Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CUBI | |
Entity Registrant Name | Customers Bancorp, Inc. | |
Entity Central Index Key | 1488813 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,828,600 |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and due from banks | $68,216 | $62,746 |
Interest-earning deposits | 265,607 | 308,277 |
Cash and cash equivalents | 333,823 | 371,023 |
Investment securities available for sale, at fair value | 396,194 | 416,685 |
Loans held for sale (includes $1,676,891 and $1,335,668, respectively, at fair value) | 1,758,084 | 1,435,459 |
Loans receivable | 4,337,851 | 4,312,173 |
Allowance for loan losses | -33,566 | -30,932 |
Total loans receivable, net of allowance for loan losses | 4,304,285 | 4,281,241 |
FHLB, Federal Reserve Bank, and other restricted stock | 81,798 | 82,002 |
Accrued interest receivable | 15,702 | 15,205 |
FDIC loss sharing receivable | 3,427 | 2,320 |
Bank premises and equipment, net | 11,061 | 10,810 |
Bank-owned life insurance | 154,821 | 138,676 |
Other real estate owned | 13,127 | 15,371 |
Goodwill and other intangibles | 3,661 | 3,664 |
Other assets | 57,242 | 52,914 |
Total assets | 7,133,225 | 6,825,370 |
Deposits: | ||
Demand, non-interest bearing | 670,771 | 546,436 |
Interest-bearing | 4,222,550 | 3,986,102 |
Total deposits | 4,893,321 | 4,532,538 |
FHLB advances | 1,545,000 | 1,618,000 |
Other borrowings | 88,250 | 88,250 |
Subordinated debt | 110,000 | 110,000 |
Accrued interest payable and other liabilities | 38,703 | 33,437 |
Total liabilities | 6,675,274 | 6,382,225 |
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; 27,356,299 and 27,277,789 shares issued as of March 31, 2015 and December 31, 2014; 26,824,039; and 26,745,529 shares outstanding as of March 31, 2015 and December 31, 2014 | 27,356 | 27,278 |
Additional paid in capital | 357,523 | 355,822 |
Retained earnings | 82,373 | 68,421 |
Accumulated other comprehensive loss, net | -1,047 | -122 |
Treasury stock, at cost (532,260 shares as of March 31, 2015 and December 31, 2014) | -8,254 | -8,254 |
Total shareholders’ equity | 457,951 | 443,145 |
Total liabilities and shareholders’ equity | $7,133,225 | $6,825,370 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Loans held for sale at fair value | $1,676,891 | $1,335,668 |
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 | 27,356,299 | 27,277,789 |
Common stock, shares outstanding | 26,824,039 | 26,745,529 |
Treasury stock, shares | 532,260 | 532,260 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Interest income: | ||||
Loans receivable | $43,093 | $28,355 | ||
Loans held for sale | 10,900 | 5,083 | ||
Investment securities | 2,363 | 3,040 | ||
Other | 2,362 | 396 | ||
Interest expense: | 58,718 | 36,874 | ||
Interest expense: | ||||
Deposits | 7,526 | 5,415 | ||
Other borrowings | 1,488 | 1,155 | ||
FHLB advances | 1,689 | 496 | ||
Subordinated debt | 1,685 | 16 | ||
Total interest expense | 12,388 | 7,082 | ||
Net interest income | 46,330 | 29,792 | ||
Provision for loan losses | 2,964 | 4,368 | ||
Net interest income after provision for loan losses | 43,366 | 25,424 | ||
Non-interest income: | ||||
Mortgage warehouse transactional fees | 2,273 | 1,759 | ||
Gain on sale of loans | 1,231 | 0 | ||
Bank-owned life insurance | 1,061 | 835 | ||
Deposit fees | 179 | 214 | ||
Gain on sale of investment securities | 151 | 409 | ||
Gain on sale of investment securities | 0 | 2,832 | ||
Other | 838 | 1,261 | ||
Total non-interest income | 5,733 | 7,310 | ||
Non-interest expense: | ||||
Salaries and employee benefits | 13,952 | 9,351 | ||
FDIC assessments, taxes, and regulatory fees | 3,278 | 2,131 | ||
Occupancy | 3,078 | 2,637 | ||
Professional services | 1,913 | 2,282 | ||
Technology, communications and bank operations | 1,554 | 1,560 | ||
Other real estate owned | 884 | 351 | ||
Advertising and promotion | 347 | 414 | ||
Loan workout | 269 | 441 | ||
Other | 2,190 | 2,002 | ||
Total non-interest expense | 27,465 | 21,169 | ||
Income before income tax expense | 21,634 | 11,565 | ||
Income tax expense | 7,682 | 3,429 | ||
Net income | $13,952 | $8,136 | ||
Basic earnings per share | $0.52 | [1] | $0.30 | [1] |
Diluted earnings per share | $0.49 | [1] | $0.29 | [1] |
[1] | Earnings per share amounts for the three months ended March 31, 2014 have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014. |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parenthetical) | 3 Months Ended |
Mar. 31, 2015 | |
Income Statement [Abstract] | |
Percentage of stock dividend declared | 10.00% |
Dividend declared date | 15-May-14 |
Dividend issued date | 30-Jun-14 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $13,952 | $8,136 | ||
Unrealized gains (losses) on securities: | ||||
Unrealized holding gains on securities arising during the period | 459 | [1] | 9,121 | [1] |
Income tax effect | -216 | [1] | -3,193 | [1] |
Less: reclassification adjustment for gains on securities included in net income | 0 | -2,832 | ||
Income tax effect | 0 | 992 | ||
Net unrealized gains | 243 | 4,088 | ||
Unrealized gains (losses) on cash flow hedges: | ||||
Unrealized gains (losses) on cash flow hedges arising during the period | -1,946 | 664 | ||
Income tax effect | 778 | -232 | ||
Net unrealized gains (losses) | -1,168 | 432 | ||
Other comprehensive income (loss), net of tax | -925 | 4,520 | ||
Comprehensive income | $13,027 | $12,656 | ||
[1] | Includes immaterial gains or losses on foreign currency items. |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2013 | $386,623 | $24,756 | $307,231 | $71,008 | ($8,118) | ($8,254) |
Beginning balance, shares at Dec. 31, 2013 | 24,224,151 | |||||
Net income | 8,136 | 8,136 | ||||
Other comprehensive loss | 4,520 | 4,520 | ||||
Share-based compensation expense | 955 | 955 | ||||
Issuance of common stock under share-based compensation arrangements | 704 | 70 | 634 | |||
Issuance of common stock under share-based compensation arrangements, Shares | 70,013 | |||||
Ending balance at Mar. 31, 2014 | 400,938 | 24,826 | 308,820 | 79,144 | -3,598 | -8,254 |
Ending balance, shares at Mar. 31, 2014 | 24,294,164 | |||||
Beginning balance at Dec. 31, 2014 | 443,145 | 27,278 | 355,822 | 68,421 | -122 | -8,254 |
Beginning balance, shares at Dec. 31, 2014 | 26,745,529 | 26,745,529 | ||||
Net income | 13,952 | 13,952 | ||||
Other comprehensive loss | -925 | -925 | ||||
Share-based compensation expense | 1,170 | 1,170 | ||||
Issuance of common stock under share-based compensation arrangements | 609 | 78 | 531 | |||
Issuance of common stock under share-based compensation arrangements, Shares | 78,510 | |||||
Ending balance at Mar. 31, 2015 | $457,951 | $27,356 | $357,523 | $82,373 | ($1,047) | ($8,254) |
Ending balance, shares at Mar. 31, 2015 | 26,824,039 | 26,824,039 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net income | $13,952 | $8,136 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Provision for loan losses, net of change to FDIC receivable | 2,964 | 4,368 |
Provision for depreciation and amortization | 1,033 | 890 |
Share-based compensation | 1,416 | 1,659 |
Deferred taxes | -1,540 | 2,215 |
Net amortization of investment securities premiums and discounts | 211 | 177 |
Gain on sale of investment securities | 0 | -2,832 |
Gain on sale of mortgages and other loans | -1,266 | -498 |
Origination of loans held for sale | -6,627,070 | -2,819,236 |
Proceeds from the sale of loans held for sale | 6,285,952 | 2,869,796 |
Increase in FDIC loss sharing receivable | -134 | -990 |
Amortization (accretion) of fair value discounts | 32 | -129 |
Net loss on sales of other real estate owned | 441 | 47 |
Valuation and other adjustments to other real estate owned | 343 | 127 |
Earnings on investment in bank-owned life insurance | -1,061 | -835 |
(Increase) decrease in accrued interest receivable and other assets | -3,259 | 1,552 |
Increase in accrued interest payable and other liabilities | 3,574 | 14,858 |
Net Cash (Used In) Provided by Operating Activities | -324,412 | 79,305 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls and principal repayments of securities available for sale | 20,739 | 10,264 |
Proceeds from sales of investment securities available for sale | 0 | 187,891 |
Purchases of investment securities available for sale | 0 | -149,940 |
Net increase in loans | -148,554 | -608,672 |
Purchase of loan portfolios | 0 | -288,253 |
Proceeds from sales of loans | 141,437 | 424 |
Purchases of bank-owned life insurance | -15,000 | 0 |
Net proceeds from (purchases of) FHLB, Federal Reserve Bank, and other restricted stock | 204 | -8,006 |
(Payments to) reimbursements from the FDIC on loss sharing agreements | -302 | 1,297 |
Purchases of bank premises and equipment | -829 | -207 |
Proceeds from sales of other real estate owned | 1,619 | 1,376 |
Net Cash Used In Investing Activities | -686 | -853,826 |
Cash Flows from Financing Activities | ||
Net increase in deposits | 360,789 | 646,420 |
Net (decrease) increase in short-term borrowed funds | -98,000 | 185,500 |
Proceeds from long-term FHLB borrowings | 25,000 | 0 |
Proceeds from issuance of common stock | 109 | 0 |
Net Cash Provided by Financing Activities | 287,898 | 831,920 |
Net (Decrease) Increase in Cash and Cash Equivalents | -37,200 | 57,399 |
Cash and Cash Equivalents – Beginning | 371,023 | 233,068 |
Cash and Cash Equivalents – Ending | 333,823 | 290,467 |
Supplementary Cash Flows Information | ||
Interest paid | 10,550 | 7,017 |
Income taxes paid | 2,762 | 2,082 |
Non-cash items: | ||
Transfer of loans to other real estate owned | $159 | $4,955 |
Description_of_the_Business
Description of the Business | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS |
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”). 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 consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). | |
Customers Bancorp, Inc. and its wholly owned subsidiaries, Customers Bank and non-bank subsidiaries, serve residences and businesses in Southeastern Pennsylvania (Bucks, Berks, Chester, Philadelphia and Delaware Counties), Rye, New York (Westchester County), Hamilton, New Jersey (Mercer County), Boston, Massachusetts, Providence, Rhode Island and Manhattan, New York. In 2011, the Bancorp purchased Berkshire Bancorp, Inc. In 2010, Customers Bank acquired two banks, USA Bank and ISN Bank, in FDIC assisted transactions that expanded its footprint into central New Jersey and southeast New York. The Bank has 14 branches and provides commercial banking products, primarily loans and deposits. Customers Bank provides loan products to customers through its loan production offices in Boston, Massachusetts, Providence, Long Island, Manhattan, New York and Philadelphia, Pennsylvania. The Bancorp also provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies. Customers Bank is subject to regulation of the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank and is periodically examined by those regulatory authorities. |
Significant_Accounting_Policie
Significant Accounting Policies and Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies and Basis of Presentation | SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | |
Basis of Presentation | ||
The interim unaudited consolidated financial statements of Customers Bancorp, Inc. and subsidiaries have been prepared pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers Bancorp and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. The December 31, 2014 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2014 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2014 consolidated financial statements of Customers Bancorp and subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on February 27, 2015. That Form 10-K describes Customers Bancorp’s significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents; Restrictions on Cash and Amounts Due from Banks; Investment Securities; Loan Accounting Framework; Allowance for Loan Losses; Goodwill; Investments in FHLB, Federal Reserve Bank, and other restricted stock; Other Real Estate Owned; FDIC Loss Sharing Receivable; Bank Owned Life Insurance; Bank Premises and Equipment; Treasury Stock; Income Taxes; Share-Based Compensation; Derivative Instruments and Hedging; Comprehensive Income; Earnings per Share; Segment Information; and Accounting Changes. Certain prior period amounts have been reclassified to conform to current period presentation. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. | ||
Recently Issued Accounting Standards | ||
In April 2015, the FASB issued Accounting Standard Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs. The guidance in this ASU is intended to simplify presentation of debt issuance costs, and require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The guidance in this ASU is effective for interim and annual periods beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The guidance in this ASU is intended to amend the update, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this update affect the following areas: | ||
1 | Limited partnerships and similar legal entities | |
2 | Evaluating fees paid to a decision maker or a service provider as a variable interest | |
3 | The effect of fee arrangements on the primary beneficiary determination | |
4 | The effect of related parties on the primary beneficiary determination | |
5 | Certain investment funds | |
The guidance in this ASU is effective for annual and interim periods beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host contract in a Hybrid Financial Instrument in the Form of a Share is More Akin to Debt or to Equity. The guidance in this ASU requires entities that issue or invest in a hybrid financial instrument to separate an embedded derivative feature from a host contract and account for the feature as a derivative. In the case of derivatives embedded in a hybrid financial instrument that is issued in the form of a share, that criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to the host contract. If the host contract is akin to equity, then equity-like features (for example, a conversion option) are considered clearly and closely related to the host contract and, thus, would not be separated from the host contract. If the host contract is akin to debt, then equity-like features are not considered clearly and closely related to the host contract. In the latter case, an entity may be required to separate the equity-like embedded derivative feature from the debt host contract if certain other criteria in Subtopic 815-15 are met. Similarly, debt-like embedded derivative features may require separate accounting from an equity-like host contract. The guidance in this ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The guidance in this ASU affects creditors that hold government-guaranteed mortgage loans, including those guaranteed by the FHA and the VA. It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: | ||
1 | The loan has a government guarantee that is not separable from the loan before foreclosure. | |
2 | At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim. | |
3 | At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. | |
Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and | ||
interest) expected to be recovered from the guarantor. The guidance in this ASU was effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The guidance may be applied using a prospective transition method in which a reporting entity applies the guidance to foreclosures that occur after the date of adoption, or a modified retrospective transition using a cumulative-effect adjustment (through a reclassification to a separate other receivable) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. A reporting entity must apply the same method of transition as elected under ASU 2014-04. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. The guidance in this ASU applies to a reporting entity that is required to consolidate a collateralized financing entity under the Variable Interest Entities guidance when: (1) the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other Codification Topics; and (2) the changes in the fair values of those financial assets and financial liabilities are reflected in earnings. The guidance in this ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation. The guidance in this ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite period, the remaining unrecognized cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The guidance in this ASU is effective for annual and interim periods beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing. The amendments in this update require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions. The guidance in this ASU was effective for annual and interim periods beginning after December 15, 2014. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principal is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) identify the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. The guidance in this ASU is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2017. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In January 2014, the FASB issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, a consensus of the FASB Emerging Issues Task Force. The guidance in this ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The ASU also requires additional related interim and annual disclosures. The guidance in this ASU was effective in the first quarter 2015. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
In January 2014, the FASB issued ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, a consensus of the FASB Emerging Issues Task Force. This ASU provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The guidance in this ASU was effective for annual periods and interim reporting periods beginning after December 15, 2014. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Loss) by Component | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) | |||||||||||
The following tables present the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2015 and 2014. | ||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
(amounts in thousands) | Unrealized Gains on | Unrealized Loss on | Total | |||||||||
Available-for-sale | Cash Flow Hedges | |||||||||||
Securities (2) | ||||||||||||
Beginning balance - January 1, 2015 | $ | 1,142 | $ | (1,264 | ) | $ | (122 | ) | ||||
Other comprehensive income (loss) before reclassifications | 243 | (1,168 | ) | (925 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | — | — | — | |||||||||
Net current-period other comprehensive income (loss) | 243 | (1,168 | ) | (925 | ) | |||||||
Ending balance - March 31, 2015 | $ | 1,385 | $ | (2,432 | ) | $ | (1,047 | ) | ||||
Three Months Ended March 31, 2014 | ||||||||||||
(amounts in thousands) | Unrealized Gains | Unrealized Gain | Total | |||||||||
and (Losses) on | on | |||||||||||
Available-for-sale | Cash Flow Hedges | |||||||||||
Securities (2) | ||||||||||||
Beginning balance - January 1, 2014 | $ | (8,118 | ) | $ | — | $ | (8,118 | ) | ||||
Other comprehensive income before reclassifications | 5,929 | 432 | 6,361 | |||||||||
Amounts reclassified from accumulated other comprehensive loss to net income (3) | (1,841 | ) | — | (1,841 | ) | |||||||
Net current-period other comprehensive income | 4,088 | 432 | 4,520 | |||||||||
Ending balance - March 31, 2014 | $ | (4,030 | ) | $ | 432 | $ | (3,598 | ) | ||||
-1 | All amounts are net of tax. Amounts in parentheses indicate reductions to accumulated other comprehensive income. | |||||||||||
-2 | Includes immaterial gains or losses on foreign currency items. | |||||||||||
-3 | Reclassification amounts are reported as gain on sale of investment securities on the Consolidated Statements of Income. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share | EARNINGS PER SHARE | |||||||
The following are the components and results of the Bancorp’s earnings per share calculation for the periods presented. Share and per share amounts for the three months ended March 31, 2014 have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(amounts in thousands, except per share data) | ||||||||
Net income available to common shareholders | $ | 13,952 | $ | 8,136 | ||||
Weighted-average number of common shares outstanding - basic | 26,777,389 | 26,686,570 | ||||||
Share-based compensation plans | 1,276,340 | 845,901 | ||||||
Warrants | 284,074 | 242,560 | ||||||
Weighted-average number of common shares - diluted | 28,337,803 | 27,775,031 | ||||||
Basic earnings per share | $ | 0.52 | $ | 0.3 | ||||
Diluted earnings per share | 0.49 | 0.29 | ||||||
The following is a summary of securities that could potentially dilute basic earnings per share in future periods 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. Share-based compensation awards and eligible warrants for the three months ended March 31, 2014 have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014. | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Anti-dilutive securities: | ||||||||
Share-based compensation awards | 18,683 | 134,682 | ||||||
Warrants | 52,242 | 118,745 | ||||||
Total anti-dilutive securities | 70,925 | 253,427 | ||||||
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES | |||||||||||||||||||||||
The amortized cost and approximate fair value of investment securities as of March 31, 2015 and December 31, 2014 are summarized in the tables below: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 355,904 | $ | 4,075 | $ | (1,262 | ) | $ | 358,717 | |||||||||||||||
Corporate Bonds | 15,000 | 172 | — | 15,172 | ||||||||||||||||||||
Equity securities (2) | 23,074 | 56 | (825 | ) | 22,305 | |||||||||||||||||||
$ | 393,978 | $ | 4,303 | $ | (2,087 | ) | $ | 396,194 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 376,854 | $ | 2,805 | $ | (2,348 | ) | $ | 377,311 | |||||||||||||||
Corporate notes | 15,000 | 104 | — | 15,104 | ||||||||||||||||||||
Equity securities (2) | 23,074 | 1,197 | (1 | ) | 24,270 | |||||||||||||||||||
$ | 414,928 | $ | 4,106 | $ | (2,349 | ) | $ | 416,685 | ||||||||||||||||
-1 | Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA. | |||||||||||||||||||||||
-2 | Comprised primarily of equity securities in a foreign entity. | |||||||||||||||||||||||
The following table presents proceeds from the sale of available-for-sale investment securities and gross gains and gross losses realized on those sales for the three ended March 31, 2015 and 2014: | ||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Proceeds from sale of available-for-sale securities | $ | — | $ | 187,891 | ||||||||||||||||||||
Gross gains | $ | — | $ | 2,832 | ||||||||||||||||||||
Gross losses | — | — | ||||||||||||||||||||||
Net gains | $ | — | $ | 2,832 | ||||||||||||||||||||
These gains and losses were determined using the specific identification method and were reported as gains on sale of investment securities included in non-interest income. | ||||||||||||||||||||||||
The following table presents 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: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||
Due after one year through five years | — | — | ||||||||||||||||||||||
Due after five years through ten years | 15,000 | 15,172 | ||||||||||||||||||||||
Due after ten years | — | — | ||||||||||||||||||||||
Mortgage-backed securities | 355,904 | 358,717 | ||||||||||||||||||||||
Total debt securities | $ | 370,904 | $ | 373,889 | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 23,331 | $ | (5 | ) | $ | 78,848 | $ | (1,257 | ) | $ | 102,179 | $ | (1,262 | ) | |||||||||
Equity securities (2) | 21,244 | (824 | ) | 6 | (1 | ) | 21,250 | (825 | ) | |||||||||||||||
Total | $ | 44,575 | $ | (829 | ) | $ | 78,854 | $ | (1,258 | ) | $ | 123,429 | $ | (2,087 | ) | |||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 60,388 | $ | (81 | ) | $ | 80,426 | $ | (2,267 | ) | 140,814 | $ | (2,348 | ) | ||||||||||
Equity securities (2) | — | — | 5 | (1 | ) | 5 | (1 | ) | ||||||||||||||||
Total | $ | 60,388 | $ | (81 | ) | $ | 80,431 | $ | (2,268 | ) | $ | 140,819 | $ | (2,349 | ) | |||||||||
-1 | Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA. | |||||||||||||||||||||||
-2 | Comprised primarily of equity securities in a foreign entity. | |||||||||||||||||||||||
At March 31, 2015, there were seven available-for-sale investment securities in the less-than-twelve-month category and eighteen available-for-sale investment securities in the twelve-month-or-more category. The unrealized losses on the mortgage-backed securities are guaranteed by government-sponsored entities and primarily relate to changes in market interest rates. All amounts are expected to be recovered when market prices recover or at maturity. The unrealized losses on the equity securities reflect decreases in market price. Customers evaluated the financial condition and capital strength of the issuer of these securities and concluded that the decline in fair value was temporary and would recover by way of increases in market price. The Company intends to hold these securities for the foreseeable future and does not intend to sell the securities before the price recovers. Customers considers it more likely than not that it will not be required to sell the securities. Accordingly, Customers has concluded that the securities are not other-than-temporarily impaired as of March 31, 2015. | ||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, Customers Bank had pledged investment securities aggregating $358.3 million and $376.9 million fair value, respectively, as collateral against its borrowings primarily with the FHLB and an unused line of credit with another financial institution. These counterparties do not have the ability to sell or repledge these securities. |
Loans_Held_for_Sale
Loans Held for Sale | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Loans Held for Sale | LOANS HELD FOR SALE | |||||||
The composition of loans held for sale as of March 31, 2015 and December 31, 2014 was as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(amounts in thousands) | ||||||||
Commercial loans: | ||||||||
Mortgage warehouse loans at fair value | $ | 1,674,014 | $ | 1,332,019 | ||||
Multi-family loans at lower of cost or fair value | 81,193 | 99,791 | ||||||
Commercial loans held for sale | 1,755,207 | 1,431,810 | ||||||
Consumer loans: | ||||||||
Residential mortgage loans at fair value | 2,877 | 3,649 | ||||||
Loans held for sale | $ | 1,758,084 | $ | 1,435,459 | ||||
Loans_Receivable_and_Allowance
Loans Receivable and Allowance for Loan Losses | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Loans Receivable and Allowance for Loan Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||||||||||||||||||||||||||||
The following table presents loans receivable as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Multi-family | $ | 2,053,379 | $ | 2,127,034 | ||||||||||||||||||||||||||||
Commercial real estate | 1,177,725 | 1,132,072 | ||||||||||||||||||||||||||||||
Commercial and industrial | 606,091 | 540,430 | ||||||||||||||||||||||||||||||
Construction | 62,430 | 56,669 | ||||||||||||||||||||||||||||||
Total commercial loans | 3,899,625 | 3,856,205 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential real estate | 277,167 | 285,003 | ||||||||||||||||||||||||||||||
Manufactured housing | 121,622 | 126,731 | ||||||||||||||||||||||||||||||
Other | 1,324 | 1,541 | ||||||||||||||||||||||||||||||
Total consumer loans | 400,113 | 413,275 | ||||||||||||||||||||||||||||||
Total loans receivable not covered under FDIC loss sharing agreements | 4,299,738 | 4,269,480 | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | 16,347 | 17,585 | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,746 | 2,235 | ||||||||||||||||||||||||||||||
Construction | 3,975 | 6,705 | ||||||||||||||||||||||||||||||
Multi-family | 361 | 372 | ||||||||||||||||||||||||||||||
Total commercial loans | 22,429 | 26,897 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential real estate | 12,159 | 12,392 | ||||||||||||||||||||||||||||||
Other | 2,777 | 2,892 | ||||||||||||||||||||||||||||||
Total consumer loans | 14,936 | 15,284 | ||||||||||||||||||||||||||||||
Total loans receivable covered under FDIC loss sharing agreements (1) | 37,365 | 42,181 | ||||||||||||||||||||||||||||||
Total loans receivable | 4,337,103 | 4,311,661 | ||||||||||||||||||||||||||||||
Deferred (fees) costs and unamortized premiums/(discounts), net | 748 | 512 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (33,566 | ) | (30,932 | ) | ||||||||||||||||||||||||||||
Loans receivable, net | $ | 4,304,285 | $ | 4,281,241 | ||||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||
Non-Covered Loans | ||||||||||||||||||||||||||||||||
The following tables summarize non-covered loans by loan type and performance status as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased- | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | Credit- | Loans (4) | |||||||||||||||||||||||||||
Past Due(1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 288 | $ | — | $ | 288 | $ | 3,436 | $ | 1,147,262 | $ | 26,739 | $ | 1,177,725 | ||||||||||||||||||
Multi-family | — | — | — | — | 2,050,830 | 2,549 | 2,053,379 | |||||||||||||||||||||||||
Commercial and industrial | — | — | — | 2,307 | 602,407 | 1,377 | 606,091 | |||||||||||||||||||||||||
Construction | — | — | — | — | 62,343 | 87 | 62,430 | |||||||||||||||||||||||||
Residential real estate | 289 | — | 289 | 946 | 266,670 | 9,262 | 277,167 | |||||||||||||||||||||||||
Other consumer | — | — | — | — | 1,129 | 195 | 1,324 | |||||||||||||||||||||||||
Manufactured housing (5) | 3,896 | 4,546 | 8,442 | 1,047 | 108,258 | 3,875 | 121,622 | |||||||||||||||||||||||||
Total | $ | 4,473 | $ | 4,546 | $ | 9,019 | $ | 7,736 | $ | 4,238,899 | $ | 44,084 | $ | 4,299,738 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased- | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | Credit- | Loans (4) | |||||||||||||||||||||||||||
Past Due(1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 3,450 | $ | 1,101,119 | $ | 27,503 | $ | 1,132,072 | ||||||||||||||||||
Multi-family | — | — | — | — | 2,124,448 | 2,586 | 2,127,034 | |||||||||||||||||||||||||
Commercial and industrial | 366 | — | 366 | 2,257 | 536,326 | 1,481 | 540,430 | |||||||||||||||||||||||||
Construction | — | — | — | — | 56,510 | 159 | 56,669 | |||||||||||||||||||||||||
Residential real estate | 1,226 | — | 1,226 | 849 | 273,565 | 9,363 | 285,003 | |||||||||||||||||||||||||
Other consumer | — | — | — | — | 1,333 | 208 | 1,541 | |||||||||||||||||||||||||
Manufactured housing (5) | 6,324 | 4,388 | 10,712 | 931 | 111,072 | 4,016 | 126,731 | |||||||||||||||||||||||||
Total | $ | 7,916 | $ | 4,388 | $ | 12,304 | $ | 7,487 | $ | 4,204,373 | $ | 45,316 | $ | 4,269,480 | ||||||||||||||||||
-1 | Includes past due loans that are accruing interest because collection is considered probable. | |||||||||||||||||||||||||||||||
-2 | Loans where next payment due is less than 30 days from the report date. | |||||||||||||||||||||||||||||||
-3 | Purchased-credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased-credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans. | |||||||||||||||||||||||||||||||
-4 | Amounts exclude deferred costs and fees, unamortized premiums and discounts, and the allowance for loan losses. | |||||||||||||||||||||||||||||||
-5 | Manufactured housing loans purchased in 2010 are subject to cash reserves held at the Bank that are used to fund past-due payments when the loan becomes 90 days or more delinquent. Subsequent purchases are subject to varying provisions in the event of borrowers’ delinquencies. | |||||||||||||||||||||||||||||||
Covered Loans | ||||||||||||||||||||||||||||||||
The following tables summarize covered loans by loan type and performance status as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | - Credit | Loans (4) | |||||||||||||||||||||||||||
Past Due (1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 26 | $ | — | $ | 26 | $ | 158 | $ | 825 | $ | 737 | $ | 1,746 | ||||||||||||||||||
Multi-family | — | — | — | — | 361 | — | 361 | |||||||||||||||||||||||||
Commercial real estate | 25 | — | 25 | 497 | 10,765 | 5,060 | 16,347 | |||||||||||||||||||||||||
Construction | — | — | — | 2,325 | — | 1,650 | 3,975 | |||||||||||||||||||||||||
Residential real estate | 294 | — | 294 | 1,006 | 10,255 | 604 | 12,159 | |||||||||||||||||||||||||
Other consumer | 136 | — | 136 | 73 | 2,529 | 39 | 2,777 | |||||||||||||||||||||||||
Total | $ | 481 | $ | — | $ | 481 | $ | 4,059 | $ | 24,735 | $ | 8,090 | $ | 37,365 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased- | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | Credit | Loans (4) | |||||||||||||||||||||||||||
Past Due (1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 518 | $ | — | $ | 518 | $ | 165 | $ | 361 | $ | 1,191 | $ | 2,235 | ||||||||||||||||||
Multi-family | — | — | — | — | 372 | — | 372 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | 615 | 11,884 | 5,086 | 17,585 | |||||||||||||||||||||||||
Construction | — | — | — | 2,325 | — | 4,380 | 6,705 | |||||||||||||||||||||||||
Residential real estate | — | — | — | 1,006 | 10,782 | 604 | 12,392 | |||||||||||||||||||||||||
Other consumer | 147 | — | 147 | 135 | 2,570 | 40 | 2,892 | |||||||||||||||||||||||||
Total | $ | 665 | $ | — | $ | 665 | $ | 4,246 | $ | 25,969 | $ | 11,301 | $ | 42,181 | ||||||||||||||||||
-1 | Includes past due loans that are accruing interest because collection is considered probable. | |||||||||||||||||||||||||||||||
-2 | Purchased loans in FDIC assisted transactions with no evidence of credit deterioration since origination. | |||||||||||||||||||||||||||||||
-3 | Purchased-credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased-credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans. | |||||||||||||||||||||||||||||||
-4 | Amounts exclude deferred costs and fees, unamortized premiums and discounts, and the allowance for loan losses. | |||||||||||||||||||||||||||||||
Allowance for Loan Losses and FDIC Loss Sharing Receivable | ||||||||||||||||||||||||||||||||
Losses incurred on covered loans are eligible for partial reimbursement by the FDIC. Subsequent to the purchase date, the expected cash flows on the covered loans are subject to evaluation. Decreases in the present value of expected cash flows on the covered loans are recognized by increasing the allowance for loan losses with a related charge to the provision for loan losses. At the same time, the FDIC indemnification asset is increased reflecting an estimated future collection from the FDIC, which is recorded as a reduction to the provision for loan losses. If the expected cash flows on the covered loans increase such that a previously recorded impairment can be reversed, the Bancorp records a reduction in the allowance for loan losses (with a related credit to the provision for loan losses) accompanied by a reduction in the FDIC receivable balance and a charge to the provision for loan losses. Increases in expected cash flows of covered loans and decreases in expected cash flows of the FDIC loss sharing receivable, when there are no previously recorded impairments, are considered together and recognized over the remaining life of the loans as interest income. The FDIC loss sharing receivable balance will be reduced through a charge to the provision for loan losses, with no offsetting reduction to the allowance for loan losses, as the FDIC loss sharing arrangements reach their contractual maturities and the estimated losses in the covered loans have not yet emerged or been realized in a final disposition event. The FDIC loss sharing arrangements for non-single family loans expire in third quarter 2015. The loss sharing arrangements for single family loans expire in third quarter 2020. | ||||||||||||||||||||||||||||||||
The following table presents changes in the allowance for loan losses and the FDIC loss sharing receivable for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(amounts in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 30,932 | $ | 23,998 | ||||||||||||||||||||||||||||
Provision for loan losses (1) | 3,635 | 2,901 | ||||||||||||||||||||||||||||||
Charge-offs | (1,144 | ) | (536 | ) | ||||||||||||||||||||||||||||
Recoveries | 143 | 341 | ||||||||||||||||||||||||||||||
Ending balance | $ | 33,566 | $ | 26,704 | ||||||||||||||||||||||||||||
FDIC Loss Sharing Receivable | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(amounts in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 2,320 | $ | 10,046 | ||||||||||||||||||||||||||||
Increased (decreased) estimated cash flows (2) | 671 | (1,467 | ) | |||||||||||||||||||||||||||||
Other activity, net (a) | 134 | 990 | ||||||||||||||||||||||||||||||
Cash payments to/(from) FDIC | 302 | (1,297 | ) | |||||||||||||||||||||||||||||
Ending balance | $ | 3,427 | $ | 8,272 | ||||||||||||||||||||||||||||
(1) Provision for loan losses | $ | 3,635 | $ | 2,901 | ||||||||||||||||||||||||||||
(2) Effect attributable to FDIC loss share arrangements | (671 | ) | 1,467 | |||||||||||||||||||||||||||||
Net amount reported as provision for loan losses | $ | 2,964 | $ | 4,368 | ||||||||||||||||||||||||||||
(a) | Includes external costs, such as legal fees, real estate taxes, and appraisal expenses, which qualify for reimbursement under loss sharing arrangements | |||||||||||||||||||||||||||||||
Loans Individually Evaluated for Impairment — Covered and Non-Covered | ||||||||||||||||||||||||||||||||
The following tables present the recorded investment (net of charge-offs), unpaid principal balance, and related allowance by loan type for loans that are individually evaluated for impairment as of March 31, 2015 and December 31, 2014 and the average recorded investment and interest income recognized for the three months ended March 31, 2015 and 2014. Purchased-credit-impaired loans are considered to be performing and are not included in the tables below. | ||||||||||||||||||||||||||||||||
31-Mar-15 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | |||||||||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 6,922 | $ | 8,376 | $ | — | $ | 10,374 | $ | 164 | ||||||||||||||||||||||
Commercial real estate | 11,496 | 11,641 | — | 15,237 | 191 | |||||||||||||||||||||||||||
Construction | 2,325 | 3,594 | — | 2,325 | — | |||||||||||||||||||||||||||
Other consumer | 20 | 20 | — | 21 | — | |||||||||||||||||||||||||||
Residential real estate | 1,438 | 1,438 | — | 1,447 | — | |||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | 6,478 | 6,488 | 2,295 | 4,156 | 5 | |||||||||||||||||||||||||||
Commercial real estate | 1,409 | 1,409 | 864 | 1,410 | — | |||||||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||||||
Other consumer | 53 | 53 | 25 | 84 | 1 | |||||||||||||||||||||||||||
Residential real estate | 362 | 362 | 185 | 364 | — | |||||||||||||||||||||||||||
Total | $ | 30,503 | $ | 33,381 | $ | 3,369 | $ | 35,418 | $ | 361 | ||||||||||||||||||||||
31-Dec-14 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | |||||||||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 13,825 | $ | 15,348 | $ | — | $ | 12,003 | $ | 99 | ||||||||||||||||||||||
Commercial real estate | 18,977 | 19,121 | — | 17,139 | 274 | |||||||||||||||||||||||||||
Construction | 2,325 | 2,325 | — | 2,551 | — | |||||||||||||||||||||||||||
Other consumer | 21 | 21 | — | 3 | — | |||||||||||||||||||||||||||
Residential real estate | 1,455 | 3,697 | — | 2,391 | 13 | |||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | 1,833 | 1,833 | 818 | 1,653 | 8 | |||||||||||||||||||||||||||
Commercial real estate | 1,410 | 1,410 | 304 | 2,350 | 1 | |||||||||||||||||||||||||||
Construction | — | — | — | 1,350 | 15 | |||||||||||||||||||||||||||
Other consumer | 114 | 114 | 32 | 64 | 1 | |||||||||||||||||||||||||||
Residential real estate | 365 | 365 | 188 | 251 | 1 | |||||||||||||||||||||||||||
Total | $ | 40,325 | $ | 44,234 | $ | 1,342 | $ | 39,755 | $ | 412 | ||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||||||
At March 31, 2015 and 2014, there were $5.2 million and $5.1 million, respectively, in loans reported as troubled debt restructurings (“TDRs”). TDRs are reported as impaired loans in the calendar year of their restructuring and are evaluated to determine whether they should be placed on non-accrual status. In subsequent years, a TDR may be returned to accrual status if it satisfies a minimum six-month performance requirement; however, it will remain classified as impaired. Generally, the Bancorp requires sustained performance for nine months before returning a TDR to accrual status. | ||||||||||||||||||||||||||||||||
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 considered TDRs. | ||||||||||||||||||||||||||||||||
The following is an analysis of loans modified in a troubled debt restructuring by type of concession for the three months ended March 31, 2015 and 2014. There were no modifications that involved forgiveness of debt. | ||||||||||||||||||||||||||||||||
TDRs in Compliance with Their Modified Terms and Accruing Interest | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | Total | ||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Extended under forbearance | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | — | — | — | |||||||||||||||||||||||||||||
Interest-rate reductions | 198 | 207 | 405 | |||||||||||||||||||||||||||||
Total | $ | 198 | $ | 207 | $ | 405 | ||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Extended under forbearance | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | — | — | — | |||||||||||||||||||||||||||||
Interest-rate reductions | 247 | 127 | 374 | |||||||||||||||||||||||||||||
Total | $ | 247 | $ | 127 | $ | 374 | ||||||||||||||||||||||||||
The following table provides, by loan type, the number of loans modified in troubled debt restructurings and the related recorded investment during the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
TDRs in Compliance with Their Modified Terms and Accruing Interest | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | |||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | ||||||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||||||
Manufactured housing | — | — | 2 | 207 | ||||||||||||||||||||||||||||
Residential real estate | 1 | 198 | — | — | ||||||||||||||||||||||||||||
Other consumer | — | — | — | — | ||||||||||||||||||||||||||||
Total | 1 | $ | 198 | 2 | $ | 207 | ||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | ||||||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||||||
Manufactured housing | 1 | 47 | 2 | 127 | ||||||||||||||||||||||||||||
Residential real estate | 3 | 200 | — | — | ||||||||||||||||||||||||||||
Other consumer | — | — | — | — | ||||||||||||||||||||||||||||
Total | 4 | $ | 247 | 2 | $ | 127 | ||||||||||||||||||||||||||
At March 31, 2015 and 2014, there were no commitments to lend additional funds to debtors whose terms have been modified in TDRs. | ||||||||||||||||||||||||||||||||
For the three months ended March 31, 2015 and 2014, the recorded investment of loans determined to be TDRs was $0.4 million and $0.4 million, respectively, both before and after restructuring. During the three month period ended March 31, 2015, two manufactured housing TDR loans defaulted with a recorded investment of $0.2 million. There were two TDRs that defaulted in the three month period ended March 31, 2014, with a recorded investment of $0.1 million. | ||||||||||||||||||||||||||||||||
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 were no specific allowances resulting from TDR modifications during the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||||||
Commercial and industrial, multi-family, commercial real estate, residential real estate and construction loans are rated based on an internally assigned risk rating system which is assigned at the time of loan origination and reviewed on a periodic or on an “as needed” basis. Consumer, mortgage warehouse and manufactured housing loans are evaluated based on the payment activity of the loan and are not assigned internal risk ratings. | ||||||||||||||||||||||||||||||||
To facilitate the monitoring of credit quality within the commercial and industrial, commercial real estate, construction, multi-family 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 (includes risk rating 1 through 6), 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 who do not have identified potential or well-defined weaknesses and for whom 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, the risk-rating process allows management to identify riskier credits in a timely manner and allocate the appropriate resources to manage those loans. | ||||||||||||||||||||||||||||||||
The risk rating grades are defined as follows: | ||||||||||||||||||||||||||||||||
“1” – Pass/Excellent | ||||||||||||||||||||||||||||||||
Loans rated 1 represent a credit extension of the highest quality. The borrower’s historic (at least five years) cash flows manifest extremely large and stable margins of coverage. Balance sheets are conservative, well capitalized, and liquid. After considering debt service for proposed and existing debt, projected cash flows continue to be strong and provide ample coverage. The borrower typically reflects broad geographic and product diversification and has access to alternative financial markets. | ||||||||||||||||||||||||||||||||
“2” – Pass/Superior | ||||||||||||||||||||||||||||||||
Loans rated 2 are those for which the borrower has a strong financial condition, balance sheet, operations, cash flow, debt capacity and coverage with ratios better than industry norms. The borrowers of these loans exhibit a limited leverage position, borrowers are virtually immune to local economies in stable growing industries, and where management is well respected and the company has ready access to public markets. | ||||||||||||||||||||||||||||||||
“3” – Pass/Strong | ||||||||||||||||||||||||||||||||
Loans rated 3 are those loans for which the borrower has above average financial condition and flexibility; more than satisfactory debt service coverage, balance sheet and operating ratios are consistent with or better than industry peers, have little industry risk, move in diversified markets and are experienced and competent in their industry. These borrowers’ access to capital markets is limited mostly to private sources, often secured, but the borrower typically has access to a wide range of refinancing alternatives. | ||||||||||||||||||||||||||||||||
“4” – Pass/Good | ||||||||||||||||||||||||||||||||
Loans rated 4 have a sound primary and secondary source of repayment. The borrower may have access to alternative sources of financing, but sources are not as widely available as they are to a higher grade borrower. These loans carry a normal level of risk, with very low loss exposure. The borrower has the ability to perform according to the terms of the credit facility. The margins of cash flow coverage are satisfactory but vulnerable to more rapid deterioration than the higher quality loans. | ||||||||||||||||||||||||||||||||
“5” – Satisfactory | ||||||||||||||||||||||||||||||||
Loans rated 5 are extended to borrowers who are determined to be a reasonable credit risk and demonstrate the ability to repay the debt from normal business operations. Risk factors may include reliability of margins and cash flows, liquidity, dependence on a single product or industry, cyclical trends, depth of management, or limited access to alternative financing sources. The borrower’s historical financial information may indicate erratic performance, but current trends are positive and the quality of financial information is adequate, but is not as detailed and sophisticated as information found on higher grade loans. If adverse circumstances arise, the impact on the borrower may be significant. | ||||||||||||||||||||||||||||||||
“6” – Satisfactory/Bankable with Care | ||||||||||||||||||||||||||||||||
Loans rated 6 are those for which the borrower has higher than normal credit risk; however, cash flow and asset values are generally intact. These borrowers may exhibit declining financial characteristics, with increasing leverage and decreasing liquidity and may have limited resources and access to financial alternatives. Signs of weakness in these borrowers may include delinquent taxes, trade slowness and eroding profit margins. | ||||||||||||||||||||||||||||||||
“7” – Special Mention | ||||||||||||||||||||||||||||||||
Loans rated Special Mention are credit facilities that may have potential developing weaknesses and deserve extra attention from the account manager and other management personnel. In the event that potential weaknesses are not corrected or mitigated, deterioration in the ability of the borrower to repay the debt in the future may occur. This grade is not assigned to loans that bear certain peculiar risks normally associated with the type of financing involved, unless circumstances have caused the risk to increase to a level higher than would have been acceptable when the credit was originally approved. Loans where significant actual, not potential, weaknesses or problems are clearly evident are graded in the category below. | ||||||||||||||||||||||||||||||||
“8” – Substandard | ||||||||||||||||||||||||||||||||
Loans are classified Substandard when the loans are inadequately protected by the current sound worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt and are characterized by the distinct possibility that the Company will sustain some loss if the weaknesses are not corrected. | ||||||||||||||||||||||||||||||||
“9” – Doubtful | ||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
“10” – Loss | ||||||||||||||||||||||||||||||||
The Bank assigns a loss rating to loans considered uncollectible and of such little value that their continuance as an active asset is not warranted. Amounts classified as loss are immediately charged off. | ||||||||||||||||||||||||||||||||
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 upon aggregate payment history through the monitoring of delinquency levels and trends and are classified as performing and nonperforming. | ||||||||||||||||||||||||||||||||
The following tables present the credit ratings of the non-covered loan portfolio as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Manufactured | Total | |||||||||||||||||||||||||
and | Real Estate | Real Estate | Housing | |||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 592,072 | $ | 1,160,583 | $ | 2,053,379 | $ | 62,430 | $ | 275,426 | $ | — | $ | — | $ | 4,143,890 | ||||||||||||||||
Special Mention | 11,484 | 10,608 | — | — | — | — | — | 22,092 | ||||||||||||||||||||||||
Substandard | 2,535 | 6,534 | — | — | 1,741 | — | — | 10,810 | ||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 1,324 | 112,133 | 113,457 | ||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | — | 9,489 | 9,489 | ||||||||||||||||||||||||
Total | $ | 606,091 | $ | 1,177,725 | $ | 2,053,379 | $ | 62,430 | $ | 277,167 | $ | 1,324 | $ | 121,622 | $ | 4,299,738 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Manufactured | Total | |||||||||||||||||||||||||
and | Real Estate | Real Estate | Housing | |||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 524,848 | $ | 1,109,565 | $ | 2,127,034 | $ | 56,669 | $ | 283,240 | $ | — | $ | — | $ | 4,101,356 | ||||||||||||||||
Special Mention | 13,238 | 16,002 | — | — | 243 | — | — | 29,483 | ||||||||||||||||||||||||
Substandard | 2,344 | 6,505 | — | — | 1,520 | — | — | 10,369 | ||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 1,541 | 115,088 | 116,629 | ||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | — | 11,643 | 11,643 | ||||||||||||||||||||||||
Total | $ | 540,430 | $ | 1,132,072 | $ | 2,127,034 | $ | 56,669 | $ | 285,003 | $ | 1,541 | $ | 126,731 | $ | 4,269,480 | ||||||||||||||||
-1 | Includes consumer and other installment loans not subject to risk ratings. | |||||||||||||||||||||||||||||||
-2 | Includes loans that are past due and still accruing interest and loans on nonaccrual status. | |||||||||||||||||||||||||||||||
The following tables present the credit ratings of the covered loan portfolio as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Total | ||||||||||||||||||||||||||
and | Real Estate | Real Estate | ||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 1,061 | $ | 10,117 | $ | 361 | $ | — | $ | 10,752 | $ | — | $ | 22,291 | ||||||||||||||||||
Special Mention | — | 4,046 | — | — | — | — | 4,046 | |||||||||||||||||||||||||
Substandard | 685 | 2,184 | — | 3,975 | 1,407 | — | 8,251 | |||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 2,568 | 2,568 | |||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | 209 | 209 | |||||||||||||||||||||||||
Total | $ | 1,746 | $ | 16,347 | $ | 361 | $ | 3,975 | $ | 12,159 | $ | 2,777 | $ | 37,365 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Total | ||||||||||||||||||||||||||
and | Real Estate | Real Estate | ||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 1,104 | $ | 10,207 | $ | 372 | $ | — | $ | 10,985 | $ | — | $ | 22,668 | ||||||||||||||||||
Special Mention | — | 5,076 | — | — | — | — | 5,076 | |||||||||||||||||||||||||
Substandard | 1,131 | 2,302 | — | 6,705 | 1,407 | — | 11,545 | |||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 2,610 | 2,610 | |||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | 282 | 282 | |||||||||||||||||||||||||
Total | $ | 2,235 | $ | 17,585 | $ | 372 | $ | 6,705 | $ | 12,392 | $ | 2,892 | $ | 42,181 | ||||||||||||||||||
-1 | Includes consumer and other installment loans not subject to risk ratings. | |||||||||||||||||||||||||||||||
-2 | Includes loans that are past due and still accruing interest and loans on nonaccrual status. | |||||||||||||||||||||||||||||||
As of March 31, 2015, the Bank had $5.3 million of residential real estate held in other real estate owned. As of March 31, 2015, the Bank had initiated foreclosure proceedings on residential real estate securing outstanding loan balances of $0.2 million. | ||||||||||||||||||||||||||||||||
Allowance for loan losses | ||||||||||||||||||||||||||||||||
The changes in the allowance for loan losses for the three months ended March 31, 2015 and 2014 and the loans and allowance for loan losses by loan class based on impairment evaluation method are as follows. The amounts presented for the provision for loan losses below do not include the effect of changes to estimated benefits resulting from the FDIC loss share arrangements for the covered loans. | ||||||||||||||||||||||||||||||||
Three Months Ended | Commercial | Commercial | Multi-family | Construction | Residential | Manufactured | Other Consumer | Total | ||||||||||||||||||||||||
31-Mar-15 | and | Real Estate | Real Estate | Housing | ||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2015 | $ | 4,746 | $ | 13,572 | $ | 8,493 | $ | 1,047 | $ | 2,698 | $ | 262 | $ | 114 | $ | 30,932 | ||||||||||||||||
Charge-offs | (21 | ) | (318 | ) | — | (769 | ) | — | — | (36 | ) | (1,144 | ) | |||||||||||||||||||
Recoveries | 45 | — | — | 15 | — | — | 83 | 143 | ||||||||||||||||||||||||
Provision for loan losses | 1,977 | 1,067 | (297 | ) | 559 | 297 | 84 | (52 | ) | 3,635 | ||||||||||||||||||||||
Ending Balance, March 31, 2015 | $ | 6,747 | $ | 14,321 | $ | 8,196 | $ | 852 | $ | 2,995 | $ | 346 | $ | 109 | $ | 33,566 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 13,400 | $ | 12,905 | $ | — | $ | 2,325 | $ | 1,800 | $ | — | $ | 73 | $ | 30,503 | ||||||||||||||||
Collectively evaluated for impairment | 592,323 | 1,149,368 | 2,051,191 | 62,343 | 277,660 | 117,747 | 3,794 | 4,254,426 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 2,114 | 31,799 | 2,549 | 1,737 | 9,866 | 3,875 | 234 | 52,174 | ||||||||||||||||||||||||
$ | 607,837 | $ | 1,194,072 | $ | 2,053,740 | $ | 66,405 | $ | 289,326 | $ | 121,622 | $ | 4,101 | $ | 4,337,103 | |||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,295 | $ | 864 | $ | — | $ | — | $ | 185 | $ | — | $ | 25 | $ | 3,369 | ||||||||||||||||
Collectively evaluated for impairment | 4,294 | 8,645 | 8,196 | 468 | 1,648 | 90 | 30 | 23,371 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 158 | 4,812 | — | 384 | 1,162 | 256 | 54 | 6,826 | ||||||||||||||||||||||||
$ | 6,747 | $ | 14,321 | $ | 8,196 | $ | 852 | $ | 2,995 | $ | 346 | $ | 109 | $ | 33,566 | |||||||||||||||||
Three Months Ended | Commercial | Commercial | Multi-family | Construction | Residential | Manufactured | Other Consumer | Total | ||||||||||||||||||||||||
31-Mar-14 | and | Real Estate | Real Estate | Housing | ||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2014 | $ | 2,674 | $ | 11,478 | $ | 4,227 | $ | 2,385 | $ | 2,490 | $ | 614 | $ | 130 | $ | 23,998 | ||||||||||||||||
Charge-offs | — | (248 | ) | — | — | (288 | ) | — | — | (536 | ) | |||||||||||||||||||||
Recoveries | 90 | 25 | — | — | 224 | — | 2 | 341 | ||||||||||||||||||||||||
Provision for loan losses | (281 | ) | 1,377 | 1,993 | (43 | ) | (119 | ) | (21 | ) | (5 | ) | 2,901 | |||||||||||||||||||
Ending Balance, March 31, 2014 | $ | 2,483 | $ | 12,632 | $ | 6,220 | $ | 2,342 | $ | 2,307 | $ | 593 | $ | 127 | $ | 26,704 | ||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,658 | $ | 20,387 | $ | — | $ | 2,325 | $ | 1,820 | $ | — | $ | 135 | $ | 40,325 | ||||||||||||||||
Collectively evaluated for impairment | 524,335 | 1,096,681 | 2,124,820 | 56,510 | 285,608 | 122,715 | 4,050 | 4,214,719 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 2,672 | 32,589 | 2,586 | 4,539 | 9,967 | 4,016 | 248 | 56,617 | ||||||||||||||||||||||||
$ | 542,665 | $ | 1,149,657 | $ | 2,127,406 | $ | 63,374 | $ | 297,395 | $ | 126,731 | $ | 4,433 | $ | 4,311,661 | |||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 818 | $ | 304 | $ | — | $ | — | $ | 188 | $ | — | $ | 32 | $ | 1,342 | ||||||||||||||||
Collectively evaluated for impairment | 3,766 | 8,336 | 8,493 | 424 | 1,436 | 92 | 28 | 22,575 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 162 | 4,932 | — | 623 | 1,074 | 170 | 54 | 7,015 | ||||||||||||||||||||||||
$ | 4,746 | $ | 13,572 | $ | 8,493 | $ | 1,047 | $ | 2,698 | $ | 262 | $ | 114 | $ | 30,932 | |||||||||||||||||
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 March 31, 2015 and December 31, 2014, funds available for reimbursement, if necessary, were $1.1 million and $3.0 million, respectively. Each quarter, these funds are evaluated to determine if they would be sufficient to absorb the probable incurred losses within the manufactured housing portfolio. | ||||||||||||||||||||||||||||||||
The changes in accretable yield related to purchased-credit-impaired loans for the three months ended March 31, 2015 and 2014 were as follows: | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 17,606 | $ | 22,557 | ||||||||||||||||||||||||||||
Accretion to interest income | (660 | ) | (1,080 | ) | ||||||||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | (1,522 | ) | (858 | ) | ||||||||||||||||||||||||||||
Accretable yield balance, end of period | $ | 15,424 | $ | 20,619 | ||||||||||||||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION | ||||||||||||
Stock Options | |||||||||||||
There were no stock options granted, exercised or forfeited during the three months ended March 31, 2015. | |||||||||||||
The following table summarizes stock option activity for the three months ended March 31, 2015. | |||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||
of Options | average | average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term in Years | |||||||||||||
(amount in thousands, except Weighted-average exercise price) | |||||||||||||
Outstanding at January 1, 2015 | 3,168,067 | $ | 12.61 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Outstanding at March 31, 2015 | 3,168,067 | $ | 12.61 | 6.95 | $ | 37,246 | |||||||
Exercisable at March 31, 2015 | 13,683 | $ | 16.67 | 2.29 | $ | 119 | |||||||
Restricted Stock Units | |||||||||||||
There were 146,920 restricted stock units granted during the three months ended March 31, 2015. Of the aggregate restricted stock units granted, 84,392 were granted under the Bonus Recognition and Retention Program and are subject to five-year cliff vesting. The remaining units are subject to three-year waterfall vesting with one third of the amount vesting annually. The following table summarizes restricted stock unit activity for the three months ended March 31, 2015. | |||||||||||||
Restricted | Weighted- | ||||||||||||
Stock Units | average Grant- | ||||||||||||
date Fair Value | |||||||||||||
Outstanding and unvested at January 1, 2015 | 788,971 | $ | 13 | ||||||||||
Granted | 146,920 | 19.09 | |||||||||||
Vested | (62,605 | ) | 11.45 | ||||||||||
Forfeited | (1,658 | ) | 14.32 | ||||||||||
Outstanding and unvested at March 31, 2015 | 871,628 | $ | 14.13 | ||||||||||
Total share-based compensation expense for the three months ended March 31, 2015 and 2014 was $1.2 million and $1.0 million, respectively. | |||||||||||||
Customers Bancorp has a policy that permits its directors to elect to receive shares of voting common stock in lieu of their cash retainers. During the three months ended March 31, 2015, Customers Bancorp issued 10,631 shares of voting common stock with a fair value of $0.3 million to directors as compensation for their services during the first three months of 2015. The fair values were determined based on the opening price of the common stock on the day the shares were issued. |
Regulatory_Matters
Regulatory Matters | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Regulatory Matters | 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 financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and Bancorp must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items, as calculated under the regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank and Bancorp to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital to risk-weighted assets and of Tier 1 capital to average assets (as defined in the regulations). At March 31, 2015 and December 31, 2014, the Bank and Bancorp met all capital adequacy requirements to which they were subject. | |||||||||||||||||||||
The Dodd-Frank Act required the FRB to establish minimum consolidated capital requirements for bank holding companies that are as stringent as those required for insured depositary subsidiaries. In 2013, the federal banking agencies approved rules that implemented the Dodd-Frank requirements and certain other regulatory capital reforms effective January 1, 2015, that (i) introduced a new capital ratio pursuant to the prompt corrective action provisions, the common equity tier 1 capital to risk rated assets ratio, (ii) increased the adequately capitalized and well capitalized thresholds for the Tier 1 risk based capital ratios to 6% and 8%, respectively, (iii) changed the treatment of certain capital components for determining Tier 1 and Tier 2 capital, and (iv) changed the risk weighting of certain assets and off balance sheet items in determining risk weighted assets. | |||||||||||||||||||||
To be categorized as well capitalized, an institution must maintain minimum common equity Tier 1, total risk based, Tier 1 risk based and Tier 1 leveraged ratios as set forth in the following table: | |||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||||||||||
Purposes | Under | ||||||||||||||||||||
Prompt Corrective Action | |||||||||||||||||||||
Provisions | |||||||||||||||||||||
(amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||
Common equity Tier 1 (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 454,889 | 8.25 | % | $ | 248,013 | 4.5 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 496,018 | 9.05 | % | $ | 246,741 | 4.5 | % | $ | 356,404 | 6.5 | % | |||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 587,473 | 10.66 | % | $ | 440,913 | 8 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 639,584 | 11.66 | % | $ | 438,651 | 8 | % | $ | 548,314 | 10 | % | |||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 454,889 | 8.25 | % | $ | 330,684 | 6 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 496,018 | 9.05 | % | $ | 328,988 | 6 | % | $ | 438,651 | 8 | % | |||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 454,889 | 6.72 | % | $ | 270,915 | 4 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 496,018 | 7.35 | % | $ | 269,801 | 4 | % | $ | 337,251 | 5 | % | |||||||||
As of December 31, 2014: | |||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 578,644 | 11.09 | % | $ | 417,473 | 8 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 621,894 | 11.98 | % | $ | 415,141 | 8 | % | $ | 518,926 | 10 | % | |||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 437,712 | 8.39 | % | $ | 208,737 | 4 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 480,963 | 9.27 | % | $ | 207,570 | 4 | % | $ | 311,356 | 6 | % | |||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 437,712 | 6.69 | % | $ | 261,622 | 4 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 480,963 | 7.39 | % | $ | 260,462 | 4 | % | $ | 325,577 | 5 | % | |||||||||
The new risk-based capital rules adopted effective January 1, 2015 require that banks and holding companies maintain a "capital conservation buffer" of 250 basis points in excess of the "minimum capital ratio." The minimum capital ratio equates to the prompt corrective action adequately capitalized threshold ratio. The capital conservation buffer will be phased in over four years beginning on January 1, 2016, with a maximum buffer of 0.625% of risk weighted assets for 2016, 1.25% for 2017, 1.875% for 2018, and 2.5% for 2019 and thereafter. Failure to maintain the required capital conservation buffer will result in limitations on capital distributions and on discretionary bonuses to executive officers. |
Disclosures_about_Fair_Value_o
Disclosures about Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Disclosures about Fair Value of Financial Instruments | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||
The Bancorp uses fair value measurements to record fair value adjustments to certain assets and liabilities 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 these 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 Measurements and Disclosures, as explained below. | ||||||||||||||||||||
In accordance with ASC 820, 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). | ||||||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||
The following methods and assumptions were used to estimate the fair values of the Bancorp’s financial instruments as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those 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 values of investment securities available for sale are determined by obtaining quoted market prices on nationally recognized and foreign 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, 2, or 3 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 restricted 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 - Residential mortgage loans: | ||||||||||||||||||||
The Bancorp generally estimates the fair values of residential mortgage loans held for sale 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 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 mortgage companies 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. Additionally, the interest rate is variable, and the transaction is short-term, with an average life of 16 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 held for sale – Multi-family loans: | ||||||||||||||||||||
The fair values of multi-family loans held for sale are estimated using pricing indications from letters of intent with third-party investors or recent sale transactions within the secondary markets for loans with similar characteristics. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | ||||||||||||||||||||
Loans receivable, net of allowance for loan losses: | ||||||||||||||||||||
The fair values of loans held for investment 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 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 that collateralize the loans, 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 estimated losses to be incurred on the loans and the expected reimbursements for losses using the applicable loss share percentages. These cash flows are discounted to reflect the estimated timing of the receipt of the loss share reimbursement from the FDIC. This asset is included as Level 3 fair value, 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. 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. | ||||||||||||||||||||
Deposit liabilities: | ||||||||||||||||||||
The fair values disclosed for demand deposits (e.g., interest and non-interest checking, passbook savings and money market deposit accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). These liabilities are included as Level 1 fair values, based upon the lowest level of input that is significant to the fair value measurements. | ||||||||||||||||||||
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 liabilities are included as Level 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 liabilities are included as Level 1 fair values, based upon the lowest level of input that is significant to the fair value measurements. | ||||||||||||||||||||
Borrowings: | ||||||||||||||||||||
Borrowings consist of long-term and short-term FHLB advances, five-year senior unsecured notes, and subordinated debt. For the short-term borrowings, the carrying amount is considered a reasonable estimate of fair value and is included as Level 1. 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. The 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. Fair values of privately placed subordinated and senior unsecured debt are estimated by a third-party financial adviser using discounted cash flow analysis, based on market rates currently offered on such debt with similar credit-risk characteristics, terms and remaining maturity. These liabilities are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. The $63 million senior unsecured notes issued during third quarter 2013 are traded on The New York Stock Exchange, and their price can be obtained daily. This fair value measurement is classified as Level 1. | ||||||||||||||||||||
Derivatives (Assets and Liabilities): | ||||||||||||||||||||
The fair values of interest rate swaps and credit derivatives are determined using models that incorporate readily observable market data into a market standard methodology. This 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 and liabilities are included as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. | ||||||||||||||||||||
The fair values of the residential mortgage loan commitments are derived from the estimated fair values that can be generated when the underlying mortgage loan is sold in the secondary market. The Bancorp uses commitments on hand from third party investors to estimate an exit price, and adjusts for the probability of the commitment being exercised based on the Bancorp’s internal experience (i.e., pull-through rate). These assets and liabilities are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. | ||||||||||||||||||||
Off-balance-sheet financial instruments: | ||||||||||||||||||||
The fair values of unused commitments to lend and standby letters of credit are considered to be the same as their contractual amounts | ||||||||||||||||||||
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 and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making these 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 March 31, 2015 and December 31, 2014. | ||||||||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant | ||||||||||||||||
Amount | Fair Value | Unobservable | ||||||||||||||||||
Inputs | ||||||||||||||||||||
(Level 3) | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 333,823 | $ | 333,823 | $ | 333,823 | $ | — | $ | — | ||||||||||
Investment securities, available for sale | 396,194 | 396,194 | 22,305 | 373,889 | — | |||||||||||||||
Loans held for sale | 1,758,084 | 1,758,695 | — | 1,676,891 | 81,804 | |||||||||||||||
Loans receivable, net of allowance for loan losses | 4,304,285 | 4,311,848 | — | — | 4,311,848 | |||||||||||||||
FHLB, Federal Reserve Bank and other restricted stock | 81,798 | 81,798 | — | 81,798 | — | |||||||||||||||
FDIC loss sharing receivable | 3,427 | 3,427 | — | — | 3,427 | |||||||||||||||
Derivatives | 8,810 | 8,810 | — | 8,723 | 87 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 4,893,321 | $ | 4,905,100 | $ | 3,059,457 | $ | 1,845,643 | $ | — | ||||||||||
FHLB advances | 1,545,000 | 1,547,465 | 1,175,147 | 372,318 | — | |||||||||||||||
Other borrowings | 88,250 | 92,928 | 67,678 | 25,250 | — | |||||||||||||||
Subordinated debt | 110,000 | 113,025 | — | 113,025 | — | |||||||||||||||
Derivatives | 12,938 | 12,938 | — | 12,938 | — | |||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant | ||||||||||||||||
Amount | Fair Value | Unobservable | ||||||||||||||||||
Inputs | ||||||||||||||||||||
(Level 3) | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 371,023 | $ | 371,023 | $ | 371,023 | $ | — | $ | — | ||||||||||
Investment securities, available for sale | 416,685 | 416,685 | 24,270 | 392,415 | — | |||||||||||||||
Loans held for sale | 1,435,459 | 1,436,460 | — | 1,335,668 | 100,792 | |||||||||||||||
Loans receivable, net of allowance for loan losses | 4,281,241 | 4,285,537 | — | — | 4,285,537 | |||||||||||||||
FHLB, Federal Reserve Bank and other stock | 82,002 | 82,002 | — | 82,002 | — | |||||||||||||||
FDIC loss sharing receivable | 2,320 | 2,320 | — | — | 2,320 | |||||||||||||||
Derivatives | 7,552 | 7,552 | — | 7,509 | 43 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 4,532,538 | $ | 4,540,507 | $ | 2,820,875 | $ | 1,719,632 | $ | — | ||||||||||
FHLB advances | 1,618,000 | 1,619,858 | 1,298,000 | 321,858 | — | |||||||||||||||
Other borrowings | 88,250 | 92,069 | 66,944 | 25,125 | — | |||||||||||||||
Subordinated debt | 110,000 | 111,925 | — | 111,925 | — | |||||||||||||||
Derivatives | 9,716 | 9,716 | — | 9,716 | — | |||||||||||||||
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 March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 358,717 | $ | — | $ | 358,717 | ||||||||||||
Corporate notes | — | 15,172 | — | 15,172 | ||||||||||||||||
Equity securities | 22,305 | — | — | 22,305 | ||||||||||||||||
Derivatives (1) | — | 8,723 | 87 | 8,810 | ||||||||||||||||
Loans held for sale – fair value option | — | 1,676,891 | — | 1,676,891 | ||||||||||||||||
Total assets - recurring fair value measurements | $ | 22,305 | $ | 2,059,503 | $ | 87 | $ | 2,081,895 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives (2) | $ | — | $ | 12,938 | $ | — | $ | 12,938 | ||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Impaired loans, net of specific reserves of $3,369 | $ | — | $ | — | $ | 4,943 | $ | 4,943 | ||||||||||||
Other real estate owned | — | — | 546 | 546 | ||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | — | $ | — | $ | 5,489 | $ | 5,489 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 377,311 | $ | — | $ | 377,311 | ||||||||||||
Corporate notes | — | 15,104 | — | 15,104 | ||||||||||||||||
Equity securities | 24,270 | — | — | 24,270 | ||||||||||||||||
Derivatives (1) | — | 7,509 | 43 | $ | 7,552 | |||||||||||||||
Loans held for sale – fair value option | — | 1,335,668 | — | 1,335,668 | ||||||||||||||||
Total assets - recurring fair value measurements | $ | 24,270 | $ | 1,735,592 | $ | 43 | $ | 1,759,905 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives (2) | — | $ | 9,716 | — | $ | 9,716 | ||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Impaired loans, net of specific reserves of $1,342 | $ | — | $ | — | $ | 2,380 | $ | 2,380 | ||||||||||||
Other real estate owned | — | — | 9,149 | 9,149 | ||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | — | $ | — | $ | 11,529 | $ | 11,529 | ||||||||||||
-1 | Included in Other Assets | |||||||||||||||||||
-2 | Included in Other Liabilities | |||||||||||||||||||
The changes in Level 3 assets measured at fair value on a recurring basis for the three months ended March 31, 2015 and 2014 are summarized as follows. | ||||||||||||||||||||
Three Months Ended March 31, 2015 | Residential | |||||||||||||||||||
Mortgage | ||||||||||||||||||||
Loan | ||||||||||||||||||||
Commitments | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Balance at January 1, 2015 | $ | 43 | ||||||||||||||||||
Issuances | 87 | |||||||||||||||||||
Settlements | (43 | ) | ||||||||||||||||||
Balance at March 31, 2015 | $ | 87 | ||||||||||||||||||
Three Months Ended March 31, 2014 | Residential | |||||||||||||||||||
Mortgage | ||||||||||||||||||||
Loan | ||||||||||||||||||||
Commitments | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Balance at January 1, 2014 | $ | 240 | ||||||||||||||||||
Issuances | 103 | |||||||||||||||||||
Settlements | (240 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | 103 | ||||||||||||||||||
The Bancorp’s policy is to recognize transfers between fair value levels when events or circumstances warrant transfers. There were no transfers between levels during the first three months of 2015 nor 2014. | ||||||||||||||||||||
The following table summarizes financial assets and financial liabilities measured at fair value as of March 31, 2015 and December 31, 2014 on a recurring and nonrecurring basis for which the Bancorp utilized Level 3 inputs to measure fair value. | ||||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
31-Mar-15 | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted | ||||||||||||||||
Estimate | Average) (3) | |||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Impaired loans | $ | 4,943 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | |||||||||||||||
Other real estate owned | 546 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | ||||||||||||||||
Residential mortgage loan commitments | 87 | Adjusted market bid | Pull-through rate | 80% | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
31-Dec-14 | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted | ||||||||||||||||
Estimate | Average) (3) | |||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Impaired loans | $ | 2,380 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | |||||||||||||||
Other real estate owned | 9,149 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | ||||||||||||||||
Residential mortgage loan commitments | 43 | Adjusted market bid | Pull-through rate | 80% | ||||||||||||||||
-1 | Obtained from approved independent 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 | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||||||||
Risk Management Objectives of Using Derivatives | ||||||||||||||||||||||||
Customers Bancorp is exposed to certain risks arising from both its business operations and economic conditions. Customers Bancorp manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers Bancorp enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Customers Bancorp’s derivative financial instruments are used to manage differences in the amount, timing, and duration of Customers Bancorp’s known or expected cash receipts and its known or expected cash payments principally related to certain fixed-rate borrowings. Customers Bancorp also has interest-rate derivatives resulting from a service provided to certain qualifying customers, and therefore, they are not used to manage the Bank’s interest-rate risk in assets or liabilities. The Bank manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions. | ||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||||||||||||||||||
Customers Bancorp’s objectives in using interest-rate derivatives are to add stability to interest expense and to manage exposure to interest-rate movements. To accomplish this objective, the Bancorp primarily uses interest rate swaps as part of its interest-rate-risk management strategy. Interest-rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Bancorp making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2015 and 2014, such derivatives were used to hedge the variable cash flows associated with a forecasted issuance of debt. The ineffective portion of the change in fair value of the derivatives is to be recognized directly in earnings. During the three months ended March 31, 2015 and 2014, Customers Bancorp did not record any hedge ineffectiveness. | ||||||||||||||||||||||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Bancorp’s variable-rate debt. The Bancorp does not expect to reclassify any amounts from accumulated other comprehensive income to interest expense during the next 12 months as Customers Bancorp’s derivatives are effective after April 2016. | ||||||||||||||||||||||||
Customers Bancorp is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 24 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). | ||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, Customers Bancorp had one outstanding interest rate derivative with a notional amount of $150.0 million that was designated as a cash flow hedge of interest rate risk. The hedge expires in April 2019. | ||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||||||||||||||
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 a 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 interest rate 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 third-party market swaps are recognized directly in earnings. At March 31, 2015, the Bancorp had 46 interest rate swaps with an aggregate notional amount of $263.0 million related to this program. At December 31, 2014, the Bancorp had 44 interest rate swaps with an aggregate notional amount of $251.9 million related to this program. | ||||||||||||||||||||||||
The Bank enters into residential mortgage loan commitments in connection with its mortgage banking activities to fund mortgage loans at specified rates and times in the future. These commitments are short-term in nature and generally expire in 30 to 60 days. The residential mortgage loan commitments that relate to the origination of mortgage loans that will be held for sale are considered derivative instruments under applicable accounting guidance and are reported at fair value, with changes in fair value recorded directly to earnings. At March 31, 2015 and December 31, 2014, the Bank had an outstanding notional balance of residential mortgage loan commitments of $3.0 million and $3.8 million, respectively. | ||||||||||||||||||||||||
The Bank also purchased credit derivatives to hedge the performance risk associated with one of its counterparties. These derivatives are not designated as hedging instruments and are reported at fair value, with changes in fair value reported directly in earnings. At March 31, 2015 and December 31, 2014, the Bank had an outstanding notional balance of credit derivatives of $14.8 million and $13.4 million, respectively. | ||||||||||||||||||||||||
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 their classification on the balance sheet as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 3,891 | ||||||||||||||||||
Total | $ | — | $ | 3,891 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 8,515 | Other liabilities | $ | 9,047 | ||||||||||||||||||
Credit contracts | Other assets | 208 | Other liabilities | — | ||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 87 | Other liabilities | — | ||||||||||||||||||||
Total | $ | 8,810 | $ | 9,047 | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | |||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 1,945 | ||||||||||||||||||
Total | $ | — | $ | 1,945 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 7,332 | Other liabilities | $ | 7,771 | ||||||||||||||||||
Credit contracts | Other assets | 177 | Other liabilities | — | ||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 43 | Other liabilities | — | ||||||||||||||||||||
Total | $ | 7,552 | $ | 7,771 | ||||||||||||||||||||
Effect of Derivative Instruments on Comprehensive Income | ||||||||||||||||||||||||
The following tables present the effect of the Bancorp’s derivative financial instruments on comprehensive income for the three months ended March 31, 2015 and 2014. | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Income Statement Location | Amount of Income | |||||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other non-interest income | $ | 121 | |||||||||||||||||||||
Credit contracts | Other non-interest income | 30 | ||||||||||||||||||||||
Residential mortgage loan commitments | Mortgage loan and banking income | 44 | ||||||||||||||||||||||
Total | $ | 195 | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Income Statement Location | Amount of Income (Loss) | |||||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other non-interest income | $ | 520 | |||||||||||||||||||||
Credit contracts | Other non-interest income | (149 | ) | |||||||||||||||||||||
Residential mortgage loan commitments | Mortgage loan and banking income | (137 | ) | |||||||||||||||||||||
Total | $ | 234 | ||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Amount of Loss | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||
Recognized in OCI on | Reclassified from | Reclassified from | ||||||||||||||||||||||
Derivatives (Effective Portion) (1) | Accumulated OCI into | Accumulated OCI into | ||||||||||||||||||||||
Income (Effective Portion) | Income (Effective Portion) | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivative in cash flow hedging relationships: | ||||||||||||||||||||||||
Interest rate swaps | $ | (1,168 | ) | Interest expense | $ | — | ||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Amount of Gain | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||
Recognized in OCI on | Reclassified from | Reclassified from | ||||||||||||||||||||||
Derivatives (Effective Portion) (1) | Accumulated OCI into | Accumulated OCI into | ||||||||||||||||||||||
Income (Effective Portion) | Income (Effective Portion) | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivative in cash flow hedging relationships: | ||||||||||||||||||||||||
Interest rate swaps | $ | 432 | Interest expense | $ | — | |||||||||||||||||||
-1 | Net of taxes | |||||||||||||||||||||||
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 counterparties 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 March 31, 2015, the fair value of derivatives in a net liability position (which includes accrued interest but excludes any adjustment for nonperformance-risk) related to these agreements was $13.2 million. In addition, the Bancorp has minimum collateral posting thresholds with certain of these counterparties and at March 31, 2015 had posted $12.8 million of cash as collateral. The Bancorp records cash posted as collateral as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of other assets. | ||||||||||||||||||||||||
Disclosures about Offsetting Assets and Liabilities | ||||||||||||||||||||||||
The following tables present derivative instruments that are subject to enforceable master netting arrangements. The Bancorp’s interest rate swaps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the table below. The Bancorp has not made a policy election to offset its derivative positions. | ||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net | ||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | Amount | ||||||||||||||||||||
Recognized | Offset in the | Assets | Consolidated | |||||||||||||||||||||
Assets | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | ||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||
Received | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 208 | $ | — | $ | 208 | $ | 208 | $ | — | $ | — | ||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | |||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | |||||||||||||||||||||
Recognized | Offset in the | Liabilities | Consolidated | |||||||||||||||||||||
Liabilities | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | Net | |||||||||||||||||||||
Instruments | Collateral | Amount | ||||||||||||||||||||||
Pledged | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 12,938 | $ | — | $ | 12,938 | $ | 208 | $ | 12,730 | $ | — | ||||||||||||
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net | ||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | Amount | ||||||||||||||||||||
Recognized | Offset in the | Assets | Consolidated | |||||||||||||||||||||
Assets | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | ||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||
Received | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 192 | $ | — | $ | 192 | $ | 192 | $ | — | $ | — | ||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net | ||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | Amount | ||||||||||||||||||||
Recognized | Offset in the | Liabilities | Consolidated | |||||||||||||||||||||
Liabilities | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | ||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||
Pledged | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 9,703 | $ | — | $ | 9,703 | $ | 192 | $ | 9,511 | $ | — | ||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies and Basis of Presentation (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation | |
The interim unaudited consolidated financial statements of Customers Bancorp, Inc. and subsidiaries have been prepared pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers Bancorp and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. The December 31, 2014 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2014 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2014 consolidated financial statements of Customers Bancorp and subsidiaries included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on February 27, 2015. That Form 10-K describes Customers Bancorp’s significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents; Restrictions on Cash and Amounts Due from Banks; Investment Securities; Loan Accounting Framework; Allowance for Loan Losses; Goodwill; Investments in FHLB, Federal Reserve Bank, and other restricted stock; Other Real Estate Owned; FDIC Loss Sharing Receivable; Bank Owned Life Insurance; Bank Premises and Equipment; Treasury Stock; Income Taxes; Share-Based Compensation; Derivative Instruments and Hedging; Comprehensive Income; Earnings per Share; Segment Information; and Accounting Changes. Certain prior period amounts have been reclassified to conform to current period presentation. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. | ||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | |
In April 2015, the FASB issued Accounting Standard Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs. The guidance in this ASU is intended to simplify presentation of debt issuance costs, and require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The guidance in this ASU is effective for interim and annual periods beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. The guidance in this ASU is intended to amend the update, which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The amendments in this update affect the following areas: | ||
1 | Limited partnerships and similar legal entities | |
2 | Evaluating fees paid to a decision maker or a service provider as a variable interest | |
3 | The effect of fee arrangements on the primary beneficiary determination | |
4 | The effect of related parties on the primary beneficiary determination | |
5 | Certain investment funds | |
The guidance in this ASU is effective for annual and interim periods beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In November 2014, the FASB issued ASU 2014-16, Determining Whether the Host contract in a Hybrid Financial Instrument in the Form of a Share is More Akin to Debt or to Equity. The guidance in this ASU requires entities that issue or invest in a hybrid financial instrument to separate an embedded derivative feature from a host contract and account for the feature as a derivative. In the case of derivatives embedded in a hybrid financial instrument that is issued in the form of a share, that criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are clearly and closely related to the host contract. If the host contract is akin to equity, then equity-like features (for example, a conversion option) are considered clearly and closely related to the host contract and, thus, would not be separated from the host contract. If the host contract is akin to debt, then equity-like features are not considered clearly and closely related to the host contract. In the latter case, an entity may be required to separate the equity-like embedded derivative feature from the debt host contract if certain other criteria in Subtopic 815-15 are met. Similarly, debt-like embedded derivative features may require separate accounting from an equity-like host contract. The guidance in this ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The guidance in this ASU affects creditors that hold government-guaranteed mortgage loans, including those guaranteed by the FHA and the VA. It requires that a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: | ||
1 | The loan has a government guarantee that is not separable from the loan before foreclosure. | |
2 | At the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim. | |
3 | At the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. | |
Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and | ||
interest) expected to be recovered from the guarantor. The guidance in this ASU was effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The guidance may be applied using a prospective transition method in which a reporting entity applies the guidance to foreclosures that occur after the date of adoption, or a modified retrospective transition using a cumulative-effect adjustment (through a reclassification to a separate other receivable) as of the beginning of the annual period of adoption. Prior periods should not be adjusted. A reporting entity must apply the same method of transition as elected under ASU 2014-04. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
In August 2014, the FASB issued ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. The guidance in this ASU applies to a reporting entity that is required to consolidate a collateralized financing entity under the Variable Interest Entities guidance when: (1) the reporting entity measures all of the financial assets and the financial liabilities of that consolidated collateralized financing entity at fair value in the consolidated financial statements based on other Codification Topics; and (2) the changes in the fair values of those financial assets and financial liabilities are reflected in earnings. The guidance in this ASU is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation. The guidance in this ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite period, the remaining unrecognized cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. As indicated in the definition of vest, the stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. The guidance in this ASU is effective for annual and interim periods beginning after December 15, 2015. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing. The amendments in this update require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions. The guidance in this ASU was effective for annual and interim periods beginning after December 15, 2014. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate and construction industries. The revenue standard’s core principal is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this, the standard requires five basic steps: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) identify the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, (v) recognize revenue when (or as) the entity satisfies the performance obligation. Three basic transition methods are available - full retrospective, retrospective with certain practical expedients, and a cumulative effect approach. Under the cumulative effect alternative, an entity would apply the new revenue standard only to contracts that are incomplete under legacy U.S. GAAP at the date of initial application and recognize the cumulative effect of the new standard as an adjustment to the opening balance of retained earnings. The guidance in this ASU is effective for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2017. The Bancorp does not expect this ASU to have a significant impact on its financial condition or results of operations. | ||
In January 2014, the FASB issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, a consensus of the FASB Emerging Issues Task Force. The guidance in this ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The ASU also requires additional related interim and annual disclosures. The guidance in this ASU was effective in the first quarter 2015. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
In January 2014, the FASB issued ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, a consensus of the FASB Emerging Issues Task Force. This ASU provides guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The guidance in this ASU was effective for annual periods and interim reporting periods beginning after December 15, 2014. The adoption of this ASU did not have a significant impact on the Bancorp's financial condition or results of operations. | ||
Impaired Financing Receivable, Policy | Impaired loans: | |
Impaired loans are those that are accounted for under 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 that collateralize the loans, 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, Policy | In accordance with ASC 820, 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. | |
Derivatives, Policy | Risk Management Objectives of Using Derivatives | |
Customers Bancorp is exposed to certain risks arising from both its business operations and economic conditions. Customers Bancorp manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers Bancorp enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Customers Bancorp’s derivative financial instruments are used to manage differences in the amount, timing, and duration of Customers Bancorp’s known or expected cash receipts and its known or expected cash payments principally related to certain fixed-rate borrowings. Customers Bancorp also has interest-rate derivatives resulting from a service provided to certain qualifying customers, and therefore, they are not used to manage the Bank’s interest-rate risk in assets or liabilities. The Bank manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions. |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Equity [Abstract] | ||||||||||||
Changes in Accumulated Other Comprehensive Income (loss) | The following tables present the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2015 and 2014. | |||||||||||
Three Months Ended March 31, 2015 | ||||||||||||
(amounts in thousands) | Unrealized Gains on | Unrealized Loss on | Total | |||||||||
Available-for-sale | Cash Flow Hedges | |||||||||||
Securities (2) | ||||||||||||
Beginning balance - January 1, 2015 | $ | 1,142 | $ | (1,264 | ) | $ | (122 | ) | ||||
Other comprehensive income (loss) before reclassifications | 243 | (1,168 | ) | (925 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | — | — | — | |||||||||
Net current-period other comprehensive income (loss) | 243 | (1,168 | ) | (925 | ) | |||||||
Ending balance - March 31, 2015 | $ | 1,385 | $ | (2,432 | ) | $ | (1,047 | ) | ||||
Three Months Ended March 31, 2014 | ||||||||||||
(amounts in thousands) | Unrealized Gains | Unrealized Gain | Total | |||||||||
and (Losses) on | on | |||||||||||
Available-for-sale | Cash Flow Hedges | |||||||||||
Securities (2) | ||||||||||||
Beginning balance - January 1, 2014 | $ | (8,118 | ) | $ | — | $ | (8,118 | ) | ||||
Other comprehensive income before reclassifications | 5,929 | 432 | 6,361 | |||||||||
Amounts reclassified from accumulated other comprehensive loss to net income (3) | (1,841 | ) | — | (1,841 | ) | |||||||
Net current-period other comprehensive income | 4,088 | 432 | 4,520 | |||||||||
Ending balance - March 31, 2014 | $ | (4,030 | ) | $ | 432 | $ | (3,598 | ) | ||||
-1 | All amounts are net of tax. Amounts in parentheses indicate reductions to accumulated other comprehensive income. | |||||||||||
-2 | Includes immaterial gains or losses on foreign currency items. | |||||||||||
-3 | Reclassification amounts are reported as gain on sale of investment securities on the Consolidated Statements of Income. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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. Share and per share amounts for the three months ended March 31, 2014 have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014. | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(amounts in thousands, except per share data) | ||||||||
Net income available to common shareholders | $ | 13,952 | $ | 8,136 | ||||
Weighted-average number of common shares outstanding - basic | 26,777,389 | 26,686,570 | ||||||
Share-based compensation plans | 1,276,340 | 845,901 | ||||||
Warrants | 284,074 | 242,560 | ||||||
Weighted-average number of common shares - diluted | 28,337,803 | 27,775,031 | ||||||
Basic earnings per share | $ | 0.52 | $ | 0.3 | ||||
Diluted earnings per share | 0.49 | 0.29 | ||||||
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 future periods 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. Share-based compensation awards and eligible warrants for the three months ended March 31, 2014 have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014. | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Anti-dilutive securities: | ||||||||
Share-based compensation awards | 18,683 | 134,682 | ||||||
Warrants | 52,242 | 118,745 | ||||||
Total anti-dilutive securities | 70,925 | 253,427 | ||||||
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 are summarized in the tables below: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 355,904 | $ | 4,075 | $ | (1,262 | ) | $ | 358,717 | |||||||||||||||
Corporate Bonds | 15,000 | 172 | — | 15,172 | ||||||||||||||||||||
Equity securities (2) | 23,074 | 56 | (825 | ) | 22,305 | |||||||||||||||||||
$ | 393,978 | $ | 4,303 | $ | (2,087 | ) | $ | 396,194 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | |||||||||||||||||||||
Cost | Unrealized | Unrealized | ||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 376,854 | $ | 2,805 | $ | (2,348 | ) | $ | 377,311 | |||||||||||||||
Corporate notes | 15,000 | 104 | — | 15,104 | ||||||||||||||||||||
Equity securities (2) | 23,074 | 1,197 | (1 | ) | 24,270 | |||||||||||||||||||
$ | 414,928 | $ | 4,106 | $ | (2,349 | ) | $ | 416,685 | ||||||||||||||||
-1 | Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA. | |||||||||||||||||||||||
-2 | Comprised primarily of equity securities in a foreign entity. | |||||||||||||||||||||||
Statement of Proceeds from Sale of Available for Sale Investment Securities | The following table presents proceeds from the sale of available-for-sale investment securities and gross gains and gross losses realized on those sales for the three ended March 31, 2015 and 2014: | |||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Proceeds from sale of available-for-sale securities | $ | — | $ | 187,891 | ||||||||||||||||||||
Gross gains | $ | — | $ | 2,832 | ||||||||||||||||||||
Gross losses | — | — | ||||||||||||||||||||||
Net gains | $ | — | $ | 2,832 | ||||||||||||||||||||
Summary of Available-for-Sale Debt Securities by Stated Maturity | The following table presents 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: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||
Due after one year through five years | — | — | ||||||||||||||||||||||
Due after five years through ten years | 15,000 | 15,172 | ||||||||||||||||||||||
Due after ten years | — | — | ||||||||||||||||||||||
Mortgage-backed securities | 355,904 | 358,717 | ||||||||||||||||||||||
Total debt securities | $ | 370,904 | $ | 373,889 | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 23,331 | $ | (5 | ) | $ | 78,848 | $ | (1,257 | ) | $ | 102,179 | $ | (1,262 | ) | |||||||||
Equity securities (2) | 21,244 | (824 | ) | 6 | (1 | ) | 21,250 | (825 | ) | |||||||||||||||
Total | $ | 44,575 | $ | (829 | ) | $ | 78,854 | $ | (1,258 | ) | $ | 123,429 | $ | (2,087 | ) | |||||||||
31-Dec-14 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Available for Sale: | ||||||||||||||||||||||||
Mortgage-backed securities (1) | $ | 60,388 | $ | (81 | ) | $ | 80,426 | $ | (2,267 | ) | 140,814 | $ | (2,348 | ) | ||||||||||
Equity securities (2) | — | — | 5 | (1 | ) | 5 | (1 | ) | ||||||||||||||||
Total | $ | 60,388 | $ | (81 | ) | $ | 80,431 | $ | (2,268 | ) | $ | 140,819 | $ | (2,349 | ) | |||||||||
-1 | Comprised primarily of mortgage-backed securities issued by government-sponsored agencies, including FHLMC, FNMA, and GNMA. | |||||||||||||||||||||||
-2 | Comprised primarily of equity securities in a foreign entity. |
Loans_Held_for_Sale_Tables
Loans Held for Sale (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Composition of Loans Held for Sale | The composition of loans held for sale as of March 31, 2015 and December 31, 2014 was as follows: | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(amounts in thousands) | ||||||||
Commercial loans: | ||||||||
Mortgage warehouse loans at fair value | $ | 1,674,014 | $ | 1,332,019 | ||||
Multi-family loans at lower of cost or fair value | 81,193 | 99,791 | ||||||
Commercial loans held for sale | 1,755,207 | 1,431,810 | ||||||
Consumer loans: | ||||||||
Residential mortgage loans at fair value | 2,877 | 3,649 | ||||||
Loans held for sale | $ | 1,758,084 | $ | 1,435,459 | ||||
Loans_Receivable_and_Allowance1
Loans Receivable and Allowance for Loan Losses (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Loans Receivable | The following table presents loans receivable as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Multi-family | $ | 2,053,379 | $ | 2,127,034 | ||||||||||||||||||||||||||||
Commercial real estate | 1,177,725 | 1,132,072 | ||||||||||||||||||||||||||||||
Commercial and industrial | 606,091 | 540,430 | ||||||||||||||||||||||||||||||
Construction | 62,430 | 56,669 | ||||||||||||||||||||||||||||||
Total commercial loans | 3,899,625 | 3,856,205 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential real estate | 277,167 | 285,003 | ||||||||||||||||||||||||||||||
Manufactured housing | 121,622 | 126,731 | ||||||||||||||||||||||||||||||
Other | 1,324 | 1,541 | ||||||||||||||||||||||||||||||
Total consumer loans | 400,113 | 413,275 | ||||||||||||||||||||||||||||||
Total loans receivable not covered under FDIC loss sharing agreements | 4,299,738 | 4,269,480 | ||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial real estate | 16,347 | 17,585 | ||||||||||||||||||||||||||||||
Commercial and industrial | 1,746 | 2,235 | ||||||||||||||||||||||||||||||
Construction | 3,975 | 6,705 | ||||||||||||||||||||||||||||||
Multi-family | 361 | 372 | ||||||||||||||||||||||||||||||
Total commercial loans | 22,429 | 26,897 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Residential real estate | 12,159 | 12,392 | ||||||||||||||||||||||||||||||
Other | 2,777 | 2,892 | ||||||||||||||||||||||||||||||
Total consumer loans | 14,936 | 15,284 | ||||||||||||||||||||||||||||||
Total loans receivable covered under FDIC loss sharing agreements (1) | 37,365 | 42,181 | ||||||||||||||||||||||||||||||
Total loans receivable | 4,337,103 | 4,311,661 | ||||||||||||||||||||||||||||||
Deferred (fees) costs and unamortized premiums/(discounts), net | 748 | 512 | ||||||||||||||||||||||||||||||
Allowance for loan losses | (33,566 | ) | (30,932 | ) | ||||||||||||||||||||||||||||
Loans receivable, net | $ | 4,304,285 | $ | 4,281,241 | ||||||||||||||||||||||||||||
-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. | |||||||||||||||||||||||||||||||
Non-Covered Loans and Covered Loans by Class and Performance Status | Non-Covered Loans | |||||||||||||||||||||||||||||||
The following tables summarize non-covered loans by loan type and performance status as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased- | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | Credit- | Loans (4) | |||||||||||||||||||||||||||
Past Due(1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | 288 | $ | — | $ | 288 | $ | 3,436 | $ | 1,147,262 | $ | 26,739 | $ | 1,177,725 | ||||||||||||||||||
Multi-family | — | — | — | — | 2,050,830 | 2,549 | 2,053,379 | |||||||||||||||||||||||||
Commercial and industrial | — | — | — | 2,307 | 602,407 | 1,377 | 606,091 | |||||||||||||||||||||||||
Construction | — | — | — | — | 62,343 | 87 | 62,430 | |||||||||||||||||||||||||
Residential real estate | 289 | — | 289 | 946 | 266,670 | 9,262 | 277,167 | |||||||||||||||||||||||||
Other consumer | — | — | — | — | 1,129 | 195 | 1,324 | |||||||||||||||||||||||||
Manufactured housing (5) | 3,896 | 4,546 | 8,442 | 1,047 | 108,258 | 3,875 | 121,622 | |||||||||||||||||||||||||
Total | $ | 4,473 | $ | 4,546 | $ | 9,019 | $ | 7,736 | $ | 4,238,899 | $ | 44,084 | $ | 4,299,738 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased- | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | Credit- | Loans (4) | |||||||||||||||||||||||||||
Past Due(1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial real estate | $ | — | $ | — | $ | — | $ | 3,450 | $ | 1,101,119 | $ | 27,503 | $ | 1,132,072 | ||||||||||||||||||
Multi-family | — | — | — | — | 2,124,448 | 2,586 | 2,127,034 | |||||||||||||||||||||||||
Commercial and industrial | 366 | — | 366 | 2,257 | 536,326 | 1,481 | 540,430 | |||||||||||||||||||||||||
Construction | — | — | — | — | 56,510 | 159 | 56,669 | |||||||||||||||||||||||||
Residential real estate | 1,226 | — | 1,226 | 849 | 273,565 | 9,363 | 285,003 | |||||||||||||||||||||||||
Other consumer | — | — | — | — | 1,333 | 208 | 1,541 | |||||||||||||||||||||||||
Manufactured housing (5) | 6,324 | 4,388 | 10,712 | 931 | 111,072 | 4,016 | 126,731 | |||||||||||||||||||||||||
Total | $ | 7,916 | $ | 4,388 | $ | 12,304 | $ | 7,487 | $ | 4,204,373 | $ | 45,316 | $ | 4,269,480 | ||||||||||||||||||
-1 | Includes past due loans that are accruing interest because collection is considered probable. | |||||||||||||||||||||||||||||||
-2 | Loans where next payment due is less than 30 days from the report date. | |||||||||||||||||||||||||||||||
-3 | Purchased-credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased-credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans. | |||||||||||||||||||||||||||||||
-4 | Amounts exclude deferred costs and fees, unamortized premiums and discounts, and the allowance for loan losses. | |||||||||||||||||||||||||||||||
-5 | Manufactured housing loans purchased in 2010 are subject to cash reserves held at the Bank that are used to fund past-due payments when the loan becomes 90 days or more delinquent. Subsequent purchases are subject to varying provisions in the event of borrowers’ delinquencies. | |||||||||||||||||||||||||||||||
Covered Loans | ||||||||||||||||||||||||||||||||
The following tables summarize covered loans by loan type and performance status as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | - Credit | Loans (4) | |||||||||||||||||||||||||||
Past Due (1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 26 | $ | — | $ | 26 | $ | 158 | $ | 825 | $ | 737 | $ | 1,746 | ||||||||||||||||||
Multi-family | — | — | — | — | 361 | — | 361 | |||||||||||||||||||||||||
Commercial real estate | 25 | — | 25 | 497 | 10,765 | 5,060 | 16,347 | |||||||||||||||||||||||||
Construction | — | — | — | 2,325 | — | 1,650 | 3,975 | |||||||||||||||||||||||||
Residential real estate | 294 | — | 294 | 1,006 | 10,255 | 604 | 12,159 | |||||||||||||||||||||||||
Other consumer | 136 | — | 136 | 73 | 2,529 | 39 | 2,777 | |||||||||||||||||||||||||
Total | $ | 481 | $ | — | $ | 481 | $ | 4,059 | $ | 24,735 | $ | 8,090 | $ | 37,365 | ||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
30-89 Days | 90 Days | Total Past | Non- | Current (2) | Purchased- | Total | ||||||||||||||||||||||||||
Past Due (1) | Or More | Due (1) | Accrual | Credit | Loans (4) | |||||||||||||||||||||||||||
Past Due (1) | Impaired | |||||||||||||||||||||||||||||||
Loans (3) | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 518 | $ | — | $ | 518 | $ | 165 | $ | 361 | $ | 1,191 | $ | 2,235 | ||||||||||||||||||
Multi-family | — | — | — | — | 372 | — | 372 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | 615 | 11,884 | 5,086 | 17,585 | |||||||||||||||||||||||||
Construction | — | — | — | 2,325 | — | 4,380 | 6,705 | |||||||||||||||||||||||||
Residential real estate | — | — | — | 1,006 | 10,782 | 604 | 12,392 | |||||||||||||||||||||||||
Other consumer | 147 | — | 147 | 135 | 2,570 | 40 | 2,892 | |||||||||||||||||||||||||
Total | $ | 665 | $ | — | $ | 665 | $ | 4,246 | $ | 25,969 | $ | 11,301 | $ | 42,181 | ||||||||||||||||||
-1 | Includes past due loans that are accruing interest because collection is considered probable. | |||||||||||||||||||||||||||||||
-2 | Purchased loans in FDIC assisted transactions with no evidence of credit deterioration since origination. | |||||||||||||||||||||||||||||||
-3 | Purchased-credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased-credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans. | |||||||||||||||||||||||||||||||
-4 | Amounts exclude deferred costs and fees, unamortized premiums and discounts, and the allowance for loan losses. | |||||||||||||||||||||||||||||||
Schedule of Changes in Allowance for Loan Losses | The following table presents changes in the allowance for loan losses and the FDIC loss sharing receivable for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||
Allowance for Loan Losses | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(amounts in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 30,932 | $ | 23,998 | ||||||||||||||||||||||||||||
Provision for loan losses (1) | 3,635 | 2,901 | ||||||||||||||||||||||||||||||
Charge-offs | (1,144 | ) | (536 | ) | ||||||||||||||||||||||||||||
Recoveries | 143 | 341 | ||||||||||||||||||||||||||||||
Ending balance | $ | 33,566 | $ | 26,704 | ||||||||||||||||||||||||||||
Schedule of FDIC Loss Sharing Receivable | ||||||||||||||||||||||||||||||||
FDIC Loss Sharing Receivable | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
(amounts in thousands) | 2015 | 2014 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 2,320 | $ | 10,046 | ||||||||||||||||||||||||||||
Increased (decreased) estimated cash flows (2) | 671 | (1,467 | ) | |||||||||||||||||||||||||||||
Other activity, net (a) | 134 | 990 | ||||||||||||||||||||||||||||||
Cash payments to/(from) FDIC | 302 | (1,297 | ) | |||||||||||||||||||||||||||||
Ending balance | $ | 3,427 | $ | 8,272 | ||||||||||||||||||||||||||||
(1) Provision for loan losses | $ | 3,635 | $ | 2,901 | ||||||||||||||||||||||||||||
(2) Effect attributable to FDIC loss share arrangements | (671 | ) | 1,467 | |||||||||||||||||||||||||||||
Net amount reported as provision for loan losses | $ | 2,964 | $ | 4,368 | ||||||||||||||||||||||||||||
(a) | Includes external costs, such as legal fees, real estate taxes, and appraisal expenses, which qualify for reimbursement under loss sharing arrangements | |||||||||||||||||||||||||||||||
Summary of Recorded Investment Net Charge-Offs, Unpaid Principal Balance and Related Allowance for Impaired Loans | Loans Individually Evaluated for Impairment — Covered and Non-Covered | |||||||||||||||||||||||||||||||
The following tables present the recorded investment (net of charge-offs), unpaid principal balance, and related allowance by loan type for loans that are individually evaluated for impairment as of March 31, 2015 and December 31, 2014 and the average recorded investment and interest income recognized for the three months ended March 31, 2015 and 2014. Purchased-credit-impaired loans are considered to be performing and are not included in the tables below. | ||||||||||||||||||||||||||||||||
31-Mar-15 | Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | |||||||||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 6,922 | $ | 8,376 | $ | — | $ | 10,374 | $ | 164 | ||||||||||||||||||||||
Commercial real estate | 11,496 | 11,641 | — | 15,237 | 191 | |||||||||||||||||||||||||||
Construction | 2,325 | 3,594 | — | 2,325 | — | |||||||||||||||||||||||||||
Other consumer | 20 | 20 | — | 21 | — | |||||||||||||||||||||||||||
Residential real estate | 1,438 | 1,438 | — | 1,447 | — | |||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | 6,478 | 6,488 | 2,295 | 4,156 | 5 | |||||||||||||||||||||||||||
Commercial real estate | 1,409 | 1,409 | 864 | 1,410 | — | |||||||||||||||||||||||||||
Construction | — | — | — | — | — | |||||||||||||||||||||||||||
Other consumer | 53 | 53 | 25 | 84 | 1 | |||||||||||||||||||||||||||
Residential real estate | 362 | 362 | 185 | 364 | — | |||||||||||||||||||||||||||
Total | $ | 30,503 | $ | 33,381 | $ | 3,369 | $ | 35,418 | $ | 361 | ||||||||||||||||||||||
31-Dec-14 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | ||||||||||||||||||||||||||||
Net of | Balance | Investment | Recognized | |||||||||||||||||||||||||||||
Charge offs | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 13,825 | $ | 15,348 | $ | — | $ | 12,003 | $ | 99 | ||||||||||||||||||||||
Commercial real estate | 18,977 | 19,121 | — | 17,139 | 274 | |||||||||||||||||||||||||||
Construction | 2,325 | 2,325 | — | 2,551 | — | |||||||||||||||||||||||||||
Other consumer | 21 | 21 | — | 3 | — | |||||||||||||||||||||||||||
Residential real estate | 1,455 | 3,697 | — | 2,391 | 13 | |||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||
Commercial and industrial | 1,833 | 1,833 | 818 | 1,653 | 8 | |||||||||||||||||||||||||||
Commercial real estate | 1,410 | 1,410 | 304 | 2,350 | 1 | |||||||||||||||||||||||||||
Construction | — | — | — | 1,350 | 15 | |||||||||||||||||||||||||||
Other consumer | 114 | 114 | 32 | 64 | 1 | |||||||||||||||||||||||||||
Residential real estate | 365 | 365 | 188 | 251 | 1 | |||||||||||||||||||||||||||
Total | $ | 40,325 | $ | 44,234 | $ | 1,342 | $ | 39,755 | $ | 412 | ||||||||||||||||||||||
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 months ended March 31, 2015 and 2014. There were no modifications that involved forgiveness of debt. | |||||||||||||||||||||||||||||||
TDRs in Compliance with Their Modified Terms and Accruing Interest | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | Total | ||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Extended under forbearance | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | — | — | — | |||||||||||||||||||||||||||||
Interest-rate reductions | 198 | 207 | 405 | |||||||||||||||||||||||||||||
Total | $ | 198 | $ | 207 | $ | 405 | ||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Extended under forbearance | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Multiple extensions resulting from financial difficulty | — | — | — | |||||||||||||||||||||||||||||
Interest-rate reductions | 247 | 127 | 374 | |||||||||||||||||||||||||||||
Total | $ | 247 | $ | 127 | $ | 374 | ||||||||||||||||||||||||||
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment | The following table provides, by loan type, the number of loans modified in troubled debt restructurings and the related recorded investment during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||||||||||
TDRs in Compliance with Their Modified Terms and Accruing Interest | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | |||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | |||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | ||||||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||||||
Manufactured housing | — | — | 2 | 207 | ||||||||||||||||||||||||||||
Residential real estate | 1 | 198 | — | — | ||||||||||||||||||||||||||||
Other consumer | — | — | — | — | ||||||||||||||||||||||||||||
Total | 1 | $ | 198 | 2 | $ | 207 | ||||||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | ||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | ||||||||||||||||||||||||||||
Construction | — | — | — | — | ||||||||||||||||||||||||||||
Manufactured housing | 1 | 47 | 2 | 127 | ||||||||||||||||||||||||||||
Residential real estate | 3 | 200 | — | — | ||||||||||||||||||||||||||||
Other consumer | — | — | — | — | ||||||||||||||||||||||||||||
Total | 4 | $ | 247 | 2 | $ | 127 | ||||||||||||||||||||||||||
Credit Ratings of Covered and Non-Covered Loan Portfolio | The following tables present the credit ratings of the non-covered loan portfolio as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Manufactured | Total | |||||||||||||||||||||||||
and | Real Estate | Real Estate | Housing | |||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 592,072 | $ | 1,160,583 | $ | 2,053,379 | $ | 62,430 | $ | 275,426 | $ | — | $ | — | $ | 4,143,890 | ||||||||||||||||
Special Mention | 11,484 | 10,608 | — | — | — | — | — | 22,092 | ||||||||||||||||||||||||
Substandard | 2,535 | 6,534 | — | — | 1,741 | — | — | 10,810 | ||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 1,324 | 112,133 | 113,457 | ||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | — | 9,489 | 9,489 | ||||||||||||||||||||||||
Total | $ | 606,091 | $ | 1,177,725 | $ | 2,053,379 | $ | 62,430 | $ | 277,167 | $ | 1,324 | $ | 121,622 | $ | 4,299,738 | ||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Manufactured | Total | |||||||||||||||||||||||||
and | Real Estate | Real Estate | Housing | |||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 524,848 | $ | 1,109,565 | $ | 2,127,034 | $ | 56,669 | $ | 283,240 | $ | — | $ | — | $ | 4,101,356 | ||||||||||||||||
Special Mention | 13,238 | 16,002 | — | — | 243 | — | — | 29,483 | ||||||||||||||||||||||||
Substandard | 2,344 | 6,505 | — | — | 1,520 | — | — | 10,369 | ||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 1,541 | 115,088 | 116,629 | ||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | — | 11,643 | 11,643 | ||||||||||||||||||||||||
Total | $ | 540,430 | $ | 1,132,072 | $ | 2,127,034 | $ | 56,669 | $ | 285,003 | $ | 1,541 | $ | 126,731 | $ | 4,269,480 | ||||||||||||||||
-1 | Includes consumer and other installment loans not subject to risk ratings. | |||||||||||||||||||||||||||||||
-2 | Includes loans that are past due and still accruing interest and loans on nonaccrual status. | |||||||||||||||||||||||||||||||
The following tables present the credit ratings of the covered loan portfolio as of March 31, 2015 and December 31, 2014: | ||||||||||||||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Total | ||||||||||||||||||||||||||
and | Real Estate | Real Estate | ||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 1,061 | $ | 10,117 | $ | 361 | $ | — | $ | 10,752 | $ | — | $ | 22,291 | ||||||||||||||||||
Special Mention | — | 4,046 | — | — | — | — | 4,046 | |||||||||||||||||||||||||
Substandard | 685 | 2,184 | — | 3,975 | 1,407 | — | 8,251 | |||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 2,568 | 2,568 | |||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | 209 | 209 | |||||||||||||||||||||||||
Total | $ | 1,746 | $ | 16,347 | $ | 361 | $ | 3,975 | $ | 12,159 | $ | 2,777 | $ | 37,365 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
Commercial | Commercial | Multi-family | Construction | Residential | Other Consumer | Total | ||||||||||||||||||||||||||
and | Real Estate | Real Estate | ||||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 1,104 | $ | 10,207 | $ | 372 | $ | — | $ | 10,985 | $ | — | $ | 22,668 | ||||||||||||||||||
Special Mention | — | 5,076 | — | — | — | — | 5,076 | |||||||||||||||||||||||||
Substandard | 1,131 | 2,302 | — | 6,705 | 1,407 | — | 11,545 | |||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | 2,610 | 2,610 | |||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | 282 | 282 | |||||||||||||||||||||||||
Total | $ | 2,235 | $ | 17,585 | $ | 372 | $ | 6,705 | $ | 12,392 | $ | 2,892 | $ | 42,181 | ||||||||||||||||||
Schedule of Allowance for Loan Losses | The changes in the allowance for loan losses for the three months ended March 31, 2015 and 2014 and the loans and allowance for loan losses by loan class based on impairment evaluation method are as follows. The amounts presented for the provision for loan losses below do not include the effect of changes to estimated benefits resulting from the FDIC loss share arrangements for the covered loans. | |||||||||||||||||||||||||||||||
Three Months Ended | Commercial | Commercial | Multi-family | Construction | Residential | Manufactured | Other Consumer | Total | ||||||||||||||||||||||||
31-Mar-15 | and | Real Estate | Real Estate | Housing | ||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2015 | $ | 4,746 | $ | 13,572 | $ | 8,493 | $ | 1,047 | $ | 2,698 | $ | 262 | $ | 114 | $ | 30,932 | ||||||||||||||||
Charge-offs | (21 | ) | (318 | ) | — | (769 | ) | — | — | (36 | ) | (1,144 | ) | |||||||||||||||||||
Recoveries | 45 | — | — | 15 | — | — | 83 | 143 | ||||||||||||||||||||||||
Provision for loan losses | 1,977 | 1,067 | (297 | ) | 559 | 297 | 84 | (52 | ) | 3,635 | ||||||||||||||||||||||
Ending Balance, March 31, 2015 | $ | 6,747 | $ | 14,321 | $ | 8,196 | $ | 852 | $ | 2,995 | $ | 346 | $ | 109 | $ | 33,566 | ||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 13,400 | $ | 12,905 | $ | — | $ | 2,325 | $ | 1,800 | $ | — | $ | 73 | $ | 30,503 | ||||||||||||||||
Collectively evaluated for impairment | 592,323 | 1,149,368 | 2,051,191 | 62,343 | 277,660 | 117,747 | 3,794 | 4,254,426 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 2,114 | 31,799 | 2,549 | 1,737 | 9,866 | 3,875 | 234 | 52,174 | ||||||||||||||||||||||||
$ | 607,837 | $ | 1,194,072 | $ | 2,053,740 | $ | 66,405 | $ | 289,326 | $ | 121,622 | $ | 4,101 | $ | 4,337,103 | |||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 2,295 | $ | 864 | $ | — | $ | — | $ | 185 | $ | — | $ | 25 | $ | 3,369 | ||||||||||||||||
Collectively evaluated for impairment | 4,294 | 8,645 | 8,196 | 468 | 1,648 | 90 | 30 | 23,371 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 158 | 4,812 | — | 384 | 1,162 | 256 | 54 | 6,826 | ||||||||||||||||||||||||
$ | 6,747 | $ | 14,321 | $ | 8,196 | $ | 852 | $ | 2,995 | $ | 346 | $ | 109 | $ | 33,566 | |||||||||||||||||
Three Months Ended | Commercial | Commercial | Multi-family | Construction | Residential | Manufactured | Other Consumer | Total | ||||||||||||||||||||||||
31-Mar-14 | and | Real Estate | Real Estate | Housing | ||||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Beginning Balance, January 1, 2014 | $ | 2,674 | $ | 11,478 | $ | 4,227 | $ | 2,385 | $ | 2,490 | $ | 614 | $ | 130 | $ | 23,998 | ||||||||||||||||
Charge-offs | — | (248 | ) | — | — | (288 | ) | — | — | (536 | ) | |||||||||||||||||||||
Recoveries | 90 | 25 | — | — | 224 | — | 2 | 341 | ||||||||||||||||||||||||
Provision for loan losses | (281 | ) | 1,377 | 1,993 | (43 | ) | (119 | ) | (21 | ) | (5 | ) | 2,901 | |||||||||||||||||||
Ending Balance, March 31, 2014 | $ | 2,483 | $ | 12,632 | $ | 6,220 | $ | 2,342 | $ | 2,307 | $ | 593 | $ | 127 | $ | 26,704 | ||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 15,658 | $ | 20,387 | $ | — | $ | 2,325 | $ | 1,820 | $ | — | $ | 135 | $ | 40,325 | ||||||||||||||||
Collectively evaluated for impairment | 524,335 | 1,096,681 | 2,124,820 | 56,510 | 285,608 | 122,715 | 4,050 | 4,214,719 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 2,672 | 32,589 | 2,586 | 4,539 | 9,967 | 4,016 | 248 | 56,617 | ||||||||||||||||||||||||
$ | 542,665 | $ | 1,149,657 | $ | 2,127,406 | $ | 63,374 | $ | 297,395 | $ | 126,731 | $ | 4,433 | $ | 4,311,661 | |||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 818 | $ | 304 | $ | — | $ | — | $ | 188 | $ | — | $ | 32 | $ | 1,342 | ||||||||||||||||
Collectively evaluated for impairment | 3,766 | 8,336 | 8,493 | 424 | 1,436 | 92 | 28 | 22,575 | ||||||||||||||||||||||||
Loans acquired with credit deterioration | 162 | 4,932 | — | 623 | 1,074 | 170 | 54 | 7,015 | ||||||||||||||||||||||||
$ | 4,746 | $ | 13,572 | $ | 8,493 | $ | 1,047 | $ | 2,698 | $ | 262 | $ | 114 | $ | 30,932 | |||||||||||||||||
Changes in Accretable Yield Related to Purchased-credit-impaired Loans | The changes in accretable yield related to purchased-credit-impaired loans for the three months ended March 31, 2015 and 2014 were as follows: | |||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Accretable yield balance, beginning of period | $ | 17,606 | $ | 22,557 | ||||||||||||||||||||||||||||
Accretion to interest income | (660 | ) | (1,080 | ) | ||||||||||||||||||||||||||||
Reclassification from nonaccretable difference and disposals, net | (1,522 | ) | (858 | ) | ||||||||||||||||||||||||||||
Accretable yield balance, end of period | $ | 15,424 | $ | 20,619 | ||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity for the three months ended March 31, 2015. | ||||||||||||
Number | Weighted- | Weighted- | Aggregate | ||||||||||
of Options | average | average | Intrinsic | ||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ||||||||||||
Term in Years | |||||||||||||
(amount in thousands, except Weighted-average exercise price) | |||||||||||||
Outstanding at January 1, 2015 | 3,168,067 | $ | 12.61 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Outstanding at March 31, 2015 | 3,168,067 | $ | 12.61 | 6.95 | $ | 37,246 | |||||||
Exercisable at March 31, 2015 | 13,683 | $ | 16.67 | 2.29 | $ | 119 | |||||||
Summary of Restricted Stock Activity | The following table summarizes restricted stock unit activity for the three months ended March 31, 2015. | ||||||||||||
Restricted | Weighted- | ||||||||||||
Stock Units | average Grant- | ||||||||||||
date Fair Value | |||||||||||||
Outstanding and unvested at January 1, 2015 | 788,971 | $ | 13 | ||||||||||
Granted | 146,920 | 19.09 | |||||||||||
Vested | (62,605 | ) | 11.45 | ||||||||||
Forfeited | (1,658 | ) | 14.32 | ||||||||||
Outstanding and unvested at March 31, 2015 | 871,628 | $ | 14.13 | ||||||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||
Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios | To be categorized as well capitalized, an institution must maintain minimum common equity Tier 1, total risk based, Tier 1 risk based and Tier 1 leveraged ratios as set forth in the following table: | ||||||||||||||||||||
Actual | For Capital Adequacy | To Be Well Capitalized | |||||||||||||||||||
Purposes | Under | ||||||||||||||||||||
Prompt Corrective Action | |||||||||||||||||||||
Provisions | |||||||||||||||||||||
(amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||
Common equity Tier 1 (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 454,889 | 8.25 | % | $ | 248,013 | 4.5 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 496,018 | 9.05 | % | $ | 246,741 | 4.5 | % | $ | 356,404 | 6.5 | % | |||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 587,473 | 10.66 | % | $ | 440,913 | 8 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 639,584 | 11.66 | % | $ | 438,651 | 8 | % | $ | 548,314 | 10 | % | |||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 454,889 | 8.25 | % | $ | 330,684 | 6 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 496,018 | 9.05 | % | $ | 328,988 | 6 | % | $ | 438,651 | 8 | % | |||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 454,889 | 6.72 | % | $ | 270,915 | 4 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 496,018 | 7.35 | % | $ | 269,801 | 4 | % | $ | 337,251 | 5 | % | |||||||||
As of December 31, 2014: | |||||||||||||||||||||
Total capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 578,644 | 11.09 | % | $ | 417,473 | 8 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 621,894 | 11.98 | % | $ | 415,141 | 8 | % | $ | 518,926 | 10 | % | |||||||||
Tier 1 capital (to risk weighted assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 437,712 | 8.39 | % | $ | 208,737 | 4 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 480,963 | 9.27 | % | $ | 207,570 | 4 | % | $ | 311,356 | 6 | % | |||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||
Customers Bancorp, Inc. | $ | 437,712 | 6.69 | % | $ | 261,622 | 4 | % | N/A | N/A | |||||||||||
Customers Bank | $ | 480,963 | 7.39 | % | $ | 260,462 | 4 | % | $ | 325,577 | 5 | % | |||||||||
Disclosures_about_Fair_Value_o1
Disclosures about Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Estimated Fair Values of Financial Instruments | The estimated fair values of the Bancorp’s financial instruments were as follows at March 31, 2015 and December 31, 2014. | |||||||||||||||||||
Fair Value Measurements at March 31, 2015 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant | ||||||||||||||||
Amount | Fair Value | Unobservable | ||||||||||||||||||
Inputs | ||||||||||||||||||||
(Level 3) | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 333,823 | $ | 333,823 | $ | 333,823 | $ | — | $ | — | ||||||||||
Investment securities, available for sale | 396,194 | 396,194 | 22,305 | 373,889 | — | |||||||||||||||
Loans held for sale | 1,758,084 | 1,758,695 | — | 1,676,891 | 81,804 | |||||||||||||||
Loans receivable, net of allowance for loan losses | 4,304,285 | 4,311,848 | — | — | 4,311,848 | |||||||||||||||
FHLB, Federal Reserve Bank and other restricted stock | 81,798 | 81,798 | — | 81,798 | — | |||||||||||||||
FDIC loss sharing receivable | 3,427 | 3,427 | — | — | 3,427 | |||||||||||||||
Derivatives | 8,810 | 8,810 | — | 8,723 | 87 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 4,893,321 | $ | 4,905,100 | $ | 3,059,457 | $ | 1,845,643 | $ | — | ||||||||||
FHLB advances | 1,545,000 | 1,547,465 | 1,175,147 | 372,318 | — | |||||||||||||||
Other borrowings | 88,250 | 92,928 | 67,678 | 25,250 | — | |||||||||||||||
Subordinated debt | 110,000 | 113,025 | — | 113,025 | — | |||||||||||||||
Derivatives | 12,938 | 12,938 | — | 12,938 | — | |||||||||||||||
Fair Value Measurements at December 31, 2014 | ||||||||||||||||||||
Carrying | Estimated | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant | ||||||||||||||||
Amount | Fair Value | Unobservable | ||||||||||||||||||
Inputs | ||||||||||||||||||||
(Level 3) | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 371,023 | $ | 371,023 | $ | 371,023 | $ | — | $ | — | ||||||||||
Investment securities, available for sale | 416,685 | 416,685 | 24,270 | 392,415 | — | |||||||||||||||
Loans held for sale | 1,435,459 | 1,436,460 | — | 1,335,668 | 100,792 | |||||||||||||||
Loans receivable, net of allowance for loan losses | 4,281,241 | 4,285,537 | — | — | 4,285,537 | |||||||||||||||
FHLB, Federal Reserve Bank and other stock | 82,002 | 82,002 | — | 82,002 | — | |||||||||||||||
FDIC loss sharing receivable | 2,320 | 2,320 | — | — | 2,320 | |||||||||||||||
Derivatives | 7,552 | 7,552 | — | 7,509 | 43 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 4,532,538 | $ | 4,540,507 | $ | 2,820,875 | $ | 1,719,632 | $ | — | ||||||||||
FHLB advances | 1,618,000 | 1,619,858 | 1,298,000 | 321,858 | — | |||||||||||||||
Other borrowings | 88,250 | 92,069 | 66,944 | 25,125 | — | |||||||||||||||
Subordinated debt | 110,000 | 111,925 | — | 111,925 | — | |||||||||||||||
Derivatives | 9,716 | 9,716 | — | 9,716 | — | |||||||||||||||
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 March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 358,717 | $ | — | $ | 358,717 | ||||||||||||
Corporate notes | — | 15,172 | — | 15,172 | ||||||||||||||||
Equity securities | 22,305 | — | — | 22,305 | ||||||||||||||||
Derivatives (1) | — | 8,723 | 87 | 8,810 | ||||||||||||||||
Loans held for sale – fair value option | — | 1,676,891 | — | 1,676,891 | ||||||||||||||||
Total assets - recurring fair value measurements | $ | 22,305 | $ | 2,059,503 | $ | 87 | $ | 2,081,895 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives (2) | $ | — | $ | 12,938 | $ | — | $ | 12,938 | ||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Impaired loans, net of specific reserves of $3,369 | $ | — | $ | — | $ | 4,943 | $ | 4,943 | ||||||||||||
Other real estate owned | — | — | 546 | 546 | ||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | — | $ | — | $ | 5,489 | $ | 5,489 | ||||||||||||
31-Dec-14 | ||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||
Mortgage-backed securities | $ | — | $ | 377,311 | $ | — | $ | 377,311 | ||||||||||||
Corporate notes | — | 15,104 | — | 15,104 | ||||||||||||||||
Equity securities | 24,270 | — | — | 24,270 | ||||||||||||||||
Derivatives (1) | — | 7,509 | 43 | $ | 7,552 | |||||||||||||||
Loans held for sale – fair value option | — | 1,335,668 | — | 1,335,668 | ||||||||||||||||
Total assets - recurring fair value measurements | $ | 24,270 | $ | 1,735,592 | $ | 43 | $ | 1,759,905 | ||||||||||||
Liabilities | ||||||||||||||||||||
Derivatives (2) | — | $ | 9,716 | — | $ | 9,716 | ||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Impaired loans, net of specific reserves of $1,342 | $ | — | $ | — | $ | 2,380 | $ | 2,380 | ||||||||||||
Other real estate owned | — | — | 9,149 | 9,149 | ||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | — | $ | — | $ | 11,529 | $ | 11,529 | ||||||||||||
-1 | Included in Other Assets | |||||||||||||||||||
-2 | Included in Other Liabilities | |||||||||||||||||||
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 March 31, 2015 and 2014 are summarized as follows. | |||||||||||||||||||
Three Months Ended March 31, 2015 | Residential | |||||||||||||||||||
Mortgage | ||||||||||||||||||||
Loan | ||||||||||||||||||||
Commitments | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Balance at January 1, 2015 | $ | 43 | ||||||||||||||||||
Issuances | 87 | |||||||||||||||||||
Settlements | (43 | ) | ||||||||||||||||||
Balance at March 31, 2015 | $ | 87 | ||||||||||||||||||
Three Months Ended March 31, 2014 | Residential | |||||||||||||||||||
Mortgage | ||||||||||||||||||||
Loan | ||||||||||||||||||||
Commitments | ||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Balance at January 1, 2014 | $ | 240 | ||||||||||||||||||
Issuances | 103 | |||||||||||||||||||
Settlements | (240 | ) | ||||||||||||||||||
Balance at March 31, 2014 | $ | 103 | ||||||||||||||||||
The Bancorp’s policy is to recognize transfers between fair value levels when events or circumstances warrant transfers. There were no transfers between levels during the first three months of 2015 nor 2014. | ||||||||||||||||||||
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 March 31, 2015 and December 31, 2014 on a recurring and nonrecurring basis for which the Bancorp utilized Level 3 inputs to measure fair value. | |||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
31-Mar-15 | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted | ||||||||||||||||
Estimate | Average) (3) | |||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Impaired loans | $ | 4,943 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | |||||||||||||||
Other real estate owned | 546 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | ||||||||||||||||
Residential mortgage loan commitments | 87 | Adjusted market bid | Pull-through rate | 80% | ||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||||||||||
31-Dec-14 | Fair Value | Valuation Technique | Unobservable Input | Range (Weighted | ||||||||||||||||
Estimate | Average) (3) | |||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||
Impaired loans | $ | 2,380 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | |||||||||||||||
Other real estate owned | 9,149 | Collateral appraisal (1) | Liquidation expenses (2) | -8% | ||||||||||||||||
Residential mortgage loan commitments | 43 | Adjusted market bid | Pull-through rate | 80% | ||||||||||||||||
-1 | Obtained from approved independent 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) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
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 their classification on the balance sheet as of March 31, 2015 and December 31, 2014. | |||||||||||||||||||||||
31-Mar-15 | ||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||
Location | Location | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 3,891 | ||||||||||||||||||
Total | $ | — | $ | 3,891 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 8,515 | Other liabilities | $ | 9,047 | ||||||||||||||||||
Credit contracts | Other assets | 208 | Other liabilities | — | ||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 87 | Other liabilities | — | ||||||||||||||||||||
Total | $ | 8,810 | $ | 9,047 | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||
Balance Sheet | Balance Sheet | |||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | |||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 1,945 | ||||||||||||||||||
Total | $ | — | $ | 1,945 | ||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 7,332 | Other liabilities | $ | 7,771 | ||||||||||||||||||
Credit contracts | Other assets | 177 | Other liabilities | — | ||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 43 | Other liabilities | — | ||||||||||||||||||||
Total | $ | 7,552 | $ | 7,771 | ||||||||||||||||||||
Effect of Derivative Financial Instruments on Comprehensive Income | The following tables present the effect of the Bancorp’s derivative financial instruments on comprehensive income for the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Income Statement Location | Amount of Income | |||||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other non-interest income | $ | 121 | |||||||||||||||||||||
Credit contracts | Other non-interest income | 30 | ||||||||||||||||||||||
Residential mortgage loan commitments | Mortgage loan and banking income | 44 | ||||||||||||||||||||||
Total | $ | 195 | ||||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Income Statement Location | Amount of Income (Loss) | |||||||||||||||||||||||
Recognized in Earnings | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate swaps | Other non-interest income | $ | 520 | |||||||||||||||||||||
Credit contracts | Other non-interest income | (149 | ) | |||||||||||||||||||||
Residential mortgage loan commitments | Mortgage loan and banking income | (137 | ) | |||||||||||||||||||||
Total | $ | 234 | ||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||
Amount of Loss | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||
Recognized in OCI on | Reclassified from | Reclassified from | ||||||||||||||||||||||
Derivatives (Effective Portion) (1) | Accumulated OCI into | Accumulated OCI into | ||||||||||||||||||||||
Income (Effective Portion) | Income (Effective Portion) | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivative in cash flow hedging relationships: | ||||||||||||||||||||||||
Interest rate swaps | $ | (1,168 | ) | Interest expense | $ | — | ||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Amount of Gain | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||||||||||
Recognized in OCI on | Reclassified from | Reclassified from | ||||||||||||||||||||||
Derivatives (Effective Portion) (1) | Accumulated OCI into | Accumulated OCI into | ||||||||||||||||||||||
Income (Effective Portion) | Income (Effective Portion) | |||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Derivative in cash flow hedging relationships: | ||||||||||||||||||||||||
Interest rate swaps | $ | 432 | Interest expense | $ | — | |||||||||||||||||||
-1 | Net of taxes | |||||||||||||||||||||||
Summary of Offsetting of Financial Assets and Derivative Assets | Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net | ||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | Amount | ||||||||||||||||||||
Recognized | Offset in the | Assets | Consolidated | |||||||||||||||||||||
Assets | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | ||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||
Received | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 192 | $ | — | $ | 192 | $ | 192 | $ | — | $ | — | ||||||||||||
The following tables present derivative instruments that are subject to enforceable master netting arrangements. The Bancorp’s interest rate swaps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the table below. The Bancorp has not made a policy election to offset its derivative positions. | ||||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | ||||||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net | ||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | Amount | ||||||||||||||||||||
Recognized | Offset in the | Assets | Consolidated | |||||||||||||||||||||
Assets | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | ||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||
Received | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 208 | $ | — | $ | 208 | $ | 208 | $ | — | $ | — | ||||||||||||
Summary of Offsetting of Financial Liabilities and Derivative Liabilities | Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||
At March 31, 2015 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | |||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | |||||||||||||||||||||
Recognized | Offset in the | Liabilities | Consolidated | |||||||||||||||||||||
Liabilities | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | Net | |||||||||||||||||||||
Instruments | Collateral | Amount | ||||||||||||||||||||||
Pledged | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 12,938 | $ | — | $ | 12,938 | $ | 208 | $ | 12,730 | $ | — | ||||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | ||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
Gross | Gross | Net | Gross Amounts | Net | ||||||||||||||||||||
Amount of | Amounts | Amounts of | not Offset in the | Amount | ||||||||||||||||||||
Recognized | Offset in the | Liabilities | Consolidated | |||||||||||||||||||||
Liabilities | Consolidated | Presented | Balance Sheet | |||||||||||||||||||||
Balance | in the | |||||||||||||||||||||||
Sheet | Consolidated | |||||||||||||||||||||||
Balance | ||||||||||||||||||||||||
Sheet | Financial | Cash | ||||||||||||||||||||||
Instruments | Collateral | |||||||||||||||||||||||
Pledged | ||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||
Description | ||||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 9,703 | $ | — | $ | 9,703 | $ | 192 | $ | 9,511 | $ | — | ||||||||||||
Description_of_the_Business_Ad
Description of the Business - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2010 | Mar. 31, 2015 | |
Bank | Branch | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of banks acquired | 2 | |
Number of branches | 14 |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Other Comprehensive Income (loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | ($122) | ($8,118) |
Other comprehensive income (loss) before reclassifications | -925 | 6,361 |
Amounts reclassified from accumulated other comprehensive loss to net income | 0 | -1,841 |
Net current-period other comprehensive income (loss) | -925 | 4,520 |
Ending balance | -1,047 | -3,598 |
Unrealized Gains on Available-for-sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 1,142 | -8,118 |
Other comprehensive income (loss) before reclassifications | 243 | 5,929 |
Amounts reclassified from accumulated other comprehensive loss to net income | 0 | -1,841 |
Net current-period other comprehensive income (loss) | 243 | 4,088 |
Ending balance | 1,385 | -4,030 |
Unrealized Loss on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | -1,264 | 0 |
Other comprehensive income (loss) before reclassifications | -1,168 | 432 |
Amounts reclassified from accumulated other comprehensive loss to net income | 0 | 0 |
Net current-period other comprehensive income (loss) | -1,168 | 432 |
Ending balance | ($2,432) | $432 |
Earnings_Per_Share_Components_
Earnings Per Share - Components of Earnings Per Share (Detail) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $13,952 | $8,136 | ||
Weighted-average number of common shares outstanding - basic | 26,777,389 | 26,686,570 | ||
Share-based compensation plans | 1,276,340 | 845,901 | ||
Warrants | 284,074 | 242,560 | ||
Weighted-average number of common shares - diluted | 28,337,803 | 27,775,031 | ||
Basic earnings per share | $0.52 | [1] | $0.30 | [1] |
Diluted earnings per share | $0.49 | [1] | $0.29 | [1] |
[1] | Earnings per share amounts for the three months ended March 31, 2014 have been adjusted to reflect the 10% stock dividend declared on May 15, 2014 and issued on June 30, 2014. |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Percentage of stock dividend declared | 10.00% |
Dividend declared date | 15-May-14 |
Dividend issued date | 30-Jun-14 |
Earnings_Per_Share_Antidilutiv
Earnings Per Share - Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Anti-dilutive securities: | ||
Total anti-dilutive securities | 70,925 | 253,427 |
Share-based compensation awards | ||
Anti-dilutive securities: | ||
Total anti-dilutive securities | 18,683 | 134,682 |
Warrants | ||
Anti-dilutive securities: | ||
Total anti-dilutive securities | 52,242 | 118,745 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $393,978 | $414,928 |
Gross Unrealized Gains | 4,303 | 4,106 |
Gross Unrealized Losses | -2,087 | -2,349 |
Fair Value | 396,194 | 416,685 |
Corporate notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Gross Unrealized Gains | 104 | |
Gross Unrealized Losses | 0 | |
Fair Value | 15,104 | |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 355,904 | 376,854 |
Gross Unrealized Gains | 4,075 | 2,805 |
Gross Unrealized Losses | -1,262 | -2,348 |
Fair Value | 358,717 | 377,311 |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,000 | |
Gross Unrealized Gains | 172 | |
Gross Unrealized Losses | 0 | |
Fair Value | 15,172 | |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,074 | 23,074 |
Gross Unrealized Gains | 56 | 1,197 |
Gross Unrealized Losses | -825 | -1 |
Fair Value | $22,305 | $24,270 |
Investment_Securities_Statemen
Investment Securities - Statement of Proceeds from Sale of Available for Sale Investment Securities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $0 | $187,891 |
Gross gains | 0 | 2,832 |
Gross losses | 0 | 0 |
Net gains | $0 | $2,832 |
Investment_Securities_Summary_1
Investment Securities - Summary of Available-for-Sale Debt Securities by Stated Maturity (Detail) (USD $) | Mar. 31, 2015 |
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 | 0 |
Amortized Cost, Due after five years through ten years | 15,000 |
Amortized Cost, Due after ten years | 0 |
Mortgage-backed securities, Amortized Cost | 355,904 |
Total debt securities, Amortized Cost | 370,904 |
Fair Value, Due in one year or less | 0 |
Fair Value, Due after one year through five years | 0 |
Fair Value, Due after five years through ten years | 15,172 |
Fair Value, Due after ten years | 0 |
Mortgage-backed securities, Fair Value | 358,717 |
Total debt securities, Fair Value | $373,889 |
Investment_Securities_Gross_Un
Investment Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | $44,575 | $60,388 |
Less Than 12 Months, Unrealized Losses | -829 | -81 |
12 Months or More, Fair Value | 78,854 | 80,431 |
12 Months or More, Unrealized Losses | -1,258 | -2,268 |
Fair Value, Total | 123,429 | 140,819 |
Gross Unrealized Losses | -2,087 | -2,349 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 23,331 | 60,388 |
Less Than 12 Months, Unrealized Losses | -5 | -81 |
12 Months or More, Fair Value | 78,848 | 80,426 |
12 Months or More, Unrealized Losses | -1,257 | -2,267 |
Fair Value, Total | 102,179 | 140,814 |
Gross Unrealized Losses | -1,262 | -2,348 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months, Fair Value | 21,244 | 0 |
Less Than 12 Months, Unrealized Losses | -824 | 0 |
12 Months or More, Fair Value | 6 | 5 |
12 Months or More, Unrealized Losses | -1 | -1 |
Fair Value, Total | 21,250 | 5 |
Gross Unrealized Losses | ($825) | ($1) |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | Security | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of available-for-sale investment securities in the less than twelve month category | 7 | |
Number of available-for-sale investment securities in the twelve month or more category | 18 | |
Pledged investment securities fair value | $358.30 | $376.90 |
Loans_Held_for_Sale_Compositio
Loans Held for Sale - Composition of Loans Held for Sale (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables Held-for-sale [Abstract] | ||
Mortgage warehouse loans at fair value | $1,674,014 | $1,332,019 |
Multi-family loans at lower of cost or fair value | 81,193 | 99,791 |
Commercial loans held for sale | 1,755,207 | 1,431,810 |
Residential mortgage loans at fair value | 2,877 | 3,649 |
Loans held for sale, Carrying Amount | $1,758,084 | $1,435,459 |
Loans_Receivable_and_Allowance2
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Commitment | Loan | ||
Commitment | |||
Financing Receivable, Modifications [Line Items] | |||
Loans Receivables Gross Troubled Debt Restructurings | $5,200,000 | $5,100,000 | |
Financing Receivable Impairment Modification Minimum Period | 6 months | ||
Number Of Commitments To Lend Additional Funds For Troubled Debt Restructurings | 0 | 0 | |
Loans Receivables Gross Troubled Debt Restructurings Performing Amount | 400,000 | 400,000 | |
Recorded Investment | 200,000 | 100,000 | |
Financing Receivable Modifications Number Of Loans | 2 | ||
Funds For Reimbursement Relating To Purchased Manufactured Housing | 1,100,000 | 3,000,000 | |
Troubled Debt Restructurings | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ||
Specific Allowance Allocations On Loans Modified In Troubled Debt Restructurings | 0 | 0 | |
Troubled Debt Restructurings | Manufactured housing | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | ||
Residential real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Other Real Estate And Foreclosed Assets, Residential | 5,300,000 | ||
Residential Mortgage Loans in Process of Foreclosure Amount | $200,000 | ||
Non Single Family Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Loss Sharing Arrangements For Loans Expire Period | Third quarter 2015 | ||
Single Family Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Loss Sharing Arrangements For Loans Expire Period | Third quarter 2020 |
Loans_Receivable_and_Allowance3
Loans Receivable and Allowance for Loan Losses - Schedule of Loans Receivable (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
FDIC | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | $4,299,738 | $4,269,480 | ||
Total loans receivable covered under FDIC loss sharing agreements | 37,365 | 42,181 | ||
Total loans receivable | 4,337,103 | 4,311,661 | ||
Deferred (fees) costs and unamortized premiums/(discounts), net | 748 | 512 | ||
Allowance for loan losses | -33,566 | -30,932 | -26,704 | -23,998 |
Total loans receivable, net of allowance for loan losses | 4,304,285 | 4,281,241 | ||
Loans acquired in FDIC-assisted transactions | 2 | |||
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 2,053,740 | 2,127,406 | ||
Allowance for loan losses | -8,196 | -8,493 | -6,220 | -4,227 |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 1,194,072 | 1,149,657 | ||
Allowance for loan losses | -14,321 | -13,572 | -12,632 | -11,478 |
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 607,837 | 542,665 | ||
Allowance for loan losses | -6,747 | -4,746 | -2,483 | -2,674 |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 66,405 | 63,374 | ||
Allowance for loan losses | -852 | -1,047 | -2,342 | -2,385 |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 289,326 | 297,395 | ||
Allowance for loan losses | -2,995 | -2,698 | -2,307 | -2,490 |
Manufactured housing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 121,622 | 126,731 | ||
Allowance for loan losses | -346 | -262 | -593 | -614 |
Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 4,101 | 4,433 | ||
Allowance for loan losses | -109 | -114 | -127 | -130 |
Commercial Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 3,899,625 | 3,856,205 | ||
Total loans receivable covered under FDIC loss sharing agreements | 22,429 | 26,897 | ||
Commercial Loan | Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 2,053,379 | 2,127,034 | ||
Total loans receivable covered under FDIC loss sharing agreements | 361 | 372 | ||
Commercial Loan | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 1,177,725 | 1,132,072 | ||
Total loans receivable covered under FDIC loss sharing agreements | 16,347 | 17,585 | ||
Commercial Loan | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 606,091 | 540,430 | ||
Total loans receivable covered under FDIC loss sharing agreements | 1,746 | 2,235 | ||
Commercial Loan | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 62,430 | 56,669 | ||
Total loans receivable covered under FDIC loss sharing agreements | 3,975 | 6,705 | ||
Consumer Loan | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 400,113 | 413,275 | ||
Total loans receivable covered under FDIC loss sharing agreements | 14,936 | 15,284 | ||
Consumer Loan | Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 277,167 | 285,003 | ||
Total loans receivable covered under FDIC loss sharing agreements | 12,159 | 12,392 | ||
Consumer Loan | Manufactured housing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 121,622 | 126,731 | ||
Consumer Loan | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable not covered under FDIC loss sharing agreements | 1,324 | 1,541 | ||
Total loans receivable covered under FDIC loss sharing agreements | $2,777 | $2,892 |
Loans_Receivable_and_Allowance4
Loans Receivable and Allowance for Loan Losses - Non-Covered Loans and Covered Loans by Class and Performance Status (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Due days for loan payments | 30 days | |
Delinquent period | 90 days | |
Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 4,473 | $7,916 |
90 Days Or More Past Due | 4,546 | 4,388 |
Total Past Due | 9,019 | 12,304 |
Non-Accrual | 7,736 | 7,487 |
Current | 4,238,899 | 4,204,373 |
Purchased Credit-Impaired Loans | 44,084 | 45,316 |
Total Loans | 4,299,738 | 4,269,480 |
Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 481 | 665 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 481 | 665 |
Non-Accrual | 4,059 | 4,246 |
Current | 24,735 | 25,969 |
Purchased Credit-Impaired Loans | 8,090 | 11,301 |
Total Loans | 37,365 | 42,181 |
Commercial real estate | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 288 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 288 | 0 |
Non-Accrual | 3,436 | 3,450 |
Current | 1,147,262 | 1,101,119 |
Purchased Credit-Impaired Loans | 26,739 | 27,503 |
Total Loans | 1,177,725 | 1,132,072 |
Commercial real estate | Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 25 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 25 | 0 |
Non-Accrual | 497 | 615 |
Current | 10,765 | 11,884 |
Purchased Credit-Impaired Loans | 5,060 | 5,086 |
Total Loans | 16,347 | 17,585 |
Multi-family | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 2,050,830 | 2,124,448 |
Purchased Credit-Impaired Loans | 2,549 | 2,586 |
Total Loans | 2,053,379 | 2,127,034 |
Multi-family | Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 361 | 372 |
Purchased Credit-Impaired Loans | 0 | 0 |
Total Loans | 361 | 372 |
Commercial and industrial | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 0 | 366 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 0 | 366 |
Non-Accrual | 2,307 | 2,257 |
Current | 602,407 | 536,326 |
Purchased Credit-Impaired Loans | 1,377 | 1,481 |
Total Loans | 606,091 | 540,430 |
Commercial and industrial | Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 26 | 518 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 26 | 518 |
Non-Accrual | 158 | 165 |
Current | 825 | 361 |
Purchased Credit-Impaired Loans | 737 | 1,191 |
Total Loans | 1,746 | 2,235 |
Construction | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 62,343 | 56,510 |
Purchased Credit-Impaired Loans | 87 | 159 |
Total Loans | 62,430 | 56,669 |
Construction | Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 2,325 | 2,325 |
Current | 0 | 0 |
Purchased Credit-Impaired Loans | 1,650 | 4,380 |
Total Loans | 3,975 | 6,705 |
Residential real estate | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 289 | 1,226 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 289 | 1,226 |
Non-Accrual | 946 | 849 |
Current | 266,670 | 273,565 |
Purchased Credit-Impaired Loans | 9,262 | 9,363 |
Total Loans | 277,167 | 285,003 |
Residential real estate | Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 294 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 294 | 0 |
Non-Accrual | 1,006 | 1,006 |
Current | 10,255 | 10,782 |
Purchased Credit-Impaired Loans | 604 | 604 |
Total Loans | 12,159 | 12,392 |
Other | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 0 | 0 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 1,129 | 1,333 |
Purchased Credit-Impaired Loans | 195 | 208 |
Total Loans | 1,324 | 1,541 |
Other | Covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 136 | 147 |
90 Days Or More Past Due | 0 | 0 |
Total Past Due | 136 | 147 |
Non-Accrual | 73 | 135 |
Current | 2,529 | 2,570 |
Purchased Credit-Impaired Loans | 39 | 40 |
Total Loans | 2,777 | 2,892 |
Manufactured housing | Non-covered Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-89 Days Past Due | 3,896 | 6,324 |
90 Days Or More Past Due | 4,546 | 4,388 |
Total Past Due | 8,442 | 10,712 |
Non-Accrual | 1,047 | 931 |
Current | 108,258 | 111,072 |
Purchased Credit-Impaired Loans | 3,875 | 4,016 |
Total Loans | 121,622 | $126,731 |
Loans_Receivable_and_Allowance5
Loans Receivable and Allowance for Loan Losses - Schedule of Changes in Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Receivables [Abstract] | ||
Beginning Balance | $30,932 | $23,998 |
Provision for loan losses | 3,635 | 2,901 |
Charge-offs | -1,144 | -536 |
Recoveries | 143 | 341 |
Ending balance | $33,566 | $26,704 |
Loans_Receivable_and_Allowance6
Loans Receivable and Allowance for Loan Losses - Schedule of FDIC Loss Sharing Receivable (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Receivables [Abstract] | ||
Beginning balance | $2,320 | $10,046 |
Increased (decreased) estimated cash flows | 671 | -1,467 |
Other activity, net | 134 | 990 |
Cash payments to/(from) FDIC | 302 | -1,297 |
Ending balance | 3,427 | 8,272 |
Provision for loan losses | 3,635 | 2,901 |
Effect attributable to FDIC loss share arrangements | -671 | 1,467 |
Provision for loan losses | $2,964 | $4,368 |
Loans_Receivable_and_Allowance7
Loans Receivable and Allowance for Loan Losses - Summary of Recorded Investment Net Charge-Offs, Unpaid Principal Balance and Related Allowance for Impaired Loans (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment Net of Charge Offs, Total | $30,503 | $40,325 | |
Unpaid Principal Balance, Total | 33,381 | 44,234 | |
Related Allowance | 3,369 | 1,342 | |
Average Recorded Investment, Total | 35,418 | 39,755 | |
Interest Income Recognized, Total | 361 | 412 | |
Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 6,922 | 13,825 | |
Recorded Investment Net of Charge Offs, With an allowance recorded | 6,478 | 1,833 | |
Unpaid Principal Balance, With no related allowance recorded | 8,376 | 15,348 | |
Unpaid Principal Balance, With an allowance recorded | 6,488 | 1,833 | |
Related Allowance | 2,295 | 818 | |
Average Recorded Investment, With no related allowance recorded | 10,374 | 12,003 | |
Average Recorded Investment, With an allowance recorded | 4,156 | 1,653 | |
Interest Income Recognized, With an allowance recorded | 5 | 8 | |
Interest Income Recognized, With no related allowance recorded | 164 | 99 | |
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 11,496 | 18,977 | |
Recorded Investment Net of Charge Offs, With an allowance recorded | 1,409 | 1,410 | |
Unpaid Principal Balance, With no related allowance recorded | 11,641 | 19,121 | |
Unpaid Principal Balance, With an allowance recorded | 1,409 | 1,410 | |
Related Allowance | 864 | 304 | |
Average Recorded Investment, With no related allowance recorded | 15,237 | 17,139 | |
Average Recorded Investment, With an allowance recorded | 1,410 | 2,350 | |
Interest Income Recognized, With an allowance recorded | 0 | 1 | |
Interest Income Recognized, With no related allowance recorded | 191 | 274 | |
Construction | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 2,325 | 2,325 | |
Recorded Investment Net of Charge Offs, With an allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 3,594 | 2,325 | |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 2,325 | 2,551 | |
Average Recorded Investment, With an allowance recorded | 0 | 1,350 | |
Interest Income Recognized, With an allowance recorded | 0 | 15 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Other | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 20 | 21 | |
Recorded Investment Net of Charge Offs, With an allowance recorded | 53 | 114 | |
Unpaid Principal Balance, With no related allowance recorded | 20 | 21 | |
Unpaid Principal Balance, With an allowance recorded | 53 | 114 | |
Related Allowance | 25 | 32 | |
Average Recorded Investment, With no related allowance recorded | 21 | 3 | |
Average Recorded Investment, With an allowance recorded | 84 | 64 | |
Interest Income Recognized, With an allowance recorded | 1 | 1 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 1,438 | 1,455 | |
Recorded Investment Net of Charge Offs, With an allowance recorded | 362 | 365 | |
Unpaid Principal Balance, With no related allowance recorded | 1,438 | 3,697 | |
Unpaid Principal Balance, With an allowance recorded | 362 | 365 | |
Related Allowance | 185 | 188 | |
Average Recorded Investment, With no related allowance recorded | 1,447 | 2,391 | |
Average Recorded Investment, With an allowance recorded | 364 | 251 | |
Interest Income Recognized, With an allowance recorded | 0 | 1 | |
Interest Income Recognized, With no related allowance recorded | $0 | $13 |
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 | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | $405 | $374 |
Extended under forbearance | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 0 | 0 |
Multiple extensions resulting from financial difficulty | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 0 | 0 |
Interest-rate reductions | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 405 | 374 |
TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 198 | 247 |
TDRs in Compliance with Their Modified Terms and Accruing Interest | Extended under forbearance | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 0 | 0 |
TDRs in Compliance with Their Modified Terms and Accruing Interest | Multiple extensions resulting from financial difficulty | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 0 | 0 |
TDRs in Compliance with Their Modified Terms and Accruing Interest | Interest-rate reductions | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 198 | 247 |
TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 207 | 127 |
TDRs in Compliance with Their Modified Terms and Not Accruing Interest | Extended under forbearance | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 0 | 0 |
TDRs in Compliance with Their Modified Terms and Not Accruing Interest | Multiple extensions resulting from financial difficulty | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | 0 | 0 |
TDRs in Compliance with Their Modified Terms and Not Accruing Interest | Interest-rate reductions | ||
Financing Receivable, Modifications [Line Items] | ||
Amount of loans modified in troubled debt restructuring | $207 | $127 |
Loans_Receivable_and_Allowance9
Loans Receivable and Allowance for Loan Losses - Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Modifications [Line Items] | ||
Recorded Investment | $200 | $100 |
TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 1 | 4 |
Recorded Investment | 198 | 247 |
TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 2 | 2 |
Recorded Investment | 207 | 127 |
Commercial and industrial | TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Commercial and industrial | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Commercial real estate | TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Commercial real estate | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Construction | TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Construction | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Manufactured housing | TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 1 |
Recorded Investment | 0 | 47 |
Manufactured housing | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 2 | 2 |
Recorded Investment | 207 | 127 |
Residential real estate | TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 1 | 3 |
Recorded Investment | 198 | 200 |
Residential real estate | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Other | TDRs in Compliance with Their Modified Terms and Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | 0 | 0 |
Other | TDRs in Compliance with Their Modified Terms and Not Accruing Interest | ||
Financing Receivable, Modifications [Line Items] | ||
Number of loans modified in troubled debt restructurings | 0 | 0 |
Recorded Investment | $0 | $0 |
Recovered_Sheet1
Loans Receivable and Allowance for Loan Losses - Credit Ratings of Covered and Non-Covered Loan Portfolio (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | $4,299,738 | $4,269,480 |
Loans receivable, covered | 37,365 | 42,181 |
Covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 37,365 | 42,181 |
Covered Loans | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 22,291 | 22,668 |
Covered Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 4,046 | 5,076 |
Covered Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 8,251 | 11,545 |
Covered Loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 2,568 | 2,610 |
Covered Loans | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 209 | 282 |
Covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 1,746 | 2,235 |
Covered Loans | Commercial and industrial | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 1,061 | 1,104 |
Covered Loans | Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 685 | 1,131 |
Covered Loans | Commercial and industrial | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Commercial and industrial | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 16,347 | 17,585 |
Covered Loans | Commercial real estate | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 10,117 | 10,207 |
Covered Loans | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 4,046 | 5,076 |
Covered Loans | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 2,184 | 2,302 |
Covered Loans | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Commercial real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 361 | 372 |
Covered Loans | Multi-family | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 361 | 372 |
Covered Loans | Multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Multi-family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Multi-family | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 3,975 | 6,705 |
Covered Loans | Construction | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 3,975 | 6,705 |
Covered Loans | Construction | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Construction | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 12,159 | 12,392 |
Covered Loans | Residential real estate | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 10,752 | 10,985 |
Covered Loans | Residential real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 1,407 | 1,407 |
Covered Loans | Residential real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Residential real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 2,777 | 2,892 |
Covered Loans | Other | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 0 | 0 |
Covered Loans | Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 2,568 | 2,610 |
Covered Loans | Other | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, covered | 209 | 282 |
Non-covered Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 4,299,738 | 4,269,480 |
Non-covered Loans | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 4,143,890 | 4,101,356 |
Non-covered Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 22,092 | 29,483 |
Non-covered Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 10,810 | 10,369 |
Non-covered Loans | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 113,457 | 116,629 |
Non-covered Loans | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 9,489 | 11,643 |
Non-covered Loans | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 606,091 | 540,430 |
Non-covered Loans | Commercial and industrial | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 592,072 | 524,848 |
Non-covered Loans | Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 11,484 | 13,238 |
Non-covered Loans | Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 2,535 | 2,344 |
Non-covered Loans | Commercial and industrial | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Commercial and industrial | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 1,177,725 | 1,132,072 |
Non-covered Loans | Commercial real estate | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 1,160,583 | 1,109,565 |
Non-covered Loans | Commercial real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 10,608 | 16,002 |
Non-covered Loans | Commercial real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 6,534 | 6,505 |
Non-covered Loans | Commercial real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Commercial real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 2,053,379 | 2,127,034 |
Non-covered Loans | Multi-family | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 2,053,379 | 2,127,034 |
Non-covered Loans | Multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Multi-family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Multi-family | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 62,430 | 56,669 |
Non-covered Loans | Construction | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 62,430 | 56,669 |
Non-covered Loans | Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Construction | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Construction | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 277,167 | 285,003 |
Non-covered Loans | Residential real estate | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 275,426 | 283,240 |
Non-covered Loans | Residential real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 243 |
Non-covered Loans | Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 1,741 | 1,520 |
Non-covered Loans | Residential real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Residential real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 1,324 | 1,541 |
Non-covered Loans | Other | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 1,324 | 1,541 |
Non-covered Loans | Other | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Manufactured housing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 121,622 | 126,731 |
Non-covered Loans | Manufactured housing | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Manufactured housing | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Manufactured housing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 0 | 0 |
Non-covered Loans | Manufactured housing | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | 112,133 | 115,088 |
Non-covered Loans | Manufactured housing | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, non-covered | $9,489 | $11,643 |
Recovered_Sheet2
Loans Receivable and Allowance for Loan Losses - Schedule of Allowance for Loan Losses (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | $30,932 | $23,998 | |
Charge-offs | -1,144 | -536 | |
Recoveries | 143 | 341 | |
Provision for loan losses | 3,635 | 2,901 | |
Ending balance | 33,566 | 26,704 | |
Loans: | |||
Individually evaluated for impairment | 30,503 | 40,325 | |
Collectively evaluated for impairment | 4,254,426 | 4,214,719 | |
Loans acquired with credit deterioration | 52,174 | 56,617 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 4,337,103 | 4,311,661 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 3,369 | 1,342 | |
Collectively evaluated for impairment | 23,371 | 22,575 | |
Loans acquired with credit deterioration | 6,826 | 7,015 | |
Total Allowance for loan losses | 33,566 | 26,704 | |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 4,746 | 2,674 | |
Charge-offs | -21 | 0 | |
Recoveries | 45 | 90 | |
Provision for loan losses | 1,977 | -281 | |
Ending balance | 6,747 | 2,483 | |
Loans: | |||
Individually evaluated for impairment | 13,400 | 15,658 | |
Collectively evaluated for impairment | 592,323 | 524,335 | |
Loans acquired with credit deterioration | 2,114 | 2,672 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 607,837 | 542,665 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 2,295 | 818 | |
Collectively evaluated for impairment | 4,294 | 3,766 | |
Loans acquired with credit deterioration | 158 | 162 | |
Total Allowance for loan losses | 6,747 | 2,483 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 13,572 | 11,478 | |
Charge-offs | -318 | -248 | |
Recoveries | 0 | 25 | |
Provision for loan losses | 1,067 | 1,377 | |
Ending balance | 14,321 | 12,632 | |
Loans: | |||
Individually evaluated for impairment | 12,905 | 20,387 | |
Collectively evaluated for impairment | 1,149,368 | 1,096,681 | |
Loans acquired with credit deterioration | 31,799 | 32,589 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 1,194,072 | 1,149,657 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 864 | 304 | |
Collectively evaluated for impairment | 8,645 | 8,336 | |
Loans acquired with credit deterioration | 4,812 | 4,932 | |
Total Allowance for loan losses | 14,321 | 12,632 | |
Multi-family | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 8,493 | 4,227 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for loan losses | -297 | 1,993 | |
Ending balance | 8,196 | 6,220 | |
Loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 2,051,191 | 2,124,820 | |
Loans acquired with credit deterioration | 2,549 | 2,586 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 2,053,740 | 2,127,406 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 8,196 | 8,493 | |
Loans acquired with credit deterioration | 0 | 0 | |
Total Allowance for loan losses | 8,196 | 6,220 | |
Construction | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 1,047 | 2,385 | |
Charge-offs | -769 | 0 | |
Recoveries | 15 | 0 | |
Provision for loan losses | 559 | -43 | |
Ending balance | 852 | 2,342 | |
Loans: | |||
Individually evaluated for impairment | 2,325 | 2,325 | |
Collectively evaluated for impairment | 62,343 | 56,510 | |
Loans acquired with credit deterioration | 1,737 | 4,539 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 66,405 | 63,374 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 468 | 424 | |
Loans acquired with credit deterioration | 384 | 623 | |
Total Allowance for loan losses | 852 | 2,342 | |
Residential real estate | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 2,698 | 2,490 | |
Charge-offs | 0 | -288 | |
Recoveries | 0 | 224 | |
Provision for loan losses | 297 | -119 | |
Ending balance | 2,995 | 2,307 | |
Loans: | |||
Individually evaluated for impairment | 1,800 | 1,820 | |
Collectively evaluated for impairment | 277,660 | 285,608 | |
Loans acquired with credit deterioration | 9,866 | 9,967 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 289,326 | 297,395 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 185 | 188 | |
Collectively evaluated for impairment | 1,648 | 1,436 | |
Loans acquired with credit deterioration | 1,162 | 1,074 | |
Total Allowance for loan losses | 2,995 | 2,307 | |
Manufactured housing | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 262 | 614 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for loan losses | 84 | -21 | |
Ending balance | 346 | 593 | |
Loans: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 117,747 | 122,715 | |
Loans acquired with credit deterioration | 3,875 | 4,016 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 121,622 | 126,731 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 90 | 92 | |
Loans acquired with credit deterioration | 256 | 170 | |
Total Allowance for loan losses | 346 | 593 | |
Other | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 114 | 130 | |
Charge-offs | -36 | 0 | |
Recoveries | 83 | 2 | |
Provision for loan losses | -52 | -5 | |
Ending balance | 109 | 127 | |
Loans: | |||
Individually evaluated for impairment | 73 | 135 | |
Collectively evaluated for impairment | 3,794 | 4,050 | |
Loans acquired with credit deterioration | 234 | 248 | |
Loans And Leases Receivable Gross Carrying Amount Covered And Not Covered | 4,101 | 4,433 | |
Allowance for loan losses: | |||
Individually evaluated for impairment | 25 | 32 | |
Collectively evaluated for impairment | 30 | 28 | |
Loans acquired with credit deterioration | 54 | 54 | |
Total Allowance for loan losses | $109 | $127 |
Recovered_Sheet3
Loans Receivable and Allowance for Loan Losses - Changes in Accretable Yield Related to Purchased-credit-impaired Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Receivables [Abstract] | ||
Accretable yield balance, beginning of period | $17,606 | $22,557 |
Accretion to interest income | -660 | -1,080 |
Reclassification from nonaccretable difference and disposals, net | -1,522 | -858 |
Accretable yield balance, end of period | $15,424 | $20,619 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $1.20 | $1 |
Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, Granted | 0 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | 0 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units granted | 146,920 | |
Vesting period | 3 years | |
Restricted Stock Units | Bonus Recognition and Retention Program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units granted | 84,392 | |
Vesting period | 5 years | |
Common Stock | Director | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred compensation shares issued | 10,631 | |
Noninterest Expense Directors Fees | $0.30 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Stock Option Activity (Detail) (Stock Option, USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 |
Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding, Beginning balance | 3,168,067 |
Number of Options, Granted | 0 |
Number of Options, Exercised | 0 |
Number of Options, Forfeited | 0 |
Number of Options, Outstanding, Ending balance | 3,168,067 |
Exercisable at March 31, 2015 | 13,683 |
Weighted-average Exercise Price, Outstanding, Beginning balance | $12.61 |
Weighted-average Exercise Price, Granted | $0 |
Weighted average Exercise Price, Exercised | $0 |
Weighted-average Exercise Price, Forfeited | $0 |
Weighted-average Exercise Price, Outstanding, Ending balance | $12.61 |
Weighted-average Exercise Price, Exercisable | $16.67 |
Weighted-average Remaining Contractual Term in Years, Outstanding | 6 years 11 months 12 days |
Weighted-average Remaining Contractual Term in Years, Exercisable | 2 years 3 months 15 days |
Aggregate Intrinsic Value, Outstanding | $37,246 |
Aggregate Intrinsic Value, Exercisable | $119 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock Units, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units, Outstanding and unvested, Beginning balance | 788,971 |
Restricted Stock Units, Granted | 146,920 |
Restricted Stock Units, Vested | -62,605 |
Restricted Stock Units, Forfeited | -1,658 |
Restricted Stock Units, Outstanding and unvested, Ending balance | 871,628 |
Weighted-average Grant-date Fair Value, Outstanding and unvested, Beginning balance | $13 |
Weighted-average Grant-date Fair Value, Granted | $19.09 |
Weighted-average Grant-date Fair Value, Vested | $11.45 |
Weighted-average Grant-date Fair Value, Forfeited | $14.32 |
Weighted-average Grant-date Fair Value, Outstanding and unvested, Ending balance | $14.13 |
Regulatory_Matters_Regulatory_
Regulatory Matters Regulatory Matters - Narrative (Details) | Mar. 31, 2015 | Jan. 01, 2015 | Dec. 31, 2014 |
Banking and Thrift [Abstract] | |||
Capital Conservation Buffer, Excess of Minimum Capital Ratio | 2.50% | ||
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 6.00% | 4.00% | |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | ||
Capital Conservation Buffer to Risk Weighted Assets, Year One | 0.63% | ||
Capital Conservation Buffer to Risk Weighted Assets, Year Two | 1.25% | ||
Capital Conservation Buffer to Risk Weighted Assets, Year Three | 1.88% | ||
Capital Conservation Buffer to Risk Weighted Assets, Year Four and Thereafter | 2.50% |
Regulatory_Matters_Summary_of_
Regulatory Matters - Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 (to risk weighted assets), Actual Amount | $454,889 | |
Total capital (to risk weighted assets), Actual Amount | 587,473 | 578,644 |
Tier 1 capital (to risk weighted assets), Actual Amount | 454,889 | 437,712 |
Tier 1 capital (to average assets), Actual Amount | 454,889 | 437,712 |
Common equity Tier 1 ( to risk weighted assets), Actual Ratio | 8.25% | |
Total capital (to risk weighted assets), Actual Ratio | 10.66% | 11.09% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 8.25% | 8.39% |
Tier 1 capital (to average assets), Actual Ratio | 6.72% | 6.69% |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Amount | 248,013 | |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 440,913 | 417,473 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 330,684 | 208,737 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | 270,915 | 261,622 |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | |
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 | 6.00% | 4.00% |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | |
Customers Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 (to risk weighted assets), Actual Amount | 496,018 | |
Total capital (to risk weighted assets), Actual Amount | 639,584 | 621,894 |
Tier 1 capital (to risk weighted assets), Actual Amount | 496,018 | 480,963 |
Tier 1 capital (to average assets), Actual Amount | 496,018 | 480,963 |
Common equity Tier 1 ( to risk weighted assets), Actual Ratio | 9.05% | |
Total capital (to risk weighted assets), Actual Ratio | 11.66% | 11.98% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 9.05% | 9.27% |
Tier 1 capital (to average assets), Actual Ratio | 7.35% | 7.39% |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Amount | 246,741 | |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 438,651 | 415,141 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 328,988 | 207,570 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | 269,801 | 260,462 |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | |
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 | 6.00% | 4.00% |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Common equity Tier 1 (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 356,404 | |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 548,314 | 518,926 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 438,651 | 311,356 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $337,251 | $325,577 |
Common equity Tier 1 (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | |
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 | 8.00% | 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 - Narrative (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale, average life from purchase to sale | 16 days | |
Five-year Senior Unsecured Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Issuance of senior unsecured notes | $63 |
Disclosures_about_Fair_Value_o3
Disclosures about Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $333,823 | $371,023 | $290,467 | $233,068 |
Cash and cash equivalents, Estimated Fair Value | 333,823 | 371,023 | ||
Investment securities, available for sale, Carrying Amount | 396,194 | 416,685 | ||
Investment securities, available for sale, Estimated Fair Value | 396,194 | 416,685 | ||
Loans held for sale, Carrying Amount | 1,758,084 | 1,435,459 | ||
Loans held for sale, Estimated Fair Value | 1,758,695 | 1,436,460 | ||
Loans receivable, net of allowance for loan losses, Carrying Amount | 4,304,285 | 4,281,241 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 4,311,848 | 4,285,537 | ||
FHLB, Federal Reserve Bank and other restricted stock, Carrying Amount | 81,798 | 82,002 | ||
FHLB and Federal Reserve Bank and other restricted stock, Estimated Fair Value | 81,798 | 82,002 | ||
FDIC loss sharing receivable, Carrying Amount | 3,427 | 2,320 | 8,272 | 10,046 |
FDIC loss sharing receivable, Estimated Fair Value | 3,427 | 2,320 | ||
Derivatives assets | 8,810 | 7,552 | ||
Deposits, Carrying Amount | 4,893,321 | 4,532,538 | ||
Deposits, Estimated Fair Value | 4,905,100 | 4,540,507 | ||
FHLB advances, Carrying Amount | 1,545,000 | 1,618,000 | ||
FHLB advances, Estimated Fair Value | 1,547,465 | 1,619,858 | ||
Other borrowings, Carrying Amount | 88,250 | 88,250 | ||
Other borrowings, Estimated Fair Value | 92,928 | 92,069 | ||
Subordinated debt, Carrying Amount | 110,000 | 110,000 | ||
Subordinated debt, Estimated Fair Value | 113,025 | 111,925 | ||
Derivatives liabilities | 12,938 | 9,716 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Estimated Fair Value | 333,823 | 371,023 | ||
Investment securities, available for sale, Carrying Amount | 22,305 | 24,270 | ||
Investment securities, available for sale, Estimated Fair Value | 22,305 | 24,270 | ||
Loans held for sale, Estimated Fair Value | 0 | 0 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 0 | 0 | ||
FHLB and Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 | ||
FDIC loss sharing receivable, Estimated Fair Value | 0 | 0 | ||
Derivatives assets | 0 | 0 | ||
Deposits, Estimated Fair Value | 3,059,457 | 2,820,875 | ||
FHLB advances, Estimated Fair Value | 1,175,147 | 1,298,000 | ||
Other borrowings, Estimated Fair Value | 67,678 | 66,944 | ||
Subordinated debt, Estimated Fair Value | 0 | 0 | ||
Derivatives liabilities | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Estimated Fair Value | 0 | 0 | ||
Investment securities, available for sale, Carrying Amount | 373,889 | 392,415 | ||
Investment securities, available for sale, Estimated Fair Value | 373,889 | 392,415 | ||
Loans held for sale, Estimated Fair Value | 1,676,891 | 1,335,668 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 0 | 0 | ||
FHLB and Federal Reserve Bank and other restricted stock, Estimated Fair Value | 81,798 | 82,002 | ||
FDIC loss sharing receivable, Estimated Fair Value | 0 | 0 | ||
Derivatives assets | 8,723 | 7,509 | ||
Deposits, Estimated Fair Value | 1,845,643 | 1,719,632 | ||
FHLB advances, Estimated Fair Value | 372,318 | 321,858 | ||
Other borrowings, Estimated Fair Value | 25,250 | 25,125 | ||
Subordinated debt, Estimated Fair Value | 113,025 | 111,925 | ||
Derivatives liabilities | 12,938 | 9,716 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Estimated Fair Value | 0 | 0 | ||
Investment securities, available for sale, Carrying Amount | 0 | 0 | ||
Investment securities, available for sale, Estimated Fair Value | 0 | 0 | ||
Loans held for sale, Estimated Fair Value | 81,804 | 100,792 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 4,311,848 | 4,285,537 | ||
FHLB and Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 | ||
FDIC loss sharing receivable, Estimated Fair Value | 3,427 | 2,320 | ||
Derivatives assets | 87 | 43 | ||
Deposits, Estimated Fair Value | 0 | 0 | ||
FHLB advances, Estimated Fair Value | 0 | 0 | ||
Other borrowings, Estimated Fair Value | 0 | 0 | ||
Subordinated debt, Estimated Fair Value | 0 | 0 | ||
Derivatives liabilities | $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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | $2,081,895 | $1,759,905 |
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,489 | 11,529 |
Specific reserves related to impaired loans | 3,369 | 1,342 |
Derivative Assets | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 8,810 | 7,552 |
Loans held for sale – fair value option | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 1,676,891 | 1,335,668 |
Derivative Liabilities | ||
Liabilities | ||
Liabilities, Fair Value Disclosure, Recurring | 12,938 | 9,716 |
Impaired loans | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,943 | 2,380 |
Specific reserves related to impaired loans | 3,369 | 1,342 |
Other real estate owned | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 546 | 9,149 |
Available-for-sale Securities | Mortgage-backed securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 358,717 | 377,311 |
Available-for-sale Securities | Corporate notes | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 15,172 | 15,104 |
Available-for-sale Securities | Equity securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 22,305 | 24,270 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 22,305 | 24,270 |
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative Assets | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale – fair value option | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative Liabilities | ||
Liabilities | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Mortgage-backed securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Corporate notes | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Equity securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 22,305 | 24,270 |
Significant Other Observable Inputs (Level 2) | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 2,059,503 | 1,735,592 |
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Derivative Assets | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 8,723 | 7,509 |
Significant Other Observable Inputs (Level 2) | Loans held for sale – fair value option | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 1,676,891 | 1,335,668 |
Significant Other Observable Inputs (Level 2) | Derivative Liabilities | ||
Liabilities | ||
Liabilities, Fair Value Disclosure, Recurring | 12,938 | 9,716 |
Significant Other Observable Inputs (Level 2) | Impaired loans | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Mortgage-backed securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 358,717 | 377,311 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Corporate notes | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 15,172 | 15,104 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Equity securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 87 | 43 |
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,489 | 11,529 |
Significant Unobservable Inputs (Level 3) | Derivative Assets | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 87 | 43 |
Significant Unobservable Inputs (Level 3) | Loans held for sale – fair value option | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivative Liabilities | ||
Liabilities | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 4,943 | 2,380 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | ||
Assets | ||
Assets, Fair Value Disclosure, Nonrecurring | 546 | 9,149 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Mortgage-backed securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Corporate notes | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Equity securities | ||
Available-for-sale securities: | ||
Assets, Fair Value Disclosure, Recurring | $0 | $0 |
Disclosures_about_Fair_Value_o5
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), Residential Mortgage Loan Commitments, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Significant Unobservable Inputs (Level 3) | Residential Mortgage Loan Commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Balance at beginning | $43 | $240 |
Issuances | 87 | 103 |
Settlements | -43 | -240 |
Balance at ending | $87 | $103 |
Disclosures_about_Fair_Value_o6
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $13,127 | $15,371 |
Fair Value Estimate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 4,943 | 2,380 |
Other real estate owned | 546 | 9,149 |
Residential mortgage loan commitments | $87 | $43 |
Impaired loans | Collateral Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted Average | 8.00% | 8.00% |
Other real estate owned | Collateral Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted Average | 8.00% | 8.00% |
Residential mortgage loan commitments | Adjusted Market Bid | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted Average | 80.00% | 80.00% |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative effective date | 2016-04 | ||
Aggregate notional amount | 263 | $251.90 | |
Number of interest rate swaps | 46 | 44 | |
Termination value of derivatives in a net liability position | 13.2 | ||
Minimum collateral with counterparties | 12.8 | ||
Residential mortgage loan commitments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | 3 | 3.8 | |
Minimum | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of days for commitments to expire, lower limit | 30 days | ||
Maximum | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of days for commitments to expire, higher limit | 60 days | ||
Cash Flow Hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of outstanding interest rate derivative | 1 | ||
Aggregate notional amount | 150 | ||
Credit Risk Contract | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | 14.8 | $13.40 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | $208 | $192 |
Derivative Liabilities, Fair Value, Gross Liability | 12,938 | 9,703 |
Other Assets [Member] | Derivative Designated as Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | 0 | 0 |
Other Assets [Member] | Derivative Designated as Cash Flow Hedges [Member] | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | 0 | 0 |
Other Assets [Member] | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | 8,810 | 7,552 |
Other Assets [Member] | Not Designated as Hedging Instrument | Residential Mortgage Loan Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | 87 | 43 |
Other Assets [Member] | Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | 8,515 | 7,332 |
Other Assets [Member] | Not Designated as Hedging Instrument | Credit Risk Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value, Gross Asset | 208 | 177 |
Other Liabilities [Member] | Derivative Designated as Cash Flow Hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value, Gross Liability | 3,891 | 1,945 |
Other Liabilities [Member] | Derivative Designated as Cash Flow Hedges [Member] | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value, Gross Liability | 3,891 | 1,945 |
Other Liabilities [Member] | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value, Gross Liability | 9,047 | 7,771 |
Other Liabilities [Member] | Not Designated as Hedging Instrument | Residential Mortgage Loan Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value, Gross Liability | 0 | 0 |
Other Liabilities [Member] | Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value, Gross Liability | 9,047 | 7,771 |
Other Liabilities [Member] | Not Designated as Hedging Instrument | Credit Risk Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value, Gross Liability | $0 | $0 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Effect of Derivative Financial Instruments on Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flow Hedges | Interest Expense [Member] | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | ($1,168) | $432 |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | 195 | 234 |
Not Designated as Hedging Instrument | Other Non-interest Income | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | 121 | 520 |
Not Designated as Hedging Instrument | Other Non-interest Income | Credit Risk Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | 30 | -149 |
Not Designated as Hedging Instrument | Mortgage Banking Income | Residential Mortgage Loan Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | $44 | ($137) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Assets and Derivative Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | $8,810 | $7,552 |
Interest Rate Swaps | ||
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | 208 | 192 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 208 | 192 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | 208 | 192 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral received | 0 | 0 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $0 | $0 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Liabilities and Derivative Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $12,938 | $9,716 |
Interest Rate Swaps | ||
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Liabilities | 12,938 | 9,703 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 12,938 | 9,703 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | 208 | 192 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 12,730 | 9,511 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $0 | $0 |