Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 25, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'WESTERN ALLIANCE BANCORPORATION | ' |
Entity Central Index Key | '0001212545 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Trading Symbol | 'WAL | ' |
Entity Common Stock, Shares Outstanding | ' | 87,771,721 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Assets: | ' | ' | ' |
Cash and due from banks | $179,930 | $134,906 | ' |
Interest-bearing deposits in other financial institutions | 199,352 | 170,608 | ' |
Cash and cash equivalents | 379,282 | 305,514 | ' |
Money market investments | 1,407 | 2,632 | ' |
Investment securities—measured at fair value | 2,793 | 3,036 | ' |
Investment securities—AFS, at fair value; amortized cost of $1,563,735 at June 30, 2014 and $1,404,048 at December 31, 2013 | 1,577,272 | 1,370,696 | ' |
Investment securities—HTM, at amortized cost; fair value of $0 at June 30, 2014 and $281,704 at December 31, 2013 | 0 | 283,006 | ' |
Investments in restricted stock, at cost | 25,275 | 30,186 | ' |
Loans, net of deferred loan fees and costs | 7,544,567 | 6,801,415 | ' |
Less: allowance for credit losses | -105,937 | -100,050 | ' |
Total loans | 7,438,630 | 6,701,365 | ' |
Premises and equipment, net | 109,603 | 105,565 | ' |
Other assets acquired through foreclosure, net | 59,292 | 66,719 | 76,499 |
Bank owned life insurance | 142,470 | 140,562 | ' |
Goodwill | 23,224 | 23,224 | ' |
Other intangible assets, net | 3,251 | 4,150 | ' |
Deferred tax assets, net | 68,287 | 80,688 | ' |
Prepaid expenses | 4,060 | 4,778 | ' |
Other assets | 188,741 | 185,221 | ' |
Total assets | 10,023,587 | 9,307,342 | ' |
Deposits: | ' | ' | ' |
Non-interest-bearing demand | 2,278,843 | 2,199,983 | ' |
Interest-bearing | 6,190,662 | 5,638,222 | ' |
Total deposits | 8,469,505 | 7,838,205 | ' |
Customer repurchase agreements | 53,688 | 71,192 | ' |
Other borrowings | 337,532 | 341,096 | ' |
Junior subordinated debt, at fair value | 42,711 | 41,858 | ' |
Other liabilities | 162,487 | 159,493 | ' |
Total liabilities | 9,065,923 | 8,451,844 | ' |
Commitments and contingencies (Note 11) | ' | ' | ' |
Stockholders’ equity: | ' | ' | ' |
Preferred stock - par value $0.0001 and liquidation value per share of $1,000; 20,000,000 authorized; 141,000 shares issued and outstanding at June 30, 2014 and December 31, 2013 | 141,000 | 141,000 | ' |
Common stock - par value $0.0001; 200,000,000 authorized; 87,774,166 shares issued and outstanding at June 30, 2014 and 87,186,403 at December 31, 2013 | 9 | 9 | ' |
Additional paid in capital | 803,376 | 797,146 | ' |
Retained earnings (accumulated deficit) | 4,807 | -61,111 | ' |
Accumulated other comprehensive income (loss) | 8,472 | -21,546 | -10,750 |
Total stockholders’ equity | 957,664 | 855,498 | 799,307 |
Total liabilities and stockholders’ equity | $10,023,587 | $9,307,342 | ' |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Amortized cost of investment securities available for sale | $1,563,735 | $1,404,048 |
Amortized cost of investment securities held to maturity | $0 | $281,704 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, liquidation value | $1,000 | $1,000 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 141,000 | 141,000 |
Preferred stock, shares outstanding | 141,000 | 141,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 87,774,166 | 87,186,403 |
Common stock, shares outstanding | 87,774,166 | 87,186,403 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loans, including fees | $90,583 | $81,093 | $177,387 | $155,818 |
Investment securities | 9,926 | 6,843 | 20,153 | 13,804 |
Dividends | 968 | 979 | 2,066 | 2,176 |
Other | 496 | 370 | 1,068 | 595 |
Total interest income | 101,973 | 89,285 | 200,674 | 172,393 |
Interest expense: | ' | ' | ' | ' |
Deposits | 4,930 | 3,929 | 9,595 | 7,661 |
Other borrowings | 2,686 | 2,727 | 5,505 | 5,399 |
Junior subordinated debt | 443 | 455 | 864 | 921 |
Customer repurchase agreements | 16 | 22 | 35 | 57 |
Total interest expense | 8,075 | 7,133 | 15,999 | 14,038 |
Net interest income | 93,898 | 82,152 | 184,675 | 158,355 |
Provision for credit losses | 507 | 3,481 | 4,007 | 8,920 |
Net interest income after provision for credit losses | 93,391 | 78,671 | 180,668 | 149,435 |
Non-interest income: | ' | ' | ' | ' |
Service charges and fees | 2,737 | 2,449 | 5,267 | 4,983 |
Income from bank owned life insurance | 959 | 1,036 | 1,908 | 2,072 |
(Loss) gain on sales of investment securities, net | -163 | -5 | 203 | 143 |
Unrealized gains (losses) on assets / liabilities measured at fair value, net | 235 | -3,290 | -1,041 | -3,761 |
Acquisition of Centennial Bank | 0 | 10,044 | 0 | 10,044 |
Other fee revenue | 860 | 943 | 1,968 | 1,900 |
Other income | 1,145 | 585 | 2,303 | 1,180 |
Total non-interest income | 5,773 | 11,762 | 10,608 | 16,561 |
Non-interest expense: | ' | ' | ' | ' |
Salaries and employee benefits | 31,751 | 28,100 | 61,306 | 54,675 |
Occupancy | 4,328 | 4,753 | 9,010 | 9,599 |
Legal, professional and directors’ fees | 4,192 | 2,550 | 7,831 | 5,572 |
Data processing | 2,401 | 2,175 | 5,075 | 4,040 |
Insurance | 2,087 | 2,096 | 4,480 | 4,466 |
Loan and repossessed asset expenses | 927 | 721 | 2,161 | 2,317 |
Customer service | 708 | 717 | 1,328 | 1,360 |
Marketing | 506 | 710 | 1,065 | 1,378 |
Net loss (gain) on sales / valuations of repossessed and other assets | 184 | -1,124 | -2,363 | -605 |
Intangible amortization | 302 | 597 | 899 | 1,194 |
Merger / restructure expenses | 26 | 2,620 | 183 | 2,815 |
Other expense | 5,004 | 4,616 | 11,190 | 8,649 |
Total non-interest expense | 52,416 | 48,531 | 102,165 | 95,460 |
Income from continuing operations before provision for income taxes | 46,748 | 41,902 | 89,111 | 70,536 |
Income tax expense | 10,706 | 7,661 | 21,330 | 15,448 |
Income from continuing operations | 36,042 | 34,241 | 67,781 | 55,088 |
Loss from discontinued operations, net of tax | -504 | -169 | -1,158 | -131 |
Net income | 35,538 | 34,072 | 66,623 | 54,957 |
Dividends on preferred stock | 352 | 353 | 705 | 705 |
Net income available to common stockholders | $35,186 | $33,719 | $65,918 | $54,252 |
Earnings per share from continuing operations: | ' | ' | ' | ' |
Basic | $0.41 | $0.40 | $0.78 | $0.64 |
Diluted | $0.41 | $0.39 | $0.77 | $0.63 |
Loss per share from discontinued operations: | ' | ' | ' | ' |
Basic | $0 | ($0.01) | ($0.02) | ($0.01) |
Diluted | ($0.01) | $0 | ($0.01) | $0 |
Earnings per share applicable to common stockholders: | ' | ' | ' | ' |
Basic | $0.41 | $0.39 | $0.76 | $0.63 |
Diluted | $0.40 | $0.39 | $0.76 | $0.63 |
Weighted average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 86,501 | 85,659 | 86,379 | 85,493 |
Diluted | 87,333 | 86,524 | 87,229 | 86,254 |
Dividends declared per common share | $0 | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $35,538 | $34,072 | $66,623 | $54,957 |
Unrealized gain on transfer of HTM securities to AFS, net of tax effect of $(5,367), $0, $(5,367), $0 for each respective period presented | 8,976 | 0 | 8,976 | 0 |
Other comprehensive income (loss), net: | ' | ' | ' | ' |
Unrealized gain (loss) on AFS securities, net of tax effect of $(6,294), $10,898, $(12,658) and $11,439 for each respective period presented | 10,525 | -18,005 | 21,169 | -18,900 |
Unrealized loss on cash flow hedge, net of tax effect of $0, $(28), $0 and $(8) for each respective period presented | 0 | 47 | 0 | 13 |
Realized loss (gain) on sale of AFS securities included in income, net of tax effect of $(61), $(2), $76 and $54 for each respective period presented | 102 | 3 | -127 | -89 |
Net other comprehensive income (loss) | 19,603 | -17,955 | 30,018 | -18,976 |
Comprehensive income | $55,141 | $16,117 | $96,641 | $35,981 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Tax | ($5,367) | $0 | ($5,367) | $0 |
Unrealized gain on securities available-for-sale securities, tax | 6,294 | 10,898 | -12,658 | 11,439 |
Unrealized gain on cash flow hedge, tax | 0 | -28 | 0 | -8 |
Realized gain on sale of securities, tax | ($61) | ($2) | $76 | $54 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated (Deficit) [Member] | |
In Thousands, except Share data | |||||||
Beginning balance at Dec. 31, 2012 | [1] | $759,421 | $141,000 | $9 | $784,852 | $8,226 | ($174,666) |
Beginning balance, shares at Dec. 31, 2012 | [1] | ' | 141,000 | 86,465,000 | ' | ' | ' |
Net income | 54,957 | ' | ' | ' | ' | 54,957 | |
Exercise of stock options | 1,819 | ' | ' | 1,819 | ' | ' | |
Exercise of stock options, shares | ' | ' | 231,000 | ' | ' | ' | |
Stock-based compensation | 1,289 | ' | ' | 1,289 | ' | ' | |
Stock-based compensation, shares | ' | ' | 93,000 | ' | ' | ' | |
Restricted stock grants, net | 1,502 | ' | ' | 1,502 | ' | ' | |
Restricted stock grants, net, shares | ' | ' | 208,000 | ' | ' | ' | |
Dividends on preferred stock | -705 | ' | ' | ' | ' | -705 | |
Other comprehensive (loss) income, net | -18,976 | ' | ' | ' | -18,976 | ' | |
Ending balance at Jun. 30, 2013 | 799,307 | 141,000 | 9 | 789,462 | -10,750 | -120,414 | |
Ending balance, shares at Jun. 30, 2013 | ' | 141,000 | 86,997,000 | ' | ' | ' | |
Beginning balance at Dec. 31, 2013 | 855,498 | 141,000 | 9 | 797,146 | -21,546 | -61,111 | |
Beginning balance, shares at Dec. 31, 2013 | ' | 141,000 | 87,186,000 | ' | ' | ' | |
Net income | 66,623 | ' | ' | ' | ' | 66,623 | |
Exercise of stock options | 1,996 | ' | ' | 1,996 | ' | ' | |
Exercise of stock options, shares | ' | ' | 169,000 | ' | ' | ' | |
Stock-based compensation | 309 | ' | ' | 309 | ' | ' | |
Stock-based compensation, shares | ' | ' | 58,000 | ' | ' | ' | |
Restricted stock grants, net | 1,314 | ' | ' | 1,314 | ' | ' | |
Stock Issued During Period, Shares, New Issues | 115,866 | ' | ' | ' | ' | ' | |
Common Stock, Shares, Issued | 2,611 | ' | ' | ' | ' | ' | |
Restricted stock grants, net, shares | ' | ' | 245,000 | ' | ' | ' | |
Dividends on preferred stock | -705 | ' | ' | ' | ' | -705 | |
Other comprehensive (loss) income, net | 30,018 | ' | ' | ' | 30,018 | ' | |
Ending balance at Jun. 30, 2014 | $957,664 | $141,000 | $9 | $803,376 | $8,472 | $4,807 | |
Ending balance, shares at Jun. 30, 2014 | ' | 141,000 | 87,774,000 | ' | ' | ' | |
[1] | As adjusted, see "Note 10. Income Taxes" to the Unaudited Consolidated Financial Statements. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $66,623 | $54,957 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Provision for credit losses | 4,007 | 8,920 |
Depreciation and amortization | 3,220 | 3,077 |
Stock-based compensation | 4,498 | 2,791 |
Deferred income taxes and income taxes receivable | -6,665 | -20,690 |
Net amortization of discounts and premiums for investment securities | 4,048 | 5,174 |
Accretion and amortization of fair market value adjustments due to acquisitions | -9,155 | -5,466 |
Income from bank owned life insurance | -1,908 | -2,072 |
(Gains) / losses on: | ' | ' |
Sales of securities, AFS | -203 | -143 |
Acquisition of Centennial Bank | 0 | 10,044 |
Other assets acquired through foreclosure, net | -1,179 | -2,096 |
Valuation adjustments of other repossessed assets, net | 293 | 1,582 |
Sale of premises and equipment and other assets, net | -1,477 | -91 |
Changes in: | ' | ' |
Other assets | 8,946 | 23,950 |
Other liabilities | -11,568 | 22,909 |
Fair value of assets and liabilities measured at fair value | 1,041 | 3,761 |
Net cash provided by operating activities | 60,521 | 86,519 |
Investment securities - measured at fair value | ' | ' |
Principal pay downs and maturities | 261 | 1,006 |
Investment securities - AFS | ' | ' |
Purchases | -38,785 | -180,293 |
Principal pay downs and maturities | 124,615 | 113,056 |
Proceeds from sales | 26,840 | 14,054 |
Investment securities - HTM | ' | ' |
Principal pay downs and maturities | 6,600 | 0 |
Purchase of investment tax credits | -16,948 | -11,742 |
Sale / (purchase) of money market investments, net | 1,225 | -1,637 |
Liquidation (purchase) of restricted stock | 4,911 | -228 |
Loan fundings and principal collections, net | -719,720 | -336,717 |
Sale and purchase of premises and equipment, net | -5,491 | -1,128 |
Proceeds from sale of other real estate owned and repossessed assets, net | 14,732 | 18,157 |
Cash and cash equivalents acquired in acquisition, net | 0 | 21,204 |
Net cash used in investing activities | -601,760 | -364,268 |
Cash flows from financing activities: | ' | ' |
Net increase in deposits | 631,609 | 207,632 |
Increase (Decrease) in Payables under Repurchase Agreements | -17,504 | -27,168 |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | 0 | 129,499 |
Net increase in borrowings | 0 | 145,000 |
Repayment on other borrowings | 3,000 | 0 |
Proceeds from exercise of common stock options | 1,996 | 1,819 |
Cash dividends paid on preferred stock | -705 | -705 |
Net cash provided by financing activities | 615,007 | 456,077 |
Net increase in cash and cash equivalents | 73,768 | 178,328 |
Cash and cash equivalents at beginning of year | 305,514 | 204,625 |
Cash and cash equivalents at end of period | 379,282 | 382,953 |
Cash paid during the period for: | ' | ' |
Interest | 10,423 | 9,497 |
Income taxes | 17,180 | 11,575 |
Non-cash investing and financing activities: | ' | ' |
Transfers to other assets acquired through foreclosure, net | 6,419 | 11,273 |
Unfunded commitments to purchase investment tax credits | 12,298 | 12,448 |
Business Combination Noncash Assets Acquired At Fair Value | 0 | 410,827 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financial Liabilities | 0 | 421,987 |
Change in unrealized gain (loss) on AFS securities, net of tax | 21,042 | -18,989 |
Change in unrealized loss on cash flow hedge, net of tax | 0 | 13 |
Change in unfunded obligations | -9,506 | -27,250 |
Unrealized gain on transfer of HTM securities to AFS, net of tax effect of $(5,367), $0, $(5,367), $0 for each respective period presented | $8,976 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Nature of operation | ||
WAL, incorporated under the laws of the state of Delaware, is a bank holding company headquartered in Phoenix, Arizona. WAL provides full service banking and related services to locally owned businesses, professional firms, real estate developers and investors, local non-profit organizations, high net worth individuals and other consumers through its wholly-owned subsidiary bank: WAB, doing business as ABA in Arizona, as FIB in Northern Nevada, as BON in Southern Nevada, as TPB in California, and as AAB throughout the U.S. In addition, the Company has two non-bank subsidiaries: WAEF, which offers equipment finance services nationwide, and LVSP, which holds and manages certain non-performing loans and OREO. | ||
Effective July 1, 2014, WAEF was contributed to WAB by the Parent. | ||
Basis of presentation | ||
The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the unaudited Consolidated Financial Statements. | ||
Use of estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; estimated cash flows related to PCI loans; fair value determinations related to acquisitions; and determination of the valuation allowance related to deferred tax assets. Although management believes these estimates to be reasonably accurate, actual amounts may differ. In the opinion of management, all adjustments considered necessary have been reflected in the unaudited Consolidated Financial Statements. | ||
Principles of consolidation | ||
On December 31, 2013, the Company consolidated its three bank subsidiaries under one bank charter, WAB. As the subsidiary bank mergers did not meet the definition of a business combination under the guidance of ASC 805, Business Combinations, the entities were combined in a method similar to a pooling of interests. | ||
As of June 30, 2014, WAL has nine wholly-owned subsidiaries: WAB, WAEF, LVSP and six unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities. | ||
WAB has the following wholly-owned subsidiaries: WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc., which hold certain investment securities, municipal loans and leases; BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and BW Nevada Holdings, LLC, which owns the Company’s 2700 West Sahara Avenue, Las Vegas, Nevada office building. As described above, WAEF was contributed to WAB by WAL on July 1, 2014. | ||
The Company does not have any other significant entities that should be considered for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Reclassifications | ||
Certain amounts in the consolidated financial statements as of December 31, 2013 and for the three and six months ended June 30, 2013 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. | ||
Interim financial information | ||
The accompanying unaudited Consolidated Financial Statements as of and for the three and six months ended June 30, 2014 and 2013 have been prepared in condensed format and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. These statements have been prepared on a basis that is substantially consistent with the accounting principles applied to the Company's audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | ||
The information furnished in these interim statements reflects all adjustments which are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter or for the full year. The interim financial information should be read in conjunction with the Company's audited Consolidated Financial Statements. | ||
Business combinations | ||
Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies are also recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the income statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. | ||
Investment securities | ||
Investment securities may be classified as HTM, AFS or trading. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or general economic conditions. These securities are carried at amortized cost. The sale of a security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. See "Note 2. Investment Securities" of these Notes to Unaudited Consolidated Financial Statements for further discussion regarding the Company's HTM portfolio as of June 30, 2014. | ||
Securities classified as AFS or trading are reported as an asset on the Consolidated Balance Sheets at their estimated fair value. As the fair value of AFS securities changes, the changes are reported net of income tax as an element of OCI, except for impaired securities. When AFS securities are sold, the unrealized gain or loss is reclassified from OCI to non-interest income. The changes in the fair values of trading securities are reported in non-interest income. Securities classified as AFS are both equity and debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. | ||
Interest income is recognized based on the coupon rate and increased by accretion of discounts earned or decreased by the amortization of premiums paid over the contractual life of the security using the interest method. For mortgage-backed securities, estimates of prepayments are considered in the constant yield calculations. | ||
In estimating whether there are any OTTI losses, management considers the 1) length of time and the extent to which the fair value has been less than amortized cost; 2) financial condition and near term prospects of the issuer; 3) impact of changes in market interest rates; and 4) intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value and it is not more likely than not the Company would be required to sell the security. | ||
Declines in the fair value of individual AFS debt securities that are deemed to be other than temporary are reflected in earnings when identified. The fair value of the debt security then becomes the new cost basis. For individual debt securities where the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other than temporary decline in fair value of the debt security related to 1) credit loss is recognized in earnings; and 2) market or other factors is recognized in other comprehensive income or loss. A credit loss is recorded if the present value of cash flows is less than amortized cost. | ||
For individual debt securities where the Company intends to sell the security or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the securities cost basis and its fair value at the balance sheet date. For individual debt securities for which a credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. | ||
Loans, interest and fees from loans | ||
The Company generally holds loans for investment and has the intent and ability to hold loans until their maturity. Therefore, they are reported at book value. Net loans are stated at the amount of unpaid principal, reduced by unearned loan fees and allowance for credit losses. In addition, the book value of loans that are subject to a fair value hedge is adjusted for changes in value attributable to the hedge benchmark interest rate risk. Purchased loans are recorded at estimated fair value on the date of purchase. | ||
The Company may acquire loans through a business combination or in a purchase for which differences may exist between the contractual cash flows and the cash flows expected to be collected which is due, at least in part, to credit quality. Loans are evaluated individually to determine if there has been credit deterioration since origination. Such loans may then be aggregated and accounted for as a pool of loans based on common characteristics. When the Company acquires such loans, the yield that may be accreted (accretable yield) is limited to the excess of the Company’s estimate of undiscounted cash flows expected to be collected over the Company’s initial investment in the loan. The excess of contractual cash flows over the cash flows expected to be collected may not be recognized as an adjustment to yield, loss, or a valuation allowance. Subsequent increases in cash flows expected to be collected generally are recognized prospectively through adjustment of the loan’s yield over the remaining life. Subsequent decreases to cash flows expected to be collected are recognized as impairment. The Company may not “carry over” or create a valuation allowance in the initial accounting for loans acquired under these circumstances. For additional information, see "Note 3. Loans, Leases and Allowance for Credit Losses" of these Notes to Unaudited Consolidated Financial Statements. | ||
Interest income on loans is accrued daily using the effective interest method and recognized over the terms of the loans. Loan fees collected for the origination of loans less direct loan origination costs (net deferred loan fees) are amortized over the contractual life of the loan through interest income. If the loan has scheduled payments, the amortization of the net deferred loan fee is calculated using the interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. | ||
When loans are repaid, any remaining unamortized balances of unearned fees, deferred fees and costs and premiums and discounts paid on purchased loans are accounted for through interest income. | ||
Nonaccrual loans: For all loan types except credit cards, when a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. Generally, the Company places loans in nonaccrual status and ceases recognizing interest income when the loan has become delinquent by more than 90 days or when management determines that the full repayment of principal and collection of interest is unlikely. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. Credit card loans and other personal loans are typically charged-off no later than 180 days delinquent. | ||
For all loan types, when a loan is placed on nonaccrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed. Subsequent payments received from the customer are applied to principal and no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. The Company occasionally recognizes income on a cash basis for non-accrual loans in which the collection of the remaining principal balance is not in doubt. | ||
Impaired loans: A loan is identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as nonaccrual. However, in certain instances, impaired loans may continue on an accrual basis, such as loans classified as impaired due to doubt regarding collectability according to contractual terms, that are both fully secured by collateral and are current in their interest and principal payments. Impaired loans are measured for reserve requirements in accordance with ASC 310, Receivables, based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral less applicable disposition costs if the loan is collateral dependent. The amount of an impairment reserve, if any, and any subsequent changes are charged against the allowance for credit losses. In addition to our own internal loan review process, the FDIC may from time to time direct the Company to modify loan grades, loan impairment calculations or loan impairment methodology. | ||
Troubled Debt Restructured Loans: A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, extensions, deferrals, renewals and rewrites. A TDR loan is also considered impaired. Generally, a loan that is modified at an effective market rate of interest may no longer be disclosed as a TDR in years subsequent to the restructuring if it is performing based on the terms specified by the restructuring agreement. However, such loans continue to be considered impaired. | ||
Allowance for credit losses | ||
Credit risk is inherent in the business of extending loans and leases to borrowers. Like other financial institutions, the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the contractual principal or interest will not be collected. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount believed adequate to absorb estimated probable losses on existing loans that may become uncollectable, based on evaluation of the collectability of loans and prior credit loss experience, together with other factors. The Company formally re-evaluates and establishes the appropriate level of the allowance for credit losses on a quarterly basis. | ||
The Company’s allowance for credit loss methodology incorporates several quantitative and qualitative risk factors used to establish the appropriate allowance for credit losses at each reporting date. Quantitative factors include our historical loss experience, delinquency and charge-off trends, collateral values, changes in the level of nonperforming loans and other factors. Qualitative factors include the economic condition of our operating markets and the state of certain industries. Specific changes in the risk factors are based on actual loss experience, as well as perceived risk of similar groups of loans classified by collateral type, purpose and term. An internal five-year loss history is also incorporated into the allowance calculation model. Due to the credit concentration of our loan portfolio in real estate secured loans, the value of collateral is heavily dependent on real estate values in Nevada, Arizona and California, which, in some cases, have declined substantially from their peak. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic or other conditions. In addition, the FDIC and state bank regulatory agency, as an integral part of their examination processes, periodically review the Bank's allowances for credit losses, and may require us to make additions to our allowance based on their judgment about information available to them at the time of their examination. Management regularly reviews the assumptions and formulae used in determining the allowance and makes adjustments if required to reflect the current risk profile of the portfolio. | ||
The allowance consists of specific and general components. The specific allowance relates to impaired loans. In general, impaired loans include those where interest recognition has been suspended, loans that are more than 90 days delinquent but because of adequate collateral coverage, income continues to be recognized, and other criticized and classified loans not paying substantially according to the original contract terms. For such loans, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan are lower than the carrying value of that loan, pursuant to ASC 310. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The amount to which the present value falls short of the current loan obligation will be set up as a reserve for that account or charged-off. | ||
The Company uses an appraised value method to determine the need for a reserve on impaired, collateral dependent loans and further discounts the appraisal for disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. | ||
The general allowance covers all non-impaired loans and is based on historical loss experience adjusted for the various qualitative and quantitative factors listed above. | ||
Other assets acquired through foreclosure | ||
Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets (primarily repossessed assets formerly leased) are classified as OREO and other repossessed property and are initially reported at fair value of the asset less estimated selling costs. Subsequent adjustments are based on the lower of carrying value or fair value, less estimated costs to sell the property. Costs related to the development or improvement of the assets are capitalized and costs related to holding the assets are charged to non-interest expense. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances. | ||
Derivative financial instruments | ||
The Company uses interest-rate swaps to mitigate interest-rate risk associated with changes to 1) the fair value of certain fixed-rate financial instruments (fair value hedges) and 2) certain cash flows related to future interest payments on variable rate financial instruments (cash flow hedges). | ||
The Company recognizes derivatives as assets or liabilities in the consolidated balance sheet at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge or cash flow hedge. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | ||
For a fair value hedge, the effective portion of a change in the fair value of an instrument is recorded as a basis adjustment to the underlying hedged asset or liability. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a cash flow hedge is recognized immediately in non-interest income in the consolidated income statement. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. | ||
The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Both at inception and at least quarterly thereafter, the Company assesses whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in either the fair value or cash flows of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when it is determined that a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value on the consolidated balance sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. | ||
Derivative instruments that are not designated as hedges, so called free-standing derivatives, are reported in the consolidated balance sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. | ||
The Company occasionally purchases a financial instrument or originates a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that 1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and 2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where 1) the host contract is measured at fair value, with changes in fair value reported in current earnings, or 2) the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the consolidated balance sheet at fair value and is not designated as a hedging instrument. | ||
Income taxes | ||
The Company and its subsidiaries, other than BW Real Estate, Inc., file a consolidated federal tax return. Due to tax regulations, several items of income and expense are recognized in different periods for tax return purposes than for financial reporting purposes. These items represent temporary differences. Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences and tax credit carryovers and deferred tax liabilities are recognized for taxable temporary differences. A temporary difference is the difference between the reported amount of an asset or liability and its tax basis. A deferred tax asset is 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 assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. | ||
Off-balance sheet instruments | ||
In the ordinary course of business, the Company has entered into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they are funded. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the consolidated balance sheets. Losses would be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. | ||
As with outstanding loans, the Company applies qualitative factors and utilization rates to its off-balance sheet obligations in determining an estimate of losses inherent in these contractual obligations. The estimate for credit losses on off-balance sheet instruments is included within other liabilities and the charge to income that establishes this liability is included in non-interest expense. | ||
Fair values of financial instruments | ||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement as well as enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows: | ||
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
• | Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market. | |
• | Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models and similar techniques. | |
The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||
Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability, rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company to make assumptions regarding the assumptions that market participants would use to estimate the fair value of the financial instrument at the measurement date. | ||
ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. | ||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at June 30, 2014 and December 31, 2013. The estimated fair value amounts for June 30, 2014 and December 31, 2013 have been measured as of period-end, and have not been reevaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at the period-end. | ||
The information in "Note 12. Fair Value Accounting" in these Notes to Unaudited Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. | ||
Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. | ||
The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: | ||
Cash and cash equivalents | ||
The carrying amounts reported in the consolidated balance sheets for cash and due from banks approximate their fair value. | ||
Money market and certificates of deposit investments | ||
The carrying amounts reported in the consolidated balance sheets for money market investments approximate their fair value. | ||
Investment securities | ||
The fair values of U.S. Treasuries, corporate debt securities, mutual funds, and exchange-listed preferred stock are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. | ||
The fair values of other investment securities were determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, for example, yield curves, credit ratings and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. | ||
The Company owns certain CDOs for which quoted prices are not available. Quoted prices for similar assets are also not available for these investment securities. In order to determine the fair value of these securities, the Company has estimated the future cash flows and discount rate using third party quotes adjusted based on assumptions regarding the adjustments a market participant would assume necessary for each specific security. As a result of the lack of an active market, the resulting fair values have been categorized as Level 3 in the fair value hierarchy. | ||
Restricted stock | ||
WAB is a member of the FHLB system and maintains an investment in capital stock of the FHLB. WAB also maintains an investment in its primary correspondent bank. These investments are carried at cost since no ready market exists for them, and they have no quoted market value. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. The fair values of these investments have been categorized as Level 2 in the fair value hierarchy. | ||
Loans | ||
Fair value for loans is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments that the Company believes a market participant would consider in determining fair value based on a third party independent valuation. As a result, the fair value for certain loans disclosed in "Note 12. Fair Value Accounting" of these Notes to Unaudited Consolidated Financial Statements is categorized as Level 2 in the fair value hierarchy, excluding impaired loans which are categorized as Level 3. | ||
Accrued interest receivable and payable | ||
The carrying amounts reported in the Consolidated Balance Sheets for accrued interest receivable and payable approximate their fair value. Accrued interest receivable and payable fair value measurements are classified as Level 3 in the fair value hierarchy. | ||
Derivative financial instruments | ||
All derivatives are recognized in the Consolidated Balance Sheets at their fair value. The fair value for derivatives is determined based on market prices, broker-dealer quotations on similar products or other related input parameters. As a result, the fair values have been categorized as Level 2 in the fair value hierarchy. | ||
Deposits | ||
The fair value disclosed for demand and savings deposits is by definition equal to the amount payable on demand at their reporting date (that is, their carrying amount), which the Company believes a market participant would consider in determining fair value. The carrying amount for variable-rate deposit accounts approximates their fair value. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of the deposit liabilities disclosed in "Note 12. Fair Value Accounting" of these Notes to Unaudited Consolidated Financial Statements is categorized as Level 2 in the fair value hierarchy. | ||
FHLB advances and other borrowings | ||
The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. FHLB advances have been categorized as Level 2 in the fair value hierarchy due to their short durations. Other borrowings have been categorized as Level 3 in the fair value hierarchy. | ||
Junior subordinated debt | ||
Junior subordinated debt and subordinated debt are valued by comparing interest rates and spreads to an index relative to the ten-year treasury rate and discounting the contractual cash flows on the Company's debt using these market rates. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy. | ||
Off-balance sheet instruments | ||
Fair values for the Company’s off-balance sheet instruments (lending commitments and standby letters of credit) are based on quoted fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. | ||
Recent accounting pronouncements | ||
In February 2013, the FASB issued guidance within ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The amendments in ASU 2013-04 to Topic 405, Liabilities, provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the Update is fixed at the reporting date, except for obligations addressed with existing GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations. The amendment is effective retrospectively for reporting periods beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | ||
In July 2013, the FASB issued guidance within ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 to Topic 740, Income Taxes, provide guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | ||
In January 2014, the FASB issued guidance within ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The amendments in ASU 2014-01 to Topic 323, Equity Investments and Joint Ventures, provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 and should be applied retrospectively to all periods presented, with early adoption permitted. All of the Company's LIHTC investments are within the scope of this guidance and the Company has adopted this amended guidance beginning on January 1, 2014. As a result, prior period financial information has been adjusted to conform to the amended guidance. See "Note 10. Income Taxes" for the impact that adoption had on the Company's financial condition and results of operations as well as additional disclosures required under these amendments. The adoption of this amended guidance did not have a significant impact on the Company's cash flows. | ||
In January 2014, the FASB issued guidance within ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The objective of the amendments in ASU 2014-04 to Topic 310, Receivables - Troubled Debt Restructurings by Creditors, is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 31, 2014. An entity can elect to adopt the amendments using either a modified retrospective transition method or a prospective transition method. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. | ||
In June 2014, the FASB issued guidance within ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The amendments in ASU 2014-11 to Topic 860, Transfers and Servicing, change the accounting for repurchase-to-maturity transactions to secured borrowing accounting and, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. An entity is required to present changes in accounting for transactions outstanding on the effective date as a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The accounting changes are effective for the first interim or annual period beginning after December 15, 2014. The amendments also require disclosure of information about certain transactions accounted for as a sale in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets through an agreement with the same counterparty. An entity will also be required to disclose information about repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The disclosure for certain transactions accounted for as a sale is required to be presented for interim and annual periods beginning after December 15, 2014 and the disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company is in the process of evaluating the impact that adoption of this guidance will have on its Consolidated Financial Statements. | ||
In June 2014, the FASB issued guidance within ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in ASU 2014-12 to Topic 718, Compensation - Stock Compensation, provide explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. Early adoption is permitted. An entity may elect to apply the amendments either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company is in the process of evaluating the impact that adoption of this guidance will have on its Consolidated Financial Statements. |
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||
INVESTMENT SECURITIES | |||||||||||||||||||||||||||||
The carrying amounts and fair values of investment securities at June 30, 2014 and December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Available-for-sale | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
U.S. government-sponsored agency securities | $ | 18,699 | $ | — | $ | (788 | ) | $ | 17,911 | ||||||||||||||||||||
Corporate debt securities | 97,775 | 838 | (2,673 | ) | 95,940 | ||||||||||||||||||||||||
Municipal obligations | 297,143 | 10,232 | (2,093 | ) | 305,282 | ||||||||||||||||||||||||
Preferred stock | 73,414 | 1,934 | (2,129 | ) | 73,219 | ||||||||||||||||||||||||
Mutual funds | 37,449 | 605 | — | 38,054 | |||||||||||||||||||||||||
Residential MBS issued by GSEs | 939,595 | 10,975 | (2,887 | ) | 947,683 | ||||||||||||||||||||||||
Commercial MBS issued by GSEs | 2,075 | 9 | — | 2,084 | |||||||||||||||||||||||||
Private label residential MBS | 36,299 | 21 | (1,484 | ) | 34,836 | ||||||||||||||||||||||||
Private label commercial MBS | 5,201 | 194 | — | 5,395 | |||||||||||||||||||||||||
Trust preferred securities | 32,000 | — | (6,418 | ) | 25,582 | ||||||||||||||||||||||||
CRA investments | 24,035 | — | (105 | ) | 23,930 | ||||||||||||||||||||||||
Collateralized debt obligations | 50 | 7,306 | — | 7,356 | |||||||||||||||||||||||||
Total AFS securities | $ | 1,563,735 | $ | 32,114 | $ | (18,577 | ) | $ | 1,577,272 | ||||||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | 2,379 | |||||||||||||||||||||||||||
Private label residential MBS | 414 | ||||||||||||||||||||||||||||
Total securities measured at fair value | $ | 2,793 | |||||||||||||||||||||||||||
In May 2014, the Company's investment committee reassessed the Company's holdings in CDOs, and gave management the discretion to sell CDOs and to reinvest in higher investment grade securities. This change in intent, prior to maturity or recovery, necessitated a reclassification of all HTM securities to AFS. At the date of transfer, the securities had a total amortized cost of $275.3 million and fair value of $289.6 million. The Company recognized an unrealized gain of $9.0 million, net of tax, in AOCI at the date of the transfer. | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Available-for-sale | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | 49,110 | $ | — | $ | (2,135 | ) | $ | 46,975 | ||||||||||||||||||||
Municipal obligations | 121,671 | 316 | (6,322 | ) | 115,665 | ||||||||||||||||||||||||
Preferred stock | 68,110 | 853 | (7,479 | ) | 61,484 | ||||||||||||||||||||||||
Mutual funds | 37,423 | 93 | (984 | ) | 36,532 | ||||||||||||||||||||||||
Residential MBS issued by GSEs | 1,028,402 | 5,567 | (12,548 | ) | 1,021,421 | ||||||||||||||||||||||||
Private label residential MBS | 38,250 | — | (2,151 | ) | 36,099 | ||||||||||||||||||||||||
Private label commercial MBS | 5,252 | 181 | — | 5,433 | |||||||||||||||||||||||||
Trust preferred securities | 32,000 | — | (8,195 | ) | 23,805 | ||||||||||||||||||||||||
CRA investments | 23,830 | — | (548 | ) | 23,282 | ||||||||||||||||||||||||
Total AFS securities | $ | 1,404,048 | $ | 7,010 | $ | (40,362 | ) | $ | 1,370,696 | ||||||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | 3,036 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Held-to-maturity | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Collateralized debt obligations | $ | 50 | $ | 1,346 | $ | — | $ | 1,396 | |||||||||||||||||||||
Corporate debt securities | 97,777 | 775 | (3,826 | ) | 94,726 | ||||||||||||||||||||||||
Municipal obligations | 183,579 | 2,773 | (2,370 | ) | 183,982 | ||||||||||||||||||||||||
CRA investments | 1,600 | — | — | 1,600 | |||||||||||||||||||||||||
Total HTM securities | $ | 283,006 | $ | 4,894 | $ | (6,196 | ) | $ | 281,704 | ||||||||||||||||||||
For additional information on the fair value changes of the securities measured at fair value, see the trading securities table in "Note 12. Fair Value Accounting" of these Notes to Unaudited Consolidated Financial Statements. | |||||||||||||||||||||||||||||
The Company conducts an OTTI analysis on a quarterly basis. The initial indication of OTTI for both debt and equity securities is a decline in the market value below the amount recorded for an investment, taking into account the severity and duration of the decline. Another potential indication of OTTI is a downgrade below investment grade. In determining whether an impairment is OTTI, the Company considers the length of time and the extent to which the market value has been below cost, recent events specific to the issuer, including investment downgrades by rating agencies and economic conditions of its industry, and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. For marketable equity securities, the Company also considers the issuer’s financial condition, capital strength and near-term prospects. | |||||||||||||||||||||||||||||
For debt securities and for ARPS that are treated as debt securities for the purpose of OTTI analysis, the Company also considers the cause of the price decline (general level of interest rates and industry and issuer specific factors), the issuer’s financial condition, near-term prospects and current ability to make future payments in a timely manner, as well as the issuer’s ability to service debt, and any change in agencies’ ratings at the evaluation date from the acquisition date and any likely imminent action. For ARPS with a fair value below cost that is not attributable to the credit deterioration of the issuer, such as a decline in cash flows from the security or a downgrade in the security’s rating below investment grade, the Company does not recognize an OTTI charge where it is able to assert that it has the intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value. | |||||||||||||||||||||||||||||
The Company has reviewed securities for which there is an unrealized loss in accordance with its accounting policy for OTTI described above and determined that there were no impairment charges for the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||||||||||||||
The Company does not consider any securities to be other-than-temporarily impaired as of June 30, 2014 and December 31, 2013. No assurance can be made that additional OTTI will not occur in future periods. | |||||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | — | $ | 788 | $ | 17,910 | $ | 788 | $ | 17,910 | |||||||||||||||||
Corporate debt securities | 144 | 14,856 | 2,529 | 67,471 | 2,673 | 82,327 | |||||||||||||||||||||||
Preferred stock | 386 | 12,554 | 1,743 | 24,413 | 2,129 | 36,967 | |||||||||||||||||||||||
Residential MBS issued by GSEs | 244 | 44,141 | 2,643 | 143,844 | 2,887 | 187,985 | |||||||||||||||||||||||
Municipal obligations | — | — | 2,093 | 41,032 | 2,093 | 41,032 | |||||||||||||||||||||||
Private label residential MBS | 366 | 17,688 | 1,118 | 14,322 | 1,484 | 32,010 | |||||||||||||||||||||||
Trust preferred securities | — | — | 6,418 | 25,582 | 6,418 | 25,582 | |||||||||||||||||||||||
CRA investments | — | — | 105 | 23,877 | 105 | 23,877 | |||||||||||||||||||||||
Total AFS securities | $ | 1,140 | $ | 89,239 | $ | 17,437 | $ | 358,451 | $ | 18,577 | $ | 447,690 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | 2,135 | $ | 46,976 | $ | — | $ | — | $ | 2,135 | $ | 46,976 | |||||||||||||||||
Preferred stock | 7,479 | 44,637 | — | — | 7,479 | 44,637 | |||||||||||||||||||||||
Mutual funds | 984 | 30,101 | — | — | 984 | 30,101 | |||||||||||||||||||||||
Residential MBS issued by GSEs | 11,934 | 601,756 | 614 | 8,984 | 12,548 | 610,740 | |||||||||||||||||||||||
Municipal obligations | 3,545 | 72,300 | 2,777 | 17,923 | 6,322 | 90,223 | |||||||||||||||||||||||
Private label residential MBS | 2,009 | 32,517 | 142 | 3,583 | 2,151 | 36,100 | |||||||||||||||||||||||
Trust preferred securities | — | — | 8,195 | 23,807 | 8,195 | 23,807 | |||||||||||||||||||||||
Other | 548 | 23,823 | — | — | 548 | 23,823 | |||||||||||||||||||||||
Total AFS securities | $ | 28,634 | $ | 852,110 | $ | 11,728 | $ | 54,297 | $ | 40,362 | $ | 906,407 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Corporate debt securities | $ | 163 | $ | 9,837 | $ | 3,663 | $ | 71,337 | $ | 3,826 | $ | 81,174 | |||||||||||||||||
Municipal obligations | 1,624 | 50,740 | 746 | 5,102 | 2,370 | 55,842 | |||||||||||||||||||||||
Total HTM securities | $ | 1,787 | $ | 60,577 | $ | 4,409 | $ | 76,439 | $ | 6,196 | $ | 137,016 | |||||||||||||||||
At June 30, 2014 and December 31, 2013, the Company’s unrealized losses relate primarily to interest rate fluctuations, credit spread widening and reduced liquidity in applicable markets. The total number of securities in an unrealized loss position at June 30, 2014 was 125, compared to 252 at December 31, 2013. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred and industry analysis reports. Since material downgrades have not occurred and management does not intend to sell the debt securities in an unrealized loss position in the foreseeable future, none of the securities described in the above table or in this paragraph were deemed to be other than temporarily impaired. | |||||||||||||||||||||||||||||
At June 30, 2014, the net unrealized loss on trust preferred securities classified as AFS was $6.4 million, compared with $8.2 million at December 31, 2013. The Company actively monitors its debt and other structured securities portfolios classified as AFS for declines in fair value. At December 31, 2013, the gross unrealized loss on the corporate bond portfolio classified as HTM was $3.8 million. As discussed previously, corporate debt securities classified as HTM at December 31, 2013 are now classified as AFS at June 30, 2014. The gross unrealized loss on the corporate bond portfolio has decreased to $2.7 million at June 30, 2014. The FRB continues to express its intention to keep interest rates, particularly the Federal Funds rate, at historically low levels into 2015. The yields of most of the bonds in the portfolio are floating rate instruments tied to LIBOR. LIBOR rate levels are highly correlated to the Federal Funds rate, thus, the corporate bonds have had low floating rate yields, which have negatively affected their near-term anticipated returns and price levels. | |||||||||||||||||||||||||||||
The amortized cost and fair value of securities as of June 30, 2014, by contractual maturities, are shown below. The actual maturities of the MBS may differ from their contractual maturities because the loans underlying the securities may be repaid without any penalties due to borrowers that have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, these securities are listed separately in the maturity summary. | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Due in one year or less | $ | 66,879 | $ | 67,424 | |||||||||||||||||||||||||
After one year through five years | 36,503 | 38,066 | |||||||||||||||||||||||||||
After five years through ten years | 168,417 | 167,706 | |||||||||||||||||||||||||||
After ten years | 308,766 | 314,078 | |||||||||||||||||||||||||||
Mortgage-backed securities | 983,170 | 989,998 | |||||||||||||||||||||||||||
Total AFS securities | $ | 1,563,735 | $ | 1,577,272 | |||||||||||||||||||||||||
The following tables summarize the carrying amounts of the Company’s investment ratings position as June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Totals | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Municipal obligations | $ | 8,330 | $ | — | $ | 138,657 | $ | 151,797 | $ | 6,293 | $ | 205 | $ | 305,282 | |||||||||||||||
Residential MBS issued by GSEs | — | 950,062 | — | — | — | — | 950,062 | ||||||||||||||||||||||
Commercial MBS issued by GSEs | — | 2,084 | — | — | — | — | 2,084 | ||||||||||||||||||||||
Private label residential MBS | 23,364 | — | 95 | 3,888 | 4,570 | 3,333 | 35,250 | ||||||||||||||||||||||
Private label commercial MBS | 5,395 | — | — | — | — | — | 5,395 | ||||||||||||||||||||||
Mutual funds (3) | — | — | — | — | 38,054 | — | 38,054 | ||||||||||||||||||||||
U.S. government sponsored agency | — | 17,911 | — | — | — | — | 17,911 | ||||||||||||||||||||||
Preferred stock | — | — | — | — | 47,726 | 19,917 | 67,643 | ||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 25,582 | — | 25,582 | ||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 7,356 | 7,356 | ||||||||||||||||||||||
Corporate debt securities | — | — | 2,791 | 24,108 | 69,041 | — | 95,940 | ||||||||||||||||||||||
Total (1) (2) | $ | 37,089 | $ | 970,057 | $ | 141,543 | $ | 179,793 | $ | 191,266 | $ | 30,811 | $ | 1,550,559 | |||||||||||||||
-1 | The Company used the average credit rating of the combination of S&P, Moody’s and Fitch in the above table where ratings differed. | ||||||||||||||||||||||||||||
-2 | Securities values are shown at carrying value as of June 30, 2014. Unrated securities consist of CRA investments with a carrying value of $23.9 million and preferred stock with a carrying value of $5.6 million. | ||||||||||||||||||||||||||||
-3 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Totals | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Municipal obligations | $ | 7,965 | $ | — | $ | 129,810 | $ | 153,949 | $ | 7,305 | $ | 215 | $ | 299,244 | |||||||||||||||
Residential MBS issued by GSEs | — | 1,024,457 | — | — | — | — | 1,024,457 | ||||||||||||||||||||||
Private label residential MBS | 23,646 | — | 125 | 4,101 | 4,625 | 3,602 | 36,099 | ||||||||||||||||||||||
Private label commercial MBS | 5,433 | — | — | — | — | — | 5,433 | ||||||||||||||||||||||
Mutual funds (3) | — | — | — | — | 36,532 | — | 36,532 | ||||||||||||||||||||||
U.S. government sponsored agency | — | 46,975 | — | — | — | — | 46,975 | ||||||||||||||||||||||
Preferred stock | — | — | — | — | 45,847 | 13,244 | 59,091 | ||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 23,805 | — | 23,805 | ||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 50 | 50 | ||||||||||||||||||||||
Corporate debt securities | — | — | 2,697 | 35,102 | 59,978 | — | 97,777 | ||||||||||||||||||||||
Total (1) (2) | $ | 37,044 | $ | 1,071,432 | $ | 132,632 | $ | 193,152 | $ | 178,092 | $ | 17,111 | $ | 1,629,463 | |||||||||||||||
-1 | The Company used the average credit rating of the combination of S&P, Moody’s and Fitch in the above table where ratings differed. | ||||||||||||||||||||||||||||
-2 | Securities values are shown at carrying value as of December 31, 2013. Unrated securities consist of CRA investments with a carrying value of $23.3 million, one ARPS with a carrying value of $2.4 million and an other investment of $1.6 million. | ||||||||||||||||||||||||||||
-3 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||
Securities with carrying amounts of approximately $760.7 million and $662.5 million at June 30, 2014 and December 31, 2013, respectively, were pledged for various purposes as required or permitted by law. | |||||||||||||||||||||||||||||
The following table presents gross gains and losses on sales of investment securities: | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Gross gains | $ | — | $ | 68 | $ | 366 | $ | 268 | |||||||||||||||||||||
Gross losses | (163 | ) | (73 | ) | (163 | ) | (125 | ) | |||||||||||||||||||||
Net (losses) gains | $ | (163 | ) | $ | (5 | ) | $ | 203 | $ | 143 | |||||||||||||||||||
Loans_Leases_and_Allowance_for
Loans, Leases and Allowance for Credit Losses | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Loans, Leases and Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||
LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||||||||||||||||||||
The composition of the Company’s loan portfolio is as follows: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,804,819 | $ | 2,236,740 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 1,940,017 | 1,843,415 | |||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,604,986 | 1,561,862 | |||||||||||||||||||||||||||||||
Construction and land development | 612,415 | 537,231 | |||||||||||||||||||||||||||||||
Residential real estate | 328,115 | 350,312 | |||||||||||||||||||||||||||||||
Commercial leases | 222,887 | 235,968 | |||||||||||||||||||||||||||||||
Consumer | 40,948 | 45,153 | |||||||||||||||||||||||||||||||
Net deferred loan fees and costs | (9,620 | ) | (9,266 | ) | |||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | 7,544,567 | 6,801,415 | |||||||||||||||||||||||||||||||
Allowance for credit losses | (105,937 | ) | (100,050 | ) | |||||||||||||||||||||||||||||
Total | $ | 7,438,630 | $ | 6,701,365 | |||||||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans and excluding deferred fees and costs: | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Over 90 days Past Due | Total Past Due | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,600,162 | $ | 1,095 | $ | 1,273 | $ | 2,456 | $ | 4,824 | $ | 1,604,986 | |||||||||||||||||||||
Non-owner occupied | 1,745,404 | — | 2,109 | 7,393 | 9,502 | 1,754,906 | |||||||||||||||||||||||||||
Multi-family | 185,111 | — | — | — | — | 185,111 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,803,231 | 301 | 834 | 453 | 1,588 | 2,804,819 | |||||||||||||||||||||||||||
Leases | 222,887 | — | — | — | — | 222,887 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 338,513 | — | — | — | — | 338,513 | |||||||||||||||||||||||||||
Land | 273,726 | 176 | — | — | 176 | 273,902 | |||||||||||||||||||||||||||
Residential real estate | 317,577 | — | 1,171 | 9,367 | 10,538 | 328,115 | |||||||||||||||||||||||||||
Consumer | 40,365 | 134 | 187 | 262 | 583 | 40,948 | |||||||||||||||||||||||||||
Total loans | $ | 7,526,976 | $ | 1,706 | $ | 5,574 | $ | 19,931 | $ | 27,211 | $ | 7,554,187 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | Over 90 days | Total | Total | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,555,210 | $ | 1,759 | $ | 406 | $ | 4,487 | $ | 6,652 | $ | 1,561,862 | |||||||||||||||||||||
Non-owner occupied | 1,627,062 | 8,774 | 4,847 | 15,767 | 29,388 | 1,656,450 | |||||||||||||||||||||||||||
Multi-family | 186,965 | — | — | — | — | 186,965 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,232,186 | 1,868 | 233 | 2,453 | 4,554 | 2,236,740 | |||||||||||||||||||||||||||
Leases | 235,618 | — | — | 350 | 350 | 235,968 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 291,883 | — | — | — | — | 291,883 | |||||||||||||||||||||||||||
Land | 243,741 | 264 | 1,343 | — | 1,607 | 245,348 | |||||||||||||||||||||||||||
Residential real estate | 339,566 | 2,423 | 1,368 | 6,955 | 10,746 | 350,312 | |||||||||||||||||||||||||||
Consumer | 44,018 | 466 | 155 | 514 | 1,135 | 45,153 | |||||||||||||||||||||||||||
Total loans | $ | 6,756,249 | $ | 15,554 | $ | 8,352 | $ | 30,526 | $ | 54,432 | $ | 6,810,681 | |||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due ninety days or more and still accruing interest by class of loans: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Non-accrual loans | Loans past due 90 days or more and still accruing | Non-accrual loans | Loans past due 90 days or more and still accruing | ||||||||||||||||||||||||||||||
Current | Past Due/Delinquent | Total Non-accrual | Current | Past Due/Delinquent | Total Non-accrual | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 6,273 | $ | 3,153 | $ | 9,426 | $ | 576 | $ | 9,330 | $ | 3,600 | $ | 12,930 | $ | 887 | |||||||||||||||||
Non-owner occupied | 32,097 | 5,059 | 37,156 | 2,331 | 17,930 | 23,996 | 41,926 | — | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 1,658 | 560 | 2,218 | — | 622 | 2,682 | 3,304 | 125 | |||||||||||||||||||||||||
Leases | 416 | — | 416 | — | 99 | 350 | 449 | — | |||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Land | 2,161 | — | 2,161 | — | 3,133 | 1,392 | 4,525 | — | |||||||||||||||||||||||||
Residential real estate | 2,581 | 10,186 | 12,767 | — | 5,067 | 7,413 | 12,480 | 47 | |||||||||||||||||||||||||
Consumer | 27 | 174 | 201 | 94 | 27 | 39 | 66 | 475 | |||||||||||||||||||||||||
Total | $ | 45,213 | $ | 19,132 | $ | 64,345 | $ | 3,001 | $ | 36,208 | $ | 39,472 | $ | 75,680 | $ | 1,534 | |||||||||||||||||
The reduction in interest income associated with loans on nonaccrual status was approximately $0.3 million and $1.2 million for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, the reduction in interest income associated with loans on nonaccrual status was approximately $1.3 million and $2.5 million, respectively. | |||||||||||||||||||||||||||||||||
The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as “Special Mention,” “Substandard,” “Doubtful,” and “Loss.” Substandard loans include those characterized by well-defined weaknesses and carry the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful, or risk rated eight, have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The final rating of Loss covers loans considered uncollectible and having such little recoverable value that it is not practical to defer writing off the asset. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that deserve management’s close attention, are deemed to be Special Mention. Risk ratings are updated, at a minimum, quarterly. | |||||||||||||||||||||||||||||||||
The following tables present gross loans by risk rating: | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,529,318 | $ | 27,650 | $ | 46,213 | $ | 1,805 | $ | — | $ | 1,604,986 | |||||||||||||||||||||
Non-owner occupied | 1,634,799 | 37,367 | 82,302 | 438 | — | 1,754,906 | |||||||||||||||||||||||||||
Multi-family | 184,650 | — | 461 | — | — | 185,111 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,774,118 | 7,970 | 22,731 | — | — | 2,804,819 | |||||||||||||||||||||||||||
Leases | 218,753 | 2,995 | 1,139 | — | — | 222,887 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 338,032 | 481 | — | — | — | 338,513 | |||||||||||||||||||||||||||
Land | 241,498 | 10,859 | 21,545 | — | — | 273,902 | |||||||||||||||||||||||||||
Residential real estate | 305,189 | 2,699 | 20,227 | — | — | 328,115 | |||||||||||||||||||||||||||
Consumer | 40,037 | 349 | 562 | — | — | 40,948 | |||||||||||||||||||||||||||
Total | $ | 7,266,394 | $ | 90,370 | $ | 195,180 | $ | 2,243 | $ | — | $ | 7,554,187 | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 7,264,449 | $ | 90,030 | $ | 170,658 | $ | 1,839 | $ | — | $ | 7,526,976 | |||||||||||||||||||||
Past due 30 - 59 days | 1,584 | 122 | — | — | — | 1,706 | |||||||||||||||||||||||||||
Past due 60 - 89 days | 361 | 218 | 4,995 | — | — | 5,574 | |||||||||||||||||||||||||||
Past due 90 days or more | — | — | 19,527 | 404 | — | 19,931 | |||||||||||||||||||||||||||
Total | $ | 7,266,394 | $ | 90,370 | $ | 195,180 | $ | 2,243 | $ | — | $ | 7,554,187 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,483,190 | $ | 33,065 | $ | 44,649 | $ | 958 | $ | — | $ | 1,561,862 | |||||||||||||||||||||
Non-owner occupied | 1,498,500 | 64,588 | 93,362 | — | — | 1,656,450 | |||||||||||||||||||||||||||
Multi-family | 186,479 | — | 486 | — | — | 186,965 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,208,947 | 10,058 | 16,231 | 1,504 | — | 2,236,740 | |||||||||||||||||||||||||||
Leases | 231,344 | 4,175 | 449 | — | — | 235,968 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 291,402 | 481 | — | — | — | 291,883 | |||||||||||||||||||||||||||
Land | 210,615 | 13,762 | 20,971 | — | — | 245,348 | |||||||||||||||||||||||||||
Residential real estate | 323,333 | 3,037 | 23,942 | — | — | 350,312 | |||||||||||||||||||||||||||
Consumer | 43,516 | 799 | 838 | — | — | 45,153 | |||||||||||||||||||||||||||
Total | $ | 6,477,326 | $ | 129,965 | $ | 200,928 | $ | 2,462 | $ | — | $ | 6,810,681 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 6,471,951 | $ | 129,208 | $ | 154,441 | $ | 649 | $ | — | $ | 6,756,249 | |||||||||||||||||||||
Past due 30 - 59 days | 4,205 | 602 | 10,747 | — | — | 15,554 | |||||||||||||||||||||||||||
Past due 60 - 89 days | 1,123 | 155 | 7,074 | — | — | 8,352 | |||||||||||||||||||||||||||
Past due 90 days or more | 47 | — | 28,666 | 1,813 | — | 30,526 | |||||||||||||||||||||||||||
Total | $ | 6,477,326 | $ | 129,965 | $ | 200,928 | $ | 2,462 | $ | — | $ | 6,810,681 | |||||||||||||||||||||
The table below reflects the recorded investment in loans classified as impaired: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Impaired loans with a specific valuation allowance under ASC 310 | $ | 19,584 | $ | 25,754 | |||||||||||||||||||||||||||||
Impaired loans without a specific valuation allowance under ASC 310 | 144,286 | 152,623 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 163,870 | $ | 178,377 | |||||||||||||||||||||||||||||
Valuation allowance related to impaired loans | $ | (3,507 | ) | $ | (5,280 | ) | |||||||||||||||||||||||||||
The following table presents impaired loans by class: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 32,025 | $ | 37,902 | |||||||||||||||||||||||||||||
Non-owner occupied | 68,415 | 73,152 | |||||||||||||||||||||||||||||||
Multi-family | — | — | |||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 15,672 | 16,892 | |||||||||||||||||||||||||||||||
Leases | 416 | 449 | |||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||
Land | 20,147 | 23,069 | |||||||||||||||||||||||||||||||
Residential real estate | 26,593 | 26,376 | |||||||||||||||||||||||||||||||
Consumer | 602 | 537 | |||||||||||||||||||||||||||||||
Total | $ | 163,870 | $ | 178,377 | |||||||||||||||||||||||||||||
A valuation allowance is established for an impaired loan when the fair value of the loan is less than the recorded investment. In certain cases, portions of impaired loans are charged-off to realizable value instead of establishing a valuation allowance and are included, when applicable in the table above as “Impaired loans without a specific valuation allowance under ASC 310.” However, before concluding that an impaired loan needs no associated valuation allowance, an assessment is made to consider all available and relevant information for the method used to evaluate impairment and the type of loan being assessed. The valuation allowance disclosed above is included in the allowance for credit losses reported in the Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||
The following table presents the average investment in impaired loans by loan class: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 34,341 | $ | 49,916 | $ | 35,545 | $ | 54,990 | |||||||||||||||||||||||||
Non-owner occupied | 68,725 | 56,462 | 69,382 | 54,724 | |||||||||||||||||||||||||||||
Multi-family | — | 125 | — | 177 | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 15,438 | 14,801 | 15,510 | 14,945 | |||||||||||||||||||||||||||||
Leases | 419 | 859 | 429 | 944 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||
Land | 20,291 | 28,024 | 21,438 | 28,693 | |||||||||||||||||||||||||||||
Residential real estate | 27,607 | 33,260 | 27,203 | 35,150 | |||||||||||||||||||||||||||||
Consumer | 505 | 619 | 503 | 662 | |||||||||||||||||||||||||||||
Total | $ | 167,326 | $ | 184,066 | $ | 170,010 | $ | 190,285 | |||||||||||||||||||||||||
The following table presents interest income on impaired loans by class: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 374 | $ | 336 | $ | 765 | $ | 756 | |||||||||||||||||||||||||
Non-owner occupied | 402 | 421 | 775 | 825 | |||||||||||||||||||||||||||||
Multi-family | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 184 | 119 | 377 | 269 | |||||||||||||||||||||||||||||
Leases | — | — | — | — | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||
Land | 295 | 287 | 556 | 546 | |||||||||||||||||||||||||||||
Residential real estate | 160 | 20 | 317 | 25 | |||||||||||||||||||||||||||||
Consumer | 20 | 8 | 31 | 16 | |||||||||||||||||||||||||||||
Total | $ | 1,435 | $ | 1,191 | $ | 2,821 | $ | 2,437 | |||||||||||||||||||||||||
The Company is not committed to lend significant additional funds on these impaired loans. | |||||||||||||||||||||||||||||||||
The following table summarizes nonperforming assets: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 64,345 | $ | 75,680 | |||||||||||||||||||||||||||||
Loans past due 90 days or more on accrual status | 3,001 | 1,534 | |||||||||||||||||||||||||||||||
Troubled debt restructured loans | 89,703 | 89,576 | |||||||||||||||||||||||||||||||
Total nonperforming loans | 157,049 | 166,790 | |||||||||||||||||||||||||||||||
Other assets acquired through foreclosure, net | 59,292 | 66,719 | |||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 216,341 | $ | 233,509 | |||||||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | |||||||||||||||||||||||||||||||||
Changes in the accretable yield for loans acquired with deteriorated credit quality are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, at beginning of period | $ | 26,831 | $ | 4,993 | $ | 28,164 | $ | 7,072 | |||||||||||||||||||||||||
Addition due to acquisition | — | 22,318 | — | 22,318 | |||||||||||||||||||||||||||||
Reclassification from non-accretable to accretable yield | 1,564 | 1,047 | 3,030 | 1,047 | |||||||||||||||||||||||||||||
Accretion to interest income | (1,798 | ) | (2,285 | ) | (4,202 | ) | (4,364 | ) | |||||||||||||||||||||||||
Reversal of fair value adjustments upon disposition of loans | (3,414 | ) | — | (3,809 | ) | — | |||||||||||||||||||||||||||
Balance, at end of period | $ | 23,183 | $ | 26,073 | $ | 23,183 | $ | 26,073 | |||||||||||||||||||||||||
The primary drivers of reclassification from non-accretable to accretable yield resulted from changes in estimated cash flows. | |||||||||||||||||||||||||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
The following table summarizes the changes in the allowance for credit losses by portfolio type: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
Construction and Land Development | Commercial Real Estate | Residential Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 16,700 | $ | 34,853 | $ | 11,297 | $ | 39,493 | $ | 1,556 | $ | 103,899 | |||||||||||||||||||||
Charge-offs | (78 | ) | (330 | ) | (523 | ) | (1,038 | ) | (5 | ) | (1,974 | ) | |||||||||||||||||||||
Recoveries | 498 | 1,248 | 314 | 1,254 | 191 | 3,505 | |||||||||||||||||||||||||||
Provision | (247 | ) | (1,422 | ) | (861 | ) | 3,152 | (115 | ) | 507 | |||||||||||||||||||||||
Ending balance | $ | 16,873 | $ | 34,349 | $ | 10,227 | $ | 42,861 | $ | 1,627 | $ | 105,937 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 11,039 | $ | 34,901 | $ | 14,595 | $ | 34,185 | $ | 774 | $ | 95,494 | |||||||||||||||||||||
Charge-offs | (238 | ) | (2,391 | ) | (2,010 | ) | (1,065 | ) | (18 | ) | (5,722 | ) | |||||||||||||||||||||
Recoveries | 120 | 633 | 549 | 1,757 | 11 | 3,070 | |||||||||||||||||||||||||||
Provision | (1,307 | ) | 1,440 | 713 | 2,506 | 129 | 3,481 | ||||||||||||||||||||||||||
Ending balance | $ | 9,614 | $ | 34,583 | $ | 13,847 | $ | 37,383 | $ | 896 | $ | 96,323 | |||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
Construction and Land Development | Commercial Real Estate | Residential Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 14,519 | $ | 32,064 | $ | 11,640 | $ | 39,657 | $ | 2,170 | $ | 100,050 | |||||||||||||||||||||
Charge-offs | (78 | ) | (501 | ) | (929 | ) | (2,516 | ) | (17 | ) | (4,041 | ) | |||||||||||||||||||||
Recoveries | 709 | 1,808 | 867 | 2,176 | 361 | 5,921 | |||||||||||||||||||||||||||
Provision | 1,723 | 978 | (1,351 | ) | 3,544 | (887 | ) | 4,007 | |||||||||||||||||||||||||
Ending balance | $ | 16,873 | $ | 34,349 | $ | 10,227 | $ | 42,861 | $ | 1,627 | $ | 105,937 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 10,554 | $ | 34,982 | $ | 15,237 | $ | 32,860 | $ | 1,794 | $ | 95,427 | |||||||||||||||||||||
Charge-offs | (852 | ) | (5,278 | ) | (4,503 | ) | (2,835 | ) | (293 | ) | (13,761 | ) | |||||||||||||||||||||
Recoveries | 821 | 1,575 | 1,118 | 2,198 | 25 | 5,737 | |||||||||||||||||||||||||||
Provision | (909 | ) | 3,304 | 1,995 | 5,160 | (630 | ) | 8,920 | |||||||||||||||||||||||||
Ending balance | $ | 9,614 | $ | 34,583 | $ | 13,847 | $ | 37,383 | $ | 896 | $ | 96,323 | |||||||||||||||||||||
The following table presents impairment method information related to loans and the allowance for credit losses by loan portfolio segment: | |||||||||||||||||||||||||||||||||
Commercial Real Estate-Owner Occupied | Commercial Real Estate-Non-Owner Occupied | Commercial and Industrial | Residential Real Estate | Construction and Land Development | Commercial Leases | Consumer | Total Loans | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Loans as of June 30, 2014: | |||||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,803 | $ | 13,423 | $ | 758 | $ | 3,500 | $ | — | $ | 73 | $ | 27 | $ | 19,584 | |||||||||||||||||
Impaired loans with no allowance recorded | 30,222 | 54,991 | 14,915 | 23,093 | 20,147 | 343 | 575 | 144,286 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 32,025 | 68,414 | 15,673 | 26,593 | 20,147 | 416 | 602 | 163,870 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,550,833 | 1,787,437 | 2,788,889 | 299,027 | 592,253 | 222,471 | 40,346 | 7,281,256 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 22,128 | 84,166 | 257 | 2,495 | 15 | — | — | 109,061 | |||||||||||||||||||||||||
Total loans | $ | 1,604,986 | $ | 1,940,017 | $ | 2,804,819 | $ | 328,115 | $ | 612,415 | $ | 222,887 | $ | 40,948 | $ | 7,554,187 | |||||||||||||||||
Unpaid Principal Balance | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,803 | $ | 13,423 | $ | 1,011 | $ | 3,649 | $ | — | $ | 73 | $ | 27 | $ | 19,986 | |||||||||||||||||
Impaired loans with no allowance recorded | 33,358 | 56,875 | 15,444 | 28,694 | 20,645 | 495 | 587 | 156,098 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 35,161 | 70,298 | 16,455 | 32,343 | 20,645 | 568 | 614 | 176,084 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,550,833 | 1,787,437 | 2,788,889 | 299,027 | 592,253 | 222,471 | 40,346 | 7,281,256 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 29,560 | 115,185 | 778 | 3,692 | 79 | — | — | 149,294 | |||||||||||||||||||||||||
Total loans | $ | 1,615,554 | $ | 1,972,920 | $ | 2,806,122 | $ | 335,062 | $ | 612,977 | $ | 223,039 | $ | 40,960 | $ | 7,606,634 | |||||||||||||||||
Related Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,298 | $ | 723 | $ | 392 | $ | 1,026 | $ | — | $ | 65 | $ | 3 | $ | 3,507 | |||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 1,298 | 723 | 392 | 1,026 | — | 65 | 3 | 3,507 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 13,797 | 18,415 | 39,561 | 9,201 | 16,873 | 2,843 | 1,624 | 102,314 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 38 | 78 | — | — | — | — | — | 116 | |||||||||||||||||||||||||
Total loans | $ | 15,133 | $ | 19,216 | $ | 39,953 | $ | 10,227 | $ | 16,873 | $ | 2,908 | $ | 1,627 | $ | 105,937 | |||||||||||||||||
Commercial Real Estate-Owner Occupied | Commercial Real Estate-Non-Owner Occupied | Commercial and Industrial | Residential Real Estate | Construction and Land Development | Commercial Leases | Consumer | Total Loans | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Loans as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,092 | $ | 17,932 | $ | 1,907 | $ | 4,580 | $ | 118 | $ | 99 | $ | 26 | $ | 25,754 | |||||||||||||||||
Impaired loans with no allowance recorded | 36,810 | 55,220 | 14,985 | 21,796 | 22,951 | 350 | 511 | 152,623 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 37,902 | 73,152 | 16,892 | 26,376 | 23,069 | 449 | 537 | 178,377 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,500,740 | 1,678,242 | 2,219,500 | 321,683 | 513,681 | 235,519 | 44,616 | 6,513,981 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 23,220 | 92,021 | 348 | 2,253 | 481 | — | — | 118,323 | |||||||||||||||||||||||||
Total loans | $ | 1,561,862 | $ | 1,843,415 | $ | 2,236,740 | $ | 350,312 | $ | 537,231 | $ | 235,968 | $ | 45,153 | $ | 6,810,681 | |||||||||||||||||
Unpaid Principal Balance | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,092 | $ | 19,273 | $ | 2,120 | $ | 4,729 | $ | 118 | $ | 99 | $ | 27 | $ | 27,458 | |||||||||||||||||
Impaired loans with no allowance recorded | 43,537 | 58,322 | 15,731 | 27,550 | 24,137 | 502 | 523 | 170,302 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 44,629 | 77,595 | 17,851 | 32,279 | 24,255 | 601 | 550 | 197,760 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,500,740 | 1,678,242 | 2,219,500 | 321,683 | 513,681 | 235,519 | 44,616 | 6,513,981 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 34,951 | 130,279 | 1,403 | 3,728 | 804 | — | — | 171,165 | |||||||||||||||||||||||||
Total loans | $ | 1,580,320 | $ | 1,886,116 | $ | 2,238,754 | $ | 357,690 | $ | 538,740 | $ | 236,120 | $ | 45,166 | $ | 6,882,906 | |||||||||||||||||
Related Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 402 | $ | 2,121 | $ | 702 | $ | 1,896 | $ | 85 | $ | 70 | $ | 4 | $ | 5,280 | |||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 402 | 2,121 | 702 | 1,896 | 85 | 70 | 4 | 5,280 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 12,158 | 17,061 | 36,344 | 9,744 | 14,434 | 2,541 | 2,166 | 94,448 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | 322 | — | — | — | — | — | 322 | |||||||||||||||||||||||||
Total loans | $ | 12,560 | $ | 19,504 | $ | 37,046 | $ | 11,640 | $ | 14,519 | $ | 2,611 | $ | 2,170 | $ | 100,050 | |||||||||||||||||
For the first three quarters of 2013, the baseline historical loss rates were computed using a weighted ratio of the 1-year and 5-year historical loss rates. As the market environment improved throughout 2013 and shorter-term loss rates compressed below longer-term levels, the Company determined during the fourth quarter of 2013 that the 5-year historical loss rates were a better representation of longer-term expectations for probable losses. Accordingly, the allowance calculation for the quarter ended June 30, 2014 continues to apply a 100% weight to the 5-year historical loss rate (per loan category). | |||||||||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||
A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, extensions, deferrals, renewals and rewrites. The majority of the Company’s modifications are extensions in terms or deferral of payments which result in no lost principal or interest followed by reductions in interest rates or accrued interest. A TDR loan is also considered impaired. Generally, a loan that is modified at an effective market rate of interest may no longer be disclosed as a TDR in years subsequent to the restructuring if it is not impaired based on the terms specified by the restructuring agreement. However, such loans continue to be considered impaired. | |||||||||||||||||||||||||||||||||
The following table presents information on the financial effects of TDR loans by class for the periods presented: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Non-owner occupied | 1 | 13,423 | — | — | 13,423 | 8 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 1 | 966 | — | — | 966 | 1 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 2 | 897 | 281 | 33 | 583 | 7 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 4 | $ | 15,286 | $ | 281 | $ | 33 | $ | 14,972 | $ | 16 | ||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1 | $ | 798 | $ | 378 | $ | 117 | $ | 303 | $ | 33 | ||||||||||||||||||||||
Non-owner occupied | 1 | 13,423 | — | — | 13,423 | 8 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2 | 1,029 | — | — | 1,029 | 4 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 3 | 1,302 | 447 | 70 | 785 | 7 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 7 | $ | 16,552 | $ | 825 | $ | 187 | $ | 15,540 | $ | 52 | ||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2 | $ | 820 | $ | — | $ | — | $ | 820 | $ | 28 | ||||||||||||||||||||||
Non-owner occupied | 1 | 417 | — | — | 417 | 7 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3 | 513 | — | — | 513 | 2 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 8 | 2,963 | — | 267 | 2,696 | 12 | |||||||||||||||||||||||||||
Consumer | 1 | 35 | — | 5 | 30 | — | |||||||||||||||||||||||||||
Total | 15 | $ | 4,748 | $ | — | $ | 272 | $ | 4,476 | $ | 49 | ||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 7 | $ | 3,506 | $ | — | $ | 54 | $ | 3,452 | $ | 28 | ||||||||||||||||||||||
Non-owner occupied | 5 | 10,735 | 1,030 | 63 | 9,642 | 14 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 8 | 2,359 | — | 10 | 2,349 | 11 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 2 | 286 | — | — | 286 | 1 | |||||||||||||||||||||||||||
Residential real estate | 9 | 3,002 | — | 273 | 2,729 | 15 | |||||||||||||||||||||||||||
Consumer | 2 | 74 | — | 5 | 69 | 3 | |||||||||||||||||||||||||||
Total | 33 | $ | 19,962 | $ | 1,030 | $ | 405 | $ | 18,527 | $ | 72 | ||||||||||||||||||||||
The following table presents TDR loans by class for which there was a payment default during the period: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1 | $ | 92 | — | $ | — | 2 | $ | 395 | 3 | $ | 2,506 | |||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | — | 1 | 160 | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2 | 306 | — | — | 3 | 369 | 2 | 782 | |||||||||||||||||||||||||
Leases | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Land | — | — | — | — | — | — | 2 | 330 | |||||||||||||||||||||||||
Residential real estate | — | — | — | — | 1 | 202 | 2 | 655 | |||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | 3 | $ | 398 | — | $ | — | 6 | $ | 966 | 10 | $ | 4,433 | |||||||||||||||||||||
A TDR loan is deemed to have a payment default when it becomes past due 90 days, goes on nonaccrual, or is restructured again. Payment defaults, along with other qualitative indicators, are considered by management in the determination of the allowance for credit losses. | |||||||||||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, there were no loan commitments outstanding on TDR loans. | |||||||||||||||||||||||||||||||||
Loan Purchases and Sales | |||||||||||||||||||||||||||||||||
For the three months ended June 30, 2014 and 2013, the Company had secondary market loan purchases of $16.7 million and $87.5 million, respectively. For the six months ended June 30, 2014 and 2013, secondary market loan purchases totaled $32.3 million and $130.5 million, respectively. In addition, the Company periodically acquires newly originated loans at closing through participations or loan syndications. | |||||||||||||||||||||||||||||||||
The Company had no significant loan sales during the three and six months ended June 30, 2014 and 2013. |
Other_Assets_Acquired_Through_
Other Assets Acquired Through Foreclosure | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | ||||||||||||||||||||||||
Other Assets Acquired Through Foreclosure | ' | ||||||||||||||||||||||||
OTHER ASSETS ACQUIRED THROUGH FORECLOSURE | |||||||||||||||||||||||||
The following table represents the changes in other assets acquired through foreclosure: | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Balance | Valuation Allowance | Net Balance | Gross Balance | Valuation Allowance | Net Balance | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, beginning of the period | $ | 72,226 | $ | (15,776 | ) | $ | 56,450 | $ | 108,418 | $ | (30,497 | ) | $ | 77,921 | |||||||||||
Transfers to other assets acquired through foreclosure, net | 4,309 | — | 4,309 | 4,664 | — | 4,664 | |||||||||||||||||||
Additions from acquisition of Centennial Bank | — | — | — | 5,622 | — | 5,622 | |||||||||||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (1,903 | ) | 683 | (1,220 | ) | (17,422 | ) | 4,639 | (12,783 | ) | |||||||||||||||
Valuation adjustments, net | — | (258 | ) | (258 | ) | — | (566 | ) | (566 | ) | |||||||||||||||
Gains, net (1) | 11 | — | 11 | 1,641 | — | 1,641 | |||||||||||||||||||
Balance, end of period | $ | 74,643 | $ | (15,351 | ) | $ | 59,292 | $ | 102,923 | $ | (26,424 | ) | $ | 76,499 | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Balance | Valuation Allowance | Net Balance | Gross Balance | Valuation Allowance | Net Balance | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, beginning of the period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | $ | 113,474 | $ | (36,227 | ) | $ | 77,247 | |||||||||||
Transfers to other assets acquired through foreclosure, net | 6,419 | — | 6,419 | 11,273 | — | 11,273 | |||||||||||||||||||
Additions from acquisition of Centennial Bank | — | — | — | 5,622 | — | 5,622 | |||||||||||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (21,376 | ) | 6,644 | (14,732 | ) | (29,542 | ) | 11,385 | (18,157 | ) | |||||||||||||||
Valuation adjustments, net | — | (293 | ) | (293 | ) | — | (1,582 | ) | (1,582 | ) | |||||||||||||||
Gains, net (2) | 1,179 | — | 1,179 | 2,096 | — | 2,096 | |||||||||||||||||||
Balance, end of period | $ | 74,643 | $ | (15,351 | ) | $ | 59,292 | $ | 102,923 | $ | (26,424 | ) | $ | 76,499 | |||||||||||
-1 | Includes gains related to initial transfers to other assets of zero and $23 thousand during the three months ended June 30, 2014 and 2013, respectively, pursuant to accounting guidance. | ||||||||||||||||||||||||
-2 | Includes gains related to initial transfers to other assets of zero and $345 thousand during the six months ended June 30, 2014 and 2013, respectively, pursuant to accounting guidance. | ||||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, the majority of the Company’s repossessed assets consisted of properties located in Nevada. The Company held approximately 65 properties at June 30, 2014, compared to 70 at December 31, 2013. |
Other_Borrowings
Other Borrowings | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Other Borrowings | ' | ||||||||
OTHER BORROWINGS | |||||||||
The following table summarizes the Company’s borrowings as of June 30, 2014 and December 31, 2013: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Short-Term: | |||||||||
Revolving line of credit | $ | — | $ | 3,000 | |||||
FHLB advances | 61,941 | 25,906 | |||||||
Total short-term borrowings | $ | 61,941 | $ | 28,906 | |||||
Long-Term: | |||||||||
FHLB advances | $ | 211,155 | $ | 247,973 | |||||
Other long term debt | 64,436 | 64,217 | |||||||
Total long-term borrowings | $ | 275,591 | $ | 312,190 | |||||
WAL maintains other lines of credit totaling $70.0 million, of which $25.0 million is secured by pledged securities and $45.0 million is unsecured. As of June 30, 2014, there were no amounts outstanding on these lines of credit. In addition, the Bank has entered into Federal Reserve Funds credit line agreements with other financial institutions under which it can borrow up to $120.0 million on an unsecured basis. There were no amounts outstanding on these lines of credit as of June 30, 2014. The lending institutions will determine the interest rate charged on funds at the time of the borrowing. | |||||||||
The Company maintains lines of credit with the FHLB and FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. At June 30, 2014, there were $61.9 million of FHLB advances classified as short-term, with a weighted average interest rate of 2.87%. At December 31, 2013, short-term FHLB advances of $25.9 million had a weighted average interest rate of 2.90%. | |||||||||
At June 30, 2014, there was $211.2 million of FHLB advances classified as long-term and $64.9 million of outstanding Senior Note principal, whose carrying value of $64.4 million reflects a discount of $0.5 million. The weighted average rate on all long-term debt was 3.18% and 3.45% at June 30, 2014 and December 31, 2013, respectively. | |||||||||
As of June 30, 2014 and December 31, 2013, the Company had additional available credit with the FHLB of approximately $1.00 billion and $1.39 billion, respectively, and with the FRB of approximately $1.05 billion and $588.2 million, respectively. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholder's Equity | ' |
STOCKHOLDERS’ EQUITY | |
Restricted Stock and Stock Options | |
For the three and six months ended June 30, 2014, 5,700 and 381,875 shares of restricted stock were granted to Company employees, respectively, that vest over three years and 64,000 shares were granted to non-employee WAL and WAB directors that were fully vested at June 30, 2014. The Company estimates the compensation cost for restricted stock grants based upon the grant date fair value. The aggregate grant date fair value for the restricted stock issued in the three and six months ended June 30, 2014 was $0.1 million and $10.7 million, respectively. | |
There were approximately 1.1 million and 1.2 million restricted shares outstanding at June 30, 2014 and December 31, 2013, respectively. For the three and six months ended June 30, 2014, the Company recognized $4.2 million and $4.5 million, respectively, in stock-based compensation expense related to restricted stock grants, compared to $1.8 million and $2.8 million, respectively, in expense for the three and six months ended June 30, 2013. | |
As of June 30, 2014 and December 31, 2013, there were 0.7 million and 1.0 million, respectively, of stock options outstanding. | |
Common Stock Issuance Under ATM Distribution Agreement | |
On June 4, 2014, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, under which the Company may sell shares of its common stock up to an aggregate offering price of $100.0 million on the New York Stock Exchange. The Company pays Credit Suisse a mutually agreed rate, not to exceed 2% of the gross offering proceeds of the shares. The common stock will be sold at prevailing market prices at the time of the sale or at negotiated prices and, as a result, prices will vary. | |
Sales in the ATM offering are being made pursuant to a prospectus dated May 14, 2012 and a prospectus supplement filed with the SEC on June 4, 2014, in connection with one or more offerings of shares from the Company's shelf registration statement on Form S-3 (No. 333-181128). For the three and six months ended June 30, 2014, the Company sold 115,866 shares under the ATM offering at a weighted-average selling price of $24.44 per share for gross proceeds of $2.8 million. Total offering costs under the ATM program for the three and six months ended June 30, 2014 were $0.2 million, of which less than $0.1 million relates to compensation costs paid to Credit Suisse Securities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | |||||||||||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive loss by component, net of tax, for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Unrealized holding gains (losses) on AFS | Impairment loss on securities | Total | Unrealized holding gains (losses) on AFS | Unrealized gain on cash flow hedge | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance | $ | (11,275 | ) | $ | 144 | $ | (11,131 | ) | $ | 7,222 | $ | (17 | ) | $ | 7,205 | ||||||||||
Transfer of HTM securities to AFS | 8,976 | — | 8,976 | — | — | — | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 10,525 | — | 10,525 | (18,005 | ) | 47 | (17,958 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 102 | — | 102 | 3 | — | 3 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 19,603 | — | 19,603 | (18,002 | ) | 47 | (17,955 | ) | |||||||||||||||||
Ending balance | $ | 8,328 | $ | 144 | $ | 8,472 | $ | (10,780 | ) | $ | 30 | $ | (10,750 | ) | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Unrealized holding gains (losses) on AFS | Impairment loss on securities | Total | Unrealized holding gains (losses) on AFS | Unrealized gain on cash flow hedge | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance | $ | (21,690 | ) | $ | 144 | $ | (21,546 | ) | $ | 8,209 | $ | 17 | $ | 8,226 | |||||||||||
Transfer of HTM securities to AFS | 8,976 | — | 8,976 | — | — | — | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 21,169 | — | 21,169 | (18,900 | ) | 13 | (18,887 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (127 | ) | — | (127 | ) | (89 | ) | — | (89 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 30,018 | — | 30,018 | (18,989 | ) | 13 | (18,976 | ) | |||||||||||||||||
Ending balance | $ | 8,328 | $ | 144 | $ | 8,472 | $ | (10,780 | ) | $ | 30 | $ | (10,750 | ) | |||||||||||
The following table presents reclassifications out of accumulated other comprehensive loss: | |||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive income | |||||||||||||||||||||||||
Details about accumulated other | Three Months Ended June 30, | Affected line item in the statement | |||||||||||||||||||||||
comprehensive income components | 2014 | 2013 | where net income is presented | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Unrealized gains and losses on AFS | |||||||||||||||||||||||||
$ | (163 | ) | $ | (5 | ) | Loss on sales of investment securities, net | |||||||||||||||||||
61 | 2 | Income tax expense | |||||||||||||||||||||||
$ | (102 | ) | $ | (3 | ) | Net of tax | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive income | |||||||||||||||||||||||||
Details about accumulated other | Six Months Ended June 30, | Affected line item in the statement | |||||||||||||||||||||||
comprehensive income components | 2014 | 2013 | where net income is presented | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Unrealized gains and losses on AFS | |||||||||||||||||||||||||
$ | 203 | $ | 143 | Gain on sales of investment securities, net | |||||||||||||||||||||
(76 | ) | (54 | ) | Income tax benefit | |||||||||||||||||||||
$ | 127 | $ | 89 | Net of tax | |||||||||||||||||||||
Derivatives_and_Hedging
Derivatives and Hedging | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | ||||||||||||||||||||||||||||||||||||
The Company is a party to various derivative instruments, mainly through our subsidiary, WAB. Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require a small or no initial investment, and allow for the net settlement of positions. A derivative’s notional amount serves as the basis for the payment provision of the contract, and takes the form of units, such as shares or dollars. A derivative’s underlying variable is a specified interest rate, security price, commodity price, foreign exchange rate, index, or other variable. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the fair value of the derivative contract. | ||||||||||||||||||||||||||||||||||||
The primary type of derivatives that the Company uses are interest rate swaps. Generally, these instruments are used to help manage the Company's exposure to interest rate risk and meet client financing and hedging needs. | ||||||||||||||||||||||||||||||||||||
Derivative assets and liabilities are recorded at fair value on the balance sheet, after taking into account the effects of bilateral collateral and master netting agreements. These agreements allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset net derivative positions with related cash collateral, where applicable. | ||||||||||||||||||||||||||||||||||||
At June 30, 2014, after taking into account the effects of master netting agreements, we had zero derivative assets and $29.2 million of derivative liabilities that relate to contracts entered into for hedging purposes. As of June 30, 2014, the Company does not have any outstanding cash flow hedges or free-standing derivatives. As of December 31, 2013 and June 30, 2013, cash flow hedges were not significant, therefore, activity related to cash flow hedges is not separately presented in this Note. | ||||||||||||||||||||||||||||||||||||
Derivatives Designated in Hedge Relationships | ||||||||||||||||||||||||||||||||||||
The Company utilizes derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to minimize the exposure to changes in benchmark interest rates and volatility of net interest income and economic value of equity to interest rate fluctuations. The primary derivative instruments used to manage interest rate risk are interest rate swaps, which convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) to another interest rate index. | ||||||||||||||||||||||||||||||||||||
The Company designates its “pay fixed/receive variable” interest rate swaps as fair value hedges. These contracts convert certain fixed-rate long-term loan assets into variable-rate assets, thereby modifying the Company's exposure to changes in interest rates. As a result, the Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. | ||||||||||||||||||||||||||||||||||||
Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments | ||||||||||||||||||||||||||||||||||||
The following table summarizes the fair values of the Company's derivative instruments on a gross and net basis as of June 30, 2014, December 31, 2013, and June 30, 2013. The change in the notional amounts of these derivatives from December 31, 2013, to June 30, 2014, indicates the volume of our derivative transaction activity during the first six months of 2014. The notional amounts are not affected by bilateral collateral and master netting agreements. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, we do not adjust those derivative assets and liabilities with counterparties. The fair value of derivative contracts are included in “other assets” or “other liabilities” on the balance sheet, as indicated in the following table: | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-13 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Notional | Derivative | Derivative | Notional | Derivative | Derivative | Notional | Derivative | Derivative | ||||||||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | Amount | Assets | Liabilities | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 568,006 | $ | 2 | $ | 29,219 | $ | 294,997 | $ | 2,386 | $ | 788 | $ | 12,509 | $ | 78 | $ | 559 | ||||||||||||||||||
Total | 568,006 | 2 | 29,219 | 294,997 | 2,386 | 788 | 12,509 | 78 | 559 | |||||||||||||||||||||||||||
Netting adjustments (1) | — | 2 | 2 | — | 384 | 384 | — | 5 | 5 | |||||||||||||||||||||||||||
Net derivatives in the balance sheet | $ | 568,006 | $ | — | $ | 29,217 | $ | 294,997 | $ | 2,002 | $ | 404 | $ | 12,509 | $ | 73 | $ | 554 | ||||||||||||||||||
-1 | Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. | |||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||
The effective portion of a change in the fair value of an instrument is recorded as a basis adjustment to the underlying hedged asset or liability. The ineffective portion of a fair value hedge is recognized in income and recorded in “unrealized gains (losses) on assets / liabilities measured at fair value, net.” An assessment of effectiveness is performed at both initiation of a hedge and on a quarterly basis thereafter. All of our fair value hedges remained “highly effective” as of June 30, 2014, December 31, 2013 and June 30, 2013. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax net gains (losses) on our fair value hedges for the three and six months ended June 30, 2014 and 2013, and where they are recorded in the income statement. | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Income Statement Classification | Net Losses on Swaps | Net Gains on Loans | Net Gains on Swaps | Net Losses on Loans | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on assets / liabilities measured at fair value, net | (16,635 | ) | 16,795 | 210 | (180 | ) | (a) | |||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Income Statement Classification | Net Losses on Swaps | Net Gains on Loans | Net Gains on Swaps | Net Losses on Loans | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on assets / liabilities measured at fair value, net | (31,774 | ) | 31,570 | 298 | (266 | ) | (a) | |||||||||||||||||||||||||||||
(a) | Net gains (losses) on loans represent the change in fair value caused by fluctuations in interest rates. | |||||||||||||||||||||||||||||||||||
Counterparty Credit Risk | ||||||||||||||||||||||||||||||||||||
Like other financial instruments, derivatives contain an element of credit risk. This risk is measured as the expected positive replacement value of the contracts. Management uses several means to mitigate and manage exposure to credit risk on derivative contracts. Management enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on our total credit exposure across all product types. In general, the Company has a zero credit threshold with regard to derivative exposure with counterparties. Management reviews the Company's collateral positions on a daily basis and exchanges collateral with counterparties in accordance with standard ISDA documentation and other related agreements. The Company generally holds collateral in the form of highly rated securities issued by the U.S. Treasury or government-sponsored enterprises, such as GNMA, FNMA and FHLMC. The total collateral netted against net derivative liabilities totaled $29.2 million at June 30, 2014, $0.3 million at December 31, 2013, and $0.4 million at June 30, 2013. | ||||||||||||||||||||||||||||||||||||
The following table summarizes our largest exposure to an individual counterparty at the dates indicated: | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-13 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Largest gross exposure (derivative asset) to an individual counterparty | $ | 2 | $ | 2,378 | $ | 53 | ||||||||||||||||||||||||||||||
Collateral posted by this counterparty | — | 2,002 | — | |||||||||||||||||||||||||||||||||
Derivative liability with this counterparty | 28,874 | 376 | — | |||||||||||||||||||||||||||||||||
Collateral pledged to this counterparty | 28,872 | — | — | |||||||||||||||||||||||||||||||||
Net exposure after netting adjustments and collateral | — | — | 53 | |||||||||||||||||||||||||||||||||
Credit Risk Contingent Features | ||||||||||||||||||||||||||||||||||||
Management has entered into certain derivative contracts that require the Company to post collateral to the counterparties when these contracts are in a net liability position. Conversely, the counterparties post collateral when these contracts are in a net asset position. The amount of collateral to be posted is based on the amount of the net liability and exposure thresholds. As of June 30, 2014, the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting provisions) held by the Company that were in a net liability position totaled $29.2 million. The Company was in an over-collateralized net position of $17.5 million after considering $46.7 million of collateral held in the form of securities. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
EARNINGS PER SHARE | ||||||||||||||||
Diluted earnings per share is based on the weighted average outstanding common shares during each period, including common stock equivalents. Basic earnings per share is based on the weighted average outstanding common shares during the period. | ||||||||||||||||
The following table presents the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Weighted average shares - basic | 86,501 | 85,659 | 86,379 | 85,493 | ||||||||||||
Dilutive effect of stock awards | 832 | 865 | 850 | 761 | ||||||||||||
Weighted average shares - diluted | 87,333 | 86,524 | 87,229 | 86,254 | ||||||||||||
Net income available to common stockholders | $ | 35,186 | $ | 33,719 | $ | 65,918 | $ | 54,252 | ||||||||
Earnings per share - basic | 0.41 | 0.39 | 0.76 | 0.63 | ||||||||||||
Earnings per share - diluted | 0.4 | 0.39 | 0.76 | 0.63 | ||||||||||||
The Company had 4,000 and 163,300 stock options outstanding as of June 30, 2014 and December 31, 2013, respectively, that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. |
Income_Taxes
Income Taxes | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Taxes | ' | |||||||
INCOME TAXES | ||||||||
Deferred tax assets and liabilities are included in the Consolidated Financial Statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. | ||||||||
For the six months ended June 30, 2014, the net deferred tax assets decreased $12.4 million to $68.3 million. This overall decrease in the net deferred tax asset was primarily the result of decreases to deferred tax assets from exercises and forfeitures of equity compensation, changes in the fair market value of AFS securities and fair market value adjustments related to acquired loans, which were partially offset by increases to deferred tax assets from AMT credit and LIHTC carryovers, the Centennial return to provision adjustment along with a release of valuation allowance. | ||||||||
Although realization is not assured, the Company believes that the realization of the recognized deferred tax asset of $68.3 million at June 30, 2014 is more likely than not based on expectations as to future taxable income and based on available tax planning strategies within the meaning of ASC 740, Income Taxes, that could be implemented if necessary to prevent a carryover from expiring. | ||||||||
At June 30, 2014 and December 31, 2013, the Company had a $4.2 million and a $5.6 million deferred tax valuation allowance, respectively. As of June 30, 2014, $2.8 million relates to net capital loss carryovers from the sale of preferred stock investments and the remaining valuation allowance of $1.4 million relates to Arizona state NOL carryovers and IRC Section 382 limitations associated with the Company's acquisition of Western Liberty Bancorp. | ||||||||
The deferred tax asset related to federal and state NOL carryovers outstanding at June 30, 2014 available to reduce tax liability in future years totaled $9.5 million. This is comprised of $8.3 million of tax benefits from federal NOL carryovers (subject to an annual limitation imposed by Section 382 of the IRC as discussed below) and $1.2 million of tax benefits from Arizona state NOL carryovers that began to expire in 2013. The Company’s ability to use federal NOL carryovers, as well as its ability to use certain future tax deductions called NUBILs associated with the Company's acquisitions of Western Liberty Bancorp and Centennial Bank, will be subject to separate annual limitations of $1.8 million and $1.6 million of deductions from taxable income, respectively. In management’s opinion, it is more likely than not that the results of future operations will generate sufficient taxable income to realize all but $1.4 million of the deferred tax benefits related to these NOL carryovers and NUBILs. | ||||||||
The Company's effective tax rate was 22.90% and 18.28% for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, the Company's effective tax rate was 23.94% and 21.90%, respectively. The increase in the effective tax rate for the six months ended June 30, 2014 compared to the six months ended June 30, 2013 is due primarily to the bargain purchase gain related to the Centennial acquisition recorded in the second quarter of 2013 with no similar benefit recorded in 2014. The full impact of this effective tax rate increase was offset by the increase in the projected tax-exempt income for the year compared to the prior year. | ||||||||
Investments in LIHTC | ||||||||
The Company invests in LIHTC funds that are designed to generate a return primarily through the realization of federal tax credits. | ||||||||
The Company adopted the amendments to ASC 323-740, issued in ASU 2014-01, as of January 1, 2014, which revises the accounting for investments in qualified affordable housing projects. As a result, the Company has adjusted its prior period financial statements to apply the proportional amortization methodology in accounting for these investments. This impacted the balance of tax credit investments and related current and deferred tax items on the consolidated balance sheets. In accordance with ASC 323-740, the tax credit investment amortization is now presented as a component of income tax expense. Previously, the amortization expense was included as a component of non-interest income. | ||||||||
The following table summarizes the impact of the change in the Consolidated Financial Statements for the periods indicated: | ||||||||
December 31, 2013 | ||||||||
(in thousands) | ||||||||
Consolidated Balance Sheet: | ||||||||
Deferred tax assets, net | ||||||||
As previously reported | $ | 79,374 | ||||||
As reported under new guidance | 80,688 | |||||||
Other assets | ||||||||
As previously reported (1) | 186,288 | |||||||
As reported under new guidance | 185,221 | |||||||
Stockholders' Equity | ||||||||
As previously reported | 855,251 | |||||||
As reported under new guidance | 855,498 | |||||||
-1 | Includes a $14.6 million reclassification from premises and equipment, net. | |||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||
(in thousands) | ||||||||
Consolidated Income Statement: | ||||||||
Non-interest income | ||||||||
As previously reported | $ | 10,862 | $ | 14,761 | ||||
As reported under new guidance | 11,762 | 16,561 | ||||||
Income tax expense | ||||||||
As previously reported | 6,817 | 13,625 | ||||||
As reported under new guidance | 7,661 | 15,448 | ||||||
Income from continuing operations | ||||||||
As previously reported | 34,185 | 55,111 | ||||||
As reported under new guidance | 34,241 | 55,088 | ||||||
Net income | ||||||||
As previously reported | 34,016 | 54,980 | ||||||
As reported under new guidance | 34,072 | 54,957 | ||||||
Net income available to common stockholders | ||||||||
As previously reported | 33,663 | 54,275 | ||||||
As reported under new guidance | 33,719 | 54,252 | ||||||
Earnings per share applicable to common stockholders--basic | ||||||||
As previously reported | 0.39 | 0.63 | ||||||
As reported under new guidance | 0.39 | 0.63 | ||||||
Earnings per share applicable to common stockholders--diluted | ||||||||
As previously reported | 0.39 | 0.63 | ||||||
As reported under new guidance | 0.39 | 0.63 | ||||||
The cumulative effect of adoption of this guidance at December 31, 2013 was an increase to stockholders' equity of $0.2 million and a decrease to stockholder's equity of $0.2 million at December 31, 2012. | ||||||||
Investments in LIHTC and unfunded LIHTC obligations are included as part of other assets and other liabilities, respectively, in the Consolidated Balance Sheet and total $125.9 million and $61.7 million, respectively, as of June 30, 2014. For the three and six months ended June 30, 2014, $3.3 million and $6.3 million of amortization related to LIHTC investments was recognized as a component of income tax expense, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Commitments and Contingencies | ' | ||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||
Unfunded Commitments and Letters of Credit | |||||||||
The Company is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the consolidated balance sheets. | |||||||||
Lines of credit are obligations to lend money to a borrower. Credit risk arises when the borrower's current financial condition may indicate less ability to pay than when the commitment was originally made. In the case of standby letters of credit, the risk arises from the potential failure of the customer to perform according to the terms of a contract. In such a situation, the third party might draw on the standby letter of credit to pay for completion of the contract and the Company would look to its customer to repay these funds with interest. To minimize the risk, the Company uses the same credit policies in making commitments and conditional obligations as it would for a loan to that customer. | |||||||||
Standby letters of credit and financial guarantees are commitments issued by the Company to guarantee the performance of a customer to a third party in borrowing arrangements. The Company generally has recourse to recover from the customer any amounts paid under the guarantees. Typically, letters of credit issued have expiration dates within one year. | |||||||||
A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Commitments to extend credit, including unsecured loan commitments of $217,598 at June 30, 2014 and $237,063 at December 31, 2013 | $ | 1,872,851 | $ | 1,878,340 | |||||
Credit card commitments and financial guarantees | 35,805 | 33,632 | |||||||
Standby letters of credit, including unsecured letters of credit of $6,311 at June 30, 2014 and $4,896 at December 31, 2013 | 40,181 | 31,271 | |||||||
Total | $ | 1,948,837 | $ | 1,943,243 | |||||
Commitments to extend credit are agreements to lend to a customer provided that there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. | |||||||||
The Company has exposure to credit losses from unfunded commitments and letters of credit. As funds have not been disbursed on these commitments, they are not reported as loans outstanding. Credit losses related to these commitments are not included in the allowance for credit losses reported in "Note 3. Loans, Leases and Allowance for Credit Losses" of the unaudited consolidated financial statements and are accounted for as a separate loss contingency. This loss contingency for unfunded loan commitments and letters of credit was $2.1 million and $2.0 million as of June 30, 2014 and December 31, 2013, respectively. Changes to this liability are adjusted through non-interest expense. | |||||||||
Concentrations of Lending Activities | |||||||||
The Company’s lending activities are driven in large part by the customers served in the market areas where the Company has branch offices in the states of Arizona, Nevada and California. Despite the geographic concentration of lending activities, the Company does not have a single external customer from which it derives 10% or more of its revenues. The Company monitors concentrations within five broad categories: geography, industry, product, call code, and collateral. The Company grants commercial, construction, real estate and consumer loans to customers through branch offices located in the Company’s primary markets. The Company’s business is concentrated in these areas and the loan portfolio includes significant credit exposure to the CRE market of these areas. As of June 30, 2014 and December 31, 2013, CRE related loans accounted for approximately 55% and 58% of total loans, respectively, and approximately 1% and 2%, respectively, of CRE related loans are secured by undeveloped land. Substantially all of these loans are secured by first liens with an initial loan to value ratio of generally not more than 75%. Approximately 45% and 46% of these CRE loans, excluding construction and land loans, were owner occupied at June 30, 2014 and December 31, 2013, respectively. In addition, approximately 3% and 4% of total loans were unsecured as of June 30, 2014 and December 31, 2013, respectively. | |||||||||
Contingencies | |||||||||
The Company is involved in various lawsuits of a routine nature that are being handled and defended in the ordinary course of the Company’s business. Expenses are being incurred in connection with these lawsuits, but in the opinion of management, based in part on consultation with outside legal counsel, the resolution of these lawsuits and associated defense costs will not have a material impact on the Company’s financial position, results of operations, or cash flows. | |||||||||
Lease Commitments | |||||||||
The Company leases the majority of its office locations and many of these leases contain multiple renewal options and provisions for increased rents. Total rent expense of $1.7 million and $1.9 million was included in occupancy expenses for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, total rent expense was $3.3 million and $3.7 million, respectively. |
Fair_Value_Accounting
Fair Value Accounting | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Accounting | ' | ||||||||||||||||||||
FAIR VALUE ACCOUNTING | |||||||||||||||||||||
The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC 825 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 825 are described in "Note 1. Summary of Significant Accounting Policies" of these Notes to Unaudited Consolidated Financial Statements. | |||||||||||||||||||||
In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels in the fair value hierarchy are recognized at the end of the reporting period. | |||||||||||||||||||||
Under ASC 825, the Company elected the FVO treatment for the junior subordinated debt and certain investment securities. This election is generally irrevocable and unrealized gains and losses on these items must be reported in earnings at each reporting date. The Company continues to account for these items under the FVO. Since adoption, there were no financial instruments purchased by the Company which met the ASC 825 fair value election criteria, and therefore, no additional instruments have been added under the FVO election. | |||||||||||||||||||||
All securities for which the fair value measurement option had been elected are included in a separate line item on the consolidated balance sheet entitled “securities measured at fair value.” | |||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, gains and losses from fair value changes included in the consolidated income statements were as follows: | |||||||||||||||||||||
Changes in Fair Values for Items Measured at Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | Interest Income on Securities | Interest Expense on Junior Subordinated Debt | Total Changes Included in Current-Period Earnings | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended June 30, 2014: | |||||||||||||||||||||
Securities measured at fair value | $ | (2 | ) | $ | 1 | $ | — | $ | (1 | ) | |||||||||||
Junior subordinated debt | 125 | — | (443 | ) | (318 | ) | |||||||||||||||
Total | $ | 123 | $ | 1 | $ | (443 | ) | $ | (319 | ) | |||||||||||
Six Months Ended June 30, 2014: | |||||||||||||||||||||
Securities measured at fair value | $ | 16 | $ | 2 | $ | — | $ | 18 | |||||||||||||
Junior subordinated debt | (853 | ) | — | (864 | ) | (1,717 | ) | ||||||||||||||
Total | $ | (837 | ) | $ | 2 | $ | (864 | ) | $ | (1,699 | ) | ||||||||||
Changes in Fair Values for Items Measured at Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | Interest Income on Securities | Interest Expense on Junior Subordinated Debt | Total Changes Included in Current-Period Earnings | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended June 30, 2013: | |||||||||||||||||||||
Securities measured at fair value | $ | (52 | ) | $ | 4 | $ | — | $ | (48 | ) | |||||||||||
Junior subordinated debt | (3,238 | ) | — | (455 | ) | (3,693 | ) | ||||||||||||||
Total | $ | (3,290 | ) | $ | 4 | $ | (455 | ) | $ | (3,741 | ) | ||||||||||
Six Months Ended June 30, 2013: | |||||||||||||||||||||
Securities measured at fair value | $ | (54 | ) | $ | 6 | $ | — | $ | (48 | ) | |||||||||||
Junior subordinated debt | (3,707 | ) | — | (921 | ) | (4,628 | ) | ||||||||||||||
Total | $ | (3,761 | ) | $ | 6 | $ | (921 | ) | $ | (4,676 | ) | ||||||||||
The following table presents the portion of trading securities losses related to trading securities still held at the reporting date: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Net gains and (losses) for the period on trading securities included in earnings | $ | (2 | ) | $ | (52 | ) | $ | 16 | $ | (54 | ) | ||||||||||
Less: net gains and (losses) recognized during the period on trading securities sold during the period | — | — | — | — | |||||||||||||||||
Change in unrealized gains or (losses) for the period included in earnings for trading securities held at the end of the reporting period | $ | (2 | ) | $ | (52 | ) | $ | 16 | $ | (54 | ) | ||||||||||
Interest income on securities measured at fair value is accounted for similarly to those classified as AFS and HTM. Any premiums or discounts are recognized in interest income over the term of the securities. For mortgage-backed securities, estimates of prepayments are considered in the constant yield calculations. Interest expense on junior subordinated debt is also determined under a constant yield calculation. | |||||||||||||||||||||
Fair value on a recurring basis | |||||||||||||||||||||
Financial assets and financial liabilities measured at fair value on a recurring basis include the following: | |||||||||||||||||||||
AFS securities: ARPS securities, trust preferred securities, corporate debt securities and CRA mutual fund investments are reported at fair value utilizing Level 1 inputs. Other securities classified as AFS are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. | |||||||||||||||||||||
Securities measured at fair value: All of the Company’s securities measured at fair value, the majority of which are mortgage-backed securities, are reported at fair value utilizing Level 2 inputs in the same manner as described above for AFS securities. | |||||||||||||||||||||
Independent pricing service: Our independent pricing service provides pricing information on Level 1, 2 and 3 securities, and represents the pricing source for the majority of the portfolio. Management independently evaluates fair value measurements received from our third-party pricing service through multiple review steps. First, management reviews what has transpired in the marketplace with respect to interest rates, credit spreads, volatility, mortgage rates, among other things, and develops an expectation on changes to the securities valuations from the previous quarter. Then management obtains market values from additional sources. The pricing service provides management with observable market data, including interest rate curves and mortgage prepayment speed grids, as well as dealer quote sheets, new bond offering sheets, and historical trade documentation. Management reviews the assumptions and decides whether they are reasonable. Management may compare interest rates, credit spreads and prepayments speeds used as part of the assumptions to those that management believes are reasonable. Management may price securities using the provided assumptions to determine whether they can develop similar prices on like securities. Any discrepancies with management’s review and the prices provided by the vendor are discussed with the vendor and the Company’s other valuation advisors. Last, management selects a sample of investment securities and compares the values provided by our primary third-party pricing service to the market values obtained from secondary sources and evaluates those with notable variances. | |||||||||||||||||||||
Annually, the Company receives an SSAE 16 report from its independent pricing service attesting to the controls placed on the operations of the service from its auditor. | |||||||||||||||||||||
Interest rate swaps: Interest rate swaps are reported at fair value utilizing Level 2 inputs. The Company obtains dealer quotations to value its interest rate swaps. | |||||||||||||||||||||
Junior subordinated debt: The Company estimates the fair value of its junior subordinated debt using a discounted cash flow model, which incorporates the effect of the Company’s own credit risk in the fair value of the liabilities (Level 3). The Company’s cash flow assumptions were based on the contractual cash flows as the Company anticipates that it will pay the debt according to its contractual terms. During 2013, the Company established and continues to use the BB 20-Year Index adjusted for a credit risk spread. The Company estimated the discount rate at 5.743%, which is a 551 basis point spread over 3 month LIBOR (0.231% as of June 30, 2014). As of December 31, 2013, the Company estimated the discount rate at 5.861%, which was a 562 basis point spread over 3 month LIBOR 0.246%. | |||||||||||||||||||||
The fair value of assets and liabilities measured at fair value on a recurring basis were determined using the following inputs at the periods presented: | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using: | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Measured at fair value | |||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 2,379 | $ | — | $ | 2,379 | |||||||||||||
Private label residential MBS | — | 414 | — | 414 | |||||||||||||||||
Total securities measured at fair value | $ | — | $ | 2,793 | $ | — | $ | 2,793 | |||||||||||||
Available-for-sale | |||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | 17,911 | $ | — | $ | 17,911 | |||||||||||||
Corporate debt securities | — | 95,940 | — | 95,940 | |||||||||||||||||
Municipal obligations | — | 305,282 | — | 305,282 | |||||||||||||||||
Preferred stock | 73,219 | — | — | 73,219 | |||||||||||||||||
Mutual funds | 38,054 | — | — | 38,054 | |||||||||||||||||
Residential MBS issued by GSEs | — | 947,683 | — | 947,683 | |||||||||||||||||
Commercial MBS issued by GSEs | — | 2,084 | — | 2,084 | |||||||||||||||||
Private label residential MBS | — | 34,836 | — | 34,836 | |||||||||||||||||
Private label commercial MBS | — | 5,395 | — | 5,395 | |||||||||||||||||
Trust preferred securities | — | 25,582 | — | 25,582 | |||||||||||||||||
CRA investments | 23,930 | — | — | 23,930 | |||||||||||||||||
Collateralized debt obligations | — | 7,298 | 58 | 7,356 | |||||||||||||||||
Total AFS | $ | 135,203 | $ | 1,442,011 | $ | 58 | $ | 1,577,272 | |||||||||||||
Derivative assets | $ | — | $ | 28,505 | $ | — | $ | 28,505 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 42,711 | $ | 42,711 | |||||||||||||
Derivative liabilities | $ | — | $ | 29,221 | $ | — | $ | 29,221 | |||||||||||||
Fair Value Measurements at the End of the Reporting Period Using: | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Measured at fair value | |||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 3,036 | $ | — | $ | 3,036 | |||||||||||||
Available-for-sale | |||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | 46,975 | $ | — | $ | 46,975 | |||||||||||||
Municipal obligations | — | 115,665 | — | 115,665 | |||||||||||||||||
Preferred stock | 61,484 | — | — | 61,484 | |||||||||||||||||
Mutual funds | 36,532 | — | — | 36,532 | |||||||||||||||||
Residential MBS issued by GSEs | — | 1,021,421 | — | 1,021,421 | |||||||||||||||||
Private label residential MBS | — | 36,099 | — | 36,099 | |||||||||||||||||
Private label commercial MBS | — | 5,433 | — | 5,433 | |||||||||||||||||
Trust preferred securities | — | 23,805 | — | 23,805 | |||||||||||||||||
CRA investments | 23,282 | — | — | 23,282 | |||||||||||||||||
Total AFS | $ | 121,298 | $ | 1,249,398 | $ | — | $ | 1,370,696 | |||||||||||||
Derivative assets | $ | — | $ | 2,783 | $ | — | $ | 2,783 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 41,858 | $ | 41,858 | |||||||||||||
Derivative liabilities | $ | — | $ | 4,168 | $ | — | $ | 4,168 | |||||||||||||
For the three and six months ended June 30, 2014 and 2013, the change in Level 3 liabilities measured at fair value on a recurring basis was as follows: | |||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Junior Subordinated Debt | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Opening balance | $ | (42,836 | ) | $ | (36,687 | ) | $ | (41,858 | ) | $ | (36,218 | ) | |||||||||
Total losses for the period | |||||||||||||||||||||
Included in earnings (and changes in net assets) (1) | 125 | (3,238 | ) | (853 | ) | (3,707 | ) | ||||||||||||||
Closing balance | $ | (42,711 | ) | $ | (39,925 | ) | $ | (42,711 | ) | $ | (39,925 | ) | |||||||||
Change in unrealized gains (losses) for the three month period included in earnings (and changes in net assets) | $ | 125 | $ | (3,238 | ) | $ | (853 | ) | $ | (3,707 | ) | ||||||||||
-1 | Total gains (losses) for the period are included in the non-interest income line, unrealized gains (losses) on assets / liabilities measured at fair value, net. | ||||||||||||||||||||
For Level 3 liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
30-Jun-14 | Valuation Technique | Significant Unobservable Inputs | Input Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 42,711 | Discounted cash flow | BB Corporate Bond over Treasury Index with comparable credit spread | 5.743 | % | |||||||||||||||
31-Dec-13 | Valuation Technique | Significant Unobservable Inputs | Input Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 41,858 | Discounted cash flow | BB Corporate Bond over Treasury Index with comparable credit spread | 5.861 | % | |||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt are the calculated or estimated credit spreads on comparable publicly traded company trust preferred issuances, which were non-investment grade and non-rated. Significant increases (decreases) in these inputs could result in a significantly higher (lower) fair value measurement. | |||||||||||||||||||||
Fair value on a nonrecurring basis | |||||||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis. That is, the instruments are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents such assets carried on the balance sheet by caption and by level within the ASC 825 hierarchy: | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Active Markets for Similar Assets | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||
Impaired loans with a specific valuation allowance | $ | 16,077 | $ | — | $ | — | $ | 16,077 | |||||||||||||
Impaired loans without a specific valuation allowance | 91,533 | — | — | 91,533 | |||||||||||||||||
Other assets acquired through foreclosure | 59,292 | — | — | 59,292 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans with a specific valuation allowance | $ | 20,474 | $ | — | $ | — | $ | 20,474 | |||||||||||||
Impaired loans without a specific valuation allowance | 95,695 | — | — | 95,695 | |||||||||||||||||
Other assets acquired through foreclosure | 66,719 | — | — | 66,719 | |||||||||||||||||
Impaired loans: The specific reserves for collateral dependent impaired loans are based on the fair value of the collateral. The fair value of collateral is determined based on third-party appraisals. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. In some cases, adjustments are made to the appraised values due to various factors, including age of the appraisal (which are generally obtained every twelve months), age of comparables included in the appraisal and known changes in the market and in the collateral. When significant adjustments are based on unobservable inputs, such as when a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. These Level 3 impaired loans had an aggregate carrying amount of $19.6 million and $25.8 million, respectively, at June 30, 2014 and December 31, 2013. Specific reserves in the allowance for loan losses for these loans were $3.5 million and $5.3 million, respectively, at June 30, 2014 and December 31, 2013. | |||||||||||||||||||||
Other assets acquired through foreclosure: Other assets acquired through foreclosure consist of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets classified as other assets acquired through foreclosure and other repossessed property are initially reported at the fair value determined by independent appraisals using appraised value, less estimated costs to sell. Such properties are generally re-appraised every six to twelve months. There is risk for subsequent volatility. Costs relating to the development or improvement of the assets are capitalized and costs relating to holding the assets are charged to expense. The Company had $59.3 million of such assets at June 30, 2014. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraisal, therefore qualifying the assets as Level 3 in the fair value hierarchy. When significant adjustments are based on unobservable inputs, such as when a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. | |||||||||||||||||||||
Credit vs. non-credit losses | |||||||||||||||||||||
Under the provisions of ASC 320, Investments-Debt and Equity Securities, OTTI is separated into the amount of total impairment related to the credit loss and the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total impairment related to all other factors is recognized in OCI. | |||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the Company determined that no securities experienced credit losses. | |||||||||||||||||||||
The following table presents a rollforward of the amount related to impairment credit losses recognized in earnings for the six months ended June 30, 2013. As a result of the sale of these securities during the second quarter of 2013, there is no OTTI balance recognized in comprehensive income as of June 30, 2014. | |||||||||||||||||||||
Private Label Mortgage- Backed Securities | Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Beginning balance of impairment losses held in other comprehensive income | $ | (1,811 | ) | ||||||||||||||||||
Current period OTTI credit losses recognized through earnings | — | ||||||||||||||||||||
Reductions for securities sold during the period | 1,811 | ||||||||||||||||||||
Additions or reductions in credit losses due to change of intent to sell | — | ||||||||||||||||||||
Reductions for increases in cash flows to be collected on impaired securities | — | ||||||||||||||||||||
Ending balance of net unrealized losses held in other comprehensive income | $ | — | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The estimated fair value of the Company’s financial instruments is as follows: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
AFS | $ | 1,577,272 | $ | 135,203 | $ | 1,442,011 | $ | 58 | $ | 1,577,272 | |||||||||||
Trading | 2,793 | — | 2,793 | — | 2,793 | ||||||||||||||||
Derivative assets | 28,505 | — | 28,505 | — | 28,505 | ||||||||||||||||
Loans, net | 7,438,630 | — | 6,721,368 | 107,610 | 6,828,978 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 8,469,505 | — | 8,473,609 | — | 8,473,609 | ||||||||||||||||
Customer repurchase agreements | 53,688 | — | 53,688 | — | 53,688 | ||||||||||||||||
FHLB and FRB advances | 273,096 | — | 273,096 | — | 273,096 | ||||||||||||||||
Other borrowed funds | 64,436 | — | — | 70,472 | 70,472 | ||||||||||||||||
Junior subordinated debt | 42,711 | — | — | 42,711 | 42,711 | ||||||||||||||||
Derivative liabilities | 29,221 | — | 29,221 | — | 29,221 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
HTM | $ | 283,006 | $ | 22,200 | $ | 259,496 | $ | 8 | $ | 281,704 | |||||||||||
AFS | 1,370,696 | 121,298 | 1,249,398 | — | 1,370,696 | ||||||||||||||||
Trading | 3,036 | — | 3,036 | — | 3,036 | ||||||||||||||||
Derivative assets | 2,783 | — | 2,783 | — | 2,783 | ||||||||||||||||
Loans, net | 6,701,365 | — | 6,090,962 | 116,169 | 6,207,131 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 7,838,205 | — | 7,842,014 | — | 7,842,014 | ||||||||||||||||
Customer repurchase agreements | 71,192 | — | 71,192 | — | 71,192 | ||||||||||||||||
FHLB and FRB advances | 273,879 | — | 273,879 | — | 273,879 | ||||||||||||||||
Other borrowed funds | 67,217 | 3,000 | — | 71,475 | 74,475 | ||||||||||||||||
Junior subordinated debt | 41,858 | — | — | 41,858 | 41,858 | ||||||||||||||||
Derivative liabilities | 4,168 | — | 4,168 | — | 4,168 | ||||||||||||||||
Interest rate risk | |||||||||||||||||||||
The Company assumes interest rate risk (the risk to the Company’s earnings and capital from changes in interest rate levels) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments as well as its future net interest income will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. | |||||||||||||||||||||
Interest rate risk exposure is measured using interest rate sensitivity analysis to determine our change in net portfolio value and net interest income resulting from hypothetical changes in interest rates. If potential changes to net portfolio value and net interest income resulting from hypothetical interest rate changes are not within the limits established by the Board of Directors, the Board may direct management to adjust the asset and liability mix to bring interest rate risk within Board-approved limits. As of June 30, 2014, the Company’s interest rate risk profile was within Board-approved limits. | |||||||||||||||||||||
WAB has an ALCO charged with managing interest rate risk within the Board of Directors approved limits. Limits are structured to prohibit an interest rate risk profile that is unacceptable to both management and Board of Directors risk tolerances. There is also ALCO reporting at the holding company level for reviewing interest rate risk for the Consolidated Company. | |||||||||||||||||||||
Fair value of commitments | |||||||||||||||||||||
The estimated fair value of standby letters of credit outstanding at June 30, 2014 and December 31, 2013 was insignificant. Loan commitments on which the committed interest rates were less than the current market rate are also insignificant at June 30, 2014 and December 31, 2013. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
DISPOSITIONS | |||||||||||||||||
Discontinued Operations | |||||||||||||||||
The Company has discontinued its affinity credit card business and has presented these activities as discontinued operations. The following table summarizes the operating results of the discontinued operations for the periods indicated: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Operating revenue | $ | (214 | ) | $ | 1,132 | $ | (358 | ) | $ | 2,271 | |||||||
Non-interest expenses | (511 | ) | (1,424 | ) | (1,369 | ) | (2,498 | ) | |||||||||
Loss before income taxes | (725 | ) | (292 | ) | (1,727 | ) | (227 | ) | |||||||||
Income tax benefit | (221 | ) | (123 | ) | (569 | ) | (96 | ) | |||||||||
Net loss | $ | (504 | ) | $ | (169 | ) | $ | (1,158 | ) | $ | (131 | ) |
Segments
Segments | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segments | ' | ||||||||||||||||||||||||
SEGMENTS | |||||||||||||||||||||||||
On December 31, 2013, the Company consolidated its three bank subsidiaries under one charter, WAB. As a result, the Company has redefined its operating segments to reflect the new organizational and internal reporting structure. The realignment of the Company’s segments resulted in significant differences from the old segmentation methodology. Some of the more substantial changes, which are effective as of January 1, 2014, include the following: | |||||||||||||||||||||||||
• | Loans previously participated between WAB, BON and TPB were repatriated to the originating region in Arizona, Nevada, and California. | ||||||||||||||||||||||||
• | Expansion in the number of cost centers used, which involved transfers of employees to new or different costs centers. | ||||||||||||||||||||||||
• | Implementation of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics to correspond to the employee movements as well as the loan repatriations and other asset movements. | ||||||||||||||||||||||||
• | Implementation of a new expense allocation methodology to allocate indirect costs across all segments based on key metrics. | ||||||||||||||||||||||||
All of the aforementioned changes were made as of the end of 2013 and were not retrospective. Consequently, the Company determined that recasting prior year segment information to conform to the new segmentation methodology would be impracticable due to the substantial time and cost that would be involved in recasting this information. Also, given the incomparability of the reporting segments between periods, the Company determined that disclosure of the reportable segment information for the period ended June 30, 2014, as previously reported under the old basis, would not be beneficial to the reader as it does not assist the reader in better understanding the Company’s performance, assessing its prospects for future net cash flows or making more informed judgments about the Company as a whole, which are the primary objectives of ASC 280-10. | |||||||||||||||||||||||||
The new operating segments are as follows: Arizona, Nevada, California, National Business Lines, and Corporate & Other. | |||||||||||||||||||||||||
The Company's reportable segments are aggregated primarily based on geographic location, services offered and markets served. The Arizona, Nevada and California segments provide full service banking and related services to their respective markets although operations may not be domiciled in these states. The Company's National Business Lines segment provides banking services to niche markets. These National Business Lines are broader in geographic scope and are managed centrally. Corporate & Other consists of corporate-related items, income and expense items not allocated to our other reportable segments and inter-segment eliminations. | |||||||||||||||||||||||||
The Company's segment reporting process begins with the assignment of all loan and deposit accounts directly to the segments where these products are originated and/or serviced. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities, which ranged from 0% to 12% during the period, with a funds credit provided for the use of this equity as a funding source. Any excess collateral above the allocated capital is assigned to the Corporate & Other segment. | |||||||||||||||||||||||||
Net interest income, provision for credit losses and non-interest expense amounts are recorded in their respective segment to the extent that the amounts are directly attributable to those segments. Net interest income is recorded in each segment on a TEB with a corresponding increase in income tax expense. | |||||||||||||||||||||||||
Further, net interest income of a reportable segment includes a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Using this funds transfer pricing methodology, liquidity is transferred between "users" and "providers." A net user of funds has lending/investing in excess of deposits/borrowings and a net provider of funds has deposits/borrowings in excess of lending/investing. A segment which is a user of funds is then charged for the use of funds while a provider of funds is credited through funds transfer pricing which is determined based on the average life of the assets or liabilities in the portfolio. | |||||||||||||||||||||||||
Net income amounts for each reportable segment is further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees, average loan balances and average deposit balances. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal and marketing. | |||||||||||||||||||||||||
Income taxes are applied to each segment based on the effective tax rate for the geographic location of the segment. Any difference in the corporate tax rate and the aggregate effective tax rates in the segments are adjusted in the Corporate & Other segment. | |||||||||||||||||||||||||
The following is a summary of selected operating segment information as of and for the three and six months ended June 30, 2014: | |||||||||||||||||||||||||
Arizona | Nevada | California | National Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash, cash equivalents and investment securities | $ | 3 | $ | 7 | $ | 2.4 | $ | — | $ | 1,973.60 | $ | 1,986.00 | |||||||||||||
Gross loans and deferred fees, net | 2,131.00 | 1,682.60 | 1,694.80 | 1,951.50 | 84.6 | 7,544.60 | |||||||||||||||||||
Less: allowance for credit losses | (29.9 | ) | (23.6 | ) | (23.8 | ) | (27.4 | ) | (1.2 | ) | (105.9 | ) | |||||||||||||
Loans, net | 2,101.10 | 1,659.00 | 1,671.00 | 1,924.10 | 83.4 | 7,438.70 | |||||||||||||||||||
Other repossessed assets | 13.1 | 24.1 | — | — | 22.1 | 59.3 | |||||||||||||||||||
Goodwill and intangible assets, net | — | 26.5 | — | — | — | 26.5 | |||||||||||||||||||
Other assets | 42.2 | 62.7 | 26.2 | 21.1 | 361 | 513.2 | |||||||||||||||||||
Total assets | $ | 2,159.40 | $ | 1,779.30 | $ | 1,699.60 | $ | 1,945.20 | $ | 2,440.10 | $ | 10,023.60 | |||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits (1) | $ | 2,115.40 | $ | 3,187.80 | $ | 2,061.10 | $ | 886.3 | $ | 218.9 | $ | 8,469.50 | |||||||||||||
Borrowings | — | — | — | — | 337.5 | 337.5 | |||||||||||||||||||
Other liabilities | 20.9 | 46.8 | 4.8 | 24.7 | 161.7 | 258.9 | |||||||||||||||||||
Total liabilities | 2,136.30 | 3,234.60 | 2,065.90 | 911 | 718.1 | 9,065.90 | |||||||||||||||||||
Allocated equity | 233.7 | 212.5 | 188.7 | 152.3 | 170.5 | 957.7 | |||||||||||||||||||
Liabilities and stockholders' equity | $ | 2,370.00 | $ | 3,447.10 | $ | 2,254.60 | $ | 1,063.30 | $ | 888.6 | $ | 10,023.60 | |||||||||||||
Excess funds provided (used) | 210.6 | 1,667.80 | 555 | (881.9 | ) | (1,551.5 | ) | — | |||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014: | |||||||||||||||||||||||||
Net interest income (expense) | $ | 29,211 | $ | 29,359 | $ | 24,702 | $ | 16,226 | $ | (5,600 | ) | $ | 93,898 | ||||||||||||
Provision for (recovery of) credit losses | 3 | (2,011 | ) | (1,672 | ) | 3,467 | 720 | 507 | |||||||||||||||||
Net interest income (expense) after provision for credit losses | 29,208 | 31,370 | 26,374 | 12,759 | (6,320 | ) | 93,391 | ||||||||||||||||||
Non-interest income | 934 | 2,352 | 970 | 643 | 874 | 5,773 | |||||||||||||||||||
Non-interest expense | (12,793 | ) | (16,026 | ) | (13,342 | ) | (6,640 | ) | (3,615 | ) | (52,416 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 17,349 | 17,696 | 14,002 | 6,762 | (9,061 | ) | 46,748 | ||||||||||||||||||
Income tax expense (benefit) | 6,805 | 6,194 | 5,887 | 2,536 | (10,716 | ) | 10,706 | ||||||||||||||||||
Income from continuing operations | 10,544 | 11,502 | 8,115 | 4,226 | 1,655 | 36,042 | |||||||||||||||||||
Loss from discontinued operations, net | — | — | — | — | (504 | ) | (504 | ) | |||||||||||||||||
Net income | $ | 10,544 | $ | 11,502 | $ | 8,115 | $ | 4,226 | $ | 1,151 | $ | 35,538 | |||||||||||||
Arizona | Nevada | California | National Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Six Months Ended June 30, 2014: | |||||||||||||||||||||||||
Net interest income (expense) | $ | 55,819 | $ | 57,954 | $ | 47,494 | $ | 30,190 | $ | (6,782 | ) | $ | 184,675 | ||||||||||||
Provision for (recovery of) credit losses | 1,561 | (2,895 | ) | (1,017 | ) | 5,637 | 721 | 4,007 | |||||||||||||||||
Net interest income (expense) after provision for credit losses | 54,258 | 60,849 | 48,511 | 24,553 | (7,503 | ) | 180,668 | ||||||||||||||||||
Non-interest income | 1,754 | 4,641 | 2,220 | 725 | 1,268 | 10,608 | |||||||||||||||||||
Non-interest expense | (26,097 | ) | (31,262 | ) | (26,385 | ) | (13,148 | ) | (5,273 | ) | (102,165 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 29,915 | 34,228 | 24,346 | 12,130 | (11,508 | ) | 89,111 | ||||||||||||||||||
Income tax expense (benefit) | 11,734 | 11,981 | 10,237 | 4,549 | (17,171 | ) | 21,330 | ||||||||||||||||||
Income from continuing operations | 18,181 | 22,247 | 14,109 | 7,581 | 5,663 | 67,781 | |||||||||||||||||||
Loss from discontinued operations, net | — | — | — | — | (1,158 | ) | (1,158 | ) | |||||||||||||||||
Net income | $ | 18,181 | $ | 22,247 | $ | 14,109 | $ | 7,581 | $ | 4,505 | $ | 66,623 | |||||||||||||
-1 | Certain centrally-managed deposits from prior periods were re-allocated to specific regions to conform to current presentation. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Nature of Operation | ' | |
Nature of operation | ||
WAL, incorporated under the laws of the state of Delaware, is a bank holding company headquartered in Phoenix, Arizona. WAL provides full service banking and related services to locally owned businesses, professional firms, real estate developers and investors, local non-profit organizations, high net worth individuals and other consumers through its wholly-owned subsidiary bank: WAB, doing business as ABA in Arizona, as FIB in Northern Nevada, as BON in Southern Nevada, as TPB in California, and as AAB throughout the U.S. In addition, the Company has two non-bank subsidiaries: WAEF, which offers equipment finance services nationwide, and LVSP, which holds and manages certain non-performing loans and OREO. | ||
Basis of Presentation | ' | |
Basis of presentation | ||
The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the unaudited Consolidated Financial Statements. | ||
Use of Estimates | ' | |
Use of estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; estimated cash flows related to PCI loans; fair value determinations related to acquisitions; and determination of the valuation allowance related to deferred tax assets. Although management believes these estimates to be reasonably accurate, actual amounts may differ. In the opinion of management, all adjustments considered necessary have been reflected in the unaudited Consolidated Financial Statements. | ||
Principles of Consolidation | ' | |
Principles of consolidation | ||
On December 31, 2013, the Company consolidated its three bank subsidiaries under one bank charter, WAB. As the subsidiary bank mergers did not meet the definition of a business combination under the guidance of ASC 805, Business Combinations, the entities were combined in a method similar to a pooling of interests. | ||
As of June 30, 2014, WAL has nine wholly-owned subsidiaries: WAB, WAEF, LVSP and six unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities. | ||
WAB has the following wholly-owned subsidiaries: WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc., which hold certain investment securities, municipal loans and leases; BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities; and BW Nevada Holdings, LLC, which owns the Company’s 2700 West Sahara Avenue, Las Vegas, Nevada office building. As described above, WAEF was contributed to WAB by WAL on July 1, 2014. | ||
The Company does not have any other significant entities that should be considered for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. | ||
Reclassifications | ' | |
Reclassifications | ||
Certain amounts in the consolidated financial statements as of December 31, 2013 and for the three and six months ended June 30, 2013 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. | ||
Interim Financial Information | ' | |
Interim financial information | ||
The accompanying unaudited Consolidated Financial Statements as of and for the three and six months ended June 30, 2014 and 2013 have been prepared in condensed format and, therefore, do not include all of the information and footnotes required by GAAP for complete financial statements. These statements have been prepared on a basis that is substantially consistent with the accounting principles applied to the Company's audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. | ||
Business Combinations | ' | |
Business combinations | ||
Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies are also recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the income statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. | ||
Investment Securities | ' | |
Investment securities | ||
Investment securities may be classified as HTM, AFS or trading. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs or general economic conditions. These securities are carried at amortized cost. The sale of a security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. See "Note 2. Investment Securities" of these Notes to Unaudited Consolidated Financial Statements for further discussion regarding the Company's HTM portfolio as of June 30, 2014. | ||
Securities classified as AFS or trading are reported as an asset on the Consolidated Balance Sheets at their estimated fair value. As the fair value of AFS securities changes, the changes are reported net of income tax as an element of OCI, except for impaired securities. When AFS securities are sold, the unrealized gain or loss is reclassified from OCI to non-interest income. The changes in the fair values of trading securities are reported in non-interest income. Securities classified as AFS are both equity and debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. | ||
Interest income is recognized based on the coupon rate and increased by accretion of discounts earned or decreased by the amortization of premiums paid over the contractual life of the security using the interest method. For mortgage-backed securities, estimates of prepayments are considered in the constant yield calculations. | ||
In estimating whether there are any OTTI losses, management considers the 1) length of time and the extent to which the fair value has been less than amortized cost; 2) financial condition and near term prospects of the issuer; 3) impact of changes in market interest rates; and 4) intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value and it is not more likely than not the Company would be required to sell the security. | ||
Declines in the fair value of individual AFS debt securities that are deemed to be other than temporary are reflected in earnings when identified. The fair value of the debt security then becomes the new cost basis. For individual debt securities where the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other than temporary decline in fair value of the debt security related to 1) credit loss is recognized in earnings; and 2) market or other factors is recognized in other comprehensive income or loss. A credit loss is recorded if the present value of cash flows is less than amortized cost. | ||
For individual debt securities where the Company intends to sell the security or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the securities cost basis and its fair value at the balance sheet date. For individual debt securities for which a credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. | ||
Loans, Interest and Fees from Loans | ' | |
Loans, interest and fees from loans | ||
The Company generally holds loans for investment and has the intent and ability to hold loans until their maturity. Therefore, they are reported at book value. Net loans are stated at the amount of unpaid principal, reduced by unearned loan fees and allowance for credit losses. In addition, the book value of loans that are subject to a fair value hedge is adjusted for changes in value attributable to the hedge benchmark interest rate risk. Purchased loans are recorded at estimated fair value on the date of purchase. | ||
The Company may acquire loans through a business combination or in a purchase for which differences may exist between the contractual cash flows and the cash flows expected to be collected which is due, at least in part, to credit quality. Loans are evaluated individually to determine if there has been credit deterioration since origination. Such loans may then be aggregated and accounted for as a pool of loans based on common characteristics. When the Company acquires such loans, the yield that may be accreted (accretable yield) is limited to the excess of the Company’s estimate of undiscounted cash flows expected to be collected over the Company’s initial investment in the loan. The excess of contractual cash flows over the cash flows expected to be collected may not be recognized as an adjustment to yield, loss, or a valuation allowance. Subsequent increases in cash flows expected to be collected generally are recognized prospectively through adjustment of the loan’s yield over the remaining life. Subsequent decreases to cash flows expected to be collected are recognized as impairment. The Company may not “carry over” or create a valuation allowance in the initial accounting for loans acquired under these circumstances. For additional information, see "Note 3. Loans, Leases and Allowance for Credit Losses" of these Notes to Unaudited Consolidated Financial Statements. | ||
Interest income on loans is accrued daily using the effective interest method and recognized over the terms of the loans. Loan fees collected for the origination of loans less direct loan origination costs (net deferred loan fees) are amortized over the contractual life of the loan through interest income. If the loan has scheduled payments, the amortization of the net deferred loan fee is calculated using the interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. | ||
When loans are repaid, any remaining unamortized balances of unearned fees, deferred fees and costs and premiums and discounts paid on purchased loans are accounted for through interest income. | ||
Nonaccrual loans: For all loan types except credit cards, when a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. Generally, the Company places loans in nonaccrual status and ceases recognizing interest income when the loan has become delinquent by more than 90 days or when management determines that the full repayment of principal and collection of interest is unlikely. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. Credit card loans and other personal loans are typically charged-off no later than 180 days delinquent. | ||
For all loan types, when a loan is placed on nonaccrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed. Subsequent payments received from the customer are applied to principal and no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. The Company occasionally recognizes income on a cash basis for non-accrual loans in which the collection of the remaining principal balance is not in doubt. | ||
Impaired loans: A loan is identified as impaired when it is probable that interest and principal will not be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as nonaccrual. However, in certain instances, impaired loans may continue on an accrual basis, such as loans classified as impaired due to doubt regarding collectability according to contractual terms, that are both fully secured by collateral and are current in their interest and principal payments. Impaired loans are measured for reserve requirements in accordance with ASC 310, Receivables, based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral less applicable disposition costs if the loan is collateral dependent. The amount of an impairment reserve, if any, and any subsequent changes are charged against the allowance for credit losses. In addition to our own internal loan review process, the FDIC may from time to time direct the Company to modify loan grades, loan impairment calculations or loan impairment methodology. | ||
Troubled Debt Restructured Loans: A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, extensions, deferrals, renewals and rewrites. A TDR loan is also considered impaired. Generally, a loan that is modified at an effective market rate of interest may no longer be disclosed as a TDR in years subsequent to the restructuring if it is performing based on the terms specified by the restructuring agreement. However, such loans continue to be considered impaired. | ||
Allowance for Credit Losses | ' | |
Allowance for credit losses | ||
Credit risk is inherent in the business of extending loans and leases to borrowers. Like other financial institutions, the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses charged to expense. Loans are charged against the allowance for credit losses when management believes that the contractual principal or interest will not be collected. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount believed adequate to absorb estimated probable losses on existing loans that may become uncollectable, based on evaluation of the collectability of loans and prior credit loss experience, together with other factors. The Company formally re-evaluates and establishes the appropriate level of the allowance for credit losses on a quarterly basis. | ||
The Company’s allowance for credit loss methodology incorporates several quantitative and qualitative risk factors used to establish the appropriate allowance for credit losses at each reporting date. Quantitative factors include our historical loss experience, delinquency and charge-off trends, collateral values, changes in the level of nonperforming loans and other factors. Qualitative factors include the economic condition of our operating markets and the state of certain industries. Specific changes in the risk factors are based on actual loss experience, as well as perceived risk of similar groups of loans classified by collateral type, purpose and term. An internal five-year loss history is also incorporated into the allowance calculation model. Due to the credit concentration of our loan portfolio in real estate secured loans, the value of collateral is heavily dependent on real estate values in Nevada, Arizona and California, which, in some cases, have declined substantially from their peak. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic or other conditions. In addition, the FDIC and state bank regulatory agency, as an integral part of their examination processes, periodically review the Bank's allowances for credit losses, and may require us to make additions to our allowance based on their judgment about information available to them at the time of their examination. Management regularly reviews the assumptions and formulae used in determining the allowance and makes adjustments if required to reflect the current risk profile of the portfolio. | ||
The allowance consists of specific and general components. The specific allowance relates to impaired loans. In general, impaired loans include those where interest recognition has been suspended, loans that are more than 90 days delinquent but because of adequate collateral coverage, income continues to be recognized, and other criticized and classified loans not paying substantially according to the original contract terms. For such loans, an allowance is established when the discounted cash flows, collateral value or observable market price of the impaired loan are lower than the carrying value of that loan, pursuant to ASC 310. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The amount to which the present value falls short of the current loan obligation will be set up as a reserve for that account or charged-off. | ||
The Company uses an appraised value method to determine the need for a reserve on impaired, collateral dependent loans and further discounts the appraisal for disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. | ||
The general allowance covers all non-impaired loans and is based on historical loss experience adjusted for the various qualitative and quantitative factors listed above. | ||
Other Assets Acquired Through Foreclosure | ' | |
Other assets acquired through foreclosure | ||
Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets (primarily repossessed assets formerly leased) are classified as OREO and other repossessed property and are initially reported at fair value of the asset less estimated selling costs. Subsequent adjustments are based on the lower of carrying value or fair value, less estimated costs to sell the property. Costs related to the development or improvement of the assets are capitalized and costs related to holding the assets are charged to non-interest expense. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances. | ||
Derivative Financial Instruments | ' | |
Derivative financial instruments | ||
The Company uses interest-rate swaps to mitigate interest-rate risk associated with changes to 1) the fair value of certain fixed-rate financial instruments (fair value hedges) and 2) certain cash flows related to future interest payments on variable rate financial instruments (cash flow hedges). | ||
The Company recognizes derivatives as assets or liabilities in the consolidated balance sheet at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge or cash flow hedge. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | ||
For a fair value hedge, the effective portion of a change in the fair value of an instrument is recorded as a basis adjustment to the underlying hedged asset or liability. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a cash flow hedge is recognized immediately in non-interest income in the consolidated income statement. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. | ||
The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Both at inception and at least quarterly thereafter, the Company assesses whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in either the fair value or cash flows of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when it is determined that a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value on the consolidated balance sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. | ||
Derivative instruments that are not designated as hedges, so called free-standing derivatives, are reported in the consolidated balance sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. | ||
The Company occasionally purchases a financial instrument or originates a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that 1) the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, and 2) a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where 1) the host contract is measured at fair value, with changes in fair value reported in current earnings, or 2) the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the consolidated balance sheet at fair value and is not designated as a hedging instrument. | ||
Income Taxes | ' | |
Income taxes | ||
The Company and its subsidiaries, other than BW Real Estate, Inc., file a consolidated federal tax return. Due to tax regulations, several items of income and expense are recognized in different periods for tax return purposes than for financial reporting purposes. These items represent temporary differences. Deferred taxes are provided on an asset and liability method, whereby deferred tax assets are recognized for deductible temporary differences and tax credit carryovers and deferred tax liabilities are recognized for taxable temporary differences. A temporary difference is the difference between the reported amount of an asset or liability and its tax basis. A deferred tax asset is 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 assets will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes in tax laws and rates on the date of enactment. | ||
Off-Balance Sheet Instruments | ' | |
Off-balance sheet instruments | ||
In the ordinary course of business, the Company has entered into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the consolidated financial statements when they are funded. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the consolidated balance sheets. Losses would be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. | ||
As with outstanding loans, the Company applies qualitative factors and utilization rates to its off-balance sheet obligations in determining an estimate of losses inherent in these contractual obligations. The estimate for credit losses on off-balance sheet instruments is included within other liabilities and the charge to income that establishes this liability is included in non-interest expense. | ||
Fair Values of Financial Instruments | ' | |
Fair values of financial instruments | ||
The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement as well as enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows: | ||
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |
• | Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market. | |
• | Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models and similar techniques. | |
The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||
Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability, rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company to make assumptions regarding the assumptions that market participants would use to estimate the fair value of the financial instrument at the measurement date. | ||
ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. | ||
Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at June 30, 2014 and December 31, 2013. The estimated fair value amounts for June 30, 2014 and December 31, 2013 have been measured as of period-end, and have not been reevaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at the period-end. | ||
The information in "Note 12. Fair Value Accounting" in these Notes to Unaudited Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. | ||
Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. | ||
The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: | ||
Cash and cash equivalents | ||
The carrying amounts reported in the consolidated balance sheets for cash and due from banks approximate their fair value. | ||
Money market and certificates of deposit investments | ||
The carrying amounts reported in the consolidated balance sheets for money market investments approximate their fair value. | ||
Investment securities | ||
The fair values of U.S. Treasuries, corporate debt securities, mutual funds, and exchange-listed preferred stock are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. | ||
The fair values of other investment securities were determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, for example, yield curves, credit ratings and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. | ||
The Company owns certain CDOs for which quoted prices are not available. Quoted prices for similar assets are also not available for these investment securities. In order to determine the fair value of these securities, the Company has estimated the future cash flows and discount rate using third party quotes adjusted based on assumptions regarding the adjustments a market participant would assume necessary for each specific security. As a result of the lack of an active market, the resulting fair values have been categorized as Level 3 in the fair value hierarchy. | ||
Restricted stock | ||
WAB is a member of the FHLB system and maintains an investment in capital stock of the FHLB. WAB also maintains an investment in its primary correspondent bank. These investments are carried at cost since no ready market exists for them, and they have no quoted market value. The Company conducts a periodic review and evaluation of its FHLB stock to determine if any impairment exists. The fair values of these investments have been categorized as Level 2 in the fair value hierarchy. | ||
Loans | ||
Fair value for loans is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments that the Company believes a market participant would consider in determining fair value based on a third party independent valuation. As a result, the fair value for certain loans disclosed in "Note 12. Fair Value Accounting" of these Notes to Unaudited Consolidated Financial Statements is categorized as Level 2 in the fair value hierarchy, excluding impaired loans which are categorized as Level 3. | ||
Accrued interest receivable and payable | ||
The carrying amounts reported in the Consolidated Balance Sheets for accrued interest receivable and payable approximate their fair value. Accrued interest receivable and payable fair value measurements are classified as Level 3 in the fair value hierarchy. | ||
Derivative financial instruments | ||
All derivatives are recognized in the Consolidated Balance Sheets at their fair value. The fair value for derivatives is determined based on market prices, broker-dealer quotations on similar products or other related input parameters. As a result, the fair values have been categorized as Level 2 in the fair value hierarchy. | ||
Deposits | ||
The fair value disclosed for demand and savings deposits is by definition equal to the amount payable on demand at their reporting date (that is, their carrying amount), which the Company believes a market participant would consider in determining fair value. The carrying amount for variable-rate deposit accounts approximates their fair value. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of the deposit liabilities disclosed in "Note 12. Fair Value Accounting" of these Notes to Unaudited Consolidated Financial Statements is categorized as Level 2 in the fair value hierarchy. | ||
FHLB advances and other borrowings | ||
The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. FHLB advances have been categorized as Level 2 in the fair value hierarchy due to their short durations. Other borrowings have been categorized as Level 3 in the fair value hierarchy. | ||
Junior subordinated debt | ||
Junior subordinated debt and subordinated debt are valued by comparing interest rates and spreads to an index relative to the ten-year treasury rate and discounting the contractual cash flows on the Company's debt using these market rates. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy. | ||
Off-balance sheet instruments | ||
Fair values for the Company’s off-balance sheet instruments (lending commitments and standby letters of credit) are based on quoted fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. | ||
Recent Accounting Pronouncements | ' | |
Recent accounting pronouncements | ||
In February 2013, the FASB issued guidance within ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date. The amendments in ASU 2013-04 to Topic 405, Liabilities, provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the Update is fixed at the reporting date, except for obligations addressed with existing GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations. The amendment is effective retrospectively for reporting periods beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | ||
In July 2013, the FASB issued guidance within ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The amendments in ASU 2013-11 to Topic 740, Income Taxes, provide guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. | ||
In January 2014, the FASB issued guidance within ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The amendments in ASU 2014-01 to Topic 323, Equity Investments and Joint Ventures, provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for fiscal years, and interim periods within those years, beginning after December 31, 2014 and should be applied retrospectively to all periods presented, with early adoption permitted. All of the Company's LIHTC investments are within the scope of this guidance and the Company has adopted this amended guidance beginning on January 1, 2014. As a result, prior period financial information has been adjusted to conform to the amended guidance. See "Note 10. Income Taxes" for the impact that adoption had on the Company's financial condition and results of operations as well as additional disclosures required under these amendments. The adoption of this amended guidance did not have a significant impact on the Company's cash flows. | ||
In January 2014, the FASB issued guidance within ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The objective of the amendments in ASU 2014-04 to Topic 310, Receivables - Troubled Debt Restructurings by Creditors, is to clarify when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be derecognized and the real estate property recognized. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 31, 2014. An entity can elect to adopt the amendments using either a modified retrospective transition method or a prospective transition method. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||
Carrying Amounts and Fair Values of Investment Securities | ' | ||||||||||||||||||||||||||||
arrying amounts and fair values of investment securities at June 30, 2014 and December 31, 2013 are summarized as follows: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Available-for-sale | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
U.S. government-sponsored agency securities | $ | 18,699 | $ | — | $ | (788 | ) | $ | 17,911 | ||||||||||||||||||||
Corporate debt securities | 97,775 | 838 | (2,673 | ) | 95,940 | ||||||||||||||||||||||||
Municipal obligations | 297,143 | 10,232 | (2,093 | ) | 305,282 | ||||||||||||||||||||||||
Preferred stock | 73,414 | 1,934 | (2,129 | ) | 73,219 | ||||||||||||||||||||||||
Mutual funds | 37,449 | 605 | — | 38,054 | |||||||||||||||||||||||||
Residential MBS issued by GSEs | 939,595 | 10,975 | (2,887 | ) | 947,683 | ||||||||||||||||||||||||
Commercial MBS issued by GSEs | 2,075 | 9 | — | 2,084 | |||||||||||||||||||||||||
Private label residential MBS | 36,299 | 21 | (1,484 | ) | 34,836 | ||||||||||||||||||||||||
Private label commercial MBS | 5,201 | 194 | — | 5,395 | |||||||||||||||||||||||||
Trust preferred securities | 32,000 | — | (6,418 | ) | 25,582 | ||||||||||||||||||||||||
CRA investments | 24,035 | — | (105 | ) | 23,930 | ||||||||||||||||||||||||
Collateralized debt obligations | 50 | 7,306 | — | 7,356 | |||||||||||||||||||||||||
Total AFS securities | $ | 1,563,735 | $ | 32,114 | $ | (18,577 | ) | $ | 1,577,272 | ||||||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | 2,379 | |||||||||||||||||||||||||||
Private label residential MBS | 414 | ||||||||||||||||||||||||||||
Total securities measured at fair value | $ | 2,793 | |||||||||||||||||||||||||||
In May 2014, the Company's investment committee reassessed the Company's holdings in CDOs, and gave management the discretion to sell CDOs and to reinvest in higher investment grade securities. This change in intent, prior to maturity or recovery, necessitated a reclassification of all HTM securities to AFS. At the date of transfer, the securities had a total amortized cost of $275.3 million and fair value of $289.6 million. The Company recognized an unrealized gain of $9.0 million, net of tax, in AOCI at the date of the transfer. | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Available-for-sale | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | 49,110 | $ | — | $ | (2,135 | ) | $ | 46,975 | ||||||||||||||||||||
Municipal obligations | 121,671 | 316 | (6,322 | ) | 115,665 | ||||||||||||||||||||||||
Preferred stock | 68,110 | 853 | (7,479 | ) | 61,484 | ||||||||||||||||||||||||
Mutual funds | 37,423 | 93 | (984 | ) | 36,532 | ||||||||||||||||||||||||
Residential MBS issued by GSEs | 1,028,402 | 5,567 | (12,548 | ) | 1,021,421 | ||||||||||||||||||||||||
Private label residential MBS | 38,250 | — | (2,151 | ) | 36,099 | ||||||||||||||||||||||||
Private label commercial MBS | 5,252 | 181 | — | 5,433 | |||||||||||||||||||||||||
Trust preferred securities | 32,000 | — | (8,195 | ) | 23,805 | ||||||||||||||||||||||||
CRA investments | 23,830 | — | (548 | ) | 23,282 | ||||||||||||||||||||||||
Total AFS securities | $ | 1,404,048 | $ | 7,010 | $ | (40,362 | ) | $ | 1,370,696 | ||||||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | 3,036 | |||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Held-to-maturity | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Collateralized debt obligations | $ | 50 | $ | 1,346 | $ | — | $ | 1,396 | |||||||||||||||||||||
Corporate debt securities | 97,777 | 775 | (3,826 | ) | 94,726 | ||||||||||||||||||||||||
Municipal obligations | 183,579 | 2,773 | (2,370 | ) | 183,982 | ||||||||||||||||||||||||
CRA investments | 1,600 | — | — | 1,600 | |||||||||||||||||||||||||
Total HTM securities | $ | 283,006 | $ | 4,894 | $ | (6,196 | ) | $ | 281,704 | ||||||||||||||||||||
Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at June 30, 2014 and December 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | — | $ | 788 | $ | 17,910 | $ | 788 | $ | 17,910 | |||||||||||||||||
Corporate debt securities | 144 | 14,856 | 2,529 | 67,471 | 2,673 | 82,327 | |||||||||||||||||||||||
Preferred stock | 386 | 12,554 | 1,743 | 24,413 | 2,129 | 36,967 | |||||||||||||||||||||||
Residential MBS issued by GSEs | 244 | 44,141 | 2,643 | 143,844 | 2,887 | 187,985 | |||||||||||||||||||||||
Municipal obligations | — | — | 2,093 | 41,032 | 2,093 | 41,032 | |||||||||||||||||||||||
Private label residential MBS | 366 | 17,688 | 1,118 | 14,322 | 1,484 | 32,010 | |||||||||||||||||||||||
Trust preferred securities | — | — | 6,418 | 25,582 | 6,418 | 25,582 | |||||||||||||||||||||||
CRA investments | — | — | 105 | 23,877 | 105 | 23,877 | |||||||||||||||||||||||
Total AFS securities | $ | 1,140 | $ | 89,239 | $ | 17,437 | $ | 358,451 | $ | 18,577 | $ | 447,690 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | 2,135 | $ | 46,976 | $ | — | $ | — | $ | 2,135 | $ | 46,976 | |||||||||||||||||
Preferred stock | 7,479 | 44,637 | — | — | 7,479 | 44,637 | |||||||||||||||||||||||
Mutual funds | 984 | 30,101 | — | — | 984 | 30,101 | |||||||||||||||||||||||
Residential MBS issued by GSEs | 11,934 | 601,756 | 614 | 8,984 | 12,548 | 610,740 | |||||||||||||||||||||||
Municipal obligations | 3,545 | 72,300 | 2,777 | 17,923 | 6,322 | 90,223 | |||||||||||||||||||||||
Private label residential MBS | 2,009 | 32,517 | 142 | 3,583 | 2,151 | 36,100 | |||||||||||||||||||||||
Trust preferred securities | — | — | 8,195 | 23,807 | 8,195 | 23,807 | |||||||||||||||||||||||
Other | 548 | 23,823 | — | — | 548 | 23,823 | |||||||||||||||||||||||
Total AFS securities | $ | 28,634 | $ | 852,110 | $ | 11,728 | $ | 54,297 | $ | 40,362 | $ | 906,407 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||
Corporate debt securities | $ | 163 | $ | 9,837 | $ | 3,663 | $ | 71,337 | $ | 3,826 | $ | 81,174 | |||||||||||||||||
Municipal obligations | 1,624 | 50,740 | 746 | 5,102 | 2,370 | 55,842 | |||||||||||||||||||||||
Total HTM securities | $ | 1,787 | $ | 60,577 | $ | 4,409 | $ | 76,439 | $ | 6,196 | $ | 137,016 | |||||||||||||||||
Amortized Cost and Fair Value of Investment Securities by Contractual Maturities | ' | ||||||||||||||||||||||||||||
The amortized cost and fair value of securities as of June 30, 2014, by contractual maturities, are shown below. The actual maturities of the MBS may differ from their contractual maturities because the loans underlying the securities may be repaid without any penalties due to borrowers that have the right to call or prepay obligations with or without call or prepayment penalties. Therefore, these securities are listed separately in the maturity summary. | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||
Due in one year or less | $ | 66,879 | $ | 67,424 | |||||||||||||||||||||||||
After one year through five years | 36,503 | 38,066 | |||||||||||||||||||||||||||
After five years through ten years | 168,417 | 167,706 | |||||||||||||||||||||||||||
After ten years | 308,766 | 314,078 | |||||||||||||||||||||||||||
Mortgage-backed securities | 983,170 | 989,998 | |||||||||||||||||||||||||||
Total AFS securities | $ | 1,563,735 | $ | 1,577,272 | |||||||||||||||||||||||||
Investment Securities by Credit Rating Type | ' | ||||||||||||||||||||||||||||
The following tables summarize the carrying amounts of the Company’s investment ratings position as June 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Totals | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Municipal obligations | $ | 8,330 | $ | — | $ | 138,657 | $ | 151,797 | $ | 6,293 | $ | 205 | $ | 305,282 | |||||||||||||||
Residential MBS issued by GSEs | — | 950,062 | — | — | — | — | 950,062 | ||||||||||||||||||||||
Commercial MBS issued by GSEs | — | 2,084 | — | — | — | — | 2,084 | ||||||||||||||||||||||
Private label residential MBS | 23,364 | — | 95 | 3,888 | 4,570 | 3,333 | 35,250 | ||||||||||||||||||||||
Private label commercial MBS | 5,395 | — | — | — | — | — | 5,395 | ||||||||||||||||||||||
Mutual funds (3) | — | — | — | — | 38,054 | — | 38,054 | ||||||||||||||||||||||
U.S. government sponsored agency | — | 17,911 | — | — | — | — | 17,911 | ||||||||||||||||||||||
Preferred stock | — | — | — | — | 47,726 | 19,917 | 67,643 | ||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 25,582 | — | 25,582 | ||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 7,356 | 7,356 | ||||||||||||||||||||||
Corporate debt securities | — | — | 2,791 | 24,108 | 69,041 | — | 95,940 | ||||||||||||||||||||||
Total (1) (2) | $ | 37,089 | $ | 970,057 | $ | 141,543 | $ | 179,793 | $ | 191,266 | $ | 30,811 | $ | 1,550,559 | |||||||||||||||
-1 | The Company used the average credit rating of the combination of S&P, Moody’s and Fitch in the above table where ratings differed. | ||||||||||||||||||||||||||||
-2 | Securities values are shown at carrying value as of June 30, 2014. Unrated securities consist of CRA investments with a carrying value of $23.9 million and preferred stock with a carrying value of $5.6 million. | ||||||||||||||||||||||||||||
-3 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Totals | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Municipal obligations | $ | 7,965 | $ | — | $ | 129,810 | $ | 153,949 | $ | 7,305 | $ | 215 | $ | 299,244 | |||||||||||||||
Residential MBS issued by GSEs | — | 1,024,457 | — | — | — | — | 1,024,457 | ||||||||||||||||||||||
Private label residential MBS | 23,646 | — | 125 | 4,101 | 4,625 | 3,602 | 36,099 | ||||||||||||||||||||||
Private label commercial MBS | 5,433 | — | — | — | — | — | 5,433 | ||||||||||||||||||||||
Mutual funds (3) | — | — | — | — | 36,532 | — | 36,532 | ||||||||||||||||||||||
U.S. government sponsored agency | — | 46,975 | — | — | — | — | 46,975 | ||||||||||||||||||||||
Preferred stock | — | — | — | — | 45,847 | 13,244 | 59,091 | ||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 23,805 | — | 23,805 | ||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 50 | 50 | ||||||||||||||||||||||
Corporate debt securities | — | — | 2,697 | 35,102 | 59,978 | — | 97,777 | ||||||||||||||||||||||
Total (1) (2) | $ | 37,044 | $ | 1,071,432 | $ | 132,632 | $ | 193,152 | $ | 178,092 | $ | 17,111 | $ | 1,629,463 | |||||||||||||||
-1 | The Company used the average credit rating of the combination of S&P, Moody’s and Fitch in the above table where ratings differed. | ||||||||||||||||||||||||||||
-2 | Securities values are shown at carrying value as of December 31, 2013. Unrated securities consist of CRA investments with a carrying value of $23.3 million, one ARPS with a carrying value of $2.4 million and an other investment of $1.6 million. | ||||||||||||||||||||||||||||
-3 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||
Gross Gains and (Losses) on Sales of Investment Securities | ' | ||||||||||||||||||||||||||||
The following table presents gross gains and losses on sales of investment securities: | |||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Gross gains | $ | — | $ | 68 | $ | 366 | $ | 268 | |||||||||||||||||||||
Gross losses | (163 | ) | (73 | ) | (163 | ) | (125 | ) | |||||||||||||||||||||
Net (losses) gains | $ | (163 | ) | $ | (5 | ) | $ | 203 | $ | 143 | |||||||||||||||||||
Loans_Leases_and_Allowance_for1
Loans, Leases and Allowance for Credit Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||
The composition of the Company’s loan portfolio is as follows: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,804,819 | $ | 2,236,740 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 1,940,017 | 1,843,415 | |||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,604,986 | 1,561,862 | |||||||||||||||||||||||||||||||
Construction and land development | 612,415 | 537,231 | |||||||||||||||||||||||||||||||
Residential real estate | 328,115 | 350,312 | |||||||||||||||||||||||||||||||
Commercial leases | 222,887 | 235,968 | |||||||||||||||||||||||||||||||
Consumer | 40,948 | 45,153 | |||||||||||||||||||||||||||||||
Net deferred loan fees and costs | (9,620 | ) | (9,266 | ) | |||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | 7,544,567 | 6,801,415 | |||||||||||||||||||||||||||||||
Allowance for credit losses | (105,937 | ) | (100,050 | ) | |||||||||||||||||||||||||||||
Total | $ | 7,438,630 | $ | 6,701,365 | |||||||||||||||||||||||||||||
Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs | ' | ||||||||||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans and excluding deferred fees and costs: | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Over 90 days Past Due | Total Past Due | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,600,162 | $ | 1,095 | $ | 1,273 | $ | 2,456 | $ | 4,824 | $ | 1,604,986 | |||||||||||||||||||||
Non-owner occupied | 1,745,404 | — | 2,109 | 7,393 | 9,502 | 1,754,906 | |||||||||||||||||||||||||||
Multi-family | 185,111 | — | — | — | — | 185,111 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,803,231 | 301 | 834 | 453 | 1,588 | 2,804,819 | |||||||||||||||||||||||||||
Leases | 222,887 | — | — | — | — | 222,887 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 338,513 | — | — | — | — | 338,513 | |||||||||||||||||||||||||||
Land | 273,726 | 176 | — | — | 176 | 273,902 | |||||||||||||||||||||||||||
Residential real estate | 317,577 | — | 1,171 | 9,367 | 10,538 | 328,115 | |||||||||||||||||||||||||||
Consumer | 40,365 | 134 | 187 | 262 | 583 | 40,948 | |||||||||||||||||||||||||||
Total loans | $ | 7,526,976 | $ | 1,706 | $ | 5,574 | $ | 19,931 | $ | 27,211 | $ | 7,554,187 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Current | 30-59 Days | 60-89 Days | Over 90 days | Total | Total | ||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,555,210 | $ | 1,759 | $ | 406 | $ | 4,487 | $ | 6,652 | $ | 1,561,862 | |||||||||||||||||||||
Non-owner occupied | 1,627,062 | 8,774 | 4,847 | 15,767 | 29,388 | 1,656,450 | |||||||||||||||||||||||||||
Multi-family | 186,965 | — | — | — | — | 186,965 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,232,186 | 1,868 | 233 | 2,453 | 4,554 | 2,236,740 | |||||||||||||||||||||||||||
Leases | 235,618 | — | — | 350 | 350 | 235,968 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 291,883 | — | — | — | — | 291,883 | |||||||||||||||||||||||||||
Land | 243,741 | 264 | 1,343 | — | 1,607 | 245,348 | |||||||||||||||||||||||||||
Residential real estate | 339,566 | 2,423 | 1,368 | 6,955 | 10,746 | 350,312 | |||||||||||||||||||||||||||
Consumer | 44,018 | 466 | 155 | 514 | 1,135 | 45,153 | |||||||||||||||||||||||||||
Total loans | $ | 6,756,249 | $ | 15,554 | $ | 8,352 | $ | 30,526 | $ | 54,432 | $ | 6,810,681 | |||||||||||||||||||||
Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents the recorded investment in nonaccrual loans and loans past due ninety days or more and still accruing interest by class of loans: | |||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||||
Non-accrual loans | Loans past due 90 days or more and still accruing | Non-accrual loans | Loans past due 90 days or more and still accruing | ||||||||||||||||||||||||||||||
Current | Past Due/Delinquent | Total Non-accrual | Current | Past Due/Delinquent | Total Non-accrual | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 6,273 | $ | 3,153 | $ | 9,426 | $ | 576 | $ | 9,330 | $ | 3,600 | $ | 12,930 | $ | 887 | |||||||||||||||||
Non-owner occupied | 32,097 | 5,059 | 37,156 | 2,331 | 17,930 | 23,996 | 41,926 | — | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 1,658 | 560 | 2,218 | — | 622 | 2,682 | 3,304 | 125 | |||||||||||||||||||||||||
Leases | 416 | — | 416 | — | 99 | 350 | 449 | — | |||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Land | 2,161 | — | 2,161 | — | 3,133 | 1,392 | 4,525 | — | |||||||||||||||||||||||||
Residential real estate | 2,581 | 10,186 | 12,767 | — | 5,067 | 7,413 | 12,480 | 47 | |||||||||||||||||||||||||
Consumer | 27 | 174 | 201 | 94 | 27 | 39 | 66 | 475 | |||||||||||||||||||||||||
Total | $ | 45,213 | $ | 19,132 | $ | 64,345 | $ | 3,001 | $ | 36,208 | $ | 39,472 | $ | 75,680 | $ | 1,534 | |||||||||||||||||
Loans by Risk Rating | ' | ||||||||||||||||||||||||||||||||
The following tables present gross loans by risk rating: | |||||||||||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,529,318 | $ | 27,650 | $ | 46,213 | $ | 1,805 | $ | — | $ | 1,604,986 | |||||||||||||||||||||
Non-owner occupied | 1,634,799 | 37,367 | 82,302 | 438 | — | 1,754,906 | |||||||||||||||||||||||||||
Multi-family | 184,650 | — | 461 | — | — | 185,111 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,774,118 | 7,970 | 22,731 | — | — | 2,804,819 | |||||||||||||||||||||||||||
Leases | 218,753 | 2,995 | 1,139 | — | — | 222,887 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 338,032 | 481 | — | — | — | 338,513 | |||||||||||||||||||||||||||
Land | 241,498 | 10,859 | 21,545 | — | — | 273,902 | |||||||||||||||||||||||||||
Residential real estate | 305,189 | 2,699 | 20,227 | — | — | 328,115 | |||||||||||||||||||||||||||
Consumer | 40,037 | 349 | 562 | — | — | 40,948 | |||||||||||||||||||||||||||
Total | $ | 7,266,394 | $ | 90,370 | $ | 195,180 | $ | 2,243 | $ | — | $ | 7,554,187 | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 7,264,449 | $ | 90,030 | $ | 170,658 | $ | 1,839 | $ | — | $ | 7,526,976 | |||||||||||||||||||||
Past due 30 - 59 days | 1,584 | 122 | — | — | — | 1,706 | |||||||||||||||||||||||||||
Past due 60 - 89 days | 361 | 218 | 4,995 | — | — | 5,574 | |||||||||||||||||||||||||||
Past due 90 days or more | — | — | 19,527 | 404 | — | 19,931 | |||||||||||||||||||||||||||
Total | $ | 7,266,394 | $ | 90,370 | $ | 195,180 | $ | 2,243 | $ | — | $ | 7,554,187 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,483,190 | $ | 33,065 | $ | 44,649 | $ | 958 | $ | — | $ | 1,561,862 | |||||||||||||||||||||
Non-owner occupied | 1,498,500 | 64,588 | 93,362 | — | — | 1,656,450 | |||||||||||||||||||||||||||
Multi-family | 186,479 | — | 486 | — | — | 186,965 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,208,947 | 10,058 | 16,231 | 1,504 | — | 2,236,740 | |||||||||||||||||||||||||||
Leases | 231,344 | 4,175 | 449 | — | — | 235,968 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 291,402 | 481 | — | — | — | 291,883 | |||||||||||||||||||||||||||
Land | 210,615 | 13,762 | 20,971 | — | — | 245,348 | |||||||||||||||||||||||||||
Residential real estate | 323,333 | 3,037 | 23,942 | — | — | 350,312 | |||||||||||||||||||||||||||
Consumer | 43,516 | 799 | 838 | — | — | 45,153 | |||||||||||||||||||||||||||
Total | $ | 6,477,326 | $ | 129,965 | $ | 200,928 | $ | 2,462 | $ | — | $ | 6,810,681 | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 6,471,951 | $ | 129,208 | $ | 154,441 | $ | 649 | $ | — | $ | 6,756,249 | |||||||||||||||||||||
Past due 30 - 59 days | 4,205 | 602 | 10,747 | — | — | 15,554 | |||||||||||||||||||||||||||
Past due 60 - 89 days | 1,123 | 155 | 7,074 | — | — | 8,352 | |||||||||||||||||||||||||||
Past due 90 days or more | 47 | — | 28,666 | 1,813 | — | 30,526 | |||||||||||||||||||||||||||
Total | $ | 6,477,326 | $ | 129,965 | $ | 200,928 | $ | 2,462 | $ | — | $ | 6,810,681 | |||||||||||||||||||||
Recorded Investment in Loans Classified as Impaired | ' | ||||||||||||||||||||||||||||||||
The table below reflects the recorded investment in loans classified as impaired: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Impaired loans with a specific valuation allowance under ASC 310 | $ | 19,584 | $ | 25,754 | |||||||||||||||||||||||||||||
Impaired loans without a specific valuation allowance under ASC 310 | 144,286 | 152,623 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 163,870 | $ | 178,377 | |||||||||||||||||||||||||||||
Valuation allowance related to impaired loans | $ | (3,507 | ) | $ | (5,280 | ) | |||||||||||||||||||||||||||
Impaired Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents impaired loans by class: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 32,025 | $ | 37,902 | |||||||||||||||||||||||||||||
Non-owner occupied | 68,415 | 73,152 | |||||||||||||||||||||||||||||||
Multi-family | — | — | |||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 15,672 | 16,892 | |||||||||||||||||||||||||||||||
Leases | 416 | 449 | |||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||
Land | 20,147 | 23,069 | |||||||||||||||||||||||||||||||
Residential real estate | 26,593 | 26,376 | |||||||||||||||||||||||||||||||
Consumer | 602 | 537 | |||||||||||||||||||||||||||||||
Total | $ | 163,870 | $ | 178,377 | |||||||||||||||||||||||||||||
Average Investment in Impaired Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents the average investment in impaired loans by loan class: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 34,341 | $ | 49,916 | $ | 35,545 | $ | 54,990 | |||||||||||||||||||||||||
Non-owner occupied | 68,725 | 56,462 | 69,382 | 54,724 | |||||||||||||||||||||||||||||
Multi-family | — | 125 | — | 177 | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 15,438 | 14,801 | 15,510 | 14,945 | |||||||||||||||||||||||||||||
Leases | 419 | 859 | 429 | 944 | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||
Land | 20,291 | 28,024 | 21,438 | 28,693 | |||||||||||||||||||||||||||||
Residential real estate | 27,607 | 33,260 | 27,203 | 35,150 | |||||||||||||||||||||||||||||
Consumer | 505 | 619 | 503 | 662 | |||||||||||||||||||||||||||||
Total | $ | 167,326 | $ | 184,066 | $ | 170,010 | $ | 190,285 | |||||||||||||||||||||||||
Interest Income on Impaired Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents interest income on impaired loans by class: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 374 | $ | 336 | $ | 765 | $ | 756 | |||||||||||||||||||||||||
Non-owner occupied | 402 | 421 | 775 | 825 | |||||||||||||||||||||||||||||
Multi-family | — | — | — | — | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 184 | 119 | 377 | 269 | |||||||||||||||||||||||||||||
Leases | — | — | — | — | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | |||||||||||||||||||||||||||||
Land | 295 | 287 | 556 | 546 | |||||||||||||||||||||||||||||
Residential real estate | 160 | 20 | 317 | 25 | |||||||||||||||||||||||||||||
Consumer | 20 | 8 | 31 | 16 | |||||||||||||||||||||||||||||
Total | $ | 1,435 | $ | 1,191 | $ | 2,821 | $ | 2,437 | |||||||||||||||||||||||||
Tabular Disclosure of Nonperforming Assets | ' | ||||||||||||||||||||||||||||||||
The following table summarizes nonperforming assets: | |||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Nonaccrual loans | $ | 64,345 | $ | 75,680 | |||||||||||||||||||||||||||||
Loans past due 90 days or more on accrual status | 3,001 | 1,534 | |||||||||||||||||||||||||||||||
Troubled debt restructured loans | 89,703 | 89,576 | |||||||||||||||||||||||||||||||
Total nonperforming loans | 157,049 | 166,790 | |||||||||||||||||||||||||||||||
Other assets acquired through foreclosure, net | 59,292 | 66,719 | |||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 216,341 | $ | 233,509 | |||||||||||||||||||||||||||||
Schedule of Changes in Accretable Yield | ' | ||||||||||||||||||||||||||||||||
Changes in the accretable yield for loans acquired with deteriorated credit quality are as follows: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, at beginning of period | $ | 26,831 | $ | 4,993 | $ | 28,164 | $ | 7,072 | |||||||||||||||||||||||||
Addition due to acquisition | — | 22,318 | — | 22,318 | |||||||||||||||||||||||||||||
Reclassification from non-accretable to accretable yield | 1,564 | 1,047 | 3,030 | 1,047 | |||||||||||||||||||||||||||||
Accretion to interest income | (1,798 | ) | (2,285 | ) | (4,202 | ) | (4,364 | ) | |||||||||||||||||||||||||
Reversal of fair value adjustments upon disposition of loans | (3,414 | ) | — | (3,809 | ) | — | |||||||||||||||||||||||||||
Balance, at end of period | $ | 23,183 | $ | 26,073 | $ | 23,183 | $ | 26,073 | |||||||||||||||||||||||||
Allowances for Credit Losses | ' | ||||||||||||||||||||||||||||||||
The following table presents impairment method information related to loans and the allowance for credit losses by loan portfolio segment: | |||||||||||||||||||||||||||||||||
Commercial Real Estate-Owner Occupied | Commercial Real Estate-Non-Owner Occupied | Commercial and Industrial | Residential Real Estate | Construction and Land Development | Commercial Leases | Consumer | Total Loans | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Loans as of June 30, 2014: | |||||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,803 | $ | 13,423 | $ | 758 | $ | 3,500 | $ | — | $ | 73 | $ | 27 | $ | 19,584 | |||||||||||||||||
Impaired loans with no allowance recorded | 30,222 | 54,991 | 14,915 | 23,093 | 20,147 | 343 | 575 | 144,286 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 32,025 | 68,414 | 15,673 | 26,593 | 20,147 | 416 | 602 | 163,870 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,550,833 | 1,787,437 | 2,788,889 | 299,027 | 592,253 | 222,471 | 40,346 | 7,281,256 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 22,128 | 84,166 | 257 | 2,495 | 15 | — | — | 109,061 | |||||||||||||||||||||||||
Total loans | $ | 1,604,986 | $ | 1,940,017 | $ | 2,804,819 | $ | 328,115 | $ | 612,415 | $ | 222,887 | $ | 40,948 | $ | 7,554,187 | |||||||||||||||||
Unpaid Principal Balance | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,803 | $ | 13,423 | $ | 1,011 | $ | 3,649 | $ | — | $ | 73 | $ | 27 | $ | 19,986 | |||||||||||||||||
Impaired loans with no allowance recorded | 33,358 | 56,875 | 15,444 | 28,694 | 20,645 | 495 | 587 | 156,098 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 35,161 | 70,298 | 16,455 | 32,343 | 20,645 | 568 | 614 | 176,084 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,550,833 | 1,787,437 | 2,788,889 | 299,027 | 592,253 | 222,471 | 40,346 | 7,281,256 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 29,560 | 115,185 | 778 | 3,692 | 79 | — | — | 149,294 | |||||||||||||||||||||||||
Total loans | $ | 1,615,554 | $ | 1,972,920 | $ | 2,806,122 | $ | 335,062 | $ | 612,977 | $ | 223,039 | $ | 40,960 | $ | 7,606,634 | |||||||||||||||||
Related Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,298 | $ | 723 | $ | 392 | $ | 1,026 | $ | — | $ | 65 | $ | 3 | $ | 3,507 | |||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 1,298 | 723 | 392 | 1,026 | — | 65 | 3 | 3,507 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 13,797 | 18,415 | 39,561 | 9,201 | 16,873 | 2,843 | 1,624 | 102,314 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 38 | 78 | — | — | — | — | — | 116 | |||||||||||||||||||||||||
Total loans | $ | 15,133 | $ | 19,216 | $ | 39,953 | $ | 10,227 | $ | 16,873 | $ | 2,908 | $ | 1,627 | $ | 105,937 | |||||||||||||||||
Commercial Real Estate-Owner Occupied | Commercial Real Estate-Non-Owner Occupied | Commercial and Industrial | Residential Real Estate | Construction and Land Development | Commercial Leases | Consumer | Total Loans | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Loans as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,092 | $ | 17,932 | $ | 1,907 | $ | 4,580 | $ | 118 | $ | 99 | $ | 26 | $ | 25,754 | |||||||||||||||||
Impaired loans with no allowance recorded | 36,810 | 55,220 | 14,985 | 21,796 | 22,951 | 350 | 511 | 152,623 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 37,902 | 73,152 | 16,892 | 26,376 | 23,069 | 449 | 537 | 178,377 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,500,740 | 1,678,242 | 2,219,500 | 321,683 | 513,681 | 235,519 | 44,616 | 6,513,981 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 23,220 | 92,021 | 348 | 2,253 | 481 | — | — | 118,323 | |||||||||||||||||||||||||
Total loans | $ | 1,561,862 | $ | 1,843,415 | $ | 2,236,740 | $ | 350,312 | $ | 537,231 | $ | 235,968 | $ | 45,153 | $ | 6,810,681 | |||||||||||||||||
Unpaid Principal Balance | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 1,092 | $ | 19,273 | $ | 2,120 | $ | 4,729 | $ | 118 | $ | 99 | $ | 27 | $ | 27,458 | |||||||||||||||||
Impaired loans with no allowance recorded | 43,537 | 58,322 | 15,731 | 27,550 | 24,137 | 502 | 523 | 170,302 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 44,629 | 77,595 | 17,851 | 32,279 | 24,255 | 601 | 550 | 197,760 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,500,740 | 1,678,242 | 2,219,500 | 321,683 | 513,681 | 235,519 | 44,616 | 6,513,981 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 34,951 | 130,279 | 1,403 | 3,728 | 804 | — | — | 171,165 | |||||||||||||||||||||||||
Total loans | $ | 1,580,320 | $ | 1,886,116 | $ | 2,238,754 | $ | 357,690 | $ | 538,740 | $ | 236,120 | $ | 45,166 | $ | 6,882,906 | |||||||||||||||||
Related Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 402 | $ | 2,121 | $ | 702 | $ | 1,896 | $ | 85 | $ | 70 | $ | 4 | $ | 5,280 | |||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 402 | 2,121 | 702 | 1,896 | 85 | 70 | 4 | 5,280 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 12,158 | 17,061 | 36,344 | 9,744 | 14,434 | 2,541 | 2,166 | 94,448 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | 322 | — | — | — | — | — | 322 | |||||||||||||||||||||||||
Total loans | $ | 12,560 | $ | 19,504 | $ | 37,046 | $ | 11,640 | $ | 14,519 | $ | 2,611 | $ | 2,170 | $ | 100,050 | |||||||||||||||||
The following table summarizes the changes in the allowance for credit losses by portfolio type: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||
Construction and Land Development | Commercial Real Estate | Residential Real Estate | Commercial and Industrial | Consumer | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 16,700 | $ | 34,853 | $ | 11,297 | $ | 39,493 | $ | 1,556 | $ | 103,899 | |||||||||||||||||||||
Charge-offs | (78 | ) | (330 | ) | (523 | ) | (1,038 | ) | (5 | ) | (1,974 | ) | |||||||||||||||||||||
Recoveries | 498 | 1,248 | 314 | 1,254 | 191 | 3,505 | |||||||||||||||||||||||||||
Provision | (247 | ) | (1,422 | ) | (861 | ) | 3,152 | (115 | ) | 507 | |||||||||||||||||||||||
Ending balance | $ | 16,873 | $ | 34,349 | $ | 10,227 | $ | 42,861 | $ | 1,627 | $ | 105,937 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 11,039 | $ | 34,901 | $ | 14,595 | $ | 34,185 | $ | 774 | $ | 95,494 | |||||||||||||||||||||
Charge-offs | (238 | ) | (2,391 | ) | (2,010 | ) | (1,065 | ) | (18 | ) | (5,722 | ) | |||||||||||||||||||||
Recoveries | 120 | 633 | 549 | 1,757 | 11 | 3,070 | |||||||||||||||||||||||||||
Provision | (1,307 | ) | 1,440 | 713 | 2,506 | 129 | 3,481 | ||||||||||||||||||||||||||
Ending balance | $ | 9,614 | $ | 34,583 | $ | 13,847 | $ | 37,383 | $ | 896 | $ | 96,323 | |||||||||||||||||||||
Troubled Debt Restructured Loans by Loan Class | ' | ||||||||||||||||||||||||||||||||
The following table presents information on the financial effects of TDR loans by class for the periods presented: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
Non-owner occupied | 1 | 13,423 | — | — | 13,423 | 8 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 1 | 966 | — | — | 966 | 1 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 2 | 897 | 281 | 33 | 583 | 7 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 4 | $ | 15,286 | $ | 281 | $ | 33 | $ | 14,972 | $ | 16 | ||||||||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1 | $ | 798 | $ | 378 | $ | 117 | $ | 303 | $ | 33 | ||||||||||||||||||||||
Non-owner occupied | 1 | 13,423 | — | — | 13,423 | 8 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2 | 1,029 | — | — | 1,029 | 4 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 3 | 1,302 | 447 | 70 | 785 | 7 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 7 | $ | 16,552 | $ | 825 | $ | 187 | $ | 15,540 | $ | 52 | ||||||||||||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2 | $ | 820 | $ | — | $ | — | $ | 820 | $ | 28 | ||||||||||||||||||||||
Non-owner occupied | 1 | 417 | — | — | 417 | 7 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3 | 513 | — | — | 513 | 2 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||||||||||||
Residential real estate | 8 | 2,963 | — | 267 | 2,696 | 12 | |||||||||||||||||||||||||||
Consumer | 1 | 35 | — | 5 | 30 | — | |||||||||||||||||||||||||||
Total | 15 | $ | 4,748 | $ | — | $ | 272 | $ | 4,476 | $ | 49 | ||||||||||||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 7 | $ | 3,506 | $ | — | $ | 54 | $ | 3,452 | $ | 28 | ||||||||||||||||||||||
Non-owner occupied | 5 | 10,735 | 1,030 | 63 | 9,642 | 14 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 8 | 2,359 | — | 10 | 2,349 | 11 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 2 | 286 | — | — | 286 | 1 | |||||||||||||||||||||||||||
Residential real estate | 9 | 3,002 | — | 273 | 2,729 | 15 | |||||||||||||||||||||||||||
Consumer | 2 | 74 | — | 5 | 69 | 3 | |||||||||||||||||||||||||||
Total | 33 | $ | 19,962 | $ | 1,030 | $ | 405 | $ | 18,527 | $ | 72 | ||||||||||||||||||||||
Troubled Debt Restructured Loans by Class for Which There was a Payment Default | ' | ||||||||||||||||||||||||||||||||
The following table presents TDR loans by class for which there was a payment default during the period: | |||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 1 | $ | 92 | — | $ | — | 2 | $ | 395 | 3 | $ | 2,506 | |||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | — | 1 | 160 | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2 | 306 | — | — | 3 | 369 | 2 | 782 | |||||||||||||||||||||||||
Leases | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Land | — | — | — | — | — | — | 2 | 330 | |||||||||||||||||||||||||
Residential real estate | — | — | — | — | 1 | 202 | 2 | 655 | |||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total | 3 | $ | 398 | — | $ | — | 6 | $ | 966 | 10 | $ | 4,433 | |||||||||||||||||||||
Other_Assets_Acquired_Through_1
Other Assets Acquired Through Foreclosure (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | ||||||||||||||||||||||||
Changes in Other Assets Acquired Through Foreclosure | ' | ||||||||||||||||||||||||
The following table represents the changes in other assets acquired through foreclosure: | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Balance | Valuation Allowance | Net Balance | Gross Balance | Valuation Allowance | Net Balance | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, beginning of the period | $ | 72,226 | $ | (15,776 | ) | $ | 56,450 | $ | 108,418 | $ | (30,497 | ) | $ | 77,921 | |||||||||||
Transfers to other assets acquired through foreclosure, net | 4,309 | — | 4,309 | 4,664 | — | 4,664 | |||||||||||||||||||
Additions from acquisition of Centennial Bank | — | — | — | 5,622 | — | 5,622 | |||||||||||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (1,903 | ) | 683 | (1,220 | ) | (17,422 | ) | 4,639 | (12,783 | ) | |||||||||||||||
Valuation adjustments, net | — | (258 | ) | (258 | ) | — | (566 | ) | (566 | ) | |||||||||||||||
Gains, net (1) | 11 | — | 11 | 1,641 | — | 1,641 | |||||||||||||||||||
Balance, end of period | $ | 74,643 | $ | (15,351 | ) | $ | 59,292 | $ | 102,923 | $ | (26,424 | ) | $ | 76,499 | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross Balance | Valuation Allowance | Net Balance | Gross Balance | Valuation Allowance | Net Balance | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance, beginning of the period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | $ | 113,474 | $ | (36,227 | ) | $ | 77,247 | |||||||||||
Transfers to other assets acquired through foreclosure, net | 6,419 | — | 6,419 | 11,273 | — | 11,273 | |||||||||||||||||||
Additions from acquisition of Centennial Bank | — | — | — | 5,622 | — | 5,622 | |||||||||||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (21,376 | ) | 6,644 | (14,732 | ) | (29,542 | ) | 11,385 | (18,157 | ) | |||||||||||||||
Valuation adjustments, net | — | (293 | ) | (293 | ) | — | (1,582 | ) | (1,582 | ) | |||||||||||||||
Gains, net (2) | 1,179 | — | 1,179 | 2,096 | — | 2,096 | |||||||||||||||||||
Balance, end of period | $ | 74,643 | $ | (15,351 | ) | $ | 59,292 | $ | 102,923 | $ | (26,424 | ) | $ | 76,499 | |||||||||||
-1 | Includes gains related to initial transfers to other assets of zero and $23 thousand during the three months ended June 30, 2014 and 2013, respectively, pursuant to accounting guidance. |
Other_Borrowings_Tables
Other Borrowings (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Company's Borrowings | ' | ||||||||
The following table summarizes the Company’s borrowings as of June 30, 2014 and December 31, 2013: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Short-Term: | |||||||||
Revolving line of credit | $ | — | $ | 3,000 | |||||
FHLB advances | 61,941 | 25,906 | |||||||
Total short-term borrowings | $ | 61,941 | $ | 28,906 | |||||
Long-Term: | |||||||||
FHLB advances | $ | 211,155 | $ | 247,973 | |||||
Other long term debt | 64,436 | 64,217 | |||||||
Total long-term borrowings | $ | 275,591 | $ | 312,190 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
The following table summarizes the changes in accumulated other comprehensive loss by component, net of tax, for the periods indicated: | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Unrealized holding gains (losses) on AFS | Impairment loss on securities | Total | Unrealized holding gains (losses) on AFS | Unrealized gain on cash flow hedge | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance | $ | (11,275 | ) | $ | 144 | $ | (11,131 | ) | $ | 7,222 | $ | (17 | ) | $ | 7,205 | ||||||||||
Transfer of HTM securities to AFS | 8,976 | — | 8,976 | — | — | — | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 10,525 | — | 10,525 | (18,005 | ) | 47 | (17,958 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 102 | — | 102 | 3 | — | 3 | |||||||||||||||||||
Net current-period other comprehensive income (loss) | 19,603 | — | 19,603 | (18,002 | ) | 47 | (17,955 | ) | |||||||||||||||||
Ending balance | $ | 8,328 | $ | 144 | $ | 8,472 | $ | (10,780 | ) | $ | 30 | $ | (10,750 | ) | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Unrealized holding gains (losses) on AFS | Impairment loss on securities | Total | Unrealized holding gains (losses) on AFS | Unrealized gain on cash flow hedge | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance | $ | (21,690 | ) | $ | 144 | $ | (21,546 | ) | $ | 8,209 | $ | 17 | $ | 8,226 | |||||||||||
Transfer of HTM securities to AFS | 8,976 | — | 8,976 | — | — | — | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 21,169 | — | 21,169 | (18,900 | ) | 13 | (18,887 | ) | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (127 | ) | — | (127 | ) | (89 | ) | — | (89 | ) | |||||||||||||||
Net current-period other comprehensive income (loss) | 30,018 | — | 30,018 | (18,989 | ) | 13 | (18,976 | ) | |||||||||||||||||
Ending balance | $ | 8,328 | $ | 144 | $ | 8,472 | $ | (10,780 | ) | $ | 30 | $ | (10,750 | ) | |||||||||||
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
The following table presents reclassifications out of accumulated other comprehensive loss: | |||||||||||||||||||||||||
Amount reclassified from accumulated other comprehensive income | |||||||||||||||||||||||||
Details about accumulated other | Three Months Ended June 30, | Affected line item in the statement | |||||||||||||||||||||||
comprehensive income components | 2014 | 2013 | where net income is presented | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Unrealized gains and losses on AFS | |||||||||||||||||||||||||
$ | (163 | ) | $ | (5 | ) | Loss on sales of investment securities, net | |||||||||||||||||||
61 | 2 | Income tax expense | |||||||||||||||||||||||
$ | (102 | ) | $ | (3 | ) | Net of tax | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive income | |||||||||||||||||||||||||
Details about accumulated other | Six Months Ended June 30, | Affected line item in the statement | |||||||||||||||||||||||
comprehensive income components | 2014 | 2013 | where net income is presented | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Unrealized gains and losses on AFS | |||||||||||||||||||||||||
$ | 203 | $ | 143 | Gain on sales of investment securities, net | |||||||||||||||||||||
(76 | ) | (54 | ) | Income tax benefit | |||||||||||||||||||||
$ | 127 | $ | 89 | Net of tax | |||||||||||||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Largest Exposure To Individual Counterparty Table [Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes our largest exposure to an individual counterparty at the dates indicated: | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-13 | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Largest gross exposure (derivative asset) to an individual counterparty | $ | 2 | $ | 2,378 | $ | 53 | ||||||||||||||||||||||||||||||
Collateral posted by this counterparty | — | 2,002 | — | |||||||||||||||||||||||||||||||||
Derivative liability with this counterparty | 28,874 | 376 | — | |||||||||||||||||||||||||||||||||
Collateral pledged to this counterparty | 28,872 | — | — | |||||||||||||||||||||||||||||||||
Net exposure after netting adjustments and collateral | — | — | 53 | |||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The fair value of derivative contracts are included in “other assets” or “other liabilities” on the balance sheet, as indicated in the following table: | ||||||||||||||||||||||||||||||||||||
30-Jun-14 | 31-Dec-13 | 30-Jun-13 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Notional | Derivative | Derivative | Notional | Derivative | Derivative | Notional | Derivative | Derivative | ||||||||||||||||||||||||||||
Amount | Assets | Liabilities | Amount | Assets | Liabilities | Amount | Assets | Liabilities | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 568,006 | $ | 2 | $ | 29,219 | $ | 294,997 | $ | 2,386 | $ | 788 | $ | 12,509 | $ | 78 | $ | 559 | ||||||||||||||||||
Total | 568,006 | 2 | 29,219 | 294,997 | 2,386 | 788 | 12,509 | 78 | 559 | |||||||||||||||||||||||||||
Netting adjustments (1) | — | 2 | 2 | — | 384 | 384 | — | 5 | 5 | |||||||||||||||||||||||||||
Net derivatives in the balance sheet | $ | 568,006 | $ | — | $ | 29,217 | $ | 294,997 | $ | 2,002 | $ | 404 | $ | 12,509 | $ | 73 | $ | 554 | ||||||||||||||||||
-1 | Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. | |||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax net gains (losses) on our fair value hedges for the three and six months ended June 30, 2014 and 2013, and where they are recorded in the income statement. | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Income Statement Classification | Net Losses on Swaps | Net Gains on Loans | Net Gains on Swaps | Net Losses on Loans | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on assets / liabilities measured at fair value, net | (16,635 | ) | 16,795 | 210 | (180 | ) | (a) | |||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
Income Statement Classification | Net Losses on Swaps | Net Gains on Loans | Net Gains on Swaps | Net Losses on Loans | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) on assets / liabilities measured at fair value, net | (31,774 | ) | 31,570 | 298 | (266 | ) | (a) | |||||||||||||||||||||||||||||
(a) | Net gains (losses) on loans represent the change in fair value caused by fluctuations in interest rates. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of basic and diluted earnings per share | ' | |||||||||||||||
The following table presents the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Weighted average shares - basic | 86,501 | 85,659 | 86,379 | 85,493 | ||||||||||||
Dilutive effect of stock awards | 832 | 865 | 850 | 761 | ||||||||||||
Weighted average shares - diluted | 87,333 | 86,524 | 87,229 | 86,254 | ||||||||||||
Net income available to common stockholders | $ | 35,186 | $ | 33,719 | $ | 65,918 | $ | 54,252 | ||||||||
Earnings per share - basic | 0.41 | 0.39 | 0.76 | 0.63 | ||||||||||||
Earnings per share - diluted | 0.4 | 0.39 | 0.76 | 0.63 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Impact of change in accounting principle on consolidated financial statements | ' | |||||||
The following table summarizes the impact of the change in the Consolidated Financial Statements for the periods indicated: | ||||||||
December 31, 2013 | ||||||||
(in thousands) | ||||||||
Consolidated Balance Sheet: | ||||||||
Deferred tax assets, net | ||||||||
As previously reported | $ | 79,374 | ||||||
As reported under new guidance | 80,688 | |||||||
Other assets | ||||||||
As previously reported (1) | 186,288 | |||||||
As reported under new guidance | 185,221 | |||||||
Stockholders' Equity | ||||||||
As previously reported | 855,251 | |||||||
As reported under new guidance | 855,498 | |||||||
-1 | Includes a $14.6 million reclassification from premises and equipment, net. | |||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||
(in thousands) | ||||||||
Consolidated Income Statement: | ||||||||
Non-interest income | ||||||||
As previously reported | $ | 10,862 | $ | 14,761 | ||||
As reported under new guidance | 11,762 | 16,561 | ||||||
Income tax expense | ||||||||
As previously reported | 6,817 | 13,625 | ||||||
As reported under new guidance | 7,661 | 15,448 | ||||||
Income from continuing operations | ||||||||
As previously reported | 34,185 | 55,111 | ||||||
As reported under new guidance | 34,241 | 55,088 | ||||||
Net income | ||||||||
As previously reported | 34,016 | 54,980 | ||||||
As reported under new guidance | 34,072 | 54,957 | ||||||
Net income available to common stockholders | ||||||||
As previously reported | 33,663 | 54,275 | ||||||
As reported under new guidance | 33,719 | 54,252 | ||||||
Earnings per share applicable to common stockholders--basic | ||||||||
As previously reported | 0.39 | 0.63 | ||||||
As reported under new guidance | 0.39 | 0.63 | ||||||
Earnings per share applicable to common stockholders--diluted | ||||||||
As previously reported | 0.39 | 0.63 | ||||||
As reported under new guidance | 0.39 | 0.63 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||
Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit | ' | ||||||||
A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
(in thousands) | |||||||||
Commitments to extend credit, including unsecured loan commitments of $217,598 at June 30, 2014 and $237,063 at December 31, 2013 | $ | 1,872,851 | $ | 1,878,340 | |||||
Credit card commitments and financial guarantees | 35,805 | 33,632 | |||||||
Standby letters of credit, including unsecured letters of credit of $6,311 at June 30, 2014 and $4,896 at December 31, 2013 | 40,181 | 31,271 | |||||||
Total | $ | 1,948,837 | $ | 1,943,243 | |||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations | ' | ||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, gains and losses from fair value changes included in the consolidated income statements were as follows: | |||||||||||||||||||||
Changes in Fair Values for Items Measured at Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | Interest Income on Securities | Interest Expense on Junior Subordinated Debt | Total Changes Included in Current-Period Earnings | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended June 30, 2014: | |||||||||||||||||||||
Securities measured at fair value | $ | (2 | ) | $ | 1 | $ | — | $ | (1 | ) | |||||||||||
Junior subordinated debt | 125 | — | (443 | ) | (318 | ) | |||||||||||||||
Total | $ | 123 | $ | 1 | $ | (443 | ) | $ | (319 | ) | |||||||||||
Six Months Ended June 30, 2014: | |||||||||||||||||||||
Securities measured at fair value | $ | 16 | $ | 2 | $ | — | $ | 18 | |||||||||||||
Junior subordinated debt | (853 | ) | — | (864 | ) | (1,717 | ) | ||||||||||||||
Total | $ | (837 | ) | $ | 2 | $ | (864 | ) | $ | (1,699 | ) | ||||||||||
Changes in Fair Values for Items Measured at Fair Value Pursuant to Election of the Fair Value Option | |||||||||||||||||||||
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | Interest Income on Securities | Interest Expense on Junior Subordinated Debt | Total Changes Included in Current-Period Earnings | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Three Months Ended June 30, 2013: | |||||||||||||||||||||
Securities measured at fair value | $ | (52 | ) | $ | 4 | $ | — | $ | (48 | ) | |||||||||||
Junior subordinated debt | (3,238 | ) | — | (455 | ) | (3,693 | ) | ||||||||||||||
Total | $ | (3,290 | ) | $ | 4 | $ | (455 | ) | $ | (3,741 | ) | ||||||||||
Six Months Ended June 30, 2013: | |||||||||||||||||||||
Securities measured at fair value | $ | (54 | ) | $ | 6 | $ | — | $ | (48 | ) | |||||||||||
Junior subordinated debt | (3,707 | ) | — | (921 | ) | (4,628 | ) | ||||||||||||||
Total | $ | (3,761 | ) | $ | 6 | $ | (921 | ) | $ | (4,676 | ) | ||||||||||
Gains and Losses from Fair Value Changes on Securities Measured at Fair Value | ' | ||||||||||||||||||||
The following table presents the portion of trading securities losses related to trading securities still held at the reporting date: | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Net gains and (losses) for the period on trading securities included in earnings | $ | (2 | ) | $ | (52 | ) | $ | 16 | $ | (54 | ) | ||||||||||
Less: net gains and (losses) recognized during the period on trading securities sold during the period | — | — | — | — | |||||||||||||||||
Change in unrealized gains or (losses) for the period included in earnings for trading securities held at the end of the reporting period | $ | (2 | ) | $ | (52 | ) | $ | 16 | $ | (54 | ) | ||||||||||
Fair Value of Assets and Liabilities | ' | ||||||||||||||||||||
The fair value of assets and liabilities measured at fair value on a recurring basis were determined using the following inputs at the periods presented: | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using: | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Measured at fair value | |||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 2,379 | $ | — | $ | 2,379 | |||||||||||||
Private label residential MBS | — | 414 | — | 414 | |||||||||||||||||
Total securities measured at fair value | $ | — | $ | 2,793 | $ | — | $ | 2,793 | |||||||||||||
Available-for-sale | |||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | 17,911 | $ | — | $ | 17,911 | |||||||||||||
Corporate debt securities | — | 95,940 | — | 95,940 | |||||||||||||||||
Municipal obligations | — | 305,282 | — | 305,282 | |||||||||||||||||
Preferred stock | 73,219 | — | — | 73,219 | |||||||||||||||||
Mutual funds | 38,054 | — | — | 38,054 | |||||||||||||||||
Residential MBS issued by GSEs | — | 947,683 | — | 947,683 | |||||||||||||||||
Commercial MBS issued by GSEs | — | 2,084 | — | 2,084 | |||||||||||||||||
Private label residential MBS | — | 34,836 | — | 34,836 | |||||||||||||||||
Private label commercial MBS | — | 5,395 | — | 5,395 | |||||||||||||||||
Trust preferred securities | — | 25,582 | — | 25,582 | |||||||||||||||||
CRA investments | 23,930 | — | — | 23,930 | |||||||||||||||||
Collateralized debt obligations | — | 7,298 | 58 | 7,356 | |||||||||||||||||
Total AFS | $ | 135,203 | $ | 1,442,011 | $ | 58 | $ | 1,577,272 | |||||||||||||
Derivative assets | $ | — | $ | 28,505 | $ | — | $ | 28,505 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 42,711 | $ | 42,711 | |||||||||||||
Derivative liabilities | $ | — | $ | 29,221 | $ | — | $ | 29,221 | |||||||||||||
Fair Value Measurements at the End of the Reporting Period Using: | |||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Fair Value | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Measured at fair value | |||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 3,036 | $ | — | $ | 3,036 | |||||||||||||
Available-for-sale | |||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | 46,975 | $ | — | $ | 46,975 | |||||||||||||
Municipal obligations | — | 115,665 | — | 115,665 | |||||||||||||||||
Preferred stock | 61,484 | — | — | 61,484 | |||||||||||||||||
Mutual funds | 36,532 | — | — | 36,532 | |||||||||||||||||
Residential MBS issued by GSEs | — | 1,021,421 | — | 1,021,421 | |||||||||||||||||
Private label residential MBS | — | 36,099 | — | 36,099 | |||||||||||||||||
Private label commercial MBS | — | 5,433 | — | 5,433 | |||||||||||||||||
Trust preferred securities | — | 23,805 | — | 23,805 | |||||||||||||||||
CRA investments | 23,282 | — | — | 23,282 | |||||||||||||||||
Total AFS | $ | 121,298 | $ | 1,249,398 | $ | — | $ | 1,370,696 | |||||||||||||
Derivative assets | $ | — | $ | 2,783 | $ | — | $ | 2,783 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 41,858 | $ | 41,858 | |||||||||||||
Derivative liabilities | $ | — | $ | 4,168 | $ | — | $ | 4,168 | |||||||||||||
Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||
For the three and six months ended June 30, 2014 and 2013, the change in Level 3 liabilities measured at fair value on a recurring basis was as follows: | |||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Junior Subordinated Debt | |||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Opening balance | $ | (42,836 | ) | $ | (36,687 | ) | $ | (41,858 | ) | $ | (36,218 | ) | |||||||||
Total losses for the period | |||||||||||||||||||||
Included in earnings (and changes in net assets) (1) | 125 | (3,238 | ) | (853 | ) | (3,707 | ) | ||||||||||||||
Closing balance | $ | (42,711 | ) | $ | (39,925 | ) | $ | (42,711 | ) | $ | (39,925 | ) | |||||||||
Change in unrealized gains (losses) for the three month period included in earnings (and changes in net assets) | $ | 125 | $ | (3,238 | ) | $ | (853 | ) | $ | (3,707 | ) | ||||||||||
-1 | Total gains (losses) for the period are included in the non-interest income line, unrealized gains (losses) on assets / liabilities measured at fair value, net. | ||||||||||||||||||||
For Level 3 liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
30-Jun-14 | Valuation Technique | Significant Unobservable Inputs | Input Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 42,711 | Discounted cash flow | BB Corporate Bond over Treasury Index with comparable credit spread | 5.743 | % | |||||||||||||||
31-Dec-13 | Valuation Technique | Significant Unobservable Inputs | Input Value | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 41,858 | Discounted cash flow | BB Corporate Bond over Treasury Index with comparable credit spread | 5.861 | % | |||||||||||||||
Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table presents such assets carried on the balance sheet by caption and by level within the ASC 825 hierarchy: | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets | Active Markets for Similar Assets | Unobservable Inputs | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||
Impaired loans with a specific valuation allowance | $ | 16,077 | $ | — | $ | — | $ | 16,077 | |||||||||||||
Impaired loans without a specific valuation allowance | 91,533 | — | — | 91,533 | |||||||||||||||||
Other assets acquired through foreclosure | 59,292 | — | — | 59,292 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Impaired loans with a specific valuation allowance | $ | 20,474 | $ | — | $ | — | $ | 20,474 | |||||||||||||
Impaired loans without a specific valuation allowance | 95,695 | — | — | 95,695 | |||||||||||||||||
Other assets acquired through foreclosure | 66,719 | — | — | 66,719 | |||||||||||||||||
Debt Security Credit Losses Recognized in Other Comprehensive Income/Earnings | ' | ||||||||||||||||||||
The following table presents a rollforward of the amount related to impairment credit losses recognized in earnings for the six months ended June 30, 2013. As a result of the sale of these securities during the second quarter of 2013, there is no OTTI balance recognized in comprehensive income as of June 30, 2014. | |||||||||||||||||||||
Private Label Mortgage- Backed Securities | Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Beginning balance of impairment losses held in other comprehensive income | $ | (1,811 | ) | ||||||||||||||||||
Current period OTTI credit losses recognized through earnings | — | ||||||||||||||||||||
Reductions for securities sold during the period | 1,811 | ||||||||||||||||||||
Additions or reductions in credit losses due to change of intent to sell | — | ||||||||||||||||||||
Reductions for increases in cash flows to be collected on impaired securities | — | ||||||||||||||||||||
Ending balance of net unrealized losses held in other comprehensive income | $ | — | |||||||||||||||||||
Estimated Fair Value of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair value of the Company’s financial instruments is as follows: | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
AFS | $ | 1,577,272 | $ | 135,203 | $ | 1,442,011 | $ | 58 | $ | 1,577,272 | |||||||||||
Trading | 2,793 | — | 2,793 | — | 2,793 | ||||||||||||||||
Derivative assets | 28,505 | — | 28,505 | — | 28,505 | ||||||||||||||||
Loans, net | 7,438,630 | — | 6,721,368 | 107,610 | 6,828,978 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 8,469,505 | — | 8,473,609 | — | 8,473,609 | ||||||||||||||||
Customer repurchase agreements | 53,688 | — | 53,688 | — | 53,688 | ||||||||||||||||
FHLB and FRB advances | 273,096 | — | 273,096 | — | 273,096 | ||||||||||||||||
Other borrowed funds | 64,436 | — | — | 70,472 | 70,472 | ||||||||||||||||
Junior subordinated debt | 42,711 | — | — | 42,711 | 42,711 | ||||||||||||||||
Derivative liabilities | 29,221 | — | 29,221 | — | 29,221 | ||||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
HTM | $ | 283,006 | $ | 22,200 | $ | 259,496 | $ | 8 | $ | 281,704 | |||||||||||
AFS | 1,370,696 | 121,298 | 1,249,398 | — | 1,370,696 | ||||||||||||||||
Trading | 3,036 | — | 3,036 | — | 3,036 | ||||||||||||||||
Derivative assets | 2,783 | — | 2,783 | — | 2,783 | ||||||||||||||||
Loans, net | 6,701,365 | — | 6,090,962 | 116,169 | 6,207,131 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 7,838,205 | — | 7,842,014 | — | 7,842,014 | ||||||||||||||||
Customer repurchase agreements | 71,192 | — | 71,192 | — | 71,192 | ||||||||||||||||
FHLB and FRB advances | 273,879 | — | 273,879 | — | 273,879 | ||||||||||||||||
Other borrowed funds | 67,217 | 3,000 | — | 71,475 | 74,475 | ||||||||||||||||
Junior subordinated debt | 41,858 | — | — | 41,858 | 41,858 | ||||||||||||||||
Derivative liabilities | 4,168 | — | 4,168 | — | 4,168 | ||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Summary of Operating Results of Discontinued Operations | ' | ||||||||||||||||
The following table summarizes the operating results of the discontinued operations for the periods indicated: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands) | |||||||||||||||||
Operating revenue | $ | (214 | ) | $ | 1,132 | $ | (358 | ) | $ | 2,271 | |||||||
Non-interest expenses | (511 | ) | (1,424 | ) | (1,369 | ) | (2,498 | ) | |||||||||
Loss before income taxes | (725 | ) | (292 | ) | (1,727 | ) | (227 | ) | |||||||||
Income tax benefit | (221 | ) | (123 | ) | (569 | ) | (96 | ) | |||||||||
Net loss | $ | (504 | ) | $ | (169 | ) | $ | (1,158 | ) | $ | (131 | ) |
Segments_Tables
Segments (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||||||
The following is a summary of selected operating segment information as of and for the three and six months ended June 30, 2014: | |||||||||||||||||||||||||
Arizona | Nevada | California | National Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||
As of June 30, 2014: | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash, cash equivalents and investment securities | $ | 3 | $ | 7 | $ | 2.4 | $ | — | $ | 1,973.60 | $ | 1,986.00 | |||||||||||||
Gross loans and deferred fees, net | 2,131.00 | 1,682.60 | 1,694.80 | 1,951.50 | 84.6 | 7,544.60 | |||||||||||||||||||
Less: allowance for credit losses | (29.9 | ) | (23.6 | ) | (23.8 | ) | (27.4 | ) | (1.2 | ) | (105.9 | ) | |||||||||||||
Loans, net | 2,101.10 | 1,659.00 | 1,671.00 | 1,924.10 | 83.4 | 7,438.70 | |||||||||||||||||||
Other repossessed assets | 13.1 | 24.1 | — | — | 22.1 | 59.3 | |||||||||||||||||||
Goodwill and intangible assets, net | — | 26.5 | — | — | — | 26.5 | |||||||||||||||||||
Other assets | 42.2 | 62.7 | 26.2 | 21.1 | 361 | 513.2 | |||||||||||||||||||
Total assets | $ | 2,159.40 | $ | 1,779.30 | $ | 1,699.60 | $ | 1,945.20 | $ | 2,440.10 | $ | 10,023.60 | |||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits (1) | $ | 2,115.40 | $ | 3,187.80 | $ | 2,061.10 | $ | 886.3 | $ | 218.9 | $ | 8,469.50 | |||||||||||||
Borrowings | — | — | — | — | 337.5 | 337.5 | |||||||||||||||||||
Other liabilities | 20.9 | 46.8 | 4.8 | 24.7 | 161.7 | 258.9 | |||||||||||||||||||
Total liabilities | 2,136.30 | 3,234.60 | 2,065.90 | 911 | 718.1 | 9,065.90 | |||||||||||||||||||
Allocated equity | 233.7 | 212.5 | 188.7 | 152.3 | 170.5 | 957.7 | |||||||||||||||||||
Liabilities and stockholders' equity | $ | 2,370.00 | $ | 3,447.10 | $ | 2,254.60 | $ | 1,063.30 | $ | 888.6 | $ | 10,023.60 | |||||||||||||
Excess funds provided (used) | 210.6 | 1,667.80 | 555 | (881.9 | ) | (1,551.5 | ) | — | |||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three Months Ended June 30, 2014: | |||||||||||||||||||||||||
Net interest income (expense) | $ | 29,211 | $ | 29,359 | $ | 24,702 | $ | 16,226 | $ | (5,600 | ) | $ | 93,898 | ||||||||||||
Provision for (recovery of) credit losses | 3 | (2,011 | ) | (1,672 | ) | 3,467 | 720 | 507 | |||||||||||||||||
Net interest income (expense) after provision for credit losses | 29,208 | 31,370 | 26,374 | 12,759 | (6,320 | ) | 93,391 | ||||||||||||||||||
Non-interest income | 934 | 2,352 | 970 | 643 | 874 | 5,773 | |||||||||||||||||||
Non-interest expense | (12,793 | ) | (16,026 | ) | (13,342 | ) | (6,640 | ) | (3,615 | ) | (52,416 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 17,349 | 17,696 | 14,002 | 6,762 | (9,061 | ) | 46,748 | ||||||||||||||||||
Income tax expense (benefit) | 6,805 | 6,194 | 5,887 | 2,536 | (10,716 | ) | 10,706 | ||||||||||||||||||
Income from continuing operations | 10,544 | 11,502 | 8,115 | 4,226 | 1,655 | 36,042 | |||||||||||||||||||
Loss from discontinued operations, net | — | — | — | — | (504 | ) | (504 | ) | |||||||||||||||||
Net income | $ | 10,544 | $ | 11,502 | $ | 8,115 | $ | 4,226 | $ | 1,151 | $ | 35,538 | |||||||||||||
Arizona | Nevada | California | National Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Six Months Ended June 30, 2014: | |||||||||||||||||||||||||
Net interest income (expense) | $ | 55,819 | $ | 57,954 | $ | 47,494 | $ | 30,190 | $ | (6,782 | ) | $ | 184,675 | ||||||||||||
Provision for (recovery of) credit losses | 1,561 | (2,895 | ) | (1,017 | ) | 5,637 | 721 | 4,007 | |||||||||||||||||
Net interest income (expense) after provision for credit losses | 54,258 | 60,849 | 48,511 | 24,553 | (7,503 | ) | 180,668 | ||||||||||||||||||
Non-interest income | 1,754 | 4,641 | 2,220 | 725 | 1,268 | 10,608 | |||||||||||||||||||
Non-interest expense | (26,097 | ) | (31,262 | ) | (26,385 | ) | (13,148 | ) | (5,273 | ) | (102,165 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 29,915 | 34,228 | 24,346 | 12,130 | (11,508 | ) | 89,111 | ||||||||||||||||||
Income tax expense (benefit) | 11,734 | 11,981 | 10,237 | 4,549 | (17,171 | ) | 21,330 | ||||||||||||||||||
Income from continuing operations | 18,181 | 22,247 | 14,109 | 7,581 | 5,663 | 67,781 | |||||||||||||||||||
Loss from discontinued operations, net | — | — | — | — | (1,158 | ) | (1,158 | ) | |||||||||||||||||
Net income | $ | 18,181 | $ | 22,247 | $ | 14,109 | $ | 7,581 | $ | 4,505 | $ | 66,623 | |||||||||||||
-1 | Certain centrally-managed deposits from prior periods were re-allocated to specific regions to conform to current presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Subsidiary | Wholly Owned Subsidiary Banks [Member] | Maximum | |
Subsidiary | |||
Significant Of Accounting Policies [Line Items] | ' | ' | ' |
Number Of Wholly Owned Subsidiaries Non Bank Subsidiaries | 2 | ' | ' |
Number of wholly-owned subsidiaries | 9 | 3 | ' |
Number Of Unconsolidated Subsidiaries | 6 | ' | ' |
Maximum period of internal loss allowance calculation model | '5 years | ' | ' |
Period of collateral valuation analysis | ' | ' | '12 months |
Investment_Securities_Carrying
Investment Securities - Carrying Amounts and Fair Values of Investment Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities held-to-maturity , Amortized Cost | $0 | $283,006 | ' | ' |
Securities held-to-maturity , Gross Unrealized Gains | ' | 4,894 | ' | ' |
Securities held-to-maturity , Gross Unrealized (Losses) | ' | -6,196 | ' | ' |
Securities held to maturity Total, Estimated Fair Value | 0 | 281,704 | ' | ' |
Securities available-for-sale, Amortized Cost | 1,563,735 | 1,404,048 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 32,114 | 7,010 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -18,577 | -40,362 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 1,577,272 | 1,370,696 | ' | ' |
Securities measured at fair value | 2,793 | ' | ' | ' |
Securities available-for-sale, OTTI Recognized in Other Comprehensive Loss | ' | ' | 0 | -1,811 |
Collateralized debt obligations [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities held-to-maturity , Amortized Cost | ' | 50 | ' | ' |
Securities held-to-maturity , Gross Unrealized Gains | ' | 1,346 | ' | ' |
Securities held-to-maturity , Gross Unrealized (Losses) | ' | 0 | ' | ' |
Securities held to maturity Total, Estimated Fair Value | ' | 1,396 | ' | ' |
Corporate debt securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities held-to-maturity , Amortized Cost | ' | 97,777 | ' | ' |
Securities held-to-maturity , Gross Unrealized Gains | ' | 775 | ' | ' |
Securities held-to-maturity , Gross Unrealized (Losses) | ' | -3,826 | ' | ' |
Securities held to maturity Total, Estimated Fair Value | ' | 94,726 | ' | ' |
Securities available-for-sale, Amortized Cost | 97,775 | ' | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 838 | ' | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -2,673 | ' | ' | ' |
Securities available for sale Total, Estimated Fair Value | 95,940 | ' | ' | ' |
Municipal obligations [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities held-to-maturity , Amortized Cost | ' | 183,579 | ' | ' |
Securities held-to-maturity , Gross Unrealized Gains | ' | 2,773 | ' | ' |
Securities held-to-maturity , Gross Unrealized (Losses) | ' | -2,370 | ' | ' |
Securities held to maturity Total, Estimated Fair Value | ' | 183,982 | ' | ' |
Securities available-for-sale, Amortized Cost | 297,143 | 121,671 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 10,232 | 316 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -2,093 | -6,322 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 305,282 | 115,665 | ' | ' |
U.S. Government-sponsored agency securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 18,699 | 49,110 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -788 | -2,135 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 17,911 | 46,975 | ' | ' |
Preferred Stock [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 73,414 | 68,110 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 1,934 | 853 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -2,129 | -7,479 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 73,219 | 61,484 | ' | ' |
Mutual funds [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 37,449 | 37,423 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 605 | 93 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | -984 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 38,054 | 36,532 | ' | ' |
Residential MBS issued by GSEs [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 939,595 | 1,028,402 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 10,975 | 5,567 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -2,887 | -12,548 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 947,683 | 1,021,421 | ' | ' |
Securities measured at fair value | 2,379 | 3,036 | ' | ' |
Commercial MBS issued by GSEs [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 2,075 | ' | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 9 | ' | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | ' | ' | ' |
Securities available for sale Total, Estimated Fair Value | 2,084 | ' | ' | ' |
Private label residential MBS [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 36,299 | 38,250 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 21 | 0 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -1,484 | -2,151 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 34,836 | 36,099 | ' | ' |
Securities measured at fair value | 414 | ' | ' | ' |
Private label commercial MBS [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 5,201 | 5,252 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 194 | 181 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | 0 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 5,395 | 5,433 | ' | ' |
Trust preferred securities [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities available-for-sale, Amortized Cost | 32,000 | 32,000 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -6,418 | -8,195 | ' | ' |
Securities available for sale Total, Estimated Fair Value | 25,582 | 23,805 | ' | ' |
CRA investments [Member] | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Securities held-to-maturity , Amortized Cost | ' | 1,600 | ' | ' |
Securities held-to-maturity , Gross Unrealized Gains | ' | 0 | ' | ' |
Securities held-to-maturity , Gross Unrealized (Losses) | ' | 0 | ' | ' |
Securities held to maturity Total, Estimated Fair Value | ' | 1,600 | ' | ' |
Securities available-for-sale, Amortized Cost | 24,035 | 23,830 | ' | ' |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 | ' | ' |
Securities available-for-sale, Gross Unrealized (Losses) | -105 | -548 | ' | ' |
Securities available for sale Total, Estimated Fair Value | $23,930 | $23,282 | ' | ' |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
positions | positions | ||
Investment Identifier [Line Items] | ' | ' | ' |
Amount of impairment losses reclassified out of accumulated other comprehensive income into earnings | $0 | $0 | ' |
Total number of securities in an unrealized loss position | 125 | ' | 252 |
Net unrealized loss on trust preferred securities | 6,400,000 | ' | 8,200,000 |
Gross unrealized loss on HTM securities | ' | ' | 6,196,000 |
Securities with carrying amounts were pledged | 760,700,000 | ' | 662,500,000 |
Corporate debt securities [Member] | ' | ' | ' |
Investment Identifier [Line Items] | ' | ' | ' |
Gross unrealized loss on HTM securities | ' | ' | $3,800,000 |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities held-to-maturity , Less Than Twelve Months, Aggregate Losses | ' | $1,787 |
Securities held-to-maturity securities, Less Than Twelve Months, Fair Value | ' | 60,577 |
Securities held-to-maturity , Twelve Months or Longer, Aggregate Losses | ' | 4,409 |
Securities held-to-maturity , Twelve Months or Longer, Fair Value | ' | 76,439 |
Securities held-to-maturity , Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 6,196 |
Securities held-to-maturity , Continuous Unrealized Loss Position, Fair Value, Total | ' | 137,016 |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 1,140 | 28,634 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 89,239 | 852,110 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 17,437 | 11,728 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 358,451 | 54,297 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 18,577 | 40,362 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 447,690 | 906,407 |
Corporate debt securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities held-to-maturity , Less Than Twelve Months, Aggregate Losses | ' | 163 |
Securities held-to-maturity securities, Less Than Twelve Months, Fair Value | ' | 9,837 |
Securities held-to-maturity , Twelve Months or Longer, Aggregate Losses | ' | 3,663 |
Securities held-to-maturity , Twelve Months or Longer, Fair Value | ' | 71,337 |
Securities held-to-maturity , Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 3,826 |
Securities held-to-maturity , Continuous Unrealized Loss Position, Fair Value, Total | ' | 81,174 |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 144 | ' |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 14,856 | ' |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 2,529 | ' |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 67,471 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,673 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 82,327 | ' |
Municipal obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Securities held-to-maturity , Less Than Twelve Months, Aggregate Losses | ' | 1,624 |
Securities held-to-maturity securities, Less Than Twelve Months, Fair Value | ' | 50,740 |
Securities held-to-maturity , Twelve Months or Longer, Aggregate Losses | ' | 746 |
Securities held-to-maturity , Twelve Months or Longer, Fair Value | ' | 5,102 |
Securities held-to-maturity , Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 2,370 |
Securities held-to-maturity , Continuous Unrealized Loss Position, Fair Value, Total | ' | 55,842 |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 0 | 3,545 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 0 | 72,300 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 2,093 | 2,777 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 41,032 | 17,923 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,093 | 6,322 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 41,032 | 90,223 |
U.S. Government-sponsored agency securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 0 | 2,135 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 0 | 46,976 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 788 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 17,910 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 788 | 2,135 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 17,910 | 46,976 |
Preferred Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 386 | 7,479 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 12,554 | 44,637 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 1,743 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 24,413 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,129 | 7,479 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 36,967 | 44,637 |
Mutual funds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | ' | 984 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | ' | 30,101 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | ' | 984 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | 30,101 |
Residential MBS issued by GSEs [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 244 | 11,934 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 44,141 | 601,756 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 2,643 | 614 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 143,844 | 8,984 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,887 | 12,548 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 187,985 | 610,740 |
Private label residential MBS [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 366 | 2,009 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 17,688 | 32,517 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 1,118 | 142 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 14,322 | 3,583 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,484 | 2,151 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 32,010 | 36,100 |
Trust preferred securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 6,418 | 8,195 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 25,582 | 23,807 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 6,418 | 8,195 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 25,582 | 23,807 |
Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 0 | 548 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 0 | 23,823 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 105 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 23,877 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 105 | 548 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $23,877 | $23,823 |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Securities available for sale, Due in one year or less, Amortized Cost | $66,879 | ' |
Securities available for sale, After one year through five years, Amortized Cost | 36,503 | ' |
Securities available for sale, After five years through ten years, Amortized Cost | 168,417 | ' |
Securities available for sale, After ten years, Amortized Cost | 308,766 | ' |
Securities available for sale, Mortgage backed securities, Amortized Cost | 983,170 | ' |
Securities available for sale Total, Amortized Cost | 1,563,735 | ' |
Securities available for sale, Due in one year or less, Estimated Fair Value | 67,424 | ' |
Securities available for sale, After one year through five years, Estimated Fair Value | 38,066 | ' |
Securities available for sale, After five years through ten years, Estimated Fair Value | 167,706 | ' |
Securities available for sale, After ten years, Estimated Fair Value | 314,078 | ' |
Securities available for sale, Mortgage backed securities, Estimated Fair Value | 989,998 | ' |
Securities available for sale Total, Estimated Fair Value | $1,577,272 | $1,370,696 |
Investment_Securities_Investme
Investment Securities - Investment Securities by Credit Rating Type (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Rated Securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | $1,550,559 | $1,629,463 | [1],[2] | |
Rated Securities [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 305,282 | 299,244 | ||
Rated Securities [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 950,062 | 1,024,457 | ||
Rated Securities [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 2,084 | ' | ||
Rated Securities [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 35,250 | 36,099 | ||
Rated Securities [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 5,395 | 5,433 | ||
Rated Securities [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 38,054 | 36,532 | ||
Rated Securities [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 17,911 | 46,975 | ||
Rated Securities [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 67,643 | 59,091 | ||
Rated Securities [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 25,582 | 23,805 | ||
Rated Securities [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 7,356 | 50 | ||
Rated Securities [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 95,940 | 97,777 | ||
AAA [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 37,089 | 37,044 | [1],[2] | |
AAA [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 8,330 | 7,965 | ||
AAA [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AAA [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | ' | ||
AAA [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 23,364 | 23,646 | ||
AAA [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 5,395 | 5,433 | ||
AAA [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | [3] | 0 | [3] |
AAA [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AAA [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AAA [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AAA [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AAA [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 970,057 | 1,071,432 | [1],[2] | |
Split-rated AAA/AA+ [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 950,062 | 1,024,457 | ||
Split-rated AAA/AA+ [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 2,084 | ' | ||
Split-rated AAA/AA+ [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | [3] | 0 | [3] |
Split-rated AAA/AA+ [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 17,911 | 46,975 | ||
Split-rated AAA/AA+ [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
Split-rated AAA/AA+ [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 141,543 | 132,632 | [1],[2] | |
AA+ to AA- [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 138,657 | 129,810 | ||
AA+ to AA- [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | ' | ||
AA+ to AA- [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 95 | 125 | ||
AA+ to AA- [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | [3] | 0 | [3] |
AA+ to AA- [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
AA+ to AA- [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 2,791 | 2,697 | ||
A+ to A- [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 179,793 | 193,152 | [1],[2] | |
A+ to A- [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 151,797 | 153,949 | ||
A+ to A- [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
A+ to A- [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | ' | ||
A+ to A- [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 3,888 | 4,101 | ||
A+ to A- [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
A+ to A- [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | [3] | 0 | [3] |
A+ to A- [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
A+ to A- [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
A+ to A- [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
A+ to A- [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
A+ to A- [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 24,108 | 35,102 | ||
BBB+ to BBB- [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 191,266 | 178,092 | [1],[2] | |
BBB+ to BBB- [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 6,293 | 7,305 | ||
BBB+ to BBB- [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BBB+ to BBB- [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | ' | ||
BBB+ to BBB- [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 4,570 | 4,625 | ||
BBB+ to BBB- [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BBB+ to BBB- [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 38,054 | [3] | 36,532 | [3] |
BBB+ to BBB- [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BBB+ to BBB- [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 47,726 | 45,847 | ||
BBB+ to BBB- [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 25,582 | 23,805 | ||
BBB+ to BBB- [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BBB+ to BBB- [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 69,041 | 59,978 | ||
BB+ and below [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 30,811 | 17,111 | [1],[2] | |
BB+ and below [Member] | Municipal obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 205 | 215 | ||
BB+ and below [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BB+ and below [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | ' | ||
BB+ and below [Member] | Private label residential MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 3,333 | 3,602 | ||
BB+ and below [Member] | Private label commercial MBS [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BB+ and below [Member] | Mutual funds [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | [3] | 0 | [3] |
BB+ and below [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BB+ and below [Member] | Preferred Stock [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 19,917 | 13,244 | ||
BB+ and below [Member] | Trust preferred securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 0 | 0 | ||
BB+ and below [Member] | Collateralized debt obligations [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | 7,356 | 50 | ||
BB+ and below [Member] | Corporate debt securities [Member] | ' | ' | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ||
Investment securities | $0 | $0 | ||
[1] | Securities values are shown at carrying value as of December 31, 2013. Unrated securities consist of CRA investments with a carrying value of $23.3 million, one ARPS with a carrying value of $2.4 million and an other investment of $1.6 million. | |||
[2] | The Company used the average credit rating of the combination of S&P, Moody’s and Fitch in the above table where ratings differed. | |||
[3] | At least 80% of mutual funds are investment grade corporate debt securities. |
Investment_Securities_Investme1
Investment Securities - Investment Securities by Credit Rating Type (Parenthetical) (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment securities—AFS, at fair value; amortized cost of $1,563,735 at June 30, 2014 and $1,404,048 at December 31, 2013 | $1,577,272,000 | $1,370,696,000 |
ARPS with a carrying value | 5,600,000 | 2,400,000 |
HTM | 0 | 283,006,000 |
Minimum percentage of investment grade mutual funds | 80.00% | 80.00% |
CRA investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment securities—AFS, at fair value; amortized cost of $1,563,735 at June 30, 2014 and $1,404,048 at December 31, 2013 | 23,930,000 | 23,282,000 |
HTM | ' | $1,600,000 |
Investment_Securities_Gross_Ga
Investment Securities - Gross Gains and (Losses) on Sales of Investments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments, Debt and Equity Securities [Abstract] | ' | ' | ' | ' |
Gross gains | $0 | $68 | $366 | $268 |
Gross losses | -163 | -73 | -163 | -125 |
Net (losses) gains | ($163) | ($5) | $203 | $143 |
Investment_Securities_HTM_Tran
Investment Securities HTM Transfer (Details) (USD $) | 5 Months Ended |
In Millions, unless otherwise specified | 20-May-14 |
Investments, Debt and Equity Securities [Abstract] | ' |
Held-to-maturity Securities, Transferred Security, at Carrying Value | $275.30 |
Held-to-maturity Securities, Transferred Security, at Fair Value | 289.6 |
Held-to-maturity Securities, Transferred to Available-for-sale Securities, Unrealized Gain (Loss) | $9 |
Loans_Leases_and_Allowance_for2
Loans, Leases and Allowance for Credit Losses - Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | $7,554,187 | $6,810,681 |
Net deferred loan fees and costs | -9,620 | -9,266 |
Loans, net of deferred loan fees and costs | 7,544,567 | 6,801,415 |
Allowance for credit losses | -105,937 | -100,050 |
Loans, net | 7,438,630 | 6,701,365 |
Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 2,804,819 | 2,236,740 |
Commercial real estate - non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 1,940,017 | 1,843,415 |
Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 1,604,986 | 1,561,862 |
Allowance for credit losses | -15,133 | -12,560 |
Construction and land development | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 612,415 | 537,231 |
Allowance for credit losses | -16,873 | -14,519 |
Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 328,115 | 350,312 |
Allowance for credit losses | -10,227 | -11,640 |
Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 222,887 | 235,968 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Held for investment, without deferred fees | 40,948 | 45,153 |
Allowance for credit losses | ($1,627) | ($2,170) |
Loans_Leases_and_Allowance_for3
Loans, Leases and Allowance for Credit Losses - Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $7,526,976 | $6,756,249 |
30-59 Days Past Due | 1,706 | 15,554 |
60-89 Days Past Due | 5,574 | 8,352 |
Over 90 days Past Due | 19,931 | 30,526 |
Total Past Due | 27,211 | 54,432 |
Total | 7,554,187 | 6,810,681 |
Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,600,162 | 1,555,210 |
30-59 Days Past Due | 1,095 | 1,759 |
60-89 Days Past Due | 1,273 | 406 |
Over 90 days Past Due | 2,456 | 4,487 |
Total Past Due | 4,824 | 6,652 |
Total | 1,604,986 | 1,561,862 |
Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,745,404 | 1,627,062 |
30-59 Days Past Due | 0 | 8,774 |
60-89 Days Past Due | 2,109 | 4,847 |
Over 90 days Past Due | 7,393 | 15,767 |
Total Past Due | 9,502 | 29,388 |
Total | 1,754,906 | 1,656,450 |
Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 185,111 | 186,965 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Over 90 days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Total | 185,111 | 186,965 |
Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 2,803,231 | 2,232,186 |
30-59 Days Past Due | 301 | 1,868 |
60-89 Days Past Due | 834 | 233 |
Over 90 days Past Due | 453 | 2,453 |
Total Past Due | 1,588 | 4,554 |
Total | 2,804,819 | 2,236,740 |
Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 222,887 | 235,618 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Over 90 days Past Due | 0 | 350 |
Total Past Due | 0 | 350 |
Total | 222,887 | 235,968 |
Construction and land development | Construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 338,513 | 291,883 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Over 90 days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Total | 338,513 | 291,883 |
Construction and land development | Land | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 273,726 | 243,741 |
30-59 Days Past Due | 176 | 264 |
60-89 Days Past Due | 0 | 1,343 |
Over 90 days Past Due | 0 | 0 |
Total Past Due | 176 | 1,607 |
Total | 273,902 | 245,348 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 317,577 | 339,566 |
30-59 Days Past Due | 0 | 2,423 |
60-89 Days Past Due | 1,171 | 1,368 |
Over 90 days Past Due | 9,367 | 6,955 |
Total Past Due | 10,538 | 10,746 |
Total | 328,115 | 350,312 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 40,365 | 44,018 |
30-59 Days Past Due | 134 | 466 |
60-89 Days Past Due | 187 | 155 |
Over 90 days Past Due | 262 | 514 |
Total Past Due | 583 | 1,135 |
Total | $40,948 | $45,153 |
Loans_Leases_and_Allowance_for4
Loans, Leases and Allowance for Credit Losses - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | $7,526,976 | $6,756,249 |
Past Due/ Delinquent | 27,211 | 54,432 |
Total Non-accrual | 64,345 | 75,680 |
Loans past due 90 days or more and still accruing | 3,001 | 1,534 |
Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 45,213 | 36,208 |
Past Due/ Delinquent | 19,132 | 39,472 |
Total Non-accrual | 64,345 | 75,680 |
Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,600,162 | 1,555,210 |
Past Due/ Delinquent | 4,824 | 6,652 |
Loans past due 90 days or more and still accruing | 576 | 887 |
Commercial real estate | Commercial real estate - owner occupied | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 6,273 | 9,330 |
Past Due/ Delinquent | 3,153 | 3,600 |
Total Non-accrual | 9,426 | 12,930 |
Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,745,404 | 1,627,062 |
Past Due/ Delinquent | 9,502 | 29,388 |
Loans past due 90 days or more and still accruing | 2,331 | 0 |
Commercial real estate | Non-owner occupied | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 32,097 | 17,930 |
Past Due/ Delinquent | 5,059 | 23,996 |
Total Non-accrual | 37,156 | 41,926 |
Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 185,111 | 186,965 |
Past Due/ Delinquent | 0 | 0 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Commercial real estate | Multi-family | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 0 | 0 |
Past Due/ Delinquent | 0 | 0 |
Total Non-accrual | 0 | 0 |
Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 2,803,231 | 2,232,186 |
Past Due/ Delinquent | 1,588 | 4,554 |
Loans past due 90 days or more and still accruing | 0 | 125 |
Commercial and industrial | Commercial and industrial | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 1,658 | 622 |
Past Due/ Delinquent | 560 | 2,682 |
Total Non-accrual | 2,218 | 3,304 |
Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 222,887 | 235,618 |
Past Due/ Delinquent | 0 | 350 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Commercial and industrial | Commercial leases | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 416 | 99 |
Past Due/ Delinquent | 0 | 350 |
Total Non-accrual | 416 | 449 |
Construction and land development | Construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 338,513 | 291,883 |
Past Due/ Delinquent | 0 | 0 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Construction and land development | Construction | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 0 | 0 |
Past Due/ Delinquent | 0 | 0 |
Total Non-accrual | 0 | 0 |
Construction and land development | Land | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 273,726 | 243,741 |
Past Due/ Delinquent | 176 | 1,607 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Construction and land development | Land | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 2,161 | 3,133 |
Past Due/ Delinquent | 0 | 1,392 |
Total Non-accrual | 2,161 | 4,525 |
Residential real estate | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 317,577 | 339,566 |
Past Due/ Delinquent | 10,538 | 10,746 |
Loans past due 90 days or more and still accruing | 0 | 47 |
Residential real estate | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 2,581 | 5,067 |
Past Due/ Delinquent | 10,186 | 7,413 |
Total Non-accrual | 12,767 | 12,480 |
Consumer | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 40,365 | 44,018 |
Past Due/ Delinquent | 583 | 1,135 |
Loans past due 90 days or more and still accruing | 94 | 475 |
Consumer | Non-accrual loans [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Current | 27 | 27 |
Past Due/ Delinquent | 174 | 39 |
Total Non-accrual | $201 | $66 |
Loans_Leases_and_Allowance_for5
Loans, Leases and Allowance for Credit Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
TDR loans [Member] | TDR loans [Member] | |||||
Leases [Line Items] | ' | ' | ' | ' | ' | ' |
Reduction in interest income due to nonaccrual loans | $0.30 | $1.20 | $1.30 | $2.50 | ' | ' |
Minimum Period Of Internal Loss Allowance Calculation Model | ' | ' | '1 year | ' | ' | ' |
Maximum Period Of Internal Loss Allowance Calculation Model | ' | ' | '5 years | ' | ' | ' |
Loan commitments outstanding | ' | ' | ' | ' | 0 | 0 |
Loan purchases | $16.70 | $87.50 | $32.30 | $130.50 | ' | ' |
Loans_Leases_and_Allowance_for6
Loans, Leases and Allowance for Credit Losses - Loans by Risk Rating (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Current | $7,526,976 | $6,756,249 |
Past due 30-59 days | 1,706 | 15,554 |
Past due 60-89 days | 5,574 | 8,352 |
Past due 90 days or more | 19,931 | 30,526 |
Total | 7,554,187 | 6,810,681 |
Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 328,115 | 350,312 |
Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 40,948 | 45,153 |
Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,604,986 | 1,561,862 |
Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,754,906 | 1,656,450 |
Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 185,111 | 186,965 |
Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 2,804,819 | 2,236,740 |
Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 222,887 | 235,968 |
Construction and land development | Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 338,513 | 291,883 |
Construction and land development | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 273,902 | 245,348 |
Pass | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Current | 7,264,449 | 6,471,951 |
Past due 30-59 days | 1,584 | 4,205 |
Past due 60-89 days | 361 | 1,123 |
Past due 90 days or more | 0 | 47 |
Total | 7,266,394 | 6,477,326 |
Pass | Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 305,189 | 323,333 |
Pass | Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 40,037 | 43,516 |
Pass | Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,529,318 | 1,483,190 |
Pass | Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,634,799 | 1,498,500 |
Pass | Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 184,650 | 186,479 |
Pass | Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 2,774,118 | 2,208,947 |
Pass | Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 218,753 | 231,344 |
Pass | Construction and land development | Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 338,032 | 291,402 |
Pass | Construction and land development | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 241,498 | 210,615 |
Special Mention | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Current | 90,030 | 129,208 |
Past due 30-59 days | 122 | 602 |
Past due 60-89 days | 218 | 155 |
Past due 90 days or more | 0 | 0 |
Total | 90,370 | 129,965 |
Special Mention | Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 2,699 | 3,037 |
Special Mention | Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 349 | 799 |
Special Mention | Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 27,650 | 33,065 |
Special Mention | Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 37,367 | 64,588 |
Special Mention | Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Special Mention | Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 7,970 | 10,058 |
Special Mention | Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 2,995 | 4,175 |
Special Mention | Construction and land development | Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 481 | 481 |
Special Mention | Construction and land development | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 10,859 | 13,762 |
Substandard | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Current | 170,658 | 154,441 |
Past due 30-59 days | 0 | 10,747 |
Past due 60-89 days | 4,995 | 7,074 |
Past due 90 days or more | 19,527 | 28,666 |
Total | 195,180 | 200,928 |
Substandard | Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 20,227 | 23,942 |
Substandard | Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 562 | 838 |
Substandard | Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 46,213 | 44,649 |
Substandard | Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 82,302 | 93,362 |
Substandard | Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 461 | 486 |
Substandard | Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 22,731 | 16,231 |
Substandard | Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,139 | 449 |
Substandard | Construction and land development | Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Substandard | Construction and land development | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 21,545 | 20,971 |
Doubtful | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Current | 1,839 | 649 |
Past due 30-59 days | 0 | 0 |
Past due 60-89 days | 0 | 0 |
Past due 90 days or more | 404 | 1,813 |
Total | 2,243 | 2,462 |
Doubtful | Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Doubtful | Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Doubtful | Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 1,805 | 958 |
Doubtful | Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 438 | 0 |
Doubtful | Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Doubtful | Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 1,504 |
Doubtful | Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Doubtful | Construction and land development | Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Doubtful | Construction and land development | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Current | 0 | 0 |
Past due 30-59 days | 0 | 0 |
Past due 60-89 days | 0 | 0 |
Past due 90 days or more | 0 | 0 |
Total | 0 | 0 |
Loss | Residential real estate | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Consumer | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Construction and land development | Construction | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | 0 | 0 |
Loss | Construction and land development | Land | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Total | $0 | $0 |
Loans_Leases_and_Allowance_for7
Loans, Leases and Allowance for Credit Losses - Recorded Investment in Loans Classified as Impaired (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Impaired loans with an allowance recorded | $19,584 | $25,754 |
Impaired loans with no allowance recorded | 144,286 | 152,623 |
Total impaired loans | 163,870 | 178,377 |
Valuation allowance related to impaired loans | ($3,507) | ($5,280) |
Loans_Leases_and_Allowance_for8
Loans, Leases and Allowance for Credit Losses - Impaired Loans by Loan Class (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | $163,870 | $178,377 |
Residential real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 26,593 | 26,376 |
Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 602 | 537 |
Commercial real estate | Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 32,025 | 37,902 |
Commercial real estate | Non-owner occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 68,415 | 73,152 |
Commercial real estate | Multi-family | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 0 | 0 |
Commercial and industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 15,673 | 16,892 |
Commercial and industrial | Commercial and industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 15,672 | 16,892 |
Commercial and industrial | Commercial leases | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 416 | 449 |
Construction and land development | Construction | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | 0 | 0 |
Construction and land development | Land | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Total impaired loans by class | $20,147 | $23,069 |
Loans_Leases_and_Allowance_for9
Loans, Leases and Allowance for Credit Losses - Average Investment in Impaired Loans by Loan Class (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | $167,326 | $184,066 | $170,010 | $190,285 |
Residential real estate | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 27,607 | 33,260 | 27,203 | 35,150 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 505 | 619 | 503 | 662 |
Commercial real estate | Commercial real estate - owner occupied | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 34,341 | 49,916 | 35,545 | 54,990 |
Commercial real estate | Non-owner occupied | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 68,725 | 56,462 | 69,382 | 54,724 |
Commercial real estate | Multi-family | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 0 | 125 | 0 | 177 |
Commercial and industrial | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 15,438 | 14,801 | 15,510 | 14,945 |
Commercial and industrial | Commercial leases | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 419 | 859 | 429 | 944 |
Construction and land development | Construction | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | 0 | 0 | 0 | 0 |
Construction and land development | Land | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total average investment in impaired loans by loan class | $20,291 | $28,024 | $21,438 | $28,693 |
Recovered_Sheet1
Loans, Leases and Allowance for Credit Losses - Interest Income on Impaired Loans by Loan Class (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | $1,435 | $1,191 | $2,821 | $2,437 |
Residential real estate | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 160 | 20 | 317 | 25 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 20 | 8 | 31 | 16 |
Commercial real estate | Commercial real estate - owner occupied | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 374 | 336 | 765 | 756 |
Commercial real estate | Non-owner occupied | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 402 | 421 | 775 | 825 |
Commercial real estate | Multi-family | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 0 | 0 | 0 | 0 |
Commercial and industrial | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 184 | 119 | 377 | 269 |
Commercial and industrial | Commercial leases | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 0 | 0 | 0 | 0 |
Construction and land development | Construction | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | 0 | 0 | 0 | 0 |
Construction and land development | Land | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' |
Total interest income on impaired loans by class | $295 | $287 | $556 | $546 |
Recovered_Sheet2
Loans, Leases and Allowance for Credit Losses - Tabular Disclosure of Nonperforming Assets (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Nonaccrual loans | $64,345 | ' | $75,680 | ' | ' | ' |
Loans past due 90 days or more on accrual status | 3,001 | ' | 1,534 | ' | ' | ' |
Troubled debt restructured loans | 89,703 | ' | 89,576 | ' | ' | ' |
Total nonperforming loans | 157,049 | ' | 166,790 | ' | ' | ' |
Other assets acquired through foreclosure, net | 59,292 | 56,450 | 66,719 | 76,499 | 77,921 | 77,247 |
Total nonperforming assets | $216,341 | ' | $233,509 | ' | ' | ' |
Recovered_Sheet3
Loans, Leases and Allowance for Credit Losses - Changes in Accretable Discount for Loans Purchased with Credit Quality Deterioration (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | $0 | $22,318 | $0 | $22,318 |
Balance at beginning of period | 26,831 | 4,993 | 28,164 | 7,072 |
Addition due to acquisition | 1,564 | 1,047 | 3,030 | 1,047 |
Accretion to interest income | -1,798 | -2,285 | -4,202 | -4,364 |
Reversal of fair value adjustments upon disposition of loans | -3,414 | 0 | -3,809 | 0 |
Balance at end of period | $23,183 | $26,073 | $23,183 | $26,073 |
Recovered_Sheet4
Loans, Leases and Allowance for Credit Losses - Allowances for Credit Losses (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Beginning Balance | $103,899 | $95,494 | $100,050 | $95,427 |
Charge-offs | -1,974 | -5,722 | -4,041 | -13,761 |
Recoveries | 3,505 | 3,070 | 5,921 | 5,737 |
Provision for credit losses | 507 | 3,481 | 4,007 | 8,920 |
Ending balance | 105,937 | 96,323 | 105,937 | 96,323 |
Construction and land development | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Beginning Balance | 16,700 | 11,039 | 14,519 | 10,554 |
Charge-offs | -78 | -238 | -78 | -852 |
Recoveries | 498 | 120 | 709 | 821 |
Provision for credit losses | -247 | -1,307 | 1,723 | -909 |
Ending balance | 16,873 | 9,614 | 16,873 | 9,614 |
Commercial real estate | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Beginning Balance | 34,853 | 34,901 | 32,064 | 34,982 |
Charge-offs | -330 | -2,391 | -501 | -5,278 |
Recoveries | 1,248 | 633 | 1,808 | 1,575 |
Provision for credit losses | -1,422 | 1,440 | 978 | 3,304 |
Ending balance | 34,349 | 34,583 | 34,349 | 34,583 |
Residential real estate | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Beginning Balance | 11,297 | 14,595 | 11,640 | 15,237 |
Charge-offs | -523 | -2,010 | -929 | -4,503 |
Recoveries | 314 | 549 | 867 | 1,118 |
Provision for credit losses | -861 | 713 | -1,351 | 1,995 |
Ending balance | 10,227 | 13,847 | 10,227 | 13,847 |
Commercial and industrial | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Beginning Balance | 39,493 | 34,185 | 39,657 | 32,860 |
Charge-offs | -1,038 | -1,065 | -2,516 | -2,835 |
Recoveries | 1,254 | 1,757 | 2,176 | 2,198 |
Provision for credit losses | 3,152 | 2,506 | 3,544 | 5,160 |
Ending balance | 42,861 | 37,383 | 42,861 | 37,383 |
Consumer | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Beginning Balance | 1,556 | 774 | 2,170 | 1,794 |
Charge-offs | -5 | -18 | -17 | -293 |
Recoveries | 191 | 11 | 361 | 25 |
Provision for credit losses | -115 | 129 | -887 | -630 |
Ending balance | $1,627 | $896 | $1,627 | $896 |
Recovered_Sheet5
Loans, Leases and Allowance for Credit Losses - Summary of Impairment Method Information Related to Loans and Allowance for Credit Losses (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | $19,584 | $25,754 |
Impaired loans with no allowance recorded | 144,286 | 152,623 |
Total loans individually evaluated for impairment | 163,870 | 178,377 |
Loans collectively evaluated for impairment | 7,281,256 | 6,513,981 |
Loans acquired with deteriorated credit quality | 109,061 | 118,323 |
Total loans | 7,554,187 | 6,810,681 |
Impaired loans with an allowance recorded | 19,986 | 27,458 |
Impaired loans with no allowance recorded | 156,098 | 170,302 |
Total loans individually evaluated for impairment | 176,084 | 197,760 |
Loans collectively evaluated for impairment | 7,281,256 | 6,513,981 |
Loans acquired with deteriorated credit quality | 149,294 | 171,165 |
Total loans | 7,606,634 | 6,882,906 |
Impaired loans with an allowance recorded | 3,507 | 5,280 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 3,507 | 5,280 |
Loans collectively evaluated for impairment | 102,314 | 94,448 |
Loans acquired with deteriorated credit quality | 116 | 322 |
Total loans held for investment | 105,937 | 100,050 |
Commercial real estate - owner occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 1,803 | 1,092 |
Impaired loans with no allowance recorded | 30,222 | 36,810 |
Total loans individually evaluated for impairment | 32,025 | 37,902 |
Loans collectively evaluated for impairment | 1,550,833 | 1,500,740 |
Loans acquired with deteriorated credit quality | 22,128 | 23,220 |
Total loans | 1,604,986 | 1,561,862 |
Impaired loans with an allowance recorded | 1,803 | 1,092 |
Impaired loans with no allowance recorded | 33,358 | 43,537 |
Total loans individually evaluated for impairment | 35,161 | 44,629 |
Loans collectively evaluated for impairment | 1,550,833 | 1,500,740 |
Loans acquired with deteriorated credit quality | 29,560 | 34,951 |
Total loans | 1,615,554 | 1,580,320 |
Impaired loans with an allowance recorded | 1,298 | 402 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 1,298 | 402 |
Loans collectively evaluated for impairment | 13,797 | 12,158 |
Loans acquired with deteriorated credit quality | 38 | 0 |
Total loans held for investment | 15,133 | 12,560 |
Non-owner occupied | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 13,423 | 17,932 |
Impaired loans with no allowance recorded | 54,991 | 55,220 |
Total loans individually evaluated for impairment | 68,414 | 73,152 |
Loans collectively evaluated for impairment | 1,787,437 | 1,678,242 |
Loans acquired with deteriorated credit quality | 84,166 | 92,021 |
Total loans | 1,940,017 | 1,843,415 |
Impaired loans with an allowance recorded | 13,423 | 19,273 |
Impaired loans with no allowance recorded | 56,875 | 58,322 |
Total loans individually evaluated for impairment | 70,298 | 77,595 |
Loans collectively evaluated for impairment | 1,787,437 | 1,678,242 |
Loans acquired with deteriorated credit quality | 115,185 | 130,279 |
Total loans | 1,972,920 | 1,886,116 |
Impaired loans with an allowance recorded | 723 | 2,121 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 723 | 2,121 |
Loans collectively evaluated for impairment | 18,415 | 17,061 |
Loans acquired with deteriorated credit quality | 78 | 322 |
Total loans held for investment | 19,216 | 19,504 |
Commercial and industrial | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 758 | 1,907 |
Impaired loans with no allowance recorded | 14,915 | 14,985 |
Total loans individually evaluated for impairment | 15,673 | 16,892 |
Loans collectively evaluated for impairment | 2,788,889 | 2,219,500 |
Loans acquired with deteriorated credit quality | 257 | 348 |
Total loans | 2,804,819 | 2,236,740 |
Impaired loans with an allowance recorded | 1,011 | 2,120 |
Impaired loans with no allowance recorded | 15,444 | 15,731 |
Total loans individually evaluated for impairment | 16,455 | 17,851 |
Loans collectively evaluated for impairment | 2,788,889 | 2,219,500 |
Loans acquired with deteriorated credit quality | 778 | 1,403 |
Total loans | 2,806,122 | 2,238,754 |
Impaired loans with an allowance recorded | 392 | 702 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 392 | 702 |
Loans collectively evaluated for impairment | 39,561 | 36,344 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 39,953 | 37,046 |
Residential real estate | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 3,500 | 4,580 |
Impaired loans with no allowance recorded | 23,093 | 21,796 |
Total loans individually evaluated for impairment | 26,593 | 26,376 |
Loans collectively evaluated for impairment | 299,027 | 321,683 |
Loans acquired with deteriorated credit quality | 2,495 | 2,253 |
Total loans | 328,115 | 350,312 |
Impaired loans with an allowance recorded | 3,649 | 4,729 |
Impaired loans with no allowance recorded | 28,694 | 27,550 |
Total loans individually evaluated for impairment | 32,343 | 32,279 |
Loans collectively evaluated for impairment | 299,027 | 321,683 |
Loans acquired with deteriorated credit quality | 3,692 | 3,728 |
Total loans | 335,062 | 357,690 |
Impaired loans with an allowance recorded | 1,026 | 1,896 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 1,026 | 1,896 |
Loans collectively evaluated for impairment | 9,201 | 9,744 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 10,227 | 11,640 |
Construction and land development | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 0 | 118 |
Impaired loans with no allowance recorded | 20,147 | 22,951 |
Total loans individually evaluated for impairment | 20,147 | 23,069 |
Loans collectively evaluated for impairment | 592,253 | 513,681 |
Loans acquired with deteriorated credit quality | 15 | 481 |
Total loans | 612,415 | 537,231 |
Impaired loans with an allowance recorded | 0 | 118 |
Impaired loans with no allowance recorded | 20,645 | 24,137 |
Total loans individually evaluated for impairment | 20,645 | 24,255 |
Loans collectively evaluated for impairment | 592,253 | 513,681 |
Loans acquired with deteriorated credit quality | 79 | 804 |
Total loans | 612,977 | 538,740 |
Impaired loans with an allowance recorded | 0 | 85 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 0 | 85 |
Loans collectively evaluated for impairment | 16,873 | 14,434 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 16,873 | 14,519 |
Commercial leases [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 73 | 99 |
Impaired loans with no allowance recorded | 343 | 350 |
Total loans individually evaluated for impairment | 416 | 449 |
Loans collectively evaluated for impairment | 222,471 | 235,519 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 222,887 | 235,968 |
Impaired loans with an allowance recorded | 73 | 99 |
Impaired loans with no allowance recorded | 495 | 502 |
Total loans individually evaluated for impairment | 568 | 601 |
Loans collectively evaluated for impairment | 222,471 | 235,519 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 223,039 | 236,120 |
Impaired loans with an allowance recorded | 65 | 70 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 65 | 70 |
Loans collectively evaluated for impairment | 2,843 | 2,541 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 2,908 | 2,611 |
Consumer | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 27 | 26 |
Impaired loans with no allowance recorded | 575 | 511 |
Total loans individually evaluated for impairment | 602 | 537 |
Loans collectively evaluated for impairment | 40,346 | 44,616 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 40,948 | 45,153 |
Impaired loans with an allowance recorded | 27 | 27 |
Impaired loans with no allowance recorded | 587 | 523 |
Total loans individually evaluated for impairment | 614 | 550 |
Loans collectively evaluated for impairment | 40,346 | 44,616 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans | 40,960 | 45,166 |
Impaired loans with an allowance recorded | 3 | 4 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 3 | 4 |
Loans collectively evaluated for impairment | 1,624 | 2,166 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | $1,627 | $2,170 |
Recovered_Sheet6
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Loan Class (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Contract | Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 4 | 15 | 7 | 33 |
Pre-Modification Outstanding Recorded Investment | $15,286 | $4,748 | $16,552 | $19,962 |
Forgiven Principal Balance | 281 | 0 | 825 | 1,030 |
Lost Interest Income | 33 | 272 | 187 | 405 |
Post-Modification Outstanding Recorded Investment | 14,972 | 4,476 | 15,540 | 18,527 |
Waived Fees and Other Expenses | 16 | 49 | 52 | 72 |
Residential real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 2 | 8 | 3 | 9 |
Pre-Modification Outstanding Recorded Investment | 897 | 2,963 | 1,302 | 3,002 |
Forgiven Principal Balance | 281 | 0 | 447 | 0 |
Lost Interest Income | 33 | 267 | 70 | 273 |
Post-Modification Outstanding Recorded Investment | 583 | 2,696 | 785 | 2,729 |
Waived Fees and Other Expenses | 7 | 12 | 7 | 15 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 1 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | 0 | 35 | 0 | 74 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 5 | 0 | 5 |
Post-Modification Outstanding Recorded Investment | 0 | 30 | 0 | 69 |
Waived Fees and Other Expenses | 0 | 0 | 0 | 3 |
Commercial real estate - owner occupied | Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 2 | 1 | 7 |
Pre-Modification Outstanding Recorded Investment | 0 | 820 | 798 | 3,506 |
Forgiven Principal Balance | 0 | 0 | 378 | 0 |
Lost Interest Income | 0 | 0 | 117 | 54 |
Post-Modification Outstanding Recorded Investment | 0 | 820 | 303 | 3,452 |
Waived Fees and Other Expenses | 0 | 28 | 33 | 28 |
Non-owner occupied | Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 1 | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | 13,423 | 417 | 13,423 | 10,735 |
Forgiven Principal Balance | 0 | 0 | 0 | 1,030 |
Lost Interest Income | 0 | 0 | 0 | 63 |
Post-Modification Outstanding Recorded Investment | 13,423 | 417 | 13,423 | 9,642 |
Waived Fees and Other Expenses | 8 | 7 | 8 | 14 |
Multi-family | Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | 0 | 0 | 0 | 0 |
Commercial and industrial | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 3 | 2 | 8 |
Pre-Modification Outstanding Recorded Investment | 966 | 513 | 1,029 | 2,359 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 10 |
Post-Modification Outstanding Recorded Investment | 966 | 513 | 1,029 | 2,349 |
Waived Fees and Other Expenses | 1 | 2 | 4 | 11 |
Commercial leases | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | 0 | 0 | 0 | 0 |
Construction | Construction and land development | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Waived Fees and Other Expenses | 0 | 0 | 0 | 0 |
Land | Construction and land development | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 286 |
Forgiven Principal Balance | 0 | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 286 |
Waived Fees and Other Expenses | $0 | $0 | $0 | $1 |
Recovered_Sheet7
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Class for Which There was Payment Default (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Contract | Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 3 | 0 | 6 | 10 |
Recorded Investment | $398 | $0 | $966 | $4,433 |
Residential real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 1 | 2 |
Recorded Investment | 0 | 0 | 202 | 655 |
Consumer | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
Commercial real estate - owner occupied | Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 0 | 2 | 3 |
Recorded Investment | 92 | 0 | 395 | 2,506 |
Non-owner occupied | Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 1 |
Recorded Investment | 0 | 0 | 0 | 160 |
Multi-family | Commercial real estate | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
Commercial and industrial | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 2 | 0 | 3 | 2 |
Recorded Investment | 306 | 0 | 369 | 782 |
Commercial leases | Commercial and industrial | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
Construction | Construction and land development | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
Land | Construction and land development | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 2 |
Recorded Investment | $0 | $0 | $0 | $330 |
Recovered_Sheet8
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | ' | ' | ' | ||||
Balance, beginning of the period, Gross Balance | $72,226 | $108,418 | $88,421 | $113,474 | ||||
Transfers to other assets acquired through foreclosure, net, Gross Balance | 4,309 | 4,664 | 6,419 | 11,273 | ||||
Other Assets Acquired Through Foreclosure, Additions Due to Business Acquisition | 0 | 5,622 | 0 | 5,622 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Gross Balance | -1,903 | -17,422 | -21,376 | -29,542 | ||||
Gains (losses), net, Gross Balance | 11 | [1] | 1,641 | [1] | 1,179 | [1] | 2,096 | [1] |
Balance, end of period, Gross Balance | 74,643 | 102,923 | 74,643 | 102,923 | ||||
Balance, beginning of the period, Valuation Allowance | -15,776 | -30,497 | -21,702 | -36,227 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Valuation Allowance | 683 | 4,639 | 6,644 | 11,385 | ||||
Valuation adjustments, net, Valuation Allowance | -258 | -566 | -293 | -1,582 | ||||
Balance, end of period, Valuation Allowance | -15,351 | -26,424 | -15,351 | -26,424 | ||||
Balance, beginning of the period, Net Balance | 56,450 | 77,921 | 66,719 | 77,247 | ||||
Transfers to other assets acquired through foreclosure, net, Net Balance | 4,309 | 4,664 | 6,419 | 11,273 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Net Balance | -1,220 | -12,783 | -14,732 | -18,157 | ||||
Valuation adjustments of other repossessed assets, net | -258 | -566 | -293 | -1,582 | ||||
Gains (losses), net, Net Balance | 11 | [1] | 1,641 | [1] | 1,179 | [1] | 2,096 | [1] |
Balance, end of period, Net Balance | $59,292 | $76,499 | $59,292 | $76,499 | ||||
[1] | Includes gains related to initial transfers to other assets of zero and $23 thousand during the three months ended June 30, 2014 and 2013, respectively, pursuant to accounting guidance. |
Recovered_Sheet9
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Property | Property | Property | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ' | ' | ' | ' | ' |
Gains (losses), net, Net Balance | $0 | $23 | $0 | $345 | ' |
Number of Real Estate Properties | 65 | ' | 65 | ' | 70 |
Other_Borrowings_Companys_Borr
Other Borrowings - Company's Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short Term | ' | ' |
Revolving line of credit | $0 | $3,000 |
FHLB advances | 61,941 | 25,906 |
Short-term Debt | 61,941 | 28,906 |
Long Term | ' | ' |
FHLB advances | 211,155 | 247,973 |
Other long term debt | 64,436 | 64,217 |
Long-term Debt | $275,591 | $312,190 |
Other_Borrowings_Additional_In
Other Borrowings - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt [Line Items] | ' | ' |
Line of credit, amount outstanding | $0 | $3,000,000 |
FHLB advances | 61,941,000 | 25,906,000 |
Weighted average interest rate of FHLB and FRB Short-term advances | 2.87% | 2.90% |
FHLB advances | 211,155,000 | 247,973,000 |
Senior Notes, outstanding principal amount | 64,900,000 | ' |
Senior Notes, carrying amount | 64,436,000 | 64,217,000 |
Senior Notes, Unamortized discount | -500,000 | ' |
Long term debt weighted average rate | 3.18% | 3.45% |
Fed Funds With Other Institutions [Member] | ' | ' |
Debt [Line Items] | ' | ' |
Line of credit, amount outstanding | 0 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 120,000,000 | ' |
FHLB [Member] | ' | ' |
Debt [Line Items] | ' | ' |
Additional available credit with the entity | 1,000,000,000 | 1,390,000,000 |
FRB [Member] | ' | ' |
Debt [Line Items] | ' | ' |
Additional available credit with the entity | 1,050,000,000 | 588,200,000 |
Other Credit Facilities [Member] | ' | ' |
Debt [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 70,000,000 | ' |
Unsecured Credit Facility [Member] | ' | ' |
Debt [Line Items] | ' | ' |
Line of credit, amount outstanding | 0 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 45,000,000 | ' |
Secured Credit Facility [Member] | ' | ' |
Debt [Line Items] | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $25,000,000 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Restricted stock grants, net | ' | ' | $1,314,000 | $1,502,000 | ' |
Stock options [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock options outstanding (shares) | 697,513 | ' | 697,513 | ' | 1,000,000 |
Restricted stock awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Restricted stock grants in the period (shares) | 5,700 | ' | 381,875 | ' | ' |
Unvested share-based compensation arrangements, grant date fair value | 100,000 | ' | 10,700,000 | ' | ' |
Vesting period, years | ' | ' | '3 years | ' | ' |
Restricted shares outstanding (shares) | 1,079,130 | ' | 1,079,130 | ' | 1,204,216 |
Stock-based compensation expense | 4,200,000 | 1,800,000 | 4,500,000 | 2,800,000 | ' |
Director [Member] | Restricted stock awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Restricted stock grants in the period (shares) | ' | ' | 64,000 | ' | ' |
Vesting period, years | ' | ' | '6 months | ' | ' |
Additional Paid in Capital [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Restricted stock grants, net | ' | ' | $1,314,000 | $1,502,000 | ' |
Stockholders_Equity_ATM_Offeri
Stockholders' Equity ATM Offering (Details) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Equity [Abstract] | ' |
Maximum Aggregate Offering Price | $100 |
Stock Issued During Period, Shares, New Issues | 115,866 |
Weighted Average Share Price | $24.44 |
Proceeds from Issuance of Common Stock | 2.8 |
Offering Costs From Issuance Of Common Stock | $0.20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Unrealized gain on transfer of HTM securities to AFS, net of tax effect of $(5,367), $0, $(5,367), $0 for each respective period presented | $8,976 | $0 | $8,976 | $0 |
Beginning balance | -11,131 | 7,205 | -21,546 | 8,226 |
Other comprehensive income before reclassifications | 10,525 | -17,958 | 21,169 | -18,887 |
Amounts reclassified from accumulated other comprehensive loss | 102 | 3 | -127 | -89 |
Net other comprehensive income (loss) | 19,603 | -17,955 | 30,018 | -18,976 |
Ending balance | 8,472 | -10,750 | 8,472 | -10,750 |
Unrealized holding gains (losses) on AFS | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | -11,275 | 7,222 | -21,690 | 8,209 |
Other comprehensive income before reclassifications | 10,525 | -18,005 | 21,169 | -18,900 |
Amounts reclassified from accumulated other comprehensive loss | 102 | 3 | -127 | -89 |
Net other comprehensive income (loss) | 19,603 | -18,002 | 30,018 | -18,989 |
Ending balance | 8,328 | -10,780 | 8,328 | -10,780 |
Impairment loss on securities | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | 144 | ' | 144 | ' |
Other comprehensive income before reclassifications | 0 | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive loss | 0 | ' | 0 | ' |
Net other comprehensive income (loss) | 0 | ' | 0 | ' |
Ending balance | 144 | ' | 144 | ' |
Unrealized gain on cash flow hedge | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | -17 | ' | 17 |
Other comprehensive income before reclassifications | ' | 47 | ' | 13 |
Amounts reclassified from accumulated other comprehensive loss | ' | 0 | ' | 0 |
Net other comprehensive income (loss) | ' | 47 | ' | 13 |
Ending balance | ' | $30 | ' | $30 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income | $61 | $2 | ($76) | ($54) |
Amount reclassified from accumulated other comprehensive income | -102 | -3 | 127 | 89 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income | -102 | -3 | 127 | 89 |
Realized Gain Loss On Sale Of Investment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Realized gains on sales of investment securities | -163 | -5 | 203 | 143 |
Income Tax Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Amount reclassified from accumulated other comprehensive income | $61 | $2 | ($76) | ($54) |
Derivatives_and_Hedging_Fair_V
Derivatives and Hedging Fair Value of Derivative Contracts (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | |||
In Thousands, unless otherwise specified | ||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | $568,006 | $294,997 | $12,509 | |||
Derivative Asset, Fair Value, Gross Asset | 2 | 2,386 | 78 | |||
Derivative Liability, Fair Value, Gross Liability | 29,219 | 788 | 559 | |||
Derivative Instruments Notional Amount Netting Adjustments | 0 | [1] | 0 | [1] | 0 | [1] |
Derivative Netting Adjustments | 2 | [1] | 384 | [1] | 5 | [1] |
Derivative Asset | 0 | 2,002 | 73 | |||
Derivative Liability | 29,217 | 404 | 554 | |||
Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | |||
Derivative, Notional Amount | 568,006 | 294,997 | 12,509 | |||
Derivative Asset, Fair Value, Gross Asset | 2 | 2,386 | 78 | |||
Derivative Liability, Fair Value, Gross Liability | $29,219 | $788 | $559 | |||
[1] | Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. |
Derivatives_and_Hedging_PreTax
Derivatives and Hedging Pre-Tax Net Gains (Losses) on Fair Value Hedges (Detail) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | ($16,635,146) | $210,451 | ($31,774,162) | $297,685 | ||||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $16,794,920 | [1] | ($180,418) | [1] | $31,569,899 | [1] | ($266,340) | [1] |
[1] | Net gains (losses) on loans represent the change in fair value caused by fluctuations in interest rates. |
Derivatives_and_Hedging_Larges
Derivatives and Hedging Largest Exposure to Individual Counterparty (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Asset | $0 | $2,002,000 | $73,000 |
Largest individual counterparty [Member] | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' |
Derivative Asset | 2,000 | 2,378,000 | 53,000 |
Collateral Already Posted, Aggregate Fair Value | 0 | 2,002,056 | 0 |
Derivative, Net Liability Position, Aggregate Fair Value | 28,873,702 | 376,000 | 0 |
Credit Risk Derivative Collateral Pledged | 28,871,756 | 0 | 0 |
Net Exposure After Netting Adjustments And Collateral | $0 | $0 | $53,000 |
Derivatives_and_Hedging_Additi
Derivatives and Hedging Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Derivative Asset | $0 | $2,002,000 | $73,000 |
Derivative Liability | 29,217,000 | 404,000 | 554,000 |
Collateral Netted Against Derivative Liabilities | 29,200,000 | 0 | 0 |
Over Collateralization On Derivatives To Banks After Application Of Master Netting Agreements And Collateral | 17,500,000 | ' | ' |
Additional Collateral Amount | $46,700,000 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Basic | 86,501,000 | 85,659,000 | 86,379,000 | 85,493,000 | ' |
Dilutive effect of stock awards | 832,000 | 865,000 | 850,000 | 761,000 | ' |
Diluted | 87,333,000 | 86,524,000 | 87,229,000 | 86,254,000 | ' |
Net income available to common shareholders | $35,186 | $33,719 | $65,918 | $54,252 | ' |
Earnings per share - basic | $0.41 | $0.39 | $0.76 | $0.63 | ' |
Earnings per share - diluted | $0.40 | $0.39 | $0.76 | $0.63 | ' |
Stock options excluded from calculation of diluted earnings per share as their effect would be anti-dilutive | ' | ' | 4,000 | ' | 163,300 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Decreased deferred tax assets net | ' | ' | $12,400,000 | ' | ' |
Recognized net deferred tax asset | 68,287,000 | ' | 68,287,000 | ' | 80,688,000 |
Deferred Tax Assets, Valuation Allowance | 4,200,000 | ' | 4,200,000 | ' | 5,600,000 |
Deferred tax asset related to federal and state net operating loss carry forwards outstanding | 9,500,000 | ' | 9,500,000 | ' | ' |
Tax benefits from federal net operating loss carry forwards | ' | ' | 8,300,000 | ' | ' |
Tax Credit Carryforward, Valuation Allowance | 1,400,000 | ' | 1,400,000 | ' | ' |
Effective Income Tax Rate Reconciliation, Percent | 22.90% | 18.28% | 23.94% | 21.90% | ' |
Arizona [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 1,400,000 | ' | 1,400,000 | ' | ' |
Tax benefits from state net operating loss carry forwards | ' | ' | 1,200,000 | ' | ' |
Capital Loss Carryforward [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 2,800,000 | ' | 2,800,000 | ' | ' |
Western Liberty Bancorp [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Net deferred tax asset relating to NUBILs available to reduce tax liability in future years | 1,800,000 | ' | 1,800,000 | ' | ' |
Centennial Bank [Member] | ' | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Tax Credit Carryforward Annual Limitations on Deductions From Taxable Income | $1,600,000 | ' | $1,600,000 | ' | ' |
Income_Taxes_Impact_of_Adoptio
Income Taxes - Impact of Adoption of New Accounting Pronouncement (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | Accounting Standards Update 2014-01 [Member] | |||||||||
Premises and Equipment [Member] | As previously reported [Member] | As previously reported [Member] | As previously reported [Member] | |||||||||||||
Consolidated Balance Sheet: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred tax assets, net | $68,287,000 | ' | $68,287,000 | ' | $80,688,000 | ' | ' | ' | $80,688,000 | ' | ' | ' | ' | $79,374,000 | ||
Other assets | 188,741,000 | ' | 188,741,000 | ' | 185,221,000 | ' | ' | ' | 185,221,000 | ' | ' | ' | ' | 186,288,000 | [1] | |
Stockholders' equity | 957,664,000 | 799,307,000 | 957,664,000 | 799,307,000 | 855,498,000 | 759,421,000 | [2] | ' | ' | 855,498,000 | ' | ' | ' | ' | 855,251,000 | |
Consolidated Income Statement: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Non-interest income | 5,773,000 | 11,762,000 | 10,608,000 | 16,561,000 | ' | ' | 11,762,000 | 16,561,000 | ' | ' | ' | 10,862,000 | 14,761,000 | ' | ||
Income tax expense (benefit) | 10,706,000 | 7,661,000 | 21,330,000 | 15,448,000 | ' | ' | 7,661,000 | 15,448,000 | ' | ' | ' | 6,817,000 | 13,625,000 | ' | ||
Income from continuing operations | 36,042,000 | 34,241,000 | 67,781,000 | 55,088,000 | ' | ' | 34,241,000 | 55,088,000 | ' | ' | ' | 34,185,000 | 55,111,000 | ' | ||
Net income | 35,538,000 | 34,072,000 | 66,623,000 | 54,957,000 | ' | ' | 34,072,000 | 54,957,000 | ' | ' | ' | 34,016,000 | 54,980,000 | ' | ||
Net income available to common shareholders | 35,186,000 | 33,719,000 | 65,918,000 | 54,252,000 | ' | ' | 33,719,000 | 54,252,000 | ' | ' | ' | 33,663,000 | 54,275,000 | ' | ||
Basic | $0.41 | $0.40 | $0.78 | $0.64 | ' | ' | $0.39 | $0.63 | ' | ' | ' | $0.39 | $0.63 | ' | ||
Diluted | $0.41 | $0.39 | $0.77 | $0.63 | ' | ' | $0.39 | $0.63 | ' | ' | ' | $0.39 | $0.63 | ' | ||
Reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,600,000 | ' | ' | ' | ||
Cumulative effect to stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | -200,000 | ' | ' | ' | ' | ||
Investment in Low Income Housing Tax Credit | 125,900,000 | ' | 125,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deferred Tax Assets, Tax Credit Carryforwards | 61,700,000 | ' | 61,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Amortization of Low Income Housing Tax Credits | $3,300,000 | ' | $6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Includes a $14.6 million reclassification from premises and equipment, net. | |||||||||||||||
[2] | As adjusted, see "Note 10. Income Taxes" to the Unaudited Consolidated Financial Statements. |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Secured By Undeveloped Land [Member] | Commercial Real Estate Secured By Undeveloped Land [Member] | ||||||
Loans Receivable [Member] | Loans Receivable [Member] | Loans Receivable [Member] | Loans Receivable [Member] | Loans Receivable [Member] | ||||||
Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | ||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit expiration period | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' |
Loss contingency for unfunded loan commitments | $2.10 | ' | $2.10 | ' | $2 | ' | ' | ' | ' | ' |
Percent of commercial real estate related loans | ' | ' | ' | ' | ' | 55.00% | 58.00% | 58.00% | 1.00% | 2.00% |
Percentage of first liens initial loan to value ratio | ' | ' | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' |
Percent of commercial real estate loans owner occupied | 45.00% | ' | 45.00% | ' | 46.00% | ' | ' | ' | ' | ' |
Total loans unsecured | 3.00% | ' | 3.00% | ' | 4.00% | ' | ' | ' | ' | ' |
Rent expense | $1.70 | $1.90 | $3.30 | $3.70 | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Commitments [Line Items] | ' | ' |
Total amount | $1,948,837 | $1,943,243 |
Commitments to extend credit [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Total amount | 1,872,851 | 1,878,340 |
Unsecured Loan Commitments | 217,598 | 237,063 |
Credit card guarantees [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Total amount | 35,805 | 33,632 |
Standby letters of credit [Member] | ' | ' |
Other Commitments [Line Items] | ' | ' |
Total amount | 40,181 | 31,271 |
Unsecured Letters Of Credit | $6,311 | $4,896 |
Fair_Value_Accounting_Gains_an
Fair Value Accounting - Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ' | ' |
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | $123 | ($3,290) | ($837) | ($3,761) |
Interest Income on Securities | 1 | 4 | 2 | 6 |
Interest Expense on Junior Subordinated Debt | -443 | -455 | -864 | -921 |
Total Changes Included in Current-Period Earnings | -319 | -3,741 | -1,699 | -4,676 |
Securities measured at fair value [Member] | ' | ' | ' | ' |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ' | ' |
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | -2 | -52 | 16 | -54 |
Interest Income on Securities | 1 | 4 | 2 | 6 |
Interest Expense on Junior Subordinated Debt | 0 | 0 | 0 | 0 |
Total Changes Included in Current-Period Earnings | -1 | -48 | 18 | -48 |
Junior subordinated debt [Member] | ' | ' | ' | ' |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ' | ' | ' | ' |
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | 125 | -3,238 | -853 | -3,707 |
Interest Income on Securities | 0 | 0 | 0 | 0 |
Interest Expense on Junior Subordinated Debt | -443 | -455 | -864 | -921 |
Total Changes Included in Current-Period Earnings | ($318) | ($3,693) | ($1,717) | ($4,628) |
Fair_Value_Accounting_Gains_an1
Fair Value Accounting - Gains and Losses from Fair Value Changes on Securities Measured at Fair Value (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net losses for the period on trading securities included in earnings | ($2) | ($52) | $16 | ($54) |
Less: net gains and (losses) recognized during the period on trading securities sold during the period | 0 | 0 | 0 | 0 |
Change in unrealized gains or (losses) for the period included in earnings for trading securities held at the end of the reporting period | ($2) | ($52) | $16 | ($54) |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting - Fair Value of Assets and Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | $2,793 | $3,036 | ' |
Securities available for sale | 1,577,272 | 1,370,696 | ' |
Derivative assets | 0 | 2,002 | 73 |
Derivative liabilities | 29,217 | 404 | 554 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Junior subordinated debt | 42,711 | ' | 41,858 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 2,793 | ' | ' |
Securities available for sale | 1,577,272 | 1,370,696 | ' |
Derivative assets | 28,505 | 2,783 | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 0 | ' | ' |
Securities available for sale | 135,203 | 121,298 | ' |
Derivative assets | 0 | 0 | ' |
Junior subordinated debt | 0 | 0 | ' |
Derivative liabilities | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 2,793 | ' | ' |
Securities available for sale | 1,442,011 | 1,249,398 | ' |
Derivative assets | 28,505 | 2,783 | ' |
Junior subordinated debt | 0 | 0 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 0 | ' | ' |
Securities available for sale | 58 | 0 | ' |
Derivative assets | 0 | 0 | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Residential MBS issued by GSEs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 2,379 | 3,036 | ' |
Securities available for sale | 947,683 | 1,021,421 | ' |
Fair Value, Measurements, Recurring [Member] | Residential MBS issued by GSEs [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 0 | 0 | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Residential MBS issued by GSEs [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 2,379 | 3,036 | ' |
Securities available for sale | 947,683 | 1,021,421 | ' |
Fair Value, Measurements, Recurring [Member] | Residential MBS issued by GSEs [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 0 | 0 | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. Government-sponsored agency securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 17,911 | 46,975 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. Government-sponsored agency securities [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. Government-sponsored agency securities [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 17,911 | 46,975 | ' |
Fair Value, Measurements, Recurring [Member] | U.S. Government-sponsored agency securities [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 95,940 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 95,940 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 305,282 | 115,665 | ' |
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 305,282 | 115,665 | ' |
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 73,219 | 61,484 | ' |
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 73,219 | 61,484 | ' |
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Mutual funds [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 38,054 | 36,532 | ' |
Fair Value, Measurements, Recurring [Member] | Mutual funds [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 38,054 | 36,532 | ' |
Fair Value, Measurements, Recurring [Member] | Mutual funds [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Mutual funds [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Commercial MBS issued by GSEs [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 2,084 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commercial MBS issued by GSEs [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commercial MBS issued by GSEs [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 2,084 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Commercial MBS issued by GSEs [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Private label residential MBS [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 414 | ' | ' |
Securities available for sale | 34,836 | 36,099 | ' |
Fair Value, Measurements, Recurring [Member] | Private label residential MBS [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 0 | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Private label residential MBS [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 414 | ' | ' |
Securities available for sale | 34,836 | 36,099 | ' |
Fair Value, Measurements, Recurring [Member] | Private label residential MBS [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities measured at fair value | 0 | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Private label commercial MBS [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 5,395 | 5,433 | ' |
Fair Value, Measurements, Recurring [Member] | Private label commercial MBS [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Private label commercial MBS [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 5,395 | 5,433 | ' |
Fair Value, Measurements, Recurring [Member] | Private label commercial MBS [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 25,582 | 23,805 | ' |
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 25,582 | 23,805 | ' |
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 23,930 | 23,282 | ' |
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 23,930 | 23,282 | ' |
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 7,356 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 1 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 0 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | 7,298 | ' | ' |
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Securities available for sale | $58 | ' | ' |
Fair_Value_Accounting_Change_i
Fair Value Accounting - Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||||
Change in unrealized gains (losses) for the twelve month period included in earnings (or changes in net assets) for the period ended December 31, 2012 | $123 | ($3,290) | ($837) | ($3,761) | ' | ||||
Level 3 [Member] | ' | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||||
Junior subordinated debt | 42,711 | 41,858 | 42,711 | 41,858 | ' | ||||
Junior subordinated debt, Valuation Technique | ' | ' | 'Discounted cash flow | 'Discounted cash flow | ' | ||||
Junior subordinated debt, Significant Unobservable Inputs | ' | ' | 'BB Corporate Bond over Treasury Index with comparable credit spread | 'BB Corporate Bond over Treasury Index with comparable credit spread | ' | ||||
Junior subordinated debt [Member] | ' | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||||
Change in unrealized gains (losses) for the twelve month period included in earnings (or changes in net assets) for the period ended December 31, 2012 | 125 | -3,238 | -853 | -3,707 | ' | ||||
Junior subordinated debt, Input Value | ' | ' | 5.74% | 5.86% | 5.86% | ||||
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||||
Junior subordinated debt | 42,711 | ' | 42,711 | ' | 41,858 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||||
Junior subordinated debt | 42,711 | ' | 42,711 | ' | 41,858 | ||||
Fair Value, Measurements, Recurring [Member] | Junior subordinated debt [Member] | ' | ' | ' | ' | ' | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ||||
Opening balance | -42,836 | -36,687 | -41,858 | -36,218 | -36,218 | ||||
Included in earnings (or changes in net assets) | 125 | [1] | -3,238 | [1] | -853 | [1] | -3,707 | [1] | ' |
Closing balance | -42,711 | -39,925 | -42,711 | -39,925 | ' | ||||
Change in unrealized gains (losses) for the twelve month period included in earnings (or changes in net assets) for the period ended December 31, 2012 | $125 | ($3,238) | ($853) | ($3,707) | ' | ||||
[1] | Total gains (losses) for the period are included in the non-interest income line, unrealized gains (losses) on assets / liabilities measured at fair value, net. |
Fair_Value_Accounting_Assets_M
Fair Value Accounting - Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans with an allowance recorded | $19,584 | $25,754 |
Impaired loans without specific valuation allowance | 144,286 | 152,623 |
Other assets acquired through foreclosure | 59,300 | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 19,600 | 25,800 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 16,077 | 20,474 |
Impaired loans without specific valuation allowance | 91,533 | 95,695 |
Other assets acquired through foreclosure | 59,292 | 66,719 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 0 | 0 |
Impaired loans without specific valuation allowance | 0 | 0 |
Other assets acquired through foreclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 0 | 0 |
Impaired loans without specific valuation allowance | 0 | 0 |
Other assets acquired through foreclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans with an allowance recorded | 16,077 | 20,474 |
Impaired loans without specific valuation allowance | 91,533 | 95,695 |
Other assets acquired through foreclosure | $59,292 | $66,719 |
Fair_Value_Accounting_Debt_Sec
Fair Value Accounting - Debt Security Credit Losses Recognized in Other Comprehensive Income/Earnings (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Beginning balance of impairment losses held in other comprehensive income | ($1,811) |
Current period other-than temporary impairment credit losses recognized through earnings | 0 |
Reductions for securities sold during the period | -1,811 |
Additions or reductions in credit losses due to change of intent to sell | 0 |
Reductions for increases in cash flows to be collected on impaired securities | 0 |
Ending balance of net unrealized gains and (losses) held in other comprehensive income | $0 |
Fair_Value_Accounting_Estimate
Fair Value Accounting - Estimated Fair Value of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financial assets | ' | ' | ' |
HTM | $0 | $283,006 | ' |
Securities available for sale | 1,577,272 | 1,370,696 | ' |
Securities measured at fair value | 2,793 | 3,036 | ' |
Derivative assets | 0 | 2,002 | 73 |
Loans, net | 7,438,630 | 6,701,365 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 8,469,505 | 7,838,205 | ' |
Customer repurchases | 53,688 | 71,192 | ' |
Derivative liabilities | 29,217 | 404 | 554 |
Level 3 [Member] | ' | ' | ' |
Financial liabilities | ' | ' | ' |
Junior subordinated debt | 42,711 | ' | 41,858 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
Securities available for sale | 1,577,272 | 1,370,696 | ' |
Securities measured at fair value | 2,793 | ' | ' |
Derivative assets | 28,505 | 2,783 | ' |
Financial liabilities | ' | ' | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
Securities available for sale | 135,203 | 121,298 | ' |
Securities measured at fair value | 0 | ' | ' |
Derivative assets | 0 | 0 | ' |
Financial liabilities | ' | ' | ' |
Junior subordinated debt | 0 | 0 | ' |
Derivative liabilities | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
Securities available for sale | 1,442,011 | 1,249,398 | ' |
Securities measured at fair value | 2,793 | ' | ' |
Derivative assets | 28,505 | 2,783 | ' |
Financial liabilities | ' | ' | ' |
Junior subordinated debt | 0 | 0 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
Securities available for sale | 58 | 0 | ' |
Securities measured at fair value | 0 | ' | ' |
Derivative assets | 0 | 0 | ' |
Financial liabilities | ' | ' | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
HTM | ' | 283,006 | ' |
Securities available for sale | 1,577,272 | 1,370,696 | ' |
Securities measured at fair value | 2,793 | 3,036 | ' |
Derivative assets | 28,505 | 2,783 | ' |
Loans, net | 7,438,630 | 6,701,365 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 8,469,505 | 7,838,205 | ' |
Customer repurchases | 53,688 | 71,192 | ' |
FHLB and FRB advances | 273,096 | 273,879 | ' |
Other borrowed funds | 64,436 | 67,217 | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
HTM | ' | 281,704 | ' |
Securities available for sale | 1,577,272 | 1,370,696 | ' |
Securities measured at fair value | 2,793 | 3,036 | ' |
Derivative assets | 28,505 | 2,783 | ' |
Loans, net | 6,828,978 | 6,207,131 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 8,473,609 | 7,842,014 | ' |
Customer repurchases | 53,688 | 71,192 | ' |
FHLB and FRB advances | 273,096 | 273,879 | ' |
Other borrowed funds | 70,472 | 74,475 | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
HTM | ' | 22,200 | ' |
Securities available for sale | 135,203 | 121,298 | ' |
Securities measured at fair value | 0 | 0 | ' |
Derivative assets | 0 | 0 | ' |
Loans, net | 0 | 0 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 0 | 0 | ' |
Customer repurchases | 0 | 0 | ' |
FHLB and FRB advances | 0 | 0 | ' |
Other borrowed funds | 0 | 3,000 | ' |
Junior subordinated debt | 0 | 0 | ' |
Derivative liabilities | 0 | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
HTM | ' | 259,496 | ' |
Securities available for sale | 1,442,011 | 1,249,398 | ' |
Securities measured at fair value | 2,793 | 3,036 | ' |
Derivative assets | 28,505 | 2,783 | ' |
Loans, net | 6,721,368 | 6,090,962 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 8,473,609 | 7,842,014 | ' |
Customer repurchases | 53,688 | 71,192 | ' |
FHLB and FRB advances | 273,096 | 273,879 | ' |
Other borrowed funds | 0 | 0 | ' |
Junior subordinated debt | 0 | 0 | ' |
Derivative liabilities | 29,221 | 4,168 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | ' | ' | ' |
Financial assets | ' | ' | ' |
HTM | ' | 8 | ' |
Securities available for sale | 58 | 0 | ' |
Securities measured at fair value | 0 | 0 | ' |
Derivative assets | 0 | 0 | ' |
Loans, net | 107,610 | 116,169 | ' |
Financial liabilities | ' | ' | ' |
Deposits | 0 | 0 | ' |
Customer repurchases | 0 | 0 | ' |
FHLB and FRB advances | 0 | 0 | ' |
Other borrowed funds | 70,472 | 71,475 | ' |
Junior subordinated debt | 42,711 | 41,858 | ' |
Derivative liabilities | $0 | $0 | ' |
Fair_Value_Accounting_Addition
Fair Value Accounting - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Collateralized debt obligations [Member] | Collateralized debt obligations [Member] | Level 3 [Member] | Level 3 [Member] | Junior subordinated debt [Member] | Junior subordinated debt [Member] | Junior subordinated debt [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Level 3 [Member] | Level 3 [Member] | ||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Junior subordinated debt, Input Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.74% | 5.86% | 5.86% | ' | ' | ' | ' |
Debt instrument, basis point spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.51% | ' | 5.62% | ' | ' | ' | ' |
Period of basis point spread | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | '3 months | ' | ' | ' | ' |
Percentage of LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.23% | ' | 0.25% | ' | ' | ' | ' |
Aggregate carrying amount of impaired loans | $19,584 | ' | $25,754 | ' | ' | ' | ' | ' | $19,600 | $25,800 | ' | ' | ' | $16,077 | $20,474 | $16,077 | $20,474 |
Impaired loans with an allowance recorded | 3,507 | ' | 5,280 | ' | ' | ' | ' | ' | 3,500 | 5,300 | ' | ' | ' | ' | ' | ' | ' |
Other assets acquired through foreclosure, net | $59,292 | $56,450 | $66,719 | $76,499 | $77,921 | $77,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securities contained credit losses | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discontinued_Operations_Summar
Discontinued Operations - Summary of Operating Results of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net loss | ($504) | ($169) | ($1,158) | ($131) |
PartnersFirst [Member] | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Operating revenue | -214 | 1,132 | -358 | 2,271 |
Non-interest expenses | -511 | -1,424 | -1,369 | -2,498 |
Loss before income taxes | -725 | -292 | -1,727 | -227 |
Income tax benefit | -221 | -123 | -569 | -96 |
Net loss | ($504) | ($169) | ($1,158) | ($131) |
Segments_Operating_Segment_Inf
Segments - Operating Segment Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | ||
Subsidiary | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Reportable Geographical Components [Member] | Operating Segments [Member] | Operating Segments [Member] | Corporate, Non-Segment [Member] | Corporate, Non-Segment [Member] | Wholly Owned Subsidiary Banks [Member] | |||||||
ARIZONA | ARIZONA | NEVADA | NEVADA | CALIFORNIA | CALIFORNIA | Specialty Finance Segment [Member] | Specialty Finance Segment [Member] | Subsidiary | ||||||||||
Operating Statistics [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of wholly-owned subsidiaries | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | |
Cash, cash equivalents and investment securities | $1,986,000,000 | ' | $1,986,000,000 | ' | ' | ' | $3,000,000 | $3,000,000 | $7,000,000 | $7,000,000 | $2,400,000 | $2,400,000 | $0 | $0 | $1,973,600,000 | $1,973,600,000 | ' | |
Loans, net of deferred loan fees and costs | 7,544,567,000 | ' | 7,544,567,000 | ' | 6,801,415,000 | ' | 2,131,000,000 | 2,131,000,000 | 1,682,600,000 | 1,682,600,000 | 1,694,800,000 | 1,694,800,000 | 1,951,500,000 | 1,951,500,000 | 84,600,000 | 84,600,000 | ' | |
Less: allowance for credit losses | -105,937,000 | ' | -105,937,000 | ' | -100,050,000 | ' | -29,900,000 | -29,900,000 | -23,600,000 | -23,600,000 | -23,800,000 | -23,800,000 | -27,400,000 | -27,400,000 | -1,200,000 | -1,200,000 | ' | |
Total loans held for investment | 7,438,630,000 | ' | 7,438,630,000 | ' | 6,701,365,000 | ' | 2,101,100,000 | 2,101,100,000 | 1,659,000,000 | 1,659,000,000 | 1,671,000,000 | 1,671,000,000 | 1,924,100,000 | 1,924,100,000 | 83,400,000 | 83,400,000 | ' | |
Other repossessed assets | 59,300,000 | ' | 59,300,000 | ' | ' | ' | 13,100,000 | 13,100,000 | 24,100,000 | 24,100,000 | 0 | 0 | 0 | 0 | 22,100,000 | 22,100,000 | ' | |
Goodwill and intangible assets, net | 26,500,000 | ' | 26,500,000 | ' | ' | ' | 0 | 0 | 26,500,000 | 26,500,000 | 0 | 0 | 0 | 0 | 0 | 0 | ' | |
Other assets | 513,200,000 | ' | 513,200,000 | ' | ' | ' | 42,200,000 | 42,200,000 | 62,700,000 | 62,700,000 | 26,200,000 | 26,200,000 | 21,100,000 | 21,100,000 | 361,000,000 | 361,000,000 | ' | |
Total assets | 10,023,587,000 | ' | 10,023,587,000 | ' | 9,307,342,000 | ' | 2,159,400,000 | 2,159,400,000 | 1,779,300,000 | 1,779,300,000 | 1,699,600,000 | 1,699,600,000 | 1,945,200,000 | 1,945,200,000 | 2,440,100,000 | 2,440,100,000 | ' | |
Deposits | 8,469,505,000 | ' | 8,469,505,000 | ' | 7,838,205,000 | ' | 2,115,400,000 | 2,115,400,000 | 3,187,800,000 | 3,187,800,000 | 2,061,100,000 | 2,061,100,000 | 886,300,000 | 886,300,000 | 218,900,000 | 218,900,000 | ' | |
Other borrowings | 337,532,000 | ' | 337,532,000 | ' | 341,096,000 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 337,500,000 | 337,500,000 | ' | |
Other liabilities | 258,900,000 | ' | 258,900,000 | ' | ' | ' | 20,900,000 | 20,900,000 | 46,800,000 | 46,800,000 | 4,800,000 | 4,800,000 | 24,700,000 | 24,700,000 | 161,700,000 | 161,700,000 | ' | |
Total liabilities | 9,065,923,000 | ' | 9,065,923,000 | ' | 8,451,844,000 | ' | 2,136,300,000 | 2,136,300,000 | 3,234,600,000 | 3,234,600,000 | 2,065,900,000 | 2,065,900,000 | 911,000,000 | 911,000,000 | 718,100,000 | 718,100,000 | ' | |
Allocated equity | 957,664,000 | 799,307,000 | 957,664,000 | 799,307,000 | 855,498,000 | 759,421,000 | [1] | 233,700,000 | 233,700,000 | 212,500,000 | 212,500,000 | 188,700,000 | 188,700,000 | 152,300,000 | 152,300,000 | 170,500,000 | 170,500,000 | ' |
Liabilities and Equity | 10,023,587,000 | ' | 10,023,587,000 | ' | 9,307,342,000 | ' | 2,370,000,000 | 2,370,000,000 | 3,447,100,000 | 3,447,100,000 | 2,254,600,000 | 2,254,600,000 | 1,063,300,000 | 1,063,300,000 | 888,600,000 | 888,600,000 | ' | |
Excess funds provided (used) | 0 | ' | 0 | ' | ' | ' | 210,600,000 | 210,600,000 | 1,667,800,000 | 1,667,800,000 | 555,000,000 | 555,000,000 | -881,900,000 | -881,900,000 | -1,551,500,000 | -1,551,500,000 | ' | |
Reconciliation of net income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net interest income | 93,898,000 | 82,152,000 | 184,675,000 | 158,355,000 | ' | ' | 29,211,000 | 55,819,000 | 29,359,000 | 57,954,000 | 24,702,000 | 47,494,000 | 16,226,000 | 30,190,000 | -5,600,000 | -6,782,000 | ' | |
Provision for credit losses | 507,000 | 3,481,000 | 4,007,000 | 8,920,000 | ' | ' | 3,000 | 1,561,000 | -2,011,000 | -2,895,000 | -1,672,000 | -1,017,000 | 3,467,000 | 5,637,000 | 720,000 | 721,000 | ' | |
Net interest income (loss) after provision for credit losses | 93,391,000 | 78,671,000 | 180,668,000 | 149,435,000 | ' | ' | 29,208,000 | 54,258,000 | 31,370,000 | 60,849,000 | 26,374,000 | 48,511,000 | 12,759,000 | 24,553,000 | -6,320,000 | -7,503,000 | ' | |
Non-interest income | 5,773,000 | 11,762,000 | 10,608,000 | 16,561,000 | ' | ' | 934,000 | 1,754,000 | 2,352,000 | 4,641,000 | 970,000 | 2,220,000 | 643,000 | 725,000 | 874,000 | 1,268,000 | ' | |
Non-interest expense | -52,416,000 | -48,531,000 | -102,165,000 | -95,460,000 | ' | ' | -12,793,000 | -26,097,000 | -16,026,000 | -31,262,000 | -13,342,000 | -26,385,000 | -6,640,000 | -13,148,000 | -3,615,000 | -5,273,000 | ' | |
Income from continuing operations before income taxes | 46,748,000 | 41,902,000 | 89,111,000 | 70,536,000 | ' | ' | 17,349,000 | 29,915,000 | 17,696,000 | 34,228,000 | 14,002,000 | 24,346,000 | 6,762,000 | 12,130,000 | -9,061,000 | -11,508,000 | ' | |
Income tax expense (benefit) | 10,706,000 | 7,661,000 | 21,330,000 | 15,448,000 | ' | ' | 6,805,000 | 11,734,000 | 6,194,000 | 11,981,000 | 5,887,000 | 10,237,000 | 2,536,000 | 4,549,000 | -10,716,000 | -17,171,000 | ' | |
Income from continuing operations | 36,042,000 | 34,241,000 | 67,781,000 | 55,088,000 | ' | ' | 10,544,000 | 18,181,000 | 11,502,000 | 22,247,000 | 8,115,000 | 14,109,000 | 4,226,000 | 7,581,000 | 1,655,000 | 5,663,000 | ' | |
Loss from discontinued operations, net | -504,000 | -169,000 | -1,158,000 | -131,000 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -504,000 | -1,158,000 | ' | |
Net income | $35,538,000 | $34,072,000 | $66,623,000 | $54,957,000 | ' | ' | $10,544,000 | $18,181,000 | $11,502,000 | $22,247,000 | $8,115,000 | $14,109,000 | $4,226,000 | $7,581,000 | $1,151,000 | $4,505,000 | ' | |
[1] | As adjusted, see "Note 10. Income Taxes" to the Unaudited Consolidated Financial Statements. |