 | |||||
Provision (credit) for loan losses | 6,106 | (1,218) | ||||
Loans charged off | (1,154) | (19) | ||||
Recoveries of charged offs | 21 | 523 | ||||
Balance, end of period | 43,929 | 42,115 | ||||
Allowance for loan losses - Individually evaluated for impairment | 2,530 | 1,889 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 41,399 | 37,067 | ||||
Allowance for loan losses - Total | 38,956 | 42,115 | 43,929 | 38,956 | 38,956 | 42,829 |
Loans outstanding - Individually evaluated for impairment | 75,377 | 74,085 | ||||
Loans outstanding - Collectively evaluated for impairment | 5,474,703 | 5,271,262 | ||||
Total loans outstanding | 5,550,080 | 5,345,347 | ||||
Real estate | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 12,791 | |||||
Provision (credit) for loan losses | 975 | (82) | ||||
Loans charged off | (336) | (116) | ||||
Recoveries of charged offs | 25 | 1 | ||||
Balance, end of period | 13,455 | 12,626 | ||||
Allowance for loan losses - Individually evaluated for impairment | 30 | 113 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 1,289 | 548 | ||||
Allowance for loan losses - Total | 12,791 | 12,626 | 13,455 | 12,791 | 12,791 | 12,823 |
Loans outstanding - Individually evaluated for impairment | 19,325 | 23,865 | ||||
Loans outstanding - Collectively evaluated for impairment | 2,538,765 | 2,597,200 | ||||
Total loans outstanding | 2,741,108 | 2,809,223 | ||||
Commercial business | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 23,547 | |||||
Balance, end of period | 18,423 | |||||
Allowance for loan losses - Total | 23,547 | 18,423 | 23,547 | |||
Total loans outstanding | 1,696,895 | 1,832,021 | ||||
Commercial business | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 23,430 | |||||
Provision (credit) for loan losses | (2,884) | 3,147 | ||||
Loans charged off | (3,190) | (621) | ||||
Recoveries of charged offs | 123 | 190 | ||||
Balance, end of period | 17,479 | 19,048 | ||||
Allowance for loan losses - Individually evaluated for impairment | 2,357 | 4,420 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 15,122 | 19,010 | ||||
Allowance for loan losses - Total | 23,430 | 19,048 | 17,479 | 23,430 | 23,430 | 16,332 |
Loans outstanding - Individually evaluated for impairment | 28,421 | 34,783 | ||||
Loans outstanding - Collectively evaluated for impairment | 1,065,952 | 1,079,348 | ||||
Total loans outstanding | 1,094,373 | 1,114,131 | ||||
Commercial business | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 117 | |||||
Provision (credit) for loan losses | 748 | (112) | ||||
Loans charged off | (70) | 0 | ||||
Recoveries of charged offs | 149 | 52 | ||||
Balance, end of period | 944 | 154 | ||||
Allowance for loan losses - Individually evaluated for impairment | 122 | 73 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 822 | 44 | ||||
Allowance for loan losses - Total | 117 | 154 | 944 | 117 | 117 | 214 |
Loans outstanding - Individually evaluated for impairment | 1,019 | 435 | ||||
Loans outstanding - Collectively evaluated for impairment | 541,586 | 650,710 | ||||
Total loans outstanding | 602,522 | 717,890 | ||||
Trade finance | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 1,897 | |||||
Balance, end of period | 811 | |||||
Allowance for loan losses - Total | 1,897 | 811 | 1,897 | |||
Total loans outstanding | 143,298 | 154,928 | ||||
Trade finance | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 1,897 | |||||
Provision (credit) for loan losses | 303 | (1,507) | ||||
Loans charged off | (1,576) | 0 | ||||
Recoveries of charged offs | 0 | 0 | ||||
Balance, end of period | 624 | 2,085 | ||||
Allowance for loan losses - Individually evaluated for impairment | 0 | 864 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 624 | 1,033 | ||||
Allowance for loan losses - Total | 1,897 | 2,085 | 624 | 1,897 | 1,897 | 3,592 |
Loans outstanding - Individually evaluated for impairment | 4,450 | 6,029 | ||||
Loans outstanding - Collectively evaluated for impairment | 59,131 | 75,365 | ||||
Total loans outstanding | 63,581 | 81,394 | ||||
Trade finance | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Provision (credit) for loan losses | 187 | 0 | ||||
Loans charged off | 0 | 0 | ||||
Recoveries of charged offs | 0 | 0 | ||||
Balance, end of period | 187 | 0 | ||||
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 187 | 0 | ||||
Allowance for loan losses - Total | 0 | 0 | 187 | 0 | 0 | 0 |
Loans outstanding - Individually evaluated for impairment | 0 | 0 | ||||
Loans outstanding - Collectively evaluated for impairment | 76,541 | 70,535 | ||||
Total loans outstanding | 79,717 | 73,534 | ||||
Consumer and other | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 2,152 | |||||
Balance, end of period | 2,041 | |||||
Allowance for loan losses - Total | 2,152 | 2,041 | 2,152 | |||
Total loans outstanding | 420,169 | 403,470 | ||||
Consumer and other | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 2,116 | |||||
Provision (credit) for loan losses | 184 | 276 | ||||
Loans charged off | (279) | (65) | ||||
Recoveries of charged offs | 1 | 1 | ||||
Balance, end of period | 2,022 | 768 | ||||
Allowance for loan losses - Individually evaluated for impairment | 40 | 50 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 1,982 | 2,066 | ||||
Allowance for loan losses - Total | 2,116 | 768 | 2,022 | 2,116 | 2,116 | 556 |
Loans outstanding - Individually evaluated for impairment | 715 | 733 | ||||
Loans outstanding - Collectively evaluated for impairment | 206,933 | 179,961 | ||||
Total loans outstanding | 207,648 | 180,694 | ||||
Consumer and other | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 36 | |||||
Provision (credit) for loan losses | (19) | (4) | ||||
Loans charged off | 0 | 0 | ||||
Recoveries of charged offs | 2 | 2 | ||||
Balance, end of period | 19 | 60 | ||||
Allowance for loan losses - Individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - Collectively evaluated for impairment | 19 | 36 | ||||
Allowance for loan losses - Total | 36 | $ 60 | 19 | 36 | $ 36 | $ 62 |
Loans outstanding - Individually evaluated for impairment | 272 | 431 | ||||
Loans outstanding - Collectively evaluated for impairment | 198,095 | 206,802 | ||||
Total loans outstanding | 212,521 | 222,776 | ||||
Receivables acquired with deteriorated credit quality | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 12,130 | |||||
Balance, end of period | 12,136 | |||||
Allowance for loan losses - Total | 12,130 | 12,136 | 12,130 | |||
Loans outstanding - ACILs | 260,265 | 273,445 | ||||
Receivables acquired with deteriorated credit quality | Real estate | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | 0 | 0 | 0 | |||
Loans outstanding - ACILs | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Real estate | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 12,130 | |||||
Balance, end of period | 12,136 | |||||
Allowance for loan losses - Total | 12,130 | 12,136 | 12,130 | |||
Loans outstanding - ACILs | 183,018 | 188,158 | ||||
Receivables acquired with deteriorated credit quality | Commercial business | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | 0 | 0 | 0 | |||
Loans outstanding - ACILs | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Commercial business | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | 0 | 0 | 0 | |||
Loans outstanding - ACILs | 59,917 | 66,745 | ||||
Receivables acquired with deteriorated credit quality | Trade finance | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | 0 | 0 | 0 | |||
Loans outstanding - ACILs | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Trade finance | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | 0 | 0 | 0 | |||
Loans outstanding - ACILs | 3,176 | 2,999 | ||||
Receivables acquired with deteriorated credit quality | Consumer and other | Legacy | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | 0 | 0 | 0 | |||
Loans outstanding - ACILs | 0 | 0 | ||||
Receivables acquired with deteriorated credit quality | Consumer and other | Acquired | ||||||
Allowance for Loan Losses by Portfolio Segment | ||||||
Balance, beginning of period | 0 | |||||
Balance, end of period | 0 | |||||
Allowance for loan losses - Total | $ 0 | 0 | 0 | |||
Loans outstanding - ACILs | $ 14,154 | $ 15,543 |
Loans Receivable and Allowanc52
Loans Receivable and Allowance for Loan Losses - Impaired Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | [1] | $ 52,140 | $ 60,758 | ||
Recorded Investment, With no related allowance | [1] | 77,439 | 79,603 | ||
Related Allowance | (5,079) | (7,409) | |||
Impaired Loans, net of allowance | 124,500 | 132,952 | |||
Total recorded investment | [1] | 129,579 | 140,361 | ||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 54,434 | 62,494 | |||
Unpaid Contractual Principal Balance, With no related allowance | 93,021 | 91,065 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 147,455 | 153,559 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 56,450 | $ 79,142 | ||
Average Recorded Investment, With no related allowance | [1] | 78,522 | 60,116 | ||
Average Recorded Investment, Total | [1] | 134,972 | 139,258 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 530 | 700 | |||
Interest Income Recognized during Impairment, With no related allowance | 580 | 391 | |||
Interest Income Recognized during Impairment, Total | $ 1,110 | 1,091 | |||
Threshold period for loans to be placed on nonaccrual status | 90 days | ||||
WIthout charge-offs | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | $ 51,944 | 59,638 | |||
Recorded Investment, With no related allowance | 70,466 | 76,775 | |||
With charge-offs | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 196 | 1,120 | |||
Recorded Investment, With no related allowance | 6,973 | 2,828 | |||
Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 1,760 | 2,593 | |||
Recorded Investment, With no related allowance | 18,856 | 22,138 | |||
Related Allowance | (152) | (186) | |||
Total recorded investment | 20,616 | 24,731 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 3,666 | 2,930 | |||
Unpaid Contractual Principal Balance, With no related allowance | 23,009 | 26,118 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 26,675 | 29,048 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 2,176 | 3,052 | |||
Average Recorded Investment, With no related allowance | 20,497 | 17,284 | |||
Average Recorded Investment, Total | 22,673 | 20,336 | |||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 15 | 9 | |||
Interest Income Recognized during Impairment, With no related allowance | 125 | 97 | |||
Interest Income Recognized during Impairment, Total | 140 | 106 | |||
Real estate | Residential | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | [1] | 0 | ||
Recorded Investment, With no related allowance | 1,465 | [1] | 3,562 | ||
Related Allowance | 0 | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 0 | |||
Unpaid Contractual Principal Balance, With no related allowance | 1,465 | 3,562 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 0 | 0 | ||
Average Recorded Investment, With no related allowance | [1] | 2,513 | 0 | ||
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 | 28 | 0 | |||
Real estate | Residential | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | 0 | |||
Recorded Investment, With no related allowance | 0 | 679 | |||
Related Allowance | 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 | 679 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 0 | 0 | |||
Average Recorded Investment, With no related allowance | 339 | 0 | |||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 0 | 0 | |||
Interest Income Recognized during Impairment, With no related allowance | 0 | 0 | |||
Real estate | Commercial & industrial | |||||
Impaired Loans, Recorded Investment | |||||
Related Allowance | (2,560) | (2,002) | |||
Real estate | Commercial & industrial | Retail | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 581 | [1] | 2,095 | ||
Recorded Investment, With no related allowance | 16,752 | [1] | 12,753 | ||
Related Allowance | (9) | (90) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 581 | 2,384 | |||
Unpaid Contractual Principal Balance, With no related allowance | 17,724 | 13,290 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 1,338 | 1,712 | ||
Average Recorded Investment, With no related allowance | [1] | 14,752 | 11,105 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 4 | 0 | |||
Interest Income Recognized during Impairment, With no related allowance | 159 | 100 | |||
Real estate | Commercial & industrial | Retail | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 311 | 1,826 | |||
Recorded Investment, With no related allowance | 4,351 | 3,148 | |||
Related Allowance | 0 | (85) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 311 | 2,114 | |||
Unpaid Contractual Principal Balance, With no related allowance | 4,831 | 3,214 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 1,068 | 1,169 | |||
Average Recorded Investment, With no related allowance | 3,750 | 2,571 | |||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 4 | 0 | |||
Interest Income Recognized during Impairment, With no related allowance | 31 | 26 | |||
Real estate | Commercial & industrial | Hotel & motel | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 6,395 | [1] | 6,387 | ||
Recorded Investment, With no related allowance | 6,273 | [1] | 6,122 | ||
Related Allowance | (403) | (337) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 6,433 | 6,387 | |||
Unpaid Contractual Principal Balance, With no related allowance | 12,221 | 11,735 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 6,391 | 4,611 | ||
Average Recorded Investment, With no related allowance | [1] | 6,198 | 7,849 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 43 | 57 | |||
Interest Income Recognized during Impairment, With no related allowance | 7 | 22 | |||
Real estate | Commercial & industrial | Hotel & motel | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 92 | 0 | |||
Recorded Investment, With no related allowance | 4,840 | 4,767 | |||
Related Allowance | (2) | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 89 | 0 | |||
Unpaid Contractual Principal Balance, With no related allowance | 7,352 | 7,171 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 46 | 0 | |||
Average Recorded Investment, With no related allowance | 4,803 | 6,882 | |||
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 | 4 | 17 | |||
Real estate | Commercial & industrial | Gas station & car wash | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | [1] | 215 | ||
Recorded Investment, With no related allowance | 4,160 | [1] | 5,043 | ||
Related Allowance | 0 | (41) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 228 | |||
Unpaid Contractual Principal Balance, With no related allowance | 6,634 | 7,449 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 108 | 1,050 | ||
Average Recorded Investment, With no related allowance | [1] | 4,602 | 4,665 | ||
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 | 10 | 34 | |||
Real estate | Commercial & industrial | Gas station & car wash | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | 0 | |||
Recorded Investment, With no related allowance | 618 | 1,568 | |||
Related Allowance | 0 | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 0 | |||
Unpaid Contractual Principal Balance, With no related allowance | 804 | 1,815 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 0 | 509 | |||
Average Recorded Investment, With no related allowance | 1,093 | 1,392 | |||
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 | 10 | 25 | |||
Real estate | Commercial & industrial | Mixed use | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 250 | [1] | 206 | ||
Recorded Investment, With no related allowance | 6,530 | [1] | 7,303 | ||
Related Allowance | (3) | (27) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 2,101 | 732 | |||
Unpaid Contractual Principal Balance, With no related allowance | 7,614 | 7,822 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 228 | 563 | ||
Average Recorded Investment, With no related allowance | [1] | 6,916 | 2,364 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 2 | 2 | |||
Interest Income Recognized during Impairment, With no related allowance | 63 | 12 | |||
Real estate | Commercial & industrial | Mixed use | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 250 | 136 | |||
Recorded Investment, With no related allowance | 5,283 | 5,315 | |||
Related Allowance | (3) | (2) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 2,101 | 136 | |||
Unpaid Contractual Principal Balance, With no related allowance | 5,510 | 5,551 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 193 | 493 | |||
Average Recorded Investment, With no related allowance | 5,299 | 273 | |||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 2 | 2 | |||
Interest Income Recognized during Impairment, With no related allowance | 63 | 3 | |||
Real estate | Commercial & industrial | Industrial & warehouse | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 2,882 | [1] | 530 | ||
Recorded Investment, With no related allowance | 8,498 | [1] | 9,673 | ||
Related Allowance | (2) | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 2,882 | 530 | |||
Unpaid Contractual Principal Balance, With no related allowance | 8,574 | 9,748 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 1,706 | 560 | ||
Average Recorded Investment, With no related allowance | [1] | 9,086 | 9,888 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 32 | 6 | |||
Interest Income Recognized during Impairment, With no related allowance | 75 | 85 | |||
Real estate | Commercial & industrial | Industrial & warehouse | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | 0 | |||
Recorded Investment, With no related allowance | 65 | 66 | |||
Related Allowance | 0 | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 0 | |||
Unpaid Contractual Principal Balance, With no related allowance | 65 | 66 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 0 | 0 | |||
Average Recorded Investment, With no related allowance | 66 | 1,111 | |||
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 | 1 | 2 | |||
Real estate | Commercial & industrial | Other | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 22,412 | [1] | 22,580 | ||
Recorded Investment, With no related allowance | 15,648 | [1] | 20,181 | ||
Related Allowance | (2,143) | (1,507) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 22,657 | 22,825 | |||
Unpaid Contractual Principal Balance, With no related allowance | 16,911 | 21,492 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 22,496 | 24,462 | ||
Average Recorded Investment, With no related allowance | [1] | 17,915 | 12,712 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 253 | 275 | |||
Interest Income Recognized during Impairment, With no related allowance | 130 | 90 | |||
Real estate | Commercial & industrial | Other | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 333 | 337 | |||
Recorded Investment, With no related allowance | 3,182 | 6,023 | |||
Related Allowance | (25) | (26) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 337 | 341 | |||
Unpaid Contractual Principal Balance, With no related allowance | 3,853 | 6,752 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 335 | 305 | |||
Average Recorded Investment, With no related allowance | 4,603 | 3,826 | |||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 4 | 4 | |||
Interest Income Recognized during Impairment, With no related allowance | 13 | 14 | |||
Real estate | Construction | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | [1] | 0 | ||
Recorded Investment, With no related allowance | 2,856 | [1] | 1,300 | ||
Related Allowance | 0 | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 0 | |||
Unpaid Contractual Principal Balance, With no related allowance | 2,996 | 1,441 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 0 | 0 | ||
Average Recorded Investment, With no related allowance | [1] | 2,078 | 1,355 | ||
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 | 20 | 0 | |||
Real estate | Construction | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | 0 | |||
Recorded Investment, With no related allowance | 0 | 0 | |||
Related Allowance | 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 | 0 | |||
Average Recorded Investment, With no related allowance | 0 | 0 | |||
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 related allowance | 19,538 | [1] | 26,543 | ||
Recorded Investment, With no related allowance | 9,902 | [1] | 8,675 | ||
Related Allowance | (2,479) | (4,493) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 19,698 | 27,161 | |||
Unpaid Contractual Principal Balance, With no related allowance | 13,509 | 9,472 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 23,041 | 35,742 | ||
Average Recorded Investment, With no related allowance | [1] | 9,289 | 8,950 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 195 | 265 | |||
Interest Income Recognized during Impairment, With no related allowance | 30 | 41 | |||
Commercial business | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 774 | 294 | |||
Recorded Investment, With no related allowance | 245 | 141 | |||
Related Allowance | (122) | (73) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 828 | 339 | |||
Unpaid Contractual Principal Balance, With no related allowance | 313 | 386 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 534 | 576 | |||
Average Recorded Investment, With no related allowance | 193 | 672 | |||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 5 | 3 | |||
Interest Income Recognized during Impairment, With no related allowance | 1 | 8 | |||
Trade finance | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | [1] | 2,111 | ||
Recorded Investment, With no related allowance | 4,450 | [1] | 3,918 | ||
Related Allowance | 0 | (864) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 2,156 | |||
Unpaid Contractual Principal Balance, With no related allowance | 4,450 | 3,918 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 1,055 | 10,314 | ||
Average Recorded Investment, With no related allowance | [1] | 4,184 | 0 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 0 | 94 | |||
Interest Income Recognized during Impairment, With no related allowance | 51 | 0 | |||
Trade finance | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | 0 | |||
Recorded Investment, With no related allowance | 0 | 0 | |||
Related Allowance | 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 | 0 | |||
Average Recorded Investment, With no related allowance | 0 | 0 | |||
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 | |||
Consumer and other | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 82 | [1] | 91 | ||
Recorded Investment, With no related allowance | 905 | [1] | 1,073 | ||
Related Allowance | (40) | (50) | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 82 | 91 | |||
Unpaid Contractual Principal Balance, With no related allowance | 923 | 1,136 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | [1] | 87 | 128 | ||
Average Recorded Investment, With no related allowance | [1] | 989 | 1,228 | ||
Impaired Loans, Interest Income Recognized during Impairment | |||||
Interest Income Recognized during Impairment, With related allowance | 1 | 1 | |||
Interest Income Recognized during Impairment, With no related allowance | 7 | 7 | |||
Consumer and other | Acquired | |||||
Impaired Loans, Recorded Investment | |||||
Recorded Investment, With related allowance | 0 | 0 | |||
Recorded Investment, With no related allowance | 272 | 431 | |||
Related Allowance | 0 | 0 | |||
Impaired Loans, Unpaid Principal Balance | |||||
Unpaid Contractual Principal Balance, With related allowance | 0 | 0 | |||
Unpaid Contractual Principal Balance, With no related allowance | 281 | $ 484 | |||
Impaired Loans, Average Recorded Investment | |||||
Average Recorded Investment, With related allowance | 0 | 0 | |||
Average Recorded Investment, With no related allowance | 351 | 557 | |||
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 | $ 2 | $ 2 | |||
[1] | Unpaid contractual principal balance less charge offs, interest collected applied to principal if on nonaccrual and purchase discounts. |
Loans Receivable and Allowanc53
Loans Receivable and Allowance for Loan Losses - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 20,707 | $ 18,342 | |||
Total Delinquent loans | 57,716 | 58,416 | |||
Guaranteed portion of delinquent SBA loans excluded from Nonaccrual loans | 15,200 | 15,900 | |||
Nonaccrual loans less than 30 days past due | 37,009 | 40,074 | |||
Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 14,451 | 13,278 | |||
Total Delinquent loans | 42,360 | 42,222 | |||
Nonaccrual loans less than 30 days past due | 27,909 | 28,944 | |||
Legacy | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,306 | 1,373 | |||
Total Delinquent loans | 10,461 | 10,744 | |||
Nonaccrual loans less than 30 days past due | [1] | 9,155 | 9,371 | ||
Legacy | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 500 | |||
Total Delinquent loans | 528 | 2,556 | |||
Nonaccrual loans less than 30 days past due | [1] | 528 | 2,056 | ||
Legacy | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 570 | 509 | |||
Total Delinquent loans | 798 | 738 | |||
Nonaccrual loans less than 30 days past due | [1] | 228 | 229 | ||
Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 6,256 | [2] | 5,064 | [3] | |
Total Delinquent loans | 15,356 | [3] | 16,194 | ||
Nonaccrual loans less than 30 days past due | 9,100 | 11,130 | |||
Acquired | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 360 | [2] | 1,987 | [3] | |
Total Delinquent loans | 795 | [2] | 2,332 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 435 | 345 | ||
Acquired | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Total Delinquent loans | 0 | [2] | 0 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 0 | 0 | ||
Acquired | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 684 | [2] | 356 | [3] | |
Total Delinquent loans | 798 | [2] | 905 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 114 | 549 | ||
30 to 59 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 15,447 | 10,268 | |||
30 to 59 Days Past Due | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 10,198 | 6,253 | |||
30 to 59 Days Past Due | Legacy | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 640 | 558 | |||
30 to 59 Days Past Due | Legacy | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
30 to 59 Days Past Due | Legacy | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 229 | 146 | |||
30 to 59 Days Past Due | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 5,249 | [2] | 4,015 | [3] | |
30 to 59 Days Past Due | Acquired | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 360 | [2] | 1,303 | [3] | |
30 to 59 Days Past Due | Acquired | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
30 to 59 Days Past Due | Acquired | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 684 | [2] | 331 | [3] | |
60 to 89 Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,985 | 7,769 | |||
60 to 89 Days Past Due | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,978 | 6,720 | |||
60 to 89 Days Past Due | Legacy | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 666 | 815 | |||
60 to 89 Days Past Due | Legacy | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 500 | |||
60 to 89 Days Past Due | Legacy | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 66 | 58 | |||
60 to 89 Days Past Due | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,007 | [2] | 1,049 | [3] | |
60 to 89 Days Past Due | Acquired | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 684 | [3] | |
60 to 89 Days Past Due | Acquired | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
60 to 89 Days Past Due | Acquired | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 25 | [3] | |
90 or More Days Past Due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 275 | 305 | |||
90 or More Days Past Due | Legacy | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 275 | 305 | |||
90 or More Days Past Due | Legacy | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
90 or More Days Past Due | Legacy | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
90 or More Days Past Due | Legacy | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 275 | 305 | |||
90 or More Days Past Due | Acquired | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
90 or More Days Past Due | Acquired | Commercial business | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
90 or More Days Past Due | Acquired | Trade finance | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
90 or More Days Past Due | Acquired | Consumer and other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Less than 30 days past due | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans less than 30 days past due | 15,600 | 18,300 | |||
Residential | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Total Delinquent loans | 0 | 0 | |||
Nonaccrual loans less than 30 days past due | [1] | 0 | 0 | ||
Residential | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Total Delinquent loans | 0 | [2] | 679 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 0 | 679 | ||
Residential | 30 to 59 Days Past Due | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Residential | 30 to 59 Days Past Due | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Residential | 60 to 89 Days Past Due | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Residential | 60 to 89 Days Past Due | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Residential | 90 or More Days Past Due | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Residential | 90 or More Days Past Due | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | Legacy | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 938 | 480 | |||
Total Delinquent loans | 3,595 | 4,152 | |||
Nonaccrual loans less than 30 days past due | [1] | 2,657 | 3,672 | ||
Commercial & industrial | Legacy | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,528 | 4,973 | |||
Total Delinquent loans | 8,744 | 6,365 | |||
Nonaccrual loans less than 30 days past due | [1] | 4,216 | 1,392 | ||
Commercial & industrial | Legacy | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 947 | 362 | |||
Total Delinquent loans | 4,489 | 4,052 | |||
Nonaccrual loans less than 30 days past due | [1] | 3,542 | 3,690 | ||
Commercial & industrial | Legacy | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Total Delinquent loans | 1,247 | 1,305 | |||
Nonaccrual loans less than 30 days past due | [1] | 1,247 | 1,305 | ||
Commercial & industrial | Legacy | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,085 | 697 | |||
Total Delinquent loans | 3,007 | 2,619 | |||
Nonaccrual loans less than 30 days past due | [1] | 1,922 | 1,922 | ||
Commercial & industrial | Legacy | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 5,077 | 2,871 | |||
Total Delinquent loans | 8,191 | 6,878 | |||
Nonaccrual loans less than 30 days past due | [1] | 3,114 | 4,007 | ||
Commercial & industrial | Acquired | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,809 | [2] | 1,611 | [3] | |
Total Delinquent loans | 3,387 | [2] | 3,482 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 1,578 | 1,871 | ||
Commercial & industrial | Acquired | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,546 | [2] | 95 | [3] | |
Total Delinquent loans | 6,214 | [2] | 4,596 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 4,668 | 4,501 | ||
Commercial & industrial | Acquired | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 408 | [3] | |
Total Delinquent loans | 47 | [2] | 1,401 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 47 | 993 | ||
Commercial & industrial | Acquired | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 354 | [2] | 0 | [3] | |
Total Delinquent loans | 516 | [2] | 48 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 162 | 48 | ||
Commercial & industrial | Acquired | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,406 | [2] | 257 | [3] | |
Total Delinquent loans | 1,406 | [2] | 257 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 0 | 0 | ||
Commercial & industrial | Acquired | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 97 | [2] | 350 | [3] | |
Total Delinquent loans | 2,193 | [2] | 2,494 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 2,096 | 2,144 | ||
Commercial & industrial | 30 to 59 Days Past Due | Legacy | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 938 | 480 | |||
Commercial & industrial | 30 to 59 Days Past Due | Legacy | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 3,341 | 1,836 | |||
Commercial & industrial | 30 to 59 Days Past Due | Legacy | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 947 | 362 | |||
Commercial & industrial | 30 to 59 Days Past Due | Legacy | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 30 to 59 Days Past Due | Legacy | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 57 | 0 | |||
Commercial & industrial | 30 to 59 Days Past Due | Legacy | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 4,046 | 2,871 | |||
Commercial & industrial | 30 to 59 Days Past Due | Acquired | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,156 | [2] | 1,611 | [3] | |
Commercial & industrial | 30 to 59 Days Past Due | Acquired | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,546 | [2] | 95 | [3] | |
Commercial & industrial | 30 to 59 Days Past Due | Acquired | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 68 | [3] | |
Commercial & industrial | 30 to 59 Days Past Due | Acquired | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 30 to 59 Days Past Due | Acquired | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,406 | [2] | 257 | [3] | |
Commercial & industrial | 30 to 59 Days Past Due | Acquired | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 97 | [2] | 350 | [3] | |
Commercial & industrial | 60 to 89 Days Past Due | Legacy | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 60 to 89 Days Past Due | Legacy | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,187 | 3,137 | |||
Commercial & industrial | 60 to 89 Days Past Due | Legacy | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 60 to 89 Days Past Due | Legacy | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 60 to 89 Days Past Due | Legacy | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,028 | 697 | |||
Commercial & industrial | 60 to 89 Days Past Due | Legacy | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 1,031 | 0 | |||
Commercial & industrial | 60 to 89 Days Past Due | Acquired | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 653 | [2] | 0 | [3] | |
Commercial & industrial | 60 to 89 Days Past Due | Acquired | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 60 to 89 Days Past Due | Acquired | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 340 | [3] | |
Commercial & industrial | 60 to 89 Days Past Due | Acquired | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 354 | [2] | 0 | [3] | |
Commercial & industrial | 60 to 89 Days Past Due | Acquired | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 60 to 89 Days Past Due | Acquired | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 90 or More Days Past Due | Legacy | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 90 or More Days Past Due | Legacy | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 90 or More Days Past Due | Legacy | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 90 or More Days Past Due | Legacy | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 90 or More Days Past Due | Legacy | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 90 or More Days Past Due | Legacy | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Commercial & industrial | 90 or More Days Past Due | Acquired | Real estate | Retail | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 90 or More Days Past Due | Acquired | Real estate | Hotel & motel | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 90 or More Days Past Due | Acquired | Real estate | Gas station & car wash | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 90 or More Days Past Due | Acquired | Real estate | Mixed use | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 90 or More Days Past Due | Acquired | Real estate | Industrial & warehouse | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Commercial & industrial | 90 or More Days Past Due | Acquired | Real estate | Other | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Construction | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 1,513 | |||
Total Delinquent loans | 1,300 | 2,813 | |||
Nonaccrual loans less than 30 days past due | [1] | 1,300 | 1,300 | ||
Construction | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Total Delinquent loans | 0 | [2] | 0 | [3] | |
Nonaccrual loans less than 30 days past due | [1],[2] | 0 | 0 | ||
Construction | 30 to 59 Days Past Due | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Construction | 30 to 59 Days Past Due | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Construction | 60 to 89 Days Past Due | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 1,513 | |||
Construction | 60 to 89 Days Past Due | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | [2] | 0 | [3] | |
Construction | 90 or More Days Past Due | Legacy | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Construction | 90 or More Days Past Due | Acquired | Real estate | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Total Past Due | $ 0 | [2] | $ 0 | [3] | |
[1] | of delinquent SBA loans that are in liquidation totaling $15.2 million. Includes nonaccrual loans less than 30 days past due totaling $15.6 million. | ||||
[2] | Acquired Loans exclude PCI loans. | ||||
[3] | Acquired Loans exclude PCI loans. |
Loans Receivable and Allowanc54
Loans Receivable and Allowance for Loan Losses - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 10,551,550 | $ 10,544,989 |
Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,015,587 | 9,988,278 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 225,967 | 243,656 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 307,712 | 311,106 |
Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,284 | 1,949 |
Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,291,188 | 8,154,570 |
Real estate | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 58,166 | 57,884 |
Real estate | Commercial & industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 7,948,844 | 7,842,573 |
Real estate | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 284,178 | 254,113 |
Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,696,895 | 1,832,021 |
Trade finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 143,298 | 154,928 |
Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 420,169 | 403,470 |
Legacy | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,915,682 | 6,721,566 |
Legacy | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 6,620,270 | 6,430,967 |
Legacy | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 127,431 | 127,562 |
Legacy | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 167,748 | 162,942 |
Legacy | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 233 | 95 |
Legacy | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,550,080 | 5,345,347 |
Legacy | Real estate | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 38,567 | 37,389 |
Legacy | Real estate | Residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 36,883 | 34,283 |
Legacy | Real estate | Residential | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 219 | 223 |
Legacy | Real estate | Residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,465 | 2,883 |
Legacy | Real estate | Residential | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Commercial & industrial | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,410,634 | 1,337,811 |
Legacy | Real estate | Commercial & industrial | Retail | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,373,943 | 1,303,452 |
Legacy | Real estate | Commercial & industrial | Retail | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,057 | 18,929 |
Legacy | Real estate | Commercial & industrial | Retail | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,634 | 15,430 |
Legacy | Real estate | Commercial & industrial | Retail | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Commercial & industrial | Hotel & motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,195,724 | 1,209,498 |
Legacy | Real estate | Commercial & industrial | Hotel & motel | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,171,476 | 1,187,709 |
Legacy | Real estate | Commercial & industrial | Hotel & motel | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 15,238 | 12,763 |
Legacy | Real estate | Commercial & industrial | Hotel & motel | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,010 | 9,026 |
Legacy | Real estate | Commercial & industrial | Hotel & motel | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Commercial & industrial | Gas station & car wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 651,577 | 654,231 |
Legacy | Real estate | Commercial & industrial | Gas station & car wash | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 637,755 | 643,282 |
Legacy | Real estate | Commercial & industrial | Gas station & car wash | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 10,280 | 7,259 |
Legacy | Real estate | Commercial & industrial | Gas station & car wash | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,542 | 3,690 |
Legacy | Real estate | Commercial & industrial | Gas station & car wash | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Commercial & industrial | Mixed use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 399,235 | 376,779 |
Legacy | Real estate | Commercial & industrial | Mixed use | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 396,870 | 375,312 |
Legacy | Real estate | Commercial & industrial | Mixed use | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 957 | 0 |
Legacy | Real estate | Commercial & industrial | Mixed use | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,408 | 1,467 |
Legacy | Real estate | Commercial & industrial | Mixed use | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Commercial & industrial | Industrial & warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 552,449 | 522,103 |
Legacy | Real estate | Commercial & industrial | Industrial & warehouse | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 515,640 | 478,528 |
Legacy | Real estate | Commercial & industrial | Industrial & warehouse | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 21,839 | 29,830 |
Legacy | Real estate | Commercial & industrial | Industrial & warehouse | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,970 | 13,745 |
Legacy | Real estate | Commercial & industrial | Industrial & warehouse | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Commercial & industrial | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,109,388 | 1,032,261 |
Legacy | Real estate | Commercial & industrial | Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,050,557 | 969,024 |
Legacy | Real estate | Commercial & industrial | Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 22,967 | 22,220 |
Legacy | Real estate | Commercial & industrial | Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,864 | 41,017 |
Legacy | Real estate | Commercial & industrial | Other | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Real estate | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 192,506 | 175,275 |
Legacy | Real estate | Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 175,895 | 159,230 |
Legacy | Real estate | Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 13,755 | 14,745 |
Legacy | Real estate | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,856 | 1,300 |
Legacy | Real estate | Construction | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,094,373 | 1,114,131 |
Legacy | Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,000,577 | 1,032,232 |
Legacy | Commercial business | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 18,973 | 15,919 |
Legacy | Commercial business | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 74,590 | 65,885 |
Legacy | Commercial business | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 233 | 95 |
Legacy | Trade finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 63,581 | 81,394 |
Legacy | Trade finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 53,839 | 68,051 |
Legacy | Trade finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,142 | 5,673 |
Legacy | Trade finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,600 | 7,670 |
Legacy | Trade finance | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Legacy | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 207,648 | 180,694 |
Legacy | Consumer and other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 206,835 | 179,864 |
Legacy | Consumer and other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4 | 1 |
Legacy | Consumer and other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 809 | 829 |
Legacy | Consumer and other | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,635,868 | 3,823,423 |
Acquired | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,395,317 | 3,557,311 |
Acquired | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 98,536 | 116,094 |
Acquired | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 139,964 | 148,164 |
Acquired | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,051 | 1,854 |
Acquired | Real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,741,108 | 2,809,223 |
Acquired | Real estate | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,599 | 20,495 |
Acquired | Real estate | Residential | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 19,330 | 18,007 |
Acquired | Real estate | Residential | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 269 | 1,809 |
Acquired | Real estate | Residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 679 |
Acquired | Real estate | Residential | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Commercial & industrial | Retail | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 780,074 | 803,435 |
Acquired | Real estate | Commercial & industrial | Retail | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 750,436 | 772,465 |
Acquired | Real estate | Commercial & industrial | Retail | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,996 | 9,860 |
Acquired | Real estate | Commercial & industrial | Retail | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,642 | 21,110 |
Acquired | Real estate | Commercial & industrial | Retail | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Commercial & industrial | Hotel & motel | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 345,616 | 352,048 |
Acquired | Real estate | Commercial & industrial | Hotel & motel | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 316,099 | 328,396 |
Acquired | Real estate | Commercial & industrial | Hotel & motel | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,955 | 5,419 |
Acquired | Real estate | Commercial & industrial | Hotel & motel | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,562 | 18,233 |
Acquired | Real estate | Commercial & industrial | Hotel & motel | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Commercial & industrial | Gas station & car wash | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 261,602 | 269,154 |
Acquired | Real estate | Commercial & industrial | Gas station & car wash | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 243,494 | 249,379 |
Acquired | Real estate | Commercial & industrial | Gas station & car wash | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,918 | 8,437 |
Acquired | Real estate | Commercial & industrial | Gas station & car wash | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,190 | 11,338 |
Acquired | Real estate | Commercial & industrial | Gas station & car wash | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Commercial & industrial | Mixed use | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 132,638 | 134,261 |
Acquired | Real estate | Commercial & industrial | Mixed use | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 117,453 | 118,643 |
Acquired | Real estate | Commercial & industrial | Mixed use | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,578 | 3,105 |
Acquired | Real estate | Commercial & industrial | Mixed use | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 11,599 | 12,505 |
Acquired | Real estate | Commercial & industrial | Mixed use | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8 | 8 |
Acquired | Real estate | Commercial & industrial | Industrial & warehouse | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 345,505 | 362,222 |
Acquired | Real estate | Commercial & industrial | Industrial & warehouse | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 314,060 | 321,040 |
Acquired | Real estate | Commercial & industrial | Industrial & warehouse | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 14,694 | 31,819 |
Acquired | Real estate | Commercial & industrial | Industrial & warehouse | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 16,453 | 9,048 |
Acquired | Real estate | Commercial & industrial | Industrial & warehouse | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 298 | 315 |
Acquired | Real estate | Commercial & industrial | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 764,402 | 788,770 |
Acquired | Real estate | Commercial & industrial | Other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 712,484 | 736,385 |
Acquired | Real estate | Commercial & industrial | Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 28,529 | 23,286 |
Acquired | Real estate | Commercial & industrial | Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 23,389 | 29,099 |
Acquired | Real estate | Commercial & industrial | Other | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91,672 | 78,838 |
Acquired | Real estate | Construction | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 91,672 | 78,838 |
Acquired | Real estate | Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Real estate | Construction | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Commercial business | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 602,522 | 717,890 |
Acquired | Commercial business | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 549,059 | 649,186 |
Acquired | Commercial business | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17,666 | 31,340 |
Acquired | Commercial business | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 35,700 | 37,265 |
Acquired | Commercial business | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 97 | 99 |
Acquired | Trade finance | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 79,717 | 73,534 |
Acquired | Trade finance | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 76,541 | 70,535 |
Acquired | Trade finance | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 17 | 61 |
Acquired | Trade finance | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,159 | 2,938 |
Acquired | Trade finance | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 0 | 0 |
Acquired | Consumer and other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 212,521 | 222,776 |
Acquired | Consumer and other | Pass | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 204,689 | 214,437 |
Acquired | Consumer and other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 914 | 958 |
Acquired | Consumer and other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 5,270 | 5,949 |
Acquired | Consumer and other | Doubtful or Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $ 1,648 | $ 1,432 |
Loans Receivable and Allowanc55
Loans Receivable and Allowance for Loan Losses - Loans Held For Investment - Reclassification to Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale or reclassification to held for sale | $ 9,451 | $ 450 |
Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale or reclassification to held for sale | 8,699 | 0 |
Commercial Business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale or reclassification to held for sale | 752 | 0 |
Consumer and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Sale or reclassification to held for sale | $ 0 | $ 450 |
Loans Receivable and Allowanc56
Loans Receivable and Allowance for Loan Losses - Allowance for Loans, by Portfolio Segment and Impairment Method (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | $ 129,579 | $ 140,361 | |||
Specific allowance | $ 5,079 | $ 7,409 | |||
Loss coverage ratio | 3.90% | 5.30% | |||
Non-impaired loans | $ 10,421,971 | $ 10,404,628 | |||
General allowance | $ 73,580 | $ 71,934 | |||
Loss coverage ratio | 0.70% | 0.70% | |||
Total loans outstanding | $ 10,551,550 | $ 10,544,989 | |||
Allowance for loan losses - Total | $ 78,659 | $ 79,343 | $ 79,343 | $ 76,856 | $ 76,408 |
Loss coverage ratio | 0.70% | 0.80% | |||
Real estate | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | $ 8,291,188 | $ 8,154,570 | |||
Real estate | Residential | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | 1,465 | 3,562 | |||
Specific allowance | 0 | 0 | |||
Non-impaired loans | 56,701 | 54,322 | |||
General allowance | $ 287 | $ 209 | |||
Loss coverage ratio | 0.50% | 0.40% | |||
Total loans outstanding | $ 58,166 | $ 57,884 | |||
Allowance for loan losses - Total | $ 287 | $ 209 | |||
Loss coverage ratio | 0.50% | 0.40% | |||
Real estate | Commercial & industrial | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | $ 90,381 | $ 93,088 | |||
Specific allowance | $ 2,560 | $ 2,002 | |||
Loss coverage ratio | 2.80% | 2.20% | |||
Non-impaired loans | $ 7,858,463 | $ 7,749,485 | |||
General allowance | $ 52,827 | $ 47,915 | |||
Loss coverage ratio | 0.70% | 0.60% | |||
Total loans outstanding | $ 7,948,844 | $ 7,842,573 | |||
Allowance for loan losses - Total | $ 55,387 | $ 49,917 | |||
Loss coverage ratio | 0.70% | 0.60% | |||
Real estate | Construction | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | $ 2,856 | $ 1,300 | |||
Specific allowance | 0 | 0 | |||
Non-impaired loans | 281,322 | 252,813 | |||
General allowance | $ 1,710 | $ 1,621 | |||
Loss coverage ratio | 0.60% | 0.60% | |||
Total loans outstanding | $ 284,178 | $ 254,113 | |||
Allowance for loan losses - Total | $ 1,710 | $ 1,621 | |||
Loss coverage ratio | 0.60% | 0.60% | |||
Commercial business | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | $ 29,440 | $ 35,218 | |||
Specific allowance | $ 2,479 | $ 4,493 | |||
Loss coverage ratio | 8.40% | 12.80% | |||
Non-impaired loans | $ 1,667,455 | $ 1,796,803 | |||
General allowance | $ 15,944 | $ 19,054 | |||
Loss coverage ratio | 1.00% | 1.10% | |||
Total loans outstanding | $ 1,696,895 | $ 1,832,021 | |||
Allowance for loan losses - Total | $ 18,423 | $ 23,547 | |||
Loss coverage ratio | 1.10% | 1.30% | |||
Trade finance | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | $ 4,450 | $ 6,029 | |||
Specific allowance | 0 | $ 864 | |||
Loss coverage ratio | 14.30% | ||||
Non-impaired loans | 138,848 | $ 148,899 | |||
General allowance | $ 811 | $ 1,033 | |||
Loss coverage ratio | 0.60% | 0.70% | |||
Total loans outstanding | $ 143,298 | $ 154,928 | |||
Allowance for loan losses - Total | $ 811 | $ 1,897 | |||
Loss coverage ratio | 0.60% | 1.20% | |||
Consumer and other | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Impaired loans (gross carrying value) | $ 987 | $ 1,164 | |||
Specific allowance | $ 40 | $ 50 | |||
Loss coverage ratio | 4.10% | 4.30% | |||
Non-impaired loans | $ 419,182 | $ 402,306 | |||
General allowance | $ 2,001 | $ 2,102 | |||
Loss coverage ratio | 0.50% | 0.50% | |||
Total loans outstanding | $ 420,169 | $ 403,470 | |||
Allowance for loan losses - Total | $ 2,041 | $ 2,152 | |||
Loss coverage ratio | 0.50% | 0.50% | |||
Acquired | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | $ 152 | $ 186 | |||
Total loans outstanding | 3,635,868 | 3,823,423 | |||
Acquired | Real estate | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Total loans outstanding | 2,741,108 | 2,809,223 | |||
Allowance for loan losses - Total | 13,455 | 12,791 | 12,791 | 12,626 | 12,823 |
Acquired | Real estate | Residential | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | 0 | |||
Total loans outstanding | 19,599 | 20,495 | |||
Acquired | Real estate | Construction | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | 0 | |||
Total loans outstanding | 91,672 | 78,838 | |||
Acquired | Commercial business | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 122 | 73 | |||
Total loans outstanding | 602,522 | 717,890 | |||
Allowance for loan losses - Total | 944 | 117 | 117 | 154 | 214 |
Acquired | Trade finance | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | 0 | |||
Total loans outstanding | 79,717 | 73,534 | |||
Allowance for loan losses - Total | 187 | 0 | 0 | 0 | 0 |
Acquired | Consumer and other | |||||
Loans by Portfolio Segment and Impairment Method [Abstract] | |||||
Specific allowance | 0 | 0 | |||
Total loans outstanding | 212,521 | 222,776 | |||
Allowance for loan losses - Total | $ 19 | $ 36 | $ 36 | $ 60 | $ 62 |
Loans Receivable and Allowanc57
Loans Receivable and Allowance for Loan Losses - Troubled Debt Restructurings on Financing Receivables (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)loan | Mar. 31, 2016USD ($)loan | Dec. 31, 2016USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 66,105,000 | $ 70,870,000 | |
Number of modified contracts | loan | 6 | 8 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 2,905,000 | $ 13,317,000 | |
Post-Modification | $ 2,358,000 | $ 8,654,000 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 2 | 9 | |
Balance | $ 113,000 | $ 3,063,000 | |
Specific reserves | 2,000 | 2,100,000 | |
Specific reserves for the TDRs | 10,000 | 144,000 | |
Charge offs | 0 | $ 30,000 | |
Specific reserves allocated to TDRs | 3,800,000 | 5,300,000 | |
Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 20,255,000 | 22,521,000 | |
Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 32,186,000 | 33,641,000 | |
Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 13,664,000 | 14,708,000 | |
TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 48,984,000 | 48,874,000 | |
TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 16,482,000 | 16,387,000 | |
TDR on accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 24,770,000 | 23,911,000 | |
TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 7,732,000 | 8,576,000 | |
TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 17,121,000 | 21,996,000 | |
TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 3,773,000 | 6,134,000 | |
TDR on non-accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 7,416,000 | 9,730,000 | |
TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 5,932,000 | 6,132,000 | |
Commercial & industrial | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 25,054,000 | ||
Number of modified contracts | loan | 20 | 20 | |
Real estate | Commercial & industrial | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 24,619,000 | $ 25,054,000 | |
Real estate | Commercial & industrial | TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 16,249,000 | 16,358,000 | |
Real estate | Commercial & industrial | TDR on accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 2,302,000 | 1,840,000 | |
Real estate | Commercial & industrial | TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 6,068,000 | 6,856,000 | |
Real estate | Commercial & industrial | TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 9,844,000 | 11,320,000 | |
Real estate | Commercial & industrial | TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 2,503,000 | 4,417,000 | |
Real estate | Commercial & industrial | TDR on non-accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 1,774,000 | 1,313,000 | |
Real estate | Commercial & industrial | TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 5,567,000 | 5,590,000 | |
Commercial business | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 19,781,000 | $ 19,165,000 | |
Number of modified contracts | loan | 24 | 23 | |
Commercial business | TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 233,000 | $ 29,000 | |
Commercial business | TDR on accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 17,969,000 | 17,471,000 | |
Commercial business | TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 1,579,000 | 1,665,000 | |
Commercial business | TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 6,424,000 | 8,234,000 | |
Commercial business | TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 1,270,000 | 1,717,000 | |
Commercial business | TDR on non-accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 4,789,000 | 6,130,000 | |
Commercial business | TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 365,000 | 387,000 | |
Trade Finance and Other | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 4,584,000 | 4,655,000 | |
Trade Finance and Other | TDR on accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | |
Trade Finance and Other | TDR on accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 4,499,000 | 4,600,000 | |
Trade Finance and Other | TDR on accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 85,000 | 55,000 | |
Trade Finance and Other | TDR on non-accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 853,000 | 2,442,000 | |
Trade Finance and Other | TDR on non-accrual | Payment concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 0 | |
Trade Finance and Other | TDR on non-accrual | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 853,000 | 2,287,000 | |
Trade Finance and Other | TDR on non-accrual | Rate concession | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | 0 | 155,000 | |
Consumer and other | TDR on accrual | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructured | $ 4,584,000 | $ 4,655,000 | |
Number of modified contracts | loan | 24 | 19 | |
Legacy | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 3 | 7 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 2,163,000 | $ 13,287,000 | |
Post-Modification | $ 1,700,000 | $ 8,625,000 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 8 | |
Balance | $ 102,000 | $ 3,001,000 | |
Legacy | Real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Real estate | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | 2 | ||
Balance | $ 729,000 | ||
Legacy | Real estate | Retail | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Real estate | Hotel & motel | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Real estate | Gas station & car wash | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 2 | |
Balance | $ 0 | $ 729,000 | |
Legacy | Real estate | Mixed use | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Real estate | Industrial & warehouse | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 1 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 482,000 | $ 0 | |
Post-Modification | $ 482,000 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Commercial business | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 2 | 6 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 1,681,000 | $ 11,088,000 | |
Post-Modification | $ 1,218,000 | $ 7,039,000 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 6 | |
Balance | $ 102,000 | $ 2,272,000 | |
Legacy | Commercial business | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | 1 | 4 | |
Balance | $ 102,000 | $ 2,022,000 | |
Legacy | Commercial business | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | 2 | ||
Balance | $ 249,000 | ||
Legacy | Trade finance | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 1 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 2,199,000 | |
Post-Modification | $ 0 | $ 1,586,000 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Consumer And Other Portfolio Segment [Member] | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Legacy | Consumer and other | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Acquired | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 3 | 1 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 742,000 | $ 30,000 | |
Post-Modification | $ 658,000 | $ 29,000 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 1 | |
Balance | $ 11,000 | $ 62,000 | |
Charge offs | $ 100,000 | $ 0 | |
Acquired | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | ||
Balance | $ 62,000 | ||
Acquired | Real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Real estate | Retail | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Real estate | Hotel & motel | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Real estate | Gas station & car wash | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Real estate | Mixed use | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 1 | |
Balance | $ 0 | $ 62,000 | |
Acquired | Real estate | Industrial & warehouse | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 1 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 93,000 | $ 0 | |
Post-Modification | $ 97,000 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Commercial business | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 2 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 649,000 | $ 0 | |
Post-Modification | $ 561,000 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 1 | 0 | |
Balance | $ 11,000 | $ 0 | |
Acquired | Commercial business | Payment concession | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Balance | $ 11,000 | ||
Acquired | Trade finance | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 0 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 0 | |
Post-Modification | $ 0 | $ 0 | |
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Consumer And Other Portfolio Segment [Member] | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||
Number of Loans | loan | 0 | 0 | |
Balance | $ 0 | $ 0 | |
Acquired | Consumer and other | |||
Financing Receivable, Modifications [Line Items] | |||
Number of modified contracts | loan | 0 | 1 | |
Troubled Debt Restructuring, By Loan Class | |||
Pre-Modification | $ 0 | $ 30,000 | |
Post-Modification | $ 0 | $ 29,000 |
Loans Receivable and Allowanc58
Loans Receivable and Allowance for Loan Losses - Covered Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||
FDIC Clawback Liability | $ 2,000 | |
Covered Nonperforming Assets | ||
Covered loans on non-accrual status | 181 | $ 189 |
Covered other real estate owned | 1,400 | 2,306 |
Total covered nonperforming assets | 1,581 | 2,495 |
Acquired covered loans | $ 32,010 | $ 32,367 |
Loans Receivable and Allowanc59
Loans Receivable and Allowance for Loan Losses - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Positive or negative qualitative adjustment of the Loss Migration Ratio | 0.50% | ||
Provision for loan losses | $ 5,600 | $ 500 | |
Commitment to lend | 3,434 | $ 3,194 | |
Recognized provision for credit losses related to unfunded commitments | 241 | (570) | |
Charge offs | 0 | 30 | |
Acquired | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Provision for PCI loan losses | 734 | ||
Provision for loan losses | 1,891 | ||
Charge offs | $ 100 | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Deposits Disclosure [Line Items] | ||
Time Deposits, $250,000 or More | $ 1,560 | $ 1,550 |
California State Treasurer | ||
Deposits Disclosure [Line Items] | ||
Time Deposits, $250,000 or More | 300 | |
Available-for-sale Securities Pledged as Collateral | 355.7 | 371.6 |
Interest-bearing Domestic Deposit, Brokered | $ 714.4 | $ 724.7 |
Borrowings - Maturities of FHLB
Borrowings - Maturities of FHLB Borrowings (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Extinguishment of Debt [Line Items] | ||
Total | $ 703,850 | $ 754,290 |
Contractual Maturities | ||
Extinguishment of Debt [Line Items] | ||
Due within one year | 220,103 | |
Due after one year through five years | 483,747 | |
Total | 703,850 | |
Maturity/Put Date | ||
Extinguishment of Debt [Line Items] | ||
Due within one year | 220,103 | |
Due after one year through five years | 483,747 | |
Total | $ 703,850 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Percent of assets | 25.00% | |
Maximum borrowing capacity | $ 3,360,000,000 | $ 3,380,000,000 |
Percent outstanding advances | 100.00% | |
Advances from FHLB | $ 703,850,000 | 754,290,000 |
Unused funds | $ 2,640,000,000 | |
Percent of qualifying assets | 95.00% | |
Putable | ||
Debt Instrument [Line Items] | ||
Advances from FHLB | $ 20,100,000 | $ 20,200,000 |
Weighted Average | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 1.29% | 1.22% |
Minimum | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 0.84% | |
Maximum | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 2.02% | |
Mortgage Loans on Real Estate | ||
Debt Instrument [Line Items] | ||
Pledged as collateral | $ 5,500,000,000 | $ 5,530,000,000 |
Qualifying Loans | ||
Debt Instrument [Line Items] | ||
Asset balance used to determine maximum borrowing capacity from federal reserve bank | 651,700,000 | |
Securities Investment | ||
Debt Instrument [Line Items] | ||
Asset balance used to determine maximum borrowing capacity from federal reserve bank | 5,700,000 | |
Amount outstanding | $ 0 | $ 0 |
Subordinated Debentures - Summa
Subordinated Debentures - Summary of Trust Preferred Securities and Debentures (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 100,067,000 | $ 99,808,000 |
Trust Preferred Security Amount | 126,000,000 | |
Other assets | ||
Subordinated Borrowing [Line Items] | ||
Investment in common trust securities | 3,900,000 | $ 3,900,000 |
Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | 126,000,000 | |
Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 100,067,000 | |
Nara Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 4.28% | |
Nara Capital Trust III | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 5,000,000 | |
Nara Capital Trust III | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 5,155,000 | |
Nara Statutory Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 3.87% | |
Nara Statutory Trust IV | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 5,000,000 | |
Nara Statutory Trust IV | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 5,155,000 | |
Nara Statutory Trust V | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 4.10% | |
Nara Statutory Trust V | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 10,000,000 | |
Nara Statutory Trust V | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 10,310,000 | |
Nara Statutory Trust VI | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 2.78% | |
Nara Statutory Trust VI | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 8,000,000 | |
Nara Statutory Trust VI | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 8,248,000 | |
Center Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 3.87% | |
Center Capital Trust I | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 18,000,000 | |
Center Capital Trust I | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 13,684,000 | |
Wilshire Statutory Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 2.94% | |
Wilshire Statutory Trust III [Member] | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 20,000,000 | |
Wilshire Statutory Trust III [Member] | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 15,158,000 | |
Wilshire Statutory Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 2.53% | |
Wilshire Statutory Trust III [Member] | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 15,000,000 | |
Wilshire Statutory Trust III [Member] | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 10,635,000 | |
Wilshire Statutory Trust IV [Member] | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 2.51% | |
Wilshire Statutory Trust IV [Member] | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 25,000,000 | |
Wilshire Statutory Trust IV [Member] | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 17,275,000 | |
Saehan Capital Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Initial Rate | 2.77% | |
Saehan Capital Trust I [Member] | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 20,000,000 | |
Saehan Capital Trust I [Member] | Subordinated Debentures Amount | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Subordinated Debentures Amount | $ 14,447,000 |
Subordinated Debentures - Narra
Subordinated Debentures - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 126,000,000 | |
Right to defer consecutive payments of interest, maximum term | 5 years | |
Other assets | ||
Subordinated Borrowing [Line Items] | ||
Investment in common trust securities | $ 3,900,000 | $ 3,900,000 |
Trust Preferred Securities Subject to Mandatory Redemption | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 126,000,000 | |
Percent included in tier one capital, maximum | 25.00% | |
Excess of percent threshold included in tier two capital | 25.00% |
Derivative Financial Instrume65
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Liability, Notional Amount | $ 263,153 | $ 223,098 |
Derivative, Average Remaining Maturity | 7 years 6 months 19 days | 7 years 5 months |
Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative Asset, Notional Amount | $ 263,153 | $ 223,098 |
Individual Counterparty [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fixed Interest Rate | 4.34% | 4.29% |
Derivative, Variable Interest Rate | 3.21% | 3.06% |
Derivative, Fair Value, Net | $ (1,623) | $ (1,565) |
Corporation [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fixed Interest Rate | 4.34% | 4.29% |
Derivative, Variable Interest Rate | 3.21% | 3.06% |
Derivative, Fair Value, Net | $ 1,623 | $ 1,565 |
Derivative Financial Instrume66
Derivative Financial Instruments - Summary of Derivative Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 263,153 | $ 223,098 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 17,500 | 23,700 |
Derivative Asset, Notional Amount | 6,801 | 11,168 |
Derivative Asset, Fair Value | 113 | 130 |
Derivative Liability, Notional Amount | 0 | 1,810 |
Derivative Liability, Fair Value | 0 | (3) |
Forward Contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,800 | 13,000 |
Derivative Asset, Notional Amount | 626 | 3,223 |
Derivative Asset, Fair Value | 0 | 17 |
Derivative Liability, Notional Amount | 6,175 | 9,755 |
Derivative Liability, Fair Value | $ (40) | $ (38) |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Supply Commitment [Line Items] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 53,954 | $ 51,059 |
Loss Contingency Accrual | 412 | 557 |
Interest Rate Lock Commitments [Member] | ||
Supply Commitment [Line Items] | ||
Derivative, Notional Amount | 17,500 | 23,700 |
Short [Member] | Forward Contracts [Member] | ||
Supply Commitment [Line Items] | ||
Derivative, Notional Amount | 6,800 | 13,000 |
Commitments to Extend Credit [Member] | ||
Supply Commitment [Line Items] | ||
Supply Commitment, Remaining Minimum Amount Committed | 1,648,190 | 1,592,221 |
Standby Letters of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Supply Commitment, Remaining Minimum Amount Committed | 63,349 | 63,753 |
Letter of Credit [Member] | ||
Supply Commitment [Line Items] | ||
Supply Commitment, Remaining Minimum Amount Committed | 71,573 | 52,125 |
Low Income Housing Tax Credit [Member] | ||
Supply Commitment [Line Items] | ||
Supply Commitment, Remaining Minimum Amount Committed | $ 31,530 | $ 24,409 |
Goodwill, Intangible Assets, 68
Goodwill, Intangible Assets, and Servicing Assets - Intangible Assets (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Jul. 29, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 463,975,000 | $ 462,997,000 | ||
Goodwill impairment | 0 | $ 0 | ||
Gross Carrying Amount | 25,605,000 | |||
Accumulated Amortization | (7,055,000) | |||
Core Deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense related to core deposit intangible qssets | $ 676,000 | $ 212,000 | ||
Center Financial Corporation | Core Deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 7 years | |||
Gross Carrying Amount | $ 4,100,000 | |||
Accumulated Amortization | $ (3,755,000) | |||
Pacific International Bancorp, Inc. | Core Deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 7 years | |||
Gross Carrying Amount | $ 604,000 | |||
Accumulated Amortization | $ (484,000) | |||
Foster Bankshares Inc | Core Deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 10 years | |||
Gross Carrying Amount | $ 2,763,000 | |||
Accumulated Amortization | (1,417,000) | |||
Wilshire Bancorp, Inc | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | 358,600,000 | $ 358,574,000 | ||
Goodwill, acquired during period | 359,000,000 | |||
Goodwill, Purchase Accounting Adjustments | (1,400,000) | |||
Goodwill, Period Increase (Decrease) | $ 978,000 | $ (1,400,000) | ||
Wilshire Bancorp, Inc | Core Deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period | 10 years | |||
Gross Carrying Amount | $ 18,138,000 | |||
Accumulated Amortization | $ (1,399,000) |
Goodwill, Intangible Assets, 69
Goodwill, Intangible Assets, and Servicing Assets - Servicing Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Servicing Liability at Amortized Cost, Balance | $ 1,524,441 | $ 1,547,110 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | 26,457 | $ 12,000 | 12,000 |
Additions through originations of servicing assets | 1,296 | 777 | |
Amortization | (1,812) | (921) | |
Balance at end of period | $ 25,941 | $ 11,856 | $ 26,457 |
SBA Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 10.29% | 9.85% | |
SBA Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 8.18% | 8.05% | |
Mortgage Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | 9.66% | 7.25% | |
Mortgage Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | 7.71% | 13.77% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Examination [Line Items] | |||
INCOME TAX PROVISION | $ 22,999,000 | $ 16,210,000 | |
Pretax income | $ 59,209,000 | $ 39,833,000 | |
Effective income tax rate | 38.84% | 40.69% | |
Unrecognized tax benefits | $ 2,200,000 | ||
Interest accrued | $ 331,000 | 306,000 | |
Penalties accrued | 0 | $ 0 | |
Decrease in unrecognized tax benefits is reasonably possible | 1,000,000 | ||
Tax effects of issuance of shares from various stock plans | 73,000 | ||
Series of Individually Immaterial Business Acquisitions [Member] | |||
Income Tax Examination [Line Items] | |||
Interest accrued | $ 100,000 |
Income Taxes Reconciliation o71
Income Taxes Reconciliation of effective tax rate (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Statutory tax rate | 35.00% | 35.00% |
State taxes-net of federal tax effect | 7.18% | 7.32% |
Affordable housing partnership investment tax credit | (2.93%) | (1.29%) |
Bank owned life insurance | (0.16%) | (0.24%) |
Municipal securities | (0.25%) | (0.21%) |
Nondeductible transaction costs | 0.08% | 0.48% |
Other | (0.08%) | (0.37%) |
Effective income tax rate | 38.84% | 40.69% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value, Recurring (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Assets: | ||
Securities available for sale, at fair value | $ 1,583,946,000 | $ 1,556,740,000 |
Reclassification adjustments for gains realized in income | 0 | |
Collateralized Debt Obligations [Member] | ||
Assets: | ||
Securities available for sale, at fair value | 9,998,000 | 12,008,000 |
GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available for sale, at fair value | 726,619,000 | 705,667,000 |
GSE mortgage-backed securities | ||
Assets: | ||
Securities available for sale, at fair value | 732,692,000 | 728,041,000 |
Trust preferred securities | ||
Assets: | ||
Securities available for sale, at fair value | 4,313,000 | 11,127,000 |
Municipal bonds | ||
Assets: | ||
Securities available for sale, at fair value | 97,254,000 | 86,839,000 |
Mutual funds | ||
Assets: | ||
Securities available for sale, at fair value | 13,070,000 | 13,058,000 |
Recurring basis | Collateralized Debt Obligations [Member] | ||
Assets: | ||
Securities available for sale, at fair value | 9,998,000 | 12,008,000 |
Recurring basis | GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available for sale, at fair value | 726,619,000 | 705,667,000 |
Recurring basis | GSE mortgage-backed securities | ||
Assets: | ||
Securities available for sale, at fair value | 732,692,000 | 728,041,000 |
Recurring basis | Trust preferred securities | ||
Assets: | ||
Securities available for sale, at fair value | 4,313,000 | 11,127,000 |
Recurring basis | Municipal bonds | ||
Assets: | ||
Securities available for sale, at fair value | 97,254,000 | 86,839,000 |
Recurring basis | Mutual funds | ||
Assets: | ||
Securities available for sale, at fair value | 13,070,000 | 13,058,000 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Derivative Asset | 0 | 0 |
Mortgage Banking Derivative Assets, at Fair Value | 0 | 0 |
Mortgage Banking Derivative Liabilities, at Fair Value | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized Debt Obligations [Member] | ||
Assets: | ||
Securities available for sale, at fair value | 0 | 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) | GSE 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 | 13,070,000 | 13,058,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Derivative Asset | (1,623,000) | (1,565,000) |
Mortgage Banking Derivative Assets, at Fair Value | 113,000 | 147,000 |
Mortgage Banking Derivative Liabilities, at Fair Value | 40,000 | 41,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Collateralized Debt Obligations [Member] | ||
Assets: | ||
Securities available for sale, at fair value | 9,998,000 | 12,008,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available for sale, at fair value | 726,619,000 | 705,667,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | GSE mortgage-backed securities | ||
Assets: | ||
Securities available for sale, at fair value | 732,692,000 | 728,041,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Trust preferred securities | ||
Assets: | ||
Securities available for sale, at fair value | 4,313,000 | 11,127,000 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Assets: | ||
Securities available for sale, at fair value | 96,126,000 | 85,700,000 |
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: | ||
Derivative Asset | 0 | 0 |
Mortgage Banking Derivative Assets, at Fair Value | 0 | 0 |
Mortgage Banking Derivative Liabilities, at Fair Value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Collateralized Debt Obligations [Member] | ||
Assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | GSE collateralized mortgage obligations | ||
Assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | GSE 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 | 1,128,000 | 1,139,000 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mutual funds | ||
Assets: | ||
Securities available for sale, at fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Recurring basis | ||
Assets: | ||
Derivative Asset | (1,623,000) | (1,565,000) |
Mortgage Banking Derivative Assets, at Fair Value | 113,000 | 147,000 |
Mortgage Banking Derivative Liabilities, at Fair Value | $ 40,000 | $ 41,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Derivative Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative Liability, Notional Amount | $ 263,153 | $ 223,098 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 6,801 | 11,168 |
Derivative Asset, Fair Value | 113 | 130 |
Derivative Liability, Notional Amount | 0 | 1,810 |
Derivative Liability, Fair Value | 0 | (3) |
Short [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Notional Amount | 626 | 3,223 |
Derivative Asset, Fair Value | 0 | 17 |
Derivative Liability, Notional Amount | 6,175 | 9,755 |
Derivative Liability, Fair Value | $ (40) | $ (38) |
Fair Value Measurements - Rollf
Fair Value Measurements - Rollforward of Level 3 Assets (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Servicing Asset at Amortized Cost, Period Increase (Decrease) | $ 0 | |
Municipal bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 1,139,000 | 1,166,000 |
Total (losses) or gains included in other comprehensive income | (11,000) | 43,000 |
Ending Balance | $ 1,128,000 | $ 1,209,000 |
Fair Value Measurements - Ass75
Fair Value Measurements - Assets Measured at Fair Value, Non-Recurring (Details) - Non-recurring basis - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Impaired loans at fair value - Real estate loans | ||
Assets: | ||
Assets | $ 65,125 | $ 58,882 |
Impaired loans at fair value - Commercial business | ||
Assets: | ||
Assets | 9,407 | 6,563 |
Impaired loans at fair value - Trade finance | ||
Assets: | ||
Assets | 4,365 | 0 |
Impaired loans at fair value - Consumer | ||
Assets: | ||
Assets | 97 | 253 |
Loans held for sale, net | ||
Assets: | ||
Assets | 6,571 | 3,788 |
OREO | ||
Assets: | ||
Assets | 19,096 | 21,990 |
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) | Impaired loans at fair value - Trade finance | ||
Assets: | ||
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans at fair value - Consumer | ||
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) | OREO | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Real estate loans | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Commercial business | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Trade finance | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans at fair value - Consumer | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Loans held for sale, net | ||
Assets: | ||
Assets | 6,571 | 3,788 |
Significant Other Observable Inputs (Level 2) | OREO | ||
Assets: | ||
Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Real estate loans | ||
Assets: | ||
Assets | 65,125 | 58,882 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Commercial business | ||
Assets: | ||
Assets | 9,407 | 6,563 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Trade finance | ||
Assets: | ||
Assets | 4,365 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired loans at fair value - Consumer | ||
Assets: | ||
Assets | 97 | 253 |
Significant Unobservable Inputs (Level 3) | Loans held for sale, net | ||
Assets: | ||
Assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | OREO | ||
Assets: | ||
Assets | $ 19,096 | $ 21,990 |
Fair Value Measurements - Total
Fair Value Measurements - Total Net Gains Losses on Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Non-recurring basis - Change during period - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Impaired loans at fair value - Real estate loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | $ (2,002) | $ 309 |
Impaired loans at fair value - Commercial business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | (974) | (2,672) |
Impaired loans at fair value - Trade finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | (712) | 1,296 |
Impaired loans at fair value - Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | (266) | (62) |
Loans held for sale, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | 420 | 15 |
OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | $ (595) | $ (577) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying Amount | ||
Financial Assets: | ||
FHLB stock | $ 21,203 | $ 21,964 |
Level 1 | Carrying Amount | ||
Financial Assets: | ||
Cash and cash equivalents | 461,068 | 437,334 |
Level 1 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 461,068 | 437,334 |
Level 2 | Carrying Amount | ||
Financial Assets: | ||
Loans held for sale | 19,141 | 22,785 |
Customers' liabilities on acceptances | 2,771 | 2,899 |
Financial Liabilities: | ||
Noninterest-bearing deposits | 2,963,947 | 2,900,241 |
Saving and other interest bearing demand deposits | 3,771,155 | 3,703,352 |
Time deposits | 3,968,675 | 4,038,442 |
FHLB advances | 703,850 | 754,290 |
Subordinated debentures | 100,067 | 99,808 |
Accrued interest payable | 10,592 | 10,863 |
Bank's liabilities on acceptances outstanding | 2,771 | 2,899 |
Level 2 | Estimated Fair Value | ||
Financial Assets: | ||
Loans held for sale | 20,291 | 24,492 |
Customers' liabilities on acceptances | 2,771 | 2,899 |
Financial Liabilities: | ||
Noninterest-bearing deposits | 2,963,947 | 2,900,241 |
Saving and other interest bearing demand deposits | 3,771,155 | 3,703,352 |
Time deposits | 3,963,545 | 4,036,664 |
FHLB advances | 698,287 | 749,486 |
Subordinated debentures | 100,067 | 99,808 |
Accrued interest payable | 10,592 | 10,863 |
Bank's liabilities on acceptances outstanding | 2,771 | 2,899 |
Level 2/3 | Carrying Amount | ||
Financial Assets: | ||
Accrued interest receivable | 25,683 | 26,880 |
Level 2/3 | Estimated Fair Value | ||
Financial Assets: | ||
Accrued interest receivable | 25,683 | 26,880 |
Level 3 | Carrying Amount | ||
Financial Assets: | ||
Loans receivable - net | 10,471,008 | 10,463,989 |
Financial Liabilities: | ||
Servicing Assets, Fair Value Disclosure | 25,941 | |
Level 3 | Estimated Fair Value | ||
Financial Assets: | ||
Loans receivable - net | 10,633,834 | 10,666,642 |
Financial Liabilities: | ||
Servicing Assets, Fair Value Disclosure | 25,941 | |
Other Investments [Member] | Level 2 | Carrying Amount | ||
Financial Assets: | ||
Interest bearing deposits in other financial institutions and other investments | 44,202 | |
Other Investments [Member] | Level 2/3 | Carrying Amount | ||
Financial Assets: | ||
Interest bearing deposits in other financial institutions and other investments | 43,958 | |
Other Investments [Member] | Level 2/3 | Estimated Fair Value | ||
Financial Assets: | ||
Interest bearing deposits in other financial institutions and other investments | $ 43,630 | $ 43,773 |
Stockholders' Equity - Discussi
Stockholders' Equity - Discussion of Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 29, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Total stockholders’ equity | $ 1,878,047 | $ 1,855,473 | $ 961,982 | $ 938,095 | |
Wilshire Bancorp, Inc | |||||
Business Acquisition [Line Items] | |||||
Entity shares Issued per acquiree share | 0.7034 | ||||
Stock issued for acquisitions | 55,500,000 | ||||
Share price | $ 15.37 | ||||
Hope common stock issued in exchange for Wilshire common stock | $ 852,939 | ||||
Hope stock options issued in exchange Wilshire stock options | $ 3,370 |
Stockholders' Equity - Discus79
Stockholders' Equity - Discussion of Warrants (Details) - USD ($) $ / shares in Units, $ in Millions | May 20, 2015 | Mar. 31, 2017 | Mar. 31, 2016 |
Class of Warrant or Right [Line Items] | |||
Dividend declared (in dollars per share) | $ 0.12 | $ 0.11 | |
Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Potential repurchase | 350,767 | ||
Redemption of common stock warrant | $ 1.2 | ||
Maximum number of shares callable by warrants | 19,963 |
Stockholders' Equity - Stockhol
Stockholders' Equity - Stockholders’ Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stockholders’ Equity and Regulatory Matters [Abstract] | |||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | no | ||||
Accumulated other comprehensive income (loss) | $ (12,849) | $ 7,155 | $ (14,657) | $ (14,657) | $ (1,832) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments and Tax | 3,132 | 15,592 | |||
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent | 1,324 | 6,605 | |||
Other comprehensive income (loss) | $ 1,808 | $ 8,987 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Company | ||
Total capital (to risk-weighted assets), Amount | ||
Total Capital, Actual | $ 1,591,852,000 | $ 1,578,690,000 |
Total Capital, Required For Capital Adequacy Purposes | 925,708,000 | 926,076,000 |
Required for Capital Adequacy with Capital Buffer | 1,070,350,000 | 998,425,000 |
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | 1,509,758,000 | 1,496,153,000 |
Tier I Capital, Required For Capital Adequacy Purposes | 694,281,000 | 694,557,000 |
Tier 1 Capital, Required for Capital Adequacy with Capital Buffer | 838,923,000 | 766,906,000 |
Tier I capital (to average assets), Amount | ||
Tier I Capital, Actual (Leverage) | 1,509,758,000 | 1,496,153,000 |
Tier I Capital, Required For Capital Adequacy Purposes | $ 515,352,000 | $ 520,947,000 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total Capital (to Risk Weighted Assets), Actual | 13.76% | 13.64% |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes | 8.00% | 8.00% |
Total Capital (to Risk Weighted assets), Minimum Required for Capital Adequacy with Capital Buffer | 9.25% | 8.63% |
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 13.05% | 12.92% |
Tier I Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes (Risk Based) | 6.00% | 6.00% |
Tier 1 Capital (to Risk Weighted Assets), Minimum Required for Capital Adequacy with Capital Buffer | 7.25% | 6.625% |
Tier I capital (to average assets), Ratio | ||
Tier I Capital (to Average Assets), Actual (Leverage) | 11.72% | 11.49% |
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 | $ 1,571,333,000 | $ 1,557,765,000 |
Total Capital, Required For Capital Adequacy Purposes | 925,199,000 | 925,566,000 |
Required for Capital Adequacy with Capital Buffer | 1,069,762,000 | 997,876,000 |
Required To Be Well Capitalized under Prompt Corrective Action Provisions | 1,156,499,000 | 1,156,957,000 |
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | 1,489,239,000 | 1,475,228,000 |
Tier I Capital, Required For Capital Adequacy Purposes | 693,899,000 | 694,174,000 |
Tier 1 Capital, Required for Capital Adequacy with Capital Buffer | 838,462,000 | 766,484,000 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 925,199,000 | 925,566,000 |
Tier I capital (to average assets), Amount | ||
Tier I Capital, Actual (Leverage) | 1,489,239,000 | 1,475,228,000 |
Tier I Capital, Required For Capital Adequacy Purposes | 515,212,000 | 520,903,000 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Leverage) | $ 644,014,000 | $ 651,129,000 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total Capital (to Risk Weighted Assets), Actual | 13.59% | 13.46% |
Total Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes | 8.00% | 8.00% |
Total Capital (to Risk Weighted assets), Minimum Required for Capital Adequacy with Capital Buffer | 9.25% | 8.63% |
Total Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions | 10.00% | 10.00% |
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 12.88% | 12.75% |
Tier I Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes (Risk Based) | 6.00% | 6.00% |
Tier 1 Capital (to Risk Weighted Assets), Minimum Required for Capital Adequacy with Capital Buffer | 7.25% | 6.625% |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 8.00% | 8.00% |
Tier I capital (to average assets), Ratio | ||
Tier I Capital (to Average Assets), Actual (Leverage) | 11.56% | 11.33% |
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 [Member] | Company | ||
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | $ 1,413,592,000 | $ 1,400,246,000 |
Tier I Capital, Required For Capital Adequacy Purposes | 520,711,000 | 520,917,000 |
Tier 1 Capital, Required for Capital Adequacy with Capital Buffer | $ 665,353,000 | $ 593,267,000 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 12.22% | 12.10% |
Tier I Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes (Risk Based) | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets), Minimum Required for Capital Adequacy with Capital Buffer | 5.75% | 5.125% |
Common Equity Tier 1 [Member] | Bank | ||
Tier I capital (to risk-weighted assets), Amount | ||
Tier I Capital, Actual (Risk Based) | $ 1,489,239,000 | $ 1,475,228,000 |
Tier I Capital, Required For Capital Adequacy Purposes | 520,425,000 | 520,630,740 |
Tier 1 Capital, Required for Capital Adequacy with Capital Buffer | 664,987,000 | 592,941,000 |
Tier I Capital, Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | $ 751,724,437.4900 | $ 752,022,180 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier I Capital (to Risk Weighted Assets), Actual (Risk Based) | 12.88% | 12.75% |
Tier I Capital (to Risk Weighted Assets), Minimum For Capital Adequacy Purposes (Risk Based) | 4.50% | 4.50% |
Tier 1 Capital (to Risk Weighted Assets), Minimum Required for Capital Adequacy with Capital Buffer | 5.75% | 5.125% |
Tier I Capital (to Risk Weighted Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Risk Based) | 6.50% | 6.50% |