Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 05, 2013 | Nov. 05, 2013 | |
Voting Common Stock [Member] | Class B Non-Voting Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Trading Symbol | 'CUBI | ' | ' |
Entity Registrant Name | 'Customers Bancorp, Inc. | ' | ' |
Entity Central Index Key | '0001488813 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,674,168 | 1,019,755 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $88,332 | $12,908 |
Interest earning deposits | 167,321 | 173,108 |
Cash and cash equivalents | 255,653 | 186,016 |
Investment securities available for sale, at fair value | 497,566 | 129,093 |
Loans held for sale (including $840,425 and $1,248,935 of mortgage warehouse loans at fair value at September 30, 2013 and December 31, 2012, respectively) | 917,939 | 1,439,889 |
Loans receivable not covered under Loss Sharing Agreements with the FDIC | 2,018,532 | 1,216,941 |
Loans receivable covered under Loss Sharing Agreements with the FDIC | 81,255 | 107,526 |
Less: Allowance for loan losses | -26,800 | -25,837 |
Total loans receivable, net (excluding loans held for sale) | 2,072,987 | 1,298,630 |
FHLB, Federal Reserve Bank, and other stock | 19,113 | 30,163 |
FDIC loss sharing receivable | 11,038 | 12,343 |
Bank premises and equipment, net | 11,055 | 9,672 |
Bank-owned life insurance | 85,991 | 56,191 |
Other real estate owned (2013 $7,839; 2012 $4,109 covered under Loss Sharing Agreements with the FDIC) | 13,601 | 8,114 |
Goodwill and other intangibles | 3,680 | 3,689 |
Accrued interest receivable and other assets | 36,489 | 27,434 |
Total assets | 3,925,112 | 3,201,234 |
Deposits: | ' | ' |
Demand, non-interest bearing | 671,211 | 219,687 |
Interest bearing | 2,572,101 | 2,221,131 |
Total deposits | 3,243,312 | 2,440,818 |
Federal funds purchased | 0 | 5,000 |
Other borrowings | 235,250 | 471,000 |
Subordinated debt | 2,000 | 2,000 |
Accrued interest payable and other liabilities | 55,665 | 12,941 |
Total liabilities | 3,536,227 | 2,931,759 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value or as set by the board; 100,000,000 shares authorized; none issued | 0 | 0 |
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 24,741,542 shares issued and 24,693,923 outstanding at September 30, 2013 and 18,507,121 shares issued and 18,459,502 outstanding at December 31, 2012 | 24,742 | 18,507 |
Additional paid in capital | 306,183 | 212,090 |
Retained earnings | 61,997 | 38,314 |
Accumulated other comprehensive (loss) income | -3,537 | 1,064 |
Less: cost of treasury stock; 47,619 shares at September 30, 2013 and December 31, 2012 | -500 | -500 |
Total shareholders' equity | 388,885 | 269,475 |
Total liabilities and shareholders' equity | $3,925,112 | $3,201,234 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Loans held for sale of mortgage warehouse loans at fair value | $840,425 | $1,248,935 |
Other real estate owned, portion covered under Loss Sharing Agreements with the FDIC | $7,839 | $4,109 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,741,542 | 18,507,121 |
Common stock, shares outstanding | 24,693,923 | 18,459,502 |
Treasury stock, shares | 47,619 | 47,619 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income: | ' | ' | ' | ' |
Loans held for sale | $9,495 | $1,622 | $31,536 | $4,113 |
Loans receivable, taxable, including fees | 22,363 | 25,368 | 57,489 | 55,850 |
Loans receivable, non-taxable, including fees | 122 | 55 | 291 | 110 |
Investment securities, taxable | 1,423 | 805 | 3,334 | 5,936 |
Investment securities, non-taxable | 0 | 21 | 0 | 64 |
Other | 148 | 91 | 370 | 225 |
Total interest income | 33,551 | 27,962 | 93,020 | 66,298 |
Interest expense: | ' | ' | ' | ' |
Deposits | 5,470 | 5,191 | 15,742 | 15,687 |
Federal funds purchased | 20 | 5 | 99 | 8 |
Borrowed funds | 1,041 | 194 | 1,609 | 434 |
Subordinated debt | 16 | 17 | 49 | 52 |
Total interest expense | 6,547 | 5,407 | 17,499 | 16,181 |
Net interest income | 27,004 | 22,555 | 75,521 | 50,117 |
Provision for loan losses | 750 | 10,116 | 6,470 | 14,654 |
Net interest income after provision for loan losses | 26,254 | 12,439 | 69,051 | 35,463 |
Non-interest income | ' | ' | ' | ' |
Mortgage warehouse transactional fees | 3,090 | 3,346 | 10,626 | 8,829 |
Bank-owned life insurance | 615 | 359 | 1,658 | 948 |
Deposit fees | 198 | 124 | 487 | 357 |
Gain on sale of investment securities | 0 | 0 | 0 | 9,006 |
Accretion of FDIC loss sharing receivable | 0 | 1,296 | 3,722 | 1,951 |
Gain (loss) on sale of loans | -6 | -71 | 402 | 268 |
Other | 958 | 4,723 | 2,253 | 5,388 |
Total non-interest income | 4,855 | 9,777 | 19,148 | 26,747 |
Non-interest expense | ' | ' | ' | ' |
Salaries and employee benefits | 8,963 | 5,978 | 24,868 | 17,073 |
Occupancy | 2,289 | 1,709 | 6,309 | 4,937 |
Professional services | 1,191 | 819 | 3,149 | 2,474 |
Technology, communications and bank operations | 1,121 | 699 | 3,023 | 2,037 |
FDIC assessments, taxes, and regulatory fees | 1,105 | 669 | 3,510 | 2,205 |
Loan workout | 928 | 617 | 1,674 | 1,519 |
Advertising and promotion | 450 | 270 | 973 | 846 |
Other real estate owned | 401 | -276 | 962 | 539 |
Loss contingency | 0 | 0 | 2,000 | 0 |
Stock-offering expenses | 0 | 97 | 0 | 1,437 |
Other | 1,899 | 1,424 | 5,254 | 4,140 |
Total non-interest expense | 18,347 | 12,006 | 51,722 | 37,207 |
Income before income tax expense | 12,762 | 10,210 | 36,477 | 25,003 |
Income tax expense | 4,494 | 3,574 | 12,794 | 8,751 |
Net income | $8,268 | $6,636 | $23,683 | $16,252 |
Basic earnings per share | $0.34 | $0.53 | $1.10 | $1.39 |
Diluted earnings per share | $0.33 | $0.51 | $1.07 | $1.35 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $8,268 | $6,636 | $23,683 | $16,252 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized holding gains (losses) on securities arising during the period | -10 | 1,597 | -7,079 | 2,226 |
Income tax effect | 3 | -559 | 2,478 | -779 |
Unrealized holding gain on securities transferred from the held-to-maturity category into the available-for-sale category | 0 | 0 | 0 | 8,509 |
Income tax effect | 0 | 0 | 0 | -2,978 |
Reclassification adjustment for gains included in net income | 0 | 0 | 0 | -9,006 |
Income tax effect | 0 | 0 | 0 | 3,152 |
Other comprehensive income (loss), net of tax | -7 | 1,038 | -4,601 | 1,124 |
Comprehensive income | $8,261 | $7,674 | $19,082 | $17,376 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2011 | $147,748 | $11,395 | $122,602 | $14,496 | ($245) | ($500) |
Beginning balance, shares at Dec. 31, 2011 | ' | 11,347,683 | ' | ' | ' | ' |
Comprehensive income | 17,376 | ' | ' | 16,252 | 1,124 | ' |
Share-based-compensation expense | 1,616 | ' | 1,616 | ' | ' | ' |
Issuance of common stock, net of costs | 94,762 | 7,112 | 87,650 | ' | ' | ' |
Issuance of common stock, net of costs (in shares) | ' | 7,111,819 | ' | ' | ' | ' |
Exercise and redemption of warrants | 0 | ' | ' | ' | ' | ' |
Ending balance at Sep. 30, 2012 | 261,502 | 18,507 | 211,868 | 30,748 | 879 | -500 |
Ending balance, shares at Sep. 30, 2012 | ' | 18,459,502 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2012 | 269,475 | 18,507 | 212,090 | 38,314 | 1,064 | -500 |
Beginning balance, shares at Dec. 31, 2012 | 18,459,502 | 18,459,502 | ' | ' | ' | ' |
Comprehensive income | 19,082 | ' | ' | 23,683 | -4,601 | ' |
Share-based-compensation expense | 2,461 | ' | 2,461 | ' | ' | ' |
Issuance of common stock, net of costs | 97,507 | 6,179 | 91,328 | ' | ' | ' |
Issuance of common stock, net of costs (in shares) | ' | 6,179,104 | ' | ' | ' | ' |
Exercise and redemption of warrants | 108 | 32 | 76 | ' | ' | ' |
Exercise and redemption of warrants, shares | ' | 31,904 | ' | ' | ' | ' |
Issuance of common stock under share-based-compensation arrangements | 252 | 24 | 228 | ' | ' | ' |
Issuance of common stock under share-based-compensation arrangements, shares | 23,413 | 23,413 | ' | ' | ' | ' |
Ending balance at Sep. 30, 2013 | $388,885 | $24,742 | $306,183 | $61,997 | ($3,537) | ($500) |
Ending balance, shares at Sep. 30, 2013 | 24,693,923 | 24,693,923 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Statement Of Stockholders Equity [Abstract] | ' |
Public offering of common stock, costs | $5,994 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income | $23,683 | $16,252 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Provision for loan losses | 6,470 | 14,654 |
Loss contingency | 2,000 | 0 |
Provision for depreciation and amortization | 2,115 | 1,447 |
Stock-based compensation | 2,461 | 1,616 |
Deferred taxes | -5 | -1,112 |
Net amortization of investment securities premiums and discounts | 368 | 2,897 |
Gain on sale of investment securities | 0 | -9,006 |
Gain on sale of SBA loans | -402 | -268 |
Origination/purchase of loans held for sale | -17,177,835 | -7,305,339 |
Proceeds from the sale of loans held for sale | 17,697,088 | 6,292,453 |
Net increase in FDIC loss sharing receivable | -5,054 | -4,537 |
Amortization (accretion) of fair value discounts | -724 | -277 |
Net loss on sales of other real estate owned | 254 | 985 |
Impairment charges on other real estate owned | 161 | 468 |
Change in investment in bank-owned life insurance | -1,658 | -1,035 |
Increase in accrued interest receivable and other assets | -3,888 | -1,081 |
Increase (decrease) in accrued interest payable and other liabilities | 42,976 | -2,190 |
Net Cash Provided by (Used In) Operating Activities | 588,010 | -994,073 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from maturities, calls and principal repayments of investment securities available for sale | 14,816 | 26,488 |
Proceeds from sales of investment securities available for sale | 0 | 306,610 |
Purchases of investment securities available for sale | -390,735 | -108,249 |
Proceeds from maturities and principal repayments of investment securities held to maturity | 0 | 50,968 |
Net (increase) decrease in loans | -638,992 | 302,275 |
Purchase of loan portfolio | -155,306 | -63,246 |
Proceeds from sales of SBA loans | 4,276 | 3,689 |
Purchases of bank-owned life insurance | -27,965 | -10,000 |
Net proceeds from (purchases of) FHLB, Federal Reserve Bank, and other stock | 11,050 | -763 |
Reimbursements from the FDIC on loss sharing agreements | 6,134 | 5,308 |
Purchases of bank premises and equipment | -2,740 | -2,343 |
Proceeds from sales of other real estate owned | 4,582 | 7,383 |
Net Cash (Used In) Provided by Investing Activities | -1,174,880 | 518,120 |
Cash Flows from Financing Activities | ' | ' |
Net increase in deposits | 802,556 | 765,131 |
Net decrease in short-term borrowed funds | -339,000 | -300,000 |
Proceeds from FHLB borrowings | 35,000 | 0 |
Exercise and redemption of warrants | 108 | 0 |
Proceeds from issuance of long-term debt, net of deferred costs of $2,914 at September 30, 2013 | 60,336 | 0 |
Net proceeds from stock offering | 97,507 | 94,762 |
Net Cash Provided by Financing Activities | 656,507 | 559,893 |
Net Increase in Cash and Cash Equivalents | 69,637 | 83,940 |
Cash and Cash Equivalents - Beginning | 186,016 | 73,570 |
Cash and Cash Equivalents - Ending | 255,653 | 157,510 |
Supplementary Cash Flows Information | ' | ' |
Interest paid | 17,268 | 16,257 |
Income taxes paid | 7,743 | 12,625 |
Non-cash items: | ' | ' |
Transfer of loans to other real estate owned | 10,259 | 8,293 |
Transfer of held to maturity investments to available for sale | $0 | $268,671 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Statement Of Cash Flows [Abstract] | ' |
Deferred costs | $2,914 |
Description_of_the_Business_an
Description of the Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Description of the Business and Basis of Presentation | ' |
NOTE 1 — DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | |
Customers Bancorp, Inc. (the “Bancorp” or “Customers Bancorp”) is a bank holding company engaged in banking activities through its wholly owned subsidiary Customers Bank (the “Bank”). In the third quarter of 2013, Customers Bancorp also has made certain equity investments through its wholly owned subsidiaries CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd. | |
The unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Bancorp believes that the disclosures made are adequate to make the information not misleading. The Bancorp’s unaudited consolidated interim financial statements reflect all adjustments that are, in the opinion of management, necessary for fair statement of the results of interim periods presented. Certain amounts reported in the 2012 consolidated financial statements have been reclassified to conform to the 2013 presentation. These reclassifications did not significantly impact the Bancorp’s financial position or results of operations. | |
The accounting policies of Customers Bancorp, Inc. and Subsidiaries, as applied in the consolidated interim financial statements presented herein, are substantially the same as those followed on an annual basis as disclosed on pages 85 through 93 of Customers’ Annual Report on Form 10-K for the fiscal year ended December 31, 2012. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the latest Form 10-K. | |
Operating results for the three and nine-month periods ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ended December 31, 2013. | |
The Bancorp evaluated its September 30, 2013 consolidated financial statements for subsequent events through the date the financial statements were issued. The Bancorp is not aware of any additional subsequent events which would require recognition or disclosure in the financial statements. |
Acquisition_Activity
Acquisition Activity | 9 Months Ended | ||
Sep. 30, 2013 | |||
Business Combinations [Abstract] | ' | ||
Acquisition Activity | ' | ||
NOTE 2 — ACQUISITION ACTIVITY | |||
CMS Bancorp Acquisition | |||
Effective April 22, 2013, the Bancorp entered into an Amendment to the Agreement and Plan of Merger (“Amendment”) to that certain Agreement and Plan of Merger, dated as of August 10, 2012 (“Merger Agreement”), by and between the Bancorp and CMS Bancorp, Inc. (“CMS”). | |||
The Amendment extended from April 30, 2013 to December 31, 2013 the initial date at which, if the merger of CMS with and into the Bancorp pursuant to the Merger Agreement, as amended, has not closed, either the Bancorp or CMS may terminate the Agreement, subject to the termination date being extended until March 31, 2014 under certain specified circumstances. | |||
The Amendment also updated the definitions of “CMS Valuation” and “Customers Valuation,” establishing the valuation date for book value as of March 31, 2013. The exchange ratio will remain fixed until settlement, using the multiples of 0.95x for CMS common equity, and 1.25x for Customers common equity for purposes of calculating the exchange ratio. | |||
Other key terms agreed to by the Bancorp and CMS under the Amendment provided for: | |||
• | CMS’s ability to have terminated the Merger Agreement, as amended, exercisable at any time after May 20, 2013, if either (i) the Bancorp had not made an investment in CMS of $1.5 million of CMS Preferred Stock, or (ii) the Bancorp and CMS had not agreed upon the terms of a $2.0 million senior secured lending facility that the Bancorp will have made available to CMS; | ||
• | the Bancorp’s payment of $300,000 to CMS as partial reimbursement for merger-related expenses incurred as of March 31, 2013; and | ||
• | the Bancorp to pay to CMS a termination fee of $1.0 million in the event the Merger Agreement, as amended, is terminated under certain provisions primarily relating to failure to consummate the Parent Merger due to non-receipt of required government approvals. | ||
On May 22, 2013, the Bancorp purchased $1.5 million (1,500 shares) of CMS Series A Noncumulative Perpetual Preferred Stock, satisfying the first obligation listed above. On April 23, 2013, the Bancorp paid to CMS $300,000, satisfying the second obligation listed above. The third obligation has not been triggered at this time. | |||
Acacia Federal Savings Bank Acquisition | |||
On April 4, 2013, Customers Bancorp, Inc., Acacia Life Insurance Company (“Acacia”) and Ameritas Life Insurance Corp. (together with Acacia, “Sellers”) announced their mutual decision, due to delays in the receipt of regulatory approvals, not to extend the term of that certain Stock Purchase Agreement, dated as of June 20, 2012, as amended by those certain Amendment to Stock Purchase Agreement, dated as of December 18, 2012, Amendment No. 2 to Stock Purchase Agreement dated as of January 30, 2013, and Amendment No. 3 to Stock Purchase Agreement dated as of February 28, 2013, by and among the Company and Sellers (the “Purchase Agreement”). Instead, on April 4, 2013, the parties entered into a Termination and Non-Renewal Agreement to terminate the Purchase Agreement and the transactions contemplated thereby (the “Termination Agreement”). Each party will bear its own costs and expenses in connection with the terminated transaction, without penalties. The parties mutually agreed that the termination was in each company’s best interest. Costs related to the acquisition have been expensed. | |||
New England Commercial Lending Acquisition | |||
On March 28, 2013, Customers Bank completed the purchase of certain commercial loans from Michigan-based Flagstar Bank. Under the terms of the agreement, Customers Bank acquired $182.3 million in commercial loan commitments, of which $155.1 million was drawn at the date of acquisition. Also, as part of the agreement, Customers Bank assumed the leases for two of Flagstar’s commercial lending offices in New England. The purchase price was 98.7% of loans outstanding. |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Significant Accounting Policies | ' |
NOTE 3 — SIGNIFICANT ACCOUNTING POLICIES | |
Purchased Loans | |
The Bancorp believes that the varying circumstances under which it purchases loans and the diverse quality of loans purchased should drive the decision as to whether loans in a portfolio should be deemed to be purchased-credit-impaired loans (“PCI” loans). Therefore, loan acquisitions are and will be evaluated on a case-by-case basis to determine the appropriate accounting treatment. Loans acquired that do not have evidence of credit deterioration at the purchase date are and will be accounted for in accordance with ASC 310-20, Nonrefundable Fees and Other Costs, and loans acquired with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are and will be accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. | |
Loans that are purchased that do not have evidence of credit deterioration | |
Purchased performing loans are recorded at fair value and include credit and interest rate marks associated with acquisition accounting adjustments, as accounted for under the contractual cash flow method of accounting. The fair value adjustment is accreted as an adjustment to yield over the estimated contractual lives of the loans. There is no allowance for loan losses established at the acquisition date for the acquired performing loans. A provision for loan losses is recorded for any credit deterioration in these loans subsequent to acquisition. | |
Loans that are purchased that have evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected | |
For purchases of this type of loan, evidence of deteriorated credit quality may include past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. | |
The fair value of loans with evidence of credit deterioration is recorded net of a nonaccretable difference and accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is the nonaccretable difference, which is not included in the carrying amount of acquired loans. Subsequent to acquisition, estimates of cash flows expected to be collected are updated each reporting period based on updated assumptions regarding default rates, loss severities, and other factors that are reflective of current market conditions. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in cash flows result in a reversal of the provision for loan losses to the extent of prior charges, or a reclassification of the difference from nonaccretable to accretable with a positive impact on accretion of interest income in future periods. Further, any excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan when there is a reasonable expectation about the amount and timing of those cash flows. | |
Purchased-credit-impaired loans acquired in the same fiscal quarter may be aggregated into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. On a quarterly basis, the Bank re-estimates the total cash flows (both principal and interest) expected to be collected over the remaining life of each pool. These estimates incorporate assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that reflect then-current market conditions. If the timing and/or amounts of expected cash flows on purchased-credit-impaired loans were determined not to be reasonably estimable, no interest would be accreted and the loans would be reported as non-accrual loans; however, when the timing and amounts of expected cash flows for purchased-credit-impaired loans are reasonably estimable, interest is being accreted and the loans are being reported as performing loans. | |
Recently Issued Accounting Standards | |
In January, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, to clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with relevant accounting guidance or subject to an enforceable master netting arrangement or similar agreement. The guidance in this ASU was effective for the first interim or annual period beginning on or after January 1, 2013 (the same effective date for ASU 2011-11) and is to be applied retrospectively. See “NOTE 15 — DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES” for the required disclosures. | |
In October, 2012, the FASB issued ASU 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force). This ASU requires an entity to subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. The amendments in this ASU were effective for the first interim periods or annual period beginning on or after December 15, 2012 and are to be applied prospectively. Adoption of this ASU has not had a significant impact on the Bancorp’s results of operations or financial position. | |
In February, 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The ASU requires entities to disclose additional information about reclassification adjustments, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of AOCI. The new disclosure requirements were effective for fiscal years and interim periods beginning after December 15, 2012 for public companies. See “NOTE 4 — CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT” for the required disclosures. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income by Component | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income by Component | ' | ||||||||||||
NOTE 4 — CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT (a) | |||||||||||||
Unrealized | Foreign | Total | |||||||||||
Gains and | Currency | ||||||||||||
Losses on | Items | ||||||||||||
Available- | |||||||||||||
for-Sale | |||||||||||||
Securities | |||||||||||||
(dollars in thousands) | |||||||||||||
Beginning Balance - July 1, 2013 | $ | (3,530 | ) | $ | 0 | $ | (3,530 | ) | |||||
Other comprehensive loss before reclassifications | (8 | ) | 1 | (7 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | ||||||||||
Net current-period other comprehensive (loss) income | (8 | ) | 1 | (7 | ) | ||||||||
Ending balance - September 30, 2013 | $ | (3,538 | ) | $ | 1 | $ | (3,537 | ) | |||||
Unrealized | Foreign | Total | |||||||||||
Gains and | Currency | ||||||||||||
Losses on | Items | ||||||||||||
Available- | |||||||||||||
for-Sale | |||||||||||||
Securities | |||||||||||||
Beginning Balance - January 1, 2013 | $ | 1,064 | $ | 0 | $ | 1,064 | |||||||
Other comprehensive loss before reclassifications | (4,602 | ) | 1 | (4,601 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | ||||||||||
Net current-period other comprehensive (loss) income | (4,602 | ) | 1 | (4,601 | ) | ||||||||
Ending balance - September 30, 2013 | $ | (3,538 | ) | $ | 1 | $ | (3,537 | ) | |||||
(a) | All amounts are net of tax. Amounts in parentheses indicate debits. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
NOTE 5 — EARNINGS PER SHARE | |||||||||||||||||
The following are the components and results of the Bancorp’s earnings per share calculation for the periods presented: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||
Net income allocated to common shareholders | $ | 8,268 | $ | 6,636 | $ | 23,683 | $ | 16,252 | |||||||||
Weighted-average number of common shares - basic | 24,678,317 | 12,465,744 | 21,494,880 | 11,723,090 | |||||||||||||
Share-based compensation plans | 475,987 | 310, 845 | 383,326 | 231,674 | |||||||||||||
Warrants | 182,898 | 134,926 | 175,999 | 112,265 | |||||||||||||
Weighted-average number of common shares - diluted | 25,337,202 | 12,911,515 | 22,054,205 | 12,067,029 | |||||||||||||
Basic earnings per share | $ | 0.34 | $ | 0.53 | $ | 1.1 | $ | 1.39 | |||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.51 | $ | 1.07 | $ | 1.35 | |||||||||
The following is a summary of securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average anti-dilutive securities: | |||||||||||||||||
Share-based compensation awards | 92,245 | 6,592 | 87,129 | 6,592 | |||||||||||||
Warrants | 118,745 | 129,946 | 118,745 | 129,946 | |||||||||||||
Total anti-dilutive securities | 210,990 | 136,538 | 205,874 | 136,538 | |||||||||||||
Investment_Securities
Investment Securities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
NOTE 6 — INVESTMENT SECURITIES | |||||||||||||||||||||||||
In May 2012, Customers Bancorp reclassified its $269.0 million held-to-maturity investment portfolio to available for sale. Due to its strong outlook for loan growth, falling interest rates, and its decision to postpone its initial public offering of stock, the Bancorp decided to proceed with this reclassification to provide liquidity. In accordance with regulatory and accounting requirements, the Bancorp is prohibited from classifying security purchases as held to maturity for a period of two years, ending May 2014. | |||||||||||||||||||||||||
The amortized cost and approximate fair value of investment securities as of September 30, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 454,933 | $ | 1,410 | $ | 6,822 | $ | 449,521 | |||||||||||||||||
Corporate notes | 25,000 | 163 | 23 | 25,140 | |||||||||||||||||||||
Equity securities | 23,074 | 81 | 250 | 22,905 | |||||||||||||||||||||
$ | 503,007 | $ | 1,654 | $ | 7,095 | $ | 497,566 | ||||||||||||||||||
-1 | Includes private-label securities with an aggregate amortized cost of $521 and an aggregate fair value of $513. | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 102,449 | $ | 1,795 | $ | 109 | $ | 104,135 | |||||||||||||||||
Corporate notes | 25,000 | 89 | 137 | 24,952 | |||||||||||||||||||||
Equity securities | 6 | 0 | 0 | 6 | |||||||||||||||||||||
$ | 127,455 | $ | 1,884 | $ | 246 | $ | 129,093 | ||||||||||||||||||
-1 | Includes private-label securities with an aggregate amortized cost of $629 and an aggregate fair value of $612. | ||||||||||||||||||||||||
The following table shows proceeds from the sale of available-for-sale investment securities and gross gains and gross losses realized on those sales for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Proceeds from sale of available-for-sale securities | $ | 0 | $ | 0 | $ | 0 | $ | 306,610 | |||||||||||||||||
Gross gains | $ | 0 | $ | 0 | $ | 0 | $ | 9,006 | |||||||||||||||||
Gross losses | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Net gains | $ | 0 | $ | 0 | $ | 0 | $ | 9,006 | |||||||||||||||||
These gains and losses were determined using the specific identification method and were included in non-interest income. | |||||||||||||||||||||||||
The following table shows available-for-sale debt securities by stated maturity. Debt securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and are, therefore, classified separately with no specific maturity date: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 0 | $ | 0 | |||||||||||||||||||||
Due after one year through five years | 25,000 | 25,140 | |||||||||||||||||||||||
Due after five years through ten years | 0 | 0 | |||||||||||||||||||||||
Due after ten years | 0 | 0 | |||||||||||||||||||||||
Mortgage-backed securities | 454,933 | 449,521 | |||||||||||||||||||||||
Total debt securities | $ | 479,933 | $ | 474,661 | |||||||||||||||||||||
The Bancorp’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 129,120 | $ | 6,811 | $ | 309 | $ | 11 | $ | 129,429 | $ | 6,822 | |||||||||||||
Corporate notes | 4,980 | 20 | 4,997 | 3 | 9,977 | 23 | |||||||||||||||||||
Equity securities | 22,068 | 250 | 0 | 0 | 22,068 | 250 | |||||||||||||||||||
Total | $ | 156,168 | $ | 7,081 | $ | 5,306 | $ | 14 | $ | 161,474 | $ | 7,095 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 5,695 | $ | 87 | $ | 429 | $ | 22 | 6,124 | $ | 109 | ||||||||||||||
Corporate notes | 0 | 0 | 9,862 | 137 | 9,862 | 137 | |||||||||||||||||||
Total | $ | 5,695 | $ | 87 | $ | 10,291 | $ | 159 | $ | 15,986 | $ | 246 | |||||||||||||
At September 30, 2013, there were twenty available-for-sale investment securities in the less-than-twelve-month category and seven available-for-sale investment securities in the twelve-month-or-more category. At December 31, 2012, there were two available-for-sale investment securities in the less-than-twelve-month category and eight available-for-sale investment securities in the twelve-month-or-more category. In management’s opinion, the unrealized losses reflect primarily changes in interest rates due to changes in economic conditions and the liquidity of the market, and not credit quality. In addition, the Bancorp does not believe that it will be more likely than not that the Bancorp will be required to sell the securities prior to maturity or market-price recovery. | |||||||||||||||||||||||||
During June 2012, five corporate bonds in the Bancorp’s portfolio were downgraded to ratings of A to A-. These downgrades were anticipated since these bonds were placed on negative watch in February 2012. The Bancorp analyzed these bonds in more detail at the time of downgrade. The Bancorp does not intend to sell these debt securities prior to recovery, and it is more likely than not that the Bancorp will not have to sell these debt securities prior to recovery. These bonds continue to pay their scheduled interest payments on time. No additional downgrades are anticipated at this time. The holdings are all in the financial services industry and all issuers are well capitalized. | |||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, Customers Bank had pledged investment securities aggregating $329.8 million and $103.5 million fair value, respectively, as collateral for borrowings from the FHLB. No amounts were outstanding against the securities pledged as collateral as of September 30, 2013. | |||||||||||||||||||||||||
During the third quarter of 2013, Customers Bancorp through its foreign subsidiaries, CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd., purchased 4.1 million in common shares of Religare Enterprises, Ltd., a diversified financial services company domiciled in India. The total investment as of September 30, 2013 is $23.1 million, 2.8% of the current outstanding shares of Religare Enterprises, Inc. |
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
NOTE 7 — LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||||||||||
Loans receivable excludes loans held for sale, largely mortgage warehouse loans, of $917,939 and $1,439,889 as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||
The composition of net loans receivable was as follows: | |||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Construction | $ | 22,192 | $ | 27,792 | |||||||||||||||||||||||||||||||||
Commercial real estate | 29,623 | 44,901 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 6,826 | 11,153 | |||||||||||||||||||||||||||||||||||
Residential real estate | 19,233 | 19,952 | |||||||||||||||||||||||||||||||||||
Manufactured housing | 3,381 | 3,728 | |||||||||||||||||||||||||||||||||||
Total loans receivable covered under FDIC loss sharing agreements (1) | 81,255 | 107,526 | |||||||||||||||||||||||||||||||||||
Construction | 34,674 | 28,897 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 1,490,930 | 835,488 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 213,794 | 75,118 | |||||||||||||||||||||||||||||||||||
Mortgage warehouse | 1,006 | 9,565 | |||||||||||||||||||||||||||||||||||
Manufactured housing | 142,677 | 154,703 | |||||||||||||||||||||||||||||||||||
Residential real estate | 133,503 | 109,430 | |||||||||||||||||||||||||||||||||||
Consumer | 1,889 | 2,061 | |||||||||||||||||||||||||||||||||||
Total loans receivable not covered under FDIC loss sharing agreements | 2,018,473 | 1,215,262 | |||||||||||||||||||||||||||||||||||
Total loans receivable (2) | 2,099,728 | 1,322,788 | |||||||||||||||||||||||||||||||||||
Deferred (fees) costs, net | 59 | 1,679 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (26,800 | ) | (25,837 | ) | |||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 2,072,987 | $ | 1,298,630 | |||||||||||||||||||||||||||||||||
-1 | Loans that were acquired in two FDIC-assisted transactions and are covered under loss sharing agreements with the FDIC are referred to as “covered” loans throughout these financial statements. | ||||||||||||||||||||||||||||||||||||
-2 | Customers Bank takes advantage of Federal Home Loan Bank (“FHLB”) programs for overnight and term borrowings. Under the terms of a blanket collateral agreement, advances from the FHLB are collateralized by qualifying first-mortgage loans. | ||||||||||||||||||||||||||||||||||||
Non-Covered Nonaccrual Loans and Loans Past Due | |||||||||||||||||||||||||||||||||||||
The following tables summarize non-covered loans, by class: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater | Total Past | Non- | Current (2) | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | Than | Due (1) | Accrual | Loans (5) | Loans (4) | ||||||||||||||||||||||||||||||||
90 Days (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 0 | $ | 0 | $ | 0 | $ | 221 | $ | 211,404 | $ | 2,169 | $ | 213,794 | |||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 10,625 | 1,442,061 | 38,244 | 1,490,930 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 2,050 | 31,683 | 941 | 34,674 | ||||||||||||||||||||||||||||||
Residential real estate | 400 | 0 | 400 | 945 | 121,550 | 10,608 | 133,503 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 1,469 | 420 | 1,889 | ||||||||||||||||||||||||||||||
Mortgage warehouse | 0 | 0 | 0 | 0 | 1,006 | 0 | 1,006 | ||||||||||||||||||||||||||||||
Manufactured housing (3) | 6,311 | 3,095 | 9,406 | 1,101 | 126,981 | 5,189 | 142,677 | ||||||||||||||||||||||||||||||
Total | $ | 6,711 | $ | 3,095 | $ | 9,806 | $ | 14,942 | $ | 1,936,154 | $ | 57,571 | $ | 2,018,473 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater | Total Past | Non- | Current (2) | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | Than | Due (1) | Accrual | Loans (5) | Loans (4) | ||||||||||||||||||||||||||||||||
90 Days (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 38 | $ | 0 | $ | 38 | $ | 288 | $ | 72,715 | $ | 2,077 | $ | 75,118 | |||||||||||||||||||||||
Commercial real estate | 1,437 | 0 | 1,437 | 17,770 | 770,508 | 45,773 | 835,488 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 2,423 | 25,022 | 1,452 | 28,897 | ||||||||||||||||||||||||||||||
Residential real estate | 381 | 0 | 381 | 1,669 | 95,396 | 11,984 | 109,430 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 56 | 1,486 | 519 | 2,061 | ||||||||||||||||||||||||||||||
Mortgage warehouse | 0 | 0 | 0 | 0 | 9,565 | 0 | 9,565 | ||||||||||||||||||||||||||||||
Manufactured housing (3) | 9,234 | 1,966 | 11,200 | 141 | 135,924 | 7,438 | 154,703 | ||||||||||||||||||||||||||||||
Total | $ | 11,090 | $ | 1,966 | $ | 13,056 | $ | 22,347 | $ | 1,110,616 | $ | 69,243 | $ | 1,215,262 | |||||||||||||||||||||||
-1 | Loan balances do not include non-accrual loans. | ||||||||||||||||||||||||||||||||||||
-2 | Loans where payments are due within 29 days of the scheduled payment date. | ||||||||||||||||||||||||||||||||||||
-3 | Purchased manufactured housing loans, purchased in 2010, are subject to cash reserves held at the Bank that are used to fund the past-due payments when the loan becomes 90-days or more delinquent. | ||||||||||||||||||||||||||||||||||||
-4 | Loans exclude deferred costs and fees. | ||||||||||||||||||||||||||||||||||||
-5 | Purchased-credit-impaired loans that were aggregated into pools are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because we recognize interest income on each pool of loans, they are all considered to be performing. PCI loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and being reported as performing loans. | ||||||||||||||||||||||||||||||||||||
Covered Nonaccrual Loans and Loans Past Due | |||||||||||||||||||||||||||||||||||||
The following tables summarize covered loans, by class: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Non- | Current | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | 90 Days | Due (1) | Accrual | (2)(3) | Loans (5) | Loans (4) | |||||||||||||||||||||||||||||||
Past Due (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,394 | $ | 2,432 | $ | 6,826 | |||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 1,821 | 17,413 | 10,389 | 29,623 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 3,382 | 5,920 | 12,890 | 22,192 | ||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 564 | 14,328 | 4,341 | 19,233 | ||||||||||||||||||||||||||||||
Manufactured housing | 86 | 0 | 86 | 21 | 3,138 | 136 | 3,381 | ||||||||||||||||||||||||||||||
Total | $ | 86 | $ | 0 | $ | 86 | $ | 5,788 | $ | 45,193 | $ | 30,188 | $ | 81,255 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Non- | Current | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | 90 Days | Due (1) | Accrual | (2)(3) | Loans (5) | Loans (4) | |||||||||||||||||||||||||||||||
Past Due (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 220 | $ | 0 | $ | 220 | $ | 100 | $ | 8,404 | $ | 2,429 | $ | 11,153 | |||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 3,712 | 20,859 | 20,330 | 44,901 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 5,244 | 6,472 | 16,076 | 27,792 | ||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 1,358 | 14,226 | 4,368 | 19,952 | ||||||||||||||||||||||||||||||
Manufactured housing | 48 | 0 | 48 | 90 | 3,527 | 63 | 3,728 | ||||||||||||||||||||||||||||||
Total | $ | 268 | $ | 0 | $ | 268 | $ | 10,504 | $ | 53,488 | $ | 43,266 | $ | 107,526 | |||||||||||||||||||||||
-1 | Loans balances do not include nonaccrual loans. | ||||||||||||||||||||||||||||||||||||
-2 | Loans receivable that were not identified upon acquisition as a loan with credit deterioration. | ||||||||||||||||||||||||||||||||||||
-3 | Loans where payments are due within 29 days of the scheduled payment date. | ||||||||||||||||||||||||||||||||||||
-4 | Loans exclude deferred costs and fees. | ||||||||||||||||||||||||||||||||||||
-5 | Purchased-credit-impaired loans that were aggregated into pools are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because we recognize interest income on each pool of loans, they are all considered to be performing. PCI loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and being reported as performing loans. | ||||||||||||||||||||||||||||||||||||
Impaired Loans — Covered and Non-Covered | |||||||||||||||||||||||||||||||||||||
The following table presents a summary of impaired loans: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
Charge Offs | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 16,829 | $ | 16,891 | $ | 6,697 | $ | 362 | |||||||||||||||||||||||||||||
Commercial real estate | 16,223 | 17,075 | 23,271 | 548 | |||||||||||||||||||||||||||||||||
Construction | 2,830 | 4,100 | 6,545 | 14 | |||||||||||||||||||||||||||||||||
Consumer | 21 | 21 | 133 | 0 | |||||||||||||||||||||||||||||||||
Residential real estate | 2,827 | 2,827 | 2,791 | 36 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 3,333 | 4,603 | $ | 961 | 1,192 | 157 | |||||||||||||||||||||||||||||||
Commercial real estate | 6,687 | 7,637 | 2,233 | 7,919 | 169 | ||||||||||||||||||||||||||||||||
Construction | 1,148 | 1,148 | 368 | 5,544 | 46 | ||||||||||||||||||||||||||||||||
Consumer | 54 | 54 | 1 | 46 | 4 | ||||||||||||||||||||||||||||||||
Residential real estate | 378 | 378 | 187 | 953 | 2 | ||||||||||||||||||||||||||||||||
Total | $ | 50,330 | $ | 54,734 | $ | 3,750 | $ | 55,091 | $ | 1,338 | |||||||||||||||||||||||||||
December 31, 2012 | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
Charge Offs | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,844 | $ | 3,844 | $ | 5,191 | $ | 160 | |||||||||||||||||||||||||||||
Commercial real estate | 26,626 | 27,477 | 22,205 | 748 | |||||||||||||||||||||||||||||||||
Construction | 6,588 | 6,618 | 7,627 | 19 | |||||||||||||||||||||||||||||||||
Consumer | 101 | 101 | 105 | 3 | |||||||||||||||||||||||||||||||||
Residential real estate | 3,188 | 3,188 | 2,382 | 55 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 374 | 374 | $ | 295 | 748 | 9 | |||||||||||||||||||||||||||||||
Commercial real estate | 8,708 | 10,022 | 2,505 | 9,071 | 205 | ||||||||||||||||||||||||||||||||
Construction | 5,116 | 6,022 | 1,541 | 6,903 | 154 | ||||||||||||||||||||||||||||||||
Consumer | 100 | 100 | 14 | 29 | 4 | ||||||||||||||||||||||||||||||||
Residential real estate | 1,331 | 1,331 | 270 | 967 | 13 | ||||||||||||||||||||||||||||||||
Total | $ | 55,976 | $ | 59,077 | $ | 4,625 | $ | 55,228 | $ | 1,370 | |||||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||||||||||||||
At September 30, 2013, there were $6.9 million in loans reported as troubled debt restructurings (“TDR”), and at September 30, 2012, there were $8.2 million in loans reported as troubled debt restructurings. All TDRs are reported as impaired loans in the calendar year of their restructuring. In subsequent years, a TDR may cease being reported as impaired if the loan was modified at a market rate and has performed according to the modified terms for at least nine months. A loan that has been modified at a below-market rate will be returned to performing status if it satisfies the six-month performance requirement; however, it will remain classified as impaired. | |||||||||||||||||||||||||||||||||||||
Modification of purchased-credit-impaired loans that are accounted for within loan pools in accordance with the accounting standards for purchased-credit-impaired loans do not result in the removal of these loans from the pool even if modifications would otherwise be considered a TDR. Accordingly, as each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, modifications of loans within such pools are not TDRs. | |||||||||||||||||||||||||||||||||||||
The following is an analysis of loans modified in a troubled debt restructuring by type of concession for the three and nine months ended September 30, 2013 and 2012. There were no modifications that involved forgiveness of debt. | |||||||||||||||||||||||||||||||||||||
TDRs in | TDRs in | Total | |||||||||||||||||||||||||||||||||||
Compliance | Compliance | ||||||||||||||||||||||||||||||||||||
with Their | with Their | ||||||||||||||||||||||||||||||||||||
Modified | Modified | ||||||||||||||||||||||||||||||||||||
Terms and | Terms and | ||||||||||||||||||||||||||||||||||||
Accruing | Not | ||||||||||||||||||||||||||||||||||||
Interest | Accruing | ||||||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 0 | 12 | 12 | ||||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | 12 | $ | 12 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 93 | 1,179 | 1,272 | ||||||||||||||||||||||||||||||||||
Total | $ | 93 | $ | 1,179 | $ | 1,272 | |||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 471 | $ | 471 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 0 | 61 | 61 | ||||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | 532 | $ | 532 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 471 | $ | 471 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 47 | 0 | 47 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 268 | 61 | 329 | ||||||||||||||||||||||||||||||||||
Total | $ | 315 | $ | 532 | $ | 847 | |||||||||||||||||||||||||||||||
The following table provides, by class, the number of loans modified in troubled debt restructurings and the recorded investments and unpaid principal balances during the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
TDRs in Compliance with Their | TDRs in | ||||||||||||||||||||||||||||||||||||
Modified Terms and Accruing | Compliance | ||||||||||||||||||||||||||||||||||||
Interest | with Their | ||||||||||||||||||||||||||||||||||||
Modified | |||||||||||||||||||||||||||||||||||||
Terms and Not | |||||||||||||||||||||||||||||||||||||
Accruing Interest | |||||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||||||||||
of Loans | Investment | of Loans | Investment | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 0 | 0 | 1 | 12 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | 1 | $ | 12 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 2 | 60 | 11 | 1,179 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Consumer | 1 | 33 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | 3 | $ | 93 | 11 | $ | 1,179 | |||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 0 | 0 | 1 | 61 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 2 | 141 | |||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 1 | 330 | |||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | 4 | $ | 532 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 6 | 315 | 1 | 61 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 2 | 141 | |||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 1 | 330 | |||||||||||||||||||||||||||||||||
Total | 6 | $ | 315 | 4 | $ | 532 | |||||||||||||||||||||||||||||||
At September 30, 2013 and 2012, there were no commitments to lend additional funds to debtors whose terms have been modified in troubled debt restructuring. | |||||||||||||||||||||||||||||||||||||
All loans modified in troubled debt restructurings are evaluated for impairment. The nature and extent of impairment of TDRs, including those which have experienced a subsequent default, is considered in the determination of an appropriate level of allowance for credit losses. There was $0 in specific reserves resulting from the addition of TDR modifications for both the three and nine months ended September 30, 2013 and 2012. There were no TDRs that defaulted in the three and nine month periods ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||||||||||||||
Credit quality indicators for commercial and industrial, commercial real estate, residential real estate, and construction loans are based on an internal risk-rating system and are assigned at the loan origination and reviewed on a periodic or on an “as needed” basis. Consumer, mortgage warehouse, and manufactured housing loans are evaluated on the basis of the payment activity of the loan. | |||||||||||||||||||||||||||||||||||||
To facilitate the monitoring of credit quality within the commercial and industrial, commercial real estate, construction portfolio, and residential real estate classes, and for purposes of analyzing historical loss rates used in the determination of the allowance for loan losses for the respective portfolio class, the Bank utilizes the following categories of risk ratings: pass/satisfactory, special mention, substandard, doubtful, and loss. The risk rating categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass/satisfactory ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter. While assigning risk ratings involves judgment and estimates, the risk rating process is intended to permit management to identify riskier credits in a timely manner and allocate the appropriate resources to managing the loans. | |||||||||||||||||||||||||||||||||||||
The Bank assigns a special mention rating to loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan and the Bank’s credit position. | |||||||||||||||||||||||||||||||||||||
The Bank assigns a substandard rating to loans that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans in this category also are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies noted are not addressed and corrected. | |||||||||||||||||||||||||||||||||||||
The Bank assigns a doubtful rating to loans that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans. | |||||||||||||||||||||||||||||||||||||
When it is determined that these loans are uncollectible they are charged off in the period in which they are determined to be uncollectible. Loans, or portions of loans, classified as loss indicate that the Bank does not expect to collect the amounts classified as a loss. | |||||||||||||||||||||||||||||||||||||
Risk ratings are not established for home equity loans, consumer loans, and installment loans, mainly because these portfolios consist of a larger number of homogenous loans with smaller balances. Instead, these portfolios are evaluated for risk mainly based on aggregate payment history, through the monitoring of delinquency levels and trends and are classified as performing and nonperforming. | |||||||||||||||||||||||||||||||||||||
The following presents the credit quality tables as of September 30, 2013 and December 31, 2012 for the non-covered loan portfolio: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 200,651 | $ | 1,460,484 | $ | 32,499 | $ | 130,504 | |||||||||||||||||||||||||||||
Special Mention | 12,861 | 16,200 | 88 | 1,380 | |||||||||||||||||||||||||||||||||
Substandard | 282 | 14,246 | 2,087 | 1,619 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 213,794 | $ | 1,490,930 | $ | 34,674 | $ | 133,503 | |||||||||||||||||||||||||||||
Consumer | Mortgage | Manufactured | |||||||||||||||||||||||||||||||||||
Warehouse | Housing | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 1,889 | $ | 1,006 | $ | 141,576 | |||||||||||||||||||||||||||||||
Nonperforming (1) | 0 | 0 | 1,101 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,889 | $ | 1,006 | $ | 142,677 | |||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at September 30, 2013. | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 70,955 | $ | 794,187 | $ | 26,020 | $ | 105,490 | |||||||||||||||||||||||||||||
Special Mention | 3,836 | 18,737 | 454 | 1,017 | |||||||||||||||||||||||||||||||||
Substandard | 327 | 21,801 | 1,971 | 2,919 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 763 | 452 | 4 | |||||||||||||||||||||||||||||||||
Total | $ | 75,118 | $ | 835,488 | $ | 28,897 | $ | 109,430 | |||||||||||||||||||||||||||||
Consumer | Mortgage | Manufactured | |||||||||||||||||||||||||||||||||||
Warehouse | Housing | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 2,005 | $ | 9,565 | $ | 154,562 | |||||||||||||||||||||||||||||||
Nonperforming (1) | 56 | 0 | 141 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,061 | $ | 9,565 | $ | 154,703 | |||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at December 31, 2012. | ||||||||||||||||||||||||||||||||||||
The following presents the credit quality tables as of September 30, 2013 and December 31, 2012 for the covered loan portfolio: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 4,730 | $ | 17,920 | $ | 1,972 | $ | 14,245 | |||||||||||||||||||||||||||||
Special Mention | 119 | 3,020 | 3,949 | 455 | |||||||||||||||||||||||||||||||||
Substandard | 1,977 | 8,683 | 16,271 | 4,533 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 6,826 | $ | 29,623 | $ | 22,192 | $ | 19,233 | |||||||||||||||||||||||||||||
Manufactured | |||||||||||||||||||||||||||||||||||||
Housing | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 3,274 | |||||||||||||||||||||||||||||||||||
Nonperforming (1) | 107 | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,381 | |||||||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at September 30, 2013. | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 8,888 | $ | 26,195 | $ | 2,434 | $ | 14,021 | |||||||||||||||||||||||||||||
Special Mention | 51 | 225 | 4,038 | 455 | |||||||||||||||||||||||||||||||||
Substandard | 2,214 | 18,481 | 21,320 | 5,476 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 11,153 | $ | 44,901 | $ | 27,792 | $ | 19,952 | |||||||||||||||||||||||||||||
Manufactured | |||||||||||||||||||||||||||||||||||||
Housing | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 3,638 | |||||||||||||||||||||||||||||||||||
Nonperforming (1) | 90 | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,728 | |||||||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at December 31, 2012. | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||||
The changes in the allowance for loan losses for the three and nine months ended September 30, 2013 and 2012 and the loans and allowance for loan losses by loan segment based on impairment evaluation method are as follows. Please read in conjunction with disclosures in the Bancorp’s 2012 Annual Report on Form 10-K. | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Manufactured | Consumer | Mortgage | Residual | Total | |||||||||||||||||||||||||||||
and | Real Estate | Real Estate | Housing (1) | Warehouse | Reserve | ||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, July 1, 2013 | $ | 2,485 | $ | 16,685 | $ | 4,317 | $ | 3,552 | $ | 678 | $ | 106 | $ | 56 | $ | 263 | $ | 28,142 | |||||||||||||||||||
Charge-offs | 1,311 | 851 | 0 | 116 | 0 | 16 | 0 | 0 | 2,294 | ||||||||||||||||||||||||||||
Recoveries | 16 | 186 | 0 | 0 | 0 | 0 | 0 | 0 | 202 | ||||||||||||||||||||||||||||
Provision for loan losses | 2,029 | (349 | ) | (1,163 | ) | (216 | ) | 1 | 13 | (14 | ) | 449 | 750 | ||||||||||||||||||||||||
Ending Balance, September 30, 2013 | $ | 3,219 | $ | 15,671 | $ | 3,154 | $ | 3,220 | $ | 679 | $ | 103 | $ | 42 | $ | 712 | $ | 26,800 | |||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2013 | $ | 1,477 | $ | 15,439 | $ | 3,991 | $ | 3,233 | $ | 750 | $ | 154 | $ | 71 | $ | 722 | $ | 25,837 | |||||||||||||||||||
Charge-offs | 1,407 | 2,742 | 1,470 | 315 | 0 | 16 | 0 | 0 | 5,950 | ||||||||||||||||||||||||||||
Recoveries | 181 | 246 | 0 | 7 | 0 | 9 | 0 | 0 | 443 | ||||||||||||||||||||||||||||
Provision for loan losses | 2,968 | 2,728 | 633 | 295 | (71 | ) | (44 | ) | (29 | ) | (10 | ) | 6,470 | ||||||||||||||||||||||||
Ending Balance, September 30, 2013 | $ | 3,219 | $ | 15,671 | $ | 3,154 | $ | 3,220 | $ | 679 | $ | 103 | $ | 42 | $ | 712 | $ | 26,800 | |||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 20,162 | $ | 22,910 | $ | 3,978 | $ | 3,205 | $ | 0 | $ | 75 | $ | 0 | $ | 0 | $ | 50,330 | |||||||||||||||||||
Collectively evaluated for impairment | 195,857 | 1,449,009 | 39,058 | 134,582 | 140,869 | 1,258 | 1,006 | 0 | 1,961,639 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 4,601 | 48,634 | 13,830 | 14,949 | 5,189 | 556 | 0 | 0 | 87,759 | ||||||||||||||||||||||||||||
Market discounts/premiums/valuation adjustments | 59 | ||||||||||||||||||||||||||||||||||||
$ | 2,099,787 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 961 | $ | 2,233 | $ | 368 | $ | 187 | $ | 0 | $ | 1 | $ | 0 | $ | 0 | $ | 3,750 | |||||||||||||||||||
Collectively evaluated for impairment | 1,991 | 8,315 | 241 | 1,115 | 80 | 40 | 42 | 712 | 12,536 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 267 | 5,123 | 2,545 | 1,918 | 599 | 62 | 0 | 0 | 10,514 | ||||||||||||||||||||||||||||
$ | 3,219 | $ | 15,671 | $ | 3,154 | $ | 3,220 | $ | 679 | $ | 103 | $ | 42 | $ | 712 | $ | 26,800 | ||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, July 1, 2012 | $ | 1,503 | $ | 8,266 | $ | 4,352 | $ | 1,080 | $ | 40 | $ | 75 | $ | 802 | $ | 0 | $ | 16,118 | |||||||||||||||||||
Charge-offs | 266 | 283 | 475 | 365 | 0 | 27 | 0 | 0 | 1,416 | ||||||||||||||||||||||||||||
Recoveries | 98 | 33 | 3 | 0 | 0 | 22 | 0 | 0 | 156 | ||||||||||||||||||||||||||||
Provision for loan losses | 387 | 5,923 | 1,139 | 2,262 | 858 | 279 | (732 | ) | 0 | 10,116 | |||||||||||||||||||||||||||
Ending Balance, September 30, 2012 | $ | 1,722 | $ | 13,939 | $ | 5,019 | $ | 2,977 | $ | 898 | $ | 349 | $ | 70 | $ | 0 | $ | 24,974 | |||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2012 | $ | 1,441 | $ | 7,029 | $ | 4,656 | $ | 844 | $ | 18 | $ | 61 | $ | 929 | $ | 54 | $ | 15,032 | |||||||||||||||||||
Charge-offs | 300 | 1,426 | 2,666 | 565 | 0 | 37 | 0 | 0 | 4,994 | ||||||||||||||||||||||||||||
Recoveries | 164 | 83 | 3 | 5 | 0 | 27 | 0 | 0 | 282 | ||||||||||||||||||||||||||||
Provision for loan losses | 417 | 8,253 | 3,026 | 2,693 | 880 | 298 | (859 | ) | (54 | ) | 14,654 | ||||||||||||||||||||||||||
Ending Balance, September 30, 2012 | $ | 1,722 | $ | 13,939 | $ | 5,019 | $ | 2,977 | $ | 898 | $ | 349 | $ | 70 | $ | 0 | $ | 24,974 | |||||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,558 | $ | 37,250 | $ | 13,169 | $ | 4,540 | $ | 0 | $ | 273 | $ | 0 | $ | 0 | $ | 59,790 | |||||||||||||||||||
Collectively evaluated for impairment | 79,448 | 543,772 | 11,056 | 100,751 | 150,876 | 11,356 | 9,321 | 0 | 906,580 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 5,774 | 70,915 | 18,904 | 15,819 | 13,113 | 2,125 | 0 | 0 | 126,650 | ||||||||||||||||||||||||||||
Market discounts/premiums/valuation adjustments | (5,921 | ) | |||||||||||||||||||||||||||||||||||
$ | 1,087,099 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 349 | $ | 2,787 | $ | 2,450 | $ | 250 | $ | 0 | $ | 3 | $ | 0 | $ | 0 | $ | 5,839 | |||||||||||||||||||
Collectively evaluated for impairment | 877 | 5,379 | 262 | 878 | 757 | 93 | 70 | 0 | 8,316 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 496 | 5,773 | 2,307 | 1,849 | 141 | 253 | 0 | 0 | 10,819 | ||||||||||||||||||||||||||||
$ | 1,722 | $ | 13,939 | $ | 5,019 | $ | 2,977 | $ | 898 | $ | 349 | $ | 70 | $ | 0 | $ | 24,974 | ||||||||||||||||||||
-1 | The non-covered manufactured housing portfolio was purchased in August 2010. A portion of the purchase price may be used to reimburse the Bank under the specified terms in the Purchase Agreement for defaults of the underlying borrower and other specified items. At September 30, 2013 and 2012, funds available for reimbursement, if necessary, were $2.9 million and $4.1 million, respectively. Quarterly, these funds are evaluated to determine if they would be sufficient to absorb probable losses within the manufactured housing portfolio. | ||||||||||||||||||||||||||||||||||||
The changes in accretable yield related to purchased-credit-impaired loans for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 27,649 | $ | 43,230 | |||||||||||||||||||||||||||||||||
Accretion to interest income | (1,362 | ) | (7,384 | ) | |||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | (754 | ) | (147 | ) | |||||||||||||||||||||||||||||||||
Accretable yield balance, end of period | $ | 25,533 | $ | 35,699 | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 32,174 | $ | 45,358 | |||||||||||||||||||||||||||||||||
Accretion to interest income | (5,034 | ) | (9,443 | ) | |||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | (1,607 | ) | (216 | ) | |||||||||||||||||||||||||||||||||
Accretable yield balance, end of period | $ | 25,533 | $ | 35,699 | |||||||||||||||||||||||||||||||||
FDIC_Loss_Sharing_Receivable
FDIC Loss Sharing Receivable | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
FDIC Loss Sharing Receivable | ' | ||||||||
NOTE 8 — FDIC LOSS SHARING RECEIVABLE | |||||||||
The following table summarizes the activity related to the FDIC loss sharing receivable for the three and nine months ended September 30, 2013 and 2012: | |||||||||
Three Months Ended September 30, | 2013 | 2012 | |||||||
(dollars in thousands) | |||||||||
Balance, beginning of period | $ | 14,169 | $ | 12,376 | |||||
Change in FDIC loss sharing receivable | (125 | ) | 3,796 | ||||||
Reimbursement from the FDIC | (3,006 | ) | (3,866 | ) | |||||
Balance, end of period | $ | 11,038 | $ | 12,306 | |||||
Nine Months Ended September 30, | 2013 | 2012 | |||||||
(dollars in thousands) | |||||||||
Balance, beginning of period | $ | 12,343 | $ | 13,077 | |||||
Change in FDIC loss sharing receivable | 4,829 | 4,537 | |||||||
Reimbursement from the FDIC | (6,134 | ) | (5,308 | ) | |||||
Balance, end of period | $ | 11,038 | $ | 12,306 | |||||
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Borrowings | ' |
NOTE 9 — BORROWINGS | |
During July 2013 ($55.0 million) and August 2013 ($8.3 million), Customers Bancorp issued five-year senior unsecured notes aggregating $63.25 million at 6.375%. Interest on the debt is payable quarterly. Net proceeds to Customers Bancorp after issuance costs were $60.4 million. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
NOTE 10 — SHAREHOLDERS’ EQUITY | |
During the nine months ended September 30, 2013, the Bancorp issued 23,413 shares of common stock under share-based compensation arrangements. In the third quarter of 2013, 31,904 shares of Class B Non-Voting common stock were issued upon exercise of outstanding warrants, and 3.7 million shares of Class B Non-Voting common stock were converted into 3.7 million shares of Voting common stock. In addition, warrants to purchase 17,227 shares of voting common stock and 17,227 shares of Class B Non-Voting stock were repurchased in the third quarter of 2013. | |
On May 22, 2013, the Bancorp sold 6,179,104 shares of new issue voting common stock at a price to the public of $16.75 per share. The net proceeds to Customers after deducting underwriting discounts and commissions and offering expenses were $97.5 million. | |
During the third quarter of 2012, the Bancorp sold 7,111,819 shares of its common stock in private offerings. The net proceeds to Customers after deducting underwriting discounts and commissions and offering expenses were $94.8 million. | |
On May 8, 2012, the Bancorp announced that, due to market conditions, it had postponed its initial public offering of voting common stock. Costs related to this postponed offering in the amount of $1.4 million were expensed. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
NOTE 11 — SHARE-BASED COMPENSATION | |||||||||||||||||
Stock Options | |||||||||||||||||
Options to purchase an aggregate of 617,910 and 92,687 shares of voting common stock, representing 10% and 1.5% of the number of shares issued in the May 2013 offering of voting common stock, were granted to the Chief Executive Officer and the Chief Operating Officer in connection with the completion of the offering pursuant to their existing employment agreements, respectively. The options will vest over five years from the date of grant, subject to a 50% increase in the value of the Bancorp’s Voting Common Stock and have a term of 10 years. In addition, in matters unrelated to the May 2013 offering, options to purchase an aggregate of 70,000 shares of Voting Common Stock were granted to certain other officers. The fair values of the options were estimated using the Black-Scholes option pricing model. The following table presents the weighted-average assumptions used and the resulting weighted-average fair value of an option. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Weighted-average risk-free interest rate | 1.41 | % | 1.15 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Weighted-average expected volatility | 13.77 | % | 17.47 | % | |||||||||||||
Expected life (in years) | 7 | 6.98 | |||||||||||||||
Weighted-average fair value | $ | 3.16 | $ | 3.04 | |||||||||||||
The following table summarizes stock option activity for the nine months ended September 30, 2013. | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of Options | average | average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term in Years | |||||||||||||||||
(aggregate intrinsic value in thousands) | |||||||||||||||||
Outstanding at January 1, 2013 | 2,003,889 | $ | 12.49 | ||||||||||||||
Granted | 780,597 | 16.67 | |||||||||||||||
Forfeited | (5,000 | ) | 14.94 | ||||||||||||||
Outstanding at September 30, 2013 | 2,779,486 | $ | 13.66 | 8.16 | $ | 7,480 | |||||||||||
Vested and expected to vest at September 30, 2013 | 2,779,486 | $ | 13.66 | 8.16 | $ | 7,480 | |||||||||||
Exercisable at September 30, 2013 | 14,438 | 20.06 | 3.57 | 12 |
Regulatory_Matters
Regulatory Matters | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
NOTE 12 — REGULATORY MATTERS | |||||||||||||||||||||||||
The Bank and the Bancorp are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can result in certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bancorp’s consolidated financial statements. At September 30, 2013, the Bank and the Bancorp exceeded all capital adequacy requirements to which they are subject. | |||||||||||||||||||||||||
The Bank experienced rapid loan growth during the final days of 2012. During the standard closing process of the Bank’s December 2012 financial statements, management determined on January 30, 2013 that the rapid loan growth resulted in a reduction in the Bank’s capital ratios, causing the Bank to become adequately capitalized as of December 31, 2012. Management immediately transferred sufficient capital from the Bancorp to the Bank which returned the Bank to well-capitalized status. Sufficient cash is maintained at the Bancorp to ensure that the Bank remains well capitalized, and management remains committed to taking all steps necessary to ensure that both the Bancorp and the Bank remain well capitalized going forward. The Bank met the regulatory standards to be considered well capitalized as of September 30, 2013. Since the Bank was adequately capitalized at December 31, 2012, regulatory approval was required to accept, renew or roll over any brokered deposits. Effective January 1, 2013, the interest rate paid for deposits by institutions that are less than well capitalized was limited to 75 basis points above the national rate for similar products unless the institution can support to the FDIC that prevailing rates in its market area exceed the national average. This limitation on rates paid for deposits was removed effective with the Bank complying with the well capitalized thresholds, and as the Bank exceeds the well capitalized thresholds as of September 30, 2013, the Bank is not subject to any limits on interest rates paid for deposits. | |||||||||||||||||||||||||
The Bancorp’s and the Bank’s capital amounts and ratios at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||||||||||||||
Purposes | Under | ||||||||||||||||||||||||
Prompt Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 413,900 | 13.6 | % | $ | 243,500 | 8 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 427,809 | 14.18 | % | $ | 241,298 | 8 | % | $ | 301,622 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 386,517 | 12.7 | % | $ | 121,750 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 400,426 | 13.28 | % | $ | 120,649 | 4 | % | $ | 180,973 | 6 | % | |||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 386,517 | 10.63 | % | $ | 145,388 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 400,426 | 11.04 | % | $ | 145,043 | 4 | % | $ | 181,303 | 5 | % | |||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 289,035 | 11.26 | % | $ | 205,443 | 8 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 244,710 | 9.53 | % | $ | 205,442 | 8 | % | $ | 256,802 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 262,719 | 10.23 | % | $ | 102,722 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 218,394 | 8.5 | % | $ | 102,721 | 4 | % | $ | 154,081 | 6 | % | |||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 262,719 | 9.3 | % | $ | 112,939 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 218,394 | 7.74 | % | $ | 112,896 | 4 | % | $ | 141,120 | 5 | % |
Disclosures_about_Fair_Value_o
Disclosures about Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | ' | ||||||||||||||||||||
NOTE 13 — DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The Bancorp uses fair value measurements to record fair value adjustments to certain assets and to disclose the fair value of its financial instruments. FASB ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For the Bancorp, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. However, many of such instruments lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. For fair value disclosure purposes, the Bancorp utilized certain fair value measurement criteria under the FASB ASC 820, Fair Value Measurement, as explained below. | |||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||
The carrying amounts reported in the balance sheet for cash and short-term instruments approximate these assets’ fair values. These assets are included as Level 1 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||
The fair value of investment securities available for sale and held to maturity are determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or externally developed models that use unobservable inputs due to limited or no market activity of the instrument (Level 3). These assets are included as Level 1 and 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
The carrying amount of FHLB, Federal Reserve Bank and other stock approximates fair value, and considers the limited marketability of such securities. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Loans held for sale: | |||||||||||||||||||||
The fair value of loans receivable held for sale is based on commitments on hand from investors within the secondary market for loans with similar characteristics. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Loans held for sale — Mortgage warehouse loans: | |||||||||||||||||||||
The Fair Value Option | |||||||||||||||||||||
The Bancorp elected the fair value option for warehouse lending transactions documented under a Master Repurchase Agreement originated after July 1, 2012 in order to more accurately represent the short-term nature of the transaction and its inherent credit risk. This adoption was in accordance with the parameters established by Accounting Standards Codification (“ASC”) 825-10-25, Financial Instruments-Overall-Recognition: The Fair Value Option. Warehouse lending transactions are classified as “Loans held for sale” on the balance sheet. The interest income from the warehouse lending transactions is classified in “Interest Income — Loans held for sale on the income statement. An allowance for loan losses is not recorded for the warehouse lending transactions when measured at fair value since the exit price (the repurchase price) for warehouse lending transactions considers the effect of expected credit losses. | |||||||||||||||||||||
The fair value of mortgage warehouse loans is the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The loan is used by the mortgage company as short-term bridge financing between the funding of mortgage loans and the finalization of the sale of the loans to an investor. Changes in fair value are not expected to be recognized since at inception of the transaction the underlying loans have already been sold to an approved investor or they have been hedged by the mortgage company. Additionally, the interest rate is variable, and the transaction is short-term, with an average life of 17 days from purchase to sale. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Loans receivable, net: | |||||||||||||||||||||
The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||
Impaired loans are those that are accounted for under FASB ASC 450, Contingencies, in which the Bancorp has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
FDIC loss sharing receivable: | |||||||||||||||||||||
The FDIC loss sharing receivable is measured separately from the related covered assets, as it is not contractually embedded in the assets and is not transferable with the assets should the assets be sold. Fair value is estimated using projected cash flows related to the loss sharing agreements based on the expected reimbursements for losses using the applicable loss share percentages and the estimated true-up payment. These cash flows are discounted to reflect the estimated timing of the receipt of the loss share reimbursement from the FDIC. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Other real estate owned: | |||||||||||||||||||||
The fair value of OREO is determined using appraisals, which may be discounted based on management’s review and changes in market conditions (Level 3 Inputs). All appraisals must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (“USPAP”). Appraisals are certified to the Bancorp and performed by appraisers on the Bancorp’s approved list of appraisers. Evaluations are completed by a person independent of management. The content of the appraisal depends on the complexity of the property. Appraisals are completed on a “retail value” and an “as is value”. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Accrued interest receivable and payable: | |||||||||||||||||||||
The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Deposit liabilities: | |||||||||||||||||||||
The fair values disclosed for deposits (e.g., interest and noninterest checking, passbook savings and money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. These assets are included as Level 1 and 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Federal funds purchased: | |||||||||||||||||||||
For these short-term instruments, the carrying amount is considered a reasonable estimate of fair value. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Other Borrowings: | |||||||||||||||||||||
The carrying amount of short-term FHLB borrowings approximates its fair value. Fair values of long-term FHLB advances are estimated using discounted cash flow analysis, based on quoted prices for new FHLB advances with similar credit risk characteristics, terms and remaining maturity. These prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Also included in Other Borrowings is long-term senior debt the fair value of which is determined using discounted cash flow analysis. Long-term senior debit is included in Level 3. These liabilities are included as Level 2 and 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Subordinated debt: | |||||||||||||||||||||
Fair values of subordinated debt are estimated using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit risk characteristics, terms and remaining maturity. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Derivatives (Assets and Liabilities): | |||||||||||||||||||||
The fair values of interest rate swaps are determined using models that incorporate readily observable market data into a market standard methodology. The methodology nets the discounted future fixed cash receipts and the discounted expected variable cash payments. The discounted variable cash payments are based on expectations of future interest rates derived from observable market interest rate curves. In addition, fair value is adjusted for the effect of nonperformance risk by incorporating credit valuation adjustments for the Bancorp and its counterparties. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
Off-balance-sheet financial instruments: | |||||||||||||||||||||
Fair values for the Bancorp’s off-balance-sheet financial instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties’ credit standing. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |||||||||||||||||||||
The following information should not be interpreted as an estimate of the fair value of the entire Bancorp since a fair value calculation is only provided for a limited portion of the Bancorp’s assets. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Bancorp’s disclosures and those of other companies may not be meaningful. | |||||||||||||||||||||
The estimated fair values of the Bancorp’s financial instruments were as follows at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||||||
Amount | Fair Value | Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 255,653 | $ | 255,653 | $ | 255,653 | $ | 0 | $ | 0 | |||||||||||
Investment securities, available for sale | 497,566 | 497,566 | 22,905 | 474,661 | 0 | ||||||||||||||||
Loans held for sale | 917,939 | 917,939 | 0 | 917,939 | 0 | ||||||||||||||||
Loans receivable, net | 2,072,987 | 2,088,789 | 0 | 0 | 2,088,789 | ||||||||||||||||
FHLB, Federal Reserve Bank and other stock | 19,113 | 19,113 | 0 | 19,113 | 0 | ||||||||||||||||
FDIC loss sharing receivable | 11,038 | 11,038 | 0 | 11,038 | 0 | ||||||||||||||||
Derivatives not designated as hedging instruments | 1,911 | 1,911 | 0 | 1,911 | 0 | ||||||||||||||||
Fraudulent loans receivable (1) | 669 | 669 | 0 | 0 | 669 | ||||||||||||||||
Accrued interest receivable | 7,866 | 7,866 | 7,866 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | $ | 3,243,312 | $ | 3,247,129 | $ | 671,211 | $ | 2,575,918 | $ | 0 | |||||||||||
Other borrowings | 235,250 | 238,251 | 0 | 238,251 | 0 | ||||||||||||||||
Subordinated debt | 2,000 | 2,000 | 0 | 2,000 | 0 | ||||||||||||||||
Derivatives not designated as hedging instruments | 1,871 | 1,871 | 0 | 1,871 | 0 | ||||||||||||||||
Accrued interest payable | 1,761 | 1,761 | 1,761 | 0 | 0 | ||||||||||||||||
-1 | Included in Other Assets | ||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||||||
Amount | Fair Value | Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 186,016 | $ | 186,016 | $ | 186,016 | $ | 0 | $ | 0 | |||||||||||
Investment securities, available for sale | 129,093 | 129,093 | 6 | 129,087 | 0 | ||||||||||||||||
Loans held for sale | 1,439,889 | 1,439,889 | 0 | 1,439,889 | 0 | ||||||||||||||||
Loans receivable, net | 1,298,630 | 1,307,049 | 0 | 0 | 1,307,049 | ||||||||||||||||
FHLB, Federal Reserve Bank and other stock | 30,163 | 30,163 | 0 | 30,163 | 0 | ||||||||||||||||
FDIC loss sharing receivable | 12,343 | 12,343 | 0 | 12,343 | 0 | ||||||||||||||||
Accrued interest receivable | 5,790 | 5,790 | 5,790 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | $ | 2,440,818 | $ | 2,674,765 | $ | 219,687 | $ | 2,455,078 | $ | 0 | |||||||||||
Federal funds purchased | 5,000 | 5,000 | 5,000 | 0 | 0 | ||||||||||||||||
Other borrowings | 471,000 | 471,432 | 0 | 471,432 | 0 | ||||||||||||||||
Subordinated debt | 2,000 | 2,000 | 0 | 2,000 | 0 | ||||||||||||||||
Accrued interest payable | 1,530 | 1,530 | 1,530 | 0 | 0 | ||||||||||||||||
In accordance with FASB ASC 820, Fair Value Measurements and Disclosures, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Bancorp’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. | |||||||||||||||||||||
The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. | |||||||||||||||||||||
Level 1: | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||||||
Level 2: | Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||
Level 3: | Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). | ||||||||||||||||||||
An asset’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||
For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Mortgage-backed securities | $ | 0 | $ | 449,521 | $ | 0 | $ | 449,521 | |||||||||||||
Corporate notes | 0 | 25,140 | 0 | 25,140 | |||||||||||||||||
Equity securities | 22,905 | 0 | 0 | 22,905 | |||||||||||||||||
Derivatives not designated as hedging instruments (1) | 0 | 1,911 | 0 | 1,911 | |||||||||||||||||
Mortgage warehouse loans held for sale | 0 | 840,425 | 0 | 840,425 | |||||||||||||||||
Total assets - recurring fair value measurements | $ | 22,905 | $ | 1,316,997 | $ | 0 | $ | 1,339,902 | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivatives not designated as hedging instruments (2) | $ | 0 | $ | 1,871 | $ | 0 | $ | 1,871 | |||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans, net of specific reserves of $3,750 | $ | 0 | $ | 0 | $ | 7,850 | $ | 7,850 | |||||||||||||
Other real estate owned | 0 | 0 | 10,259 | 10,259 | |||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | 0 | $ | 0 | $ | 18,109 | $ | 18,109 | |||||||||||||
-1 | Included in Other Assets | ||||||||||||||||||||
-2 | Included in Other Liabilities | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Mortgage-backed securities | $ | 0 | $ | 104,135 | $ | 0 | $ | 104,135 | |||||||||||||
Corporate notes | 0 | 24,952 | 0 | 24,952 | |||||||||||||||||
Equity securities | 6 | 0 | 0 | 6 | |||||||||||||||||
Mortgage warehouse loans held for sale | 0 | 1,248,935 | 0 | 1,248,935 | |||||||||||||||||
Total assets - recurring fair value measurements | $ | 6 | $ | 1,378,022 | $ | 0 | $ | 1,378,028 | |||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans, net of specific reserves of $4,625 | $ | 0 | $ | 0 | $ | 11,004 | $ | 11,004 | |||||||||||||
Other real estate owned | 0 | 0 | 5,737 | 5,737 | |||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | 0 | $ | 0 | $ | 16,741 | $ | 16,741 | |||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended September 30, 2013 and 2012 are summarized as follows. | |||||||||||||||||||||
There were no Level 3 assets or liabilities measured at fair value on a recurring basis during the three months ended September 30, 2013. | |||||||||||||||||||||
Mortgage- | Corporate | Total | |||||||||||||||||||
backed | Notes | ||||||||||||||||||||
Securities | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at July 1, 2012 | $ | 2,632 | $ | 24,203 | $ | 26,835 | |||||||||||||||
Total gains included in other comprehensive income (before taxes) | 0 | 469 | 469 | ||||||||||||||||||
Amortization included in interest income | (29 | ) | 0 | (29 | ) | ||||||||||||||||
Settlements | (2,603 | ) | 0 | (2,603 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 0 | $ | 24,672 | $ | 24,672 | |||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2013 and 2012 are summarized as follows. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
Held for | |||||||||||||||||||||
Sale (1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 0 | |||||||||||||||||||
Transfer from Level 2 to Level 3 (1) | 3,173 | ||||||||||||||||||||
Recoveries | (1,463 | ) | |||||||||||||||||||
Sales | (1,013 | ) | |||||||||||||||||||
Transfer from loans held for sale to other assets (1) | (697 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | 0 | |||||||||||||||||||
Mortgage- | Corporate | Total | |||||||||||||||||||
backed | Notes | ||||||||||||||||||||
Securities | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at January 1, 2012 | $ | 2,894 | $ | 19,217 | $ | 22,111 | |||||||||||||||
Total gains included in other comprehensive income (before taxes) | 0 | 455 | 455 | ||||||||||||||||||
Amortization included in interest income | (291 | ) | 0 | (291 | ) | ||||||||||||||||
Settlements | (2,603 | ) | 0 | (2,603 | ) | ||||||||||||||||
Purchases | 0 | 5,000 | 5,000 | ||||||||||||||||||
Balance at September 30, 2012 | $ | 0 | $ | 24,672 | $ | 24,672 | |||||||||||||||
-1 | The Bancorp’s policy is to recognize transfers between levels when events or circumstances warrant transfers. During the first quarter of 2013, a suspected fraud was discovered in the Bank’s loans held-for-sale portfolio. Total loans involved in this fraud initially appeared to be $5.2 million, and management believed the range of possible loss to have been between $1.5 million and $3.2 million. Accordingly, management provided a loss contingency of $2.0 million at March 31, 2013. Due to the uncertainty surrounding the amount of loss, management transferred these loans and the related loss contingency from Level 2 to Level 3. During the second quarter of 2013, the Bank determined that an aggregate of $1.0 million of the loans were not involved in the fraud, and these loans were subsequently sold. In addition, the Bank recovered $1.5 million in cash from the alleged perpetrator. Since it was resolved that the loans no longer met the definition of “a loan,” and since the Bank is pursuing restitution through the involved parties, the Bank determined this to be a receivable. As a result, the remaining aggregate of $2.7 million of loans and the related $2.0 million reserve were transferred to Other assets. | ||||||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2013 on a recurring and nonrecurring basis for which the Bancorp utilized Level 3 inputs to measure fair value. The valuation techniques, unobservable inputs, and ranges (weighted average) are the same as those disclosed at December 31, 2012. | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
September 30, 2013 | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted | |||||||||||||||||
Estimate | Average) (3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Impaired loans | $ | 7,850 | Collateral appraisal (1) | Liquidation expenses (2) | -3% to -8% (-5.5%) | ||||||||||||||||
Other real estate owned | $ | 10,259 | Collateral appraisal (1) | Liquidation expenses (2) | -3% to -8% (-5.5%) | ||||||||||||||||
-1 | Obtained from independent third-parties approved appraisers. Appraisals are current and in compliance with credit policy. The Bancorp does not discount appraisals. | ||||||||||||||||||||
-2 | Fair value is adjusted for costs to sell. | ||||||||||||||||||||
-3 | Presented as a percentage of the value determined by appraisal. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
NOTE 14 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||
Accounting Policy for Derivative Instruments and Hedging Activities | |||||||||||||
The Bancorp records all derivatives on the balance sheet at fair value. Currently, none of the derivatives are designated in qualifying hedging relationships. As such, all changes in fair value of the derivatives are recognized directly in earnings. | |||||||||||||
In accordance with U.S. GAAP, the Bancorp made an accounting policy election to measure credit risk of its derivative financial instruments that are subject to master netting agreements on a gross basis. | |||||||||||||
Risk Management Objectives of Using Derivatives | |||||||||||||
The Bancorp is exposed to certain risks arising from both its business operations and economic conditions. The Bancorp manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. The Bank’s existing interest-rate derivatives result from a service provided to certain qualifying customers, and therefore, are not used to manage interest-rate risk in assets or liabilities. The Bank manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. | |||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||
None of the Bancorp’s derivatives are designated in qualifying hedging relationships. The derivatives not designated as hedges are not speculative and result from a service implemented in the first quarter of 2013 that the Bank provides to certain customers. The Bank executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies (typically the loan customers will swap a floating rate loan to fixed rate loan). The customer interest rate swaps are simultaneously offset by interest rate swaps that the Bank executes with a third party in order to minimize risk exposure resulting from such transactions. Since the interest rate swaps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting market swaps are recognized directly in earnings. At September 30, 2013, the Bancorp had 16 interest rate swaps with an aggregate notional amount of $99.9 million related to this program. | |||||||||||||
Fair Value of Derivative Instruments on the Balance Sheet | |||||||||||||
The following table presents the fair value of the Bancorp’s derivative financial instruments as well as the classification on the balance sheet. | |||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
30-Sep-13 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance sheet | Fair value | Balance sheet | Fair value | ||||||||||
location | location | ||||||||||||
(dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Interest rate swap products | Other assets | $ | 1,911 | Other liabilities | $ | 1,871 | |||||||
Effect of Derivative Instruments on Comprehensive Income | |||||||||||||
The following table presents the effect of the Bancorp’s derivative financial instruments on comprehensive income for the three and nine months ended September 30, 2013. | |||||||||||||
Effect of Derivative Instruments on Comprehensive Income | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
Location of loss | Amount of loss | ||||||||||||
recognized in income | recognized in income | ||||||||||||
on derivatives | on derivatives | ||||||||||||
(dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Interest rate swap products | Other non-interest income | $ | 38 | ||||||||||
Effect of Derivative Instruments on Comprehensive Income | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||
Location of gain | Amount of gain | ||||||||||||
recognized in income | recognized in income | ||||||||||||
on derivatives | on derivatives | ||||||||||||
(dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Interest rate swap products | Other non-interest income | $ | 236 | ||||||||||
Credit-risk-related Contingent Features | |||||||||||||
By entering into derivative contracts, the Bank is exposed to credit risk. The credit risk associated with derivatives executed with Bank customers is the same as that involved in extending the related loans and is subject to the same standard credit policies. To mitigate the credit-risk exposure to major derivative dealer counterparties, the Bancorp only enters into agreements with those that maintain credit ratings of high quality. | |||||||||||||
Agreements with major derivative dealer counterparties contain provisions whereby default on any of the Bancorp’s indebtedness would be considered a default on its derivative obligations. The Bancorp also has entered into agreements that contain provisions under which the counterparty could require the Bancorp to settle its obligations if the Bancorp fails to maintain its status as a well/adequately-capitalized institution. As of September 30, 2013, the termination value of derivatives in a net liability position (which includes accrued interest but excludes any adjustment for nonperformance-risk) related to these agreements was $1.8 million. In addition, the Bancorp has minimum collateral posting thresholds with certain of these counterparties, and at September 30, 2013 had posted $2.2 million as collateral. |
Disclosures_about_Offsetting_A
Disclosures about Offsetting Assets and Liabilities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Disclosures about Offsetting Assets and Liabilities | ' | ||||||||||||||||||||||||
NOTE 15 — DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES | |||||||||||||||||||||||||
The following tables present derivative instruments that are subject to enforceable master netting arrangements. The Bancorp has not made a policy election to offset its derivative positions. | |||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Gross amounts not offset in | |||||||||||||||||||||||||
the consolidated balance sheet | |||||||||||||||||||||||||
Gross amount of | Gross amounts | Net amounts of | Financial | Cash collateral | Net amount | ||||||||||||||||||||
recognized assets | offset in the | assets presented | instruments | received | |||||||||||||||||||||
consolidated | in the consolidated | ||||||||||||||||||||||||
balance sheet | balance sheet | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 177 | $ | 0 | $ | 177 | $ | 177 | $ | 0 | $ | 0 | |||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Gross amounts not offset in | |||||||||||||||||||||||||
the consolidated balance sheet | |||||||||||||||||||||||||
Gross amount of | Gross amounts | Net amounts of | Financial | Cash collateral | Net amount | ||||||||||||||||||||
recognized liabilities | offset in the | liabilities presented | instruments | pledged | |||||||||||||||||||||
consolidated | in the consolidated | ||||||||||||||||||||||||
balance sheet | balance sheet | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 1,746 | $ | 0 | $ | 1,746 | $ | 177 | $ | 1,569 | $ | 0 | |||||||||||||
Loss_Contingency
Loss Contingency | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Loss Contingency | ' |
NOTE 16 — LOSS CONTINGENCY | |
During the first quarter of 2013, a suspected fraud was discovered in the Bank’s loans held-for-sale portfolio. Total loans involved in this fraud initially appeared to be $5.2 million, and management believed the range of possible loss to have been between $1.5 million and $3.2 million. Accordingly, management provided a loss contingency of $2.0 million at March 31, 2013. During the second quarter of 2013, the Bank determined that an aggregate of $1.0 million of the loans were not involved in the fraud, and these loans were subsequently sold. In addition, the Bank recovered $1.5 million in cash from the alleged perpetrator. Since it was resolved that the loans no longer met the definition of “a loan,” and since the Bank is pursuing restitution through the involved parties, the Bank determined this to be a receivable. As a result, the remaining aggregate of $2.7 million of loans and the related $2.0 million reserve were transferred to Other assets. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Determination of Appropriate Accounting Treatment for Purchased Loans Policy | ' |
Purchased Loans | |
The Bancorp believes that the varying circumstances under which it purchases loans and the diverse quality of loans purchased should drive the decision as to whether loans in a portfolio should be deemed to be purchased-credit-impaired loans (“PCI” loans). Therefore, loan acquisitions are and will be evaluated on a case-by-case basis to determine the appropriate accounting treatment. Loans acquired that do not have evidence of credit deterioration at the purchase date are and will be accounted for in accordance with ASC 310-20, Nonrefundable Fees and Other Costs, and loans acquired with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are and will be accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. | |
Loans that are purchased that do not have evidence of credit deterioration | |
Purchased performing loans are recorded at fair value and include credit and interest rate marks associated with acquisition accounting adjustments, as accounted for under the contractual cash flow method of accounting. The fair value adjustment is accreted as an adjustment to yield over the estimated contractual lives of the loans. There is no allowance for loan losses established at the acquisition date for the acquired performing loans. A provision for loan losses is recorded for any credit deterioration in these loans subsequent to acquisition. | |
Loans that are purchased that have evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected | |
For purchases of this type of loan, evidence of deteriorated credit quality may include past-due and non-accrual status, borrower credit scores and recent loan-to-value percentages. | |
The fair value of loans with evidence of credit deterioration is recorded net of a nonaccretable difference and accretable yield. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is the nonaccretable difference, which is not included in the carrying amount of acquired loans. Subsequent to acquisition, estimates of cash flows expected to be collected are updated each reporting period based on updated assumptions regarding default rates, loss severities, and other factors that are reflective of current market conditions. Subsequent decreases to the expected cash flows will generally result in a provision for loan losses. Subsequent increases in cash flows result in a reversal of the provision for loan losses to the extent of prior charges, or a reclassification of the difference from nonaccretable to accretable with a positive impact on accretion of interest income in future periods. Further, any excess of cash flows expected at acquisition over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan when there is a reasonable expectation about the amount and timing of those cash flows. | |
Purchased-credit-impaired loans acquired in the same fiscal quarter may be aggregated into one or more pools, provided that the loans have common risk characteristics. A pool is then accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. On a quarterly basis, the Bank re-estimates the total cash flows (both principal and interest) expected to be collected over the remaining life of each pool. These estimates incorporate assumptions regarding default rates, loss severities, the amounts and timing of prepayments and other factors that reflect then-current market conditions. If the timing and/or amounts of expected cash flows on purchased-credit-impaired loans were determined not to be reasonably estimable, no interest would be accreted and the loans would be reported as non-accrual loans; however, when the timing and amounts of expected cash flows for purchased-credit-impaired loans are reasonably estimable, interest is being accreted and the loans are being reported as performing loans. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In January, 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, to clarify that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with relevant accounting guidance or subject to an enforceable master netting arrangement or similar agreement. The guidance in this ASU was effective for the first interim or annual period beginning on or after January 1, 2013 (the same effective date for ASU 2011-11) and is to be applied retrospectively. See “NOTE 15 — DISCLOSURES ABOUT OFFSETTING ASSETS AND LIABILITIES” for the required disclosures. | |
In October, 2012, the FASB issued ASU 2012-06, Business Combinations (Topic 805): Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution (a consensus of the FASB Emerging Issues Task Force). This ASU requires an entity to subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. The amendments in this ASU were effective for the first interim periods or annual period beginning on or after December 15, 2012 and are to be applied prospectively. Adoption of this ASU has not had a significant impact on the Bancorp’s results of operations or financial position. | |
In February, 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). The ASU requires entities to disclose additional information about reclassification adjustments, including (1) changes in accumulated other comprehensive income balances by component and (2) significant items reclassified out of AOCI. The new disclosure requirements were effective for fiscal years and interim periods beginning after December 15, 2012 for public companies. See “NOTE 4 — CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME BY COMPONENT” for the required disclosures. | |
Financial Instruments | ' |
The Fair Value Option | |
The Bancorp elected the fair value option for warehouse lending transactions documented under a Master Repurchase Agreement originated after July 1, 2012 in order to more accurately represent the short-term nature of the transaction and its inherent credit risk. This adoption was in accordance with the parameters established by Accounting Standards Codification (“ASC”) 825-10-25, Financial Instruments-Overall-Recognition: The Fair Value Option. Warehouse lending transactions are classified as “Loans held for sale” on the balance sheet. The interest income from the warehouse lending transactions is classified in “Interest Income — Loans held for sale on the income statement. An allowance for loan losses is not recorded for the warehouse lending transactions when measured at fair value since the exit price (the repurchase price) for warehouse lending transactions considers the effect of expected credit losses. | |
The fair value of mortgage warehouse loans is the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The loan is used by the mortgage company as short-term bridge financing between the funding of mortgage loans and the finalization of the sale of the loans to an investor. Changes in fair value are not expected to be recognized since at inception of the transaction the underlying loans have already been sold to an approved investor or they have been hedged by the mortgage company. Additionally, the interest rate is variable, and the transaction is short-term, with an average life of 17 days from purchase to sale. These assets are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |
Impaired Loans | ' |
Impaired loans: | |
Impaired loans are those that are accounted for under FASB ASC 450, Contingencies, in which the Bancorp has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | |
Fair Value Measurement | ' |
In accordance with FASB ASC 820, Fair Value Measurements and Disclosures, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Bancorp’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||
Unrealized | Foreign | Total | |||||||||||
Gains and | Currency | ||||||||||||
Losses on | Items | ||||||||||||
Available- | |||||||||||||
for-Sale | |||||||||||||
Securities | |||||||||||||
(dollars in thousands) | |||||||||||||
Beginning Balance - July 1, 2013 | $ | (3,530 | ) | $ | 0 | $ | (3,530 | ) | |||||
Other comprehensive loss before reclassifications | (8 | ) | 1 | (7 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | ||||||||||
Net current-period other comprehensive (loss) income | (8 | ) | 1 | (7 | ) | ||||||||
Ending balance - September 30, 2013 | $ | (3,538 | ) | $ | 1 | $ | (3,537 | ) | |||||
Unrealized | Foreign | Total | |||||||||||
Gains and | Currency | ||||||||||||
Losses on | Items | ||||||||||||
Available- | |||||||||||||
for-Sale | |||||||||||||
Securities | |||||||||||||
Beginning Balance - January 1, 2013 | $ | 1,064 | $ | 0 | $ | 1,064 | |||||||
Other comprehensive loss before reclassifications | (4,602 | ) | 1 | (4,601 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | ||||||||||
Net current-period other comprehensive (loss) income | (4,602 | ) | 1 | (4,601 | ) | ||||||||
Ending balance - September 30, 2013 | $ | (3,538 | ) | $ | 1 | $ | (3,537 | ) | |||||
(a) | All amounts are net of tax. Amounts in parentheses indicate debits. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Components of Earnings Per Share | ' | ||||||||||||||||
The following are the components and results of the Bancorp’s earnings per share calculation for the periods presented: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollars in thousands, except per share data) | |||||||||||||||||
Net income allocated to common shareholders | $ | 8,268 | $ | 6,636 | $ | 23,683 | $ | 16,252 | |||||||||
Weighted-average number of common shares - basic | 24,678,317 | 12,465,744 | 21,494,880 | 11,723,090 | |||||||||||||
Share-based compensation plans | 475,987 | 310, 845 | 383,326 | 231,674 | |||||||||||||
Warrants | 182,898 | 134,926 | 175,999 | 112,265 | |||||||||||||
Weighted-average number of common shares - diluted | 25,337,202 | 12,911,515 | 22,054,205 | 12,067,029 | |||||||||||||
Basic earnings per share | $ | 0.34 | $ | 0.53 | $ | 1.1 | $ | 1.39 | |||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.51 | $ | 1.07 | $ | 1.35 | |||||||||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||||||
The following is a summary of securities that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Weighted-average anti-dilutive securities: | |||||||||||||||||
Share-based compensation awards | 92,245 | 6,592 | 87,129 | 6,592 | |||||||||||||
Warrants | 118,745 | 129,946 | 118,745 | 129,946 | |||||||||||||
Total anti-dilutive securities | 210,990 | 136,538 | 205,874 | 136,538 | |||||||||||||
Investment_Securities_Tables
Investment Securities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Summary of Amortized Cost and Approximate Fair Value of Investment Securities | ' | ||||||||||||||||||||||||
The amortized cost and approximate fair value of investment securities as of September 30, 2013 and December 31, 2012 are summarized as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 454,933 | $ | 1,410 | $ | 6,822 | $ | 449,521 | |||||||||||||||||
Corporate notes | 25,000 | 163 | 23 | 25,140 | |||||||||||||||||||||
Equity securities | 23,074 | 81 | 250 | 22,905 | |||||||||||||||||||||
$ | 503,007 | $ | 1,654 | $ | 7,095 | $ | 497,566 | ||||||||||||||||||
-1 | Includes private-label securities with an aggregate amortized cost of $521 and an aggregate fair value of $513. | ||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | ||||||||||||||||||||||
Cost | Unrealized | Unrealized | |||||||||||||||||||||||
Gains | Losses | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 102,449 | $ | 1,795 | $ | 109 | $ | 104,135 | |||||||||||||||||
Corporate notes | 25,000 | 89 | 137 | 24,952 | |||||||||||||||||||||
Equity securities | 6 | 0 | 0 | 6 | |||||||||||||||||||||
$ | 127,455 | $ | 1,884 | $ | 246 | $ | 129,093 | ||||||||||||||||||
-1 | Includes private-label securities with an aggregate amortized cost of $629 and an aggregate fair value of $612. | ||||||||||||||||||||||||
Statement of Proceeds from Sale of Available for Sale Investment Securities | ' | ||||||||||||||||||||||||
The following table shows proceeds from the sale of available-for-sale investment securities and gross gains and gross losses realized on those sales for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Proceeds from sale of available-for-sale securities | $ | 0 | $ | 0 | $ | 0 | $ | 306,610 | |||||||||||||||||
Gross gains | $ | 0 | $ | 0 | $ | 0 | $ | 9,006 | |||||||||||||||||
Gross losses | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Net gains | $ | 0 | $ | 0 | $ | 0 | $ | 9,006 | |||||||||||||||||
These gains and losses were determined using the specific identification method and were included in non-interest income. | |||||||||||||||||||||||||
Summary of Investments Available for Sale Debt Securities by Stated Maturity | ' | ||||||||||||||||||||||||
The following table shows available-for-sale debt securities by stated maturity. Debt securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and are, therefore, classified separately with no specific maturity date: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Due in one year or less | $ | 0 | $ | 0 | |||||||||||||||||||||
Due after one year through five years | 25,000 | 25,140 | |||||||||||||||||||||||
Due after five years through ten years | 0 | 0 | |||||||||||||||||||||||
Due after ten years | 0 | 0 | |||||||||||||||||||||||
Mortgage-backed securities | 454,933 | 449,521 | |||||||||||||||||||||||
Total debt securities | $ | 479,933 | $ | 474,661 | |||||||||||||||||||||
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category | ' | ||||||||||||||||||||||||
The Bancorp’s investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 129,120 | $ | 6,811 | $ | 309 | $ | 11 | $ | 129,429 | $ | 6,822 | |||||||||||||
Corporate notes | 4,980 | 20 | 4,997 | 3 | 9,977 | 23 | |||||||||||||||||||
Equity securities | 22,068 | 250 | 0 | 0 | 22,068 | 250 | |||||||||||||||||||
Total | $ | 156,168 | $ | 7,081 | $ | 5,306 | $ | 14 | $ | 161,474 | $ | 7,095 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||||
Mortgage-backed securities | $ | 5,695 | $ | 87 | $ | 429 | $ | 22 | 6,124 | $ | 109 | ||||||||||||||
Corporate notes | 0 | 0 | 9,862 | 137 | 9,862 | 137 | |||||||||||||||||||
Total | $ | 5,695 | $ | 87 | $ | 10,291 | $ | 159 | $ | 15,986 | $ | 246 | |||||||||||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Composition of Net Loans Receivable | ' | ||||||||||||||||||||||||||||||||||||
The composition of net loans receivable was as follows: | |||||||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Construction | $ | 22,192 | $ | 27,792 | |||||||||||||||||||||||||||||||||
Commercial real estate | 29,623 | 44,901 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 6,826 | 11,153 | |||||||||||||||||||||||||||||||||||
Residential real estate | 19,233 | 19,952 | |||||||||||||||||||||||||||||||||||
Manufactured housing | 3,381 | 3,728 | |||||||||||||||||||||||||||||||||||
Total loans receivable covered under FDIC loss sharing agreements (1) | 81,255 | 107,526 | |||||||||||||||||||||||||||||||||||
Construction | 34,674 | 28,897 | |||||||||||||||||||||||||||||||||||
Commercial real estate | 1,490,930 | 835,488 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 213,794 | 75,118 | |||||||||||||||||||||||||||||||||||
Mortgage warehouse | 1,006 | 9,565 | |||||||||||||||||||||||||||||||||||
Manufactured housing | 142,677 | 154,703 | |||||||||||||||||||||||||||||||||||
Residential real estate | 133,503 | 109,430 | |||||||||||||||||||||||||||||||||||
Consumer | 1,889 | 2,061 | |||||||||||||||||||||||||||||||||||
Total loans receivable not covered under FDIC loss sharing agreements | 2,018,473 | 1,215,262 | |||||||||||||||||||||||||||||||||||
Total loans receivable (2) | 2,099,728 | 1,322,788 | |||||||||||||||||||||||||||||||||||
Deferred (fees) costs, net | 59 | 1,679 | |||||||||||||||||||||||||||||||||||
Allowance for loan losses | (26,800 | ) | (25,837 | ) | |||||||||||||||||||||||||||||||||
Loans receivable, net | $ | 2,072,987 | $ | 1,298,630 | |||||||||||||||||||||||||||||||||
-1 | Loans that were acquired in two FDIC-assisted transactions and are covered under loss sharing agreements with the FDIC are referred to as “covered” loans throughout these financial statements. | ||||||||||||||||||||||||||||||||||||
-2 | Customers Bank takes advantage of Federal Home Loan Bank (“FHLB”) programs for overnight and term borrowings. Under the terms of a blanket collateral agreement, advances from the FHLB are collateralized by qualifying first-mortgage loans. | ||||||||||||||||||||||||||||||||||||
Non-Covered Loans and Covered Loans, by Class | ' | ||||||||||||||||||||||||||||||||||||
Non-Covered Nonaccrual Loans and Loans Past Due | |||||||||||||||||||||||||||||||||||||
The following tables summarize non-covered loans, by class: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater | Total Past | Non- | Current (2) | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | Than | Due (1) | Accrual | Loans (5) | Loans (4) | ||||||||||||||||||||||||||||||||
90 Days (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 0 | $ | 0 | $ | 0 | $ | 221 | $ | 211,404 | $ | 2,169 | $ | 213,794 | |||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 10,625 | 1,442,061 | 38,244 | 1,490,930 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 2,050 | 31,683 | 941 | 34,674 | ||||||||||||||||||||||||||||||
Residential real estate | 400 | 0 | 400 | 945 | 121,550 | 10,608 | 133,503 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | 1,469 | 420 | 1,889 | ||||||||||||||||||||||||||||||
Mortgage warehouse | 0 | 0 | 0 | 0 | 1,006 | 0 | 1,006 | ||||||||||||||||||||||||||||||
Manufactured housing (3) | 6,311 | 3,095 | 9,406 | 1,101 | 126,981 | 5,189 | 142,677 | ||||||||||||||||||||||||||||||
Total | $ | 6,711 | $ | 3,095 | $ | 9,806 | $ | 14,942 | $ | 1,936,154 | $ | 57,571 | $ | 2,018,473 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater | Total Past | Non- | Current (2) | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | Than | Due (1) | Accrual | Loans (5) | Loans (4) | ||||||||||||||||||||||||||||||||
90 Days (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 38 | $ | 0 | $ | 38 | $ | 288 | $ | 72,715 | $ | 2,077 | $ | 75,118 | |||||||||||||||||||||||
Commercial real estate | 1,437 | 0 | 1,437 | 17,770 | 770,508 | 45,773 | 835,488 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 2,423 | 25,022 | 1,452 | 28,897 | ||||||||||||||||||||||||||||||
Residential real estate | 381 | 0 | 381 | 1,669 | 95,396 | 11,984 | 109,430 | ||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 56 | 1,486 | 519 | 2,061 | ||||||||||||||||||||||||||||||
Mortgage warehouse | 0 | 0 | 0 | 0 | 9,565 | 0 | 9,565 | ||||||||||||||||||||||||||||||
Manufactured housing (3) | 9,234 | 1,966 | 11,200 | 141 | 135,924 | 7,438 | 154,703 | ||||||||||||||||||||||||||||||
Total | $ | 11,090 | $ | 1,966 | $ | 13,056 | $ | 22,347 | $ | 1,110,616 | $ | 69,243 | $ | 1,215,262 | |||||||||||||||||||||||
-1 | Loan balances do not include non-accrual loans. | ||||||||||||||||||||||||||||||||||||
-2 | Loans where payments are due within 29 days of the scheduled payment date. | ||||||||||||||||||||||||||||||||||||
-3 | Purchased manufactured housing loans, purchased in 2010, are subject to cash reserves held at the Bank that are used to fund the past-due payments when the loan becomes 90-days or more delinquent. | ||||||||||||||||||||||||||||||||||||
-4 | Loans exclude deferred costs and fees. | ||||||||||||||||||||||||||||||||||||
-5 | Purchased-credit-impaired loans that were aggregated into pools are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because we recognize interest income on each pool of loans, they are all considered to be performing. PCI loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and being reported as performing loans. | ||||||||||||||||||||||||||||||||||||
Covered Nonaccrual Loans and Loans Past Due | |||||||||||||||||||||||||||||||||||||
The following tables summarize covered loans, by class: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Non- | Current | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | 90 Days | Due (1) | Accrual | (2)(3) | Loans (5) | Loans (4) | |||||||||||||||||||||||||||||||
Past Due (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 4,394 | $ | 2,432 | $ | 6,826 | |||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 1,821 | 17,413 | 10,389 | 29,623 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 3,382 | 5,920 | 12,890 | 22,192 | ||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 564 | 14,328 | 4,341 | 19,233 | ||||||||||||||||||||||||||||||
Manufactured housing | 86 | 0 | 86 | 21 | 3,138 | 136 | 3,381 | ||||||||||||||||||||||||||||||
Total | $ | 86 | $ | 0 | $ | 86 | $ | 5,788 | $ | 45,193 | $ | 30,188 | $ | 81,255 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
30-89 Days | Greater Than | Total Past | Non- | Current | PCI | Total | |||||||||||||||||||||||||||||||
Past Due (1) | 90 Days | Due (1) | Accrual | (2)(3) | Loans (5) | Loans (4) | |||||||||||||||||||||||||||||||
Past Due (1) | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 220 | $ | 0 | $ | 220 | $ | 100 | $ | 8,404 | $ | 2,429 | $ | 11,153 | |||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 3,712 | 20,859 | 20,330 | 44,901 | ||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 5,244 | 6,472 | 16,076 | 27,792 | ||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 1,358 | 14,226 | 4,368 | 19,952 | ||||||||||||||||||||||||||||||
Manufactured housing | 48 | 0 | 48 | 90 | 3,527 | 63 | 3,728 | ||||||||||||||||||||||||||||||
Total | $ | 268 | $ | 0 | $ | 268 | $ | 10,504 | $ | 53,488 | $ | 43,266 | $ | 107,526 | |||||||||||||||||||||||
-1 | Loans balances do not include nonaccrual loans. | ||||||||||||||||||||||||||||||||||||
-2 | Loans receivable that were not identified upon acquisition as a loan with credit deterioration. | ||||||||||||||||||||||||||||||||||||
-3 | Loans where payments are due within 29 days of the scheduled payment date. | ||||||||||||||||||||||||||||||||||||
-4 | Loans exclude deferred costs and fees. | ||||||||||||||||||||||||||||||||||||
-5 | Purchased-credit-impaired loans that were aggregated into pools are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because we recognize interest income on each pool of loans, they are all considered to be performing. PCI loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and being reported as performing loans. | ||||||||||||||||||||||||||||||||||||
Summary of Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
The following table presents a summary of impaired loans: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
Charge Offs | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 16,829 | $ | 16,891 | $ | 6,697 | $ | 362 | |||||||||||||||||||||||||||||
Commercial real estate | 16,223 | 17,075 | 23,271 | 548 | |||||||||||||||||||||||||||||||||
Construction | 2,830 | 4,100 | 6,545 | 14 | |||||||||||||||||||||||||||||||||
Consumer | 21 | 21 | 133 | 0 | |||||||||||||||||||||||||||||||||
Residential real estate | 2,827 | 2,827 | 2,791 | 36 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 3,333 | 4,603 | $ | 961 | 1,192 | 157 | |||||||||||||||||||||||||||||||
Commercial real estate | 6,687 | 7,637 | 2,233 | 7,919 | 169 | ||||||||||||||||||||||||||||||||
Construction | 1,148 | 1,148 | 368 | 5,544 | 46 | ||||||||||||||||||||||||||||||||
Consumer | 54 | 54 | 1 | 46 | 4 | ||||||||||||||||||||||||||||||||
Residential real estate | 378 | 378 | 187 | 953 | 2 | ||||||||||||||||||||||||||||||||
Total | $ | 50,330 | $ | 54,734 | $ | 3,750 | $ | 55,091 | $ | 1,338 | |||||||||||||||||||||||||||
December 31, 2012 | For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||
September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | ||||||||||||||||||||||||||||||||||
Charge Offs | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 3,844 | $ | 3,844 | $ | 5,191 | $ | 160 | |||||||||||||||||||||||||||||
Commercial real estate | 26,626 | 27,477 | 22,205 | 748 | |||||||||||||||||||||||||||||||||
Construction | 6,588 | 6,618 | 7,627 | 19 | |||||||||||||||||||||||||||||||||
Consumer | 101 | 101 | 105 | 3 | |||||||||||||||||||||||||||||||||
Residential real estate | 3,188 | 3,188 | 2,382 | 55 | |||||||||||||||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 374 | 374 | $ | 295 | 748 | 9 | |||||||||||||||||||||||||||||||
Commercial real estate | 8,708 | 10,022 | 2,505 | 9,071 | 205 | ||||||||||||||||||||||||||||||||
Construction | 5,116 | 6,022 | 1,541 | 6,903 | 154 | ||||||||||||||||||||||||||||||||
Consumer | 100 | 100 | 14 | 29 | 4 | ||||||||||||||||||||||||||||||||
Residential real estate | 1,331 | 1,331 | 270 | 967 | 13 | ||||||||||||||||||||||||||||||||
Total | $ | 55,976 | $ | 59,077 | $ | 4,625 | $ | 55,228 | $ | 1,370 | |||||||||||||||||||||||||||
Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession | ' | ||||||||||||||||||||||||||||||||||||
The following is an analysis of loans modified in a troubled debt restructuring by type of concession for the three and nine months ended September 30, 2013 and 2012. There were no modifications that involved forgiveness of debt. | |||||||||||||||||||||||||||||||||||||
TDRs in | TDRs in | Total | |||||||||||||||||||||||||||||||||||
Compliance | Compliance | ||||||||||||||||||||||||||||||||||||
with Their | with Their | ||||||||||||||||||||||||||||||||||||
Modified | Modified | ||||||||||||||||||||||||||||||||||||
Terms and | Terms and | ||||||||||||||||||||||||||||||||||||
Accruing | Not | ||||||||||||||||||||||||||||||||||||
Interest | Accruing | ||||||||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 0 | 12 | 12 | ||||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | 12 | $ | 12 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 93 | 1,179 | 1,272 | ||||||||||||||||||||||||||||||||||
Total | $ | 93 | $ | 1,179 | $ | 1,272 | |||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 471 | $ | 471 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 0 | 61 | 61 | ||||||||||||||||||||||||||||||||||
Total | $ | 0 | $ | 532 | $ | 532 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Extended under forbearance | $ | 0 | $ | 471 | $ | 471 | |||||||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | 47 | 0 | 47 | ||||||||||||||||||||||||||||||||||
Interest-rate reductions | 268 | 61 | 329 | ||||||||||||||||||||||||||||||||||
Total | $ | 315 | $ | 532 | $ | 847 | |||||||||||||||||||||||||||||||
Summary of Loans and Leases Modified in Troubled Debt Restructurings, and Recorded Investments and Unpaid Principal Balances | ' | ||||||||||||||||||||||||||||||||||||
The following table provides, by class, the number of loans modified in troubled debt restructurings and the recorded investments and unpaid principal balances during the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||||||||||||||||||||||
TDRs in Compliance with Their | TDRs in | ||||||||||||||||||||||||||||||||||||
Modified Terms and Accruing | Compliance | ||||||||||||||||||||||||||||||||||||
Interest | with Their | ||||||||||||||||||||||||||||||||||||
Modified | |||||||||||||||||||||||||||||||||||||
Terms and Not | |||||||||||||||||||||||||||||||||||||
Accruing Interest | |||||||||||||||||||||||||||||||||||||
Number | Recorded | Number | Recorded | ||||||||||||||||||||||||||||||||||
of Loans | Investment | of Loans | Investment | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 0 | 0 | 1 | 12 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | 1 | $ | 12 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 2 | 60 | 11 | 1,179 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Consumer | 1 | 33 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | 3 | $ | 93 | 11 | $ | 1,179 | |||||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 0 | 0 | 1 | 61 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 2 | 141 | |||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 1 | 330 | |||||||||||||||||||||||||||||||||
Total | 0 | $ | 0 | 4 | $ | 532 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||||||||||||||
Commercial real estate | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Manufactured housing | 6 | 315 | 1 | 61 | |||||||||||||||||||||||||||||||||
Residential real estate | 0 | 0 | 2 | 141 | |||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 1 | 330 | |||||||||||||||||||||||||||||||||
Total | 6 | $ | 315 | 4 | $ | 532 | |||||||||||||||||||||||||||||||
Credit Quality Tables for Covered and Non-Covered Loan Portfolio | ' | ||||||||||||||||||||||||||||||||||||
The following presents the credit quality tables as of September 30, 2013 and December 31, 2012 for the non-covered loan portfolio: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 200,651 | $ | 1,460,484 | $ | 32,499 | $ | 130,504 | |||||||||||||||||||||||||||||
Special Mention | 12,861 | 16,200 | 88 | 1,380 | |||||||||||||||||||||||||||||||||
Substandard | 282 | 14,246 | 2,087 | 1,619 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 213,794 | $ | 1,490,930 | $ | 34,674 | $ | 133,503 | |||||||||||||||||||||||||||||
Consumer | Mortgage | Manufactured | |||||||||||||||||||||||||||||||||||
Warehouse | Housing | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 1,889 | $ | 1,006 | $ | 141,576 | |||||||||||||||||||||||||||||||
Nonperforming (1) | 0 | 0 | 1,101 | ||||||||||||||||||||||||||||||||||
Total | $ | 1,889 | $ | 1,006 | $ | 142,677 | |||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at September 30, 2013. | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 70,955 | $ | 794,187 | $ | 26,020 | $ | 105,490 | |||||||||||||||||||||||||||||
Special Mention | 3,836 | 18,737 | 454 | 1,017 | |||||||||||||||||||||||||||||||||
Substandard | 327 | 21,801 | 1,971 | 2,919 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 763 | 452 | 4 | |||||||||||||||||||||||||||||||||
Total | $ | 75,118 | $ | 835,488 | $ | 28,897 | $ | 109,430 | |||||||||||||||||||||||||||||
Consumer | Mortgage | Manufactured | |||||||||||||||||||||||||||||||||||
Warehouse | Housing | ||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 2,005 | $ | 9,565 | $ | 154,562 | |||||||||||||||||||||||||||||||
Nonperforming (1) | 56 | 0 | 141 | ||||||||||||||||||||||||||||||||||
Total | $ | 2,061 | $ | 9,565 | $ | 154,703 | |||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at December 31, 2012. | ||||||||||||||||||||||||||||||||||||
The following presents the credit quality tables as of September 30, 2013 and December 31, 2012 for the covered loan portfolio: | |||||||||||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 4,730 | $ | 17,920 | $ | 1,972 | $ | 14,245 | |||||||||||||||||||||||||||||
Special Mention | 119 | 3,020 | 3,949 | 455 | |||||||||||||||||||||||||||||||||
Substandard | 1,977 | 8,683 | 16,271 | 4,533 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 6,826 | $ | 29,623 | $ | 22,192 | $ | 19,233 | |||||||||||||||||||||||||||||
Manufactured | |||||||||||||||||||||||||||||||||||||
Housing | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 3,274 | |||||||||||||||||||||||||||||||||||
Nonperforming (1) | 107 | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,381 | |||||||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at September 30, 2013. | ||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | ||||||||||||||||||||||||||||||||||
and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 8,888 | $ | 26,195 | $ | 2,434 | $ | 14,021 | |||||||||||||||||||||||||||||
Special Mention | 51 | 225 | 4,038 | 455 | |||||||||||||||||||||||||||||||||
Substandard | 2,214 | 18,481 | 21,320 | 5,476 | |||||||||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Total | $ | 11,153 | $ | 44,901 | $ | 27,792 | $ | 19,952 | |||||||||||||||||||||||||||||
Manufactured | |||||||||||||||||||||||||||||||||||||
Housing | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Performing | $ | 3,638 | |||||||||||||||||||||||||||||||||||
Nonperforming (1) | 90 | ||||||||||||||||||||||||||||||||||||
Total | $ | 3,728 | |||||||||||||||||||||||||||||||||||
-1 | Includes loans that are on nonaccrual status at December 31, 2012. | ||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses | ' | ||||||||||||||||||||||||||||||||||||
The changes in the allowance for loan losses for the three and nine months ended September 30, 2013 and 2012 and the loans and allowance for loan losses by loan segment based on impairment evaluation method are as follows. Please read in conjunction with disclosures in the Bancorp’s 2012 Annual Report on Form 10-K. | |||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Construction | Residential | Manufactured | Consumer | Mortgage | Residual | Total | |||||||||||||||||||||||||||||
and | Real Estate | Real Estate | Housing (1) | Warehouse | Reserve | ||||||||||||||||||||||||||||||||
Industrial | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, July 1, 2013 | $ | 2,485 | $ | 16,685 | $ | 4,317 | $ | 3,552 | $ | 678 | $ | 106 | $ | 56 | $ | 263 | $ | 28,142 | |||||||||||||||||||
Charge-offs | 1,311 | 851 | 0 | 116 | 0 | 16 | 0 | 0 | 2,294 | ||||||||||||||||||||||||||||
Recoveries | 16 | 186 | 0 | 0 | 0 | 0 | 0 | 0 | 202 | ||||||||||||||||||||||||||||
Provision for loan losses | 2,029 | (349 | ) | (1,163 | ) | (216 | ) | 1 | 13 | (14 | ) | 449 | 750 | ||||||||||||||||||||||||
Ending Balance, September 30, 2013 | $ | 3,219 | $ | 15,671 | $ | 3,154 | $ | 3,220 | $ | 679 | $ | 103 | $ | 42 | $ | 712 | $ | 26,800 | |||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2013 | $ | 1,477 | $ | 15,439 | $ | 3,991 | $ | 3,233 | $ | 750 | $ | 154 | $ | 71 | $ | 722 | $ | 25,837 | |||||||||||||||||||
Charge-offs | 1,407 | 2,742 | 1,470 | 315 | 0 | 16 | 0 | 0 | 5,950 | ||||||||||||||||||||||||||||
Recoveries | 181 | 246 | 0 | 7 | 0 | 9 | 0 | 0 | 443 | ||||||||||||||||||||||||||||
Provision for loan losses | 2,968 | 2,728 | 633 | 295 | (71 | ) | (44 | ) | (29 | ) | (10 | ) | 6,470 | ||||||||||||||||||||||||
Ending Balance, September 30, 2013 | $ | 3,219 | $ | 15,671 | $ | 3,154 | $ | 3,220 | $ | 679 | $ | 103 | $ | 42 | $ | 712 | $ | 26,800 | |||||||||||||||||||
At September 30, 2013 | |||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 20,162 | $ | 22,910 | $ | 3,978 | $ | 3,205 | $ | 0 | $ | 75 | $ | 0 | $ | 0 | $ | 50,330 | |||||||||||||||||||
Collectively evaluated for impairment | 195,857 | 1,449,009 | 39,058 | 134,582 | 140,869 | 1,258 | 1,006 | 0 | 1,961,639 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 4,601 | 48,634 | 13,830 | 14,949 | 5,189 | 556 | 0 | 0 | 87,759 | ||||||||||||||||||||||||||||
Market discounts/premiums/valuation adjustments | 59 | ||||||||||||||||||||||||||||||||||||
$ | 2,099,787 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 961 | $ | 2,233 | $ | 368 | $ | 187 | $ | 0 | $ | 1 | $ | 0 | $ | 0 | $ | 3,750 | |||||||||||||||||||
Collectively evaluated for impairment | 1,991 | 8,315 | 241 | 1,115 | 80 | 40 | 42 | 712 | 12,536 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 267 | 5,123 | 2,545 | 1,918 | 599 | 62 | 0 | 0 | 10,514 | ||||||||||||||||||||||||||||
$ | 3,219 | $ | 15,671 | $ | 3,154 | $ | 3,220 | $ | 679 | $ | 103 | $ | 42 | $ | 712 | $ | 26,800 | ||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, July 1, 2012 | $ | 1,503 | $ | 8,266 | $ | 4,352 | $ | 1,080 | $ | 40 | $ | 75 | $ | 802 | $ | 0 | $ | 16,118 | |||||||||||||||||||
Charge-offs | 266 | 283 | 475 | 365 | 0 | 27 | 0 | 0 | 1,416 | ||||||||||||||||||||||||||||
Recoveries | 98 | 33 | 3 | 0 | 0 | 22 | 0 | 0 | 156 | ||||||||||||||||||||||||||||
Provision for loan losses | 387 | 5,923 | 1,139 | 2,262 | 858 | 279 | (732 | ) | 0 | 10,116 | |||||||||||||||||||||||||||
Ending Balance, September 30, 2012 | $ | 1,722 | $ | 13,939 | $ | 5,019 | $ | 2,977 | $ | 898 | $ | 349 | $ | 70 | $ | 0 | $ | 24,974 | |||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2012 | $ | 1,441 | $ | 7,029 | $ | 4,656 | $ | 844 | $ | 18 | $ | 61 | $ | 929 | $ | 54 | $ | 15,032 | |||||||||||||||||||
Charge-offs | 300 | 1,426 | 2,666 | 565 | 0 | 37 | 0 | 0 | 4,994 | ||||||||||||||||||||||||||||
Recoveries | 164 | 83 | 3 | 5 | 0 | 27 | 0 | 0 | 282 | ||||||||||||||||||||||||||||
Provision for loan losses | 417 | 8,253 | 3,026 | 2,693 | 880 | 298 | (859 | ) | (54 | ) | 14,654 | ||||||||||||||||||||||||||
Ending Balance, September 30, 2012 | $ | 1,722 | $ | 13,939 | $ | 5,019 | $ | 2,977 | $ | 898 | $ | 349 | $ | 70 | $ | 0 | $ | 24,974 | |||||||||||||||||||
At September 30, 2012 | |||||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,558 | $ | 37,250 | $ | 13,169 | $ | 4,540 | $ | 0 | $ | 273 | $ | 0 | $ | 0 | $ | 59,790 | |||||||||||||||||||
Collectively evaluated for impairment | 79,448 | 543,772 | 11,056 | 100,751 | 150,876 | 11,356 | 9,321 | 0 | 906,580 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 5,774 | 70,915 | 18,904 | 15,819 | 13,113 | 2,125 | 0 | 0 | 126,650 | ||||||||||||||||||||||||||||
Market discounts/premiums/valuation adjustments | (5,921 | ) | |||||||||||||||||||||||||||||||||||
$ | 1,087,099 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 349 | $ | 2,787 | $ | 2,450 | $ | 250 | $ | 0 | $ | 3 | $ | 0 | $ | 0 | $ | 5,839 | |||||||||||||||||||
Collectively evaluated for impairment | 877 | 5,379 | 262 | 878 | 757 | 93 | 70 | 0 | 8,316 | ||||||||||||||||||||||||||||
Loans acquired with credit deterioration | 496 | 5,773 | 2,307 | 1,849 | 141 | 253 | 0 | 0 | 10,819 | ||||||||||||||||||||||||||||
$ | 1,722 | $ | 13,939 | $ | 5,019 | $ | 2,977 | $ | 898 | $ | 349 | $ | 70 | $ | 0 | $ | 24,974 | ||||||||||||||||||||
-1 | The non-covered manufactured housing portfolio was purchased in August 2010. A portion of the purchase price may be used to reimburse the Bank under the specified terms in the Purchase Agreement for defaults of the underlying borrower and other specified items. At September 30, 2013 and 2012, funds available for reimbursement, if necessary, were $2.9 million and $4.1 million, respectively. Quarterly, these funds are evaluated to determine if they would be sufficient to absorb probable losses within the manufactured housing portfolio. | ||||||||||||||||||||||||||||||||||||
Changes in Accretable Discount Related to Purchased Credit Impaired Loans | ' | ||||||||||||||||||||||||||||||||||||
The changes in accretable yield related to purchased-credit-impaired loans for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 27,649 | $ | 43,230 | |||||||||||||||||||||||||||||||||
Accretion to interest income | (1,362 | ) | (7,384 | ) | |||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | (754 | ) | (147 | ) | |||||||||||||||||||||||||||||||||
Accretable yield balance, end of period | $ | 25,533 | $ | 35,699 | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 32,174 | $ | 45,358 | |||||||||||||||||||||||||||||||||
Accretion to interest income | (5,034 | ) | (9,443 | ) | |||||||||||||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | (1,607 | ) | (216 | ) | |||||||||||||||||||||||||||||||||
Accretable yield balance, end of period | $ | 25,533 | $ | 35,699 | |||||||||||||||||||||||||||||||||
FDIC_Loss_Sharing_Receivable_T
FDIC Loss Sharing Receivable (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Activity Related to FDIC Loss Sharing Receivable | ' | ||||||||
The following table summarizes the activity related to the FDIC loss sharing receivable for the three and nine months ended September 30, 2013 and 2012: | |||||||||
Three Months Ended September 30, | 2013 | 2012 | |||||||
(dollars in thousands) | |||||||||
Balance, beginning of period | $ | 14,169 | $ | 12,376 | |||||
Change in FDIC loss sharing receivable | (125 | ) | 3,796 | ||||||
Reimbursement from the FDIC | (3,006 | ) | (3,866 | ) | |||||
Balance, end of period | $ | 11,038 | $ | 12,306 | |||||
Nine Months Ended September 30, | 2013 | 2012 | |||||||
(dollars in thousands) | |||||||||
Balance, beginning of period | $ | 12,343 | $ | 13,077 | |||||
Change in FDIC loss sharing receivable | 4,829 | 4,537 | |||||||
Reimbursement from the FDIC | (6,134 | ) | (5,308 | ) | |||||
Balance, end of period | $ | 11,038 | $ | 12,306 | |||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Statement of Weighted-Average Assumptions Used and Resulting Weighted-Average Fair Value of Option | ' | ||||||||||||||||
Black-Scholes option pricing model. The following table presents the weighted-average assumptions used and the resulting weighted-average fair value of an option. | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Weighted-average risk-free interest rate | 1.41 | % | 1.15 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Weighted-average expected volatility | 13.77 | % | 17.47 | % | |||||||||||||
Expected life (in years) | 7 | 6.98 | |||||||||||||||
Weighted-average fair value | $ | 3.16 | $ | 3.04 | |||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following table summarizes stock option activity for the nine months ended September 30, 2013. | |||||||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||||||
of Options | average | average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term in Years | |||||||||||||||||
(aggregate intrinsic value in thousands) | |||||||||||||||||
Outstanding at January 1, 2013 | 2,003,889 | $ | 12.49 | ||||||||||||||
Granted | 780,597 | 16.67 | |||||||||||||||
Forfeited | (5,000 | ) | 14.94 | ||||||||||||||
Outstanding at September 30, 2013 | 2,779,486 | $ | 13.66 | 8.16 | $ | 7,480 | |||||||||||
Vested and expected to vest at September 30, 2013 | 2,779,486 | $ | 13.66 | 8.16 | $ | 7,480 | |||||||||||
Exercisable at September 30, 2013 | 14,438 | 20.06 | 3.57 | 12 |
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Summary of Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
The Bancorp’s and the Bank’s capital amounts and ratios at September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||||||||||||||
Purposes | Under | ||||||||||||||||||||||||
Prompt Corrective Action | |||||||||||||||||||||||||
Provisions | |||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of September 30, 2013: | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 413,900 | 13.6 | % | $ | 243,500 | 8 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 427,809 | 14.18 | % | $ | 241,298 | 8 | % | $ | 301,622 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 386,517 | 12.7 | % | $ | 121,750 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 400,426 | 13.28 | % | $ | 120,649 | 4 | % | $ | 180,973 | 6 | % | |||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 386,517 | 10.63 | % | $ | 145,388 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 400,426 | 11.04 | % | $ | 145,043 | 4 | % | $ | 181,303 | 5 | % | |||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 289,035 | 11.26 | % | $ | 205,443 | 8 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 244,710 | 9.53 | % | $ | 205,442 | 8 | % | $ | 256,802 | 10 | % | |||||||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 262,719 | 10.23 | % | $ | 102,722 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 218,394 | 8.5 | % | $ | 102,721 | 4 | % | $ | 154,081 | 6 | % | |||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 262,719 | 9.3 | % | $ | 112,939 | 4 | % | N/A | N/A | |||||||||||||||
Customers Bank | $ | 218,394 | 7.74 | % | $ | 112,896 | 4 | % | $ | 141,120 | 5 | % |
Disclosures_about_Fair_Value_o1
Disclosures about Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of the Bancorp’s financial instruments were as follows at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||
Fair Value Measurements at September 30, 2013 | |||||||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||||||
Amount | Fair Value | Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 255,653 | $ | 255,653 | $ | 255,653 | $ | 0 | $ | 0 | |||||||||||
Investment securities, available for sale | 497,566 | 497,566 | 22,905 | 474,661 | 0 | ||||||||||||||||
Loans held for sale | 917,939 | 917,939 | 0 | 917,939 | 0 | ||||||||||||||||
Loans receivable, net | 2,072,987 | 2,088,789 | 0 | 0 | 2,088,789 | ||||||||||||||||
FHLB, Federal Reserve Bank and other stock | 19,113 | 19,113 | 0 | 19,113 | 0 | ||||||||||||||||
FDIC loss sharing receivable | 11,038 | 11,038 | 0 | 11,038 | 0 | ||||||||||||||||
Derivatives not designated as hedging instruments | 1,911 | 1,911 | 0 | 1,911 | 0 | ||||||||||||||||
Fraudulent loans receivable (1) | 669 | 669 | 0 | 0 | 669 | ||||||||||||||||
Accrued interest receivable | 7,866 | 7,866 | 7,866 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | $ | 3,243,312 | $ | 3,247,129 | $ | 671,211 | $ | 2,575,918 | $ | 0 | |||||||||||
Other borrowings | 235,250 | 238,251 | 0 | 238,251 | 0 | ||||||||||||||||
Subordinated debt | 2,000 | 2,000 | 0 | 2,000 | 0 | ||||||||||||||||
Derivatives not designated as hedging instruments | 1,871 | 1,871 | 0 | 1,871 | 0 | ||||||||||||||||
Accrued interest payable | 1,761 | 1,761 | 1,761 | 0 | 0 | ||||||||||||||||
-1 | Included in Other Assets | ||||||||||||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||
Carrying | Estimated | Quoted | Significant | Significant | |||||||||||||||||
Amount | Fair Value | Prices in | Other | Unobservable | |||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 186,016 | $ | 186,016 | $ | 186,016 | $ | 0 | $ | 0 | |||||||||||
Investment securities, available for sale | 129,093 | 129,093 | 6 | 129,087 | 0 | ||||||||||||||||
Loans held for sale | 1,439,889 | 1,439,889 | 0 | 1,439,889 | 0 | ||||||||||||||||
Loans receivable, net | 1,298,630 | 1,307,049 | 0 | 0 | 1,307,049 | ||||||||||||||||
FHLB, Federal Reserve Bank and other stock | 30,163 | 30,163 | 0 | 30,163 | 0 | ||||||||||||||||
FDIC loss sharing receivable | 12,343 | 12,343 | 0 | 12,343 | 0 | ||||||||||||||||
Accrued interest receivable | 5,790 | 5,790 | 5,790 | 0 | 0 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
Deposits | $ | 2,440,818 | $ | 2,674,765 | $ | 219,687 | $ | 2,455,078 | $ | 0 | |||||||||||
Federal funds purchased | 5,000 | 5,000 | 5,000 | 0 | 0 | ||||||||||||||||
Other borrowings | 471,000 | 471,432 | 0 | 471,432 | 0 | ||||||||||||||||
Subordinated debt | 2,000 | 2,000 | 0 | 2,000 | 0 | ||||||||||||||||
Accrued interest payable | 1,530 | 1,530 | 1,530 | 0 | 0 | ||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ' | ||||||||||||||||||||
For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Mortgage-backed securities | $ | 0 | $ | 449,521 | $ | 0 | $ | 449,521 | |||||||||||||
Corporate notes | 0 | 25,140 | 0 | 25,140 | |||||||||||||||||
Equity securities | 22,905 | 0 | 0 | 22,905 | |||||||||||||||||
Derivatives not designated as hedging instruments (1) | 0 | 1,911 | 0 | 1,911 | |||||||||||||||||
Mortgage warehouse loans held for sale | 0 | 840,425 | 0 | 840,425 | |||||||||||||||||
Total assets - recurring fair value measurements | $ | 22,905 | $ | 1,316,997 | $ | 0 | $ | 1,339,902 | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivatives not designated as hedging instruments (2) | $ | 0 | $ | 1,871 | $ | 0 | $ | 1,871 | |||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans, net of specific reserves of $3,750 | $ | 0 | $ | 0 | $ | 7,850 | $ | 7,850 | |||||||||||||
Other real estate owned | 0 | 0 | 10,259 | 10,259 | |||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | 0 | $ | 0 | $ | 18,109 | $ | 18,109 | |||||||||||||
-1 | Included in Other Assets | ||||||||||||||||||||
-2 | Included in Other Liabilities | ||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | ||||||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||||||
Identical Assets | (Level 2) | Inputs | |||||||||||||||||||
(Level 1) | (Level 3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||
Mortgage-backed securities | $ | 0 | $ | 104,135 | $ | 0 | $ | 104,135 | |||||||||||||
Corporate notes | 0 | 24,952 | 0 | 24,952 | |||||||||||||||||
Equity securities | 6 | 0 | 0 | 6 | |||||||||||||||||
Mortgage warehouse loans held for sale | 0 | 1,248,935 | 0 | 1,248,935 | |||||||||||||||||
Total assets - recurring fair value measurements | $ | 6 | $ | 1,378,022 | $ | 0 | $ | 1,378,028 | |||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired loans, net of specific reserves of $4,625 | $ | 0 | $ | 0 | $ | 11,004 | $ | 11,004 | |||||||||||||
Other real estate owned | 0 | 0 | 5,737 | 5,737 | |||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | 0 | $ | 0 | $ | 16,741 | $ | 16,741 | |||||||||||||
Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended September 30, 2013 and 2012 are summarized as follows. | |||||||||||||||||||||
There were no Level 3 assets or liabilities measured at fair value on a recurring basis during the three months ended September 30, 2013. | |||||||||||||||||||||
Mortgage- | Corporate | Total | |||||||||||||||||||
backed | Notes | ||||||||||||||||||||
Securities | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at July 1, 2012 | $ | 2,632 | $ | 24,203 | $ | 26,835 | |||||||||||||||
Total gains included in other comprehensive income (before taxes) | 0 | 469 | 469 | ||||||||||||||||||
Amortization included in interest income | (29 | ) | 0 | (29 | ) | ||||||||||||||||
Settlements | (2,603 | ) | 0 | (2,603 | ) | ||||||||||||||||
Balance at September 30, 2012 | $ | 0 | $ | 24,672 | $ | 24,672 | |||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2013 and 2012 are summarized as follows. | |||||||||||||||||||||
Loans | |||||||||||||||||||||
Held for | |||||||||||||||||||||
Sale (1) | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 0 | |||||||||||||||||||
Transfer from Level 2 to Level 3 (1) | 3,173 | ||||||||||||||||||||
Recoveries | (1,463 | ) | |||||||||||||||||||
Sales | (1,013 | ) | |||||||||||||||||||
Transfer from loans held for sale to other assets (1) | (697 | ) | |||||||||||||||||||
Balance at September 30, 2013 | $ | 0 | |||||||||||||||||||
Mortgage- | Corporate | Total | |||||||||||||||||||
backed | Notes | ||||||||||||||||||||
Securities | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at January 1, 2012 | $ | 2,894 | $ | 19,217 | $ | 22,111 | |||||||||||||||
Total gains included in other comprehensive income (before taxes) | 0 | 455 | 455 | ||||||||||||||||||
Amortization included in interest income | (291 | ) | 0 | (291 | ) | ||||||||||||||||
Settlements | (2,603 | ) | 0 | (2,603 | ) | ||||||||||||||||
Purchases | 0 | 5,000 | 5,000 | ||||||||||||||||||
Balance at September 30, 2012 | $ | 0 | $ | 24,672 | $ | 24,672 | |||||||||||||||
-1 | The Bancorp’s policy is to recognize transfers between levels when events or circumstances warrant transfers. During the first quarter of 2013, a suspected fraud was discovered in the Bank’s loans held-for-sale portfolio. Total loans involved in this fraud initially appeared to be $5.2 million, and management believed the range of possible loss to have been between $1.5 million and $3.2 million. Accordingly, management provided a loss contingency of $2.0 million at March 31, 2013. Due to the uncertainty surrounding the amount of loss, management transferred these loans and the related loss contingency from Level 2 to Level 3. During the second quarter of 2013, the Bank determined that an aggregate of $1.0 million of the loans were not involved in the fraud, and these loans were subsequently sold. In addition, the Bank recovered $1.5 million in cash from the alleged perpetrator. Since it was resolved that the loans no longer met the definition of “a loan,” and since the Bank is pursuing restitution through the involved parties, the Bank determined this to be a receivable. As a result, the remaining aggregate of $2.7 million of loans and the related $2.0 million reserve were transferred to Other assets. | ||||||||||||||||||||
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | ' | ||||||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of September 30, 2013 on a recurring and nonrecurring basis for which the Bancorp utilized Level 3 inputs to measure fair value. The valuation techniques, unobservable inputs, and ranges (weighted average) are the same as those disclosed at December 31, 2012. | |||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||
September 30, 2013 | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted | |||||||||||||||||
Estimate | Average) (3) | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Impaired loans | $ | 7,850 | Collateral appraisal (1) | Liquidation expenses (2) | -3% to -8% (-5.5%) | ||||||||||||||||
Other real estate owned | $ | 10,259 | Collateral appraisal (1) | Liquidation expenses (2) | -3% to -8% (-5.5%) | ||||||||||||||||
-1 | Obtained from independent third-parties approved appraisers. Appraisals are current and in compliance with credit policy. The Bancorp does not discount appraisals. | ||||||||||||||||||||
-2 | Fair value is adjusted for costs to sell. | ||||||||||||||||||||
-3 | Presented as a percentage of the value determined by appraisal. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Derivative Financial Instruments | ' | ||||||||||||
The following table presents the fair value of the Bancorp’s derivative financial instruments as well as the classification on the balance sheet. | |||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
30-Sep-13 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance sheet | Fair value | Balance sheet | Fair value | ||||||||||
location | location | ||||||||||||
(dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Interest rate swap products | Other assets | $ | 1,911 | Other liabilities | $ | 1,871 | |||||||
Effect of Derivative Instruments on Comprehensive Income | ' | ||||||||||||
The following table presents the effect of the Bancorp’s derivative financial instruments on comprehensive income for the three and nine months ended September 30, 2013. | |||||||||||||
Effect of Derivative Instruments on Comprehensive Income | |||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||
Location of loss | Amount of loss | ||||||||||||
recognized in income | recognized in income | ||||||||||||
on derivatives | on derivatives | ||||||||||||
(dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Interest rate swap products | Other non-interest income | $ | 38 | ||||||||||
Effect of Derivative Instruments on Comprehensive Income | |||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||
Location of gain | Amount of gain | ||||||||||||
recognized in income | recognized in income | ||||||||||||
on derivatives | on derivatives | ||||||||||||
(dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||
Interest rate swap products | Other non-interest income | $ | 236 |
Disclosures_about_Offsetting_A1
Disclosures about Offsetting Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Summary of Offsetting Financial Derivative Assets and Liabilities | ' | ||||||||||||||||||||||||
The following tables present derivative instruments that are subject to enforceable master netting arrangements. The Bancorp has not made a policy election to offset its derivative positions. | |||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Gross amounts not offset in | |||||||||||||||||||||||||
the consolidated balance sheet | |||||||||||||||||||||||||
Gross amount of | Gross amounts | Net amounts of | Financial | Cash collateral | Net amount | ||||||||||||||||||||
recognized assets | offset in the | assets presented | instruments | received | |||||||||||||||||||||
consolidated | in the consolidated | ||||||||||||||||||||||||
balance sheet | balance sheet | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 177 | $ | 0 | $ | 177 | $ | 177 | $ | 0 | $ | 0 | |||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||
Gross amounts not offset in | |||||||||||||||||||||||||
the consolidated balance sheet | |||||||||||||||||||||||||
Gross amount of | Gross amounts | Net amounts of | Financial | Cash collateral | Net amount | ||||||||||||||||||||
recognized liabilities | offset in the | liabilities presented | instruments | pledged | |||||||||||||||||||||
consolidated | in the consolidated | ||||||||||||||||||||||||
balance sheet | balance sheet | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Description | |||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 1,746 | $ | 0 | $ | 1,746 | $ | 177 | $ | 1,569 | $ | 0 | |||||||||||||
Acquisition_Activity_Additiona
Acquisition Activity - Additional Information (Detail) (USD $) | Mar. 28, 2013 | Mar. 28, 2013 | Apr. 23, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | 22-May-13 | Sep. 30, 2013 | Sep. 30, 2013 |
Office | New England Commercial Lending [Member] | CMS Bancorp Acquisition [Member] | CMS Bancorp Acquisition [Member] | CMS Bancorp Acquisition [Member] | CMS Bancorp Acquisition [Member] | CMS Bancorp Acquisition [Member] | CMS Bancorp Acquisition [Member] | |
Series A Noncumulative Perpetual Preferred Stock [Member] | CMS Common Equity [Member] | Customers Common Equity [Member] | ||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, acquiree valuation percent | ' | ' | ' | ' | ' | ' | 0.95% | ' |
Business acquisition, acquirer valuation percent | ' | ' | ' | ' | ' | ' | ' | 1.25% |
CMS Merger Agreement termination description | ' | ' | ' | ' | 'CMS's ability to have terminated the Merger Agreement, as amended, exercisable at any time after May 20, 2013, if either (i) the Bancorp had not made an investment in CMS of $1.5 million of CMS Preferred Stock, or (ii) the Bancorp and CMS had not agreed upon the terms of a $2.0 million senior secured lending facility that the Bancorp will have made available to CMS; | ' | ' | ' |
Investment in preferred stock | ' | ' | ' | ' | $1,500,000 | ' | ' | ' |
Senior secured lending facility | ' | ' | ' | ' | 2,000,000 | ' | ' | ' |
Partial reimbursement for merger-related expenses | ' | ' | 300,000 | 300,000 | ' | ' | ' | ' |
Payment of termination fees | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Purchase of Noncumulative Perpetual Preferred Stock | ' | ' | ' | ' | ' | 1,500,000 | ' | ' |
Purchase of Noncumulative Perpetual Preferred shares | ' | ' | ' | ' | ' | 1,500 | ' | ' |
Commercial loan commitments acquired | ' | 182,300,000 | ' | ' | ' | ' | ' | ' |
Acquired commercial loan commitments outstanding | ' | $155,100,000 | ' | ' | ' | ' | ' | ' |
Purchase price as percentage of loans outstanding | ' | 98.70% | ' | ' | ' | ' | ' | ' |
Number of commercial lending offices | 2 | ' | ' | ' | ' | ' | ' | ' |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income by Component - Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | ($3,530) | $1,064 |
Other comprehensive loss before reclassifications | -7 | -4,601 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current-period other comprehensive (loss) income | -7 | -4,601 |
Ending balance | -3,537 | -3,537 |
Unrealized Gains and Losses on Available-for-Sale Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | -3,530 | 1,064 |
Other comprehensive loss before reclassifications | -8 | -4,602 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current-period other comprehensive (loss) income | -8 | -4,602 |
Ending balance | -3,538 | -3,538 |
Foreign Currency Items [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning Balance | 0 | 0 |
Other comprehensive loss before reclassifications | 1 | 1 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current-period other comprehensive (loss) income | 1 | 1 |
Ending balance | $1 | $1 |
Earnings_Per_Share_Components_
Earnings Per Share - Components of Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income allocated to common shareholders | $8,268 | $6,636 | $23,683 | $16,252 |
Weighted-average number of common shares - basic | 24,678,317 | 12,465,744 | 21,494,880 | 11,723,090 |
Share-based compensation plans | 475,987 | 310,845 | 383,326 | 231,674 |
Warrants | 182,898 | 134,926 | 175,999 | 112,265 |
Weighted-average number of common shares - diluted | 25,337,202 | 12,911,515 | 22,054,205 | 12,067,029 |
Basic earnings per share | $0.34 | $0.53 | $1.10 | $1.39 |
Diluted earnings per share | $0.33 | $0.51 | $1.07 | $1.35 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Weighted-average anti-dilutive securities: | ' | ' | ' | ' |
Total anti-dilutive securities | 210,990 | 136,538 | 205,874 | 136,538 |
Share-Based Compensation Awards [Member] | ' | ' | ' | ' |
Weighted-average anti-dilutive securities: | ' | ' | ' | ' |
Total anti-dilutive securities | 92,245 | 6,592 | 87,129 | 6,592 |
Warrants [Member] | ' | ' | ' | ' |
Weighted-average anti-dilutive securities: | ' | ' | ' | ' |
Total anti-dilutive securities | 118,745 | 129,946 | 118,745 | 129,946 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
CorporateBond | Security | Security | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Reclassification of held-to-maturity investment portfolio to available for sale | ' | $269,000,000 | ' |
Available-for-sale securities maturity period | ' | '2 years | ' |
prohibited from classifying security purchases as held to maturity date | ' | 31-May-14 | ' |
Number of available-for-sale investment securities in the less than twelve month category | ' | 20 | 2 |
Number of available-for-sale investment securities in the twelve month or more category | ' | 7 | 8 |
Number of corporate bonds downgraded | 5 | ' | ' |
Pledged investment securities fair value | ' | 329,800,000 | 103,500,000 |
Purchase of common shares | ' | 24,742,000 | 18,507,000 |
Religare Enterprises Limited [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Purchase of common shares | ' | 4,100,000 | ' |
Total investments | ' | $23,100,000 | ' |
Current outstanding shares | ' | 2.80% | ' |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $503,007 | $127,455 |
Gross Unrealized Gains | 1,654 | 1,884 |
Gross Unrealized Losses | 7,095 | 246 |
Available-for-sale Securities, Fair Value Total | 497,566 | 129,093 |
Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 454,933 | 102,449 |
Gross Unrealized Gains | 1,410 | 1,795 |
Gross Unrealized Losses | 6,822 | 109 |
Available-for-sale Securities, Fair Value Total | 449,521 | 104,135 |
Corporate Notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 25,000 | 25,000 |
Gross Unrealized Gains | 163 | 89 |
Gross Unrealized Losses | 23 | 137 |
Available-for-sale Securities, Fair Value Total | 25,140 | 24,952 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 23,074 | 6 |
Gross Unrealized Gains | 81 | 0 |
Gross Unrealized Losses | 250 | 0 |
Available-for-sale Securities, Fair Value Total | $22,905 | $6 |
Investment_Securities_Summary_1
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Aggregate amortized cost of private - label securities | $521 | $629 |
Aggregate fair value of private -label securities | $513 | $612 |
Investment_Securities_Statemen
Investment Securities - Statement of Proceeds from Sale of Available for Sale Investment Securities (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Proceeds from sale of available-for-sale securities | $0 | $0 | $0 | $306,610 |
Gross gains | 0 | 0 | 0 | 9,006 |
Gross losses | 0 | 0 | 0 | 0 |
Net gains | $0 | $0 | $0 | $9,006 |
Investment_Securities_Summary_2
Investment Securities - Summary of Investments Available for Sale Debt Securities by Stated Maturity (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Investments Debt And Equity Securities [Abstract] | ' |
Amortized Cost, Due in one year or less | $0 |
Amortized Cost, Due after one year through five years | 25,000 |
Amortized Cost, Due after five years through ten years | 0 |
Amortized Cost, Due after ten years | 0 |
Mortgage-backed securities, Amortized Cost | 454,933 |
Total debt securities, Amortized Cost | 479,933 |
Fair Value, Due in one year or less | 0 |
Fair Value, Due after one year through five years | 25,140 |
Fair Value, Due after five years through ten years | 0 |
Fair Value, Due after ten years | 0 |
Mortgage-backed securities, Fair Value | 449,521 |
Total debt securities, Fair Value | $474,661 |
Investment_Securities_Gross_Un
Investment Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | $156,168 | $5,695 |
Less Than 12 Months, Unrealized Losses | 7,081 | 87 |
12 Months or More, Fair Value | 5,306 | 10,291 |
12 Months or More, Unrealized Losses | 14 | 159 |
Fair Value, Total | 161,474 | 15,986 |
Gross Unrealized Losses | 7,095 | 246 |
Mortgage-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 129,120 | 5,695 |
Less Than 12 Months, Unrealized Losses | 6,811 | 87 |
12 Months or More, Fair Value | 309 | 429 |
12 Months or More, Unrealized Losses | 11 | 22 |
Fair Value, Total | 129,429 | 6,124 |
Gross Unrealized Losses | 6,822 | 109 |
Corporate Notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 4,980 | 0 |
Less Than 12 Months, Unrealized Losses | 20 | 0 |
12 Months or More, Fair Value | 4,997 | 9,862 |
12 Months or More, Unrealized Losses | 3 | 137 |
Fair Value, Total | 9,977 | 9,862 |
Gross Unrealized Losses | 23 | 137 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less Than 12 Months, Fair Value | 22,068 | ' |
Less Than 12 Months, Unrealized Losses | 250 | ' |
12 Months or More, Fair Value | 0 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Fair Value, Total | 22,068 | ' |
Gross Unrealized Losses | $250 | $0 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Composition of Net Loans Receivable (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | $81,255 | ' | $107,526 | ' | ' | ' |
Total loans receivable | 2,018,532 | ' | 1,216,941 | 1,087,099 | ' | ' |
Total loans receivable | 2,099,728 | ' | 1,322,788 | ' | ' | ' |
Deferred (fees) costs, net | 59 | ' | 1,679 | ' | ' | ' |
Allowance for loan losses | -26,800 | -28,142 | -25,837 | -24,974 | -16,118 | -15,032 |
Total loans receivable, net (excluding loans held for sale) | 2,072,987 | ' | 1,298,630 | ' | ' | ' |
Total Loans Receivable Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 81,255 | ' | 107,526 | ' | ' | ' |
Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 2,018,473 | ' | 1,215,262 | ' | ' | ' |
Construction [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -3,154 | -4,317 | -3,991 | -5,019 | -4,352 | -4,656 |
Construction [Member] | Total Loans Receivable Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 22,192 | ' | 27,792 | ' | ' | ' |
Construction [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 34,674 | ' | 28,897 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -15,671 | -16,685 | -15,439 | -13,939 | -8,266 | -7,029 |
Commercial Real Estate [Member] | Total Loans Receivable Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 29,623 | ' | 44,901 | ' | ' | ' |
Commercial Real Estate [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 1,490,930 | ' | 835,488 | ' | ' | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -3,219 | -2,485 | -1,477 | -1,722 | -1,503 | -1,441 |
Commercial and Industrial [Member] | Total Loans Receivable Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 6,826 | ' | 11,153 | ' | ' | ' |
Commercial and Industrial [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 213,794 | ' | 75,118 | ' | ' | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -3,220 | -3,552 | -3,233 | -2,977 | -1,080 | -844 |
Residential Real Estate [Member] | Total Loans Receivable Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 19,233 | ' | 19,952 | ' | ' | ' |
Residential Real Estate [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 133,503 | ' | 109,430 | ' | ' | ' |
Manufactured Housing [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 3,381 | ' | 3,728 | ' | ' | ' |
Allowance for loan losses | -679 | -678 | -750 | -898 | -40 | -18 |
Manufactured Housing [Member] | Total Loans Receivable Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 3,381 | ' | 3,728 | ' | ' | ' |
Manufactured Housing [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 142,677 | ' | 154,703 | ' | ' | ' |
Mortgage Warehouse [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -42 | -56 | -71 | -70 | -802 | -929 |
Mortgage Warehouse [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | 1,006 | ' | 9,565 | ' | ' | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | -103 | -106 | -154 | -349 | -75 | -61 |
Consumer [Member] | Total Loans Receivable Not Covered Under FDIC Loss Sharing Agreements [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans receivable | $1,889 | ' | $2,061 | ' | ' | ' |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Composition of Net Loans Receivable (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
FDIC | |
Receivables [Abstract] | ' |
Loans acquired in FDIC-assisted transactions | 2 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Non-Covered Loans and Covered Loans, by Class (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
PCI Loans | $50,330 | $55,976 |
Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 6,711 | 11,090 |
Greater Than 90 Days | 3,095 | 1,966 |
Total Past Due | 9,806 | 13,056 |
Non-Accrual | 14,942 | 22,347 |
Current | 1,936,154 | 1,110,616 |
PCI Loans | 57,571 | 69,243 |
Total Loans | 2,018,473 | 1,215,262 |
Covered Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 86 | 268 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 86 | 268 |
Non-Accrual | 5,788 | 10,504 |
Current | 45,193 | 53,488 |
PCI Loans | 30,188 | 43,266 |
Total Loans | 81,255 | 107,526 |
Commercial and Industrial [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 38 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 38 |
Non-Accrual | 221 | 288 |
Current | 211,404 | 72,715 |
PCI Loans | 2,169 | 2,077 |
Total Loans | 213,794 | 75,118 |
Commercial and Industrial [Member] | Covered Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 220 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 220 |
Non-Accrual | 0 | 100 |
Current | 4,394 | 8,404 |
PCI Loans | 2,432 | 2,429 |
Total Loans | 6,826 | 11,153 |
Commercial Real Estate [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 1,437 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 1,437 |
Non-Accrual | 10,625 | 17,770 |
Current | 1,442,061 | 770,508 |
PCI Loans | 38,244 | 45,773 |
Total Loans | 1,490,930 | 835,488 |
Commercial Real Estate [Member] | Covered Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 1,821 | 3,712 |
Current | 17,413 | 20,859 |
PCI Loans | 10,389 | 20,330 |
Total Loans | 29,623 | 44,901 |
Construction [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 2,050 | 2,423 |
Current | 31,683 | 25,022 |
PCI Loans | 941 | 1,452 |
Total Loans | 34,674 | 28,897 |
Construction [Member] | Covered Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 3,382 | 5,244 |
Current | 5,920 | 6,472 |
PCI Loans | 12,890 | 16,076 |
Total Loans | 22,192 | 27,792 |
Residential Real Estate [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 400 | 381 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 400 | 381 |
Non-Accrual | 945 | 1,669 |
Current | 121,550 | 95,396 |
PCI Loans | 10,608 | 11,984 |
Total Loans | 133,503 | 109,430 |
Residential Real Estate [Member] | Covered Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 564 | 1,358 |
Current | 14,328 | 14,226 |
PCI Loans | 4,341 | 4,368 |
Total Loans | 19,233 | 19,952 |
Consumer [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 56 |
Current | 1,469 | 1,486 |
PCI Loans | 420 | 519 |
Total Loans | 1,889 | 2,061 |
Mortgage Warehouse [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 0 | 0 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 1,006 | 9,565 |
PCI Loans | 0 | 0 |
Total Loans | 1,006 | 9,565 |
Manufactured Housing [Member] | Non-covered Loans [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 6,311 | 9,234 |
Greater Than 90 Days | 3,095 | 1,966 |
Total Past Due | 9,406 | 11,200 |
Non-Accrual | 1,101 | 141 |
Current | 126,981 | 135,924 |
PCI Loans | 5,189 | 7,438 |
Total Loans | 142,677 | 154,703 |
Manufactured Housing [Member] | Covered Loan [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
30-89 Days Past Due | 86 | 48 |
Greater Than 90 Days | 0 | 0 |
Total Past Due | 86 | 48 |
Non-Accrual | 21 | 90 |
Current | 3,138 | 3,527 |
PCI Loans | 136 | 63 |
Total Loans | $3,381 | $3,728 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Non-Covered Loans and Covered Loans, by Class (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Due days for loan payments | '29 days |
Delinquent period | '90 days |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses - Summary of Impaired Loans (Detail) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Net of Charge Offs, Total | $50,330 | ' | $55,976 |
Unpaid Principle Balance, Total | 54,734 | ' | 59,077 |
Related Allowance | 3,750 | ' | 4,625 |
Average Recorded Investment, Total | 55,091 | 55,228 | ' |
Interest Income Recognized, Total | 1,338 | 1,370 | ' |
Commercial and Industrial [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Net of Charge Offs, With an allowance recorded | 3,333 | ' | 374 |
Unpaid Principal Balance, With an allowance recorded | 4,603 | ' | 374 |
Related Allowance | 961 | ' | 295 |
Recorded Investment Net of Charge Offs, With no related allowance recorded | 16,829 | ' | 3,844 |
Unpaid Principal Balance, With no related allowance recorded | 16,891 | ' | 3,844 |
With an allowance recorded, Average Recorded Investment | 1,192 | 748 | ' |
With an allowance recorded, Interest Income Recognized | 157 | 9 | ' |
With no related allowance recorded, Average Recorded Investment | 6,697 | 5,191 | ' |
With no related allowance recorded, Interest Income Recognized | 362 | 160 | ' |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Net of Charge Offs, With an allowance recorded | 6,687 | ' | 8,708 |
Unpaid Principal Balance, With an allowance recorded | 7,637 | ' | 10,022 |
Related Allowance | 2,233 | ' | 2,505 |
Recorded Investment Net of Charge Offs, With no related allowance recorded | 16,223 | ' | 26,626 |
Unpaid Principal Balance, With no related allowance recorded | 17,075 | ' | 27,477 |
With an allowance recorded, Average Recorded Investment | 7,919 | 9,071 | ' |
With an allowance recorded, Interest Income Recognized | 169 | 205 | ' |
With no related allowance recorded, Average Recorded Investment | 23,271 | 22,205 | ' |
With no related allowance recorded, Interest Income Recognized | 548 | 748 | ' |
Construction [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Net of Charge Offs, With an allowance recorded | 1,148 | ' | 5,116 |
Unpaid Principal Balance, With an allowance recorded | 1,148 | ' | 6,022 |
Related Allowance | 368 | ' | 1,541 |
Recorded Investment Net of Charge Offs, With no related allowance recorded | 2,830 | ' | 6,588 |
Unpaid Principal Balance, With no related allowance recorded | 4,100 | ' | 6,618 |
With an allowance recorded, Average Recorded Investment | 5,544 | 6,903 | ' |
With an allowance recorded, Interest Income Recognized | 46 | 154 | ' |
With no related allowance recorded, Average Recorded Investment | 6,545 | 7,627 | ' |
With no related allowance recorded, Interest Income Recognized | 14 | 19 | ' |
Consumer [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Net of Charge Offs, With an allowance recorded | 54 | ' | 100 |
Unpaid Principal Balance, With an allowance recorded | 54 | ' | 100 |
Related Allowance | 1 | ' | 14 |
Recorded Investment Net of Charge Offs, With no related allowance recorded | 21 | ' | 101 |
Unpaid Principal Balance, With no related allowance recorded | 21 | ' | 101 |
With an allowance recorded, Average Recorded Investment | 46 | 29 | ' |
With an allowance recorded, Interest Income Recognized | 4 | 4 | ' |
With no related allowance recorded, Average Recorded Investment | 133 | 105 | ' |
With no related allowance recorded, Interest Income Recognized | 0 | 3 | ' |
Residential Real Estate [Member] | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' |
Recorded Investment Net of Charge Offs, With an allowance recorded | 378 | ' | 1,331 |
Unpaid Principal Balance, With an allowance recorded | 378 | ' | 1,331 |
Related Allowance | 187 | ' | 270 |
Recorded Investment Net of Charge Offs, With no related allowance recorded | 2,827 | ' | 3,188 |
Unpaid Principal Balance, With no related allowance recorded | 2,827 | ' | 3,188 |
With an allowance recorded, Average Recorded Investment | 953 | 967 | ' |
With an allowance recorded, Interest Income Recognized | 2 | 13 | ' |
With no related allowance recorded, Average Recorded Investment | 2,791 | 2,382 | ' |
With no related allowance recorded, Interest Income Recognized | $36 | $55 | ' |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Modification | Modification | Modification | Modification | ||
Commitment | Commitment | Commitment | Commitment | ||
Receivables [Abstract] | ' | ' | ' | ' | ' |
Troubled debt restructurings loans | $6,900,000 | $8,200,000 | $6,900,000 | $8,200,000 | ' |
Financing receivable impairment modification | ' | ' | '9 months | ' | ' |
Loans receivable excludes loans held for sale, largely mortgage warehouse loans | 917,939,000 | ' | 917,939,000 | ' | 1,439,889,000 |
Commitments to lend additional funds to debtors | 0 | 0 | 0 | 0 | ' |
TDRs with subsequent defaults | 0 | 0 | 0 | 0 | ' |
Specific reserves resulting from addition of TDR modifications | $0 | $0 | $0 | $0 | ' |
Loans_Receivable_and_Allowance8
Loans Receivable and Allowance for Loan Losses - Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | $12 | $532 | $1,272 | $847 |
Extended under Forbearance [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 471 | 0 | 471 |
Multiple Extensions Resulting from Financial Difficulty [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 0 | 0 | 47 |
Interest-rate Reductions [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 12 | 61 | 1,272 | 329 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 0 | 93 | 315 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Extended under Forbearance [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Multiple Extensions Resulting from Financial Difficulty [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 0 | 0 | 47 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Interest-rate Reductions [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 0 | 93 | 268 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 12 | 532 | 1,179 | 532 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Extended under Forbearance [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 471 | 0 | 471 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Multiple Extensions Resulting from Financial Difficulty [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Interest-rate Reductions [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Amount of loans and leases modified in troubled debt restructurings | $12 | $61 | $1,179 | $61 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - Summary of Loans and Leases Modified in Troubled Debt Restructurings, and Recorded Investments and Unpaid Principal Balances (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Loans | Loans | Loans | Loans | |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Recorded Investment | $12 | $0 | $93 | $315 |
Number of loans and leases modified in troubled debt restructurings | 0 | 0 | 3 | 6 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Manufactured Housing [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 2 | 6 |
Recorded Investment | 0 | 0 | 60 | 315 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Accruing Interest [Member] | Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 1 | 0 |
Recorded Investment | 0 | 0 | 33 | 0 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Recorded Investment | 12 | 532 | 1,179 | 532 |
Number of loans and leases modified in troubled debt restructurings | 1 | 4 | 11 | 4 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Commercial and Industrial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Construction [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 | 0 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Manufactured Housing [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 1 | 1 | 11 | 1 |
Recorded Investment | 12 | 61 | 1,179 | 61 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 2 | 0 | 2 |
Recorded Investment | 0 | 141 | 0 | 141 |
TDRs in Compliance With Their Modified Terms and Not Accruing Interest [Member] | Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Loans | 0 | 1 | 0 | 1 |
Recorded Investment | $0 | $330 | $0 | $330 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses - Credit Quality Tables for Covered and Non-Covered Loan Portfolio (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | $2,018,532 | $1,216,941 | $1,087,099 |
Total loans receivable | 81,255 | 107,526 | ' |
Manufactured Housing [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 3,381 | 3,728 | ' |
Manufactured Housing [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 142,677 | 154,703 | ' |
Manufactured Housing [Member] | Performing [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 3,274 | 3,638 | ' |
Manufactured Housing [Member] | Performing [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 141,576 | 154,562 | ' |
Manufactured Housing [Member] | Nonperforming [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 107 | 90 | ' |
Manufactured Housing [Member] | Nonperforming [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,101 | 141 | ' |
Commercial and Industrial [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 6,826 | 11,153 | ' |
Commercial and Industrial [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 213,794 | 75,118 | ' |
Commercial and Industrial [Member] | Pass/Satisfactory [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 4,730 | 8,888 | ' |
Commercial and Industrial [Member] | Pass/Satisfactory [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 200,651 | 70,955 | ' |
Commercial and Industrial [Member] | Special Mention [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 119 | 51 | ' |
Commercial and Industrial [Member] | Special Mention [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 12,861 | 3,836 | ' |
Commercial and Industrial [Member] | Substandard [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,977 | 2,214 | ' |
Commercial and Industrial [Member] | Substandard [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 282 | 327 | ' |
Commercial and Industrial [Member] | Doubtful [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 0 | ' |
Commercial and Industrial [Member] | Doubtful [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 0 | ' |
Commercial Real Estate [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 29,623 | 44,901 | ' |
Commercial Real Estate [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,490,930 | 835,488 | ' |
Commercial Real Estate [Member] | Pass/Satisfactory [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 17,920 | 26,195 | ' |
Commercial Real Estate [Member] | Pass/Satisfactory [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,460,484 | 794,187 | ' |
Commercial Real Estate [Member] | Special Mention [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 3,020 | 225 | ' |
Commercial Real Estate [Member] | Special Mention [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 16,200 | 18,737 | ' |
Commercial Real Estate [Member] | Substandard [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 8,683 | 18,481 | ' |
Commercial Real Estate [Member] | Substandard [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 14,246 | 21,801 | ' |
Commercial Real Estate [Member] | Doubtful [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 0 | ' |
Commercial Real Estate [Member] | Doubtful [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 763 | ' |
Construction [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 22,192 | 27,792 | ' |
Construction [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 34,674 | 28,897 | ' |
Construction [Member] | Pass/Satisfactory [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,972 | 2,434 | ' |
Construction [Member] | Pass/Satisfactory [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 32,499 | 26,020 | ' |
Construction [Member] | Special Mention [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 3,949 | 4,038 | ' |
Construction [Member] | Special Mention [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 88 | 454 | ' |
Construction [Member] | Substandard [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 16,271 | 21,320 | ' |
Construction [Member] | Substandard [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 2,087 | 1,971 | ' |
Construction [Member] | Doubtful [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 0 | ' |
Construction [Member] | Doubtful [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 452 | ' |
Residential Real Estate [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 19,233 | 19,952 | ' |
Residential Real Estate [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 133,503 | 109,430 | ' |
Residential Real Estate [Member] | Pass/Satisfactory [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 14,245 | 14,021 | ' |
Residential Real Estate [Member] | Pass/Satisfactory [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 130,504 | 105,490 | ' |
Residential Real Estate [Member] | Special Mention [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 455 | 455 | ' |
Residential Real Estate [Member] | Special Mention [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,380 | 1,017 | ' |
Residential Real Estate [Member] | Substandard [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 4,533 | 5,476 | ' |
Residential Real Estate [Member] | Substandard [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,619 | 2,919 | ' |
Residential Real Estate [Member] | Doubtful [Member] | Covered Loan [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 0 | ' |
Residential Real Estate [Member] | Doubtful [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 4 | ' |
Consumer [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,889 | 2,061 | ' |
Consumer [Member] | Performing [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,889 | 2,005 | ' |
Consumer [Member] | Nonperforming [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 0 | 56 | ' |
Mortgage Warehouse [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,006 | 9,565 | ' |
Mortgage Warehouse [Member] | Performing [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | 1,006 | 9,565 | ' |
Mortgage Warehouse [Member] | Nonperforming [Member] | Non-covered Loans [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans receivable | $0 | $0 | ' |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses - Schedule of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | $28,142 | $16,118 | $25,837 | $15,032 | ' |
Charge-offs | 2,294 | 1,416 | 5,950 | 4,994 | ' |
Recoveries | 202 | 156 | 443 | 282 | ' |
Provision for loan losses | 750 | 10,116 | 6,470 | 14,654 | ' |
Ending Balance | 26,800 | 24,974 | 26,800 | 24,974 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 50,330 | 59,790 | 50,330 | 59,790 | ' |
Collectively evaluated for impairment | 1,961,639 | 906,580 | 1,961,639 | 906,580 | ' |
Loans acquired with credit deterioration | 87,759 | 126,650 | 87,759 | 126,650 | ' |
Market discounts/premiums/valuation adjustments | 59 | -5,921 | 59 | -5,921 | ' |
Total | 2,018,532 | 1,087,099 | 2,018,532 | 1,087,099 | 1,216,941 |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,750 | 5,839 | 3,750 | 5,839 | ' |
Collectively evaluated for impairment | 12,536 | 8,316 | 12,536 | 8,316 | ' |
Loans acquired with credit deterioration | 10,514 | 10,819 | 10,514 | 10,819 | ' |
Total Allowance for loan and lease losses | 26,800 | 24,974 | 26,800 | 24,974 | ' |
Commercial and Industrial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 2,485 | 1,503 | 1,477 | 1,441 | ' |
Charge-offs | 1,311 | 266 | 1,407 | 300 | ' |
Recoveries | 16 | 98 | 181 | 164 | ' |
Provision for loan losses | 2,029 | 387 | 2,968 | 417 | ' |
Ending Balance | 3,219 | 1,722 | 3,219 | 1,722 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 20,162 | 4,558 | 20,162 | 4,558 | ' |
Collectively evaluated for impairment | 195,857 | 79,448 | 195,857 | 79,448 | ' |
Loans acquired with credit deterioration | 4,601 | 5,774 | 4,601 | 5,774 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 961 | 349 | 961 | 349 | ' |
Collectively evaluated for impairment | 1,991 | 877 | 1,991 | 877 | ' |
Loans acquired with credit deterioration | 267 | 496 | 267 | 496 | ' |
Total Allowance for loan and lease losses | 3,219 | 1,722 | 3,219 | 1,722 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 16,685 | 8,266 | 15,439 | 7,029 | ' |
Charge-offs | 851 | 283 | 2,742 | 1,426 | ' |
Recoveries | 186 | 33 | 246 | 83 | ' |
Provision for loan losses | -349 | 5,923 | 2,728 | 8,253 | ' |
Ending Balance | 15,671 | 13,939 | 15,671 | 13,939 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 22,910 | 37,250 | 22,910 | 37,250 | ' |
Collectively evaluated for impairment | 1,449,009 | 543,772 | 1,449,009 | 543,772 | ' |
Loans acquired with credit deterioration | 48,634 | 70,915 | 48,634 | 70,915 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 2,233 | 2,787 | 2,233 | 2,787 | ' |
Collectively evaluated for impairment | 8,315 | 5,379 | 8,315 | 5,379 | ' |
Loans acquired with credit deterioration | 5,123 | 5,773 | 5,123 | 5,773 | ' |
Total Allowance for loan and lease losses | 15,671 | 13,939 | 15,671 | 13,939 | ' |
Construction [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 4,317 | 4,352 | 3,991 | 4,656 | ' |
Charge-offs | 0 | 475 | 1,470 | 2,666 | ' |
Recoveries | 0 | 3 | 0 | 3 | ' |
Provision for loan losses | -1,163 | 1,139 | 633 | 3,026 | ' |
Ending Balance | 3,154 | 5,019 | 3,154 | 5,019 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,978 | 13,169 | 3,978 | 13,169 | ' |
Collectively evaluated for impairment | 39,058 | 11,056 | 39,058 | 11,056 | ' |
Loans acquired with credit deterioration | 13,830 | 18,904 | 13,830 | 18,904 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 368 | 2,450 | 368 | 2,450 | ' |
Collectively evaluated for impairment | 241 | 262 | 241 | 262 | ' |
Loans acquired with credit deterioration | 2,545 | 2,307 | 2,545 | 2,307 | ' |
Total Allowance for loan and lease losses | 3,154 | 5,019 | 3,154 | 5,019 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 3,552 | 1,080 | 3,233 | 844 | ' |
Charge-offs | 116 | 365 | 315 | 565 | ' |
Recoveries | 0 | 0 | 7 | 5 | ' |
Provision for loan losses | -216 | 2,262 | 295 | 2,693 | ' |
Ending Balance | 3,220 | 2,977 | 3,220 | 2,977 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 3,205 | 4,540 | 3,205 | 4,540 | ' |
Collectively evaluated for impairment | 134,582 | 100,751 | 134,582 | 100,751 | ' |
Loans acquired with credit deterioration | 14,949 | 15,819 | 14,949 | 15,819 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 187 | 250 | 187 | 250 | ' |
Collectively evaluated for impairment | 1,115 | 878 | 1,115 | 878 | ' |
Loans acquired with credit deterioration | 1,918 | 1,849 | 1,918 | 1,849 | ' |
Total Allowance for loan and lease losses | 3,220 | 2,977 | 3,220 | 2,977 | ' |
Manufactured Housing [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 678 | 40 | 750 | 18 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | 1 | 858 | -71 | 880 | ' |
Ending Balance | 679 | 898 | 679 | 898 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Collectively evaluated for impairment | 140,869 | 150,876 | 140,869 | 150,876 | ' |
Loans acquired with credit deterioration | 5,189 | 13,113 | 5,189 | 13,113 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Collectively evaluated for impairment | 80 | 757 | 80 | 757 | ' |
Loans acquired with credit deterioration | 599 | 141 | 599 | 141 | ' |
Total Allowance for loan and lease losses | 679 | 898 | 679 | 898 | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 106 | 75 | 154 | 61 | ' |
Charge-offs | 16 | 27 | 16 | 37 | ' |
Recoveries | 0 | 22 | 9 | 27 | ' |
Provision for loan losses | 13 | 279 | -44 | 298 | ' |
Ending Balance | 103 | 349 | 103 | 349 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 75 | 273 | 75 | 273 | ' |
Collectively evaluated for impairment | 1,258 | 11,356 | 1,258 | 11,356 | ' |
Loans acquired with credit deterioration | 556 | 2,125 | 556 | 2,125 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 1 | 3 | 1 | 3 | ' |
Collectively evaluated for impairment | 40 | 93 | 40 | 93 | ' |
Loans acquired with credit deterioration | 62 | 253 | 62 | 253 | ' |
Total Allowance for loan and lease losses | 103 | 349 | 103 | 349 | ' |
Mortgage Warehouse [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 56 | 802 | 71 | 929 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | -14 | -732 | -29 | -859 | ' |
Ending Balance | 42 | 70 | 42 | 70 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Collectively evaluated for impairment | 1,006 | 9,321 | 1,006 | 9,321 | ' |
Loans acquired with credit deterioration | 0 | 0 | 0 | 0 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Collectively evaluated for impairment | 42 | 70 | 42 | 70 | ' |
Loans acquired with credit deterioration | 0 | 0 | 0 | 0 | ' |
Total Allowance for loan and lease losses | 42 | 70 | 42 | 70 | ' |
Residual Reserve [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ' |
Beginning Balance | 263 | 0 | 722 | 54 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision for loan losses | 449 | 0 | -10 | -54 | ' |
Ending Balance | 712 | 0 | 712 | 0 | ' |
Loans: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Collectively evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Loans acquired with credit deterioration | 0 | 0 | 0 | 0 | ' |
Allowance for loan losses: | ' | ' | ' | ' | ' |
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Collectively evaluated for impairment | 712 | 0 | 712 | 0 | ' |
Loans acquired with credit deterioration | 0 | 0 | 0 | 0 | ' |
Total Allowance for loan and lease losses | $712 | $0 | $712 | $0 | ' |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses - Schedule of Allowance for Loan Losses (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Available funds for reimbursement | $2.90 | $4.10 |
Recovered_Sheet4
Loans Receivable and Allowance for Loan Losses - Changes in Accretable Discount Related to Purchased Credit Impaired Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' | ' | ' |
Accretable yield balance, beginning of period | $27,649 | $43,230 | $32,174 | $45,358 |
Accretion to interest income | -1,362 | -7,384 | -5,034 | -9,443 |
Reclassification from nonaccretable difference and disposals, net | -754 | -147 | -1,607 | -216 |
Accretable yield balance, end of period | $25,533 | $35,699 | $25,533 | $35,699 |
FDIC_Loss_Sharing_Receivable_A
FDIC Loss Sharing Receivable - Activity Related to FDIC Loss Sharing Receivable (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Banking and Thrift [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $14,169 | $12,376 | $12,343 | $13,077 |
Change in FDIC loss sharing receivable | -125 | 3,796 | 4,829 | 4,537 |
Reimbursement from the FDIC | 3,006 | 3,866 | -6,134 | -5,308 |
Balance, end of period | $11,038 | $12,306 | $11,038 | $12,306 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Detail) (Five-year Senior Unsecured Notes [Member], USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 |
Five-year Senior Unsecured Notes [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior unsecured notes | $55 | ' | $8.30 |
Senior unsecured notes, term | '5 years | ' | ' |
Senior unsecured notes aggregate amount | ' | 63.25 | ' |
Senior unsecured notes, interest rate | 6.38% | ' | ' |
Net proceeds from notes after issuance cost | $60.40 | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
22-May-13 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-12 | Sep. 30, 2012 | |
Class B Non-Voting Common Stock [Member] | Voting Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under share-based-compensation arrangements | ' | ' | 23,413 | ' | ' | ' | ' | ' |
Shares issued upon exercise of outstanding warrants | ' | ' | ' | ' | 31,904 | ' | ' | ' |
Shares converted in to Voting common stock | ' | ' | ' | ' | 3,700,000 | ' | ' | ' |
Issuance of common stock (in shares) | 6,179,104 | ' | ' | ' | ' | ' | ' | 7,111,819 |
Exercise price | $16.75 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock | $97,500,000 | $94,800,000 | $97,507,000 | $94,762,000 | ' | ' | ' | ' |
Warrants to purchase | ' | ' | ' | ' | 17,227 | 17,227 | ' | ' |
Costs related to this postponed offering | ' | ' | ' | ' | ' | ' | $1,400,000 | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options vesting period | '5 years |
Percentage of increase in value options to purchase of voting common stock | 50.00% |
Term of options | '8 years 1 month 28 days |
Chief Executive Officer [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options to purchase shares of voting common stock | 617,910 |
Representing number of shares issued percentage | 10.00% |
Chief Operating Officer [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options to purchase shares of voting common stock | 92,687 |
Representing number of shares issued percentage | 1.50% |
Chief Executive Officer and Chief Operating Officer [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Term of options | '10 years |
Other Officers [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options to purchase shares of voting common stock | 70,000 |
ShareBased_Compensation_Statem
Share-Based Compensation - Statement of Weighted-Average Assumptions Used and Resulting Weighted-Average Fair Value of Option (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Weighted-average risk-free interest rate | 1.41% | 1.15% |
Expected dividend yield | 0.00% | 0.00% |
Weighted-average expected volatility | 13.77% | 17.47% |
Expected life (in years) | '7 years | '6 years 11 months 23 days |
Weighted-average fair value | $3.16 | $3.04 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Number of Options, Outstanding beginning balance | 2,003,889 |
Number of Options, Granted | 780,597 |
Number of Options, Forfeited | -5,000 |
Number of Options, Outstanding ending balance | 2,779,486 |
Number of Options, Vested and expected to vest | 2,779,486 |
Number of Options, Exercisable | 14,438 |
Weighted-average Exercise Price, Outstanding beginning balance | $12.49 |
Weighted-average Exercise Price, Granted | $16.67 |
Weighted-average Exercise Price, Forfeited | $14.94 |
Weighted-average Exercise Price, Outstanding ending balance | $13.66 |
Weighted-average Exercise Price, Vested and expected to vest | $13.66 |
Weighted-average Exercise Price, Exercisable | $20.06 |
Weighted-average Remaining Contractual Term in Years, Outstanding | '8 years 1 month 28 days |
Weighted-average Remaining Contractual Term in Years, Vested and expected to vest | '8 years 1 month 28 days |
Weighted-average Remaining Contractual Term in Years, Exercisable | '3 years 6 months 26 days |
Aggregate Intrinsic Value, Outstanding | $7,480 |
Aggregate Intrinsic Value, Vested and expected to vest | 7,480 |
Aggregate Intrinsic Value, Exercisable | $12 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Regulatory Capital Requirements [Abstract] | ' |
Maximum limit above the national rate for the interest rate paid for deposits | 0.75% |
Regulatory_Matters_Summary_of_
Regulatory Matters - Summary of Capital Amounts and Ratios (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Customers Bancorp, Inc. [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital (to risk weighted assets), Actual Amount | $413,900 | $289,035 |
Tier 1 capital (to risk weighted assets), Actual Amount | 386,517 | 262,719 |
Tier 1 capital (to average assets), Actual Amount | 386,517 | 262,719 |
Total capital (to risk weighted assets), Actual Ratio | 13.60% | 11.26% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 12.70% | 10.23% |
Tier 1 capital (to average assets), Actual Ratio | 10.63% | 9.30% |
Total capital (to risk weighted assets), for Capital Adequacy Purposes Amount | 243,500 | 205,443 |
Tier 1 capital (to risk weighted assets), for Capital Adequacy Purposes Amount | 121,750 | 102,722 |
Tier 1 capital (to average assets), for Capital Adequacy Purposes Amount | 145,388 | 112,939 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Customers Bank [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total capital (to risk weighted assets), Actual Amount | 427,809 | 244,710 |
Tier 1 capital (to risk weighted assets), Actual Amount | 400,426 | 218,394 |
Tier 1 capital (to average assets), Actual Amount | 400,426 | 218,394 |
Total capital (to risk weighted assets), Actual Ratio | 14.18% | 9.53% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 13.28% | 8.50% |
Tier 1 capital (to average assets), Actual Ratio | 11.04% | 7.74% |
Total capital (to risk weighted assets), for Capital Adequacy Purposes Amount | 241,298 | 205,442 |
Tier 1 capital (to risk weighted assets), for Capital Adequacy Purposes Amount | 120,649 | 102,721 |
Tier 1 capital (to average assets), for Capital Adequacy Purposes Amount | 145,043 | 112,896 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 301,622 | 256,802 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 180,973 | 154,081 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $181,303 | $141,120 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.00% | 6.00% |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% |
Disclosures_about_Fair_Value_o2
Disclosures about Fair Value of Financial Instruments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Loans held for sale, average life from purchase to sale | '17 days |
Disclosures_about_Fair_Value_o3
Disclosures about Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Carrying Amount | $255,653 | ' | $186,016 | $157,510 | ' | $73,570 |
Investment securities, available for sale, Carrying Amount | 497,566 | ' | 129,093 | ' | ' | ' |
Loans held for sale, Carrying Amount | 917,939 | ' | 1,439,889 | ' | ' | ' |
Loans receivable, net, Carrying Amount | 2,072,987 | ' | 1,298,630 | ' | ' | ' |
FHLB, Federal Reserve Bank and other stock, Carrying Amount | 19,113 | ' | 30,163 | ' | ' | ' |
FDIC loss sharing receivable, Carrying Amount | 11,038 | 14,169 | 12,343 | 12,306 | 12,376 | 13,077 |
Derivatives not designated as hedging instruments, Assets Carrying Amount | 1,911 | ' | ' | ' | ' | ' |
Fraudulent loans receivable, Carrying Amount | 669 | ' | ' | ' | ' | ' |
Accrued interest receivable, Carrying Amount | 7,866 | ' | 5,790 | ' | ' | ' |
Deposits, Carrying Amount | 3,243,312 | ' | 2,440,818 | ' | ' | ' |
Federal funds purchased, Carrying Amount | 0 | ' | 5,000 | ' | ' | ' |
Other borrowings, Carrying Amount | 235,250 | ' | 471,000 | ' | ' | ' |
Subordinated debt, Carrying Amount | 2,000 | ' | 2,000 | ' | ' | ' |
Derivatives not designated as hedging instruments, Liabilities, Carrying Amount | 1,871 | ' | ' | ' | ' | ' |
Accrued interest payable, Carrying Amount | 1,761 | ' | 1,530 | ' | ' | ' |
Cash and cash equivalents, Fair Value | 255,653 | ' | 186,016 | ' | ' | ' |
Investment securities, available for sale, Fair Value | 497,566 | ' | 129,093 | ' | ' | ' |
Loans held for sale, Fair Value | 917,939 | ' | 1,439,889 | ' | ' | ' |
Loans receivable, net, Fair Value | 2,088,789 | ' | 1,307,049 | ' | ' | ' |
FHLB, Federal Reserve Bank and other stock, Fair Value | 19,113 | ' | 30,163 | ' | ' | ' |
FDIC loss sharing receivable, Fair Value | 11,038 | ' | 12,343 | ' | ' | ' |
Derivatives not designated as hedging instruments, Assets Fair Value | 1,911 | ' | ' | ' | ' | ' |
Fraudulent loans receivable, Fair Value | 669 | ' | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 7,866 | ' | 5,790 | ' | ' | ' |
Deposits, Fair Value | 3,247,129 | ' | 2,674,765 | ' | ' | ' |
Federal funds purchased, Fair Value | ' | ' | 5,000 | ' | ' | ' |
Other borrowings, Fair Value | 238,251 | ' | 471,432 | ' | ' | ' |
Subordinated debt, Fair Value | 2,000 | ' | 2,000 | ' | ' | ' |
Derivatives not designated as hedging instruments, Liabilities Fair Value | 1,871 | ' | ' | ' | ' | ' |
Accrued interest payable, Fair Value | 1,761 | ' | 1,530 | ' | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 255,653 | ' | 186,016 | ' | ' | ' |
Investment securities, available for sale, Fair Value | 22,905 | ' | 6 | ' | ' | ' |
Loans held for sale, Fair Value | 0 | ' | 0 | ' | ' | ' |
Loans receivable, net, Fair Value | 0 | ' | 0 | ' | ' | ' |
FHLB, Federal Reserve Bank and other stock, Fair Value | 0 | ' | 0 | ' | ' | ' |
FDIC loss sharing receivable, Fair Value | 0 | ' | 0 | ' | ' | ' |
Derivatives not designated as hedging instruments, Assets Fair Value | 0 | ' | ' | ' | ' | ' |
Fraudulent loans receivable, Fair Value | 0 | ' | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 7,866 | ' | 5,790 | ' | ' | ' |
Deposits, Fair Value | 671,211 | ' | 219,687 | ' | ' | ' |
Federal funds purchased, Fair Value | ' | ' | 5,000 | ' | ' | ' |
Other borrowings, Fair Value | 0 | ' | 0 | ' | ' | ' |
Subordinated debt, Fair Value | 0 | ' | 0 | ' | ' | ' |
Derivatives not designated as hedging instruments, Liabilities Fair Value | 0 | ' | ' | ' | ' | ' |
Accrued interest payable, Fair Value | 1,761 | ' | 1,530 | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | ' | 0 | ' | ' | ' |
Investment securities, available for sale, Fair Value | 474,661 | ' | 129,087 | ' | ' | ' |
Loans held for sale, Fair Value | 917,939 | ' | 1,439,889 | ' | ' | ' |
Loans receivable, net, Fair Value | 0 | ' | 0 | ' | ' | ' |
FHLB, Federal Reserve Bank and other stock, Fair Value | 19,113 | ' | 30,163 | ' | ' | ' |
FDIC loss sharing receivable, Fair Value | 11,038 | ' | 12,343 | ' | ' | ' |
Derivatives not designated as hedging instruments, Assets Fair Value | 1,911 | ' | ' | ' | ' | ' |
Fraudulent loans receivable, Fair Value | 0 | ' | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 0 | ' | 0 | ' | ' | ' |
Deposits, Fair Value | 2,575,918 | ' | 2,455,078 | ' | ' | ' |
Federal funds purchased, Fair Value | ' | ' | 0 | ' | ' | ' |
Other borrowings, Fair Value | 238,251 | ' | 471,432 | ' | ' | ' |
Subordinated debt, Fair Value | 2,000 | ' | 2,000 | ' | ' | ' |
Derivatives not designated as hedging instruments, Liabilities Fair Value | 1,871 | ' | ' | ' | ' | ' |
Accrued interest payable, Fair Value | 0 | ' | 0 | ' | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents, Fair Value | 0 | ' | 0 | ' | ' | ' |
Investment securities, available for sale, Fair Value | 0 | ' | 0 | ' | ' | ' |
Loans held for sale, Fair Value | 0 | ' | 0 | ' | ' | ' |
Loans receivable, net, Fair Value | 2,088,789 | ' | 1,307,049 | ' | ' | ' |
FHLB, Federal Reserve Bank and other stock, Fair Value | 0 | ' | 0 | ' | ' | ' |
FDIC loss sharing receivable, Fair Value | 0 | ' | 0 | ' | ' | ' |
Derivatives not designated as hedging instruments, Assets Fair Value | 0 | ' | ' | ' | ' | ' |
Fraudulent loans receivable, Fair Value | 669 | ' | ' | ' | ' | ' |
Accrued interest receivable, Fair Value | 0 | ' | 0 | ' | ' | ' |
Deposits, Fair Value | 0 | ' | 0 | ' | ' | ' |
Federal funds purchased, Fair Value | ' | ' | 0 | ' | ' | ' |
Other borrowings, Fair Value | 0 | ' | 0 | ' | ' | ' |
Subordinated debt, Fair Value | 0 | ' | 0 | ' | ' | ' |
Derivatives not designated as hedging instruments, Liabilities Fair Value | 0 | ' | ' | ' | ' | ' |
Accrued interest payable, Fair Value | $0 | ' | $0 | ' | ' | ' |
Disclosures_about_Fair_Value_o4
Disclosures about Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | $1,339,902 | $1,378,028 |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 18,109 | 16,741 |
Derivatives Not Designated as Hedging Instruments [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,911 | ' |
Liabilities | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 1,871 | ' |
Mortgage Warehouse Loans Held for Sale [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 840,425 | 1,248,935 |
Impaired Loans [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 7,850 | 11,004 |
Other Real Estate Owned [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 10,259 | 5,737 |
Available-for-sale Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 449,521 | 104,135 |
Available-for-sale Securities [Member] | Corporate Notes [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 25,140 | 24,952 |
Available-for-sale Securities [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 22,905 | 6 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 22,905 | 6 |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | ' |
Liabilities | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Warehouse Loans Held for Sale [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Impaired Loans [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Real Estate Owned [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Available-for-sale Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Available-for-sale Securities [Member] | Corporate Notes [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Available-for-sale Securities [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 22,905 | 6 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,316,997 | 1,378,022 |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 1,911 | ' |
Liabilities | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 1,871 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Warehouse Loans Held for Sale [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 840,425 | 1,248,935 |
Significant Other Observable Inputs (Level 2) [Member] | Impaired Loans [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Real Estate Owned [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 449,521 | 104,135 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Securities [Member] | Corporate Notes [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 25,140 | 24,952 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale Securities [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 18,109 | 16,741 |
Significant Unobservable Inputs (Level 3) [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | ' |
Liabilities | ' | ' |
Liabilities, Fair Value Disclosure, Recurring | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Warehouse Loans Held for Sale [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired Loans [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 7,850 | 11,004 |
Significant Unobservable Inputs (Level 3) [Member] | Other Real Estate Owned [Member] | ' | ' |
Assets | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | 10,259 | 5,737 |
Significant Unobservable Inputs (Level 3) [Member] | Available-for-sale Securities [Member] | Mortgage-backed Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Available-for-sale Securities [Member] | Corporate Notes [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Available-for-sale Securities [Member] | Equity Securities [Member] | ' | ' |
Available-for-sale securities: | ' | ' |
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
Disclosures_about_Fair_Value_o5
Disclosures about Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Specific reserves related to impaired loans | $3,750 | $4,625 |
Impaired Loans [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Specific reserves related to impaired loans | $3,750 | $4,625 |
Disclosures_about_Fair_Value_o6
Disclosures about Fair Value of Financial Instruments - Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) (Significant Unobservable Inputs (Level 3) [Member], USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 |
Mortgage-backed Securities [Member] | Mortgage-backed Securities [Member] | Corporate Notes [Member] | Corporate Notes [Member] | Loans Held for Sale [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning | $26,835 | $22,111 | $2,632 | $2,894 | $24,203 | $19,217 | $0 |
Total gains included in other comprehensive income (before taxes) | 469 | 455 | 0 | 0 | 469 | 455 | ' |
Amortization included in interest income | -29 | -291 | -29 | -291 | 0 | 0 | ' |
Settlements | -2,603 | -2,603 | -2,603 | -2,603 | 0 | 0 | ' |
Balance at ending | 24,672 | 24,672 | 0 | 0 | 24,672 | 24,672 | 0 |
Transfer from Level 2 to Level 3 | ' | ' | ' | ' | ' | ' | 3,173 |
Recoveries | ' | ' | ' | ' | ' | ' | -1,463 |
Sales | ' | ' | ' | ' | ' | ' | -1,013 |
Transfer from loans held for sale to other assets | ' | ' | ' | ' | ' | ' | -697 |
Purchases | ' | $5,000 | ' | $0 | ' | $5,000 | ' |
Disclosures_about_Fair_Value_o7
Disclosures about Fair Value of Financial Instruments - Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | |
Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' |
Loan Held for Sale Exposed to Fraud | ' | ' | ' | ' | ' | $5,200,000 |
Loan Held for Sale Range of possible loss, Minimum | ' | ' | ' | ' | ' | 1,500,000 |
Loan Held For Sale Range of possible loss, Maximum | ' | ' | ' | ' | ' | 3,200,000 |
Loss contingency provided by management | 0 | 0 | 2,000,000 | 0 | ' | 2,000,000 |
Loan held for sale not exposed to fraud | ' | ' | ' | ' | 1,000,000 | ' |
Loans recovered in cash from alleged perpetrator | ' | ' | ' | ' | 1,500,000 | ' |
Loans transferred to Other assets | ' | ' | ' | ' | 2,700,000 | ' |
Loans reserve transferred to Other assets | ' | ' | ' | ' | $2,000,000 | ' |
Disclosures_about_Fair_Value_o8
Disclosures about Fair Value of Financial Instruments - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Fair Value Estimate [Member] | Liquidation Expenses [Member] | Liquidation Expenses [Member] | ||
Impaired Loans [Member] | Other Real Estate Owned [Member] | ||||
Collateral Appraisal [Member] | Collateral Appraisal [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Impaired loans | ' | ' | $7,850 | ' | ' |
Other real estate owned | $13,601 | $8,114 | $10,259 | ' | ' |
Minimum | ' | ' | ' | -3.00% | -3.00% |
Maximum | ' | ' | ' | -8.00% | -8.00% |
Weighted Average | ' | ' | ' | -5.50% | -5.50% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | Swap |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Number of interest rate swaps | 16 |
Aggregate notional amount | $99.90 |
Termination value of derivatives in a net liability position | 1.8 |
Minimum collateral with counterparties | $2.20 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Detail) (Interest Rate Swap Products [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Derivative Asset, Fair Value, Gross Asset | $177 |
Derivative Liability, Fair Value, Gross Liability | 1,746 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Derivative Asset, Fair Value, Gross Asset | 1,911 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Derivative Liability, Fair Value, Gross Liability | $1,871 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments on Comprehensive Income (Detail) (Other Non-Interest Income [Member], Interest Rate Swap Products [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Other Non-Interest Income [Member] | Interest Rate Swap Products [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of loss recognized in income on derivatives | $38 | ' |
Amount of gain recognized in income on derivatives | ' | $236 |
Disclosures_about_Offsetting_A2
Disclosures about Offsetting Assets and Liabilities - Summary of Offsetting Financial Derivative Assets and Liabilities (Detail) (Interest Rate Swap Products [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Interest Rate Swap Products [Member] | ' |
Offsetting Assets [Line Items] | ' |
Gross amount of recognized assets | $177 |
Gross amounts offset in the consolidated balance sheet | 0 |
Net amounts of assets presented in the consolidated balance sheet | 177 |
Gross amounts not offset in the consolidated balance sheet, Financial Instruments | 177 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral received | 0 |
Net amount | 0 |
Gross amount of recognized liabilities | 1,746 |
Gross amounts offset in the consolidated balance sheet | 0 |
Net amounts of liabilities presented in the consolidated balance sheet | 1,746 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | 177 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 1,569 |
Net amount | $0 |
Loss_Contingency_Additional_In
Loss Contingency - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | |
Significant Unobservable Inputs (Level 3) [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Loan Held for Sale Exposed to Fraud | ' | ' | ' | ' | ' | $5,200,000 |
Loan Held for Sale Range of possible loss, Minimum | ' | ' | ' | ' | ' | 1,500,000 |
Loan Held For Sale Range of possible loss, Maximum | ' | ' | ' | ' | ' | 3,200,000 |
Loss contingency provided by management | 0 | 0 | 2,000,000 | 0 | ' | 2,000,000 |
Loan held for sale not exposed to fraud | ' | ' | ' | ' | 1,000,000 | ' |
Loans recovered in cash from alleged perpetrator | ' | ' | ' | ' | 1,500,000 | ' |
Loans transferred to Other assets | ' | ' | ' | ' | 2,700,000 | ' |
Reserve transferred to Other assets | ' | ' | ' | ' | $2,000,000 | ' |