Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 11, 2015 | Jun. 30, 2014 |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WAL | ||
Entity Registrant Name | WESTERN ALLIANCE BANCORPORATION | ||
Entity Central Index Key | 1212545 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 88,937,807 | ||
Entity Public Float | $1,321.10 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Cash and due from banks | $125,329 | $134,906 |
Interest-bearing deposits in other financial institutions | 39,067 | 170,608 |
Cash and cash equivalents | 164,396 | 305,514 |
Money Market Funds, at Carrying Value | 451 | 2,632 |
Investment securities - measured at fair value | 1,858 | 3,036 |
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 1,520,237 | 1,370,696 |
Investment securities - HTM, at amortized cost; fair value of $0 at December 31, 2014 and $281,704 at December 31, 2013 | 0 | 283,006 |
Investments in restricted stock, at cost | 25,275 | 30,186 |
Loans: | ||
Loans, net of deferred loan fees and costs | 8,398,265 | 6,801,415 |
Less: Allowance for credit losses | -110,216 | -100,050 |
Total loans | 8,288,049 | 6,701,365 |
Premises and equipment, net | 113,818 | 105,565 |
Other assets acquired through foreclosure, net | 57,150 | 66,719 |
Bank owned life insurance | 141,969 | 140,562 |
Goodwill | 23,224 | 23,224 |
Other intangible assets, net | 2,689 | 4,150 |
Deferred tax assets, net | 62,686 | 80,688 |
Prepaid expenses | 5,927 | 4,778 |
Other assets | 192,769 | 185,221 |
Total assets | 10,600,498 | 9,307,342 |
Deposits: | ||
Non-interest-bearing demand | 2,288,048 | 2,199,983 |
Interest-bearing | 6,642,995 | 5,638,222 |
Total deposits | 8,931,043 | 7,838,205 |
Customer repurchase agreements | 54,899 | 71,192 |
Other borrowings | 390,263 | 341,096 |
Junior subordinated debt, at fair value | 40,437 | 41,858 |
Other liabilities | 182,928 | 159,493 |
Total liabilities | 9,599,570 | 8,451,844 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock - par value $0.0001 and liquidation value per share of $1,000; 20,000,000 authorized; 70,500 and 141,000 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively | 70,500 | 141,000 |
Common stock - par value $0.0001; 200,000,000 authorized; 88,691,249 shares issued and outstanding at December 31, 2014 and 87,186,403 at December 31, 2013 | 9 | 9 |
Additional paid in capital | 828,327 | 797,146 |
Retained earnings (accumulated deficit) | 85,453 | -61,111 |
Accumulated other comprehensive income (loss) | 16,639 | -21,546 |
Total stockholders’ equity | 1,000,928 | 855,498 |
Total liabilities and stockholders’ equity | $10,600,498 | $9,307,342 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Amortized cost of investment securities available for sale | $1,493,648 | $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 | 88,691,249 | 87,186,403 |
Common stock, shares outstanding | 88,691,249 | 87,186,403 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest income: | |||
Loans, including fees | $370,922 | $326,714 | $280,985 |
Investment securities | 38,603 | 30,382 | 32,780 |
Dividends | 4,606 | 4,021 | 4,022 |
Other | 2,248 | 1,538 | 508 |
Total interest income | 416,379 | 362,655 | 318,295 |
Interest expense: | |||
Deposits | 20,012 | 16,335 | 16,794 |
Other borrowings | 9,639 | 11,506 | 9,116 |
Junior subordinated debt | 1,754 | 1,823 | 1,928 |
Customer repurchase agreements | 81 | 96 | 194 |
Total interest expense | 31,486 | 29,760 | 28,032 |
Net interest income | 384,893 | 332,895 | 290,263 |
Provision for credit losses | 4,726 | 13,220 | 46,844 |
Net interest income after provision for credit losses | 380,167 | 319,675 | 243,419 |
Non-interest income: | |||
Service charges and fees | 10,451 | 9,920 | 9,452 |
Income from bank owned life insurance | 4,508 | 4,809 | 4,439 |
Gain (loss) on sales of investment securities, net | 757 | -1,195 | 3,949 |
Unrealized gains (losses) on assets and liabilities measured at fair value, net | 1,212 | -6,483 | 653 |
Loss on extinguishment of debt | -502 | -1,387 | 0 |
Bargain purchase gain from acquisition | 0 | 10,044 | 17,562 |
Other fee revenue | 3,763 | 3,963 | 3,564 |
Other income | 5,252 | 2,576 | 6,886 |
Total non-interest income | 25,441 | 22,247 | 46,505 |
Non-interest expense: | |||
Salaries and employee benefits | 126,630 | 113,434 | 105,044 |
Occupancy | 18,192 | 19,126 | 18,815 |
Legal, professional, and directors' fees | 14,278 | 13,633 | 10,237 |
Data processing | 10,232 | 8,744 | 6,134 |
Insurance | 8,862 | 8,094 | 8,511 |
Marketing | 4,721 | 4,246 | 6,675 |
Marketing Expense | 2,300 | 2,581 | 2,306 |
Customer Service | 2,031 | 2,105 | 2,219 |
Intangible amortization | -5,421 | -2,387 | 4,207 |
Goodwill and intangible impairment | 1,461 | 2,388 | 3,256 |
Goodwill and intangible impairment | 0 | 0 | 3,435 |
Merger / restructure expenses | 198 | 5,752 | 2,819 |
Other expense | 24,625 | 18,550 | 15,202 |
Total non-interest expense | 208,109 | 196,266 | 188,860 |
Income from continuing operations before provision for income taxes | 197,499 | 145,656 | 101,064 |
Income tax expense | 48,390 | 29,830 | 25,935 |
Income from continuing operations | 149,109 | 115,826 | 75,129 |
Loss from discontinued operations, net of tax | -1,158 | -861 | -2,490 |
Net income | 147,951 | 114,965 | 72,639 |
Dividends on preferred stock | 1,387 | 1,410 | 3,793 |
Net income available to common stockholders | $146,564 | $113,555 | $68,846 |
Earnings per share from continuing operations: | |||
Basic | $1.70 | $1.34 | $0.87 |
Diluted | $1.69 | $1.32 | $0.86 |
Loss per share from discontinued operations: | |||
Basic | ($0.01) | ($0.01) | ($0.03) |
Diluted | ($0.02) | ($0.01) | ($0.03) |
Earnings per share available to common stockholders: | |||
Basic | $1.69 | $1.33 | $0.84 |
Diluted | $1.67 | $1.31 | $0.83 |
Weighted average number of common shares outstanding: | |||
Basic | 86,693 | 85,682 | 82,285 |
Diluted | 87,506 | 86,541 | 82,912 |
Dividends declared per common share | $0 | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $147,951 | $114,965 | $72,639 |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 8,976 | 0 | 0 |
Other comprehensive income (loss), net: | |||
Unrealized gain on transfer of HTM securities to AFS, net of tax effect of $(5,367) for the respective period presented | 29,683 | -30,503 | 15,842 |
Unrealized loss on cash flow hedge, net of tax effect of $0, $10, $284 for each respective period presented | 0 | -17 | -502 |
Realized (gain) loss on sale of AFS securities included in income, net of tax effect of $283, $(447), $1,428, for each respective period presented | -474 | 748 | -2,521 |
Net other comprehensive income (loss) | 38,185 | -29,772 | 12,819 |
Comprehensive income | $186,136 | $85,193 | $85,458 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Tax | $5,367 | $0 | $0 |
Unrealized gain on securities available-for-sale securities, tax | 17,749 | -18,240 | 0 |
Unrealized gain on cash flow hedge, tax | 0 | 10 | 284 |
Realized gain on sale of securities, tax | $283 | ($447) | $1,428 |
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, 2011 | $636,683 | $141,000 | $8 | $743,780 | ($4,593) | ($243,512) |
Beginning balance, shares at Dec. 31, 2011 | 141,000 | 82,362,000 | ||||
Net income | 72,639 | 72,639 | ||||
Issuance of stock, net | 31,953 | 1 | 31,952 | |||
Issuance of stock, net, shares | 2,966,000 | |||||
Exercise of stock options | 2,802 | 2,802 | ||||
Exercise of stock options, shares | 397,000 | |||||
Stock-based compensation | 1,939 | 1,939 | ||||
Stock-based compensation, shares | 183,000 | |||||
Restricted stock grants, net | 4,379 | |||||
Restricted stock grants, net, shares | 557,000 | |||||
Dividends on preferred stock | -3,793 | -3,793 | ||||
Other comprehensive (loss) income, net | 12,819 | 12,819 | ||||
Ending balance at Dec. 31, 2012 | 759,421 | 141,000 | 9 | 784,852 | 8,226 | -174,666 |
Ending balance, shares at Dec. 31, 2012 | 141,000 | 86,465,000 | ||||
Net income | 114,965 | 114,965 | ||||
Exercise of stock options | 4,595 | 4,595 | ||||
Exercise of stock options, shares | 440,000 | |||||
Stock-based compensation | 3,547 | 3,547 | ||||
Stock-based compensation, shares | 131,000 | |||||
Restricted stock grants, net | 4,152 | 4,152 | ||||
Restricted stock grants, net, shares | 150,000 | |||||
Dividends on preferred stock | -1,410 | -1,410 | ||||
Other comprehensive (loss) income, net | -29,772 | -29,772 | ||||
Ending balance at Dec. 31, 2013 | 855,498 | 141,000 | 9 | 797,146 | -21,546 | -61,111 |
Ending balance, shares at Dec. 31, 2013 | 141,000 | 87,186,000 | ||||
Net income | 147,951 | 147,951 | ||||
Issuance of stock, net | 13,746 | 13,746 | ||||
Redeemed preference shares | -70,500 | |||||
Stock Redeemed or Called During Period, Value | -70,500 | -70,500 | ||||
Issuance of stock, net, shares | 548,122 | |||||
Exercise of stock options | 8,294 | 8,294 | ||||
Exercise of stock options, shares | 625,000 | 625,000 | ||||
Stock-based compensation | 2,913 | 2,913 | ||||
Stock-based compensation, shares | 86,000 | |||||
Restricted stock grants, net | 6,228 | 6,228 | ||||
Restricted stock grants, net, shares | 246,000 | |||||
Dividends on preferred stock | -1,387 | -1,387 | ||||
Other comprehensive (loss) income, net | 38,185 | 38,185 | ||||
Ending balance at Dec. 31, 2014 | $1,000,928 | $70,500 | $9 | $828,327 | $16,639 | $85,453 |
Ending balance, shares at Dec. 31, 2014 | 71,000 | 88,691,000 |
CONSOLIDATED_STATEMENTS_OF_STO1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Common Stock [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2012 | |
Common Stock [Member] | ||
Issuance of stock, net, shares | 548,122 | 2,966,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $147,951 | $114,965 | $72,639 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Provision for credit losses | 4,726 | 13,220 | 46,844 |
Depreciation and amortization | 6,166 | 6,859 | 6,305 |
Stock-based compensation | 12,465 | 7,699 | 6,318 |
Excess tax benefit of stock-based compensation | -4,194 | -1,552 | -293 |
Deferred income taxes | -7,182 | -13,717 | 21,723 |
Net amortization of discounts and premiums for investment securities | 8,035 | 9,727 | 10,799 |
Goodwill and intangible impairment | 0 | 0 | 3,435 |
Accretion And Amortization Fair Market Value Adjustments Relating To Acquisitions of Loans | -15,958 | -10,917 | -1,721 |
Accretion and amortization of fair market value adjustments due to acquisitions of loans | -12,858 | -1,785 | |
Accretion and Amortization Fair Market Value Adjustments Relating to Acquisitions of Other Assets and Liabilities | -552 | 437 | 3,256 |
Income from bank owned life insurance | -4,508 | -4,809 | -4,439 |
(Gains) / Losses on: | |||
Sales of investment securities | -757 | 1,195 | -3,949 |
Acquisition of Centennial (2013)/Western Liberty (2012) | 0 | -10,044 | -17,562 |
Extinguishment of debt | 502 | 1,387 | 0 |
Other assets acquired through foreclosure, net | -2,866 | -5,924 | -727 |
Valuation adjustments of other repossessed assets, net | 294 | 3,743 | 5,029 |
Sale of premises, equipment, and other assets, net | -2,849 | -206 | -95 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | 0 | -892 |
Changes in, net of acquisitions: | |||
Other assets | 8,257 | 33,185 | 5,135 |
Other liabilities | 14,971 | 13,318 | 9,402 |
Unrealized (gains) / losses on assets and liabilities measured at fair value, net | -1,212 | 6,483 | -653 |
Net cash provided by operating activities | 163,289 | 165,049 | 160,554 |
Investment securities - measured at fair value | |||
Principal pay downs and maturities | 1,144 | 1,881 | 1,355 |
Investment securities - AFS | |||
Purchases | -143,052 | -729,768 | -322,283 |
Principal pay downs and maturities | 226,455 | 208,228 | 365,477 |
Proceeds from sales | 95,826 | 63,153 | 225,296 |
Investment securities - HTM | |||
Purchases | 0 | 0 | -13,584 |
Principal pay downs and maturities | 6,600 | 5,375 | 5,735 |
Purchase of investment tax credits | -32,484 | -40,355 | -24,297 |
Proceeds from Sale (Payments to Purchase) Investment In Money Market | 2,181 | -1,968 | 6,679 |
Proceeds from bank owned life insurance | 1,046 | 2,582 | 0 |
Liquidation of restricted stock | 4,911 | 750 | 2,584 |
Loan fundings and principal collections, net | -1,560,633 | -728,793 | -915,689 |
Purchase of premises, equipment, and other assets, net | -13,925 | -18,873 | -8,554 |
Proceeds from sale of other real estate owned and repossessed assets, net | 25,918 | 43,242 | 40,964 |
Cash and cash equivalents acquired in acquisition, net | 0 | 21,204 | 51,209 |
Net cash used in investing activities | -1,386,013 | -1,173,342 | -585,108 |
Cash flows from financing activities: | |||
Net increase in deposits | 1,093,353 | 1,045,173 | 679,474 |
Net increase (decrease) in borrowings | 40,407 | 70,159 | -204,592 |
Payments of Debt Extinguishment Costs | -6,501 | -10,887 | 0 |
Proceeds from exercise of common stock options | 8,294 | 4,595 | 2,802 |
Redemption of preferred stock | -70,500 | 0 | 0 |
Excess tax benefit of stock-based compensation | 4,194 | 1,552 | 293 |
Cash dividends paid on preferred stock | -1,387 | -1,410 | -3,793 |
Proceeds from Issuance of Common Stock | 13,746 | 0 | 0 |
Net cash provided by financing activities | 1,081,606 | 1,109,182 | 474,184 |
Net (decrease) increase in cash and cash equivalents | -141,118 | 100,889 | 49,630 |
Cash and cash equivalents at beginning of year | 305,514 | 204,625 | 154,995 |
Cash and cash equivalents at end of year | 164,396 | 305,514 | 204,625 |
Cash paid during the year for: | |||
Interest | 26,516 | 28,613 | 28,953 |
Income taxes | 35,556 | 19,105 | 1,740 |
Non-cash investing and financing activity: | |||
Transfers to other assets acquired through foreclosure, net | 13,777 | 24,911 | 28,315 |
Unfunded commitments to purchase investment tax credits and SBIC commitments | 9,798 | 50,000 | 53,203 |
Non-cash assets acquired in acquisitions | 0 | 410,827 | 116,772 |
Non-cash liabilities acquired in acquisitions | 0 | 421,987 | 118,443 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 29,209 | -29,755 | 13,321 |
Change in Unfunded Obligations Non Cash | -28,522 | -34,422 | 0 |
Held-to-maturity Securities, Transferred Security, at Carrying Value | 0 | 0 | |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $8,976 | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | Nature of operation | ||
WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of deposit, lending, treasury management, and online banking products and services through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA in Arizona, FIB in Northern Nevada, BON in Southern Nevada, and TPB in California. The Company also serves business customers through a robust national platform of specialized financial services including AAB, WACF, WAEF, WAPF, WARF, and WAWL. On July 1, 2014, all of the outstanding shares of common stock of WAEF, which was previously a subsidiary of WAL, were contributed to WAB by WAL and it is now a subsidiary of the Bank. In addition, the Company has one non-bank subsidiary, LVSP, which holds and manages certain non-performing loans and OREO. | |||
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 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 other assets and liabilities carried at fair value; and accounting for income taxes. 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 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 December 31, 2014, WAL has eight wholly-owned subsidiaries: WAB, LVSP and six unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities. | |||
The Bank 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; BW Nevada Holdings, LLC, which owns the Company’s 2700 West Sahara Avenue, Las Vegas, Nevada office building, and WAEF, which offers equipment finance services nationwide. | |||
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 and for the years ended December 31, 2014, 2013, and 2012 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. | |||
Business combinations | |||
Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. 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 Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. | |||
Cash and cash equivalents | |||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks (including cash items in process of clearing), and federal funds sold. Cash flows from loans originated by the Company and customer deposit accounts are reported net. | |||
The Company maintains amounts due from banks, which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. | |||
Cash reserve requirements | |||
Depository institutions are required by law to maintain reserves against their transaction deposits. The reserves must be held in cash or with the FRB and banks are permitted to meet this requirement by maintaining the specified amount as an average balance over a two-week period. The total of reserve balances was approximately $11.6 million and $19.1 million as of December 31, 2014 and 2013, respectively. | |||
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 Consolidated Financial Statements for further discussion regarding the Company's HTM portfolio during the year ended December 31, 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 other-than-temporarily-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, adjusted for prepayment estimates, using the interest method. | |||
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 whether 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. | |||
For individual debt securities where the Company either 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. | |||
Restricted stock | |||
WAB is a member of the FHLB system and maintains an investment in capital stock of the FHLB based on the borrowing capacity used. The Company also maintains an investment in its primary correspondent bank. These investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. The dividend income received from the stock is reported in interest income. Our investment in FHLB stock is carried at cost. The Company conducts a periodic review and evaluation of our FHLB stock to determine if any impairment exists. | |||
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 deferred fees and costs, and an 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 effective portion of the hedged benchmark interest rate risk. Purchased loans are recorded at estimated fair value on the date of purchase, comprised of unpaid principal less estimated credit losses and interest rate fair value adjustments. | |||
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 are 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 Consolidated Financial Statements. | |||
For purchased loans that are not deemed impaired, fair value adjustments attributable to both credit and interest rates are accreted (or amortized) over the contractual life of the individual loan. 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 premiums, discounts, or net deferred fees are recognized as interest income. | |||
Non-accrual 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. The Company ceases accruing 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 according to contractual terms is no longer likely. 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 non-accrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed and, the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company recognizes income on a cash basis only for those non-accrual loans for which the collection of the remaining principal balance is not in doubt. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally 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. | |||
Impaired loans: A loan is identified as impaired when it is no longer probable that interest and principal will be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as non-accrual. However, in certain instances, impaired loans may continue on an accrual basis, if full repayment of all principal and interest is expected and the loan is both well secured and in the process of collection. 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 recorded as a provision for credit losses. Losses are recorded as a charge-off when losses are confirmed. In addition to management's 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, or deferral of interest payments. A TDR loan is also considered impaired. A TDR loan may be returned to accrual status when the loan is brought current, has performed in accordance with the contractual restructured terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual restructured principal and interest is no longer in doubt. However, such loans continue to be considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. | |||
Allowance for credit losses | |||
Credit risk is inherent in the business of extending loans and leases to borrowers, for which the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses recorded 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: 1) the Company's historical loss experience: 2) levels of and trends in delinquencies and impaired loans; 3) levels of and trends in charge-offs and recoveries; 4) trends in volume and terms of loans; 5) changes in underwriting standards or lending policies; 6) experience, ability, depth of lending staff; 7) national and local economic trends and conditions; 8) changes in credit concentrations; 9) out-of-market exposures; 10) changes in quality of loan review system; and 11) changes in the value of underlying collateral. | |||
An internal ten-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 allowance for credit losses, and may require us to make additions to the 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 applies to impaired loans. For impaired collateral dependent loans, the reserve is calculated based on the collateral value, net of estimated disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The Company's impairment analysis also incorporates various valuation considerations, including loan type, loss experience, and geographic criteria. | |||
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. | |||
Transfers of financial assets | |||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed surrendered when the 1) assets have been isolated from the Company; 2) transferee obtains the right to pledge or exchange the transferred assets; and 3) Company no longer maintains effective control over the transferred assets through an agreement to repurchase the transferred assets before maturity. | |||
Premises and equipment | |||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the terms of the lease or the estimated lives of the improvements, whichever is shorter. Depreciation and amortization is computed using the following estimated lives: | |||
Years | |||
Bank premises | 31 | ||
Furniture, fixtures, and equipment | 10-Mar | ||
Leasehold improvements | 10-Mar | ||
Management periodically reviews premises and equipment in order to determine if facts and circumstances suggest that the value of an asset is not recoverable. | |||
Goodwill and other intangible assets | |||
The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. The Company can first elect to assess, through qualitative factors, whether it is more likely than not that goodwill is impaired. Pursuant to this guidance, if the qualitative assessment indicates potential impairment, the Company will proceed with the two-step process. The first step tests for impairment, while the second step, if necessary, measures the impairment. The resulting impairment amount, if any, is charged to current period earnings as non-interest expense. | |||
The Company’s intangible assets consist of core deposit intangible assets that are amortized over periods ranging from 5 to 12 years. The Company evaluates the remaining useful lives of its core deposit intangible assets each reporting period, as required by ASC 350, Intangibles—Goodwill and Other, to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. The Company has not revised its estimates of the useful lives of its core deposit intangibles during the years ended December 31, 2014, 2013, or 2012. | |||
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. | |||
Investments in low income housing credits | |||
The Company invests in Limited Partnerships formed for the purpose of investing in low income housing projects, which qualify for federal LIHTC. These investments are expected to generate tax credits over the next ten years. The Company adopted the amended guidance in ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, beginning on January 1, 2014 and now accounts for these investments using the proportional amortization method. See "Note 14. 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. | |||
At December 31, 2014, other assets included $126.6 million related to this investment and other liabilities included $51.4 million related to future unconditional equity commitments. At December 31, 2013, other assets included $125.3 million related to this investment and other liabilities included $66.6 million related to future unconditional equity commitments. | |||
Bank owned life insurance | |||
BOLI is stated at its cash surrender value with changes recorded in other non-interest income in the Consolidated Income Statements. The face amount of the underlying policies including death benefits was $321.9 million and $323.9 million as of December 31, 2014 and 2013, respectively. There are no loans offset against cash surrender values, and there are no restrictions as to the use of proceeds. | |||
Customer repurchase agreements | |||
The Company enters into repurchase agreements with customers, whereby it pledges securities against overnight investments made from the customer’s excess collected funds. The Company records these at the amount of cash received in connection with the transaction. | |||
Stock compensation plans | |||
The Company has the Incentive Plan, as amended, which is described more fully in "Note 10. Stockholders' Equity" of these Notes to Consolidated Financial Statements. Compensation expense for stock options and non-vested restricted stock awards is based on the fair value of the award on the measurement date which, for the Company, is the date of the grant and is recognized ratably over the service period of the award. The Company utilizes the Black-Scholes option-pricing model to calculate the fair value of stock options. The fair value of non-vested restricted stock awards is the market price of the Company’s stock on the date of grant. | |||
See "Note 10. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of stock options, stock warrants and restricted stock awards. | |||
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 Sheets 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. | |||
Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk are recorded in current-period earnings. 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 Sheets, 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 Sheets 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 and GAAP, 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 asset 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. See "Note 14. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion on income taxes. | |||
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 December 31, 2014 and 2013. The estimated fair value amounts for December 31, 2014 and 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 16. Fair Value Accounting" in these Notes to 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 investments | |||
The carrying amounts reported in the Consolidated Balance Sheets for money market investments approximate their fair value. | |||
Investment securities | |||
The fair values of 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 engages a third party to estimate 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 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. | |||
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 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. The 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 is 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 NOL 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 LIHTC. 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 14. 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. | |||
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 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 2014-12, 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 adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. | |||
In August 2014, the FASB issued guidance within ASU 2014-15, Presentation of Financial Statements - Going Concern. The amendments in ASU 2014-15 to Subtopic 205-40 provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||
Investment Securities | The carrying amounts and fair values of investment securities at December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | 18,701 | $ | — | $ | (355 | ) | $ | 18,346 | ||||||||||||||||||||||||
Corporate debt securities | 52,773 | 717 | (1,001 | ) | 52,489 | ||||||||||||||||||||||||||||
Municipal obligations | 285,398 | 13,688 | (49 | ) | 299,037 | ||||||||||||||||||||||||||||
Preferred stock | 83,192 | 2,099 | (2,679 | ) | 82,612 | ||||||||||||||||||||||||||||
Mutual funds | 37,449 | 500 | (247 | ) | 37,702 | ||||||||||||||||||||||||||||
Residential MBS issued by GSEs | 881,734 | 11,440 | (1,985 | ) | 891,189 | ||||||||||||||||||||||||||||
Commercial MBS issued by GSEs | 2,047 | 100 | — | 2,147 | |||||||||||||||||||||||||||||
Private label residential MBS | 70,985 | 379 | (1,121 | ) | 70,243 | ||||||||||||||||||||||||||||
Private label commercial MBS | 5,017 | 132 | — | 5,149 | |||||||||||||||||||||||||||||
Trust preferred securities | 32,000 | — | (6,454 | ) | 25,546 | ||||||||||||||||||||||||||||
CRA investments | 24,302 | 30 | — | 24,332 | |||||||||||||||||||||||||||||
Collateralized debt obligations | 50 | 11,395 | — | 11,445 | |||||||||||||||||||||||||||||
Total AFS securities | $ | 1,493,648 | $ | 40,480 | $ | (13,891 | ) | $ | 1,520,237 | ||||||||||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | 1,858 | |||||||||||||||||||||||||||||||
In May 2014, the Company's Finance and Investment Committee reassessed the Company's holdings in CDOs, and gave management the discretion to sell CDOs to reinvest in higher grade investment 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. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
For additional information on the fair value changes of the securities measured at fair value, see the trading securities table in "Note 16. Fair Value Accounting" of these Notes to 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, and 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, 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, a loss is recorded in other comprehensive income rather than earnings when the Company determines there is 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 years ended December 31, 2014, 2013 and 2012. The Company does not consider any securities to be other-than-temporarily impaired as of December 31, 2014 and 2013. OTTI is reassessed quarterly. No assurance can be made that additional OTTI will not occur in future periods. | |||||||||||||||||||||||||||||||||
Information pertaining to securities with gross unrealized losses at December 31, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 355 | $ | 18,346 | $ | 355 | $ | 18,346 | |||||||||||||||||||||
Corporate debt securities | 139 | 9,860 | 862 | 29,139 | 1,001 | 38,999 | |||||||||||||||||||||||||||
Preferred stock | 232 | 13,811 | 2,447 | 28,109 | 2,679 | 41,920 | |||||||||||||||||||||||||||
Mutual funds | 247 | 25,855 | — | — | 247 | 25,855 | |||||||||||||||||||||||||||
Residential MBS issued by GSEs | 227 | 49,217 | 1,758 | 97,296 | 1,985 | 146,513 | |||||||||||||||||||||||||||
Municipal obligations | — | — | 49 | 4,430 | 49 | 4,430 | |||||||||||||||||||||||||||
Private label residential MBS | 157 | 24,056 | 964 | 26,614 | 1,121 | 50,670 | |||||||||||||||||||||||||||
Trust preferred securities | — | — | 6,454 | 25,546 | 6,454 | 25,546 | |||||||||||||||||||||||||||
Total AFS securities | $ | 1,002 | $ | 122,799 | $ | 12,889 | $ | 229,480 | $ | 13,891 | $ | 352,279 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
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 | $ | 46,975 | $ | — | $ | — | $ | 2,135 | $ | 46,975 | |||||||||||||||||||||
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 | 601,757 | 614 | 8,984 | 12,548 | 610,741 | |||||||||||||||||||||||||||
Municipal obligations | 3,545 | 72,301 | 2,777 | 17,923 | 6,322 | 90,224 | |||||||||||||||||||||||||||
Private label residential MBS | 2,009 | 32,516 | 142 | 3,583 | 2,151 | 36,099 | |||||||||||||||||||||||||||
Trust preferred securities | — | — | 8,195 | 23,807 | 8,195 | 23,807 | |||||||||||||||||||||||||||
CRA investments | 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 December 31, 2014 and 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 December 31, 2014 was 109, 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 OTTI. | |||||||||||||||||||||||||||||||||
The preferred stock and trust preferred securities have yields based on floating rate LIBOR, which are highly correlated to the federal funds rate and have been negatively affected by the low rate environment. This has resulted in unrealized losses for these securities. The FRB continues to express its intention to keep interest rates, particularly the federal funds rate, at historically low levels into 2015. | |||||||||||||||||||||||||||||||||
The amortized cost and fair value of securities as of December 31, 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. | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | 70,846 | $ | 71,245 | |||||||||||||||||||||||||||||
After one year through five years | 49,195 | 51,266 | |||||||||||||||||||||||||||||||
After five years through ten years | 150,079 | 153,067 | |||||||||||||||||||||||||||||||
After ten years | 263,745 | 275,931 | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 959,783 | 968,728 | |||||||||||||||||||||||||||||||
Total AFS securities | $ | 1,493,648 | $ | 1,520,237 | |||||||||||||||||||||||||||||
The following tables summarize the carrying amount of the Company’s investment ratings position as December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Unrated | Totals | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Municipal obligations | $ | 8,168 | $ | — | $ | 138,256 | $ | 146,155 | $ | 6,263 | $ | 195 | $ | — | $ | 299,037 | |||||||||||||||||
Residential MBS issued by GSEs | — | 891,189 | — | — | — | — | — | 891,189 | |||||||||||||||||||||||||
Commercial MBS issued by GSEs | — | 2,147 | — | — | — | — | — | 2,147 | |||||||||||||||||||||||||
Private label residential MBS | 59,944 | — | 68 | 3,439 | 3,595 | 3,197 | — | 70,243 | |||||||||||||||||||||||||
Private label commercial MBS | 5,149 | — | — | — | — | — | — | 5,149 | |||||||||||||||||||||||||
Mutual funds (2) | — | — | — | — | 37,702 | — | — | 37,702 | |||||||||||||||||||||||||
U.S. government sponsored agency securities | — | 18,346 | — | — | — | — | — | 18,346 | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | 54,585 | 17,632 | 10,395 | 82,612 | |||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 25,546 | — | — | 25,546 | |||||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 11,445 | — | 11,445 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 2,759 | 5,570 | 44,160 | — | — | 52,489 | |||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 24,332 | 24,332 | |||||||||||||||||||||||||
Total AFS securities (1) | $ | 73,261 | $ | 911,682 | $ | 141,083 | $ | 155,164 | $ | 171,851 | $ | 32,469 | $ | 34,727 | $ | 1,520,237 | |||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,858 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,858 | |||||||||||||||||
-1 | The Company uses the average credit rating of the combination of S&P, Moody’s, and Fitch, where ratings differ. | ||||||||||||||||||||||||||||||||
-2 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Unrated | Totals | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Municipal obligations | $ | — | $ | — | $ | 58,061 | $ | 57,389 | $ | — | $ | 215 | $ | — | $ | 115,665 | |||||||||||||||||
Residential MBS issued by GSEs | — | 1,021,421 | — | — | — | — | — | 1,021,421 | |||||||||||||||||||||||||
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 (2) | — | — | — | — | 36,532 | — | — | 36,532 | |||||||||||||||||||||||||
U.S. government sponsored agency securities | — | 46,975 | — | — | — | — | — | 46,975 | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | 45,847 | 13,244 | 2,393 | 61,484 | |||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 23,805 | — | — | 23,805 | |||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 23,282 | 23,282 | |||||||||||||||||||||||||
Total AFS securities (1) | $ | 29,079 | $ | 1,068,396 | $ | 58,186 | $ | 61,490 | $ | 110,809 | $ | 17,061 | $ | 25,675 | $ | 1,370,696 | |||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 3,036 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,036 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
Municipal obligations | $ | 7,965 | $ | — | $ | 71,749 | $ | 96,560 | $ | 7,305 | $ | — | $ | — | $ | 183,579 | |||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 50 | — | 50 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 2,697 | 35,102 | 59,978 | — | — | 97,777 | |||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 1,600 | 1,600 | |||||||||||||||||||||||||
Total HTM securities | $ | 7,965 | $ | — | $ | 74,446 | $ | 131,662 | $ | 67,283 | $ | 50 | $ | 1,600 | $ | 283,006 | |||||||||||||||||
-1 | The Company uses the average credit rating of the combination of S&P, Moody’s, and Fitch, where ratings differ. | ||||||||||||||||||||||||||||||||
-2 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||||||
Securities with carrying amounts of approximately $755.5 million and $662.5 million at December 31, 2014 and 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: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Gross gains | $ | 1,118 | $ | 1,569 | $ | 4,270 | |||||||||||||||||||||||||||
Gross losses | (361 | ) | (2,764 | ) | (321 | ) | |||||||||||||||||||||||||||
Net gains (losses) on sales of investment securities | $ | 757 | $ | (1,195 | ) | $ | 3,949 | ||||||||||||||||||||||||||
Loans_Leases_and_Allowance_for
Loans, Leases and Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||
Loans, Leases and Allowance for Credit Losses | e composition of the Company’s loan portfolio is as follows: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,327,629 | $ | 2,236,740 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 2,058,620 | 1,843,415 | |||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,734,617 | 1,561,862 | |||||||||||||||||||||||||||||||
Construction and land development | 754,154 | 537,231 | |||||||||||||||||||||||||||||||
Residential real estate | 298,872 | 350,312 | |||||||||||||||||||||||||||||||
Commercial leases | 204,270 | 235,968 | |||||||||||||||||||||||||||||||
Consumer | 32,633 | 45,153 | |||||||||||||||||||||||||||||||
Net deferred loan fees and costs | (12,530 | ) | (9,266 | ) | |||||||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | 8,398,265 | 6,801,415 | |||||||||||||||||||||||||||||||
Allowance for credit losses | (110,216 | ) | (100,050 | ) | |||||||||||||||||||||||||||||
Total | $ | 8,288,049 | $ | 6,701,365 | |||||||||||||||||||||||||||||
The following table presents the contractual aging of the recorded investment in past due loans by class of loans, excluding deferred fees and costs: | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
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 | $ | 1,731,887 | $ | 1,412 | $ | 181 | $ | 1,137 | $ | 2,730 | $ | 1,734,617 | |||||||||||||||||||||
Non-owner occupied | 1,861,205 | 2,391 | 3,361 | 8,740 | 14,492 | 1,875,697 | |||||||||||||||||||||||||||
Multi-family | 182,478 | — | 445 | — | 445 | 182,923 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3,325,059 | 1,518 | 15 | 1,037 | 2,570 | 3,327,629 | |||||||||||||||||||||||||||
Leases | 204,270 | — | — | — | — | 204,270 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 392,696 | — | — | — | — | 392,696 | |||||||||||||||||||||||||||
Land | 358,013 | — | 2,640 | 805 | 3,445 | 361,458 | |||||||||||||||||||||||||||
Residential real estate | 291,535 | 2,347 | 205 | 4,785 | 7,337 | 298,872 | |||||||||||||||||||||||||||
Consumer | 32,176 | 172 | 20 | 265 | 457 | 32,633 | |||||||||||||||||||||||||||
Total loans | $ | 8,379,319 | $ | 7,840 | $ | 6,867 | $ | 16,769 | $ | 31,476 | $ | 8,410,795 | |||||||||||||||||||||
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 non-accrual loans and loans past due ninety days or more and still accruing interest by class of loans: | |||||||||||||||||||||||||||||||||
31-Dec-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/ | Total | Current | Past Due/ | Total | ||||||||||||||||||||||||||||
Delinquent | Non-accrual | Delinquent | Non-accrual | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 13,630 | $ | — | $ | 13,630 | $ | 1,138 | $ | 9,330 | $ | 3,600 | $ | 12,930 | $ | 887 | |||||||||||||||||
Non-owner occupied | 30,226 | 8,601 | 38,827 | 2,171 | 17,930 | 23,996 | 41,926 | — | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,621 | 496 | 3,117 | 703 | 622 | 2,682 | 3,304 | 125 | |||||||||||||||||||||||||
Leases | 373 | — | 373 | — | 99 | 350 | 449 | — | |||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Land | 2,686 | 2,640 | 5,326 | 805 | 3,133 | 1,392 | 4,525 | — | |||||||||||||||||||||||||
Residential real estate | 1,332 | 4,841 | 6,173 | 232 | 5,067 | 7,413 | 12,480 | 47 | |||||||||||||||||||||||||
Consumer | 25 | 188 | 213 | 83 | 27 | 39 | 66 | 475 | |||||||||||||||||||||||||
Total | $ | 50,893 | $ | 16,766 | $ | 67,659 | $ | 5,132 | $ | 36,208 | $ | 39,472 | $ | 75,680 | $ | 1,534 | |||||||||||||||||
The reduction in interest income associated with loans on non-accrual status was approximately $3.8 million, $5.4 million, and $5.5 million for the years ended December 31, 2014, 2013, and 2012, 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: | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,665,981 | $ | 28,054 | $ | 39,258 | $ | 1,324 | $ | — | $ | 1,734,617 | |||||||||||||||||||||
Non-owner occupied | 1,776,540 | 35,746 | 62,971 | 440 | — | 1,875,697 | |||||||||||||||||||||||||||
Multi-family | 182,478 | — | 445 | — | — | 182,923 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3,295,996 | 14,351 | 17,127 | 155 | — | 3,327,629 | |||||||||||||||||||||||||||
Leases | 201,477 | 2,420 | 373 | — | — | 204,270 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 387,941 | 4,274 | 481 | — | — | 392,696 | |||||||||||||||||||||||||||
Land | 329,987 | 10,288 | 21,183 | — | — | 361,458 | |||||||||||||||||||||||||||
Residential real estate | 283,529 | 2,037 | 13,306 | — | — | 298,872 | |||||||||||||||||||||||||||
Consumer | 32,057 | 228 | 348 | — | — | 32,633 | |||||||||||||||||||||||||||
Total | $ | 8,155,986 | $ | 97,398 | $ | 155,492 | $ | 1,919 | $ | — | $ | 8,410,795 | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 8,152,312 | $ | 94,989 | $ | 130,254 | $ | 1,764 | $ | — | $ | 8,379,319 | |||||||||||||||||||||
Past due 30 - 59 days | 2,772 | 193 | 4,720 | 155 | — | 7,840 | |||||||||||||||||||||||||||
Past due 60 - 89 days | 385 | 36 | 6,446 | — | — | 6,867 | |||||||||||||||||||||||||||
Past due 90 days or more | 517 | 2,180 | 14,072 | — | — | 16,769 | |||||||||||||||||||||||||||
Total | $ | 8,155,986 | $ | 97,398 | $ | 155,492 | $ | 1,919 | $ | — | $ | 8,410,795 | |||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Impaired loans with a specific valuation allowance under ASC 310 (1) | $ | 124,928 | $ | 25,754 | |||||||||||||||||||||||||||||
Impaired loans without a specific valuation allowance under ASC 310 (2) | 41,822 | 152,623 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 166,750 | $ | 178,377 | |||||||||||||||||||||||||||||
Valuation allowance related to impaired loans (3) | $ | (10,765 | ) | $ | (5,280 | ) | |||||||||||||||||||||||||||
-1 | Includes TDR loans with a specific valuation allowance under ASC 310 of $103.3 million and $4.5 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes TDR loans without a specific valuation allowance under ASC 310 of $35.0 million and $123.4 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
-3 | Includes valuation allowance related to TDR loans of $8.9 million and $1.2 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
As a result of the FDIC review performed as of March 31, 2014, the FDIC recommended that the Company revise its methodology regarding certain impaired loans individually assessed for impairment under ASC 450. Under the previous methodology, the Company first assessed impairment on individual loans and, if no specific allowance was needed, the Company would classify these loans as impaired loans without a specific valuation allowance under ASC 310, but maintained an allowance based on qualitative considerations under ASC 450. Under the revised methodology, including an impairment analysis that incorporates various valuation considerations such as loan type, risk rating, loss experience, and geographic criteria, these loans are now classified as impaired loans with a specific valuation allowance under ASC 310 and no qualitative allowance is provided under ASC 450. This has resulted in a higher balance of impaired loans with a specific valuation allowance under ASC 310 as of December 31, 2014 compared to December 31, 2013. During 2014, the valuation allowance for these loans increased from $2.3 million under ASC 450 as of December 31, 2013 to $6.1 million as of December 31, 2014 pursuant to the revised methodology. | |||||||||||||||||||||||||||||||||
The following table presents impaired loans by class: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 44,893 | $ | 37,902 | |||||||||||||||||||||||||||||
Non-owner occupied | 66,324 | 73,152 | |||||||||||||||||||||||||||||||
Multi-family | — | — | |||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 13,749 | 449 | |||||||||||||||||||||||||||||||
Leases | 373 | 16,892 | |||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||
Land | 21,748 | 23,069 | |||||||||||||||||||||||||||||||
Residential real estate | 19,300 | 26,376 | |||||||||||||||||||||||||||||||
Consumer | 363 | 537 | |||||||||||||||||||||||||||||||
Total | $ | 166,750 | $ | 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 December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
The following table presents the average investment in impaired loans and income recognized on impairment loans: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Average balance during the year on impaired loans | $ | 169,758 | $ | 182,670 | $ | 214,499 | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | 5,494 | 6,235 | 6,761 | ||||||||||||||||||||||||||||||
Interest recognized on non-accrual loans, cash basis | 2,536 | 1,916 | 191 | ||||||||||||||||||||||||||||||
The following table presents average investment in impaired loans by loan class: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 37,048 | $ | 49,452 | $ | 57,147 | |||||||||||||||||||||||||||
Non-owner occupied | 68,821 | 56,110 | 57,284 | ||||||||||||||||||||||||||||||
Multi-family | — | 89 | 872 | ||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 16,168 | 15,023 | 24,094 | ||||||||||||||||||||||||||||||
Leases | 410 | 727 | 874 | ||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | 986 | ||||||||||||||||||||||||||||||
Land | 21,580 | 27,326 | 36,499 | ||||||||||||||||||||||||||||||
Residential real estate | 25,223 | 33,339 | 35,639 | ||||||||||||||||||||||||||||||
Consumer | 508 | 604 | 1,104 | ||||||||||||||||||||||||||||||
Total | $ | 169,758 | $ | 182,670 | $ | 214,499 | |||||||||||||||||||||||||||
The average investment in TDR loans included in the average investment in impaired loans table above for the years ended December 31, 2014, 2013, and 2012 was $126.6 million, $141.8 million, and $171.7 million, respectively. | |||||||||||||||||||||||||||||||||
The following table presents interest income on impaired loans by class: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,550 | $ | 1,726 | $ | 2,130 | |||||||||||||||||||||||||||
Non-owner occupied | 1,484 | 2,043 | 1,968 | ||||||||||||||||||||||||||||||
Multi-family | 1 | — | — | ||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 745 | 1,087 | 1,180 | ||||||||||||||||||||||||||||||
Leases | — | — | — | ||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||
Land | 1,021 | 1,288 | 1,224 | ||||||||||||||||||||||||||||||
Residential real estate | 646 | 62 | 220 | ||||||||||||||||||||||||||||||
Consumer | 47 | 29 | 39 | ||||||||||||||||||||||||||||||
Total | $ | 5,494 | $ | 6,235 | $ | 6,761 | |||||||||||||||||||||||||||
The Company is not committed to lend significant additional funds on these impaired loans. | |||||||||||||||||||||||||||||||||
The following table summarizes nonperforming assets: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Non-accrual loans (1) | $ | 67,659 | $ | 75,680 | |||||||||||||||||||||||||||||
Loans past due 90 days or more on accrual status | 5,132 | 1,534 | |||||||||||||||||||||||||||||||
Troubled debt restructured loans (2) | 84,720 | 89,576 | |||||||||||||||||||||||||||||||
Total nonperforming loans | 157,511 | 166,790 | |||||||||||||||||||||||||||||||
Other assets acquired through foreclosure, net | 57,150 | 66,719 | |||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 214,661 | $ | 233,509 | |||||||||||||||||||||||||||||
-1 | Includes non-accrual TDR loans of $53.6 million and $38.3 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
-2 | Includes accruing TDR loans only. | ||||||||||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | |||||||||||||||||||||||||||||||||
The following table presents information regarding the contractually required payments receivable, cash flows expected to be collected and the estimated fair value of loans acquired in the Centennial acquisition as of April 30, 2013, the closing date of the transaction: | |||||||||||||||||||||||||||||||||
April 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial | Residential | Total | |||||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Contractually required payments: | |||||||||||||||||||||||||||||||||
Loans with credit deterioration since origination | $ | 253,419 | $ | — | $ | 253,419 | |||||||||||||||||||||||||||
Purchased non-credit impaired loans | 368,040 | 2,136 | 370,176 | ||||||||||||||||||||||||||||||
Total loans acquired | $ | 621,459 | $ | 2,136 | $ | 623,595 | |||||||||||||||||||||||||||
Cash flows expected to be collected: | |||||||||||||||||||||||||||||||||
Loans with credit deterioration since origination | $ | 145,346 | $ | — | $ | 145,346 | |||||||||||||||||||||||||||
Purchased non-credit impaired loans | 304,818 | 1,352 | 306,170 | ||||||||||||||||||||||||||||||
Total loans acquired | $ | 450,164 | $ | 1,352 | $ | 451,516 | |||||||||||||||||||||||||||
Fair value of loans acquired: | |||||||||||||||||||||||||||||||||
Loans with credit deterioration since origination | $ | 108,863 | $ | — | $ | 108,863 | |||||||||||||||||||||||||||
Purchased non-credit impaired loans | 241,541 | 1,070 | 242,611 | ||||||||||||||||||||||||||||||
Total loans acquired | $ | 350,404 | $ | 1,070 | $ | 351,474 | |||||||||||||||||||||||||||
The amounts in the above table were determined based on the estimated remaining life of the underlying loans, which include the effects of estimated prepayments. | |||||||||||||||||||||||||||||||||
Changes in the accretable yield for loans acquired with deteriorated credit quality in the Centennial and Western Liberty acquisitions are as follows: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, at beginning of period | $ | 28,164 | $ | 7,072 | $ | — | |||||||||||||||||||||||||||
Addition due to acquisition | — | 22,318 | 7,993 | ||||||||||||||||||||||||||||||
Reclassification from non-accretable to accretable yield (1) | 6,052 | 9,817 | — | ||||||||||||||||||||||||||||||
Accretion to interest income | (7,185 | ) | (7,182 | ) | (921 | ) | |||||||||||||||||||||||||||
Reversal of fair value adjustments upon disposition of loans | (7,875 | ) | (3,861 | ) | — | ||||||||||||||||||||||||||||
Balance, at end of period | $ | 19,156 | $ | 28,164 | $ | 7,072 | |||||||||||||||||||||||||||
-1 | 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: | |||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
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 | (87 | ) | (964 | ) | (1,728 | ) | (4,370 | ) | (513 | ) | (7,662 | ) | |||||||||||||||||||||
Recoveries | 2,160 | 3,859 | 1,896 | 4,728 | 459 | 13,102 | |||||||||||||||||||||||||||
Provision | 1,966 | (6,176 | ) | (4,352 | ) | 14,551 | (1,263 | ) | 4,726 | ||||||||||||||||||||||||
Ending balance | $ | 18,558 | $ | 28,783 | $ | 7,456 | $ | 54,566 | $ | 853 | $ | 110,216 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 10,554 | $ | 34,982 | $ | 15,237 | $ | 32,860 | $ | 1,794 | $ | 95,427 | |||||||||||||||||||||
Charge-offs | (1,538 | ) | (8,648 | ) | (5,922 | ) | (4,000 | ) | (1,371 | ) | (21,479 | ) | |||||||||||||||||||||
Recoveries | 2,060 | 2,758 | 2,097 | 5,037 | 930 | 12,882 | |||||||||||||||||||||||||||
Provision | 3,443 | 2,972 | 228 | 5,760 | 817 | 13,220 | |||||||||||||||||||||||||||
Ending balance | $ | 14,519 | $ | 32,064 | $ | 11,640 | $ | 39,657 | $ | 2,170 | $ | 100,050 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 14,195 | $ | 35,031 | $ | 19,134 | $ | 25,535 | $ | 5,275 | $ | 99,170 | |||||||||||||||||||||
Charge-offs | (10,992 | ) | (19,166 | ) | (7,063 | ) | (17,341 | ) | (6,724 | ) | (61,286 | ) | |||||||||||||||||||||
Recoveries | 2,903 | 3,294 | 1,078 | 3,067 | 357 | 10,699 | |||||||||||||||||||||||||||
Provision | 4,448 | 15,823 | 2,088 | 21,599 | 2,886 | 46,844 | |||||||||||||||||||||||||||
Ending balance | $ | 10,554 | $ | 34,982 | $ | 15,237 | $ | 32,860 | $ | 1,794 | $ | 95,427 | |||||||||||||||||||||
During the fourth quarter of 2014, the Company revised its methodology for calculating the allowance for credit losses. The revised methodology now incorporates a 10-year historical loss rate, as the Company believes this methodology will capture a full business cycle. The incorporation of the 10-year historical loss rate and the associated qualitative factors adjustments to reflect the corresponding 10-year period increased the allowance for credit losses by $0.2 million as of December 31, 2014. | |||||||||||||||||||||||||||||||||
The following table presents impairment method information related to loans and 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 December 31, 2014: | |||||||||||||||||||||||||||||||||
Recorded Investment: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded (1) | $ | 28,024 | $ | 44,937 | $ | 11,399 | $ | 19,300 | $ | 21,052 | $ | 41 | $ | 175 | $ | 124,928 | |||||||||||||||||
Impaired loans with no allowance recorded (1) | 16,869 | 21,387 | 2,350 | — | 696 | 332 | 188 | 41,822 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 44,893 | 66,324 | 13,749 | 19,300 | 21,748 | 373 | 363 | 166,750 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,671,812 | 1,916,474 | 3,313,550 | 277,162 | 732,406 | 203,897 | 32,270 | 8,147,571 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 17,912 | 75,822 | 330 | 2,410 | — | — | — | 96,474 | |||||||||||||||||||||||||
Total recorded investment | $ | 1,734,617 | $ | 2,058,620 | $ | 3,327,629 | $ | 298,872 | $ | 754,154 | $ | 204,270 | $ | 32,633 | $ | 8,410,795 | |||||||||||||||||
Unpaid Principal Balance | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 31,292 | $ | 45,853 | $ | 11,829 | $ | 24,420 | $ | 21,169 | $ | 41 | $ | 187 | $ | 134,791 | |||||||||||||||||
Impaired loans with no allowance recorded | 17,010 | 21,550 | 4,104 | — | 885 | 483 | 188 | 44,220 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 48,302 | 67,403 | 15,933 | 24,420 | 22,054 | 524 | 375 | 179,011 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,671,812 | 1,916,474 | 3,313,550 | 277,162 | 732,406 | 203,897 | 32,270 | 8,147,571 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 24,273 | 108,935 | 1,150 | 3,439 | — | — | — | 137,797 | |||||||||||||||||||||||||
Total unpaid principal balance | $ | 1,744,387 | $ | 2,092,812 | $ | 3,330,633 | $ | 305,021 | $ | 754,460 | $ | 204,421 | $ | 32,645 | $ | 8,464,379 | |||||||||||||||||
Related Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 2,082 | $ | 2,537 | $ | 1,926 | $ | 1,052 | $ | 3,112 | $ | 39 | $ | 17 | $ | 10,765 | |||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 2,082 | 2,537 | 1,926 | 1,052 | 3,112 | 39 | 17 | 10,765 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,198 | 13,734 | 49,809 | 6,404 | 15,446 | 2,761 | 836 | 99,188 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 174 | 58 | 31 | — | — | — | — | 263 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 12,454 | $ | 16,329 | $ | 51,766 | $ | 7,456 | $ | 18,558 | $ | 2,800 | $ | 853 | $ | 110,216 | |||||||||||||||||
-1 | As discussed on page 103, the presentation of certain impaired loans and the related allowance for credit losses on these loans has been revised to reflect the FDIC's preferred methodology. | ||||||||||||||||||||||||||||||||
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 recorded investment | $ | 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 unpaid principal balance | $ | 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 allowance for credit losses | $ | 12,560 | $ | 19,504 | $ | 37,046 | $ | 11,640 | $ | 14,519 | $ | 2,611 | $ | 2,170 | $ | 100,050 | |||||||||||||||||
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, or deferral of interest payments. 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. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. | |||||||||||||||||||||||||||||||||
The following table presents information on the financial effects of TDR loans by class for the periods presented: | |||||||||||||||||||||||||||||||||
Year Ended December 31, 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 | 6 | $ | 14,646 | $ | 378 | $ | 257 | $ | 14,011 | $ | 33 | ||||||||||||||||||||||
Non-owner occupied | 5 | 16,976 | — | 60 | 16,916 | 15 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 6 | 2,655 | — | — | 2,655 | 4 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 2 | 2,687 | — | 47 | 2,640 | — | |||||||||||||||||||||||||||
Residential real estate | 5 | 1,966 | 447 | 70 | 1,449 | 15 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 24 | $ | 38,930 | $ | 825 | $ | 434 | $ | 37,671 | $ | 67 | ||||||||||||||||||||||
Year Ended December 31, 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 | 8 | $ | 3,681 | $ | — | $ | 54 | $ | 3,627 | $ | 28 | ||||||||||||||||||||||
Non-owner occupied | 5 | 10,735 | 1,030 | 63 | 9,642 | 14 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 13 | 4,809 | — | 19 | 4,790 | 11 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 2 | 286 | — | — | 286 | 1 | |||||||||||||||||||||||||||
Residential real estate | 13 | 5,434 | 267 | 887 | 4,280 | 24 | |||||||||||||||||||||||||||
Consumer | 2 | 74 | — | 5 | 69 | 3 | |||||||||||||||||||||||||||
Total | 43 | $ | 25,019 | $ | 1,297 | $ | 1,028 | $ | 22,694 | $ | 81 | ||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
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 | 15 | $ | 22,435 | $ | 750 | $ | 493 | $ | 21,192 | $ | 73 | ||||||||||||||||||||||
Non-owner occupied | 20 | 41,988 | 450 | 338 | 41,200 | 23 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 17 | 7,845 | 17 | 26 | 7,802 | 37 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 8 | 6,811 | — | 259 | 6,552 | 12 | |||||||||||||||||||||||||||
Residential real estate | 20 | 10,421 | 40 | 1,181 | 9,200 | 9 | |||||||||||||||||||||||||||
Consumer | 6 | 361 | — | 17 | 344 | 2 | |||||||||||||||||||||||||||
Total | 86 | $ | 89,861 | $ | 1,257 | $ | 2,314 | $ | 86,290 | $ | 156 | ||||||||||||||||||||||
The following table presents TDR loans by class for which there was a payment default during the period: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2 | $ | 395 | 3 | $ | 2,506 | 10 | $ | 10,611 | ||||||||||||||||||||||||
Non-owner occupied | 2 | 984 | 3 | 1,490 | 3 | 4,442 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | 1 | 193 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3 | 369 | 3 | 1,089 | 7 | 6,700 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | 2 | 330 | 5 | 4,013 | |||||||||||||||||||||||||||
Residential real estate | 1 | 202 | 4 | 955 | 7 | 8,014 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | 2 | 414 | |||||||||||||||||||||||||||
Total | 8 | $ | 1,950 | 15 | $ | 6,370 | 35 | $ | 34,387 | ||||||||||||||||||||||||
A TDR loan is deemed to have a payment default when it becomes past due 90 days, goes on non-accrual, 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 December 31, 2014, there was $1.2 million in loan commitments outstanding on TDR loans. At December 31, 2013, there were no loan commitments outstanding on TDR loans. | |||||||||||||||||||||||||||||||||
Related Parties | |||||||||||||||||||||||||||||||||
Principal stockholders, directors, and executive officers of the Company, together with the companies they control, are considered to be related parties. In the ordinary course of business, the Company has extended credit to these related parties. Federal banking regulations require that any such extensions of credit not be offered on terms more favorable than would be offered to non-related party borrowers of similar creditworthiness. The following table summarizes the aggregate activity in such loans: | |||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, beginning | $ | 32,537 | $ | 40,306 | |||||||||||||||||||||||||||||
New loans | 9,037 | 17,070 | |||||||||||||||||||||||||||||||
Repayments and other | (5,334 | ) | (24,839 | ) | |||||||||||||||||||||||||||||
Balance, ending | $ | 36,240 | $ | 32,537 | |||||||||||||||||||||||||||||
None of these loans are past due, on non-accrual status or have been restructured to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. There were no loans to a related party that were considered classified loans at December 31, 2014 or 2013. | |||||||||||||||||||||||||||||||||
Loan commitments outstanding with related parties total approximately $47.0 million and $51.6 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||
Loan Purchases and Sales | |||||||||||||||||||||||||||||||||
In 2014 and 2013, the Company had secondary market loan purchases of $166.4 million and $241.8 million, respectively. For 2014, these purchased loans consisted of $164.7 million of commercial and industrial loans and $1.7 million of commercial leases. For 2013, these purchased loans by portfolio type were $232.8 million of commercial and industrial loans, $4.4 million of CRE loans, and $4.6 million of commercial leases. In addition, the Company periodically acquires newly originated loans at closing through participations or loan syndications. | |||||||||||||||||||||||||||||||||
The Company had no significant loan sales in 2014, 2013 or 2012. |
Premises_and_Equipment
Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Premises and Equipment | The following is a summary of the major categories of premises and equipment: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Bank premises | $ | 82,494 | $ | 73,990 | |||||
Land and improvements | 33,971 | 33,023 | |||||||
Furniture, fixtures, and equipment | 51,320 | 44,736 | |||||||
Leasehold improvements | 18,160 | 15,714 | |||||||
Construction in progress | 848 | 5,335 | |||||||
Total | 186,793 | 172,798 | |||||||
Accumulated depreciation and amortization | (72,975 | ) | (67,233 | ) | |||||
Premises and equipment, net | $ | 113,818 | $ | 105,565 | |||||
Lease Obligations | |||||||||
The Company leases certain premises and equipment under non-cancelable operating leases expiring through 2025. The following is a schedule of future minimum rental payments under these leases at December 31, 2014: | |||||||||
(in thousands) | |||||||||
2015 | $ | 6,058 | |||||||
2016 | 5,635 | ||||||||
2017 | 4,896 | ||||||||
2018 | 4,599 | ||||||||
2019 | 4,212 | ||||||||
Thereafter | 3,765 | ||||||||
Total future minimum rental payments | $ | 29,165 | |||||||
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 $6.2 million, $6.9 million, and $5.9 million is included in occupancy expense for the years ended December 31, 2014, 2013, and 2012, respectively. Total depreciation expense of $6.0 million, $6.0 million, and $6.3 million is included in occupancy expense for the years ended December 31, 2014, 2013, and 2012, respectively. |
Other_Assets_Acquired_Through_
Other Assets Acquired Through Foreclosure | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |||||||||||||
Other Assets Acquired Through Foreclosure | The following table represents the changes in other assets acquired through (or in lieu of) foreclosure: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | |||||||||||||
Gross Balance | Valuation Allowance | Net Balance | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | ||||||
Transfers to other assets acquired through foreclosure, net | 13,777 | — | 13,777 | ||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (33,643 | ) | 7,725 | (25,918 | ) | ||||||||
Valuation adjustments, net | — | (294 | ) | (294 | ) | ||||||||
Gains, net (1) | 2,866 | — | 2,866 | ||||||||||
Balance, end of period | $ | 71,421 | $ | (14,271 | ) | $ | 57,150 | ||||||
2013 | |||||||||||||
Balance, beginning of period | $ | 113,474 | $ | (36,227 | ) | $ | 77,247 | ||||||
Transfers to other assets acquired through foreclosure, net | 24,911 | — | 24,911 | ||||||||||
Additions from acquisition of Centennial | 5,622 | — | 5,622 | ||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (61,510 | ) | 18,268 | (43,242 | ) | ||||||||
Valuation adjustments, net | — | (3,743 | ) | (3,743 | ) | ||||||||
Gains, net (1) | 5,924 | — | 5,924 | ||||||||||
Balance, end of period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | ||||||
2012 | |||||||||||||
Balance, beginning of period | $ | 135,149 | $ | (46,045 | ) | $ | 89,104 | ||||||
Transfers to other assets acquired through foreclosure, net | 28,315 | — | 28,315 | ||||||||||
Additions from acquisition of Western Liberty | 5,094 | — | 5,094 | ||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (55,811 | ) | 14,847 | (40,964 | ) | ||||||||
Valuation adjustments, net | — | (5,029 | ) | (5,029 | ) | ||||||||
Gains, net (1) | 727 | — | 727 | ||||||||||
Balance, end of period | $ | 113,474 | $ | (36,227 | ) | $ | 77,247 | ||||||
-1 | Includes net gains related to initial transfers to other assets of $0.1 million, $0.9 million and $0.5 million during the years ended December 31, 2014, 2013, and 2012, respectively, pursuant to accounting guidance. | ||||||||||||
At December 31, 2014, 2013, and 2012, the majority of the Company’s repossessed assets consisted of properties located in Nevada. The Company held 67 properties at December 31, 2014, compared to 70 at December 31, 2013. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill represents the excess consideration paid for net assets acquired in a business combination over their fair value and, is subsequently evaluated for impairment at least annually. All of the Company's goodwill of $23.2 million relates to the Nevada operating segment. The Company's remaining other intangibles at December 31, 2014, which consist primarily of core deposit intangibles, relate to Nevada segments. | ||||||||||||||||||||||||
During the years ended December 31, 2014 and 2013, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangible assets was necessary and, based on the Company's annual goodwill and intangibles impairment tests as of October 1, 2014 and 2013, it was determined that goodwill and intangible assets were not impaired. During the third quarter 2012, as a result of ongoing evaluations of various strategic alternatives related to Shine, management performed an interim impairment test and concluded that goodwill and intangibles related to Shine were impaired and, as a result, recorded a $3.4 million impairment charge. Shine was subsequently sold in October 2012. | |||||||||||||||||||||||||
The following is a summary of acquired intangible assets: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Core deposit intangibles | $ | 26,157 | $ | 23,468 | $ | 2,689 | $ | 26,157 | $ | 22,007 | $ | 4,150 | |||||||||||||
Amortization expense recognized on all amortizable intangibles totaled $1.5 million, $2.4 million, and $3.3 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
Below is a summary of future estimated aggregate amortization expense: | |||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2015 | $ | 1,120 | |||||||||||||||||||||||
2016 | 1,120 | ||||||||||||||||||||||||
2017 | 449 | ||||||||||||||||||||||||
Total | $ | 2,689 | |||||||||||||||||||||||
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Deposits | The table below summarizes deposits by type: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Non-interest-bearing demand | $ | 2,288,048 | $ | 2,199,983 | |||||
Interest-bearing demand | 854,935 | 709,841 | |||||||
Savings and money market | 3,869,699 | 3,310,369 | |||||||
Certificate of deposit ($250,000 or more) | 1,339,238 | 511,430 | |||||||
Other time deposits | 579,123 | 1,106,582 | |||||||
Total deposits | $ | 8,931,043 | $ | 7,838,205 | |||||
The summary of the contractual maturities for all time deposits as of December 31, 2014 is as follows: | |||||||||
(in thousands) | |||||||||
2015 | $ | 1,780,636 | |||||||
2016 | 107,276 | ||||||||
2017 | 26,416 | ||||||||
2018 | 1,866 | ||||||||
2019 | 2,164 | ||||||||
Thereafter | 3 | ||||||||
Total | $ | 1,918,361 | |||||||
WAB is a member of CDARS and ICS, which provide mechanisms for obtaining FDIC insurance on large deposits. Federal banking law and regulation places restrictions on depository institutions regarding brokered deposits because of the general concern that these deposits are at a greater risk of being withdrawn, thus, posing liquidity risk for institutions that gather brokered deposits in significant amounts. At December 31, 2014 and 2013, the Company had $700.7 million and $518.0 million, respectively, of reciprocal CDARS deposits and $479.2 million and $355.3 million, respectively, of ICS deposits. At December 31, 2014 and 2013, the Company also had $321.5 million and $174.2 million, respectively, of wholesale brokered deposits. |
Other_Borrowings
Other Borrowings | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Other Borrowings | The following table summarizes the Company’s borrowings as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Short-Term: | |||||||||
Revolving line of credit | $ | 25,000 | $ | 3,000 | |||||
FHLB advances | 96,987 | 25,906 | |||||||
Other short-term debt | 58,182 | — | |||||||
Total short-term borrowings | $ | 180,169 | $ | 28,906 | |||||
Long-Term: | |||||||||
FHLB advances | $ | 210,094 | $ | 247,973 | |||||
Other long-term debt | — | 64,217 | |||||||
Total long-term borrowings | $ | 210,094 | $ | 312,190 | |||||
The Company maintains other lines of credit with correspondent banks totaling $70.0 million, of which $25.0 million is secured by pledged securities and $45.0 million is unsecured. As of December 31, 2014, there was $25.0 million outstanding on the secured line of credit, at an interest rate of 1.75%. At December 31, 2013, the Company had revolving lines of credit with other institutions with outstanding advances totaling $3.0 million, at an interest rate of 3.25%. In addition, the Bank has entered into federal funds credit line agreements with correspondent banks under which it can borrow up to $100.0 million on an unsecured basis. There were no amounts outstanding on these lines of credit as of December 31, 2014 and 2013. 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 December 31, 2014, there were $97.0 million of FHLB advances classified as short-term with a weighted average interest rate of 1.24%. At December 31, 2013, short-term FHLB advances of $25.9 million had a weighted average interest rate of 2.90%. | |||||||||
The Company has also issued 10% Senior Notes with a remaining principal balance of $58.4 million and a carrying value of $58.2 million at December 31, 2014, maturing in September 2015. During the third quarter 2014, the Company purchased $6.5 million in principal of its Senior Notes, resulting in a loss on extinguishment of debt of $0.5 million. The weighted average interest rate on all short-term debt at December 31, 2014 was 4.15%. | |||||||||
At December 31, 2014, there was $210.1 million of FHLB advances classified as long-term, with a weighted average interest rate of 1.06%. The weighted average interest rate on all long-term debt was 3.45% at December 31, 2013. As of December 31, 2014 and 2013, the Company had additional available credit with the FHLB of approximately $935.0 million and $1.39 billion, respectively, and with the FRB of approximately $1.15 billion and $588.2 million, respectively. | |||||||||
The following table summarizes the maturities of other borrowings: | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
(in thousands) | |||||||||
2015 | $ | 180,169 | |||||||
2016 | 10,094 | ||||||||
2017 | — | ||||||||
2018 | 200,000 | ||||||||
Total | $ | 390,263 | |||||||
Junior_Subordinated_Debt
Junior Subordinated Debt | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Subordinated Borrowings [Abstract] | |||||||||||
Junior Subordinated Debt | The Company has formed or acquired through mergers, six statutory business trusts, which exist for the exclusive purpose of issuing Cumulative Trust Preferred Securities. All of the funds raised from the issuance of these securities were passed to the Company and are reflected in the accompanying Consolidated Balance Sheet as junior subordinated debt, with a fair value of $40.4 million as of December 31, 2014. | ||||||||||
The junior subordinated debt has contractual balances and maturity dates as follows: | |||||||||||
December 31, | |||||||||||
Name of Trust | Maturity | 2014 | 2013 | ||||||||
(in thousands) | |||||||||||
BankWest Nevada Capital Trust II | 2033 | $ | 15,464 | $ | 15,464 | ||||||
Intermountain First Statutory Trust I | 2034 | 10,310 | 10,310 | ||||||||
First Independent Capital Trust I | 2035 | 7,217 | 7,217 | ||||||||
WAL Trust No. 1 | 2036 | 20,619 | 20,619 | ||||||||
WAL Statutory Trust No. 2 | 2037 | 5,155 | 5,155 | ||||||||
WAL Statutory Trust No. 3 | 2037 | 7,732 | 7,732 | ||||||||
Total contractual balance | $ | 66,497 | $ | 66,497 | |||||||
Unrealized gains on trust preferred securities measured at fair value, net | (26,060 | ) | (24,639 | ) | |||||||
Junior subordinated debt, at fair value | $ | 40,437 | $ | 41,858 | |||||||
The weighted average contractual interest rate of junior subordinated debt was 2.73% as of December 31, 2014 and 2013. | |||||||||||
In the event of certain changes or amendments to regulatory requirements or Federal tax rules, the debt is redeemable in whole. The obligations under these instruments are fully and unconditionally guaranteed by the Company and rank subordinate and junior in right of payment to all other liabilities of the Company. Based on guidance issued by the FRB on July 8, 2013, there will not be a Tier 1 phase out of grandfathered trust preferred securities for banks with assets of less than $15 billion. As such, the Company's securities continue to qualify as Tier 1 Capital. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||
Stockholder's Equity | Preferred Stock | ||||||||||||||
On September 27, 2011, the Company received $141.0 million from the issuance of 141,000 shares of non-cumulative perpetual preferred stock, Series B, par value of $.0001 per share and a liquidation preference of $1,000 per share, to the U.S. Treasury Department under the SBLF. Initially established at 5%, the dividend rate on these securities can vary from as low as 1% to 9% in part depending upon the Company’s success in qualified small business lending. During the years ended December 31, 2014 and 2013, the Company's dividend rate was locked in at 1% until the first quarter of 2016, at which time, the dividend rate will rise to 9% if not repaid. | |||||||||||||||
On December 19, 2014, the Company redeemed 70,500 of its 141,000 shares of non-cumulative perpetual preferred stock, Series B. The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total redemption price of $70.7 million. Following this partial redemption, the Company has 70,500 outstanding shares of its Series B preferred stock as of December 31, 2014. | |||||||||||||||
There were no other changes to the Company’s outstanding preferred stock during the years ended December 31, 2014 and 2013. | |||||||||||||||
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 parties executed an Amended and Restated Distribution Agency Agreement on October 30, 2014. 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). During the year ended December 31, 2014, the Company sold 548,122 shares under the ATM offering at a weighted-average selling price of $25.96 per share for gross proceeds of $14.2 million. Total offering costs under the ATM program for the year ended December 31, 2014 were $0.5 million, of which $0.2 million relates to compensation costs paid to Credit Suisse Securities (USA) LLC. | |||||||||||||||
Stock Repurchases | |||||||||||||||
There were no stock repurchases during the years ended December 31, 2014 or 2013. | |||||||||||||||
Restricted Stock and Stock Options | |||||||||||||||
The Incentive Plan, as amended, gives the Board of Directors the authority to grant up to 6.5 million stock awards consisting of unrestricted stock, stock units, dividend equivalent rights, stock options (incentive and non-qualified), stock appreciation rights, restricted stock, and performance and annual incentive awards. Stock awards available for grant at December 31, 2014 are 1.9 million. | |||||||||||||||
The Incentive Plan contains certain individual limits on the maximum amount that can be paid in cash under the Incentive Plan and on the maximum number of shares of common stock that may be issued pursuant to the Incentive Plan in a calendar year. In the second quarter of 2012, stockholders approved an amendment to the Incentive Plan that 1) increased by 2,000,000 the maximum number of shares available for issuance thereunder; 2) increased the maximum number of shares of stock that can be awarded to any person eligible for an award thereunder to 300,000 per calendar year; and 3) provided for additional business criteria upon which performance-based awards may be based thereunder. | |||||||||||||||
In January 2012, the Company began granting executive management committee members performance stock units that do not vest unless the Company achieves a specified cumulative EPS target over a three-year performance period. The first three-year performance period ended on December 31, 2014, and the Company's cumulative EPS for the performance period exceeded the level required for a maximum award under the terms of the grant. As a result, 285,000 shares will become fully vested and be paid out to members of the executive management committee in February 2015. | |||||||||||||||
As of December 31, 2014, the Company has stock option awards outstanding related to options granted in 2011. These options have a vesting period of 4 years, a contractual life of 7 years, and will be fully vested in January 2015. The fair value of each option award was estimated on the date of grant using the Black-Scholes option valuation model. There were no options granted during the years ended December 31, 2014, 2013, or 2012. A summary of option activity during the year ended December 31, 2014 is presented below: | |||||||||||||||
31-Dec-14 | |||||||||||||||
Shares | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate | ||||||||||||
Intrinsic | |||||||||||||||
Value | |||||||||||||||
(in thousands, except exercise price and contractual terms) | |||||||||||||||
Outstanding options, beginning of period | 1,001 | $ | 15.49 | ||||||||||||
Granted | — | — | |||||||||||||
Exercised | (625 | ) | 13.27 | ||||||||||||
Forfeited or expired | (159 | ) | 31.5 | ||||||||||||
Options outstanding, end of period | 217 | $ | 9.7 | 1.04 | $ | 3,926 | |||||||||
Options exercisable, end of period | 215 | $ | 9.72 | 1.05 | $ | 3,879 | |||||||||
Options expected to vest, end of period | 2 | $ | 7.27 | 0.07 | $ | 185 | |||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013, and 2012 were $7.1 million, $2.8 million, and $0.9 million, respectively. | |||||||||||||||
Restricted stock awards granted in 2014 and 2013 generally have a vesting period of 3 years. The Company recognizes compensation cost for options with graded vesting on a straight-line basis over the requisite service period for the entire award. A summary of the status of the Company’s unvested shares of restricted stock and changes during the years then ended is presented below: | |||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Balance, beginning of period | 1,204 | $ | 9.71 | 1,470 | $ | 7.32 | |||||||||
Granted | 508 | 23.9 | 538 | 12.52 | |||||||||||
Vested | (566 | ) | 9.57 | (524 | ) | 6.42 | |||||||||
Forfeited | (96 | ) | 15.05 | (280 | ) | 8.85 | |||||||||
Balance, end of period | 1,050 | $ | 16.19 | 1,204 | $ | 9.71 | |||||||||
The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2014, 2013, and 2012 was $12.2 million, $6.7 million, and $5.9 million, respectively. The total fair value of restricted stock that vested during the years ended December 31, 2014, 2013, and 2012 was $13.3 million, $6.8 million, and $3.8 million, respectively. | |||||||||||||||
As of December 31, 2014, there was $8.4 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Incentive Plan. That cost is expected to be recognized over a weighted average period of 1.96 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive loss by component, net of tax, for the periods indicated: | ||||||||||||||||
Unrealized holding gains (losses) on AFS | Impairment loss on securities | Unrealized gain on cash flow hedge | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, December 31, 2011 | $ | (5,256 | ) | $ | 144 | $ | 519 | $ | (4,593 | ) | |||||||
Other comprehensive income before reclassifications | 15,842 | — | (502 | ) | 15,340 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (2,521 | ) | — | — | (2,521 | ) | |||||||||||
Net current-period other comprehensive income | 13,321 | — | (502 | ) | 12,819 | ||||||||||||
Balance, December 31, 2012 | $ | 8,065 | $ | 144 | $ | 17 | $ | 8,226 | |||||||||
Other comprehensive income before reclassifications | (30,503 | ) | — | (17 | ) | (30,520 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 748 | — | — | 748 | |||||||||||||
Net current-period other comprehensive income | (29,755 | ) | — | (17 | ) | (29,772 | ) | ||||||||||
Balance, December 31, 2013 | $ | (21,690 | ) | $ | 144 | $ | — | $ | (21,546 | ) | |||||||
Transfer of HTM securities to AFS | 8,976 | — | — | 8,976 | |||||||||||||
Other comprehensive income before reclassifications | 29,683 | — | — | 29,683 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (474 | ) | — | — | (474 | ) | |||||||||||
Net current-period other comprehensive income | 38,185 | — | — | 38,185 | |||||||||||||
Balance, December 31, 2014 | $ | 16,495 | $ | 144 | $ | — | $ | 16,639 | |||||||||
The following table presents reclassifications out of accumulated other comprehensive income (loss): | |||||||||||||||||
December 31, | |||||||||||||||||
Income Statement Classification | 2014 | 2013 | 2011 | ||||||||||||||
(in thousands) | |||||||||||||||||
Gain (loss) on sales of investment securities, net | $ | 757 | $ | (1,195 | ) | $ | 3,949 | ||||||||||
Income tax expense | (283 | ) | 447 | (1,428 | ) | ||||||||||||
Net of tax | $ | 474 | $ | (748 | ) | $ | 2,521 | ||||||||||
Derivatives_and_Hedging
Derivatives and Hedging | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | The Company is a party to various derivative instruments, mainly through its 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. | ||||||||||||||||||||||||||||||||||||
Derivatives are recorded at fair value in the Consolidated Balance Sheet, after taking into account the effects of bilateral collateral and master netting agreements. These agreements allow the Company to settle all derivative contracts held with the same counterparty on a net basis, and to offset net derivative positions with related cash collateral, where applicable. | ||||||||||||||||||||||||||||||||||||
At December 31, 2014, after taking into account the effects of master netting agreements, we had $7 thousand of derivative assets and $57.8 million of derivative liabilities that relate to contracts entered into for hedging purposes. As of December 31, 2014, the Company does not have any outstanding cash flow hedges or free-standing derivatives. As of December 31, 2013 and 2012, 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 EVE 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 December 31, 2014, 2013, and 2012. The change in the notional amounts of these derivatives from December 31, 2012 to December 31, 2014 indicates the volume of the Company's derivative transaction activity during 2014, 2013, and 2012. 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 the Company to settle all derivative contracts with the same 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, the Company does not adjust those derivative amounts with counterparties. The fair value of derivative contracts are included in other assets or other liabilities on the Consolidated Balance Sheet, as indicated in the following table: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Notional | Derivative Assets | Derivative Liabilities | Notional | Derivative Assets | Derivative Liabilities | Notional | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 647,703 | $ | 7 | $ | 57,820 | $ | 294,997 | $ | 2,386 | $ | 788 | $ | 9,410 | $ | — | $ | 779 | ||||||||||||||||||
Total | 647,703 | 7 | 57,820 | 294,997 | 2,386 | 788 | 9,410 | — | 779 | |||||||||||||||||||||||||||
Netting adjustments (1) | — | — | — | — | 384 | 384 | — | — | — | |||||||||||||||||||||||||||
Net derivatives in the balance sheet | $ | 647,703 | $ | 7 | $ | 57,820 | $ | 294,997 | $ | 2,002 | $ | 404 | $ | 9,410 | $ | — | $ | 779 | ||||||||||||||||||
-1 | Netting adjustments represent the amounts recorded to convert our derivative balances from a gross basis to a net basis in accordance with the applicable accounting guidance. | |||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||
An assessment of effectiveness is performed at both initiation of a hedge and on a quarterly basis thereafter. All of the Company's fair value hedges remained “highly effective” as of December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax net gains (losses) on fair value hedges for the years ended December 31, 2014, 2013, and 2012 and where they are recorded in the income statement. | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Income Statement Classification | Net Gain (Loss) on Derivatives | Increase (Decrease) to Basis of Hedged Assets (a) | Net Gain (Loss) on Derivatives | Increase (Decrease) to Basis of Hedged Assets (a) | Net Gain (Loss) on Derivatives | Increase (Decrease) to Basis of Hedged Assets (a) | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on assets and liabilities measured at fair value, net | $ | (60,377 | ) | $ | 60,208 | $ | 3,308 | $ | (3,317 | ) | $ | (615 | ) | $ | 559 | |||||||||||||||||||||
(a) | Net gain (loss) on loans represent the change in fair value caused by fluctuations in interest rates; differences relate to ineffectiveness associated with the fair value hedge. | |||||||||||||||||||||||||||||||||||
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 generally enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with the same counterparty. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on the Company's 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 $57.8 million, $0.3 million, and $0.6 million at December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||||||||||||||
The following table summarizes our largest exposure to an individual counterparty at the dates indicated: | ||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Largest gross exposure (derivative asset) to an individual counterparty | $ | 7 | $ | 2,378 | ||||||||||||||||||||||||||||||||
Collateral posted by this counterparty | — | 2,002 | ||||||||||||||||||||||||||||||||||
Derivative liability with this counterparty | — | 376 | ||||||||||||||||||||||||||||||||||
Collateral pledged to this counterparty | — | — | ||||||||||||||||||||||||||||||||||
Net exposure after netting adjustments and collateral | $ | 7 | $ | — | ||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company did not have any gross derivative assets. Accordingly, it did not have counterparty exposure. | ||||||||||||||||||||||||||||||||||||
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 December 31, 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 $57.8 million. The Company was in an over-collateralized net position of $14.2 million after considering $72.0 million of collateral held in the form of securities. |
Earnings_per_Share_Notes
Earnings per Share (Notes) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share | Diluted EPS is based on the weighted average outstanding common shares during each period, including common stock equivalents. Basic EPS is based on the weighted average outstanding common shares during the period. | ||||||||||||
The following table presents the calculation of basic and diluted EPS: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Weighted average shares - basic | 86,693 | 85,682 | 82,285 | ||||||||||
Dilutive effect of stock awards | 813 | 859 | 627 | ||||||||||
Weighted average shares - diluted | 87,506 | 86,541 | 82,912 | ||||||||||
Net income available to common stockholders | $ | 146,564 | $ | 113,555 | $ | 68,846 | |||||||
Earnings per share - basic | 1.69 | 1.33 | 0.84 | ||||||||||
Earnings per share - diluted | 1.67 | 1.31 | 0.83 | ||||||||||
The Company had 1,500, 163,300, and 1,053,045 stock options outstanding as of December 31, 2014, 2013, and 2012, 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 | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | The cumulative tax effects of the primary temporary differences are shown in the following table: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 42,038 | $ | 38,193 | |||||||||
Allowance for other assets acquired through foreclosure, net | 7,343 | 9,812 | |||||||||||
Net operating loss carryovers | 8,453 | 9,801 | |||||||||||
Section 382 limited NUBILs | 3,657 | 3,584 | |||||||||||
Stock-based compensation | 4,749 | 6,523 | |||||||||||
Tax credit carryovers | 9,617 | — | |||||||||||
Startup costs and other amortization | 5,113 | 5,600 | |||||||||||
Unrealized loss on AFS securities | — | 11,896 | |||||||||||
Fair market value adjustment related to acquired loans | 8,250 | 14,136 | |||||||||||
Other | 8,188 | 9,803 | |||||||||||
Total gross deferred tax assets | 97,408 | 109,348 | |||||||||||
Deferred tax asset valuation allowance | (2,290 | ) | (5,589 | ) | |||||||||
Total deferred tax assets | 95,118 | 103,759 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Premises and equipment | (4,049 | ) | (5,142 | ) | |||||||||
Deferred loan costs | (6,041 | ) | (5,271 | ) | |||||||||
Unrealized gains on financial instruments measured at fair value | (9,798 | ) | (9,072 | ) | |||||||||
Unrealized gain on AFS securities | (9,949 | ) | — | ||||||||||
Other | (2,595 | ) | (3,586 | ) | |||||||||
Total deferred tax liabilities | (32,432 | ) | (23,071 | ) | |||||||||
Deferred tax assets, net | $ | 62,686 | $ | 80,688 | |||||||||
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 year ended December 31, 2014, the net deferred tax assets decreased $18.0 million to $62.7 million. This overall decrease in the net deferred tax asset was primarily the result of the decreases to deferred tax assets from changes in the fair market value of AFS securities, the fair market value adjustments related to acquired loans, changes in the allowance for other assets acquired through foreclosure, and stock-based compensation activity, which were partially offset by increases to deferred tax assets from AMT credit and LIHTC carryovers, return to provision adjustments, and allowance for credit losses. | |||||||||||||
Although realization is not assured, the Company believes that the realization of the recognized deferred tax asset of $62.7 million at December 31, 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. | |||||||||||||
As of December 31, 2014 and 2013, $1.8 million and $4.2 million of the deferred tax valuation allowance, respectively, relates to net capital loss carryovers from the sale of preferred stock investments and the remaining $0.5 million and $1.4 million deferred tax valuation allowance, respectively, relates to IRC Section 382 limitations associated with the Company's acquisition of Western Liberty and Arizona state NOL carryovers. | |||||||||||||
The deferred tax asset related to federal and state NOL carryovers outstanding at December 31, 2014 available to reduce the tax liability in future years totaled $8.5 million, compared to $9.1 million at December 31, 2013. For 2014, the entire $8.5 million of tax benefits relate to federal NOL carryovers (subject to an annual limitation imposed by IRC Section 382 as discussed below). 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 acquisition of Western Liberty and Centennial 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 $0.5 million of the deferred tax benefits related to these NOL carryovers and NUBILs. | |||||||||||||
The provision for income taxes charged to operations consists of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current | $ | 55,572 | $ | 43,547 | $ | 4,212 | |||||||
Deferred | (7,182 | ) | (13,717 | ) | 21,723 | ||||||||
Total tax provision | $ | 48,390 | $ | 29,830 | $ | 25,935 | |||||||
The reconciliation between the statutory federal income tax rate and the Company’s effective tax rate are summarized as follows: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income tax at statutory rate | $ | 69,125 | $ | 50,979 | $ | 35,372 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal benefits | 4,904 | 3,016 | 1,848 | ||||||||||
Bank owned life insurance | (1,578 | ) | (1,683 | ) | (1,553 | ) | |||||||
Tax-exempt income | (15,006 | ) | (7,308 | ) | (3,844 | ) | |||||||
Loss on sale of subsidiaries | — | — | (2,523 | ) | |||||||||
Deferred tax asset valuation allowance | (2,104 | ) | (2,391 | ) | 383 | ||||||||
Bargain purchase gain | — | (3,775 | ) | (5,952 | ) | ||||||||
Low income housing tax credits | (3,872 | ) | (2,105 | ) | (784 | ) | |||||||
Tax benefit related to Western Liberty acquisition | — | (3,738 | ) | — | |||||||||
Other, net | (3,079 | ) | (3,165 | ) | 2,988 | ||||||||
$ | 48,390 | $ | 29,830 | $ | 25,935 | ||||||||
The effective tax rate for the year ended December 31, 2014 was 24.50%, compared to 20.48% for the year ended December 31, 2013, and 25.66% for the year ended December 31, 2012. The increase in the effective tax rate from 2013 compared to 2014 is primarily due to the increase in pre-tax book income and the absence of acquisition related benefits for the year ended December 31, 2014 compared to 2013. The reduction in the effective tax rate from 2012 compared to 2013 is primarily due to LIHTC, an increase in tax-exempt income from municipal obligations, the one-time benefit from the lapsing of the IRC Section 382 limitation relating to Western Liberty because of better than anticipated credit loss experience, and the release of certain valuation allowances relating to capital loss carryovers. | |||||||||||||
Uncertain Tax Positions | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction and in various states. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for years before 2010. | |||||||||||||
When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the Consolidated Financial Statements in the period in which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |||||||||||||
The Company would recognize interest and penalties accrued related to unrecognized tax benefits in tax expense. The Company has not recognized or accrued any interest or penalties for the years ended December 31, 2014, 2013, or 2012. | |||||||||||||
Management believes that the Company has appropriate support for the income tax positions taken and to be taken on its tax returns and that its accruals for tax liabilities are adequate for all open years based on an assessment of many factors, including past experience and interpretation of tax law applied to the facts of each matter. Accordingly, management does not believe that there are any uncertain tax positions as of December 31, 2014. | |||||||||||||
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: | |||||||||||||
31-Dec-13 | |||||||||||||
(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. | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands) | |||||||||||||
Consolidated Income Statement: | |||||||||||||
Non-interest income | |||||||||||||
As previously reported | $ | 17,229 | $ | 44,726 | |||||||||
As reported under new guidance | 22,247 | 46,505 | |||||||||||
Income tax expense | |||||||||||||
As previously reported | 25,254 | 23,961 | |||||||||||
As reported under new guidance | 29,830 | 25,935 | |||||||||||
Income from continuing operations | |||||||||||||
As previously reported | 115,384 | 75,324 | |||||||||||
As reported under new guidance | 115,826 | 75,129 | |||||||||||
Net income | |||||||||||||
As previously reported | 114,523 | 72,834 | |||||||||||
As reported under new guidance | 114,965 | 72,639 | |||||||||||
Net income available to common stockholders | |||||||||||||
As previously reported | 113,113 | 69,041 | |||||||||||
As reported under new guidance | 113,555 | 68,846 | |||||||||||
Earnings per share applicable to common stockholders--basic | |||||||||||||
As previously reported | 1.32 | 0.84 | |||||||||||
As reported under new guidance | 1.33 | 0.84 | |||||||||||
Earnings per share applicable to common stockholders--diluted | |||||||||||||
As previously reported | 1.31 | 0.83 | |||||||||||
As reported under new guidance | 1.31 | 0.83 | |||||||||||
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 $126.6 million and $51.4 million, respectively, as of December 31, 2014. For the years ended December 31, 2014, 2013, and 2012, $10.6 million, $5.9 million, and $1.9 million of amortization related to LIHTC investments was recognized as a component of current income tax expense, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
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 1 year. | |||||||||||||||||||||
A summary of the contractual amounts for unfunded commitments and letters of credit are as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Commitments to extend credit, including unsecured loan commitments of $232,863 at December 31, 2014 and $237,063 at December 31, 2013 | $ | 2,164,523 | $ | 1,878,340 | |||||||||||||||||
Credit card commitments and financial guarantees | 42,038 | 33,632 | |||||||||||||||||||
Standby letters of credit, including unsecured letters of credit of $5,166 at December 31, 2014 and $4,896 at December 31, 2013 | 49,556 | 31,271 | |||||||||||||||||||
Total | $ | 2,256,117 | $ | 1,943,243 | |||||||||||||||||
The following table represents the contractual commitments for lines and letters of credit by maturity at December 31, 2014: | |||||||||||||||||||||
Amount of Commitment Expiration per Period | |||||||||||||||||||||
Total Amounts Committed | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Commitments to extend credit | $ | 2,164,523 | $ | 811,800 | $ | 794,270 | $ | 267,156 | $ | 291,297 | |||||||||||
Credit card commitments and financial guarantees | 42,038 | 42,038 | — | — | — | ||||||||||||||||
Standby letters of credit | 49,556 | 32,440 | 13,379 | 3,737 | — | ||||||||||||||||
Total | $ | 2,256,117 | $ | 886,278 | $ | 807,649 | $ | 270,893 | $ | 291,297 | |||||||||||
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 these 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 December 31, 2014 and 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 loan portfolio includes significant credit exposure to the CRE market. As of December 31, 2014 and 2013, CRE related loans accounted for approximately 54% and 58% of total loans, respectively. Substantially all of these loans are secured by first liens with an initial loan to value ratio of generally not more than 75%. Approximately 46% of these CRE loans, excluding construction and land loans, were owner-occupied at December 31, 2014 and 2013. | |||||||||||||||||||||
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. | |||||||||||||||||||||
Other | |||||||||||||||||||||
The Company has entered into change in control agreements with certain named executives and other employees designated as executives by the Board of Directors. Under these agreements, in the event of a qualifying termination, each executive is entitled to receive 1) accrued benefits, payable in accordance with the Company’s normal payroll practice; 2) a lump sum cash severance payment in an amount equal to the sum of a) two times the executive’s annual base salary plus b) two times the executive's annual bonus; 3) any unpaid bonus that was earned by the executive in the prior year; and 4) reimbursement of paid group health premiums up to 24 months. |
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
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 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 in the Consolidated Balance Sheet as securities measured at fair value. | |||||||||||||||||||||
For the years ended December 31, 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 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) | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Securities measured at fair value | $ | (41 | ) | $ | 7 | $ | — | $ | (34 | ) | |||||||||||
Junior subordinated debt | 1,421 | — | (1,754 | ) | (333 | ) | |||||||||||||||
Total | $ | 1,380 | $ | 7 | $ | (1,754 | ) | $ | (367 | ) | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Securities measured at fair value | $ | (260 | ) | $ | 6 | $ | — | $ | (254 | ) | |||||||||||
Junior subordinated debt | (5,640 | ) | — | (1,823 | ) | (7,463 | ) | ||||||||||||||
Total | $ | (5,900 | ) | $ | 6 | $ | (1,823 | ) | $ | (7,717 | ) | ||||||||||
Interest income on securities measured at fair value is accounted for similarly to those classified as AFS. Any premiums or discounts are recognized in interest income over the term of the securities. For MBS, estimates of prepayments are considered in the constant yield calculations. Interest expense on junior subordinated debt is also determined under a constant yield calculation. | |||||||||||||||||||||
There were no net gains or losses recognized during the years ended December 31, 2014 and 2013 on trading securities sold during the period. | |||||||||||||||||||||
Fair value on a recurring basis | |||||||||||||||||||||
Financial assets and financial liabilities measured at fair value on a recurring basis include the following: | |||||||||||||||||||||
AFS securities: Preferred stock, mutual funds, and CRA investments are reported at fair value utilizing Level 1 inputs. With the exception of CDO securities, 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. The Company estimates the fair value of CDO securities utilizing Level 3 inputs, which include pricing indications from comparable securities. | |||||||||||||||||||||
Securities measured at fair value: All of the Company’s securities measured at fair value, which consist of MBS, 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 the Company's 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, and mortgage rates, among other things, and develops an expectation of 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 between 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 its 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 are based on contractual cash flows as the Company anticipates that it will pay the debt according to its contractual terms. The Company uses the BB 20-Year Index adjusted for a credit risk spread. The Company estimated the discount rate at 6.242%, which is a 599 basis point spread over 3 month LIBOR (0.256% as of December 31, 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 of 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) | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Measured at fair value | |||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,858 | $ | — | $ | 1,858 | |||||||||||||
Available-for-sale | |||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | 18,346 | $ | — | $ | 18,346 | |||||||||||||
Corporate debt securities | — | 52,489 | — | 52,489 | |||||||||||||||||
Municipal obligations | — | 299,037 | — | 299,037 | |||||||||||||||||
Preferred stock | 82,612 | — | — | 82,612 | |||||||||||||||||
Mutual funds | 37,702 | — | — | 37,702 | |||||||||||||||||
Residential MBS issued by GSEs | — | 891,189 | — | 891,189 | |||||||||||||||||
Commercial MBS issued by GSEs | — | 2,147 | — | 2,147 | |||||||||||||||||
Private label residential MBS | — | 70,243 | — | 70,243 | |||||||||||||||||
Private label commercial MBS | — | 5,149 | — | 5,149 | |||||||||||||||||
Trust preferred securities | — | 25,546 | — | 25,546 | |||||||||||||||||
CRA investments | 24,332 | — | — | 24,332 | |||||||||||||||||
Collateralized debt obligations | — | — | 11,445 | 11,445 | |||||||||||||||||
Total AFS securities | $ | 144,646 | $ | 1,364,146 | $ | 11,445 | $ | 1,520,237 | |||||||||||||
Derivative assets (1) | $ | — | $ | 7 | $ | — | $ | 7 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 40,437 | $ | 40,437 | |||||||||||||
Derivative liabilities (1) | — | 57,820 | — | 57,820 | |||||||||||||||||
-1 | Derivative assets and liabilities relate to interest rate swaps, see "Note 12. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a positive value of $57,140 as of December 31, 2014, which relates to the change in fair value attributed to fluctuations in interest rates. | ||||||||||||||||||||
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 | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||
(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 securities | $ | 121,298 | $ | 1,249,398 | $ | — | $ | 1,370,696 | |||||||||||||
Derivative assets (1) | $ | — | $ | 2,002 | $ | — | $ | 2,002 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 41,858 | $ | 41,858 | |||||||||||||
Derivative liabilities (1) | — | 404 | — | 404 | |||||||||||||||||
-1 | Derivative assets and liabilities relate to interest rate swaps, see "Note 12. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a negative value of $3,069 as of December 31, 2013, which relates to the change in fair value attributed to fluctuations in interest rates. | ||||||||||||||||||||
For the years ended December 31, 2014 and 2013, the change in Level 3 assets and liabilities measured at fair value on a recurring basis was as follows: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Junior | CDO Securities | Junior | |||||||||||||||||||
Subordinated Debt | Subordinated Debt | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Beginning balance | $ | (41,858 | ) | $ | — | $ | (36,218 | ) | |||||||||||||
Transfers into Level 3 | — | 6,243 | — | ||||||||||||||||||
Total gains (losses) for the period | |||||||||||||||||||||
Included in earnings (1) | 1,421 | — | (5,640 | ) | |||||||||||||||||
Included in other comprehensive income (2) | — | 5,202 | — | ||||||||||||||||||
Ending balance | $ | (40,437 | ) | $ | 11,445 | $ | (41,858 | ) | |||||||||||||
Change in unrealized gains (losses) for the period included in earnings | $ | 1,421 | $ | — | $ | (5,640 | ) | ||||||||||||||
-1 | Total gains (losses) for the period are included in the non-interest income line, Unrealized gains (losses) on assets and liabilities measured at fair value, net. | ||||||||||||||||||||
-2 | Total gains (losses) for the period are included in the other comprehensive income line, Unrealized (loss) gain on AFS securities. | ||||||||||||||||||||
At various dates during the year ended December 31, 2014, the Company transferred its CDO securities with a total fair value of $6.2 million at the dates of those transfers, from Level 2 into Level 3 due to the lack of observable market data related to a decrease in market activity for these securities. | |||||||||||||||||||||
For Level 3 liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
31-Dec-14 | Valuation Technique | Significant Unobservable Inputs | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 40,437 | Discounted cash flow | Adjusted Corporate Bond over Treasury Index with comparable credit spread | |||||||||||||||||
CDO securities | 11,445 | S&P Model | Pricing indications from comparable securities | ||||||||||||||||||
December 31, 2013 | Valuation Technique | Significant Unobservable Inputs | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 41,858 | Discounted cash flow | Adjusted Corporate Bond over Treasury Index with comparable credit spread | |||||||||||||||||
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. The input value used in the fair value measurement of the Company's junior subordinated debt was 6.242% and 5.861% as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company's CDO securities include securities terms, conditions, and underlying collateral type, as well as trustee and servicer reports, trade data on comparable securities, and market quotes that are converted into spreads to benchmark LIBOR curves. Significant increases or decreases in these inputs could result in a significantly different fair value measurements. | |||||||||||||||||||||
Fair value on a nonrecurring basis | |||||||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis. That is, the assets 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 December 31, 2014: | |||||||||||||||||||||
Impaired loans with specific valuation allowance | $ | 114,163 | $ | — | $ | — | $ | 114,163 | |||||||||||||
Impaired loans without specific valuation allowance (1) | 38,019 | — | — | 38,019 | |||||||||||||||||
Other assets acquired through foreclosure | 57,150 | — | — | 57,150 | |||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Impaired loans with specific valuation allowance | $ | 20,474 | $ | — | $ | — | $ | 20,474 | |||||||||||||
Impaired loans without specific valuation allowance (1) | 95,695 | — | — | 95,695 | |||||||||||||||||
Other assets acquired through foreclosure | 66,719 | — | — | 66,719 | |||||||||||||||||
-1 | Excludes loan balances with charge-offs of $3.8 million and $56.9 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Impaired loans: The specific reserves for collateral dependent impaired loans are based on collateral value, net of estimated disposition costs and other identified quantitative inputs. Collateral value 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 estimated fair value of $124.9 million and $25.8 million, respectively, at December 31, 2014 and 2013. The fair value of these Level 3 impaired loans reflects the carrying value of loan, which has been reduced by any deficit in appraised value compared to book value, estimated disposition costs, and estimated losses of similar impaired loans based on historical loss experience. Specific reserves in the allowance for loan losses for these loans were $10.8 million and $5.3 million, respectively, at December 31, 2014 and 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 cost to sell. Such properties are generally re-appraised every 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 $57.2 million of such assets at December 31, 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 appraiser; 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 years December 31, 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 year ended December 31, 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 December 31, 2014 and 2013. | |||||||||||||||||||||
Private Label MBS | |||||||||||||||||||||
(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 gains and (losses) held in other comprehensive income | $ | — | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The estimated fair value of the Company’s financial instruments is as follows: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
AFS | $ | 1,520,237 | $ | 144,646 | $ | 1,364,146 | $ | 11,445 | $ | 1,520,237 | |||||||||||
Trading | 1,858 | — | 1,858 | — | 1,858 | ||||||||||||||||
Derivative assets (1) | 7 | — | 7 | — | 7 | ||||||||||||||||
Loans, net | 8,288,049 | — | 7,984,692 | 152,182 | 8,136,874 | ||||||||||||||||
Accrued interest receivable | 36,705 | — | 36,705 | — | 36,705 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 8,931,043 | — | 8,935,566 | — | 8,935,566 | ||||||||||||||||
Customer repurchases | 54,899 | — | 54,899 | — | 54,899 | ||||||||||||||||
FHLB and FRB advances | 307,081 | — | 307,081 | — | 307,081 | ||||||||||||||||
Other borrowed funds | 83,182 | — | 25,000 | 61,074 | 86,074 | ||||||||||||||||
Junior subordinated debt | 40,437 | — | — | 40,437 | 40,437 | ||||||||||||||||
Derivative liabilities | 57,820 | — | 57,820 | — | 57,820 | ||||||||||||||||
Accrued interest payable | 9,890 | — | 9,890 | — | 9,890 | ||||||||||||||||
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 (1) | 2,002 | — | 2,002 | — | 2,002 | ||||||||||||||||
Loans, net | 6,701,365 | — | 6,090,962 | 116,169 | 6,207,131 | ||||||||||||||||
Accrued interest receivable | 28,591 | — | 28,591 | — | 28,591 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 7,838,205 | — | 7,842,014 | — | 7,842,014 | ||||||||||||||||
Customer repurchases | 71,192 | — | 71,192 | — | 71,192 | ||||||||||||||||
FHLB and FRB advances | 273,879 | — | 273,879 | — | 273,879 | ||||||||||||||||
Other borrowed funds | 341,096 | — | 3,000 | 71,475 | 74,475 | ||||||||||||||||
Junior subordinated debt | 41,858 | — | — | 41,858 | 41,858 | ||||||||||||||||
Derivative liabilities | 404 | — | 404 | — | 404 | ||||||||||||||||
Accrued interest payable | 4,920 | — | 4,920 | — | 4,920 | ||||||||||||||||
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 EVE and net interest income resulting from hypothetical changes in interest rates. If potential changes to EVE and net interest income resulting from hypothetical interest rate changes are not within the limits established by the BOD, the BOD may direct management to adjust the asset and liability mix to bring interest rate risk within Board-approved limits. As of December 31, 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 does not conform 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 December 31, 2014 and 2013 was insignificant. Loan commitments on which the committed interest rates were less than the current market rate are also insignificant at December 31, 2014 and 2013. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||||||
Regulatory Capital Requirements | The Company and WAB are subject to various regulatory capital requirements administered by the Federal banking agencies. Failure to meet minimum capital requirements could trigger certain mandatory or discretionary actions that, if undertaken, could have a direct material effect on the Company’s business and financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and WAB must meet specific capital guidelines that involve qualitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Company and WAB to maintain minimum amounts and ratios of total and Tier I capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier I leverage (as defined) to average assets (as defined). As of December 31, 2014 and 2013, the Company and WAB met all capital adequacy requirements to which they are subject. | ||||||||||||||||||||||||||
As of December 31, 2014, the Company and WAB met the minimum capital ratio requirements necessary to be classified as well-capitalized, as defined by the banking agencies. To be categorized as well-capitalized, WAB must maintain minimum total risk-based, Tier I risk-based and Tier I leverage ratios as set forth in the table below. | ||||||||||||||||||||||||||
Federal banking regulators have proposed revisions to the bank capital requirement standards known as Basel III, which are effective beginning March 31, 2015. Basel III strengthens bank capital requirements and introduces new regulatory requirements on bank liquidity and bank leverage. Based on the Company’s assessment of these proposed regulations, as of December 31, 2014, the Company and the bank met the requirements necessary to be classified as well-capitalized under the proposed regulation. | ||||||||||||||||||||||||||
The actual capital amounts and ratios for the banks and Company are presented in the following table: | ||||||||||||||||||||||||||
Total Capital | Tier 1 Capital | Risk-Weighted Assets | Tangible Average Assets | Total Capital Ratio | Tier 1 Capital Ratio | Tier 1 Leverage Ratio | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
WAL | $ | 1,119,618 | $ | 1,007,278 | $ | 9,555,390 | $ | 10,367,575 | 11.7 | % | 10.5 | % | 9.7 | % | ||||||||||||
WAB | 1,057,253 | 945,687 | 9,435,459 | 10,232,297 | 11.2 | 10 | 9.2 | |||||||||||||||||||
Well-capitalized ratios | 10 | 6 | 5 | |||||||||||||||||||||||
Minimum capital ratios | 8 | 4 | 4 | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
WAL | $ | 991,461 | $ | 891,232 | $ | 8,016,500 | $ | 9,060,995 | 12.4 | % | 11.1 | % | 9.8 | % | ||||||||||||
WAB | 931,564 | 834,560 | 7,931,887 | 8,832,546 | 11.7 | 10.5 | 9.5 | |||||||||||||||||||
Well-capitalized ratios | 10 | 6 | 5 | |||||||||||||||||||||||
Minimum capital ratios | 8 | 4 | 4 | |||||||||||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | The Company has a qualified 401(k) employee benefit plan for all eligible employees. Participants are able to defer between 1% and 15% (up to a maximum of $17,500 for those under 50 years of age in 2014) of their annual compensation. The Company may elect to match a discretionary amount each year, which was 50% of the first 6% of the participant’s compensation deferred into the plan. The Company’s total contribution was $1.7 million, $1.7 million, and $1.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. |
In addition, the Company maintains a non-qualified 401(k) restoration plan for the benefit of executives of the Company and certain affiliates. Participants are able to defer a portion of their annual salary and receive a matching contribution based primarily on the contribution structure in effect under the Company’s 401(k) plan, but without regard to certain statutory limitations applicable under the 401(k) plan. The Company’s total contribution to the restoration plan was $77,000, $64,000, and $43,000 for the years ended December 31, 2014, 2013, and 2012, respectively. |
Mergers_Acquisitions_and_Dispo
Mergers, Acquisitions and Dispositions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Mergers, Acquisitions and Dispositions | Bank Subsidiary Mergers | ||||||||||||
On December 31, 2013, the Company merged BON and TPB into WAB. Prior to the consolidation, ABA and FIB operated as divisions of WAB. In 2014, BON, TPB, ABA and FIB also operated as divisions of WAB. As the bank mergers did not meet the definition of a business combination under the guidance of ASC 805, the entities were combined in a method similar to a pooling of interests. There was $2.6 million of merger / restructure related expenses incurred during the year ended December 31, 2013 relating to the merger. | |||||||||||||
Acquisitions | |||||||||||||
On April 30, 2013, the Company completed its acquisition of Centennial. Under the terms of the acquisition, the Company paid $57.5 million in cash for all equity interests in Centennial. The Company merged Centennial into WAB effective April 30, 2013, creating combined assets for the resulting bank of $3.16 billion and deposits of $2.76 billion. The merger was undertaken, in part, because the purchase price of Centennial was at a discount to its tangible book value and was accretive to capital at close of the transaction. | |||||||||||||
Centennial’s results of operations are included in the Company’s results beginning April 30, 2013. Merger / restructure expenses related to the Centennial acquisition of $2.7 million for the year ended December 31, 2013 have been included in non-interest expense, of which $1.0 million are acquisition related costs as defined by ASC 805. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were all recorded at their respective acquisition date fair values. A bargain purchase gain of $10.0 million resulted from the acquisition and is included as a component of non-interest income in the Consolidated Income Statement. The amount of gain is equal to the amount by which the estimated fair value of net assets purchased exceeded the consideration paid. Pursuant to the terms of the transaction, $12.7 million in loan receivables were not acquired by the Company. | |||||||||||||
The recognized amounts of identifiable assets acquired and liabilities assumed are as follows: | |||||||||||||
30-Apr-13 | |||||||||||||
(in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents (1) | $ | 70,349 | |||||||||||
Federal funds sold (1) | 8,355 | ||||||||||||
Investment securities - AFS | 26,014 | ||||||||||||
Loans | 351,474 | ||||||||||||
Deferred tax assets, net | 21,666 | ||||||||||||
Premises and equipment | 44 | ||||||||||||
Other assets acquired through foreclosure | 5,622 | ||||||||||||
Other assets | 6,007 | ||||||||||||
Total assets | 489,531 | ||||||||||||
Liabilities: | |||||||||||||
Deposits | 338,811 | ||||||||||||
FHLB advances | 79,943 | ||||||||||||
Other liabilities | 3,233 | ||||||||||||
Total liabilities | 421,987 | ||||||||||||
Net assets acquired | 67,544 | ||||||||||||
Consideration paid | 57,500 | ||||||||||||
Bargain purchase gain | $ | 10,044 | |||||||||||
-1 | Cash acquired, less cash consideration paid of $57.5 million, resulted in net cash and cash equivalents increasing by $21.2 million following the acquisition. | ||||||||||||
The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to acquired loans which have shown evidence of credit deterioration since origination. | |||||||||||||
The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. There were no measurement period adjustments made to the acquisition date fair values of acquired assets or assumed liabilities from Centennial. Accordingly, these acquisition date fair values are final. | |||||||||||||
On October 17, 2012, the Company acquired Western Liberty, including its 2 wholly-owned subsidiaries, Service 1st Bank of Nevada and LVSP. The Company subsequently merged Service 1st Bank of Nevada into its wholly-owned subsidiary, BON, on October 19, 2012. LVSP remains a wholly-owned subsidiary of WAL. | |||||||||||||
Under the terms of the Western Liberty merger, the Company exchanged either $4.02 of cash for each Western Liberty share or 0.4341shares of the Company’s common stock for each Western Liberty share, which resulted in payment of 27.5 million and 2,966,236 shares of the Company’s common stock. | |||||||||||||
The merger was undertaken because the purchase price of Western Liberty was at a significant discount to its tangible book value and was accretive to capital at close. The combined bank had approximately $3.09 billion of assets and $2.55 billion of deposits immediately following the merger, operating as BON. Western Liberty’s results of operations have been included in the Company’s results beginning October 18, 2012. Acquisition related expenses of $0.4 million and $0.7 million for the years ended December 31, 2013 and 2012, respectively, have been included in non-interest expense. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. The purchased assets and assumed liabilities were recorded at their respective acquisition date fair values, and identifiable intangible assets were recorded at fair value. There were no measurement period adjustments made to the acquisition date fair values of acquired assets or assumed liabilities from Western Liberty. Accordingly, these acquisition date fair values are final. | |||||||||||||
A bargain purchase gain of $17.6 million resulted from the acquisition and is included as a component of non-interest income in the Consolidated Income Statement. The amount of gain is equal to the amount by which the fair value of net assets purchased exceeded the consideration paid. The statement of net assets acquired and the resulting bargain purchase gain are presented in the following table: | |||||||||||||
17-Oct-12 | |||||||||||||
(in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents (1) | $ | 76,692 | |||||||||||
Certificates of deposit (1) | 1,988 | ||||||||||||
Investment securities | 446 | ||||||||||||
Loans | 90,747 | ||||||||||||
Federal Home Loan bank stock | 493 | ||||||||||||
Deferred tax assets, net | 17,446 | ||||||||||||
Premises and equipment | 19 | ||||||||||||
Other assets acquired through foreclosure | 5,094 | ||||||||||||
Identified intangible assets | 1,578 | ||||||||||||
Other assets | 949 | ||||||||||||
Total assets | 195,452 | ||||||||||||
Liabilities: | |||||||||||||
Deposits | 117,191 | ||||||||||||
Other liabilities | 1,252 | ||||||||||||
Total liabilities | 118,443 | ||||||||||||
Net assets acquired | 77,009 | ||||||||||||
Consideration paid | 59,447 | ||||||||||||
Bargain purchase gain | $ | 17,562 | |||||||||||
-1 | Cash acquired, less cash consideration paid of $27.5 million, resulted in net cash and cash equivalents increasing by $51.2 million following the acquisition. | ||||||||||||
The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased loans which have shown evidence of credit deterioration since origination. | |||||||||||||
The following table presents pro forma information as if the Centennial and Western Liberty acquisitions had occurred as of January 1, 2012. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction and interest expense on deposits acquired. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Interest income (1) | $ | 325,761 | $ | 335,784 | |||||||||
Non-interest income (2) | 7,310 | 29,214 | |||||||||||
Net income available to common stockholders (3) | 98,751 | 52,085 | |||||||||||
Earnings per share—basic | 1.15 | 0.63 | |||||||||||
Earnings per share—diluted | 1.14 | 0.63 | |||||||||||
-1 | Excludes accretion (or amortization) of fair market value adjustments for loans, deposits and FHLB advances of $12.9 million and $1.8 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
-2 | Excludes bargain purchase gain of $10.0 million related to Centennial in 2013 and $17.6 million related to Western Liberty in 2012. | ||||||||||||
-3 | Excludes merger / restructure related costs incurred by the Company of $3.1 million for the year ended December 31, 2013 and Centennial of $1.0 million for the year ended December 31, 2013 items 1 & 2 noted above as well as related tax effects. | ||||||||||||
Shine and MRA Dispositions | |||||||||||||
Effective October 31, 2012, the Company sold its 80% interest in Shine to certain members of the Shine management team. The transaction did not have a material impact on the Company’s Consolidated Financial Statements. See "Note 6. Goodwill and Other Intangible Assets" contained in these Notes to Consolidated Financial Statements for discussion of the impairment charge of $3.4 million taken in the third quarter 2012. Also in the third quarter of 2012, the Company sold its minority interest in MRA for $1.6 million and recognized a net gain on sale of $0.8 million. Operating results for these dispositions are not presented as discontinued operations since the operating results are not deemed significant. | |||||||||||||
PartnersFirst Discontinued Operations | |||||||||||||
The Company discontinued its affinity credit card business and presented these activities as discontinued operations. During the second quarter 2014, the Company shut down its remaining affinity credit card operations. Therefore, no additional discontinued operations will be reported in future periods. The following table summarizes the operating results of the discontinued operations for the periods indicated: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Operating revenue | $ | (358 | ) | $ | 3,345 | $ | 1,248 | ||||||
Non-interest expenses | (1,369 | ) | (4,855 | ) | (5,541 | ) | |||||||
Loss before income taxes | (1,727 | ) | (1,510 | ) | (4,293 | ) | |||||||
Income tax benefit | (569 | ) | (649 | ) | (1,803 | ) | |||||||
Net loss | $ | (1,158 | ) | $ | (861 | ) | $ | (2,490 | ) |
Parent_Company_Financial_Infor
Parent Company Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Parent Company Financial Information | The condensed financial statements of the holding company are presented in the following tables: | ||||||||||||
WESTERN ALLIANCE BANCORPORATION | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 11,855 | $ | 7,128 | |||||||||
Money market investments | 451 | 2,632 | |||||||||||
Investment securities - AFS | 51,335 | 33,005 | |||||||||||
Investment in subsidiaries | 997,709 | 863,712 | |||||||||||
Loans, net of deferred loan fees and costs and allowance for credit losses | 39,221 | 47,239 | |||||||||||
Other assets acquired through foreclosure, net | 16,318 | 25,168 | |||||||||||
Other assets | 9,912 | 14,730 | |||||||||||
Total assets | $ | 1,126,801 | $ | 993,614 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||||
Other borrowings | $ | 83,182 | $ | 67,217 | |||||||||
Junior subordinated debt, at fair value | 40,437 | 41,858 | |||||||||||
Accrued interest and other liabilities | 2,254 | 29,041 | |||||||||||
Total liabilities | 125,873 | 138,116 | |||||||||||
Total stockholders’ equity | 1,000,928 | 855,498 | |||||||||||
Total liabilities and stockholders’ equity | $ | 1,126,801 | $ | 993,614 | |||||||||
WESTERN ALLIANCE BANCORPORATION | |||||||||||||
Condensed Income Statements | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income: | |||||||||||||
Dividends from subsidiaries | $ | 67,515 | $ | 71,529 | $ | 18,499 | |||||||
Interest income | 4,381 | 2,847 | 2,105 | ||||||||||
Non-interest income | 1,737 | 3,995 | 27,563 | ||||||||||
Total income | 73,633 | 78,371 | 48,167 | ||||||||||
Expense: | |||||||||||||
Interest expense | 8,776 | 10,833 | 10,522 | ||||||||||
Non-interest expense | 10,850 | 32,001 | 30,064 | ||||||||||
Total expense | 19,626 | 42,834 | 40,586 | ||||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 54,007 | 35,537 | 7,581 | ||||||||||
Income tax benefit | 5,388 | 21,426 | 11,353 | ||||||||||
Income before equity in undistributed earnings of subsidiaries | 59,395 | 56,963 | 18,934 | ||||||||||
Equity in undistributed earnings of subsidiaries | 88,556 | 58,002 | 53,705 | ||||||||||
Net income | 147,951 | 114,965 | 72,639 | ||||||||||
Dividends on preferred stock | 1,387 | 1,410 | 3,793 | ||||||||||
Net income available to common stockholders | $ | 146,564 | $ | 113,555 | $ | 68,846 | |||||||
Western Alliance Bancorporation | |||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 147,951 | $ | 114,965 | $ | 72,639 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in net undistributed earnings of subsidiaries | (88,556 | ) | (58,002 | ) | (53,705 | ) | |||||||
Excess tax benefit of stock-based compensation | (4,194 | ) | (1,552 | ) | — | ||||||||
Junior subordinated debt change in fair value | (1,421 | ) | 5,640 | (767 | ) | ||||||||
Loss on extinguishment of debt | 502 | 1,387 | — | ||||||||||
Other operating activities, net | (20,040 | ) | (4,011 | ) | 835 | ||||||||
Net cash provided by operating activities | 34,242 | 58,427 | 19,002 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Purchases of securities | (23,431 | ) | (2,044 | ) | (26,765 | ) | |||||||
Principal pay downs, calls, maturities, and sales proceeds of securities, net | 8,376 | 6,767 | 13,622 | ||||||||||
Proceeds from sale of other repossessed assets, net | 9,610 | 9,844 | 4,146 | ||||||||||
Purchase of other repossessed assets, net | — | — | (1,640 | ) | |||||||||
Capital contributions to subsidiaries | — | (40,000 | ) | — | |||||||||
Loans purchases, fundings, and principal collections, net | 3,286 | (35,979 | ) | (12,665 | ) | ||||||||
Sale (purchase) of money market investments, net | 2,181 | (1,968 | ) | 6,679 | |||||||||
Sale (purchase) of premises, equipment, and other assets, net | 617 | (481 | ) | (23 | ) | ||||||||
Proceeds from business divestitures | — | — | 1,300 | ||||||||||
Net cash provided by (used in) investing activities | 639 | (63,861 | ) | (15,346 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from other borrowings, net | 22,000 | 3,000 | — | ||||||||||
Excess tax benefit of stock-based compensation | 4,194 | 1,552 | — | ||||||||||
Repayments on other borrowings | (6,501 | ) | (10,887 | ) | — | ||||||||
Proceeds from issuance of common stock | 13,746 | — | — | ||||||||||
Proceeds from exercise of stock options | 8,294 | 4,595 | 2,802 | ||||||||||
Redemption of preferred stock | (70,500 | ) | — | — | |||||||||
Cash dividends paid on preferred stock | (1,387 | ) | (1,410 | ) | (3,793 | ) | |||||||
Net cash used in financing activities | (30,154 | ) | (3,150 | ) | (991 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 4,727 | (8,584 | ) | 2,665 | |||||||||
Cash and cash equivalents at beginning of year | 7,128 | 15,712 | 13,047 | ||||||||||
Cash and cash equivalents at end of year | $ | 11,855 | $ | 7,128 | $ | 15,712 | |||||||
Supplemental disclosure: | |||||||||||||
Cash paid during the year for: | |||||||||||||
Interest | $ | 9,067 | $ | 11,091 | $ | 10,541 | |||||||
Income taxes | 32,238 | 19,105 | 1,740 | ||||||||||
Non-cash investing and financing activity: | |||||||||||||
Change in unrealized gain (loss) on AFS securities, net of tax | 2,031 | 2,450 | (770 | ) | |||||||||
Loan contributions to subsidiaries | 2,663 | — | — | ||||||||||
Segments
Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
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 year ended December 31, 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, CBL, 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 CBL segment provides banking services to niche markets. These CBLs are managed centrally and are broader in geographic scope, though still predominately within the Company's core market areas. Corporate & Other primarily relates to our Treasury division and also includes other corporate-related items, income and expense items not allocated to 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 year, with a funds credit provided for the use of this equity as a funding source. Any excess equity not allocated to segments based on risk 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, which is eliminated in the Corporate & Other segment. | |||||||||||||||||||||||||
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 that is a user of funds is 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 year ended December 31, 2014: | |||||||||||||||||||||||||
Arizona | Nevada | California | Central Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
At December 31, 2014 | (dollars in millions) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash, cash equivalents, and investment securities | $ | 2.3 | $ | 5 | $ | 2.5 | $ | — | $ | 1,702.40 | $ | 1,712.20 | |||||||||||||
Loans, net of deferred loan fees and costs | 2,341.90 | 1,668.70 | 1,751.70 | 2,590.00 | 46 | 8,398.30 | |||||||||||||||||||
Less: allowance for credit losses | (30.7 | ) | (21.9 | ) | (23.0 | ) | (34.0 | ) | (0.6 | ) | (110.2 | ) | |||||||||||||
Total loans | 2,311.20 | 1,646.80 | 1,728.70 | 2,556.00 | 45.4 | 8,288.10 | |||||||||||||||||||
Other assets acquired through foreclosure, net | 15.5 | 21 | — | — | 20.6 | 57.1 | |||||||||||||||||||
Goodwill and other intangible assets, net | — | 25.9 | — | — | — | 25.9 | |||||||||||||||||||
Other assets | 34.8 | 64.2 | 21.5 | 22.9 | 373.8 | 517.2 | |||||||||||||||||||
Total assets | $ | 2,363.80 | $ | 1,762.90 | $ | 1,752.70 | $ | 2,578.90 | $ | 2,142.20 | $ | 10,600.50 | |||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits (1) | $ | 2,178.00 | $ | 3,230.60 | $ | 2,328.50 | $ | 946.6 | $ | 247.3 | $ | 8,931.00 | |||||||||||||
Other borrowings | — | — | — | — | 390.3 | 390.3 | |||||||||||||||||||
Other liabilities | 17.4 | 40.8 | 9.1 | 72.4 | 138.6 | 278.3 | |||||||||||||||||||
Total liabilities | 2,195.40 | 3,271.40 | 2,337.60 | 1,019.00 | 776.2 | 9,599.60 | |||||||||||||||||||
Allocated equity | 250.8 | 209 | 197.7 | 232.9 | 110.5 | 1,000.90 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,446.20 | $ | 3,480.40 | $ | 2,535.30 | $ | 1,251.90 | $ | 886.7 | $ | 10,600.50 | |||||||||||||
Excess funds provided (used) | 82.4 | 1,717.50 | 782.6 | (1,327.0 | ) | (1,255.5 | ) | — | |||||||||||||||||
-1 | Certain deposits from prior periods were re-allocated to specific segments to conform to current presentation. | ||||||||||||||||||||||||
Arizona | Nevada | California | Central Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
Year Ended December 31, 2014: | (in thousands) | ||||||||||||||||||||||||
Net interest income (expense) | $ | 112,128 | $ | 117,508 | $ | 100,223 | $ | 71,010 | $ | (15,976 | ) | $ | 384,893 | ||||||||||||
Provision for (recovery of) credit losses | 2,083 | (7,542 | ) | (1,638 | ) | 11,365 | 458 | 4,726 | |||||||||||||||||
Net interest income (expense) after provision for credit losses | 110,045 | 125,050 | 101,861 | 59,645 | (16,434 | ) | 380,167 | ||||||||||||||||||
Non-interest income | 3,713 | 9,410 | 4,394 | 1,742 | 6,182 | 25,441 | |||||||||||||||||||
Non-interest expense | (54,986 | ) | (60,149 | ) | (53,914 | ) | (27,804 | ) | (11,256 | ) | (208,109 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 58,772 | 74,311 | 52,341 | 33,583 | (21,508 | ) | 197,499 | ||||||||||||||||||
Income tax expense (benefit) | 23,053 | 26,009 | 22,007 | 12,594 | (35,273 | ) | 48,390 | ||||||||||||||||||
Income from continuing operations | 35,719 | 48,302 | 30,334 | 20,989 | 13,765 | 149,109 | |||||||||||||||||||
Loss from discontinued operations, net | — | — | — | — | (1,158 | ) | (1,158 | ) | |||||||||||||||||
Net income | $ | 35,719 | $ | 48,302 | $ | 30,334 | $ | 20,989 | $ | 12,607 | $ | 147,951 | |||||||||||||
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||
(in thousands, except share amounts) | |||||||||||||||||
Interest income | $ | 110,151 | $ | 105,554 | $ | 101,973 | $ | 98,701 | |||||||||
Interest expense | 8,006 | 7,481 | 8,075 | 7,924 | |||||||||||||
Net interest income | 102,145 | 98,073 | 93,898 | 90,777 | |||||||||||||
Provision for credit losses | 300 | 419 | 507 | 3,500 | |||||||||||||
Net interest income after provision for credit losses | 101,845 | 97,654 | 93,391 | 87,277 | |||||||||||||
Non-interest income | 8,607 | 6,226 | 5,773 | 4,835 | |||||||||||||
Non-interest expense | (55,932 | ) | (50,012 | ) | (52,416 | ) | (49,749 | ) | |||||||||
Income from continuing operations before provision for income taxes | 54,520 | 53,868 | 46,748 | 42,363 | |||||||||||||
Income tax expense | 14,111 | 12,949 | 10,706 | 10,624 | |||||||||||||
Income from continuing operations | 40,409 | 40,919 | 36,042 | 31,739 | |||||||||||||
Loss from discontinued operations, net of tax | — | — | (504 | ) | (654 | ) | |||||||||||
Net income | 40,409 | 40,919 | 35,538 | 31,085 | |||||||||||||
Dividends on preferred stock | 329 | 353 | 352 | 353 | |||||||||||||
Net income available to common stockholders | $ | 40,080 | $ | 40,566 | $ | 35,186 | $ | 30,732 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.46 | $ | 0.47 | $ | 0.41 | $ | 0.35 | |||||||||
Diluted | $ | 0.46 | $ | 0.46 | $ | 0.4 | $ | 0.35 | |||||||||
At December 31, 2013 | |||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Interest income | $ | 97,582 | $ | 92,680 | $ | 89,285 | $ | 83,108 | |||||||||
Interest expense | 7,601 | 8,121 | 7,133 | 6,905 | |||||||||||||
Net interest income | 89,981 | 84,559 | 82,152 | 76,203 | |||||||||||||
Provision for credit losses | 4,300 | — | 3,481 | 5,439 | |||||||||||||
Net interest income after provision for credit losses | 85,681 | 84,559 | 78,671 | 70,764 | |||||||||||||
Non-interest income | 1,557 | 4,129 | 11,762 | 4,799 | |||||||||||||
Non-interest expense | (51,131 | ) | (49,675 | ) | (48,531 | ) | (46,929 | ) | |||||||||
Income from continuing operations before provision for income taxes | 36,107 | 39,013 | 41,902 | 28,634 | |||||||||||||
Income tax expense | 3,992 | 10,390 | 7,661 | 7,787 | |||||||||||||
Income from continuing operations | 32,115 | 28,623 | 34,241 | 20,847 | |||||||||||||
(Loss) gain from discontinued operations, net of tax | (701 | ) | (29 | ) | (169 | ) | 38 | ||||||||||
Net income | 31,414 | 28,594 | 34,072 | 20,885 | |||||||||||||
Dividends on preferred stock | 352 | 352 | 353 | 353 | |||||||||||||
Net income available to common stockholders | $ | 31,062 | $ | 28,242 | $ | 33,719 | $ | 20,532 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.36 | $ | 0.33 | $ | 0.39 | $ | 0.24 | |||||||||
Diluted | $ | 0.36 | $ | 0.33 | $ | 0.39 | $ | 0.24 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Nature of Operation | Nature of operation | ||
WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of deposit, lending, treasury management, and online banking products and services through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA in Arizona, FIB in Northern Nevada, BON in Southern Nevada, and TPB in California. The Company also serves business customers through a robust national platform of specialized financial services including AAB, WACF, WAEF, WAPF, WARF, and WAWL. On July 1, 2014, all of the outstanding shares of common stock of WAEF, which was previously a subsidiary of WAL, were contributed to WAB by WAL and it is now a subsidiary of the Bank. In addition, the Company has one non-bank subsidiary, 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 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 other assets and liabilities carried at fair value; and accounting for income taxes. 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 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 December 31, 2014, WAL has eight wholly-owned subsidiaries: WAB, LVSP and six unconsolidated subsidiaries used as business trusts in connection with issuance of trust-preferred securities. | |||
The Bank 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; BW Nevada Holdings, LLC, which owns the Company’s 2700 West Sahara Avenue, Las Vegas, Nevada office building, and WAEF, which offers equipment finance services nationwide. | |||
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 and for the years ended December 31, 2014, 2013, and 2012 have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. | |||
Cash and Cash Equivalents | Cash and cash equivalents | ||
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks (including cash items in process of clearing), and federal funds sold. Cash flows from loans originated by the Company and customer deposit accounts are reported net. | |||
The Company maintains amounts due from banks, which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. | |||
Cash Reserve Requirements | Cash reserve requirements | ||
Depository institutions are required by law to maintain reserves against their transaction deposits. The reserves must be held in cash or with the FRB and banks are permitted to meet this requirement by maintaining the specified amount as an average balance over a two-week period. The total of reserve balances was approximately $11.6 million and $19.1 million as of December 31, 2014 and 2013, respectively. | |||
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 Consolidated Financial Statements for further discussion regarding the Company's HTM portfolio during the year ended December 31, 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 other-than-temporarily-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, adjusted for prepayment estimates, using the interest method. | |||
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 whether 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. | |||
For individual debt securities where the Company either 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. | |||
Restricted Stock | Restricted stock | ||
WAB is a member of the FHLB system and maintains an investment in capital stock of the FHLB based on the borrowing capacity used. The Company also maintains an investment in its primary correspondent bank. These investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. The dividend income received from the stock is reported in interest income. Our investment in FHLB stock is carried at cost. The Company conducts a periodic review and evaluation of our FHLB stock to determine if any impairment exists. | |||
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 deferred fees and costs, and an 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 effective portion of the hedged benchmark interest rate risk. Purchased loans are recorded at estimated fair value on the date of purchase, comprised of unpaid principal less estimated credit losses and interest rate fair value adjustments. | |||
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 are 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 Consolidated Financial Statements. | |||
For purchased loans that are not deemed impaired, fair value adjustments attributable to both credit and interest rates are accreted (or amortized) over the contractual life of the individual loan. 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 premiums, discounts, or net deferred fees are recognized as interest income. | |||
Non-accrual 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. The Company ceases accruing 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 according to contractual terms is no longer likely. 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 non-accrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed and, the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company recognizes income on a cash basis only for those non-accrual loans for which the collection of the remaining principal balance is not in doubt. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally 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. | |||
Impaired loans: A loan is identified as impaired when it is no longer probable that interest and principal will be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as non-accrual. However, in certain instances, impaired loans may continue on an accrual basis, if full repayment of all principal and interest is expected and the loan is both well secured and in the process of collection. 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 recorded as a provision for credit losses. Losses are recorded as a charge-off when losses are confirmed. In addition to management's 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, or deferral of interest payments. A TDR loan is also considered impaired. A TDR loan may be returned to accrual status when the loan is brought current, has performed in accordance with the contractual restructured terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual restructured principal and interest is no longer in doubt. However, such loans continue to be considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. | |||
Allowance for Credit Losses | Allowance for credit losses | ||
Credit risk is inherent in the business of extending loans and leases to borrowers, for which the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses recorded 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: 1) the Company's historical loss experience: 2) levels of and trends in delinquencies and impaired loans; 3) levels of and trends in charge-offs and recoveries; 4) trends in volume and terms of loans; 5) changes in underwriting standards or lending policies; 6) experience, ability, depth of lending staff; 7) national and local economic trends and conditions; 8) changes in credit concentrations; 9) out-of-market exposures; 10) changes in quality of loan review system; and 11) changes in the value of underlying collateral. | |||
An internal ten-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 allowance for credit losses, and may require us to make additions to the 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 applies to impaired loans. For impaired collateral dependent loans, the reserve is calculated based on the collateral value, net of estimated disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The Company's impairment analysis also incorporates various valuation considerations, including loan type, loss experience, and geographic criteria. | |||
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. | |||
Transfers of Financial Assets | Transfers of financial assets | ||
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed surrendered when the 1) assets have been isolated from the Company; 2) transferee obtains the right to pledge or exchange the transferred assets; and 3) Company no longer maintains effective control over the transferred assets through an agreement to repurchase the transferred assets before maturity. | |||
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. | |||
Premises and Equipment | Premises and equipment | ||
Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the terms of the lease or the estimated lives of the improvements, whichever is shorter. Depreciation and amortization is computed using the following estimated lives: | |||
Years | |||
Bank premises | 31 | ||
Furniture, fixtures, and equipment | 10-Mar | ||
Leasehold improvements | 10-Mar | ||
Management periodically reviews premises and equipment in order to determine if facts and circumstances suggest that the value of an asset is not recoverable. | |||
Goodwill and Other Intangible Assets | Goodwill and other intangible assets | ||
The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. The Company can first elect to assess, through qualitative factors, whether it is more likely than not that goodwill is impaired. Pursuant to this guidance, if the qualitative assessment indicates potential impairment, the Company will proceed with the two-step process. The first step tests for impairment, while the second step, if necessary, measures the impairment. The resulting impairment amount, if any, is charged to current period earnings as non-interest expense. | |||
The Company’s intangible assets consist of core deposit intangible assets that are amortized over periods ranging from 5 to 12 years. The Company evaluates the remaining useful lives of its core deposit intangible assets each reporting period, as required by ASC 350, Intangibles—Goodwill and Other, to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over that revised remaining useful life. The Company has not revised its estimates of the useful lives of its core deposit intangibles during the years ended December 31, 2014, 2013, or 2012. | |||
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. | |||
Investments in Low Income Housing Credits | Investments in low income housing credits | ||
The Company invests in Limited Partnerships formed for the purpose of investing in low income housing projects, which qualify for federal LIHTC. These investments are expected to generate tax credits over the next ten years. The Company adopted the amended guidance in ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, beginning on January 1, 2014 and now accounts for these investments using the proportional amortization method. See "Note 14. 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. | |||
At December 31, 2014, other assets included $126.6 million related to this investment and other liabilities included $51.4 million related to future unconditional equity commitments. At December 31, 2013, other assets included $125.3 million related to this investment and other liabilities included $66.6 million related to future unconditional equity commitments. | |||
Bank Owned Life Insurance | Bank owned life insurance | ||
BOLI is stated at its cash surrender value with changes recorded in other non-interest income in the Consolidated Income Statements. The face amount of the underlying policies including death benefits was $321.9 million and $323.9 million as of December 31, 2014 and 2013, respectively. There are no loans offset against cash surrender values, and there are no restrictions as to the use of proceeds. | |||
Customer Repurchase Agreements | Customer repurchase agreements | ||
The Company enters into repurchase agreements with customers, whereby it pledges securities against overnight investments made from the customer’s excess collected funds. The Company records these at the amount of cash received in connection with the transaction. | |||
Stock Compensation Plans | Stock compensation plans | ||
The Company has the Incentive Plan, as amended, which is described more fully in "Note 10. Stockholders' Equity" of these Notes to Consolidated Financial Statements. Compensation expense for stock options and non-vested restricted stock awards is based on the fair value of the award on the measurement date which, for the Company, is the date of the grant and is recognized ratably over the service period of the award. The Company utilizes the Black-Scholes option-pricing model to calculate the fair value of stock options. The fair value of non-vested restricted stock awards is the market price of the Company’s stock on the date of grant. | |||
See "Note 10. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of stock options, stock warrants and restricted stock awards. | |||
Business Combinations | Business combinations | ||
Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. 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 Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. | |||
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 Sheets 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. | |||
Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk are recorded in current-period earnings. 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 Sheets, 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 Sheets 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 and GAAP, 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 asset 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. See "Note 14. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion on income taxes. | |||
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 December 31, 2014 and 2013. The estimated fair value amounts for December 31, 2014 and 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 16. Fair Value Accounting" in these Notes to 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 investments | |||
The carrying amounts reported in the Consolidated Balance Sheets for money market investments approximate their fair value. | |||
Investment securities | |||
The fair values of 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 engages a third party to estimate 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 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. | |||
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 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. The 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 is 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 NOL 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 LIHTC. 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 14. 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. | |||
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 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 2014-12, 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 adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. | |||
In August 2014, the FASB issued guidance within ASU 2014-15, Presentation of Financial Statements - Going Concern. The amendments in ASU 2014-15 to Subtopic 205-40 provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Computation of Depreciation and Amortization by Using Estimated Lives | |||
Years | |||
Bank premises | 31 | ||
Furniture, fixtures, and equipment | 10-Mar | ||
Leasehold improvements | 10-Mar |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||
Carrying Amounts and Fair Values of Investment Securities | arrying amounts and fair values of investment securities at December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
U.S. government sponsored agency securities | $ | 18,701 | $ | — | $ | (355 | ) | $ | 18,346 | ||||||||||||||||||||||||
Corporate debt securities | 52,773 | 717 | (1,001 | ) | 52,489 | ||||||||||||||||||||||||||||
Municipal obligations | 285,398 | 13,688 | (49 | ) | 299,037 | ||||||||||||||||||||||||||||
Preferred stock | 83,192 | 2,099 | (2,679 | ) | 82,612 | ||||||||||||||||||||||||||||
Mutual funds | 37,449 | 500 | (247 | ) | 37,702 | ||||||||||||||||||||||||||||
Residential MBS issued by GSEs | 881,734 | 11,440 | (1,985 | ) | 891,189 | ||||||||||||||||||||||||||||
Commercial MBS issued by GSEs | 2,047 | 100 | — | 2,147 | |||||||||||||||||||||||||||||
Private label residential MBS | 70,985 | 379 | (1,121 | ) | 70,243 | ||||||||||||||||||||||||||||
Private label commercial MBS | 5,017 | 132 | — | 5,149 | |||||||||||||||||||||||||||||
Trust preferred securities | 32,000 | — | (6,454 | ) | 25,546 | ||||||||||||||||||||||||||||
CRA investments | 24,302 | 30 | — | 24,332 | |||||||||||||||||||||||||||||
Collateralized debt obligations | 50 | 11,395 | — | 11,445 | |||||||||||||||||||||||||||||
Total AFS securities | $ | 1,493,648 | $ | 40,480 | $ | (13,891 | ) | $ | 1,520,237 | ||||||||||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | 1,858 | |||||||||||||||||||||||||||||||
In May 2014, the Company's Finance and Investment Committee reassessed the Company's holdings in CDOs, and gave management the discretion to sell CDOs to reinvest in higher grade investment 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. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position | Information pertaining to securities with gross unrealized losses at December 31, 2014 and 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
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 | $ | — | $ | — | $ | 355 | $ | 18,346 | $ | 355 | $ | 18,346 | |||||||||||||||||||||
Corporate debt securities | 139 | 9,860 | 862 | 29,139 | 1,001 | 38,999 | |||||||||||||||||||||||||||
Preferred stock | 232 | 13,811 | 2,447 | 28,109 | 2,679 | 41,920 | |||||||||||||||||||||||||||
Mutual funds | 247 | 25,855 | — | — | 247 | 25,855 | |||||||||||||||||||||||||||
Residential MBS issued by GSEs | 227 | 49,217 | 1,758 | 97,296 | 1,985 | 146,513 | |||||||||||||||||||||||||||
Municipal obligations | — | — | 49 | 4,430 | 49 | 4,430 | |||||||||||||||||||||||||||
Private label residential MBS | 157 | 24,056 | 964 | 26,614 | 1,121 | 50,670 | |||||||||||||||||||||||||||
Trust preferred securities | — | — | 6,454 | 25,546 | 6,454 | 25,546 | |||||||||||||||||||||||||||
Total AFS securities | $ | 1,002 | $ | 122,799 | $ | 12,889 | $ | 229,480 | $ | 13,891 | $ | 352,279 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
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 | $ | 46,975 | $ | — | $ | — | $ | 2,135 | $ | 46,975 | |||||||||||||||||||||
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 | 601,757 | 614 | 8,984 | 12,548 | 610,741 | |||||||||||||||||||||||||||
Municipal obligations | 3,545 | 72,301 | 2,777 | 17,923 | 6,322 | 90,224 | |||||||||||||||||||||||||||
Private label residential MBS | 2,009 | 32,516 | 142 | 3,583 | 2,151 | 36,099 | |||||||||||||||||||||||||||
Trust preferred securities | — | — | 8,195 | 23,807 | 8,195 | 23,807 | |||||||||||||||||||||||||||
CRA investments | 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 December 31, 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. | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Due in one year or less | $ | 70,846 | $ | 71,245 | |||||||||||||||||||||||||||||
After one year through five years | 49,195 | 51,266 | |||||||||||||||||||||||||||||||
After five years through ten years | 150,079 | 153,067 | |||||||||||||||||||||||||||||||
After ten years | 263,745 | 275,931 | |||||||||||||||||||||||||||||||
Mortgage-backed securities | 959,783 | 968,728 | |||||||||||||||||||||||||||||||
Total AFS securities | $ | 1,493,648 | $ | 1,520,237 | |||||||||||||||||||||||||||||
Investment Securities by Credit Rating Type | The following tables summarize the carrying amount of the Company’s investment ratings position as December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Unrated | Totals | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Municipal obligations | $ | 8,168 | $ | — | $ | 138,256 | $ | 146,155 | $ | 6,263 | $ | 195 | $ | — | $ | 299,037 | |||||||||||||||||
Residential MBS issued by GSEs | — | 891,189 | — | — | — | — | — | 891,189 | |||||||||||||||||||||||||
Commercial MBS issued by GSEs | — | 2,147 | — | — | — | — | — | 2,147 | |||||||||||||||||||||||||
Private label residential MBS | 59,944 | — | 68 | 3,439 | 3,595 | 3,197 | — | 70,243 | |||||||||||||||||||||||||
Private label commercial MBS | 5,149 | — | — | — | — | — | — | 5,149 | |||||||||||||||||||||||||
Mutual funds (2) | — | — | — | — | 37,702 | — | — | 37,702 | |||||||||||||||||||||||||
U.S. government sponsored agency securities | — | 18,346 | — | — | — | — | — | 18,346 | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | 54,585 | 17,632 | 10,395 | 82,612 | |||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 25,546 | — | — | 25,546 | |||||||||||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 11,445 | — | 11,445 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 2,759 | 5,570 | 44,160 | — | — | 52,489 | |||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 24,332 | 24,332 | |||||||||||||||||||||||||
Total AFS securities (1) | $ | 73,261 | $ | 911,682 | $ | 141,083 | $ | 155,164 | $ | 171,851 | $ | 32,469 | $ | 34,727 | $ | 1,520,237 | |||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,858 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,858 | |||||||||||||||||
-1 | The Company uses the average credit rating of the combination of S&P, Moody’s, and Fitch, where ratings differ. | ||||||||||||||||||||||||||||||||
-2 | At least 80% of mutual funds are investment grade corporate debt securities. | ||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Unrated | Totals | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||
Municipal obligations | $ | — | $ | — | $ | 58,061 | $ | 57,389 | $ | — | $ | 215 | $ | — | $ | 115,665 | |||||||||||||||||
Residential MBS issued by GSEs | — | 1,021,421 | — | — | — | — | — | 1,021,421 | |||||||||||||||||||||||||
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 (2) | — | — | — | — | 36,532 | — | — | 36,532 | |||||||||||||||||||||||||
U.S. government sponsored agency securities | — | 46,975 | — | — | — | — | — | 46,975 | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | 45,847 | 13,244 | 2,393 | 61,484 | |||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 23,805 | — | — | 23,805 | |||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 23,282 | 23,282 | |||||||||||||||||||||||||
Total AFS securities (1) | $ | 29,079 | $ | 1,068,396 | $ | 58,186 | $ | 61,490 | $ | 110,809 | $ | 17,061 | $ | 25,675 | $ | 1,370,696 | |||||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 3,036 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,036 | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||
Municipal obligations | $ | 7,965 | $ | — | $ | 71,749 | $ | 96,560 | $ | 7,305 | $ | — | $ | — | $ | 183,579 | |||||||||||||||||
Collateralized debt obligations | — | — | — | — | — | 50 | — | 50 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 2,697 | 35,102 | 59,978 | — | — | 97,777 | |||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 1,600 | 1,600 | |||||||||||||||||||||||||
Total HTM securities | $ | 7,965 | $ | — | $ | 74,446 | $ | 131,662 | $ | 67,283 | $ | 50 | $ | 1,600 | $ | 283,006 | |||||||||||||||||
-1 | The Company uses the average credit rating of the combination of S&P, Moody’s, and Fitch, where ratings differ. | ||||||||||||||||||||||||||||||||
-2 | 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: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Gross gains | $ | 1,118 | $ | 1,569 | $ | 4,270 | |||||||||||||||||||||||||||
Gross losses | (361 | ) | (2,764 | ) | (321 | ) | |||||||||||||||||||||||||||
Net gains (losses) on sales of investment securities | $ | 757 | $ | (1,195 | ) | $ | 3,949 | ||||||||||||||||||||||||||
Loans_Leases_and_Allowance_for1
Loans, Leases and Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,327,629 | $ | 2,236,740 | |||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | 2,058,620 | 1,843,415 | |||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 1,734,617 | 1,561,862 | |||||||||||||||||||||||||||||||
Construction and land development | 754,154 | 537,231 | |||||||||||||||||||||||||||||||
Residential real estate | 298,872 | 350,312 | |||||||||||||||||||||||||||||||
Commercial leases | 204,270 | 235,968 | |||||||||||||||||||||||||||||||
Consumer | 32,633 | 45,153 | |||||||||||||||||||||||||||||||
Net deferred loan fees and costs | (12,530 | ) | (9,266 | ) | |||||||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | 8,398,265 | 6,801,415 | |||||||||||||||||||||||||||||||
Allowance for credit losses | (110,216 | ) | (100,050 | ) | |||||||||||||||||||||||||||||
Total | $ | 8,288,049 | $ | 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, excluding deferred fees and costs: | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
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 | $ | 1,731,887 | $ | 1,412 | $ | 181 | $ | 1,137 | $ | 2,730 | $ | 1,734,617 | |||||||||||||||||||||
Non-owner occupied | 1,861,205 | 2,391 | 3,361 | 8,740 | 14,492 | 1,875,697 | |||||||||||||||||||||||||||
Multi-family | 182,478 | — | 445 | — | 445 | 182,923 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3,325,059 | 1,518 | 15 | 1,037 | 2,570 | 3,327,629 | |||||||||||||||||||||||||||
Leases | 204,270 | — | — | — | — | 204,270 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 392,696 | — | — | — | — | 392,696 | |||||||||||||||||||||||||||
Land | 358,013 | — | 2,640 | 805 | 3,445 | 361,458 | |||||||||||||||||||||||||||
Residential real estate | 291,535 | 2,347 | 205 | 4,785 | 7,337 | 298,872 | |||||||||||||||||||||||||||
Consumer | 32,176 | 172 | 20 | 265 | 457 | 32,633 | |||||||||||||||||||||||||||
Total loans | $ | 8,379,319 | $ | 7,840 | $ | 6,867 | $ | 16,769 | $ | 31,476 | $ | 8,410,795 | |||||||||||||||||||||
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 non-accrual loans and loans past due ninety days or more and still accruing interest by class of loans: | ||||||||||||||||||||||||||||||||
31-Dec-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/ | Total | Current | Past Due/ | Total | ||||||||||||||||||||||||||||
Delinquent | Non-accrual | Delinquent | Non-accrual | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 13,630 | $ | — | $ | 13,630 | $ | 1,138 | $ | 9,330 | $ | 3,600 | $ | 12,930 | $ | 887 | |||||||||||||||||
Non-owner occupied | 30,226 | 8,601 | 38,827 | 2,171 | 17,930 | 23,996 | 41,926 | — | |||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 2,621 | 496 | 3,117 | 703 | 622 | 2,682 | 3,304 | 125 | |||||||||||||||||||||||||
Leases | 373 | — | 373 | — | 99 | 350 | 449 | — | |||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Land | 2,686 | 2,640 | 5,326 | 805 | 3,133 | 1,392 | 4,525 | — | |||||||||||||||||||||||||
Residential real estate | 1,332 | 4,841 | 6,173 | 232 | 5,067 | 7,413 | 12,480 | 47 | |||||||||||||||||||||||||
Consumer | 25 | 188 | 213 | 83 | 27 | 39 | 66 | 475 | |||||||||||||||||||||||||
Total | $ | 50,893 | $ | 16,766 | $ | 67,659 | $ | 5,132 | $ | 36,208 | $ | 39,472 | $ | 75,680 | $ | 1,534 | |||||||||||||||||
Loans by Risk Rating | The following tables present gross loans by risk rating: | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,665,981 | $ | 28,054 | $ | 39,258 | $ | 1,324 | $ | — | $ | 1,734,617 | |||||||||||||||||||||
Non-owner occupied | 1,776,540 | 35,746 | 62,971 | 440 | — | 1,875,697 | |||||||||||||||||||||||||||
Multi-family | 182,478 | — | 445 | — | — | 182,923 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3,295,996 | 14,351 | 17,127 | 155 | — | 3,327,629 | |||||||||||||||||||||||||||
Leases | 201,477 | 2,420 | 373 | — | — | 204,270 | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | 387,941 | 4,274 | 481 | — | — | 392,696 | |||||||||||||||||||||||||||
Land | 329,987 | 10,288 | 21,183 | — | — | 361,458 | |||||||||||||||||||||||||||
Residential real estate | 283,529 | 2,037 | 13,306 | — | — | 298,872 | |||||||||||||||||||||||||||
Consumer | 32,057 | 228 | 348 | — | — | 32,633 | |||||||||||||||||||||||||||
Total | $ | 8,155,986 | $ | 97,398 | $ | 155,492 | $ | 1,919 | $ | — | $ | 8,410,795 | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 8,152,312 | $ | 94,989 | $ | 130,254 | $ | 1,764 | $ | — | $ | 8,379,319 | |||||||||||||||||||||
Past due 30 - 59 days | 2,772 | 193 | 4,720 | 155 | — | 7,840 | |||||||||||||||||||||||||||
Past due 60 - 89 days | 385 | 36 | 6,446 | — | — | 6,867 | |||||||||||||||||||||||||||
Past due 90 days or more | 517 | 2,180 | 14,072 | — | — | 16,769 | |||||||||||||||||||||||||||
Total | $ | 8,155,986 | $ | 97,398 | $ | 155,492 | $ | 1,919 | $ | — | $ | 8,410,795 | |||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Impaired loans with a specific valuation allowance under ASC 310 (1) | $ | 124,928 | $ | 25,754 | |||||||||||||||||||||||||||||
Impaired loans without a specific valuation allowance under ASC 310 (2) | 41,822 | 152,623 | |||||||||||||||||||||||||||||||
Total impaired loans | $ | 166,750 | $ | 178,377 | |||||||||||||||||||||||||||||
Valuation allowance related to impaired loans (3) | $ | (10,765 | ) | $ | (5,280 | ) | |||||||||||||||||||||||||||
The following table presents the average investment in impaired loans and income recognized on impairment loans: | |||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Average balance during the year on impaired loans | $ | 169,758 | $ | 182,670 | $ | 214,499 | |||||||||||||||||||||||||||
Interest income recognized on impaired loans | 5,494 | 6,235 | 6,761 | ||||||||||||||||||||||||||||||
Interest recognized on non-accrual loans, cash basis | 2,536 | 1,916 | 191 | ||||||||||||||||||||||||||||||
Impaired Loans by Loan Class | The following table presents impaired loans by class: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 44,893 | $ | 37,902 | |||||||||||||||||||||||||||||
Non-owner occupied | 66,324 | 73,152 | |||||||||||||||||||||||||||||||
Multi-family | — | — | |||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 13,749 | 449 | |||||||||||||||||||||||||||||||
Leases | 373 | 16,892 | |||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | |||||||||||||||||||||||||||||||
Land | 21,748 | 23,069 | |||||||||||||||||||||||||||||||
Residential real estate | 19,300 | 26,376 | |||||||||||||||||||||||||||||||
Consumer | 363 | 537 | |||||||||||||||||||||||||||||||
Total | $ | 166,750 | $ | 178,377 | |||||||||||||||||||||||||||||
Average Investment in Impaired Loans by Loan Class | The following table presents average investment in impaired loans by loan class: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 37,048 | $ | 49,452 | $ | 57,147 | |||||||||||||||||||||||||||
Non-owner occupied | 68,821 | 56,110 | 57,284 | ||||||||||||||||||||||||||||||
Multi-family | — | 89 | 872 | ||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 16,168 | 15,023 | 24,094 | ||||||||||||||||||||||||||||||
Leases | 410 | 727 | 874 | ||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | 986 | ||||||||||||||||||||||||||||||
Land | 21,580 | 27,326 | 36,499 | ||||||||||||||||||||||||||||||
Residential real estate | 25,223 | 33,339 | 35,639 | ||||||||||||||||||||||||||||||
Consumer | 508 | 604 | 1,104 | ||||||||||||||||||||||||||||||
Total | $ | 169,758 | $ | 182,670 | $ | 214,499 | |||||||||||||||||||||||||||
Interest Income on Impaired Loans by Loan Class | The following table presents interest income on impaired loans by class: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | $ | 1,550 | $ | 1,726 | $ | 2,130 | |||||||||||||||||||||||||||
Non-owner occupied | 1,484 | 2,043 | 1,968 | ||||||||||||||||||||||||||||||
Multi-family | 1 | — | — | ||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 745 | 1,087 | 1,180 | ||||||||||||||||||||||||||||||
Leases | — | — | — | ||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | ||||||||||||||||||||||||||||||
Land | 1,021 | 1,288 | 1,224 | ||||||||||||||||||||||||||||||
Residential real estate | 646 | 62 | 220 | ||||||||||||||||||||||||||||||
Consumer | 47 | 29 | 39 | ||||||||||||||||||||||||||||||
Total | $ | 5,494 | $ | 6,235 | $ | 6,761 | |||||||||||||||||||||||||||
Tabular Disclosure of Nonperforming Assets | The following table summarizes nonperforming assets: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Non-accrual loans (1) | $ | 67,659 | $ | 75,680 | |||||||||||||||||||||||||||||
Loans past due 90 days or more on accrual status | 5,132 | 1,534 | |||||||||||||||||||||||||||||||
Troubled debt restructured loans (2) | 84,720 | 89,576 | |||||||||||||||||||||||||||||||
Total nonperforming loans | 157,511 | 166,790 | |||||||||||||||||||||||||||||||
Other assets acquired through foreclosure, net | 57,150 | 66,719 | |||||||||||||||||||||||||||||||
Total nonperforming assets | $ | 214,661 | $ | 233,509 | |||||||||||||||||||||||||||||
Tabular Disclosure Of Acquired Financing Receivables On Acquisition Date Including Contractually Required Amount Cash Flows Expected To Be Collected And Loans Acquired At Fair Value Table [Text Block] | The following table presents information regarding the contractually required payments receivable, cash flows expected to be collected and the estimated fair value of loans acquired in the Centennial acquisition as of April 30, 2013, the closing date of the transaction: | ||||||||||||||||||||||||||||||||
April 30, 2013 | |||||||||||||||||||||||||||||||||
Commercial | Residential | Total | |||||||||||||||||||||||||||||||
Real Estate | Real Estate | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Contractually required payments: | |||||||||||||||||||||||||||||||||
Loans with credit deterioration since origination | $ | 253,419 | $ | — | $ | 253,419 | |||||||||||||||||||||||||||
Purchased non-credit impaired loans | 368,040 | 2,136 | 370,176 | ||||||||||||||||||||||||||||||
Total loans acquired | $ | 621,459 | $ | 2,136 | $ | 623,595 | |||||||||||||||||||||||||||
Cash flows expected to be collected: | |||||||||||||||||||||||||||||||||
Loans with credit deterioration since origination | $ | 145,346 | $ | — | $ | 145,346 | |||||||||||||||||||||||||||
Purchased non-credit impaired loans | 304,818 | 1,352 | 306,170 | ||||||||||||||||||||||||||||||
Total loans acquired | $ | 450,164 | $ | 1,352 | $ | 451,516 | |||||||||||||||||||||||||||
Fair value of loans acquired: | |||||||||||||||||||||||||||||||||
Loans with credit deterioration since origination | $ | 108,863 | $ | — | $ | 108,863 | |||||||||||||||||||||||||||
Purchased non-credit impaired loans | 241,541 | 1,070 | 242,611 | ||||||||||||||||||||||||||||||
Total loans acquired | $ | 350,404 | $ | 1,070 | $ | 351,474 | |||||||||||||||||||||||||||
Accretable Yield Table [Text Block] | Changes in the accretable yield for loans acquired with deteriorated credit quality in the Centennial and Western Liberty acquisitions are as follows: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, at beginning of period | $ | 28,164 | $ | 7,072 | $ | — | |||||||||||||||||||||||||||
Addition due to acquisition | — | 22,318 | 7,993 | ||||||||||||||||||||||||||||||
Reclassification from non-accretable to accretable yield (1) | 6,052 | 9,817 | — | ||||||||||||||||||||||||||||||
Accretion to interest income | (7,185 | ) | (7,182 | ) | (921 | ) | |||||||||||||||||||||||||||
Reversal of fair value adjustments upon disposition of loans | (7,875 | ) | (3,861 | ) | — | ||||||||||||||||||||||||||||
Balance, at end of period | $ | 19,156 | $ | 28,164 | $ | 7,072 | |||||||||||||||||||||||||||
Allowances for Credit Losses | The following table summarizes the changes in the allowance for credit losses by portfolio type: | ||||||||||||||||||||||||||||||||
For the Years Ended December 31, | |||||||||||||||||||||||||||||||||
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 | (87 | ) | (964 | ) | (1,728 | ) | (4,370 | ) | (513 | ) | (7,662 | ) | |||||||||||||||||||||
Recoveries | 2,160 | 3,859 | 1,896 | 4,728 | 459 | 13,102 | |||||||||||||||||||||||||||
Provision | 1,966 | (6,176 | ) | (4,352 | ) | 14,551 | (1,263 | ) | 4,726 | ||||||||||||||||||||||||
Ending balance | $ | 18,558 | $ | 28,783 | $ | 7,456 | $ | 54,566 | $ | 853 | $ | 110,216 | |||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 10,554 | $ | 34,982 | $ | 15,237 | $ | 32,860 | $ | 1,794 | $ | 95,427 | |||||||||||||||||||||
Charge-offs | (1,538 | ) | (8,648 | ) | (5,922 | ) | (4,000 | ) | (1,371 | ) | (21,479 | ) | |||||||||||||||||||||
Recoveries | 2,060 | 2,758 | 2,097 | 5,037 | 930 | 12,882 | |||||||||||||||||||||||||||
Provision | 3,443 | 2,972 | 228 | 5,760 | 817 | 13,220 | |||||||||||||||||||||||||||
Ending balance | $ | 14,519 | $ | 32,064 | $ | 11,640 | $ | 39,657 | $ | 2,170 | $ | 100,050 | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Beginning Balance | $ | 14,195 | $ | 35,031 | $ | 19,134 | $ | 25,535 | $ | 5,275 | $ | 99,170 | |||||||||||||||||||||
Charge-offs | (10,992 | ) | (19,166 | ) | (7,063 | ) | (17,341 | ) | (6,724 | ) | (61,286 | ) | |||||||||||||||||||||
Recoveries | 2,903 | 3,294 | 1,078 | 3,067 | 357 | 10,699 | |||||||||||||||||||||||||||
Provision | 4,448 | 15,823 | 2,088 | 21,599 | 2,886 | 46,844 | |||||||||||||||||||||||||||
Ending balance | $ | 10,554 | $ | 34,982 | $ | 15,237 | $ | 32,860 | $ | 1,794 | $ | 95,427 | |||||||||||||||||||||
The following table presents impairment method information related to loans and 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 December 31, 2014: | |||||||||||||||||||||||||||||||||
Recorded Investment: | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded (1) | $ | 28,024 | $ | 44,937 | $ | 11,399 | $ | 19,300 | $ | 21,052 | $ | 41 | $ | 175 | $ | 124,928 | |||||||||||||||||
Impaired loans with no allowance recorded (1) | 16,869 | 21,387 | 2,350 | — | 696 | 332 | 188 | 41,822 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 44,893 | 66,324 | 13,749 | 19,300 | 21,748 | 373 | 363 | 166,750 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,671,812 | 1,916,474 | 3,313,550 | 277,162 | 732,406 | 203,897 | 32,270 | 8,147,571 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 17,912 | 75,822 | 330 | 2,410 | — | — | — | 96,474 | |||||||||||||||||||||||||
Total recorded investment | $ | 1,734,617 | $ | 2,058,620 | $ | 3,327,629 | $ | 298,872 | $ | 754,154 | $ | 204,270 | $ | 32,633 | $ | 8,410,795 | |||||||||||||||||
Unpaid Principal Balance | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 31,292 | $ | 45,853 | $ | 11,829 | $ | 24,420 | $ | 21,169 | $ | 41 | $ | 187 | $ | 134,791 | |||||||||||||||||
Impaired loans with no allowance recorded | 17,010 | 21,550 | 4,104 | — | 885 | 483 | 188 | 44,220 | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 48,302 | 67,403 | 15,933 | 24,420 | 22,054 | 524 | 375 | 179,011 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,671,812 | 1,916,474 | 3,313,550 | 277,162 | 732,406 | 203,897 | 32,270 | 8,147,571 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 24,273 | 108,935 | 1,150 | 3,439 | — | — | — | 137,797 | |||||||||||||||||||||||||
Total unpaid principal balance | $ | 1,744,387 | $ | 2,092,812 | $ | 3,330,633 | $ | 305,021 | $ | 754,460 | $ | 204,421 | $ | 32,645 | $ | 8,464,379 | |||||||||||||||||
Related Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 2,082 | $ | 2,537 | $ | 1,926 | $ | 1,052 | $ | 3,112 | $ | 39 | $ | 17 | $ | 10,765 | |||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total loans individually evaluated for impairment | 2,082 | 2,537 | 1,926 | 1,052 | 3,112 | 39 | 17 | 10,765 | |||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,198 | 13,734 | 49,809 | 6,404 | 15,446 | 2,761 | 836 | 99,188 | |||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 174 | 58 | 31 | — | — | — | — | 263 | |||||||||||||||||||||||||
Total allowance for credit losses | $ | 12,454 | $ | 16,329 | $ | 51,766 | $ | 7,456 | $ | 18,558 | $ | 2,800 | $ | 853 | $ | 110,216 | |||||||||||||||||
-1 | As discussed on page 103, the presentation of certain impaired loans and the related allowance for credit losses on these loans has been revised to reflect the FDIC's preferred methodology. | ||||||||||||||||||||||||||||||||
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 recorded investment | $ | 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 unpaid principal balance | $ | 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 allowance for credit losses | $ | 12,560 | $ | 19,504 | $ | 37,046 | $ | 11,640 | $ | 14,519 | $ | 2,611 | $ | 2,170 | $ | 100,050 | |||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 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 | 6 | $ | 14,646 | $ | 378 | $ | 257 | $ | 14,011 | $ | 33 | ||||||||||||||||||||||
Non-owner occupied | 5 | 16,976 | — | 60 | 16,916 | 15 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 6 | 2,655 | — | — | 2,655 | 4 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 2 | 2,687 | — | 47 | 2,640 | — | |||||||||||||||||||||||||||
Residential real estate | 5 | 1,966 | 447 | 70 | 1,449 | 15 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 24 | $ | 38,930 | $ | 825 | $ | 434 | $ | 37,671 | $ | 67 | ||||||||||||||||||||||
Year Ended December 31, 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 | 8 | $ | 3,681 | $ | — | $ | 54 | $ | 3,627 | $ | 28 | ||||||||||||||||||||||
Non-owner occupied | 5 | 10,735 | 1,030 | 63 | 9,642 | 14 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 13 | 4,809 | — | 19 | 4,790 | 11 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 2 | 286 | — | — | 286 | 1 | |||||||||||||||||||||||||||
Residential real estate | 13 | 5,434 | 267 | 887 | 4,280 | 24 | |||||||||||||||||||||||||||
Consumer | 2 | 74 | — | 5 | 69 | 3 | |||||||||||||||||||||||||||
Total | 43 | $ | 25,019 | $ | 1,297 | $ | 1,028 | $ | 22,694 | $ | 81 | ||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
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 | 15 | $ | 22,435 | $ | 750 | $ | 493 | $ | 21,192 | $ | 73 | ||||||||||||||||||||||
Non-owner occupied | 20 | 41,988 | 450 | 338 | 41,200 | 23 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 17 | 7,845 | 17 | 26 | 7,802 | 37 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | 8 | 6,811 | — | 259 | 6,552 | 12 | |||||||||||||||||||||||||||
Residential real estate | 20 | 10,421 | 40 | 1,181 | 9,200 | 9 | |||||||||||||||||||||||||||
Consumer | 6 | 361 | — | 17 | 344 | 2 | |||||||||||||||||||||||||||
Total | 86 | $ | 89,861 | $ | 1,257 | $ | 2,314 | $ | 86,290 | $ | 156 | ||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||
Owner occupied | 2 | $ | 395 | 3 | $ | 2,506 | 10 | $ | 10,611 | ||||||||||||||||||||||||
Non-owner occupied | 2 | 984 | 3 | 1,490 | 3 | 4,442 | |||||||||||||||||||||||||||
Multi-family | — | — | — | — | 1 | 193 | |||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||
Commercial | 3 | 369 | 3 | 1,089 | 7 | 6,700 | |||||||||||||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||||||||||||
Land | — | — | 2 | 330 | 5 | 4,013 | |||||||||||||||||||||||||||
Residential real estate | 1 | 202 | 4 | 955 | 7 | 8,014 | |||||||||||||||||||||||||||
Consumer | — | — | — | — | 2 | 414 | |||||||||||||||||||||||||||
Total | 8 | $ | 1,950 | 15 | $ | 6,370 | 35 | $ | 34,387 | ||||||||||||||||||||||||
Summary of Aggregate Activity in Loans | The following table summarizes the aggregate activity in such loans: | ||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, beginning | $ | 32,537 | $ | 40,306 | |||||||||||||||||||||||||||||
New loans | 9,037 | 17,070 | |||||||||||||||||||||||||||||||
Repayments and other | (5,334 | ) | (24,839 | ) | |||||||||||||||||||||||||||||
Balance, ending | $ | 36,240 | $ | 32,537 | |||||||||||||||||||||||||||||
Premises_and_Equipment_Tables
Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Premises and Equipment | The following is a summary of the major categories of premises and equipment: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Bank premises | $ | 82,494 | $ | 73,990 | |||||
Land and improvements | 33,971 | 33,023 | |||||||
Furniture, fixtures, and equipment | 51,320 | 44,736 | |||||||
Leasehold improvements | 18,160 | 15,714 | |||||||
Construction in progress | 848 | 5,335 | |||||||
Total | 186,793 | 172,798 | |||||||
Accumulated depreciation and amortization | (72,975 | ) | (67,233 | ) | |||||
Premises and equipment, net | $ | 113,818 | $ | 105,565 | |||||
Schedule of Future Minimum Rental Payments under Operating Leases | The following is a schedule of future minimum rental payments under these leases at December 31, 2014: | ||||||||
(in thousands) | |||||||||
2015 | $ | 6,058 | |||||||
2016 | 5,635 | ||||||||
2017 | 4,896 | ||||||||
2018 | 4,599 | ||||||||
2019 | 4,212 | ||||||||
Thereafter | 3,765 | ||||||||
Total future minimum rental payments | $ | 29,165 | |||||||
Other_Assets_Acquired_Through_1
Other Assets Acquired Through Foreclosure (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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 (or in lieu of) foreclosure: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | |||||||||||||
Gross Balance | Valuation Allowance | Net Balance | |||||||||||
(in thousands) | |||||||||||||
Balance, beginning of period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | ||||||
Transfers to other assets acquired through foreclosure, net | 13,777 | — | 13,777 | ||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (33,643 | ) | 7,725 | (25,918 | ) | ||||||||
Valuation adjustments, net | — | (294 | ) | (294 | ) | ||||||||
Gains, net (1) | 2,866 | — | 2,866 | ||||||||||
Balance, end of period | $ | 71,421 | $ | (14,271 | ) | $ | 57,150 | ||||||
2013 | |||||||||||||
Balance, beginning of period | $ | 113,474 | $ | (36,227 | ) | $ | 77,247 | ||||||
Transfers to other assets acquired through foreclosure, net | 24,911 | — | 24,911 | ||||||||||
Additions from acquisition of Centennial | 5,622 | — | 5,622 | ||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (61,510 | ) | 18,268 | (43,242 | ) | ||||||||
Valuation adjustments, net | — | (3,743 | ) | (3,743 | ) | ||||||||
Gains, net (1) | 5,924 | — | 5,924 | ||||||||||
Balance, end of period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | ||||||
2012 | |||||||||||||
Balance, beginning of period | $ | 135,149 | $ | (46,045 | ) | $ | 89,104 | ||||||
Transfers to other assets acquired through foreclosure, net | 28,315 | — | 28,315 | ||||||||||
Additions from acquisition of Western Liberty | 5,094 | — | 5,094 | ||||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (55,811 | ) | 14,847 | (40,964 | ) | ||||||||
Valuation adjustments, net | — | (5,029 | ) | (5,029 | ) | ||||||||
Gains, net (1) | 727 | — | 727 | ||||||||||
Balance, end of period | $ | 113,474 | $ | (36,227 | ) | $ | 77,247 | ||||||
-1 | Includes net gains related to initial transfers to other assets of $0.1 million, $0.9 million and $0.5 million during the years ended December 31, 2014, 2013, and 2012, respectively, pursuant to accounting guidance. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Acquired Intangible Assets | The following is a summary of acquired intangible assets: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Subject to amortization: | |||||||||||||||||||||||||
Core deposit intangibles | $ | 26,157 | $ | 23,468 | $ | 2,689 | $ | 26,157 | $ | 22,007 | $ | 4,150 | |||||||||||||
Schedule of Estimated Amortization Expense | Below is a summary of future estimated aggregate amortization expense: | ||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
2015 | $ | 1,120 | |||||||||||||||||||||||
2016 | 1,120 | ||||||||||||||||||||||||
2017 | 449 | ||||||||||||||||||||||||
Total | $ | 2,689 | |||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deposits [Abstract] | |||||||||
Summary of Deposits | The table below summarizes deposits by type: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Non-interest-bearing demand | $ | 2,288,048 | $ | 2,199,983 | |||||
Interest-bearing demand | 854,935 | 709,841 | |||||||
Savings and money market | 3,869,699 | 3,310,369 | |||||||
Certificate of deposit ($250,000 or more) | 1,339,238 | 511,430 | |||||||
Other time deposits | 579,123 | 1,106,582 | |||||||
Total deposits | $ | 8,931,043 | $ | 7,838,205 | |||||
Summary of Contractual Maturities for All Time Deposits | The summary of the contractual maturities for all time deposits as of December 31, 2014 is as follows: | ||||||||
(in thousands) | |||||||||
2015 | $ | 1,780,636 | |||||||
2016 | 107,276 | ||||||||
2017 | 26,416 | ||||||||
2018 | 1,866 | ||||||||
2019 | 2,164 | ||||||||
Thereafter | 3 | ||||||||
Total | $ | 1,918,361 | |||||||
Other_Borrowings_Tables
Other Borrowings (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Company's Borrowings | The following table summarizes the Company’s borrowings as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Short-Term: | |||||||||
Revolving line of credit | $ | 25,000 | $ | 3,000 | |||||
FHLB advances | 96,987 | 25,906 | |||||||
Other short-term debt | 58,182 | — | |||||||
Total short-term borrowings | $ | 180,169 | $ | 28,906 | |||||
Long-Term: | |||||||||
FHLB advances | $ | 210,094 | $ | 247,973 | |||||
Other long-term debt | — | 64,217 | |||||||
Total long-term borrowings | $ | 210,094 | $ | 312,190 | |||||
Summary of Maturity of Borrowed Funds | The following table summarizes the maturities of other borrowings: | ||||||||
Year Ended | |||||||||
December 31, | |||||||||
(in thousands) | |||||||||
2015 | $ | 180,169 | |||||||
2016 | 10,094 | ||||||||
2017 | — | ||||||||
2018 | 200,000 | ||||||||
Total | $ | 390,263 | |||||||
Junior_Subordinated_Debt_Table
Junior Subordinated Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Subordinated Borrowings [Abstract] | |||||||||||
Summary of junior subordinated debt | The junior subordinated debt has contractual balances and maturity dates as follows: | ||||||||||
December 31, | |||||||||||
Name of Trust | Maturity | 2014 | 2013 | ||||||||
(in thousands) | |||||||||||
BankWest Nevada Capital Trust II | 2033 | $ | 15,464 | $ | 15,464 | ||||||
Intermountain First Statutory Trust I | 2034 | 10,310 | 10,310 | ||||||||
First Independent Capital Trust I | 2035 | 7,217 | 7,217 | ||||||||
WAL Trust No. 1 | 2036 | 20,619 | 20,619 | ||||||||
WAL Statutory Trust No. 2 | 2037 | 5,155 | 5,155 | ||||||||
WAL Statutory Trust No. 3 | 2037 | 7,732 | 7,732 | ||||||||
Total contractual balance | $ | 66,497 | $ | 66,497 | |||||||
Unrealized gains on trust preferred securities measured at fair value, net | (26,060 | ) | (24,639 | ) | |||||||
Junior subordinated debt, at fair value | $ | 40,437 | $ | 41,858 | |||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||
Summary of Option Activity under Incentive Plan | A summary of option activity during the year ended December 31, 2014 is presented below: | ||||||||||||||
31-Dec-14 | |||||||||||||||
Shares | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate | ||||||||||||
Intrinsic | |||||||||||||||
Value | |||||||||||||||
(in thousands, except exercise price and contractual terms) | |||||||||||||||
Outstanding options, beginning of period | 1,001 | $ | 15.49 | ||||||||||||
Granted | — | — | |||||||||||||
Exercised | (625 | ) | 13.27 | ||||||||||||
Forfeited or expired | (159 | ) | 31.5 | ||||||||||||
Options outstanding, end of period | 217 | $ | 9.7 | 1.04 | $ | 3,926 | |||||||||
Options exercisable, end of period | 215 | $ | 9.72 | 1.05 | $ | 3,879 | |||||||||
Options expected to vest, end of period | 2 | $ | 7.27 | 0.07 | $ | 185 | |||||||||
Summary of Unvested Shares of Restricted Stock and Changes | A summary of the status of the Company’s unvested shares of restricted stock and changes during the years then ended is presented below: | ||||||||||||||
December 31, | |||||||||||||||
2014 | 2013 | ||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Balance, beginning of period | 1,204 | $ | 9.71 | 1,470 | $ | 7.32 | |||||||||
Granted | 508 | 23.9 | 538 | 12.52 | |||||||||||
Vested | (566 | ) | 9.57 | (524 | ) | 6.42 | |||||||||
Forfeited | (96 | ) | 15.05 | (280 | ) | 8.85 | |||||||||
Balance, end of period | 1,050 | $ | 16.19 | 1,204 | $ | 9.71 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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: | ||||||||||||||||
Unrealized holding gains (losses) on AFS | Impairment loss on securities | Unrealized gain on cash flow hedge | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, December 31, 2011 | $ | (5,256 | ) | $ | 144 | $ | 519 | $ | (4,593 | ) | |||||||
Other comprehensive income before reclassifications | 15,842 | — | (502 | ) | 15,340 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (2,521 | ) | — | — | (2,521 | ) | |||||||||||
Net current-period other comprehensive income | 13,321 | — | (502 | ) | 12,819 | ||||||||||||
Balance, December 31, 2012 | $ | 8,065 | $ | 144 | $ | 17 | $ | 8,226 | |||||||||
Other comprehensive income before reclassifications | (30,503 | ) | — | (17 | ) | (30,520 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income | 748 | — | — | 748 | |||||||||||||
Net current-period other comprehensive income | (29,755 | ) | — | (17 | ) | (29,772 | ) | ||||||||||
Balance, December 31, 2013 | $ | (21,690 | ) | $ | 144 | $ | — | $ | (21,546 | ) | |||||||
Transfer of HTM securities to AFS | 8,976 | — | — | 8,976 | |||||||||||||
Other comprehensive income before reclassifications | 29,683 | — | — | 29,683 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (474 | ) | — | — | (474 | ) | |||||||||||
Net current-period other comprehensive income | 38,185 | — | — | 38,185 | |||||||||||||
Balance, December 31, 2014 | $ | 16,495 | $ | 144 | $ | — | $ | 16,639 | |||||||||
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | The following table presents reclassifications out of accumulated other comprehensive income (loss): | ||||||||||||||||
December 31, | |||||||||||||||||
Income Statement Classification | 2014 | 2013 | 2011 | ||||||||||||||
(in thousands) | |||||||||||||||||
Gain (loss) on sales of investment securities, net | $ | 757 | $ | (1,195 | ) | $ | 3,949 | ||||||||||
Income tax expense | (283 | ) | 447 | (1,428 | ) | ||||||||||||
Net of tax | $ | 474 | $ | (748 | ) | $ | 2,521 | ||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | The fair value of derivative contracts are included in other assets or other liabilities on the Consolidated Balance Sheet, as indicated in the following table: | |||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
Notional | Derivative Assets | Derivative Liabilities | Notional | Derivative Assets | Derivative Liabilities | Notional | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||
Fair value hedges | ||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 647,703 | $ | 7 | $ | 57,820 | $ | 294,997 | $ | 2,386 | $ | 788 | $ | 9,410 | $ | — | $ | 779 | ||||||||||||||||||
Total | 647,703 | 7 | 57,820 | 294,997 | 2,386 | 788 | 9,410 | — | 779 | |||||||||||||||||||||||||||
Netting adjustments (1) | — | — | — | — | 384 | 384 | — | — | — | |||||||||||||||||||||||||||
Net derivatives in the balance sheet | $ | 647,703 | $ | 7 | $ | 57,820 | $ | 294,997 | $ | 2,002 | $ | 404 | $ | 9,410 | $ | — | $ | 779 | ||||||||||||||||||
-1 | Netting adjustments represent the amounts recorded to convert our derivative balances from a gross basis to a net basis in accordance with the applicable accounting guidance. | |||||||||||||||||||||||||||||||||||
Gain (Loss) on Derivative Instruments | The following table summarizes the pre-tax net gains (losses) on fair value hedges for the years ended December 31, 2014, 2013, and 2012 and where they are recorded in the income statement. | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Income Statement Classification | Net Gain (Loss) on Derivatives | Increase (Decrease) to Basis of Hedged Assets (a) | Net Gain (Loss) on Derivatives | Increase (Decrease) to Basis of Hedged Assets (a) | Net Gain (Loss) on Derivatives | Increase (Decrease) to Basis of Hedged Assets (a) | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Unrealized (losses) gains on assets and liabilities measured at fair value, net | $ | (60,377 | ) | $ | 60,208 | $ | 3,308 | $ | (3,317 | ) | $ | (615 | ) | $ | 559 | |||||||||||||||||||||
(a) | Net gain (loss) on loans represent the change in fair value caused by fluctuations in interest rates; differences relate to ineffectiveness associated with the fair value hedge. | |||||||||||||||||||||||||||||||||||
Largest Exposure To Individual Counterparty | The following table summarizes our largest exposure to an individual counterparty at the dates indicated: | |||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Largest gross exposure (derivative asset) to an individual counterparty | $ | 7 | $ | 2,378 | ||||||||||||||||||||||||||||||||
Collateral posted by this counterparty | — | 2,002 | ||||||||||||||||||||||||||||||||||
Derivative liability with this counterparty | — | 376 | ||||||||||||||||||||||||||||||||||
Collateral pledged to this counterparty | — | — | ||||||||||||||||||||||||||||||||||
Net exposure after netting adjustments and collateral | $ | 7 | $ | — | ||||||||||||||||||||||||||||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted EPS: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands, except per share amounts) | |||||||||||||
Weighted average shares - basic | 86,693 | 85,682 | 82,285 | ||||||||||
Dilutive effect of stock awards | 813 | 859 | 627 | ||||||||||
Weighted average shares - diluted | 87,506 | 86,541 | 82,912 | ||||||||||
Net income available to common stockholders | $ | 146,564 | $ | 113,555 | $ | 68,846 | |||||||
Earnings per share - basic | 1.69 | 1.33 | 0.84 | ||||||||||
Earnings per share - diluted | 1.67 | 1.31 | 0.83 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Cumulative Tax Effects of Primary Differences | The cumulative tax effects of the primary temporary differences are shown in the following table: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for credit losses | $ | 42,038 | $ | 38,193 | |||||||||
Allowance for other assets acquired through foreclosure, net | 7,343 | 9,812 | |||||||||||
Net operating loss carryovers | 8,453 | 9,801 | |||||||||||
Section 382 limited NUBILs | 3,657 | 3,584 | |||||||||||
Stock-based compensation | 4,749 | 6,523 | |||||||||||
Tax credit carryovers | 9,617 | — | |||||||||||
Startup costs and other amortization | 5,113 | 5,600 | |||||||||||
Unrealized loss on AFS securities | — | 11,896 | |||||||||||
Fair market value adjustment related to acquired loans | 8,250 | 14,136 | |||||||||||
Other | 8,188 | 9,803 | |||||||||||
Total gross deferred tax assets | 97,408 | 109,348 | |||||||||||
Deferred tax asset valuation allowance | (2,290 | ) | (5,589 | ) | |||||||||
Total deferred tax assets | 95,118 | 103,759 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Premises and equipment | (4,049 | ) | (5,142 | ) | |||||||||
Deferred loan costs | (6,041 | ) | (5,271 | ) | |||||||||
Unrealized gains on financial instruments measured at fair value | (9,798 | ) | (9,072 | ) | |||||||||
Unrealized gain on AFS securities | (9,949 | ) | — | ||||||||||
Other | (2,595 | ) | (3,586 | ) | |||||||||
Total deferred tax liabilities | (32,432 | ) | (23,071 | ) | |||||||||
Deferred tax assets, net | $ | 62,686 | $ | 80,688 | |||||||||
Provision for Income Taxes Charged to Operations | The provision for income taxes charged to operations consists of the following: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Current | $ | 55,572 | $ | 43,547 | $ | 4,212 | |||||||
Deferred | (7,182 | ) | (13,717 | ) | 21,723 | ||||||||
Total tax provision | $ | 48,390 | $ | 29,830 | $ | 25,935 | |||||||
Reconciliation between Statutory Federal Income Tax Rate and Company's Effective Tax Rate | The reconciliation between the statutory federal income tax rate and the Company’s effective tax rate are summarized as follows: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income tax at statutory rate | $ | 69,125 | $ | 50,979 | $ | 35,372 | |||||||
Increase (decrease) resulting from: | |||||||||||||
State income taxes, net of federal benefits | 4,904 | 3,016 | 1,848 | ||||||||||
Bank owned life insurance | (1,578 | ) | (1,683 | ) | (1,553 | ) | |||||||
Tax-exempt income | (15,006 | ) | (7,308 | ) | (3,844 | ) | |||||||
Loss on sale of subsidiaries | — | — | (2,523 | ) | |||||||||
Deferred tax asset valuation allowance | (2,104 | ) | (2,391 | ) | 383 | ||||||||
Bargain purchase gain | — | (3,775 | ) | (5,952 | ) | ||||||||
Low income housing tax credits | (3,872 | ) | (2,105 | ) | (784 | ) | |||||||
Tax benefit related to Western Liberty acquisition | — | (3,738 | ) | — | |||||||||
Other, net | (3,079 | ) | (3,165 | ) | 2,988 | ||||||||
$ | 48,390 | $ | 29,830 | $ | 25,935 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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: | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Commitments to extend credit, including unsecured loan commitments of $232,863 at December 31, 2014 and $237,063 at December 31, 2013 | $ | 2,164,523 | $ | 1,878,340 | |||||||||||||||||
Credit card commitments and financial guarantees | 42,038 | 33,632 | |||||||||||||||||||
Standby letters of credit, including unsecured letters of credit of $5,166 at December 31, 2014 and $4,896 at December 31, 2013 | 49,556 | 31,271 | |||||||||||||||||||
Total | $ | 2,256,117 | $ | 1,943,243 | |||||||||||||||||
Contractual Commitments for Lines and Letters of Credit by Maturity | The following table represents the contractual commitments for lines and letters of credit by maturity at December 31, 2014: | ||||||||||||||||||||
Amount of Commitment Expiration per Period | |||||||||||||||||||||
Total Amounts Committed | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Commitments to extend credit | $ | 2,164,523 | $ | 811,800 | $ | 794,270 | $ | 267,156 | $ | 291,297 | |||||||||||
Credit card commitments and financial guarantees | 42,038 | 42,038 | — | — | — | ||||||||||||||||
Standby letters of credit | 49,556 | 32,440 | 13,379 | 3,737 | — | ||||||||||||||||
Total | $ | 2,256,117 | $ | 886,278 | $ | 807,649 | $ | 270,893 | $ | 291,297 | |||||||||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations | For the years ended December 31, 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 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) | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
Securities measured at fair value | $ | (41 | ) | $ | 7 | $ | — | $ | (34 | ) | |||||||||||
Junior subordinated debt | 1,421 | — | (1,754 | ) | (333 | ) | |||||||||||||||
Total | $ | 1,380 | $ | 7 | $ | (1,754 | ) | $ | (367 | ) | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Securities measured at fair value | $ | (260 | ) | $ | 6 | $ | — | $ | (254 | ) | |||||||||||
Junior subordinated debt | (5,640 | ) | — | (1,823 | ) | (7,463 | ) | ||||||||||||||
Total | $ | (5,900 | ) | $ | 6 | $ | (1,823 | ) | $ | (7,717 | ) | ||||||||||
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) | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Measured at fair value | |||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,858 | $ | — | $ | 1,858 | |||||||||||||
Available-for-sale | |||||||||||||||||||||
U.S. government sponsored agency securities | $ | — | $ | 18,346 | $ | — | $ | 18,346 | |||||||||||||
Corporate debt securities | — | 52,489 | — | 52,489 | |||||||||||||||||
Municipal obligations | — | 299,037 | — | 299,037 | |||||||||||||||||
Preferred stock | 82,612 | — | — | 82,612 | |||||||||||||||||
Mutual funds | 37,702 | — | — | 37,702 | |||||||||||||||||
Residential MBS issued by GSEs | — | 891,189 | — | 891,189 | |||||||||||||||||
Commercial MBS issued by GSEs | — | 2,147 | — | 2,147 | |||||||||||||||||
Private label residential MBS | — | 70,243 | — | 70,243 | |||||||||||||||||
Private label commercial MBS | — | 5,149 | — | 5,149 | |||||||||||||||||
Trust preferred securities | — | 25,546 | — | 25,546 | |||||||||||||||||
CRA investments | 24,332 | — | — | 24,332 | |||||||||||||||||
Collateralized debt obligations | — | — | 11,445 | 11,445 | |||||||||||||||||
Total AFS securities | $ | 144,646 | $ | 1,364,146 | $ | 11,445 | $ | 1,520,237 | |||||||||||||
Derivative assets (1) | $ | — | $ | 7 | $ | — | $ | 7 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 40,437 | $ | 40,437 | |||||||||||||
Derivative liabilities (1) | — | 57,820 | — | 57,820 | |||||||||||||||||
-1 | Derivative assets and liabilities relate to interest rate swaps, see "Note 12. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a positive value of $57,140 as of December 31, 2014, which relates to the change in fair value attributed to fluctuations in interest rates. | ||||||||||||||||||||
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 | ||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | Value | ||||||||||||||||||
(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 securities | $ | 121,298 | $ | 1,249,398 | $ | — | $ | 1,370,696 | |||||||||||||
Derivative assets (1) | $ | — | $ | 2,002 | $ | — | $ | 2,002 | |||||||||||||
Liabilities: | |||||||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 41,858 | $ | 41,858 | |||||||||||||
Derivative liabilities (1) | — | 404 | — | 404 | |||||||||||||||||
Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis | For the years ended December 31, 2014 and 2013, the change in Level 3 assets and liabilities measured at fair value on a recurring basis was as follows: | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Junior | CDO Securities | Junior | |||||||||||||||||||
Subordinated Debt | Subordinated Debt | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Beginning balance | $ | (41,858 | ) | $ | — | $ | (36,218 | ) | |||||||||||||
Transfers into Level 3 | — | 6,243 | — | ||||||||||||||||||
Total gains (losses) for the period | |||||||||||||||||||||
Included in earnings (1) | 1,421 | — | (5,640 | ) | |||||||||||||||||
Included in other comprehensive income (2) | — | 5,202 | — | ||||||||||||||||||
Ending balance | $ | (40,437 | ) | $ | 11,445 | $ | (41,858 | ) | |||||||||||||
Change in unrealized gains (losses) for the period included in earnings | $ | 1,421 | $ | — | $ | (5,640 | ) | ||||||||||||||
-1 | Total gains (losses) for the period are included in the non-interest income line, Unrealized gains (losses) on assets and liabilities measured at fair value, net. | ||||||||||||||||||||
-2 | Total gains (losses) for the period are included in the other comprehensive income line, Unrealized (loss) gain on AFS securities. | ||||||||||||||||||||
At various dates during the year ended December 31, 2014, the Company transferred its CDO securities with a total fair value of $6.2 million at the dates of those transfers, from Level 2 into Level 3 due to the lack of observable market data related to a decrease in market activity for these securities. | |||||||||||||||||||||
For Level 3 liabilities measured at fair value on a recurring basis as of December 31, 2014 and 2013, the significant unobservable inputs used in the fair value measurements were as follows: | |||||||||||||||||||||
31-Dec-14 | Valuation Technique | Significant Unobservable Inputs | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 40,437 | Discounted cash flow | Adjusted Corporate Bond over Treasury Index with comparable credit spread | |||||||||||||||||
CDO securities | 11,445 | S&P Model | Pricing indications from comparable securities | ||||||||||||||||||
December 31, 2013 | Valuation Technique | Significant Unobservable Inputs | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Junior subordinated debt | $ | 41,858 | Discounted cash flow | Adjusted Corporate Bond over Treasury Index with comparable credit spread | |||||||||||||||||
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 December 31, 2014: | |||||||||||||||||||||
Impaired loans with specific valuation allowance | $ | 114,163 | $ | — | $ | — | $ | 114,163 | |||||||||||||
Impaired loans without specific valuation allowance (1) | 38,019 | — | — | 38,019 | |||||||||||||||||
Other assets acquired through foreclosure | 57,150 | — | — | 57,150 | |||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||
Impaired loans with specific valuation allowance | $ | 20,474 | $ | — | $ | — | $ | 20,474 | |||||||||||||
Impaired loans without specific valuation allowance (1) | 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 year ended December 31, 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 December 31, 2014 and 2013. | ||||||||||||||||||||
Private Label MBS | |||||||||||||||||||||
(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 gains and (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: | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Carrying Amount | Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Financial assets: | |||||||||||||||||||||
Investment securities: | |||||||||||||||||||||
AFS | $ | 1,520,237 | $ | 144,646 | $ | 1,364,146 | $ | 11,445 | $ | 1,520,237 | |||||||||||
Trading | 1,858 | — | 1,858 | — | 1,858 | ||||||||||||||||
Derivative assets (1) | 7 | — | 7 | — | 7 | ||||||||||||||||
Loans, net | 8,288,049 | — | 7,984,692 | 152,182 | 8,136,874 | ||||||||||||||||
Accrued interest receivable | 36,705 | — | 36,705 | — | 36,705 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 8,931,043 | — | 8,935,566 | — | 8,935,566 | ||||||||||||||||
Customer repurchases | 54,899 | — | 54,899 | — | 54,899 | ||||||||||||||||
FHLB and FRB advances | 307,081 | — | 307,081 | — | 307,081 | ||||||||||||||||
Other borrowed funds | 83,182 | — | 25,000 | 61,074 | 86,074 | ||||||||||||||||
Junior subordinated debt | 40,437 | — | — | 40,437 | 40,437 | ||||||||||||||||
Derivative liabilities | 57,820 | — | 57,820 | — | 57,820 | ||||||||||||||||
Accrued interest payable | 9,890 | — | 9,890 | — | 9,890 | ||||||||||||||||
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 (1) | 2,002 | — | 2,002 | — | 2,002 | ||||||||||||||||
Loans, net | 6,701,365 | — | 6,090,962 | 116,169 | 6,207,131 | ||||||||||||||||
Accrued interest receivable | 28,591 | — | 28,591 | — | 28,591 | ||||||||||||||||
Financial liabilities: | |||||||||||||||||||||
Deposits | 7,838,205 | — | 7,842,014 | — | 7,842,014 | ||||||||||||||||
Customer repurchases | 71,192 | — | 71,192 | — | 71,192 | ||||||||||||||||
FHLB and FRB advances | 273,879 | — | 273,879 | — | 273,879 | ||||||||||||||||
Other borrowed funds | 341,096 | — | 3,000 | 71,475 | 74,475 | ||||||||||||||||
Junior subordinated debt | 41,858 | — | — | 41,858 | 41,858 | ||||||||||||||||
Derivative liabilities | 404 | — | 404 | — | 404 | ||||||||||||||||
Accrued interest payable | 4,920 | — | 4,920 | — | 4,920 | ||||||||||||||||
Regulatory_Capital_Requirement1
Regulatory Capital Requirements (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Banking and Thrift [Abstract] | ||||||||||||||||||||||||||
Summary of Actual Capital Amount and Ratio | The actual capital amounts and ratios for the banks and Company are presented in the following table: | |||||||||||||||||||||||||
Total Capital | Tier 1 Capital | Risk-Weighted Assets | Tangible Average Assets | Total Capital Ratio | Tier 1 Capital Ratio | Tier 1 Leverage Ratio | ||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
WAL | $ | 1,119,618 | $ | 1,007,278 | $ | 9,555,390 | $ | 10,367,575 | 11.7 | % | 10.5 | % | 9.7 | % | ||||||||||||
WAB | 1,057,253 | 945,687 | 9,435,459 | 10,232,297 | 11.2 | 10 | 9.2 | |||||||||||||||||||
Well-capitalized ratios | 10 | 6 | 5 | |||||||||||||||||||||||
Minimum capital ratios | 8 | 4 | 4 | |||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
WAL | $ | 991,461 | $ | 891,232 | $ | 8,016,500 | $ | 9,060,995 | 12.4 | % | 11.1 | % | 9.8 | % | ||||||||||||
WAB | 931,564 | 834,560 | 7,931,887 | 8,832,546 | 11.7 | 10.5 | 9.5 | |||||||||||||||||||
Well-capitalized ratios | 10 | 6 | 5 | |||||||||||||||||||||||
Minimum capital ratios | 8 | 4 | 4 | |||||||||||||||||||||||
Mergers_Acquisitions_and_Dispo1
Mergers, Acquisitions and Dispositions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Summary of Business Acquisition Pro-forma Information as Results of Operations | The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates. | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||
Interest income (1) | $ | 325,761 | $ | 335,784 | |||||||||
Non-interest income (2) | 7,310 | 29,214 | |||||||||||
Net income available to common stockholders (3) | 98,751 | 52,085 | |||||||||||
Earnings per share—basic | 1.15 | 0.63 | |||||||||||
Earnings per share—diluted | 1.14 | 0.63 | |||||||||||
-1 | Excludes accretion (or amortization) of fair market value adjustments for loans, deposits and FHLB advances of $12.9 million and $1.8 million for the years ended December 31, 2013 and 2012, respectively. | ||||||||||||
-2 | Excludes bargain purchase gain of $10.0 million related to Centennial in 2013 and $17.6 million related to Western Liberty in 2012. | ||||||||||||
-3 | Excludes merger / restructure related costs incurred by the Company of $3.1 million for the year ended December 31, 2013 and Centennial of $1.0 million for the year ended December 31, 2013 items 1 & 2 noted above as well as related tax effects. | ||||||||||||
Summary of Operating Results of Discontinued Operations | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Operating revenue | $ | (358 | ) | $ | 3,345 | $ | 1,248 | ||||||
Non-interest expenses | (1,369 | ) | (4,855 | ) | (5,541 | ) | |||||||
Loss before income taxes | (1,727 | ) | (1,510 | ) | (4,293 | ) | |||||||
Income tax benefit | (569 | ) | (649 | ) | (1,803 | ) | |||||||
Net loss | $ | (1,158 | ) | $ | (861 | ) | $ | (2,490 | ) | ||||
Centennial [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Schedule of Recognized Amounts of Identifiable Assets and Liabilities Assumed | The recognized amounts of identifiable assets acquired and liabilities assumed are as follows: | ||||||||||||
30-Apr-13 | |||||||||||||
(in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents (1) | $ | 70,349 | |||||||||||
Federal funds sold (1) | 8,355 | ||||||||||||
Investment securities - AFS | 26,014 | ||||||||||||
Loans | 351,474 | ||||||||||||
Deferred tax assets, net | 21,666 | ||||||||||||
Premises and equipment | 44 | ||||||||||||
Other assets acquired through foreclosure | 5,622 | ||||||||||||
Other assets | 6,007 | ||||||||||||
Total assets | 489,531 | ||||||||||||
Liabilities: | |||||||||||||
Deposits | 338,811 | ||||||||||||
FHLB advances | 79,943 | ||||||||||||
Other liabilities | 3,233 | ||||||||||||
Total liabilities | 421,987 | ||||||||||||
Net assets acquired | 67,544 | ||||||||||||
Consideration paid | 57,500 | ||||||||||||
Bargain purchase gain | $ | 10,044 | |||||||||||
Western Liberty Bancorp [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Schedule of Recognized Amounts of Identifiable Assets and Liabilities Assumed | The statement of net assets acquired and the resulting bargain purchase gain are presented in the following table: | ||||||||||||
17-Oct-12 | |||||||||||||
(in thousands) | |||||||||||||
Assets: | |||||||||||||
Cash and cash equivalents (1) | $ | 76,692 | |||||||||||
Certificates of deposit (1) | 1,988 | ||||||||||||
Investment securities | 446 | ||||||||||||
Loans | 90,747 | ||||||||||||
Federal Home Loan bank stock | 493 | ||||||||||||
Deferred tax assets, net | 17,446 | ||||||||||||
Premises and equipment | 19 | ||||||||||||
Other assets acquired through foreclosure | 5,094 | ||||||||||||
Identified intangible assets | 1,578 | ||||||||||||
Other assets | 949 | ||||||||||||
Total assets | 195,452 | ||||||||||||
Liabilities: | |||||||||||||
Deposits | 117,191 | ||||||||||||
Other liabilities | 1,252 | ||||||||||||
Total liabilities | 118,443 | ||||||||||||
Net assets acquired | 77,009 | ||||||||||||
Consideration paid | 59,447 | ||||||||||||
Bargain purchase gain | $ | 17,562 | |||||||||||
Parent_Company_Financial_Infor1
Parent Company Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheets | WESTERN ALLIANCE BANCORPORATION | ||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | |||||||||||||
ASSETS: | |||||||||||||
Cash and cash equivalents | $ | 11,855 | $ | 7,128 | |||||||||
Money market investments | 451 | 2,632 | |||||||||||
Investment securities - AFS | 51,335 | 33,005 | |||||||||||
Investment in subsidiaries | 997,709 | 863,712 | |||||||||||
Loans, net of deferred loan fees and costs and allowance for credit losses | 39,221 | 47,239 | |||||||||||
Other assets acquired through foreclosure, net | 16,318 | 25,168 | |||||||||||
Other assets | 9,912 | 14,730 | |||||||||||
Total assets | $ | 1,126,801 | $ | 993,614 | |||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | |||||||||||||
Other borrowings | $ | 83,182 | $ | 67,217 | |||||||||
Junior subordinated debt, at fair value | 40,437 | 41,858 | |||||||||||
Accrued interest and other liabilities | 2,254 | 29,041 | |||||||||||
Total liabilities | 125,873 | 138,116 | |||||||||||
Total stockholders’ equity | 1,000,928 | 855,498 | |||||||||||
Total liabilities and stockholders’ equity | $ | 1,126,801 | $ | 993,614 | |||||||||
Condensed Statements of Operations | WESTERN ALLIANCE BANCORPORATION | ||||||||||||
Condensed Income Statements | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Income: | |||||||||||||
Dividends from subsidiaries | $ | 67,515 | $ | 71,529 | $ | 18,499 | |||||||
Interest income | 4,381 | 2,847 | 2,105 | ||||||||||
Non-interest income | 1,737 | 3,995 | 27,563 | ||||||||||
Total income | 73,633 | 78,371 | 48,167 | ||||||||||
Expense: | |||||||||||||
Interest expense | 8,776 | 10,833 | 10,522 | ||||||||||
Non-interest expense | 10,850 | 32,001 | 30,064 | ||||||||||
Total expense | 19,626 | 42,834 | 40,586 | ||||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 54,007 | 35,537 | 7,581 | ||||||||||
Income tax benefit | 5,388 | 21,426 | 11,353 | ||||||||||
Income before equity in undistributed earnings of subsidiaries | 59,395 | 56,963 | 18,934 | ||||||||||
Equity in undistributed earnings of subsidiaries | 88,556 | 58,002 | 53,705 | ||||||||||
Net income | 147,951 | 114,965 | 72,639 | ||||||||||
Dividends on preferred stock | 1,387 | 1,410 | 3,793 | ||||||||||
Net income available to common stockholders | $ | 146,564 | $ | 113,555 | $ | 68,846 | |||||||
Condensed Statements of Cash Flows | Western Alliance Bancorporation | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(in thousands) | |||||||||||||
Cash flows from operating activities: | |||||||||||||
Net income | $ | 147,951 | $ | 114,965 | $ | 72,639 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in net undistributed earnings of subsidiaries | (88,556 | ) | (58,002 | ) | (53,705 | ) | |||||||
Excess tax benefit of stock-based compensation | (4,194 | ) | (1,552 | ) | — | ||||||||
Junior subordinated debt change in fair value | (1,421 | ) | 5,640 | (767 | ) | ||||||||
Loss on extinguishment of debt | 502 | 1,387 | — | ||||||||||
Other operating activities, net | (20,040 | ) | (4,011 | ) | 835 | ||||||||
Net cash provided by operating activities | 34,242 | 58,427 | 19,002 | ||||||||||
Cash flows from investing activities: | |||||||||||||
Purchases of securities | (23,431 | ) | (2,044 | ) | (26,765 | ) | |||||||
Principal pay downs, calls, maturities, and sales proceeds of securities, net | 8,376 | 6,767 | 13,622 | ||||||||||
Proceeds from sale of other repossessed assets, net | 9,610 | 9,844 | 4,146 | ||||||||||
Purchase of other repossessed assets, net | — | — | (1,640 | ) | |||||||||
Capital contributions to subsidiaries | — | (40,000 | ) | — | |||||||||
Loans purchases, fundings, and principal collections, net | 3,286 | (35,979 | ) | (12,665 | ) | ||||||||
Sale (purchase) of money market investments, net | 2,181 | (1,968 | ) | 6,679 | |||||||||
Sale (purchase) of premises, equipment, and other assets, net | 617 | (481 | ) | (23 | ) | ||||||||
Proceeds from business divestitures | — | — | 1,300 | ||||||||||
Net cash provided by (used in) investing activities | 639 | (63,861 | ) | (15,346 | ) | ||||||||
Cash flows from financing activities: | |||||||||||||
Proceeds from other borrowings, net | 22,000 | 3,000 | — | ||||||||||
Excess tax benefit of stock-based compensation | 4,194 | 1,552 | — | ||||||||||
Repayments on other borrowings | (6,501 | ) | (10,887 | ) | — | ||||||||
Proceeds from issuance of common stock | 13,746 | — | — | ||||||||||
Proceeds from exercise of stock options | 8,294 | 4,595 | 2,802 | ||||||||||
Redemption of preferred stock | (70,500 | ) | — | — | |||||||||
Cash dividends paid on preferred stock | (1,387 | ) | (1,410 | ) | (3,793 | ) | |||||||
Net cash used in financing activities | (30,154 | ) | (3,150 | ) | (991 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | 4,727 | (8,584 | ) | 2,665 | |||||||||
Cash and cash equivalents at beginning of year | 7,128 | 15,712 | 13,047 | ||||||||||
Cash and cash equivalents at end of year | $ | 11,855 | $ | 7,128 | $ | 15,712 | |||||||
Supplemental disclosure: | |||||||||||||
Cash paid during the year for: | |||||||||||||
Interest | $ | 9,067 | $ | 11,091 | $ | 10,541 | |||||||
Income taxes | 32,238 | 19,105 | 1,740 | ||||||||||
Non-cash investing and financing activity: | |||||||||||||
Change in unrealized gain (loss) on AFS securities, net of tax | 2,031 | 2,450 | (770 | ) | |||||||||
Loan contributions to subsidiaries | 2,663 | — | — | ||||||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Operating Segment Information | The following is a summary of selected operating segment information as of and for the year ended December 31, 2014: | ||||||||||||||||||||||||
Arizona | Nevada | California | Central Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
At December 31, 2014 | (dollars in millions) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Cash, cash equivalents, and investment securities | $ | 2.3 | $ | 5 | $ | 2.5 | $ | — | $ | 1,702.40 | $ | 1,712.20 | |||||||||||||
Loans, net of deferred loan fees and costs | 2,341.90 | 1,668.70 | 1,751.70 | 2,590.00 | 46 | 8,398.30 | |||||||||||||||||||
Less: allowance for credit losses | (30.7 | ) | (21.9 | ) | (23.0 | ) | (34.0 | ) | (0.6 | ) | (110.2 | ) | |||||||||||||
Total loans | 2,311.20 | 1,646.80 | 1,728.70 | 2,556.00 | 45.4 | 8,288.10 | |||||||||||||||||||
Other assets acquired through foreclosure, net | 15.5 | 21 | — | — | 20.6 | 57.1 | |||||||||||||||||||
Goodwill and other intangible assets, net | — | 25.9 | — | — | — | 25.9 | |||||||||||||||||||
Other assets | 34.8 | 64.2 | 21.5 | 22.9 | 373.8 | 517.2 | |||||||||||||||||||
Total assets | $ | 2,363.80 | $ | 1,762.90 | $ | 1,752.70 | $ | 2,578.90 | $ | 2,142.20 | $ | 10,600.50 | |||||||||||||
Liabilities: | |||||||||||||||||||||||||
Deposits (1) | $ | 2,178.00 | $ | 3,230.60 | $ | 2,328.50 | $ | 946.6 | $ | 247.3 | $ | 8,931.00 | |||||||||||||
Other borrowings | — | — | — | — | 390.3 | 390.3 | |||||||||||||||||||
Other liabilities | 17.4 | 40.8 | 9.1 | 72.4 | 138.6 | 278.3 | |||||||||||||||||||
Total liabilities | 2,195.40 | 3,271.40 | 2,337.60 | 1,019.00 | 776.2 | 9,599.60 | |||||||||||||||||||
Allocated equity | 250.8 | 209 | 197.7 | 232.9 | 110.5 | 1,000.90 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,446.20 | $ | 3,480.40 | $ | 2,535.30 | $ | 1,251.90 | $ | 886.7 | $ | 10,600.50 | |||||||||||||
Excess funds provided (used) | 82.4 | 1,717.50 | 782.6 | (1,327.0 | ) | (1,255.5 | ) | — | |||||||||||||||||
-1 | Certain deposits from prior periods were re-allocated to specific segments to conform to current presentation. | ||||||||||||||||||||||||
Arizona | Nevada | California | Central Business Lines | Corporate & Other | Consolidated Company | ||||||||||||||||||||
Year Ended December 31, 2014: | (in thousands) | ||||||||||||||||||||||||
Net interest income (expense) | $ | 112,128 | $ | 117,508 | $ | 100,223 | $ | 71,010 | $ | (15,976 | ) | $ | 384,893 | ||||||||||||
Provision for (recovery of) credit losses | 2,083 | (7,542 | ) | (1,638 | ) | 11,365 | 458 | 4,726 | |||||||||||||||||
Net interest income (expense) after provision for credit losses | 110,045 | 125,050 | 101,861 | 59,645 | (16,434 | ) | 380,167 | ||||||||||||||||||
Non-interest income | 3,713 | 9,410 | 4,394 | 1,742 | 6,182 | 25,441 | |||||||||||||||||||
Non-interest expense | (54,986 | ) | (60,149 | ) | (53,914 | ) | (27,804 | ) | (11,256 | ) | (208,109 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes | 58,772 | 74,311 | 52,341 | 33,583 | (21,508 | ) | 197,499 | ||||||||||||||||||
Income tax expense (benefit) | 23,053 | 26,009 | 22,007 | 12,594 | (35,273 | ) | 48,390 | ||||||||||||||||||
Income from continuing operations | 35,719 | 48,302 | 30,334 | 20,989 | 13,765 | 149,109 | |||||||||||||||||||
Loss from discontinued operations, net | — | — | — | — | (1,158 | ) | (1,158 | ) | |||||||||||||||||
Net income | $ | 35,719 | $ | 48,302 | $ | 30,334 | $ | 20,989 | $ | 12,607 | $ | 147,951 | |||||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||
(in thousands, except share amounts) | |||||||||||||||||
Interest income | $ | 110,151 | $ | 105,554 | $ | 101,973 | $ | 98,701 | |||||||||
Interest expense | 8,006 | 7,481 | 8,075 | 7,924 | |||||||||||||
Net interest income | 102,145 | 98,073 | 93,898 | 90,777 | |||||||||||||
Provision for credit losses | 300 | 419 | 507 | 3,500 | |||||||||||||
Net interest income after provision for credit losses | 101,845 | 97,654 | 93,391 | 87,277 | |||||||||||||
Non-interest income | 8,607 | 6,226 | 5,773 | 4,835 | |||||||||||||
Non-interest expense | (55,932 | ) | (50,012 | ) | (52,416 | ) | (49,749 | ) | |||||||||
Income from continuing operations before provision for income taxes | 54,520 | 53,868 | 46,748 | 42,363 | |||||||||||||
Income tax expense | 14,111 | 12,949 | 10,706 | 10,624 | |||||||||||||
Income from continuing operations | 40,409 | 40,919 | 36,042 | 31,739 | |||||||||||||
Loss from discontinued operations, net of tax | — | — | (504 | ) | (654 | ) | |||||||||||
Net income | 40,409 | 40,919 | 35,538 | 31,085 | |||||||||||||
Dividends on preferred stock | 329 | 353 | 352 | 353 | |||||||||||||
Net income available to common stockholders | $ | 40,080 | $ | 40,566 | $ | 35,186 | $ | 30,732 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.46 | $ | 0.47 | $ | 0.41 | $ | 0.35 | |||||||||
Diluted | $ | 0.46 | $ | 0.46 | $ | 0.4 | $ | 0.35 | |||||||||
At December 31, 2013 | |||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Interest income | $ | 97,582 | $ | 92,680 | $ | 89,285 | $ | 83,108 | |||||||||
Interest expense | 7,601 | 8,121 | 7,133 | 6,905 | |||||||||||||
Net interest income | 89,981 | 84,559 | 82,152 | 76,203 | |||||||||||||
Provision for credit losses | 4,300 | — | 3,481 | 5,439 | |||||||||||||
Net interest income after provision for credit losses | 85,681 | 84,559 | 78,671 | 70,764 | |||||||||||||
Non-interest income | 1,557 | 4,129 | 11,762 | 4,799 | |||||||||||||
Non-interest expense | (51,131 | ) | (49,675 | ) | (48,531 | ) | (46,929 | ) | |||||||||
Income from continuing operations before provision for income taxes | 36,107 | 39,013 | 41,902 | 28,634 | |||||||||||||
Income tax expense | 3,992 | 10,390 | 7,661 | 7,787 | |||||||||||||
Income from continuing operations | 32,115 | 28,623 | 34,241 | 20,847 | |||||||||||||
(Loss) gain from discontinued operations, net of tax | (701 | ) | (29 | ) | (169 | ) | 38 | ||||||||||
Net income | 31,414 | 28,594 | 34,072 | 20,885 | |||||||||||||
Dividends on preferred stock | 352 | 352 | 353 | 353 | |||||||||||||
Net income available to common stockholders | $ | 31,062 | $ | 28,242 | $ | 33,719 | $ | 20,532 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | 0.36 | $ | 0.33 | $ | 0.39 | $ | 0.24 | |||||||||
Diluted | $ | 0.36 | $ | 0.33 | $ | 0.39 | $ | 0.24 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Subsidiary | Subsidiary | |||
Significant Of Accounting Policies [Line Items] | ||||
Number Of Wholly Owned Subsidiaries Non Bank Subsidiaries | 1 | |||
Number of wholly-owned subsidiaries | 8 | |||
Number Of Unconsolidated Subsidiaries | 6 | |||
Total reserve balances | $11.60 | $19.10 | ||
Maximum period of internal loss allowance calculation model | 10 years | |||
Other assets | 126.6 | 125.3 | ||
Other liabilities | 51.4 | 66.6 | ||
Bank owned life insurance | $321.90 | $323.90 | ||
Anti-dilutive stock options outstanding that were not included in computation of diluted earnings per common share | 1,500 | 163,300 | 1,053,045 | |
Minimum | ||||
Significant Of Accounting Policies [Line Items] | ||||
Amortization on intangible asset (periods) | 5 years | |||
Maximum | ||||
Significant Of Accounting Policies [Line Items] | ||||
Amortization on intangible asset (periods) | 12 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Computation of Depreciation and Amortization by Using Estimated Lives (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Bank premises | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 31 years |
Equipment and furniture | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Equipment and furniture | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Investment_Securities_Carrying
Investment Securities - Carrying Amounts and Fair Values of Investment Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | $0 | $283,006 |
Securities held-to-maturity , Gross Unrealized Gains | 4,894 | |
Securities held-to-maturity , Gross Unrealized (Losses) | -6,196 | |
Amortized cost of investment securities held to maturity | 0 | 281,704 |
Securities available for sale Total, Amortized Cost | 1,493,648 | 1,404,048 |
Securities available-for-sale, Gross Unrealized Gains | 40,480 | 7,010 |
Securities available-for-sale, Gross Unrealized (Losses) | -13,891 | -40,362 |
Securities available for sale Total, Estimated Fair Value | 1,520,237 | 1,370,696 |
U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 18,701 | 49,110 |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | -355 | -2,135 |
Securities available for sale Total, Estimated Fair Value | 18,346 | 46,975 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 97,777 | |
Securities held-to-maturity , Gross Unrealized Gains | 775 | |
Securities held-to-maturity , Gross Unrealized (Losses) | -3,826 | |
Amortized cost of investment securities held to maturity | 94,726 | |
Securities available for sale Total, Amortized Cost | 52,773 | |
Securities available-for-sale, Gross Unrealized Gains | 717 | |
Securities available-for-sale, Gross Unrealized (Losses) | -1,001 | |
Securities available for sale Total, Estimated Fair Value | 52,489 | |
Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 183,579 | |
Securities held-to-maturity , Gross Unrealized Gains | 2,773 | |
Securities held-to-maturity , Gross Unrealized (Losses) | -2,370 | |
Amortized cost of investment securities held to maturity | 183,982 | |
Securities available for sale Total, Amortized Cost | 285,398 | 121,671 |
Securities available-for-sale, Gross Unrealized Gains | 13,688 | 316 |
Securities available-for-sale, Gross Unrealized (Losses) | -49 | -6,322 |
Securities available for sale Total, Estimated Fair Value | 299,037 | 115,665 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 83,192 | 68,110 |
Securities available-for-sale, Gross Unrealized Gains | 2,099 | 853 |
Securities available-for-sale, Gross Unrealized (Losses) | -2,679 | -7,479 |
Securities available for sale Total, Estimated Fair Value | 82,612 | 61,484 |
Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 37,449 | 37,423 |
Securities available-for-sale, Gross Unrealized Gains | 500 | 93 |
Securities available-for-sale, Gross Unrealized (Losses) | -247 | -984 |
Securities available for sale Total, Estimated Fair Value | 37,702 | 36,532 |
Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 881,734 | 1,028,402 |
Securities available-for-sale, Gross Unrealized Gains | 11,440 | 5,567 |
Securities available-for-sale, Gross Unrealized (Losses) | -1,985 | -12,548 |
Securities available for sale Total, Estimated Fair Value | 891,189 | 1,021,421 |
Securities measured at fair value | 1,858 | 3,036 |
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 2,047 | |
Securities available-for-sale, Gross Unrealized Gains | 100 | |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | |
Securities available for sale Total, Estimated Fair Value | 2,147 | |
Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 70,985 | 38,250 |
Securities available-for-sale, Gross Unrealized Gains | 379 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | -1,121 | -2,151 |
Securities available for sale Total, Estimated Fair Value | 70,243 | 36,099 |
Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 5,017 | 5,252 |
Securities available-for-sale, Gross Unrealized Gains | 132 | 181 |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | 0 |
Securities available for sale Total, Estimated Fair Value | 5,149 | 5,433 |
Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Amortized Cost | 32,000 | 32,000 |
Securities available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | -6,454 | -8,195 |
Securities available for sale Total, Estimated Fair Value | 25,546 | 23,805 |
CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 1,600 | |
Securities held-to-maturity , Gross Unrealized Gains | 0 | |
Securities held-to-maturity , Gross Unrealized (Losses) | 0 | |
Amortized cost of investment securities held to maturity | 1,600 | |
Securities available for sale Total, Amortized Cost | 24,302 | 23,830 |
Securities available-for-sale, Gross Unrealized Gains | 30 | 0 |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | -548 |
Securities available for sale Total, Estimated Fair Value | 24,332 | 23,282 |
Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 50 | |
Securities held-to-maturity , Gross Unrealized Gains | 1,346 | |
Securities held-to-maturity , Gross Unrealized (Losses) | 0 | |
Amortized cost of investment securities held to maturity | 1,396 | |
Securities available for sale Total, Amortized Cost | 50 | |
Securities available-for-sale, Gross Unrealized Gains | 11,395 | |
Securities available-for-sale, Gross Unrealized (Losses) | 0 | |
Securities available for sale Total, Estimated Fair Value | 11,445 | |
AAA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 7,965 | |
Securities available for sale Total, Estimated Fair Value | 73,261 | 29,079 |
AAA [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AAA [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 7,965 | |
Securities available for sale Total, Estimated Fair Value | 8,168 | 0 |
AAA [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AAA [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AAA [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AAA [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | |
AAA [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 59,944 | 23,646 |
AAA [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 5,149 | 5,433 |
AAA [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AAA [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AAA [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
AAA [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
Split-rated AAA/AA Plus [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 911,682 | 1,068,396 |
Split-rated AAA/AA Plus [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 18,346 | 46,975 |
Split-rated AAA/AA Plus [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 891,189 | 1,021,421 |
Split-rated AAA/AA Plus [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 2,147 | |
Split-rated AAA/AA Plus [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
Split-rated AAA/AA Plus [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
AA Plus to AA- [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 74,446 | |
Securities available for sale Total, Estimated Fair Value | 141,083 | 58,186 |
AA Plus to AA- [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 71,749 | |
Securities available for sale Total, Estimated Fair Value | 138,256 | 58,061 |
AA Plus to AA- [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | |
AA Plus to AA- [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 68 | 125 |
AA Plus to AA- [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
AA Plus to AA- [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
AA Plus to AA- [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 2,697 | |
Securities available for sale Total, Estimated Fair Value | 2,759 | |
A Plus to A- [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 131,662 | |
Securities available for sale Total, Estimated Fair Value | 155,164 | 61,490 |
A Plus to A- [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 96,560 | |
Securities available for sale Total, Estimated Fair Value | 146,155 | 57,389 |
A Plus to A- [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | |
A Plus to A- [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 3,439 | 4,101 |
A Plus to A- [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
A Plus to A- [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
A Plus to A- [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 35,102 | |
Securities available for sale Total, Estimated Fair Value | 5,570 | |
BBB Plus to BBB- [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 67,283 | |
Securities available for sale Total, Estimated Fair Value | 171,851 | 110,809 |
BBB Plus to BBB- [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BBB Plus to BBB- [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 7,305 | |
Securities available for sale Total, Estimated Fair Value | 6,263 | 0 |
BBB Plus to BBB- [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 54,585 | 45,847 |
BBB Plus to BBB- [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 37,702 | 36,532 |
BBB Plus to BBB- [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BBB Plus to BBB- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | |
BBB Plus to BBB- [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 3,595 | 4,625 |
BBB Plus to BBB- [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BBB Plus to BBB- [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 25,546 | 23,805 |
BBB Plus to BBB- [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BBB Plus to BBB- [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
BBB Plus to BBB- [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 59,978 | |
Securities available for sale Total, Estimated Fair Value | 44,160 | |
BB Plus and below [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 50 | |
Securities available for sale Total, Estimated Fair Value | 32,469 | 17,061 |
BB Plus and below [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BB Plus and below [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 195 | 215 |
BB Plus and below [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 17,632 | 13,244 |
BB Plus and below [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BB Plus and below [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BB Plus and below [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | |
BB Plus and below [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 3,197 | 3,602 |
BB Plus and below [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BB Plus and below [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BB Plus and below [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
BB Plus and below [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 50 | |
Securities available for sale Total, Estimated Fair Value | 11,445 | |
BB Plus and below [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 1,600 | |
Securities available for sale Total, Estimated Fair Value | 34,727 | 25,675 |
Corporate Credit Quality Indicator Unrated [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 10,395 | 2,393 |
Corporate Credit Quality Indicator Unrated [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 1,600 | |
Securities available for sale Total, Estimated Fair Value | 24,332 | 23,282 |
Corporate Credit Quality Indicator Unrated [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 0 | |
Securities available for sale Total, Estimated Fair Value | 0 | |
Rated Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 283,006 | |
Securities available for sale Total, Estimated Fair Value | 1,520,237 | 1,370,696 |
Rated Securities [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 18,346 | 46,975 |
Rated Securities [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 183,579 | |
Securities available for sale Total, Estimated Fair Value | 299,037 | 115,665 |
Rated Securities [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 82,612 | 61,484 |
Rated Securities [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 37,702 | 36,532 |
Rated Securities [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 891,189 | 1,021,421 |
Rated Securities [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 2,147 | |
Rated Securities [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 70,243 | 36,099 |
Rated Securities [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 5,149 | 5,433 |
Rated Securities [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale Total, Estimated Fair Value | 25,546 | 23,805 |
Rated Securities [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 1,600 | |
Securities available for sale Total, Estimated Fair Value | 24,332 | 23,282 |
Rated Securities [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 50 | |
Securities available for sale Total, Estimated Fair Value | 11,445 | |
Rated Securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held to maturity Total, Amortized Cost | 97,777 | |
Securities available for sale Total, Estimated Fair Value | $52,489 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 5 Months Ended | 12 Months Ended | ||
20-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
positions | positions | |||
Investment Identifier [Line Items] | ||||
Held-to-maturity Securities, Transferred Security, at Carrying Value | $275,292,000 | $0 | $0 | |
Held-to-maturity Securities, Transferred Security, at Fair Value | 289,636,000 | |||
Held-to-maturity Securities, Transferred to Available-for-sale Securities, Unrealized Gain (Loss) | 9,000,000 | |||
Amount of impairment losses reclassified out of accumulated other comprehensive income into earnings | 0 | 0 | ||
Total number of securities in an unrealized loss position | 109 | 252 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 13,891,000 | 40,362,000 | ||
Gross unrealized loss on HTM securities | 6,196,000 | |||
Securities with carrying amounts were pledged | $755,500,000 | $662,500,000 |
Investment_Securities_Unrealiz
Investment Securities - Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position (Detail) (USD $) | Dec. 31, 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 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 6,196 | |
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 | 1,002 | 28,634 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 122,799 | 852,110 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 12,889 | 11,728 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 229,480 | 54,297 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 13,891 | 40,362 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 352,279 | 906,407 |
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 | 46,975 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 355 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 18,346 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 355 | 2,135 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 18,346 | 46,975 |
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 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 3,826 | |
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 | 139 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 9,860 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 862 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 29,139 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,001 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 38,999 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 232 | 7,479 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 13,811 | 44,637 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 2,447 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 28,109 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,679 | 7,479 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 41,920 | 44,637 |
Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 247 | 984 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 25,855 | 30,101 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 247 | 984 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 25,855 | 30,101 |
Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 227 | 11,934 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 49,217 | 601,757 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 1,758 | 614 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 97,296 | 8,984 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,985 | 12,548 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 146,513 | 610,741 |
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 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 2,370 | |
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 | 72,301 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 49 | 2,777 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 4,430 | 17,923 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 49 | 6,322 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,430 | 90,224 |
Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 157 | 2,009 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 24,056 | 32,516 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 964 | 142 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 26,614 | 3,583 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,121 | 2,151 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 50,670 | 36,099 |
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 | 6,454 | 8,195 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 25,546 | 23,807 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 6,454 | 8,195 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 25,546 | 23,807 |
Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 548 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 23,823 | |
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 | 548 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 23,823 | |
CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held-to-maturity , Continuous Unrealized Loss Position, Aggregate Losses, Total | 0 | |
Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities held-to-maturity , Continuous Unrealized Loss Position, Aggregate Losses, Total | $0 |
Investment_Securities_Amortize
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturities (Detail) (USD $) | Dec. 31, 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 | $70,846 | |
Securities available for sale, After one year through five years, Amortized Cost | 49,195 | |
Securities available for sale, After five years through ten years, Amortized Cost | 150,079 | |
Securities available for sale, After ten years, Amortized Cost | 263,745 | |
Securities available for sale, Mortgage backed securities, Amortized Cost | 959,783 | |
Securities available for sale Total, Amortized Cost | 1,493,648 | 1,404,048 |
Securities available for sale, Due in one year or less, Estimated Fair Value | 71,245 | |
Securities available for sale, After one year through five years, Estimated Fair Value | 51,266 | |
Securities available for sale, After five years through ten years, Estimated Fair Value | 153,067 | |
Securities available for sale, After ten years, Estimated Fair Value | 275,931 | |
Securities available for sale, Mortgage backed securities, Estimated Fair Value | 968,728 | |
Securities available for sale Total, Estimated Fair Value | $1,520,237 | $1,370,696 |
Investment_Securities_Investme
Investment Securities - Investment Securities by Credit Rating Type (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | $1,520,237 | $1,370,696 |
Investment securities - measured at fair value | 1,858 | 3,036 |
Securities held to maturity Total, Amortized Cost | 0 | 283,006 |
Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 299,037 | 115,665 |
Securities held to maturity Total, Amortized Cost | 183,579 | |
Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 891,189 | 1,021,421 |
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 2,147 | |
Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 70,243 | 36,099 |
Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 5,149 | 5,433 |
Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 37,702 | 36,532 |
U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 18,346 | 46,975 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 82,612 | 61,484 |
Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 25,546 | 23,805 |
Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 11,445 | |
Securities held to maturity Total, Amortized Cost | 50 | |
CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 24,332 | 23,282 |
Securities held to maturity Total, Amortized Cost | 1,600 | |
Rated Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 1,520,237 | 1,370,696 |
Securities held to maturity Total, Amortized Cost | 283,006 | |
Rated Securities [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 299,037 | 115,665 |
Securities held to maturity Total, Amortized Cost | 183,579 | |
Rated Securities [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 891,189 | 1,021,421 |
Investment securities - measured at fair value | 1,858 | 3,036 |
Rated Securities [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 2,147 | |
Rated Securities [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 70,243 | 36,099 |
Rated Securities [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 5,149 | 5,433 |
Rated Securities [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 37,702 | 36,532 |
Rated Securities [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 18,346 | 46,975 |
Rated Securities [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 82,612 | 61,484 |
Rated Securities [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 25,546 | 23,805 |
Rated Securities [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 11,445 | |
Securities held to maturity Total, Amortized Cost | 50 | |
Rated Securities [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 52,489 | |
Securities held to maturity Total, Amortized Cost | 97,777 | |
Rated Securities [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 24,332 | 23,282 |
Securities held to maturity Total, Amortized Cost | 1,600 | |
AAA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 73,261 | 29,079 |
Securities held to maturity Total, Amortized Cost | 7,965 | |
AAA [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 8,168 | 0 |
Securities held to maturity Total, Amortized Cost | 7,965 | |
AAA [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Investment securities - measured at fair value | 0 | 0 |
AAA [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
AAA [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 59,944 | 23,646 |
AAA [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 5,149 | 5,433 |
AAA [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AAA [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AAA [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AAA [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AAA [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
AAA [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
AAA [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
Split-rated AAA/AA Plus [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 911,682 | 1,068,396 |
Securities held to maturity Total, Amortized Cost | 0 | |
Split-rated AAA/AA Plus [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
Split-rated AAA/AA Plus [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 891,189 | 1,021,421 |
Investment securities - measured at fair value | 1,858 | 3,036 |
Split-rated AAA/AA Plus [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 2,147 | |
Split-rated AAA/AA Plus [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Split-rated AAA/AA Plus [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 18,346 | 46,975 |
Split-rated AAA/AA Plus [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Split-rated AAA/AA Plus [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
Split-rated AAA/AA Plus [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
Split-rated AAA/AA Plus [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
AA Plus to AA- [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 141,083 | 58,186 |
Securities held to maturity Total, Amortized Cost | 74,446 | |
AA Plus to AA- [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 138,256 | 58,061 |
Securities held to maturity Total, Amortized Cost | 71,749 | |
AA Plus to AA- [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Investment securities - measured at fair value | 0 | 0 |
AA Plus to AA- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
AA Plus to AA- [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 68 | 125 |
AA Plus to AA- [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AA Plus to AA- [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AA Plus to AA- [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AA Plus to AA- [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AA Plus to AA- [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
AA Plus to AA- [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
AA Plus to AA- [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 2,759 | |
Securities held to maturity Total, Amortized Cost | 2,697 | |
AA Plus to AA- [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
A Plus to A- [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 155,164 | 61,490 |
Securities held to maturity Total, Amortized Cost | 131,662 | |
A Plus to A- [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 146,155 | 57,389 |
Securities held to maturity Total, Amortized Cost | 96,560 | |
A Plus to A- [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Investment securities - measured at fair value | 0 | 0 |
A Plus to A- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
A Plus to A- [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 3,439 | 4,101 |
A Plus to A- [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
A Plus to A- [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
A Plus to A- [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
A Plus to A- [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
A Plus to A- [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
A Plus to A- [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
A Plus to A- [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 5,570 | |
Securities held to maturity Total, Amortized Cost | 35,102 | |
A Plus to A- [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
BBB Plus to BBB- [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 171,851 | 110,809 |
Securities held to maturity Total, Amortized Cost | 67,283 | |
BBB Plus to BBB- [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 6,263 | 0 |
Securities held to maturity Total, Amortized Cost | 7,305 | |
BBB Plus to BBB- [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Investment securities - measured at fair value | 0 | 0 |
BBB Plus to BBB- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
BBB Plus to BBB- [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 3,595 | 4,625 |
BBB Plus to BBB- [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
BBB Plus to BBB- [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 37,702 | 36,532 |
BBB Plus to BBB- [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
BBB Plus to BBB- [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 54,585 | 45,847 |
BBB Plus to BBB- [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 25,546 | 23,805 |
BBB Plus to BBB- [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
BBB Plus to BBB- [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 44,160 | |
Securities held to maturity Total, Amortized Cost | 59,978 | |
BBB Plus to BBB- [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
BB Plus and below [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 32,469 | 17,061 |
Securities held to maturity Total, Amortized Cost | 50 | |
BB Plus and below [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 195 | 215 |
Securities held to maturity Total, Amortized Cost | 0 | |
BB Plus and below [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Investment securities - measured at fair value | 0 | 0 |
BB Plus and below [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
BB Plus and below [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 3,197 | 3,602 |
BB Plus and below [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
BB Plus and below [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
BB Plus and below [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
BB Plus and below [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 17,632 | 13,244 |
BB Plus and below [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
BB Plus and below [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 11,445 | |
Securities held to maturity Total, Amortized Cost | 50 | |
BB Plus and below [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
BB Plus and below [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 34,727 | 25,675 |
Securities held to maturity Total, Amortized Cost | 1,600 | |
Corporate Credit Quality Indicator Unrated [Member] | Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Securities held to maturity Total, Amortized Cost | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Investment securities - measured at fair value | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Private label commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Mutual funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | U.S. Government-sponsored agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 10,395 | 2,393 |
Corporate Credit Quality Indicator Unrated [Member] | Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | 0 |
Corporate Credit Quality Indicator Unrated [Member] | Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 0 | |
Securities held to maturity Total, Amortized Cost | 0 | |
Corporate Credit Quality Indicator Unrated [Member] | CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 24,332 | 23,282 |
Securities held to maturity Total, Amortized Cost | $1,600 |
Investment_Securities_Investme1
Investment Securities - Investment Securities by Credit Rating Type (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | $1,520,237 | $1,370,696 |
Securities held to maturity Total, Amortized Cost | 0 | 283,006 |
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 $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 24,332 | 23,282 |
Securities held to maturity Total, Amortized Cost | $1,600 |
Investment_Securities_Gross_Ga
Investment Securities - Gross Gains and (Losses) on Sales of Investments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains | $1,118 | $1,569 | $4,270 |
Gross (losses) | -361 | -2,764 | -321 |
Net (losses) gains | $757 | ($1,195) | $3,949 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | $8,410,795 | $6,810,681 |
Net deferred loan fees and costs | -12,530 | -9,266 |
Loans, net of deferred loan fees and costs | 8,398,265 | 6,801,415 |
Allowance for credit losses | -110,216 | -100,050 |
Loans, net | 8,288,049 | 6,701,365 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 3,327,629 | 2,236,740 |
Commercial Real Estate Non Owner Occupied Multi Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 2,058,620 | 1,843,415 |
Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 1,734,617 | 1,561,862 |
Allowance for credit losses | -12,454 | -12,560 |
Construction and land development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 754,154 | 537,231 |
Allowance for credit losses | -18,558 | -14,519 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 298,872 | 350,312 |
Allowance for credit losses | -7,456 | -11,640 |
Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 204,270 | 235,968 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Held for investment, without deferred fees | 32,633 | 45,153 |
Allowance for credit losses | ($853) | ($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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $8,379,319,000 | $6,756,249,000 |
30-59 Days Past Due | 7,840,000 | 15,554,000 |
60-89 Days Past Due | 6,867,000 | 8,352,000 |
Over 90 days Past Due | 16,769,000 | 30,526,000 |
Total Past Due | 31,476,000 | 54,432,000 |
Total | 8,410,795,000 | 6,810,681,000 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,731,887,000 | 1,555,210,000 |
30-59 Days Past Due | 1,412,000 | 1,759,000 |
60-89 Days Past Due | 181,000 | 406,000 |
Over 90 days Past Due | 1,137,000 | 4,487,000 |
Total Past Due | 2,730,000 | 6,652,000 |
Total | 1,734,617,000 | 1,561,862,000 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,861,205,000 | 1,627,062,000 |
30-59 Days Past Due | 2,391,000 | 8,774,000 |
60-89 Days Past Due | 3,361,000 | 4,847,000 |
Over 90 days Past Due | 8,740,000 | 15,767,000 |
Total Past Due | 14,492,000 | 29,388,000 |
Total | 1,875,697,000 | 1,656,450,000 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 182,478,000 | 186,965,000 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 445,000 | 0 |
Over 90 days Past Due | 0 | 0 |
Total Past Due | 445,000 | 0 |
Total | 182,923,000 | 186,965,000 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,325,059,000 | 2,232,186,000 |
30-59 Days Past Due | 1,518,000 | 1,868,000 |
60-89 Days Past Due | 15,000 | 233,000 |
Over 90 days Past Due | 1,037,000 | 2,453,000 |
Total Past Due | 2,570,000 | 4,554,000 |
Total | 3,327,629,000 | 2,236,740,000 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 204,270,000 | 235,618,000 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Over 90 days Past Due | 0 | 350,000 |
Total Past Due | 0 | 350,000 |
Total | 204,270,000 | 235,968,000 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 392,696,000 | 291,883,000 |
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 | 392,696,000 | 291,883,000 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 358,013,000 | 243,741,000 |
30-59 Days Past Due | 0 | 264,000 |
60-89 Days Past Due | 2,640,000 | 1,343,000 |
Over 90 days Past Due | 805,000 | 0 |
Total Past Due | 3,445,000 | 1,607,000 |
Total | 361,458,000 | 245,348,000 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 291,535,000 | 339,566,000 |
30-59 Days Past Due | 2,347,000 | 2,423,000 |
60-89 Days Past Due | 205,000 | 1,368,000 |
Over 90 days Past Due | 4,785,000 | 6,955,000 |
Total Past Due | 7,337,000 | 10,746,000 |
Total | 298,872,000 | 350,312,000 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 32,176,000 | 44,018,000 |
30-59 Days Past Due | 172,000 | 466,000 |
60-89 Days Past Due | 20,000 | 155,000 |
Over 90 days Past Due | 265,000 | 514,000 |
Total Past Due | 457,000 | 1,135,000 |
Total | $32,633,000 | $45,153,000 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $8,379,319 | $6,756,249 |
Past Due/ Delinquent | 31,476 | 54,432 |
Total Non-accrual | 67,659 | 75,680 |
Loans past due 90 days or more and still accruing | 5,132 | 1,534 |
Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 50,893 | 36,208 |
Past Due/ Delinquent | 16,766 | 39,472 |
Total Non-accrual | 75,680 | |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,731,887 | 1,555,210 |
Past Due/ Delinquent | 2,730 | 6,652 |
Loans past due 90 days or more and still accruing | 1,138 | 887 |
Commercial real estate [Member] | Owner occupied [Member] | Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 13,630 | 9,330 |
Past Due/ Delinquent | 0 | 3,600 |
Total Non-accrual | 13,630 | 12,930 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,861,205 | 1,627,062 |
Past Due/ Delinquent | 14,492 | 29,388 |
Loans past due 90 days or more and still accruing | 2,171 | 0 |
Commercial real estate [Member] | Non-owner occupied [Member] | Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 30,226 | 17,930 |
Past Due/ Delinquent | 8,601 | 23,996 |
Total Non-accrual | 38,827 | 41,926 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 182,478 | 186,965 |
Past Due/ Delinquent | 445 | 0 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Commercial real estate [Member] | Multi-family [Member] | 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 [Member] | Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,325,059 | 2,232,186 |
Past Due/ Delinquent | 2,570 | 4,554 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 204,270 | 235,618 |
Past Due/ Delinquent | 0 | 350 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Commercial and industrial [Member] | Leases [Member] | Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 373 | 99 |
Past Due/ Delinquent | 0 | 350 |
Total Non-accrual | 373 | 449 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 392,696 | 291,883 |
Past Due/ Delinquent | 0 | 0 |
Loans past due 90 days or more and still accruing | 0 | 0 |
Construction and land development [Member] | Construction [Member] | 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 [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 358,013 | 243,741 |
Past Due/ Delinquent | 3,445 | 1,607 |
Loans past due 90 days or more and still accruing | 805 | 0 |
Construction and land development [Member] | Land [Member] | Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 2,686 | 3,133 |
Past Due/ Delinquent | 2,640 | 1,392 |
Total Non-accrual | 5,326 | 4,525 |
Residential real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 291,535 | 339,566 |
Past Due/ Delinquent | 7,337 | 10,746 |
Loans past due 90 days or more and still accruing | 232 | 47 |
Residential real estate [Member] | Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,332 | 5,067 |
Past Due/ Delinquent | 4,841 | 7,413 |
Total Non-accrual | 6,173 | 12,480 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 32,176 | 44,018 |
Past Due/ Delinquent | 457 | 1,135 |
Loans past due 90 days or more and still accruing | 83 | 475 |
Consumer [Member] | Non-accrual loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 25 | 27 |
Past Due/ Delinquent | 188 | 39 |
Total Non-accrual | $213 | $66 |
Loans_Leases_and_Allowance_for5
Loans, Leases and Allowance for Credit Losses - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Line Items] | |||
Financing Receivable, Allowance for Credit Losses, Period Increase (Decrease) | ($0.20) | ||
Reduction in interest income due to nonaccrual loans | 3.8 | 5.4 | 5.5 |
Loans And Loans Receivable Purchases | 166.4 | 241.8 | |
TDR loans [Member] | |||
Leases [Line Items] | |||
Loan commitments outstanding | 1.2 | 0 | |
Related parties [Member] | |||
Leases [Line Items] | |||
Loan commitments outstanding | 47 | 51.6 | |
Commercial real estate [Member] | |||
Leases [Line Items] | |||
Loans And Loans Receivable Purchases | 4.4 | ||
Commercial and industrial [Member] | |||
Leases [Line Items] | |||
Loans And Loans Receivable Purchases | $164.70 | $232.80 |
Loans_Leases_and_Allowance_for6
Loans, Leases and Allowance for Credit Losses - Loans by Risk Rating (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $8,410,795,000 | $6,810,681,000 |
Current | 8,379,319,000 | 6,756,249,000 |
Past due 30-59 days | 7,840,000 | 15,554,000 |
Past due 60-89 days | 6,867,000 | 8,352,000 |
Past due 90 days or more | 16,769,000 | 30,526,000 |
Total | 8,410,795,000 | 6,810,681,000 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 298,872,000 | 350,312,000 |
Total | 298,872,000 | 350,312,000 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 32,633,000 | 45,153,000 |
Total | 32,633,000 | 45,153,000 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,734,617,000 | 1,561,862,000 |
Total | 1,734,617,000 | 1,561,862,000 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,875,697,000 | 1,656,450,000 |
Total | 1,875,697,000 | 1,656,450,000 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 182,923,000 | 186,965,000 |
Total | 182,923,000 | 186,965,000 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,327,629,000 | 2,236,740,000 |
Total | 3,327,629,000 | 2,236,740,000 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 204,270,000 | 235,968,000 |
Total | 204,270,000 | 235,968,000 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 392,696,000 | 291,883,000 |
Total | 392,696,000 | 291,883,000 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 361,458,000 | 245,348,000 |
Total | 361,458,000 | 245,348,000 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 8,155,986,000 | 6,477,326,000 |
Current | 8,152,312,000 | 6,471,951,000 |
Past due 30-59 days | 2,772,000 | 4,205,000 |
Past due 60-89 days | 385,000 | 1,123,000 |
Past due 90 days or more | 517,000 | 47,000 |
Total | 8,155,986,000 | 6,477,326,000 |
Pass [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 283,529,000 | 323,333,000 |
Total | 283,529,000 | 323,333,000 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 32,057,000 | 43,516,000 |
Total | 32,057,000 | 43,516,000 |
Pass [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,665,981,000 | 1,483,190,000 |
Total | 1,665,981,000 | 1,483,190,000 |
Pass [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,776,540,000 | 1,498,500,000 |
Total | 1,776,540,000 | 1,498,500,000 |
Pass [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 182,478,000 | 186,479,000 |
Total | 182,478,000 | 186,479,000 |
Pass [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,295,996,000 | 2,208,947,000 |
Total | 3,295,996,000 | 2,208,947,000 |
Pass [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 201,477,000 | 231,344,000 |
Total | 201,477,000 | 231,344,000 |
Pass [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 387,941,000 | 291,402,000 |
Total | 387,941,000 | 291,402,000 |
Pass [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 329,987,000 | 210,615,000 |
Total | 329,987,000 | 210,615,000 |
Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 97,398,000 | 129,965,000 |
Current | 94,989,000 | 129,208,000 |
Past due 30-59 days | 193,000 | 602,000 |
Past due 60-89 days | 36,000 | 155,000 |
Past due 90 days or more | 2,180,000 | 0 |
Total | 97,398,000 | 129,965,000 |
Watch [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,037,000 | 3,037,000 |
Total | 2,037,000 | 3,037,000 |
Watch [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 228,000 | 799,000 |
Total | 228,000 | 799,000 |
Watch [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 28,054,000 | 33,065,000 |
Total | 28,054,000 | 33,065,000 |
Watch [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 35,746,000 | 64,588,000 |
Total | 35,746,000 | 64,588,000 |
Watch [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Watch [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 14,351,000 | 10,058,000 |
Total | 14,351,000 | 10,058,000 |
Watch [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,420,000 | 4,175,000 |
Total | 2,420,000 | 4,175,000 |
Watch [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 4,274,000 | 481,000 |
Total | 4,274,000 | 481,000 |
Watch [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 10,288,000 | 13,762,000 |
Total | 10,288,000 | 13,762,000 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 155,492,000 | 200,928,000 |
Current | 130,254,000 | 154,441,000 |
Past due 30-59 days | 4,720,000 | 10,747,000 |
Past due 60-89 days | 6,446,000 | 7,074,000 |
Past due 90 days or more | 14,072,000 | 28,666,000 |
Total | 155,492,000 | 200,928,000 |
Substandard [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 13,306,000 | 23,942,000 |
Total | 13,306,000 | 23,942,000 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 348,000 | 838,000 |
Total | 348,000 | 838,000 |
Substandard [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 39,258,000 | 44,649,000 |
Total | 39,258,000 | 44,649,000 |
Substandard [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 62,971,000 | 93,362,000 |
Total | 62,971,000 | 93,362,000 |
Substandard [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 445,000 | 486,000 |
Total | 445,000 | 486,000 |
Substandard [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 17,127,000 | 16,231,000 |
Total | 17,127,000 | 16,231,000 |
Substandard [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 373,000 | 449,000 |
Total | 373,000 | 449,000 |
Substandard [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 481,000 | 0 |
Total | 481,000 | 0 |
Substandard [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 21,183,000 | 20,971,000 |
Total | 21,183,000 | 20,971,000 |
Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,919,000 | 2,462,000 |
Current | 1,764,000 | 649,000 |
Past due 30-59 days | 155,000 | 0 |
Past due 60-89 days | 0 | 0 |
Past due 90 days or more | 0 | 1,813,000 |
Total | 1,919,000 | 2,462,000 |
Doubtful [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,324,000 | 958,000 |
Total | 1,324,000 | 958,000 |
Doubtful [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 440,000 | 0 |
Total | 440,000 | 0 |
Doubtful [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 155,000 | 1,504,000 |
Total | 155,000 | 1,504,000 |
Doubtful [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Doubtful [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
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 [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | 0 | 0 |
Loss [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Total | $0 | $0 |
Loans_Leases_and_Allowance_for7
Loans, Leases and Allowance for Credit Losses - Recorded Investment in Loans Classified as Impaired (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Impaired loans with an allowance recorded (1) | $124,928 | $25,754 |
Impaired loans with no allowance recorded | 41,822 | 152,623 |
Total impaired loans | 166,750 | 178,377 |
Valuation allowance related to impaired loans | ($10,765) | ($5,280) |
Loans_Leases_and_Allowance_for8
Loans, Leases and Allowance for Credit Losses - Impaired Loans by Loan Class (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | $166,750 | $178,377 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 19,300 | 26,376 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 363 | 537 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 44,893 | 37,902 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 66,324 | 73,152 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 13,749 | 16,892 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 13,749 | 449 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 373 | 16,892 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 0 | 0 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | $21,748 | $23,069 |
Loans_Leases_and_Allowance_for9
Loans, Leases and Allowance for Credit Losses - Schedule of Average Investment in Impaired Loans and Income Recognized on Impaired Loans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | |||
Average balance during the year on impaired loans | $169,758 | $182,670 | $214,499 |
Interest income recognized on impaired loans | 5,494 | 6,235 | 6,761 |
Interest recognized on nonaccrual loans, cash basis | $2,536 | $1,916 | $191 |
Recovered_Sheet1
Loans, Leases and Allowance for Credit Losses - Average Investment in Impaired Loans by Loan Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | $169,758 | $182,670 | $214,499 |
Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 25,223 | 33,339 | 35,639 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 508 | 604 | 1,104 |
Commercial real estate [Member] | Owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 37,048 | 49,452 | 57,147 |
Commercial real estate [Member] | Non-owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 68,821 | 56,110 | 57,284 |
Commercial real estate [Member] | Multi-family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 0 | 89 | 872 |
Commercial and industrial [Member] | Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 16,168 | 15,023 | 24,094 |
Commercial and industrial [Member] | Leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 410 | 727 | 874 |
Construction and land development [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 0 | 0 | 986 |
Construction and land development [Member] | Land [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | $21,580 | $27,326 | $36,499 |
Recovered_Sheet2
Loans, Leases and Allowance for Credit Losses - Interest Income on Impaired Loans by Loan Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | $5,494 | $6,235 | $6,761 |
Owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 1,550 | 1,726 | 2,130 |
Non-owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 1,484 | 2,043 | 1,968 |
Multi-family [Member] | Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 1 | 0 | 0 |
Commercial [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 745 | 1,087 | 1,180 |
Leases [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 0 | 0 | 0 |
Construction [Member] | Construction and land development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 0 | 0 | 0 |
Land [Member] | Construction and land development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 1,021 | 1,288 | 1,224 |
Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 646 | 62 | 220 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | $47 | $29 | $39 |
Recovered_Sheet3
Loans, Leases and Allowance for Credit Losses - Tabular Disclosure of Nonperforming Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Nonaccrual loans | $67,659 | $75,680 | ||
Loans past due 90 days or more on accrual status | 5,132 | 1,534 | ||
Troubled debt restructured loans | 84,720 | 89,576 | ||
Total nonperforming loans | 157,511 | 166,790 | ||
Other assets acquired through foreclosure, net | 57,150 | 66,719 | 77,247 | 89,104 |
Total nonperforming assets | 214,661 | 233,509 | ||
TDR loans [Member] | ||||
Nonaccrual loans | $53,574 | $38,262 |
Recovered_Sheet4
Loans, Leases and Allowance for Credit Losses - Schedule of Contractually Required Payments Receivable, Cash Flow Expected to be Collected and Fair Value of Loans Acquired (Detail) (USD $) | Apr. 30, 2013 |
In Thousands, unless otherwise specified | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $623,595 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 451,516 |
Fair value of loans acquired | 351,474 |
Residential real estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 2,136 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,352 |
Fair value of loans acquired | 1,070 |
Commercial real estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 621,459 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 450,164 |
Fair value of loans acquired | 350,404 |
Purchased Noncredit Impaired Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 370,176 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 306,170 |
Fair value of loans acquired | 242,611 |
Purchased Noncredit Impaired Loans [Member] | Residential real estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 2,136 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,352 |
Fair value of loans acquired | 1,070 |
Purchased Noncredit Impaired Loans [Member] | Commercial real estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 368,040 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 304,818 |
Fair value of loans acquired | 241,541 |
Loans Acquired With Deteriorated Credit Quality [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 253,419 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 145,346 |
Fair value of loans acquired | 108,863 |
Loans Acquired With Deteriorated Credit Quality [Member] | Residential real estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 0 |
Fair value of loans acquired | 0 |
Loans Acquired With Deteriorated Credit Quality [Member] | Commercial real estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 253,419 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 145,346 |
Fair value of loans acquired | $108,863 |
Recovered_Sheet5
Loans, Leases and Allowance for Credit Losses - Changes in Accretable Discount for Loans Purchased with Credit Quality Deterioration (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance at beginning of period | $28,164 | $7,072 | $0 |
Addition due to acquisition | 0 | 22,318 | 7,993 |
Reclassification from non-accretable to accretable yield (1) | 6,052 | 9,817 | 0 |
Accretion to interest income | -7,185 | -7,182 | -921 |
Reversal of fair value adjustments upon disposition of loans | -7,875 | -3,861 | 0 |
Balance at end of period | $19,156 | $28,164 | $7,072 |
Recovered_Sheet6
Loans, Leases and Allowance for Credit Losses - Allowances for Credit Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | $100,050 | $95,427 | $100,050 | $95,427 | $99,170 | ||||||
Charge-offs | -7,662 | -21,479 | -61,286 | ||||||||
Recoveries | 13,102 | 12,882 | 10,699 | ||||||||
Provision for credit losses | 300 | 419 | 507 | 3,500 | 4,300 | 0 | 3,481 | 5,439 | 4,726 | 13,220 | 46,844 |
Ending balance | 110,216 | 100,050 | 110,216 | 100,050 | 95,427 | ||||||
Construction and land development [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 14,519 | 10,554 | 14,519 | 10,554 | 14,195 | ||||||
Charge-offs | -87 | -1,538 | -10,992 | ||||||||
Recoveries | 2,160 | 2,060 | 2,903 | ||||||||
Provision for credit losses | 1,966 | 3,443 | 4,448 | ||||||||
Ending balance | 18,558 | 14,519 | 18,558 | 14,519 | 10,554 | ||||||
Commercial real estate [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 32,064 | 34,982 | 32,064 | 34,982 | 35,031 | ||||||
Charge-offs | -964 | -8,648 | -19,166 | ||||||||
Recoveries | 3,859 | 2,758 | 3,294 | ||||||||
Provision for credit losses | -6,176 | 2,972 | 15,823 | ||||||||
Ending balance | 28,783 | 32,064 | 28,783 | 32,064 | 34,982 | ||||||
Residential real estate [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 11,640 | 15,237 | 11,640 | 15,237 | 19,134 | ||||||
Charge-offs | -1,728 | -5,922 | -7,063 | ||||||||
Recoveries | 1,896 | 2,097 | 1,078 | ||||||||
Provision for credit losses | -4,352 | 228 | 2,088 | ||||||||
Ending balance | 7,456 | 11,640 | 7,456 | 11,640 | 15,237 | ||||||
Commercial and industrial [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 39,657 | 32,860 | 39,657 | 32,860 | 25,535 | ||||||
Charge-offs | -4,370 | -4,000 | -17,341 | ||||||||
Recoveries | 4,728 | 5,037 | 3,067 | ||||||||
Provision for credit losses | 14,551 | 5,760 | 21,599 | ||||||||
Ending balance | 54,566 | 39,657 | 54,566 | 39,657 | 32,860 | ||||||
Consumer [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 2,170 | 1,794 | 2,170 | 1,794 | 5,275 | ||||||
Charge-offs | -513 | -1,371 | -6,724 | ||||||||
Recoveries | 459 | 930 | 357 | ||||||||
Provision for credit losses | -1,263 | 817 | 2,886 | ||||||||
Ending balance | $853 | $2,170 | $853 | $2,170 | $1,794 |
Recovered_Sheet7
Loans, Leases and Allowance for Credit Losses - Summary of Impairment Method Information Related to Loans and Allowance for Credit Losses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | $124,928 | $25,754 |
Impaired loans with no allowance recorded | 41,822 | 152,623 |
Total loans individually evaluated for impairment | 166,750 | 178,377 |
Loans collectively evaluated for impairment | 8,147,571 | 6,513,981 |
Loans acquired with deteriorated credit quality | 96,474 | 118,323 |
Total recorded investment | 8,410,795 | 6,810,681 |
Impaired loans with an allowance recorded | 134,791 | 27,458 |
Impaired loans with no allowance recorded | 44,220 | 170,302 |
Total loans individually evaluated for impairment | 179,011 | 197,760 |
Loans collectively evaluated for impairment | 8,147,571 | 6,513,981 |
Loans acquired with deteriorated credit quality | 137,797 | 171,165 |
Total unpaid principal balance | 8,464,379 | 6,882,906 |
Impaired loans with an allowance recorded | 10,765 | 5,280 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 10,765 | 5,280 |
Loans collectively evaluated for impairment | 99,188 | 94,448 |
Loans acquired with deteriorated credit quality | 263 | 322 |
Total loans held for investment | 110,216 | 100,050 |
Owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 28,024 | 1,092 |
Impaired loans with no allowance recorded | 16,869 | 36,810 |
Total loans individually evaluated for impairment | 44,893 | 37,902 |
Loans collectively evaluated for impairment | 1,671,812 | 1,500,740 |
Loans acquired with deteriorated credit quality | 17,912 | 23,220 |
Total recorded investment | 1,734,617 | 1,561,862 |
Impaired loans with an allowance recorded | 31,292 | 1,092 |
Impaired loans with no allowance recorded | 17,010 | 43,537 |
Total loans individually evaluated for impairment | 48,302 | 44,629 |
Loans collectively evaluated for impairment | 1,671,812 | 1,500,740 |
Loans acquired with deteriorated credit quality | 24,273 | 34,951 |
Total unpaid principal balance | 1,744,387 | 1,580,320 |
Impaired loans with an allowance recorded | 2,082 | 402 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 2,082 | 402 |
Loans collectively evaluated for impairment | 10,198 | 12,158 |
Loans acquired with deteriorated credit quality | 174 | 0 |
Total loans held for investment | 12,454 | 12,560 |
Non-owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 44,937 | 17,932 |
Impaired loans with no allowance recorded | 21,387 | 55,220 |
Total loans individually evaluated for impairment | 66,324 | 73,152 |
Loans collectively evaluated for impairment | 1,916,474 | 1,678,242 |
Loans acquired with deteriorated credit quality | 75,822 | 92,021 |
Total recorded investment | 2,058,620 | 1,843,415 |
Impaired loans with an allowance recorded | 45,853 | 19,273 |
Impaired loans with no allowance recorded | 21,550 | 58,322 |
Total loans individually evaluated for impairment | 67,403 | 77,595 |
Loans collectively evaluated for impairment | 1,916,474 | 1,678,242 |
Loans acquired with deteriorated credit quality | 108,935 | 130,279 |
Total unpaid principal balance | 2,092,812 | 1,886,116 |
Impaired loans with an allowance recorded | 2,537 | 2,121 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 2,537 | 2,121 |
Loans collectively evaluated for impairment | 13,734 | 17,061 |
Loans acquired with deteriorated credit quality | 58 | 322 |
Total loans held for investment | 16,329 | 19,504 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 11,399 | 1,907 |
Impaired loans with no allowance recorded | 2,350 | 14,985 |
Total loans individually evaluated for impairment | 13,749 | 16,892 |
Loans collectively evaluated for impairment | 3,313,550 | 2,219,500 |
Loans acquired with deteriorated credit quality | 330 | 348 |
Total recorded investment | 3,327,629 | 2,236,740 |
Impaired loans with an allowance recorded | 11,829 | 2,120 |
Impaired loans with no allowance recorded | 4,104 | 15,731 |
Total loans individually evaluated for impairment | 15,933 | 17,851 |
Loans collectively evaluated for impairment | 3,313,550 | 2,219,500 |
Loans acquired with deteriorated credit quality | 1,150 | 1,403 |
Total unpaid principal balance | 3,330,633 | 2,238,754 |
Impaired loans with an allowance recorded | 1,926 | 702 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 1,926 | 702 |
Loans collectively evaluated for impairment | 49,809 | 36,344 |
Loans acquired with deteriorated credit quality | 31 | 0 |
Total loans held for investment | 51,766 | 37,046 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 19,300 | 4,580 |
Impaired loans with no allowance recorded | 0 | 21,796 |
Total loans individually evaluated for impairment | 19,300 | 26,376 |
Loans collectively evaluated for impairment | 277,162 | 321,683 |
Loans acquired with deteriorated credit quality | 2,410 | 2,253 |
Total recorded investment | 298,872 | 350,312 |
Impaired loans with an allowance recorded | 24,420 | 4,729 |
Impaired loans with no allowance recorded | 0 | 27,550 |
Total loans individually evaluated for impairment | 24,420 | 32,279 |
Loans collectively evaluated for impairment | 277,162 | 321,683 |
Loans acquired with deteriorated credit quality | 3,439 | 3,728 |
Total unpaid principal balance | 305,021 | 357,690 |
Impaired loans with an allowance recorded | 1,052 | 1,896 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 1,052 | 1,896 |
Loans collectively evaluated for impairment | 6,404 | 9,744 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 7,456 | 11,640 |
Construction and land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 21,052 | 118 |
Impaired loans with no allowance recorded | 696 | 22,951 |
Total loans individually evaluated for impairment | 21,748 | 23,069 |
Loans collectively evaluated for impairment | 732,406 | 513,681 |
Loans acquired with deteriorated credit quality | 0 | 481 |
Total recorded investment | 754,154 | 537,231 |
Impaired loans with an allowance recorded | 21,169 | 118 |
Impaired loans with no allowance recorded | 885 | 24,137 |
Total loans individually evaluated for impairment | 22,054 | 24,255 |
Loans collectively evaluated for impairment | 732,406 | 513,681 |
Loans acquired with deteriorated credit quality | 0 | 804 |
Total unpaid principal balance | 754,460 | 538,740 |
Impaired loans with an allowance recorded | 3,112 | 85 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 3,112 | 85 |
Loans collectively evaluated for impairment | 15,446 | 14,434 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 18,558 | 14,519 |
Commercial leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 41 | 99 |
Impaired loans with no allowance recorded | 332 | 350 |
Total loans individually evaluated for impairment | 373 | 449 |
Loans collectively evaluated for impairment | 203,897 | 235,519 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total recorded investment | 204,270 | 235,968 |
Impaired loans with an allowance recorded | 41 | 99 |
Impaired loans with no allowance recorded | 483 | 502 |
Total loans individually evaluated for impairment | 524 | 601 |
Loans collectively evaluated for impairment | 203,897 | 235,519 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total unpaid principal balance | 204,421 | 236,120 |
Impaired loans with an allowance recorded | 39 | 70 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 39 | 70 |
Loans collectively evaluated for impairment | 2,761 | 2,541 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | 2,800 | 2,611 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans with an allowance recorded (1) | 175 | 26 |
Impaired loans with no allowance recorded | 188 | 511 |
Total loans individually evaluated for impairment | 363 | 537 |
Loans collectively evaluated for impairment | 32,270 | 44,616 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total recorded investment | 32,633 | 45,153 |
Impaired loans with an allowance recorded | 187 | 27 |
Impaired loans with no allowance recorded | 188 | 523 |
Total loans individually evaluated for impairment | 375 | 550 |
Loans collectively evaluated for impairment | 32,270 | 44,616 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total unpaid principal balance | 32,645 | 45,166 |
Impaired loans with an allowance recorded | 17 | 4 |
Impaired loans with no allowance recorded | 0 | 0 |
Total loans individually evaluated for impairment | 17 | 4 |
Loans collectively evaluated for impairment | 836 | 2,166 |
Loans acquired with deteriorated credit quality | 0 | 0 |
Total loans held for investment | $853 | $2,170 |
Recovered_Sheet8
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Loan Class (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SecurityLoan | SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 24 | 43 | 86 |
Pre-Modification Outstanding Recorded Investment | $38,930 | $25,019 | $89,861 |
Forgiven Principal Balance | 825 | 1,297 | 1,257 |
Lost Interest Income | 434 | 1,028 | 2,314 |
Post-Modification Outstanding Recorded Investment | 37,671 | 22,694 | 86,290 |
Waived Fees and Other Expenses | 67 | 81 | 156 |
Residential real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 5 | 13 | 20 |
Pre-Modification Outstanding Recorded Investment | 1,966 | 5,434 | 10,421 |
Forgiven Principal Balance | 447 | 267 | 40 |
Lost Interest Income | 70 | 887 | 1,181 |
Post-Modification Outstanding Recorded Investment | 1,449 | 4,280 | 9,200 |
Waived Fees and Other Expenses | 15 | 24 | 9 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 2 | 6 |
Pre-Modification Outstanding Recorded Investment | 0 | 74 | 361 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 5 | 17 |
Post-Modification Outstanding Recorded Investment | 0 | 69 | 344 |
Waived Fees and Other Expenses | 0 | 3 | 2 |
Owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 6 | 8 | 15 |
Pre-Modification Outstanding Recorded Investment | 14,646 | 3,681 | 22,435 |
Forgiven Principal Balance | 378 | 0 | 750 |
Lost Interest Income | 257 | 54 | 493 |
Post-Modification Outstanding Recorded Investment | 14,011 | 3,627 | 21,192 |
Waived Fees and Other Expenses | 33 | 28 | 73 |
Non-owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 5 | 5 | 20 |
Pre-Modification Outstanding Recorded Investment | 16,976 | 10,735 | 41,988 |
Forgiven Principal Balance | 0 | 1,030 | 450 |
Lost Interest Income | 60 | 63 | 338 |
Post-Modification Outstanding Recorded Investment | 16,916 | 9,642 | 41,200 |
Waived Fees and Other Expenses | 15 | 14 | 23 |
Multi-family [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | 0 | 0 | 0 |
Commercial [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 6 | 13 | 17 |
Pre-Modification Outstanding Recorded Investment | 2,655 | 4,809 | 7,845 |
Forgiven Principal Balance | 0 | 0 | 17 |
Lost Interest Income | 0 | 19 | 26 |
Post-Modification Outstanding Recorded Investment | 2,655 | 4,790 | 7,802 |
Waived Fees and Other Expenses | 4 | 11 | 37 |
Leases [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | 0 | 0 | 0 |
Construction [Member] | Construction and land development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | 0 | 0 | 0 |
Land [Member] | Construction and land development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 2 | 2 | 8 |
Pre-Modification Outstanding Recorded Investment | 2,687 | 286 | 6,811 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 47 | 0 | 259 |
Post-Modification Outstanding Recorded Investment | 2,640 | 286 | 6,552 |
Waived Fees and Other Expenses | $0 | $1 | $12 |
Recovered_Sheet9
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Class for Which There was Payment Default (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SecurityLoan | SecurityLoan | SecurityLoan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 8 | 15 | 35 |
Recorded Investment | $1,950 | $6,370 | $34,387 |
Residential real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 1 | 4 | 7 |
Recorded Investment | 202 | 955 | 8,014 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 2 |
Recorded Investment | 0 | 0 | 414 |
Owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 2 | 3 | 10 |
Recorded Investment | 395 | 2,506 | 10,611 |
Non-owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 2 | 3 | 3 |
Recorded Investment | 984 | 1,490 | 4,442 |
Multi-family [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 1 |
Recorded Investment | 0 | 0 | 193 |
Commercial [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 3 | 3 | 7 |
Recorded Investment | 369 | 1,089 | 6,700 |
Leases [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Construction [Member] | Construction and land development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Land [Member] | Construction and land development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | 0 | 2 | 5 |
Recorded Investment | $0 | $330 | $4,013 |
Recovered_Sheet10
Loans, Leases and Allowance for Credit Losses - Summary of Aggregate Activity in Loans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Finance Receivable Transferred To Held For Sale [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $67,659,000 | $75,680,000 | |
Average balance during the year on impaired loans | 169,758,000 | 182,670,000 | 214,499,000 |
Impaired loans with an allowance recorded (1) | 124,928,000 | 25,754,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 3,800,000 | 5,400,000 | 5,500,000 |
Balance, beginning | 32,537,000 | 40,306,000 | |
New loans | 9,037,000 | 17,070,000 | |
Repayments and other | -5,334,000 | -24,839,000 | |
Balance, ending | 36,240,000 | 32,537,000 | 40,306,000 |
Impaired loans with no allowance recorded | 41,822,000 | 152,623,000 | |
Impaired loans with an allowance recorded | 10,765,000 | 5,280,000 | |
Loans And Loans Receivable Purchases | 166,400,000 | 241,800,000 | |
TDR loans [Member] | |||
Finance Receivable Transferred To Held For Sale [Line Items] | |||
Loan commitments outstanding | 1,200,000 | 0 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 53,574,000 | 38,262,000 | |
Average balance during the year on impaired loans | 126,626,000 | 141,820,000 | 171,658,000 |
Impaired loans with an allowance recorded (1) | 103,263,000 | 4,475,000 | |
Impaired loans with no allowance recorded | 35,000,000 | 123,400,000 | |
Impaired loans with an allowance recorded | 8,900,000 | 1,200,000 | |
Commercial real estate [Member] | |||
Finance Receivable Transferred To Held For Sale [Line Items] | |||
Loans And Loans Receivable Purchases | 4,400,000 | ||
Commercial leases [Member] | |||
Finance Receivable Transferred To Held For Sale [Line Items] | |||
Impaired loans with an allowance recorded (1) | 41,000 | 99,000 | |
Impaired loans with no allowance recorded | 332,000 | 350,000 | |
Impaired loans with an allowance recorded | 39,000 | 70,000 | |
Loans And Loans Receivable Purchases | $1,700,000 | $4,600,000 |
Premises_and_Equipment_Schedul
Premises and Equipment - Schedule of Premises and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Bank premises | $82,494 | $73,990 |
Land and improvements | 33,971 | 33,023 |
Furniture, fixtures and equipment | 51,320 | 44,736 |
Leasehold improvements | 18,160 | 15,714 |
Construction in progress | 848 | 5,335 |
Premises and equipment, gross | 186,793 | 172,798 |
Less: accumulated depreciation and amortization | -72,975 | -67,233 |
Premises and equipment, net | $113,818 | $105,565 |
Premises_and_Equipment_Schedul1
Premises and Equipment - Schedule of Future Minimum Rental Payments under Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | |
2014 | $6,058 |
2015 | 5,635 |
2016 | 4,896 |
2017 | 4,599 |
2018 | 4,212 |
Thereafter | 3,765 |
Operating lease future minimum payments due | $29,165 |
Premises_and_Equipment_Additio
Premises and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Rent expense | $6.20 | $6.90 | $5.90 |
Depreciation expense | $6 | $6 | $6.30 |
Recovered_Sheet11
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||||
Balance, beginning of the period, Gross Balance | $88,421 | $113,474 | $135,149 | |||
Transfers to other assets acquired through foreclosure, net, Gross Balance | 13,777 | 24,911 | 28,315 | |||
Additions from acquisitions, gross | 5,622 | 5,094 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Gross Balance | -33,643 | -61,510 | -55,811 | |||
Gains (losses), net, Gross Balance | 2,866 | [1] | 5,924 | [1] | 727 | [1] |
Balance, end of period, Gross Balance | 71,421 | 88,421 | 113,474 | |||
Balance, beginning of the period, Valuation Allowance | -21,702 | -36,227 | -46,045 | |||
Proceeds from sale of other real estate owned and repossessed assets, net, Valuation Allowance | 7,725 | 18,268 | 14,847 | |||
Valuation adjustments, net, Valuation Allowance | -294 | -3,743 | -5,029 | |||
Balance, end of period, Valuation Allowance | -14,271 | -21,702 | -36,227 | |||
Balance, beginning of the period, Net Balance | 66,719 | 77,247 | 89,104 | |||
Transfers to other assets acquired through foreclosure, net, Net Balance | 13,777 | 24,911 | 28,315 | |||
Additions from acquisitions, net | 5,622 | 5,094 | ||||
Proceeds from sale of other real estate owned and repossessed assets, net, Net Balance | -25,918 | -43,242 | -40,964 | |||
Valuation adjustments of other repossessed assets, net | -294 | -3,743 | -5,029 | |||
Gains (losses), net, Net Balance | 2,866 | [1] | 5,924 | [1] | 727 | [1] |
Balance, end of period, Net Balance | $57,150 | $66,719 | $77,247 | |||
[1] | Includes net gains related to initial transfers to other assets of $0.1 million, $0.9 million and $0.5 million during the years ended December 31, 2014, 2013, and 2012, respectively, pursuant to accounting guidance. |
Recovered_Sheet12
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property | Property | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |||
Gains (losses), net, Net Balance | $124 | $932 | $493 |
Number of Real Estate Properties | 67 | 70 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Acquired Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Subject to amortization: | ||
Net Carrying Amount | $2,689 | $4,150 |
Core deposit intangibles [Member] | ||
Subject to amortization: | ||
Gross Carrying Amount | 26,157 | 26,157 |
Accumulated Amortization | 23,468 | 22,007 |
Net Carrying Amount | $2,689 | $4,150 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $1,120 | |
2016 | 1,120 | |
2017 | 449 | |
Net Carrying Amount | $2,689 | $4,150 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $23,224 | $23,224 | |
Goodwill and intangible impairment | 0 | 0 | 3,435 |
Amortization expense | $1,461 | $2,388 | $3,256 |
Deposits_Summary_of_Deposits_D
Deposits - Summary of Deposits (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ||
Non-interest-bearing demand | $2,288,048 | $2,199,983 |
Interest-bearing demand | 854,935 | 709,841 |
Savings and money market | 3,869,699 | 3,310,369 |
Certificate of deposits | 1,339,238 | 511,430 |
Time Deposits, Less than $250,000 | 579,123 | 1,106,582 |
Total deposits | $8,931,043 | $7,838,205 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ||
Deposits | $8,931,043 | $7,838,205 |
Certificate of Deposit Account Registry Service [Member] | ||
Deposits [Line Items] | ||
Deposits | 700,700 | 518,000 |
Brokered deposits [Member] | ||
Deposits [Line Items] | ||
Deposits | $321,500 | $174,200 |
Deposits_Summary_of_Contractua
Deposits - Summary of Contractual Maturities for All Time Deposits (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Deposits [Abstract] | |
2014 | $1,780,636 |
2015 | 107,276 |
2016 | 26,416 |
2017 | 1,866 |
2018 | 2,164 |
Time Deposit Maturities, after Year Five | 3 |
Total time deposits | $1,918,361 |
Other_Borrowings_Companys_Borr
Other Borrowings - Company's Borrowings (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short Term | ||
Revolving line of credit | $25,000 | $3,000 |
FHLB advances | 96,987 | 25,906 |
Other Long-term Debt, Current | 58,182 | 0 |
Short-term Debt | 180,169 | 28,906 |
Long Term | ||
Long-term Debt | 64,217 | |
Long-term Debt | 210,094 | 312,190 |
FHLB [Member] | ||
Long Term | ||
Long-term Debt | 210,094 | 247,973 |
Long-term Debt [Member] | ||
Long Term | ||
Long-term Debt | $0 |
Other_Borrowings_Summary_of_Ma
Other Borrowings - Summary of Maturity of Borrowed Funds (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $180,169 | |
2016 | 10,094 | |
2018 | 200,000 | |
Long term debt | $64,217 |
Other_Borrowings_Additional_In
Other Borrowings - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Debt [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $10,094,000 | $10,094,000 | ||
Line of Credit Facility, Interest Rate at Period End | 1.75% | 1.75% | 3.25% | |
FHLB advances | 96,987,000 | 96,987,000 | 25,906,000 | |
Weighted average interest rate of FHLB and FRB Short-term advances | 1.24% | 2.90% | ||
Public offering | 58,400,000 | 58,400,000 | ||
Extinguishment of Debt, Amount | 6,500,000 | |||
Extinguishment of debt | 502,000 | 1,387,000 | 0 | |
Long term debt weighted average rate | 1.06% | 1.06% | 3.45% | |
Revolving line of credit | 25,000,000 | 25,000,000 | 3,000,000 | |
Short-term Debt, Weighted Average Interest Rate | 4.15% | 4.15% | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 200,000,000 | 200,000,000 | ||
Fed Funds With Other Institutions [Member] | ||||
Debt [Line Items] | ||||
Revolving line of credit | 0 | 0 | ||
Secured borrowing credit line | 100,000,000 | 100,000,000 | ||
FHLB [Member] | ||||
Debt [Line Items] | ||||
Additional available credit with the entity | 935,000,000 | 935,000,000 | 1,390,000,000 | |
FRB [Member] | ||||
Debt [Line Items] | ||||
Additional available credit with the entity | 1,154,600,000 | 1,154,600,000 | 588,200,000 | |
Other Credit Facilities [Member] | ||||
Debt [Line Items] | ||||
Secured borrowing credit line | 70,000,000 | 70,000,000 | ||
Secured Credit Facility [Member] | ||||
Debt [Line Items] | ||||
Secured borrowing credit line | 25,000,000 | 25,000,000 | ||
Unsecured Credit Facility [Member] | ||||
Debt [Line Items] | ||||
Secured borrowing credit line | $45,000,000 | $45,000,000 |
Junior_Subordinated_Debt_Addit
Junior Subordinated Debt - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Trust | |
Subordinated Borrowings [Abstract] | ||
Number of statutory business trusts | 6 | |
Junior subordinated debt, amount | $40,437 | $41,858 |
Weighted average contractual rate | 2.73% |
Junior_Subordinated_Debt_Sched
Junior Subordinated Debt - Schedule of Junior Subordinated Debt (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Junior subordinated debt, at fair value | $40,437 | $41,858 |
Junior subordinated debt [Member] | ||
Debt Instrument [Line Items] | ||
Junior subordinated debt | 66,497 | 66,497 |
Unrealized gains on trust preferred securities measured at fair value, net | -26,060 | -24,639 |
Junior subordinated debt, at fair value | 40,437 | 41,858 |
Junior subordinated debt [Member] | Bank West Nevada Capital Trust Two [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2033 | |
Junior subordinated debt | 15,464 | 15,464 |
Junior subordinated debt [Member] | Intermountain First Statutory Trust One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2034 | |
Junior subordinated debt | 10,310 | 10,310 |
Junior subordinated debt [Member] | First Independent Capital Trust One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2035 | |
Junior subordinated debt | 7,217 | 7,217 |
Junior subordinated debt [Member] | Statutory Trust One [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2036 | |
Junior subordinated debt | 20,619 | 20,619 |
Junior subordinated debt [Member] | Statutory Trust Two [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2037 | |
Junior subordinated debt | 5,155 | 5,155 |
Junior subordinated debt [Member] | Statutory Trust Three [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2037 | |
Junior subordinated debt | $7,732 | $7,732 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 27, 2011 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Share Price | $25.96 | ||||
Proceeds from Issuance of Common Stock | $14,200,000 | ||||
Offering Costs From Issuance Of Common Stock | 500,000 | ||||
Proceeds from issuance of non-cumulative preferred stock | 141,000,000 | 70,500,000 | 141,000,000 | ||
Preferred stock, shares issued | 141,000 | 141,000 | 141,000 | ||
Par value of per share | $0.00 | $0.00 | $0.00 | ||
Liquidation per share | $1,000 | $1,000 | $1,000 | ||
Dividend rate | 5.00% | 1.00% | |||
Common stock, issued | 88,691,249 | 87,186,403 | |||
Common stock, per value | $0.00 | $0.00 | |||
Common stock, net value | 9,000 | 9,000 | |||
Number of shares authorized for grant | 6,500,000 | ||||
Stock awards grant | 1,900,000 | ||||
Maximum number of shares available for issuance | 2,000,000 | ||||
Maximum number of shares of stock that can be awarded to any person eligible | 300,000 | ||||
Preferred Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Redeemed preference shares | 70,500 | ||||
Restricted stock awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period, years | 3 years | ||||
Nonvested [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested share-based compensation arrangements | 8,400,000 | ||||
Unvested share-based compensation arrangements, weighted average period | 1 year 11 months 15 days | 1 year 9 months 22 days | 1 year 9 months 18 days | ||
Unvested share-based compensation arrangements, intrinsic value | 7,100,000 | 2,800,000 | 900,000 | ||
Unvested share-based compensation arrangements, weighted average value | 13,300,000 | 6,800,000 | 3,800,000 | ||
Unvested share-based compensation arrangements, grant date fair value | $12,200,000 | $6,700,000 | $5,900,000 | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend rate | 1.00% | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Dividend rate | 9.00% |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Option Activity Under Incentive Plan (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding options, beginning of period, Shares | 1,001 |
Granted, Shares | 0 |
Exercised, Shares | -625 |
Forfeited or expired, Shares | -159 |
Outstanding options, end of period, Shares | 217 |
Options exercisable, end of period, Shares | 215 |
Options expected to vest, end of period, Shares | 2 |
Outstanding options, beginning of period, Weighted Average Exercise Price (per share) | $15.49 |
Granted, Weighted Average Exercise Price (per share) | $0 |
Exercised, Weighted Average Exercise Price (per share) | $13.27 |
Forfeited or expired, Weighted Average Exercise Price (per share) | $31.50 |
Outstanding options, end of period, Weighted Average Exercise Price (per share) | $9.70 |
Options exercisable, end of period, Weighted Average Exercise Price (per share) | $9.72 |
Options expected to vest, end of period, Weighted Average Exercise Price (per share) | $7.27 |
Weighted average remaining contractual term, options outstanding | 1 year 15 days |
Options exercisable, end of period, Weighted Average Remaining Contractual Term (in years) | 1 year 18 days |
Options expected to vest, end of period, Weighted Average Remaining Contractual Term (in years) | 26 days |
Outstanding options, end of period, Aggregate Intrinsic Value | $3,926 |
Options exercisable, end of period, Aggregate Intrinsic Value | 3,879 |
Options expected to vest, end of period, Aggregate Intrinsic Value | $185 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Unvested Shares of Restricted Stock and Changes (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Balance, beginning of period, Shares | 1,204 | 1,470 |
Granted, Shares | 508 | 538 |
Vested, Shares | -566 | -524 |
Forfeited, Shares | -96 | -280 |
Balance, end of period, Shares | 1,050 | 1,204 |
Balance, beginning of period, Weighted Average Grant Date Fair Value | $9.71 | $7.32 |
Granted, Weighted Average Grant Date Fair Value | $23.90 | $12.52 |
Vested, Weighted Average Grant Date Fair Value | $9.57 | $6.42 |
Forfeited, Weighted Average Grant Date Fair Value | $15.05 | $8.85 |
Balance, end of period, Weighted Average Grant Date Fair Value | $16.19 | $9.71 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $8,976 | $0 | $0 |
Beginning balance | -21,546 | 8,226 | -4,593 |
Other comprehensive income before reclassifications | 29,683 | -30,520 | 15,340 |
Amounts reclassified from accumulated other comprehensive income | -474 | 748 | -2,521 |
Net other comprehensive income (loss) | 38,185 | -29,772 | 12,819 |
Ending balance | 16,639 | -21,546 | 8,226 |
Unrealized holding gains (losses) on AFS | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 8,976 | ||
Beginning balance | -21,690 | 8,065 | -5,256 |
Other comprehensive income before reclassifications | 29,683 | -30,503 | 15,842 |
Amounts reclassified from accumulated other comprehensive income | -474 | 748 | -2,521 |
Net other comprehensive income (loss) | 38,185 | -29,755 | 13,321 |
Ending balance | 16,495 | -21,690 | 8,065 |
Impairment loss on securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 144 | 144 | 144 |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net other comprehensive income (loss) | 0 | 0 | 0 |
Ending balance | 144 | 144 | 144 |
Unrealized gain on cash flow hedge | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 0 | 17 | 519 |
Other comprehensive income before reclassifications | 0 | -17 | -502 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net other comprehensive income (loss) | 0 | -17 | -502 |
Ending balance | $0 | $0 | $17 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income | ($283) | $447 | ($1,428) |
Amount reclassified from accumulated other comprehensive income | 474 | -748 | 2,521 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income | 474 | -748 | 2,521 |
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 | 757 | -1,195 | 3,949 |
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 | ($283) | $447 | ($1,428) |
Derivatives_and_Hedging_Fair_V
Derivatives and Hedging Fair Value of Derivative Contracts (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $647,703 | $294,997 | $9,410 |
Derivative Asset, Fair Value | 7 | 2,386 | 0 |
Derivative Liability, Fair Value | 57,820 | 788 | 779 |
Notional Amount, Netting Adjustments | 0 | 0 | 0 |
Derivative Netting Adjustments | 0 | 384 | 0 |
Positive NPVs | 7 | 2,002 | 0 |
Negative NPVs | 57,820 | 404 | 779 |
Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 647,703 | 294,997 | 9,410 |
Derivative Asset, Fair Value | 7 | 2,386 | 0 |
Derivative Liability, Fair Value | $57,820 | $788 | $779 |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Anti-dilutive stock options outstanding that were not included in computation of diluted earnings per common share | 1,500 | 163,300 | 1,053,045 | ||||||||
Basic | 86,693,000 | 85,682,000 | 82,285,000 | ||||||||
Dilutive Effect Of Stock Options Restricted Stock And Equity Settled Awards | 813,000 | 859,000 | 627,000 | ||||||||
Diluted | 87,506,000 | 86,541,000 | 82,912,000 | ||||||||
Net income available to common shareholders | $40,080 | $40,566 | $35,186 | $30,732 | $31,062 | $28,242 | $33,719 | $20,532 | $146,564 | $113,555 | $68,846 |
Earnings (loss) per share - basic | $0.46 | $0.47 | $0.41 | $0.35 | $0.36 | $0.33 | $0.39 | $0.24 | $1.69 | $1.33 | $0.84 |
Earnings (loss) per share - diluted | $0.46 | $0.46 | $0.40 | $0.35 | $0.36 | $0.33 | $0.39 | $0.24 | $1.67 | $1.31 | $0.83 |
Derivatives_and_Hedging_PreTax
Derivatives and Hedging Pre-Tax Net Gains (Losses) on Fair Value Hedges (Detail) (Interest Rate Swap [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Gain (Loss) on Derivatives | ($60,377) | $3,308 | ($615) |
Increase (Decrease) to Basis of Hedged Assets | $60,208 | ($3,317) | $559 |
Derivatives_and_Hedging_Larges
Derivatives and Hedging Largest Exposure to Individual Counterparty (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | $7 | $2,002 | $0 |
Largest individual counterparty [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | 7 | 2,378 | |
Collateral posted by this counterparty | 0 | 2,002 | |
Negative derivative NPV with this counterparty | 0 | 376 | |
Collateral pledged to this counterparty | 0 | 0 | |
Net exposure after netting adjustments and collateral | $7 | $0 |
Derivatives_and_Hedging_Additi
Derivatives and Hedging Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | $7,000 | $2,002,000 | $0 |
Negative NPVs | 57,820,000 | 404,000 | 779,000 |
Collateral netted against derivative liabilities | 57,800,000 | 300,000 | 600,000 |
Over collateralization net position | 14,200,000 | ||
Additional collateral held in securities | $72,000,000 |
Income_Taxes_Cumulative_Tax_Ef
Income Taxes - Cumulative Tax Effects of Primary Differences (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Allowance for credit losses | $42,038 | $38,193 |
Allowance for other assets acquired through foreclosure, net | 7,343 | 9,812 |
Net operating loss carry-forwards | 8,453 | 9,801 |
Section 382 limited NUBILs | 3,657 | 3,584 |
Stock based compensation | 4,749 | 6,523 |
Tax credit carryovers | 9,617 | 0 |
Startup costs and other amortization | 5,113 | 5,600 |
Unrealized loss on available for sale securities | 0 | 11,896 |
Fair market value adjustment related to acquired loans | 8,250 | 14,136 |
Other | 8,188 | 9,803 |
Total gross deferred tax assets | 97,408 | 109,348 |
Deferred tax asset valuation allowance | -2,290 | -5,589 |
Total deferred tax assets | 95,118 | 103,759 |
Deferred tax liabilities: | ||
Premises and equipment | -4,049 | -5,142 |
Deferred loan costs | -6,041 | -5,271 |
Unrealized gains on financial instruments measured at fair value | -9,798 | -9,072 |
Unrealized gain on available for sale securities | -9,949 | 0 |
Other | -2,595 | -3,586 |
Total deferred tax liabilities | -32,432 | -23,071 |
Net deferred tax asset | $62,686 | $80,688 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes Charged to Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Current | $55,572 | $43,547 | $4,212 | ||||||||
Deferred | -7,182 | -13,717 | 21,723 | ||||||||
Income tax expense | $14,111 | $12,949 | $10,706 | $10,624 | $3,992 | $10,390 | $7,661 | $7,787 | $48,390 | $29,830 | $25,935 |
Income_Taxes_Reconciliation_be
Income Taxes - Reconciliation between Statutory Federal Income Tax Rate and Company's Effective Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation, Percent | 24.50% | 20.48% | 25.66% | ||||||||
Income tax at statutory rate | $69,125 | $50,979 | $35,372 | ||||||||
Increase (decrease) resulting from: | |||||||||||
State income taxes, net of federal benefits | 4,904 | 3,016 | 1,848 | ||||||||
Bank-owned life insurance | -1,578 | -1,683 | -1,553 | ||||||||
Tax-exempt income | -15,006 | -7,308 | -3,844 | ||||||||
Loss on sale of subsidiaries | 0 | 0 | -2,523 | ||||||||
Deferred tax asset valuation allowance | -2,104 | -2,391 | 383 | ||||||||
Bargain purchase option | 0 | -3,775 | -5,952 | ||||||||
Low income housing tax credits | -3,872 | -2,105 | -784 | ||||||||
Tax benefit related to Western Liberty acquisition | 0 | -3,738 | 0 | ||||||||
Other, net | -3,079 | -3,165 | 2,988 | ||||||||
Income tax expense | $14,111 | $12,949 | $10,706 | $10,624 | $3,992 | $10,390 | $7,661 | $7,787 | $48,390 | $29,830 | $25,935 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Other assets | $126,600,000 | $125,300,000 | |
Other liabilities | 51,400,000 | 66,600,000 | |
Effective Income Tax Rate Reconciliation, Percent | 24.50% | 20.48% | 25.66% |
Decreased deferred tax assets net | -18,000,000 | ||
Recognized net deferred tax asset | 62,686,000 | 80,688,000 | |
Deferred Tax Assets, Valuation Allowance | 2,290,000 | 5,589,000 | |
Deferred tax asset related to federal and state net operating loss carry forwards outstanding | 8,500,000 | 9,100,000 | |
Tax benefits from federal net operating loss carry forwards | 8,500,000 | ||
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 | ||
Centennial Bank [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Tax Credit Carryforward Annual Limitations on Deductions From Taxable Income | $1,600,000 |
Income_Taxes_Impact_of_Adoptio
Income Taxes - Impact of Adoption of New Accounting Pronouncement (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Balance Sheet: | ||||||||||||
Deferred tax assets, net | $62,686,000 | $80,688,000 | $62,686,000 | $80,688,000 | ||||||||
Other assets | 192,769,000 | 185,221,000 | 192,769,000 | 185,221,000 | ||||||||
Stockholders' equity | 1,000,928,000 | 855,498,000 | 1,000,928,000 | 855,498,000 | 759,421,000 | 636,683,000 | ||||||
Consolidated Income Statement: | ||||||||||||
Non-interest income | 8,607,000 | 6,226,000 | 5,773,000 | 4,835,000 | 1,557,000 | 4,129,000 | 11,762,000 | 4,799,000 | 25,441,000 | 22,247,000 | 46,505,000 | |
Income tax expense (benefit) | 14,111,000 | 12,949,000 | 10,706,000 | 10,624,000 | 3,992,000 | 10,390,000 | 7,661,000 | 7,787,000 | 48,390,000 | 29,830,000 | 25,935,000 | |
Income from continuing operations | 40,409,000 | 40,919,000 | 36,042,000 | 31,739,000 | 32,115,000 | 28,623,000 | 34,241,000 | 20,847,000 | 149,109,000 | 115,826,000 | 75,129,000 | |
Net income | 40,409,000 | 40,919,000 | 35,538,000 | 31,085,000 | 31,414,000 | 28,594,000 | 34,072,000 | 20,885,000 | 147,951,000 | 114,965,000 | 72,639,000 | |
Net income available to common shareholders | 40,080,000 | 40,566,000 | 35,186,000 | 30,732,000 | 31,062,000 | 28,242,000 | 33,719,000 | 20,532,000 | 146,564,000 | 113,555,000 | 68,846,000 | |
Basic | $1.70 | $1.34 | $0.87 | |||||||||
Diluted | $1.69 | $1.32 | $0.86 | |||||||||
Amortization of Low Income Housing Tax Credits | 10,600,000 | 5,900,000 | 1,900,000 | |||||||||
Accounting Standards Update 2014-01 [Member] | ||||||||||||
Consolidated Income Statement: | ||||||||||||
Non-interest income | 22,247,000 | 46,505,000 | ||||||||||
Income tax expense (benefit) | 29,830,000 | 25,935,000 | ||||||||||
Income from continuing operations | 115,826,000 | 75,129,000 | ||||||||||
Net income | 114,965,000 | 72,639,000 | ||||||||||
Net income available to common shareholders | 113,555,000 | 68,846,000 | ||||||||||
Basic | $1.33 | $0.84 | ||||||||||
Diluted | $1.31 | $0.83 | ||||||||||
Cumulative effect to stockholders' equity | 200,000 | 200,000 | -200,000 | |||||||||
Accounting Standards Update 2014-01 [Member] | As previously reported [Member] | ||||||||||||
Consolidated Balance Sheet: | ||||||||||||
Deferred tax assets, net | 79,374,000 | 79,374,000 | ||||||||||
Other assets | 186,288,000 | 186,288,000 | ||||||||||
Stockholders' equity | 855,251,000 | 855,251,000 | ||||||||||
Consolidated Income Statement: | ||||||||||||
Non-interest income | 17,229,000 | 44,726,000 | ||||||||||
Income tax expense (benefit) | 25,254,000 | 23,961,000 | ||||||||||
Income from continuing operations | 115,384,000 | 75,324,000 | ||||||||||
Net income | 114,523,000 | 72,834,000 | ||||||||||
Net income available to common shareholders | 113,113,000 | 69,041,000 | ||||||||||
Basic | $1.32 | $0.84 | ||||||||||
Diluted | $1.31 | $0.83 | ||||||||||
Accounting Standards Update 2014-01 [Member] | Scenario, Adjustment [Member] | ||||||||||||
Consolidated Balance Sheet: | ||||||||||||
Deferred tax assets, net | 80,688,000 | 80,688,000 | ||||||||||
Other assets | 185,221,000 | 185,221,000 | ||||||||||
Stockholders' equity | $855,498,000 | $855,498,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||
Letters of credit expiration period | 1 year | |
Loss contingency for unfunded loan commitments | $2.10 | $2 |
Percentage of first liens initial loan to value ratio | 75.00% | 75.00% |
Percent of commercial real estate loans owner occupied | 46.00% | |
Total loans unsecured | ||
Qualifying Employee Termination Annual Base Salary Multiplier (percentage) | 200.00% | |
Qualifying Employee Termination Annual Bonus Multiplier (percentage) | 200.00% | |
Qualifying Employee Termination Period For Health Premium Reimbursement | 24 months | |
Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | ||
Loss Contingencies [Line Items] | ||
Percent of commercial real estate related loans | 54.00% | 58.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Commitments [Line Items] | ||
Total amount | $2,256,117 | $1,943,243 |
Standby letters of credit [Member] | ||
Other Commitments [Line Items] | ||
Total amount | 49,556 | 31,271 |
Unsecured Letters Of Credit | 4,896 | |
Credit card guarantees [Member] | ||
Other Commitments [Line Items] | ||
Total amount | 42,038 | 33,632 |
Commitments to extend credit [Member] | ||
Other Commitments [Line Items] | ||
Total amount | 2,164,523 | 1,878,340 |
Unsecured Loan Commitments | $237,063 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Contractual Commitments for Lines and Letters of Credit by Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | $2,256,117 | $1,943,243 |
Amount of Commitment Expiration Per Period, Less than one year | 886,278 | |
Amount of Commitment Expiration Per Period, 1-3 Years | 807,649 | |
Amount of Commitment Expiration Per Period, 3-5 Years | 270,893 | |
Amount of Commitment Expiration Per Period, After 5 Years | 291,297 | |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | 2,164,523 | 1,878,340 |
Amount of Commitment Expiration Per Period, Less than one year | 811,800 | |
Amount of Commitment Expiration Per Period, 1-3 Years | 794,270 | |
Amount of Commitment Expiration Per Period, 3-5 Years | 267,156 | |
Amount of Commitment Expiration Per Period, After 5 Years | 291,297 | |
Credit card guarantees [Member] | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | 42,038 | 33,632 |
Amount of Commitment Expiration Per Period, Less than one year | 42,038 | |
Amount of Commitment Expiration Per Period, 1-3 Years | 0 | |
Amount of Commitment Expiration Per Period, 3-5 Years | 0 | |
Amount of Commitment Expiration Per Period, After 5 Years | 0 | |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | 49,556 | 31,271 |
Amount of Commitment Expiration Per Period, Less than one year | 32,440 | |
Amount of Commitment Expiration Per Period, 1-3 Years | 13,379 | |
Amount of Commitment Expiration Per Period, 3-5 Years | 3,737 | |
Amount of Commitment Expiration Per Period, After 5 Years | $0 |
Commitments_and_Contingencies_4
Commitments and Contingencies Concentration of Lending Activities (Details) | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | |
Percent of commercial real estate loans owner occupied | 46.00% |
Fair_Value_Accounting_Gains_an
Fair Value Accounting - Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | $1,380 | ($5,900) |
Interest Income on Securities | 7 | 6 |
Interest Expense on Junior Subordinated Debt | -1,754 | -1,823 |
Total Changes Included in Current-Period Earnings | -367 | -7,717 |
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 | -41 | -260 |
Interest Income on Securities | 7 | 6 |
Interest Expense on Junior Subordinated Debt | 0 | 0 |
Total Changes Included in Current-Period Earnings | -34 | -254 |
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 | 1,421 | -5,640 |
Interest Income on Securities | 0 | 0 |
Interest Expense on Junior Subordinated Debt | -1,754 | -1,823 |
Total Changes Included in Current-Period Earnings | ($333) | ($7,463) |
Fair_Value_Accounting_Fair_Val
Fair Value Accounting - Fair Value of Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities measured at fair value | $1,858 | $3,036 | |
Securities available for sale | 1,520,237 | 1,370,696 | |
Derivative Liability | 57,820 | 404 | 779 |
Derivative Asset | 7 | 2,002 | 0 |
Subordinated Debt Obligations, Fair Value Disclosure | 40,437 | 41,858 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,520,237 | 1,370,696 | |
Derivative Liability | 57,820 | 404 | |
Derivative Asset | 7 | 2,002 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 144,646 | 121,298 | |
Derivative Liability | 0 | 0 | |
Derivative Asset | 0 | 0 | |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 1,364,146 | 1,249,398 | |
Derivative Liability | 57,820 | 404 | |
Derivative Asset | 7 | 2,002 | |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 11,445 | 0 | |
Derivative Liability | 0 | 0 | |
Derivative Asset | 0 | 0 | |
Subordinated Debt Obligations, Fair Value Disclosure | 40,437 | 41,858 | |
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities measured at fair value | 1,858 | 3,036 | |
Securities available for sale | 891,189 | 1,021,421 | |
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | 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 mortgage-backed securities issued by GSEs | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities measured at fair value | 1,858 | 3,036 | |
Securities available for sale | 891,189 | 1,021,421 | |
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | 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] | Private label residential mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 70,243 | 36,099 | |
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed 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] | Private label residential mortgage-backed securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 70,243 | 36,099 | |
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed 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] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,147 | ||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [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 Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 2,147 | ||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [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] | U.S. Government-sponsored agency securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 18,346 | 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 | 18,346 | 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 | 52,489 | 115,665 | |
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 | 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 | 52,489 | 115,665 | |
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 | 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 | 299,037 | ||
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 | ||
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 | 299,037 | ||
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 | ||
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 | 82,612 | 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 | 82,612 | 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 | 37,702 | 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 | 37,702 | 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] | CRA investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 24,332 | ||
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 | 24,332 | 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 | 11,445 | ||
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 | 0 | ||
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 | 11,445 | ||
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 | 25,546 | 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 | 25,546 | 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] | Private label commercial mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,149 | 5,433 | |
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed 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] | Private label commercial mortgage-backed securities [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities available for sale | 5,149 | 5,433 | |
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed 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_Accounting_Change_i
Fair Value Accounting - Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets acquired through foreclosure, net | $57,150 | $66,719 | $77,247 | $89,104 |
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 | 1,380 | -5,900 | ||
Junior subordinated debt | 40,437 | 41,858 | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 1,520,237 | 1,370,696 | ||
Junior subordinated debt [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Junior subordinated debt, Input Value | 6.24% | 5.86% | ||
Junior subordinated debt [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Junior subordinated debt | 40,437 | 41,858 | ||
Junior subordinated debt, Valuation Technique | Discounted cash flow | Discounted cash flow | ||
Junior subordinated debt, Significant Unobservable Inputs | Adjusted Corporate Bond over Treasury Index with comparable credit spread | Adjusted Corporate Bond over Treasury Index with comparable credit spread | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other assets acquired through foreclosure, net | 57,150 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 1,520,237 | 1,370,696 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Junior subordinated debt | 40,437 | 41,858 | ||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 11,445 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Junior subordinated debt [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Opening balance | -41,858 | -36,218 | ||
Included in earnings (or changes in net assets) | 1,421 | -5,640 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | ||
Closing balance | -40,437 | -41,858 | ||
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 | 1,421 | -5,640 | ||
Available-for-sale Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Junior subordinated debt, Valuation Technique | S&P Model | |||
Junior subordinated debt, Significant Unobservable Inputs | Pricing indications from comparable securities | |||
Investment securities - AFS, at fair value; amortized cost of $1,493,648 at December 31, 2014 and $1,404,048 at December 31, 2013 | 11,445 | |||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | -11,445 | 0 | ||
Included in earnings (or changes in net assets) | 0 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Gain (Loss) Included in Other Comprehensive Income (Loss) | 5,202 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 6,243 | |||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $0 |
Fair_Value_Accounting_Assets_M
Fair Value Accounting - Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | Dec. 31, 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 (1) | $124,928 | $25,754 |
Impaired loans without specific valuation allowance | 41,822 | 152,623 |
Other assets acquired through foreclosure | 57,100 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans with an allowance recorded (1) | 124,900 | 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 (1) | 114,163 | 20,474 |
Impaired loans without specific valuation allowance | 38,019 | 95,695 |
Other assets acquired through foreclosure | 57,150 | 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 (1) | 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 (1) | 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 (1) | 114,163 | 20,474 |
Impaired loans without specific valuation allowance | 38,019 | 95,695 |
Other assets acquired through foreclosure | $57,150 | $66,719 |
Fair_Value_Accounting_Debt_Sec
Fair Value Accounting - Debt Security Credit Losses Recognized in Other Comprehensive Income/Earnings (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financial assets | |||
HTM | $0 | $283,006 | |
Securities available for sale | 1,520,237 | 1,370,696 | |
Securities measured at fair value | 1,858 | 3,036 | |
Derivative Asset | 7 | 2,002 | 0 |
Loans, net | 8,288,049 | 6,701,365 | |
Financial liabilities | |||
Deposits | 8,931,043 | 7,838,205 | |
Customer repurchases | 54,899 | 71,192 | |
FHLB and FRB advances | 96,987 | 25,906 | |
Junior subordinated debt | 40,437 | 41,858 | |
Derivative Liability | 57,820 | 404 | 779 |
Fair Value, Measurements, Recurring [Member] | |||
Financial assets | |||
Securities available for sale | 1,520,237 | 1,370,696 | |
Derivative Asset | 7 | 2,002 | |
Financial liabilities | |||
Derivative Liability | 57,820 | 404 | |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||
Financial assets | |||
Securities available for sale | 144,646 | 121,298 | |
Derivative Asset | 0 | 0 | |
Financial liabilities | |||
Junior subordinated debt | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||
Financial assets | |||
Securities available for sale | 1,364,146 | 1,249,398 | |
Derivative Asset | 7 | 2,002 | |
Financial liabilities | |||
Junior subordinated debt | 0 | 0 | |
Derivative Liability | 57,820 | 404 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||
Financial assets | |||
Securities available for sale | 11,445 | 0 | |
Derivative Asset | 0 | 0 | |
Financial liabilities | |||
Junior subordinated debt | 40,437 | 41,858 | |
Derivative Liability | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | |||
Financial assets | |||
HTM | 283,006 | ||
Securities available for sale | 1,520,237 | 1,370,696 | |
Securities measured at fair value | 1,858 | 3,036 | |
Derivative Asset | 7 | 2,002 | |
Loans, net | 8,288,049 | 6,701,365 | |
Accrued Investment Income Receivable | 36,705 | 28,591 | |
Financial liabilities | |||
Deposits | 8,931,043 | 7,838,205 | |
Customer repurchases | 54,899 | 71,192 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 307,081 | 273,879 | |
Other borrowed funds | 83,182 | 341,096 | |
Junior subordinated debt | 40,437 | 41,858 | |
Derivative Liability | 57,820 | 404 | |
Interest Payable, Current | 9,890 | 4,920 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||
Financial assets | |||
HTM | 281,704 | ||
Securities available for sale | 1,520,237 | 1,370,696 | |
Securities measured at fair value | 1,858 | 3,036 | |
Derivative Asset | 7 | 2,002 | |
Loans, net | 8,136,874 | 6,207,131 | |
Accrued Investment Income Receivable | 36,705 | 28,591 | |
Financial liabilities | |||
Deposits | 8,935,566 | 7,842,014 | |
Customer repurchases | 54,899 | 71,192 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 307,081 | 273,879 | |
Other borrowed funds | 86,074 | 74,475 | |
Junior subordinated debt | 40,437 | 41,858 | |
Derivative Liability | 57,820 | 404 | |
Interest Payable, Current | 9,890 | 4,920 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | |||
Financial assets | |||
HTM | 22,200 | ||
Securities available for sale | 144,646 | 121,298 | |
Securities measured at fair value | 0 | 0 | |
Derivative Asset | 0 | 0 | |
Loans, net | 0 | 0 | |
Accrued Investment Income Receivable | 0 | 0 | |
Financial liabilities | |||
Deposits | 0 | 0 | |
Customer repurchases | 0 | 0 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |
Other borrowed funds | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Derivative Liability | 0 | 0 | |
Interest Payable, Current | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | |||
Financial assets | |||
HTM | 259,496 | ||
Securities available for sale | 1,364,146 | 1,249,398 | |
Securities measured at fair value | 1,858 | 3,036 | |
Derivative Asset | 7 | 2,002 | |
Loans, net | 7,984,692 | 6,090,962 | |
Accrued Investment Income Receivable | 36,705 | 28,591 | |
Financial liabilities | |||
Deposits | 8,935,566 | 7,842,014 | |
Customer repurchases | 54,899 | 71,192 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 307,081 | 273,879 | |
Other borrowed funds | 25,000 | 3,000 | |
Junior subordinated debt | 0 | 0 | |
Derivative Liability | 57,820 | 404 | |
Interest Payable, Current | 9,890 | 4,920 | |
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | |||
Financial assets | |||
HTM | 8 | ||
Securities available for sale | 11,445 | 0 | |
Securities measured at fair value | 0 | 0 | |
Derivative Asset | 0 | 0 | |
Loans, net | 152,182 | 116,169 | |
Accrued Investment Income Receivable | 0 | 0 | |
Financial liabilities | |||
Deposits | 0 | 0 | |
Customer repurchases | 0 | 0 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |
Other borrowed funds | 61,074 | 71,475 | |
Junior subordinated debt | 40,437 | 41,858 | |
Derivative Liability | 0 | 0 | |
Interest Payable, Current | $0 | $0 |
Fair_Value_Accounting_Addition
Fair Value Accounting - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aggregate carrying amount of impaired loans | 124,928 | 25,754 | ||
Impaired loans with an allowance recorded | 10,765 | 5,280 | ||
Repossessed Assets | 57,150 | 66,719 | 77,247 | 89,104 |
Other assets acquired through foreclosure | 57,100 | |||
Collateralized debt obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities contained credit losses | 0 | 0 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aggregate carrying amount of impaired loans | 124,900 | 25,800 | ||
Impaired loans with an allowance recorded | 10,800 | 5,300 | ||
Junior subordinated debt [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Junior subordinated debt, Input Value | 6.24% | 5.86% | ||
Debt instrument, basis point spread | 6.00% | 5.62% | ||
Period of basis point spread | 3 months | 3 months | ||
Percentage of LIBOR | 0.26% | 0.25% | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aggregate carrying amount of impaired loans | 114,163 | 20,474 | ||
Repossessed Assets | 57,150 | |||
Other assets acquired through foreclosure | 57,150 | 66,719 | ||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aggregate carrying amount of impaired loans | 114,163 | 20,474 | ||
Other assets acquired through foreclosure | 57,150 | 66,719 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements - Summary of Actual Capital Amount and Ratio (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | |
Tier 1 Capital Ratio | 4.00% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | |
Tier 1 Leverage Ratio | 4.00% | |
Consolidated Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital | $1,119,618 | $991,461 |
Tier 1 Capital | 1,007,278 | 891,232 |
Risk-Weighted Assets | 9,555,390 | 8,016,500 |
Tangible Average Assets | 10,367,575 | 9,060,995 |
Capital to Risk Weighted Assets | 11.70% | 12.40% |
Tier One Risk Based Capital to Risk Weighted Assets | 10.50% | 11.10% |
Tier One Leverage Capital to Average Assets | 9.70% | 9.80% |
Bank of Nevada [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital | 931,564 | |
Tier 1 Capital | 834,560 | |
Risk-Weighted Assets | 7,931,887 | |
Tangible Average Assets | 8,832,546 | |
Capital to Risk Weighted Assets | 11.70% | |
Tier One Risk Based Capital to Risk Weighted Assets | 10.50% | |
Tier One Leverage Capital to Average Assets | 9.50% | |
Western Alliance Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital | 1,057,253 | |
Tier 1 Capital | 945,687 | |
Risk-Weighted Assets | 9,435,459 | |
Tangible Average Assets | $10,232,297 | |
Capital to Risk Weighted Assets | 11.20% | 10.00% |
Tier One Risk Based Capital to Risk Weighted Assets | 10.00% | 6.00% |
Tier One Leverage Capital to Average Assets | 9.20% | 5.00% |
Torrey Pines Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital to Risk Weighted Assets | 8.00% | |
Tier One Risk Based Capital to Risk Weighted Assets | 4.00% | |
Tier One Leverage Capital to Average Assets | 4.00% |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefit Plans [Line Items] | |||
Maximum contribution by participants | $17,500 | ||
Participants age to contribute to plan | 50 years | ||
Percentage of discretionary deferred compensation to the plan | 50.00% | ||
Initial percentage of discretionary deferred compensation to the plan | 6.00% | ||
Company's contribution to the plan | 1,700,000 | 1,700,000 | 1,400,000 |
Restoration plan [Member] | |||
Employee Benefit Plans [Line Items] | |||
Company's contribution to the plan | $77,000 | $64,000 | $43,000 |
Minimum | |||
Employee Benefit Plans [Line Items] | |||
Percentage of contribution by participants | 1.00% | ||
Maximum | |||
Employee Benefit Plans [Line Items] | |||
Percentage of contribution by participants | 15.00% |
Mergers_Acquisitions_and_Dispo2
Mergers, Acquisitions and Dispositions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 17, 2012 | Oct. 31, 2012 | Apr. 30, 2013 | Sep. 30, 2013 | |
Subsidiary | Subsidiary | ||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||||||
Number of wholly-owned subsidiaries | 8 | ||||||
Acquisition related expenses | $3,100,000 | ||||||
Bargain purchase gain | 0 | 10,044,000 | 17,562,000 | ||||
Accretion and amortization of fair market value adjustments due to acquisitions | 12,858,000 | 1,785,000 | |||||
Goodwill and intangible impairment | 0 | 0 | 3,435,000 | ||||
Sale of minority interest in Miller/Russell & Associates, Inc. | 0 | 0 | 892,000 | ||||
Western Liberty Bancorp [Member] | |||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||||||
Number of wholly-owned subsidiaries | 2,000,000 | ||||||
Exchange price per share in acquisition | $4.02 | ||||||
Exchange ratio of shares in acquisition | 0.4341 | ||||||
Payment to acquire business | 27,500,000 | ||||||
Acquisition of common stock | 2,966,236 | ||||||
Combined assets | 3,090,000,000 | ||||||
Combined deposits | 2,550,000,000 | ||||||
Acquisition related expenses | 400,000 | 700,000 | |||||
Bargain purchase gain | 17,562,000 | 17,562,000 | |||||
Shine Investment Advisory Services [Member] | |||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||||||
Percentage of ownership interest sold | 80.00% | ||||||
Centennial [Member] | |||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||||||
Merger related expenses | 2,700,000 | ||||||
Payment to acquire business | 57,500,000 | ||||||
Combined assets | 3,160,000,000 | ||||||
Combined deposits | 2,760,000,000 | ||||||
Acquisition related expenses | 1,000,000 | 1,000,000 | |||||
Bargain purchase gain | 10,044,000 | 10,044,000 | 10,044,000 | ||||
Loans receivable not acquired in business acquisition | 12,700,000 | ||||||
Miller Russell [Member] | |||||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | |||||||
Sale of minority interest | 1,600,000 | ||||||
Sale of minority interest in Miller/Russell & Associates, Inc. | $800,000 |
Mergers_Acquisitions_and_Dispo3
Mergers, Acquisitions and Dispositions - Schedule of Recognized Amounts of Identifiable Assets and Liabilities Assumed (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Oct. 17, 2012 | ||
Liabilities | ||||||
Bargain purchase gain | $0 | $10,044,000 | $17,562,000 | |||
Net cash acquired | 0 | 21,204,000 | 51,209,000 | |||
Centennial [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 70,349,000 | [1] | ||||
Federal funds sold | 8,355,000 | [1] | ||||
Investment securities | 26,014,000 | |||||
Loans | 351,474,000 | |||||
Deferred tax assets, net | 21,666,000 | |||||
Premises and equipment | 44,000 | |||||
Other assets acquired through foreclosure | 5,622,000 | |||||
Other assets | 6,007,000 | |||||
Total assets | 489,531,000 | |||||
Liabilities | ||||||
Deposits | 338,811,000 | |||||
FHLB advances | 79,943,000 | |||||
Other liabilities | 3,233,000 | |||||
Total liabilities | 421,987,000 | |||||
Net assets acquired | 67,544,000 | |||||
Consideration paid | 57,500,000 | |||||
Bargain purchase gain | 10,044,000 | 10,044,000 | 10,044,000 | |||
Payment to acquire business | 57,500,000 | |||||
Net cash acquired | 21,200,000 | |||||
Western Liberty Bancorp [Member] | ||||||
Assets | ||||||
Cash and cash equivalents | 76,692,000 | |||||
Certificates of deposit | 1,988,000 | |||||
Investment securities | 446,000 | |||||
Loans | 90,747,000 | |||||
Federal Home Loan bank stock | 493,000 | |||||
Deferred tax assets, net | 17,446,000 | |||||
Premises and equipment | 19,000 | |||||
Other assets acquired through foreclosure | 5,094,000 | |||||
Identified intangible assets | 1,578,000 | |||||
Other assets | 949,000 | |||||
Total assets | 195,452,000 | |||||
Liabilities | ||||||
Deposits | 117,191,000 | |||||
Other liabilities | 1,252,000 | |||||
Total liabilities | 118,443,000 | |||||
Net assets acquired | 77,009,000 | |||||
Consideration paid | 59,447,000 | |||||
Bargain purchase gain | 17,562,000 | 17,562,000 | ||||
Payment to acquire business | 27,500,000 | |||||
Net cash acquired | $51,200,000 | |||||
[1] | Cash acquired, less cash consideration paid of $57.5 million, resulted in net cash and cash equivalents increasing by $21.2 million following the acquisition. |
Mergers_Acquisitions_and_Dispo4
Mergers, Acquisitions and Dispositions - Summary of Business Acquisition Pro-forma Information as Results of Operations (Detail) (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Interest income | $325,761 | [1] | $335,784 | [1] |
Non-interest income | 7,310 | [2] | 29,214 | [2] |
Net income | $98,751 | [3] | $52,085 | [3] |
Earnings per share-basic | $1.15 | $0.63 | ||
Earnings per share-diluted | $1.14 | $0.63 | ||
[1] | Excludes accretion (or amortization) of fair market value adjustments for loans, deposits and FHLB advances of $12.9 million and $1.8 million for the years ended December 31, 2013 and 2012, respectively | |||
[2] | Excludes accretion (or amortization) of fair market value adjustments for loans, deposits and FHLB advance | |||
[3] | Excludes merger / restructure related costs incurred by the Company of $3.1 million for the year ended December 31, 2013 and Centennial of $1.0 million for the year ended December 31, 2013 items 1 & 2 noted above as well as related tax effects |
Mergers_Acquisitions_and_Dispo5
Mergers, Acquisitions and Dispositions - Summary of Business Acquisition Pro-forma Information as Results of Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||
Bargain purchase gain | $0 | $10,044 | $17,562 |
Mergers_Acquisitions_and_Dispo6
Mergers, Acquisitions and Dispositions - Summary of Operating Results of Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net loss | $0 | $0 | ($504) | ($654) | ($701) | ($29) | ($169) | $38 | ($1,158) | ($861) | ($2,490) |
PartnersFirst [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Affinity card revenue | -358 | 3,345 | 1,248 | ||||||||
Non-interest expenses | -1,369 | -4,855 | -5,541 | ||||||||
Loss before income taxes | -1,727 | -1,510 | -4,293 | ||||||||
Income tax benefit | -569 | -649 | -1,803 | ||||||||
Net loss | ($1,158) | ($861) | ($2,490) |
Parent_Company_Financial_Infor2
Parent Company Financial Information - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
ASSETS: | ||||
Cash and cash equivalents | $164,396 | $305,514 | $204,625 | $154,995 |
Money Market Funds, at Carrying Value | 451 | 2,632 | ||
Securities available for sale | 1,520,237 | 1,370,696 | ||
Loans, net of deferred loan fees and costs | 8,398,265 | 6,801,415 | ||
Repossessed Assets | 57,150 | 66,719 | 77,247 | 89,104 |
Other assets | 192,769 | 185,221 | ||
Total assets | 10,600,498 | 9,307,342 | ||
Other borrowings | 390,263 | 341,096 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Total liabilities | 9,599,570 | 8,451,844 | ||
Total stockholders' equity | 1,000,928 | 855,498 | 759,421 | 636,683 |
Total liabilities and stockholders' equity | 10,600,498 | 9,307,342 | ||
Consolidated Company [Member] | ||||
ASSETS: | ||||
Cash and cash equivalents | 11,855 | 7,128 | 15,712 | 13,047 |
Money Market Funds, at Carrying Value | 451 | 2,632 | ||
Securities available for sale | 51,335 | 33,005 | ||
Investment in subsidiaries | 997,709 | 863,712 | ||
Loans, net of deferred loan fees and costs | 39,221 | 47,239 | ||
Repossessed Assets | 16,318 | 25,168 | ||
Other assets | 9,912 | 14,730 | ||
Total assets | 1,126,801 | 993,614 | ||
Other borrowings | 83,182 | 67,217 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Accrued interest and other liabilities | 2,254 | 29,041 | ||
Junior subordinated debt | 40,437 | 41,858 | ||
Total liabilities | 125,873 | 138,116 | ||
Total stockholders' equity | 855,498 | |||
Total liabilities and stockholders' equity | $1,126,801 | $993,614 |
Parent_Company_Financial_Infor3
Parent Company Financial Information - Condensed Income Statements (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Non-interest income | $8,607 | $6,226 | $5,773 | $4,835 | $1,557 | $4,129 | $11,762 | $4,799 | $25,441 | $22,247 | $46,505 |
Expenses: | |||||||||||
Interest expense | 8,006 | 7,481 | 8,075 | 7,924 | 7,601 | 8,121 | 7,133 | 6,905 | 31,486 | 29,760 | 28,032 |
Non-interest expense | 55,932 | 50,012 | 52,416 | 49,749 | 51,131 | 49,675 | 48,531 | 46,929 | 208,109 | 196,266 | 188,860 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 54,520 | 53,868 | 46,748 | 42,363 | 36,107 | 39,013 | 41,902 | 28,634 | 197,499 | 145,656 | 101,064 |
Income tax benefit (expense) | -14,111 | -12,949 | -10,706 | -10,624 | -3,992 | -10,390 | -7,661 | -7,787 | -48,390 | -29,830 | -25,935 |
Net income | 40,409 | 40,919 | 35,538 | 31,085 | 31,414 | 28,594 | 34,072 | 20,885 | 147,951 | 114,965 | 72,639 |
Dividends on preferred stock | 329 | 353 | 352 | 353 | 352 | 352 | 353 | 353 | 1,387 | 1,410 | 3,793 |
Net income available to common shareholders | 40,080 | 40,566 | 35,186 | 30,732 | 31,062 | 28,242 | 33,719 | 20,532 | 146,564 | 113,555 | 68,846 |
Consolidated Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 67,515 | 71,529 | 18,499 | ||||||||
Interest income | 4,381 | 2,847 | 2,105 | ||||||||
Non-interest income | 1,737 | 3,995 | 27,563 | ||||||||
Total income | 73,633 | 78,371 | 48,167 | ||||||||
Expenses: | |||||||||||
Interest expense | 8,776 | 10,833 | 10,522 | ||||||||
Non-interest expense | 10,850 | 32,001 | 30,064 | ||||||||
Total expense | 19,626 | 42,834 | 40,586 | ||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 54,007 | 35,537 | 7,581 | ||||||||
Income tax benefit (expense) | 5,388 | 21,426 | 11,353 | ||||||||
Income before equity in undistributed earnings of subsidiaries | 59,395 | 56,963 | 18,934 | ||||||||
Equity in undistributed earnings of subsidiaries | 88,556 | 58,002 | 53,705 | ||||||||
Net income | 147,951 | 114,965 | 72,639 | ||||||||
Dividends on preferred stock | 1,387 | 1,410 | 3,793 | ||||||||
Net income available to common shareholders | $146,564 | $113,555 | $68,846 |
Parent_Company_Financial_Infor4
Parent Company Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $147,951 | $114,965 | $72,639 |
Adjustments to reconcile net income (loss) to net cash used in (provided by) operating activities: | |||
Excess tax benefit of stock-based compensation | -4,194 | -1,552 | -293 |
Extinguishment of debt | 502 | 1,387 | 0 |
Net cash provided by operating activities | 163,289 | 165,049 | 160,554 |
Cash flows from investing activities: | |||
Principal pay downs, calls, maturities, and sales proceeds of securities, net | 1,144 | 1,881 | 1,355 |
Loan fundings and principal collections, net | -1,560,633 | -728,793 | -915,689 |
Proceeds from Sale (Payments to Purchase) Investment In Money Market | 2,181 | -1,968 | 6,679 |
Net cash used in investing activities | -1,386,013 | -1,173,342 | -585,108 |
Cash flows from financing activities: | |||
Excess tax benefit of stock-based compensation | 4,194 | 1,552 | 293 |
Proceeds from Issuance of Common Stock | 13,746 | 0 | 0 |
Proceeds from exercise of stock options | 8,294 | 4,595 | 2,802 |
Net cash provided by financing activities | 1,081,606 | 1,109,182 | 474,184 |
Increase (decrease) in cash and cash equivalents | -141,118 | 100,889 | 49,630 |
Cash and cash equivalents at beginning of year | 305,514 | 204,625 | 154,995 |
Cash and cash equivalents at end of year | 164,396 | 305,514 | 204,625 |
Cash paid during the period for: | |||
Interest | 26,516 | 28,613 | 28,953 |
Income taxes paid | 35,556 | 19,105 | 1,740 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | 29,209 | -29,755 | 13,321 |
Consolidated Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 147,951 | 114,965 | 72,639 |
Adjustments to reconcile net income (loss) to net cash used in (provided by) operating activities: | |||
Equity in net undistributed earnings of subsidiaries | -88,556 | -58,002 | -53,705 |
Excess tax benefit of stock-based compensation | -4,194 | -1,552 | 0 |
Junior subordinated debt change in fair value | -1,421 | 5,640 | -767 |
Extinguishment of debt | 502 | 1,387 | 0 |
Other operating activities, net | -20,040 | -4,011 | 835 |
Net cash provided by operating activities | 34,242 | 58,427 | 19,002 |
Cash flows from investing activities: | |||
Purchases of securities | -23,431 | -2,044 | -26,765 |
Principal pay downs, calls, maturities, and sales proceeds of securities, net | 8,376 | 6,767 | 13,622 |
Proceeds from sale of other repossessed assets, net | 9,610 | 9,844 | 4,146 |
Purchase of other repossessed assets, net | 0 | 0 | -1,640 |
Capital contributions to subsidiaries | 0 | -40,000 | 0 |
Loan fundings and principal collections, net | 3,286 | -35,979 | -12,665 |
Proceeds from Sale (Payments to Purchase) Investment In Money Market | 2,181 | -1,968 | 6,679 |
Sale (purchase) of premises, equipment, and other assets, net | 617 | -481 | -23 |
Proceeds from business divestitures | 0 | 0 | 1,300 |
Net cash used in investing activities | 639 | -63,861 | -15,346 |
Cash flows from financing activities: | |||
Proceeds from other borrowings | 22,000 | 3,000 | 0 |
Excess tax benefit of stock-based compensation | 4,194 | 1,552 | 0 |
Repayments on other borrowings | -6,501 | -10,887 | 0 |
Proceeds from Issuance of Common Stock | 13,746 | 0 | 0 |
Proceeds from exercise of stock options | 8,294 | 4,595 | 2,802 |
Redemption of preferred stock | -70,500 | 0 | 0 |
Cash dividends paid on preferred stock | -1,387 | -1,410 | -3,793 |
Net cash provided by financing activities | -30,154 | -3,150 | -991 |
Increase (decrease) in cash and cash equivalents | 4,727 | -8,584 | 2,665 |
Cash and cash equivalents at beginning of year | 7,128 | 15,712 | 13,047 |
Cash and cash equivalents at end of year | 11,855 | 7,128 | 15,712 |
Cash paid during the period for: | |||
Interest | 9,067 | 11,091 | 10,541 |
Income taxes paid | 32,238 | ||
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | $2,031 | $2,450 | ($770) |
Segments_Operating_Segment_Inf
Segments - Operating Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Operating Statistics [Line Items] | |||||||||||||
Assets | $10,600,498,000 | $9,307,342,000 | $10,600,498,000 | $9,307,342,000 | |||||||||
Cash, Cash Equivalents and Investment Securities | 1,712,200,000 | 1,712,200,000 | |||||||||||
Loans, net of deferred loan fees and costs | 8,398,265,000 | 6,801,415,000 | 8,398,265,000 | 6,801,415,000 | |||||||||
Less: Allowance for credit losses | -110,216,000 | -100,050,000 | -110,216,000 | -100,050,000 | |||||||||
Total loans held for investment | 8,288,049,000 | 6,701,365,000 | 8,288,049,000 | 6,701,365,000 | |||||||||
Intangible Assets, Net (Including Goodwill) | 25,900,000 | 25,900,000 | |||||||||||
Other Assets Segment | 517,200,000 | 517,200,000 | |||||||||||
Deposits | 8,931,043,000 | 7,838,205,000 | 8,931,043,000 | 7,838,205,000 | |||||||||
Stockholders' equity | 1,000,928,000 | 855,498,000 | 1,000,928,000 | 855,498,000 | 759,421,000 | 636,683,000 | |||||||
Net interest income | 102,145,000 | 98,073,000 | 93,898,000 | 90,777,000 | 89,981,000 | 84,559,000 | 82,152,000 | 76,203,000 | 384,893,000 | 332,895,000 | 290,263,000 | ||
Provision for Loan, Lease, and Other Losses | 300,000 | 419,000 | 507,000 | 3,500,000 | 4,300,000 | 0 | 3,481,000 | 5,439,000 | 4,726,000 | 13,220,000 | 46,844,000 | ||
Net interest income (loss) after provision for credit losses | 101,845,000 | 97,654,000 | 93,391,000 | 87,277,000 | 85,681,000 | 84,559,000 | 78,671,000 | 70,764,000 | 380,167,000 | 319,675,000 | 243,419,000 | ||
Non-interest income | 8,607,000 | 6,226,000 | 5,773,000 | 4,835,000 | 1,557,000 | 4,129,000 | 11,762,000 | 4,799,000 | 25,441,000 | 22,247,000 | 46,505,000 | ||
Non-interest expense | -55,932,000 | -50,012,000 | -52,416,000 | -49,749,000 | -51,131,000 | -49,675,000 | -48,531,000 | -46,929,000 | -208,109,000 | -196,266,000 | -188,860,000 | ||
Income from continuing operations before income taxes | 54,520,000 | 53,868,000 | 46,748,000 | 42,363,000 | 36,107,000 | 39,013,000 | 41,902,000 | 28,634,000 | 197,499,000 | 145,656,000 | 101,064,000 | ||
Income tax expense (benefit) | 14,111,000 | 12,949,000 | 10,706,000 | 10,624,000 | 3,992,000 | 10,390,000 | 7,661,000 | 7,787,000 | 48,390,000 | 29,830,000 | 25,935,000 | ||
Income from continuing operations | 40,409,000 | 40,919,000 | 36,042,000 | 31,739,000 | 32,115,000 | 28,623,000 | 34,241,000 | 20,847,000 | 149,109,000 | 115,826,000 | 75,129,000 | ||
Loss from discontinued operations, net | 0 | 0 | -504,000 | -654,000 | -701,000 | -29,000 | -169,000 | 38,000 | -1,158,000 | -861,000 | -2,490,000 | ||
Net income (loss) | 40,409,000 | 40,919,000 | 35,538,000 | 31,085,000 | 31,414,000 | 28,594,000 | 34,072,000 | 20,885,000 | 147,951,000 | 114,965,000 | 72,639,000 | ||
Other Repossessed Assets | 57,100,000 | 57,100,000 | |||||||||||
Other Liabilities Segment | 278,300,000 | 278,300,000 | |||||||||||
Liabilities | 9,599,570,000 | 8,451,844,000 | 9,599,570,000 | 8,451,844,000 | |||||||||
Liabilities and Equity | 10,600,498,000 | 9,307,342,000 | 10,600,498,000 | 9,307,342,000 | |||||||||
Excess Funds Provided (Used) Segment Basis | 0 | 0 | |||||||||||
Other borrowings | 390,263,000 | 341,096,000 | 390,263,000 | 341,096,000 | |||||||||
Consolidated Company [Member] | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Net interest income | 384,893,000 | ||||||||||||
Provision for Loan, Lease, and Other Losses | 4,726,000 | ||||||||||||
Net interest income (loss) after provision for credit losses | 380,167,000 | ||||||||||||
Non-interest income | 25,441,000 | [1] | |||||||||||
Non-interest expense | -208,109,000 | ||||||||||||
Income from continuing operations before income taxes | 197,499,000 | ||||||||||||
Income tax expense (benefit) | 48,390,000 | ||||||||||||
Income from continuing operations | 149,109,000 | ||||||||||||
Loss from discontinued operations, net | -1,158,000 | ||||||||||||
Net income (loss) | 147,951,000 | ||||||||||||
Central Business Lines | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Net interest income | 71,010,000 | ||||||||||||
Provision for Loan, Lease, and Other Losses | 11,365,000 | ||||||||||||
Net interest income (loss) after provision for credit losses | 59,645,000 | ||||||||||||
Non-interest income | 1,742,000 | [1] | |||||||||||
Non-interest expense | -27,804,000 | ||||||||||||
Income from continuing operations before income taxes | 33,583,000 | ||||||||||||
Income tax expense (benefit) | 12,594,000 | ||||||||||||
Income from continuing operations | 20,989,000 | ||||||||||||
Loss from discontinued operations, net | 0 | ||||||||||||
Net income (loss) | 20,989,000 | ||||||||||||
Corporate & Other | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Net interest income | -15,976,000 | ||||||||||||
Provision for Loan, Lease, and Other Losses | 458,000 | ||||||||||||
Net interest income (loss) after provision for credit losses | -16,434,000 | ||||||||||||
Non-interest income | 6,182,000 | [1] | |||||||||||
Non-interest expense | -11,256,000 | ||||||||||||
Income from continuing operations before income taxes | -21,508,000 | ||||||||||||
Income tax expense (benefit) | -35,273,000 | ||||||||||||
Income from continuing operations | 13,765,000 | ||||||||||||
Loss from discontinued operations, net | -1,158,000 | ||||||||||||
Net income (loss) | 12,607,000 | ||||||||||||
ARIZONA | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Net interest income | 112,128,000 | ||||||||||||
Provision for Loan, Lease, and Other Losses | 2,083,000 | ||||||||||||
Net interest income (loss) after provision for credit losses | 110,045,000 | ||||||||||||
Non-interest income | 3,713,000 | [1] | |||||||||||
Non-interest expense | -54,986,000 | ||||||||||||
Income from continuing operations before income taxes | 58,772,000 | ||||||||||||
Income tax expense (benefit) | 23,053,000 | ||||||||||||
Income from continuing operations | 35,719,000 | ||||||||||||
Loss from discontinued operations, net | 0 | ||||||||||||
Net income (loss) | 35,719,000 | ||||||||||||
NEVADA | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Net interest income | 117,508,000 | ||||||||||||
Provision for Loan, Lease, and Other Losses | -7,542,000 | ||||||||||||
Net interest income (loss) after provision for credit losses | 125,050,000 | ||||||||||||
Non-interest income | 9,410,000 | [1] | |||||||||||
Non-interest expense | -60,149,000 | ||||||||||||
Income from continuing operations before income taxes | 74,311,000 | ||||||||||||
Income tax expense (benefit) | 26,009,000 | ||||||||||||
Income from continuing operations | 48,302,000 | ||||||||||||
Loss from discontinued operations, net | 0 | ||||||||||||
Net income (loss) | 48,302,000 | ||||||||||||
CALIFORNIA | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Net interest income | 100,223,000 | [2] | |||||||||||
Provision for Loan, Lease, and Other Losses | -1,638,000 | [2] | |||||||||||
Net interest income (loss) after provision for credit losses | 101,861,000 | [2] | |||||||||||
Non-interest income | 4,394,000 | [1],[2] | |||||||||||
Non-interest expense | -53,914,000 | [2] | |||||||||||
Income from continuing operations before income taxes | 52,341,000 | [2] | |||||||||||
Income tax expense (benefit) | 22,007,000 | [2] | |||||||||||
Income from continuing operations | 30,334,000 | [2] | |||||||||||
Loss from discontinued operations, net | 0 | [2] | |||||||||||
Net income (loss) | 30,334,000 | [2] | |||||||||||
Reportable Geographical Components [Member] | ARIZONA | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Assets | 2,363,800,000 | 2,363,800,000 | |||||||||||
Cash, Cash Equivalents and Investment Securities | 2,300,000 | 2,300,000 | |||||||||||
Loans, net of deferred loan fees and costs | 2,341,900,000 | 2,341,900,000 | |||||||||||
Less: Allowance for credit losses | -30,700,000 | -30,700,000 | |||||||||||
Total loans held for investment | 2,311,200,000 | 2,311,200,000 | |||||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | |||||||||||
Other Assets Segment | 34,800,000 | 34,800,000 | |||||||||||
Deposits | 2,178,000,000 | 2,178,000,000 | |||||||||||
Stockholders' equity | 250,800,000 | 250,800,000 | |||||||||||
Other Repossessed Assets | 15,500,000 | 15,500,000 | |||||||||||
Other Liabilities Segment | 17,400,000 | 17,400,000 | |||||||||||
Liabilities | 2,195,400,000 | 2,195,400,000 | |||||||||||
Liabilities and Equity | 2,446,200,000 | 2,446,200,000 | |||||||||||
Excess Funds Provided (Used) Segment Basis | 82,400,000 | 82,400,000 | |||||||||||
Other borrowings | 0 | 0 | |||||||||||
Reportable Geographical Components [Member] | NEVADA | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Assets | 1,762,900,000 | 1,762,900,000 | |||||||||||
Cash, Cash Equivalents and Investment Securities | 5,000,000 | 5,000,000 | |||||||||||
Loans, net of deferred loan fees and costs | 1,668,700,000 | 1,668,700,000 | |||||||||||
Less: Allowance for credit losses | -21,900,000 | -21,900,000 | |||||||||||
Total loans held for investment | 1,646,800,000 | 1,646,800,000 | |||||||||||
Intangible Assets, Net (Including Goodwill) | 25,900,000 | 25,900,000 | |||||||||||
Other Assets Segment | 64,200,000 | 64,200,000 | |||||||||||
Deposits | 3,230,600,000 | 3,230,600,000 | |||||||||||
Stockholders' equity | 209,000,000 | 209,000,000 | |||||||||||
Other Repossessed Assets | 21,000,000 | 21,000,000 | |||||||||||
Other Liabilities Segment | 40,800,000 | 40,800,000 | |||||||||||
Liabilities | 3,271,400,000 | 3,271,400,000 | |||||||||||
Liabilities and Equity | 3,480,400,000 | 3,480,400,000 | |||||||||||
Excess Funds Provided (Used) Segment Basis | 1,717,500,000 | 1,717,500,000 | |||||||||||
Other borrowings | 0 | 0 | |||||||||||
Reportable Geographical Components [Member] | CALIFORNIA | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Assets | 1,752,700,000 | 1,752,700,000 | |||||||||||
Cash, Cash Equivalents and Investment Securities | 2,500,000 | 2,500,000 | |||||||||||
Loans, net of deferred loan fees and costs | 1,751,700,000 | 1,751,700,000 | |||||||||||
Less: Allowance for credit losses | -23,000,000 | -23,000,000 | |||||||||||
Total loans held for investment | 1,728,700,000 | 1,728,700,000 | |||||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | |||||||||||
Other Assets Segment | 21,500,000 | 21,500,000 | |||||||||||
Deposits | 2,328,500,000 | 2,328,500,000 | |||||||||||
Stockholders' equity | 197,700,000 | 197,700,000 | |||||||||||
Other Repossessed Assets | 0 | 0 | |||||||||||
Other Liabilities Segment | 9,100,000 | 9,100,000 | |||||||||||
Liabilities | 2,337,600,000 | 2,337,600,000 | |||||||||||
Liabilities and Equity | 2,535,300,000 | 2,535,300,000 | |||||||||||
Excess Funds Provided (Used) Segment Basis | 782,600,000 | 782,600,000 | |||||||||||
Other borrowings | 0 | 0 | |||||||||||
Operating Segments [Member] | Central Business Lines | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Assets | 2,578,900,000 | 2,578,900,000 | |||||||||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | |||||||||||
Loans, net of deferred loan fees and costs | 2,590,000,000 | 2,590,000,000 | |||||||||||
Less: Allowance for credit losses | -34,000,000 | -34,000,000 | |||||||||||
Total loans held for investment | 2,556,000,000 | 2,556,000,000 | |||||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | |||||||||||
Other Assets Segment | 22,900,000 | 22,900,000 | |||||||||||
Deposits | 946,600,000 | 946,600,000 | |||||||||||
Stockholders' equity | 232,900,000 | 232,900,000 | |||||||||||
Other Repossessed Assets | 0 | 0 | |||||||||||
Other Liabilities Segment | 72,400,000 | 72,400,000 | |||||||||||
Liabilities | 1,019,000,000 | 1,019,000,000 | |||||||||||
Liabilities and Equity | 1,251,900,000 | 1,251,900,000 | |||||||||||
Excess Funds Provided (Used) Segment Basis | -1,327,000,000 | -1,327,000,000 | |||||||||||
Other borrowings | 0 | 0 | |||||||||||
Corporate & Other | |||||||||||||
Operating Statistics [Line Items] | |||||||||||||
Assets | 2,142,200,000 | 2,142,200,000 | |||||||||||
Cash, Cash Equivalents and Investment Securities | 1,702,400,000 | 1,702,400,000 | |||||||||||
Loans, net of deferred loan fees and costs | 46,000,000 | 46,000,000 | |||||||||||
Less: Allowance for credit losses | -600,000 | -600,000 | |||||||||||
Total loans held for investment | 45,400,000 | 45,400,000 | |||||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | |||||||||||
Other Assets Segment | 373,800,000 | 373,800,000 | |||||||||||
Deposits | 247,300,000 | 247,300,000 | |||||||||||
Stockholders' equity | 110,500,000 | 110,500,000 | |||||||||||
Other Repossessed Assets | 20,600,000 | 20,600,000 | |||||||||||
Other Liabilities Segment | 138,600,000 | 138,600,000 | |||||||||||
Liabilities | 776,200,000 | 776,200,000 | |||||||||||
Liabilities and Equity | 886,700,000 | 886,700,000 | |||||||||||
Excess Funds Provided (Used) Segment Basis | -1,255,500,000 | -1,255,500,000 | |||||||||||
Other borrowings | $390,300,000 | $390,300,000 | |||||||||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmRhZDE2NDY3MGEzYjQzNGFiYTUxMjQ2MWFhNDU3NGJlfFRleHRTZWxlY3Rpb246QjBBMjE4NUIyODBCQkU4NTQ5MDVBQTNEQThCNjMzNTEM} | ||||||||||||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmRhZDE2NDY3MGEzYjQzNGFiYTUxMjQ2MWFhNDU3NGJlfFRleHRTZWxlY3Rpb246RTE0NzI4Njg2NEM4RkQyMzUzNTJBQTNEQThCNjg5ODgM} |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Subsidiary | |
Segment Reporting Information [Line Items] | |
Number of wholly-owned subsidiaries | 8 |
Quarterly_Financial_Data_Detai
Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $110,151 | $105,554 | $101,973 | $98,701 | $97,582 | $92,680 | $89,285 | $83,108 | $416,379 | $362,655 | $318,295 |
Interest expense | 8,006 | 7,481 | 8,075 | 7,924 | 7,601 | 8,121 | 7,133 | 6,905 | 31,486 | 29,760 | 28,032 |
Net interest income | 102,145 | 98,073 | 93,898 | 90,777 | 89,981 | 84,559 | 82,152 | 76,203 | 384,893 | 332,895 | 290,263 |
Provision for credit losses | 300 | 419 | 507 | 3,500 | 4,300 | 0 | 3,481 | 5,439 | 4,726 | 13,220 | 46,844 |
Net interest income after provision for credit losses | 101,845 | 97,654 | 93,391 | 87,277 | 85,681 | 84,559 | 78,671 | 70,764 | 380,167 | 319,675 | 243,419 |
Non-interest income | 8,607 | 6,226 | 5,773 | 4,835 | 1,557 | 4,129 | 11,762 | 4,799 | 25,441 | 22,247 | 46,505 |
Non-interest expenses | -55,932 | -50,012 | -52,416 | -49,749 | -51,131 | -49,675 | -48,531 | -46,929 | -208,109 | -196,266 | -188,860 |
Income from continuing operations before income taxes | 54,520 | 53,868 | 46,748 | 42,363 | 36,107 | 39,013 | 41,902 | 28,634 | 197,499 | 145,656 | 101,064 |
Income tax expense | 14,111 | 12,949 | 10,706 | 10,624 | 3,992 | 10,390 | 7,661 | 7,787 | 48,390 | 29,830 | 25,935 |
Income from continuing operations | 40,409 | 40,919 | 36,042 | 31,739 | 32,115 | 28,623 | 34,241 | 20,847 | 149,109 | 115,826 | 75,129 |
Loss from discontinued operations net of tax benefit | 0 | 0 | -504 | -654 | -701 | -29 | -169 | 38 | -1,158 | -861 | -2,490 |
Net income | 40,409 | 40,919 | 35,538 | 31,085 | 31,414 | 28,594 | 34,072 | 20,885 | 147,951 | 114,965 | 72,639 |
Dividends on preferred stock | 329 | 353 | 352 | 353 | 352 | 352 | 353 | 353 | 1,387 | 1,410 | 3,793 |
Net income available to common shareholders | $40,080 | $40,566 | $35,186 | $30,732 | $31,062 | $28,242 | $33,719 | $20,532 | $146,564 | $113,555 | $68,846 |
Earnings per share: | |||||||||||
Basic | $0.46 | $0.47 | $0.41 | $0.35 | $0.36 | $0.33 | $0.39 | $0.24 | $1.69 | $1.33 | $0.84 |
Diluted | $0.46 | $0.46 | $0.40 | $0.35 | $0.36 | $0.33 | $0.39 | $0.24 | $1.67 | $1.31 | $0.83 |